Form PF has presented, and continues to present, daunting challenges for hedge fund managers required to file the form.  Very large hedge fund advisers – those with $5 billion in regulatory assets under management – were required to file their initial Forms PF by August 29, 2012.  The initial filing highlighted some best practices as well as some pitfalls associated with the Form PF process.  On October 11, 2012, at the Princeton Club in Manhattan, Global Risk Management Advisors, Inc., Citi Prime Finance, Imagine Software, Sidley Austin LLP and the Hedge Fund Law Report hosted a seminar entitled, “Lessons Learned and Not Learned From the August 2012 Initial Form PF Filing.”  The seminar participants all had direct experience with the initial round of Form PF filings, and the seminar offered an occasion to reflect on that experience and extract lessons from it.  In particular, participants at the seminar discussed specific lessons learned from the initial filing process; some common mistakes made by first filers; how to craft assumptions used in Form PF; the treatment of derivative positions in Form PF; how regulators will use the information in Form PF in connection with enforcement actions against hedge fund managers; how to handle investor requests for Form PF or the data in it; allocation of costs of preparing Form PF; and other challenges presented by the form.  This article summarizes the key takeaways from the seminar.