(1) Within the standards of judgment and care established by law, and subject to any
express provisions or limitations contained in any particular trust instrument, guardians,
trustees, and other fiduciaries, whether individual or corporate, are authorized to
acquire and retain securities of any open-end or closed-end management type investment
company or investment trust registered under the federal investment company act of
1940 as now or hereafter amended.
(2) Within the limitations of subsection (1) of this section, whenever the trust instrument
directs, requires, authorizes, or permits investment in obligations of the United
States government, the fiduciary may invest in and hold such obligations either directly
or in the form of securities of, or other interests in, an open-end or closed-end
management type investment company or investment trust registered under the federal
investment company act of 1940, as now or hereafter amended, if both of the following
conditions are met:
(a) The portfolio of the investment company or investment trust is limited to obligations
of the United States and to repurchase agreements fully collateralized by such obligations;
(b) The investment company or investment trust takes delivery of the collateral for
any repurchase agreement either directly or through an authorized custodian.
(3) If the fiduciary is a bank or trust company, then the fact that the fiduciary,
or an affiliate of the fiduciary, provides services to the investment company or investment
trust such as that of an investment advisor, custodian, transfer agent, registrar,
sponsor, distributor, manager, or otherwise, and is receiving reasonable compensation
for those services does not preclude the bank or trust company from investing or reinvesting
in the securities of the open-end or closed-end management investment company or investment
trust. The fiduciary shall furnish a copy of the prospectus relating to the securities to
each person to whom a regular periodic accounting would ordinarily be rendered under
the trust instrument or under RCW 11.106.020, upon the request of that person. The restrictions set forth under RCW 11.100.090 may not be construed as prohibiting the fiduciary powers granted under this subsection.
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