STATEMENT OF

INVESTMENT POLICY AND OBJECTIVES

SCOPE OF THIS INVESTMENT POLICY

This statement of investment policy reflects the investment policy, objectives, and constraints ofthe Holy Trinity Episcopal Foundation, Inc. adopted by the Board of Trustees.

PURPOSE OF THIS INVESTMENT POLICY STATEMENT

This statement of investment policy is set forth in order to:•. j"

1. Defme and assign the responsibilities of all involved parties.

2. Establish a clear understanding for all involved parties of the investment goals and objectivesof the Foundation.

3. Provide guidance and limitations to all Investment Professionals regarding the investment ofthe Foundation.

4. Establish a basis for evaluating investment results.

5. Manage the assets of the Foundation according to prudent standards as established mcommon law applicable to trusts and the Florida Uniform Prudent Investor Act.

In general, the purpose of this statement is to outline a philosophy and attitude that will guide theinvestment management ofthe assets of the Foundation toward the desired results. It is intendedto be sufficiently specific to be meaningful, yet flexible enough to be practical.

DELEGATION OF AUTHORlTY

The Board of Trustees of the Foundation is a fiduciary and is responsible for directing andmonitoring the investment management of the assets of the Foundation. This may beaccomplished through use of a major brokerage firm (hereafter sometimes referred to as the"Investment Advisor") which will assist the Board of Trustees in: establishing investment policy,objectives, and guidelines, purchase, sell, or hold the specific securities that will be used to meetthe Foundation's investment objectives in accordance with the policies, guidelines, constraints

and philosophies as outlined in this statement, maintain possession of securities owned by theFoundation, collect dividend and interest payments, redeem maturing securities, and effectreceipt and delivery following purchases and sales.

Additional specialists such as attorneys, auditors, and others may be employed by the Board ofTrustees to assist in meeting its responsibilities and obligations to prudently administer the assetsof the Foundation.

The Board of Trustees will reserve control over investment decisions, with the exception ofspecific guidelines described in this statement. The Investment Advisor will be held responsibleand accountable to achieve the objectives herein stated.

DEFINITIONS

As used in this Statement of Investment Policy and Objectives and the addendum - Statement ofInvestment Guidelines, the following definitions shall apply:

1. "Assets of the Foundation" is defined as all of the assets of the Foundation.

2. "Endowment Funds" or "Endowments" shall refer to those funds deposited with theFoundation with a donor stipulation they be used as the donor places on such funds.

3. "Investment Advisor" shall mean any individual or organization employed to provideadvisory services, including advice on investment objectives and/or asset allocation, managersearch, and performance monitoring.

4. "Securities" shall refer to the marketable securities.

ASSIGNMENT OF RESPONSIBILITY

The Board of Trustees of the Foundation is charged with the responsibility for the managementof the assets of the Foundation. The Board shall discharge its duties solely in the interest of theFoundation, with the care, skill, prudence and diligence under the circumstances then prevailing,that a prudent person, acting in a like capacity and familiar with such matters would use in theconduct of an enterprise of a like character with like aims. The specific responsibilities of theBoard relating to the investment management of the assets of the Foundation include:

1. Projecting the Foundation's financial needs, and communicating such needs to the InvestmentAdvisor on a timely basis.

2. Determining the Foundation's risk tolerance and investment horizon, and communicating theseto the appropriate parties.

3. Establishing reasonable and consistent investment objectives, policies and guidelines, whichwill direct the investment of the assets of the Foundation.

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4. Prudently and diligently selecting a qualified Investment Advisor.

5. Regularly evaluating the performance of the Investment Advisor to assure adherence to policyguidelines and monitor investment objective progress.

6. Developing and enacting proper control procedures.

Responsibility of the Investment Advisor.

The Investment Advisor's role is that of an advisor to the Board. Investment advice concerningthe investment management will be offered by the Investment Advisor, and will be consistentwith the investment objectives, policies, guidelines and constraints as established in thisstatement. Specific responsibilities of the Investment advisor include:

1. Assisting in the development and periodic review of investment policy.

2. Providing "due diligence".

3. Communicating matters of policy, manager research, and manager performance to the Board.

4. Reporting investment performance results at the next regularly scheduled Board meeting followingeach quarter end.

GENERAL INVESTMENT PRINCIPLES

1.The assets of the Foundation shall be invested with the care, skill, prudence, and diligenceunder the circumstances then prevailing that a prudent person acting in like capacity andfamiliar with such matters would use in the investment of a fund of like character and with likeaims.

2. Investment of the assets of the Foundation shall be so diversified as to minimize riskconsistent with the policies, guidelines, constraints and philosophies as outlinedin this statement.

INVESTMENT OBJECTIVES

The primary investment objective of the Foundation is to preserve capital while generatingsufficient income to meet spending needs.

The secondary investment objective is total return that IS the aggregate result of capitalappreciation, dividend and interest income.

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SPECIFIC INVESTMENT GOALS

It is the goal of the Foundation to realize an absolute annual rate of return of 6.0%. This Goalmay change from time to time at the discretion of the Board of Trustees.

The investment goals above are the objectives of the Foundation, and are not meant to beimposed on each investment account. The goal of the Investment Advisor, over the investmenthorizon, shall be to:

1. Meet or exceed the market index, or blended market index, selected and agreed upon by theBoard that most closely corresponds to the style of investment management.

2. Display an overall level of risk in the portfolio that is consistent with the risk associated withthe benchmark specified above. Risk will be measured by the standard deviation of quarterlyreturns.

Specific investment goals and constraints for the Investment Advisor, if any, shall beincorporated as part of this statement of investment policy.

It is understood that negative market returns associated with a specific style of investing maynegatively impact on annual rates of return.

ASSET ALLOCATION GUIDELINES

Investment Allocation Guidelines of the Foundation shall be determined by the Board ofTrustees.

SELECTION OF INVESTMENT ADVISOR

The Board's selection of Investment Advisor must be based on prudent due diligenceprocedures.

INVESTMENT ADVISOR PERFORMANCE REVIEW AND EVALUATION

Performance reports, generated by the Investment Advisor, shall be compiled on a timely basisand communicated to the Board for review. The investment performance of total portfolios, aswell as asset class components, will be measured against commonly accepted performancebenchmarks. Consideration shall be given to the extent to which the investment results areconsistent with the investment objectives, goals, and guidelines as set forth in this statement. TheBoard intends to evaluate the portfolio(s) over a two-year period, but reserves the right toterminate an Investment Advisor for any reason including, by way of illustration and notlimitation, the following:

1. Investment performance, which is significantly less than anticipated given the disciplineemployed and the risk parameters established, with an unacceptable justification of poor results.

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2. Failure to adhere to any aspect of this statement of investment policy, includingcommunication and reporting requirements.

3. Significant qualitative changes to the investment management organization.

The Investment Advisor shall be reviewed regularly regarding performance, personnel, strategy,research capabilities, organizational and business matters, and other qualitative factors that mayimpact ability to achieve the desired investment results.

CONFLICT OF INTEREST STATEMENT

Each member of the Board of Trustees of the Foundation shall submit, to the Foundation, anannual statement of conflict of interest on a form provided by the Foundation.

INVESTMENT POLICY REVIEW

To ensure continued relevance of the guidelines, objectives, financial status and Capital marketsexpectations as established in this statement of investment policy, the Board plans to review theinvestment policy at least annually and make any changes deemed appropriate.

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