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These discussions were followed in turn by Investment Reviews with Fiduciary Trust, Batterymarch and The Nova Fund. Jeremy Biggs of Fiduciary asked for and received the Committee's tacit approval to weight the portfolio under his management more in favor of fixed interest securities should such an investment change seem appropriate. Alan Strassman of Batterymarch reported on completion of the transfer of institutional assets into the Trustees Co-Mingled Fund-International Equity Portfolio as previously authorized. He also gave a progress report on the new strategies for the domestic portfolio under Batterymarch's direct management. Bruce Everitt described the organizational changes associated with the Nova Fund's merger with Rollert & Sullivan, assuring the Committee of continued active management of the Fund.

The last item on the Commitee's agenda was determination of the preferred financing alternatives for the new NASM restaurant. The Committee felt that specific decisions about the building program should be left to the Institution, since they involved a complex series of alternatives. In addition, the Committee recognized that there might be political and public perception constraints as to the preferred mode of financing. From a purely business viewpoint, however, it recommended borrowing construction funds from a commercial bank with a view to subsequently refinancing the facility via a tax-exempt bond issue. This alternative would be the least expensive. Should it appear that a tax-exempt issue were out of the question for non-financial reasons, the Committee advocated borrowing funds from the Institution's working capital reserve. Use of endowment funds is not an acceptable alternative.