5500 Schedule I Line 4j

[R. Butler]

On Schedule I, Part II, Line 4j, if there are several funds with more than 20% of total assets, do I attach a Schedule and list each asset and amount separately or do I just put one total amount in line 4j?

[Guest Rudy]

What do you mean by fund? If you are talking a mutual fund that holds numerous stocks, then that would not be a "single security, debt, mortgage, parcel of real estate, or partnership/joint venture interest," and there would be no need to report it here.

[R. Butler]

Prior to this year I we have taken the position that Rudy sets forth, mutual funds are not a single security, however, I was told at a recent conference that mutual funds do count as a single security for purposes of that question. That position is also taken in the 5500 Preparer's Manual by Joan Gucciardi. We are not going to amend past returns, but from this point forward we are going to consider mutual funds a single security.

[Fredman]

I've always held the opinion that mutual funds are considered a single security. I've never attached anything listing each fund/security and its value. In the past, I usually tried to cram this information at the bottom of the page in the "free form" message area, but with the new forms I won't be doing that. I'm going to plug the total of all the assets that exceed the 20% and make a note for our files.