Sec. 4-805. Other Investment Parameters.

No more than 10% the portfolio, at cost, can be invested in any single issue, except U.S. Government Securities. Portfolio holdings must be sufficiently liquid to ensure that 10% of the portfolio can be sold on a day's notice with no material impact on market value.

The duration for each long-term fixed income investment manager shall not vary more than +/-20% than that of the Barclays Capital Aggregate Bond Index. For diversification purposes, each long term equity manager should have 20 or more positions.