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City of Casselberry Police Officers' and <br />Firefighters' Pension Board of Trustees <br />Minutes of August 14, 2012 Meeting <br />Page 2 of 5 <br />MOTION: Member Hettler moved to approve the minutes of February 14, 2012, as amended. <br />Motion was seconded by Member Strenth. Motion carried unanimously by voice <br />vote 3-0. <br />4. Approval of Minutes —May 3, 2012 <br />Minutes were approved without any corrections necessary, <br />MOTION: Member Hettler moved to approve the minutes of May 3, 2012. <br />Motion was seconded by Member Strenth. Motion carried unanimously by voice <br />vote 3-0. <br />5. Audience Participation <br />I 11IJ <br />Mr. Michael Welker, representing the Bogdahn Group, presented the Investment Performance Review for <br />the quarter ending June 30, 2012. He advised that the global economy is slowing. The complete report <br />as presented by Mr. Welker is available for inspection with the Board Records Management Liaison <br />0 ffit c e r. <br />Economic Environment <br />Manning & Napier portfolio consists of 5 1 % stocks, 3 7% bonds, and the rest in international stock <br />Being overweight in stocks was not beneficial for this quarter, while allocation is best to weather thi <br />economic storm. Long-term allocation is spot on, and all funds are in compliance with polic <br />standI.rds. I <br />