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1991-03-21March 21, 1991 A meeting of the Commissioners of Trust Funds was held at 9:15 a.m. at the Beverly National Bank.. Present were Messrs. Phillips, Smith, Dawson, Copelas and Mrs. Remare. Also in attendance were Joyce Daley and Mark Bergin from the Shawmut Bank. Shawmut Bank made a decision to consolidate the adminlstrative-operatlonal responsihilitles of all municipal accounts, including the City of Beverly Trust Funds, at their Worcester office where they have both the personnel and the software with expertise in this area. Joyce Daley will replace Mark Bergin as our Administrative Officer. Joe Boyle will continue as our Investment Officer. Joyce reviewed various reports she brought showing how other cities and towns had their trust funds set up and the reports produced. We discussed our reporting requirements and decided to have our reports based on '*book value". The Commissioners voted to have Mark look at the sale of any original stock in our trust funds so that the realized gains will be allocated only to that trust fund from which it came instead of over the entire account. The Commissioners will decide on whether the realized gains on principal accounts will be transferred to the income accounts or remain as part of the principal. Mr. Smith reviewed the fee schedule from Shawmut which is based on the market value of the principal as follows: l= of first $1,000,000. .TZ of next $I,000,000. .6% of balance The Commissioners will request a review of the fee schedule on July 1, 1991, as the cost is rather excessive. A request was made of Mark to. have a copy of the 1989-90 annual report maile,] to Peter Copelas. The meeting adjourned at 10:25 A.M. Respectfully submitted, Alice M. Remare, Clerk Commissioners of Trust Funds for City of Beverly