# ASC 210-946-50: Balance Sheet — Financial Services—Investment Companies — 50 Disclosure Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/210/946/#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): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:520a02beb55c988e7a34e2802105fe0e2019fa8fd0109fc15fccb4f32ea95825 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 210-946-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/210/946/#50-disclosure) SEC content: no #### Schedule of Investments ##### [210-946-50-1](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:268175a7f78ea0e289ba2d87a52635c8d055168f3613db9e6718b67ffe01a7fc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In the absence of regulatory requirements, investment companies other than nonregistered investment partnerships shall do all of the following: 1. a Disclose the name, number of shares, or principal amount of all of the following: 1. 1 Each investment (including short sales, written options, futures contracts, forward contracts, and other investment-related liabilities) whose [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.") constitutes more than 1 percent of net assets. In applying the 1-percent test, total long and total short positions in any one issuer should be considered separately. 2. 2 All investments in any one issuer whose fair values aggregate more than 1 percent of net assets. In applying the 1-percent test, total long and total short positions in any one issuer should be considered separately. 3. 3 At a minimum, the 50 largest investments. 2. b Categorize investments by both of the following characteristics: 1. 1 The type of investment (such as common stocks, preferred stocks, convertible securities, fixed income securities, government securities, options purchased, options written, warrants, futures contracts, loan participations and assignments, short-term securities, repurchase agreements, short sales, forward contracts, other investment companies, and so forth) 2. 2 The related industry, country, or geographic region of the investment. 3. c Disclose the aggregate other investments (each of which is not required to be disclosed by (a)) without specifically identifying the issuers of such investments, and categorize as required by (b). The disclosure shall include both of the following: 1. 1 The percent of net assets that each such category represents 2. 2 The total value for category in (b)(1) and (b)(2). ##### [210-946-50-2](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:ad32b68f4dfc8ad7b4ea5ed8f96d4ac4769ed27baa10ca9d9494785dfb165789 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For required disclosures about any other significant concentration of credit risk, see Section 825-10-50. For example, an international fund that categorizes its investments by industry or geographic region should also report a summary of its investments by country, if such concentration is significant. ##### [210-946-50-3](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:f4a1567c2c26499bb632fba79df793f68567f78ba1e7d07f56c7aa8818cd5d9a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For required disclosures about certain significant estimates, such as use of estimates by directors, general partners, or others in an equivalent capacity to value securities, see Subtopic 275-10. ##### [210-946-50-4](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:358e861f65b99375a2ff8f52c44595d1369847bde631ae8e28658e414985c4c7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Except as noted in the following paragraph, the guidance in paragraph [946-210-50-6](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-6) applies to investment partnerships that are exempt from Securities and Exchange Commission (SEC) registration under the Investment Company Act of 1940, which include all of the following: 1. a Hedge funds 2. b Limited liability companies 3. c Limited liability partnerships 4. d Limited duration companies 5. e Offshore investment companies with similar characteristics 6. f Commodity pools subject to regulation under the Commodity Exchange Act of 1974. ##### [210-946-50-5](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:434853cd52657aef3ebcc3b6527d6a53b90d97fed0016f73c212eafd87b0386d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the following paragraph does not apply to investment partnerships that are brokers and dealers in securities subject to regulation under the Securities Exchange Act of 1934 (registered broker-dealers) and that manage funds only for those who are officers, directors, or employees of the general partner. For guidance applicable to those entities, see Topic 940. ##### [210-946-50-6](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:298c90374a32dacedcf19a00237850cc238a25675c4bb3f351620b92fd995c12 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The financial statements of an investment partnership meeting the condition in paragraph [946-210-50-4](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-4) shall, at a minimum, include a condensed schedule of investments in securities owned by the partnership at the close of the most recent period. Such a schedule shall do all of the following: 1. a Categorize investments by all of the following: 1. 1 Type (such as common stocks, preferred stocks, convertible securities, fixed-income securities, government securities, options purchased, options written, warrants, futures, loan participations, short sales, other investment companies, and so forth) 2. 2 Country or geographic region, except for derivative instruments for which the [underlying](https://asc.understandingaccounting.org/glossary/u/#underlying "A specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, or other variable (including the occurrence or nonoccurrence of a specified event such as a scheduled payment under a contract). An underlying may be a price or rate of an asset or liability but is not the asset or liability itself. An underlying is a variable that, along with either a notional amount or a payment provision, determines the settlement of a derivative instrument.") is not a security (see (a)(4)) 3. 3 Industry, except for derivative instruments for which the underlying is not a security (see (a)(4)) 4. 4 For derivative instruments for which the underlying is not a security, by broad category of underlying (for example, grains and feeds, fibers and textiles, foreign currency, or equity indexes) in place of the categories in (a)(2) and (a)(3). 2. b Report the percent of net assets that each such category represents and the total fair value and cost for each category in (a)(1) and (a)(2). 3. c Disclose the name, number of shares or principal amount, fair value, and type of both of the following: 1. 1 Each investment (including short sales) constituting more than 5 percent of net assets, except for derivative instruments (see (e) and (f)). In applying the 5-percent test, total long and total short positions in any one issuer should be considered separately. 2. 2 All investments in any one issuer aggregating more than 5 percent of net assets, except for derivative instruments (see (e) and (f)). In applying the 5-percent test, total long and total short positions in any one issuer shall be considered separately. 4. d Aggregate other investments (each of which is 5 percent or less of net assets) without specifically identifying the issuers of such investments, and categorize them in accordance with the guidance in (a). In applying the 5-percent test, total long and total short positions in any one issuer shall be considered separately. 5. e Disclose the number of contracts, range of expiration dates, and cumulative appreciation (depreciation) for open futures contracts of a particular underlying (such as wheat, cotton, specified equity index, or U.S. Treasury Bonds), regardless of exchange, delivery location, or delivery date, if cumulative appreciation (depreciation) on the open contracts exceeds 5 percent of net assets. In applying the 5-percent test, total long and total short positions in any one issuer shall be considered separately. 6. f Disclose the range of expiration dates and fair value for all other derivative instruments of a particular underlying (such as foreign currency, wheat, specified equity index, or U.S. Treasury Bonds) regardless of counterparty, exchange, or delivery date, if fair value exceeds 5 percent of net assets. In applying the 5-percent test, total long and total short positions in any one issuer shall be considered separately. 7. g Provide both of the following additional qualitative descriptions for each investment in another nonregistered investment partnership whose fair value constitutes more than 5 percent of net assets: 1. 1 The investment objective 2. 2 Restrictions on redemption (that is, liquidity provisions). ##### [210-946-50-7](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:0e307ada8ed5f6dd1e2dc4b98fc6502da094f73004f83c01922e023d775368c5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-19](https://asc.understandingaccounting.org/updates/asu-2016-19/). ##### [210-946-50-8](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-8) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:4b547d590312f4b9d07be0f115e1cb2a0840150c44d9dcf5c81093e948e3c032 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investments in other investment companies (investees), such as investment partnerships, limited liability companies, and funds of funds, shall be considered investments for purposes of applying paragraph [946-210-50-1(a) through (b)](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-1)and [946-210-50-6](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-6). ##### [210-946-50-9](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-9) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:3b881482d26bff60c90857e166da0630b49a2bd747fd9f8cf4b4b54df9134a51 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the reporting investment company's proportional share of any investment owned by any individual investee exceeds 5 percent of the reporting investment company's net assets at the reporting date, each such investment shall be named and categorized as discussed in paragraph [946-210-50-6](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-6). These investee disclosures shall be made either in the condensed schedule of investments (as components of the investment in the investee) or in a note to that schedule. ##### [210-946-50-10](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-10) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:20998d9c2ffb74cf6f3395bc218dd04ed8d90360fad9ff1cca9f0f8646904043 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If information about the investee's portfolio is not available, that fact shall be disclosed. ##### [210-946-50-11](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-11) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:5b1ca4f4a8e78bcee3bbd3c3d6a74d0204b6e571343924d15ed3b667f1da8505 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The terms, conditions, and other arrangements relating to a credit enhancement shall be disclosed in the notes to financial statements. ##### [210-946-50-12](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-12) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:82b1fbafa00f2684a30d1b0c426b709b695cef433cd3134ca92ce60964c1c577 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For a put option provided by an affiliate, the schedule of investments shall describe the put as from an affiliate and the notes to financial statements shall include the name and relationship of the affiliate. ##### [210-946-50-13](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-13) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:d65984a122ad7f1186570a8d9fc70c26c5ce1d7e7dfe35b43df0fb38a8ffebcb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For a letter of credit, the name of the entity issuing the letter of credit shall be disclosed separately. #### Fully Benefit-Responsive Investment Contracts ##### [210-946-50-14](https://asc.understandingaccounting.org/asc/210/946/#210-946-50-14) Pending content: no Source downloaded (UTC): 2026-09-09T23:01:41.571Z to 2026-09-09T23:01:41.571Z Record version: sha256:1a1db8e63395e18d5dd4ab5d07aca669c2739e37f1f1605813414b766fbfe1c0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investment companies identified in paragraph [946-210-45-11](https://asc.understandingaccounting.org/asc/210/946/#210-946-45-11) shall disclose all of the following in connection with [fully benefit-responsive investment contracts](https://asc.understandingaccounting.org/glossary/f/#fully-benefit-responsive-investment-contract "An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness."), in the aggregate: 1. a A description of the nature of those investment contracts. 2. b A description of how those investment contracts operate. 3. c A description of the methodology for calculating the interest crediting for those investment contracts, including all of the following: 1. 1 The key factors that could influence future average interest crediting rates 2. 2 The basis for and frequency of determining interest crediting rate resets 3. 3 Any minimum interest crediting rate under the terms of the contracts. 4. d An explanation of the relationship between future interest crediting rates and the amount reported on the statement of assets and liabilities representing the adjustment for the portion of net assets attributable to fully benefit-responsive investment contracts from fair value to contract value. 5. e A reconciliation between the beginning and ending balance of the amount presented on the statement of assets and liabilities that represents the difference between net assets reflecting all investments at fair value and net assets for each period in which a statement of changes in net assets is presented. This reconciliation shall include both of the following: 1. 1 The change in the difference between the fair value and contract value of all fully benefit-responsive investment contracts 2. 2 The increase or decrease due to changes in the fully benefit-responsive status of the fund's investment contracts. 6. f The average yield earned by the entire fund (which may differ from the interest rate credited to participants in the fund) for each period for which a statement of assets and liabilities is presented. This average yield shall be calculated by dividing the annualized earnings of all investments in the fund (irrespective of the interest rate credited to participants in the fund) by the fair value of all investments in the fund. 7. g The average yield earned by the entire fund with an adjustment to reflect the actual interest rate credited to participants in the fund for each period for which a statement of assets and liabilities is presented. This average yield shall be calculated by dividing the annualized earnings credited to participants in the fund (irrespective of the actual earnings of the investments in the fund) by the fair value of all investments in the fund. 8. h Both of the following sensitivity analyses: 1. 1 The weighted average interest crediting rate (that is, the contract value yield) as of the date of the latest statement of assets and liabilities and the effect on this weighted average interest crediting rate, calculated as of the date of the latest statement of assets and liabilities and the end of the next four quarterly periods, under two or more scenarios where there is an immediate hypothetical increase or decrease in market yields, with no change to the duration of the underlying investment portfolio and no contributions or withdrawals. Those scenarios should include, at a minimum, immediate hypothetical increases and decreases in market yields equal to one-quarter and one-half of the current yield. 2. 2 The effect on the weighted average interest crediting rate calculated as of the date of the latest statement of assets and liabilities and the next four quarterly reset dates, under two or more scenarios where there are the same immediate hypothetical changes in market yields in the first analysis, combined with an immediate, one-time, hypothetical 10 percent decrease in the net assets of the fund due to participant transfers, with no change to the duration of the portfolio. 9. i A description of the events that limit the ability of the fund to transact at contract value with the issuer (for example, premature termination of the contracts by the fund, plant closings, layoffs, plan termination, bankruptcy, mergers, and early retirement incentives), including a statement as to whether the occurrence of those events that would limit the fund's ability to transact at contract value with the participants in the fund is probable or not probable. 10. j A description of the events and circumstances that would allow issuers to terminate fully benefit-responsive investment contracts with the fund and settle at an amount different from contract value. Example 2 (see paragraph [946-210-55-2](https://asc.understandingaccounting.org/asc/210/946/#210-946-55-2)) illustrates the application of this guidance.