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7 <br />Performance Expectations <br />Over the long-term, five years or longer, the performance objective for the Trust will be to achieve an <br />average total annual rate of return that is equal to or greater than the Trust’s actuarial discount rate. <br />Additionally, it is expected that the annual rate of return on Trust assets will be commensurate with the <br />then prevailing investment environment. Measurement of this return expectation will be judged by <br />reviewing returns in the context of industry standard benchmarks, peer universe comparisons for <br />individual Trust investments and blended benchmark comparisons for the Trust in its entirety. <br />Selection of Investment Managers <br />The Advisor shall prudently select appropriate Managers to invest the assets of the Trust. Managers <br />must meet the following criteria: <br />The Manager must provide historical quarterly performance data compliant with Global Investment <br />Performance Standards (GIPS®), Securities & Exchange Commission (“SEC”), Financial Industry <br />Regulatory Agency (“FINRA”) or industry recognized standards, as appropriate. <br />The Manager must provide detailed information on the history of the firm, key personnel, support <br />personnel, key clients, and fee schedule (including most-favored-nation clauses). This information <br />can be a copy of a recent Request for Proposal (“RFP”) completed by the Manager or regulatory <br />disclosure. <br />The Manager must clearly articulate the investment strategy that will be followed and document that <br />the strategy has been successfully adhered to over time. <br />The investment professionals making the investment decisions must have a minimum of three (3) <br />years of experience managing similar strategies either at their current firm or at previous firms. <br />Where other than common funds such as mutual funds or commingled trusts are utilized, the Manager <br />must confirm receipt, understanding and adherence to this Policy Statement and any investment <br />specific policies by signing a consent form provided to the Manager prior to investment of Trust <br />assets. <br />Guidelines for Portfolio Holdings <br />Direct Investments by Advisor <br />Every effort shall be made, to the extent practical, prudent and appropriate, to select investments that <br />have investment objectives and policies that are consistent with this Policy Statement (as outlined in the <br />following sub-sections of the “Guidelines for Portfolio Holdings”). However, given the nature of the <br />investments, it is recognized that there may be deviations between this Policy Statement and the <br />objectives of these investments. <br />Limitations on Portfolio Holdings <br />EQUITIES <br />Page 130 of 658