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with hundreds of clients, making them much more diversified. Their top 10 holdings represent almost 50%of the entire portfolio. They manage over$3.6 trillion in Assets Under Management. Eagle and Polen are in the$30 billion ballpark for AUM. Despite the fee structure where Polen is most advantageous, Henry feels Fidelity still delivers the best overall value for our portfolio. Lexington has had a long standing relationship with Fidelity and has performed well for the portfolio consistently. Board member Frederick Weiss then made a motion to retain Fidelity Contrafund, as well as Rhumbline. The motion was seconded by Robert Cunha and unanimously approved by Carolyn Kosnoff and Joseph Foley. Frederick Weiss left the meeting after this vote due to another commitment. Colin Edgar presented the Stone Consulting kickoff meeting introduction at 9:10 am. Both Colin Edgar and Larry Stone formally introduced themselves to the Board. Colin briefly explained the projects that Stone will be working on for the Lexington Retirement System through December 31, 2027. Such projects will include full actuarial valuations as of January 2021, 2023, 2025, and 2027. Partial valuations will be conducted as of January 2022, 2024, and 2026. Government Accounting Standards Board (GASB) Fiscal Year reporting statements will be issued throughout the contract from 2021-2027. Colin went into detail regarding what will be required to supply a detailed actuarial evaluation and GASB Statement. Larry Stone will look into assumptions and allocation rates. He plans to work-up scenarios using assumption rates of 7.5%and trending downward to 7.1%. It was requested to see what the funding schedule will show for 2028, but not further out. Larry did request access to the PTG retirement system to extract data. Carolyn Kosnoff informed Colin and Larry to be mindful of future step increases for employees and retiree COLA's. Also,the potential for the building of a new Lexington High School and how allocations should be handled. Stone Consulting wrapped up the kickoff meeting at 9:55 am. Fossil Fuel remains unchanged as of this meeting. Exposure is at 2.6%. A new update could be available at the next Board meeting. Robert Cunha motioned to adjourn the meeting at 10:05 am, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff. The next Retirement Board meeting will be held via Zoom on Thursday, April 29, 2021 at 8:30 am. Melissa Moesman will present the Fidelity update. ** ABSENT ** Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member