This Investment Policy Statement (the "Policy Statement") outlines the goals and investment objectives of College of the Desert Foundation ("the Foundation"). Since this Policy Statement is intended to provide guidance for the Investment Committee ("the Committee") and the investment managers responsible for managing the Foundation's assets, it outlines certain specific investment policies that will govern how to seek to achieve those goals and objectives.

This Policy Statement, upon the review and approval of the Investment Committee: Describes a risk posture for the investment of the Foundation's assets; Specifies the target asset allocation policy for those assets; Establishes investment guidelines regarding the selection of investment manager(s), permissible securities and diversification of assets; Specifies the criteria for evaluating the performance of the Foundation's investment manager(s) and of the Foundation investment portfolio as a whole; and Defines certain responsibilities of the Committee, the consultant, the investment managers, and other specified parties.

The Committee believes that the investment policies described in this Policy Statement should be dynamic. These policies should reflect the Foundation's current financial status, and the Committee's philosophy regarding the investment of assets. These policies should be reviewed by the Committee periodically and revised as necessary to ensure that they continued to reflect the current financial situation of the Foundation and the capital markets.

This Policy Statement was prepared based upon the information provided by the Committee in the Merrill Lynch Investment Policy Statement Service Questionnaire. It is the Committee's responsibility to provide all the necessary and relevant information for its preparation. This information, as well as the Policy Statement itself, should be reviewed periodically for its continued accuracy and completeness.

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