RES 2024070 - Laserfiche WebLink

No more than the greater of 5% or weighting in the relevant index (Russell 3000 Index for U.S. issues and MSCI ACWI ex-U.S. for non-U.S. issues) of the total equity portfolio valued at market may be invested in the common equity of any one corporation; ownership of the shares of one company shall not exceed 5% of those outstanding; and not more than 40% of equity valued at market may be held in any one sector, as defined by the Global Industry Classification Standard (GICS). Domestic Equities. Other than the above constraints, there are no quantitative guidelines as to issues, industry or individual security diversification. However, prudent diversification standards should be developed and maintained by the Manager. International Equities. The overall non-U.S. equity allocation should include a diverse global mix that is comprised of the equity of companies from multiple countries, regions and sectors. FIXED INCOME Fixed income securities of any one issuer shall not exceed 5% of the total bond portfolio at time of purchase. The 5% limitation does not apply to issues of the U.S. Treasury or other Federal Agencies. The overall rating of the fixed income assets as calculated by the Advisor shall be investment grade, based on the rating of one Nationally Recognized Statistical Rating Organization ("NRSRO"). Eligible Investments • Debt obligations of the U.S. Government, its agencies, and Government Sponsored Enterprises • Mortgage-Backed Securities (MBS) • Asset Backed Securities (ABS) • Collateralized Mortgage Obligations(CMO) • Commercial Mortgage-Backed Securities (CMBS) • Corporate debt securities issued by U.S. or foreign entities including, but not limited to, limited partnerships, equipment trust certificates and enhanced equipment trust certificates • Municipal Bonds • Fixed income mutual funds. • Eligible instruments issued pursuant to SEC Rule 144a(only if the Client is a documented Qualified Institutional Buyer ; QIB) Ouality The individual securities portfolio will maintain a minimum weighted average effective quality of A- at all times. At the time of purchase, individual securities shall have a minimum effective quality rating of BBB-. For purposes of determining an effective rating, when three agencies rate a security (S&P, Moodys, Fitch)the middle rating will be used. When only two of the three agencies rate a security the lower of the two ratings will be used. When only one agency rates a security that rating will be used. 8