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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of April 11, 2018 , LLXiNt i ()N h=N The meeting was held at 11:30am.at the offices of Atlantic Trust at 100 Federal Street, Boston, MA. Present were Alan Fields, David Williams and Susan McClements, Representatives from State Street Global Advisors,Jack Serhant, Tim Gould and Del (Delizia) Bouafi, were present for the first portion of the meeting. SSGA Matters Representatives from SSGA discussed a variety of matters with the Trustees. The Trustees requested that SSGA waive the $100.00 annual fee for smaller trust funds. Tim Gould will follow up with others at SSGA. (Alan Fields reminded Tim that the TOL Pension Fund is also a client of SSGA.) In addition to the $100.00 annual fee per account, SSGA charges 0.75%on the first$2.5MM of assets under management and 0.65%on the remainder. SSGA is in the process of removing the $7.50 wire charge. A month lead-time is required in order to receive cash from a trust account. David Williams said that the month lead-time has created problematic delays on a few occasions. Jack Serhant suggested this could be resolved by allocating a portion of the trust accounts in cash. After discussion, the Trustees decided to leave the account allocations as is,given how infrequently the delay causes a problem. SSGA reported that the 2017 YTD return for the portfolio was 12.3%, exceeding the benchmark. Jack Serhant is moving to a different group within SSGA. Delizia Bouafi (Del), a Vice President in the Investment Solutions Group will take over Jack's responsibilities for the TOL trust accounts. The Trustees thanked jack for his work and the SSGA representatives departed. Tru,5,tees Minutes from the September 26, 2017 meeting were unanimously approved. The Trustees discussed a request from the Schumacher family to increase the dollar amount of annual scholarships awarded from the Schumacher Scholarship Fund.Two of the surviving children would like to see the fund spent down over the next several years using both income and principal to fund the scholarship awards. After discussion,the Trustees agreed that the terms and intent of the Schumacher Scholarship Fund require that principal of the fund be preserved. Susan McClements will draft a letter for Alan Fields to send to the family. The Trustees discussed a request for an addendum to the Quinn Amsler Memorial Scholarship Fund.The addendum would allow periodic funding of awards to Bridge School