The following securities and transactions are not authorized in the Portfolio:

• Letter stock and other unregistered securities
• Commodities or other commodity contracts
• Short sales and margin transactions
• Securities lending is restricted to daily mark to market transactions with excess collateral coverage
• Option writing (such as covered calls) and futures trading activities are restricted to bona fide hedge purposes only. not for speculative transactions
• Use of derivatives for speculative purposes
• Other securities, not mentioned in the Policy, except by Committee approval

SECTION I: GENERAL ASSET ALLOCATION GUIDELINES
SECTION II: ASSET CLASS / STYLE DIVERSIFICATION
SECTION III: REBALANCING THE PORTFOLIOS