2002-01-23-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting January 23, 2002 A meeting of the Trustees was held at 12: 00 PM at the offices of State Street Global Advisors at 225 Franklin Street, Boston, MA. Present were Trustees Alan Fields, David Williams, Thomas Taylor, and Richard D. Jennings and David G. Ely of State Street Global Advisors. The purpose of the meeting was to finalize the contract between the Trustees and State Street for the management of the trust funds administered by the Trustees for the Town of Lexington. Endowment Fund The Trustees set the investment policy for this Fund to be 50% equities and 50% fixed income. The equity component will be invested ultunately 40% in the Growth and Income Fund, 40% in the Disciplined Equity Fund, and 20% in the Small Cap Fund. Initially, 10% will be held in cash for later investment. The fixed income component will be invested in a laddered Treasury bond portfolio with maturities not exceeding five years. Initially, 10% will be held in cash for later investment. Cemetery Funds The two cemetery funds will be kept separate and will be invested 80% in a laddered bond portfolio and 20% in equities from the Massachusetts "legal list ". Fees State Street charges .75 on the first two million and .65 on the balance. In addition there is an annual fee of $3000 for record keeping and a $100 annual fee for each separate fund (approx. 89). There will be credited against the fee that portion of the fees of the mutual funds we invest in attributable to management. We instructed State Street to charge these fees (except the $100 fee for each fund) to principal. It was agreed that we would meet again on March 20 at noon. Tom Taylor, Secy.