Steve Romick manages both FPACX and SOR Source Capital a closed end fund with a very similar portfolio
Until 2021 or so they were almost identical. FPACX has done better since.
Never quite understood why SOR is out there, but you can buy it for free at Schwab, although the mutual fund will cost you $50

I like the 'In-Kind" strategy:

You don’t need to distribute cash. There’s no need to sell an asset in order to make the RMD. You can take the RMD in property, known as an in-kind distribution. That keeps your asset allocation unchanged.
For most IRAs, this involves simply directing the custodian to transfer a certain number of shares of a mutual fund or stock from the IRA to a taxable account. You have to be sure the value of the shares on the day of the distribution is at least equal to your RMD. The value on the day of the distribution is your tax basis in the asset. So, you’ll owe capital gains taxes in the future only on the appreciation after that day.
An in-kind distribution can be especially profitable when an asset’s value has declined and you believe the decline is temporary. Distribute the depressed asset and the value on that day will be taxed as ordinary income to you. But you’ll owe only tax-advantaged capital gains taxes on the appreciation that occurs after that.

8-strategies-for-optimizing-rmds-from-iras

Here is the SEC filing concerning his departure. Notice the name of the "project" on top of the filing.
https://www.sec.gov/Archives/edgar/data/734383/000168386323002522/f24809d1.htm
It used to state "fall out boy".
Noticed they just changed the "project" in prior link:
https://www.sec.gov/Archives/edgar/data/734383/000168386323002584/f24877d1.htm

Brief Newsletter (email) Article by Lawrence C. Strauss, Barrons
"Nowadays, investors have all sorts of options when it comes to parking their cash.
My colleague Randall Forsyth, a longtime chronicler of the bond market for Barron's, has some thoughts on the subject:
"I've found the best deal had been 4-week T-bills, which had been yielding near the low end of the Fed's former target range of 4.5%-4.75%," Randy observes in an email to me.
On Wednesday, the Federal Open Market Committee boosted short-term rates by another quarter of a percentage point, pushing that target range to 4.75%-5%.
"Now, with the market pricing in Fed cuts and concerns about banks, the latest 4-week bill has sunk below 4%," he continues. "Three months still gets you 4.65%."
Randy posits that another place to park cash is bank certificates of deposit, though investors need to be discerning. "The best deals for safety and liquidity are bank CDs available on the brokerage platforms," he says, having found a 5.05% rate for a three-month CD.
In an article this week, I wrote that income investors should consider cash as well as bonds for the moment. The latter have been volatile, though their returns have been respectable in 2023. The iShares Core U.S. Aggregate Bond ETF has returned about 3.4% this year through March 22, compared with about 3% for the S&P 500.
“It just so happens that right now, the lowest risk, most liquid part of [fixed income] happens to be the highest yielding -- which is cash,” says Gary Zimmerman, CEO of MaxMyInterest."

https://www.sec.gov/Archives/edgar/data/890540/000139834423006578/fp0082730-1_497.htm
497 1 fp0082730-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Kopernik Global All-Cap Fund
(the “Fund”)
Supplement dated March 24, 2023
to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each
dated March 1, 2023
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of the close of business on June 1, 2023 (the “Effective Date”), the Fund will be closed to certain new investments because Kopernik Global Investors, LLC (the “Adviser”), the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.
While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:
•Direct shareholders of the Fund as of the Effective Date and the date of the new investment;
•Participants in qualified retirement plans that offer shares of the Fund as an investment option as of the Effective Date; and
•Trustees and officers of the Trust, employees of the Adviser, and their immediate family members.
The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
KGI-SK-009-0200

Between March 14th and 17th SCHW insiders bought over 128,000 shares of SCHW stock. I guess they expect to make more by doing that than the 4.5% Schwab's MMFs are paying.

Fixed income , Equity, or other ?
With sell in May & go away, I'm thinking fixed or possible split 50-50 equity & fixed.
Is it possible if market takes a rather steep drop that RMD's would be put on hold as in a prior year ?

https://www.sec.gov/Archives/edgar/data/1830437/000119312523078651/d465390d497.htm
497 1 d465390d497.htm 497
Filed pursuant to Rule 497(e)
File Nos. 333-249784 and 811-23615
JOHCM FUNDS TRUST
JOHCM CREDIT INCOME FUND
Institutional Shares, Advisor Shares, Investor Shares, Class Z Shares
JOHCM GLOBAL INCOME BUILDER FUND
Institutional Shares, Advisor Shares, Investor Shares, Class Z Shares
Supplement dated March 24, 2023
to the Prospectus and Statement of Additional Information
dated January 27, 2023
On March 16, 2023, The Board of Trustees (the “Board”) of the JOHCM Funds Trust (the “Trust”) approved a plan of liquidation and termination (the “Plan”) for the JOHCM Credit Income Fund and the JOHCM Global Income Builder Fund (each a “Fund” and collectively the “Funds”) pursuant to the provisions of the Trust’s Amended and Restated Agreement and Declaration of Trust.
The liquidations of the Funds are expected to take place on or about May 26, 2023 (the “Liquidation Date”). Effective March 24, 2023, shares of the Funds will no longer be available for purchase by new or existing investors, other than through the automatic reinvestment of distributions by current shareholders. The Funds reserve the right, in their discretion, to modify the extent to which sales of shares are limited prior to the Liquidation Date.
Pursuant to the Plan, on or before the Liquidation Date, each Fund will seek to convert substantially all of its respective portfolio securities and other assets to cash or cash equivalents. Therefore, each Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. During this period, your investments in the Funds will not reflect the performance results that would be expected if the Funds were still pursuing their investment objectives. Any shares of a Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, each Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of such Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
At any time prior to the Liquidation Date shareholders may redeem their shares of a Fund pursuant to the procedures set forth under “How to Redeem Shares” in the Fund’s Prospectus. Shareholders may be permitted to exchange their Fund shares for the same class shares, in another series of the Trust, as described in and subject to any restrictions set forth in the section in the Prospectus entitled “How to Exchange Shares”. Such exchanges will be taxable transactions for shareholders who hold shares in taxable accounts.
The Funds may each make one or more distributions of net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. Redemptions on the Liquidation Date will generally be treated like any other redemption of shares and may result in a gain or loss for U.S. federal income tax purposes. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of state, local or non-U.S. tax laws. Please refer to the sections in the Prospectus entitled “Taxes” for general information.
This Supplement and the Prospectus should be retained for future reference.

It's about 5 minutes of good info, TwitterLINK.
Video https://twitter.com/i/status/1638955703460302848

Make sure you get it in writing. All Vanguard funds are on transaction-fee platform at Fidelity ($50). Additional purchases can be made using their automated purchase feature ($5 per trade). Learned that from @msf awhile back. Selling these shares are free from transaction fee.

Kilbride may be around 60 - not that old. He has high positions at Wellington Management (WM) - Partner, Managing Director (MD), portfolio manager. Vanguard has setup a smaller, similar and more concentrated fund for him - VADGX, AUM $318.1 million, ER 0.45%, only 28 holdings (vs 41 for VDIGX), inception 11/9/21. It's advisor-only fund and Schwab shows as NA and it isn't part of Fido NTF (so, no competition with VDIGX). It seems to me that Kilbride will be around Wellington Management handling VADGX, helping Fisher, and may be other even higher things at WM. It doesn't look like he is moving into a retirement community.

Excerpted from The Independent Vanguard Adviser :
"Since Kilbride took over the fund in Feb. 2006, he has outperformed the market with less risk and beat his in-house index competition, Dividend Appreciation Index (VDADX), to boot. To put some numbers it, since April 2006 (the launch of the index fund competitor), Dividend Growth’s 9.8% annual return was 0.9% per year better than the 8.9% annual gains generated by both 500 Index (VFINX) and Dividend Appreciation Index. The fund held up better than the market during the Global Financial Crisis, the COVID panic and the current bear market."
"I expect Fisher will continue the approach Kilbride took while helming Dividend Growth — this should still be a portfolio of companies that produce a steady and growing stream of dividends. It’s not about getting the highest yield, but about owning companies that pay out a larger and larger dividend with each passing year."

E*Trade has bonuses too. After I opened an account, I got an email from a rep and, after some back and forth, they offered me 25% more than the public bonus.

Look at Fido experience that has active ETF cousins for several of its famous funds (stock & bond). So, FMAG (ER 0.59%), the ETF cousin of storied FMAGX (note ticker similarity), has only $42 million since 2/2/21 inception.
Most of the ETF trading is among traders without involving the ETF. Only when there are significant AUM changes, the authorized participants step in with the creation/redemption mechanism. Of course, there are tax advantages with ETFs - no/low CG annual distributions.

Regarding Giroux's ability to pick stocks, the following was part of the recent annual report dated 12/31/2022.
"In addition, our equities outperformed the S&P500 by 167 basis points (-16.44% versus -18.11%) in 2022. Over the last 3-, 5-, and10-year periods, our equities outperformed the S&P500 by an average of 267, 368, and 405 basis points annualized, respectively. While our equities have substantially outperformed the market, our equities have also been less risky (from a beta perspective) than the market."

I transferred the securities in my TD account to Schwab in 2020 w/o any problems whatsoever, and got a decent transfer bonus. Maybe that's because I did it long before they actually began moving accounts? *shrug* (I moved early b/c I didn't want to deal with the chaos of another broker merger)

Again from The Military Wallet:

If you don’t want to wait for the Schwab acquisition to close, then Schwab will pay you to make the transition on your own. It might seem unbelievable that Schwab will pay up to $500 for you to move now, but it’s a pittance against the total cost of moving over a million of USAA’s wealth-management clients.

https://themilitarywallet.com/usaa-victory-capital-schwab/

A dividend from USAA would have been the right thing to have done for its members so I don't fault Schwab
The right thing to have done, as with any sale, was to have compensated the owners for the sale. USAA's members were customers receiving services. They were not owners merely because they were members.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA.

https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main
However, USAA is a mutual company (not to be confused with a mutual fund) owned via Subscriber Savings Accounts. (This is similar to the way Vanguard customers own The Vanguard Group via investments in Vanguard funds.) It appears that members automatically get a Subscriber Account and via this account become owners of USAA.
http://www.savermetrics.com/2022/10/25/usaa-subscribers-savings-account-distribution-explained/
As suggested on The Military Wallet Site, owners (i.e. those with a Subscriber Account) would get some cash out of the sale:

All USAA members benefit from the sales to Victory and Schwab. By the end of 2020, USAA will have a new focus on insurance and banking– without trying to handle an investment branch. There might even be a little extra distribution in the Subscriber Accounts.

https://themilitarywallet.com/usaa-subscriber-savings-account-insurance-policy/
It looks like there was "a little extra distribution" to Subscriber Account holders, at least according to this member:

We receive two bonus checks annually as part of this relationship [with USAA].
The first for $412 was the annual distribution (dividend) from the Subscriber’s Account, a portion of the capital base for this mutual insurance company. USAA stated that the amount was partly from the sale of their asset management company as well as from their overall net income.

https://chipfilson.com/2020/01/remembering-long-time-members/
had I allowed Schwab to take custody of my accounts I would have had to liquidate my positions at USAA
Why would you have had to liquidate? Was Schwab requiring everyone to liquidate all positions, or just positions it couldn't hold. If it was the latter, are you now facing the same prospect - that your positions can be held by TDA but not by Schwab?

It never hurts to ask. I told Schwab I wanted to transfer VTMFX although they charge $75 to buy additional shares for Admiral class. They agreed I could and buy more without a fee.

While I wish you could buy VMFXX at Schwab or Fido, the inconvenience and nuisances at Vanguard IMHO do not make up the difference. For $50,000 I am loosing $50 to put up with Vanguard
I don't have $1,000,000 to put into cash which is the minimum for institutional funds at least at Schwab and Fidelity I think.
Never looked at Merrill online.
@msf Is it worth looking at?
I have tried not to leave much in MMF recently, as T bills and CDs pay better and are a little bit more secure