ASSIGNMENT 1 The slide deck for chapter 1 lists the key elements of the investment policy statement using the acronym RRTURTL: 0 Risk Objectives 0 Return Objectives 0 Time Horizon 1: Unique Circumstances 1: Regulatory and Legal Factors 0 Tax Concerns 0 Liquidity Requirements Posted to the class website is the document "UC endowment IPS.\" It is the investment policy statement for the University of California endowment. Read the document thoroughly, and write a report that identifies as many elements of RRTURL as you can find. Describe those elements as they are listed in the IPS, and highlight how they inform the investment goals/problems of the endowment. There is no minimum length for this paper. You should be satisfied that you have thoroughly described the endowment's character as reflected by the elements of REPTULL. Imagine this is a prospective client, and you are using this report to prepare to meet with them to negotiate for the business. You are free to use other research outside of the IPS document to support your report. The IPS has clear language on four of the seven elements. The following three are not explicitly referenced and should be treated as follows: Time horizon - In this section of your report, state the assumptions about an endowment's planning horizon that are outlined in the class material. Tax concerns - In this section of your report, state the assumptions about an endowment's tax status that are outlined in the class material. Regulatory - You can skip this since the IPS doesn't have explicit language about it. If you find some information you want to include then you're welcome to add it. HINT: For the liquidity element, the IPS lists the current allocation and long-term target for liquidity. In this context, liquidity can be equated with cash. State this Information in your report and describe how it fits the endowment's long-term goals. The assignment is due at the beginning of class on the date above, turned in on Canvas