These surveys are disappointing in a number of ways. First, they point out that there are still more than a few so-called "advisors" who stick to one or two fund families, no matter what. The survey confirms the inability or laziness of many commission brokers to think outside a small box. This is often encouraged by broker/dealers that have more attractive commission payouts for fund companies who pay the BDs to get on their "A" list of funds. Shameful? Yes, but it happens a lot.
Second, it shows that lower-cost funds are starting to appear in the survey, but just barely. Considering all the news and emphasis on fiduciary responsibility, load funds still make up the majority of of the list.
Third, it shows that despite the commission industry's talk about how a fiduciary rule will keep them from providing service to smaller accounts, there is very little difference in investment advice from one client to the next among their salespeople. The order of the top 5-6 companies shown might change from year to year, but there is not much change in the names of that group.
Fourth, and very promising, is the actual showing of Price, Vanguard and DFA in the list. This means two things: A. the survey is actually being sent to and answered by a segment of the RIA community, and B. this segment of the advisory industry is growing, while the sales/commission side is losing market share every year.
I must confess, too, that all of the commission fund companies offer no-commission funds, funds at NAV, or institutional-class shares to the RIA industry. That has not always been the case, and that is also something for which I am thankful.

Abigail Johnson on Forbes Lists
#29 Forbes 400 (2016)
#31 in 2015
#16 Power Women (2016)
The Richest Person In Every State (2016)
#65 Billionaires (2016)
#29 in United States
2016 Forbes 400 Net Worth
$13.2 Billion
President-CEO, Fidelity Investments
Age 54
Source Of Wealth money management
Self-Made Score 3
Residence Milton, MA
Citizenship United States
Marital Status Married
Children 2
Education Bachelor of Arts / Science, Hobart and William Smith; Master of Business Administration, Harvard Business School

http://www.forbes.com/profile/abigail-johnson/?list=forbes-400
#76 Charles Schwab
http://www.forbes.com/profile/charles-schwab/?list=forbes-400
#156 Donald Trump
http://www.forbes.com/profile/donald-trump/?list=forbes-400

https://www.sec.gov/Archives/edgar/data/890540/000113542816001868/frost-497.txt
497
1
frost-497.txt
THE ADVISORS' INNER CIRCLE FUND II (THE "TRUST")
FROST KEMPNER TREASURY AND INCOME FUND (THE "FUND")
SUPPLEMENT DATED NOVEMBER 21, 2016
TO THE INSTITUTIONAL CLASS SHARES PROSPECTUS AND THE INVESTOR CLASS SHARES
PROSPECTUS, EACH DATED NOVEMBER 28, 2015 (THE "PROSPECTUSES") AND THE STATEMENT
OF ADDITIONAL INFORMATION, DATED NOVEMBER 28, 2015 (THE "SAI")
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED
IN THE PROSPECTUSES AND SAI, AND SHOULD BE READ IN CONJUNCTION WITH THE
PROSPECTUSES AND SAI.
The Board of Trustees of the Trust, at the recommendation of Frost Investment
Advisors, LLC (the "Adviser"), the investment adviser of the Fund, has approved
a plan of liquidation providing for the liquidation of the Fund's assets and the
distribution of the net proceeds PRO RATA to the Fund's shareholders. In
connection therewith, the Fund will be closed to new investments effective
immediately. The Fund is expected to cease operations and liquidate on or about
December 30, 2016 (the "Liquidation Date").
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in
the manner described in the "How to Redeem Fund Shares" section of the
Prospectuses. For those Fund shareholders that do not redeem (sell) their shares
prior to the Liquidation Date, the Fund will distribute to each such
shareholder, on or promptly after the Liquidation Date, a liquidating cash
distribution equal in value to the shareholder's interest in the net assets of
the Fund as of the Liquidation Date.
The liquidation distribution amount will include any accrued income and capital
gains, will be treated as a payment in exchange for shares and will generally be
a taxable event. You should consult your personal tax advisor concerning your
particular tax situation. Shareholders remaining in the Fund on the Liquidation
Date will not be charged any transaction fees by the Fund. However, the net
asset value of the Fund on the Liquidation Date will reflect the costs of
liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
FIA-SK-039-0100

FYI: he trend towards fee-based practices is pushing low-priced fund groups to the top of the list of funds most popular with advisers. While consistency of fund performance and having a distinctive company investment philosophy remain critical, fees and expenses offer the greatest potential to enhance loyalty among users who are predominantly fee-based, says Market Strategies International. Here’s the list of the 10 companies most popular with financial advisers.
Regards,
Ted
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH
1. Franklin Templeton:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-
2. Legg Mason:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=10
3. BlackRock:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=9
4. MFS:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=8
5. J.P. Morgan:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=7
6. American Funds:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=6
7. DoubleLine:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=5
8. T. Rowe Price:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=4
9. Vanguard:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=3
10. Dimensional Fund Advisors:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=2

Would that 2.5% be enough for the rest ?
Derf

No disability ends at full retirement age and the regular SS fund picks up the rest. Also, presently the SS fund is quite healthy but the disability fund is not so it is spending from the SS fund. (At least it was. I am assuming that it still is.)

@Crash said "And rising rates are hurting REIT funds. How long can we expect to wait before it all levels-off?"
Real Estate Review:Nov. 20, 2016 3:21 PM ET Hoya Capital Real Estate
REIT valuations in 2016 have been driven almost entirely by movements in US interest rates, but this pattern has diverged since the Trump election. REITs have held up surprisingly well in the face of sharply higher interest rates.

Residential REITs struggled this week amid stronger-than-expected construction data and comments from President Elect Trump on a possible deportation of 2-3 million people. While we don't expect mass deportations, we do expect a slowdown in net migration into the United States, which would be a drag on apartment and self storage demand. Public Storage (NYSE:PSA) and Apartment Investment Management (NYSE:AIV) fell 5% each.
The re-pricing continued this week, as investors in residential REITs had to weight the possibility of sharp declines in net migrations into the United States as a result of stricter immigration policies.
Rent inflation, though, remains strong, a signal of continued tightness in the multifamily rental market. Rent inflation rose 0.4% month over month and is up 3.5% year over year.
30-Year Mortgage rates, which tend to track movements in medium and long term Treasury bonds, surged higher this week and are at or above 4% for the first time since late 2015. All else equal, higher mortgage rates puts downward pressure on house prices and home sales, as it pushes marginal buyers out of the market. This may be a positive for apartment REITs. We won't know the effects on home prices, new home sales, or new construction for several weeks or months.
Labor markets have shown signs of continued strength. Initial jobless claims data was better than expected. Data this week showed the lowest jobless claims since 1973.
Retail sales showed continued strength in October. Retail sales excluding auto gained a strong 0.8% in October, following an upwardly revised 0.7% in September. Retail sales have risen in seven of the past nine months and are now up 4% year over year.
Digging deeper into the data, we see strength in grocery stores, clothing stores, miscellaneous retailers, and sporting goods stores. Online retail (non-store retailers) continues to show strength. Department stores continue to struggle, but their pace of decline has moderated.
http://seekingalpha.com/article/4024976-real-estate-review-reits-stabilize-construction-strong-yields-mortgage-rates-surge
Also
Real Estate Implications Of Trump's Win
Nov. 17, 2016 3:55 PM ET|4 comments | About: iShares U.S. Real Estate Etf (IYR), Includes: AMZN, AVB, EQR, GGP, PAC, PLD, PSA, SPG, VNQ
Hoya Capital Real Estate Hoya Capital Real Estate
http://seekingalpha.com/article/4024392-reits-picked-winners-2016-real-estate-implications-trumps-win
Bond Rally and Rout to Nowhere
Posted on November 21, 2016 by David Ott Acropolis Investment Management,
...although 2016 feels like a year where anything can happen – bond returns are almost exactly what you would have expected back in January.
Despite all of the action, not much has really changed, which is why we try not to focus too much on the short-term movements.

http://acrinv.com/bond-rally-rout-nowhere/

Would that 2.5% be enough for the rest ?
Derf

Boy, if given the chance over 40 years ago to go with SS or use that money to fund my own retirement, I would have picked the latter in a heartbeat. Yea some don't know how to save or invest but don't include those who want to do better, which is a big chunk of society.
I have always liked the idea that out of the 12.5% tax for SS, let me invest 10%. The rest goes into a pool fund for those who are physically disabled or unable to work. We do have a compassionate streak among us.

@edmond Most members of the "green crowd" oppose free trade deals just like Trump ostensibly does: http://ontheissues.org/Celeb/Green_Party_Free_Trade.htm
In fact it is the "Republican elite" that generally supports free trade and will seek to reign Trump in if he suggests severe tarrifs. It will be interesting to see if Trump follows through on his pandering to the working class because it will be bad for his businesses that sell foreign made goods and terrible for the stock market in general. Most multinational companies will crash the day any serious tarrifs pass.
https://greenparty.org/Platform.php
From the Green Party Platform:
"Fair Trade: Withdraw from the World Trade Organization, NAFTA, and all other corporate-managed trade agreements that are driving down labor and environmental conditions globally. Establish an internationalist social tariff system that equalizes trade by accounting for the differences among countries in wages, social benefits, environmental conditions, and political rights. Tariff revenues to a democratic, international fund for ecological production and democratic development in poor countries in order to level up social and environmental conditions to a high common standard. "
Any here's what the Sierra Club, The NRDC, Greenpeace and other "green elite" organizations think of the TPP. They all oppose it: http://sierraclub.org/compass/2015/10/more-dozen-environmental-organizations-warn-trans-pacific-partnership-risks

Unfortunately, ARTWX has only $68 million AUM as of October 31, 2016 as the fund commenced on June 25, 2013. Hopefully, ARTJX will remain around for some time.
I am sure that GP's fund didn't help ARTWX either.

Hi Hank,
Not being too familiar with the hot money issue doesn't dissuade me from making a guesstimate of its likely impact on investor's returns. My arrogance is such that I'll invent a method to estimate its impact at least in a possible magnitude sense.
Expected long-term compound geometric annual rate of return is calculated by taking the expected average annual return and subtracting its volatility drag. Volititity drag is the square of standard deviation. As you know, many folks interpret standard deviation as a measure of risk.
In my model, hot money must increase standard deviation without substantially changing basic expected returns. If that is true, we can use the relationship of Expected Annual Return equals Average Annual Return minus one-half Variance to examine the potential impact of hot money on Expected Annual Returns.
Here is an example (be free to use your own set of test numbers). If you anticipate your portfolio will deliver a 7% average annual return with a standard deviation of 15%, the normal expected annual return is 5.88%. Using the proposed hot money model, the average annual return remains at the 7% level, but standard deviation might increase by say 30% to a 19.5% level. In that case, expected annual return is reduced to 5.10%.
So the proposed hot money impact on market volatility significantly attenuates expected returns. Toss in your own numbers and do a few cases to explore the sensitivities of the relationship.
Note that as average annual returns decrease, the impact of hot money has a larger influence. If average annual return is likely to be in the 4% range with still a 15% standard deviation, the nominal expected return is 2.88% and the hot money expected return is 2.10%. Hot money does proportionately more damage as market rewards decrease.
I'm sure this simplistic analysis misses some pertinent considerations, but it might get an investor into the ballpark in terms of weighing the influence of hot money on potential returns.
Hank, I think I'll stop at this juncture; otherwise I fear some folks will start talking.
Best Wishes.

https://www.sec.gov/Archives/edgar/data/935015/000119312516772418/d291212d497.htm
497 1 d291212d497.htm ARTISAN PARTNERS FUNDS, INC.
Filed pursuant to Rule 497(e)
File Nos. 033-88316 and 811-08932
ARTISAN PARTNERS FUNDS, INC.
ARTISAN MID CAP VALUE FUND
SUPPLEMENT DATED NOVEMBER 18, 2016
TO THE FUND’S PROSPECTUS
CURRENT AS OF THE DATE HEREOF
Effective November 21, 2016, Artisan Mid Cap Value Fund will open to new investors. All references to the closure of Artisan Mid Cap Value Fund in Artisan Partners Funds’ prospectus are removed.
Please Retain This Supplement for Future Reference

There's so much uncertainty since the election. I don't think any of us have a clue where things are heading. If Trump gets the kind of infrastructure stimulus package from Congress which many seem to think he intends, along with higher borrowing and tax cuts, that's bearish for bonds and bullish for just about everything else - at least for a year or two until the rising debt shocks us back into austerity. But he has Congress to deal with. Many commodities, notably copper, have turned up in recent days anticipating some type of stimulus. Big military buildups, as Trump appears to desire, also bolster an economy short term - especially the Northrups, Lockheeds, General Dynamics and Boeings of the world.
On the other hand, the first year of a new President's term usually isn't that good for equities. Both the Pres and FOMC like to get the the tough love out of the way early. The Pres., especially, wants things improving as the next election nears.
Bonds to some extent self-correct. As rates rise there's more income in the pockets of investors helping mitigate declining values. At some point bonds again begin to look attractive to new investors. I'd think, however, that going long on bonds (durations over 10 years) would have been foolish in recent years. It may take decades for those investors to break even. And yes - there were plenty of warnings here and elsewhere about the dangers of longer term bonds when the 10 year was yielding 2% or less.
---
I haven't made any changes to portfolio in recent months - except that a few weeks ago I shifted some $$ intended for near-term household expenses from Price's money market fund to their ultra-short bond fund. The new govt. money market regs caused money market fund yields to suffer even more, but pushed up rates on ultra-short high grade corporates. Even with the sharp sell off, TRBUX held at $5.01 - which surprised me. Since the election I've lost a half-percent on my investments. Balanced and energy/commodity related funds drifted higher. But my meager exposure to bonds - especially the international variety - got hammered. So it goes.

FYI: (Click On Article Title At Top Of Google Search)
In the past two weeks, bonds suddenly have become more appealing investments. Treasury yields have risen sharply since the election, with the 10-year note now yielding 2.33%, up from 1.85% on Nov. 8. The increase reflects expectations of higher federal spending, bigger deficits, stronger economic growth, and greater inflation under President-elect Donald J. Trump’s administration.
Regards,
Ted
https://www.google.com/#q=Bonds+Suddenly+Look+Like+a+Bargain.+What+to+Buy+Now+Barron's

FYI: American Century Ultra (TWCUX), a marquee name in the mutual fund industry, had a dynamite third quarter. Its 6.49% gain popped past the 5.59% average surge of its large-cap growth rivals as tracked by Morningstar. And the fund soared above the S&P 500, which tacked on a relatively modest 3.85% advance.
Regards,
Ted
http://www.investors.com/etfs-and-funds/mutual-funds/american-century-ultra-mutual-fund-is-poised-for-boost-from-tech-stock-rebound/
M* Snapshot TWCUX:
http://www.morningstar.com/funds/xnas/twcux/quote.html
Lipper Snapshot TWCUX:
http://www.marketwatch.com/investing/Fund/TWCUX
TWCUX Is Unranked In The (LCG) fund category By U.S. News & world Report
http://money.usnews.com/funds/mutual-funds/large-growth/american-century-ultra-fund/twcux:

@Crash said "rising rates are hurting REIT funds"
Here's some "medicine" for that ailment.
Reefer REIT: Innovative Industrial Properties' IPO
Nov. 9, 2016 9:34 AM ET
Innovative Industrial Properties, Inc (Pending:IIPR) has filed for an IPO seeking to raise $175 million. Innovative Industrial seeks to become the first REIT to monetize the growing medicinal marijuana industry utilizing sale-leaseback transactions and offer investors an indirect method to capitalize on the sector. In a time where REITs find cap rates compressing in most industries, Innovative Industrial hopes to prove the medicinal marijuana industry is a cash cow for investors.
http://seekingalpha.com/article/4021523-reefer-reit-innovative-industrial-properties-ipo
....who would have imagined that there would be a "weed REIT", Innovative Industrial Properties was to list on the NYSE this week. According to the company's website, it "targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers under long-term triple-net leases."
Innovative believes this industry is poised for significant growth in coming years, and is focused on being a creative capital provider to this industry
http://seekingalpha.com/article/4024483-reit-world-back-business
Innovative Industrial Properties™
Removing Financial Barriers For Licensed Medical-Use Cannabis Growers™
Our Team
Industry Leaders
Our Market
The Licensed Medical-Use Cannabis Industry
Our Properties
Medical-Use Cannabis Cultivation and Processing Facilities
Our Tenants
Sophisticated, Best-in-Class Medical-Use Cannabis Growers
Our Leases
Long-Term, Triple-Net Arrangements
http://innovativeindustrialproperties.com/business

@MJG: "I am a long term investor so I hesitate to address issues associated with the influence of "hot money". I just don't play in that arena and have not thought much about it."
Thanks for your response. It's helpful but may not (as you suggest) answer my fundamental question of how much long-term investors like you are injured by other less disciplined investors who flood funds (including those using passive index based strategies) with money when valuations are high and than stampede out after large market declines. Whether in actively managed or passively managed funds, this herd instinct would appear to work against all of us because the fund is forced to some extent to buy high and sell low. Perhaps I have this wrong. Wonder if there's been any studies attempting to quantify this negative influence, especially regarding actively managed funds.
Here's a different but related issue with funds: Like you, I am largely buy and hold. But I've been known to speculate on beaten-up (highly focused) funds over very short time frames (measured in months rather than years) and than sell after a nice bounce (may not always work). The fund industry calls this "skimming" and works hard to prevent it. However - if I make a fast 25%-35% profit on a short term speculative venture, I assume that money had to come from somewhere. I further assume it's the "stay-put" long-term investors who picked up the tab. ??

Don't put all your eggs in one basket !
Derf

Been doing just that since 1985. I never was much for conventional wisdom.
Edit: The above is incorrect. Been doing that since 1966. Just it took me till 1985 to figure out how to turn it into a consistent market beating strategy.

I've read in more than one place (don't have references at the moment) that managed funds do NOT perform better than indexes/ETFs before, during, or after bear markets.
But regarding this, I take a long-term view (5-10 years) on everything. A one or two-year record doesn't mean much.

Speaking of the US $$$..
Jeffery Gundlach in Tue's Webcast did not "pound the table" predicting a higher US $$$$ but stated it would not surprise him to see 120 in the next two years...Also,"don't over analyse" and "keep your seatbelts fastened" Earlier he said he was not interested in becoming US Treasurer.in effect saying " I want to remain brutally honest and politicians are seldom if ever that. ." Closed End Fund Webcast Nov 8th https://event.webcasts.com/viewer/event.jsp?ei=1085775
BUSINESS NEWS | Thu Nov 17, 2016 | 10:56pm EST By Hideyuki Sano | TOKYO Reuters
Rising U.S. yields help dollar to 13-1/2 year high
..rising U.S. bond yields carried the dollar to a more than 13-1/2 year high against a
basket of major currencies, fueled by expectations that President-elect Donald Trump's policies will lead to higher interest rates.
The dollar's index against a basket of six major currencies rose above its "double top" touched in March and December of 2015. The index now stands at its highest level since April 2003. "Double top" is a technical analysis term describing a currency (or other liquid asset) rising to a high, falling, and then rising again to the same level. Breaking the double top is often seen as a bullish sign by technical analysts.
A rising dollar is particularly a problem for some emerging economies that could see capital outflows if investors shift more funds to the United States.
http://www.reuters.com/article/us-global-markets-idUSKBN13D040?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+reuters/businessNews+(Business+News)

http://cdn.tradingeconomics.com/charts/united-states-currency.png?s=dxy&v=201611180455r&d1=20110101&d2=20161231
http://www.tradingeconomics.com/united-states/currency