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1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />4 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />LITRE CANADA FIREMEN'S RE11PF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />Page 4 of 8 <br />Note4 CASH AND INVESTMENTS (Continued) <br />INVESTMENTS (Continued) <br />G) Corporate stocks listed on the New York Stock Exchange or the American Stock <br />Exchange, if they conform to the following: <br />1) The aggregate value of corporate stock investments, as adjusted for realized <br />profits and losses, shall not exceed 75 percent of the market or book value, <br />whichever is less, of a fund, less the aggregate value of investments according to <br />other investments as follows: <br />Venture capital investment businesses through participation in limited <br />partnerships and corporations; <br />Real estate ownership interests or loans secured by mortgages or deeds of <br />trust through investment in limited partnerships, bank sponsored <br />collective funds, trusts, and insurance company commingled accounts, <br />including separate accounts; <br />Regional and mutual funds through bank sponsored collective funds and <br />open -end investment companies registered under the Federal Investment <br />Company Act of 1940; and, <br />Resource investments through limited partnerships, private placements <br />and corporations. <br />2) Investments shall not exceed five percent of the total outstanding shares of any <br />one corporation. <br />The Relief Association's investments are categorized below to give an indication of the level of risk <br />assumed by the entity at year-end. Category 1 includes investments that are insured or registered or for <br />which the securities are held by the Association or its agent in the Association's name. Category 2 <br />includes uninsured and unregistered investments for which the securities are held by the broker's or <br />dealer's trust department or agent in the Association's name. Category 3 includes uninsured and <br />unregistered investments for which the securities are held by the broker or dealer, or by its trust <br />department or agent but not in the Association's name. <br />Investment balances at December 31, 1990 were as follows: <br />Credit Risk Category Carrying Market <br />Securities Type 1 2 3 Amount Value <br />Corporate Obligations $381,753 $381,753 5373,717 <br />Governmental Obligations 504,156 504,156 510,753 <br />Total $885,909 50 $0 885,909 884,470 <br />Investment Company Shares 17,053 17,053 <br />Total Investments $902,962 5901,523 <br />Page 70 <br />