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Wrap Fund and Fund of Funds

The differences between a wrap fund and a fund of funds are outlined in the table:

	Fund of Funds	Wrap Funds
Structure	Use only collective investment schemes	Use only collective investment schemes
Regulation	Collective Investment Schemes Control Act (CISCA)	FAIS
Taxation	Changes to the underlying collective investment schemes will not trigger a CGT event. Disinvestment from the fund triggers a CGT event.	Changes to the underlying collective investment schemes in the wrap fund will result in a CGT event.
Reporting	A fund of funds is a registered CIS and is obliged to report performance quarterly to the regulator.	Wrap funds are not registered and therefore not obliged to publish performance figures.

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