Greenfield Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

December 4, 2006

16.08

In accordance with Investment Guideline 99-2, the Greenfield Retirement System is authorized to make a modest modification to its international equity management mandate with State Street Global Advisors.  The System will transfer assets from its existing investment in the SSgA International Alpha fund into the SSgA All International Allocation Strategy.  The new product is a fund of funds that invests primarily in the International Alpha Fund but also invests opportunistically in SSgA funds that focus on emerging markets, Canada, and international small cap.  Various derivative instruments are permitted to be used in the pursuit of the funds’ basic strategies; such use may exceed that envisioned by existing PERAC regulations. This modification will give the System greater diversification within its international equity allocation.

December 7, 2004

16.08

In accordance with Investment Guideline 99-2, the Greenfield Retirement Board is authorized to modify its current fixed income mandate with Fidelity Management Trust Company.  In order to achieve greater diversification in its fixed income portfolio, the Board is transferring from Fidelity’s “core” portfolio to its “core plus” portfolio.

October 15, 2004

16.08

In accordance with Investment Guideline 99-2, the Greenfield Retirement Board is authorized to modify its fixed income mandate with Fidelity Management Trust Company. In order to gain broader diversification in its fixed income investments, the Board is transferring its assets from the Fidelity Broad Market Duration Commingled Pool, a “core” portfolio, to the FMTC Core Plus Fund.