【卷之四】卷之三卷之五卷之六卷之七卷之八卷之九卷之十卷之十一卷之十二卷之十三卷之十四卷之十五卷之十六卷之十七卷之十八卷之十九卷之二十卷之二十一卷之二十二卷之二十三卷之二十四卷之二十五卷之二十六卷之二十七卷之二十八卷之二十九卷之三十卷之三十一卷之三十二卷之三十三卷之三十四卷之三十五卷之三十六卷之三十七卷之三十八卷之三十九卷之四十卷之五十卷之五十二卷之五十三卷之五十四卷之五十五卷之五十六卷之五十七卷之五十八卷之五十九卷之六十卷之六十一卷之六十二卷之六十三卷之六十四卷之六十五卷之六十六卷之六十七卷之六十八卷之六十九卷之七十一卷之七十二卷之七十三卷之七十四卷之七十五卷之七十六卷之七十七卷之七十八卷之七十九卷之七十一卷之七十二卷之七十三卷之七十四卷之七十五卷之七十六卷之七十七卷之七十八卷之七十九卷之七十一卷之七十二卷之七十三卷之七十四卷之七十五卷之七十六卷之七十七卷之七十八卷之七十九卷之七

granted to the appointed investment managers in the selection of such securities and timing of transactions consistent with the following guidelines and restrictions:

Investments may be made in common stock, securities convertible into common stock and in convertible preferred stock of publicly traded corporations. With the approval of the University President, options may be written against equity positions in the University's endowment holding account.

The Kentucky State University Board of Regents approves a 10 percent (10%) allocation to the international markets for the KSU portfolio. In addition, based on an S&P 500 equity mandate, the combination of mid cap, small cap and international investments be limited to 20 percent (20%) of the equity portfolio (amendment approved by KSU Board of Regents October 26, 2007).

Investments may be made in the various classes of fixed income instruments as follows:

Corporate Bonds. Publicly traded bonds are to be selected and managed so as to assure an appropriate balance in quality and maturities consistent with current market and economic conditions. Although active bond management is encouraged, excessive emphasis on short-term trading is not considered appropriate. Nonconvertible bonds may be selected from among those rated within the top three categories of the recognized bond rating services. Private or direct placement bonds may be purchased only upon specific approval of each issue by the University President.

Government and Agency Bonds. Investments may be made in any U.S. Government issued debt instrument with an initial maturity of over one year and in any debt instrument issued by agencies of the U.S. Government with an initial maturity of over one year and which are guaranteed by the U.S. Government.