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ciqia­( a,witwrxxi roinrciarrervano <br />Fhvfilowliore Pen"o, jtooAof*frlrft -�x <br />N1 in u its of Februsn' 17, is 15 of etting <br />none 2 of 6 <br />A, Reports (Consultants) <br />A. ']'lie flingdahn Group - Quarterly financial Review Presentation <br />to1r. Jack Evart, The Bogdahn Group- presented the performance review ofinvestruent activity for the <br />quarter calling December I i . 2014. <br />C <br />Major Market Index Performance, Driving themes Far the quarter were international investing <br />and energy prices. The recent low prices lbr gasoline had a negative impact on ever stocks. <br />The ifiternatiorall equity markets were down duc, to low fuel oil prices and the strength of U& <br />curionev relative In fiomilm currencies. The majority of the plan's assets, are in domestic funds <br />which performed much better ever the quarter, The S&P 500 domestic aluity increased by 4.9% <br />and [tic Russell 2000 small caps incteamt by 9,79X,. Fixed Income increased by L80/4 and <br />Treasury Points ilwreawd by 1.9%, <br />Asset Allocation: The plan experienced a ready 8300,000 increase during tire past quarter an([ is <br />close to being in title with allocation goals. Thereibre, no rebalancing needed at this time, <br />Financial Reconciliation: During the quarter, contributions were strong) tit S2'7L000, <br />clistril)wi(iiiswei-c$43,000, and the return otiinvestiiicntwas$106,41iI This resulted in apian <br />Comparative performance. The Total Fund Gross was up 63 basis points and the benchmark <br />was up 2.59%, Gaillard Domestic Fixed Income did not perform well. The Real Estate <br />itiVestaWnts, with American Core Realty increased by 1.811%. <br />International exposure and criere stocks impacted both folanning & Napier Equity portfolios <br />Y I <br />substantially. The Manning Domestic Equity plan invested a great deal in energ y stocks and the <br />recent losses taken by those stocks resulted in a reduction 1.58% for the quarter, <br />Due to me volatility of the portfolio, the board has roquested to meet with Manning & Napier <br />Domestic at the ;May meeting to discuss their positioning. In addition, Bogdalm Group will <br />bring intartriation air complimentary plans to enable the board to decide to whether to stay the <br />Courst" blend, or leave Manning Domestic. <br />The N'larmilaT International Equity Plan remains on watch and was down 4 73%. Mr. Evart and <br />o' <br />Mr, Welker will be visiting the offices of tote International Equity Plan (ILIT41,11 the [text quarter <br />and will report ul (Inc board attlie Maymeeting the results of` tli, <br />that visit. <br />Domestic Fixed freorne increased by I.10% white Otolial Fixed Income decreased by 1,55% due <br />primarily to currency exposure and lower interest rates. PIMCO Diversified has been on watch <br />due to the departure ol'a key executive, but appears to be moving in the right direction. <br />B. The Boigholm Group Change of Internal Control Notification <br />Mr. Michael Welker, The Boodahn Group, announced that effective January 1, 2015, tic became the <br />lraqsarty Lont holder of die company. <br />MOTION: Member Van Ore moved to authorize the Chairman sign tire consent agreement <br />recognizing the change of internal control at The Bogthilin Group, Motion was seconded by <br />MerrilmrHettler. Motion carried u it trulimously by voice vote 4-0, <br />