 They are established only after the Department reviews a Plan submitted by the managers of the proposed fund, which sets out, in detail, the specifics of the fund's operations, such as LTVs.Funds are limited as to the maximum number of investors they may take into themselves, the minimum initial amount an investor may invest, and the maximum total dollar amount that will be accepted into the fund.Funds are required to submit annual audited financial statements to the Department and to investors.