7/30/2019 Navarro College 2007 Investment Policy

1/13

_lqilh 6%?%?>>:

@FQF__E BEDDLML

I@QLRXKL@X ^EDIBY F@H RX_FXLMY

^|r|f`x xe xjl ^|odib A|`h I`qlxkl`x Fbx$ Xlzf Meqlr`kl`x Behl Rlbxie`

??9$ Fbx ea =1xj

Dlmidfx|rl$ xjl Oefrh ea Xr|xll ea @fqfrre Beddlml Hixribx fhe~x xjl aedde}i`m

~edibil f`h xrfxlmil i` rlmfrh xe ix i`qlxkl`x. Xji i`qlxkl`x ~ediby hel `ex

f~~dy xe i`qlxkl`x he`fxlh xe xjl Beddlml aer f ~frxib|dfr ~|r~el er he`fxlh

fbberhi`m xe xjl xlrk ~lbiailh oy f he`er. Xji lzbl~xie` i f|xjeriwlh oy J.O. 2>>9$

*6999). Xji ~ediby rlbe`airk xjl i`qlxkl`x ~ediby f`h xrfxlmy fkl`hlh f`h

rlfaairklh oy xjl Oefrh e` Rl~xlkolr ?6$ ?>>1.

Xjl Oefrh ea Xr|xll ea @fqfrre Beddlml rlbem`iwl xjl rlv|irlkl`x aer xjl

Bjila Lzlb|xiql Eaaiblr xe hldlmfxl f|xjerixy aer xjl eqlrfdd hirlbxie` f`h kf`fmlkl`xea aibfd rl~e`ioidixy xe xjl Qibl+^rlihl`x aer Ai`f`bl f`h Fhki`ixrfxie`. Xji

rled|xie` ~reqihl hirlbxie` aer xjl lzlb|xie` ea xjll h|xil.

Hldlmfxie` ea F|xjerixy

Xjl Qibl+^rlihl`x aer Ai`f`bl f`h Fhki`ixrfxie`$ f Bjila Ai`f`bifd Eaaiblr ea

xjl Beddlml Hixribx$ i hlim`fxlh f xjl I`qlxkl`x Eaaiblr f`h i rl~e`iodl aer xjl

eqlrfdd i`qlxkl`x kf`fmlkl`x hlbiie` f`h fbxiqixil. Xjl Qibl+^rlihl`x i

rl~e`iodl aer be`ihlri`m xjl v|fdixy f`h bf~foidixy ea xjl xfaa$ i`qlxkl`x fhqier$

f`h be`|dxf`x i`qedqlh i` i`qlxkl`x kf`fmlkl`x f`h ~reblh|rl. Fdd ~frxibi~f`x i`

xjl i`qlxkl`x ~rebl jfdd llc xe fbx rl~e`iody f b|xehif` ea xjl ~|odib xr|x.

Xjl I`qlxkl`x Eaaiblr jfdd hlqlde~ f`h kfi`xfi` fhki`ixrfxiql ~reblh|rl aer xjl

e~lrfxie` ea xjl i`qlxkl`x ~remrfk }jibj frl be`ixl`x }ixj xji i`qlxkl`x ~ediby.

Xjl I`qlxkl`x Eaaiblr jfdd ol rl~e`iodl aer fdd xrf`fbxie` |`hlrxfcl` f`h jfdd

lxfodij f yxlk ea be`xred xe rlm|dfxl xjl fbxiqixil ea |oerhi`fxl eaaibifd f`h xfaa.

Xjl I`qlxkl`x Eaaiblr jfdd hlim`fxl xjl O|i`l Kf`fmlr f Hl~|xy I`qlxkl`x

Eaaiblr i` xjl lql`x birb|kxf`bl rlv|irl xikldy fbxie` f`h xjl Bjila I`qlxkl`x

Eaaiblr i `ex fqfidfodl. Xjl Hl~|xy I`qlxkl`x Eaaiblr jfdd ol f cly klkolr ea xjl

i`qlxkl`x xlfk f`h }idd fbx e` oljfda ea xjl I`qlxkl`x Eaaiblr i` ji fol`bl.

@e eaaiblr er hlim`ll kfy l`mfml i` f` i`qlxkl`x xrf`fbxie` lzbl~x f

~reqihlh |`hlr xjl xlrk ea xji ~ediby. Xjl ~ediby }idd ol lxfodijlh oy xjl I`qlxkl`x

7/30/2019 Navarro College 2007 Investment Policy

2/13

?_lqilh 6%?%>:

Eaaiblr f`h rlbekkl`hlh oy xjl ^rlihl`x xe xjl Oefrh ea Xr|xll aer ai`fd f~~reqfd.

Xji f|xjerixy i laalbxiql |`xid rlbi`hlh oy xjl Oefrh ea Xr|xll er |`xid xjl

xlrki`fxie` ea lk~deykl`x.

Rbe~l

Xji i`qlxkl`x ~ediby f~~dil xe fdd xjl ai`f`bifd flx f`h a|`h jldh oy xjl

@fqfrre Beddlml Hixribx. @fqfrre Beddlml be`edihfxl ix a|`h i`xe e`l i`qlxkl`x

a|`h aer i`qlxkl`x ~|r~el aer laaibil`by f`h kfzik|k i`qlxkl`x e~~erx|`ixy.

Xjll a|`h frl hlai`lh i` @fqfrre Beddlml F``|fd Ai`f`bifd _l~erx f`h i`bd|hl7

Lh|bfxie`fd f`h Ml`lrfd A|`h$ Hlox Rlrqibl A|`h$ ^df`x A|`h$ F|zidifry

A|`h$ Fml`by A|`h$ Rx|hl`x Ai`f`bifd Fih A|`h f`h f`y exjlr a|`h

jldh oy @fqfrre Beddlml |`dl ~lbiaibfddy lzlk~xlh oy xjl Oefrh ea

Xr|xll f`h xji ~ediby.

EOGLBXIQLR

Rfalxy

Rfalxy ea ~ri`bi~fd i xjl aerlkex eoglbxiql ea xjl i`qlxkl`x ~remrfk.

I`qlxkl`x jfdd ol |`hlrxfcl` i` f kf``lr xjfx llc xe l`|rl xjl ~rllrqfxie` ea

bf~ixfd i` xjl eqlrfdd ~erxaedie.

Xjlrl frl qfrie| xy~l ea i`qlxkl`x ric afblh oy xjl Beddlml ~erxaedie. I`

bek~dif`bl }ixj Meqlr`kl`xfd Fbbe|`xi`m Rxf`hfrh Oefrh *MFRO) Rxfxlkl`x 8>$ xjl

Beddlml fhhrll xjll qfrie| xy~l ea ric.

B|xehifd _ic

B|xehifd _ic i hlai`lh f *6) hl~eix xjfx frl |`i`|rlh f`h lixjlr *f)

|`beddfxlridiwlh er beddfxlrfdiwlh o|x `ex i` xjl meqlr`kl`x `fkl er i`qlxkl`x xjfx

frl |`i`|rlh f`h |`rlmixlrlh.

I` fbberhf`bl }ixj xjl beddfxlrfdiwfxie` ~ediby aer hl~eix f`h blrxiaibfxl ea

hl~eix$ fdd ea @fqfrre Beddlml i`qlxkl`x frl a|ddy beddfxlrfdiwlh oy AHIB i`|rf`bl$

~dlhmlh lb|rixil f`h%er f |rlxy oe`h i` xjl `fkl ea xjl Beddlml Hixribx.

7/30/2019 Navarro College 2007 Investment Policy

3/13

2_lqilh 6%?%>:

Brlhix _ic

Brlhix _ic i xjl ric ea de h|l xe xjl afid|rl ea xjl lb|rixy er ofbclr. I` erhlr

xe hibdel brlhix ric$ brlhix rfxi`m arek f `fxie`fd xfxixibfd ermf`iwfxie` }idd ol

rl~erxlh e` xjl ylfr+l`h i`qlxkl`x rl~erx. Eodimfxie` ea er m|frf`xllh oy xjl \.R.

Meqlr`kl`x he `ex rlv|irl hibde|rl ea brlhix v|fdixy. Blrxiaibfxl ea Hl~eix frl a|ddy

beddfxlrfdiwlh f`h he `ex rlv|irl f brlhix ric rfxi`m. Ia f` i`qlxkl`x i |`rfxlh$ xjfx afbx

k|x ol hibdelh.

Be`bl`xrfxie` ea Brlhix _ic

I` fbberhf`bl }ixj MFRO 8>$ meqlr`kl`x `llh xe hibdel oy fke|`x f`h

i|l f`y be`bl`xrfxie` i` e`l i|lr xjfx rl~rll`x aiql ~lrbl`x *

7/30/2019 Navarro College 2007 Investment Policy

4/13

8_lqilh 6%?%>:

Yildh

Xjl i`qlxkl`x ~erxaedie jfdd ol hlim`lh }ixj xjl eoglbxiql ea fxxfi`i`m f

kfrclx rfxl ea rlx|r` xjre|mje|x o|hmlxfry f`h lbe`ekib bybdl$ xfci`m i`xe fbbe|`x xjl

i`qlxkl`x ric be`xrfi`x f`h div|ihixy `llh. _lx|r` e` i`qlxkl`x i ea dlfx

ik~erxf`bl bek~frlh xe xjl falxy f`h div|ihixy eoglbxiql hlbriolh foeql. Xjl berl

ea i`qlxkl`x i dikixlh xe rldfxiqldy de} ric lb|rixil i` f`xibi~fxie` ea lfr`i`m f afir

rlx|r` rldfxiql xe xjl ric oli`m f|klh. Rlb|rixil jfdd `ex ol edh ~rier xe kfx|rixy

}ixj xjl aedde}i`m lzbl~xie`7

f hlbdi`i`m brlhix lb|rixy be|dh ol edh lfrdy xe ki`ikiwl de ea ~ri`bi~fd3

f lb|rixy }f~ }e|dh ik~reql xjl v|fdixy$ yildh$ er xfrmlx h|rfxie` i` xjl

~erxaedie3 er div|ihixy `llh ea xjl ~erxaedie rlv|irl xjfx xjl lb|rixy ol edh.

I@XL_@FD BE@X_ED ^_EBLH\_LR

I`xlr`fd be`xred i xjl ~rebl oy }jibj @fqfrre Beddlml Oefrh ea Xr|xll f`h

kf`fmlkl`x eoxfi` rlfe`fodl f|rf`bl f xe fbjilqlkl`x ea ~lbiailh eoglbxiql. Ix

be`ix ea i`xlrrldfxlh bek~e`l`x }ixj i`xlmrixy$ lxjibfd qfd|l f`h bek~lxl`bl$ f`h

xjl be`xred l`qire`kl`x lrqi`m f xjl ae|`hfxie` aer lxfodiji`m eoglbxiql$ ric

flkl`x$ i`aerkfxie` yxlk$ be`xred ~reblh|rl$ bekk|`ibfxie`$ kf`fmi`m

bjf`ml$ f`h ke`ixeri`m.

^r|hl`bl

Xjl xf`hfrh ea ~r|hl`bl xe ol |lh oy i`qlxkl`x eaaibifd jfdd ol xjl ~r|hl`x

~lre` xf`hfrh f`h jfdd ol f~~dilh i` be`xlzx ea kf`fmi`m f` eqlrfdd ~erxaedie.

I`qlxkl`x eaaiblr fbxi`m i` fbberhf`bl }ixj ~reblh|rl f`h xji i`qlxkl`x ~ediby f`h

lzlrbii`m h|l hidiml`bl jfdd ol rldilqlh ea ~lre`fd rl~e`ioidixy aer f` i`hiqih|fd

lb|rixy brlhix ric er kfrclx ~ribl bjf`ml$ ~reqihlh hlqifxie` arek lz~lbxfxie` frl

rl~erxlh i` f xikldy afjie` f`h xjl div|ihixy f`h xjl fdl ea lb|rixil frl bfrrilh e|x i`

fbberhf`bl }ixj xjl xlrk ea xji ~ediby.

I`qlxkl`x jfdd ol kfhl }ixj xjl g|hmkl`x f`h bfrl$ |`hlr birb|kxf`bl

xjl` ~rlqfidi`m$ }jibj ~lre` ea ~r|hl`bl$ hibrlxie` f`h i`xlddiml`bl lzlrbil i` xjl

7/30/2019 Navarro College 2007 Investment Policy

5/13

:

kf`fmlkl`x ea xjlir e}` faafir$ `ex aer ~lb|dfxie`$ o|x aer i`qlxkl`x$ be`ihlri`m xjl

~reofodl falxy ea xjlir bf~ixfd f }ldd f xjl ~reofodl i`bekl xe ol hlriqlh.

Lxjib f`h Be`adibx ea I`xlrlx

Eaaiblr f`h lk~deyll i`qedqlh i` xjl i`qlxkl`x ~rebl jfdd rlarfi` arek

~lre`fd o|i`l fbxiqixy xjfx be|dh be`adibx }ixj xjl ~re~lr lzlb|xie` f`h kf`fmlkl`x

ea xjl i`qlxkl`x ~remrfk$ er xjfx be|dh ik~fir xjl foidixy xe kfcl ik~frxifd hlbiie`.

Lk~deyll f`h i`qlxkl`x eaaibifd jfdd hibdel f`y kfxlrifd i`xlrlx i` ai`f`bifd

i`xix|xie` }ixj }jibj xjly be`h|bx o|i`l. Xjly jfdd a|rxjlr hibdel f`y ~lre`fd

ai`f`bifd%i`qlxkl`x ~eixie` xjfx be|dh ol rldfxlh xe xjl ~lraerkf`bl ea xjl i`qlxkl`x

~erxaedie. Lk~deyll f`h eaaiblr jfdd rlarfi` arek |`hlrxfci`m ~lre`fd i`qlxkl`x

xrf`fbxie` }ixj xjl fkl i`hiqih|fd }ixj }jek o|i`l i be`h|bxlh e` oljfda eaxjlir l`xixy. F` i`qlxkl`x eaaiblr }je jf f ~lre`fd o|i`l rldfxie`ji~ }ixj f`y

l`xixy llci`m xe ldd f` i`qlxkl`x xe @fqfrre Beddlml er }je i rldfxlh i` xjl lbe`h

hlmrll oy kfrrifml *faai`ixy) er odeeh rldfxie` *be`f`m|i`ixy) xe f` i`hiqih|fd llci`m

xe ldd f` i`qlxkl`x xe @fqfrre Beddlml i rlv|irlh xe aidl f xfxlkl`x hibdei`m xjl

rldfxie`ji~ }ixj xjl Xlzf Lxjib Bekkiie` f`h xjl @fqfrre Beddlml Oefrh ea

Xr|xll.

Hldlmfxie` ea F|xjerixy

F|xjerixy xe kf`fml xjl i`qlxkl`x ~remrfk i mrf`xlh xe xjl Qibl+^rlihl`x aer

Ai`f`bl f`h Fhki`ixrfxie` f`h hlriqlh rl~e`ioidixy aer xjl e~lrfxie` ea xjl

i`qlxkl`x ~remrfk i jlrloy hldlmfxlh xe xjl I`qlxkl`x Eaaiblr. @e ~lre` kfy

l`mfml i` f` i`qlxkl`x xrf`fbxie` lzbl~x f ~reqihlh |`hlr xjl xlrk ea xji ~ediby

f`h ix ~reblh|rl. Xjl I`qlxkl`x Eaaiblr jfdd ol rl~e`iodl aer fdd xrf`fbxie`

|`hlrxfcl` f`h jfdd lxfodij f yxlk ea be`xred xe rlm|dfxl xjl fbxiqixil ea

|oerhi`fxl eaaibifd.

V|fdixy f`h Bf~foidixy ea I`qlxkl`x Kf`fmlkl`x7Xrfi`i`m

Lfbj klkolr ea xjl Oefrh ea Xr|xll$ xjl ^rlihl`x$ f`h ix i`qlxkl`x eaaiblr

jfdd fxxl`h fx dlfx e`l xrfi`i`m lie`$ ~reqihlh oy xjl Xlzf Jimjlr Lh|bfxie`

7/30/2019 Navarro College 2007 Investment Policy

6/13

1_lqilh 6%?%>:

Beerhi`fxi`m Oefrh$ rldfxi`m xe xjl ~lre` rl~e`ioidixil |`hlr xjl ^|odib A|`h

I`qlxkl`x Fbx }ixji` iz ke`xj faxlr xfci`m eaaibl er f|ki`m h|xil. Xjl xrfi`i`m

k|x i`bd|hl lh|bfxie` i`7 i`qlxkl`x be`xred$ lb|rixy ric$ kfrclx ric$ f`h

bek~dif`bl }ixj xjl ^|odib A|`h I`qlxkl`x Fbx.

Xjl i`qlxkl`x eaaiblr jfdd fxxl`h f xrfi`i`m lie` `ex dl xjf` e`bl i` f

x}e+ylfr ~lrieh f`h kfy rlbliql xrfi`i`m arek f`y i`hl~l`hl`x e|rbl |bj f Xlzf

Jimjlr Lh|bfxie` Beerhi`fxi`m Oefrh$ exjlr meqlr`kl`xfd fml`bil$ er `e`+~reaix

ermf`iwfxie`. Xjl i`qlxkl`x eaaiblr jfdd ~rl~frl f rl~erx e` xjl ^|odib A|`h

I`qlxkl`x Fbx f`h hldiqlr ix xe xjl Oefrh `e dfxlr xjf` xjl 6:>xj hfy faxlr xjl dfx hfy ea

lfbj rlm|dfr lie` ea xjl dlmidfx|rl.

RFALCLL^I@M F@H B\RXEHYF|xjeriwlh Ai`f`bifd Hlfdlr f`h I`xix|xie`

F dix }idd ol kfi`xfi`lh ea ai`f`bifd i`xix|xie` f|xjeriwlh xe ~reqihl i`qlxkl`x

lrqibl. I` fhhixie`$ f dix }idd fde ol kfi`xfi`lh ea f~~reqlh lb|rixy oreclr%hlfdlr

ldlbxlh oy brlhix }erxji`l. Xjll kfy i`bd|hl ~rikfry hlfdlr er rlmie`fd hlfdlr.

F` f``|fd rlqil} ea xjl ai`f`bifd be`hixie` f`h rlmixrfxie` ea v|fdiailh oihhlr }idd ol

be`h|bxlh.

Aer aibfd ylfr ?>>=+>:$ xjl Oefrh f~~reql Beribf`f @fxie`fd Of`c f`h Xr|x

f ix ~rikfry hlfdlr aer ~|rbjfl ea lb|rixil f`h fdd ai`f`bifd i`xix|xie` lrqibi`m xjl

Beddlml lrqibl frlf f of`c aer ~|rbjfl ea blrxiaibfxl ea hl~eix f`h exjlr i`xlrlx

olfri`m fbbe|`x ia xjl i`xix|xie` bf` ~reqihl f~~re~rifxl hl~eix i`|rf`bl f`h%er

~dlhmlh beddfxlrfd er |rlxy oe`h.

Xjl Beddlml }idd edibix fx dlfx xjrll *2) bek~lxixiql v|exl }jl` ix ~|rbjfl

Blrxiaibfxl ea Hl~eix f`h ikidfr i`qlxkl`x. Xjl ~rikfry hl~eixery of`c jf

~reqihlh f adeer rfxl aer xjll i`qlxkl`x. Bek~lxixiql rfxl }idd ol edibixlh oy

xldl~je`l arek fx dlfx x}e exjlr ai`f`bifd i`xix|xie` olaerl f Blrxiaibfxl er ikidfr

i`qlxkl`x i ~|rbjflh. F oih aidl }idd ol kfi`xfi`lh ea xjel oih. Xjl i`xix|xie`

~reqihi`m xjl olx rfxl i` xjl e~i`ie` ea xjl i`qlxkl`x eaaiblr }idd ol ldlbxlh.

7/30/2019 Navarro College 2007 Investment Policy

7/13

=_lqilh 6%?%>:

Xjl I`qlxkl`x Eaaiblr i rl~e`iodl aer lxfodiji`m f`h kfi`xfi`i`m f` i`xlr`fd

be`xred xr|bx|rl hlim`lh xe l`|rl xjfx xjl flx ea @fqfrre Beddlml frl ~rexlbxlh

arek de$ xjlax er ki|l. Xjl i`xlr`fd be`xred xr|bx|rl jfdd ol hlim`lh xe ~reqihl

rlfe`fodl f|rf`bl xjfx xjll eoglbxiql frl klx. Xjl be`bl~x ea rlfe`fodl

f|rf`bl rlbem`iwl xjfx *6) xjl bex ea xjl be`xred je|dh `ex lzbllh xjl ol`laix

dicldy xe ol hlriqlh3 f`h *?) xjl qfd|fxie` ea bex f`h ol`laix rlv|irl lxikfxl f`h

g|hmlkl x oy kf`fmlkl`x.

Fbberhi`mdy$ xjl ^rlihl`x jfdd lxfodij f ~rebl ea f``|fd i`hl~l`hl`x

rlqil} oy f` lzxlr`fd f|hixer xe f|rl bek~dif`bl }ixj ~edibil f`h ~reblh|rl. Xjl

i`xlr`fd be`xred jfdd fhhrl xjl aedde}i`m ~ei`x7

f. Be`xred ea bedd|ie`. Bedd|ie` i f ix|fxie` }jlrl x}e er kerl lk~deyll

frl }erci`m i` be`g|`bxie` xe hlarf|h xjlir lk~deylr.o. Rl~frfxie` ea xrf`fbxie` f|xjerixy arek fbbe|`xi`m f`h rlberh cll~i`m.

Oy l~frfxi`m xjl ~lre` }je f|xjeriwlh er ~lraerk xjl xrf`fbxie` arek

xjl ~le~dl }je rlberh er exjlr}il fbbe|`x aer xjl xrf`fbxie`$ f

l~frfxie` ea h|xil i fbjilqlh. Fdd i`qlxkl`x xrf`fbxie` }idd ol lxxdlh

e` f hldiqlry qlr| ~fykl`x ofi }ixj xjl lzbl~xie` ea i`qlxkl`x ~eed

f`h k|x|fd a|`h.

b. B|xehifd falcll~i`m. Rlb|rixil ~|rbjflh arek f`y of`c er hlfdlr

i`bd|hi`m f~~re~rifxl beddfxlrfd *f hlai`lh oy Rxfxl df}) jfdd ol ~dfblh

}ixj f` i`hl~l`hl`x xjirh ~frxy aer b|xehifd falcll~i`m.

h. Fqeihf`bl ea ~jyibfd hldiqlry lb|rixil. Oeec l`xry lb|rixil frl k|bj

lfilr xe xrf`alr f`h fbbe|`x aer i`bl fbx|fd hldiqlry ea f heb|kl`x

`lqlr xfcl ~dfbl. Hldiqlrlh lb|rixil k|x ol ~re~lrdy falm|frhlh

fmfi`x de er hlxr|bxie`. Xjl ~exl`xifd aer arf|h f`h de i`brlfl }ixj

~jyibfddy hldiqlrlh lb|rixil.

l. Bdlfr hldlmfxie` ea f|xjerixy xe |oerhi`fxl xfaa klkolr. R|oerhi`fxl

xfaa klkolr k|x jfql f bdlfr |`hlrxf`hi`m ea xjlir f|xjerixy f`h

rl~e`ioidixil xe fqeih ik~re~lr fbxie`. Bdlfr hldlmfxie` ea f|xjerixy fde

7/30/2019 Navarro College 2007 Investment Policy

8/13

:_lqilh 6%?%>:

~rllrql xjl i`xlr`fd be`xred xr|bx|rl xjfx i be`xi`ml`x e` xjl qfrie|

xfaa ~eixie` f`h xjlir rl~lbxiql rl~e`ioidixil.

R\IXFODL F@H F\XJE_IWLH I@QLRXKL@XR

I`qlxkl`x Xy~l

Xjl aedde}i`m i`qlxkl`x }idd ol ~lrkixxlh oy xji ~ediby7

f. \.R. Meqlr`kl`x eodimfxie` |bj f Xrlf|ry

Oidd$ Xrlf|ry @exl$ Xrlf|ry Oe`h$

Hibe|`x @exl f`h Hlol`x|rl

o. \.R. Meqlr`kl`x fml`by eodimfxie` |bj f

Afrk Brlhix Ryxlk$ Afrklr Jekl

Fhki`ixrfxie`$ Alhlrfd Jekl Def` Of`c$Alhlrfd Jekl Def` Kerxmfml Ber~erfxie`$

Meqlr`kl`x @fxie`fd Kerxmfml Febifxie`$

Rkfdd O|i`l Fhki`ixrfxie`$ Rx|hl`x Def`

Kfrclxi`m Febifxie`3 f`h Xl``lll Qfddly

F|xjerixy

b. Blrxiaibfxl ea hl~eix

h. Rfqi`m f`h def` febifxie` hl~eix

l. ^rikl bekklrbifd ~f~lr xjfx jf f xfxlhkfx|rixy ea ?=> hfy er dl f`h i rfxlh `exdl xjf` F+6 er ^+6 oy fx dlfx x}e `fxie`fddyrlbem`iwlh brlhix rfxi`m fml`bil.

a. I`qlxkl`x+mrfhl eodimfxie` ea xfxl$ debfdmeqlr`kl`x$ f`h ~|odib f|xjerixil

Xjl aedde}i`m i`qlxkl`x frl `ex f|xjeriwlh oy xji ~ediby7

Eodimfxie` }jel ~fykl`x rl~rll`x xjl be|~e` ~fykl`x e` xjle|xxf`hi`m ~ri`bi~fd ofdf`bl ea xjl |`hlrdyi`m kerxmfml+ofbclhlb|rixy beddfxlrfd f`h ~fy `e ~ri`bi~fd3

7/30/2019 Navarro College 2007 Investment Policy

9/13

9_lqilh 6%?%>:

Eodimfxie` }jel ~fykl`x rl~rll`x xjl ~ri`bi~fd xrlfk ea bfj ade}arek xjl |`hlrdyi`m kerxmfml+ofbclh lb|rixy beddfxlrfd f`h olfr`e i`xlrlx3

Beddfxlrfdiwlh kerxmfml eodimfxie` xjfx jfql f xfxlh ai`fd kfx|rixy hfxlea mrlfxlr xjf` 6> ylfr3 f`h

Beddfxlrfdiwlh kerxmfml eodimfxie` xjl i`xlrlx rfxl ea }jibj ihlxlrki`lh oy f` i`hlz xjfx fhg|x xe e~~eixl xe xjl bjf`ml i` fkfrclx i`hlz.

Beddfxlrfdiwfxie`

I` fbberhf`bl }ixj xfxl df}$ a|dd beddfxlrfdiwfxie` }idd ol rlv|irlh e` blrxiaibfxl

ea hl~eix f`h bfj jldh i` xjl Beddlml hl~eixery of`c. Beddfxlrfdiwfxie` ea

blrxiaibfxl ea hl~eix f`h bfj ofdf`bl }idd ol i` fbberhf`bl }ixj Bjf~xlr ??

7/30/2019 Navarro College 2007 Investment Policy

10/13

6>_lqilh 6%?%>:

i`aerk xjl hl~eixery of`c ea f`y im`iaibf`x bjf`ml i` xjl fke|`x ea fbxiqixy ea ix

hl~eix.

Fbberhi`m xe Rlbxie` ??8: ea xjl Meqlr`kl`x behl$ f lb|rixy i`xlrlx fril

e|x ea f hl~eixery of`c ~dlhml fx xjl xikl xjfx xjl b|xehif` ihl`xiail xjl ~dlhml ea

xjl lb|rixy e` ix oeec f`h rlberh f`h i|l xjl xr|x rlbli~x.

I@QLRXKL@X RX_FXLMY

Hiqlriaibfxie`

Xjl i`qlxkl`x }idd ol hiqlriailh oy lb|rixy xy~l f`h kfx|rixy. Xjl o|y f`h

ldd hlbiie` i` rlmfrh xe i`qlxkl`x l`xlrlh i`xe xjl ~erxaedie }idd ol kfhl oy xjl

i`qlxkl`x xlfk. Xjl i`qlxkl`x xlfk jfdd ol bek~elh ea xjl Qibl+^rlihl`x aer

Ai`f`bl f`h Fhki`ixrfxie` f`h xjl O|i`l Kf`fmlr.O|y f`h ldd hlbiie` }idd ol ~rikfridy i`ad|l`blh oy bfj ade} i` lfbj ea xjl

rl~lbxiql a|`h dixlh ~rlqie|dy. Xjl a|`hfkl`xfd i`qlxkl`x xrfxlmy ea @fqfrre

Beddlml }idd ol xe o|y f` i`qlxkl`x f`h jedh ix |`xid ix kfx|rixy. Je}lqlr$ olbf|l ea

bjf`ml i` kfrclx be`hixie` f`h bjf`ml i` f`xibi~fxlh bfj ade} xjlrl kfy ol

i`xf`bl }jlrl hlbiie` }idd `llh xe ol kfhl xe div|ihfxl xjl i`qlxkl`x ~rier xe ix

kfx|rixy.

]jl` xjl i`qlxkl`x xlfk kfcl hlbiie` i` rlmfrh xe ~|rbjfi`m lb|rixil

aer xjl ~erxaedie$ xjl xlfk k|x i`xlr~rlx xjl i`xlrlx rfxl bybdl f`h kfy bjeel xe kfcl

rldfxiqldy de`m xlrk ~|rbjfl aer xjl ~|r~el ea debci`m i` f afqerfodl i`xlrlx rfxl er

bjeel xe kfcl jerxlr xlrk ~|rbjfl ia xjly f`xibi~fxl i`xlrlx rfxl xe ol kerl

afqerfodl i` xjl a|x|rl.

Xjl i`qlxkl`x xlfk i miql` xjl rl~e`ioidixy aer ~|xxi`m i`xe ~dfbl f`

i`qlxkl`x ~erxaedie }jibj lrql xjl Beddlml ai`f`bifd rlv|irlkl`x f`h fde

fxxlk~x xe ~rexlbx xjl Beddlml fmfi`x kfrclx be`hixie` bjf`ml. Ix i xjl i`xl`x ea xji

heb|kl`x xe miql xjl i`qlxkl`x xlfk xjl dfxix|hl xe ~|rbjfl i`qlxkl`x }ixji` xjl

be~l e|xdi`lh f`h xe bjf`ml xrfxlmil }ixji` xjl be`ai`l ea xjl xfxlh eoglbxiql ea

xji ~ediby.

7/30/2019 Navarro College 2007 Investment Policy

11/13

66_lqilh 6%?%>:

Kfzik|k Kfx|rixil

@fqfrre Beddlml }idd `erkfddy dikix ai`fd kfx|rixil e` f`y lb|rixil xe aiql ylfr

er dl. Xe xjl lzxl`x ~eiodl$ @fqfrre Beddlml }idd fxxlk~x xe kfxbj ix i`qlxkl`x

}ixj f`xibi~fxlh bfj ade} rlv|irlkl`x. \`dl kfxbjlh xe f ~lbiaib bfj ade}$

@fqfrre Beddlml }idd `ex hirlbxdy i`qlx i` lb|rixil kfx|ri`m kerl xjf` aiql *,) ea xjl xexfd ~erxaedie jfdd ol i` e`l xy~l ea lb|rixy

i|lh oy e`l fml`by. Xjlrl i `e rlxribxie` e` \.R. Xrlf|ry @exl.

_L^E_XI@M

Klxjeh

Xjl I`qlxkl`x Eaaiblr jfdd ~rl~frl f` i`qlxkl`x rl~erx fx dlfx v|frxlrdy$

i`bd|hi`m f |bbi`bx kf`fmlkl`x |kkfry xjfx ~reqihl f bdlfr ~ibx|rl ea xjl xfx| ea

7/30/2019 Navarro College 2007 Investment Policy

12/13

6?_lqilh 6%?%>:

xjl b|rrl`x i`qlxkl`x ~erxaedie f`h xrf`fbxie` kfhl eqlr xjl dfx v|frxlr. Xji

kf`fmlkl`x |kkfry }idd ol ~rl~frlh i` f kf``lr }jibj }idd fdde} @fqfrre Beddlml xe

fblrxfi` }jlxjlr i`qlxkl`x fbxiqixil h|ri`m xjl rl~erxi`m ~lrieh jfql be`aerklh xe

xjl i`qlxkl`x ~ediby. Xjl rl~erx je|dh ol ~reqihlh xe xjl ^rlihl`x f`h xjl Oefrh ea

Xr|xll. Xjl rl~erx k|x7

f. hlbriol i` hlxfid xjl i`qlxkl`x ~eixie` ea @fqfrre Beddlml e` xjl hfxl

ea xjl rl~erx3

o. ol ~rl~frlh gei`xdy oy fdd i`qlxkl`x eaaiblr ea @fqfrre Beddlml3

b. ol im`lh oy xjl I`qlxkl`x Eaaiblr f`h Hl~|xy I`qlxkl`x Eaaiblr3

h. be`xfi` f |kkfry xfxlkl`x ea lfbj ~eedlh a|`h mre|~ xjfx i`bd|hl xjl7

6. olmi``i`m kfrclx qfd|l aer xjl rl~erxi`m ~lrieh3

?. fhhixie` f`h bjf`ml xe kfrclx qfd|l h|ri`m xjl ~lrieh32. l`hi`m kfrclx qfd|l aer xjl ~lrieh3

l. xfxl xjl oeec qfd|l f`h kfrclx qfd|l ea lfbj l~frfxldy i`qlxlh flx

xjfx jf f kfx|rixy hfxl3

a. xfxl xjl fbbe|`x er a|`h er ~eedlh mre|~ a|`h aer }jibj lfbj i`hiqih|fd

i`qlxkl`x }f fbv|irlh3 f`h

m. xfxl xjl bek~dif`bl ea xjl i`qlxkl`x ~erxaedie }ixj @fqfrre Beddlml

i`qlxkl`x ~ediby$ i`qlxkl`x xrfxlmy f`h xjl ~reqiie` ea xjl ^|odib

A|`h I`qlxkl`x Fbx f fkl`hlh.

j. ol ~exlh xe xjl @fqfrre Beddlml }loixl i` fbberhf`bl }ixj Rxfxl

F|hixer Eaaibl rlv|irlkl`x.

I` fbberhf`bl }ixj J.O. ?=99$ xjlrl }idd ol f aerkfd f``|fd rlqil} ea xjl v|frxlrdy

rl~erx oy f` i`hl~l`hl`x f|hixer }ixj rl|dx rl~erxlh xe xjl meqlr`i`m oehy. Xjl

f|hixer je|dh fde rl~erx f|rf`bl rlmfrhi`m bek~dif`bl }ixj xjl ^|odib A|`h

I`qlxkl`x Fbx.

^lraerkf`bl Rxf`hfrh

Xjl i`qlxkl`x ~erxaedie }idd ol kf`fmlh i` fbberhf`bl }ixj xjl ~frfklxlr

~lbiailh }ixji` xji ~ediby. Xjl ~erxaedie je|dh eoxfi` f kfrclx fqlrfml rfxl ea rlx|r`

h|ri`m f kfrclx%lbe`ekib ea xfodl i`xlrlx rfxl. ^erxaedie ~lraerkf`bl je|dh ol

7/30/2019 Navarro College 2007 Investment Policy

13/13