The portfolio may invest in appropriately liquid preferred stocks, corporate debt securities, and
obligations of the U.S. government and its agencies. All individual corporate fixed-income securities
must be of investment grade or better at the time of investment, as rated by the two predominant
rating agencies, both at the time of purchase and thereafter. The maximum maturity, at the time of
purchase, shall be no more than 20 years. The Investment Policy will be reviewed if market forces
warrant consideration of change in policy. The Committee is encouraged to seek the advice and
assistance of a licensed investment professional in the selection of fixed-income securities and in
the ongoing management of the fixed-income portfolio.