Norwood Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

March 28, 2001

16.08

In accordance with PERAC Investment Guideline 99-2, the Norwood Retirement System may modify its fixed income mandate with David L. Babson to allow for opportunistic investment in high-yield securities up to a maximum of 10% of the total portfolio. Babson has been the system’s fixed income manager for over six years. The Board and its consultant have examined and are satisfied with Babson’s capabilities in the high-yield sector.