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City v of Cas.selberry Police officers' and <br />Firtfi.-littrs' Pension Board or Trustees <br />Mitnifec 001a V f 2, 2015 vlecting <br />Page 3 of$ <br />5. Reports (Consultants) - Continued <br />B. The Bogdahn Group -(,quarterly Financial Review Presentation <br />Mr, Jack Evart, The Bogdahn Group, presented the performance review of investment activity for the <br />quarter ending March 31, 1,2015. <br />Nlajor Market Index Performance: The total Fixed hicome fdr tile plan was 1.18% above <br />benchmark for the quarter, The Real Estate portion did well at 4.45% versus a benchmark of <br />1:39% <br />Manning & Napier has a substantial portion of the assets of this plan targeted at 60% and they <br />are slightly below that figure. They continue to struggle. The Total Fund Policy benchmark was <br />Lip 1.91 which is 123 basis points behind trorn where the plan was expected to be at this poinL <br />The Total Equity, which includes all of the Manning & Napier strategies for the quarter was zero <br />percent raturn. This place- them at almost 5% behind the benchmark for the fiscal year to (late. <br />Bogdahn Group is not cannon that file plan is -getting the diversification that it would if it <br />changed to one or two different companies. <br />Mr. Even presented information regarding fund manager options that could be used in <br />conjunction with Manning & Napier or in place of Manning & Napier for both domestic and <br />international investments. Some of the plan managers presented to the board utilize a passive <br />strategy and some all active. <br />Discussion of all fund managers ensued with a final determination made to invest funds with <br />Transamerica, EuroPacific, and Vanguard Total Stock Market Index, The current balance in tile <br />Manning & Napier International Equity fund is approximately $1,800,000. Transamerica has it <br />mandatory mininfurn investment of S 1,000MW <br />MOTION: Member Van Ore moved to remove all funds away from Manning & Napier <br />International Equity and place 51,000,000 with Transamerica and $1,000,000 with EuroPacific <br />pulling the difference from tile Receipts and Disbursements account. Motion was seconded by <br />Mtriberflufford. Motion carried unanimously by voice vote 4-0. <br />MOTION: Member Van Ore moved to transfer out 50% of the funds in Manning & Napier <br />Domestic Equity into the Van- tined Total Stock Market Index. Motion was seconded by Member <br />Strenth. Motion carried unanimously by voice vote 4-0. <br />7. Old Business <br />None <br />8. Consent Agenda <br />The action proposed to betaken is slated for each item on the consent agenda. Unless the item is <br />removed trom the Consent Agenda by a Pension Board inciliber for discussion on individual <br />item-,, asingle motion will approve all items. <br />A, Consent Agenda — <br />1. Contractual Invoices — Pavment Ratification <br />a. Christiansen & Deliner, invoice 25964, $1,69142 <br />b, Christiansen & Delmer, invoice 25965, $348,08 <br />