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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of May 14, 2013 Meeting Page 3 of 7 nationally in the five year rankings. Comparative Performance: Manning & Napier: As of October 1, 2006, outperformed 72% of their peers in domestic funds. They are gaining market share by investing in companies with good technologies and unique product. Overseas funds are ahead of the index in the 50th percentile. Galliard Domestic Fixed Income: Bad start due to the market crash, but the Plan is now at breakeven compared to the Index. The Plan is ahead in the 1, 3, and 5 year plan and should still have some decent returns in the next year. Mr. Welker believes the Plan will experience decent returns relative to fixed income causing the fund to outperform for the next year. Should this occur, he suggests that the Plan separate from this manager. Templeton and PIMCO Global Income: Both managers are doing really well and are up nearly 9% over the quarter. All managers are outperforming since inception. Rebecca Bowman noted, for the record, that Scott Christiansen brought an updated ordinance addressing the Internal Revenue Code and Michael Welker brought, for review, documents regarding his contract. In addition, forms regarding the amount of money, and whether the participants are getting a return of contributions, were not included in the meeting packet. 6. Consent Agenda The action proposed to be taken is slated for each item on the consent agenda. Unless the item is removed from the Consent Agenda by a Pension Board member for discussion on individual items, a single motion will approve all items. A. Approval of Expenditure Report — 1. Contractual Invoices — a. Manning & Napier Advisors - December 10, 2012 — $10,878.36 b. Foster & Foster — January 2, 2013 — $7,060.00 c. Christiansen & Delmer, PA - December 31, 2012 — $347.50 d. Galliard Capital Mgmt/Wells Fargo - January 23, 2013 — $2,264.09 e. Christiansen & Delmer, PA - February 28, 2013— $1,168.55 f Bogdahn Group - March 19, 2013 — $3,875.00 MOTION: Member Stewart moved to approve the Invoice Payments. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 5 -0. 2. Return of Contribution Invoices — a. Jeffrey Morlen b. Lawrence Romaldo 3. Other Invoices — a. No other invoices were paid during this quarter.