Town of Hancock
Trustees of Trust Funds

Minutes Trustees of Trust Funds meeting
May 6, 2010


Trustees attending: Dowse, Carlson, and Huntington
Also attending: Richard Simpson and Brad Krol from Cambridge Trust Co. of N.H.

Dowse called the meeting to order at 9 AM
Minutes of the January 14 meeting were approved as mailed.

The purpose of the meeting was to discuss how Cambridge Trust would manage our accounts if we were to change advisors. They had received a copy of a recent Bank of America investment review.
CTC is set up with all the investment and research officers combined as a 13 person team to develop and manage a core group of approved securities, primarily
individual bonds and stocks. They are overseen by a Trust Committee composed of experienced outside bank directors. There is a strong sell discipline.
Research is performed in house.
Selective use of ETF and mutual funds.
Custodian is Fifth Third Bank
Trust Accounting by SunGard
Not a broker or underwriter.

They believe they can provide the monthly spreadsheet reports we are used to using.

Total return is less volatile than S & P 500
Proactive fixed income management
Management fee: .9 % of market value - minimum $9000 - slightly higher than Bank of America. Hopefully, the Common and Expendible Funds will be considered as one Fund.

The withdrawal of $13,913.03 from the Bridge Capital Reserve Fund on January 18 was confirmed.

The 2010 Manning Scholarship award should stay at $900.

Meeting adjourned at 10 15.

Respectfully,

J. E. Carlson, Secretary