Managers' Selection

Prior to hiring a new manager, the niche to be filled and the performance, quality, and risk/volatility characteristics required is carefully considered.  At a minimum, managers under consideration should demonstrate that they have met those performance and risk criteria over an appropriate period of time.

Generally, managers being considered are managers who: Are well-known to, and interactive with, the Trust over a long period of time. Are a good strategic fit within Trust overall asset allocation structure. Whom we have visited in their offices and perhaps in ours. Have an established institutional client base. Have future performance and risk/volatility expectations within certain limits.

Investments shall be made with the care, skill, prudence, and diligence under the circumstances then-prevailing, such that a prudent person, acting in a like capacity and having familiarity with these matters, would use.

Investments shall be diversified so as to minimize the risk of loss and to maximize the rate of return, unless under the circumstances it is clearly prudent not to do so.

Proxy Voting

The Trust shall direct all managers to vote proxies so as to maximize the total return from investments.

Termination

Managers will be terminated if their style, performance, or risk/volatility is not consistent with Trust expectations, regardless of the length of time involved. In any case, an investment manager shall be subject to termination at any time for any reason.  Once the decision to terminate a manager is made, asset transfer and liquidation should be handled to the best advantage of the Trust. Such notice of termination shall be provided consistent with the underlying governing agreement.