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Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Rules and Regulations Investment Company Act of 1940. Used in: Part 1A, Item 5
28. Home State: If your firm is registered with a state securities authority, your firms home state is the state where it maintains its principal office and place of business. Used in:
Part 1B, Instructions 29. Hypothetical Performance:
Performance results that were not actually achieved by any portfolio of the investment adviser. i Hypothetical performance includes, but is not limited to: A Performance derived from model portfolios; B performance that is backtested by the application of a strategy to data from prior time periods when the strategy was not actually used during those time periods; and C
targeted or projected performance returns with respect to any portfolio or to the investment services offered in the advertisement; however: ii Hypothetical performance does not include: A An interactive analysis tool where a client or investor, or prospective client, or investor, uses the tool to produce simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices; provided that the investment adviser: 1 Provides a description of the criteria and methodology used, including the investment analysis tools limitations and key assumptions; 2 explains that the results may vary with each use and over time; 3 if applicable, describes the universe of investments considered in the analysis, explains how the tool determines which investments to select, discloses if the tool favors certain investments and, if so, explains the reason for the selectivity, and states that other investments not considered may have characteristics similar or superior to those being analyzed; and 4
discloses that the tool generates outcomes that are hypothetical in nature; or B predecessor performance that is displayed in compliance with rule 20641d7. Used in: Part 1A, Item 5
30. Impersonal Investment Advice:
Investment advisory services that do not purport to meet the objectives or needs of specific individuals or accounts.
Used in: Part 1A, Instructions; Part 2A, Instructions; Part 2B, Instructions 31. Independent Public Accountant: A
public accountant that meets the standards of independence described in rule 201b and c of Regulation SX

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17 CFR 210.201b and c. Used in:
Part 1A, Item 9; Schedule D
32. Interest Rate Derivative: Any derivative whose underlying asset is the obligation to pay or the right to receive a given amount of money accruing interest at a given rate. Cross-currency interest rate swaps should be included in foreign exchange derivatives and excluded from interest rate derivatives.
This information must be presented in terms of 10-year bond equivalents.
Used in: Part 1A, Schedule D
33. Investment Adviser Representative: Any of your firms supervised persons except those that provide only impersonal investment advice is an investment adviser representative, if
the supervised person regularly solicits, meets with, or otherwise communicates with your firms clients, the supervised person has more than five clients who are natural persons and not high net worth individuals, and more than ten percent of the supervised persons clients are natural persons and not high net worth individuals.
Note: If your firm is registered with the state securities authorities and not the SEC, your firm may be subject to a different state definition of investment adviser representative. Investment adviser representatives of SECregistered advisers may be required to register in each state in which they have a place of business.
Used in: General Instructions; Part 1A, Item 5; Part 2B, Item 1
34. Investment-Related: Activities that pertain to securities, commodities, banking, insurance, or real estate including, but not limited to, acting as or being associated with an investment adviser, broker-dealer, municipal securities dealer, government securities broker or dealer, issuer, investment company, futures sponsor, bank, or savings association.
Used in: Part 1A, Items 7, 11, Schedule D, DRPs; Part 1B, Item 2; Part 2A, Items 9 and 19; Part 2B, Items 3, 4 and 7
35. Involved: Engaging in any act or omission, aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act. Used in: Part 1A, Item 11; Part 2A, Items 9 and 10;
Part 2B, Items 3 and 7
36. Legal Entity Identifier: A legal entity identifier assigned by a utility endorsed by the Global LEI Regulatory Oversight Committee ROC or accredited by the Global LEI Foundation GLEIF. Used in: Part 1A, Item 1, Schedules D and R

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37. Management Persons: Anyone with the power to exercise, directly or indirectly, a controlling influence over your firms management or policies, or to determine the general investment advice given to the clients of your firm.
Generally, all of the following are management persons:
Your firms principal executive officers, such as your chief executive officer, chief financial officer, chief operations officer, chief legal officer, and chief compliance officer; your directors, general partners, or trustees;
and other individuals with similar status or performing similar functions;
The members of your firms investment committee or group that determines general investment advice to be given to clients; and If your firm does not have an investment committee or group, the individuals who determine general investment advice provided to clients if there are more than five people, you may limit your firms response to their supervisors.
Used in: Part 1B, Item 2; Part 2A, Items 9, 10 and 19
38. Managing Agent: A managing agent of an investment adviser is any person, including a trustee, who directs or manages or who participates in directing or managing the affairs of any unincorporated organization or association that is not a partnership.
Used in: General Instructions; Form ADVNR; Form ADVW, Item 8
39. Minor Rule Violation: A violation of a self-regulatory organization rule that has been designated as minor pursuant to a plan approved by the SEC.
A rule violation may be designated as minor under a plan if the sanction imposed consists of a fine of $2,500 or less, and if the sanctioned person does not contest the fine. Check with the appropriate selfregulatory organization to determine if a particular rule violation has been designated as minor for these purposes. Used in:
Part 1A, Item 11
40. Misdemeanor: For jurisdictions that do not differentiate between a felony and a misdemeanor, a misdemeanor is an offense punishable by a sentence of less than one year imprisonment and/or a fine of less than $1,000. The term also includes a special court martial. Used in: Part 1A, Item 11;
DRPs; Part 2A, Item 9; Part 2B, Item 3
41. Non-Resident: a An individual who resides in any place not subject to the jurisdiction of the United States; b a corporation incorporated in or that has its principal office and place of business in any place not subject to the jurisdiction of the United States; and c a partnership or other unincorporated
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