title says it
M* just started w DSEE(N)X, its having been three years as of last week.

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

Very familiar with interval funds. They are becoming more popular as they have the look and feel of traditional 40 Act mutual funds (5 letter tickers, on traditional custodians (Schwab, Fidelity, TD, etc), 1099's. Performance like all funds and asset classes can vary, though some that are focusing on very niche areas have performed very well. In theory, you should get compensated for the semi- illiquidity (a premium). Gates of 5-10% of the total fund AUM typically exist on the way out. For the right asset class these can be a good solution.

I for one am not surprised at all. I have never seen any action by the SEC, DOL or other agency that reduces paperwork, lowers overall expenses, and makes sense. At least 50% of my daily mail consists of hard copies of prospectuses and other required mailings that end up in our shred/recycle bin. What a waste of resources and money!

@Alban & MFO Members An interval fund is a type of investment company that periodically offers to repurchase its shares from shareholders. That is, the fund periodically offers to buy back a stated portion of its shares from shareholders. Shareholders are not required to accept these offers and sell their shares back to the fund.
Regards,
Ted
http://www.investmentnews.com/article/20140506/BLOG09/140509948/the-rise-of-interval-funds-mutual-funds-for-alternative-investing

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)

FYI: Worried that the election will ruin your 401(k)?
Don't be, fund managers say, no matter who wins the White House. As long as you're a long-term investor willing to ride through whatever market bumps occur after Election Day, and there certainly could be scary ones, presidential elections historically haven't had much impact on stocks over the long term. Other factors, such as how expensive stocks are relative to their earnings and what the Federal Reserve is doing with interest rates, are more important factors for the market than who sits in the White House.
Regards,
Ted
http://bigstory.ap.org/article/a7d30c817fb74ec0a55e10889156df7d/fund-managers-no-election-wont-wreck-your-401k

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)

@MFO Members: (Click On Article Title At Top Of Google Search)
Here is the text that goes with the two videos. "Emerging+Markets+Roundtable"
Regards,
Ted
Emerging markets snapped out of a three-year rout this year, against an unlikely backdrop. Brazil was gripped by a scandal worthy of a telenovela, George Soros predicted Russia would be bankrupt in a year, and China and Mexico became punching bags amid a wave of antiglobalization sentiment. Despite the negative headlines, the MSCI Emerging Markets index is up 31% from a low in late January. That move far outpaces the Standard & Poor’s 500 index’s 13% advance, and marks the MSCI index’s best performance relative to developed markets since 2009.
https://www.google.com/#q=Emerging+Markets+Roundtable:+Where+to+Invest+Now+Barron's

FYI: (Click On Article Title At Top Of Google Search)
Passive investing had been declared the winner in the race for returns, beating stockpickers. But the race is still on, and suddenly, the stockpickers are surging ahead. After a slow start to the year, 60% of actively managed funds are beating the Standard & Poor’s 500 index since July 1, the highest level in nearly two decades. This at a time when money has been pouring into index funds at record rates.
Regards,
Ted
https://www.google.com/#q=Active+Stockpickers+Are+Outpacing+Passive+Funds+Barron's

Michael Kass
http://www.barrons.com/video/an-alibaba-bull-sees-lots-of-growth-ahead/C1A0748B-0072-403B-AE7E-090157343361.html
Andrew Foster
http://www.barrons.com/video/2-cash-rich-bargains-in-emerging-markets/6B4CBAB3-13DD-44F8-86CE-AD5D2446C080.html

Dodge & Cox Balanced Fund (DODBX)
Dodge & Cox Global Stock Fund (DODWX)
Dodge & Cox Income Fund (DODIX)
All on Honor Roll, which means they are top quintile in category the past 5, 3, and 1 year periods on an absolute return basis.

@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: More than $3.5 trillion in global assets under management, as of June 30, 2016.
Regards,
Ted

Hi @Derf
Investopedia's take on stable value funds.......
http://www.investopedia.com/terms/s/stable-value-fund.asp
I recall one stable value fund we moved money into in June of 2008 to resemble the notations in the above link. I also recall some research into this area and of course, a company that insures against losses in such a fund could also crash and burn during a hugh market melt. During late 2008 and early 2009 we received email notices from two organizations having stable value choices that the funds were and would indeed be safe and not crash as the rest of the equity market had done. 'Course, that is just the word of someone trying to comfort investors. No details were offered. Also, at the time of the market melt; these stable value funds had a set annual yield around 4%......can't remember exactly.
I find no reason to not use a stable value choice at this time.
NOTE: one detail I recall about stable value choices is that a vendor may be able to impose a time frame for holding into this area and/or a restriction that once monies are moved into stable value, one may only be able to move 25% of the holdings during time frame "x" into other account choices. You may choose to dig through the prospectus of the offering to determine if such language exists.
Take care,
Catch

I think persistence studies of this sort are a bit of a red herring when you consider that not even long-term 'successful' active funds would clear the bar they set. They're measuring something but I'm not sure what it proves. More thoughts here.
http://syouth1.tumblr.com/post/152422482225/consistency-is-a-mirage
Respectfully submitted,
Jeff Ptak
Morningstar

@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

(1) ytd, I think it would be fair to say that performance has been below the expectations of most investors in the fund;
(2) he has said, on numerous occasions, almost since inception in fact, that DoubleLine would consider a soft close for this vehicle at around $50B, and we be over $61B and no talk of holding the fund's size in check yet, so...... what's up with that? Maybe it's time for investors to do some trimming/slimming.

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.