06-28-1995 Council Agenda - Laserfiche WebLink

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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION NOTES TO FINANCIAL STATEMENTS December 31, 1994 Page 4 of 8 11) Guaranteed investment contracts issued by insurance companies or banks rated in the top four quality categories by a nationally recognized rating agency or alternative guaranteed investment contracts where the underlying assets comply with the requirements of MS 356A.06, subdivision 7. 1) All or any part of a pool of residential mortgages of the Minnesota Housing Finance Agency, that are not in default and that have previously been financed by the issuance of bonds or notes of the agency. J) Corporate stocks or convertible issues of any corporation organized under the laws of the United States or the States thereof, the Dominion of 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: 1) The aggregate value of corporate stock investments, as adjusted for realized profits and losses, must not exceed 85 percent of the market or book value, whichever is less, of a fund, less the aggregate value of investments according to MS 356A.06, subdivision 6. 2) Investments must not exceed five percent of the total outstanding shares of any one corporation. le 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 deeds 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) International securities. Investments listed in Section K are subject to the following provisions: i 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; ii There must be at least four unrelated owners of the investment other than the Relief Association for investments other than international securities; iii Relief Association participation in an investment vehicle is limited to 20 percent thereof for investments made other than international securities; iv 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. Page 74