Approved

Town of Newmarket

Trustees of Trust Funds

Minutes of meeting on Sept. 10, 2009

Meeting held at Kent & Pelczar Funeral Home and began at 9:00 a.m.

Attending: Rick McMenimen, Ed Pelczar, Joyce Russell, Trustees

           Mark Rollick, Brian Bickford, Citizens Bank

Ed asked Mark to add in the Dates of Creation, for the Capital Reserve accounts. The State recently asked for some of these dates, so now they will be on the report.

Ed also asked Mark to research the Safety Building capital reserve account. This account was closed in Aug. of 2006 by an earlier vote in that year. It seems that in April of 2008, interest in the amount of $9.08 went into the account. Mark will see what transpired and will get back to Ed, and the trustees will decide on what to do in order to zero out the account.

Brian distributed a report on our portfolio and reviewed the status of the Trust Funds held by Citizens Bank. He discussed last years downward turn in the market and what has happened so far this year. The market has been steadily improving and Citizens has made some changes in our portfolio to take advantage of these changes. The trustees desire to take a conservative approach to our investments.

We reviewed our current asset allocation and the performance of our portfolio. Brian also reviewed our diversification and bond schedule.

The MS-9 & MS-10 Reports, for fiscal year 2008-2009 were sent to DRA & Office of Attorney General, Charitable Trust Div. on August 10, 2009. A copy of our Investment Policy with Citizens, dated Aug. 25, 2008, was sent later. Ed will try to remember to include the Policy with the 2 Reports. A copy of the MS-9 & MS-10 was also given to the Finance Department at the Town Hall.

The minutes of the August 25, 2008 meeting were approved as written.

The Trustees voted to keep the present Investment Policy, dated August 25, 2008, in place with no changes.

Meeting adjourned at 10:05 a.m.

Respectfully submitted,

Edward Pelczar, Trustee