The policy statement should be 750-1,000 words (excluding graphs and charts) and must include the following information: An overview of the client; A detailed explanation of the investment policy statement, including the investment and objectives for the portfolio based on the unique needs and preferences of the client; A description of any investment constraints, liquidity needs, and the client's time horizon -- be sure to incorporate knowledge from the course that may include the discussion of: expected standard deviation, risk/reward, downside deviation, present/future value of investment, etc. Data presented in the form of numbers, graphs, and charts -- utilize the Monte Carlo illustration of outflows; A justification of each investment recommendation you will make to the client; Justification for your policy recommendations based on the principles of modern portfolio theory; Core allocation percentage targets and ranges; Tactical allocation percentage ranges; and Cited references