t cost (other than short-term investments pending long-term commitment or distribution to investors), are invested in operating companies other than VCOCs (i.e., entities that are primarily engaged directly, or through a majority owned subsidiary or subsidiaries, in the production or sale of a product

cost (other than short-term investments pending long-term commitment or distribution to investors), are invested in operating companies (other than VCOCs) (i.e., operating entities that (x) are primarily engaged directly, or through a majority owned subsidiary or subsidiaries, in the production or sal