This is about converting an existing account at an institution to a brokerage account at the same institution. Was that your experience, or did you transfer assets to an account at a different institution? In reality, all that transfers between institutions are assets (and some cost basis/transaction history), not the entirety of the account.
https://www.finra.org/investors/learn-to-invest/brokerage-accounts/understanding-brokerage-account-transfer-process
https://www.sec.gov/reportspubs/investor-publications/investorpubsacctxferhtm.html
Vanguard told me that aside from the exceptional circumstances pertaining to a small number of investors' POAs including mine, POAs would be retained when converting fund platform accounts to brokerage platform accounts. That was Vanguard's explanation for why it did not not mention this in its conversion emails.
I misspoke in saying that Vanguard requires a signature guarantee. You are correct that it requires notarization not a signature guarantee, but it also requires witnesses. My recollection was from 2020 when "shelter in place" was the norm and getting a third party involved was problematic regardless.

I have joined carew338 in abandoning Vanguard for anything other than their funds that are unique are Admiral class or that I have a large capital gain in.

Why not transfer the non-Vanguard holdings in kind to another brokerage?
It's cheaper to trade TF funds at Fidelity: $5/purchase using automated investing, $0 to sell vs. $20 to buy or sell at Vanguard.
Here's Investopedia's comparison of Vanguard and Fidelity. While clearly recognizing the superiority of Fidelity's platform, FWIW they consider Vanguard's platform adequate for its target (buy-and-hold and retirement) investors.
https://www.investopedia.com/vanguard-vs-fidelity-4587961
On the other end of the spectrum, looking at option trading, Fidelity and Schwab pay for order flow. Vanguard does not. Schwab receives payment for order flow on equity orders as well.
There are features that one loses by moving to Vanguard's brokerage platform. On the fund platform, one can (or could, last I checked) convert an exact dollar amount from a traditional IRA to a Roth. On the brokerage platform, one specifies the in-kind conversion by number of shares.
Checkwriting is affected. From the brokerage agreement:

immediately upon the transfer of Your Vanguard Funds into Your [Brokerage] Account You agree to cease using the checkwriting drafts (CWRs) issued on Your Vanguard Funds and to destroy any unused checks.

https://www.vanguard.com/pdf/vbsaac_042016.pdf
Power of attorney may not transfer over to the brokerage platform. In that case, one would have to set up power of attorney again, including paper forms and signature guarantees. This only affects a relatively small number of Vanguard customers. But I happen to be among them, and would not have known had I not asked. This alone is sufficient to dissuade me from converting.

Most Medicare Part B participants pay a premium that covers 25% of the actual cost of the coverage. (The government picks up the rest, using general tax revenue.) In 2021, that 25% comes to $148.50/mo, or $1782/year.
If one's MAGI¹ (AGI from line 7 of form 1040 plus tax-exempt interest from line 2a) is above $88K (single or married filing separately) or $176K (married filing jointly), then one's share of the actual Part B cost increases.
If one's MAGI is just over this threshold, then instead of paying 25% of the cost of Part B, one will pay 35%. That's a 40% increase (35%/25% = 1.4x). So in 2021, the first level of IRMAA comes to 40% x $148.50 = $59.40/mo, or $712.80/year.
https://www.medicare.gov/your-medicare-costs/part-b-costs
There are also higher brackets, where one pays 50% of the actual part B cost (IRMAA = 100% of Part B premium), 65% of Part B cost (IRMAA = 160% of premium), 80% of part B cost (IRMAA = 220% of premium), or 85% of part B cost (240% of premium). No matter what one's income level, the government is still picking up some of the tab.
https://secure.ssa.gov/poms.nsf/lnx/0601101031
In 2022, the first threshold is at $91K ($182 married filing jointly), and IRMAA is $68/mo. All the thresholds for 2021 and 2022 along with the total (part B premium plus IRMAA) amounts are on the Medicare.gov site given above.
¹MAGI is calculated using the last income tax return filed. For 2022 IRMAA, that is the income tax form for 2020, filed as recently as just two months ago, including extensions. Your Jan 2022 IRMAA can't be based on 2021 income since you haven't reported it yet.

I have joined carew338 in abandoning Vanguard for anything other than their funds that are unique are Admiral class or that I have a large capital gain in.
Their systems are slow, clunky and full of restrictions that "Mommie" Vanguard claims are necessary to "protect" investors from horrible errors, like no inverse or leveraged ETFs
The Independent Adviser for Vanguard Investors reports horror stories every month of arithmetical mistakes, poor customer service and other ridiculous problems

@Derf - The hoops is a reference to Fido requiring you to acknowledge (by clicking an accept icon) that you have read and understand the warning and that you feel experienced enough to proceed with the purchase.
Next bet? Nothing looks attractive, No major changes except continuing a near month-long 4-5% bet on TAIL (which requires you to acknowledge a warning at Fido). It’s not enough to overcome gains if the market continues upward, but serves as a “brake” in sharply declining markets, limiting losses. Rose .81% yesterday. The effect of holding a small amount is similar to driving forward while riding the brake a bit.
PS - The other kind of hoops. :) Been on the losing end of a few lately. Taking a breather.

I can't read Mark's article, need a subscription.
@sma3, what do you mean by this comment:

It is pretty sad when your bonds and bond funds loose money all year but the alternative for bear market protection- cash- is worse.

Why is cash, that may have little to no appreciation, worst than bond funds that, well, many think will lose money going forward? One, cash, has loss of value per inflation and the other (bond funds) has loss of capital value + loss of value per inflation. Or am I missing something?
Also I would say, yes, TIPS have lost money most of the time over past years, but inflation during those years has been nil. Of course they would not perform as well as a core bond or most any bond fund in that environment. But the inflation rate is changing, quickly. The time may be coming where they will out-perform core bond funds for years to come - ok, maybe.

@ Hank
Does it matters what you convert, if you can always buy or sell anything in either account tax free?
Once you have the capital in a Roth, I agree it should be probably devoted to more risky, long term investments.
Converting before you are on Medicare and after are two different calculations.
It is important to remember that the IRMAA surcharges go from zero dollars ( B Medicare Premium $1776 /year in 2021) to $700 for ONE DOLLAR of income ( AGI before the standard deduction) above $176,000 for a couple and $111,000 single. A couple would therefore pay $1400 extra.
IRMAA is based on two years before 1040, so 2022 will look at 2020 AGI. Once you file 2021 taxes in 2022 you can ask for redo, if your 2021 income is lower. It takes a month or so, so you will end up paying more for a few months.
One strategy I am considering is to do a large conversion, all in one year, before I take SS at 70. Then the impact of the conversion on the IRMAA will be limited to one year.
Other things to consider. IRS lets you put up to $135,000 in a QLAC which will reduce you RMD proportionally.
Lawrence Kotlikoff from BU has a great article in Barrons
https://www.barrons.com/articles/most-retirement-planning-is-wrong-laurence-kotlikoff-51631207476
He also runs a web site with a neat financial planning program for $100, Maxifi. It may be overkill for a lot of folks, but it will allow you to run all sorts of projections and scenarios about Roth conversions pretty easily

Actually, any time is pretty good. I did 3 - all between the ages of 63 and 70.
But (from my inner speculative nature), the more depressed the asset at the time, the better the eventual outcome. There’s a big “IF” here. This only works if you are correct in your assessment that a given asset (fund, stock, etc.) will turn around within your expectant time horizon and you have the patience to allow that to occur. The tax-free winnings are hard to beat - if your gambit works.
It’s easier in this environment, I think, to consider what not to convert. I wouldn’t do anything related to bonds or other fixed income. If my own time horizon were just a bit longer, I’d look at EM or international funds. And, I’d probably try to time the evolving disaster in AARK-type funds at a future point. But my general reading says it’s still too early to buy those. (If they keep falling at this rate, however, “It shan’t be long”.) :)
If you do succeed in grabbing off a rising star with a Roth conversion, consider scaling out a bit at some future point to partially lock in the gains.
Edit / Add:
@Sven I thought it would be helpful to add that you can be selective as to which fund(s) you convert. Once you’ve converted a fund (or other asset) your fiduciary (ie Fido) sets this up as a separate account. With my Fido accounts, both the Roth and Traditional IRA appear on one easy to access page. One reason for the separate accounts is to allow you to move money around (buy and sell) inside that account. Obviously, transfers back and forth between a Roth and Traditional IRA would not be allowed.

The SEC has issued several warnings on leveraged ETFs under its "Investor Alerts & Bulletins" since 2009 with most recent being in 2021. These explain that the leveraged ETFs work as indicate only over "days" and should be used only for very short-term trading. Actually, the 2009 warning caused a strong reaction from the ETF industry over the SEC defining short-term as "days" rather than other vague meanings of short-term. In 2020, the SEC issued rules limiting NEW leveraged ETFs to +/- 2x, but allowed existing ETFs with higher leverage to continue; strangely, it excluded leveraged ETNs (really sponsors' IOUs or debt instruments) from these restrictions.
2021 Alert https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-2
2020 SEC Rule https://www.sec.gov/news/press-release/2020-269
2009 Alert https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec-finra

The VIX (Volatility Index) is closing in on 30 this AM. We touched above this level one year ago (Nov. 30, 2020) when we briefly reach the 33 level.
Here's a chart of the VIX showing it's movement over the last 5 years along with the S&P 500.

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...

Wood has fervent followers and strong detractors. After reaching dizzying heights the fund has slumped this year. I’m wondering how she can run an open end fund in this manner. ISTM money will flee in bad times causing all sorts of problems for management and those who hold tight.

It must be very challenging to manage fund flows for the ARK ETFs.
The funds generated eye-popping returns in 2020 which led to large inflows.
"The Ark family of ETFs shot the lights out in 2020.
All five of the firm’s mainline funds produced triple-digit returns.
Investors took notice.
The firm pulled in $20.5 billion in net flows in 2020, representing 646% organic growth.
As 2020 came to a close, the firm ranked as the 11th-largest ETF provider."
Link
Their flagship fund, ARK Innovation, has dropped precipitously from it's February high.
Outflows started in April (first time since Oct. 2019) and increased during the third quarter.
"ARKK's past 10 months are not an uncommon story.
Fear of missing out following a stellar year for a fund can drive rapid inflows, and when the fund
is unable to repeat history, investors start to lose interest.
Investors who lack patience often suffer the most by buying at a high and selling after a decline."
Link

@Sven, Spring 2020?

PRHYX is closed to new investors. However, a reasonable substitute HY bond fund is still open - US High yield, TUHYX. Performance/risk of PRHYX is a bit better.
On a lower risk tier is TRP Floating Rate fund, PRFRX. The duration is less than one year with 30 day yield of 3.8%. Bank loan or floating rate fund was brought to my attention by David Giroux of TRP Capital Appreciation fund.
Before diving into these funds, beware that during spring 2020 drawdown, they were down over 10% and bounced back quickly for the year.

The direction of junk corporate yields is up. As measured by the ICE BoA U.S. HY Index Effective Yield, they've blown out to 4.80, the highest they've been in the last year. For me, that means wait a bit to see how high they may go, to maybe grab an opportunity to pick up some yield and capital gains in the near (?) future.
FRED chart

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

+1 fred Yes the -2.23% return in 1Q 2020 is a big factor for me-better than BBBMX DLSNX and MASNX "safer havens" that blew up on me then !

M* Portfolio "% Below 52-wk High" is price-based and is not reliable as distributions are not accounted for. The other thing to note is that for bond funds, the high was in December 2020 while for stocks in November 2021. Stockcharts provides better information.
LINK1 Prices
LINK2 Reinvested

FYI: For those who don't have a subscription to Barron's, here is the link to the complete fund profile of BAMBX that was written by Lewis Braham and published in November of 2020: https://webreprints.djreprints.com/57836.pdf
Fred

Thanks Fred. Awesome piece of writing by Lewis.
The fund? Sounds more like lasagna - a layered approach.

FYI: For those who don't have a subscription to Barron's, here is the link to the complete fund profile of BAMBX that was written by Lewis Braham and published in November of 2020: https://webreprints.djreprints.com/57836.pdf
Fred