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included in the asset allocation of the Master Trust Fund, surplus cash flows , additional contributions and Manager cash will be utilized to pay obligations of the Master Trust Fund and periodic re-balancing of the assets . The Master Trust Fund may consider investments in other asset classes which offer potential enhancement to total return at risks no greater than the exposure under the initially selected asset classes . From time to time the Master Trustees will adopt asset allocation strategies within the ranges specified below: Maximum Target Limitation Equities 70% at market The Master Trustees may employ an independent consultant to perform an annual , or more frequent, Asset Allocation Report that will include, but not be limited to , a strategic analysis and report on asset allocation investments between different types of investments and appropriate changes to the percentages therein . This study will be used to assist the Master Trustees in the determination of the appropriate investment allocation to maximize the return and minimize the risk to the pooled assets of the Master Trust Fund. This study may include a recommendation to add or delete asset classes as is warranted by the risk/reward analysis and by Master Trustees ' approval . The Master Trustees are not bound by acceptance or denial of recommendations presented in conjunction with the Asset Allocation Report . It is not the intention of the Master Trust Fund to become involved in the day-to-day investment decisions . Therefore , the Administrator is authorized by this policy to make asset allocation decisions to reallocate or redirect either contributions or the investments held by the Master Trust Fund in order to take advantage of changing market conditions . Any tactical allocation that will cause the allocation of the investment classes to vary from the approved strategic allocation percentages of any asset class by more than 5 % requires approval by the Chair of the Master Trustees . The Administrator will report to the Master Trustees at their quarterly meetings on the tactical and re-balancing allocation decisions made during the prior quarter. C . Maturity and Liquidity . The Master Trust Fund shall provide sufficient liquidity to meet any required payment. D . Authorized Investments . In an effort to accomplish the objectives of the Master Trust Fund, this policy identifies various authorized investment instruments, issuer diversification, maturity constraints, investment ratings and liquidity parameters . The following are authorized investments : 1 . Repurchase agreements which are purchased only from dealers authorized by the Master Trustees and may only involve the sale and repurchase of securities authorized for purchase by this investment policy . Maximum maturity at purchase shall not exceed 180 days with a total average maturity, at any point in time, for all repurchase agreements held of not greater than 60 days . Page 7 of 19 Revised June 1 , 2007