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<br />TABLE OF CONTENTS <br />Investment Operating Policy <br /> <br />Investment Policy <br /> <br />Purpose ............................................................................................................. 1 <br /> <br />Scope . .. .. .. .. .. .. .. . .. . . . .. . . . . .. . .. . . . .. .. .. .. . . . . . .. .. .. . . .. .. . . . . . .. .. .. . .. . . .. . . .. . . . .. . . . . .. . .. . . . . . . .. .. . . . ... 1 <br /> <br />Investment Objectives....................................................................................... 2 <br /> <br />Performance Measurement..................................................... ..................... ...... 2 <br /> <br />Delegation of Authority.................................................................................... 3 <br />Prudence and Ethical Standards........................................................................ 3 <br />Listing of Authorized Investments.................................................................... 3, 4 <br />Maturity and Liquidity Requirements.... ........................................................... 4 <br />Portfolio Composition....................................................................................... 5,6,7,8 <br />Interfund Loans or Transfers............................................................................. 8 <br />Risk and Diversification.................................................................................... 8 <br />Authorized Investment Institutions and Dealers............................................... 8, 9 <br />Selection of Investment Managers.................................................................... 9 <br /> <br />Sale of Securities............................................................................................... 9 <br /> <br />Audits.................... ............................................................................................ 10 <br /> <br />Existing Investments......................................................................................... 10 <br /> <br /> <br />Effective Date.................................................................................................... 10 <br />