T.Rowe Price - New I-Class shares - add/remove shares

Ps56k2

Just sharing ....

Had received a letter from TRP about my TRP mutual funds getting converted to some new I-Class shares (with lower Expense Ratio).  It would happen before end of March, automatic, tax free, and nothing that I had to do.  Well - today - during Quicken OSU - it dragged down 2 new transactions per mutual fund - Remove (old) Shares & Add (new) Shares.

Barbara C

Hi, Ps56k2. I'm a novice Q user (also Windows 10 on a PC) and I received the same letter. Last night when I ran OSU I saw that all shares had been removed from my four TRP mutual fund accounts but nothing was added. Do you have any idea what I should do now?

franks59

I'm having a hell of a time trying to figure out what to do.
Two existing accounts show Bought instead of sold.
The first account transaction wants me to either create a new account or match it to an existing account. There's nothing appropriate to match it to. Selecting "create" does not place a new account in the list of accounts.
The 2nd transaction in a different account doesn't ask me that question.
Accepting either transaction just doubles the value of each account.

Barbara C

So good to know I'm not alone! OSU "bought" the new shares of I Class but pulled almost everything out of each of my funds to do so. The only path I can take is to create a placeholder. The TRP letter that
Ps56k2 referenced indicated the account number for the old non-I Class fund and the new I Class fund would not change so why is Quicken confused?

Ps56k2

I would just wait a few business days to see if TRP is sending the Remove/Add transactions.

You can of course always check the status by logging into the TRP website -
and you will see the old (zeroed out) accounts and the newly created I-Class accounts.

Barbara C

Thank you, Ps56k2. I'm happy to wait but as you suggested I logged into the TRP website and discovered my newly-created I-Class accounts do indeed share the same account number as their old zeroed-out counterparts as the letter indicated they would. However, the ticker symbol associated with each is different (i.e., RPBAX vs. RBAIX). Would that cause the newly-created account(s) not to show up in Quicken?

Ps56k2

I can't remember - and it was just yesterday....

But for each of my TRP mutual funds - they are each reflected in their own single Account -
So, single account => single mutual fund.

I think the "account" remains the same - and just the "security" holding within it changes...
SO - the transactions downloaded, within the account, are ...
REMOVE Shares for the old Symbol,
and ADD Shares for the new Symbol.

For me .... PRHSX-->THISX ... PRNHX-->PRJIX ... PRMTX-->TTMIX

donotemailhere989

(btw I got only one transaction for each account -- the buy one, even though I waited a few days for the other sell or remove transaction.)

I'm tempted to ignore the downloaded transactions from TRP and then just do a "Corporate Acquisition (Stock for Stock)" transaction and enter all the changes manually. At least then I will control Quicken's impulses. I'm fairly sure that will keep the basis correctly too. Anyone have experiences with this?

DON'T TRY IT! I did and if you have been reinvesting dividends for years then Quicken will endlessly add shares for each dividend you had. (In retrospect, this was probably workable and essentially the same as the "Mutual Fund Conversion" mentioned below.)

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UPDATE: (Don't forget to backup your Quicken file first)
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I managed to get all the changes in each of my TRP accounts. Here is the easiest way I found:

1) Get the number of original shares you had and the number of shares you get as I Class

2) Ignore any download transactions -- just delete them

3) In each account do a Stock split -- this will convert all the purchases, sales, and dividends from the past correctly. You should end up with the correct number of new shares in the account while retaining all your transactions with the basis and transaction date.

4) Then edit the security in the account; change the ticker symbol and the name (optional).

That's it, except for one complication where I had an IRA account and a normal account with the same mutual fund. Once was converted and the other was not. Both used the same ticker and if I did step 4) above both accounts would be converted to the new ticker -- not what I need.

To get around that problem, I just worked on the converted account and left the normal one as is. (Again, ignore any downloaded transaction and just delete them). To convert the one account, I just did a "Mutual Fund Conversion" transaction. This was easy to do but it can add many transactions if you have a lot of reinvested dividends, sales, or purchases. What this conversion does automatically is "Remove Shares" (the total number of original shares) and then add back (Add) shares for each of the dividends, sales, or purchases. Once again, the basis and original transaction date is retained.

If you have only a few transactions in an account, this second method is a suitable alternative to the first one above.

gmcglynn1

I have been downloading T. Rowe Price mutual fund transactions into Quicken for 25 + years. Feb 23 my shares doubled in Quicken. The transactions I have been tracking for years were gone also the cost basis info. It's like on Feb 23,20022 was the first day I bought the shares. This is a major inconvenience .
I think both T. Rowe Price and Quicken bear some responsibility. Very frustrating.

donotemailhere989

<a rel="nofollow" href="https://community.quicken.com/profile/gmcglynn1" title="Link: https://community.quicken.com/profile/gmcglynn1">@gmcglynn1<;/a> If you have a backup, <strike>backup </strike>Restore that backup and try my suggestion in the post immediately above this.

Ps56k2

For those that also have TRP - here is another thread I created - for doing a Mutual Fund Conversion -

it's a little involved - but does work - and the goal is to retain the original Cost Basis History for Performance -

https://community.quicken.com/discussion/comment/20249064/#Comment_20249064