House Sponsors: BEAUBIEN-CAPPARELLI. Senate Sponsors: WALSH,T Short description: TRUSTEE-INVEST IN MUTUAL FUND Synopsis of Bill as introduced: Amends the Trusts and Trustees Act. Provides that a trustee may invest or reinvest the trust estate in interests in a unit investment trust (instead of investment trust). Provides that a trustee may invest or reinvest the trust estate in interests in any investment fund exempt from registration. Provides that a trustee shall not be prohibited from investing, reinvesting, retaining, or exchanging any interests held by the trust estate in any mutual fund for which the trustee acts as advisor or manager or in any other role (instead of just advisor or manager) solely on the basis that the trustee provides service to the mutual fund and receives remuneration. Provides that a trustee shall not be required to reduce or waive its compensation for services provided in connection with the administration of the trust estate because the trustee invests, reinvests, or retains the trust estate in a mutual fund. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 90-0297 Last action date: 97-08-01 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status