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1 <br />1 <br />1 <br />y <br />1 <br />1 <br />1 <br />1 <br />LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES ID FINANCIAL STATEMENTS <br />December 31, 1994 <br />Page 5 of 8 <br />2. Up to 75 percent of the market value of the assets of the Relief Association may be invested in open - <br />end investment companies registered under the Federal Investment Company Act of 1940, if the <br />portfolio investments of the investment companies consist of those investments identified in LA <br />through 1.K. <br />3. Securities held by the Association before June 2, 1989, that do not meet the requirements of this <br />section may be retained after that date if they were proper investments for the Association on that date. <br />4. The Relief Associat ion's investments are categorized to give an indication of the level of custodial <br />credit risk assumed by the entity at year-end. Category 1 includes investments that am insured or <br />registered or for which the securities are held by the Association or its agent in the Association's name. <br />Category 2 includes uninsured and unregistered investments for which the securities are held by the <br />broker's or dealer's trust department or agent in the Association's name. Category 3 includes uninsured <br />and 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, 1994 were as follows: <br />Credit Risk Category Carrying Market <br />Securities Type 1 2 3 Amount Value <br />Corporate Obligations $626,119 $ - $ - $626,119 $584,008 <br />Governmental Obligations 363 556 363 556 341 407 <br />Total . $989,675 $0 $0 989,675 925,415 <br />Investment Company Shares 12,942 12 372 <br />Total Investments 1,002,617 $937,787 <br />Deposits (Note 4A) 1,384 <br />Total Cash and Investments $1,004,001 <br />Note4 DUE FROM STATFF <br />Minnesota Statutes Section 424A.10 provides for the payment of supplemental benefits to retired members of <br />the Little Canada Firemen's Relief Association. These benefits are paid by the Relief Association, which is <br />reimbursed by the State of Minnesota. State supplemental benefit revenue is recognized in the period the funds <br />are expended by the Relief Association. <br />• <br />Page 75 <br />