Investments Investments in equity securities with readily determinable fair values and all investments in debt securities are reported at fair value, determined on the basis of quoted market values, with gains and losses included in the statement of activities. Management has the ability and intention to hold its investments until maturity. Purchases and sales of securities are recorded on a trade-date basis. The deferred Federal excise tax in the accompanying financial statements represents tax provided on the net unrealized gain on investments. The Fund has a non-contributory defined contribution pension plan covering all of its employees.
Participants can allocate the contributions among several investment options.
The Fund leases office space and equipment for its operations under noncancelable operating lease agreements. The Fund provides medical benefits to its retirees and their dependents. These benefits include Medicare supplement coverage and Medicare B premiums and are paid from the Fund s operations. The estimated cost of postretirement benefits, principally health care, are accrued over the period earned. Substantially all employees may become eligible for these benefits if they have three years of service and reach normal retirement age while working for the Fund.