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 Cash reserves shall be invested in interest bearing securities (including
money market funds), free of risk of loss and price fluctuation, and shall
have immediate liquidity; and
 Convertible securities shall be included with common stocks for purposes
of asset allocation.

Fixed Income Guidelines
Only the following categories of bonds are permissible investments:
 Debt securities issued or guaranteed by the United States Government, its
agencies or instrumentalities;
 U.S. Preferred Stock;
 Corporate bonds, debentures and other forms of corporate debt obligations,
rated BBB or higher (or, if not rated, deemed to be of at least S/S quality by
the Manager);
 Commercial Paper rated A1 or P1 only; and
 Certificates of deposit or bankers’ acceptances of U.S. banks, but only in
amounts of $100,000.00 or less insured by FDIC.

Additionally:
 The target asset mix should be 40% fixed income, with a maximum fixed
income commitment of 45%, and a minimum commitment of 35%;
 The investments with maturities of one-year or greater retained in the
portfolio should be of an original issue size in excess of $25 million;
 The volatility (as measured by portfolio beta and standard deviation) of the
fixed income component of the fund cannot exceed the volatility of an index
developed by combining appropriate indices weighted as to the policy
(fixed income) mix;
 Cash reserves shall be invested in interest bearing securities (including
money market funds), free of risk of loss and price fluctuation, and shall
have immediate liquidity.

4. Acknowledgment and Tenure

This Investment Policy Statement should be reviewed annually by the
Louisiana State Bar Association Budget Committee, its Investment
Subcommittee and the Board of Governors and revised or confirmed as
appropriate. Manager shall acknowledge in writing the receipt of this
Investment Policy Statement and acceptance of its terms. If the Investment
Manager believes at any time that any changes, additions or deletions to this
Statement are advisable, it will be the responsibility of that Investment Manager
to recommend such changes to the Committee.

This policy does not amend or supersede the investment management
agreement between the Association and the Investment Manager.

Amended August 27, 2005; Amended January 16, 2009

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