Investment Policy - June 2023

If the actual asset allocation percentages of a fund vary by more than 5% from the asset allocation percentages of its Benchmark Portfolio, then the cash flow will be directed first to the asset classes for which the actual percentages are less than the Benchmark Portfolio percentages until the asset allocation percentages of the Benchmark Portfolio has been restored, and then to the asset classes. [...] If the actual asset allocation percentages of a fund vary by more than 5% from the asset allocation percentages of its Benchmark Portfolio, then cash flow will be directed first from the asset classes for which the actual percentages are greater than the Benchmark Portfolio percentages until the asset allocation percentages of the Benchmark Portfolio has been restored, and then from the asset clas. [...] In fulfilling its responsibilities, the Board may delegate certain duties and responsibilities to committees of the Board and to the President and CEO and the Chief Financial Officer. [...] If any of the percentages allocated to an asset class exceeds or falls short of the percentage allocated to that asset class in the Benchmark Portfolio by more than 5%, the CFO will request the investment manager re-balance the investment pool so that the asset allocation percentages fall within 5% of those of the Benchmark Portfolio and notify the Committee at their next meeting. [...] Within this limit, a further cap of 2.5% on individual investments where investment losses are to be charged to specific donor advised funds, and where the investment is not charged to donor advised funds, the cap is 1% of investments We recognize that Impact Investments usually take the form of one of these investment approaches and grant the Investment Committee the authority to approve such inv.