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Generally, investment companies or funds are defined as companies that are primarily in the business of investing and trading securities. The US Securities Act of 1933, and applicable case law, generally defines securities as any note, are defined as any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest, investment contract, or participation in any profit-sharing agreement. In other words, whenever investors or members of a company are not actively engaged in running the company but instead have only passively invested in the company through the purchase of a share, stock, or