Like almost everything else, it’s best not to generalize about pensions. My wife and I both have pensions with the state of North Carolina. It is very conservatively managed, although I’m sure it has some private equity. The pension is funded roughly half from employees paychecks and the rest from the state legislature. The state also has an optional 401k plan, but does not contribute to that except for state troopers. Unlike Social Security, the NC pension has no automatic inflation adjustments. I have been retired 7 years and my wife 9 years, and we have not received any inflation increases, although the legislature has awarded a few one-time bonuses some years. So, for those people whining about fat government pensions, that certainly isn’t true for NC. I would wager that most private workers with 401k plans have more generous retirement plans than NC government employees. The NC pension plan is essentially an annuity with no inflation adjustments. Fortunately, my wife and I both voluntarily contributed to the state 401k plan, which provides our inflation adjustment— again with no contributions from state taxpayers.

@Observant1,
I am with HealthEquity and they do not allow in kind transfers either and my State does not recognize HSA which means State taxes to liquidate and move. I may still do it if the market crashes in 2025.
But you may have leverage I do not. UMB has a relationship with Fidelity and see if you are able to use that to your advantage.

3 Accounts.
1Stock ETF
6 Fixed Income Mutual funds.
1 MM fund.
43 stocks which are 60% of total.
No dedicated International.

@Observant1,
I have a non-Fidelity HSA and can not transfer out but based on everything I read and researched, I can vouch for Fidelity HSA.

@gman57,
Nice job consolidating your holdings!
I currently have 11 holdings across 6 accounts.
I'd like to decrease the number of holdings but it would be counter-productive at this stage.
Important factors for me include taxes, fund availability,
and varying risk levels associated with different accounts.

@msf,
I made this single sentence paragraph to set it apart for a reason - "The fund commentary indicates the fund was not static and had turnover during the quarter."
If I stated the following in a separate paragraph perhaps it would have been easier for you but I had reasons at that time for not creating an additional paragraph:
"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)."
You say, "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."
This is what I was referring to in my suggestion to you. There is no reason to assume I did not know M* definition or the fund's definition or the historic unawareness (or misunderstanding) of forum members continues to persist. Reading 100s of pages a day (including legal opinions) was my job and am aware that if one misses footnotes one got nothing. There are times when I am strapped for time and skip portions but I would place that caveat in my posts. I take posting on investing matters here as a serious responsibility because I do not want others losing money (including opportunity costs from not making money) because of what I post and I presume others do the same. Of course, I understand sometimes posters mix in their investing posts emotion, venting, joking, etc., but I never presume they need to be educated.
I think a lot of ink is spilled in this forum because people overlook context in either understanding others' posts or in responding. Many times I see folks responding to one or two sentences taken out of the context of the rest of the post. Trying to understand where the poster might be coming from and giving them the benefit of doubt made me a better listener. You all made me a better person (whether I set out to be or not).
I wrote the post specifically to @Baseball_Fan as we both own the fund and he seems to understand my posts. I do not wish to spend more time on a matter that is not of direct use to anyone specific.
Thanks for your posts.

My wife worked 14 years for our county and upon reaching age 62 her monthly pension benefit will be $512...we're rich! And will be living a life of leisure on our super yacht!

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.

I simplified this year, sold the last of multiple holdings in April.
Across 6 accounts: (2 Roth, 1 IRA, 1 IIRA, 1 HSA, Taxable)
2 ETFS, 1 Mutual fund, 8 T-bills
Cash - 11% T-bills, 3% cash
Bonds - 37% PIMIX
Stocks - 33% VOO, 16% VONG

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%.

Thanks for posting. I have always thought that retired folks with pensions lived in another universe compared to the rest of us. I wonder if most pension recipients pay much attention to what is going on behind the scenes at their fund?

Me and the missus had a combined three Defined Benefit Pension plans but I guess I never thought we "lived in another universe!"
We rolled the lump sum of the biggest to an IRA, and we were able to roll about half of another to an IRA. So in force, that is, monthly pension payments, we effectively have about 1 1/2 of the original three, one private and one government.
Of those, yes, I (at minimum) annually review their Actuarial Reports. Kinda know my way around them a bit as I used to perform limited scope audits of my company's and some client's Actuarial Reports when working "in another universe!" Happy to say that in 12 years of collecting pension payments, funding of both has never been a concern, to me at least.

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

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.

this is was the major reason why I never went into the state's pension system when joining the university. I don't trust government/political investment committees
From the article:

Large public pension funds have an average 14% of their assets in private equity, while large corporate pensions have almost 13% in private equity and other illiquid assets such as private loans and infrastructure, according to data from Boston College and JPMorgan Chase.

Perhaps it is your second reason for not opting into a pension fund (public or private) that is more significant:
if I'm going to make or lose money, I want to be the one responsible for doing so