If you purchase "new issues" (defined by FINRA Rule 5130 to mean equity securities issued in an initial public offering), your broker (or, if you are a fund-of-funds that invests indirectly in new issues, the underlying funds) will require that you certify each year as to whether the fund is a "restricted person" within the meaning of the rule. To do so, you must recertify the status of investors in your fund as restricted persons or unrestricted persons. Please contact us if you require documentation to obtain such recertifications from your investors.