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FLORIDA MUNICIPAL PENSION TRUST FUND INVESTMENT POLICY Amended and Restated As of June 1, 2007 I . AUTHORITY The Master Trust Agreement originally made as of the 16th day of December, 1983 , and as amended and restated most recently as of the 1St day of June , 2006 , by and between all parties who are now or may hereafter become members of the Florida Municipal Pension Trust Fund ("FMPTF" or the "Master Trust Fund") and the individuals named as Master Trustees pursuant to Section 109 of the Master Trust Agreement and their successors (such trustees collectively referred to as the "Master Trustees") , The Master Trust Agreement provides that the Master Trustees have the exclusive authority and discretion to manage and control the assets of the Master Trust Fund according to the provisions herein . Except as otherwise defined herein , the capitalized terms in this policy shall have the same meaning as such terms have in the Master Trust Agreement. II. PURPOSE The purpose of the Master Trust Fund is to collectively manage the investment of the assets of the Plans of participating Florida governments . The Master Trust Fund operates as a non-profit, tax-exempt entity that provides professional and cost-effective investment and administrative services for all types of retirement plans . The Master Trustees have established the herein investment policy and portfolio guidelines to assist the Administrator in the administration of the assets of the Master Trust Fund ; to guide the investment managers in structuring portfolios consistent with the Master Trust Fund' s desired performance results and an acceptable level of risk ; and to assure the Master Trust Fund assets are managed in a prudent fashion. This policy is applicable to all funds, assets and properties under the control of the Master Trustees and to all consultants, agents, and staff responsible to the Master Trustees . III . DUTIES AND RESPONSIBILITIES A. Administrator. Under the direction of the Master Trustees, it shall be the responsibility of the Administrator to supervise and administer the Master Trust Fund ' s investment program pursuant to a written agreement between the Master Trust Fund and the Administrator, including , but not limited to, the following : 1 . Supervise and coordinate the activities of qualified investment management firms , dealers , brokers , issuers, custodians , consultants and other investment advisors in keeping with this investment policy . 2 . Provide advice and assistance in the administration and operation of the Master Trust Fund ' s investment program. Page 1 of 19 Revised June 1 , 2007