The foundation will invest its assets prudently so as to maximize the long term value of its assets, while being in a position to meet its required distributions and short term cash needs.

Prohibited transactions:

• options and futures contracts
• trading on margin and selling short
• investing in illiquid assets
• limited partnerships

Investment strategy:

• will primarily invest in equity based instruments, including mutual funds
• may also invest in debt based instruments, including mutual funds
• will seek to obtain broad diversification amongst equity assets

Mutual funds:

• will primarily be equity oriented
• may include bond and balanced funds
• no more than 25% of investment assets in any one non-index based equity, bond, or balanced fund
• up to 100% of investment assets in any one index based equity, bond, or balanced funds

Stocks:

• no more than 5% of investment assets directly held in any one stock

Cash:

• will invest short term surplus cash in money market instruments, including money market funds

Exceptions to these policies are permitted:

• for assets donated to the foundation
• on account of assets that have increased or decreased in value
• on written advise from legal counsel
• on written advise from a qualified financial advisor stating the investment will provide for the long and short term financial needs of the foundation