I reached a knowledgeable guy in tech at Schwab who says they started transitioning to this new bank type authorization last month, because it is more secure and does not share our passwords with Quicken. Tha is when the "zz" started showing up.
He admits Quicken has yet to fix it.
Yesterday, with his help I was able to download my transactions using "Schwab Bank Investor-C" one of the options that pops up it you type "schwab" into the search bar at "Add an account". Others have used this successfully.
Investor Bank C is a legitimate Schwab web site
First you have to erase the "zz or zzz- Schwab" nomenclature in the financial institution, and deactivate the account.
Then add the accounts back by searching for Schwab in the add account window but use Investor C instead of "Schwab & co"
Some people have had trouble getting accounts listed but I got all my accounts linked to this Bank Investor C
Unfortunately, although it still works, it has changed my brokerage accounts transaction menu into bank types. So no more dividend reimbursements, just deposit and wthdrawals. Even sales are just "withdrawals". You can edit them
The other idea Schwab guy had was to go into
TOOLs> Online center
Click on "contact info" at top while holding downs CTRL SHIFT
a window will pop up
click boxes next to "financial branding " and "download F1 list"
Refresh
then Update/Send.
He assumed that would instantaneously change the "Investor C" to "Schwab & Co" which it did not
This morning I am still able to download transactions , but only from Investor C, per above and all as bank account transactions. I am able to edit them to "sales" and reinvestments
Deactivating the account and using Schwab & Co to log in gives me the CC-501 error message, where all this started.
So nothing has really changed, other than I have accurate balances in my accounts
I will touch base with schwab and when I have the entire day to spend will try Quicken support

I find it very helpful to play around with tax estimates (using a tax calculator) in December. In some cases, it is the last chance to make contributions (such as employee retirement plans) that might impact your tax return. Also some investors employ tax harvesting strategies to capture losses. There are many more considerations. I linked a few articles I found. You may have some to share.
Here's a easy to use tax calculator for TY2021:
https://efile.com/tax-service/tax-calculator/2021-tax-calculator/

Articles on last minute tax related financial decisions:
14-last-minute-moves-that-can-boost-your-tax-refund
2021-last-minute-year-end-tax-deductions
/december-2021-tax-moves
dont-miss-out-on-these-last-minute-tax-savings-tips-for-2021

497 1 d245107d497.htm UNDISCOVERED MANAGERS FUNDS
JPMORGAN TRUST I
J.P. Morgan Income Funds
JPMorgan Inflation Managed Bond Fund
JPMORGAN TRUST II
J.P. Morgan International Equity Funds
JPMorgan International Research Enhanced Equity Fund
J.P. Morgan U.S. Equity Funds
JPMorgan Market Expansion Enhanced Index Fund
UNDISCOVERED MANAGERS FUNDS
JPMorgan Realty Income Fund
(Class R2, Class R5 and Class R6 Shares)
Supplement dated December 1, 2021
to the Current Prospectuses, as supplemented
As previously supplemented on August 11, 2021, at meetings held on August 9, 2021, the Boards of Trustees agreed to consider in early 2022 the conversion of the following four mutual funds to newly created exchange-traded funds (the “ETFs”) (each, a “Conversion”):
•JPMorgan Inflation Managed Bond Fund
•JPMorgan International Research Enhanced Equity Fund
•JPMorgan Market Expansion Enhanced Index Fund
•JPMorgan Realty Income Fund
Each new ETF will be managed in a substantially similar manner as the current mutual funds. If approved by the Boards of Trustees, it is anticipated that the Conversions would occur in 2022.
By converting these strategies to ETFs, J.P. Morgan Investment Management Inc. (“JPMIM”), the investment adviser for the mutual funds, believes shareholders in these mutual funds could benefit from reduced costs, including lower transfer agency costs for certain classes and no Rule 12b-1 or service fees. JPMIM is communicating the proposed plans prior to formal board approval, in order to provide shareholders with ample notice of the planned Conversions and allow them time to engage with JPMIM on the implications of the proposed transactions, including the need to have a brokerage account prior to the Conversion.
Each Conversion would consist of (1) the transfer of all or substantially all of the mutual fund’s assets, subject to its liabilities, to the corresponding shell ETF for shares of the ETF; and (2) the distribution of the ETF shares to the mutual fund shareholders in complete liquidation of the mutual fund. It is anticipated that if approved by the Boards of Trustees, each Conversion will not require shareholder approval.
When the Conversions are considered, each Board of Trustees, including the Trustees not deemed to be “interested persons” of the mutual funds pursuant to Section 2(a)(19) of the Investment Company Act of 1940, as amended, will need to determine whether it is in the best interests of the target mutual fund and that the Conversion would not dilute the interests of the mutual fund’s shareholders.
The new ETFs have not commenced investment operations, and it is anticipated that each will not have shareholders prior to the Conversion. If the Conversions are approved by the Boards of Trustees, existing shareholders of each mutual fund will receive prior to the Conversion a combined information statement/prospectus describing in detail both the Conversion and the surviving ETF, and summarizing the Board’s considerations in approving the Conversion.
It is anticipated that each Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the liquidation of any fractional shares received in the Conversion.
In connection with the proposed Conversions discussed herein, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the “SEC”). After the registration statement is filed with the SEC, it may be amended or withdrawn and the information statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the materials and any other relevant documents when they become available because they will contain important information about the Conversions. After they are filed, free copies of the materials will be available on the SEC’s web site at www.sec.gov. These materials also will be available at www.jpmorganfunds.com and a paper copy can be obtained at no charge by calling 1-800-480-4111 .
This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
PROSPECTUSES FOR FUTURE REFERENCE
J.P. MORGAN TRUST I
JPMorgan Income Funds
JPMorgan Inflation Managed Bond Fund
J.P. MORGAN TRUST II
JPMorgan International Funds
JPMorgan International Research Enhanced Equity Fund
JPMorgan U.S. Equity Funds
JPMorgan Market Expansion Enhanced Index Fund
UNDISCOVERED MANAGERS FUNDS
JPMorgan Realty Income Fund
(each, a “Fund” and together, the “Funds”)
(Class R2, Class R5 and Class R6 Shares)
Supplement dated December 1, 2021
to the current Prospectuses, as supplemented
As previously supplemented on November 23, 2021, as announced on August 11, 2021, the Boards of Trustees have agreed to consider in early 2022 the conversion of the Funds to newly created exchange-traded funds (the “ETFs”) (each, a “Conversion”). If the Conversions are approved, each new ETF will be managed in a substantially similar manner as the current Fund. In connection with the Conversions, the Board of Trustees considered and approved certain actions described below. Each of the actions will be implemented on January 18, 2022 (the “Effective Date”) only if the Boards of Trustees approve the Conversions.
On the Effective Date, the following will be added as a new section for each of the Funds except the JPMorgan International Research Enhanced Equity Fund under the heading “Investing with J.P. Morgan Funds — LIMITED OFFERING — Funds Subject to a Limited Offering — Limited Offering of Class A and Class C Shares”
Class A and C Shares (each, a “Limited Class”) are publicly offered only on a limited basis and investors are not eligible to purchase a Limited Class except as described below. Except as otherwise described below, shareholders permitted to continue to purchase shares of a Limited Class include existing shareholders of record and, if the shareholder of record is an omnibus account, beneficial owners in that account as of the effective date of the limited offering.
• Existing shareholders of each Limited Class may continue to purchase additional shares of the Limited Class in their existing Fund accounts either through J.P. Morgan Funds Services or a Financial Intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund.
•Group Retirement Plans (as defined in the glossary) (and their successor, related and affiliated plans), which have a Limited Class available may continue to open accounts for new participants and can purchase additional shares in existing participant accounts.
For JPMorgan International Research Enhanced Equity Fund, the following will replace the current disclosure under “Investing with J.P. Morgan Funds — LIMITED OFFERING — Limited Offering of Certain Share Classes” on the Effective Date:
Class A Shares of the JPMorgan International Research Enhanced Equity Fund (the “Limited Class”) are publicly offered only on a limited basis and investors are not eligible to purchase the Limited Class except as described below. Except as otherwise described below, shareholders permitted to continue to purchase shares of the Limited Class include existing shareholders of record and, if the shareholder of record is an omnibus account, beneficial owners in that account as of the effective date of the limited offering...

I, too, have been unable to download my Schwab accounts. When I logged into the Quicken Support website, I found many reports of people losing their data and getting unexpected side-effects by following Quicken's advice to re-authorize! It seems that the Quicken side of this change is very unstable. I've decided to enter my transactions manually until I see some evidence on their Support site that there is a reliable fix. My Fidelity accounts don't seem to be affected; however that is one of the side-effects that I often saw: other financial transactions stopped working randomly! For your Fidelity account, you should be able to safely go to the "Edit Account" page in Quicken - then the "Online Access" settings - Deactivate the account followed by re-activating the account. I am not aware of any changes that Fidelity has made to their download process; only Schwab.
I've been using Quicken for a very long time and this is the worst software snafu I've encountered. Forcing us to manually enter transactions at the end of the year is very time-consuming and defeats the purpose of using their software.
Here is one example from the Quicken Support website. We are not alone:
https://community.quicken.com/discussion/7901922/schwab-access-messed-up

Think we don’t have sufficient patient data to confirm the impact of Omicron on the broader population and demographic. Moderna news from Financial Times said one thing (somewhat negative) and BioNTech provided a more positive news with their vaccine. The comments in Financial Times article are well worthwhile to read.
https://ft.com/content/27def1b9-b9c8-47a5-8e06-72e432e0838f
https://ctvnews.ca/health/coronavirus/biontech-ceo-says-vaccine-likely-to-protect-against-severe-covid-19-from-omicron-1.5687229
COVID situation has elevated to the top since last Friday. Will we re-visit last spring when many countries underwent lockdown? Personally I don’t think so, with the advancement on prevention (vaccines), treatment (antibodies, antiviral drugs and steroid medication). Restrictive travel has already deployed in Europe, Asia and US and that is good. Testing of air travelers and contact tracing are being used. All these practices will slow down the virus spread while buy times for the medical community and government to response. The coordination between the countries is highly encouraging.
Learned from last spring, I will stay put and make small adjustments if necessary.

Article appears in today’s (November 29) Financial Times.
Link is for an alternate source which may be more accessible.
Title is taken from the FT.
Bylines: Hudson Lockett & Tabby Kinder

Excerpt from Saturday’s (November 27) Wall Street Journal
“Investors’ hunt for higher fixed-income returns has powered sales of low-rated corporate bonds to a record. U.S. companies, including medical supplier Medline Industries LP and videogame maker Roblox Corp., have sold more than $455 billion of bonds with speculative-grade credit ratings this year through Monday … That already beats the full-year total for 2020, when junk-bond sales set a then-record of $435 billion.
“This year’s bond sales mark a notable reversal from the spring of 2020, when investors’worries about widespread bankruptcies and defaults sparked a selloff in low-rated debt … In a recent report, the International Monetary Fund warned that increased leverage could make the financial system more vulnerable to corrections…”
Subscription Required https://www.wsj.com/articles/high-yield-bond-sales-soar-to-record-as-investors-have-few-other-places-to-go-11637931601?mod=hp_lead_pos4

Don’t know what REMIX is about - but a number of financial outlets, including Barron’s, have commented lately that the futures markets were overextended. While futures contracts can be used to hedge risk, they also represent a bullish bet from what I’ve been able to read. A lot of funds using futures got hit today. TAIL (which I own) which hedges with puts (seen as more bearish) did OK. Of course, all these gimmick funds are risky longer term.
The inflation hedges, like miners, were whacked hard today. In the oil sector, both NYMEX & BRENT were down over 6%. Not much was spared that I can see. Real Estate & Utilities both hit hard - even as interest rates fell.
Cheer up. I believe this underperformance on the inflation hedges to be only “transitory.” :)
-
For the benefit of mfo members, here’s how some hedge-type funds on my watch list performed today:
SWAN -0.28%
HEGD -1.83%
DOG +2.47%
NUSI -1.25%
DRSK +0.14%
SPDN +2.26%
FTLS -1.84%
DFND -0.10%
TAIL (owned) +2.80%
A couple mutual funds that are more broadly diversified than the above, but which employ some hedging techniques:
HSGFX +2.44%
TMSRX (owned) -0.47%

Hi, all.
A few pieces of information that I hope are helpful -
Our regular website does indeed run on WordPress, however, we do not use GoDaddy for hosting. So far as I know, the Mutual Fund Observer site has not been breached. I added the "So far as I know," because in most cases, a company's security has been breached for a period of time before they realize it.
This discussion board does not run through WordPress. It uses an open-source software called Vanilla Forums, which is not nearly so big a target as WordPress. Your password here never gets stored in WordPress.
That said, no site is ever safe from compromise. The advice from @JonGaltIII is spot on. 1. Use a password manager.
2. Do not recycle the same password over and over on multiple sites.
3. Use Two Factor Authentication whenever you're sharing personal or financial information.
4. Despite the convenience, don't allow shopping sites to store your credit card information if that's an option.
Happy holidays and stay safe!
Chip

“ … I used to subscribed to it for over quite awhile until the Great Recession where I found Barrons completely missed several signs leading to the great decline.”

I’d concur with @Sven that Barron’s is not a particularly good barometer / predictor of major changes in market direction or sentiment. Their “Commodities Corner” bear call on gold around the 2000 -2002 period stands out in particular. Within a few weeks of the very bearish call, gold took off on a tear going from under $300 to an intermediate term peak of $700-$800 in just a few short years.
But Barron’s is really a compilation of many different market assessments. A careful reading will reveal these. Their weekly “Market View” column (Formerly called “Quoth the Mavens”) pulls excerpts from an assortment of current financial newsletters. Often, these will contradict one another. Yet a perceptive reader may draw some reasonable inferences. Weekly columnist Randall Forsyth may fall short of being “profound” in assessing market direction or valuation - but provides an intriguing skeptic’s eye toward many financial issues - particularly keen on assessing retail investor sentiment I think.
I’ve purchased 3 or 4 stocks over the past year based on Barron’s recommendations. All did well. Today I sold one, NGLOY, after a quick 14% run-up since they recommended it roughly 2 months ago. Still like it - but have been trimming risk wherever I can of late. So, based on some very limited experience buying their picks, I’ll guess they’re probably right more often than wrong on those recommendations.

This is another perfect example of why one should utilize a password manager and not rely on auto-password fill via browser or worse - use the same password for multiple sites. If you use a password manager like LastPass, you need to remember one password and not 200. Plus, it runs continual checks on all sites and when a site has a compromise, it prompts you to change that unique password - The Wordpres or GoDadd breach has zero impact if you have unique passwords that auto-change or manual change on each unique site after prompt. Two-Step verification is also a must - especially for financial sites. The new apple ios update supporting temp email addresses also solves the "email" exposure / spam / phishing issue.

December Newsletter is out:
outperforming-the-market-while-the-fed-is-on-hold

Summary
Since March 2020, Fed short-term rate policy has been on hold and stocks have soared.
Such prior "on hold" periods have also led to excellent returns.
While this hold cycle continues, Growth funds/ETFs are likely to excel the overall market.
But even better than Growth, small cap stock funds/ETFs have outperformed during these on-hold periods.
When the Fed does raise rates, Financial and Real Estate funds, along with Growth funds, will be your best bet.

@MikeM -
Personally I don’t care for online editions of various publications like Barron’s or the WP. Not sure why - but they seem to be laid out more like a website - “links on top of links.” In addition, I had a bad experience many years ago getting one publisher to stop charging my card after I cancelled the subscription..
Amazon pioneered the Kindle reader(s) and sells subscriptions to most anything, although tracking them down on Amazon’s site is sometimes difficult. These Kindle subscriptions read more like a regular newspaper or magazine (front page to end). Essentially, you keep “turning” pages. In addition, there’s an easy to pull down index accessible from anywhere you might be.
Prices for subscriptions are often a bit higher, One nice feature is you can go to your Amazon account and cancel anytime. And they refund the remaining balance same day. One drawback, I suppose, is the Kindle publications don’t update throughout the day. OK with me. And some readers complain about missing charts - particularly with IBD. No - I’m not a Kindle or Amazon salesman! Just trying to be helpful. The type of subscription format is really a matter of user preference.
Devices? The Kindle app is supported by virtually any device. I have the app installed on my ipad. Works fine. Still - being the “finicky” type, I feel I get a superior reading experience from my dedicated (Amazon) Fire 8-9” tablet. The refurbished ones are cheap and quite nice - like new.
-
Since they’re a bit hard to track down on Amazon, here are direct links to a few financial publications available in Kindle format.
WSJ
Financial Times
Barron’s
IBD
The Economist

Thank you again. Similar forecast on future return have been posted but Schwab provided detail analysis that others lack. What can income investors do with negative returns in coming years?
By the way, I congratulate you to find time to take more college class? Your knowledge on these financial matter really shows that contributed to the depth of discussion on this board. Thank you.

“Grantham for all his long term predictions does not invest his funds in line with his predictions.“
A legitimate point. But I don’t invest according to my own predictions either. Does anyone?
Prediction does not = certainty. So some humility as investors is appropriate. What I attempt to do is tilt things in the direction I think will reduce overall portfolio risk while achieving best hoped for results under varying market environments. Not a perfect science. And beyond the scope of this discussion - except that philosophically it might help understand Grantham’s seeming hypocrisy. What may not be apparent in the list of Grantham’s investments (linked below) are derivatives he may have employed which are designed to offset losses in down markets.
One thing that set me to thinking about all this was Dodge and Cox’s revelation in a recent portfolio report (for DODBX) that they hold a 5% short position in the S&P, which they think highly overvalued, while continuing to invest in the stocks they find attractive. Quite an unusual step for this very conservative house.
And this from T.Rowe Price’s May 31 Annual Report for their Spectrum Allocation funds …
“As we look ahead, the central question for investors—assuming the economy’s recovery from the pandemic continues apace—is whether the returns on financial assets will be as robust. Valuations are elevated in nearly all asset classes, and in some areas, there are clear signs of speculation. It is not an easy environment to invest in, but our investment teams remain rooted in company fundamentals and focused on the long term, and they will continue to apply strong fundamental analysis as they seek out the best investments for your portfolio.” https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77957L302
Note: The above was written 6 months ago. Can we say valuations are better now than they were than? And the “signs of speculation” less apparent?
Grantham’s Top Investments

I fearlessly predict that the markets will make a major move sometime. Subscribe to my financial advice bulletin to find out exactly what and when! Be an insider! You wont regret it!

I predict that the markets will fluctuate.
Money back guarantee if not satisfied!

I fearlessly predict that the markets will make a major move sometime. Subscribe to my financial advice bulletin to find out exactly what and when!
Be an insider! You wont regret it!

Agree. If you do not trust either financial institution with the password of the other, why give them ur money. This made linking two banks very easy and with Zelle, some transfers between two banks is instantaneous. The difficulty with Vanguard process is that it wants you to share login credentials with a third party.

I have encountered requests to enter login info for financial institution when trying to link 2 financial institutions (neither Vanguard).
It is a newer technology.
Remember the old way that some institutions still follow? 2 tiny deposits were made and you were asked to find those and enter to validate? That took 3-5 days. Then a hard-link was established between the institutions.
This newer way is real-time. You enter login info, which remains encrypted (and not stored by anyone), but is used to generate coding for hard-link between the institutions. And that hard-link would continue to work (until cancelled) even if you changed your login info. If you don't trust either financial institution for this linking process, why would you give your money to them?
Of course, the old-old way is the paper way with Signature Guarantee (same as Medallion Signature Guarantee) from bank or brokerage - Notary is NOT accepted. Then you mail all this and keep fingers crossed that the mail is not lost or stolen.

TRP is trying to get some of their bigger investors away from the online mutual fund supermarkets so they can reduce the amount of their management fees they have to pay to Fidelity, Schwab, etc.
For several years I've considered returning our accounts directly to TRP out of loyalty and appreciation for the excellent investment management our accounts have received through PRWCX and Giroux. Around 80% of our investments are in TRP funds (primarily PRWCX). I moved our accounts first to TDA and now at Schwab, why should they be getting a big chunk of the management fees, what are they adding to our investment returns in those funds?
But, up until now there has been no personal financial incentive otherwise to make the move back to TRP. Now that the new Summit program has dramatically lowered the hurdle to access institutional shares ($50,000 rather than $1 million) at the lower ER and also gives access to closed funds like PRNHX, I'm seriously considering making the move. Any non-TRP funds we want to invest in can still be done so through a TRP brokerage account. Being able to park our investments in the institutional shares will potentially add TENS OF THOUSANDS OF DOLLARS to our returns over the next number of decades if we are blessed to live that long.
I've wondered why more fund shops haven't followed the lead of organizations like Grandeur Peak who will let shareholders purchase the cheaper institutional shares at far lower minimums if they invest directly with the fund rather than through brokers. Kudos to TRP for finally coming around.
Please let me know if I am overlooking something here.