Lincoln Board of Trust Fund Commissioners
Minutes of August 2, 2006 Meeting
Donald Collins, Chairman
Gregory DeBaryshe, Commissioner
Neil Feinberg, Treasurer
Mary C. Day, Assistant Treasurer
Joshua Paul, Bartholomew & Co.
The meeting was called to order at 5:10pm.
Mr. Paul discussed the Advent Report. He was receiving the runaround from Commonwealth and was finally told that they can’t create the report and will have to buy it. Mr. Paul should have in a couple week’s time.
Mr. Paul questioned what the policy was concerning REITs. Mr. Collins stated that they were fine as it was not direct ownership of real estate. Mr. Collins asked for copies of the last minutes to be distributed to everyone so that they could view the asset allocation structure now in place. He stated that the Investment Policy should not be changed so that we can retain flexibility.
Mr. DeBaryshe requested that Socio Economic guidelines, such as investments in tobacco be slated as an agenda item for the next meeting.
The current allocation of the portfolio is as follows:
Equities 54.6%
Fixed Income 44.2%
Cash 1.2%
Mr. Paul reviewed the purchase and sales for the quarter. He may look to add more bond exposure going forward. He stated that the Fed is meeting next week and suggested that we buy bonds longer term in preparation for a recession. Mr. Paul reviewed the realized gains/losses and the performance summary.
Mr. DeBaryshe discussed selling Altria stock. He does not think that it is appropriate for Lincoln to own tobacco stock. He would like this discussion to be pursued further at the next meeting.
The next meeting will take place on the 8th of November at 5pm.
Adjourned at 6:30pm.
Donald Collins, Chair _____________________
Gregory DeBaryshe _____________________
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