Changes

#Per the Investment Policy, '''the Operating Fund''' has the highest priority because it needs to always be at or above its minimum level to enable daily operations.  

#Per the Investment Policy, '''the Operating Fund''' has the highest priority because it needs to always be at or above its minimum level to enable daily operations.  

#Immediately after it is '''the Reserve Fund''', which must be at above its target level to ensure financial sustainability and resilience to unforeseen events.  

#Immediately after it is '''the Reserve Fund''', which must be at above its target level to ensure financial sustainability and resilience to unforeseen events.  

#Finally, '''the SFICR''' follows the Reserve Fund because there are no specific allocation requirements.<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2021-02-18-en BFC Minutes 02/18/21]</ref>  

#Finally, '''the SFICR''' follows the Reserve Fund because there are no specific allocation requirements.<ref naem="feb21bfc" />

==References==

==References==