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2 . The following characteristics (when applicable) shall be considered in <br /> selecting the specific asset classes and corresponding investments to be made available to <br /> Participating Employees : <br /> (a) Investment category and objective as defined in the prospectus or <br /> equivalent literature as well as current and historically consistent adherence to the <br /> asset classes and investment styles as defined in Section XIII. F below. <br /> (b) The Manager(s) and tenure . (Longer tenure is preferred . ) <br /> (c) Acquisition costs and ongoing management fees including <br /> turnover. (Lower fees and turnover are preferred ) <br /> (d) Investment record : total returns (net of expenses) on a time- <br /> weighted basis over three- and five-year periods and their relationship to <br /> appropriate benchmarks and peer groups . (Higher returns are preferred . ) <br /> (e) Risk adjusted return measurements : Sharpe Ratio and Alpha <br /> Returns and their relationship to appropriate benchmarks and peer groups . <br /> (Higher Sharpe Ratio and Alpha Return are preferred .) <br /> (f) Risk characteristics : risk as measured implicitly by reviewing <br /> standard deviation and beta as used to compute Sharpe Ratios and Alpha <br /> statistics . (Lower standard deviations and betas are preferred . ) <br /> (g) Any other criteria that the Master Trustees deem worthwhile in <br /> judging the suitability of an investment, including , but not limited to , funds of the <br /> type customarily described or classified as socially responsible, as long as the <br /> overall range of other investment options meets all requirements of this <br /> investment policy . <br /> The Master Trustees shall review the long-term performance, risk and correlation <br /> characteristics of various asset classes, focusing on the balance between risk and return <br /> and the asset class ' market behavior so that the investment options reasonably span the <br /> risk/return spectrum. <br /> 3 . Miscellaneous Criteria : In selecting the specific investments to be made <br /> available to participants , the Master Trustees shall consider the following additional <br /> criteria : <br /> (a) Services to Participating Employees <br /> ( 1 ) Communication from the funds <br /> (2) Accessibility to fund information <br /> (3 ) Ease and cost of investment transfers <br /> (4) Nature and frequency of reports to Participating Employees <br /> Page 13 of 19 <br /> Revised June 1 , 2007 <br />