Uh, Valeant might be in a spot of trouble - or at least have some considerable explaining to do.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/09/valeant price chart.jpg

The Lazard prospectus does say: "The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all times."
The Northern Funds (multiple funds described in its prospectus) are allowed but not required to hedge: "Each of the other Funds may enter into forward currency exchange contracts for hedging purposes, in anticipation of the purchase of securities and for liquidity management purposes, but not for speculative purposes or to seek to enhance total return, and are not expected to use these instruments as a principal investment strategy." (p. 74, pdf p. 76)
Another difference is that the Lazard fund is diversified, while the Northern fund is not:
Lazard: "Although the Portfolio is classified as “diversified” under the 1940 Act, it may invest in a smaller number of issuers than other, more diversified, investment portfolios."
Northern: "The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”), and may invest more of its assets in fewer issuers than 'diversified'
mutual funds."
That is however misleading. Lazard is the more concentrated fund, investing in 30 or so stocks, Northern invests in around 80 (which could simply represent the addition of two portfolios, from Lazard and Brookfield). That seems to be confirmed by M*'s overlap tool. It shows 25 of Lazard's holdings are in the Northern fund, usually at half the concentration. That is, the same ratio, just cut in half since Lazard manages half the Northern fund's assets.

See my comment to Ted's Aug 15 post:
Is Your Small-Cap ETF Now A Biotech ETF?
http://www.mutualfundobserver.com/discuss/discussion/23079/is-your-small-cap-etf-now-a-biotech-etf

August 15
Ted: Thanks for link. It's more than just "small cap" investors.
Consider ... Is your Sequoia Fund now a biotech fund?
Morningstar: SEQUX Portfolio Summary
Morningstar: SEQUX Portfolio Holdings

CURRENCY HEDGING IN NORTHERN FUND?
I believe [unsure] that one difference between (at least the Lazard-managed-portion of the) Northern Trust Fund (NMFIX) is that they don't appear to hedge their currency risk.
Suggested by prospectus available here:
https://www.northerntrust.com/documents/prospectuses/individual/prospectus_3708710_statutory.pdf?bc=24061071
and page # 35 of the annual report available here:
https://www.northerntrust.com/documents/annual-reports/mutual-funds/individual/nf_annual_multi_manager.pdf?bc=24061071
I don't believe that there is much currency hedging going on with the Northern fund.
I recall that the directly sold Lazard fund does hedge currency risk. Can others confirm?
The Fact Card for the Lazard fund (Note 1, on back at bottom) notes that the Custom Benchmark for fund is:

The Custom Infrastructure Index (USD Hedge) is the UBS Global 50/50 Infrastructure & Utilities Index (Hedged USD) from inception to March 31, 2015 and the FTSE
Developed Core Infrastructure 50/50 100% Hedged to USD Net Tax Index afterwards.

Fact Card available at right, here:
http://www.lazardnet.com/us/mutual-funds/lfi-open-end-funds/real-assets-portfolios/global-listed-infrastructure/
For what it is worth, Deutsche Bank has a very tiny (AUM) ETF that follows the same index as IGF and GII [S&P Global Infrastructure Index], but which hedges currency exposure. Info available here:
DBIF: http://tinyurl.com/DBIF-GIFund
IGF: http://www.etf.com/IGF
GII: http://www.etf.com/GII
CHART
http://tinyurl.com/dbif-igf-glifx-nmfix

One use for such a fund....?
If the fund company allows you to establish withholding for your non-retirement fund accounts, then it would be an easy way to increase the amount of dollars that you have withheld with respect to your 2015 tax year..... ;^)

Actually I doubt it because the performance of the fund in my 401k sucks big time. Not that SSISX has done great YTD.

Update:
http://www.sec.gov/Archives/edgar/data/1318342/000139834415006624/fp0016238_497.htm
497 1 fp0016238_497.htm
361 Managed Futures Strategy Fund
Investor Class (AMFQX)
Class I (AMFZX)
A series of Investment Managers Series Trust
Supplement dated September 30, 2015,
to the Summary Prospectus and Prospectus
dated March 1, 2015
IMPORTANT NOTICE REGARDING PURCHASE OF FUND SHARES
The closure of the 361 Managed Futures Strategy Fund to investment by new investors that was disclosed by the Fund in a Supplement dated September 9, 2015, has been delayed until certain administrative and other implementation matters have been completed. The investment advisor to the Fund, 361 Capital, LLC, anticipates that the Fund will continue to be publicly offered to all investors until on or before December 31, 2015.
Please file this Supplement with your records.

For a rebuttal to the Barron's article go here: http://mlpguy.com/archives/5181
Writers on or for Barron's have been after MLP's for some time now beginning with the dreck they published on Kinder Morgan. I'm not sure what their agenda is but I'm disappointed that their editorial board deems this nonsense worthy of publication. Sells magazines I guess.

Hope sellers don't have to pay a heavy toll...

That's their problem correct? Since I have been in the required distribution phase for over 10 years now and no earned income, it does cause a more careful attention to asset allocation.

Well, for those holding it still, don't say you weren't put on notice. :)
SURPRISE!!! [this notice just came to me via e-mail]:
FPA U.S. Value Fund, Inc. (FPPFX) Estimated Capital Gains Distribution
Los Angeles (September 22, 2015) - As discussed in the June 4, 2015 announcement, “FPA Launches U.S. Value Strategy,” the strategy change has resulted in the realization of significant long-term capital gains. Currently, this amount is approximately $38.00 per share. It is important to note that the actual distribution rate will be calculated as of September 30, 2015, and may change from this preliminary amount. The distribution is payable on October 2, 2015. This distribution will be taxable in 2015 and reported to shareholders on the Form 1099 they will receive in early 2016. FPA expects to reopen the Fund to new investors in October, following the distribution and completion of the portfolio transition.

You know I have this SSgA Infrastructure or something fund in my 401K. I have tried to find out what the heck it is, but had no luck. Anyone else has it?

John Kimelman of Barron's summarizes, and points readers to, an article written by one independent investment advisor who believes the financial operating structure of the MLP may not survive in its current form. Energy companies with conventional structures, that may weather the continuing storm better over the near term, are mentioned at the end of his entry.
http://www.barrons.com/articles/why-the-mlp-business-model-may-be-a-goner-1443476002?mod=BOL_hp_highlight_4
The article, written by Brian Nelson of Valuentum Securities, can be found here:
http://valuentumbrian.tumblr.com/post/130073604290/warning-the-mlp-business-model-may-not-survive
Now that bankers are re-evaluating price decks and borrowing capacity [...] most master limited partnerships and midstream corporates may have to make the difficult decision to either cut their distributions/dividends or suspend growth plans in them altogether, a move that would completely negate forever the dividend-based equity pricing framework used by brokerage houses, leading to a further unraveling of equity prices. Falling stock prices would then weaken credit quality, and a bust would truly ensue, as shares finally revert back to traditional, tried-and-true free cash flow valuation processes, as opposed to one based on a financially-engineered payout.

More smartness comes to the indexing space in the form of an ETF (believe in the Force, Luke, just believe in The Force).
As first announced (er, sorry, "unveiled"), in July:
http://blogs.barrons.com/focusonfunds/2015/07/13/john-hancock-to-partner-with-dimensional-fund-advisors-on-smart-beta-etfs/
John Hancock Investments filed the paperwork with the SEC to offer six factor-based ETFs, to be subadvised by Dimensional Fund Advisors. I assumed they would be some kind of enhanced index funds, or index funds enhanced by some kind of smartness ("smart-beta").
And so they become, as described upon their initiation yesterday:
http://blogs.barrons.com/focusonfunds/2015/09/29/john-hancockdfa-multifactor-etfs-debut/?mod=BOL_hp_blog_fof
John Hancock Investments’ first exchange-traded funds hit the market on Tuesday.
Hancock’s six “smart-beta” stock ETFs are are driven by Dimensional Fund Advisors, the market-beating investment firm that adheres to the academic work of Eugene Fama and Kenneth French. Four of the index-tracking ETFs target market sectors, while two others aim at large- and medium-sized companies.

John Hancock Multifactor Large Cap ETF (JHML) (0.35%)
John Hancock Multifactor Mid Cap ETF (JHMM) (0.45%)
John Hancock Multifactor Consumer Discretionary ETF (JHMC) (0.5%)
John Hancock Multifactor Financials ETF (JHMF) (0.5%)
John Hancock Multifactor Healthcare ETF (JHMH) (0.5%)
John Hancock Multifactor Technology ETF (JHMT) (0.5%)
Who knows? Maybe some or all of them will work out just fine.
I think DFA uses 4 factors to take a measure of things, but I can't recall what they are. Perhaps someone could step into this thread and specify what those factors are.

The semi-annual was released on 9/8 and has some information about performance during the relevant period. GLFOX PP. 5-6, 2nd col. IIRC

If YAFFX (+12% distribution) is any indication, this year the tax man cometh.

Glad I bailed out of this fund earlier this year. Its supposed to do well in down years, but that hasn't been the case this year (-12% YTD). And now it's paying a hefty distribution? No, thanks.

If interested, one can dig through the composition to discover whether this fund is invested as per its name. I have not reviewed the holdings at the home page of this fund.
Fidelity composition
Note: style map indicates "large value", but investment style per M* indicates sm/mid cap.

If YAFFX (+12% distribution) is any indication, this year the tax man cometh.

I still own BIP (Brookfield Infrastructure) and just reinvest the dividends (another of which I believe comes tomorrow.) That does result in a K-1, though. I own that long-term and don't think about it. I also own pipeline co's. As for TOLLX, the energy aspects are most likely what is dragging down the fund.

The trend in corporates will probably continue for awhile.
http://www.bloomberg.com/news/articles/2015-09-29/bofa-sees-junk-bond-train-wreck-as-pain-spreads-across-market

America Funds:
https://www.americanfunds.com/advisor/tax/2015-year-end-distributions.html