Subject to the requirements of section 36.2 of this Part, a bank or trust company may invest in the shares of investment companies (henceforth referred to as a “fund” or “funds”), provided that the portfolio of the fund consists solely of investments in stocks and obligations in which banks or trust companies are permitted to invest directly. Investment companies include open-end and closed-end investment companies and unit investment trusts as those terms are used in the Investment Company Act of 1940 (title 15 United States Code,^* section 80a-1 et seq.).