{
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    "page": 28,
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    "item_count": 14,
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        "heading": 3,
        "text": 8
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    "items": [
        {
            "id": "p28.1",
            "order": 1,
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            "bbox": {
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            "text": "managers in the selection of such securities and timing of transactions consistent with the following guidelines and restrictions:"
        },
        {
            "id": "p28.2",
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        {
            "id": "p28.3",
            "order": 3,
            "type": "heading",
            "bbox": {
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            },
            "text": "A. Equity Investments (Stocks)",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p28.4",
            "order": 4,
            "type": "text",
            "bbox": {
                "l": 180.48,
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            "text": "The benchmark for Equity Investments shall be MSCI World Index."
        },
        {
            "id": "p28.5",
            "order": 5,
            "type": "text",
            "bbox": {
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            "text": "Investments may be made in common stock, securities convertible into common stock and in convertible preferred stock of publicly traded corporations. With the approval of the University President, options may be written against equity positions in the University's endowment holding account."
        },
        {
            "id": "p28.6",
            "order": 6,
            "type": "heading",
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            "text": "B. Fixed Income Investments",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p28.7",
            "order": 7,
            "type": "text",
            "bbox": {
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            "text": "The benchmark for Fixed Income Investments shall be Barclays Aggregate Index."
        },
        {
            "id": "p28.8",
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            "text": "Investments may be made in the various classes of fixed income instruments as follows:"
        },
        {
            "id": "p28.9",
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            "text": "Corporate Bonds. Publicly traded bonds are to be selected and managed so as to assure an appropriate balance in quality and maturities consistent with current market and economic conditions. Although active bond management is encouraged, excessive emphasis on short-term trading is not considered appropriate. Nonconvertible bonds may be selected from among those rated within the top three categories of the recognized bond rating services. Private or direct placement bonds may be purchased only upon specific approval of each issue by the University President."
        },
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            "id": "p28.10",
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            "text": "Government and Agency Bonds. Investment may be made in any U.S. Government issued debt instrument with an initial maturity of over one year and in any debt instrument issued by agencies of the U.S. Government with an initial maturity of over one year and which are guaranteed by the U.S. Government."
        },
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            "text": "C. Cash Equivalent Securities",
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        },
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            "id": "p28.12",
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            "type": "text",
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            "text": "Selection of particular short-term instruments, whether viewed as liquidity reserves or as alternative investment vehicles, should be determined primarily by the safety and liquidity of the investment and only secondarily by the available yield. The following short-term investment vehicles, with the exception of commercial paper, which requires specific purchase approval by the University President, are considered acceptable:"
        },
        {
            "id": "p28.13",
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            "text": "28",
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            "type": "footnote",
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            "text": "Kentucky State University\nEndowment Spending Policy\nAmended as Approved by the Board of Regents\nJanuary 27, 2012",
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            }
        }
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