Confirmation statements for my UMB HSA Saver account have been unavailable for mutual fund purchases
made since 04/22. I first contacted UMB regarding this issue on 05/10.
I've sent or received six emails/phone calls related to this matter.
The Customer Care Manager was unable to provide an estimated resolution date when we last spoke on 06/05.
I've finally decided to send an email to the Chairman/CEO of UMB Financial Corporation
and to the President of UMB Financial Corporation.
I'm not familiar with UMB's internal applications/systems but it shouldn't take over a month to resolve this issue.
Edit/Add: The email to the Chairman/CEO and President was composed and scheduled to be sent on 06/18.
I cancelled sending this email and submitted a BBB complaint instead.
If the issue is not resolved within a reasonable time, I'll then send an email to the Chairman/CEO and President.

You wrote that you were "hoping with heavy inflows [MRFOX] also would be able to buy new or more promising investments."
During the period in question (the one ending Aug '23 with zero turnover), MRFOX increased the number of its positions by almost 20%. One of the new positions (Disney DIS) was clearly undervalued at the time according to M*. M* pegged its fair value around $145 while its price hovered around $90.
Given these facts, could you clarify your hopes and whether the addition of Disney failed to meet those hopes? Discover Financial Services DFS, also added by the fund in this period, was similarly undervalued.
Perhaps, since M* currently rates DIS and DFS as 3*, what you were hoping was that the fund would dump these recent acquisitions, seeing as they have met some sort of target?
---
Many people assume that low or zero turnover means that a fund isn't changing its positions - a misunderstanding that your post reinforced, intentionally or not. I attempted to address that misunderstanding by providing M*'s definition of turnover and by using MRFOX as a case study.
One wouldn't know the precise definition by looking at MRFOX's website, as its footnote says only that "turnover is a measure of how frequently assets within a fund are bought and sold by the manager."

55% Moneymarket
45% Fixed Income
Fixed Income:
51% Treasury
49% CDs

11 stocks, 50% of account total
10 CEFs, 20%
6 OEFs, 18%
4 ETFs, 10%
MM/Cash, 2%
8% of equity holdings are international or EM, the rest is US.

https://www.sec.gov/Archives/edgar/data/1498498/000119312524161727/d765972d497.htm
497 1 d765972d497.htm ASHMORE FUNDS
ASHMORE FUNDS
Supplement dated June 14, 2024
to the Statutory Prospectus for Class A, Class C and Institutional Class Shares
of Ashmore Emerging Markets Corporate Income ESG Fund
On June 12, 2024 the Board of Trustees of Ashmore Funds approved a plan of liquidation (the “Plan of Liquidation”) for the Ashmore Emerging Markets Corporate Income ESG Fund (the “Fund”), with such liquidation scheduled to take place on or about June 14, 2024 (the “Liquidation Date”). On or before the Liquidation Date, the Fund will seek to convert substantially all of its portfolio securities and other assets to cash or cash equivalents. Therefore, the Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, the 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 the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
The Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes.
Effective as of the close of business on June 14, 2024, Institutional Class Shares of the Fund will no longer be available for purchase by new or existing investors or be available for exchanges from the other series of Ashmore Funds, except for shares that may be purchased as a result of dividend reinvestments.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Shareholders may also exchange their shares for shares of a different series of Ashmore Funds, subject to any investment minimums and other restrictions on exchanges as described under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Investors Should Retain This Supplement for Future Reference

I can't see the referenced chart, though I suspect it is a price chart and not a chart of total returns.

NO! The chart is a Morningstar Total Return graph for the past five years.
While it is obviously true that distributions dilute NAV on the day of posting, almost all high quality funds prices will revert to mean fairly quickly. PRWCX posted its last dividend on Dec 18, 2023 and NAV fell over 3.5% on the day, but price fully recovered in less than two months.

@hank - I'll try to adhere to your original format. I'll likely edit this later to show what percentage might be in foreign holdings as the only targeted exposure that I hold there is in AVGE.
Stocks - 17
Preferred shares - 2
CEF's - 10, a mix of income and equity funds
ETF's - 9, all equity 4 of which are indexes
Mutual Funds - 5 one of which is sector specific and one MM.
All of these are spread fairly evenly between 2 accounts one taxable and the other a Roth IRA.

I established a full position in DODIX on Friday using funds from a MM. Original plans were to purchase an allocation fund, but equities appear to be just too pricey at the moment, even though the outperformance is uneven in nature. This takes the fixed income proportion to 15%.

In think what @baseball_fan is asking is if there is a potential fraud involved in Nvidia's revenue recognition? I would venture to guess there is probably some creativity involved (let us say, no more than 5% of the revenue) but within the bounds of GAAP / SEC's acceptable thresholds. Any one that is worried about Nvidia's Rev Rec issues instead should look at its cash flows. If you want a professional opinion on Nvidia's Rev Rec, send @Stillers, the accounting auditor professional in this forum, a private message. When Nvidia is being fed the revenue, I do not think they will go out of their way to be creative with Rev Rec.

@BaluBalu, thanks for the vote of confidence but not my area of expertise so a PM to me would be an easy way to waste time!
This SA article though may help understanding the issue:
https://seekingalpha.com/instablog/50662133-james-foord/5924335-nvda-fraud-revenue-misrepresentation-and-insider-selling

What does it matter guys if one has a gov't pension?
Next door neighbor retired grade school teacher..wonderful and spunky gal...her deal is her deal, props to her, she was completely dedicated to educating the youngsters. There is no crying in baseball..
However, bullet proof. Guaranteed payout by state law. No matter if stock market draws down by over 50% ...she is going to get her monthly payment no matter what.
Tax payers on the hook for all of it. Period.
Folks bailing out of state in droves, soon as the kids get out of high school and if their job is portable/remote and/or retirement...adios.
Property taxes went up for most at least +20%, many +25-30%...
It's all a Ponzi, all based on bullshit numbers....what is really behind the curtain, don't look, you might not like what you see.

Effective date appears to be today, June 15.
Well, not as of 10:15AM EDT. I tried.
Click on the "Cash" link in your CMA account (positions page); you'll see a Change Core Position button appear. Unfortunately, clicking on that pops up a page that still reads: "There are no new core positions to select."
FWIW, here's the announcement as it appears on March Fidelity statements:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview and FundResearch.Fidelity.com/mutual-funds/summary/31617H102.

Ya'll holding IG bond funds/etf's or bonds within your other mixed allocation funds have made some decent gains in the past two weeks; you know, lower yields = higher prices.
Treasury yields since April 5. Will the downward trend continue? I don't have that answer, only a chart.
Remain curious,
Catch

@msf said, ”Regarding Fidelity cash management - it will shortly be adding SPAXX (current SEC yield is 4.97%) as a core account option to its CMA account. Currently you're limited to a bank sweep paying 2.69% APR (2.72% APY)”. Elsewhere, @msf provided a link to Fido’s announcement. Effective date appears to be today, June 15.
Anybody know if the existing paper checks for the cash management account will need to be reissued? Or will the same ones continue work even after we change the CMA default investment to SPAXX?
FWIW - I write about 5 a year. Typically reserved for very large expenditures.

We have been retired 12 years with the anniversary date in June. We use what I refer to as 5-yr, Model Retirement Portfolios (MRP). We are thusly two years into our 3rd, 5-yr Model. Each has been significantly different in composition.
The FED started raising interest rates in June 2022 as we were creating our current 5-yr MRP for 06/2022-06/2027. We projected at that time that before long, CP CD interest rates would be over our 4% threshold for FI investments.
So we did two major structural changes starting around that time,
(1) split our total portfolio into two distinct portfolios and
(2) jettisoned ALL dedicated bond funds while significantly reducing bond holdings.
So currently we have a Market Portfolio (MP) and a 5-yr, CP CD Ladder Portfolio. Total port is 98 IRA/2 Txbl. We haven't paid any FIT/SIT since 2012 and don't plan to do so for about 5 more years. The two ports are similar in size, with the latter port designated as our LTC self-funding. It currently has an APY just over 5%.
The MP is about as basic and straight forward as they come:
12 OEFs with 10 Core and 2 Explore OEFs, and occasional trading of Blue Chip, individual stocks like NVDA and GOOGL.
The MP is:
Stocks/Bonds/Cash: 88/12/Nil
Domestic/Foreign: 90/10
Technology Allocation: 36
MAG 7 Allocation: 29
LC/MC/SC: 74/20/6
V/B/G: 16/34/50
The 12 OEFs are:
3 Domestic Stock Index
1 Domestic Sector
2 Domestic LCG
1 Domestic LC Value
1 Domestic SCG
1 Global LCG
1 Foreign LCG
2 Moderate Allocation (which provide our ONLY bond allocation)
2024 YTD TR of the MP is, well, um, never mind. That was not asked for by the OP and if given may very well be deemed bragging by my detractors.

M* shows MRFOX has zero turnover (8/31/2023) ... Not sure what the current MRFOX turnover is. I was hoping with heavy inflows they would be able to buy new or more promising investments.
Four of the fund's 19 holdings (see below) were new positions as of the turnover reporting date. Turnover is the lesser of percentage bought (in dollars, not positions) and percentage sold. Apparently the fund didn't sell shares of any holdings in the year ending 8/31/23 but added new holdings (likely adding to existing holdings as well).
https://www.morningstar.com/investing-definitions/turnover-ratio
But when I look at holdings at M*, M* says of the 18 holdings 7 are three star (means fairly valued) and rest are two star or one star (means overvalued). No 4 or 5 star holdings.
Those are star ratings today of equities that the fund held four months ago. How promising were those stocks when that last portfolio snapshot was taken? Let alone how promising they were last August when the fund added four stocks.
In the six months between Aug 2023 and Feb 2024 the fund liquidated one position. A naive calculation would suggest a turnover ratio of 5.3% (1 stock out of 19 sold). The actual dollar weighted turnover (including any sales of shares in the other 18 companies) came to 7% (not annualized). That seems more typical of the fund, which had turnover ratios of 24%, 14%, and 14% for FYs 2021, 2020, and 2019.
Semiannual report, Feb 29, 2024
Annual report, Aug 31, 2023

@Baseball_Fan,
Concentrated funds are OK as long as the managers are not averse to portfolio turnover. M* shows MRFOX has zero turnover (8/31/2023) and AKREX at 2% turnover. Not sure what the current MRFOX turnover is. I was hoping with heavy inflows they also would be able to buy new or more promising investments. But when I look at holdings at M*, as of Feb 29, of the 18 holdings 7 are three star (means fairly valued) and rest are two star or one star (means overvalued). No 4 or 5 star holdings (nothing in its holdings was undervalued). M* also says Portfolio P/E was 20, the same as for SPHQ as of that date (I estimated working backwards).
Based on https://marshfieldfunds.com/
As of the end of Q1, the fund held 20% in cash. The fund probably received another 10% cash in inflows since Q1. The fund strategy says, "The cash position will, on average, be in the range of 0-25% of the portfolio and will be an output of the Adviser’s buy and sell decisions, not a tactical maneuver."
The fund commentary indicates the fund was not static and had turnover during the quarter.
"The broad market today seems to be hosting a tent revival of sorts, with tech stocks as the talismanic centerpiece. But this too offers us an opportunity: instead of bemoaning the exorbitant price of stocks, we rejoice in our ability, as just noted, to sell those holdings that are hitting highs we believe are unlikely to be sustained or surpassed, at least in the medium term. Markets like this, whether held aloft by hope, euphoria, or (ir)rational exuberance, do tend to return to earth at some point. If opportunity is knocking today, we’ll answer the door with a smile. What we won’t do is join the pilgrimage to the top of the cliff. But by this point, we assume we’re preaching to the choir."
During April, the fund lost 4% while SPY lost about 6% but I guess that was not good enough for the fund to put some of its cash to work. I am guessing the fund can return zero and underperform until the current bull market tapers out or there is a material correction in the market. I guess, be prepared to test your patience for another 5 months. The Q2 portfolio and commentary may not be available timely (until much after the market conditions may have changed) to be highly relevant. The difficulty with the fund is lack of contemporaneous information but they do not have to worry about such tasks when the inflows are unrelenting.
"The Fund is premised on the belief that in order to outperform the market, an investment strategy needs to be different from the market in as many ways as possible that add value on a risk-adjusted basis." [Bold added] Do not say you were not forewarned!
The problem with AKREX is that once Chuck left, the remaining team is probably just sitting on the existing portfolio clueless and watching heavy outflows. But I remember even when Chuck was around the fund had very low turnover, which is one of the reasons why I did not invest in AKREX even during its hay days.
Morale of these funds is that I think investors (unlike you) that have inertia in getting out of underperforming investments, should not invest in specialist funds like this. Sticking with

FD,
When you say "99+% in the market", what does this mean?
Are you referring to equity markets, fixed-income markets, or other markets?
Just curious...
Thanks!

Easy answer.
First you tell me your breakdown of stocks, bonds, cash.
Second, let me know what is your name on BB.
That would put us on an equal base.
Thanks

I performed a "quick and dirty" portfolio check on 05/17/24.
Not much has changed since then.
My approximate asset allocations are listed below.
US Stock - 40.55%
Bonds & Cash - 33.02%
Foreign Stock - 26.44%

Mutual funds - 5
ETFs - 3
CITs - 1, ~20% of portfolio
Stocks - 1, ~3% of portfolio
TIPS, ~4% of portfolio, purchased via Treasury auction
Asset allocation as of 05/17/24:
US Stocks - 40.55%
Bonds & Cash - 33.02%
Foreign Stocks - 26.44%

6.5 % 4 soon to be 3 mutual funds
93.5% cash, tbills large majority under 2 year majority, some CDs
3 single family homes, two different states, one being a rental property
Will maybe be purchasing WMT Walmart, Chubb CB, CASY Casey and an infrastructure stock soon... maybe as a small percentage of portfolio
Zero debt
Works for me, it's understood that it's risky to a degree by being extremely conservative. Don't care, don't trust the casino
No debt, still working, sleep well at night
Baseball fan

For the past three mo, MRFOX returned 0 to negative while SPY returned 5.5%. We all know how much MMs returned during that time.