Back on the topic of what we are BUYING / SELLING /CONSIDERING...
I had loaded up on yieldy stuff when it sold off after the election (muni-CEFs, Pimco taxable CEFs, preferred-CEFs REITs). In the past couple of weeks, I rotated out of those that went up the most (e.g. PIMCO muni-CEFs), and replaced SOME of those proceeds into other muni-CEFs which had not participated so much.
With the remainder of the proceeds, I've been opening/re-entering what I presume will be lower-beta bond OEFs (e.g. PMZDX, SPFPX) and adding to my positions in ACVVX - a pretty decent market-neutral fund and PIMIX (Pimco Income). -- Basically trying to lock-in some gains and dial-down some of the beta in my fixed-income positions to lower-beta options.
In my 401k, will likely be selling down my 27% allocation in PTTRX; proceeds into the SV.

Thanks for the nod. Brenda's life was a cautionary tale: a wickedly smart small college econ major who, almost literally, worked herself to death for her employer. At the point that she resigned the presidency of Pepsi, she said she was leaving home at 5:30 each morning and returning between 10:00 and 11:00 each night. She'd look in on her kids and kiss their foreheads, but might not hear their voices - nor they, hers - for a week at a time.
When she walked away, she said it wasn't that her kids needed her so much as she needed them.
She throttled back, then got lured back (to Sara Lee), and suffered a catastrophic stroke. She walked away for good to work on her recovery and, eventually, became strong enough to return to the college's board of trustees. She was blunt, sensible and demanding. Despite my only occasional interactions with the board over the two decades since I was the dean, she always remembered me and offered a warm greeting.
I'll miss her.
David

Your comment about "relishing the collapse of the system..." suggests to me your post IS based on ideology...

I have to agree with you on your assessment.
The 'adults' have left the room a long time ago - never to return.
http://people.uncw.edu/kozloffm/glubb.pdf
http://www.nairaland.com/1494266/fate-empires-sir-john-glubb

Your comment about "relishing the collapse of the system..." suggests to me your post IS based on ideology...
But as to 'political risk', I guess this -- or ANY POTUS -- is not elected to be the President of the NYSE. He/she is voted to be President of the United States. A couple prospective examples:
a)The current POTUS has suggested drug prices are 'too high'. Bringing down drug prices would be a seeming obvious 'negative' for Big Pharma & Biotech earnings. OTOH, most Americans would probably be in favor of doing something to lower drug prices (and the cost of healthcare generally). So corp earnings and the wellfare of patients are probably conflicting interests.
b) Similarly, a lot of tech- and mftg companies have really embraced the wage-arbitrage model of shipping jobs overseas, paying 3rd world wages to build stuff -- then importing the products back to the USA and charging 1st world prices. This global wage-arbitrage has, no doubt, done wonders, for gross-profit margins (and with it, income inequality), but a lot of folks think that economic development model is flawed.
Obviously, if these 'political risks' are of concern, best to avoid directing investment dollars to areas which might be impacted.

Updated article:
Where to Invest $10,000 Right Now
https://bloomberg.com/features/2016-how-to-invest-10k/

I thought CEM, a closed end fund, would provide capital appreciation for me without the headache of the K-1 tax form. I could not have gone into the MLP market at a worse time, so my tale is cautionary. I'm a lousy timer and CEFs can exacerbate errors.

The headline quoted above is from todays WSJ. The question is one that I pose. We often worry about all manner of risk but now perhaps for the first time ever political risk outweighs them all. I fear that lack of adults in charge of our government pose the biggest risk to our wealth today. Please note that this is not a question of ideology but of good old fashion common sense. The folks in charge of our government have the ways and means to knock the whole house of cards down and perhaps would relish the collapse of the system. It might be more fragile than we assume. I am wondering if any here share my concern. TO REPEAT,,,, not Dems vs GOP,,,, just a question of not enough adults in the room.

NY Times obit if WSJ is behind paywall.
https://www.nytimes.com/2017/01/20/business/brenda-barnes-dead.html

OT but this fine person went to David Snowball's own Augustana College. Worth reading about work-life balance.
http://www.wsj.com/articles/brenda-barness-best-career-move-was-quitting-a-great-job-1484908207

According to my test trade at TDAmeritrade, DSEUX has a $5K not a $100K minimum for retirement accounts with a TF.
Kevin

TDA appears to be the first (but the $100k min one only !), then. Perhaps Fido and Merrill will follow this month, or so. Thanks.

@davidrmoran,
According to a test trade I just made in my TDAmeritrade retirement account, DSEUX is available for a $5K minimum with a TF. Since I am grandfathered into the ThinkorSwim commission structure, the TF is only $15 each for buys and sells. For some reason, DLEUX is not available at TDAmeritrade.
Kevin

@mrc70,
As I see it, you have a much better than average selection of funds in your retirement plan. With your selection, I would probably pick one fund and use my other retirement accounts to complete the portfolio.
I am a federal employee, and I have a limited but a more than adequate selection of funds in our Thrift Savings Plan (TSP), which have an average expense ratio of a crazy-low 0.029%.
Right now I have 100% of my TSP in the "S" fund, which is comparable to your FSEVX. Based on technical analysis, I shift assets between the TSP "C" fund (S&P500 equivalent, FXSIX) and the "S" fund, and use my other retirement accounts to fill out our portfolio.
If you have a position in PRWCX, then I would not bother with OAKBX, And SFGIX is a much better option in EM than GTDIX. And for FI, I would stick with PIMIX, and maybe WHAIX, and call it a day.
Kevin

@mrc70, You are getting excellent advices from many experienced investors here. Overall, the choices in your 401(K) plan are actually pretty good. Fidelity's index funds offer low expense ratio and they should form the basis of your 401(K). One sector fund I like is Vanguard Health Care Fund Admiral Shares (VGHAX) Stock. Not so much of Cohen & Steer.
You can then add other funds from other IRAs you have to round out the entire portfolio.
As for other choices you posted, take a look at their performance in the bear market, 2008 and 2001 relative to their respective indeces. Also make sure if the same management team was in place during those period. If not, I would be careful of the performance track record.

Hi Puddnhead:
I am not looking for income via an investment in MLPs. I believe they are somewhat undervalued and will also have the wind at their backs in 2017 with The Big Orange in the White House.

I wish to obtain exposure to the MLP sector without buying an individual equity MLP because of its hassles with regard to tax returns. I am looking for an ETF or ETN in the MLP sector which:
1. Completely avoids the tax-reporting hassles associated with owning an individual MLP stock.
2. Has reasonable Expense Ratio, i.e., less than 1%.
3. Does not have greater volatility than other products in this space.
4. Has excellent and representative performance for ETF and ETN products in this space. It does NOT have to be the top performing ETF or ETN if everything else is in place, as outlined above.
Simply put: if you had to choose one ETF or ETN for investing in MLPs, what would you select and why? Thanks in advance.
dlphcoracl

I think you eventually reached a good conclusion . I think your 401k choices are superb compared to some I have seen and you should be able tp find several good choices.

Thank you all!
Based on the responses I have seen so far, probably, I am expecting too much from a typical 401k as far as fund options are concerned. My previous 401k was horrible with just one American fund for entire International/Global/EM asset classes. When I questioned, our company rep for 401k told me that 'we invest conservatively'. Never expected such nonsensical reply. However, we were given a choice to open brokerage a/c with TDA.
I am passionate individual investor and read many books on investing and asset allocation to educate myself since 2004. Having started investing from 2000, and following M* forum and Fund Alarm/MF Observer since 2004, I know a bit about asset allocation. I have close to 20 funds as I have 5 IRA/Roth IRA accounts across V'rd and TDA for me and my wife. Overall it is a very diversified portfolio with Global, US LCap/MCap/SCap, International, EM, and Bond funds.
Based on what funds I chose in this 401k account, as you suggested, I may have to adjust my IRA accounts to ensure that my overall portfolio is well balanced with the best funds chosen in the available options.
Fidelity Index funds, bond fund, OAKBX are solid options. Looking at M* statistics, Janus fund, Northern small cap, both section funds (if I decide to invest in them), and Invesco Developing markets funds seem to be good choices. Since I don't know much about these funds, looking for expert comments from those of you, who know more about them.
Appreciate your help.
Thanks,
Mrc

The choices you have are not the worst by far but it is what it is. One idea would be to use index and growth funds for your 401k and pick Good international funds with your ira. Be sure to include both into one portfolio. Dividing your investments makes things confusing.

mrc, first, I'd 'second' msf's comments about picking the best available choices in the 401k, then rounding out elsewhere.
Beyond that, except for the absence of a stable-value fund, I am salivating at your plan choices. You have low-cost index funds for L/M/S-caps. You have 2 decent bond choices, 2 very good sector funds, and a good balanced choice.
I think you are being too 'hard' on your plan. I think they have given you a stable of good 'core' options. Maybe... maybe they are lacking in not offering a junk bond vehicle, but that is a minor point.