PERAC Approval Date: October 13, 2004

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with Investment Guideline 99-3, the Lowell Retirement Board is authorized to invest in Ascent Venture Partners IV, L.P.  The board has been a satisfied investor in Ascent’s two predecessor partnerships, and Fund IV has the same management group and investment strategy.


PERAC Approval Date: September 3, 2002

Investment/Supplemental Regulation

Regulation Number 16.08: The Lowell Retirement Board is authorized to withdraw the funds currently held in its large cap value mandate with Cutler & Company and temporarily place the proceeds in State Street Global Advisors’ Russell 1000 Value Index pending the selection of a permanent replacement manager.

This temporary authorization extends through December 31, 2002.


PERAC Approval Date: June 28, 2001

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with PERAC Investment Guideline 99-2, the Lowell Retirement System may modify its investment mandate with Cutler & Company, its large cap value equity manager.  The System wants to achieve exposure to mid cap as well as large cap value equity but does not intend to seek a separate account for this sub class.  It will modify its existing mandate to allow Cutler & Company to opportunistically add mid cap value equities to its portfolio in a proportion that will usually not exceed 25%.  The System has had a satisfactory relationship with Cutler & Company for almost five years and they and their consultant are comfortable with the firm’s capabilities in mid caps.


PERAC Approval Date: December 19, 2000

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement Board may invest in Charles River Partnership X.  The System has had a very satisfactory relationship with Charles River Ventures in its four immediately preceding partnerships.


PERAC Approval Date: December 19, 2000

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement Board may invest in Charles River Partnership XI.  The System has had a very satisfactory relationship with Charles River Ventures in its five immediately preceding partnerships.


PERAC Approval Date: February 10, 2000

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement System may invest in Boston Millennia Partners II, L.P.  The system has previously invested in Boston Millennia Partners I and has indicated that performance to date has been very favorable.  All required supporting documents have been submitted.