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VIRTUS INCOME & GROWTH FUND P SHARE CLASS EXCHANGE

Darrel

Removed VIRTUS INCOME & GROWTH FUND P and added VIRTUS ALLIANZGI INCOME & GROWTH FUND INSTITUTIONAL CLASS with no change in cash balance. When completed as instructed, all the numbers come out fine until I do an investment performance report. The return value is in the millions. I wish!!! any ideas what I've done wrong?

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Comments

Jim_Harman

This sounds like the issue that occurs when you enter a share class conversion for a security that has Use average cost selected.

Click on the name of the old security in the Security List to open the Security detail view. Click on Edit details. If the Use average cost box is checked, do the following:

Back up your data file in case the result is not what you expected.

Un-check the Use average cost box.

In the account where you held the old security, delete any existing transactions that remove shares of the old fund and add the new one

Then click on Enter Transactions, pick Mutual Fund Conversion, and enter the requested info. Where it says Shares of new, enter the total number of new shares you received

The Mutual Fund Conversion is designed for exactly this situation. It preserves the cost basis and holding period of the old fund in the new fund. It will create one Removed transaction for all the shares in the old fund and one Added transaction in the new fund for each tax lot that you held. This may take some time, so be patient!

Darrel

The "Use Average Cost" box is not checked. Any additional advice?

q_lurker

Have your investment performance report include Details.

What details show that inflate the return column?

If it is ending market value, check the price history data for the securities.

Jim_Harman

Are you running a current version of Quicken?

Did you enter the share class conversion, or did you accept downloaded transactions for this conversion?

Darrel

Jim,

R57.26, Build 27.1.57.26 Windows 11

Darrel

I accepted the download transactions for the conversion

Darrel

q_lurker,

no price in the security details when shares were removed. Dollar amount is correct.

Jim_Harman

Ok, you should still back up, delete the downloaded transactions, and enter the Mutual Fund Conversion.

Darrel

One other piece of information. In the investment performance report the transaction that destroys the report is when the removal of VIRTUS INCOME & GROWTH FUND P the occurs.

Darrel

ok Jim. File is backed up. Will let you know how things worked out.

Darrel

Jim,

Do I delete the dividend reinvestment transactions that occurred also?

Jim_Harman

No, don't delete any dividend reinvestments. Just delete the Removed and Added transactions that were downloaded at the time of the conversion.

After the conversion, you should see one Removed transaction for all the shares of the old fund and one Added for each tax lot of the new fund, corresponding to the tax lots you held in the old fund. If you have been reinvesting dividends for a long time, there will be a lot of Added transactions. This takes time, be patient.

The cost basis should be the same before and after the conversion and the market value should be about the same, taking into account daily fluctuations in the share prices.

When you run the Investment Performance report, be sure to include both the old and the new funds.

Darrel

Jim,

It seemed to work. Since I did this for two accounts, my balance is now higher in both of those accounts according to Quicken when comparing with the brokerage. Hundreds in the smaller account and over a thousand in another account.

Darrel

Is there any way to get the balance of the two accounts in Quicken closer to the balance in the brokerage?

Jim_Harman

Were the balances correct before the conversion?

The balance is the number of shares times the price per share. Click on Holdings in the account to see these numbers and which is wrong.

The publicly traded Virtus Income & Growth Institutional AZNIX is about $11.57 per share. If this is a 401(k) account, it may be a special version of the publicly traded fund, which would have a different price. If you do not have the publicly traded version of the fund, leave the ticker symbol blank and un-check the Download quotes box in the Security List.

Darrel

Jim,

Thank you immensely for all your help. I believe I've finally got it right. I had to go in and delete the reinvested dividend entries. They were throwing off the share numbers and dollars. Once I got all that corrected the numbers came out right on both accounts. Thank you, Thank you Thank you!!!!