with net assets of $2,500,000 or more. (a) In addition to the items in Section 3-113.2, a pension fund established under Article 3 or 4 that has net assets of at least $2,500,000 may invest a portion of its net assets in the following items: (1) Separate accounts that are managed by life insurance companies authorized to transact business in Illinois and are comprised of diversified portfolios consisting of common or preferred stocks, bonds, or money market instruments. (2) Mutual funds that meet the following requirements: (i) the mutual fund is managed by an investment company as defined and registered under the federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953; (ii) the mutual fund has been in operation for at least 5 years; (iii) the mutual fund has total net assets of $250 million or more; and (iv) the mutual fund is comprised of diversified portfolios of common or preferred stocks, bonds, or money market instruments. (b) A pension fund's total investment in the items authorized under this Section shall not exceed 35% of the market value of the pension fund's net present assets stated in its most recent annual report on file with the Illinois Department of Insurance. insurance companies authorized to transact business in Illinois and are comprised of diversified portfolios consisting of common or preferred stocks, bonds, or money market instruments. company as defined and registered under the federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953; least 5 years; $250 million or more; and portfolios of common or preferred stocks, bonds, or money market instruments.
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