2019-01-15-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS aN, Minutes of Meeting of January 15, 2019 _.10 7. The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street, Lixing , ` ~ MA. Trustees Alan Fields, David Williams and Susan McClements were present. Investment Committee members Adrian Jackson and Patrick Morin were also in attendance. Minutes from the August 28, 2018 meeting were unanimously approved by the Trustees. Alan Fields shared that the Trustees will meet with Assistant Town Manager for Finance, Carolyn Kosnoff,later this spring. The Trustees and Investment Committee discussed the cemetery funds and the process for selecting investments from the Commonwealth's legal list of investments.Alan will follow up with State Street to discuss. The terms of the Alan S. Fields Community Enrichment Fund were unanimously approved and sent to the Board of Selectmen for acceptance. State Street sent David Williams instructions on how to make gifts of stock to the Town of Lexington. Copies of the instructions have been sent to Kim,administrative assistant in the Selectmen's Office. David will be sure Skip Lovering in the Treasurer's office has a copy as well. Alan Fields reported that the portfolio performance exceeded benchmarks for the year despite the significant market downturn in the 4th quarter of 2018. The investment committee discussed asset allocation going forward and recommended staying the course for now. The investment committee recommended the reallocation of funds between two international equity funds and moving cash into the Versus Capital real estate fund.Alan will follow up with State Street to implement the investment recommendations. David Williams reported that Pamela Yang has joined State Street Global Advisors as managing director and head of Charitable Asset Management. An individual approached David about starting a fund for the non-profit communal dining group, Lex Eat. David will follow up with Lex Eat. The Council on Aging (COA) is holding money from a fund established by Lexington residents,Joel and Nancy Adler,to benefit the Lexington Community Center. The COA would like to turn the funds over to the Trustees. David asked the COA to contact the Trustees when the fund balance exceeds the required minimum of$10K to establish a fund with the Trustees of Public Trusts.