Page 447 - FortWorthFY22AdoptedBudget

Bankers Acceptances
Domestic Bond Mutual Funds (Max.10.00%)
International Bond Mutual Funds (Max. 10.00%)
Preferred Stock Mutual Funds

Equities 30-55% 37%

U.S. Large Cap 14.00%
U.S. Mid Cap 5.00%
U.S. Small Cap 3.00%
Int'l Developed Markets Equity Mutual Funds 9.00%
Int'l Emerging Markets Equity 6.00%

Real Assets 2-12% 12%

Global Public REITS 8.00%
Private Real Estate 2.00%
Commodities 2.00%

Alternative Investment 2-22% 12%
Hedge Funds – Relative Value 3.00%
Hedge Funds - Macro 3.00%
Hedge Funds – Event Driven 2.00%
Hedge Fund – Equity Hedge 2.00%
Private Equity 2.00%

The diversification percentage guidelines will be measured based on market value.
Fluctuations in cash flows may cause the portfolio to exceed these maximum
percentages for a particular asset class subsequent to the purchase. Securities need not
be liquidated to realign to match the portfolio diversification guidelines.

Because of its tax-exempt nature, the Permanent Fund shall not be invested based on tax
optimized strategies with the goal of improving after-tax returns through active tax loss
harvesting.

XI. INTERNAL CONTROLS

The CFO and Trustee are responsible for mutually establishing and maintaining an
internal and external control structure designed so that assets are reasonably protected
from loss, theft, or misuse.
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