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<br /> <br />Management Discussion and Analysis -Continued <br />Mav 5, 2008 <br />Investment Activities <br />O Investment income is vital to the Plan's current and continued fmancial stability. Therefore, the Board of Trustees has a fiduciary <br />responsibility to act prudently when making Plan investment decisions. Portfolio performance is reviewed quarterly by the Board <br />of Trustees. The Association also has an active Investment Committee to broaden its attention to asset allocation and fund returns. <br />Economic Factors <br />The primary function of the pension trust is to (a) appropriately award and pay benefits and (b) tnanage investments. The <br />opportunity available considering various investment choices is invaluable in the asset allocation and money manager oversight. <br /> <br /> <br /> <br /> <br />f <br /> <br /> <br /> <br /> <br /> <br /> <br />e <br /> <br />Contacting the Plan's Financial Management <br />The financial report is designed to provide citizens, taxpayers, plan participants and the marketplace's credit analysis with an <br />overview of the Plan's finances and [he prudent exercise of the Board's oversight. If you have any questions regarding this report <br />or need additional financial information, please contact the Elk River Fire Relief Association, 13065 Orono Parkway; Llk River, <br />'.Minnesota 55330. <br />~ -~- <br />