Investments
(a) Investments. Section 403(b) and 1.403(b)-3(a) only apply to amounts held in an annuity contract (as defined in 1.403(b)-2), including a custodial account that is treated as an annuity contract under paragraph (d) of this section, or a retirement income account that is treated as an annuity contract under 1.403(b)-9.