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JUL, 2-98 ?HU 14:40 CP~?E× F,'~ NO, 612441?626 P, 04 <br /> <br />SUM1VIARY OF THE ELK RIVER FIRE RELIEF ASSOCIATION <br /> INVESTMENT POLICY ' <br /> <br />The Trustees of the Elk River Fke Relief Association (ERFRA) will invest the funds of the <br />ERFRA to gain maximum return consistent with preservation of principal. <br /> <br />The policy will be implemented by meeting the following criteria: <br /> · The Portfolio will consist of a.diverse range of investments. <br /> <br /> · Investments will be held until maturity. <br /> <br /> · Investments will be purchased from high quality sources. <br /> <br /> · Dividends and interest will be reinvested. <br /> <br /> · Purchase of mutual funds shall be made using the dollar-cost-averaging method. <br /> <br /> · All investments will meet the requirements of Minnesota Statutes applicable to <br /> the investment of Fire Relief Pension funds. <br /> <br /> · The Trustees will meet all requirements of the 1989 Fiduciary Liability and <br /> Responsibility Act for all Minnesota Pension funds. Specifically, no Trustee may <br /> personally profit, directly or indirectly, from the investment or management of <br /> plan assets. <br /> <br /> The ERFRA's funds will be invested using the following guidelines. <br /> <br /> · A minimum of twenty five percent (25%) and a maximum of fifty percent (50%) <br /> in non-fluctuating share value investments. At least $50,000 should be in a <br /> savings, money market or other liquid cash account. <br /> <br /> · Fifty percent (50%) to seventy five percent (75%) in bond mutual funds. <br /> <br /> · Zero (0) to twenty percent (20%) in stock mutual funds. <br /> <br /> · Zero (0) to five percent (5%) in real estate funds. <br /> <br /> <br />