INDEPENDENT FUND definition
INDEPENDENT FUND means a fund which draws its investment funds from investors generally and is independently invested and managed or a fund that has such other comparable structure acceptable to the Authority;
INDEPENDENT FUND. DIRECTOR is defined as a director of the Fund who is not an "interested person" of the fund within the meaning of Section 2(a)(19) of the 1940 Act. INITIAL PUBLIC OFFERING is defined as an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the 1934 Act. INVESTMENT CONSIDERATION LIST includes all securities the Funds have purchased or sold in the last seven (7) calendar days, including the date purchased or sold, and all securities the Funds are considering for purchase or sale. The list will also identify those securities that are currently a component of Standard & Poor 500. INVESTMENT PERSONNEL include Access Persons with direct responsibility and authority to make investment decisions affecting the Funds (such as portfolio managers and chief investment officers); Access Persons who provide information and advice to such Portfolio Managers (such as securities analysts employed by the Adviser); and Access Persons who assist in executing investment decisions for the Funds (such as traders). LIMITED OFFERING is defined as an offering that is exempt from registration under the Securities Act of 1933 ("1933 Act") pursuant to section 4(2) or section 4(6) or 77d(6)) or pursuant to rule 504, rule 505, or rule 506 under the 1933 Act, or pursuant to any other exemption. PORTFOLIO MANAGER is defined as any person or persons with principal day-to-day responsibility for managing the Funds' portfolios. PORTFOLIO SECURITIES is defined as stocks, notes, bonds, debentures, or other evidences of indebtedness, and all derivative investments, such as options and warrants, being held by a Fund, or presently being contemplated for purchase by a Fund. SECURITIES TRANSACTION is defined as a purchase or sale of securities, or writing an option to purchase or sell a Covered Security.