FORM PF (Paper Version) Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors F orm PF : General Instructions Page 1 SEC OR CFTC CPO CTA SEC AND private funds AND related persons private fund assets under management private fund advisersLarge private fund adviserslarge hedge fund adviserslarge liquidity fundadvisersAmerican LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 2 related personsprivate funds related persons 3. How is Form PF organized? Section 1 All Form PF filers private fund adviser s private funds private fund adviser s private funds private fund adviser s he dge funds hedge funds Section 2 Large hedge fund advisers related persons hedge fund assets under management regulatory assets under manageme nt related person separately operated hedge funds qualifying hedge fund parallel fund structure qualifying hedge fund parallel fund parallel fund structure parallel fund qualifying hedge fund master - feeder arrangement parallel fund structur e reporting fund master - feeder arrangement parallel fund structure Section 3 Large liquidity fund advisers liquidity funds related American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 3 persons combined money market and liquidity fund assets under management regulatory assets under management related person separately operated liquidity fund master - feeder arrangement parallel fund structure repor ting fund master - feeder arrangement parallel fund structure Section 4 Large private equity adviser s related persons private equity f und assets under management regulatory assets under management related person separately operated private equity fund master - feeder arrangement parallel fund structure reporting fund master - feeder arrangement parallel fund structure Section 5 Advisers requesting a temporary hardship exemption 4. I am a subadviser or engage a subadviser for a private fund. Who is responsible for reporting information about that private fund? private fund adviserprivate fundForm ADV Section 7.B.1private fundprivate fundForm ADV Section 7.B.1private fundexempt reporting adviserprivate fundprivate fundsprivate funds American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 4 5. When am I required to aggregate information regarding parallel funds, parallel managed accounts, master-feeder arrangements and funds managed by related persons? parallel funds,dependent parallel managed accountsprivate fundparallel managed accountrelated personsprivate fundsparallel managed accountsrelated personseparately operated master-feeder arrangementsparallel fund structuresmaster-feeder arrangementprivate fundsprivate fundsparallel managed accountsprivate fundrelated personsrelated personrelated person For purposes of determining whether a priva te fund is a qualifying hedge fund For purposes of reporting information in Sections 1b, 1c, 2b, 3 and 4 private funds master - feeder arrangement private funds Form ADV Section 7.B.1 private funds master - feeder arrangement private funds Form ADV Section 7.B.1 private funds parallel fund structure private funds parallel fund structure dependent parallel managed account private fund dependent parallel managed account parallel managed accounts American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 5 private fund parallel managed account related persons related persons related perso n s related persons separately operated private fund related persons related person related person 6. I am required to aggregate funds or accounts to determine whether I meet a reporting threshold, or I am electing to aggregate funds for reporting purposesor accounts for these purposes? parallel fundsprivate fundfeeder fundmaster fundfeeder funddependent parallel managed accountsprivate funds Example 1. master - feeder arrangement feeder fund feeder fund master fund foreign e xchange derivative master fund feeder fund corporate bonds qua lifying hedge fund master - feeder arrangement private fund corporate bonds foreign exchange derivative master - feeder a rrangement Example 2. parallel fund structure hedge funds parallel fund parallel fund dependent parallel managed account corporate bonds parallel fund parallel fund parallel funds qualifying hedge fund parallel fund structure dependent parallel managed account private fund corporate bonds parallel fund structure dependent parallel managed account private fund corpo rate bonds American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 6 7. I advise a private fund that invests in other private funds How should I treat these investments for purposes of Form PF? private funds private fundsnet asset value private funds private fundprivate funds private fundcash and cash equivalentsprivate funds private fundUnited States personsprivate fund8. I advise a private fund that invests in companies that are not private funds. How should I treat these investments for purposes of Form PF? 9. When am I required to update Form PF? Periodic filings (l arge hedge fund advisers ) quarterly update hedge funds quarterly update hedge funds private funds American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 7 Periodic filings (large liquidity fund advisers ) quarterly update liquidity funds quarterly update liquidity funds private funds large liquidity fund adviser large hedge fund adviser quarterly updates liquidity funds hedge funds Periodic filings (a ll other advisers ) annual update L arge hedge fund advisers and large liquidity fund advisers annual updates quarterly update s Transition filing large hedge fund adviser large liquidity fund adviser quarterly update Final filing Failure to update your Form PF as required by these instructions is a violation of SEC and, where applicable, CFTC rules and could lead to revocation of your registration. 10. How do I obtain private fund identification numbers for my reporting funds?private fundForm ADVPrivate fundForm ADVprivate fundquarterly updateForm ADV American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 8 Form ADVForm ADV Section 7.B.1 private fundForm ADVprivate fund11. Who must sign my Form PF or update? related personsrelated persons12. How do I file my Form PF? 13. Are there filing fees? 14. What if I am not able to file electronically? SEC American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 9 SEC15. May I rely on my own methodologies in responding to Form PF? How should I enter requested information? data reporting date data reporting date CDSexotic CDSindex CDSsingle name CDS gross notional valueborrowingsborrowings American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 10 net asset valuegross asset value16. How do I amend Form PF, for example, to make a correction? Large hedge fund adviserslarge liquidity fund advisers 17. How may I preserve on Form PF the anonymity of a private fund that I advise? private fundprivate fund18. May I report on Form PF regarding a commodity pool that is not a private fund? How should I treat the commodity pool for purposes of Form PF? commodity poolprivate fundcommodity poolCEAhedge fundscommodity poolprivate fundprivate fundcommodity poolcommodity poolqualifying hedge fundcommodity pool Advisers ActSECSECCFTC American LegalNet, Inc. www.FormsWorkFlow.com Form PF : General Instructions Page 11 See alsoprivate fundSeeAdvisers Act American LegalNet, Inc. www.FormsWorkFlow.com Form PF Section 1 a Information a bout y ou and y our related persons Section 1 a : Information about you and your related persons large hedge fund adviserlarge liquidity fund adviser annual update large hedge fund adviserlarge liquidity fund adviser quarterly update Item A. Information about you (This should be your full legal name . If you are a sole proprietor, this will be your last, first, and middle names. If you are a , enter the full legal name of your bank. Please use the same name that you use in your . ) Legal name SEC 801 - Number NFA ID Number, if any Large trader ID , if