Hum?
Don't mean to rub it in. But us who has some PRPFX in our holdings are wondering what all the excitement is about?
Just another dull day ... up a modest 0.44%
:)

Yes, PRPFX has certainly come to life this year with impressive double digit gains. I certainly didn't mean to imply I have emerging markets bonds as they have always been too volatile for my tastes. Trying to hold tight with open end floating rate funds. Hope rates keep rising so CDs can become competitive again and that is where I will live out the rest of my life.

EMB and PCY getting absolutely crushed today! That after what occurred in Treasuries yesterday. The rout in Treasuries since their most recent bottom (BREXIT) would qualify as a major rout in so short of a time. And the party in junk munis appears to be over. As for junk corporates, off hand, can't recall historically seeing such a divergence with the equity run as the past five days. So I guess we will be seeing headlines about is the long bull run in bonds (since 1982) finally over. A headline we have seen many times in the past, albeit not with the type of adverse price action we have recently been seeing.
Edit: and the decline in HYD is pretty staggering too today - giving up almost all its YTD gains in one session.

Hi @hank,
While I have the market, as measured by the S&P 500 Index, up about 1.45% my portfolio is only up by 0.3% from the 11/7 market close (2132) vs. the 11/9 market close (2163). This is in part due to my sector allocations, my sizeable cash position, plus my global holdings have not yet begin to participate in the recent rally. My income area held up well with slight gains.
In my early morning viewing today, I am seeing many foreign markets gaining traction. With this, I'm looking for my global holdings to have some good gains today. For the past rolling five days, I am up overall about 1.2% throuh the 11/9 market close while I have the Index up better than 3.5%. I'm thinking my portfolio's returns will be much improved by week's end ... and, perhaps, your's will be as well.
In addition, I lead my bogey ... The Lipper Ballanced Index.
Skeet

Morningstar should track most, though I think Bloomberg.com would have all of them. They are not traded intraday, think of them like a mutual fund with daily NAV once a day at the close. Identifying can be tricky. I have not seen a publicly available screen for them. If you have a Bloomberg terminal you can get creative with some searches to find them. Plus, some are really marketed to RIA's and not retail investors so minimums can be quite high and permission has to be given to get into some. Below are 15 to come off a quick screen from the Bloomberg terminal:
Ticker Name
XCAPX - ACAP STRATEGIC FUND-A
WESFX - WILDERMUTH ENDOWMENT STRAT
VSLAX - INVESCO SENIOR LOAN-A
VCMRX - VERSUS CAP MM REAL ESTATE-F
VCAPX - VERTICAL CAPITAL INCOME FUND
SRRIX - STONE RIDGE REINSUR RISK PRE
RCIAX - RESOURCE CREDIT INCOME-A
PSOIX - PALMER SQ OPPORTUNISTIC INC
PRIVX - SHARESPOST 100 FUND
NRSZX - NEXPOINT REAL ESTATE STRAT-Z
MSFDX - MULTI-STRATEGY GROW & INC-A
LENDX - STONE RIDGE ALT LENDING RISK
AVRPX - STONE RIDGE ALL ASSET VAR RK

This month there are 12 funds that are both 20-year Great Owls (top quintile risk adjusted return for past 3, 5, 10 and 20 years) and Honor Roll funds (top quintile absolute return for past 1, 3, and 5 years).
The 20-year GO designation is a remarkable accomplishment in itself ... long-term consistently high returns while mitigating drawdown. Add-in Honor Roll designation, which means these funds have continued to generate top returns presently.
Here are four:
T Rowe Price Capital Appreciation Fund (PRWCX)
Vanguard Wellesley Income Fund; Investor Shares (VWINX)
Fidelity Select Retailing Portfolio (FSRPX)
Vanguard/Wellington Fund Inc; Investor Shares (VWELX)
The remaining are munis:
Vanguard Ohio Long-Term Tax-Exempt Fund; Investor Shares (VOHIX)
Fidelity Michigan Municipal Income Fund (FMHTX)
Fidelity Ohio Municipal Income Fund (FOHFX)
Fidelity Arizona Municipal Income Fund (FSAZX)
Vanguard Pennsylvania Long-Term Tax-Exempt Fund; Investor Shares (VPAIX)
Fidelity Pennsylvania Municipal Income Fund (FPXTX)
New York Long-Term Tax-Exempt Fund; Investor Shares (VNYTX)
Nuveen Minnesota Intermediate Municipal Bond Fund; Class I Shares (FAMTX)

David designates funds between 1 and 2 years of age as "Rookie Funds." Here are some top performers based on risk adjusted return in category, specifically Martin Ratio ... max absolute return with min drawdown since inception through October:
SPDR S&P 500 High Dividend EtF (SPYD)
Intrepid Select Fund; Investor Class Shares (ICMTX)
Fidelity SAI US Minimum Volatility Index Fund (FSUVX)
T Rowe Price Global Unconstrained Bond Fund (RPIEX)
Restaurant EtF (BITE) ... Ha!
Intrepid International Fund; Investor Class Shares (ICMIX)
Grandeur Peak Global Micro Cap Fund; Institutional Class Shares (GPMCX)
Eventide Multi-Asset Income Fund; Class I Shares (ETIMX)
Grandeur Peak Global Stalwarts Fund; Institutional Class Shares (GGSYX)
SPDR DoubleLine Total Return Tactical EtF (TOTL)
AQR Equity Market Neutral Fund; Class R6 Shares (QMNRX)
Grandeur Peak International Stalwarts Fund; Institutional Class Shares (GISYX)
Artisan Developing World Fund; Institutional Shares (APHYX)
JOHCM Emerging Markets Small Mid Cap Equity Fund; Institutional Class Shares (JOMMX)
Vanguard Alternative Strategies Fund; Investor Class Shares (VASFX)
Brown Capital Management International Small Company Fund; Inst Shares (BCSFX)

@Old_Skeet
If this down draft continues,you might have to revive these threads.Your observations and insights were appreciated and well recieved by many of us.
From January 2016...............
Day Six & Day Seven ... Recent Selling Stampede Might Soon Be Ending
It's Day Eight /// Surprise ... Surprise ... Surprise!!
It's Day Nine ... Selling Stampede Continues ... Perhaps Plunge Protection Team Will Step In
Market Day Eleven ... It's Off to the Races
http://www.mutualfundobserver.com/discuss/profile/discussions/472/Old_Skeet
ARBITRAGE CREDIT OPPORTUNITIES ACFIX
Q3 2016 COMMENTARY
With several quarters of positive market performance
behind us, the fourth quarter could introduce new
volatility and opportunities given the upcoming US
elections, increased news flow detailing the UK’s plan
to exit from the EU, and the specter of December
interest rate hikes. As we saw during 2014 and 2015,
market gains can quickly reverse as investor
sentiment and direction rapidly change. While we may
not be able to predict political or economic outcomes
with certainty, we are aware of the risks and
outcomes that can result from changing events
https://arbitragefunds.com/restricted/get/Credit_Opportunities_Commentary.pdf
The death of retail isn't a problem for Starbucks
Nov. 4, 2016 3:50 PM ET By: Clark Schultz, Seeking Alpha News Editor
Starbucks (NASDAQ:SBUX) CEO Howard Schultz delved into some interesting large-scale retail issues during the company's earnings call yesterday.Schultz first noted that FedEx CEO Fred Smith shared some research with him confirming the significant drop in store traffic globally amid the 'Amazon Effect" across industries -- before he really turned up the retail bear rhetoric.
Q and A from SBUX conference call. Earnings Call Transcript (page 14-15)
John William Ivankoe - JPMorgan Securities LLC
Hi. Thank you. Howard, I was going to ask you to maybe apply the current environment in terms of what we're seeing both in the U.S. and around the world in the consumer environment,
Howard S. Schultz - Starbucks Corp.3rd Q
I was talking to Fred Smith just a couple of weeks ago about his situation at FedEx and he shared with me a piece of research which showed a significant drop in foot traffic on Main Street and in malls, not only domestically and around the world, as a result of e-commerce, the Web, and what I'll loosely describe as the Amazon effect. As a result of that, you're certainly seeing large companies and small companies not only not open new stores, but announce closures.
And let me just speak to that. I know this is a little long-winded but I think it's important. There's no doubt that over the next five years or so, we are going to see a dramatic level of retailers not be able to sustain their level of core business as a traditional bricks-and-mortar retailer, and their omni-channel approach is not going to be sustainable to maintain their cost of their infrastructure. And as a result of that, there's going to be tremendous amount of changes with regard to the retail landscape.
We believe, as we look down that pipe and look at the future, that our ability to maintain our growth in terms of new stores domestically and internationally, coupled with the fact that Starbucks still maintains a very special place in terms of a sense of community, the third place environment, and people looking for and seeking out human contact and a place to go, that as these store closures occur, and they will, that we are going to be in a very unique position five years, 10 years down the road because there's going to be a lot less people competing for those customers. I'm not talking about the coffee category; I'm talking overall.
But we are in the very, very early stages of a tremendous change in the bricks-and-mortar footprint of retailers domestically and internationally as a result of the sea change in how
people are buying things, and that's going to have, I think, a negative effect on all of retail.
http://seekingalpha.com/article/4019416-starbucks-sbux-q4-2016-results-earnings-call-transcript?page=15
Highlights of the Week:© 2016 Payden & Rygel
Equities Investors have been risk averse in light of the macro uncertainties, ignoring the first positive quarterly earnings growth in seven quarters.
Corporates: Corporate fund flows had a $2 billion out flow from mutual funds and ETFs
Securitized highlight of the week’s deal flow was the
$1 billion refinance of the Cosmopolitan Hotel in Las Vegas by Blackstone Real Estate
High Yield despite short-term volatility, the economic fundamentals that drive capital markets’ performance remain solid.
Municipals: Municipal issuance in October totaled approximately $53 billion, the largest total in 30 years and up 57% year-over-year...demand remained robust and municipal funds received approximately $1.7 billion of inflows during the month
.https://www.payden.com/weekly/wir110416.pdf

FYI: The S&P 500 was trading higher Friday as the benchmark stock index looks to avoid its first 9-session losing streak in 36 years and traders react to a report showing steady job growth in October and brace for the coming presidential election.
Regards,
Ted
Bloomberg:
http://www.bloomberg.com/news/articles/2016-11-03/japan-futures-tip-stock-losses-on-yen-bounce-pound-holds-gains
Reuters:
http://www.reuters.com/article/us-usa-stocks-idUSKBN12Z1CD
MarketWatch:
http://www.marketwatch.com/story/dow-futures-frozen-in-place-with-all-eyes-on-jobs-report-election-homestretch-2016-11-04/print
USAToday:
http://www.usatoday.com/story/money/markets/2016/11/04/stocks-dow-friday/93282134/
IBD:
http://www.investors.com/market-trend/stock-market-today/stocks-gain-ground-facebook-drug-stocks-bounce-modestly/
WSJ Markets At A Glance:
http://markets.wsj.com/us
Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures: Mixed
http://finviz.com/futures.ashx

@MFO Members: Which funds--and fund families--are dishing out big taxable distributions this year?
Regards,
Ted
M*: "A Rundown of Impending Mutual Fund Capital Gains Distributions"
http://news.morningstar.com/articlenet/article.aspx?id=778475

https://www.sec.gov/Archives/edgar/data/898745/000089874516001580/pfi831saisupp110216.htm
497 1 pfi831saisupp110216.htm PFI 831 SAI SUPP 110216
Principal Funds, Inc.
Supplement dated November 2, 2016
to the Statement of Additional Information dated December 31, 2015
as amended and restated March 29, 2016
(as supplemented on May 2, 2016, May 31, 2016, June 17, 2016,
July 29, 2016, September 16, 2016, and October 28, 2016)
This supplement updates information currently in the Statement of Additional Information. Please retain this supplement for future reference.
PURCHASE AND REDEMPTION OF SHARES
Under Purchase of Shares, add the following:
Small-MidCap Dividend Income Fund
For retail investors (i.e., non-employer sponsored retirement plan investors), effective as of the close of the New York Stock Exchange on December 1, 2016, and for employer-sponsored retirement plan investors, effective as of the close of the New York Stock Exchange on January 6, 2017, the Small-MidCap Dividend Income Fund (the “Fund”) will no longer be available for purchases from new investors except in limited circumstances.
• Shareholders, including those in omnibus accounts, who own shares of the Fund as of December 1, 2016 (for retail investors, i.e., non-employer sponsored retirement plan investors) or January 6, 2017, (for employer sponsored retirement plan investors), may continue to make purchases, exchanges, and dividend or capital gains reinvestment in existing accounts.
• Registered Investment Advisor (RIA) and bank trust firms that have an investment allocation to the Small-MidCap Dividend Income Strategy (i.e. investments in the same strategy used in collective investment trust, insurance separate accounts, or separately managed accounts) in a fee-based, wrap or advisory account, may add new clients, or purchase shares in the Fund. The Fund will not be available to new RIA and bank trust firms.
•Shareholders through accounts at private banks may continue to purchase shares and exchange into the Fund. Private Banks that have an investment allocation to the Small-MidCap Dividend Income Strategy may add new clients to the Fund. The Fund will not be available to private bank or private bank platforms not already investing in the Small-MidCap Dividend Income Strategy.
• Shareholders in broker/dealer wrap or fee-based programs that have an investment allocation to the Fund may continue to purchase shares and exchange into the Fund. Existing broker/dealer wrap or fee-based programs may add new participants.
• Shareholders in certain types of retirement plans (including 401(k)s, SEPs, SIMPLEs, 403(b)s, etc.) may continue to purchase shares and exchange into the Fund. New participants in these plans may elect to purchase shares of the Fund.
• Retirement plans in transition as of the closure date will have until January 6, 2017, to fund any new accounts in the Fund.
• Investors who open a new IRA transfer or rollover account by the close of business on December 1, 2016, will have until January 6, 2017, to fund these accounts.
•Shareholders within brokerage accounts may continue to purchase shares of the Fund; however, new brokerage accounts will not be permitted to begin investing in the Fund after December 1, 2016.
• 529 plans that include the Fund within their investment options may continue to purchase shares and exchange into the Fund.
•Investors who have a direct investment in the Small-MidCap Dividend Income Strategy may, subject to the approval of the Distributor, purchase shares in the Fund.
At the sole discretion of the Distributor, the Fund may permit certain types of investors to open new accounts, impose further restrictions on purchases, or reject any purchase orders, all without prior notice.

Highlights of the November issue include:

• BobC works through a quick, clean list of our investing biases and mistakes, then offers a half dozen tips for managing them.
  
• Leigh Walzer of Trapezoid LLC takes on the myth that the road to riches lies along the path of highly concentrated investing; it’s a strategy that sounds grand but, empirically, fails much more often than it succeeds.
  
• Global debt has reached $150 trillion dollars, two-thirds of that owed by corporations and individuals. In Ten Million Miles High, we offer a sense of how much that is, why it is and ten ways to steady yourself against it.
  
• Ed Studzinski, catching some of the same vibe, offers his suggestion for post-election investing. Short version: dodge the conventional wisdom.
  
• Charles catches up with John Ameriks, head of Vanguard’s Quantitative Equity Group which manages, or contributes to managing, 15 Vanguard funds.
  
• Impending webcasts from two funds: Litman Gregory Masters Alternative Strategies (MASNX), which is celebrating its fifth anniversary and “Bronze” rating, and RiverNorth Marketplace Lending Corporation (RMPLX), a newly-launched, nearly hedge fund targeting gains from the marketplace (a/k/a peer-to-peer) lending universe.
  
• An Elevator Talk with Donald Porter of DHGM MicroCap Value (DGMMX), a six-month old fund with a successful 25 year track record.
  
• The return of the capital gains season brings the return of the Cap Gains Valet. Chief Valet Mark Wilson previews the season ahead.
  
• for folks looking for managers well-equipped to handle hostile markets, we used the screener at MFO premium to help you out in Counting on the Winners.
  
• Twenty funds in registration, including a particularly interesting new emerging markets fund. Rajiv Jain, who did great work with the $7 billion Virtus Emerging Markets Opportunities Fund, left in May and is now launching his own EM fund. While we’re at it, we also take a swat at a dozen new ETFs.

For what that's worth,
David

Angel Oak: http://angeloakcapital.com/wp-content/uploads/4Q2016/Estimated-capital-gains-distributions-2016.pdf
Baird: http://content.rwbaird.com/BairdFunds/PDF/Estimated-Capital-Gains-10-31-16.pdf
Boston Partners: http://www.boston-partners.com/wp-content/uploads/2016/10/BP-Funds-2016-Estimated-Cap-Gain-Dist.pdf
Brown: http://www.brownadvisoryfunds.com/media/pdfs/DistributionCalendar2016.pdf
Coho: http://www.cohofunds.com/media/pdfs/Coho_2016_Distributions.pdf
Destra: http://www.destracapital.com/about/updates/destra-funds-announce-estimated-year-end-capital-gains-2
Dodge & Cox: https://www.dodgeandcox.com/pdf/shareholder_services/dc_estimated_distributions_2016.pdf
Fam Funds: http://www.famfunds.com/shareholder-services-fam-funds/year-end-distributions.cfm
Fidelity (Advisor, Retail & Destiny Funds): https://institutional.fidelity.com/app/literature/view?itemCode=779189&renditionType=pdf&pos=contentItem&selectedActivities[0].selectedActivityCode=SRCT&selectedActivities[0].selectedActivityTx=Fidelity+Advisor,+Retail,+and+Destiny+Funds
Goldman Sachs: https://www.gsam.com/content/dam/gsam/pdfs/us/en/tax-information/2016/EI-51 Cap End_Distribution-2016.pdf?sa=n&rd=n
Greenspring Fund: http://www.greenspringfund.com/distributions-3/
HSBC: https://investorfunds.us.hsbc.com/resources/documents/pdf/articles/a-135/2016-HSBC-Funds-Capital-Gains-Distributions.pdf
Integrity Viking Funds: http://www.integrityvikingfunds.com/portalintegrityfunds/DesktopModules/ViewDocument.aspx?DocumentID=382
iShares: https://www.ishares.com/us/capital-gains-distributions
Laudus: http://ims.schwab.wallst.com/repository/?doc=DistributionEstimates
Laudus Market Masters: http://ims.schwab.wallst.com/repository/?doc=LaudusMM_2004_Supp_Tax_Distr
Loomis-Sayles: http://www.loomis-sayles.eu/internet/internet.nsf/content?readform&ctype=capitalgains&channel=mf
MFS (all funds): https://www.mfs.com/wps/portal/mfs/us-investor/client-accounts/tax-center
Natixis: https://ngam.natixis.com/us/year-end-distribution-estimates
Oak Associates: http://www.oakfunds.com/OakLibrary/distributions_2016.aspx
Parnassus: https://www.parnassus.com/parnassus-mutual-funds/dividend-info
Perritt: http://www.perrittcap.com/2016-distribution-update/
Salient: http://www.salientpartners.com/wp-content/uploads/salient-funds-capital-gains-estimate-notice-2016.pdf
Sentinel: https://merrillconnect.iscorp.com/nlg/docservice/viewDocument?mcItemNbr=52879
Thornburg: https://www.thornburg.com/products-performance/mutual-funds/dividends-capital-gains/
Transamerica: https://www.transamerica.com/images/2016 capital gain distribution estimates_tcm73-37718.pdf
UBS: https://www.static-ubs.com/us/en/asset_management/financial_advisors/mutual_funds/_jcr_content/rightpar/teaser/linklist/link_4.1735452911.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9pbnRlcm5ldGhvc3RpbmcvdXNfbGlicmFyeS9lbi9tdXR1YWwvY2FwX2dhaW5zLnBkZg==/cap_gains.pdf
Weitz: https://weitzinvestments.com/funds_and_performance/distribution_and_tax_information.fs
Wells Fargo: https://www.wellsfargofunds.com/assets/edocs/communications/20161101-productalert-3.pdf

FYI: Bill Gross, faced with slow growth at his Janus mutual fund, is reviving the total-return strategy that made him one of Wall Street’s most famous bond managers.
Regards,
Ted
http://www.bloomberg.com/news/articles/2016-10-31/gross-s-total-return-strategy-to-make-encore-at-janus-capital

https://www.sec.gov/Archives/edgar/data/889188/000119312516752839/d262690d497.htm
497 1 d262690d497.htm FORM 497
FORWARD FUNDS
Supplement dated October 31, 2016
to the Salient EM Corporate Debt Fund Investor Class and Institutional Class Prospectus, Salient EM Corporate Debt Fund Class C and Advisor Class Prospectus and Salient EM Corporate Debt Fund Statement of Additional Information each dated May 1, 2016, as supplemented
NOTICE OF LIQUIDATION OF SALIENT EM CORPORATE DEBT FUND
On October 18, 2016, the Board of Trustees of Forward Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended), approved the liquidation of the Salient EM Corporate Debt Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation on or around February 28, 2017 (the “Liquidation Date”). On the Liquidation Date, the Fund will distribute pro rata to its respective shareholders of record as of the close of business on the business day preceding the Liquidation Date all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Trust deem appropriate.
As the Liquidation Date approaches, the Fund will likely increase its holdings in cash and cash equivalents in anticipation of redemption requests and liquidation. As a result, the Fund may invest without limit in money market securities, U.S. Government obligations, and short-term debt securities. This could have a negative effect on the Fund’s ability to achieve its investment objective.
Certain investors may expect to receive an additional communication from their financial advisor or intermediary concerning this announcement.
IN CONNECTION WITH THE PLANNED LIQUIDATION, EFFECTIVE NO LATER THAN FEBRUARY 10, 2017, SHARES OF THE SALIENT EM CORPORATE DEBT FUND WILL CEASE TO BE OFFERED FOR PURCHASE TO NEW INVESTORS OR EXISTING INVESTORS (EXCEPT THROUGH REINVESTED DIVIDENDS) OR BE AVAILABLE FOR EXCHANGES FROM OTHER FUNDS OF THE TRUST.
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE
****

Get in line @ Blackstone ! From The Blackstone Group LP (BX) Q3 2016 Results - Earnings Call Transcript
In the past 12 months alone, our limited partners, we call them LPs, have entrusted us with nearly $70 billion in new capital which despite $38 billion in realizations brings us to another record for assets under management of $361 billion. We continue to see strong positive growth in every one of our businesses. Blackstone continues to be the solutions provider our limited investors need, perhaps now more than ever in a world of sluggish growth, record low interest rates, high public market valuations, the resulting very low returns for most asset classes. These challenges seem likely to persist for some time which is causing real problems for LPs.
Here is a pretty stunning fact. In the past 10 quarters, we have raised nearly $200 billion, more than the aggregate size of any of our domestic alternative peers. And given the secular forces driving capital into the alternatives, we continue to nicely grow combined with Blackstone's powerful and unique competitive position. I remain quite optimistic in our ability to keep growing with one of the largest, if not the largest, platforms in each vertical area, Private Equity, Real Estate, Hedge Funds and Credit. We are able to accept and responsibly deploy billions of dollars from individual LPs which is a critical capability that few, if any, other firms can offer
http://seekingalpha.com/article/4016086-blackstone-group-lp-bx-q3-2016-results-earnings-call-transcript?part=single
Bloomberg Gadfly Take by Gillian Tan Oct 27, 2016 3:58 PM EDT
Stephen Schwarzman, the billionaire chairman, CEO and co-founder of Blackstone Group, is accustomed to having people pay attention to his point of view, whether it's in a meeting room at the firm's Park Avenue headquarters or in his capacity as a philanthropist. But he seems to have trouble getting his message across when it comes to Blackstone's shares.
Disconnect
Blackstone, like its peers, has struggled to win over investors.
As the firm's biggest shareholder with a stake of roughly 20 percent, Schwarzman has gone to lengths to persuade investors that Blackstone deserves a higher valuation -- even going so far as walking through the math of his argument -- but his words have fallen on deaf ears. On an earnings call Thursday, after the New York firm easily beat analysts' expectations thanks to sales of real estate assets, he resorted to sarcasm. "Who needs yield when you can invest at 1 percent in government bonds?" he dryly asked, after referring to the fact that Blackstone's dividend yield is markedly higher than that.
.....potential shareholders should remember that the yield isn't as airtight as, say, a U.S. Treasury bond. Blackstone's ability to pay dividends fluctuates every quarter and is driven in part by the firm's ability to profit from its activities across various arms, such as by selling off real estate or other investments as it has done in recent years. Still, there's little likelihood that the dividend will disappear completely, owing to the diversity of Blackstone's holdings
https://www.bloomberg.com/gadfly/articles/2016-10-27/blackstone-yield-appeal-is-schwarzman-s-latest-valuation-argument

Highlights of the Week:from Payden & Rygel
High Yield: Despite retail flows stalling in the last three weeks, the market remains well bid. A combination of foreign capital flows and separately managed
accounts are providing price support as the market grinds tighter. Coupling this tailwind with prudent credit selection will reward long-term investors.
Corporates: A recent stringent crackdown by anti-trust regulators has halted several mergers and acquisitions from being completed in the last year.
Despite this slowdown, companies seeking to merge have still been rolling merrily ahead with their intentions. In fact, October 2016 now ranks as
the month with the most corporate merger agreements ever, nearly breaking $250 billion. Whether or not they will be completed is another story
• Municipals: While municipal yields have drifted near 7-month highs, the market has showed resilience in the face of over $16 billion in new supply
over the past two weeks. After the first week of fund outflows YTD last week, investors added $335 million to funds this week. Municipals remain
very attractive on a relative basis with 30-year municipals yielding in excess of 100% of Treasuries.
https://www.payden.com/weekly/wir102816.pdf

FYI: Jeffrey Gundlach, chief executive of DoubleLine Capital, believes investors and financial advisers should not get too comfortable with the recent pattern of Federal Reserve monetary policy.
Regards,
Ted
http://www.investmentnews.com/article/20161025/FREE/161029934?template=printart

Yep, being diversified has its advantages. Not only would you already enjoy the EM gains, the EM bonds have done well too.

In the vein of "a fresh look" at MLPs, I was doing some semi-purposeful browsing around this past weekend and came upon a change in June re. how FSDIX will be allocated, viz. the addition of MLPs to the dvd-paying stock sleave (up to 10%, oh yes). Fidelity is thinking of it as a strategy "enhancement":
https://fundresearch.fidelity.com/mutual-funds/analysis/316145887

Joanna Bewick on upcoming enhancements to the fund:
"In June 2016, a new out-of-benchmark subportfolio providing dedicated exposure to MLPs – master limited partnerships – will be created within the fund's dividend-paying equities allocation. This as of yet unfunded subportfolio will allow Ford and me to opportunistically allocate as much as 10% of fund assets to MLPs.
"An MLP combines the benefits of a limited partnership – a business structure wherein taxes apply only to unitholder distributions and not to corporate-level profits – with the liquidity of a publicly traded company. We think MLPs are a potentially rich source of investment yield as well as predictable and stable cash distributions. Most often, MLPs are backed by energy companies, with typically modest organic revenue growth that can increase alongside inflation; thus we believe MLPs also offer potential for capital appreciation.
"In our view, the addition of the MLP subportfolio can help improve the fund's risk-adjusted returns by providing key diversification benefits. Further, this change may offer the fund a diversifying source of alpha in keeping with its mandate to deliver non-bond income along with capital-appreciation potential.
"Nathan Strik, a 10-year energy veteran with 15-years of industry experience, has been appointed portfolio manager for the new MLP subportfolio.
"We believe these changes should improve our asset allocation flexibility and allow us to take greater advantage of the investment expertise of Fidelity in positioning the fund to better meet our shareholders' expectations.
"For more than 10 years, the fund has offered a compelling option for non-bond, income-seeking investors, in our view. Our goal with the addition of this new MLP subportfolio is to help make the fund an even more compelling investment option for the next 10 years – and beyond."

I hope this isn't redundant; I don't recall anyone on the Board posting about it.

@TheShadow
Bumping this topic.
Keep up the great work.Thanks Shadow,et al.
Scout Funds
Based on information as of September 30, 2016, the Scout Funds listed are projected to make capital gain distributions as
indicated below. The equity funds will provide estimated income distributions in December and the fixed income funds will
continue their normal monthly income distribution schedule.
Record Date*: 12/15/2016; Ex/Pay Date: 12/16/2016
http://scoutinv.com/resources/documents/DistributionsMemo/2016 Distribution Estimates Memo 10-14-16.pdf?c=1477275470362