If your fund (including, for this purpose, affiliated investment funds) acquires more than five percent (5%) of a class of equity securities registered under the Securities Exchange Act of 1934, as amended (the "1934 Act") (i.e., the equity securities of most publicly traded companies), you must monitor and comply with the reporting requirements of the Williams Act by filing a Schedule 13D or a Schedule 13G. A Schedule 13D must be amended upon any material change in the facts contained therein, including the acquisition or disposition of securities in an amount equal to one percent (1%) or more of the class being reported. If, on the other hand, you have filed a short-form Schedule 13G, and the information reflected in the schedule is different as of December 31 than that previously reported, you are generally required to amend the schedule by February 14 of the following year. In addition, if the fund (again, including affiliated funds) acquires a greater than ten percent (10%) interest in a class of equity securities registered under the 1934 Act, the fund has an obligation to file reports of beneficial ownership on Forms 3, 4 and 5, as well as corresponding potential liability for short-swing profits under Section 16 of the 1934 Act. Furthermore, quarterly reports of equity holdings by institutional investment managers are required on Form 13F where certain equity assets under management total $100,000,000 or more. If the fund (together with all affiliated investment funds) reaches this threshold, please let us know, and we will provide information regarding how and when to file Form 13F.