Any investment adviser with $100,000,000 in discretionary assets under management must file a Form 13F (PDF). The initial 13F is due by February 14th following the initial year when the assets under management reach this total. Thus, the first time the discretionary assets under management are $100,000,000 on the last trading day of the year, a 13F is required by February 14th of the following year. Thereafter, a Form 13F is required within 45 days after the end of each calendar quarter. It is strongly suggested that these due dates are scheduled at the beginning of each calendar year to prevent a late filing. The last 13F filing required relates to the last quarter of the calendar year after the calendar year in which the adviser does not have discretion over $100,000,000. Thus, if on December 31, 2005, an adviser’s discretionary assets dipped below $100,000,000, and remained below $100,000,000 during 2006, the last required filing is due February 14, 2007.

In determining the total amount of assets under management, an adviser should include each securities portfolio over which it has discretion, including those of sub-advisers whom the adviser maintains control over.

Lastly, hedge funds and/or their managers are not exempt from the 13F filing requirement. Thus, any hedge fund that exercises investment discretion over or owns $100,000,000 or more invested in securities traded on stock exchanges and the NASDAQ must report its holdings via a Form 13F.

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