HomeMy WebLinkAboutCCDATE=OCTOBER 15, 2002 (2) • Unfinished business
The IPPAC semmar which was anendd by V. Reared and J. Ilemici was discussed
New Business
The Board "se advised offhe completion of the transfer of custody ad hiring of
Nu rlson 'I'rust for the passive management of our Intermediate Bond holdings.
Drat of the new Investment Police was distributed for review by the Board. Further
discussion and adoption to be made at the November meeting.
Board was advised of the Inv cement Commiace recommendation to move 9 years worth
of pension Pay mines ($6 million) from the infernally managed portfolio to the reserve
managed holdings (Nonhcm Trust).
Motion was made to move $6 milhon out of in ernally mmmged section of fixM income
holdings into the Northern 'Iinst half ng as long as the tyles do not cause a loss to the
Pension fund by J. Nowicki, seconded by K Nelson. Carried. Movenian of funds to
begin can 10-16-2002 it prudent.
Board teas dsised of hoestmem committee recommendation to move the ma imum
• amount possible from the Grandam holding into the Vanguard S&P iffy fund as long as
the transfer from Guanlian is Notary free. This position will be considered temporary
until the Investment committee can evaluum the cllowdou for equity holdings.
Motion to approve nIL Wflu m of patelty free portion of(Inardian into Vanguard S&P500
made by .l. Nowicki, seconded by K. Nelwn. Carried.
Pound appmvd movement of Vanguard funds from retail shards to Admlml Class shares.
This uill .save on fund costs and is the s:nnc investment. Motion to move all retail shares
to Admiral Class sirevs mode by J-Nowieki, seconded by J. l lemici. Carried.
Maryucue recon oeudd terminating holdings in the MAS Mid-Cap Growth fond and
the Van Kampen Emerging Growth Fond for permmensce related issues. Marouene also
mended terminating holdings of I IatllbN Snick Fund as S&P 5m offers .same
recommended
at a lower cost.
Motion was made by J. Nowicki to move funds out of MAS MidCapGrowth fund, Van
Karn our Vinci gi ng Gmedh Fwd, and IlanfbN Stock Fund aid into Vanguard S&P 500
fwd sccemlad by V. Bents, Carried.
Brad directed Margaeuc to conduct a search for Possible managers in the areas ofsmall
-
cup said international equity holdings for investment consideration.
Mmqueue presented obstruction from the Executive Summary. September 30. 2002.
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