Garfield,

Thanks for providing this.

Brief question: I thought that the WMF investment policy was that it would hold CDs and treasuries only. Did that change? I'm particularly interested in the stock reserves, because I thought that WMF previously said that always rapidly it divests itself of stocks and corporate bonds that it receives as donations and converts them to CDs and treasuries. Did that statement apply only to individual stocks and not to indices, ETFs, mutual funds, etc?

My very brief review of the Investment Report is pretty reassuring in the sense that the IR shows WMF holding a generally conservative mix of funds that seems to be primarily aimed at preserving capital.

Thanks,

Pine