{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/210/946/","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","number":"210-946","topic":"210","title":"Financial Services—Investment Companies","area":"Presentation","paragraphs":54,"summary":"This subtopic governs how an investment company presents its financial position — either a statement of assets and liabilities or a statement of net assets — and the schedule (or condensed schedule) of investments that accompanies it. It sets bright-line disclosure thresholds (1 percent of net assets for registered/other investment companies; 5 percent for nonregistered investment partnerships), special presentation rules for multiple-class, master-feeder, and fund-of-funds structures, and requires contract-value reporting for fully benefit-responsive investment contracts held by qualified defined contribution plan trusts.","concepts":["schedule of investments","condensed schedule of investments","statement of assets and liabilities","master-feeder structure","multiple-class shares","fully benefit-responsive investment contract","contract value","nonregistered investment partnership"],"categories":["Presentation","Disclosure","Industry-specific","Fair value"],"level":"advanced","topic_title":"Balance Sheet","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"210-946-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-210-45-18A Added Accounting Standards Update No. 2012-04 10/01/2012
946-210-45-20 Added Maintenance Update 2017-21 (PDF) 12/22/2017
946-210-45-21 Amended Maintenance Update 2018-12 (PDF) 09/10/2018
946-210-45-21 Added Maintenance Update 2017-21 (PDF) 12/22/2017
946-210-50-7 Superseded Accounting Standards Update No. 2016-19 12/14/2016
946-210-50-9 Amended Accounting Standards Update No. 2016-19 12/14/2016
946-210-55-1 Amended Accounting Standards Update No. 2016-19 12/14/2016
946-210-55-2 Amended Maintenance Update 2016-11 (PDF) 06/27/2016
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This Subtopic addresses an investment company's reporting of its financial position, including a schedule of investments.
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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 946-10-15.
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Investment companies report financial position by presenting either a statement of assets and liabilities or a statement of net assets.
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A statement of net assets includes a schedule of investments (see Section 946-210-50). Details of related-party balances and other assets and liabilities shall be presented in the statement of net assets or in the notes to financial statements.
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Management investment companies that have multiple classes of shares or master-feeder structures shall apply the following guidance when preparing a statement of assets and liabilities.
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The composition of net assets shall be reported in total, but net asset value per share and shares outstanding shall be reported for each class.
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Master funds usually are organized as trusts with flow-through accounting treatment to their feeder funds. As such, the statement of assets and liabilities of the master fund usually shall not report the components of net assets, shares outstanding, or net asset value per share. The portfolio of investments shall be included only in the master fund's financial statements.
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Each feeder fund's statement of assets and liabilities shall show an investment in the master fund, which is the sole or principal investment of the feeder fund. The total of all feeder funds' investments in the master fund shall equal the total net assets of the master fund. A schedule of portfolio investments shall not be presented at the feeder level. The net asset value per share, total shares outstanding, and the components of net assets shall be reported. Should the feeder fund have a multiple-class structure, it would report the multiple-class information specified in this Subtopic.
","snippet":"Each feeder fund's statement of assets and liabilities shall show an investment in the master fund, which is the sole or principal investment of the feeder fund. The total of all feeder funds' investments in the master f…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d13017aa7218721e759d3757b324f479b26aacd732c855966bdfac9bebafffdc","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-7","para":"45-7","html":"
The reporting fund may list the investee (portfolio) funds directly on the statement of assets and liabilities. Additional disclosures may be required for those funds that hold a mixture of investments in other investment companies and direct investments in securities. However, there is usually no need for a separate schedule of investments. Fund management shall consider if an investment in a single underlying fund is so significant to the fund of funds as to make the presentation of financial statements in a manner similar to a master-feeder fund more appropriate.
","snippet":"The reporting fund may list the investee (portfolio) funds directly on the statement of assets and liabilities. Additional disclosures may be required for those funds that hold a mixture of investments in other investmen…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19f15eed1e631fe79086012ebf53a6080a86dd1caaa46b6891860834aac1f1d3","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b43de65a81371ad69abef33b1ecfb7e532f7b349afca64df52f10d2d28d644c","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"block":null,"heading":"Credit Enhancements","paragraphs":[{"citation":"210-946-45-8","para":"45-8","html":"
Credit enhancements shall be shown as a component of the security description in the schedule of investments.
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This guidance describes the limited circumstances in which the net assets of an investment company (also referred to as a fund) shall reflect the contract value (which generally equals the principal balance plus accrued interest) of certain investments that it holds.
","snippet":"This guidance describes the limited circumstances in which the net assets of an investment company (also referred to as a fund) shall reflect the contract value (which generally equals the principal balance plus accrued …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:44f056451de94eb60cfa5087bfe124b3c3d1f06bf9a6a2df7a72363c1c2c8243","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-10","para":"45-10","html":"
For purposes of this Subtopic, the term investment contract refers to any of the following:
  1. a
    A traditional or separate account guaranteed investment contract
  2. b
    A bank investment contract
  3. c
    A synthetic guaranteed investment contract composed of a wrapper contract and the underlying wrapped portfolio of individual investments
  4. d
    A contract with similar characteristics.
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Contract value is the relevant measurement attribute for that portion of the net assets of an investment company attributable to fully benefit-responsive investment contracts provided that the investment company is established under a trust whereby the trust itself is adopted as part of one or more qualified employer-sponsored defined contribution plans (including both health and welfare and pension plans). A qualified plan refers to a plan that qualifies under the U.S. Internal Revenue Code by allowing full or partial tax-deferred contributions and tax-deferred investment gains on those contributions.
","snippet":"Contract value is the relevant measurement attribute for that portion of the net assets of an investment company attributable to fully benefit-responsive investment contracts provided that the investment company is estab…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a43c699bcae5c124903c658e1cf1ebcc826b94a24fcda65ae76962757802e427","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-12","para":"45-12","html":"
In applying the characteristic in item (c) of the definition of fully benefit-responsive investment contract (that is, execution of transaction at contract value), an investment company registered under the Investment Company Act of 1940 would not meet this requirement because Rule 22c-1 under the Act requires transactions between the investment company and its shareholders to be executed at current net asset value. The definition of fully benefit-responsive investment contract includes guidance for determining whether certain restrictions violate the provision that participants in the investment company have reasonable access to their funds. Restrictions that do not violate this provision shall also not be considered to violate the provisions in item (c) of the definition.
","snippet":"In applying the characteristic in item (c) of the definition of fully benefit-responsive investment contract (that is, execution of transaction at contract value), an investment company registered under the Investment Co…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fcf9a173f04ac5be12449281c3b9daa6e847912272daf3326399894c27e3437d","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-13","para":"45-13","html":"
If any portion of an investment company's net assets is held by another investment company, the lower-level (investee) fund shall look through to the higher level (investor) fund in determining whether the lower level fund is within the scope of this guidance.
","snippet":"If any portion of an investment company's net assets is held by another investment company, the lower-level (investee) fund shall look through to the higher level (investor) fund in determining whether the lower level fu…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:34f0a2638a64c12d26d8b0d1c27926f3ca62f41c683615db819c72a70b0b8f6d","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-14","para":"45-14","html":"
Under Rule 2a-4 of the Investment Company Act of 1940, current net asset value is computed using the fair value of the investment company's portfolio securities.
","snippet":"Under Rule 2a-4 of the Investment Company Act of 1940, current net asset value is computed using the fair value of the investment company's portfolio securities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bba02a6568d2a8ad6f756200bd9009beee742ea126baed0197defaa88b578da4","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-15","para":"45-15","html":"
The following line items shall be separately reported on the statement of assets and liabilities with a parenthetical reference that such amounts are being reported at fair value:
  1. a
    Investments (including traditional guaranteed investment contracts)
  2. b
    Wrapper contracts.
","snippet":"The following line items shall be separately reported on the statement of assets and liabilities with a parenthetical reference that such amounts are being reported at fair value:\n(a) Investments (including traditional g…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:71b7d0525cbf408f6c2dbd63ea12bb95ec769c1ac8e967342707d17538c154ff","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-16","para":"45-16","html":"
The statement of assets and liabilities of the fund shall present amounts for all of the following:
  1. a
    Total assets
  2. b
    Total liabilities
  3. c
    Net assets reflecting all investments at fair value
  4. d
    Net assets.
Amount (d) represents the amount at which participants can transact with the fund. That amount shall be used also for purposes of preparing the per-share disclosures required by Section 946-205-50 and as the beginning and ending balance in the statement of changes in net assets of the fund. The amount representing the difference between (c) and (d) shall be presented on the face of the statement of assets and liabilities as a single amount, calculated as the sum of the amounts necessary to adjust the portion of net assets attributable to each fully benefit-responsive investment contract from fair value to contract value.
","snippet":"The statement of assets and liabilities of the fund shall present amounts for all of the following:\n(a) Total assets\n(b) Total liabilities\n(c) Net assets reflecting all investments at fair value\n(d) Net assets.\nAmount (d…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f0f1355fd6bd65ba05f097e3db1fb34bbb076a2647143014051c490a0160b91","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-17","para":"45-17","html":"
The statements of operations and changes in net assets of the fund shall be prepared on a basis that reflects income credited to participants in the fund and realized and unrealized gains and losses only on those investment contracts that are not deemed fully benefit-responsive.
","snippet":"The statements of operations and changes in net assets of the fund shall be prepared on a basis that reflects income credited to participants in the fund and realized and unrealized gains and losses only on those investm…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:835150e223c24494be564dd0067e185463be6b07a7be26b2d3b24680d4da50c7","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-18","para":"45-18","html":"
The following information shall be disclosed in the financial statements as part of the schedule of investments, to the extent that schedule is already required under paragraph 946-210-50-1, and shall reconcile to corresponding line items on the statement of assets and liabilities:
  1. a
    The fair value of each investment contract, including separate disclosure of both of the following:
    1. 1
      The fair value of the wrapper contract
    2. 2
      The fair value of each of the corresponding underlying investments, if held by the fund, included in that investment contract.
  2. b
    Adjustment from fair value to contract value for each investment contract (if the investment contract is fully benefit-responsive)
  3. c
    Major credit ratings of the issuer or wrapper provider for each investment contract.
","snippet":"The following information shall be disclosed in the financial statements as part of the schedule of investments, to the extent that schedule is already required under paragraph 946-210-50-1, and shall reconcile to corres…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2a8b78502a5cb58aa893d1cb2d1d900d3a55c1b830fc89b2ba63e93d7a9e29ed","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-18A","para":"45-18A","html":"
To be considered within the scope of paragraphs
946-210-45-15 through 45-18
, any portion of the net assets of the investment company attributable to a particular plan investee that is not held in trust for the benefit of participants in a qualified employer-sponsored defined-contribution plan is not permitted to increase, except for reinvestment of income earned.
","snippet":"To be considered within the scope of paragraphs 946-210-45-15 through 45-18, any portion of the net assets of the investment company attributable to a particular plan investee that is not held in trust for the benefit of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:09b7077a44ff850e47c464ff24f0bb36a99e7212b704f8ebce0c0e677059c8cc","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-19","para":"45-19","html":"
Example 2 (see paragraph 946-210-55-2) illustrates the application of this guidance.
","snippet":"Example 2 (see paragraph 946-210-55-2) illustrates the application of this guidance.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b76a120844b584afe38f52d7f918b8e9d97f131e1958da794338dde1fe2603d9","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e149e2a8efcaea5ca3e987acbe08ba13cda51b82c954e542c7245ecf07d3fdd","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"block":null,"heading":"Cash and Cash Equivalents","paragraphs":[{"citation":"210-946-45-20","para":"45-20","html":"
Cash on hand and demand deposits shall be included under the general caption cash.
","snippet":"Cash on hand and demand deposits shall be included under the general caption cash.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:21e8c3cd8d907ef10cf8193ab204199120247d5a5fe10af027d1e5f85b3e05a0","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"citation":"210-946-45-21","para":"45-21","html":"
Amounts held in foreign currencies shall be presented separately at value, with acquisition cost shown parenthetically.
","snippet":"Amounts held in foreign currencies shall be presented separately at value, with acquisition cost shown parenthetically.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:83f902774830ff2a63cb3da401ec0467f1ac9385e109ba3ed29dd5f54bba25b1","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6553bd66d6105bb68b60e302ae3bc0dd302863a2f3eea4d82fe91bf9ce993977","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:81caa0cf4a0bd14bc45c0594f1dccebd8d73c7a7e639430c199449606376c2c3","downloaded_from":"2026-09-09T23:01:38.323Z","last_downloaded_at":"2026-09-09T23:01:38.323Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477796","source_sha256":"317ab2d3466475d988369f34ee4a2509d166ed4491434b9783e5f13c0ffe923b"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":"Schedule of Investments","paragraphs":[{"citation":"210-946-50-1","para":"50-1","html":"
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 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).
","snippet":"In the absence of regulatory requirements, investment companies other than nonregistered investment partnerships shall do all of the following:\n(a) Disclose the name, number of shares, or principal amount of all of the f…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:268175a7f78ea0e289ba2d87a52635c8d055168f3613db9e6718b67ffe01a7fc","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-2","para":"50-2","html":"
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.
","snippet":"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 r…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ad32b68f4dfc8ad7b4ea5ed8f96d4ac4769ed27baa10ca9d9494785dfb165789","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-3","para":"50-3","html":"
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.
","snippet":"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.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f4a1567c2c26499bb632fba79df793f68567f78ba1e7d07f56c7aa8818cd5d9a","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-4","para":"50-4","html":"
Except as noted in the following paragraph, the guidance in paragraph 946-210-50-6 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.
","snippet":"Except as noted in the following paragraph, the guidance in paragraph 946-210-50-6 applies to investment partnerships that are exempt from Securities and Exchange Commission (SEC) registration under the Investment Compan…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:358e861f65b99375a2ff8f52c44595d1369847bde631ae8e28658e414985c4c7","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-5","para":"50-5","html":"
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.
","snippet":"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…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:434853cd52657aef3ebcc3b6527d6a53b90d97fed0016f73c212eafd87b0386d","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-6","para":"50-6","html":"
The financial statements of an investment partnership meeting the condition in paragraph 946-210-50-4 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 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).
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Paragraph superseded by Accounting Standards Update No. 2016-19.
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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)and 946-210-50-6.
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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. 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.
","snippet":"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 s…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3b881482d26bff60c90857e166da0630b49a2bd747fd9f8cf4b4b54df9134a51","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-10","para":"50-10","html":"
If information about the investee's portfolio is not available, that fact shall be disclosed.
","snippet":"If information about the investee's portfolio is not available, that fact shall be disclosed.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:20998d9c2ffb74cf6f3395bc218dd04ed8d90360fad9ff1cca9f0f8646904043","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-11","para":"50-11","html":"
The terms, conditions, and other arrangements relating to a credit enhancement shall be disclosed in the notes to financial statements.
","snippet":"The terms, conditions, and other arrangements relating to a credit enhancement shall be disclosed in the notes to financial statements.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b1ca4f4a8e78bcee3bbd3c3d6a74d0204b6e571343924d15ed3b667f1da8505","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-12","para":"50-12","html":"
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.
","snippet":"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.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:82b1fbafa00f2684a30d1b0c426b709b695cef433cd3134ca92ce60964c1c577","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"citation":"210-946-50-13","para":"50-13","html":"
For a letter of credit, the name of the entity issuing the letter of credit shall be disclosed separately.
","snippet":"For a letter of credit, the name of the entity issuing the letter of credit shall be disclosed separately.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d65984a122ad7f1186570a8d9fc70c26c5ce1d7e7dfe35b43df0fb38a8ffebcb","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5dc70155020b16ca60e0d8c91238b34fac037bef1f7a6932246a71f2bc9e8131","downloaded_from":"2026-09-09T23:01:41.571Z","last_downloaded_at":"2026-09-09T23:01:41.571Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478795","source_sha256":"d7c1a9a459aa747c228fc66e93d0b37f300de39591554fb52f213c589508b62b"}},{"block":null,"heading":"Fully Benefit-Responsive Investment Contracts","paragraphs":[{"citation":"210-946-50-14","para":"50-14","html":"
Investment companies identified in paragraph 946-210-45-11 shall disclose all of the following in connection with fully benefit-responsive investment contracts, 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) illustrates the application of this guidance.
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This Example illustrates how to apply the guidance in paragraph 946-210-50-6. However, it does not address all possible circumstances that may arise in applying the guidance in that paragraph. Percent of net assets is shown for each category; net assets are assumed to be $50,000,000 for purposes of this Example.
","snippet":"This Example illustrates how to apply the guidance in paragraph 946-210-50-6. However, it does not address all possible circumstances that may arise in applying the guidance in that paragraph. Percent of net assets is sh…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d2b66ef81b25c4ceda0ec2a9555c80ca4f81c0524f2f517062adaee8073338e8","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}},{"citation":"210-946-55-2","para":"55-2","html":"
The following illustrates the presentation for fully benefit-responsive investment contracts in the statement of assets and liabilities in accordance with the guidance beginning in paragraph 946-210-50-14 and related note disclosure prepared in accordance with the guidance beginning in paragraph 946-210-45-9.
","snippet":"The following illustrates the presentation for fully benefit-responsive investment contracts in the statement of assets and liabilities in accordance with the guidance beginning in paragraph 946-210-50-14 and related not…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:af609adaf440292a04131a3b37a21635374c8ff0d7eb2b09847f3a0568df236c","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f42e24834ff8affb5bfc8126e695b0d11d44fc6c08ba93009529c8f1ff2f12cf","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4dd15eb9583a0ddaf15056b2550d51382d187c0e1834dd34514e137459c8d500","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}},{"number":"S00","label":"SEC 00 Status","anchor":"sec-00-status","is_sec":true,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"210-946-S00-1","para":"S00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-210-S99-1 through S99-3
 Amended Accounting Standards Update No. 2019-07 07/26/2019
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See paragraph 946-10-S99-3, Regulation S-X Rule 6-03(k), for the required presentation for certificate reserves.
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The following is the text of Regulation S-X Rule 6-06, Special Provisions Applicable to the Balance Sheets of Issuers of Face-Amount Certificates (17 CFR 210.6-06).
","snippet":"The following is the text of Regulation S-X Rule 6-06, Special Provisions Applicable to the Balance Sheets of Issuers of Face-Amount Certificates (17 CFR 210.6-06).\nBalance sheets filed by issuers of face-amount certific…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db06e87cdb88cb6f7d40768becd2c829c70e312f7b371691019b2cf16601a999","downloaded_from":"2026-09-09T23:02:00.098Z","last_downloaded_at":"2026-09-09T23:02:00.098Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479170","source_sha256":"aead5f4748cf8fec01eddb7ce891865e9c777f56f8bc193e9f91ed8fd06c7d11"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7779c9a2bf4daa26b93c951210089ec4ea6226463c8f6157fc0e0bf799efe617","downloaded_from":"2026-09-09T23:02:00.098Z","last_downloaded_at":"2026-09-09T23:02:00.098Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479170","source_sha256":"aead5f4748cf8fec01eddb7ce891865e9c777f56f8bc193e9f91ed8fd06c7d11"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f290d6acbcd89e5a8fdce92d1e224785d66b6a1bd100b60d43d7a3b6125d17c3","downloaded_from":"2026-09-09T23:02:00.098Z","last_downloaded_at":"2026-09-09T23:02:00.098Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479170","source_sha256":"aead5f4748cf8fec01eddb7ce891865e9c777f56f8bc193e9f91ed8fd06c7d11"}}],"enrichment":{"summary":"This subtopic governs how an investment company presents its financial position — either a statement of assets and liabilities or a statement of net assets — and the schedule (or condensed schedule) of investments that accompanies it. It sets bright-line disclosure thresholds (1 percent of net assets for registered/other investment companies; 5 percent for nonregistered investment partnerships), special presentation rules for multiple-class, master-feeder, and fund-of-funds structures, and requires contract-value reporting for fully benefit-responsive investment contracts held by qualified defined contribution plan trusts.","key_points":["An investment company presents financial position as either a statement of assets and liabilities or a statement of net assets, and a statement of net assets includes a schedule of investments (946-210-45-1 through 45-2).","For multiple-class funds, composition of net assets is reported in total but net asset value per share and shares outstanding are reported for each class (946-210-45-4).","In a master-feeder structure, the master fund generally does not report components of net assets, shares outstanding, or NAV per share and alone presents the portfolio of investments; each feeder reports its investment in the master (with NAV per share, shares outstanding, and components of net assets) and presents no schedule of portfolio investments (946-210-45-5 through 45-6).","Investment companies other than nonregistered investment partnerships must name each investment exceeding 1 percent of net assets (and each issuer aggregating over 1 percent), disclose at a minimum the 50 largest investments, categorize investments by type and by industry/country/geographic region, and aggregate the remainder by category with percent of net assets (946-210-50-1).","Nonregistered investment partnerships (hedge funds, LLCs, commodity pools, and similar) present a condensed schedule of investments using a 5 percent of net assets threshold, with long and short positions in any one issuer considered separately, special rules for derivatives by underlying, and investment objective and redemption restrictions for investments in other nonregistered partnerships exceeding 5 percent (946-210-50-4 through 50-6).","If the reporting fund's proportional share of an investment held by an investee fund exceeds 5 percent of the reporting fund's net assets, that investment must be named and categorized in the condensed schedule or a note; if investee portfolio information is unavailable, that fact must be disclosed (946-210-50-9 through 50-10).","For funds established under a trust adopted as part of qualified employer-sponsored defined contribution plans, contract value is the measurement attribute for net assets attributable to fully benefit-responsive investment contracts; the statement of assets and liabilities shows total assets, total liabilities, net assets reflecting all investments at fair value, and net assets, with the fair-value-to-contract-value adjustment shown as a single amount on the face (946-210-45-11, 45-16)."],"categories":["Presentation","Disclosure","Industry-specific","Fair value"],"audience_level":"advanced","student_note":"Exam and practice traps here are the two different concentration thresholds — 1 percent for registered/other investment companies versus 5 percent for nonregistered investment partnerships — and the rule that long and short positions in the same issuer are tested separately. Students also frequently miss that in a master-feeder structure the schedule of investments appears only at the master level, while NAV per share and components of net assets appear only at the feeder level.","related_topics":["946-10","946-205","940","825-10","275-10","962"],"key_concepts":["schedule of investments","condensed schedule of investments","statement of assets and liabilities","master-feeder structure","multiple-class shares","fully benefit-responsive investment contract","contract value","nonregistered investment partnership"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9046c1e73e980879ace38414486ae0388ea16ef4560ea9566e8e7502ceff5f30","downloaded_from":"2026-09-09T23:01:25.620Z","last_downloaded_at":"2026-09-09T23:02:00.098Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"220-946","title":"Financial Services—Investment Companies","topic_title":"Income Statement—Reporting Comprehensive Income","score":0.8891,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:60278459300e94e84bdecb71e4aaeea0d70cd70166199a8ce867a4112acdb954","downloaded_from":"2026-09-09T23:06:14.562Z","last_downloaded_at":"2026-09-09T23:06:52.794Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-942","title":"Financial Services—Depository and Lending","topic_title":"Balance Sheet","score":0.8488,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:39db6605c5223f9dfd5ad9daf3890ada6af866178e27d0671b9142891d18bf84","downloaded_from":"2026-09-09T23:00:23.086Z","last_downloaded_at":"2026-09-09T23:00:53.507Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"205-946","title":"Financial Services—Investment Companies","topic_title":"Presentation of Financial 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