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2005-05-23-TPT-min
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2005-05-23-TPT-min
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Trustees of Public Trusts - TPT
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TOWN OF LEXINGTON <br />TRUSTEES OF PUBLIC TRUSTS <br />Minutes of Meeting <br />March 23, 2005 <br />The meeting was held at 12 noon at the offices of Atlantic Trust at 100 Federal Street, <br />Boston, MA. Present were Trustees Alan Fields, Thomas Taylor and David Williams,` <br />and David Ely and Dennis Dywer from SSGA. <br />The portfolio was reviewed and the following decisions were made: <br />1. In the Westview Cemetery fund some stocks would be sold and the proceeds <br />put into the S &P 500 Fund. <br />2. In the Munroe Cemetery fund, 20% of equities to be sold and proceeds put in <br />S &P 500 Fund. <br />3. In the Investment Fund we will keep 5% in the Core Opportunities Fund for <br />another six months. If performance is not satisfactory we will move that <br />investment to the S &P 500 fund. <br />4. In the Investment Fund, if the International Growth Opportunities Fund does <br />not look better in six months we will shift to the S &P 500 Fund. <br />5. We are comfortable with international exposure of 25% of our equity <br />portfolio. <br />To satisfy the auditors, Karen will be paid by the Town and we will reimburse the Town <br />every six months. <br />A gift of $500 was made to FISH from the Bridge Charitable Fund. <br />The Trustees accepted the modifications to the Alice Hinkle- Prince Estabrook Award <br />Fund made by the Selectmen. <br />The following new funds were accepted by the Trustees on the terms set forth in the <br />letters attached to these minutes: <br />1. George E. Jansen Scholarship Fund. <br />2. Richard Townsend Scholarship Fund. <br />3. Robert and Mary McNamara Family Scholarship Fund in memory of Edward <br />Joseph McNamara, Jr. <br />4. George O. Smith Trust. <br />5, James Cataldo Scholarship Fund. <br />6. Lexington High School Class of 1996 Scholarship Fund. <br />David Williams was delegated by the Trustees to distribute scholarship funds. <br />Thomas Taylor, Secy. <br />
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