DEVONSHIRE RESEARCH GROUP, LLC (CRD# 283618)


Item 5 Information About Your Advisory Business - Employees, Clients, and Compensation
Responses to this Item help us understand your business, assist us in preparing for on-site examinations, and provide us with data we use when making regulatory policy. Part 1A Instruction 5.a. provides additional guidance to newly formed advisers for completing this Item 5.
Employees
 
If you are organized as a sole proprietorship, include yourself as an employee in your responses to Item 5.A. and Items 5.B.(1), (2), (3), (4), and (5). If an employee performs more than one function, you should count that employee in each of your responses to Items 5.B.(1), (2), (3), (4), and (5).
 
A.   Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
3
 
B. (1)   Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
1
(2) Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
0
(3) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives?
1
(4) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives for an investment adviser other than you?
0
(5) Approximately how many of the employees reported in 5.A. are licensed agents of an insurance company or agency?
0
(6) Approximately how many firms or other persons solicit advisory clients on your behalf?
0
 
In your response to Item 5.B.(6), do not count any of your employees and count a firm only once – do not count each of the firm’s employees that solicit on your behalf.
 
Clients
 
In your responses to Items 5.C. and 5.D. do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.
 
C. (1) To approximately how many clients did you provide investment advisory services during your most recently completed fiscal year?
 Radio button not selected 0  Radio button selected, changed 1-10  Radio button not selected 11-25
 Radio button not selected 26-100  Radio button not selected More than 100
If more than 100, how many?
(round to the nearest 100)
(2) Approximately what percentage of your clients are non-United States persons?
0%
 
D. For purposes of this Item 5.D., the category "individuals" includes trusts, estates, and 401(k) plans and IRAs of individuals and their family members, but does not include businesses organized as sole proprietorships. The category "business development companies" consists of companies that have made an election pursuant to section 54 of the Investment Company Act of 1940. Unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment Company Act of 1940, check "None" in response to Item 5.D.(1)(d) and do not check any of the boxes in response to Item 5.D.(2)(d).
 
(1) What types of clients do you have? Indicate the approximate percentage that each type of client comprises of your total number of clients. If a client fits into more than one category, check all that apply.
  None Up to 10% 11-25% 26-50% 51-75% 76-99% 100%
(a)  Individuals (other than high net worth individuals)  Radio button not selected  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(b) High net worth individuals  Radio button not selected  Radio button not selected  Radio button not selected  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected
(c) Banking or thrift institutions  Radio button not selected  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(d) Investment companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(e) Business development companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(f) Pooled investment vehicles (other than investment companies)  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(g) Pension and profit sharing plans (but not the plan participants)  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(h) Charitable organizations  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(i) Corporations or other businesses not listed above  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(j) State or municipal government entities  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(k) Other investment advisers  Radio button not selected  Radio button not selected  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(l) Insurance companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(m) Other:    Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
 
(2) Indicate the approximate amount of your regulatory assets under management (reported in Item 5.F. below) attributable to each of the following type of client. If a client fits into more than one category, check all that apply.
  None Up to 25% Up to 50% Up to 75% >75%
(a)  Individuals (other than high net worth individuals)  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(b) High net worth individuals  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(c) Banking or thrift institutions  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(d) Investment companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(e) Business development companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(f) Pooled investment vehicles (other than investment companies)  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(g) Pension and profit sharing plans (but not the plan participants)  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(h) Charitable organizations  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(i) Corporations or other businesses not listed above  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(j) State or municipal government entities  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(k) Other investment advisers  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(l) Insurance companies  Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
(m) Other:    Radio button selected, changed  Radio button not selected  Radio button not selected  Radio button not selected  Radio button not selected
 
Compensation Arrangements
E. You are compensated for your investment advisory services by (check all that apply):
Checkbox checked, changed   (1)    A percentage of assets under your management
Checkbox not checked (2) Hourly charges
Checkbox checked, changed (3) Subscription fees (for a newsletter or periodical)
Checkbox not checked (4) Fixed fees (other than subscription fees)
Checkbox not checked (5) Commissions
Checkbox checked, changed (6) Performance-based fees
Checkbox checked, changed (7) Other (specify): SUB ADVISER SERVICES
 


Item 5 Information About Your Advisory Business - Regulatory Assets Under Management
Regulatory Assets Under Management
Yes No
F.   (1) Do you provide continuous and regular supervisory or management services to securities portfolios?
 Radio button not selected  Radio button selected, changed
(2) If yes, what is the amount of your regulatory assets under management and total number of accounts?
U.S. Dollar Amount Total Number of Accounts
Discretionary: (a) $ (d)
Non-Discretionary: (b) $ (e)
Total: (c) $ (f)
 
Part 1A Instruction 5.b. explains how to calculate your regulatory assets under management. You must follow these instructions carefully when completing this Item.
 


Item 5 Information About Your Advisory Business - Advisory Activities
Advisory Activities
G.   What type(s) of advisory services do you provide? Check all that apply.
Checkbox not checked   (1)    Financial planning services
Checkbox checked, changed (2) Portfolio management for individuals and/or small businesses
Checkbox not checked (3) Portfolio management for investment companies (as well as "business development companies" that have made an election pursuant to section 54 of the Investment Company Act of 1940)
Checkbox not checked (4) Portfolio management for pooled investment vehicles (other than investment companies)
Checkbox not checked (5) Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles)
Checkbox not checked (6) Pension consulting services
Checkbox not checked (7) Selection of other advisers (including private fund managers)
Checkbox not checked (8) Publication of periodicals or newsletters
Checkbox not checked (9) Security ratings or pricing services
Checkbox not checked (10) Market timing services
Checkbox not checked (11) Educational seminars/workshops
Checkbox checked, changed (12) Other(specify): SUB ADVISER SERVICES
 
Do not check Item 5.G.(3) unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment Company Act of 1940, including as a subadviser. If you check Item 5.G.(3), report the 811 or 814 number of the investment company or investment companies to which you provide advice in Section 5.G.(3) of Schedule D.

H. If you provide financial planning services, to how many clients did you provide these services during your last fiscal year?
 Radio button not selected  0
 Radio button not selected 1 - 10
 Radio button not selected 11 - 25
 Radio button not selected 26 - 50
 Radio button not selected 51 - 100
 Radio button not selected 101 - 250
 Radio button not selected 251 - 500
 Radio button not selected More than 500
If more than 500, how many?
(round to the nearest 500)


In your responses to this Item 5.H., do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.

I. If you participate in a wrap fee program, do you (check all that apply):
Checkbox not checked (1)   sponsor the wrap fee program?
Checkbox not checked (2) act as a portfolio manager for the wrap fee program?

If you are a portfolio manager for a wrap fee program, list the names of the programs and their sponsors in Section 5.I.(2) of Schedule D.

If your involvement in a wrap fee program is limited to recommending wrap fee programs to your clients, or you advise a mutual fund that is offered through a wrap fee program, do not check either Item 5.I.(1) or 5.I.(2).
Yes No
J. In response to Item 4.B. of Part 2A of Form ADV, do you indicate that you provide investment advice only with respect to limited types of investments?  Radio button selected, changed  Radio button not selected