You might scan the original author's recent title list to get some perspective on him and how much weight to assign his forecasts.
David

If one goes by a "traditional" definition of equity, or even balanced, this ain't it - adding up CLOs (20.5%), Non-Agency MBOs (16.5% + 11.4%), Treasuries (14.3%), Agency MBOs (5.9%), Short Term (4.1%), International debt (1.3%), Asset-Backed debt (0.6%) - the fund's debt investments is pushing 3/4 of assets.
But it's all a game of derivatives and shades of gray. How does one classify an ETN based on an equity index? Technically it is pure debt, but the behavior is pure equity (unless the issuer defaults). Equity-linked securities or equity-indexed annuities that guarantee no loss of principal are just options (to provide the equity growth) coupled with bonds (to provide the guarantee). No stocks there, either.
This looks similar, though more complex. (Hey, it's Gundlach.) It's supposed to behave like equities (per prospectus: "The Fund will normally use derivatives in an attempt to create an investment return approximating the Index return.")
I'll punt on a detailed analysis - trying to figure out precisely what bonds a fund holds is hard enough; reverse engineering derivatives to figure out what behaviour is being mimicked is best left to professionals.
My view on funds like these is that you can take them on blind faith (something I never recommend), you can rely on third party commentary (which includes how they classify a fund as well as more detailed comments), or you can pass.
What I didn't include was relying on how well the fund has tracked whatever it says it is tracking. Though a fund may have tracked its target well so far this does not address how it will respond to a rapid market move. Pure replication will track nearly perfectly, good sampling pretty well. Derivatives and alternative strategies? Don't know without understanding them.

Sound Point Floating Rate Fund (SPFLX)
The fund is in the process of reorganizing into the American Beacon family to be effected Friday. No distribution amounts yet -- only this -- and I'll try to update:
The dividend and distribution information will be available on our website, www.americanbeaconfunds.com, on December 22nd. The dates will be as follows:
Record Date December 21, 2015
Ex/Reinvest Date December 22, 2015
Payable Date December 23, 2015

Large value, it's said. Below are its investments. Help. Not a balanced fund?
Collateralized Loan Obligations 20.5%
Non-Agency Commercial Mortgage-Backed Obligations 16.5%
US Government Bonds and Notes 14.3%
Non-Agency Residential Collateralized Mortgage Obligations 11.4%
Banking 7.9%
US Government / Agency Mortgage-Backed Obligations 5.9%
Short-Term Investments 4.1%
Utilities 2.2%
Oil & Gas 2.1%
Transportation 1.7%
Healthcare 1.7%
Telecommunications 1.4%
Foreign Government Bonds and Notes, Supranationals and
Foreign Agencies 1.3%
Finance 1.2%
Media 1.0%
Consumer Products 0.9%
Technology 0.9%
Building and Development 0.8%
Business Equipment and Services 0.7%
Retailers (other than Food/Drug) 0.6%
Mining 0.6%
Chemicals/Plastics 0.6%
Asset-Backed Obligations 0.6%
Food Products 0.6%
Industrial Equipment 0.6%
Electronics/Electric 0.5%
Food/Drug Retailers 0.5%
Insurance 0.5%
Automotive 0.4%
Conglomerates 0.4%
Pharmaceuticals 0.4%
Beverage and Tobacco 0.4%
Real Estate 0.4%
Leisure 0.4%
Construction 0.3%
Financial Intermediaries 0.3%
Hotels/Motels/Inns and Casinos 0.2%
Energy 0.2%
Aerospace & Defense 0.2%
Environmental Control 0.2%
Containers and Glass Products 0.1%
Pulp & Paper 0.1%
Cosmetics/Toiletries 0.1%
Other Assets and Liabilities (5.7)%

Energy, commodities, and related have tanked in 2015, junk bonds have had a rough go of it, interest rates already rising on the short end of the curve yet the Dow, S&P, and especially the NASDAQ (up over 7%) hanging tight. Better to listen to the action of the markets instead of the pundits. Another win for those into indexing.

Hi InformalEconomist.
We gave these posts/announcements their own Category so any time you want to view just click on MFO Premium on left side of screen...it is essentially "a sticky".

FYI: Biotech ETFs have thoroughly enjoyed the prolonged bull run in markets. The sector was having a banner year in 2015 before August pared returns across the board but, fueled by increased political attention to pricing, biotech was among the hardest hit.
Regards,
Ted
http://www.etftrends.com/2015/12/breaking-down-biotech-etfs/

Do these people have some kind of secret sauce?

Yep - they get people willing to pay 1.25% per year to own their Large Growth fund. Paying more than .60 is highway robbery for a domestic stock fund, in my view. ;/
Of course it looks good -- it launched in 2011 and has pretty much ridden alongside the artificial 'bull' market these past 5 years. Most stock fund returns look good in that timeframe, which fund PR folks eagerly pitch at every opportunity. Let me see how such funds work "over a full market cycle" and through some major downtrends .... then I might be interested. Until then, not really. And not at that ER -- ever.

Still holding REXX and COG, as they decline further, wondering what 2016 might hold.
OT, speaking of hindsight types, I was at a dinner party last weekend and the host, retired from Wellington, opined that he had shorted builders in 05 and then gone long bigtime spring 09. I muttered "Sure you did, everyone says that, or wants to, or wishes they had." The next day I mentioned this to one of the investment plutocrats I play geezerball with, and he said "Well, actually, if he was with Wellington, it's probably true...."

If you type "Rainier" in MultiSearch name entry you get 6 funds...

Hmmm...I just went into RiskProfile and typed RAIIX and got...

I am not biased so here's some positive news on the MLPs. I just hope the "after the fact" brigade here doesn't come in later and tell us how they bought more near the lows.
http://blogs.barrons.com/incomeinvesting/2015/12/08/a-pause-in-mlp-negative-feedback-loop/?mod=BOL_hp_blog_ii

@Mark Well, that didn't take long; I thought they'd at least ruminate about doing it for a month or so. Perhaps things are more acute than they appear (which is bad enough)? From 51/qtr to 50/yr--- whew, hello sailor!
Good memory, @hawkmountain. More and more, it is looking like this entire sector, and the people who populate these businesses, will be great destroyers of OPM before all is shaken out.
@little5bee You might want to go back and read a white paper I posted several months ago. The guy made a strong case for the decline of the MLP business model; peruse the last couple of financial reports of any MLP you might be considering for reentry, and you can see he probably has it more right than wrong. Now, even then, you might still think you can grab a good dvd. and avoid problems by investing in an ETF or CEF potpourri of MLPs, but IMO the trend here is not your friend and that would be a little bit of Magical Thinking.
http://www.mutualfundobserver.com/discuss/discussion/comment/69515/#Comment_69515

Not soon.
KMI cuts dividend by 75% sticking a sharp stick right in the eyes of their investors.
http://www.forbes.com/sites/christopherhelman/2015/12/08/under-fire-kinder-morgan-slashes-dividend-shares-sink-in-after-hours-trading/?utm_campaign=yahootix&partner=yahootix

HYG at 52 week low

@Junkster Bought some Junk yesterday on down draft.
BGH
Oil And Gas 17.17%
10/31/15 Fact Sheet
http://www.babsoncapital.com/funds/closed-end-funds/babson-capital-global-short-duration-high-yield-fund
Reminder
DoubleLine Total Return Webcast titled "Tick, Tick, Tick..."
Hosted by Jeffrey Gundlach
Tuesday, December 8, 2015 1:15 pm PT /4:15 pm ET/3:15 CT
http://www.prnewswire.com/news-releases/jeffrey-gundlach-to-hold-webcast-today-on-doubleline-total-return-bond-fund-300187399.html

TSP_Transfer, albeit not my cup of tea right now, you are one of the good guys here so I hope it works well for you.

@Junkster Bought some Junk yesterday on down draft.
BGH
Oil And Gas 17.17%
10/31/15 Fact Sheet
http://www.babsoncapital.com/funds/closed-end-funds/babson-capital-global-short-duration-high-yield-fund
Reminder
DoubleLine Total Return Webcast titled "Tick, Tick, Tick..."
Hosted by Jeffrey Gundlach
Tuesday, December 8, 2015 1:15 pm PT /4:15 pm ET/3:15 CT
http://www.prnewswire.com/news-releases/jeffrey-gundlach-to-hold-webcast-today-on-doubleline-total-return-bond-fund-300187399.html
08/12/2015
Energy Intelligence Report
In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.

We have followed the EIA crude oil inventories closely, as they represent a rough proxy for oil supply/demand balance. Rising inventories indicate production outstripping demand.
• The chart shows that inventory levels in 2014 began to detach from the five-year average, rising at an accelerated rate at the beginning of the year as U.S. oil production continued to climb. The jump above the five-year average corresponds with the beginning of the decline of oil prices from the June 2014 peak.
• About 55 percent of the U.S.’ oil storage capacity is located along the Gulf Coast. Cushing looms large because of its basis for the WTI benchmark. But it holds just 13 percent of the country’s storage capacity.
• The EIA says that the crude oil storage utilization at Cushing and the Gulf Coast is at 70.2 percent, a touch below the record utilization rate of 71.2 percent set in April 2015. Near record-high inventory levels continue to weigh on oil prices.
Tuesday December 8, 2015
Crude oil prices plunged to new lows on December 7, following on the heels of OPEC’s decision to scrap its production target last week. The markets are reaching new depths of pessimism, with WTI and Brent breaking fresh seven-year lows, dipping below the nadir from earlier this year.
The decision to scrap its production target stems from the increasing competition between Saudi Arabia and Iran. As Iran has the intention of bringing 500,000 to 1 million barrels of oil per day back online within the next year, Saudi Arabia decided to abandon all pretense of a production ceiling. As we reported in last week’s newsletter, the practical effect of removing the ceiling will likely be minimal – OPEC members were ignoring it anyways.
But by erasing the production target from its official policy, Saudi Arabia and Iran could engage in increasing pricing competition and fights for market share. All OPEC members, except for Saudi Arabia, are producing flat out. Iran will soon be doing the same.
http://oilprice.com/newsletters/free/opintel08122015

Energy Transfer Partners and Equity bouncing after $42 million in insider buying (http://seekingalpha.com/news/2971446-energy-transfer-companies-bounce-after-insider-purchases)

I've been hearing all year about how *wonderful* an investment is in the MLPs and insider buying was often cited as one of the reasons. Meanwhile, in the real world ETE is 61% off its one year highs and ETP off 50%.

Most likely. When? - Sometime, but absolutely no one knows. For more info see the story Ted posted about 3 days ago.
http://www.ritholtz.com/blog/2015/12/attention-forecasters-stfu/print/

My energy exposure are two mlp funds, TMPLX and INFIX, which were bought when I switched from AMLP. Needless to say, I am down about 45% from when I bought them a year ago. I am in the process of deciding whether to just take the loss and sell, based on the fact that they would now have to almost double to get back to even. I don't see that happening in the next 3-5 years. This is in my IRA, so it is long term money, but I may be better off just putting these monies into S + P Index which in my opinion has a better chance of positive results at a faster pace than midstream pipeline companies.
Would love to hear some thoughts on this. Otherwise, I am very well diversified with stocks, funds etfs and 30% bonds. Do not need to tap IRAS for at least 6 more years when RMD starts.