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R2140 R E S O L U T I O N NO. 2140 WHEREAS, Section 9.3 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District, may from time to time, appoint one or more investment managers to act on behalf of any Trustee or Trustees of the Pension Plan with respect to all or a specified portion of the assets of the Pension Fund held by said Trustee. Such investment managers shall be either (a) registered as an investment adviser under the Investment Advisers Act of 1940, (b) the securities of investment companies (mutual funds) registered under the Investment Company Act of 1940, (c) a bank common or collective trust fund as defined in the Investment Advisers Act of 1940, (d) a legal insurance company qualified to manage, acquire or dispose of plan assets under the laws of Missouri, and WHEREAS, Section 9.4 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District may, from time to time, direct the Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset or assets, and WHEREAS, Mercantile Trust Company has been designated as Trustee of said Pension Plan, and will continue in that function, and WHEREAS, Resolution No. 1864, adopted September 28, 1988, specified the manner in which the assets of the Pension Fund of The Metropolitan St. Louis Sewer District are to be invested, and WHEREAS, at the November 17, 1993 meeting of the District's Board of Trustees the pension fund investment consultant, J.H. Ellwood and Associates, recommended the addition of an International Equity component to the District's asset mix, and that the initial investment be made over a one year period for an amount equal to Four Million Dollars ($4,000,000.00). NOW, THEREFORE, BE IT RESOLVED that the following investment managers be appointed to act on behalf of the Trustee of the Penion Plan with respect to the assets of the Pension Fund of The Metropolitan St. Louis Sewer District in the manner as hereafter provided. (A) Euro-Pacific Growth Fund sponsored by the American Funds Group is hereby appointed investment manager of the International Equity portion of the Equity Component assets. (B) Windsor II Fund as managed by Vanguard Group is hereby also appointed investment manager of the Equity-Income portion of the Equity Component assets as specified in Resolution No. 1864. 3 (C) Collective Equity Fund as managed by Mississippi Valley Advisors, Inc. is hereby appointed investment manager of the Growth & Income portion of the Equity Component assets as specified in Resolution No. 1864. (D) Twentieth Century Select Fund is hereby appointed investment manager of the Growth portion of the Equity Component assets as specified in Resolution No. 1864. (E) Patterson Capital Corporation is hereby appointed a fixed income investment manager to manage a portion of the Fixed Income Component assets as specified in Resolution No. 1864. (F) Mercantile Trust Company is hereby appointed investment manager of the Short Term Investment Fund (STIF) portion of the Fixed Income Component assets as specified in Resolution No. 1864. BE IT FURTHER RESOLVED that the Executive Director, with the approval of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, is hereby authorized and directed to execute any necessary instruments to give effect to the foregoing. 4 The foregoing Resolution was adopted May 11, 1994.