2022 Atlanta Board of Trustees Meeting

7173 S. Havana St #600-130 Centennial, CO 80112 P: 303.770.2526 | F: 303.779.4834 obesitymedicine.org

• Private placements

• Options in future contracts

• Commodity contracts

• Precious metals

• Real estate

• Non-investment grade corporate bonds

G. Portfolio Limitations: In addition to above general limitations, the portfolio manager shall adhere to specific limitations as follows:

• Equities: Equity holdings may be selected from the New York, American and Regional Stock Exchanges or the NASDAQ markets. These holdings must represent Companies meeting a minimum capitalization requirement of $100 million with high market liquidity.

i. There shall be no short positions

ii. It is expected that no assets will be invested in securities whose issuers have filed a petition for bankruptcy.

iii. Non-dollar denomination securities are not permissible but investments are permitted in American Depository Receipts (ADRs).

iv. Within the above guidelines, the manager has full responsibility for security, selection and diversification, subject to a maximum 5% commitment of the portfolio’s market value for an individual security and 20% for pa rticular industry. The manager also will have full discretion over turnover and allocation of equity holdings among selected securities and industry groups, within the limits described above. • Fixed Income: Investments in fixed income securities will be managed actively to pursue opportunities presented by changes in interest rates, credit ratings, and maturity premiums. The manager may select from appropriate liquid preferred stocks, corporate debt securities, obligations of the U.S. Government, and its agencies and securities convertible to equities. These investments will be subject to the following limitations:

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