The U.S. Department of the Treasury recently notified the public of its mandatory quinquennial survey on foreign ownership of U.S. securities, due August 30, 2019. The reporting form (Form SHL) is part of a series of Treasury International Capital (TIC) and related forms that are used to collect data on cross-border investment activity. Generally, Form SHL requires U.S.‑resident entities – including pooled investment vehicles such as PE and hedge funds – to report detailed information on the value of their U.S. securities that are owned by foreign residents, if that ownership exceeds the exemption described in the form. Fund managers typically file Form SHL on behalf of the U.S.‑resident issuers (i.e., pooled investment vehicles) that they advise. Given the infrequency of this filing and the challenges that TIC forms generally pose for private fund managers, the Private Equity Law Report recently interviewed Julien Bourgeois and Matthew E. Barsamian, partner and associate, respectively, at Dechert, about how fund managers can determine whether they must file Form SHL. This article presents their insights. For more on TIC forms, see “Fund Managers May Be Required to File TIC Form SHC by March 2, 2012” (Feb. 9, 2012). For additional commentary from Dechert attorneys, see “France Welcomes Foreign Asset Managers With Softened Tax Treatment of Carried Interest” (Dec. 6, 2018).