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BOWLING GREEN STATE UNIVERSITY

INVESTMENT POLICY

Statement of Investment Objectives, Guidelines and Standards of Performance

April 2000Revised May 2002

Revised October 4, 2002Revised, 2006

TABLE OF CONTENTS

PAGE

Introduction 1

Asset Allocation 3

Investment Manager Structure 3

Investment Objectives and Guidelines

Total Fund Objectives and Guidelines 4

Cash Equivalent Objectives and Guidelines 5

Core Fixed Income Objectives and Guidelines 6

Inflation-Indexed Bonds Objectives and Guidelines 7

International Equity Objectives and Guidelines 8

Large-Cap U. S. Equity Objectives and Guidelines 9

Mid-Cap U.S. Equity Objectives and Guidelines 10

Small-Cap U.S. Equity Objectives and Guidelines 11

Alternative Asset Objectives and Guidelines 12

Separately-Managed Account Responsibilities 13

Responsibilities of the Investment Consultant 14

Evaluation and Review 15

Appendix

Attachment A – Asset Allocation Policy 16

Attachment B – Liquidity Classifications 17

Attachment C – Total Fund Benchmark Composition 18

Attachment D – Funds Operating Under Spending Policy 19

Attachment E - Liquidity Classification and Market Value Table 20

INTRODUCTION

Purpose. Bowling Green State University (“BGSU” or the “University”) has established a series of funds, including, but not limited to, quasi-endowment funds to provide financial support for a variety of student and faculty activities and to offset ongoing operating expenses for the University. Each individual fund has a unique short-term and/or long-term goal and investment objective. This collection of quasi-endowment funds and other funds will be referred to as “the Fund”.

The purpose of this document (the “Policy”) is to outline the overall goals and investment objectives of the Fund and to provide clear guidance from the Board of Trustees for its ongoing management to BGSU Management, Investment Managers, and Investment Advisors.

This policy requires all fiduciaries to discharge their duties with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.

It is the intention of the Board of Trustees that actions taken pursuant to this Policy shall be in compliance with all applicable laws as they may be amended from time to time. No BGSU representative, employee, or agent shall take any action prohibited by or fail to take any action required by all applicable laws in carrying out this Policy.

Goal. The management of the Fund involves a tradeoff between two competing goals. On the one hand, the Fund must preserve capital and maintain liquidity sufficient to distribute cash to fund immediate spending needs and prior spending commitments. On the other hand, the Fund must accumulate capital sufficient to support nominal growth in expenses for existing programs and to establish new quasi-endowment funds. The goal of the Fund is to accommodate these competing needs by providing adequate short-term liquidity along with long-term capital appreciation.

Notwithstanding any statement in this policy to the contrary, it is hereby stipulated that investments shall be made only in publicly traded securities averaging at least 25 percent of the average amount of the investment portfolio over the course of the previous fiscal year invested in securities of the United States government or of its agencies or instrumentalities, the treasurer of state’s pooled investment program, obligations of the State of Ohio or any political subdivision of the State of Ohio, certificates of deposit of any national bank located in Ohio, written repurchase agreements with any eligible Ohio financial institution that is a member of the federal reserve system or federal home loan bank, money market funds, or bankers acceptances maturing in two hundred seventy days or less which are eligible for purchase by the federal reserve system, as a reserve.

Objective. Two different liquidity groups have been established to recognize the differing needs for liquidity, capital preservation, and asset growth of the various funds. The overriding objective for the Fund is to maximize expected return, at an appropriate aggregate level of risk, while maintaining adequate liquidity. Each liquidity group has a unique asset allocation and investment performance objective. These asset allocations have been selected by the Board of Trustees (the “Board”) to reflect the appropriate level of risk and liquidity needs for each group.

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These include the following:

High Liquidity Group: This group experiences volatile cash flows and must maintain a high degree of liquidity. The vast majority of assets will be invested in cash and cash equivalents.

Low Liquidity Group: This group has had a generally stable and relatively low level of cash outflows. It is desired to substantially improve the ability of these funds to support future spending. The majority of assets will be invested in equities with the remainder in fixed income/cash equivalent securities.

Investment Committee. There shall an Investment Committee (the “Committee”) which shall review and recommend revisions to this Policy and shall advise the Board on its investments in an effort to assist the Board in meeting its obligations as a fiduciary. The Committee, which shall consist of up to two members of the Board of Trustees, appointed by the Board Chair, and additional members appointed by the President, shall meet at least quarterly. The Committee shall be authorized to retain the services of an investment advisor who meets both of the following qualifications: (1) the advisor is either licensed by the Division of Securities under Section 1707.141 of the Ohio Revised Code or registered with the Securities and Exchange Commission; and (2) the advisor either has experience in the management of investments of public funds, especially in the investment of state-government investment portfolios, or is an eligible institution referenced in Section 135.03 of the Ohio Revised Code. Spending Policy. The Board has established a spending policy for certain of the funds. This policy reflects the tradeoffs between short-term liquidity and long-term capital appreciation needs, as described in the “Goal” and “Objective” sections above.

High Liquidity Group: It is the policy of the Board to limit annual distributions of dividend and interest income to the lesser of: (a) 8% of the average of the past three (3) years’ asset balances, for each fund listed in Attachment D, or (b) the current year’s dividend and interest income. The Board believes this level of spending will be sufficient to support current demands while protecting against the depletion of the funds in a highly inflationary economic environment.

Low Liquidity Group: It is the policy of the Board to limit annual distributions to 5% of the average of the prior three years’ asset balances, measured at calendar year-end, for each fund listed in Attachment D. The Board of Trustees believes this level of spending will be sufficient to support the growing demands specific to each fund, while allowing sufficient capital accumulation to support the creation of additional quasi-endowment funds in the future.

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ASSET ALLOCATION

In arriving at the asset allocation for each liquidity group, BGSU’s Board of Trustees and management with the assistance of its Investment Advisor, Hartland & Co., has evaluated and on an ongoing basis will continue to evaluate the following factors:

The financial condition of the Fund and long-term goals of the Board including the philosophy and attitudes toward investment return and risk;

The spending policy of the Fund both on a real and nominal basis; Characteristics unique to the funds within each liquidity group including the need for capital

preservation, liquidity, and capital accumulation; Historical and prospective risk and return characteristics associated with various asset classes and

investment management styles; and, Costs associated with the management and monitoring of the Fund.

Based on these analyses, the Board has determined that the asset allocation policy outlined in Attachment A (page 15) is currently appropriate for each liquidity group. The specific funds included within each liquidity group are listed in Attachment B (page 16) and shown in the Table (Liquidity Classifications and Market Values (8/31/02), page 19).

INVESTMENT MANAGER STRUCTURE

The Board has determined that the following manager structure is most appropriate to implement its current asset allocation policy. In selecting managers for these roles, candidate organizations have been and will continue to be identified and evaluated according to criteria and a process established jointly by the Board, its Investment Advisor, and the BGSU Investment Committee.

Fund Orientation Manager Name(s)

Cash Equivalents/Short-Term Fixed Income Sky Trust

Core Fixed Income JP Morgan (formerly Bank One)Richmond Capital Management

Inflation-Indexed Bonds Richmond Capital Management

International Equities Harbor International

Large-Cap U.S. Equities Vanguard Institutional IndexHotchkis and Wiley Large Cap Value FundBarrow Hanley Large Cap Fund

Mid-Cap U.S. Equities To-be-determined

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Small-Cap U.S. Equities Batterymarch Financial ManagementKayne, Anderson Rudnick Investment Management

Alternative Investments PIMCO All Asset FundThird Avenue Real Estate Value Fund

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TOTAL FUND OBJECTIVES AND GUIDELINES

Investment Objectives

Performance Standards

Time Horizon Universe Index

Less than one market cycle (approx. 1-3 years).

Rank in upper half of a universe, measuring both return and risk (as measured by standard deviation).1

Exceed, on an after fee basis, the benchmark.2

One market cycle (approx. 3-5 years).

Rank in upper 40% of a universe, measuring both return and risk (as measured by standard deviation).1

Exceed, on an after fee basis, the benchmark by 25 basis points.2

1 See Attachment C for each liquidity group’s Peer Group definitions.2 See Attachment C for each liquidity group’s Reference Index Benchmarks.

Investment Guidelines

• The Total Fund is expected to provide a minimum annual inflation-adjusted (real) rate of return of 5% over periods of one market cycle and greater.

• BGSU management in consultation with the Board of Trustees and with the assistance of the Investment Advisor, will determine the precise manner in which liquidity requirements/net contributions will be met/invested on a periodic (but not less than annual) basis. Investment Managers will be informed of these decisions by BGSU management and/or the Investment Advisor.

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CASH EQUIVALENT OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Sky Trust to manage its cash equivalent allocation.



Time Horizon Index


Exceed, on an after- fee basis, the return of the Merrill Lynch 91-Day T-Bills Index.


Exceed, on an after- fee basis, the return of the Merrill Lynch 91-Day T-Bills Index.


• Appropriate investments consist of dollar-denominated money market instruments. These include Treasury bills, CDs, repos, reverse repos, overnight drafts, bank letters of acceptance, and commercial paper. Other investments may be permitted with prior Board approval.

• The overall credit rating of the portfolio must be A1/P1.

• The duration of the portfolio must be below one year.

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CORE FIXED INCOME OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Richmond Capital Management and JP Morgan (formerly Bank One) to manage its core fixed income allocation.





Rank in upper half of universe.1

Exceed, on an after-fee basis, the Lehman Aggregate Index by 10 basis points on an annualized basis.


Rank in upper 40% of universe.1

Exceed, on an after- fee basis, the Lehman Aggregate Index by 10 basis points on an annualized basis.

1 As measured by the performance of the Hartland & Co. Fixed Income Universe.


• Appropriate investments consist of domestic marketable debt securities including U.S. Treasuries and government agencies, mortgage-backed securities, corporate securities, asset-backed securities, dollar-denominated foreign securities (“Yankees”), and money market instruments. Other investments may be permitted with prior Board approval. The portion of the portfolio accounted for by Yankees must not exceed 10%. Options and futures may be used only for hedging purposes.

• Bonds purchased or owned must have a minimum quality rating of Baa3 (Moody's) or BBB- (Standard & Poor's). The average overall credit quality of the portfolio must be Aa2/AA or better. Unrated U.S. Treasury and government agency securities are permissible and will be treated as AAA rated for purposes of weighting.

• Individual security holdings within the core fixed income portfolio (excluding cash equivalents and U.S. Treasury and government agency issues) should not exceed 3% of the portfolio at cost, or 5% measured at market value.

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INFLATION-INDEXED BONDS OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Richmond Capital Management to manage its inflation-indexed fixed income allocation.





Rank in upper half of universe.1

Exceed, on an after-fee basis, the Lehman US Government Intermediate Index by 10 basis points on an annualized basis.


Rank in upper 40% of universe.1

Exceed, on an after- fee basis, the Lehman US Government Intermediate Index by 10 basis points on an annualized basis.

1 As measured by the performance of the Hartland & Co. Fixed Income Universe.


• Appropriate investments consist of U.S. Treasuries and government agencies. Additionally, non-government securities may be utilized. However, all non-government securities included within the inflation-adjusted portfolio must have have a credit quality rating of Aa2/AA or better.

• Corporate securities are limited to a maximum of 20% of the inflation-adjusted portfolio.

• Within the inflation-adjusted portfolio, a minimum of 65% of invested assets must be in inflation-adjusted securities.

• Individual security holdings (excluding cash equivalents and U.S. Treasury and government agency issues) should not exceed 3% of the portfolio at cost, or 5% measured at market value.

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INTERNATIONAL EQUITY OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Harbor International to manage its international equity allocation.





Rank in the upper half of universe.1

Exceed, on an after fee basis, the MSCI EAFE Index.


Rank in the upper 40% of universe.1

Exceed, on an after fee basis, the MSCI EAFE Index by at least 50 basis points.

1 As measured by the Hartland & Co. International Equity Universe.


• Appropriate investments consist of American Depository Receipts (ADRs), foreign common stocks, foreign cash instruments, dollar-denominated cash instruments, and forward currency positions. Other investments may be permitted with prior Board approval.

• Equity holdings in any one company should not exceed 5% of the portfolio at cost, or 10% measured at market value.

• Equity holdings in one industry sector should not exceed 30% of the portfolio.

• The cash equivalent portion should not exceed 10% of the total portfolio.

• Currencies may be managed for hedging purposes only.

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LARGE-CAP U.S. EQUITY OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Vanguard institutional Index fund, Hotchkis and Wiley Large Cap Value Fund and Barrow Hanley Large Cap Fund to manage its large-cap U.S. equity allocation.






Exceed, on an after fee basis, the S&P 500 Index.



Exceed, on an after fee basis, the S&P 500 Index by at least 50 basis points.

1 As measured by the Hartland & Co. Domestic Equity Universe.


• Appropriate investments consist of domestic common stocks and cash equivalents. Other investments may be permitted with prior Board approval.




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Mid-CAP U.S. EQUITY OBJECTIVES AND GUIDELINES

The Board of Trustees has selected to be determined to manage its mid-cap U.S. equity allocation.






Exceed, on an after fee basis, the Russell 2000 Index.



Exceed, on an after fee basis, the Russell 2000 Index by at least 50 basis points.







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SMALL-CAP U.S. EQUITY OBJECTIVES AND GUIDELINES

The Board of Trustees has selected Batterymarch Financial Management and Kayne, Anderson Rudnick Investment Management to manage its small-cap U.S. equity allocation.






Exceed, on an after fee basis, the Russell 2000 Index.



Exceed, on an after fee basis, the Russell 2000 Index by at least 50 basis points.







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ALTERNATIVE ASSET OBJECTIVES AND GUIDELINES

The Board of Trustees has selected PIMCO All Asset Fund and Third Avenue Real Estate Value Fund to manage its alternative asset allocation.



Time Horizon Index


Exceed, on an after fee basis, the blended index as shown in Attachment C


Exceed, on an after fee basis, the blended index as shown in Attachment C by at least 50 basis points.


• Appropriate investments consist of real estate, private equity, venture capital, and hedge funds. Other investments may be permitted with prior Board approval.

• Investments may be made directly or via a fund-of-funds platform.

• No investment shall be undertaken which may require additional capital beyond that initially approved by the Committee (i.e., no assumptions of potential future liabilities).

• No investment shall be undertaken which utilizes leveraged short-selling of securities.

• When this portion of the portfolio is not fully invested in alternative assets, remaining funds may be invested in cash/cash equivalents and/or fixed income securities.

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RESPONSIBILITIES OF THE INVESTMENT MANAGER FOR SEPARATELY-MANAGED ACCOUNTS

The guidelines are applicable to all investment managers that manage money for the University on a separate account basis. However, any mutual fund or commingled fund retained by the University will not be expected to adhere to these responsibilities.

Adherence to Policy GuidelinesThe assets are to be managed in accordance with the Policy guidelines herein or expressed by separate written instructions when deviation is deemed prudent and desirable. Written instructions amending this Policy must first be authorized by the Committee and will be communicated through the Board chair, the Senior Vice President for Finance and Administration, or the investment consultant.

Discretionary AuthorityThe investment managers are expected to exercise complete investment discretion within the boundaries of the restrictions outlined in these Guidelines. Such discretion includes decisions to buy, hold, or sell equity or fixed-income securities (including cash equivalents) in amounts and proportions reflective of each manager's current investment strategy.

CommunicationThe Committee encourages, and the investment managers are responsible for, frequent and open communication with the Committee and the investment consultant on all significant matters pertaining to the investment of the assets. These communications would generally be addressed to the Senior Vice President for Finance and Administration or investment consultant. In this manner, the Committee expects to be advised of any major changes in investment outlook, investment strategy, asset allocation, portfolio structure, market value of the assets, and other substantive matters affecting the assets. The Committee also expects to be informed of any significant changes in ownership, organizational structure, financial condition, and/or senior personnel staffing of the investment management organizations.

All investment managers will be required to meet with the Committee at least on an annual basis or at the discretion of the Committee.

The Committee recognizes that the Policy requires periodic reexamination and, perhaps, revision if it is to continue to serve as a working document to encourage effective investment management. Whenever an investment manager believes that the Policy should be altered, it is the responsibility of the manager to initiate written communication with the Committee.

ReportingThe Committee expects each investment manager to forward, on a timely basis, quarterly reports containing portfolio activity, valuations at market, and quarterly strategy updates.

Compliance with Prudency and Diversification MeasuresAs fiduciaries, the investment managers are expected to diversify the portfolio to minimize the risk of large losses. The managers are expected to invest the assets with care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with such

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aims. Furthermore, the investment managers are expected to acknowledge in writing their intentions to comply with the Policy as it currently exists or as modified by the Board of from time to time.

RESPONSIBILITIES OF THE INVESTMENT CONSULTANT

The investment consultant is responsible for providing information and analysis to assist the Committee with the following:

Reviewing asset allocation and investment strategy on an annual basis to determine if the current strategy meets the cash flow needs of the University and is maximizing the long-term total return of the assets;

Reviewing all separately managed accounts to ensure that each investment manager is adhering to the issued Policy guidelines;

Communicating with all investment management organizations on a quarterly basis to determine portfolio composition and ascertain information concerning organizational change. (Each portfolio to be reviewed for style drift through portfolio holdings and returns-based style analysis. Additionally, each portfolio to be reviewed for prohibited investments on an ongoing basis);

Providing a quarterly performance evaluation report and assessment of the University’s assets;

Monitoring the equity holdings of the total portfolio to determine if any one holding represents a percentage weighting that exceeds 10% of the total portfolio and alerting the Committee when the portfolio violates this policy;

Reviewing asset allocation on a quarterly basis to determine if the current levels are consistent with the asset allocation policy stated in this document;

Monitoring the performance of each investment manager retained by the University to determine if the investment product is outperforming the appropriate benchmark over rolling 3-year and 5-year time periods; and

Monitoring the performance of the total portfolio of University assets to determine if the collective investment strategy is outperforming the appropriate benchmarks over rolling 3-year and 5-year time periods.

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EVALUATION AND REVIEW

The objective of the evaluation and review process is to monitor the progress of the assets in achieving the overall investment objectives. Performance will be measured and reviewed periodically by the Committee and their consultants. Particular attention will be directed toward:

Determining whether the total fund is achieving its stated objectives;

Determining whether the investment managers are performing satisfactorily in relation to both the objectives set forth in this Policy, as a primary consideration, and to other investment organizations managing similar pools of capital and the recognized market indices;

Determining whether the investment managers are adhering to the guidelines set forth herein;

The relative total portfolio return and volatility versus established benchmarks and peers;

Any issue involving the management of the Fund's assets;

Asset allocation structure in light of evolving markets, strategies and fund requirements;

Reviewing benchmarks at least annually to determine appropriateness

Determining whether the investment managers are adhering to their stated philosophy and style; and

Determining whether the overall policies and objectives continue to be appropriate, reasonable, and achievable.

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ATTACHMENT A – ASSET ALLOCATION POLICY

High Liquidity Group

In order to allow the Fund to accommodate volatile short-term cash inflows and outflows and to preserve capital, 80% of assets will be invested in cash equivalents, within the allowable range.

To provide additional interest income while maintaining nominal capital preservation, 10% of assets will be invested in core fixed income investments, within the allowable range.

To provide additional interest income while maintaining real capital preservation, 10% of assets will be invested in inflation-indexed bonds, within the allowable range.

Asset Class Target Allowable RangeCash Equivalents 80.0% 60 - 100%Core Fixed Income 10% 0 - 20%Inflation-Indexed Bonds 10% 0 - 20%

Low Liquidity Group

In order to allow the Fund to accommodate short-term cash outflows and to preserve capital, 1% of assets will be invested in cash equivalents, within the allowable range.

To provide additional interest income while maintaining nominal capital preservation, 24% of assets will be invested in core fixed income investments, within the allowable range.

To improve the Fund’s long-term returns, 10% of assets will be invested in alternative investment strategies within the allowable range.

To improve the Fund’s long-term returns and diversification, 10% of assets will be invested in international equities, within the allowable range.

To improve the Fund’s long-term returns, 40% of assets will be invested in large-cap U.S. equities, within the allowable range.

To improve the Fund’s long-term returns, 7.5% of assets will be invested in small-cap U.S. equities, within the allowable range.

To improve the Fund’s long-term returns, 7.5% of assets will be invested in mid-cap U.S. equities, within the allowable range.

Asset Class Target Allowable RangeCash Equivalents 1.0% 0 - 5%Core Fixed Income 24% 20 - 30%International Equities 10% 0 - 20%Large-Cap U.S. Equities 40% 35 – 45%Mid-Cap U.S. Equities 7.5% 5 - 10%Small-Cap U.S. Equities 7.5% 5 – 10%Alternative Investments 10% 0 – 12%

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ATTACHMENT B – LIQUIDITY CLASSIFICATIONS

The following are the current lists of funds contained within each liquidity group.


Fund Code Fund Description 1000 General Fund / E. & G. (high liquidity portion)1000 Canadian Studies Fund1000 University Initiatives Fund 6000 Perkins Loan Fund6010 Nursing Student Loan Fund6020 Kohl Loan Fund6025 APO Loan Fund6030 Kappa Alpha Psi Fund6035 Schell Loan Fund6060 Graduate Student Endowment Fund6061 Patent Development Endowment Fund6065 Health Care Program Fund6079 Philosophy Quasi Endowment Fund6080 RSA Quasi Endowment Fund7100 Plant Fund (high liquidity portion)

Low Liquidity Group

Fund Code Fund Description 1000 General Fund / E. & G. (low liquidity portion)6050 Group Insurance Endowment Fund6055 Eminent Scholar – Chemistry Fund6055 Eminent Scholar – Philosophy Fund6055 Eminent Scholar – Psychology Fund6070 Internal Endowment Fund6071 International Student Endowment Fund6072 Materials Science Fund6073 Arts, Humanities & Social Science Fund6075 Debt Restructuring Endowment Fund7100 Plant Fund (low liquidity portion)7101 1954 Dorm Revenue Fund7102 1954 Dorm Surplus Fund7103 1959 Dorm Revenue Fund

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ATTACHMENT C – TOTAL FUND BENCHMARK COMPOSITION

The following provide the compositions of Peer Group and Reference Index benchmarks for the Total Funds of each liquidity group.


Peer group/universe comparison not meaningful due to size of cash allocation.

Reference Index

Defined as follows: 80% Merrill Lynch 91-Day T-Bill Index / 20% Lehman Aggregate Bond Index.

Low Liquidity Group

Peer Group

Defined as follows: ICC Foundation/Endowment universe for institutions with greater than $100 million.

Reference Index

Defined as follows: 40% S&P 500 Index, 15% Russell 2000 Index, 10% MSCI EAFE Index, 5% Blended Alternatives Index, 25% Lehman Aggregate Bond Index, 5% Merrill Lynch 91-Day T-Bill Index.

Blended Alternatives Index

[(percentage allocation to real estate x NCREIF Index) + (percentage allocation to hedge funds x HFRI Fund-of-Funds Index) + (percentage allocation to private equity x Cambridge Private Equity Index)]

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ATTACHMENT D – SPENDING POLICY FUNDS

The following are a list of those funds covered by the spending policy, as described on Page 2.


Fund Code Fund Description 1000 General Fund / E. & G. (high liquidity portion)1000 Canadian Studies Fund1000 University Initiatives Fund6000 Perkins Loan Fund6010 Nursing Student Loan Fund6020 Kohl Loan Fund6025 APO Loan Fund6030 Kappa Alpha Psi Fund6035 Schell Loan Fund6060 Graduate Student Endowment Fund6061 Patent Development Endowment Fund6065 Health Care Program Fund6079 Philosophy Quasi Endowment Fund6080 RSA Quasi Endowment Fund7100 Plant Fund (high liquidity portion)

Low Liquidity Group

Fund Code Fund Description 1000 General Fund / E. & G. (low liquidity portion)6050 Group Insurance Endowment Fund6055 Eminent Scholar – Chemistry Fund6055 Eminent Scholar – Photo Chemical Science Fund6055 Eminent Scholar – Psychology Fund6070 Internal Endowment Fund6071 International Student Endowment Fund6072 Materials Science Fund6073 Arts, Humanities & Social Science Fund6075 Debt Restructuring Endowment Fund7100 Plant Fund (low liquidity portion)7101 1954 Dorm Revenue Fund7102 1954 Dorm Surplus Fund7103 1959 Dorm Revenue Fund

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ATTACHMENT E – LIQUIDITY CLASSIFICATIONS TABLE

The following is a table of liquidity classifications and associated market values. Market values are provided as of July 31, 2003

High Liquidity GroupFund Code Fund Balance

1000 General Fund / E. & G. (High) $16,555,7701000 Canadian Studies Fund $144,5661000 University Initiatives Fund $274,9336000 Perkins Loan Fund $152,9766010 Nursing Student Loan Fund $33,1566020 Kohl Loan Fund $106,4566025 APO Loan Fund $34,0146030 Kappa Alpha Psi Fund $3,4506035 Schell Loan Fund $11,4946060 Graduate Student Endowment Fund $13,0016061 Patent Development Endowment Fund $20,2716065 Health Care Program Fund $2,079,4536079 Philosophy Quasi Endowment Fund $112,6076080 RSA Quasi Endowment Fund $104,7907100 Plant Fund (High) $8,518,7819729 WBGU-TV - HDTV $1,005,890

subtotal $29,171,607

Low Liquidity GroupFund Code Fund Balance

1000 General Fund / E. & G. (Low) $20,000,0006050 Group Insurance Fund $1,321,7936055 Eminent Scholar - Chemistry Fund $1,184,6886055 Eminent Scholar - Photo Chemical Fund $1,254,8466055 Eminent Scholar - Psychology Fund $1,161,7796070 Internal Endowment Fund $6,890,4506071 International Student Endowment Fund $1,745,2666072 Materials Science Fund $1,673,4886073 Arts, Humanities & Social Science Fund $1,643,2336075 Debt Restructuring Endowment Fund $30,652,1067100 Plant Fund (Low) $10,000,0007101 1954 Dorm Revenue Fund $2,914,7657102 1954 Dorm Surplus Fund $3,669,0887103 1959 Dorm Revenue Fund $946,873

Subtotal $85,058,375

Grand Total $114,229,982

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