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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1992 <br />Page 5 of 9 <br />i) The aggregate value of corporate stock investments, as adjusted for realized profits <br />and losses, shall not exceed 85 percent of the market or book value, whichever is <br />less, of a fund, less the aggregate value of 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 trust <br />through investment in limited partnerships, bank sponsored collective funds, <br />trusts, and insurance company commingled accounts, including separate <br />accounts; <br />Regional and mutual funds through bank sponsored collective funds and open-end <br />investment companies registered under the Federal Investment Company Act of <br />1940; and, <br />• Resource investments through limited partnerships, private placements and <br />corporations. <br />ii) Investments shall not exceed five percent of the total outstanding shares of any one <br />corporation. <br />3) Certificates of deposit issued by United States banks and savings institutions that are rated <br />in the highest four quality categories by a nationally recognized rating agency or whose <br />certificates of deposit are fully insured by federal agencies. <br />K) Securities held by the Association before June 2, 1989, that do not meet the requirements of <br />this section may be retained after that date if they were proper investments for the Association <br />on that date. <br />The Relief Association's investments are categorized 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 <br />registered or for which the securities are held by the Association or its agent in the <br />Association's name. Category 2 includes uninsured and unregistered investments for which <br />the securities are held by the broker's or dealer's trust department or agent in the Association's <br />name. Category 3 includes uninsured and unregistered investments for which the securities are <br />held by the broker or dealer, or by its trust department or agent but not in the Association's <br />name. <br />Page 37 <br />