Unit Investment Trusts

[gcm223]

I take data down from Schwab Institutional using the Advisor version. I have one portfolio that owns UITs. For some reason, the shares come across wrong on UITs only. For example, on one CUSIP my account owns 1449.00 at Schwab. Fund Manager shows the 1449.00 but the shares on the Schwab side of the reconcilement shows 14.49. It is a decimal issue, but I cannot figure out what to change.
Thanks for your help!

[Mark]

Hi gcm223,

It sounds like these are being treated like bonds. What version of Fund Manager are you using?

Can you email us a transaction file and a position file so that we can reproduce this situation here? The transaction file would need to contain the transaction where you purchased these UIT shares, and the position file would need to be for a date where you still owned them, so we can see how it reconciles. I'll send you an email separately, so you can reply to that with these attachments.

[gcm223]

I sent the files. I am using 12.6.

[Mark]

Hi gcm223,

Thanks for the files. When I imported the transactions and then reconciled it worked okay. With unit trusts, Fund Manager imports the transactions as 1/100th the quoted share quantity, and it does the same when reconciling against a position statement. The shares are 1/100th the value, and the price should be near 100. I forgot to ask for a price file (*.PRI) from you, but if you want to send that, I can verify that the price is importing correctly, near 100, instead of near 1. For example, the cusip of: 00771H380 imported with a purchase of 14.49 shares, and when reconciling, this was the expected share balance as reported by the .BLD file, so it balanced.

In your example of 1449 shares, how did you get the initial transaction into Fund Manager? Did you import it with 12.6, or maybe an earlier version, or did you manually enter it? It sounds like it needs to be 14.49 shares, instead. You can edit the buy transaction and change the price/shares. If you do this, you want to make sure all your daily closing prices are near 100, and not 1, so the market valuations are correct. You can see the pricing in the Data Register under the Data Type of "Prices".

[gcm223]

The account actually owns 1449.00 shares. The shares came in via a transfer of account from another broker. Thoses shares came across correctly. The transaction on Fund Manager is correct.

The shares on fund manager are right. It is the shares that are coming from Schwab on the daily file that are wrong. The shares on the Schwab Institutional site are 1449, the shares on Fund Manager are 1449 but when I run Reconcile or Bulk Reconcile, they show up as 14.49 on the Schwab part of the reconcilement.

The price is fine.

[Mark]

Hi gcm223,

For unit trusts, FM records the shares as 1/100th the value. This may be different than how Schwab shows them on their site. FM has the shares at 1/100th value, and the price is near 100, so the market value is correct. As long as both are consistent, everything will work out fine. So, instead of buying 1449 shares at a price of 1, record a buy of 14.49 shares at a price of 100. That is how it imported for me from the transaction file, and is consistent with how it reconciles. I think your initial buy somehow got entered in at 1449 like you wanted, but to work with Schwab, it needs to be 14.49. Do you remember how that buy got input into Fund Manager initially?