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City of San Leandro Employee Benefit Fund Pension Plan Investment Guidelines Document – HighMark Capital Management, Inc. (v. 05/06/2021 - RY) 6 Investment Limitations: The following investment transactions are prohibited: • Direct investments in precious metals (precious metals mutual funds and exchange-traded funds are permissible). • Venture Capital • Short sales* • Purchases of Letter Stock, Private Placements, or direct payments • Leveraged Transactions* • Commodities Transactions Puts, calls, straddles, or other option strategies* • Purchases of real estate, with the exception of REITs • Derivatives, with exception of ETFs* *Permissible in diversified mutual funds and exchange-traded funds Duties and Responsibilities Responsibilities of Plan Sponsor The Plan Administrator for the City of San Leandro is responsible for:  Confirming the accuracy of this Investment Guidelines Document, in writing.  Advising Trustee and Investment Manager of any change in the plan/account’s financial situation, funding status, or cash flows, which could possibly necessitate a change to the account’s overall risk tolerance, time horizon or liquidity requirements; and thus would dictate a change to the overall investment objective and goals for the account.  Monitoring and supervising all service vendors and investment options, including investment managers.  Avoiding prohibited transactions and conflicts of interest. Responsibilities of Trustee The plan Trustee is responsible for:  Valuing the holdings.  Collecting all income and dividends owed to the Plan.  Settling all transactions (buy-sell orders). Responsibilities of Investment Manager The Investment Manager is responsible for:  Assisting the Plan Administrator with the development and maintenance of this Investment Policy Guideline document annually.  Meeting with the Plan Administrator annually to review portfolio structure, holdings, and performance.  Designing, recommending and implementing an appropriate asset allocation consistent with the investment objectives, time horizon, risk profile, guidelines and constraints outlined in this statement.  Researching and monitoring investment advisers and investment vehicles.  Purchasing, selling, and reinvesting in securities held in the account.  Monitoring the performance of all selected assets.  Voting proxies, if applicable.  Recommending changes to any of the above. 211