@heezsafe
I noticed the spillback information prior to the CG information being posted. I am glad I don't have to deal with the accounting for that.
Years ago I held Fairholme. After I filed my taxes, months later, I received an amended tax 1099 from Fairholme. I had to filed an amended tax form. Was not too happy about that.

FYI: PIMCO outflows and the continued growth of ETFs and alternative funds have had a big impact on fund flows this year.
Regards,
Ted
http://www.morningstar.com/cover/videocenter.aspx?id=721870

FYI: When fear was pumping through the stock market this summer, most retirement savers kept their cool.
So say figures from Fidelity, which could see how individual investors in general behaved by looking at its 13.5 million 401(k) and 6 million IRA accounts as stocks tumbled in New York, Shanghai and places in between during the turbulent third quarter. The Standard & Poor's 500 index sank more than 10 percent within a week during August, driving the index to its worst quarter in four years.
Regards,
Ted
http://bigstory.ap.org/article/72fb3bd726b24e36b1f28aa047e2c8a9/while-markets-tumbled-summer-many-savers-held-tight
So far the linkster has held tight in 2015, with the same five fund that I began the year with.
QQQ= 11.96%
PRHSX= 10.38%
FBTCX= 8.78%
SPY= 3.69%
PFF= 3.37%
7.636% YTD

To follow up on heezsafe:
I have complained in the past about MASFX/MASNX (1.49% / 1.74% net ER).
***
(below from Litman/Gregory):
MASFX / MASNX
Inception Date 9/30/2011 9/30/2011
As Of Date (1) 4/30/2015 4/30/2015
1.49 / 1.74
Total Operating Expenses (%)
1.74 / 1.99
(1) - Does not include dividend expense on short sales of 0.20% and Interest, Commitment Fees and other Borrowing Costs of 0.05%.
***
Relatively speaking, MASFX/MASNX has delivered on low volatility (4-8%) on its risk management goals, but as a shareholder, I cannot fathom how it maintains the fund has a "highly competitive" cost structure. That is indeed, frustrating.
It's certainly not competitive for a comparable 40/60 stock/bond mix.
To my eyes, Litman Gregory Alternative Strategies should be renamed Alternative Balanced Fund.

@Jim0445
The reorganization is suppose to occur around 11/16/15 as per this filing, http://www.sec.gov/Archives/edgar/data/889284/000119312515299132/d11216d497.htm

If George Schipp ends up managing these funds I will buy.

@TheShadow
Oh dear, scrolling down the est. 2015 distribution list for Baron Funds, at your link here
http://www.baronfunds.com/Mutual-Funds/Distribution-Information-2015/
I see that investors will be getting a little surprise--- a "spillback distribution."
"Spillback distributions are taxable to investors who hold shares on the record date, even though they represent ordinary income and/or capital gains earned by the funds in 2014."
Don't know how you want to handle it on last year's record book, or if you even want to be bothered; just thought I'd point it out. Don't see that very often, never happened to me.

msf:
My understanding of Traditional is that there are only two ways to get your money out - interest only, and 10 year annuitization. So you have to be careful with your cash management planning - that you'll be able to draw more cash on demand elsewhere (in case of an unforeseen need), or you'll have some place to put the excess cash (if you need less than the amount generated). That said, I think Traditional is fantastic.
It is my understanding that if the TIAA Traditional is the only investment held in the account, a retiree can receive RMDs. I have liquidity elsewhere.
msf:
Also, "access to a TIAA qualified account" doesn't necessarily mean 3%+. It depends on your type of access. I have access for IRA accounts, but that would only buy me 1%. For that return I'd be better off with a fully liquid, FDIC-insured bank account yielding at least that much. (On the other hand, I do keep thinking about TREA for a part of my IRA).
You're right; I should have clarified that I am a university retiree and thus have the 3%+ TIAA Traditional. Your points are on target. Thanks.

A few more...
Baird Funds
http://content.rwbaird.com/BairdFunds/PDF/Estimated-Capital-Gains-10-31-15.pdf
Lazard Funds
http://www.lazardnet.com/_images/23-25741YE_Estimated_Distribution_Rates_LFI.pdf
Payden & Rygel Funds
http://www.payden.com/mutualFunds/distribution/2015CapGains.pdf
PIMCO Funds
https://www.pimco.com/handlers/displaydocument.ashx?wd=Portfolio Statistics&fn=2015 Capital Gain Estimates - PIMS.pdf&id=GZhEoIFgTsGbVM+4E55j/7h95nQXrPeOGFtC2v8TNDr6g2kWEipXL7lZipsANjHSwTQV/ORCa0ytzCBtF1N/nr/9SLhMFwNIElTDTlxzvSkwEvlf1CfeYu6kBJ5wid6cRIDP1l7w8F2V4venFk/bZxpRD+QPIj+64r0qs6uhX843xMh5McTv8HNodoIyehG+RXzElQy4+dMwOiWadKR9suyKtzZMrp83MGxXJ7d/iiAAIFfSkEN+DciFsiR+rBrug4rB6UJSrr/XDOUbisWDWCHnf5a8FMnI7w4lpWQ3mSNBffdTffbn4tjV3G/RheC7
PIMCO EQS Funds
https://www.pimco.com/handlers/displaydocument.ashx?wd=Portfolio Statistics&fn=2015 Capital Gain Estimates - EqS.pdf&id=v8jsax1nRilx0NUcm3XvHx492TgQxsjuu+lz4b7j4R13gqFUjIRNfjri7AfC1bh1uDmTsofWjYzXv5etYkMsH3OyAZ9rZ5pJtDy0RQqq6d12H54xyoDGHFovwRNZFRzvaASLlqWvU5UMo1P8agOMi1qb6HdzggHZj08atsvpTuiwUtf7pWcDq3N0WTyxjtQeeIxBGtT7mLQW+QIjXi/Bh7Vgl9xeRs7gIJotehtDjrOESIWNh/2eVHchenER97lS4uh1fWd2hoce55ZRyRTwTp9Rdwq+Igr7KR0+vaZ3QkWoWzzDOgW7n8G6ctezpbO7
Voya Funds Trust
https://investments.voya.com/Investor/Products/Mutual-Funds/Tax-Center/General/2015-Estimated-Capital-Gain-Distributions.htm
Weitz Funds
https://weitzinvestments.com/funds_and_performance/distribution_and_tax_information.fs

Yes and no.
My understanding of Traditional is that there are only two ways to get your money out - interest only, and 10 year annuitization. So you have to be careful with your cash management planning - that you'll be able to draw more cash on demand elsewhere (in case of an unforeseen need), or you'll have some place to put the excess cash (if you need less than the amount generated). That said, I think Traditional is fantastic.
Also, "access to a TIAA qualified account" doesn't necessarily mean 3%+. It depends on your type of access. I have access for IRA accounts, but that would only buy me 1%. For that return I'd be better off with a fully liquid, FDIC-insured bank account yielding at least that much. (On the other hand, I do keep thinking about TREA for a part of my IRA).

Good luck to those in it.

LOL, I cracked up seeing the Seinfeld as it relates to this fund. Fully appropriate. It is up nearly 50% YTD though so they are doing something right. I'm sticking with it.

The fear that I have - and it may be completely wrong - is that this is the kind of thing that does unbelievably freaking well and just continues to hit home runs and everyone buys it and everyone loves it. Then with a strategy like this, one wrong thing happens (and when you're dealing with a bunch of 3x funds long or short, that's a bit of a possibility), it quickly gets obliterated (even if for 6-12 mo) and the fund that everyone loved is suddenly hated and people sell first and ask questions later.
To me this is a supporting player, you don't have a ton of your portfolio in it and it will probably be significantly uncorrelated in terms of returns vs the broader market for (much) better or (much) worse.
I gotta say I'm really interested in this fund in terms of what makes it tick and I'm going to explore it more closely, but the initial reaction with using a bunch of 3x ETNs is no. We'll see, but if I buy it I'd keep it to a minimum at most.

So he advises 30% equities, maybe a little more, in retirement, and the rest earning 2% except for that 15% in a deferred annuity. So half earning 2%. All righty, then: AOM here we come. Not the strongest article I have read in this area.

Top 5 positions:
VelocityShares Daily 2x VIX ST ETN 11.72 325,000 325,000 — — — — United States
-79.02
—
VelocityShares 3x Long Crude Oil ETN -9.65 788,000 788,000 — — — — United States
-79.73
—
VelocityShares 3x Long Natural Gas ETN -4.76 595,000 595,000 — — — — United States
-79.63
—
VelocityShares 3x Inv Natural Gas ETN -4.51 210,500 210,500 — — — — United States
36.93
—
iPath® S&P 500 VIX ST Futures™ ETN 3.77 50,000 50,000 — — — — United States
-43.10

Good luck to those in it.

They describe their strategy somewhat in this presentation: http://www.catalystmf.com/i/u/6149790/f/CatalystMacroStrategyFund/MCXAX_Presentation_--_2015_Q1.pdf
I put some money into it recently. I view it in the same category as other go-anywhere, tactical allocation funds like Pimco All Asset Authority (PAUIX) or Whitebox Tactical (WBMIX) -- the manager makes big bets on where they think the market is going, and the fund goes up when they're right, and goes down when they're wrong. Just like PAUIX and WBMIX, I fully expect MCXAX's strategy will work until it doesn't.
FYI, the institutional class of the fund (MCXIX) is available at Vanguard and TD Ameritrade for the same minimum initial purchase as the A shares. Lower expense ratio, but generally costs a transaction fee.

http://www.barrons.com/articles/retirement-how-to-live-well-1446875346?mobile=y
Any other ideas

@David_Snowball
I don't know whether it was the info, or the way you chose to sequence it, but this month's commentary got my tumblers rolling again (had almost forgot what it felt like). "Thought experiments" I hadn't completed and had set aside. Merci gobs to you and to those who contributed. Very stimulating.
Noah Smith had an edit in BloombergView yesterday about the seeming disappearance of the value premium, and possible reasons for it. We exchanged a few comments about this several months back. Might take a glance.
http://www.bloombergview.com/articles/2015-11-05/maybe-financial-markets-have-been-wrong-all-along

Basically getting crushed today. The good news (employment) is bad news, after all. Main Street and Wall Street not on the same page. Separate lives. Separate economies. Separate universes. Barron's: http://blogs.barrons.com/focusonfunds/2015/11/06/utilities-etf-crushed-by-fed-rate-expectations-financials-jump/?mod=BOLBlog

No, sadly, this will be major tax-gain harvesting.
Seafarer gives direct investors access to their low expense institutional class shares; you just need to meet the retail minimum and set up an AIP. The minimum additional investment via Scottrade is $500, which is rarely manageable for me, but with an AIP I can set it to $100/month which helps restore my discipline on such matters.
So effective December 1, I'll be doing $100/month into Seafarer, T. Rowe Price Spectrum Income and Grandeur Peak Global Microcap. I've discontinued my AIP with F P A Crescent (FPACX) since that position is now larger than my next-two largest positions combined.
For what that's worth,
David

"Beneficial ownership" occurs when shares that I purchased are legally held in another entity's name. If you look at Seafarer's SAI, you'll see that the single largest shareholder of SFGIX is Charles Schwab at 77.5% of shares outstanding. If you bought Seafarer through Schwab, your shares are beneficially owned.
Seafarer is, by the way, rolling along. $717 million in AUM and a thousand basis point lead over its average peer. I finally got around this week to selling the shares that I owned beneficially through Scottrade; as soon as the check arrives, I'll become a direct shareholder with an AIP. Then watch out, Chuck, I say! The Iowa State Lottery lump-sum is $24 million right now; all by itself, that'll catapult me to a "top five" listing.
David

On Sequoia: stars are mechanical, regularly recalculated and backward-looking. I was mostly surprised to see a two star jump.
On Tanaka: Fingerprint Cards AB is, indeed, up 1200% this year. Morningstar, though, reports a "first purchase" data of August 31 for Tanaka. Since then they've got a double from it.
Cheers,
David