Fiduciary Service Account?

[Guest cas10]

I'm taking over a new account in which a portion of the client's db assets are held by financial company A in what the client calls a fiduciary service account. This account consists of several subaccounts which has the names of existing mutual funds and were treated as such in prior years Schedule H. Prior audit reports has shown them as PSAs.

Upon discussion with the client, these holdings are not mutual funds. Their description of these acounts is that company A pools assets from my client as well as others and has mutual fund companies B, C and D manage them. Unlike other comingled funds I've seen, where my client would have a share of the each of the funds in B, C and D, each subaccount provides them with a statement showing their holding of shares in stocks.

I have never heard of a fidcuiary service account before. What do I have on my hands - is this a CCT, PSA, ...??? Does the handling of these subaccounts make sense or is my client just misinformed? And since these funds are not mutual funds, would I need to go back and correct years of prior filings?

Thanks for any help or insight.