fund of funds

Presentation2

1. 220-946Financial Services—Investment Companies220 Income Statement—Reporting Comprehensive Income

   This subtopic governs the form and content of the statement of operations (income statement) for investment companies. The statement must show investment income less expenses to arrive at net investment income, then net realized gains/losses and the change in unrealized appreciation/depreciation on investments and foreign currency, summing to the net increase or decrease in net assets resulting from operations. Special presentation rules apply to multiple-class funds, master-feeder structures, and funds of funds.

2. 235-946Financial Services—Investment Companies235 Notes to Financial Statements

   This Subtopic sets the note disclosure requirements for investment companies with complex capital structures — multiple-class funds, master-feeder arrangements, and funds of funds. Multiple-class funds must describe each class, the income/expense and gain/loss allocation method, class-specific fee arrangements, capital share transactions by class, and sales charges paid to affiliates. Feeder funds must describe the master-feeder structure, their percentage ownership of the master, and the master's accounting policies affecting them, while funds of funds must describe the structure and the valuation policy based on investee-reported values.