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city or Cos,Obrrw g Poske Otrietrs' and Fioefi-hie,' Pen,: � ... fooml of] rv,ove5 Nlafuio� t47une 11, 2014 Nfeeto'c Page 2 tic;. i� Presentations A. The Boadalin Oroup - Fee Comparison ,%It-, Mike Welker. The Houdahn Group, introduced Jack Evart. also front The Bogdahn Group. It was noted that in the I)rClViOUS FIICCtiug, the trustees, requested a Fee Comparison, A lee comparisort as ol-March 31, 2014 "as prescntccL 11. fhe Bogdahn Group - Quarterly Financial Review Presentation The porlornionce review of investment activity for the quarter ending March 31, 2014 vs as liresented Asset Allocation: 'file ]'laid is perlorining nicely. Underlying managers are performing well. All security selections are ivithill compliance to the Investment Poticv. It was reiterated that the Plan renurms, in Domestic Lquitv by intention, as investilicni dkersificatiort into the Real Estate market "as anticipated. The Capital Calls- b\ the Real Estate PlBuaccr are uroVidil]2 an ()pportunitv to re-balance the portfolio over the next several months as the new fund becomes Iullyr funded over The next two to three quarters. Financial R-conciliatiow The return oil investment for the first quarter ol' the year was S4lw07I • The surph.a of contributions corning in to the fund, rather [hall disbursements going out, is creolinu a rood cash flow situation. 1 lie return on investment for the fiscal Year is SI.2 million, Comparative Nrl'orniance: Total lurid net of fees compared to the Investment Policy OUtpert6it'ned by 1.03% kir the quarter, For the fiscal ypar, the plan is it in 8.1% return. Anicrican _ReaftyNdvisors: Real Estate appraisals are performed on it quarterly basis. For the first quarter, it was tip 3.2% Manning &-Napier - Qorucstrc�, They Nvere early investors in the Walt Disney Company, AMC Networks. Spirit Airlines, and flonieAwav, 'fill$ imealino has Performed Very welt for the portfolio. C Ile confirmed that the modification of the addendurn for the Manning &- Nipier Investment Policy staterticut was sent February' 25. 2014 to the State and has been filed. 6. COrPiOnt Aaenda The action proposed to betaken is slated for each item on the consent agenda. Unless the bent is removed from the Consent Auencla by a Pension Board member for diSCUssion on individual items, a sincle motion will approve all items, V Approval of Fxpenditure Report I. COntraCirtal Invoices- � timing & Napier Advisors - December 9, 101' - S I iJ3)&2I b. Chri,,itiansen& Dehner. PA - December '?1. 2013-S207,00 c, Salem TrUSL Corripariv- January 15, 2014 - St. 250.00 d, Ga I liard Capital Mornt./Wel Is Fargo-January-2.3. 2014-S'11_96.64 a. Christiansen & Dehncr. PA-JauUarN 31. 2014- $3.20039 This invoice vvas hicorrectly repnrled as paid on the Fcbua r 12 ,2014agCal a.