# ASC 205-946-50: Presentation of Financial Statements — Financial Services—Investment Companies — 50 Disclosure Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/205/946/#50-disclosure) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:b48cd891ce3e1eb2b26c4da89b0018fa1e477815fe29a33a83e3a346bf6016b0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-946-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/205/946/#50-disclosure) SEC content: no #### Financial Highlights ##### [205-946-50-1](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:f17caee259b2da21c7613bfb8218fa6f9bbead5dccfab7feaf75410ea93358b9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Financial highlights shall be presented either as a separate schedule or within the notes to financial statements for each class of common shares outstanding. ##### [205-946-50-2](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:3121d2c5db450f7d8757d405bdc433ea73fcb5d4037d76f3c7c775eaae84ff07 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investment companies with multiple classes of shares may present financial highlights only for those classes of shares that are included in reports to such shareholders. In such cases, the investment company shall include appropriate disclosures related to all classes so as to ensure that the financial statements are complete (for example, detail of capital share activity in the statement of changes in net assets or notes to financial statements). ##### [205-946-50-3](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:f233a0dbfb8d8b7bf13a5b3962415d21b6ddda8c488c332320405a2f2b2f8f94 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Nonregistered investment partnerships shall disclose per-share data for all common classes in general-purpose financial statements. However, it is permissible for [financial highlights](https://asc.understandingaccounting.org/glossary/f/#nonregistered-investment-partnerships-financial-highlights "Nonregistered investment partnerships, when disclosing financial highlights, shall interpret the terms classes, units, and theoretical investments as follows: Classes. Nonregistered investment funds typically have one of the following two classes of ownership interest, with one class being the management interest in the fund and the other being the investment interest: For unitized funds (that is, funds with units specifically called for in the governing underlying legal or offering documents), the management interest usually is a voting class and the investment interest is a nonvoting class. Temporary series of shares (that is, shares that are intended at the time of issuance to be consolidated at a later date with another specified series of shares that remains outstanding indefinitely) are not considered separate classes. Permanent series of a class of share shall be the basis for which that share's financial highlights are determined and presented. For nonunitized funds, the management interest usually is the general partner class and the investment interest usually is the limited partner class. Generally, a class has certain rights as governed by underlying legal documents or offering documents and local law. Rights to certain investments that do not otherwise affect the rights available under the underlying legal documents and local law do not ordinarily represent a separate share class. For example, rights to income and gains from a specific investment attributed solely to investors at the date the investment is made (side-pocket investments) are not considered to give rise to a share class. Similarly, a temporary series of shares is not considered a share class. Units. Only funds with units specifically called for in the governing underlying legal or offering documents shall be considered unitized. Some funds may employ units for convenience in making allocations to investors for internal accounting or bookkeeping purposes, but the units are not required or specified by legal or offering documents, and for all other purposes operate like nonunitized investment partnerships. For per-share operating performance, those funds are not considered unitized. Theoretical investment. The term theoretical investment in paragraph 946-205-50-20 shall be considered as the actual aggregate amount of capital invested by each reporting class of investor as of the beginning of the fiscal reporting period, adjusted for cash flows related to capital contributions or withdrawals during the period.") to be presented only for those classes of shares that are included in reports to those classes. ##### [205-946-50-4](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:8a1d78549e16b6939180ab564e77478dfd2b4c8b99fbbe9db737de7a0e7f0978 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Only the classes related to the [nonmanaging investors](https://asc.understandingaccounting.org/glossary/n/#nonmanaging-investors "See Nonregistered Investment Partnerships—Financial Highlights.") (that is, classes of investors that do not consist exclusively of managing investor interests) are considered to be the common interests requiring financial highlight disclosure. ##### [205-946-50-5](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:a5e12e42951ddfc85dae800743c360175231605173f19d4d0dbecf41b777fbc4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a fund is not [unitized](https://asc.understandingaccounting.org/glossary/u/#unitized "See Nonregistered Investment Partnerships—Financial Highlights."), only investment returns (either total return or internal rate of return) and net investment income and expense ratios shall be disclosed as indicated in paragraphs [946-205-50-10 through 50-25](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-10) . ##### [205-946-50-6](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-6) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:7f8c0ede6533b982107f17289290984f722cc9dc6eb7241b4eb9beb045e327b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The remainder of this guidance is organized according to the nature the item included in the financial highlights as follows: 1. a Per-share information 2. b Ratios 3. c Total return 4. d Capital commitments. ##### [205-946-50-7](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-7) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:3698407fb118b90efa1a9a30e08349740f34abc97922fceaf5cdc1b3e8b25228 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Per-share amounts presented are based on a share outstanding throughout each period presented. The caption descriptions in the per-share data shall be the same captions used in the statement of operations and statement of changes in net assets to allow the reader to determine which components of operations are included in or excluded from various per-share data. All of the following per-share information shall be presented for registered investment companies and for investment companies that compute unitized net asset value: 1. a Net asset value at the beginning of the period. 2. b Per-share net investment income or loss. Other methods, such as dividing net investment income by the average or weighted average number of shares outstanding during the period, are acceptable. 3. c Realized and unrealized gains and losses per share, which are balancing amounts necessary to reconcile the change in [net asset value per share](https://asc.understandingaccounting.org/glossary/n/#net-asset-value-per-share "Net asset value per share is the amount of net assets attributable to each share of capital stock (other than senior equity securities, that is, preferred stock) outstanding at the close of the period. It excludes the effects of assuming conversion of outstanding convertible securities, whether or not their conversion would have a diluting effect.") with the other per-share information presented. The amount shown in this caption might not agree with the change in aggregate gains and losses for the period. If such is the case, the reasons shall be disclosed. 4. d Total from investment operations, which represents the sum of net investment income or loss and realized and unrealized gain or loss. 5. e Distributions to shareholders shall be disclosed as a single line item except that tax [return of capital](https://asc.understandingaccounting.org/glossary/r/#return-of-capital "Distributions by investment companies in excess of tax-basis earnings and profits.") distributions shall be disclosed separately. Details of distributions shall conform to those shown in the statement of changes in net assets. 6. f Purchase premiums, redemption fees, or other capital items. 7. g Payments by affiliates (see paragraphs [946-20-05-2 through 05-3](https://asc.understandingaccounting.org/asc/946/20/#946-20-05-2) ). 8. h Net asset value at the end of the period. The information required in (b) through (g) is not required for separate accounts that represent an ownership interest in the underlying separate account portfolios or mutual funds. ##### [205-946-50-8](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-8) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:a5000148cbdcecb84cb20b3e85ebc20f978852008526ec9cdae5022fb85a6f6d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Nonregistered investment partnerships that compute unitized net asset value shall disclose information for each reporting share class related to nonmanaging investors. The information shall be disclosed for each major category affecting net asset value per share (as shown in the statement of operations and statement of changes in net assets of the fund). ##### [205-946-50-9](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-9) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:bcbb3cc5a30118963e9e3c41e4f9cf7b81b8b79d79f3e838ac59acfa90f3166a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [946-210-45-16](https://asc.understandingaccounting.org/asc/210/946/#210-946-45-16) provides guidance on the net asset amount that shall be used for purposes of preparing the per-share disclosures required by this Section as the beginning and ending balance in the statement of changes in net assets of the fund. ##### [205-946-50-10](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-10) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:625d34675cd5c41c656db823f1b08c66d91f42327c9c24c5809c938e13f30e6d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Ratios of expenses and net investment income to average net assets are generally annualized for periods less than a year. ##### [205-946-50-11](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-11) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:a4c43415422f4baeccfd7a26a911d5f814c9e209e93fc89dac3f8e8a57f38211 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The ratio of expenses to average net assets should be increased by brokerage service and expense offset arrangements (see paragraphs [946-20-45-3](https://asc.understandingaccounting.org/asc/946/20/#946-20-45-3) and [946-20-45-5](https://asc.understandingaccounting.org/asc/946/20/#946-20-45-5)). ##### [205-946-50-12](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-12) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:805c2f8ae9d9b8cb57ebf5716cad46fabd7c39aff4474f6bec08be2e41beb306 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. When determining expense and net investment income ratios, nonregistered investment partnerships shall calculate average net assets by using the fund's (or class's) weighted-average net assets as measured at each accounting period or periodic valuation (for example, daily, weekly, monthly, quarterly), adjusting for capital contributions or withdrawals from the fund occurring between accounting periods or valuations. (This paragraph is not intended to require any additional interim accounting period or periodic valuation date beyond that which may be provided in offering or organizational documents of the partnership.) ##### [205-946-50-13](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-13) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:6c5aab92304aa27e69eedeaf9835ef90780109ed1fc8d9405b1df7c5df614c5b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The expense and net investment income ratios shall be calculated by nonregistered investment partnerships based on the expenses allocated to each common or investor class (for example, the limited partner class) before the effects of any incentive allocation. Adequate disclosure shall be made to indicate that the net investment income ratio does not reflect the effects of any incentive allocation. Expenses directly related to the total return of the fund, such as incentive fees, and nonrecurring expenses, such as organizational costs, shall not be annualized when determining the expense ratio. Disclosure shall be made of the expenses that have not been annualized. ##### [205-946-50-14](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-14) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:4dbaf1550da4f872d4c6df399e154a9d3697ce131d31f5a64c1ac447fc211945 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Generally, the determination of expenses for computing those ratios shall follow the presentation of expenses in the fund's statement of operations. Accordingly, if the manager's or general partner's incentive is structured as a fee rather than an allocation of profits, the incentive fee would be factored into the computation of an expense ratio. Because an incentive allocation of profits is not presented as an expense, it shall not be considered part of the expense ratio. However, to avoid potentially significant inconsistencies in ratio presentations based solely on the structuring of incentives as fees or allocations, all incentives shall be reflected in the disclosure of financial highlights. ##### [205-946-50-15](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-15) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:e39befdac8cc5526f93a92132d43e8103ea6ea84545ecebac7328e1984ec5b8c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Additionally, for the expense ratio, disclosure shall be made of the effect of any agreement to waive or reimburse fees and expenses to each reporting class as a whole, as described in paragraph [946-20-50-7](https://asc.understandingaccounting.org/asc/946/20/#946-20-50-7), and of expense offsets, as described in paragraphs [946-20-45-3](https://asc.understandingaccounting.org/asc/946/20/#946-20-45-3) and [946-20-45-5](https://asc.understandingaccounting.org/asc/946/20/#946-20-45-5). Agreements to waive a portion or all of certain fees to a specific investor, which do not relate to the share class as a whole, do not require disclosure in the financial highlights. However, as ratios are calculated for each common class taken as a whole, the financial statements shall disclose that an individual investor's ratio may vary from those ratios. ##### [205-946-50-16](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-16) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:189389351a085d5a08ba97da68dc4dec62d92fa07b935df3edad58113325c88d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Funds-of-funds shall compute the expense and net investment income ratios using the expenses presented in the fund's statement of operations. Therefore, funds-of-funds typically shall compute these ratios based on the net investment income and expense items at the fund-of-funds level only. Adequate disclosure shall be made so that it is clear to users that the ratios do not reflect the funds-of-funds' proportionate share of income and expenses of the underlying investee funds. ##### [205-946-50-17](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-17) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:502936132308da530a09327d7d43ec4c0c7a8a56e5b2b244209b1533b1e83270 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In a master-feeder structure, the feeder shall include its proportionate share of the income and expenses of the master when computing the ratios at the feeder level. If, in a master-feeder structure, an incentive is levied as an allocation at the master level, the feeder shall present its share of the incentive allocation as a separate line item in the statement of operations. ##### [205-946-50-18](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-18) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:7266cd607efffdf48bdde3e886150eee79667c32224c00136a5b2f34b633a360 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Total return shall be presented for all investment companies (for interim periods, the disclosure shall include whether or not total return is annualized). ##### [205-946-50-19](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-19) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:8a8a56314cc8a234c55801c05e3fe50817ab3004e5fcd05a35341ad11ed1048b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For nonregistered investment companies organized in a manner using unitized net asset value, total return shall be computed based on the change in the net asset value per share during the period, and assuming that all dividends are reinvested. ##### [205-946-50-20](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-20) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:f55e5d9661f80904aa18434a81464ece4234fd748472f1f7816f46adf05ae66b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For investment companies not using unitized net asset value, including investment partnerships, total return shall be computed based on the change in value during the period of a [theoretical investment](https://asc.understandingaccounting.org/glossary/t/#theoretical-investment "See Nonregistered Investment Partnerships—Financial Highlights.") made at the beginning of the period. The change in value of a theoretical investment is measured by comparing the aggregate ending value of each class of investor with the aggregate beginning value of each such class, adjusted for cash flows related to capital contributions or withdrawals during the period. ##### [205-946-50-21](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-21) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:474def4561af5abab04be4b18c805e9c04d6232f7ae04466ff900402364a9b07 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If capital cash flows occur during the reporting period, returns are geometrically linked based on capital cash flow dates. In general, geometrically linking requires the computation of performance for each discrete period within a year in which invested capital is constant (that is, for each period between investor cash flow dates), then multiplying those performance computations together to obtain the total return for a constant investment outstanding for the entire year. ##### [205-946-50-22](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-22) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:20164845898bc00e7c4ccd89d2604491a8058fcc95d7174aec2d23fde392f3b8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Because incentive allocations or fees may vary among investors within a class, total return for reporting classes subject to an incentive allocation or fee should report total return before and after the incentive allocation or fee for each reporting class taken as a whole. The effect of incentive allocations on total return is computed on a weighted-average aggregate capital basis. That results in an incentive computation less than the maximum if, for example, certain partners had loss carryovers at the beginning of the period. ##### [205-946-50-23](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-23) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:f999c98b9631b99c7e32f3ed62a501ec41330ad77736b62027a4bab5e4b6fd91 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An investment company shall disclose the internal rate of return since inception of the investment company's cash flows and ending net assets at the end of the period (residual values) as presented in the financial statements, net of all incentive allocations or fees, to each investor class, as of the beginning and end of the period, if, by the terms of their offering documents, they meet all of the following criteria: 1. a Have limited lives 2. b Do not continuously raise capital and are not required to redeem their interests upon investor request (obtaining initial capital commitments from investors at time of organization and subsequently drawing on those commitments to make investments is not considered continuous for this purpose) 3. c Have as a predominant operating strategy the return of the proceeds from disposition of investments to investors 4. d Have limited opportunities, if any, for investors to withdraw before termination of the entity 5. e Do not routinely acquire (directly or indirectly) as part of their investment strategy market-traded securities and derivative instruments. ##### [205-946-50-24](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-24) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:e302e0ded1d806fc66ee7dd9601d6e08f452b3dc771ca059549e263e5ff32439 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A footnote to the financial highlights shall disclose that the internal rate of return since inception of the investment is net of all incentives. The internal rate of return since inception shall be based on a consistent assumption, no less frequently than quarterly, as to the timing of cash inflows and outflows (for example, on actual cash flow dates or cash inflows at the beginning of each month or quarter and cash outflows at the end of each month or quarter). All significant assumptions with respect to the internal rate of return since inception shall be disclosed in the footnotes to the financial highlights. ##### [205-946-50-25](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-25) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:7f2c8fef13bd0f63ec5554edddeba038be28e475c94c0410b50a2455a974926f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investment companies that obtain capital commitments from investors and periodically call capital under those commitments to make investments (principally limited-life, nonregistered investment partnerships) shall disclose in the financial highlights or in a note to financial statements the total committed capital of the partnership (including general partner), the year of formation of the entity, and the ratio of total contributed capital to total committed capital. #### Complex Capital Structures ##### [205-946-50-26](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-26) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:d7ff589db17619f05e265a57cff9e13cf6b594693bccbf9d65e1c04e1c95a54f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Management investment companies that have multiple classes of shares or master-feeder structures shall apply the following guidance in preparing financial highlights. ##### [205-946-50-27](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-27) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:82ec1a930e65de17de8efe475b18def1bcfe9e4f5e23f1903384c06e9003bb89 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Financial highlights, including total return, shall be presented by class except for portfolio turnover, which is calculated at the fund level. The financial highlights for any class for which the shareholders are precluded from investing in may be omitted. ##### [205-946-50-28](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-28) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:bf34e80bb7b54e4c20add8b9898e2d9ba8fca4581baf1b9e00a69d07d13e045b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The feeder fund's ratios of expenses and net investment income to average net assets shall include the expenses of both the feeder and the master fund. Balance credits earned by the master fund shall be reflected in the feeder fund ratios as if they had been earned by the feeder fund directly. Feeder funds need not disclose a portfolio turnover rate because feeders invest all their assets in the master fund. ##### [205-946-50-29](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-29) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:1096d48f2f0220bbf0630c557da1f4faf96ccad40fc6962ab1f6714a265db7d0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The financial highlights section of the master fund organized as a partnership is substantially modified, because per share information is not applicable. The master fund financial highlights section shall include the total return, ratios of expenses and net investment income to average net assets, and portfolio turnover rate. The financial highlights section of master funds not organized as a partnership shall report the normal per-share data. ##### [205-946-50-30](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-30) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:66cdb3be145313e459b0e43c62555a443c97d9fde41c3163c5c67c18addf48e1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The financial highlights for the reporting fund in a fund-of-funds structure are usually similar to a standalone feeder fund in a master-feeder structure. Net investment income and expense ratios shall be computed based on the amounts reported in the statement of operations, and portfolio turnover shall be measured based on the turnover of investments made by the reporting fund in the investee funds, not looking through the investee funds to their portfolio activity. #### Separate Accounts ##### [205-946-50-31](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-31) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:0af019a1fcc86b5459b4c0cbb533fad1f5e090da3a16f17a0c40ebdd3f049228 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Separate accounts with more than two levels of contract charges or net unit values per subaccount may elect to present the required financial highlights for contract expense levels that had units issued or outstanding during the reporting period (including number of units, unit [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."), net assets, expense ratio, investment income ratio, and total return), for either of the following: 1. a Each contract expense level that results in a distinct net unit value and for which units were issued or outstanding during each reporting period 2. b The range of the lowest and highest level of expense ratio and the related total return and unit fair values during each reporting period. The calculation of the ranges for the total return ratio and unit fair values should correspond to the groupings that produced the lowest and highest expense ratios. ##### [205-946-50-32](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-32) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:f5a1e1484e64608f422ed0e8c7a94683f4d14351ccd51901dd3d0f6b7e316cdc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The financial highlights table in the separate account's financial statements shall state clearly that the expense ratio considers only the expenses borne directly by the separate account and excludes expenses incurred directly by the underlying funds or charged through the redemption of units. ##### [205-946-50-33](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-33) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:dda0e7eaae8039a6e5600ee12c951c11cee1d9b7e9d7d5523bdf0de444d92903 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the ranges of expense ratios, total returns, and unit fair values are presented, the entity should disclose instances in which individual contract values do not fall within the ranges presented (for example, if a new product is introduced late in a reporting period and the total return does not fall within the range). ##### [205-946-50-34](https://asc.understandingaccounting.org/asc/205/946/#205-946-50-34) Pending content: no Source downloaded (UTC): 2026-09-09T22:55:10.249Z to 2026-09-09T22:55:10.249Z Record version: sha256:02c4b5337c1e35d026e309adc1123e3b2cb4f35ad89ebc2db371dc72a3522b9a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The expense disclosure shall also include ranges of all fees that are charged by the separate account and a description of those fees, including whether they are assessed as direct reductions in unit values or through the redemption of units for all policies contained within the separate account.