Got my allocation! Apparently the staff typed my email address in the computer incorrectly, so they called me today. It's nice that we can do the $500/mth automatic investment plan in addition to our allocation.

http://www.sec.gov/Archives/edgar/data/1261788/000089418915005215/sndpt-tap_497e.htm
497 1 sndpt-tap_497e.htm SUPPLEMENTARY MATERIALS (STICKER - 497E)
--------------------------------------------------------------------------------
SOUND POINT FLOATING RATE INCOME FUND
a series of
Trust for Advised Portfolios
Investor Class SPFRX
Institutional Class SPFLX
Supplement dated October 14, 2015
to the Fund’s Prospectus dated December 29, 2014
***********************************
We wish to inform you that the Board of Trustees of Trust for Advised Portfolios (the “Trust”) has approved a plan of reorganization whereby the Sound Point Floating Rate Income Fund (the “Sound Point Fund”) will reorganize into the American Beacon Sound Point Floating Rate Income Fund (the “American Beacon Fund”) (the “Reorganization”). The American Beacon Fund, a newly created series of American Beacon Funds, is designed to be substantially similar from an investment perspective to the Sound Point Fund. The Reorganization, which is expected to be tax free to the shareholders of the Sound Point Fund and which is subject to a number of closing conditions, including the approval of Sound Point Fund shareholders, will entail the transfer of all of the assets and liabilities of the Sound Point Fund to the American Beacon Fund in exchange for shares of the American Beacon Fund.
The Reorganization will shift investment management oversight responsibility for the Sound Point Fund from Sound Point Capital Management, LP (“Sound Point”) to American Beacon Advisors, Inc., an experienced provider of investment advisory services to institutional and retail investors. Sound Point, however, will continue to provide day-to-day portfolio management as the sub-adviser to the American Beacon Fund. This arrangement will allow for continuity of the portfolio management team that has been responsible for the performance record of the Sound Point Fund since its inception. The portfolio managers of Sound Point who are primarily responsible for the day-to-day portfolio management of the Sound Point Fund will remain the same.
If shareholders of the Sound Point Fund approve the Reorganization, the Reorganization is expected to take effect on or about December 11, 2015. At that time, the Investor Class and Institutional Class shares of the Sound Point Fund that you currently own would, in effect, be exchanged on a tax-free basis for, respectively, SP Class shares and Institutional Class shares of the American Beacon Fund with an aggregate value equal to the aggregate value of your Sound Point Fund shares.
In the next few weeks, Sound Point Fund shareholders of record will receive a proxy statement/prospectus that contains pertinent details regarding the upcoming Reorganization, including the Board’s reasons for approving the Reorganization. The proxy statement/prospectus will also provide shareholders an opportunity to vote on the proposed Reorganization.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
--------------------------------------------------------------------------------

497 1 e37607_res-rgv497.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares Prospectus Dated May 1, 2015
Supplement to the Consultant, R, and K Class Shares Prospectus Dated May 1, 2015
Royce European Small-Cap Fund
Royce Global Value Fund
The Board of Trustees of The Royce Fund recently approved the fund reorganizations described below.
Target Fund Acquiring Fund
Royce European Small-Cap Fund, Royce International Premier Fund,
a series of The Royce Fund a series of The Royce Fund
Royce Global Value Fund, Royce International Premier Fund,
a series of The Royce a series of The Royce Fund
The above fund reorganizations are separate transactions and are subject to approval by shareholders of the Target Funds. Only shareholders of Royce European Small-Cap Fund will vote in connection with the reorganization transaction involving that Fund. Likewise, only shareholders of Royce Global Value Fund will vote in connection with the reorganization transaction involving that Fund. Completion of each reorganization transaction is also subject to the satisfaction of certain customary closing conditions, including the receipt of an opinion of special tax counsel to the effect that the reorganization transaction will not result in any adverse federal income tax consequences to the Acquiring Fund, the applicable Target Fund, or their respective shareholders.
The assets and liabilities of a Target Fund would be exchanged for shares of the Acquiring Fund as part of each reorganization, with shareholders of the Target Fund becoming shareholders of the Acquiring Fund. No sales charges or redemption fees would be imposed in connection with either reorganization. The Acquiring Fund shares to be received by shareholders of a Target Fund in a reorganization will be equal in value to the Target Fund shares held by such shareholders immediately prior to the reorganization.
Shareholder approval of one reorganization transaction is not contingent upon, and will not affect in any way, shareholder approval of the other reorganization transaction. In addition, the consummation of one reorganization transaction is not contingent upon, and will not affect in any way, the consummation of the other reorganization transaction.
It is anticipated that a prospectus/proxy statement relating to the reorganization transactions will be mailed to Target Fund shareholders during the fourth calendar quarter of 2015 and that each special meeting of Target Fund shareholders will be held during the first calendar quarter of 2016. Assuming receipt of the required shareholder approval and satisfaction of the relevant closing conditions for a reorganization transaction, it is expected that such reorganization would be completed during the first half of 2016.
October 14, 2015
REORGSUP-1015

The Great Owls, Three Alarm, and Profiled Funds Dashboard pages have been updated with data from Lipper Data Feed Service for U.S. Open End funds. Risk Profiles and Miraculous Multi Search will be updated shortly.
Risk and return metrics have been updated through September 2015 on the MFO Search Tools pages, including Great Owls, Three Alarm and Honor Roll funds, Risk Profiles, Multi-Search, and Dashboard of profiled funds.
Later this month, we will update the 3Q ratings using a Lipper provided fund database, as described in our recent commentary MFO Switches To Lipper.

Thanks to @Old_Skeet who I believe first mentioned this website:
funds-newsletter.com/
I receive free updates through email and October's updates just hit my inbox so I thought I'd share it with members with the hopes that others could share some of their portfolio challenges as well as some of your successes.
I try to track my portfolio by personally creating a spreadsheet using MS Excel. I import data from places like Yahoo Finance (daily price changes) as well as from my brokerage houses where I can update share transactions (buys, sells, exchanges, dividend re-investments, etc.) to my spreadsheet. Almost as infrequently as I floss, I attempt to run an analysis of my overall portfolio through M* Portfolio Manager. This tool is available through my brokerage house (TR Price) for free. Having a single spreadsheet helps update all of this more easily as well as pool together lots of accounts into one place. The hope is to be able to identify the good, the bad, and hopefully to improve the ugly.
YTD my portfolio experienced losses in the months of May - Sept (totaling about -6.5%). Gains in others months offset those losses leaving my portfolio where it started in January of 2015. From the perspective of my portfolio experiencing losses from new highs I sit about 4% away from that new high mark which was set in May of 2015. All hell broke loose as the S&P tried climbing above 2130.
I try to reference portfolio highs and lows on a monthly basis. Portfolio lows are a good representation of the negative side of volatility (risk) and for me a more realistic view of my portfolio's overall success. As a rule, I try to discipline myself to consider new highs as an opportunity to raise cash. A harder discipline to follow for me is during periods of negative volatility. Negative volatility is the precise time to put cash to work yet it emotionally doesn't feel that way. This is always a work in progress for most investors.
This process is an attempt to get rid of some of the emotional decision making I face by establishing actionable rules. I'm not there yet, but I thought my journey worth sharing.

Covered in today's briefing:
WSJ: S&P 500 Dragged Down by Losses in the Healthcare Sector
http://www.wsj.com/articles/stocks-fall-as-concerns-over-global-growth-continue-to-weigh-1445417465
Companies Reporting Earnings Thursday (10/22/2015)
http://biz.yahoo.com/research/earncal/20151019.html
WSJ: The Markets at a Glance
http://markets.wsj.com/usoverview
FINVIZ: The Futures
http://finviz.com/futures.ashx
FINVIZ: The News
http://finviz.com/news.ashx
Market Recap 10/21/2015 ... A recap from a traders perspective.
https://www.stocktrader.com/
I decided to continue with this thread a while longer due to Ted's illness which has no doubt taken him away from the board. Get well soon, @Ted ... and, hurry on back as there is just no replacing the "Linkster." Perhaps, others can step-up and provide links to articles they might come across from time-to-time. We need to keep the board as active as possible with up-to-date postings so it will continue to draw readers.
I will be gone, and off the board, myself for the next few days. Hopefully, I will be back by Monday.
Have a great day.
Old_Skeet

Morningstar Fund Spy | Russel Kinnel | 10-13-2015
http://news.morningstar.com/articlenet/article.aspx?id=717290

The SEC has been shining a light on a dark corner of mutual fund expenses--sub-transfer-agency fees. Recently, the SEC sanctioned one firm, First Eagle, for unlawfully accounting for what, in fact, were sales and marketing expenses as sub-transfer-agency fees. If reports are to be believed, the SEC has had other firms in its sights...

And check out comments to above on the M* site.

And also NTF at Schwab. ERs of 0.88 and 0.87, $2500 entry / $500 subsequent.

Partial shares.

I hope they start 2 for the price of 1 sales and Thanksgiving free turkey farm stock.
I want some of that $25 B-H stock. Is that partial shares or do I have to add my own money to buy the gift?

I hope they start 2 for the price of 1 sales and Thanksgiving free turkey farm stock.
I want some of that $25 B-H stock. Is that partial shares or do I have to add my own money to buy the gift?

Scott....good point which I hadn't considered. They could make nice "stocking stuffers" for Christmas.

Exactly, and there's actually a very nice selection of stocks, including things like Liberty Media (LMCA).
Plus, in terms of stocking stuffers:
"What if the recipient is under 18?
Kids and teens can own stock by having an adult on the account with them. This kind of account is called a custodial account. The minor (referred to as the beneficiary) owns the stock, while the adult (the custodian) has legal responsibility over the account until the minor turns 18.
The minor can receive his own log-in credentials (separate from the adult’s) so he can see how his stocks are doing anytime on his own. In addition, young people can place stock trades with the adult’s consent. For example, if a 15 year old wants to buy $20 of Facebook stock, he sets up the transaction, which is routed by email to mom for approval. If mom approves, an order to purchase $20 of Facebook stock is placed and executes. Otherwise, no order is placed."

I don't think they're differentiating between an individual that's part of an institutional group and an individual that's not. Based on what they've said I think each "individual" is equally limited. I also think with only $25 million in assets, limits in the low 5 digits and not being able to add more than $6K each year, most institutions of any size just aren't going to bother. I'm sure there were people asking for an allocation of $100K and I'm wondering a little what they decide to do when they get told they can invest $25K, or whatever the limit was, and they can add $6K each year. Maybe I'm wrong but I could imagine some of them just deciding not to buy anything because it's just too small for their situation.

@briboe69, they said in the email that the limit was consistent so in theory all you need to find is one person who got less than they asked for and you should know the max. I also think they said they wanted to make sure everyone who expressed interest got an allocation. I asked for less than Ben and also got what I asked for. I have to imagine they have at least 1500 people interested and likely a good deal more to have received requests for $85 million. I think if everyone who expressed interest made a maximum request the limit would be roughly $30K. Assuming there were a lot of people, like those who have commented here, who requested much less than that, I think the limit had to be lower in order to give everyone an allocation.

http://www.sec.gov/Archives/edgar/data/889188/000119312515341955/d35003d497.htm
497 1 d35003d497.htm 497 FOR FORWARD FUNDS
FORWARD FUNDS
Supplement dated October 13, 2015
to the
Summary Prospectus for Investor Class and Institutional Class Shares of the Forward Global Dividend Fund,
Summary Prospectus for Class A and Class C Shares of the Forward Global Dividend Fund,
Forward Funds Investor Class and Institutional Class Prospectus, Forward Funds Class A, Class B,
Class C and Advisor Class Prospectus, and Forward Funds Statement of Additional Information
each dated May 1, 2015, as supplemented
NOTICE OF LIQUIDATION OF FORWARD GLOBAL DIVIDEND FUND
On September 22, 2015, 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 Forward Global Dividend Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation on or around November 17, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will distribute pro rata to its respective shareholders of record 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.
IN LIGHT OF THE PLANNED LIQUIDATION, SHARES OF THE FORWARD GLOBAL DIVIDEND FUND WILL NO LONGER BE OFFERED 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
SUPP GLB DIV LIQ 10132015

Also, watch-out for your kid's "Barbie" when discussing family finances.
https://www.washingtonpost.com/news/the-switch/wp/2015/03/11/privacy-advocates-try-to-keep-creepy-eavesdropping-hello-barbie-from-hitting-shelves/
"Kids using 'Hello Barbie' aren't only talking to a doll, they are talking directly to a toy conglomerate whose only interest in them is financial," Susan Linn, the group's director, said in a statement. "It's creepy - and creates a host of dangers for children and families."
--
"Honey - Give me that password for our bank account one more time!" :)

@little5bee Yes, AIP is available on their other hard-closed funds too, but you may had to set it up already. Here's the language from the web site on GPIOX: †Closed to all investors, except existing investors with an established automatic investment plan and/or an established position in a retirement account.

I got my allocation at about 2 in the morning.
Looks like the close isn't 100% hard: you can set up an Automatic Investment Plan and add $500 / month to a maximum of $6000 / year.
I generally don't do AIP, since I work freelance and earn my money in irregular bursts, but it seems that will be the only option here, and I wonder if they'll close off that too at some point.

In the alternative and L/S space, I continue to like QLEIX and QMNIX, and we own the latter.
CHART
Kevin

The decision was actually closer to Gundlach $67M, TCW $433M.
Gundlach had made a claim for $500M based on a personal oral five year service contract. (I'm wondering how his lawyers argued that the statute of frauds, that requires contracts to be in writing for any service that must take more than a year, did not apply.)
In any case, the court awarded Gundlach back wages, which is what one would expect in most jurisdictions, and certainly in employee-friendly California. It did not award him any bonuses under an unsigned, unenforceable agreement. Here's TCW's one page letter, along with a Bloomberg summary:
http://www.cfrs-ca.org/Events/Documents/Inv/11Sept27_Inv/C6.pdf
In contrast, Gross seems to be relying upon a generic company agreement, not one personal to him. That agreement says explicitly that if you're not around until the end of the period to get your bonus, you lose. Gross' argument is that, well, the company has been generous to others (giving them bonuses even when they left early), so it has a legal obligation to give him a gift also. The Gundlach court didn't seem to think that bonuses/performance fees are part of wages that are protected by state law.
Gundlach had nothing in writing. The article cited in the original post said pretty much the same thing about Gross - he'll lose also if he can't show something more in writing.

Received an e-mail and allocation:
Thank you for your interest in our new Global Micro Cap Fund (GPMCX). As anticipated, requests from current Grandeur Peak Fund shareholders far exceeded our $25 million target. During the Indication of Interest window we received requests totaling over $85 million. We have allocated the available $25M across all parties who expressed interest. Our allocation objective was to be fair and consistent across shareholders and to allow all interested shareholders an opportunity to purchase the Fund. We capped larger requests at a consistent level in order to keep our total allocation to around $25M. Keeping the Fund at this very small size will allow us to be fairly unconstrained as we look for interesting micro-cap investments across the globe.