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10 <br />The Advisor shall compare the investment results on a quarterly basis to appropriate peer universe <br />benchmarks, as well as market indices in both equity and fixed income markets. Examples of <br />benchmarks and indexes that will be used include the Russell 3000 Index for broad U.S. equity <br />strategies; S&P 500 Index for large cap U.S. equities, Russell 2000 Index for small cap U.S. equities, <br />MSCI ACWI ex-U.S. Index for broad based non-U.S. equity strategies, MSCI Europe, Australasia, and <br />Far East (EAFE) Index for developed markets international equities, Bloomberg U.S. Aggregate Bond <br />Index for fixed income securities, and the U.S. 91 Day T-bill for cash equivalents. The Russell 3000 <br />Index will be used to benchmark the U.S. equities portfolio; the MSCI ACWI ex-U.S. Index will be <br />used to benchmark the non-U.S. equities portfolio; the Bloomberg U.S. Aggregate Bond Index will be <br />used to benchmark the fixed income portfolio. The categories “Other” will be benchmarked against <br />appropriate indices depending on the specific characteristics of the strategies and funds used. <br /> <br />Voting of Proxies <br /> <br />The Administrator recognizes that proxies are a significant and valuable tool in corporate governance. <br />The voting rights of individual stocks held in separate accounts or collective, common, or pooled funds <br />will be exercised by the investment managers in accordance with their own proxy voting policies. The <br />voting rights of funds will be exercised by the Advisor. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Adoption of Investment Policy Statement <br /> <br />Any changes and exceptions to this Policy Statement will be made in writing and adopted by the <br />Administrator.. <br /> <br /> <br /> <br />Approved by the City of San Leandro Plan Administrator: <br /> <br /> <br /> <br /> <br />Member <br /> <br /> <br /> <br />Date <br />