Explain in detail how each of the following relates to the determination of either investor objectives or investor constraints that can be used to determine the portfolio policies for this three-year period for the Midlands Museum Endowment Fund also explain the processes in Exhibit A:

Liquidity requirements

Return requirements

Risk tolerance

Time horizon

Tax considerations

Regulatory and legal considerations

unique needs and circumstances

Exhibit A the Portfolio Management Process

1.Identification and Specification of:

-Investors' Objectives

-Investors' Constraints

2.Expectational Factors

Regarding Economic Analysis,

Market Analysis, and Individual Security Analysis

3.Integration of

Portfolio Policies and

Expectational Factors:

Asset Allocation

Investment Strategies

Execution

4.Monitoring the Portfolio And Responding to Change

5.Portfolio Performance