A hedge fund manager may distribute a list of past securities transactions; provided that the list contains all of the securities transactions made within, at least, the last 12 months. The list of past securities transactions must include the name of each security, the date and nature (purchase or sale) of the transaction, the market price at the time that the security was purchased or sold, the price at which the transaction was executed and the present market price (or most recently practicable date) of the transaction. In addition, the first page of the list of the past recommendations, must also state: “It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities on this list.”