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In addition to the financial statements normally required in a report to shareholders, the report of the feeder fund should include the full financial statements (with portfolio) of the master fund. The feeder fund's sole investment (i.e., in the master fund) is accounted for at value which is usually the same as the equity basis; the feeder fund generally does not consolidate the accounts of the master fund, regardless of its percentage ownership. Also see ASC 946-235-50-3 and the Audit Guide. See ARM 9652.71 for further discussion of master-feeders.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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