Portfolio Screening Guidelines

1. Investments shall not knowingly be made in any company producing, as its core business, alcoholic beverages (beer, wine, distilled liquor) or
   1. receiving 10% or more of gross revenues from selling, distributing or marketing alcoholic beverages, or
   2. receiving 10% or more of gross revenues from supplying key elements for alcoholic beverage production.
2. Investments shall not knowingly be made in any company manufacturing, as its core business, cigarettes, cigars, chewing tobacco or smokeless tobacco or
   1. receiving 10% or more of gross revenues from selling, distributing or marketing tobacco-related products, or
   2. receiving 10% or more of gross revenues from supplying key elements to the tobacco industry (cigarette papers, flavorings, adhesives, etc.).
3. Investments shall not knowingly be made in any company owning or managing, as its core business, casinos, racetracks or off-track betting parlors or receiving 10% or more of gross revenues from the production of goods and services related to the gaming or lottery industries.
4. Investments shall not knowingly be made in any company receiving 10% or more of gross revenues from the production, sale or distribution of products or services that are considered pornographic or meet the legal definition of “obscene” or “harmful to minors.”
5. Investments shall not knowingly be made in any company
   1. receiving 10% or more of gross revenues from the manufacture, sale or distribution of antipersonnel weapons (land mines, “assault-type” automatic and semiautomatic weapons, firearms, etc.), armaments, ammunition or weapons-related systems provided for commercial and private markets (exceptions may be made for weapons and ammunition provided for sporting or law enforcement purposes), or
   2. whose identifiable ratio of nuclear weapons contract awards from the U.S Department of Defense or comparable agency or department of any foreign government to gross revenues is greater than or equal to 3%.
6. Investments will not knowingly be made in any company/corporation in which 10% or more of gross revenue is derived from the management or operation of federal, state, county, or municipal correctional facilities (jails, prisons, penitentiaries, detention centers, prison camps, transfer centers).
7. Investments will not be made in corporations in which 10% or more of gross revenues are derived from a combination of the above (1 – 6.)
8. Companies not falling into any of the above categories still may be ineligible for purchase because of reputation, public image or any specific business practices determined to be a gross violation of the Social Principles (such as human rights violations, abusive labor practices including the exploitation of child labor, flagrant or egregious damage to the environment, and unethical business practices).
9. Emerging markets commingled equity pools are exempt from the above restrictions if specifically authorized and the aggregate exposure of companies otherwise prohibited does not exceed 10% of the value of the fund.
10. Commingled hedge fund pools are exempt subject to periodic reporting described elsewhere in the Investment Strategy Statement and the Statement of Administrative Investment Policy (/UserFiles/file/sri/investment_policy.pdf.)