re: deeppizza's question....
According to the article [?], is it this:
On June 26, North Coast Partners became the first investment group to launch an opportunity fund. The group's Detroit Opportunity Fund is the first of several geographically targeted opportunity funds and began with a $500 million pipeline of new deals in the city.

FYI: Abigail Johnson wants to dispel a rumor on Wall Street that Fidelity would consider a merger with Goldman Sachs . “Absolutely not,” says Johnson, chairwoman and CEO of FMR, Fidelity’s parent company. Other fund companies may be joining forces—Invesco and OppenheimerFunds are negotiating a $5 billion merger. But Johnson says Fidelity is doing fine on its own. “I don’t get complaints from our shareholders about the way things are going.”
Regards,
Ted
https://www.barrons.com/articles/fidelity-is-thriving-heres-what-it-needs-to-keep-thriving-1538786334?mod=djem_b_Weekly Feed for Barrons Magazine

Here is the prospectus for the Artisan International Small-Mid Fund:
https://www.sec.gov/Archives/edgar/data/935015/000119312518294501/d598864d485apos.htm
I sold my entire position in ARTJX today.

https://m.nasdaq.com/article/why-municipal-closed-end-funds-and-why-now-cm1032521
BlackRock, October 04, 2018, 05:10:55 PM EDT
Hardik Pandya / Unsplash Municipal bonds offer multiple benefits to income-seeking investors-high quality ratings, low default rates and low volatility relative to most fixed income sectors. Perhaps most of all, muni bonds are embraced by investors for their appealing tax advantages. Just do the math.

FYI: U.S. stocks losses deepened early Friday afternoon as investors struggled to reconcile rising rates, and digested the September jobs report, which pointed to strength in the labor market but also underlined concerns about inflation.
Major equity indexes are coming off one of their worst sessions in months as Treasury yields climbed to the highest level since 2011, forcing a broad reassessment of assets that are seen as risky, including stocks.
Technology stocks extended their declines Friday, dragging major U.S. stock indexes lower and putting the tech-heavy Nasdaq Composite on track for its worst week since early spring.
Investors sold shares of the year’s best performers, rotating out of top-returning sectors, such as tech and consumer companies, to instead buy up shares of so-called safety stocks, such as utilities.
The rotation sent the tech-heavy Nasdaq Composite down more than 1.6%. For the week, the index is off 3.7%, on track for its worst performance since the week ended March 23. The Dow Jones Industrial Average fell 245 points, or 0.9%, to 26382, while the S&P 500 dropped 0.8%.
“Tech is definitely pulling back this week, but given the backdrop of strong earnings, it’s just a pullback after a run-up earlier this year, not a reversal,” said Jeff James, portfolio manager at Driehaus Capital Management, who added that he had reduced his tech exposure recently.
Shares of technology companies in the S&P 500, which have been the best performers in 2018 as investors chased growth, slumped 1.6%.
Friday’s selling continued Thursday’s steep declines. One reason for the drop: the recent slide in U.S. government bonds sparked by a crescendo of positive news on the U.S. economy and easing trade tensions. The recent bond-market selloff has sent Treasury yields to multiyear highs.
S&P 500 Sectors: Up/Down: Consumer Discretionary (D) Consumer Staples (D) Communication Services (D) Energy (D) Financials (D) Healthcare (D) Industrials (D) Materials (D) Real Estate (U) Technology (D) Utilities (U)
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-05/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-04/asian-stocks-set-to-slide-on-bond-sell-off-concern-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/global-stocks-weaken-ahead-of-u-s-jobs-report-1538725849
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-hit-as-bond-yields-climb-after-jobs-data-idUSKCN1MF1HW
IBD:
https://www.investors.com/market-trend/stock-market-today/stocks-pare-losses-cap-awful-week-market-leaders/
MarketWatch:
https://www.marketwatch.com/story/stock-futures-steady-after-thursdays-rout-with-fridays-jobs-report-in-focus-2018-10-05/print
CNBC:
https://www.cnbc.com/2018/10/05/us-markets-jobs-report-and-rates-in-focus.html
Europe:
https://www.marketwatch.com/story/europe-stocks-head-for-weekly-losses-as-investors-grapple-with-rising-us-bond-yields-2018-10-05/print
Asia:
https://www.marketwatch.com/story/asian-markets-continue-to-sink-led-by-tumbling-tech-stocks-2018-10-04/print
Bonds:
https://www.cnbc.com/2018/10/05/us-bonds-and-fixed-income-nonfarm-payrolls-in-focus.html
Currencies:
https://www.cnbc.com/2018/10/05/forex-markets-dollar-us-treasury-yields-in-focus.html
Oil:
https://www.cnbc.com/2018/10/05/gold-markets-us-treasury-yields-us-jobs-report-in-focus.html
Gold
https://www.cnbc.com/2018/10/05/gold-markets-us-treasury-yields-us-jobs-report-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

FYI: A couple came into Mike Giefer’s Minneapolis office in late September for some financial planning advice. The woman presented herself as the risk-averse one and her husband as the financial maverick. Then Giefer had them take a test. “It turned out the exact opposite,” he says. Giefer, an adviser at the Johnston Group, uses Riskalyze, an online tool that gauges clients’ risk tolerance by walking them through various financial scenarios and then assigning them a “risk number.” The woman scored a 70. Her husband, only a 52.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-10-05/women-investors-don-t-play-it-safe?srnd=premium

Update:
https://www.sec.gov/Archives/edgar/data/1018593/000114420418052657/tv504302_497.htm
497 1 tv504302_497.htm VIRTUS ASSET TRUST
Virtus Conservative Allocation Strategy Fund
and Virtus Growth Allocation Strategy Fund,
each a series of Virtus Asset Trust
Supplement dated October 5, 2018 to the Summary Prospectuses,
Statutory Prospectus and Statement of Additional Information,
each dated July 23, 2018, as supplemented
THIS SUPPLEMENT SUPERCEDES THE SUPPLEMENTS DATED SEPTEMBER 25, 2018 AND OCTOBER 3, 2018 TO THE ABOVE-REFERENCED PROSPECTUSES AND SAI. THIS SUPPLEMENT REVISES CERTAIN DATES IN THE EARLIER SUPPLEMENTS.
Important Notice to Investors
On September 19, 2018, the Board of Trustees of the Virtus Asset Trust voted to liquidate the Virtus Conservative Allocation Strategy Fund and Virtus Growth Allocation Strategy Fund (the “Funds”). Based on the recommendation of management, the Trustees determined that liquidation is in the best interest of the shareholders and voted to direct the mandatory redemption of all shares of the Funds. Effective November 7, 2018, the Funds will be closed to new investors and additional investor deposits. The Funds’ investments may be sold in advance of the Funds being closed to new investors and additional investor deposits.
On or about November 13, 2018 (the “Liquidation Date”), each of the Funds will be liquidated at its net asset value. Prior to such time, shareholders may exchange their shares of the Funds for shares of the same class of any other Virtus Mutual Fund. Shareholders may also redeem their shares at any time prior to the Funds’ liquidation on the Liquidation Date. There will be no fee or sales charges associated with exchange or redemption requests.
Any shares not exchanged or redeemed by the close of business on the Liquidation Date will be redeemed and the account value distributed to shareholders, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for shares of the Virtus Newfleet Low Duration Income Fund. Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for the Virtus Low Duration Income Fund for information about that fund.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Funds’ liquidation.
Investors should retain this supplement with the Prospectuses and
Statement of Additional Information for future reference.
VAT 8622/CAS&GASFundsClosing2 (10/2018)

FYI: The S&P 500 is currently trading down just over 1%, and if these declines hold through the closing bell, it would be the first decline of 1% or more for the index since late June. At 70 trading days, the current streak ranks as the third longest of the bull market behind the 109 trading day streak that ended in March 2017 and the 112 trading day streak that ended earlier this year. Besides those two streaks, the only other streak that was nearly as long was the one that ended in July 2014 at 66 trading days.
While the current streak of days without a 1% decline is long relative to recent history, from a wider lens, there have been a number of streaks that lasted longer. The chart below shows all S&P 500 streaks without a 1% decline in the S&P’s history. In the post-WWII period, there have actually been 24 streaks that lasted longer with the bulk of those coming in the 1950s/1960s. The longest streak ended in November 1963 at 174 trading days. Considering how painful the decline feels today, can you imagine how bad it felt in 1963 when the S&P 500 finally declined more than 1% after going eight months without one?
Regards,
Ted

https://www.sec.gov/Archives/edgar/data/935015/000119312518292835/d623182d497.htm
497 1 d623182d497.htm ARTISAN PARTNERS FUNDS, INC.
Filed pursuant to Rule 497(e)
File Nos. 033-88316 and 811-08932
ARTISAN PARTNERS FUNDS, INC.
ARTISAN INTERNATIONAL SMALL CAP FUND (the “Fund”)
SUPPLEMENT DATED 4 OCTOBER 2018
TO THE FUND’S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
Important Notice Regarding Changes in the Portfolio Manager, Name, Investment Policies and Non-Fundamental Restrictions of the Fund
Effective 15 October 2018, Rezo Kanovich is the portfolio manager of the Fund and the Fund will open to new investors. In connection with the appointment of Mr. Kanovich as the Fund’s portfolio manager, the board of directors of the Fund approved changes to the Fund’s name, certain investment policies and non-fundamental restrictions. The changes are expected to reposition the Fund as a small- and mid-capitalization fund with greater degrees of freedom than permitted by the Fund’s current investment strategies. As a result of these changes, the Fund is expected to experience significant portfolio turnover as it transitions its holdings to be consistent with the Fund’s new investment policies, resulting in increased transaction costs, including brokerage commissions and other transaction costs, and the realization and/or distribution to shareholders of higher capital gains than might generally be expected under normal circumstances. In addition, the Fund may hold higher than normal cash during the transition period.
Accordingly, effective 15 October 2018, the following changes will take effect:
1. Mr. Kanovich is appointed as the portfolio manager of the Fund and all references and information relating to Messrs. Yockey and Hamker with respect to the Fund are removed.
2.The Fund will open to new investors and all references to the closure of the Fund are removed.
3.The Fund’s limit on how much cash it tries to maintain is increased from no more than 5% of its total assets to no more than 10% of its total assets.
In addition, effective on or about 4 December 2018, the following additional changes will take effect:
1.The Fund is renamed “Artisan International Small-Mid Fund.”
2.The Fund’s non-fundamental policy related to its name adopted in accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended, is replaced with the following, which cannot be changed unless shareholders are notified at least 60 days prior:
Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other securities of small- and mid-cap companies.
3. The following policies are adopted, which can be changed without notifying shareholders:
Small- and mid-cap companies for this purpose are those companies with a market capitalization below $30 billion or having a market capitalization similar to the constituents of the MSCI All Country World (ACWI) ex-U.S. SMID Index at the time of the Fund’s investment. Under normal market conditions, the Fund will invest at least 65% of its total assets at market value at the time of purchase in securities of non-U.S. companies. The Fund may invest in developed markets and emerging and less developed markets.
4.The Fund’s benchmarks are changed from “MSCI EAFE Index” and “MSCI EAFE Small Cap Index” to “MSCI ACWI ex USA SMID Net Index” and “MSCI ACWI ex USA Small Cap Net Index.”
5. The Fund’s limit on investing more than 50% of its total assets in emerging and less developed markets is removed and the Fund may invest in debt instruments to the extent consistent with the Fund’s other investment policies and restrictions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
___________________________Manager change info from Artisan Partners------------------------------
https://www.artisanpartners.com/content/dam/documents/press-releases/mf/Kanovich-Announcement-4-Oct-2018-vR.pdf
or
https://www.artisanpartners.com/individual-investors/news-insights/news/press-releases/2018/kanovich-announcement.html

Drilling down into the S&P 500 sectors for recession proof industries (showing little draw down on profit margins during the last two recessions):
- Tobacco (Consumer Staples)
- Household Products (Consumer Staples)
- Healthcare Equipment (Healthcare)
- Pharmaceutical (Healthcare)
- Industrial Gases (Materials)
Surprise (to me):
- The profit margins for the Health Sector as a whole has steadily fallen from 12.5% (in 1995) to 9% (in 2018)
Boring, but steady sectors:
- Healthcare Distribution
- Drug Retail
- Glass & Metal Containers
Also,
Oct 3, 2018 follow up report by Ed Yardeni: Performance 2018 S&P 500 Sectors & Industries
https://yardeni.com/pub/peacockperf.pdf

Ed Yardeni is often highlighted here by MFO posters linked by many here:
https://mutualfundobserver.com/discuss/search?Search=yardeni
This morning I stumbled upon this report titled: Stock Market Briefing: S&P 500 Sectors and Industries Profit Margins dated October 4, 2018.
Profit Margins and the price of the S&P 500 Index seem to be "in the moment" indicators and comparing the two seems to be one data point to follow. Since 2017, the S&P 500 index seems to be out pacing (being priced up) above profit margins which is captured in chart 7 (S&P 500 vs trailing profit margins) in his report:

Report (lots of charts):
yardeni.com/pub/sp500margin.pdf

https://www.sec.gov/Archives/edgar/data/1018593/000114420418052254/tv504130_497.htm
497 1 tv504130_497.htm VIRTUS ASSET TRUST
Virtus Conservative Allocation Strategy Fund
and Virtus Growth Allocation Strategy Fund,
each a series of Virtus Asset Trust
Supplement dated October 3, 2018 to the Summary Prospectuses,
Statutory Prospectus and Statement of Additional Information,
each dated July 23, 2018, as supplemented
THIS SUPPLEMENT SUPERCEDES THE SUPPLEMENT DATED SEPTEMBER 25, 2018 TO THE ABOVE-REFERENCED PROSPECTUSES AND SAI. THIS SUPPLEMENT REVISES THE LIQUIDATION DATE NOTICE IN THE EARLIER SUPPLEMENT.
Important Notice to Investors
On September 19, 2018, the Board of Trustees of the Virtus Asset Trust voted to liquidate the Virtus Conservative Allocation Strategy Fund and Virtus Growth Allocation Strategy Fund (the “Funds”). Based on the recommendation of management, the Trustees determined that liquidation is in the best interest of the shareholders and voted to direct the mandatory redemption of all shares of the Funds. Effective October 16, 2018, the Funds will be closed to new investors and additional investor deposits.
On or about November 13, 2018 (the “Liquidation Date”), each of the Funds will be liquidated at its net asset value. Prior to such time, shareholders may exchange their shares of the Funds for shares of the same class of any other Virtus Mutual Fund. Shareholders may also redeem their shares at any time prior to the Funds’ liquidation on the Liquidation Date. There will be no fee or sales charges associated with exchange or redemption requests.
Any shares not exchanged or redeemed by the close of business on the Liquidation Date will be redeemed and the account value distributed to shareholders, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for shares of the Virtus Newfleet Low Duration Income Fund. Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for the Virtus Low Duration Income Fund for information about that fund.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Funds’ liquidation.
Investors should retain this supplement with the Prospectuses and
Statement of Additional Information for future reference.
VAT 8622/CAS&GASFundsClosing (10/2018)

It seems like you are suggesting that some RMD funds be withdrawn from a Roth account ...

I don't think that's what I said. I'm saying that I take my RMD first every year from a Traditional (taxable) IRA. In my case it satisfies roughly 50% of my annual needs - sometimes less than 50%. The remaining annual needs for funds are met by pulling from my Roth (which is exempt from both RMD and taxation).
Everybody's situation is different. But in this case my tax hit is roughly 50% of what it would be if all my needs were being met by Traditional IRAs. Maybe a good CPA or tax attorney would recommend pulling everything from the Traditional and leaving the Roth untouched. I wouldn't understand viewing it that way - especially with the big gains the Roth has amassed since '09. But I will concede there's another side to the argument.
Hope this helps?

March 2009 was a great time to convert a sizable chunk to Roth, pay taxes on rediculously low NAVs and stir the pot. The gift that keeps giving. Lemonade out of lemons. :) That kind of good fortune helps make up for a lot of other investing mistakes over the years. (I'm not recommending that now that markets are so bubbly.)
To the point here, if you have more than 50% of your retirement funds in a tax paid Roth, the tax hit from RMD is a lot easier to swallow. I suppose one might have so much saved up that the RMD (From traditional IRA) still more than meets their expenditures - so no need to withdraw any Roth money. Not the case here. And I'd somewhat question why anyone over 70 wouldn't be pulling more out and enjoying the money while they can.

I could be wrong, but I believe Uncle Sam requires RMDs in order to collect on the deferred taxes. You don't have to spend your RMDs but you do have to pay the taxes.
59.5 & 70.5...what's up with these ".5''s?

"What I'd really like to at least do is get rid of the '.5,'" he says. "The 70 1/2 age causes a lot of confusion, especially for people born in June or July. We should just make it the year that you turn a certain age."

The Boglehead's Wiki has an interesting approach to retirement withdrawals called, "Variable Percentage Withdrawal (VPW)".

Variable percentage withdrawal (VPW) is a withdrawal method that adapts to the retiree's retirement horizon, asset allocation, and portfolio returns during retirement. It combines the best ideas of the constant-dollar, constant-percentage, and 1/N withdrawal methods to allow the retiree to spend most of his portfolio using return-adjusted withdrawals. By adapting withdrawals to market returns, VPW will never prematurely deplete the portfolio.
The VPW method uses a variable (increasing) percentage to determine withdrawals from a portfolio during retirement. Each year, the withdrawal is determined by multiplying that year's percentage by the current portfolio balance at the time of withdrawal.
The VPW method and spreadsheet were collaboratively developed and improved by a group of Bogleheads®

https://bogleheads.org/wiki/Variable_percentage_withdrawal

FYI: Susan Dziubinski from Morningstar.com said, it isn't easy for a fund to earn our top Morningstar fund analyst rating of Gold. Funds that do so are best in breed, models in their respective categories. In fact, fewer than 200 funds across dozens of fund categories earn Gold ratings. Here are three funds that recently joined the Gold-rated fund club.
Regards,
Ted
https://www-prd.morningstar.com/videos/884151/3-newish-goldrated-funds.html

FYI: An investor holding a simple S&P 500 index fund continues to beat major university endowments.
Yale University and other major endowments have recently reported investment performance for their fiscal years ending in June, and none have topped the S&P 500, which returned 14.4% including dividends.
Yale returned 12.3%; Harvard University, 10.0%; the University of Pennsylvania, 12.9%; and Dartmouth College, 12.2%.
Regards,
Ted
https://www.barrons.com/articles/ivy-league-endowments-1538530379

FYI: Tax-deferred retirement saving isn't forever. At age 70 1/2, you must start withdrawing funds from 401(k) and IRA accounts. Yet many retirees find the required minimum distribution rules burdensome, and surprisingly large numbers would prefer not to draw down funds at all.
Regards,
Ted
https://www.morningstar.com/articles/884105/should-rmd-rules-be-reformed.html

So yesterday I got scolded again by Ted for linking an article he had linked already.
However, here's the deal. When I link an article I make a point of scrolling through 2-3-4 previous pages of discussion topics to make sure that it hasn't already been posted thus sparing someone from getting their underwear all bunched up. I did that yesterday with the Social Security article and not seeing a previous posting I posted it.
Of course you all know what happened so I went on a search through the discussion lists once again. In fact I've done it now on 5 separate occasions and Ted's original posting has only shown up in one of those searches. I'm taken to his original post if I click on his naggy reminder that it's already been posted but I only have a 20% success rate if I go scrolling through all the previous posts manually my own self.
So my question is: is this a glitch in my computer and browser (Mac laptop w/Safari) or with the hosting site or software? Thanks for any input.

@The Shadow: Good Morning !
Regards,
Ted :)
https://www.mutualfundobserver.com/discuss/discussion/44085/loomis-sayles-small-cap-growth-reopens-to-new-investors-lssix#latest