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Bellin College Invested Funds
Statement of Investment Policy
Objectives & Guidelines
Adopted May 24, 2000
Revised June, 2011
Investment Policy Statement
Statement of Investment Policy, Objectives, and Guidelines
GENERAL INFORMATION
Fund name: Bellin College Invested Funds
Fund's purpose: To Fund Scholarships and Endowment Operations of the Bellin College and other
long-term needs
SCOPE OF THIS INVESTMENT POLICY
This statement of investment policy reflects the investment policy, objectives, and constraints of the
entire Bellin College Invested Funds.
DEFINITIONS
1.
“Invested Funds” shall mean the Bellin College Funds, which includes Donor Restricted
Funds, Board Designated Funds, and Endowed Assets used for Scholarships and
Operations.
2.
“Investment Committee” shall refer to the sub-committee acting as agents for the Bellin
College Board of Trustees which was established to administer the Invested Funds as
specified by applicable ordinance.
3.
“Fiduciary” shall mean any individual or group of individuals that exercise discretionary
authority or control over fund management or any authority or control over management,
disposition or administration of the Invested Fund assets.
4.
“Investment Manager” shall mean any individual, or group of individuals, employed to
manage the investments of all or part of the Invested Funds assets.
5.
“Investment Management Consultant” shall mean any individual or organization employed
to provide advisory services, including advice on investment objectives and/or asset
allocation, manager search, and performance monitoring.
6.
“Securities” shall refer to the marketable investment securities which are defined as
acceptable in this statement.
7.
“Investment Horizon” shall be the time period over which the investment objectives, as set
forth in this statement, are expected to be met. The investment horizon for the Invested
Funds will be defined later in this statement of investment policy.
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Investment Policy Statement
PURPOSE OF THIS INVESTMENT POLICY STATEMENT
This statement of investment policy is set forth by the Board of Trustees of the Bellin College
Invested Funds in order to:
1. Define and assign the responsibilities of all involved parties.
2. Establish a clear understanding for all involved parties of the investment goals and
objectives of Fund assets.
3. Offer guidance and limitations to all Investment Managers regarding the investment of Fund
assets.
4. Establish a basis for evaluating investment results.
5. Manage the Invested Funds assets according to prudent standards as established in common
trust law.
6. Establish the relevant investment horizon for which the Invested Funds assets will be
managed.
This statement of investment policy is intended to be a summary of an investment philosophy and
the procedures that provide guidance for the Investment Committee. The investment policies
described in this statement of investment policy should be dynamic. These policies should reflect
the Investment Committee’s current status and philosophy regarding the investment of the Funds.
These policies will be reviewed and revised periodically to ensure they adequately reflect any
changes related to the Invested Funds, to the Investment Committee or the capital markets.
UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA)
Bellin College intends to adhere to the rules and principles of the Uniform Prudent Management of
Institutional Funds Act (UPMIFA). The Act includes the following factors which are to be
considered in making investment decisions:
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General economic conditions;
Possible effect of inflation or deflation;
Expected tax consequences, if any, of investment decisions or strategies;
Role that each investment or course of action plays within the overall investment
portfolio of the fund;
Expected total return from income and the appreciation of investments;
Other resources of the institution;
Needs of the institution and the fund to make distributions and to preserve capital; and
An asset’s special relationship or special value, if any, to the charitable purposes of the
institution.
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Investment Policy Statement
DELEGATION OF AUTHORITY
The Investment Committee is a fiduciary, and is responsible for directing and monitoring the
investment management of Fund assets. As such, the Investment Committee is authorized to
delegate certain responsibilities to professional experts in various fields. These include, but are not
limited to:
1.
Investment Management Consultant. The consultant may assist the Investment Committee
in: establishing investment policy, objectives, and guidelines; selecting investment
managers; reviewing such managers over time; measuring and evaluating investment
performance; and other tasks as deemed appropriate.
2.
Investment Manager. The investment manager has discretion to purchase, sell, or hold the
specific securities that will be used to meet the Invested Funds’ investment objectives within
the guidelines of this investment policy.
3.
Custodian. The custodian will physically (or through agreement with a sub-custodian)
maintain possession of securities owned by the Invested Funds, collect dividend and interest
payments, redeem maturing securities, and effect receipt and delivery following purchases
and sales. The custodian may also perform regular accounting of all assets owned,
purchased, or sold, as well as movement of assets into and out of the Fund accounts. The
Custodian will sweep all uninvested balances to an interest bearing fund.
The Investment Committee will not reserve any control over investment decisions, with the
exception of specific limitations described in these statements. Investment Managers will be held
responsible and accountable to achieve the objectives herein stated. While it is not believed that the
limitations will hamper Investment Managers, each manager should request modifications which
they deem appropriate.
All expenses for such experts must be customary and reasonable, and will be borne by the Invested
Funds as deemed appropriate and necessary.
ASSIGNMENT OF RESPONSIBILITY
Responsibility of the Investment Committee
The Investment Committee is charged with the responsibility for the management of the assets of
the Invested Funds. The Investment Committee shall discharge its duties solely in the interest of
the Invested Funds, with the 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 like character with like aims. The specific responsibilities of the
Investment Committee relating to the management of the Invested Funds include:
1.
Communicating financial needs such as cash flow to the Investment Management
Consultant and Investment Managers.
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Investment Policy Statement
2.
Development, evaluation, review and recommendations for proposed changes to the
Invested Funds statement of investment policy.
3.
Quarterly review of investment performance in relation to the Invested Funds statement of
investment policy.
4.
Allocating assets among Investment Managers.
5.
Prudent evaluation and selection of investment professionals, including Investment
Management Consultants, Investment Managers and Custodians.
6.
Recommendations to the Bellin College Board of Trustees for changes in Investment
Management Consultants, Investment Managers and Custodians.
Responsibility of the Investment Manager(s)
Each Investment Manager will have full discretion to make all investment decisions for the assets
placed under its jurisdiction, while observing and operating within all policies, guidelines,
constraints, and philosophies as outlined in this statement. Specific responsibilities of the
Investment Manager(s) include:
1.
Discretionary investment management including decisions to buy, sell, or hold individual
securities, and to alter asset allocation within the guidelines established in this statement.
2.
Reporting, on a timely basis, quarterly investment performance results, preferably using the
Global Investment Performance Standards (GIPS).
3.
Communicating any major changes to economic outlook, investment strategy, or any other
factors which affect implementation of investment process, or the investment objective
progress of the Fund's investment management.
4.
Informing the Investment Committee regarding any qualitative change to investment
management organization: Examples include changes in portfolio management personnel,
ownership structure, investment philosophy, etc.
5.
Voting proxies, if requested by the Investment Committee, on behalf of the Fund, and
communicating such voting records to the Board of Trustees on a timely basis.
Responsibility of the Investment Consultant(s)
The Investment Consultant’s role is that of a non-discretionary advisor to the Investment
Committee. Investment advice concerning the investment management of the Invested Funds
assets will be offered by the Investment Consultant, and will be consistent with the investment
objectives, policies, guidelines and constraints as established in this statement. Specific
responsibilities of the Investment Consultant include:
1.
Assisting in the development and periodic review of investment policy.
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Investment Policy Statement
2.
Conducting investment manager searches when requested by the Investment Committee.
3.
Providing “due diligence”, or research, on the Investment Manager(s).
4.
Setting performance standards for each manager.
5.
Monitoring the performance of the Investment Manager(s) to provide the Investment
Committee with the ability to determine the progress toward the investment objectives.
6.
Providing active asset allocation advice and asset rebalancing strategies.
7.
Communicating matters of policy, manager research, and manager performance to the
Investment Committee.
8.
Reviewing the Invested Funds investment history, historical capital markets performance
and the contents of this investment policy statement to any newly appointed members of the
Investment Committee.
GENERAL INVESTMENT PRINCIPLES
1.
Investments shall be made solely in the interest of the beneficiaries of the Invested Funds.
2.
The Invested Funds shall be invested 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 investment of a fund of like character and with like aims.
3.
Investment of the Invested Funds assets shall be so diversified as to minimize the risk of
large losses, unless under the circumstances it is clearly prudent not to do so.
4.
The Investment Committee may employ one or more investment managers of varying styles
and philosophies to attain the Invested Funds’ objectives.
5.
Cash is to be employed productively at all times, by investment in short-term cash
equivalents to provide safety, liquidity, and return.
GOAL OF INVESTED FUNDS
The Investment Committee feels that grants to be made in the future are as important as grants
made today. This is consistent with the philosophy that the Endowed Scholarship portion of the
Invested Funds is to exist in perpetuity, and therefore, should provide for grant making in
perpetuity. The Operation Funds portion of the Invested Funds exist to support ongoing
Operational activities, thus may have varying time horizons ranging from short-term to long-term.
The goal of the short-term Operation portion of the Invested Funds is to protect principle while the
long-term Operation portion Invested Funds is to maintain purchasing power.
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Investment Policy Statement
INVESTMENT OBJECTIVES
Short-Term Assets Objective:
Preservation of capital and protection of investment principal
Long-Term Assets Objectives:
Primary
Income and Growth - To achieve a balanced return of current income and modest growth of
principal.
Secondary
Long-Term Growth of Capital -To emphasize long-term growth of principal while avoiding
excessive risk. Short-term volatility will be tolerated in as much as it is consistent with the
volatility of a comparable market index.
TIME HORIZON
The Bellin College Invested Funds shall be invested in two pools of assets, with asset levels and
allocation determined from time to time by the Investment Committee and the Bellin College
Executive Committee based on projections of cash needs for scholarship payments and operating
needs. The asset pools and time horizon shall be:
Asset Pool
Time Horizon
Short-Term
0-1 Years
Long-Term
1+ Years
SPECIFIC INVESTMENT GOALS
Over the investment horizon established in this statement, it is the goal of the aggregate Invested
Funds assets to exceed:
Asset Pool
Benchmark
Short-Term
Citigroup 1 Year Treasury Index
Long-Term
1) The rate of inflation (as measured by the Consumer Price Index) by 3%
2) A blend of market indexes adjusted for reasonable investment fees:
50% S&P 500 / 10% MSCI EAFE / 40% BC Intermediate Gov/Credit
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Investment Policy Statement
The investment goals above are the objectives of each aggregate asset pool, and are not meant to be
imposed on each investment account (if more than one account is used). The goal of each
Investment Manager, will be evaluated over a market cycle of approximately 3 to 7 years. Each
Investment Manager is expected to:
1.
Meet or exceed, after fees, the market index, or blended market index, selected and agreed
upon by the Investment Committee that most closely corresponds to the style of investment
management.
2.
Display an overall level of risk in the portfolio which is consistent with the risk associated
with the benchmark specified above. Risk will be measured by the standard deviation of
monthly or quarterly returns as well as other statistical measures such as beta (volatility) and
alpha (risk-adjusted performance).
Specific investment goals and constraints for each Investment Manager, if any, shall be
incorporated as part of this statement of investment policy.
DEFINITION OF RISK
The Investment Committee realizes that there are many ways to define risk. It believes that any
person or organization involved in the process of managing the Funds assets understands how it
defines risk so that the assets are managed in a manner consistent with the Invested Funds’
objectives and investment strategy as designed in this statement of investment policy. The
Investment Committee defines risk as:
The probability of not meeting the Invested Funds goals and objectives.
ASSET ALLOCATION
Investment management of the assets of the Bellin College Invested Funds shall be in accordance
with the following asset allocation guidelines:
Short-Term Asset Pool
100% Cash and Equivalents
Long-Term Asset Pool
Asset Class
Minimum
Maximum
Preferred
US Large Cap
US Small/Mid Cap
17%
2%
37%
22%
27%
12%
Non US Equities
Non Traditional
Fixed Income
Cash and Equivalents
6%
0%
25%
0%
26%
20%
45%
10%
16%
10%
35%
0%
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Investment Policy Statement
The Investment Committee may employ Investment Managers whose investment disciplines require
investment outside the established asset allocation guidelines. However, taken as a component of
the aggregate Fund, such disciplines must fit within the overall asset allocation guidelines
established in this statement.
From time to time, market conditions may cause the Invested Funds asset allocation to vary from
the preferred targets. The Investment Management Consultant will evaluate the Invested Funds
asset allocation against the target allocations and acceptable ranges on a quarterly basis, or more
frequently if market conditions dictate. If a particular asset class deviates from its target allocation
by more than five percentage points or exceeds the maximum or minimum constraints of its
acceptable range, a recommendation concerning possible rebalancing will be made by the
Investment Management Consultant and submitted for approval to the Investment Committee.
LIQUIDITY
To minimize the possibility of a loss occasioned by the sale of a security forced by the need to meet
a required payment, the Investment Committee will periodically provide investment counsel with
an estimate of expected net cash flow. The Investment Committee will notify the Investment
Management Consultant in a timely manner, to allow sufficient time to build up necessary liquid
reserves.
MARKETABILITY OF ASSETS
The Investment Committee requires that all of Invested Funds assets be invested in liquid securities,
defined as securities that can be transacted quickly and efficiently for the Fund, with minimal
impact on market price. All securities are expected to be marked to market.
Non-traditional assets must have some annual evaluation to mark the value to market
INVESTMENT GUIDELINES FOR SHORT-TERM ASSET POOL INVESTMENTS
Allowable Assets
1. Cash Equivalents
 Treasury Bills
 Money Market Funds
 STIF Funds
 Euro Sweep Funds (Eurodollars)
 Commercial Paper
 Banker’s Acceptances
 Asset Backed Repurchase Agreements
 Certificates of Deposit with a maturity of 1 year or less
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Investment Policy Statement
INVESTMENT GUIDELINES FOR LONG-TERM TRADITIONAL INVESTMENTS
Allowable Assets
1. Cash Equivalents
 Treasury Bills
 Money Market Funds
 STIF Funds
 Commercial Paper
 Banker’s Acceptances
 Repurchase Agreements
 Certificates of Deposit
2. Fixed Income Securities
 U.S. Government and Agency Securities
 Corporate Notes and Bonds
 Mortgage Backed Bonds
 Preferred Stock
 Fixed Income Securities of Foreign Governments and Corporations
3. Equity Securities
 Common Stocks
 Convertible Notes and Bonds
 Convertible Preferred Stocks
 American Depository Receipts (ADRs) of Non-U.S. Companies
 Stocks of Non-U.S. Companies (Ordinary Shares)
4. Mutual Funds
 Mutual Funds which invest in securities as allowed in this statement (No Load).
5. Other Assets
 Exchange Traded Funds
 Guaranteed Investment Contracts
Prohibited Assets
Prohibited investments include, but are not limited to the following:
1.
2.
3.
4.
5.
6.
7.
Commodities and Futures Contracts
Private Placements
Options
Limited Partnerships
Venture-Capital Investments
Interest-Only (IO), Principal-Only (PO), and Residual Tranche CMOs
Any derivatives used for speculation
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Investment Policy Statement
From time to time, the Investment Committee will review non-traditional investments for possible
inclusion within the investment policy, subject to Board approval.
Prohibited Transactions
Prohibited transactions include, but are not limited to the following:
1. Short Selling
2. Margin Transactions
Diversification for Investment Managers
The Investment Committee does not believe it is necessary or desirable that securities held in the
Invested Funds represent a cross section of the economy. However, in order to achieve a prudent
level of portfolio diversification, the securities of any one company or government agency should
not exceed 7% of the total fund. Individual treasury securities may represent 10% of the total fund,
while the total allocation to treasury bonds and notes may represent up to 100% of the Fund’s
aggregate bond position.
Guidelines for Traditional Fixed Income Investments and Cash Equivalents
Purpose
The purpose of fixed income investments is to provide a highly predictable and dependable source
of income, to reduce the variability of the total portfolio market value and, when applicable, to
provide a source of funds for alternative investments.
Investment Criteria
Without specific written approval of the Investment Committee, investments must meet the
following criteria at the aggregate fund level:
1.
Fund assets may be invested only in investment grade bonds rated BBB (or equivalent) or
better.
2.
Fund assets may be invested only in commercial paper rated A1 (or equivalent) or better.
3.
Fixed income maturity restrictions are as follows:
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Maximum maturity for any single security is 30 years.
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Weighted average portfolio maturity may not exceed 7 years.
4.
Individual treasury securities may represent 10% of the total fund, while the total allocation
to treasury bonds and notes may represent up to 100% of the Fund’s aggregate bond
position.
5.
Money Market Funds selected shall contain securities whose credit rating at the absolute
minimum would be rated investment grade by Standard and Poors, and/or Moody's.
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Investment Policy Statement
INVESTMENT GUIDELINES FOR LONG-TERM NON TRADITIONAL INVESTMENTS
Purpose
The purpose of non traditional investments, often referred to as alternative investments, is to
diversify the market exposure of the Invested Funds, to provide lower correlations to the traditional
equity and fixed income investment results, and/or to improve performance consistency of the
overall portfolio.
Definition
Non traditional investments can be structured as private non-registered investments or investments
that are registered with the U.S. Securities and Exchange Commission (S.E.C.). The managers of
these investments generally are allowed to operate with greater flexibility than most traditional
investment managers. These investments will not generally fall within the guidelines established
for the traditional investments that make up the majority of the Invested Funds’ investments.
Transparency and Liquidity
These investments are sometimes less transparent than traditional investments and liquidity in such
investments may be limited to some extent. Any liquidity constraints must be taken into
consideration when making allocations to such investments. Non traditional investments allowable
within this statement of investment policy are limited to liquid registered investments.
Investment Criteria
Since non traditional investments generally seek to provide diversification by investing in strategies
that do not correlate directly with traditional equity and/or fixed-income investments, investment
strategies may be pursued in any manner through registered mutual funds, pooled investments and
exchange traded funds.
Allowable Investments
The following allowable investments pertain to non traditional strategies only and are not meant to
replace the previously defined allowable investments defined under the Investment Guidelines for
Traditional Investments Section of this statement of investment policy. The allowable investment
strategies are limited to registered investments and may include the following:
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Common and preferred stocks
Options
Warrants
Convertible Securities
Foreign Securities
Derivatives
Mortgage-Backed and Mortgage-Related Securities
Bonds (both investment-grade and non-investment-grade, including high-yield debt,
distressed or other securities)
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Investment Policy Statement
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Commodities
REITs (Publicly Traded Real Estate Investment Trusts)
Mutual Funds
Exchanged Traded Funds and Notes
Allowable Transactions
Non Traditional Strategies may utilize the following transactions:

Short-Selling as limited by the Federal Reserve Board Regulation T
By definition, Regulation T functions as a control of margin requirements for stocks bought
on margin/short selling. Margin requirement has been at 50% since 1974, however
Regulation T gives the Federal Reserve the authority to change margin requirements if
deemed necessary.
SELECTION OF INVESTMENT MANAGERS
The Investment Committee’s selection of Investment Manager(s) must be based on prudent due
diligence procedures. A qualifying investment manager must be a registered investment advisor
under the Investment Advisors Act of 1940, or a bank or insurance company.
INVESTMENT MANAGER PERFORMANCE REVIEW AND EVALUATION
Performance reports generated by the Investment Consultant shall be compiled at least quarterly
and communicated to the Investment Committee for review. The investment performance of total
portfolios, as well as asset class components, will be measured against commonly accepted
performance benchmarks. Consideration shall be given to the extent to which the investment
results are consistent with the investment objectives, goals, and guidelines as set forth in this
statement. The Investment Committee intends to evaluate the portfolio(s) over at least a three-year
period, but reserves the right to terminate a manager for any reason including the following:
1. Investment performance which is significantly less than anticipated given the discipline
employed and the risk parameters established, or unacceptable justification of poor results.
2. Failure to adhere to any aspect of this statement of investment policy, including
communication and reporting requirements.
3. Significant qualitative changes to the investment management organization.
Investment Managers shall be reviewed regularly regarding performance, personnel, strategy,
research capabilities, organizational and business matters, and other qualitative factors that may
impact their ability to achieve the desired investment results.
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Investment Policy Statement
INVESTMENT POLICY REVIEW
To assure continued relevance of the guidelines, objectives, financial status and capital markets
expectations as established in this statement of investment policy, the Investment Committee plans
to review investment policy at least annually.
This statement of investment policy is adopted on May 24, 2000 by the Board of Trustees of the
Bellin College Invested Funds. A revision to the investment policy in May 2011 has been adopted
by the Investment Committee and Bellin College Executive Committee members whose signatures
appear below.
______________________________
Connie Boerst
President, Bellin College
______________________________
Date
______________________________
Thomas E. Prust
Chairperson
______________________________
Date
______________________________
Kathleen T. Riley
Vice-Chairperson
______________________________
Date
______________________________
Robert Clausen
Treasurer
______________________________
Date
______________________________
Michael L. (“Max”) Frost
Secretary
______________________________
Date
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Investment Policy Statement
Bellin College Invested Funds
Addendum to Statement of Investment Policy, Objectives, and Guidelines
Investment Guidelines for Kellogg Asset Management Fixed Income
The investment objectives and guidelines for the assets managed by Kellogg Asset Management for
the Bellin College Invested Funds are defined in this document and the Statement of Investment
Policy, Objectives, and Guidelines. The policy items included in the investment policy statement
are applicable for the entire Fund, but may not apply to each individual manager. If a policy item in
this document is in disagreement with a policy item in the investment policy statement, the item in
this document shall apply. The manager is instructed to incorporate these guidelines into the
investment policy.
Specific Investment Goals
Over the investment horizon established in the investment policy statement, it is the goal of the
assets managed by Kellogg Asset Management to meet or exceed:
The return of the Barclays Capital Intermediate Government/Credit Bond Index
Volatility (Risk)
Kellogg Asset Management is expected to meet its objectives with a level of risk which is
consistent with the risk associated with the index stated above.
Asset Allocation Guidelines
Asset Class
Fixed Income
Cash and Equivalents
Bellin College
Minimum
80%
0%
Maximum
100%
20%
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Investment Policy Statement
Bellin College Invested Funds
Addendum to Statement of Investment Policy, Objectives, and Guidelines
Investment Guidelines for Fiduciary Management Inc. Large Cap Equity
The investment objectives and guidelines for the assets managed by Fiduciary Management Inc. for
the Bellin College Invested Funds are defined in this document and the Statement of Investment
Policy, Objectives, and Guidelines. The policy items included in the investment policy statement
are applicable for the entire Fund, but may not apply to each individual manager. If a policy item in
this document is in disagreement with a policy item in the investment policy statement, the item in
this document shall apply. The manager is instructed to incorporate these guidelines into the
investment policy.
Specific Investment Goals
Over the investment horizon established in the investment policy statement, it is the goal of the
assets managed by Fiduciary Management Inc. to meet or exceed:
The return of the S&P 500 Stock Index
Volatility (Risk)
Fiduciary Management Inc. is expected to meet its objectives with a level of risk which is
consistent with the risk associated with the index stated above.
Asset Allocation Guidelines
Asset Class
Equities
Cash and Equivalents
Bellin College
Minimum
80%
0%
Maximum
100%
20%
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Investment Policy Statement
Bellin College Invested Funds
Addendum to Statement of Investment Policy, Objectives, and Guidelines
Investment Guidelines for Geneva Midcap Growth Equities
The investment objectives and guidelines for the equity assets managed by Geneva Capital
Management for the Bellin College Invested Funds are defined in this document and the Statement
of Investment Policy, Objectives, and Guidelines. The policy items included in the investment
policy statement are applicable for the entire Fund, but may not apply to each individual manager.
If a policy item in this document is in disagreement with a policy item in the investment policy
statement, the item in this document shall apply. The manager is instructed to incorporate these
guidelines into the investment policy.
Specific Investment Goals
Over the investment horizon established in the investment policy statement, it is the goal of the
equity assets managed by Geneva Capital Management to meet or exceed:
The return of the Russell Midcap Growth Stock Index
Volatility (Risk)
Geneva Capital Management is expected to meet its objectives with a level of risk which is
consistent with the risk associated with the index stated above.
Asset Allocation Guidelines
Asset Class
Equities
Cash and Equivalents
Bellin College
Minimum
80%
0%
Maximum
100%
20%
17
Investment Policy Statement
Bellin College Invested Funds
Addendum to Statement of Investment Policy, Objectives, and Guidelines
Investment Guidelines for Thornburg International Equities
The investment objectives and guidelines for the equity assets managed by Thornburg Investment
Management for the Bellin College Invested Funds are defined in this document and the Statement
of Investment Policy, Objectives, and Guidelines. The policy items included in the investment
policy statement are applicable for the entire Fund, but may not apply to each individual manager.
If a policy item in this document is in disagreement with a policy item in the investment policy
statement, the item in this document shall apply. The manager is instructed to incorporate these
guidelines into the investment policy.
Specific Investment Goals
Over the investment horizon established in the investment policy statement, it is the goal of the
equity assets managed by Thornburg Investment Management to meet or exceed:
The return of the MSCI All Country World Ex-US Index
Volatility (Risk)
Thornburg Investment Management is expected to meet its objectives with a level of risk which is
consistent with the risk associated with the index stated above.
Asset Allocation Guidelines
Asset Class
Equities
Cash and Equivalents
Bellin College
Minimum
80%
0%
Maximum
100%
20%
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Investment Policy Statement
Bellin College Invested Funds
Addendum to Statement of Investment Policy, Objectives, and Guidelines
Investment Guidelines for Tradewinds International Equities
The investment objectives and guidelines for the equity assets managed by Tradewinds Global
Investors for the Bellin College Invested Funds are defined in this document and the Statement of
Investment Policy, Objectives, and Guidelines. The policy items included in the investment policy
statement are applicable for the entire Fund, but may not apply to each individual manager. If a
policy item in this document is in disagreement with a policy item in the investment policy
statement, the item in this document shall apply. The manager is instructed to incorporate these
guidelines into the investment policy.
Specific Investment Goals
Over the investment horizon established in the investment policy statement, it is the goal of the
equity assets managed by Tradewinds Global Investors to meet or exceed:
The return of the MSCI All Country World Ex-US Index
Volatility (Risk)
Tradewinds Global Investors is expected to meet its objectives with a level of risk which is
consistent with the risk associated with the index stated above.
Asset Allocation Guidelines
Asset Class
Equities
Cash and Equivalents
Bellin College
Minimum
80%
0%
Maximum
100%
20%
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