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Bradley Huggins presented the Enduring Assets review. The 12/31/13 market value was <br />$6,356,172. The primary sectors of the portfolio include utilities, transportation, and <br />midstream energy infrastructure. Invest objectives seek to provide risk - adjusted returns <br />by investing globally in companies the have long -lived physical assets and low levels of <br />earnings volatility. The primary focus is on business rather than stocks with a medium to <br />long term orientation. The annualized return for 2013 was 16.1 %. <br />LouAnn Eisenhut and Henry Jaung presented the interim December report. The market <br />value as of 12/31/13 was $130.8 mm. Alan mentioned we are near our target for domestic <br />equity. He asked that Meketa run an asset allocation study comparing what the portfolio <br />looked like last year as compared to how it looks now with the changes that have been <br />made. <br />Representatives from Fidelity will be attending and Acadian will be asked to attend for annual <br />reviews. <br />A motion was made, seconded and approved unanimously to adjourn the meeting at 9:50 am. <br />The next meeting will be held February 20, 2014, 8:00 AM at Lexington Town Hall, Selectmen's <br />Meeting Room <br />Robert W. Cunha, Chairman <br />Absent <br />Michael McNabb, Appointed Member <br />Robert Addelson, Ex Officio Member Joseph Foley, Elected Member <br />Alan Fields, Appointed Member <br />