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MEMORANDUM TO:Town Report. c/o Jen Berry, Administrative AssistantlFROM:Trustees of Trust FundsSUBJECT:Trustee’s Annual ReportDATE:December 1, 2016Accomplishments:Operation of Investment Account. The trusts and reserves in the custody of the Trustees are invested with the Wealth Management Division of People’s United Bank. We are pleased to report that the income from the second half of 2015 (July-December 2015), the first six months with People’s, was $34,193.72, of which $18,417.92 was spent for the purposes of the various trusts and reserves, with the remaining income accumulated to the balances of the funds. The income received in the second half of 2015 exceeded the first half income of $2,277.95 by a significant multiple. As of early November, the sum of the income received to date from interest and dividends was greater than $50,000.00, and the year’s income should exceed that of 2015 by a significant amount. Description of the Process of Engaging an Investment Advisor. We prepared a detailed record of the process the Trustees used to select and engage People’s United Bank Wealth Management as investment advisor to the Trustees. This statement was forwarded to the Town Administrator for reference by residents.Continuing to Improve Management of Doe Farm, We have begun the work of defining the issues we feel are important to the future of Doe Farm as a community asset. We are in the process of circulating a strategy statement for discussion with Town agencies having an interest in potential uses for the farm in the future. In the future we will circulate a more comprehensive plan to all those agencies and residents having an interest in how the Farm should be managed, and for what uses it should be open. We are proceeding with an invasive species removal plan which is a necessary precursor to harvesting timber in the 2017-18. We expect the program we develop for the longer term use of Doe Farm will incorporate existing stewardship/management plans, the will of Mr. Doe, and Town needs.Continuing Our Transparency Efforts. The Trustees have made a significant improvement in posting agendas and minutes in a timely way. We have also tried to respond to communications from residents as quickly as possible, although we have in some instances been delayed by the complexity of the issues raised, or when the issues required us to do research and consider carefully our response. As part of this effort, we are also attempting to be more open to coordination and cooperation with Town departments/ committees.Continuing to Improve Record Keeping. We have begun assembling records which show how, when and why the various funds in our custody were established. The work in this effort is enormous, and will likely require years to complete. Working with the Department of Public Works. We have continued our excellent and productive relationship with Mr. Lynch, Director of Durham DPW. His cooperation, perspective and support are a major part of our efforts to carry out the purposes of the trusts we administer.The Trustees revised the existing Trustee’s Investment Policy, and adopted the revised policy during our November meeting.The Trustees also adopted an Internal Controls Policy at our November meeting. The Future:We will continue to be prudent custodians of the funds entrusted to us while seeking sound returns on the investment of these funds.We will continue to work on those projects/issues noted above as “continuing”.At present, the Trustee’s paper records are in storage in the Town Hall storage area. These records need to be reviewed, organized and properly stored. While this work effort was listed last year we have been unable to make progress on it. This will require a significant effort by careful workers. We will continue to seek a way to accomplish this work.We will be working to re-focus the Town’s role in locating and documenting the private burial grounds located in Durham. We have finalized a draft recommendation for consideration by the Cemetery Committee and other Town agencies.Attachment 1 – List of Trustee Investment Account Holdings a/o 30 Jun 2016CASH (~7%)DREYFUS INST CASH MGT FD (INCOME HOLDING)DREYFUS INST CASH MGT FD #288 (PRINCIPAL HOLDING)FIXED INCOMEGovernment Bonds (~12%)FEDERAL HOME LOAN BANK 1.000% 6/21/2017FEDERAL NATL MTG ASSN FEDERAL NATL MTG ASSN 1.875% 9/18/2018Municipal Bonds (~20%)CANTON NY CSD BANS 1.250% 7/15/2016NEWARK VLY NY CENTRL SCH DIST BANS 1.500% 9/24/2016PLEASANTVILLE NJ 1.500% 4/25/2017Corporate Bonds (~29%)AMGEN INC 2.700% 5/01/2022 CALLABLE BONDAT&T INC 3.000% 6/30/2022 CALLABLE BONDBANK OF AMERICA CORPORATION 6.00% 9/01/17CITIGROUP INC 2.500% 07/29/19GE CAP CORP 1.600% 11/20/2017GOLDMAN SACHS GROUP 2.550% 10/23/2019MORGAN STANLEY FLOATING RATEVERIZON COMMUNICATIONS INC 3.000% 11/01/2021 CALLABLE Mutual Funds – Fixed (~13%)JP MORGAN CORE BOND SELECTPIMCO INVESTMENT GRADE CORP BD INSTLVANGUARD GNMA ADMIRALEQUITYMutual Funds (~19%)COLUMBIA CONTRARIAN CORE ZFIDELITY SMALL CAP DISCOVERYOAKMARK INTERNATIONALOPPENHEIMER DEVELOPING MARKETS IMFS VALUE IPRINCIPAL MIDCAP INSTLVANGUARD EQUITY INCOME ADMIRALWELLS FARGO PREMIER LG GROWTH IWISDOMTREE EUROPE HEDGED EQ FUND ETF ................
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