Following the primary objective of preservation of capital, each investment portfolio shall be actively managed to take advantage of market opportunities. In so doing, negotiable securities may be sold prior to their maturity for the purpose of:

1. (a) providing liquid funds as needed for cash flow purposes;
2. (b) enhancing portfolio returns; or
3. (c) restructuring maturities to increase yield, decrease risk or both.

(Authorized by K.S.A. 1995 Supp. 75-4232, as amended by L. 1996, Ch. 254, Sec. 26; implementing K.S.A. 1995 Supp. 75-4232, as amended by L. 1996, Ch. 254, Sec. 26, and K.S.A. 1995 Supp. 75-4209, as amended by L. 1996, Ch. 254, Sec. 26, and K.S.A. 1995 Supp. 12-1677a, as amended by L. 1996, Ch. 254, Sec. 4; effective, T-122-7-27-95, July 27, 1995; effective Nov. 17, 1995; amended Jan. 24, 1997.)