No Mike. They'll sort it out. That's probably why they include a separate (earlier) "record date" before the distribution date. Shouldn't have any effect. But a nice thought. You'll get today's price - but not the X-Dividend payment the other shareholders received. Should work out the same.
(I'm assuming the $$ is in some type of tax-sheltered plan like an IRA or 401k. It not, than there are some tax ramifications)

Hank, funny you should say that about PRWCX. I decided to sell my stake in FAAFX on Thursday to shift that money into PRWCX today, which I did. Does that mean I got a 10% bargain on that purchase of PRWCX? I'm always confused on distributions affecting price.

ACDJX was down 7.11% and ARYVX down 5.86%. I'll have some extra shares for the future so as always its not the big loss it seems.

Ouch is right. Tame little PRWCX dropped over 10% today - distribution.

Here is an update about the recent performance of ICMUX. Per M*, its performance since 8/31/14 and the performance of some other funds mentioned in this thread are as follows:
ICMUX: -4.4%
RPHYX: +0.3%
RSIVX: -0.8%
DLINX: -0.6%
M* High Yield Bond Index: -4.4%
Per M*, ICMUX has an effective duration of only 1.19 years and has 34% allocated to cash. But, its loss since 8/31/14 is as great at M*'s high yield bond index!
Looking at their holdings, there is a substantial allocation to the energy sector including the top two holdings. This probably explains the size of the loss.
Perhaps this fund will rebound quickly and demonstrate the difference between volatility and risk. Allocating some of their cash at the right time could help.
But, recent performance suggests ICMUX is a market cycle fund and not a fund for someone looking for a smooth ride and an easy exit if the need might arise to sell shares in a relatively short period of time.

http://blogs.barrons.com/incomeinvesting/2014/12/12/alaska-north-dakota-wyoming-munis-at-risk-from-falling-oil/?mod=BOL_hp_blog_ii
Something for the muni fans like Dex and I to think about. Puerto Rico is a junk muni while the others are investment grade. Still, if munis ever feel the pain of falling oil, the junk credits will get hit the hardest.

FYI:
Regards,
Ted
WSJ Slant: http://www.wsj.com/articles/u-s-stock-futures-drop-along-with-oil-prices-1418390833
Bloomberg Slant: http://www.bloomberg.com/news/print/2014-12-12/u-s-index-futures-fall-after-s-p-500-rebound-as-oil-outlook-cut.html
Reuters Slant: http://www.reuters.com/assets/print?aid=USKBN0JP1DA20141212
MarketWatch Slant: http://www.marketwatch.com/story/us-stocks-end-with-biggest-weekly-decline-in-years-2014-12-12
Markets At A Glance: http://markets.wsj.com/us
Sector Tracker: http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

http://www.marketwatch.com/story/us-producer-prices-show-broad-based-declines-in-november-2014-12-12
Analysts said the weak inflation trend was likely to continue until next year.

Probably the same analysts and economists (ex Gundlach) who were almost universal in their predictions that interest rates had only one way to go in 2014 and that was up. Which analysts and economists thought the big market in 2014 would be junk muni bonds? Price shot out of the gate in January 2014 and then months later the analysts and economists all jumped on the price bandwagon trying to explain fundamentally why it was such a strong bull market.

http://www.marketwatch.com/story/us-producer-prices-show-broad-based-declines-in-november-2014-12-12
Analysts said the weak inflation trend was likely to continue until next year.

US 10 year at 2.11% the 52 week low is 1.91%
When will it hit 1%?
Germany, Spain, Italy, UK all lower then the US!

A close below 2% and I pay Heezsafe $250 or if he has disappeared, I simply contribute to David and the board. This will be less than 1/10 of 1% of what I made in junk munis this year. The moral of the story is trade what you see, not what you think!! In other words, go with price and only price and leave your opinions and beliefs (and especially those of the experts) behind. No way did I ever think rates would get this low. In fact, I was among the mass of misinformed who thought rates had only one way to go at the beginning of the year and that was up.

US 10 year at 2.11% the 52 week low is 1.91%
When will it hit 1%?
Germany, Spain, Italy, UK all lower then the US!

This story has been around for a couple months now. But with all the press it is suddenly getting you would think it's new news. Junk corps open end funds topped in the late June/early July period and the Merrill Lynch High Yield Master II Index topped on September 1. Whether this will be a replay of 2008/09 but in reverse remains to be seen. Then, junk bottomed in mid December while stocks bottomed a few months later in early March. Meanwhile junk munis just keep on rolling.

I'm surprised at the Stock Market being up double digits in 2014.... after 30%+ increases in 2013..
I used to tell my parents when I was a kid, I wanted "Surprises" for Xmas, I got them again this year....It's a wonderful "game"

@JohnChisum
I amended my statement about PQTIX; as there was a distribution on Dec. 10, yesterday.
But, I will watch this fund, too; to find how it does with the overall market directions.
This is Fido composition view for PQTIX.

Looking at M* quote, PQTIX had almost 16% of the total portfolio in energy related investments.

@MJG +1 re: @Ted

Pretty crazy stuff recently related (supposedly) to oil pricing; and hopefully most are not getting their investment arse kicked with some of this. It is a very good time to review this or that fund or sector or stock to discover reactions over the past few weeks; and into the future, as needed. One fund that has been noted again recently is PQTIX PQTDX. On Dec. 10, yesterday; this fund closed down -3.5% and today, closed at +.35%. No, I don't know what this means for this fund.
*****Opps, my bad. PQTIX PQTDX had distributions on Dec. 10, yesterday.
scott noted about HYG in the oil thread. The below is my note regarding the high yield bond sector, in particular; the active managed funds.
As to your reference to HYG. This etf did have (have not checked for the past week) 18% of its composition involved in energy debt, so its price decline makes sense. The current nasty problem for those invested in high yield bond funds is: harmful or undesirable contact or influence; also know as contagion. This sector is taking a whack, too.
I have reviewed several hy bond funds where we have been invested previous; and the majority hold 5-8% directly related to the energy sector. Obviously, these small percentages have put downward pressure on the funds; but I suspect some of the downward price pressure is also tied to the down moves related to equity in general. Folks just moving away for now; although I sure would like to know where the monies are traveling.
Have you a good or bad surprise from any of your holdings, with the ongoing oil price melt?
Thank you and take care,
Catch

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000338297&play=1

@ Tampabay: I agree with you 100%.
Regards,
Ted