So as of 12/5/2015, Vanguard has still not published distribution estimates for its funds (via link below). Not sure if anyone has anymore info about this.
https://personal.vanguard.com/us/insights/taxcenter/tax-information-vanguardfunds
Year-end Vanguard fund distributions link doesn't open

RiverNorth did not fit above:
RiverNorth Funds:look for fund symbols in link
http://www.rivernorth.com/mutual-funds/rncix-rncox#distributions
http://www.rivernorth.com/mutual-funds/rnsix-rndlx#distributions
http://www.rivernorth.com/mutual-funds/rndix-rneox#distributions
http://www.rivernorth.com/mutual-funds/rnhix-rnotx#distributions
Updated Aston Asset Funds:
https://astonfunds.com/includes/modules/assets/controllers/Files/download.php?file=1449246275_astonfunds-estimated-capital-gains-103115-update (002).pdf&r=/

Without premium membership, are you getting details about duration, or just a magic number?
Here's a good writeup from Vanguard: Distinguishing Duration from Convexity

"[W]e offer this brief paper as a fundamental, rather than a comprehensive, overview of the topic ... Duration ... captures only one aspect of the relationship between bond prices and interest... some bonds, such as callable bonds and mortgage-backed securities, have negative convexity at lower interest rate levels. ...
"During the period from October31, 2007, through March 31, 2010, the duration of the GNMA portfolio— ... was significantly more volatile than that of the Treasury portfolio even though the initial durations were approximately the same. This difference in duration is due in part to the negative convexity of GNMA bonds rate changes."

The M* analyst writeups won't give you all this detail either. But they often highlight significant factors in bond fund portfolios so that you know more of what to expect of the fund's reaction to market changes. The Vanguard piece also helps explain why I'm interested in knowing things like use of interest only bonds and why I repeatedly assert that investing in mortgage bonds in particular is not as simple as looking at duration and yield.

Nice summary.
I've given some thought to the reporter's comment following the piece that in theory an investor could come out ahead tax-wise if Vanguard had to pay taxes. (We're coming up on tax season, what else is one going to think about ... Christmas?) It's unlikely that an investor could benefit, but that is not impossible.
If the Vanguard Group (management company) is required to make a profit, suppose a fund now has to pay the Vanguard Group an extra $100 for profit. The fund will pay expense this out of nonqualified income (if any) that would otherwise have been distributed to investors. (That's the way all fund expenses are handled by all fund companies.)
Say that the Vanguard Group's blended tax rate (for all the profits it now makes) comes out to 20%. (Marginal corporate tax rate is 35%, but few companies actually pay that.)
Say that the investor pays 40% on ordinary income, and 20% on cap gains.
The investor would have paid 40% on that $100 in nonqualified dividends, leaving $60. Instead, the $100 now gets paid to the Vanguard Group. The Vanguard Group pays $20 in taxes and distributes $80 as a qualified dividend to the fund. The fund then distributes the $80 in qualified income to the investor, who pays 20%, and is left with $64. A win!
I had to make a lot of questionable assumptions, especially about tax rates, and I could still barely thread the needle to make the investor come out ahead. But it is theoretically possible.

@Junkster Agree. Corporate junk is actually in a lot more distress than I think many (most?) people believe. Specifically,
http://wolfstreet.com/2015/12/02/distress-in-corporate-debt-spikes-to-september-2009-level/
Just look at the distress ratios for some of the sectors that haven't been mentioned yet in the news. Not insignificant, and they're growing. So much of it is unsecured, or subordinated; in the event of a default, investors will get very little in recovery.

And ETE down over 57% from its earlier high this year and EPD down 40% on top of the aforementioned KMI 62%. Not affecting my junk munis whatsoever though. I had said that just maybe the so called experts will be proven prescient in their call for a bloodbath in the junk corporate market. I get leery when too many are making the same call though. But the action in corporate junk compared to equities and junk munis, the latter hitting historical highs on a total return basis just this past Wednesday, is downright nasty. The default rate among smaller gas and oil producers just keeps piling up. As mentioned previously, for now would not touch the junk corps with a ten foot pole. Januaries are by far junk's best month historically so anxious to see what that month brings this time around.

Kenny Polcari...
Now to be fair - in my view - Draghi did not fail at all…….and in time it will be seen as a cautious and prudent move
Let’s be clear - Draghi did 3 things….He cut the penalty rates to -0.3% on bank reserves (expected), he extended the QE program out until March of 2017 (expected) and he broadened the pool of eligible bonds (expected) - all events that are sure to balloon the ECB balance sheet for longer than previously expected….so what else do these pigs want?
Well, they WANTED him to increase the monthly rate of purchases - (currently 60 bil Euros/month) to something north of 70 bil Euros/month and they wanted him to cut the penalty rate on reserves to -0.4% vs. the -0.3%…. in fact what THEY want is for the ECB to support their RISK - something that every central bank around the world has been doing for more than 7 yrs now - so on the one hand you can’t really blame them because they have been conditioned to get what they want - until they don’t………..and because they did not get what THEY wanted - they decided to stamp their feet and create chaos……
Now to be fair - in my view - Draghi did not fail at all…….and in time it will be seen as a cautious and prudent move. We are in unchartered territory my friends and so the fact is that no one really knows what the right thing to do is (and that is not any clearer than here in the US..) We are flying by the seat of our pants and in the end - the mkts will price in the risk and find equilibrium - it may not be pretty getting there, but it will get there. Look - just like the FED - He faces a split among his members…..with some of them clearly voicing concern that the ECB has already done way to much - while others suggest that they can do more……in the end - what we have learned is that monetary policy alone can’t fix the problem…..and until elected officials fix fiscal policy - we may be in this purgatory for yrs more…..
http://kennypolcari.tumblr.com/post/134523722625/interpretation-is-in-the-ear-of-the-beholder

Brandes Distributions 12/04/15
http://www.brandes.com/docs/default-source/mutual-fund/handouts/brandes-capital-gains-and-income-estimates

@Junkster Missed your earlier M L P post ????
Anyways, You might be getting some M L P,s or their debt in some of your Junk Fund portfolios !
Kinder Morgan's attempt to reassure instead stirs up more questions
Dec 4 2015, 18:55 ET Seeking Alpha
Kinder Morgan (NYSE:KMI) rolled over late in today's trade to close -12.7%, not far off an all-time low $16.56 reached earlier in the session, as its midday attempt to reassure investors about its dividend and cash flow did little to ease concerns.
Analysts increasingly expect a dividend cut, given that KMI said it will not issue more equity and plans to retain its investment grade rating, which means it also cannot issue more debt; KMI could sell assets but only at bargain basement prices, or find additional alternative financing, but it already issued a big chunk of convertible preferred shares this year.
"Dividend growth is unrealistic,” says Jefferies' Vivek Pal, calculating that the company needs a 50% dividend cut to avoid being downgraded to junk.
TheStreet.com's Dan Dicker, still a KMI bull, believes Rich Kinder will not force a full-scale capitulation of its shareholders by slashing the dividend.
Citi analyst Faisel Khan keeps his rating at Neutral with a reduced $22 price target, incorporating a 40% dividend cut.
KMI is now the weakest pipeline operator in the S&P 500 this year, -60% YTD.
http://seekingalpha.com/news/2967346-kinder-morgans-attempt-to-reassure-instead-stirs-up-more-questions

One fund detail that seems to appear only in the fund analyses (albeit rarely even there) is whether (and how much) a fund hedges. Another is whether a bond fund makes significant use of interest-only derivatives. That's one of the things that originally caught my eye with FPNIX.
To round out the list of top three useful paid features I would add the premium fund screener. Sure there are things like Schwab's screener that purport to give you access to many (but not all) of the same criteria, but they tend to limit you to predefined ranges (e.g. Sharpe ratio in fixed 0.5 ranges) that are often useless.

my top 2:
Portfolio xray
Fund analysis
These are the two primary ones for me. I like being able to see how the top 25 holdings are distributed in my funds, it tells you how many funds have the same stocks ( and how much) trying to limit too much crossover. Some of the fund analyses can only be viewed as subscriber. I dropped the service for 6 months but realized I missed being able to use these two benefits.

FYI:
Regards,
Ted
WSJ Slant:
http://www.wsj.com/articles/global-stocks-down-on-ecb-disappointment-1449221385
Bloomberg Slant:
http://www.bloomberg.com/news/articles/2015-12-03/asian-futures-signal-more-stock-losses-on-draghi-disappointment
Reuters Slant:
http://www.reuters.com/article/us-markets-stocks-idUSKBN0TN19520151204
MarketWatch Slant:
http://www.marketwatch.com/story/wall-street-poised-to-battle-back-as-jobs-data-swing-into-focus-2015-12-04/print
WSJ Markets At A Glance:
http://markets.wsj.com/us
Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures: Very Positive
http://finviz.com/futures.ashx

I don't understand the column headings of this tabulation:
1. Amount, Change$, Change%
what is "Change$" , why is that different than the amount of distribution?
2. Some of the Change% figures are quite bizarre
e.g. Avenue Income Credit Strategy (ACP) = -88.6792% ?
e.g. Western Asset Emerging Mkts Debt (ESD) = -79.5095% ?
e.g. Western Asset Managed High Income (MHY) = -95.8841% ?
Are these funds being liquidated, or what?

Source: Morningstar data as of 9/30/15; calculations by Charles Schwab Investment Management, Inc.
"For each month, beginning in February 2003, we tracked the funds that received each of the five possible star ratings and then compared the performance of those funds to the median fund in the corresponding Morningstar category over the next three years. The chart shows you the percentage of funds of each rating that did better than that median category peer over the next three years."
Ha--- love it!! :)

http://www.sec.gov/Archives/edgar/data/915802/000091580215000101/grandeurpeakfeecapfootnoteup.htm
h497 1 grandeurpeakfeecapfootnoteup.htm
FINANCIAL INVESTORS TRUST
Grandeur Peak Emerging Markets Opportunities Fund
Grandeur Peak Global Reach Fund
SUPPLEMENT DATED DECEMBER 4, 2015 TO THE PROSPECTUS DATED AUGUST 31, 2015
Grandeur Peak Emerging Markets Opportunities Fund
The footnote under the Table titled “FEES AND EXPENSES OF THE FUND” on page 2 of the Prospectus is hereby deleted in its entirety and replaced with the following:
** Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.
Grandeur Peak Global Reach Fund
The second footnote under the Table titled “FEES AND EXPENSES OF THE FUND” on page 10 of the Prospectus is hereby deleted in its entirety and replaced with the following:
** Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.60% and 1.35% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.
* * *
Please retain this supplement for future reference.
ttp://www.sec.gov/Archives/edgar/data/915802/000091580215000101/grandeurpeakfeecapfootnoteup.htm

FYI: With rising ETF popularity, some have written off mutual funds, but advisers need to understand the nuances.
Regards,
Ted
http://www.investmentnews.com/article/20151204/BLOG09/151209957?template=printart

Bitzer, imho, the best shot at figuring out why an MF fund loses or gains a ton on a given day/week is to look at the last portfolio data disclosure and see if the long and short exposures explain it. But of course the disclosures are infrequent and sometimes really sketchy, depending on the outfit, so good luck with that.
I came to the conclusion after a couple of tries at MF investing in Q4 2014/H1 2015 that they're just not worth it for the "alt" use I had in mind - mainly an investment less correlated with equity that at least partially sidesteps FI duration and credit risk. There were just too many days when equity and MF losses coincided, including some (apparently like yesterday?) when the MF losses were way worse than equities ...
Fwiw, back when I was giving MFs a trial run, one of the biggest drivers of their gains and losses was currency exposure.

As of market close (12/03/2015) Old_Skeet is down according to M* portfolio manager by about 1.5%. In comparison, the Lipper Balanced Index is about even for the year. I have a good number of funds in the Growth & Income and Growth Areas of my portfolio that are generating positive returns; but, overall they can not offset the others that are down. However, my broker generated monthly statements indicate I have positive returns thus far this year due to special investment positions (spiffs) that I have utilized from time-to-time. With this, my trading activity has put me net positive through November.
With a current high P/E Ratio (23.1 TTM) on stocks (S&P 500 Index) along with as reported earnings in decline, a strong dollar and expectations of a FOMC rate increase I'm thinking it is going to be a bad year for my portfolio. I could reduce my portfolio's equity allocation downward another 10% and still be within my equity allocation range of 40% to 60% equity; however, that would put me extremely overweight cash as I am already above my cash allocation range now of 10% to 20% along with being light fixed income (currently at 20%) with an allocation range of 20% to 40%. In addition, other assets as defined in Xray remain at 5%.
So, it is what it is. Some years you make good money, some years you do not. In addition, M* portfolio manager indicates that my portfolio's mutual fund holdings combined and on average are currently off their 52 week highs by about 8.5% as I write. With this, I've got some funds that have been extremely poor performers, thus far over the past 52 week peroid, with the worst performers being my emerging market and global infrastructure funds. I am glad I sold my gold and commodity funds, a while back, as they would also have been detractors.
In addition, @Old_Joe, I am thinking that @Junkster will make money this year along with @Ted. Then there is @bee that is an active investor ... she may as well. I am sure there are also a few others ... so, let's not leave out @Scott.
And, so it goes ...

@VintageFreak Buy some healthcare funds, too, please! ;)

Frankly I was thinking of slowly bottom fishing in energy heavy funds hence made that offer. My charity has limits :D
I'm not ready to buy Healthcare funds since they are at their highs. That wouldn't do much for you anyways.

http://www.sec.gov/Archives/edgar/data/1552947/000158064215005557/fortunatus497s2.htm
497 1 fortunatus497s2.htm 497
FORTUNATUS PROTACTICAL NEW OPPORTUNITY FUND
Class A FPOAX
Class C FPOCX
Class I FPOIX
A Series of Two Roads Shared Trust
Supplement dated December 3, 2015
to the Prospectus dated November 24, 2014, as supplemented.
__________________________________________
The Board of Trustees of Two Roads Shared Trust (the “Trust”) has concluded that it is in the best interests of the Fortunatus Protactical New Opportunity Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares no later than the close of business on December 31, 2015.
Effective immediately, the Fund will not accept any new investments. The Fund will begin liquidating its portfolio and will invest in cash or cash equivalents (such as money market funds) until all shares have been redeemed. The Fund will no longer pursue its stated investment objective once it begins liquidating its portfolio. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Prior to December 31, 2015, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section of the Fund’s Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. No redemption fees will be assessed on redemptions of Fund shares made after the date of this notice. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO DECEMBER 31, 2015 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-844-798-3646.
________________________
This Supplement and the existing Prospectus and Statement of Additional Information (“SAI”) each dated November 24, 2014, provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have been filed with the U.S Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling 1-844-798-3646.