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AIF-specific reporting — Article 24(1)

The fund-level Article 24(1) block (items 1–120): identification, predominant type and strategy, main instruments, geographical focus, principal exposures, concentrations and investor base.

Last updated: 2026-07-01 · For fund managers, AIFM staff, depositaries & reporting teams

An AIF file is filed for each fund the AIFM manages or markets in the EEA (and, for umbrella structures, generally per sub-fund). The Article 24(1) block identifies the fund, describes its strategy and predominant type, and reports its principal instruments, geographical focus, main exposures, concentrations and investor base. Questions 1–15 mirror the AIFM header fields; only the AIF-specific points are repeated here.

Header — file identification

Q1Reporting Member State

Theory

EEA Member State of the NCA receiving the file (see AIFM Q1).

ESMA guidelines

Same technical meaning as the AIFM header; anchors the AIF file to the home NCA.

Example

LU for a CSSF filer.

Practical

ISO country code of the home NCA; must match the AIFM's authorising jurisdiction.

Sources

Template (Annex IV, Reg. 231/2013), item 1: “Reporting Member state”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element ReportingMemberState (attr) (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q2Version

Theory

Item 2. The version of the XSD used to generate the file — not a resubmission counter.

ESMA guidelines

XSD attribute Version (type VersionType) on the root AIFReportingInfo element; states the ESMA schema version. Corrections use the filing type (Q4 INIT/AMND); withdrawals use a cancellation record.

Example

The ESMA v1.2 schema value (e.g. 1.2), identical for the initial file and any amendment.

Practical

Populate with the schema version you validate against; fixed by the XSD, not chosen per submission.

Sources

Template (Annex IV, Reg. 231/2013), item 2: “Version”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element Version (attr) (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q3Creation date and time of the file

Theory

Item 3. Timestamp of file generation.

ESMA guidelines

XSD attribute CreationDateAndTime (xs:dateTime); ISO 8601 yyyy-mm-ddThh:mm:ss, expressed in UTC.

Example

2026-04-12T09:30:00 (UTC).

Practical

Auto-populate in UTC; reflects creation time, not period end.

Sources

Template (Annex IV, Reg. 231/2013), item 3: “Creation date and time of the file”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element CreationDateAndTime (attr) (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Header — reporting section

Q4Filing type

Theory

Item 4. Whether the AIF reporting is an initial filing or an amendment to one previously submitted.

ESMA guidelines

XSD element FilingType: INIT = initial reporting for the period; AMND = amendment. A full withdrawal uses a separate CancellationAIFRecordInfo record with CancelledRecordFlag = C plus the AIF/AIFM national codes, period type and year.

Example

INIT for the first Q1 file; AMND to correct it; cancellation record (flag C) to withdraw it.

Practical

Use INIT once per period, AMND for corrections, and the cancellation record only to withdraw a filing.

Sources

Template (Annex IV, Reg. 231/2013), item 4: “Filing type”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element FilingType (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q5AIF content type

Theory

Item 5. Code indicating the contents/scope of the AIF reporting obligation.

ESMA guidelines

XSD element AIFContentType. Admitted values: 1 = 24(1); 2 = 24(1)+24(2); 3 = 3(3)(d); 4 = 24(1)+24(2)+24(4); 5 = 24(1)+24(4).

Example

A leveraged fund of a fully authorised manager uses 4 (24(1)+24(2)+24(4)); a sub-threshold fund uses 3.

Practical

Pick the code matching the applicable articles; it must be consistent with the AIF reporting code (Q20) and whether the 24(4) leverage block applies.

Sources

Template (Annex IV, Reg. 231/2013), item 5: “AIF Content type”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFContentType (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q6Reporting period start date

Theory

First day of the period covered.

ESMA guidelines

Aligned to the AIF's own frequency, which can differ from the AIFM's if the fund exceeds €500m.

Example

A €700m AIF reports quarterly even if its AIFM reports half-yearly — Q1 starts 2026-01-01.

Practical

Align with the AIF's assigned frequency.

Sources

Template (Annex IV, Reg. 231/2013), item 6: “Reporting period start date”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element ReportingPeriodStartDate (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q7Reporting period end date

Theory

Last day of the period; the “as at” date for point-in-time fields.

ESMA guidelines

NAV, exposures and concentrations are measured here.

Example

2026-03-31.

Practical

Enter the period end date; flow fields still cover the full period.

Sources

Template (Annex IV, Reg. 231/2013), item 7: “Reporting period end date”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element ReportingPeriodEndDate (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q8Reporting period type

Theory

Item 8. The code describing which period the file covers.

ESMA guidelines

XSD element ReportingPeriodType: quarterly Q1–Q4; half-yearly H1/H2; yearly Y1; and X1 (Q1–Q3) / X2 (Q2–Q4) for a period spanning an obligation change.

Example

Q1 for a quarterly fund; Y1 for an annual filer; X2 for a mid-year change case.

Practical

Match the code to the AIF frequency and any Appendix E change code; consistent with Q6–Q7.

Sources

Template (Annex IV, Reg. 231/2013), item 8: “Reporting period type”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element ReportingPeriodType (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q9Reporting period year

Theory

Calendar year of the period.

ESMA guidelines

Four-digit key.

Example

2026.

Practical

Four-digit year.

Sources

Template (Annex IV, Reg. 231/2013), item 9: “Reporting period year”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element ReportingPeriodYear (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q10Change in AIF reporting obligation frequency code

Theory

Notifies a change to the AIF's reporting frequency.

ESMA guidelines

Uses the Table 10 codes (Appendix E); the AIF status matrix is Appendix G.

Example

An AIF crossing €500m mid-year moves yearly→quarterly with code YQ.

Practical

Populate only when the AIF's frequency changes; take the code from Appendix E.

Sources

Template (Annex IV, Reg. 231/2013), item 10: “Change in AIF reporting obligation frequency Code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFReportingObligationChangeFrequencyCode (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q11Change in AIF reporting obligation contents code

Theory

Notifies a change in the applicable dataset for the AIF.

ESMA guidelines

Mapped in Appendix G (2,352 cases) pairing before/after AIF characteristics.

Example

An AIF becoming leveraged on a substantial basis gains the 24(4) content — report the mapped contents code.

Practical

Use when the AIF gains/loses an Article 24(2) or 24(4) obligation; read the code from Appendix G.

Sources

Template (Annex IV, Reg. 231/2013), item 11: “Change in AIF reporting obligation contents Code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFReportingObligationChangeContentsCode (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q12Change in AIF reporting obligation quarter

Theory

Quarter from which the notified change applies.

ESMA guidelines

Combined with Q10/Q11 and Appendix E to split the transition periods.

Example

Change in Q3 → quarter Q3.

Practical

Populate together with Q10/Q11.

Sources

Template (Annex IV, Reg. 231/2013), item 12: “Change in AIF reporting obligation Quarter”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFReportingObligationChangeQuarter (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q13Last reporting flag

Theory

Marks the final report for this AIF (e.g. liquidation).

ESMA guidelines

Section VIII of the guidelines covers liquidated/merged AIFs.

Example

Set true on the final file for a fund being wound up.

Practical

Set true only on the genuinely final filing for the fund.

Sources

Template (Annex IV, Reg. 231/2013), item 13: “Last reporting flag”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element LastReportingFlag (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Assumptions applied

Q14–15Assumption descriptions

Disclose any assumptions, estimates or methodologies relied on to complete the AIF questions.

  • Q14 — Question number concerned
  • Q15 — Description of the assumption
ESMA guidelines

As with the AIFM file, assumptions must be consistent across periods and a reported “0” on a risk measure needs an explanation (guideline ¶111).

Example

“Q78–85 — geographic split estimated on a best-efforts look-through for fund-of-fund holdings.”

Practical

Tie each assumption to its question number. Typical entries cover pricing proxies, look-through limits and stress-test methodology.

Sources

Template (Annex IV, Reg. 231/2013): Q14 “Question Number” · Q15 “Assumption description”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element Assumptions (AIFMD_DATAIF_V1.2.xsd)
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

AIF identification

Q16AIFM national code

Theory

National code of the managing AIFM, linking this AIF file to its manager.

ESMA guidelines

Must equal the AIFM national code (AIFM Q18) so the fund maps to its manager.

Example

Same CSSF AIFM code on every one of that manager's AIF files.

Practical

A mismatch breaks the manager-to-fund linkage — reconcile it.

Sources

Template (Annex IV, Reg. 231/2013), item 16: “AIFM national code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFMNationalCode (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q17AIF national code

Theory

The NCA's national identification code for the AIF.

ESMA guidelines

Guideline ¶53: the code used by the home NCA (or Member State of reference / of marketing) to identify the AIF.

Example

The CSSF code for a specific sub-fund.

Practical

Use exactly the code assigned by the NCA; keep it stable across periods.

Sources

Template (Annex IV, Reg. 231/2013), item 17: “AIF national code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFNationalCode (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q18AIF name

Theory

Legal name of the AIF (or sub-fund).

ESMA guidelines

Guideline ¶52: use the legal name; for umbrellas report both the umbrella and sub-fund names.

Example

“Example Umbrella SICAV – Global Credit Sub-Fund”.

Practical

Enter the full legal name; for umbrellas name the sub-fund precisely so it maps to its own file.

Sources

Template (Annex IV, Reg. 231/2013), item 18: “AIF name”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFName (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q19AIF EEA flag

Theory

Whether the AIF is established in the EEA.

ESMA guidelines

Distinguishes EU AIFs from non-EU AIFs marketed under private placement.

Example

EU-domiciled fund = true.

Practical

True for EEA-domiciled funds; false otherwise.

Sources

Template (Annex IV, Reg. 231/2013), item 19: “AIF EEA flag (Yes/No)”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFEEAFlag (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q20AIF reporting code

Theory

Item 20. A code indicating the AIF's reporting category — not an identifier. (The AIF's identifier is the national code at Q17.)

ESMA guidelines

XSD element AIFReportingCode; a value from 1 to 45 per Annex II Table 9, encoding the combination of AIFM status, leverage, EU/non-EU, marketing in the Union and the €500m threshold (e.g. 29 = leveraged EU AIF of a quarterly-obligation AIFM; 1 = AIF of a registered AIFM).

Example

A leveraged EU fund managed by a €2bn AIFM reports code 29.

Practical

Select the category code that matches the AIF's characteristics (the 45 cases are in Table 9 / Appendix G). Do not confuse it with the AIF national code (Q17).

Sources

Template (Annex IV, Reg. 231/2013), item 20: “AIF reporting code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFReportingCode (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q21Domicile of the AIF

Theory

Country of domicile of the fund.

ESMA guidelines

Guideline ¶56: for EU AIFs the home Member State (Art. 4(1)(p)); for non-EU AIFs the country where it is domiciled.

Example

LU for a Luxembourg fund, which may differ from the AIFM jurisdiction.

Practical

ISO country code of the fund's domicile.

Sources

Template (Annex IV, Reg. 231/2013), item 21: “Domicile of the AIF”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFDomicile (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q22Inception date of the AIF

Theory

Date the fund was launched/first activated.

ESMA guidelines

Guideline ¶55: the date the AIF started business.

Example

2019-06-01 — unchanged in every filing.

Practical

Enter the actual inception date; it should not change between filings.

Sources

Template (Annex IV, Reg. 231/2013), item 22: “Inception date of the AIF”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element InceptionDate (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Q23AIF no reporting flag

Theory

Nil-return indicator for this AIF for the period.

ESMA guidelines

Positive nil-return mechanism at fund level.

Example

A fund launched after period end files a nil return with the flag true.

Practical

Set true only where nothing is reportable; portfolio fields then stay empty.

Sources

Template (Annex IV, Reg. 231/2013), item 23: “AIF no reporting flag”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Schema: element AIFNoReportingFlag (AIFMD_DATAIF_V1.2.xsd)
ESMA guidelines: ESMA/2014/869 §52–56 (identification of the AIF)

Fund identification codes

Provide each market identifier the fund holds, so the AIF can be reconciled across data sources. Complete only those that apply.

Q24AIF LEI code

Theory

The fund's Legal Entity Identifier — the preferred cross-regime identifier.

ESMA guidelines

Guideline ¶53: report the LEI (or the IEI where no LEI exists).

Example

A 20-character LEI kept renewed.

Practical

Provide the LEI and keep it renewed — a lapsed LEI is a frequent validation error.

Sources

Template (Annex IV, Reg. 231/2013), item 24: “AIF LEI code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q25AIF ISIN code

Theory

International Securities Identification Number of the AIF/share class, where issued.

ESMA guidelines

Guideline ¶53: provide the ISIN and other international codes where available; for multi-class funds, all class codes.

Example

LU1234567890.

Practical

Enter the 12-character ISIN if the fund/share class has one.

Sources

Template (Annex IV, Reg. 231/2013), item 25: “AIF ISIN code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q26AIF CUSIP code

Theory

North American securities identifier, where applicable.

ESMA guidelines

One of the “other international codes” ESMA invites.

Example

A CUSIP for a US-linked structure.

Practical

Complete only if a CUSIP exists.

Sources

Template (Annex IV, Reg. 231/2013), item 26: “AIF CUSIP code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q27AIF SEDOL code

Theory

UK/Ireland securities identifier, where applicable.

ESMA guidelines

Reported where the fund carries one.

Example

A SEDOL for a fund listed via the LSE.

Practical

Complete only if a SEDOL exists.

Sources

Template (Annex IV, Reg. 231/2013), item 27: “AIF SEDOL code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q28AIF Bloomberg code

Theory

Bloomberg ticker/identifier of the fund.

ESMA guidelines

Optional additional code.

Example

A Bloomberg ID for a fund set up on the terminal.

Practical

Enter if available; optional.

Sources

Template (Annex IV, Reg. 231/2013), item 28: “AIF Bloomberg code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q29AIF Reuters code

Theory

Refinitiv/Reuters identifier of the fund.

ESMA guidelines

Optional additional code.

Example

A RIC for the fund.

Practical

Enter if available; optional.

Sources

Template (Annex IV, Reg. 231/2013), item 29: “AIF Reuters code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q30AIF ECB code

Theory

Identifier used in ECB statistics, where applicable.

ESMA guidelines

Relevant mainly for money-market/statistical reporting overlaps.

Example

An ECB MFI/IF code, if the fund has one.

Practical

Complete only if the fund carries an ECB code.

Sources

Template (Annex IV, Reg. 231/2013), item 30: “AIF ECB code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q31Old AIF national identifier — Reporting Member State

Theory

Member State element of a previous AIF identifier after a code change.

ESMA guidelines

Guideline ¶54: report the former code at the first filing after a change and thereafter.

Example

LU for the superseded code.

Practical

Complete only during a transition after an identifier change.

Sources

Template (Annex IV, Reg. 231/2013), item 31: “Old AIF national identifier - Reporting Member State”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q32Old AIF national identifier — National code

Theory

Previous national code of the AIF.

ESMA guidelines

Reported for continuity of the time series.

Example

The old CSSF fund code, quoted alongside the new one.

Practical

Complete only when the identifier changed.

Sources

Template (Annex IV, Reg. 231/2013), item 32: “Old AIF national identifier - National code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Share class identification

Q33–40Share class flag and codes

State whether the AIF has multiple share classes and, if so, identify each class by its available codes.

  • Q33 — AIF share class flag (Yes/No)
  • Q34 — Share class national code
  • Q35 — Share class ISIN code
  • Q36 — Share class SEDOL code
  • Q37–40 — Further share class codes/identifiers as applicable
ESMA guidelines

Guideline ¶53 & ¶129: for multi-class funds report all class codes, but returns, NAV and exposures are reported at AIF level, not per class.

Example

A fund with EUR, USD-hedged and GBP classes lists three rows of ISIN/SEDOL/national codes; the performance and exposure questions are still answered once, for the whole fund.

Practical

If Q33 is “No”, skip the rest. If “Yes”, add one row per class with every identifier held; leave code fields blank where a class has none.

Sources

Template (Annex IV, Reg. 231/2013): Q33 “AIF share class flag (Yes/No)” · Q34 “Share class national code” · Q35 “Share class ISIN code” · Q36 “Share class SEDOL code” · Q37 “Share class CUSIP code” · Q38 “Share class Bloomberg code” · Q39 “Share class Reuters code” · Q40 “Share class name”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Master-feeder structure

Q41–44Master-feeder status and master details

Identify whether the AIF is a feeder and, if so, the master(s) into which it invests.

  • Q41 — Master-feeder status (None / Feeder / Master)
  • Q42 — Master AIF name
  • Q43 — Master AIF national identifier — Reporting Member State
  • Q44 — Master AIF national identifier — National code
ESMA guidelines

A feeder AIF generally looks through to the master when reporting exposures, so the master must be identified here.

Example

A Luxembourg feeder investing 95% into an Irish master reports status Feeder, the master's name and its IE national identifier.

Practical

If Q41 is not “Feeder”, leave Q42–44 blank. For a feeder, list each master with its identifiers.

Sources

Template (Annex IV, Reg. 231/2013): Q41 “Master feeder status” · Q42 “Master AIF name” · Q43 “Master AIF national identifier - Reporting Member State” · Q44 “Master AIF national identifier - National code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Prime broker(s) of the AIF

Q45–47Prime broker identification

Identify each prime broker used by the AIF.

  • Q45 — Prime broker name
  • Q46 — Prime broker LEI code
  • Q47 — Prime broker BIC code (where applicable)
ESMA guidelines

Prime brokers are identified by LEI (or IEI, or BIC if neither is available), consistent with the counterparty-identification approach used elsewhere in the report.

Example

A hedge fund using two prime brokers lists both with their LEIs; a long-only real-estate fund with no PB leaves the block empty.

Practical

List every prime broker relationship with its LEI; add rows only for the brokers that exist.

Sources

Template (Annex IV, Reg. 231/2013): Q45 “Prime broker name” · Q46 “Prime Broker LEI code” · Q47 “Prime Broker BIC code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Base currency and NAV

Q48Total AuM amount of the AIF in base currency

Theory

The fund's assets under management (Articles 2 & 10 method) in its base currency.

ESMA guidelines

Guideline ¶51 method applied at fund level; drives the €500m per-AIF quarterly test after EUR conversion.

Example

A fund with €520m AuM is individually above €500m and therefore reports quarterly.

Practical

Calculate on the leverage-inclusive Article 2 basis in base currency.

Sources

Template (Annex IV, Reg. 231/2013), item 48: “Total AuM amount of the AIF in base currency”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q49Base currency of the AIF

Theory

The ISO 4217 base currency of the fund.

ESMA guidelines

All monetary AIF fields are reported in this currency (footnote to Tables in the template).

Example

EUR, USD, GBP.

Practical

Enter the three-letter code; every monetary AIF field uses it.

Sources

Template (Annex IV, Reg. 231/2013), item 49: “Base currency of the AIF according to ISO 4217”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q50Base currency / EUR FX rate

Theory

Exchange rate to convert the base currency into EUR.

ESMA guidelines

ECB rate at period end where available (per ¶51 logic).

Example

USD/EUR 1.0850 at 31 March 2026.

Practical

Report the rate as at period end, consistent with Q51.

Sources

Template (Annex IV, Reg. 231/2013), item 50: “Base currency / EUR FX rate”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q51Base currency / EUR FX reference rate type

Theory

Source of the FX rate (ECB or other).

ESMA guidelines

ECB is the default; a non-ECB rate must be described (Q52).

Example

ECB for USD.

Practical

Use ECB where an ECB reference rate exists; otherwise flag a non-ECB rate.

Sources

Template (Annex IV, Reg. 231/2013), item 51: “Base currency / EUR FX reference rate type”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q52Base currency / EUR FX reference rate description (non-ECB)

Theory

Description of the rate source when no ECB rate exists.

ESMA guidelines

Only where Q51 is non-ECB.

Example

“WM/Refinitiv 16:00 London fixing”.

Practical

Complete only when Q51 is non-ECB; name the provider and timing.

Sources

Template (Annex IV, Reg. 231/2013), item 52: “Base currency / EUR FX reference rate description for no ECB rates”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q53Total Net Asset Value of the AIF (NAV)

Theory

The fund's NAV — the denominator for the many “% of NAV” fields in the report.

ESMA guidelines

Reported in base currency as at period end; must be the figure used consistently for all %-of-NAV questions.

Example

NAV of €480m used for the liquidity, ownership and special-arrangement percentages.

Practical

Ensure it is the same NAV used across all %-of-NAV questions (Q78–85, Q178–192, Q197–209…).

Sources

Template (Annex IV, Reg. 231/2013), item 53: “Total Net Asset Value of the AIF (NAV)”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Main funding-source jurisdictions

Report the three main jurisdictions from which the AIF sources funding, excluding units/shares held by investors.

Q54First funding source country

Theory

The largest jurisdiction of funding (e.g. borrowing/financing) other than investor equity.

ESMA guidelines

Based on amounts of funding, not the number of counterparties, and excludes investor subscriptions.

Example

A fund financed mainly by a UK prime broker reports GB first.

Practical

Enter the ISO country code of the primary funding source.

Sources

Template (Annex IV, Reg. 231/2013), item 54: “First funding source country”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q55Second funding source country

Theory

The second-largest funding jurisdiction.

ESMA guidelines

Ranked after the first.

Example

US as a secondary repo source.

Practical

Complete only if a second material source exists.

Sources

Template (Annex IV, Reg. 231/2013), item 55: “Second funding source country”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q56Third funding source country

Theory

The third-largest funding jurisdiction.

ESMA guidelines

Ranked third.

Example

LU.

Practical

Complete only if a third material source exists; otherwise leave blank.

Sources

Template (Annex IV, Reg. 231/2013), item 56: “Third funding source country”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Predominant AIF type

Q57Predominant AIF type

Theory

The single category that best describes the fund's strategy — it governs which strategy sub-list and later questions apply.

ESMA guidelines

Guideline classification into Hedge Fund, Private Equity, Real Estate, Fund of Funds, Other or None; several later questions are conditional on this choice.

Example

A leveraged long/short equity fund selects Hedge Fund, unlocking the hedge-fund strategy list at Q58 and the market-risk measures at Q137–147.

Practical

Select exactly one. It determines the relevant strategy block (Q58–61) and conditional questions (deal size Q113 for PE, dominant influence Q131–136, etc.).

Sources

Template (Annex IV, Reg. 231/2013), item 57: “Predominant AIF type (select one) - “Hedge Fund” - "Private Equity Fund” - "Real Estate Fund” - “Fund of Funds” - "Other” - "None"”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Breakdown of investment strategies

Break down the AIF's strategy using the ESMA strategy code list matching the predominant type chosen in Q57, and indicate the single strategy that best describes the fund.

Q58–61Strategy codes and shares

For each applicable strategy, report its code, whether it best describes the AIF, and the share of the fund it represents:

  • Q58 — Investment strategy code (from the list matching Q57)
  • Q59 — Whether the sub-strategy best describes the AIF's strategy
  • Q60–61 — Share of NAV / primary-strategy indicators per strategy
ESMA guidelines

Only the sub-list matching the predominant type is completed; the full code list is in Appendix B. Exactly one strategy is flagged as best describing the AIF.

Example

A hedge fund reports EQTY_LGST (Equity: Long/Short) as the strategy that best describes it, with the NAV share allocated across any secondary strategies.

Practical

Use the Appendix B codes for the matching type only. The shares should reconcile to the portfolio; flag one primary strategy.

Sources

Template (Annex IV, Reg. 231/2013): Q58 “Investment strategy code” · Q59 “Indicate whether the sub strategy best describes the AIF’s strategy” · Q60 “Share in NAV (%)” · Q61 “Description for strategy type Other”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

High-frequency trading (HFT)

Q62Number of transactions under HFT

Theory

Count of high-frequency trades during the period.

ESMA guidelines

Marked as additional information NCAs may require; complete only if applicable.

Example

A quant fund running HFT reports the trade count; a PE fund leaves it blank.

Practical

Populate only if the AIF engages in HFT and your NCA requires it.

Sources

Template (Annex IV, Reg. 231/2013), item 62: “Number of transactions under HFT *”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q63Market value of buys and sells under HFT

Theory

Aggregate market value of HFT buys and sells in base currency.

ESMA guidelines

Companion to Q62; additional NCA information.

Example

Combined buy+sell value of the HFT book.

Practical

Report the combined value; leave blank if not applicable.

Sources

Template (Annex IV, Reg. 231/2013), item 63: “Market value of buys and sells in base currency under HFT *”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Main instruments traded

Report the five most important instruments the AIF trades, ranked by importance, with their classification and value/position details.

Q64–77Five main instruments (ranked)

For each of the five ranks, provide the identification and exposure detail of the instrument:

  • Q64 — Ranking (most important first)
  • Q65 — Sub-asset type code (Appendix A)
  • Q66 — Instrument code type (ISIN, CUSIP, AII, NOT…)
  • Q67 — Instrument name
  • Q68–77 — Instrument code, position (long/short) and value details per rank
ESMA guidelines

The sub-asset codes come from the ESMA taxonomy (Appendix A); use NOT as the code type where no standard instrument code exists.

Example

1st: SEC_LEQ_OTHR, ISIN US0378331005, “Apple Inc”, long, €40m.

Practical

Rank by exposure importance, not alphabetically. Provide an instrument code where available; complete only the ranks that exist.

Sources

Template (Annex IV, Reg. 231/2013): Q64 “Ranking” · Q65 “Sub-asset type code of the instrument” · Q66 “Instrument code type” · Q67 “Instrument name” · Q68 “Instrument ISIN code” · Q69 “Instrument CUSIP code” · Q70 “Instrument SEDOL code” · Q71 “Instrument Bloomberg code” · Q72 “Instrument Reuters code” · Q73 “Instrument other code type” · Q74 “Instrument other code” · Q75 “Position type (Long/Short)” · Q76 “Instrument position value (as calculated under Article 3 AIFMD)” · Q77 “Hedging % for short position *”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Geographical focus by NAV

Provide a geographical breakdown of the investments held by the AIF as a percentage of NAV.

Q78–85Regional breakdown (% of NAV)

Report the % of NAV invested in each region:

  • Q78 Africa
  • Q79 Asia-Pacific (excl. Middle East)
  • Q80 Europe (non-EEA)
  • Q81 Europe (EEA)
  • Q82 Middle East
  • Q83 North America
  • Q84 South America
  • Q85 Supranational / multiple region
ESMA guidelines

Allocate by the geography of the investments (issuer/asset location), not the fund domicile; use “Supranational / multiple region” where no single geography applies.

Example

A European credit fund: Europe (EEA) 70%, Europe (non-EEA) 15%, North America 10%, Supranational 5%.

Practical

Percentages should reconcile to 100% of NAV. Base the split on where the assets/issuers are located.

Sources

Template (Annex IV, Reg. 231/2013): Q78 “Africa” · Q79 “Asia and Pacific (other than Middle East)” · Q80 “Europe (other than EEA)” · Q81 “Europe (EEA)” · Q82 “Middle East” · Q83 “North America” · Q84 “South America” · Q85 “Supranational / multiple region”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Geographical focus by aggregated value

Provide the same regional breakdown as a percentage of aggregated value (AuM).

Q86–93Regional breakdown (% of aggregated value)

Report the % of aggregated value invested in each region:

  • Q86 Africa
  • Q87 Asia-Pacific (excl. Middle East)
  • Q88 Europe (non-EEA)
  • Q89 Europe (EEA)
  • Q90 Middle East
  • Q91 North America
  • Q92 South America
  • Q93 Supranational / multiple region
ESMA guidelines

Same regional logic as Q78–85 but on an aggregated-value (leverage-inclusive) basis; flagged as additional information NCAs may require.

Example

For a leveraged fund the AuM-based North America share may exceed its NAV-based share because of derivative exposure booked there.

Practical

Complete where your NCA requires the AuM view; keep the direction consistent with the NAV view.

Sources

Template (Annex IV, Reg. 231/2013): Q86 “Africa” · Q87 “Asia and Pacific (other than Middle East)” · Q88 “Europe (other than EEA)” · Q89 “Europe (EEA)” · Q90 “Middle East” · Q91 “North America” · Q92 “South America” · Q93 “Supranational / multiple region”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Ten principal exposures

List the ten most valuable exposures of the AIF as at the reporting date, classified by macro and sub-asset type with their value and position.

Q94–102Ten principal exposures (ranked)

For each of the ten ranks, identify and value the exposure:

  • Q94 — Ranking (1st–10th)
  • Q95 — Macro asset type (Appendix A)
  • Q96 — Sub-asset type (Appendix A)
  • Q97–102 — Instrument/issuer identification, value and long/short position per rank
ESMA guidelines

Rank by absolute value as at period end using the Appendix A macro/sub-asset lists; look through to underlying exposures where the AIF invests via other vehicles, to the extent known.

Example

1st exposure: macro SEC, sub-asset SEC_SBD_EUBM (EU sovereign 1y+), €60m long.

Practical

Use the code taxonomy; complete only the ranks that exist; disclose look-through limits in the assumptions if relevant.

Sources

Template (Annex IV, Reg. 231/2013): Q94 “Ranking” · Q95 “Macro asset type” · Q96 “Sub-asset type” · Q97 “Position type (Long/Short)” · Q98 “Aggregated value” · Q99 “Aggregated value percentage” · Q100 “(OTC) Counterparty Name” · Q101 “Counterparty LEI code” · Q102 “Counterparty BIC code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Five most important portfolio concentrations

Report the five most important market concentrations of the AIF, by asset type, position and market.

Q103–112Five portfolio concentrations (ranked)

For each of the five ranks:

  • Q103 — Ranking (1st–5th)
  • Q104 — Asset type
  • Q105 — Position type (Long/Short)
  • Q106 — Market code type
  • Q107–112 — Market code and value details per rank
ESMA guidelines

These capture where exposure is concentrated by market/asset type rather than by single instrument; MIC codes are used for the market where applicable.

Example

A concentration long equities on XNAS (Nasdaq) of €90m.

Practical

Use MIC codes for Q106 markets where applicable, and the special codes (OTC/NOT) otherwise; complete only the ranks that exist.

Sources

Template (Annex IV, Reg. 231/2013): Q103 “Ranking” · Q104 “Asset type” · Q105 “Position type (Long/Short)” · Q106 “Market code type” · Q107 “Market code” · Q108 “Aggregated value” · Q109 “Aggregated value percentage” · Q110 “Counterparty Name” · Q111 “Counterparty LEI code” · Q112 “Counterparty BIC code”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Typical deal/position size

Q113Typical deal/position size

Theory

For private-equity-type funds, the typical size bracket of the deals/positions the AIF takes.

ESMA guidelines

Conditional question: completed only where the predominant type is Private Equity.

Example

A mid-market buyout fund selects Upper mid market.

Practical

Select one of: Very small, Small, Lower mid market, Upper mid market, Large cap, Mega cap. Leave blank for non-PE funds.

Sources

Template (Annex IV, Reg. 231/2013), item 113: “[Select one position size] Very small Small Lower mid market Upper mid market Large cap Mega cap”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Principal markets in which the AIF trades

Report the three markets in which the AIF has the greatest exposure.

Q114–117Three principal markets (ranked)

For each of the three ranks:

  • Q114 — Ranking (greatest, 2nd, 3rd)
  • Q115 — Market code type
  • Q116–117 — Market code and related detail per rank
ESMA guidelines

The fund-level analogue of the AIFM principal-markets question; ISO 10383 MIC codes, with OTC/NOT specials.

Example

1st: XLON (LSE); 2nd: XETR (Xetra); 3rd: XXX (OTC).

Practical

Rank by exposure; use MIC codes where a market has one and the special codes otherwise.

Sources

Template (Annex IV, Reg. 231/2013): Q114 “Ranking” · Q115 “Market code type” · Q116 “Market code” · Q117 “Aggregated value”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Investor concentration

Q118Concentration of the five largest beneficial owners

Theory

The approximate % of the AIF's equity beneficially owned by the five largest beneficial owners.

ESMA guidelines

Look through to beneficial owners where known/possible; expressed as a % of outstanding units/shares.

Example

If five investors hold 80% of the fund, report 80% — a strong concentration signal.

Practical

A high figure flags investor-concentration risk; disclose the look-through basis if estimated.

Sources

Template (Annex IV, Reg. 231/2013), item 118: “Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible)”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q119Professional clients (%)

Theory

Share of the AIF held by professional clients (MiFID; Directive 2004/39/EC, now 2014/65/EU).

ESMA guidelines

Together with Q120 describes the investor base by client category.

Example

A fund sold only to institutions reports 100% professional.

Practical

Report the professional-client percentage; Q119 + Q120 should cover the investor base.

Sources

Template (Annex IV, Reg. 231/2013), item 119: “Professional clients (as defined in Directive 2004/39/EC)”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q120Retail investors (%)

Theory

Share of the AIF held by retail investors.

ESMA guidelines

Consistency with the fund's marketing permissions is expected.

Example

0% for an institutional-only fund; a positive figure only if authorised for retail.

Practical

Report the retail percentage; must be consistent with your marketing authorisations.

Sources

Template (Annex IV, Reg. 231/2013), item 120: “Retail investors:”
Legal basis: Articles 24(1) and 3(3)(d) AIFMD; Annex IV, Commission Delegated Regulation (EU) No 231/2013
Guidance: derived from the template field definition under the article above (no field-specific ESMA/2014/869 paragraph)

Q&A Related ESMA questions & answers

Answers are based on the ESMA guidelines (ESMA/2014/869), Directive 2011/61/EU and Delegated Regulation (EU) No 231/2013; the applicable guideline paragraph (§) or article is cited inline in each answer.

Do umbrella funds file one report or one per sub-fund?

Each sub-fund is generally reported as a separate AIF, with its own AIF file. Guideline ¶52 requires both the umbrella name and the sub-fund name to be reported for identification. Confirm the exact treatment with your NCA, as national practice can vary for certain structures.

How should a feeder AIF report its exposures?

The feeder identifies its master(s) at Q41–44 and, where relevant, looks through to the master's holdings when reporting exposures, geography and concentrations. The degree of look-through achievable should be disclosed in the assumptions (Q14–15) where data is limited.

What if the AIF's national identification code changes?

Guideline ¶54 requires you to report the former national identification code (Q31–32) alongside the current one, both at the first filing after the change and in every subsequent filing, so the NCA can link the historic and current time series.

How do I choose the predominant AIF type for a multi-strategy fund?

Select the single type that best characterises the fund overall (Q57); then, within the matching strategy list, you can flag a multi-strategy code (e.g. MULT_HFND) and allocate NAV shares across sub-strategies at Q58–61. The predominant type also switches on the conditional questions that follow.

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This guide is provided for information purposes only and reflects the ESMA reporting guidelines (ESMA/2014/869), Commission Delegated Regulation (EU) No 231/2013 and the ESMA XSD schemas. It does not constitute legal or regulatory advice. Always confirm current requirements and technical formats with your National Competent Authority and the latest ESMA validation rules before filing.