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CITY G`:' r:1f, •il. FLOP.tOA
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THr 30A/O C TRUSTCF'S :! I A'•I I CITY EMPLOYEES' t RET I REMENT 8Y i `E`M, 'CO
EFFECT 11 CLY MANAGE THE t 1:V: ST11E `tT c: 'YC.ES.i, IN ITS S2OAOEST SL'1JSEs HAVE
ESTA3L1 1r) 'iHE FOLLOW:NG 3ASIC F"ift:PTS:
`CO F:S T.. 'L 1 SH AN APPROPP 14.T.. STT 'E T 0 _ t,':'rtST"..E'.'TS .A`:0 OtI.ArtTIV_Vie
�. 'CO SELECT ARRROP.f_l. t 1:01EST- :T MANAGERS TO EXECUTE THE 8OARb'S
STATET) 1 NVEST`!ZNT POLICY AND C JECT I V Ea.
3, Fc A0E tUATELY '•'J::ITOR THT INVEST'.Z IT ACTIVITIES OF THE INVESTMENT
Au-' TH: FGLLOWI'J`
1 . RETAIN 3 MONEY ",:.:fs:`•',:f': WITH F+JTU,if.: FUNOS 0 1 STP I CUTE') AMC'3O MONEY
MANAGER; 01. AN U:LI L
1'.At . S TO C^ 'PETS. 0', T ii = »' 3A"tom. 2E r.G AOL E TO INVEST 111 HONEY
a.APP; Ts E")NOS, ANO
t.''•I T 7:70C.'•.3 C, _'` '..'1 ; . . :? I'.=Fc 1. {'!IT ON ?c:DS OR cA';H, EX!'£PT THAT
yc..an; `!:, T HALT AT L'A AN 4 PA I'. ;.
.. CO:TiNU7 r;'P;..* AGAINST EACH OT!4ER (A,.0
<+ +l+l r THE. NYSE STATE O3.i ' T1V .Q') P:CJECT I 15.
STOCK P:J:i`::;.,.._. TO CC"i1/0:II:`: WHICH HLV: 4 MILLION Ori MO,.E
SHARt:.. LIMIT HOLDING: O:' O'4: STOCK TO NO MORE THAN 1 C', OF THE
CThPA +Y', H7i.1Jr:'_ C 1'' 0: ri' MlN Y MANAGER'S SHARE or THE F P:t)s,
W i 1 C N: .' r: 13 t.. r S,..
0. CO:! i I'." :L E.V L''r-C I C':, PER 101 WITH Re11S;•,;t_ FCIR '':A:) PEPORAA110E.
7. E`.•'I.:9t. 13:i A .:l N {''V'' GOALOF CV..?A:.L A' E'KA':,E YEARLY EARNINGS OF 1CI. .
:: ' A'. OA �P2C, ' I Ci T ORF 1 M. 0/
'+aLL S!..'�!T RL F': C :;� {t'r r ':... � .y' Y I?:ITIt,.
VINCENT Girl HA SEEN o?-nto':ArcL. fs'Y TH7 Tr=U1rEES TO Pp it THE ABOVE
PREEEFTS AND OTAL5 to tm,:. CITY Cs,,mi:intsFOP THE1; APPROVAL. A000t104
OF THESE GCALS WILL .ECES.t;;TATE THE AGREE!inTS WITH tHt
Vn.;Ey
FLEAS 1-CHEOU THIS !ATTI,'Ft. TLE 1:i# 1977 COmISSION AGEN0A.
EC: JAMEi GirmE.Dso
DtpECToR Or PiNANEE