2012-02-08-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of February 8, 2012 The meeting was held at 12 noon at the offices of Atlantic Trust at 100 Federal Street, Boston, MA. Present were Alan Fields, David Williams, Susan McClements, and SSGA representatives David Ely and Jack Serhant. The Trustees approved investments of a portion of the cash balances in the funds made on February 3, 2012 on instructions from Alan. Those instructions are attached, The State Street report on performance of the funds as of December 31, 2011 was reviewed. Performance across the board was good although slightly below all of our benchmarks. Alan remarked that the year -end results are good relative to other endowments, few of which have ended the year with a positive performance. All five funds, TOL, Westview, Munroe and Cary Restricted and Unrestricted showed a positive performance for the year. A copy of the SSGA report is attached. Alan asked SSGA representatives to provide a break out of asset classes for both PIMCO Funds held in the portfolio. Following discussion, the Trustees approved changing the benchmark for both Cary Library Funds to the one used for the TOL Fund. SSGA was instructed to make this change. SSGA will send a fee schedule to the Trustees in response to a question from David about reduced fees as assets in funds increase. Minutes from the November 15, 2011 meeting were approved. Alan will continue discussions with candidates for the Investment Advisory Committee discussed at our previous meeting. In response to a request for funds for plantings by McCue's in barrels in the Center, David will write a letter to the Fund for Lexington requesting the full amount of $6,765, the same amount paid last year. A request from the Lexington Historical Society for $3,000 from the S. Lawrence Whipple Scholarship Fund to fund the publication of a book of essays was denied. The Trustees agreed that the use of funds in this manner would be inconsistent with the terms of the Whipple Fund. Plans are beginning for a garden at Tower Park to be built in cooperation with Lexington's sister city in France. The project may need some funding. David will let