determine a violation and take an action on any individual or firm, the SEC would investigate and gather information, facts and evidence concerning the violation. Generally, an alleged offender may clarify or
third to the total units*. An IFF may issue a variety of unit classes (multi-tranche) with different returns. All unit classes must have the same par value and shall not be allocated to any individuals or
third to the total units*. An IFF may issue a variety of unit classes (multi-tranche) with different returns. All unit classes must have the same par value and shall not be allocated to any individuals or