The investment policy may consist of an understanding client suitability and objectives or the policy may be presented more formally as a written Investment Policy Statement. This understanding or statement typically includes:

• Investment Objectives
• Asset Allocation Guidelines
• Constraints to Process/ Risk Controls
• Time Horizon
• Liquidity
• Legal, Tax and Regulatory Issues if applicable
• Unique Needs and Circumstances
• Policies and Control Procedures
• Frequency of Performance and Policy Review