(a) Common or capital shares of any investment trust or mutual fund (including any index fund) registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended; provided, that the cost of the shares acquired is no greater than their net asset value on the date of acquisition.

(b) Units in any common trust fund or commingled fund (including any index fund) maintained by a custodian meeting the requirements of Title 4 Guam Code Ann., § 8144, and advised or sub-advised by an investment management organization meeting the requirements of Title 4 Guam Code Ann., § 8145.

(c) Preferred shares of any investment trust or mutual fund (including any index fund) registered with the Securities and Exchange Commission under the Investment Company Act of
1940, as from time to time amended; provided that:

(1) the number of issued and outstanding common or capital shares multiplied by their asset value per share, plus;

(2) the number of issued and outstanding preferred shares, multiplied by their par or stated value, is at least fifty percent (50%) greater than the number of issued and out- standing preferred shares, multiplied by their par or stated value. For purposes of this Section, the number of issued and outstanding shares shall be taken as of the latest available public report of such investment trust or mutual fund. Preferred shares as described in this Subsection shall not be subject to the provisions of § 8156.

(d) The term net asset value as used in this Section shall mean the total quoted or estimated market value of all securities or other assets owned, less that total of all determinable liabilities,

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as reported by such common trust fund, commingled fund, investment trust or mutual fund.

(e) Limitation:

(1) The investment in units, preferred, common and capital stock of any one common trust fund, commingled fund, investment trust or mutual fund shall not exceed five percent (5%) of the Fund at cost; and

(2) The aggregate of all investments under this Section, except for investment fund purchases of cash equivalents authorized under § 8149, bonds authorized under
§§ 8150 through 8154, domestic and foreign preferred stock authorized under § 8156, and common or capital stock authorized under § 8157, shall not exceed thirty percent (30%) of the Fund at cost.

SOURCE: GC § 4225.15. Amended by P.L. 28-135:2 (July 11, 2006), P.L. 32-086:16 (Nov. 27, 2013).