ARSD 20:06:31:04.11. Investment companies

Securities of an investment company registered pursuant to the Investment Company Act of 1940, 15 U.S.C. § 80a, are permissible investments if the investment company: (1) Invests at least ninety percent of its assets in the types of securities that qualify as an investment under §§ 20:06:31:04.04 to 20:06:31:06.06, inclusive, or invests in securities that are determined by the director to be substantively similar to the types of securities set forth in §§ 20:06:31:04.04 to 20:06:31:06.06, inclusive; or (2) Invests at least ninety percent of its assets in the types of equity interests that qualify as an investment under subdivision 20:06:31:04.09(1).