Natick Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

Notwithstanding the provisions of any statutory provision or regulation to the contrary, specifically including the provisions of 840 CMR 21.01, the Natick Retirement Board is hereby granted an exemption from restrictions on investments contained therein for the purposes of investing in the following SEI mutual funds, provided that the underlying investments conform to the terms of the fund prospectuses on file with the United States Securities and Exchange Commission:
                                  
SEI Institutional Investments Trust Large Cap Equity Fund
SEI Institutional Investments Trust Disciplined Equity Fund
SEI Institutional Investments Trust World Equity Ex-US Fund
SEI Institutional Investments Trust Small/Mid Cap Equity Fund
SEI Institutional Investments Trust Small Cap Equity Fund
SEI Institutional Investments Trust Core Fixed Income Fund
SEI Institutional Investments Trust High Yield Bond Fund
SEI Institutional Investments Trust Emerging Market Bond Fund

March 15, 2007

16.08

In accordance with Investment Guideline 99-2, the Natick Retirement Board is authorized to modify its small cap equity mandate with Independence Investments to include midcaps.  This flexibility will give the Board greater diversification in its equity portfolio.  The Board is aware that Independence’s relative performance in both small cap and small-mid cap accounts has not been good over the past two years, but the Board is being patient with the manager in light of his consistent philosophy and favorable long-term record.

August 14, 2003

16.08

In accordance with PERAC Investment Guideline 99-2, the Natick Retirement Board may make a modest modification to its fixed income investment mandate with Met Life/State Street Research.  Through a commingled fund, the State Street Research Institutional Core Plus Fixed Income Fund, the board is transferring from a core to a core plus mandate, under which the manager may make opportunistic allocations to high yield, international, and emerging markets debt.