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2 <br />TABLE OF CONTENTS <br />SECTION PAGE <br />Purpose..........................................................................................................................................3 <br />Investment Authority....................................................................................................................3 <br />Statement of Investment Objectives.............................................................................................4 <br />Investment Guidelines ..................................................................................................................5 <br />Time Horizon <br />Liquidity and Diversification <br />Asset Allocation <br />Rebalancing Philosophy <br />Risk Tolerance <br />Performance Expectations <br />Selection of Investment Managers................................................................................................7 <br />Guidelines for Portfolio Holdings.................................................................................................7 <br />Direct Investments by Advisor <br />Limitations on Managers’ Portfolios <br />Portfolio Risk Hedging <br />Prohibited Portfolio Investments <br />Safekeeping <br />Control Procedures........................................................................................................………..11 <br />Review of Investment Objectives <br />Review of Investment Performance <br />Voting of Proxies <br />Adoption of Investment Policy Statement………………………………………………………12 <br />Page 125 of 658