You have been asked to manage a $3 million university endowment fund, which is used to fund the additional salary stipend for 5 endowed chair positions. The stipend for each chair is $30,000 (for a total of $150,000). What type of assets would you recommend for this portfolio? Why? As a portfolio manager you must develop policies to meet the fund’s objectives and constraints. Describe the policies you would recommend for asset allocation, the security selection process, liquidity issues, risk positioning, diversification, income generation and tax consequences of your portfolio. [Make sure you provide explanations for your answers.] Build a spreadsheet to document the feasibility of your recommendation.