Answer:
Any equity interest in a non-publicly traded company must be disclosed.
Step-by-step explanation:
As per the US Public Health Service, all the interests in investments like mutual fund, pension funds, trusts, etc: shall not be specifically disclosed, unless the investment funds are not publicly traded.
Also, an investment made in equity of a company which is not publicly traded, then such interest has to be specifically disclosed.
There is this requirement in order to promote objectivity in any kind of research analysis.