03-10-1993 Council Agenda - Laserfiche WebLink

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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION NOTES TO FINANCIAL STATEMENTS December 31, 1992 Page 4 of 9 1) 1) The aggregate value of corporate stock investments, as adjusted for realized profits and losses, shall not exceed 85 percent of the market or book value, whichever is less, of a fund, less the aggregate value of investments in Section I. 2) Investments shall not exceed five percent of the total outstanding shares of any one corporation. Other Investments: 1) Venture capital investment businesses through participation in limited partnerships and corporations; 2) Real estate ownership interests or loans secured by mortgages or dads of trust through investment in limited partnerships, bank sponsored collective funds, trusts, and insurance company commingled accounts, including separate accounts; 3) Regional and mutual funds through bank sponsored collective funds and open -end investment companies registered under the Federal Investment Company Act of 1940; 4) Resource investments through limited partnerships, private placements and corporations; 5) Debt obligations not subject to H above; International securities. Subject to the following provisions: The aggregate value of all investments listed above may not exceed 35 percent of the market value of the fund for which the Relief Association is investing; There must be at least four unrelated owners of the investment other than the Relief Association for investments other than debt obligations and international securities; • Relief Association participation in an investment vehicle is limited to 20 percent thereof for investments made other than debt obligations and international securities; • Relief Association participation in a limited partnership does not include a general partnership interest or other interest involving general liability. The Relief Association may not engage in any activity as a limited partner which creates general liability. J) Up to 75 percent of the market value of the assets of the fund may be invested in open -end investment companies registered under the Federal Investment Company Act of 1940, if the portfolio investments of the investment companies consist of the following: 1) Investments authorized in A through G above. 2) Corporate stocks or convertible issue of any corporation organized under the laws of the United States or the States thereof, Canada or its provinces or any corporation listed on the New York Stock Exchange or the American Stock Exchange, if they conform to the following: Page 36