Ouch! Parnassus has had huge distributions for two years in a row now.

No problem if in an IRA.

I own PRBLX in my IRA as well as taxable accounts. I am keeping the IRA portion, but took advantage of the market correction to make a tax loss sale in the taxable account. I then reinvested the amount in Fidelity’s zero expense total market index fund, which should be much more tax efficient going forward. The bonus is that I can use the losses to offset capital gains from PRBLX’s huge distributions, but I am remaining invested in the markets.

I'm not quite clear on what you're asking. I've got the part where you have to take your first RMD by April 1 (note 1, not 15) of next year, and you've taken half so far (in the form of QCDs).
It sounds like you want to use the other half for income. But it's not at all clear whether your concern is over CG distributions inside the IRA or outside. In what follows, I'm assuming that they're inside, though the next couple of paragraphs apply either way.
I think that CG distributions are a distraction. IMHO they are simply return of principal. So it doesn't matter if you sell fund shares in your IRA to generate cash or take CG divs, it amounts to the same thing.
The reason why I view them as return of principal is: a fund owns various securities. Say that some of them appreciate. The fund has unrealized gain. If the fund swaps those securities for other securities, the principal is unchanged, but the fund has realized gain.
No difference in your principal. But due to tax laws, in December, the fund is (conceptually) required to sell off some of its principal to pay those cap gains divs. (For investors who "reinvest" those divs, it doesn't have to sell some holdings; on paper the investors get cash that goes right back into the fund to "rebuy" the same fund holdings.)
If you're tapping principal for income (as I feel one does by taking CG divs in cash), then the question becomes what is a good time to sell principal? I leave it to each individual to guess whether this is a good time to lighten up on investments or a good time to be buying.
The other half of your question seems to be, given that you're going to be taking a certain amount of cash out of your IRA for income in the next 12 months and four days, whether you're better off taking part of that now, or all of it next year.
If you're in the 24% bracket in both 2018 and 2019, then from an income tax perspective, it won't matter. Either way, that 2nd half of your RMD will be taxed 24%. But if it would push you into the 32% bracket next year, you'd be better off taking it now - even if you leave it invested in funds in a taxable account (so as not to be tapping principal now).
There may be another concern. In the 24% bracket, you're likely paying IRMAA on Medicare. (Some retired people have medical coverage paid for as part of their retirement benefits; they may be protected from IRMAA.)
I haven't gone back to cross check the IRMAA brackets against the income brackets, that's something you would have to do yourself. Especially since IRMAA is based on MAGI that includes the 15% of SS that isn't otherwise taxed and non-taxable income. (If your CG divs are outside of your IRA, they would also get included in MAGI.)

I've taken half of my RMD this year as QCD's, and I feel good about that. A few of my funds (PRGTX, PRNHX, VPCCX, etc) have surprised me with hefty CG distributions. I'm wondering if I should hold off on the 2nd half (I'm 70½) until 2019, because I'd like to take it as income, and I'm thinking that CG distributions will be lower next year. I'm in the 24% bracket. I have until 12/31 to decide. Any thoughts (all other things being equal)?

https://www.sec.gov/Archives/edgar/data/906185/000119312518356597/d663166d497.htm
497 1 d663166d497.htm 497
Janus Aspen Series
Janus Henderson Global Unconstrained Bond Portfolio
Supplement dated December 24, 2018
to Currently Effective Prospectuses
The Board of Trustees (the “Trustees”) of Janus Aspen Series (the “Trust”) has approved a plan to liquidate and terminate Janus Henderson Global Unconstrained Bond Portfolio (the “Portfolio”) with such liquidation effective on or about March 1, 2019, or at such other time as may be deemed appropriate by the officers of the Portfolio (the “Liquidation Date”). Termination of the Portfolio is expected to occur as soon as practicable following the Liquidation Date.
Effective January 1, 2019, the Portfolio will no longer accept investments by new shareholders. The Portfolio may be required to make a distribution of any income and/or capital gains in connection with its liquidation.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will generally be automatically redeemed and proceeds will be sent to the shareholder at the address of record. For shareholders holding shares through a variable annuity or variable insurance contract, check with your insurance company or financial representative for your alternative investment options.
To prepare for the Portfolio’s liquidation, the portfolio manager may increase the Portfolio’s assets held in cash and similar instruments in order to pay for Portfolio expenses and meet redemption requests. As a result, the Portfolio may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective.
Additionally, any asset reductions and increases in cash and similar instruments could adversely affect the Portfolio’s short-term performance prior to the Liquidation Date. The Portfolio will incur transaction costs, such as brokerage commissions, when selling certain portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
Because shares of the Portfolio are only eligible to be held by insurance company separate accounts on behalf of variable insurance contract owners, or certain qualified retirement plans, the liquidation of shares held by a shareholder is not expected to be considered a taxable event. Shareholders should consult their personal tax adviser concerning their particular tax circumstances.
Shareholders may obtain additional information by contacting their plan sponsor, broker-dealer, insurance company, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687.
Please retain this Supplement with your records.
Janus Aspen Series
Janus Henderson Global Unconstrained Bond Portfolio
Supplement dated December 24, 2018
to Currently Effective Statements of Additional Information
The Board of Trustees (the “Trustees”) of Janus Aspen Series (the “Trust”) has approved a plan to liquidate and terminate Janus Henderson Global Unconstrained Bond Portfolio (the “Portfolio”) with such liquidation effective on or about March 1, 2019, or at such other time as may be deemed appropriate by the officers of the Portfolio (the “Liquidation Date”). Termination of the Portfolio is expected to occur as soon as practicable following the Liquidation Date.
Effective January 1, 2019, the Portfolio will no longer accept investments by new shareholders. The Portfolio may be required to make a distribution of any income and/or capital gains in connection with its liquidation.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will generally be automatically redeemed and proceeds will be sent to the shareholder at the address of record. For shareholders holding shares through a variable annuity or variable insurance contract, check with your insurance company or financial representative for your alternative investment options.
To prepare for the Portfolio’s liquidation, the portfolio manager may increase the Portfolio’s assets held in cash and similar instruments in order to pay for Portfolio expenses and meet redemption requests. As a result, the Portfolio may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective.
Additionally, any asset reductions and increases in cash and similar instruments could adversely affect the Portfolio’s short-term performance prior to the Liquidation Date. The Portfolio will incur transaction costs, such as brokerage commissions, when selling certain portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
Because shares of the Portfolio are only eligible to be held by insurance company separate accounts on behalf of variable insurance contract owners, or certain qualified retirement plans, the liquidation of shares held by a shareholder is not expected to be considered a taxable event. Shareholders should consult their personal tax adviser concerning their particular tax circumstances.
Shareholders may obtain additional information by contacting their plan sponsor, broker-dealer, insurance company, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687.
Please retain this Supplement with your records.

FYI: he Thornburg Investment Income Builder fund was launched in late 2002 with a straightforward premise. “We believed that we were going to have an attractive dividend and grow it over time,” says Brian McMahon, one of the fund’s three co-managers, who took part in the launch.
The $14 billion fund (ticker: TIBAX) has been able to stick to that goal by adjusting its allocation to stocks and bonds, in line with the dramatically shifting market conditions over the past 16 years. The fund has grown its dividend at an annual clip of about 4.5%, and added capital appreciation of 3.5% per annum on top of that. The portfolio’s recent trailing 12-month yield was 4.4%.
Regards,
Ted
https://www.barrons.com/articles/an-income-funds-flexible-strategy-pays-dividends-51545390000?refsec=income-investing
M* Snapshot TIBAX:
https://www.morningstar.com/funds/XNAS/TIBAX/quote.html
Lipper Snapshot TIBAX:
https://www.marketwatch.com/investing/fund/tibax
TIBAX Ranks #11 In The (WA) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/world-allocation/thornburg-investment-income-builder-fund/tibax

FYI: You might expect a 70-year-old mutual fund with $74 billion in assets to be set in its ways.
But the Franklin Income Fund’s holdings have gone through big changes in recent years. Ed Perks, the fund’s lead manager, described those shifts as well as the uncertain investing landscape of 2018 and what he sees ahead.
The Franklin Income Fund FKINX, -0.93% FRIAX, -0.94% was launched in August 1948. The fund’s objective is to maximize income while also seeking opportunities for capital growth, with a diversified, actively managed portfolio of stocks, bonds and convertible securities.
In an interview on Dec. 18, Perks said the fund was about evenly allocated between fixed-income and equity investments. At the beginning of 2018 the allocation was about 40% fixed income and 60% equities. Perks said that this year the fund’s management team has “softened its overall investment posture,” in order to “reduce total expected portfolio risk going forward.”
Regards,
Ted
https://www.marketwatch.com/story/there-will-be-plenty-of-opportunity-for-investors-in-2019-says-manager-of-74-billion-franklin-income-fund-2018-12-21/print
M* Snapshot FKINX:
http://performance.morningstar.com/fund/performance-return.action?t=FKINX&region=usa&culture=en_US
Lipper Snapshot FKINX:
https://www.marketwatch.com/investing/fund/fkinx
FKINX Is Rank #21 In The (30%-50%-E) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/allocation-30-to-50-equity/franklin-income-fund/fkinx

From IBD:

What You Should Do Now
Investors should not be looking to buy and should consider being entirely in cash, if they aren't already. But they should be building and updating their watch lists with names like Atlassian stock. Wait for the stock market to rally over several days, confirming that new uptrend with a follow-through day. Even then, be cautious. The whipsaw stock market correction has already seen two confirmed rallies fail almost immediately.
If you find it boring to be in cash in a bear market, resist the temptation to get back in. If you find it hard to resist, go outside your house at midnight in summer wear — T-shirt, shorts and sandals. There's a time and place for summer clothes, and a time and place to be bullish.

Just some wondering thoughts, for me, it's awful tempting to buy a little when you see some great companies getting close to a 40% discount from their highs. I think we are already in recession or very close to that tipping point, but at some point companies like Apple, Amazon and Alibaba will be breaking new highs again. 2019, 2020, 2021, who knows.

Goldman Sachs is not an institutional investor. Goldman Sachs Asset Management that buys and sells on behalf of their funds IS. Prop desk, investment banking or capital markets are NOT institutional investors. Commercial banks only fit the category when they buy treasuries or other IG bonds for their balance sheet.
Brokerage firms are not investors either. They handle orders from a retail or institutional investor. A bank holding company can have a brokerage (sell side) and an asset manager (buy side). Only buy side qualifies as an investor. I know it's confusing. Goldmans and others also have a deposit taking business, lending business, merchant banking, etc, none of which qualify. Only Goldman's mutual and hedge funds qualify.
So if a manager of a target day fund series in one's workplace 401k (and across all other 401k that use the same TDF selection) decide, for instance to drastically reduce risk, then they have the ability to move the markets if they do it in a hurry.

"institutional investors are nonbank organizations ... there are six types of institutional investors ... Commercial banks"
Uh huh. In addition to commercial banks, there are also investment banks like Goldman Sachs. Aside from mutual funds, the type of institutional investor very familiar to people here are brokerages that give you access to institutional class shares via omnibus accounts.

In comparison, to Morningstar's valuation graph, Old_Skeet's market barometer has the S&P 500 Index at a reading of 180+ which marks it at extremely oversold on the barometer's scale by about 20%. For me to start buying equities at this point in time, in this falling market, I'd need to see a reversal in the barometer's reading. Currently, I've been just watching the action and building cash as my mutual funds are now making their year end distributions which I take in cash. I'd like to think we are working on a bottom; but, with rising interest rates it makes investing on margin more costly. And, with this, it seems, big money continues to deleverage as interest rates rise. In addition, short interest in the Index has been rising (not falling) as more and more investors are now shorting the Index.
I've been reducing my allocation to equities by about 10% within my portfolio as interest rates continue to rise and have increased both my allocation to cash and to fixed income by about 5% each. I am pretty close in getting to my target allocation of 20% cash, 40% bonds and 40% stocks. Within equities I am favoring an overweight to the traditional defensive sectors plus a few others (real estate and telecom being two of them).
Since, I am retired and my portfolio kicks off a good income stream I've elected to stay invested rather than selling out and lose the income stream plus I'd have a sizeable capital gains tax bill to pay as about 65% of my invested assets are in taxable accounts. My portfolio was built over time mostly through the organic growth of invested assets although I have done some trading as well.
I have a fund (CTFAX) that has been buying stocks as the market pulls back. It is now in its 4th buy step. With each equity buy step that the fund makes increases the fund's equity allocation by about 5%. Currently, the fund is about 70% bonds and 30% equity. It is normally is about 90% bonds and 10% equity. As the market recovers and begins an upward move the fund then starts to sell down equites and load bonds. This fund has automated, for me, the special investment positions (spiffs) that I use to manually make. However, once the dust settles in my rebalance process I've been thinking of putting an equity spiff postion in play most likely in an equally weighted S&P 500 Index fund as there are currently, as I write, only 12% of the stocks in the 500 Index above their 50 day moving average. It seems few are looking at forward earnings as they continue to be relative strong with 2019 forward earnings estimates in the $170.00 range. At current valuation of 2507 / forward earnings of $170.00 = a forward P/E Ratio of 14.74. This equates to a forward earnings yield of about 6.8%. With this, it seems, to me, there is some good value to be had by being invested in equities.
And, so-it-goes ... I wish all "Good Investing."
Old_Skeet
An update: With the market closing today (12/20/18) I am finding the S&P 500 Index at a reading of 2467. According to CTFAX's buy matrix the fund has now reached its 5th equity buy step. This should put bonds at about 65% and equities at 35%. I am also finding that the Index is off its 52 week high by about 15%. Hello ... Plundge Protection Team time to take some action.

https://www.sec.gov/Archives/edgar/data/68138/000093247118008062/morgangrowth.htm
497 1 morgangrowth.htm VANGUARD MORGAN GROWTH FUND
Vanguard Morgan™ Growth Fund
Supplement Dated December 17, 2018 to the Prospectus and Summary Prospectus Dated January 26, 2018
Reorganization of Vanguard Morgan Growth Fund into Vanguard U.S. Growth Fund
The Board of Trustees of Vanguard Morgan Growth Fund (the Trust) has approved an agreement and plan of reorganization (the Agreement) whereby Vanguard Morgan Growth Fund, a series of the Trust, would be reorganized with and into Vanguard U.S. Growth Fund, a series of Vanguard World Fund.
The reorganization allows Morgan Growth Fund shareholders to merge to form a larger fund, with an identical objective of seeking to provide long-term capital appreciation. The reorganization will consolidate the assets of the Funds, and streamline the Vanguard fund lineup. We anticipate that the reorganization will eliminate duplicative expenses and spread fixed costs over a larger asset base of the combined fund.
The reorganization does not require shareholder approval and is expected to close on or about April 5, 2019. Prior to the closing, shareholders of the Morgan Growth Fund will be issued a combined Information Statement/Prospectus, which will describe the reorganization, provide a description of the U.S. Growth Fund, and include a comparison of the Funds.
Under the Agreement and after the closing, shareholders of the Morgan Growth Fund will receive Investor Shares and Admiral Shares of the U.S. Growth Fund in exchange for their Investor Shares and Admiral Shares of the Morgan Growth Fund, respectively, and the Morgan Growth Fund and the Trust will cease operations, and be liquidated.
We anticipate that the reorganization will qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended.
Closed to New Accounts
Effective immediately, the Morgan Growth Fund is closed to new accounts, and will stop accepting purchase requests from existing accounts shortly before the reorganization is scheduled to occur.
Restructuring of the Investment Advisory Team
The following advisors of the Morgan Growth Fund have been approved to serve as advisors to the combined fund after the completion of the reorganization: Jennison Associates LLC (Jennison), Vanguard Quantitative Equity Group (QEG), and Wellington Management Company LLP (Wellington Management). Jennison and Wellington Management currently serve as advisors of the U.S. Growth Fund. Two of the other advisors in U.S. Growth Fund, Jackson Square Partners, LLC (Jackson Square), and Baillie Gifford Overseas Ltd. (Baillie Gifford), will continue with the U.S. Growth Fund. QEG will be added after the closing of the reorganization. Both Funds operate under the terms of an SEC exemption, whereby each Fund’s Board of Trustees may, without prior approval from shareholders, hire a new advisor. Vanguard may also recommend to the Board of Trustees of the Funds that an advisor be hired, terminated, or replaced, or that the terms of an existing advisory agreement be revised.
The Board of Trustees of the Trust has also approved a restructuring of the Morgan Growth Fund’s investment advisory team, removing Frontier Capital Management Co., LLC (Frontier Capital), as an investment advisor for the Fund effective immediately. All references to Frontier Capital and all other details and descriptions regarding Frontier Capital’s management of certain assets of the Fund in the Prospectus and Summary Prospectus are hereby deleted in their entirety.
In addition, Paul E. Marrkand, CFA of Wellington Management will no longer serve as portfolio manager for the Morgan Growth Fund and will be replaced by Andrew J. Shilling, CFA, also of Wellington Management. All references to Mr. Marrkand in the Prospectus and Summary Prospectus are hereby deleted in their entirety...

The ever popular headline yield ploy masking return of capital bears testament to financial illiteracy as does leverage. What goes up the escalator comes down the elevator, basement level. Something learned circa 2008. Expense ratio 2.67 %

Big hitters managing this CEF: Galley, Sherman, Gundlach. They are promising to distribute 12.5% for the coming calendar year, based on the fund's NAV in late December. Currently trading at an 11% discount, the fund is 25% leveraged, and up to this point in 2018 it has returned 43 cents per share as Return of Capital. (Headache for shareholder at tax time.) This is only the third year of its existence. They can't be accused of offering plain vanilla.

@msf: I have held OSMAX for about 5 years, and am watching both ARTJX and OSMAX to see when to switch over to Artisan, likely after first of year. It usually takes a while for the new portfolios to appear. Following Kanovich, as I like what he did at Oppenheimer. They are held in tax deferred accounts, so not concerned over capital gains as each fund sells some of portfolio in favor of their own picks.

Mr. Ritholtz offers valid insights to the market flips.
He noted: "Now, we see broader signs that global growth is slowing. Corporate profits may have hit a peak. Economies are cyclical, and the U.S. has gone almost a decade without a recession, roughly two times longer than the average interval between slowdowns. That implies we are overdue for a slump. None of the usual signs of an imminent recession are present, but 2020-21 isn’t an unthinkable time line."
>>>I suggest that part of the equity market sell is relative to the "bold" just above. Superior profits may have run their course for the time being; and that so many companies have issued hugh amounts of bonds to purchase this company or that one.
Pay off of these bonds against a back drop of slowing profits is not the best forward outlook an investor would desire. I recall, not many decades ago; when some companies had decent debt/equity ratios. Today, not so sure who the few companies may be.
>>>Secondly, per my recent post of POTUS lying about results of an agreement with China regarding trade and tariffs at the recent G-20 meeting; further provides cause for one to be a bit twitchy about forward equity values as an investor. Also, how are companies expected to plan for further than 4 weeks down their business road with the constant mis-directions emanating from the DC bunch.

Taking into account cap. gains and dividends DSENX is up today.

I kind of wish markets would stay closed until the 1st Tuesday in November, 2020.

FYI: ( Reminder: U.S. stock markets will be closed Wednesday, Dec. 5, in observance of a national day of mourning for President George H. W. Bush. The U.S. bond market will also be closed for trading on Dec. 5, on the recommendation from the Securities Industry and Financial Markets Association, better known as SIFMA. The CME Group also said it will shutter its U.S.-based equity and interest rate futures and options products.)
The Dow Jones Industrial Average fell more than 799 points Tuesday and bond yields plummeted, as investors’ doubts over the trade truce struck between the U.S. and China renewed anxieties around the pace of economic growth.
Investors broadly retreated from stocks, with industrial stalwarts like Boeing and Caterpillar suffering steep losses. Apple and other technology companies also slid, pulling the Nasdaq Composite back more than 10% below its August high.
Waning enthusiasm for the 90-day tariff cease-fire struck over the weekend fueled the losses, several investors said, stirring worries that ongoing spat between the world’s two biggest economies could unravel economic growth in the U.S. and put additional pressure on Europe and Asia, which are already struggling.
Those growth fears pushed investors into assets that tend to be safer stores of value during periods of economic instability, including U.S. government bonds and shares of utility companies, which typically pay hefty dividends.
The flight from stocks to bonds sent several warning signals of an economic slowdown reverberating through markets.
Rising bond prices pushed gap between yields on the two- and 10-year U.S. Treasury notes to their narrowest difference since 2007, a closely watched measure among investors since such occurrences tend to precede a recession. The gaps between two- and five-year yields and three- and five-year yields have already inverted.
Of the eleven S&P 500 Sectors, only Utilities finished in positive territory.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-waver-as-treasury-yields-decline-1543914431
Bloomberg:
https://www.bloomberg.com/news/articles/2018-12-03/asian-stocks-set-for-muted-open-curve-flattens-markets-wrap?srnd=premium
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-plunges-700-points/
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-drops-on-trade-truce-doubts-bond-market-jitters-idUSKBN1O31JV
CNBC:
https://www.cnbc.com/2018/12/04/stock-market-dow-futures-fall-amid-us-china-trade-deal-skepticism.html
U.K.:
https://www.marketwatch.com/story/uk-stocks-fall-as-brexit-headlines-drive-up-sterling-2018-12-04/print
Europe:
https://www.marketwatch.com/story/european-markets-down-as-trade-truce-between-us-and-china-questioned-2018-12-04/print
Asia:
https://www.marketwatch.com/story/asian-markets-take-a-break-a-day-after-big-gains-2018-12-03/print
Bonds:
https://www.cnbc.com/2018/12/04/bond-market-treasury-yields-continue-slide-with-traders-wary-of-fed.html
Currencies:
https://www.cnbc.com/2018/12/04/forex-markets-dollar-the-fed-in-focus.html
Oil:
https://www.cnbc.com/2018/12/04/oil-markets-opec-meeting-in-focus.html
Gold
https://www.cnbc.com/2018/12/04/gold-markets-dollar-us-china-trade-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: Jeffrey Gundlach, chief executive officer of DoubleLine Capital, says the U.S. Treasury yield curve inversion on short end maturities are signaling that the “economy is poised to weaken.”
Gundlach, known on Wall Street as the Bond King, said the Treasury yield curve from two- to five-year maturities is suggesting “total bond market disbelief in the Federal Reserve’s prior plans to raise rates through 2019.”
Regards,
Ted
https://www.reuters.com/article/us-funds-doubleline/doublelines-gundlach-treasury-curve-inversion-signal-economy-poised-to-weaken-idUSKBN1O3244

@willmatt72
>> willing to give up some gains over the long term and sleep well at night.
Sure, if holding some bonds somehow for 10-15y gives better mental health than simply being in VT or VT plus, say, some US-oriented tweaks (SCHD etc), go for it. Can't imagine VT would be either fun or anxious to watch, but I never done it.

It's fine. I understand your point. I guess I'm willing to give up some gains over the long term and sleep well at night. It's not easy to tell an investor - "Don't watch." Easier said than done for some of us.