31 March 1994 Administrative Letter 9337012 - MUTUAL FUND TRUST INVESTING IN FUTURES - INCOME ACCOUNT -- summary under Futures/Forwards/Hedges

A mutual fund that invests primarily in derivatives, futures and like investments will realize resulting gains and losses on income account. Although transactions with respect to commodity futures contracts by a mutual fund trust are considered to be investing for purposes of s. 132(6), it does not follow that the resulting gains or losses would be on account of capital.