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TOWN OF LEXINGTON <br />TRUSTEES OF PUBLIC TRUSTS <br />Minutes of Meeting <br />February 28, 2007 <br />The meeting was held at the offices of Atlantic Trust at 100 Federal St., Boston at 12:45 P. M. <br />Present were Trustees AIan Fields, Thomas Taylor and David Williams, and David Ely and <br />Dennis Dywer from SSGA. <br />A review of the portfolio performance showed that the total performance for the year ending <br />12/31/06 was 10.6 %. The SSgA Core Opportunities Fund performance fell considerably below <br />the S &P 500 Index benchmark. Based on our review the following decisions were made: <br />1. Sell the Core Opportunities Fund and invest the proceeds equally in S &P SPDR and <br />ISharesDJ Select Dividend. <br />2. Reduce SSgA International Growth by 5% and invest the proceeds in the Dodge and <br />Cox International Fund. <br />3. Look for another fund like the Pimco All Asset Fund to diversify the 21% invested in <br />Pimco. <br />4.In the two cemetery funds take 5% from the health care area (17% of the equity <br />portion) and invest it in other areas. <br />The Cary Library Endowment Fund (approx $880,000) has been turned over to the Trustees. We <br />will set up a new fund comparable to the Lexington Endowment Fund with accounting for the <br />separate funds within the Library Endowment. David will meet with the Library Trustees to try <br />to combine small existing funds and otherwise reduce the number of fiends we have to separately <br />account for. <br />The Trustees approved: <br />1. Withdrawal of $6200 from the COA General Fund and $1200 from the Jack Gardner <br />Memorial Fund as requested by the Friends of the Council on Aging. <br />2. Payment to the Town of Lexington of $17,000 from the Munroe Cemetery Fund and <br />$89,000 from the Westview Cemetery Fund representing annual distributions. <br />3. Payment to the Dept of Human Services of $4000 from the Human Services Fund. <br />4. Payment of $500 to the Lexington Arts and Crafts Society from the George Gilmore <br />Fund as a contribution to the "State of Clay" exhibit. <br />Next meeting: Wednesday April 18 at 12:45 p. m. at 100 Federal St. <br />Tom Taylor, Secy. <br />