Portfolio 33-3rd: Annual Reporting Under the Federal Securities Laws

I. Introduction and Overview
A. Scope of the Portfolio
B. Companies Subject to the Periodic Reporting Requirements of the '34 Act
C. Reports Required by the '34 Act
D. The Integrated Disclosure System

II. The Objectives of Annual Reporting
. Introductory Material
A. Availability of Other Securities Laws
B. Communication to Important Third Parties

III. The 10-K
. Introductory Material
A. Securities Law Filing Requirements
B. Filing Deadlines
C. Incorporation of Information by Reference
D. Industry Guides
E. Format of the 10-K
F. Content of the 10-K
1. Risk factor disclosure
2. Unresolved SEC staff comments
3. Part I of the 10-K
a. Item 1: Business
b. Item 2: Properties
c. Item 3: Legal proceedings
d. Item 4: Submission of matters to a vote of security holders
4. Part II of the 10-K
a. Item 5: Market for registrant’s common equity and related stockholder matters
b. Item 6: Selected financial data
c. Item 7: Management’s discussion and analysis of financial condition and results of operation
d. Item 7A: Quantitative and qualitative disclosures about market risk
e. Item 8: Financial statements and supplementary data
f. Item 9: Changes in and disagreements with accountants on accounting and financial disclosure
g. Item 9A: Controls and procedures
h. Item 9B: Other information
5. Part III of the 10-K
a. Item 10: Directors and executive officers of the registrant
b. Item 11: Executive compensation
c. Item 12: Security ownership of certain beneficial owners and management
d. Item 13: Certain relationships and related transactions
e. Item 14: Principal accounting fees and services
6. Part IV of the 10-K—Item 15: Exhibits, Financial Statement Schedules, and Reports on Form 8-K
G. Omitting Information From the 10-K
H. Amendments to the 10-K
I. Signature and Certification Requirements
J. Filing Issues
K. Small Business Issuers: Form 10-KSB
L. Foreign Private Issuers: Form 20-F
M. Liability Issues

IV. Annual Report to Security Holders
A. Filing Requirements
B. Distribution Requirements
C. Contents of the Annual Report
D. Liability Issues

V. Making Use of the Safe Harbors for Forward-Looking Statements

VI. Integrated Filing of the 10-K and Annual Report to Security Holders

VII. Processes and Procedures for Preparing the 10-K and Annual Report to Security Holders
A. Reviewing Basic Information Regarding the Registrant
B. Roles and Responsibilities in Preparing the Documents
1. Attorneys
2. Accountants
3. Corporate officers
4. Board of directors
5. Others
6. Sub-certification

VIII. Electronic Filing of Annual Securities Filings
A. Background
B. Operational and Procedural Requirements of Filing Documents Electronically

IX. New Rules Since the Sarbanes-Oxley Act
A. Introduction
B. Overview of Relevant Statutory Provisions and New SEC Rules
1. Accelerated filing deadlines
2. MD&A disclosure
a. Enhanced financial disclosures
i. Non-GAAP financial information
ii. Disclosure of off-balance sheet arrangements
iii. Table of contractual obligations
b. Disclosure guidance
i. The SEC’s review of 2002 annual reports and other periodic reports
ii. December 2003 interpretative release
3. Overview of SEC December 2003 interpretative release
a. Presentation
b. Content
i. Focus on materiality
ii. Key performance indicators
iii. Need for more analysis
iv. Trends and uncertainties
c. Liquidity and critical accounting estimates disclosures
i. Liquidity and capital resources
ii. Critical accounting estimates
4. Corporate governance
a. Auditor independence
b. Audit committee rules
c. Audit committee financial experts
5. Internal control over financial reporting
6. Disclosure regarding nominating committee functions
7. CEO and CFO certifications
a. Section 302 certification
b. Section 906 certification
c. Certification filing procedures
d. Disclosure controls and procedures
8. Codes of ethics
9. Company stock repurchases
C. SRO Listing Standards
1. New York Stock Exchange
2. NASDAQ