# ASC 235-946-50: Notes to Financial Statements — Financial Services—Investment Companies — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/235/946/#50-disclosure)

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## ASC 235-946-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/235/946/#50-disclosure)

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#### Complex Capital Structures

##### [235-946-50-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-1)

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Management investment companies that have multiple classes of shares or master-feeder structures shall apply the following disclosure guidance.

##### [235-946-50-2](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-2)

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Notes to financial statements shall include all of the following:

1.  a
    
    Description of each class of shares, including sales charges, shareholder servicing fees, and distribution fees
    
2.  b
    
    Disclosure of the method used to allocate income and expenses, and realized and unrealized capital gains and losses, to each class
    
3.  c
    
    Description of fee arrangements for class-specific distribution plans and for any other class-level expenses paid to affiliates
    
4.  d
    
    Disclosure of capital share transactions (if not disclosed separately in the statement of changes in net assets) for each class
    
5.  e
    
    Disclosure of total sales charges paid to any affiliates for each class.

##### [235-946-50-3](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-3)

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Notes to financial statements of each feeder fund shall include all of the following:

1.  a
    
    A general description of the master and feeder structure
    
2.  b
    
    The feeder's percentage ownership share of the particular master fund at the reporting date
    
3.  c
    
    A statement that the feeder invests all of its investable assets in a corresponding open-end management investment company having the same investment objectives as the feeder, and a reference to the financial statements of the master fund, including the portfolio of investments
    
4.  d
    
    Disclosure of or reference to the accounting policies of the master fund that affect the feeders (such as valuation of investments of the master fund).
    

Information concerning the purchases and sales of investments and gross unrealized appreciation or depreciation of investments on a tax basis is not applicable to the feeder's financial statements.

##### [235-946-50-4](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-4)

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Fund management shall consider whether, and to what extent, disclosure of the investee funds' investment policies is appropriate.

##### [235-946-50-5](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-5)

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Notes to financial statements of the reporting fund shall include both of the following:

1.  a
    
    A general description of the fund of funds structure
    
2.  b
    
    Disclosure of valuation policy-values generally based on information reported by investee funds.