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material financial/investment position or finding which may be contrary to this policy or <br /> otherwise related to the performance of the Master Trust Fund ' s portfolio . Any adverse findings <br /> of the U. S . Department of Labor or the Securities and Exchange Commission regarding a <br /> Manager or its financial activities shall be brought to the immediate attention of the Master <br /> Trustees by the Administrator once the Administrator is notified . <br /> Before engaging in any investment transactions with the Master Trust Fund, a Manager <br /> shall have submitted to the Administrator a signed certification from a duly authorized <br /> representative attesting that the individuals responsible for the Master Trust Fund' s account have <br /> reviewed and shall comply with this investment policy and that they agree to undertake <br /> reasonable efforts to preclude imprudent transactions involving the assets of the Master Trust <br /> Fund . <br /> V. INTERNAL CONTROLS <br /> The Master Trustees require that the Administrator and any other designees establish a <br /> system of internal controls which shall be in writing . These controls shall be reviewed by <br /> independent certified public accountants as part of any required periodic financial statement <br /> audit . The internal controls should be designed to prevent losses of the Master Trust Fund which <br /> might arise from fraud, error, misrepresentation by third parties, or imprudent actions by the <br /> Master Trustees, Administrator or other designees . <br /> VI. BROKERAGE AND BID REQUIREMENT <br /> Managers shall use their best efforts to ensure that portfolio transactions are placed on a <br /> best execution basis . The Master Trustees intend to utilize recapture commissions when it does <br /> not interfere with best execution, solely at the discretion of the investment managers . Managers <br /> are required to , on a quarterly basis, report all brokerage transactions and reasons for using <br /> brokers to the Master Trustees . The Managers shall competitively bid securities in question <br /> when feasible and appropriate . Except as otherwise required by law, the most economically <br /> advantageous bid must be selected . <br /> VII. PROXY VOTING <br /> Responsibility for the voting of proxies shall be with the Master Trustees . The Master <br /> Trustees may exercise the right to assign this responsibility to the investment managers . Since <br /> proxy votes may be considered an asset of the Master Trust Fund, the assignment of voting <br /> proxies shall be exercised solely in the interest of the participants and beneficiaries of the Master <br /> Trust Fund, and for the exclusive purpose of providing benefits to participants and beneficiaries . <br /> Documentation related to the handling and voting of proxies will be reported to the Master <br /> Trustees on a quarterly basis . <br /> The Master Trustees may (but are not required to) solicit Participating Employees ' <br /> instructions as to the voting of a Master Trust Fund investment for their benefit . In so doing, the <br /> Master Trustees may solicit instructions from only those Participating Employees whose Plan <br /> accounts held the applicable investment on the record date fixed by the investment issuer. To the <br /> extent that the Administrator receives proper instructions from these Participating Employees, <br /> the Master Trustees shall vote the Master Trust Fund' s rights in accordance with the instructions . <br /> Page 4 of 19 <br /> Revised June 1 , 2007 <br />
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