Is asset allocation reports accurate?

Dave:

As far as the limited categories go, yes, it is accurate. No small caps, no growth vs. value vs. blend. No distinction of bond length. Every now and then, a trade would not be reflected in my allocation. Cutting the transaction, and then pasting it back seems to make Quicken H&B

Bob

Dave:

No MID caps.

Bob

Mutual fund asset allocations are, ultimately, from the fund companies OR in a couple of cases, from entities like Morningstar.

The funds provide asset allocations AS OF a certain point in time (usually, something like 2x per year). But most funds have some degree of drift in their allocations. So what was true 3 months ago, may not be EXACTLY true today. One easy example of this is if a fund accumulates cash, and then invests it. I've seen the Cash alloc vary by 10-15% from semi-annual report to the next.

That's were Morningstar and others come in. They "estimate" the allocation of funds based upon actual performance.

But, on top of all that, the definition of the various classes isn't carved in stone ... it can vary to some degree from fund to fund ... AND you've got the previously noted limitations in the allocation names used by Q.