Funds eligible to participate

In order to be eligible for participation in any of the combined investment funds, the Participant shall meet the following criteria: (a) Be under the control of the Treasurer for investment or custodial purposes. (b) Have the general characteristics of a perpetual fund, including but not limited to the characteristic of no specific termination date, except for short-term combined investment funds which may be established to accommodate short-term investments. (c) Have investment objectives and investment authority comparable with the other Participants in the combined investment funds.