FYI: U.S. stocks swung sharply in another volatile session Thursday as investors bet a string of disappointing economic data would spur the Federal Reserve to continue cutting interest rates.
The Dow Jones Industrial Average dropped as much as 335 points—and then recovered all of those losses to turn higher—after data showed services activity softened in September.
The Institute for Supply Management said its nonmanufacturing index hit a three-year low, sparking fears a manufacturing slowdown had spread to other parts of the economy.
The blue-chip index had already tumbled about 840 points, or 3.1%, over the two previous trading sessions on worries about an economic downturn. Reports earlier in the week showed U.S. factory activity slid to a 10-year low in September and the pace of job creation in the private sector slowed.
Thursday’s services data added to the anxiety, prompting traders to increase their bets on further easing by the Fed.
Federal-funds futures show traders are betting there’s a 53% chance of the central bank lowering its benchmark short-term interest rate two more times by the end of the year, according to the CME Group. That’s up from 39% Wednesday and 19% a week ago.
The Dow industrials climbed 123 points, or 0.47%, swinging nearly 450 points from the high to the low on the day. The S&P 500 rose 0.80%, and the Nasdaq Composite grew 1.12%.
The services sector had previously been considered a bright spot in the economy, overshadowing signs of weakness in the manufacturing space. But cracks started to emerge last week after data showed consumer spending cooled in August.
Investors continued to seek the safety of government bonds and gold. The yield on the benchmark 10-year U.S. Treasury note dropped for the sixth straight session, to 1.534% from 1.594% Wednesday, as bond prices rose. Gold climbed 0.5%, up for a third consecutive session.
Within the S&P 500, technology and energy stocks were among the biggest gainers. The real-estate and consumer-staples sectors—generally considered havens for their steady dividend payments—were also higher. Financial stocks were the only group in the red, slipping 0.2%.
In corporate news, PepsiCo shares climbed 3.8% on a better-than-expected earnings report. The food-and-beverage company posted strong revenue growth, though foreign-exchange moves weighed on the business.
Shares of Constellation Brands dropped 5.4% after the Corona brewer swung to a loss in the latest quarter.
Meanwhile, disappointing manufacturing data out of the U.K. added to growth fears.
The Stoxx Europe 600 fell less than 0.1% as fresh data added to the gloomy outlook for the broader European economy.
The U.K. services purchasing managers index hit a six-month low of 49.5, below the 50 level that marks contraction. The figures reignited concerns that the economy is in recession, analysts at Capital Economics said, adding that economic performance will remain “well below par” while Brexit negotiations drag on.
In Asia, Japan’s Nikkei fell 2%, while Hong Kong’s Hang Seng rose 0.3%. Stock markets in China and South Korea were closed.
In commodity markets, oil prices slipped 0.2%, with the U.S. benchmark on track for its eighth straight day of declines.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-10-03/your-evening-briefing
AP:
https://apnews.com/47bc840fb74d4140bc9ba893c3ebe521
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-lean-higher-after-two-days-of-heavy-selling-2019-10-03/print
WSJ:
https://www.wsj.com/articles/global-stocks-slip-on-weak-data-tariff-threat-11570090333
Bloomberg:
https://www.bloomberg.com/news/articles/2019-10-02/asian-stocks-set-to-slide-as-slowdown-fears-grow-markets-wrap?srnd=premium
IBD:
https://www.investors.com/market-trend/stock-market-today/stock-market-reverses-higher-amid-positive-signals/
CNBC:
https://www.cnbc.com/2019/10/03/us-futures-point-to-slightly-lower-open.html
Reuters:
https://uk.reuters.com/article/us-usa-stocks/wall-street-gains-as-services-data-raises-odds-on-fed-rate-cuts-idUKKBN1WI199
U.K:
https://uk.reuters.com/article/uk-britain-stocks/ftse-100-hits-eight-month-low-as-global-slowdown-fears-take-hold-idUKKBN1WI0J4
Europe:
https://www.reuters.com/article/us-europe-stocks/euro-zone-shares-edge-higher-on-rally-in-airbus-luxury-stocks-idUSKBN1WI0KK
Asia:
https://www.cnbc.com/2019/10/03/asia-markets-eu-tariffs-us-eu-trade-currencies-and-oil.html
Bonds:
https://www.cnbc.com/2019/10/03/us-treasury-yields-lower-amid-trade-turmoil.html
Currencies:
https://www.cnbc.com/2019/10/03/forex-markets-us-jobs-data-in-focus.html
Oil
https://www.cnbc.com/2019/10/03/oil-markets-global-economy-in-focus.html
Gold:
https://www.cnbc.com/2019/10/03/gold-markets-us-jobs-data-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/fut

Well, oct. could end up being the pullback some have been anticipating, even been waiting for. Bring it on. Lets get it over with.

The Dow industrials fell 494 points, or 1.86%, following a 1.3% decline Tuesday. Those declines put the index on pace for its worst start to quarter since the depths of the financial crisis in the fourth quarter of 2008, when it fell 19%.
The S&P 500 fell 1.79%, putting it in danger of falling more than 1% in consecutive sessions for the first time this year. The last time the broad equity gauge dropped that much on back-to-back days was Dec. 24, 2018, when an end-of-year selloff nearly ended the long-running bull market. The Nasdaq Composite lost 1.56%.

FYI: The Dow Jones Industrial Average dropped almost 500 points Wednesday as worries about a slowdown in the U.S. economy rattled markets to start the fourth quarter.
Concerns about slowing global growth have resumed this week, shaking a bet among U.S. investors that the trade war-induced slowdown overseas wouldn’t hit the domestic economy with the same force. That bet was upended after data Tuesday showed a gauge of U.S. factory activity contracted for the second consecutive month, falling to its lowest level since June 2009.
Wednesday’s private-sector jobs report, which showed the pace of job creation has slowed, added to the concerns about the health of the economy.
The stock market’s declines were broad and accelerated through the morning. All 11 sectors in the S&P 500 fell, as did all but one of the 30 blue-chip stocks in the Dow. Among the biggest losers were shares of big industrial and technology companies.
Delta Air Lines declined 6.8%, while aluminum parts manufacturer Arconic fell 4.6%. Apple and Google lost 2.4% and 2.3%, respectively.
“It feels like one thing after another the last couple of days,” said David Laffertry, chief market strategist at Natixis. While Wednesday’s jobs report from ADP was soft rather than outright weak, he said, “within the context of other bad macro data the last couple of days, it’s sort of piling on.”
The Dow industrials fell 494 points, or 1.86%, following a 1.3% decline Tuesday. Those declines put the index on pace for its worst start to quarter since the depths of the financial crisis in the fourth quarter of 2008, when it fell 19%.
The S&P 500 fell 1.79%, putting it in danger of falling more than 1% in consecutive sessions for the first time this year. The last time the broad equity gauge dropped that much on back-to-back days was Dec. 24, 2018, when an end-of-year selloff nearly ended the long-running bull market. The Nasdaq Composite lost 1.56%.
The selloff heightens the anxiety for two other consumer-focused reports this week—the Institute for Supply Management’s services sector report Thursday and Friday’s payrolls report.
Wednesday’s ADP National Employment Report beat muted expectations—the private sector added 135,000 jobs in September, versus estimates for 125,000 jobs. But the firm cut its August estimate by nearly 40,000, and the three-month average of 145,000 is down from 214,000 a year ago.
Altogether, it was the latest sign that businesses are turning more cautious in the face of a weakening global economy.
If the manufacturing slowdown spreads to the services sector, this would increase pressure on the Federal Reserve to cut rates again in October, said Stefan Schilbe, HSBC Germany’s chief economist.
The market odds of another Fed rate cut this year rose to 86% Wednesday morning, up from 73% a week ago, according to data from CME data show.
Markets overseas continued to react to disappointing economic data. The Stoxx Europe 600 fell 2.7%, with Germany’s DAX down 2.8%.
In Asia, South Korea’s Kospi was down nearly 2% following news that North Korea fired at least one missile off its east coast. The move, seen as a show of strength, came after Pyongyang said it would resume official nuclear talks with the U.S.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-10-02/your-evening-briefing
AP:
https://apnews.com/a7bdc0d7aa6b4263ac9885dda5464fa9
MarketWatch:
https://www.marketwatch.com/story/dow-futures-skid-170-points-lower-as-wall-street-awaits-adp-jobs-report-2019-10-02/print
WSJ:
https://www.wsj.com/articles/global-stocks-fall-amid-rising-fears-of-economic-slowdown-11570004904
Bloomberg:
https://www.bloomberg.com/news/articles/2019-10-01/stocks-in-asia-to-slide-as-u-s-data-disappoints-markets-wrap?srnd=premium
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-lows-599-point-plunge-dow-stock-jnj/
CNBC:
https://www.cnbc.com/2019/10/02/dow-futures-trump-trade-manufacturing-data-wall-street.html
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-eyes-steepest-slide-in-nearly-six-weeks-on-growth-worries-idUSKBN1WH1A0
U.K:
https://uk.reuters.com/article/uk-britain-stocks/uk-shares-in-tailspin-as-global-woes-deepen-brexit-angst-lingers-idUKKBN1WH0M9
Europe:
https://www.reuters.com/article/us-europe-stocks/wto-trade-threats-sink-european-stocks-idUSKBN1WH0L6
Asia:
https://www.cnbc.com/2019/10/02/asia-markets-october-2-global-economy-oil-currencies.html
Bonds:
https://www.cnbc.com/2019/10/02/us-treasury-yields-rise-indicating-tentative-rebound-in-sentiment.html
Currencies:
https://www.cnbc.com/2019/10/02/forex-markets-us-manufacturing-in-focus.html
Oil
https://www.cnbc.com/2019/10/01/oil-markets-us-oil-output-opec-in-focus.html
Gold:
https://www.cnbc.com/2019/10/02/gold-markets-us-manufacturing-data-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/fut

https://www.sec.gov/Archives/edgar/data/1342947/000089109219009814/e6667-497.htm
497 1 e6667-497.htm FORM 497
BBH TRUST
BBH CORE SELECT
CLASS N SHARES (BBTEX)
RETAIL CLASS SHARES (BBTRX)
SUPPLEMENT DATED SEPTEMBER 23, 2019 TO THE
PROSPECTUS DATED FEBRUARY 28, 2019
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On September 23, 2019, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for BBH Core Select (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) October 9, 2019 and (ii) the date in which all shareholders that are not affiliated with the Adviser have redeemed their respective shares in the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on September 23 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date. Effective after market close on September 23, 2019, the Fund has waived the redemption fee for all redemptions.
If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses, which the Adviser has voluntarily agreed to limit to 0.80%. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on September 20, 2019, BBH Core Select (the “Fund”) was closed to purchases of Fund shares, however, the Fund’s closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
From BBH Funds website:
https://www.bbhfunds.com/resource/blob/38882/fd1538e953c3b25cb9677cdad467b3ef/notice-to-shareholders---bbh-core-select-fund-liquidiation-data.pdf
or
https://www.bbhfunds.com/bbhfunds-en-us/our-funds/bbh-equity-funds/core-select-fund
BBH Core Select Fund Liquidation
Notice to Shareholders
September 23, 2019
Brown Brothers Harriman & Co. Announces Liquidation of BBH Core Select
BBH CORE SELECT CLASS N SHARES (BBTEX)
BBH CORE SELECT RETAIL CLASS SHARES (BBTRX)
At a meeting held on September 23, 2019, the Board of Trustees of BBH Trust adopted a Plan of Liquidation (the “Plan”) for BBH Core Select (the “Fund”) based on the recommendation of Brown Brothers Harriman & Co. through its separately identifiable department (the “Adviser”), and in consideration of various factors, including the recent launch of BBH Select Series – Large Cap Fund, a fund with the same investment team and substantially similar investment strategy.
As previously announced, the Fund closed to new investments effective as of the close of business on September 20, 2019. As outlined in the Plan, the Fund will make a final liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund on or about October 9, 2019 (the “Liquidation Date”).
In the period leading up to the Liquidation Date, the Adviser may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash. During this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Shareholders have three options in advance of the Liquidation Date:
(1) Redeem BBH Core Select shares;
(2) Redeem BBH Core Select shares and purchase BBH Select Series-Large Cap Fund with the proceeds*; or
(3) Take no action -- the Fund will redeem remaining shareholders on Liquidation Date.
The Adviser will bear the expenses of the liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses, which the Adviser has voluntarily agreed to limit to 0.80%. The Fund has waived the redemption fee for all redemptions effective at market close on September 23, 2019.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. To the extent that BBH Core Select Fund is required to provide any additional information, such information will be available via www.bbhfunds.com. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
For additional details, please refer to the supplement dated September 23, 2019 to the BBH Core Select Prospectus dated February 28, 2019. If you have any questions or require any additional information regarding this announcement, please contact the Fund using the phone numbers or email addresses provided below:
Financial Advisors/Institutional Investors: (800) 625-5759 - [email protected]
Individual Investors: (800) 575-1265 - [email protected]
-------------------------------------------------------
* Direct Fund investors with accounts at ALPS Distributors, Inc. may request the redemption of the Fund and purchase of shares of BBH Select Series – Large Cap Fund or any other BBH Fund with the proceeds using the form available h­­­ere. Investors not holding the Fund directly may request the exchange be processed through the intermediary where their account is held.
Brown Brothers Harriman & Co. (“BBH”), a New York limited partnership, was founded in 1818 and provides investment advice to the BBH Trust through a separately identifiable department (the “SID”). The SID is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005.
Shares of the BBH Funds are distributed by ALPS Distributors, Inc.
For more complete information, visit www.bbhfunds.com or contact your investment professional for prospectuses. You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus, which you should read carefully before investing.
Securities products are subject to investment risks, including possible loss of the principal invested.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

If that paragraph doesn’t give you a clue as to the worth of this article, this line just might:
Disclaimer: We aren't financial adviser or lawyer ...

I think you missed the best part of that sentence. Disclaimers like this are important if the writing sounds too much like investment advice that might put the writer at risk. But they usually read: intended for educational purposes or intended for informational purposes, or something like that. See, e.g. here.
The one in this column reads: "for entertainment purpose only."
We are not amused.

If that paragraph doesn’t give you a clue as to the worth of this article, this line just might:
Disclaimer: We aren't financial adviser or lawyer ...
Sorry John, I appreciate your efforts, but this one is a loser.

FYI: U.S. stocks turned lower Friday after reports that a Chinese trade delegation would be returning home earlier than expected, souring hopes that Washington and Beijing were moving toward a trade deal.
The news capped off an eventful week that featured turmoil in money markets and an attack on oil facilities in Saudi Arabia that triggered dramatic swings in crude prices.
The blue-chip index fell 160 points, or 0.59%, in afternoon trading. The S&P 500 dropped 0.50%, while the Nasdaq Composite slumped 0.80%.
Stocks had opened higher but then dropped sharply after news agencies reported that Chinese agriculture officials had canceled a planned trip to Montana and were returning home.
All three indexes are on pace to close the week lower, after three consecutive weeks of gains. Still, both the Dow and S&P 500 are within 1.5% of their closing records reached in July.
Investors snapped up assets seen as safe havens. The yield on U.S. 10-year Treasurys fell to 1.758%, from 1.777% on Thursday.
Stock moves were muted this week, but volatility broke out in the oil market and an obscure corner of the financial system that banks rely on for short-term funding.
Rates on short-term repurchase agreements briefly jumped from around 2% to nearly 10% at the beginning of the week. The spike was caused by technical factors: corporate tax payments came due to the U.S. Treasury just as Treasury debt auctions settled, leading to large transfers of cash from the banking system.
U.S. crude oil slipped less than 0.1% to $58.09 a barrel on Friday after days of major price swings. Following an attack on key Saudi production facilities last weekend, oil futures spiked nearly 15%--their largest one-day move in years. But since then they have pared gains as Saudi officials have pledged to restore production to regular levels.
Netflix was one of the worst-performing stocks in the S&P 500 on Friday, down 6.2%. The streaming company has been under pressure in recent months amid a decline in its U.S. subscribers.
Overseas, the benchmark Stoxx Europe 600 gained 0.3%. In Asia, the Shanghai Composite and Japan’s Nikkei both rose 0.2%.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-09-20/your-evening-briefing
MarketWatch:
https://www.marketwatch.com/story/dow-and-sp-500-set-to-test-record-highs-as-trump-administration-said-to-exempt-china-products-from-tariffs-2019-09-20/print
WSJ:
https://www.wsj.com/articles/global-stocks-rise-at-the-end-of-a-bumpy-week-11568968985
Bloomberg:
https://www.bloomberg.com/news/articles/2019-09-19/asia-stocks-set-to-edge-higher-bond-yields-drift-markets-wrap
IBD:
https://www.investors.com/market-trend/the-big-picture/stock-market-falls-on-china-trade-setback/
CNBC:
https://www.cnbc.com/2019/09/20/stock-market-wall-street-in-focus-as-us-china-trade-talks-resume.html
Reuters:
https://uk.reuters.com/article/us-usa-stocks/wall-street-drops-after-china-cancels-visit-to-montana-farmland-idUKKBN1W51B6
U.K:
https://uk.reuters.com/article/uk-britain-stocks/british-blue-chips-dented-by-sterlings-brief-brexit-uplift-idUKKBN1W50NQ
Europe:
https://www.reuters.com/article/us-europe-stocks/european-shares-log-fifth-week-of-gains-novo-nordisk-shines-idUSKBN1W51WY
Asia:
https://www.cnbc.com/2019/09/20/asia-pacific-stocks-set-to-trade-mixed-amid-us-china-trade-jitters.html
Bonds:
https://www.cnbc.com/2019/09/20/bonds-treasury-yields-fall-as-traders-monitor-us-china-trade-talks.html
Currencies:
https://www.cnbc.com/2019/09/20/forex-markets-federal-reserve-brexit-in-focus.html
Oil
https://www.cnbc.com/2019/09/20/oil-markets-middle-east-in-focus.html
Gold:
https://www.cnbc.com/2019/09/20/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

We all look at different things and have our own biases, which is my way of saying that what follows are my less than complimentary thoughts about Rochester and Steelpath (two of Oppenheimer's acquisitions, including some of the terminated funds above). So the comments aren't about all of Oppenheimer's funds, just a couple of significant segments.
Rochester funds often show up at the top of muni fund performance screens. In a category of funds that should be sedate, these are high octane funds without adequate warning labels. From Oppenheimer's own PR: "Unlike many of its competitors, the team chooses to invest across the entire credit spectrum and its historic results have often been driven by the high levels of tax-free yield that non-rated and below-investment-grade securities have offered."
http://www.mfwire.com/article.asp?storyID=21319&template=article&bhcp=1
The lack of warning labels has landed these funds in hot water.

Shareholders accused OppenheimerFunds, a New York-based unit of Massachusetts Mutual Life Insurance Co, of misleading them about the safety of six funds, ignoring the funds’ stated objectives and risk guidelines, and inflating asset values. ...
The six funds were: AMT-Free Municipals, Rochester Fund Municipals, Rochester AMT-Free New York Municipal, New Jersey Municipal, Pennsylvania Municipal and Rochester National Municipals.
Rochester National specialized in high-yield securities, and remains one of the biggest funds in its class, with about $5.7 billion of assets as of July 31.
The other five funds were designed to preserve shareholder principal by investing in high-quality securities.
According to Morningstar Inc, the six funds’ Class A shares fell between 29 percent and 48.9 percent in 2008, ranking near the bottom of their respective categories.

Reuters, Aug 29, 2013, OppenheimerFunds settles crisis-era muni fund lawsuits for $89.5 mln
SteelPath strike me as a way to vitiate the tax advantages of MLPs (in the pursuit of simplicity), leaving no compelling reason to invest in them.

Once MLPs are wrapped in a mutual fund or an ETF, their distributions are taxed at the fund's corporate rate, and what is left is paid to shareholders as a distribution. That payment then is taxed as dividend income, thereby effectively nullifying the main reason for investing in an MLP in the first place.

https://www.investmentnews.com/article/20130414/REG/130419957/mlps-in-mutual-funds-pose-hazards
I'd guess it's more a combination of small size and poor performance that's driving the closures. Oppenheimer created its own MLP fund ILPAX a couple of years after acquiring Steelpath, and it's still a tiny fund. But it's been doing better than the similarly microscopic OMLPX, which Oppenheimer is shuttering.
https://news.morningstar.com/fund-category-returns/energy-limited-partnership/$FOCA$LP.aspx
Invesco is leaving in place its two non-MLP infractructure funds, one home grown (GIZAX), and one from Oppenheimer (OQGAX). So there seems to be more considerations than just overlap in doing this housecleaning. Also given Oppenheimer could have merged funds together and shielded investors from tax consequences of liquidation if it felt the closed funds overlapped enough with the surviving funds.
Invesco fund lineup
Related (another tiny MLP fund at the bottom of the performance rankings):
James Alpha MLP Portfolio to cease selling of shares
https://mutualfundobserver.com/discuss/discussion/52746/james-alpha-mlp-portfolio-to-cease-selling-of-shares

FYI: (This is a follow=up article.)
Vanguard isn't yet talking about the new all-digital financial planning and automated investing product it is currently testing, but a brochure filed with regulators this week hit the already crowded and competitive digital advice marketplace like a bomb.
Regards,
Ted
https://www.google.com/search?sxsrf=ACYBGNQD9VKuuTBVJvH02IvZgxnVNAVL9A:1568968354596&source=hp&ei=oo6EXdKYIYLWtQX676q4BQ&q=Vanguard+digital-only+tool+could+pinch+Wealthfront,+Betterment&oq=Vanguard+digital-only+tool+could+pinch+Wealthfront,+Betterment&gs_l=psy-ab.3...3417.3417..4681...0.0..0.78.78.1......0....2j1..gws-wiz.Y44tz8K7YEM&ved=0ahUKEwjS8b7L_t7kAhUCa60KHfq3ClcQ4dUDCAc&uact=5

FYI: A hard-copy financial newsletter, an adoring readership, and a bow tie.
Regards,
Ted
https://www.institutionalinvestor.com/article/b1h6v05lh6j7gp/Jim-Grant-Is-a-Wall-Street-Cult-Hero-Does-It-Matter-If-He-s-Often-Wrong?utm_medium=email&utm_campaign=The Essential II 91919&utm_content=The Essential II 91919 Version A CID_3225d5d6fcaf45db6ed5cac108492b68&utm_source=CampaignMonitorEmail&utm_term=Jim Grant Is a Wall Street Cult Hero Does It Matter If Hes Often Wrong

What I expect having analyzed the funds and this new one is GP Global Reach--https://grandeurpeakglobal.com/documents/grandeur-peak-global-reach-fund-fs-20190630.pdf --but with a value tilt--more emerging markets stocks, more financial, materials, commodity and industrial stocks and less technology and healthcare stocks. It will probably be mostly small and micro, but with some mid and large-caps thrown in like Global Reach, only lower valuation multiples and less growth. It also seems like a way to compete with Wasatch Microcap Value, although with much more overseas. In fact, I could imagine them looking at every stock they include in Global Reach and taking the cheaper half and putting them in this fund.

https://www.sec.gov/Archives/edgar/data/1041917/000119312519248051/d806608d497.htm
497 1 d806608d497.htm COHEN & STEERS REAL ESTATE SECURITIES FUND, INC.
COHEN & STEERS REAL ESTATE SECURITIES FUND, INC.
CLASS A (CSEIX), CLASS C (CSCIX), CLASS F (CREFX), CLASS I (CSDIX),
CLASS R (CIRRX) and CLASS Z (CSZIX) SHARES
Supplement dated September 18, 2019 to
Summary Prospectus and Prospectus dated May 1, 2019
The Board of Directors of Cohen & Steers Real Estate Securities Fund, Inc. (the “Fund”) has approved a plan to close the Fund to new investors, subject to certain exceptions outlined below, effective at the close of business on November 8, 2019. Existing shareholders can remain invested in the Fund after November 8, 2019 and continue to add to their positions. The following information rescinds and replaces the supplement to the Fund’s Summary Prospectus and Prospectus dated September 5, 2019.
Effective immediately the following paragraphs are added to the beginning of the “Purchase and Sale of Fund Shares” section of the Summary Prospectus and immediately after the first paragraph in the “How to Purchase, Exchange and Sell Fund Shares—Purchasing the Class of Fund Shares that is Best for You” section of the Prospectus:
Effective at the close of business on November 8, 2019 (the “Closing Date”), the Fund will be closed to new investors subject to certain exceptions. After the Closing Date, the following categories of shareholders may continue to purchase Fund shares:
•Existing shareholders invested in the Fund on the Closing Date can add to their existing positions.
•Group retirement plans, including 401(k), employer-sponsored 403(b) plans, 457 plans, and defined benefit plans, on recordkeeping platforms offering the Fund as an investment option on the Closing Date may continue to establish new participant accounts in the Fund for those plans.
•Recordkeepers for group retirement plans with accounts established in the Fund prior to the Closing Date may continue to add the Fund to new plans and establish new participant accounts in the Fund for new and existing plans.
•Existing home office discretionary model portfolios centrally managed by broker-dealers, registered investment advisors, or bank trust companies that currently offer the Fund as an investment option and continue to offer it after the Closing Date may establish new participant accounts.
•The Advisor encourages its portfolio managers to invest in the Cohen & Steers Funds Complex and as such, the Fund’s portfolio managers may open new accounts and purchase shares of the Fund.
The Fund reserves the right to modify or limit the above exceptions, or re-open the Fund to new investors at any time. To be eligible to purchase a class of Fund shares, investors must meet the purchase eligibility for the Fund outlined above in addition to any class-specific eligibility requirements described in the Fund’s Prospectus.
Financial intermediaries are responsible for enforcing these restrictions with respect to their investors. The Fund’s ability to monitor financial intermediaries’ enforcement of these restrictions is limited by operational systems and the cooperation of financial intermediaries. In addition, with respect to certain omnibus accounts, the Fund’s ability to monitor is also limited by a lack of information with respect to the underlying shareholder accounts.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR RECORDS
CSISSPRO-0919

FYI: Money managers that mimic the stock market just became the new titans of the fund-management world.
Funds that track broad U.S. equity indexes hit $4.27 trillion in assets as of Aug. 31, according to research firm Morningstar Inc., giving them more money than stock-picking rivals for the first-ever monthly reporting period. Funds that try to beat the market had $4.25 trillion as of that date.
The passing of the asset crown is the latest chapter in one of the most dramatic transformations in the history of financial markets. In the past decade, nearly $1.36 trillion in net flows were added to U.S. equity mutual funds and exchange-traded funds that mimic market indexes while some $1.32 trillion fled higher-costing actively managed counterparts.
Regards,
Ted
https://www.wsj.com/articles/index-funds-are-the-new-kings-of-wall-street-11568799004?mod=md_mf_news

FYI: Investors want to view websites with clear and understandable information—yet that's not what they're getting from asset management companies, according to new research.
Instead, investors are being fed complex content that takes longer to digest and requires high mental effort to understand, according to research by Visible Thread, with the backing of Edelman Trust Barometer.
Regards,
Ted
https://www.fa-mag.com/news/financial-services-ranks-as-least-trusted-industry-due-to-non-transparent-websites-51624.html?print
2019 Asset Management Website Clarity Index:
https://www.visiblethread.com/wp-content/uploads/VisibleThread-2019-Asset-Management-Website-Clarity-Index.pdf

I wasn’t aware “qualifications” are required for publishing financial news & opinion. Mr. Dias appears to be a fee-based financial advisor based in Florida with 12 years experience, but no certifications.
https://money.usnews.com/financial-advisors/advisor/carlos-dias-jr-5315390
@Catch - A week’s stay at his ocean-side condo in Florida in March would be even better than the proverbial steak dinner. Yes, we have on-air “financial advisers” up here pitching annuities. Stay far away.

Although a Kiplinger published document; I find no valid background information for the article writer.
Have you looked at the various links provided?
No FINRA background at all, that I can discover. No pertinent background info of any consequence to money management.
At least he doesn't claim to be certified for anything having to do with providing financial advisement.
If you're able to discover a proper background for this person; please let us know.
I read this as nothing more than a paid advertisement. The only item missing is the "free steak dinner" at the local restaurant.

Thanks @JohnN. This is a provocative article from Kipplinger.
Like most of what appears in the financial press nowadays, a catchy title overstates the substance within. The writer doesn’t quantify the actual number or percentage of retirees who were badly burned by the 07-09 debacle nor is there a stated measure of actual losses incurred. But yep, when the tide began flowing out late in ‘07 many found to their chagrin they’d been swimming somewhat naked.
After cautioning against over-exposure to stocks, cash and bonds, the author tosses out annuities as a possible preventive approach. That’s fruit for further discussion.
My question re annuities would be: Is this a wise time to be buying one in view of the extraordinarily low rates of return on fixed income? I’ll assume that whatever future payout they would provide is very much dependent on the prevailing interest rates at the time of purchase. After all, the annuity provider needs to invest your payment into the same markets most of us have access to through our mutual funds.

A current NPR article is reporting that:
MIT To Settle Suit Alleging It Hurt Workers In 401(k) Plan

The Massachusetts Institute of Technology has reached an agreement in principle to settle a lawsuit that alleged that MIT, one of the nation's most prestigious universities, hurt workers in its retirement plan by engaging in an improper relationship with the financial firm Fidelity Investments.
Just days ahead of the start of the trial, MIT and the plaintiffs said in a court filing that they had reached the deal and are asking the court for 45 days in order for the details to be finalized and prepared for consideration by the court.
MIT Accused Of Costing Workers Millions In Cozy Deal With Financial Giant Fidelity
The lawsuit alleged that MIT went against the advice of its own consultants and allowed Fidelity to pack the university's retirement plan with high-fee investment funds that ended up costing employees tens of millions of dollars. In return, the lawsuit said, MIT leveraged millions of dollars in donations from Fidelity.
MIT and Fidelity have said the allegations have no merit.
The lawsuit said Fidelity executives took MIT officials on lavish outings, including an NBA Finals game. Court documents show that in 2015, when the university considered other options, an MIT dean emailed the head of an MIT committee overseeing the plan: "If we're not switching to Vanguard or TIAA Cref, I am going to expect something big and good coming to MIT," according to the court records.
Jerry Schlichter, the attorney for the plaintiffs, said that soon afterwards, "Fidelity donated $5 million to MIT."
In a court filing, MIT said the dean who wrote that email "never had any fiduciary responsibility for the plan."
In a letter to faculty and staff Thursday, MIT Provost Martin Schmidt wrote: "Although MIT believes firmly that it has managed the 401(k) Plan in careful compliance with the law and in the best interests of its participants, the continued cost and distraction of litigation are likely to be significant. In order to avoid that continued drain of MIT resources, we have reached an agreement to settle the dispute."

The preceding is an excerpt from the complete NPR article.

WELL.......
Negative rates are supposed to stimulate the economy, incentivising investment by making it less attractive to hold cash and spurring demand by making credit cheaper. But evidence of the theory working in practice is far from conclusive. Certainly Europe’s bankers are squealing, as they feel margins squeezed by low rates on lending and a reluctance to pass on negative rates to depositors.

Why did Europe promote negative interest rates?
Our Federal Reserve system and Treasury may operate within boundaries that are not available to the ECB (European Central Bank) functions, as the euro area's fiscal and financial rules are not similar. I will not expand this difference here. One may readily discover facts of their choice.
Suffice to note that the U.S. moved to Quantitative Easing, while the Euro Zone remained with a policy of austerity after the market melt in 2008. Many here will recall the rough times in Europe for several years following the melt.

As to investment grade bonds today. IMHO, one can not (yet) invest in bond funds that will allow for the steady eddy yield and pricing from the days of yesteryear; to take one's investment into the future without a care and the feeling of protection against the nasty's. Keeping in mind, that as long as there are buyers, don't be concerned with the yield; as your pricing/capital appreciation will out perform the yield expected.
My own question(s) to these type of bonds, is how long will purchases remain in place; IF the yields continue to trend to the negative zone??? Purchasers being the big investment houses, hedge funds, pension funds, insurance companies, sovereign wealth funds and individuals, etc.
With some of this in mind, this house has not been inclined to purchase investment grade bond fund(s) for any sake of yield; as this is third place in thought. First and second place belong to a cushion against the current political strains globally and what this may also bring for global equity(s). Yes, a protective place generating some yield and more so; since the mini melt in December of 2018, decent price appreciation. Early 2018 found a U.S. equity blip in February and a few rough patches until the mini melt in December. Early equity market tremors? I won't begin to suggest this knowledge; but money continues to run to IG bonds.
IF U.S. yields continue downward for whatever reason(s), what are the impacts?
--- CD's.....the folks who do not and/or will not invest in the markets, and maintain monies in CD's
--- financial institutions.....will they be able to maintain a proper spread (deposits/loans) to obtain a profit?
--- consumer loans.....mortgage, auto, etc.; would consumers take on too much cheap debt?
--- corporate bond issuance..... more or too much debt, and for what purpose?
--- private pension funding
--- insurance company(s) products, including annuities
and more.
I remain with the thought, as from 2009; This Time Is Different, at least for my investing period.
Your thoughts please.
Thank you for allowing my self therapy. :)
Catch

@rforno- like you, I don't consider our cash positions to be an investment position. I believe that this perspective is not widely shared here on MFO.
My wife and I each have both pension income and SS income. This income exceeds our normal expenses by a fair amount, with the result that cash holdings tend to increase over time.
For this reason my spreadsheet keeps separate accounting of designated "cash" positions and investment positions. The investment position aggregate usually does fairly well with respect to the S&P benchmark, but needless to say the cash position income is all but hopeless.
Because of our age (I just turned 80), and not having a real need for investment income at this stage, I've cut back severely on our investment positions, which previously were quite substantial. Essentially the current investment income is probably just about enough to offset inflation on the combined cash/investment positions. The anticipated decline in the investment positions when the next downturn hits will not be enough to threaten our overall financial situation.