I'm doing the same thing for the same reasons and it's been an ongoing process. I downloaded the forms and sent them in no issues. They created the account with only one trustee when there were 2 on the form. It took 2 weeks to find that out as they kept telling me they didn't receive the forms. Another 10 days to correct the mistake. Then I found out I could only buy mutual funds so I'm trying to make it a brokerage account. 10 days waiting for the paper work, likely 10 days back. Fidelity got all this done in a week. I'm still sticking with it because I want someone to have easy access to the balanced funds they offer in case I die but if it was just for me I would get my money back and stick with Fidelity only.
They told me they don't use email in matters concerning a trust account so that has been a big issue with Vanguard. I commonly use email with Fidelity. I see where Dennis1 says they used email with him but that's what they are telling me and I have received no email from them at all. They have point blank refused to use email and attach any documents. It would seem they would have at least notified me right away when the account was set up so I could get the number and send some more money. I'm not impressed at all. Junk like this Fidelity has over nighted both ways at their expense.

BRUFX vs OAKBX

Since OAKBX inception... a picture is worth a thousand dollars (minimum investment):

AndyJ: Investors in Annaly Capital Management didn't take too kindly at first to Monday's news that the real estate investment trust had struck its biggest deal yet: Shares of the company, which invests in mortgage debt, fell as much as 2.4 percent. By afternoon, shareholders were starting to come around and the stock had mostly recovered -- for good reason.
Regards,
Ted
http://www.bloomberg.com/gadfly/articles/2016-04-11/annaly-capital-deal-may-prompt-mortgage-reit-consolidation?cmpid=yhoo.headline

Annaly didn't move a lot, but Gundlach started recommending it months ago and it's already had a very nice run. Not saying those last two points are necessarily related 1:1 ...

@prinx Very happy...but any other suggestions
Smoking out the right way to invest in the marijuana movement
Advisers keeping their distance from high-flying pot stocks
By Jeff Benjamin | April 11, 2016 - 1:20 pm EST
InvestmentNews
Meanwhile, it is easy to understand how some could get caught up in the pot-investing buzz.
There are literally dozens of cannabis-related companies already trading over the counter, and many of them share similarly volatile stock-price histories.
“It seems clear that cannabis is on the way to becoming legal across the country, either for medical or recreational use,” said Chris Chen, a wealth strategist at Insight Financial Strategists.
“However, given that there are still a number of legal uncertainties regarding cannabis, an investment in that field would be classified as aggressive,”
http://www.investmentnews.com/article/20160411/FREE/160419993?template=printart

@MFO Members: One of my core holding for income is one of Bill's recommendation NLY. They just purchased Hatteras Mortgage that bodes well for future earnings, and with a 11.5% yield should be given serious consideration.
Regards,
Ted

I find VWINX especially impressive because, for a notional 35/65 fund, plus or minus --- meaning the sort of thing many of us would not consider, certainly not in our younger days --- it does so well equaling or beating (since the early 1990s) higher-equity funds like FPURX and GLRBX. Remarkable. All longtime Boston managers, too, and nothing to do w/ Fidelity or State St or Hancock or any of the usual suspects. I think I've crossed social paths with only one Wellington staffer in all the decades I've been out here.

@Anna: The combined funds have $136 Billion AUM, I don't see why not.
Regards,
Ted

@MFO Members: VWELX average annual return of 8.22% since 1929, and VWINX average annual return of 9.92% since 1970 a hard duo to beat. !
Regards,
Ted

MJG You and others have referenced my #1 life/trading book several times The Luck Factor by Max Gunther. But few take it to heart. As Mr. Gunther relates "there are five outstanding characteristics that distinguish the lucky from the unlucky". My favorite is The Ratchet Effect - the capacity to get out of deteriorating situations (trades/investments) quickly. You don't think, just react. But for most investors it is emotionally difficult to admit mistakes and hence they hold on and on and on to losing/underperforming positions. They spend so much time with their analysis on the buying side but zero time on the sell side planning an exit point if they are wrong. This is especially commonplace with those who are enamored with their perceived intelligence.
Another trait is Audentes Fortuna Juvat - Fortune (luck) favors the bold. That is a topic for another time but most investors diversify away any possibilities of that characteristic benefiting them.

Ratings are updated monthly on our MFO Premium site. Its MultiSearch tool includes all share classes, 21 evaluation periods, and 50 screening criteria. The March update comprises ratings on 9,296 US mutual funds and ETFs (27,307 all share classes), based on Lipper's Data Feed Service.
Looking through some of our Pre-Defined Screens ...
Among the Best Performing Rookies: AQR Equity Market Neutral R6 (QMNRX, Alternative Equity Market Neutral), NWM Momentum (MOMOX, Flexible Portfolio), 361 Global Long/Short Equity Y (AGAWX, Alternative Long/Short Equity), Catalyst Macro Strategy I (MCXIX, Alternative Global Macro), and ProShares S&P MidCap 400 Dividend Aristocrats (REGL, Mid-Cap Core).
A little further down this list is LSV US Managed Volatility Inst (LSVMX, Multi-Cap Value). LSV is short for Josef Lakonishok, Andrei Shleifer, and Robert Vishny ... three professors that started Chicago-based LSV Asset Management in 1994. They now offer six mutual funds, including three rookies and one Great Owl:

Among short list of Dual Great Owl and Honor Roll Funds: T Rowe Price Capital Appreciation (PRWCX, Mixed-Asset Target Alloc Growth), John Hancock Capital Appreciation Value (Lipper ID B24T, Mixed-Asset Target Alloc Growth), Boston Trust Asset Management (BTBFX, Mixed-Asset Target Alloc Growth), Gavekal KL Allocation Inst (GAVIX, Flexible Portfolio), Vanguard Wellesley Income Inv (VWINX, Mixed-Asset Target Alloc Consv), and Vanguard/Wellington I (VWELX, Mixed-Asset Target Alloc Growth).

>> Remind me again why we should not just invest in VBINX and forget about it?
Because if you had read the Fortune and Forbes ranking articles in the early 1990s recommending DODBX, FPACX, FPURX, OAKBX, MAPOX, and/or GLRBX for the long haul and gone with them instead, you would have made considerably more money --- had you been faithful --- except for Golden, where you would have achieved the same but with a way smoother ride.
At given points since then, of course, many of us would've quailed and bailed out of Dodge, Romick, and more recently Oakmark. Easy to advise in hindsight to stay the course. My father touted Puritan to me in the 1960s, and I reacted as any good knowitall child does.

Chip posted our updated ratings on the Search Tools pages last night, thank you.
Quick look shows ...
All three CGM funds are on the Three Alarm list. As are both Fairholme's equity funds (FAIRX and FAAFX). Sequoia (SEQUX) is not yet ... it has two alarm bells.
bee's fav Bruce (BRUFX) is on the Honor Roll. As is Matthews Asia Dividend Inv (MAPIX), T Rowe Price's Capital Appreciation (PRWCX), and Vanguard's Balanced Index Inv (VBINX), Value Index Inv (VIVAX), Wellesley Income Inv (VWINX), and Vanguard/Wellington I (VWELX).
Remind me again why we should not just invest in VBINX and forget about it?
A little more here ... ignoring survivorship bias, there are 4,856 US funds and ETFs that have been around since the start of current full market cycle in November 2007. Across these 8 plus years, the absolute worst performer is iPath Exchange Traded Notes Bloomberg Natural Gas Subindex Total Return ETN Series A (GAZ) at -47.6% return annually ... down 99% or so from peak. Wretched! The best is Biotechnology UltraSector ProFund Inv (BIPIX) at +18.1% annually.
VBINX is at +5.6% annually, which is better than 80% of all other choices. Hmmm ... I'll offer shipwreckedandalone's post VBINX.
FWIW, Vanguard 500 Index Inv VFINX also returned +5.6% over this period. As has PIMCO Total Return III Inst (PTSAX), Voya Corporate Leaders Trust (LEXCX), and James Balanced: Golden Rainbow Retail (GLRBX).
The just over four year old Seafarer Overseas Growth and Income Inst (SIGIX) remains a Great Owl fund, besting its peers by 8.2% since inception. Also on the GO list are Gavekal KL Allocation Inst (GAVIX), Grandeur Peak Global Opportunities Inst (GPGIX), RiverPark Short Term High Yield Inst (RPHIX), FMI International (FMIJX), Pear Tree Polaris Foreign Value Small Cap Inst (QUSIX), Oberweis International Opportunities (OBIOX), Lifestyle Conservative Inst (TCSIX), TrimTabs Float Shrink ETF (TTFS), Akre Focus Inst (AKRIX), Zeo Strategic Income I (ZEOIX), Scout Low Duration Bond (SCLDX), Queens Road Small Cap Value (QRSVX), PIMCO Short Asset Investment Inst (PAIDX). All these funds have been profiled by David and can be found on the MFO Dashboard.

Ron is an "expert" and very articulate and knowledgeable. So how could he have possibly lost money for you over the past 10 years. 99.5% of investors would be best served in a domestic index fund from Vanguard.

( Ron is working hard for you ! Right !)
(From Muhlenkamp Website)
We are professional investment managers. We are not accountants, auditors, brokers, custodians, financial planners, or tax experts. We do not file tax returns, prepare legal documents, or churn out black box financial plans. We seek to maximize total returns, after taxes and inflation, to our clients by taking advantage of the opportunities provided when markets periodically misprice assets.
Our motto is “intelligent investment management” to emphasize that we remove the emotion from investing. We might also be described as “no BS” or “common sense” investment managers—you get the idea. Investing other peoples’ money is a rational profession and we apply ourselves to it on a continuous basis.
We invest money for people who want their money to work as hard for them as they’ve had to work for it—and who want their money to grow over periods of time best measured in years and generations. Our clients and shareholders hire us to help protect what they have, help make it grow, and help ease their minds.
Regards,
Ted
Let's See How Hard Ron Is Working For You: MUHLX Performance:
15 Years 92 Percentile, 10 Years 100 Percentile, 5 Years 99 Percentile, 3 Years 99 Percentile, 1 Year 98 Percentile, YTD 99 Percentile. At least Ron your consistent.
M* Snapshot MUHLX:
http://www.morningstar.com/funds/xnas/muhlx/quote.html
Lipper Snapshot MUHLX:
http://www.marketwatch.com/investing/Fund/MUHLX
MUHLX Is Ranked #226 out of #483 (LCB) Funds By U.S. News & World Report)
http://money.usnews.com/funds/mutual-funds/large-blend/muhlenkamp-fund/muhlx
Larry Swedroe 2011 Article:
http://www.cbsnews.com/news/does-muhlenkamp-add-value/

Agree that AF goes nuts with the # of share classes. However, they run pretty good funds with low recurring costs ... I hold several of them both in taxable and retirement accounts.
I'd like them even more if they nixed the 12(b)-1 fee and insane front end loads, though. If I knew then what I know now about OEFs, I'd probably not have bought them. But those front end costs are more than paid for now.

M*'s take (from the WSJ giving quotes on reactions to the final regs that I cited in another thread):
Scott Cooley: "“One of my fears was that people who had already had paid a commission on their retirement accounts would be moved into fee-based accounts and then have to pay 1% of assets a year after they had already paid a commission. [But the DOL has] “indicated that it would have to be in the best interest of the client to shift them to a fee-based account from a commission-based account. That’s unambiguously pro-consumer.”
https://www.google.com/search?q=Reactions+to+the+Labor+Department’s+Fiduciary+Rule&ie=utf-8&oe=utf-8 (top link for WSJ quotes)

His (Bloomberg Intelligence) answer to what's in the US Aggregate Bond Index (or SCHZ): "everything ... mortgages, munis, the whole package." (At 1:22)
It's all well and good to talk about fees, but first comes knowing what you're buying. (The index also excludes junk and floating rate bonds.)
Okay, the ETF does own 0.80% in munis.
http://portfolios.morningstar.com/fund/summary?t=ARCX:SCHZ&region=usa&culture=en-US&cur=

JPC is up almost 3% at the Monday open, 325k shares traded, more than average daily volume in the first 15 minutes. Bill the G. must still have some influence!

BRUFX vs OAKBX - lower expenses, smaller asset base, much more flexible mandate, able to own small market-cap holdings because of smaller size. Bigger loss in 2007-08, bigger gains 2009-10. Underperformed 2012-2013, outperformed 2014-2015. Just FYI for the board.