The Risk and Examinations Office of the SEC Division of Investment Management recently released a compilation of private fund statistics, providing data from Form PF and Form ADV filers from the fourth quarter of 2014 through the third quarter of 2016. This article summarizes relevant data in the report on hedge funds and their advisers, including investor base, leverage, derivatives and trading strategies. For coverage of earlier SEC reports, see “SEC Release of Private Fund Statistics Illuminates Key Trends in Hedge Fund Industry” (Nov. 5, 2015); and “Report Describes the SEC’s Use of Form PF for Hedge Fund Manager Examination Targeting and Risk Management” (Oct. 10, 2014).