HomeMy WebLinkAbout2005-05-23-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
March 23, 2005
The meeting was held at 12 noon at the offices of Atlantic Trust at 100 Federal Street,
Boston, MA. Present were Trustees Alan Fields, Thomas Taylor and David Williams,`
and David Ely and Dennis Dywer from SSGA.
The portfolio was reviewed and the following decisions were made:
1. In the Westview Cemetery fund some stocks would be sold and the proceeds
put into the S &P 500 Fund.
2. In the Munroe Cemetery fund, 20% of equities to be sold and proceeds put in
S &P 500 Fund.
3. In the Investment Fund we will keep 5% in the Core Opportunities Fund for
another six months. If performance is not satisfactory we will move that
investment to the S &P 500 fund.
4. In the Investment Fund, if the International Growth Opportunities Fund does
not look better in six months we will shift to the S &P 500 Fund.
5. We are comfortable with international exposure of 25% of our equity
portfolio.
To satisfy the auditors, Karen will be paid by the Town and we will reimburse the Town
every six months.
A gift of $500 was made to FISH from the Bridge Charitable Fund.
The Trustees accepted the modifications to the Alice Hinkle- Prince Estabrook Award
Fund made by the Selectmen.
The following new funds were accepted by the Trustees on the terms set forth in the
letters attached to these minutes:
1. George E. Jansen Scholarship Fund.
2. Richard Townsend Scholarship Fund.
3. Robert and Mary McNamara Family Scholarship Fund in memory of Edward
Joseph McNamara, Jr.
4. George O. Smith Trust.
5, James Cataldo Scholarship Fund.
6. Lexington High School Class of 1996 Scholarship Fund.
David Williams was delegated by the Trustees to distribute scholarship funds.
Thomas Taylor, Secy.
Alan: I'm not sure I got the investment decisions right.
David: I find no record of approving the Norman Cohen fund. We should do it next
meeting.