Marlborough Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

May 28, 2009 16.08 In accordance with Investment Guideline 99-2, the Marlborough Retirement Board is authorized to make modest modifications to two passive fixed income products managed by State Street Global Advisors.  In order to minimize the chances for liquidity impairment and potential losses from collateral pools, the Board will transfer assets from securities lending versions of SSgA’s U.S. Aggregate Index and TIPS Index products to versions that do not allow securities lending.

September 1, 2005

16.08

The Marlborough Retirement Board is authorized to modify its fixed income mandate with State Street Global Advisors.  Approximately 19% of the current allocation to SSGA’s Bond Market Index Fund will be transferred to SSGA’s Treasury Inflation Protected Securities Index mandate in order to achieve both inflation protection and overall diversification benefits to the portfolio.  The Board has had a satisfactory relationship with SSGA and, after considering SSGA’s capabilities in TIPS as well as its fee structure, it feels strongly that this modification is in the best interest of the system.