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WARF’s investment portfolio was created in the 1920s not only to support research for current and future generations but also to fund the patenting, licensing and commercialization expenses of the foundation. The investment portfolio is managed for present and future needs in alignment with WARF’s mission and consistent with modern practices of similarly sized endowments. WARF trustees have adopted a spending guideline that targets 4.5 percent of the three year running average of the unrestricted portfolio value. The three year average is used to smooth market and operational volatility.