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G1 , � tif Casvfbero, Police Offfeery ind Firefighters' Pension Doird ol"Frushm vfinuies if August 12, 2014 Meeting Page 2 of 3 a Not present B. The Bogdahii Group - Quarterly Financial Review Presentation Mr, Mike Welker, The Bogdahn Group, presented a peritirmance review of investment activity for the quarter ending June 30, 2014, Asset Allocation: The Plan has 58% invested in Domestic Equity with Maranng & Napier, resultinu in an 8% overweight. International Equity, also with Maturing & Napier. is at 10%, resulting in a 5% underweight as the U.S. markets have been anticipated to provide better returns, Domestic Fixed Income with Galliard will come down as capital calls are received (rorn American Realty Advisers as part of the reallocation. Global Fixed allocation is on target, Financial Reconciliation: For the fiscal year to date, the Return on Investment is $1,9 million, Performance: For the quarter, the plan had a net fund increase of 4.85%, The plan performed at Loa[ in the I year and ') year periods, slightly below goal for the 5 year period, and above goal for both 7 years and since inception, The Universe Rankings of the plan continue to be strong. By the end of the year, the Real Estate component should be close to target. 6. Consent Agenda The action proposed to be taken is stated 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 iterns, a single motion will approve all items. A. Approval of Expenditure Report - 1. Contractual Invoices — a. Cl-tristiansen &- Delmer, PA — February 28, 2014 — $1471.71 b. Bogdahn Group — March 17. 2014 — S4,625,00 c. Christiansen & Delmer, PA — March 31. 2014 — $2.674.70 d. Salem Trust Company — April 18, 2014 — 17250.00 e. Gilliard Capital ManagenienVWetls Fargo —April 22. 2014 — $2,3646 E Christiansen & Definer, PA — April 30, 2014 — 1,755,515 g. Foster & Foster — May 1. 2014 — $3,894,00 lr, Bo.-dahn Group — June 13, 2014' — `64,625.00 1 Other Invoices — a. None MOTION: Member Hettler moved to approve the Consent Agenda, as presented. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 5-0. 7, Pension Plan Administrator Proposals Trustees to review all proposals, rank the quotes using similar criteria to the City. and meet again at a special meeting to beheld at a futtire date prior to the next regular meeting. Interviews with 'e the top three candidates to be hold at the Freating, in December MOTION: Member Van Ore moved to hold a special meeting in the October time frame, date to be determined, to review the requtsts for proposal received and determine a short list for interviews. Motion was seconded by Member Hufford. Motion carried