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2 <br />TABLE OF CONTENTS <br /> <br /> <br />SECTION PAGE <br /> <br /> <br />Purpose ......................................................................................................................................... 3 <br /> <br />Investment Authority .................................................................................................................... 3 <br /> <br />Statement of Investment Objectives ............................................................................................. 4 <br /> <br />Investment Guidelines .................................................................................................................. 5 <br />Time Horizon <br />Liquidity and Diversification <br />Asset Allocation <br />Rebalancing Philosophy <br />Risk Tolerance <br />Performance Expectations <br /> <br />Selection of Investment Managers ................................................................................................ 7 <br /> <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 /> <br />Control Procedures ....................................................................................................... ………..10 <br />Review of Investment Objectives <br />Review of Investment Performance <br />Voting of Proxies <br /> <br />Adoption of Investment Policy Statement………………………………………………………11 <br /> <br />