Investor liquidity must sum to 100%

Q. 50.1: Question 50 and Question 62 ask for the breakdown of the percentage of the reporting fund’s net asset value that is locked in for different periods of time. When responding to these questions, should I take into account the investor liquidity associated with each different investor, such as different lock-up periods or side-letter terms associated with different investors?

A. 50.1: Yes. You should evaluate the specific liquidity terms applicable to each investment as of the data reporting date, and then calculate the percentage of net asset value associated with each time period identified in the questions. (Updated January 18, 2017)