HomeMy WebLinkAbout2007-02-28-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
February 28, 2007
The meeting was held at the offices of Atlantic Trust at 100 Federal St., Boston at 12:45 P. M.
Present were Trustees AIan Fields, Thomas Taylor and David Williams, and David Ely and
Dennis Dywer from SSGA.
A review of the portfolio performance showed that the total performance for the year ending
12/31/06 was 10.6 %. The SSgA Core Opportunities Fund performance fell considerably below
the S &P 500 Index benchmark. Based on our review the following decisions were made:
1. Sell the Core Opportunities Fund and invest the proceeds equally in S &P SPDR and
ISharesDJ Select Dividend.
2. Reduce SSgA International Growth by 5% and invest the proceeds in the Dodge and
Cox International Fund.
3. Look for another fund like the Pimco All Asset Fund to diversify the 21% invested in
Pimco.
4.In the two cemetery funds take 5% from the health care area (17% of the equity
portion) and invest it in other areas.
The Cary Library Endowment Fund (approx $880,000) has been turned over to the Trustees. We
will set up a new fund comparable to the Lexington Endowment Fund with accounting for the
separate funds within the Library Endowment. David will meet with the Library Trustees to try
to combine small existing funds and otherwise reduce the number of fiends we have to separately
account for.
The Trustees approved:
1. Withdrawal of $6200 from the COA General Fund and $1200 from the Jack Gardner
Memorial Fund as requested by the Friends of the Council on Aging.
2. Payment to the Town of Lexington of $17,000 from the Munroe Cemetery Fund and
$89,000 from the Westview Cemetery Fund representing annual distributions.
3. Payment to the Dept of Human Services of $4000 from the Human Services Fund.
4. Payment of $500 to the Lexington Arts and Crafts Society from the George Gilmore
Fund as a contribution to the "State of Clay" exhibit.
Next meeting: Wednesday April 18 at 12:45 p. m. at 100 Federal St.
Tom Taylor, Secy.