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<br />PERFORMANCE CRITERIA <br /> <br />The investment returns of the Association's asset alloeation will be measured against those of a target <br />portfolio consisting of 50 percent equities and 50 pcrcent fixed income securities. The target portfolio <br />shall be based on the following indexes: <br /> <br />Domestic Equity <br />Global Equity <br />Domestic Fixed Income <br />Cash or Cash Equivalents <br /> <br />Standard and Poor's 500 Index <br />Morgan Stanley EAFE Index <br />Lehman Brothers Government/Corporate Index <br />u.s. Treasury Bills <br /> <br />Mutual funds shall be measured against like funds for me same time period. Any fund failing to be in <br />the upper one-half of its respective fund catcgory for more than three years shall be removed from the <br />portfolio. <br /> <br />Each mutual fund shall be reviewed annually to confirm that there has been no change in investment <br />policy, investment philosophy or in the investmcnt manager. <br /> <br />The City Finance Director shall assist in the prcparation of performance reports on or shortly after June <br />30 and December 31. <br /> <br />Performanee reports shan include: <br /> <br />· A list of portfolio assets. <br /> <br />· Assessment of compliance to Fund objectives stated herein, and a risk/reward analysis. <br /> <br />. Timely submission and copies of reports to applicable Pension and Retirement <br />Commissions and other reports which may be requested by State agencies. <br /> <br />These performance reports shall be available as public information. <br /> <br />6 <br />