Exempted securities mutual fund
Exempted securities mutual fund means any security issued by an investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8), provided the company has at least 95 percent of its assets continuously invested in exempted securities (as defined in section 3(12) of the Act).
12 CFR § 220.2
The terms used in this part have the meanings given them in section 3 of the Act or as defined in this section as follows: