                                 CODE OF VIRGINIA

INVESTMENT COMPANY SHARES AND UNITS OF BENEFICIAL INTEREST (§ 38.2-1427.2)

A domestic insurer may invest in shares of common stock or units of beneficial
interest issued by any solvent business corporation or trust incorporated or
organized under the laws of the United States, or of any state of the United
States, under the following conditions:

1. If the issuing corporation or trust is advised by an investment advisor which
is the insurer or an affiliate of the insurer, the issuing corporation or trust
shall have assets of $100,000 or more (which may be provided by the insurer or
affiliate), or if the issuing corporation or trust has an unaffiliated
investment advisor, the issuing corporation or trust shall have net assets of
ten million dollars or more, and

2. The issuing corporation or trust is registered as an investment company with
the Federal Securities and Exchange Commission under the Investment Company Act
of 1940, as amended.

HISTORY: 1992, c. 588; 2002, c. 147.