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

Important Instructions: You should research from journal articles; books etc. and have at least three or four citations (or more) for each factor discussed. (Copy and paste from web sources is not acceptable)

Exhibit A the Portfolio Management Process

Identification and Specification of:

Investors' Objectives

Investors' Constraints

Expectational Factors

Regarding Economic Analysis,

Determination of Market Analysis, and

Portfolio Policies Individual Security Analysis

Integration of

Portfolio Policies and

Expectational Factors:

Asset Allocation

Investment Strategies

Execution

Monitoring the Portfolio

And Responding to Change

Portfolio

Performance