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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of December 3, 2014 Meeting Page 4 of 6 Comparative Performance: Fixed Income; Galliard is in -line or ahead of index in all timeframes, PIMCO and Templeton doubled year to date, and American Core Realty is up 9.35 %. Equity; Manning & Napier Domestic is up 8.4% since inception, performance has been up and down. During the quarter reported, performance was down 2 %. International was down 10% for the quarter. No changes recommended with Manning & Napier at this time for Domestic, however International is on probation. Mr. Jack Evart presented a new investment opportunity called Global Tactical Asset Allocation. This asset class is like a hybrid between funds and bonds. Bogdahn Group proposed a 5% investment to be placed in one of vehicles in the presentation as selected by the board. MOTION: Member Glancy moved to instruct Bogdahn Group to move 5% of investments in Domestic Equity to the Global Tactical Asset Allocation Westwood Income Fund. Motion was seconded by Member Hufford. Motion carried unanimously by voice vote 5 -0. D. The Bogdahn Group - Declaration of the Expected Rate of Return For the Next Fiscal Year Declaration of the expected rate of return for the next fiscal year needs to be sent to Tallahassee. Mr. Welker advised that the plan should expect a rate of return of 8 %. MOTION: The board moved that based on the advice of the Investment Advisor, the expected rate of return will be 8% for the next year, the next several years, and the long term thereafter. Motion carried unanimously by voice vote 5 -0. E. The Bogdahn Group — Updated Receipts and Disbursement Letter to Salem Trust from Bogdahn Group Brian Bizzell with Salem Trust has requested that Mr. Welker obtain an updated Receipts and Disbursement Letter. Which will be signed by Chairman Glancy. 7. 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 - March 11, 2014 - $16,387.29 b. Christiansen & Definer, PA - May 31, 2014 - $1,784.56 c. Manning & Napier - June 16, 2014 - $17,291.76 d. Christiansen & Definer, PA - June 30, 2014 - $5,016.05 e. Salem Trust Company - July 15, 2014 - $1,250.00 f Galliard Capital Management/Wells Fargo - July 24, 2014 - $2,442.85 g. Christiansen & Definer, PA - July 31, 2014 - $1,475.38 h. Christiansen & Definer, PA - August 31, 2014 - $2,583.27 i. The Bogdahn Group - September 1, 2014 - $4,625.00 2. Other Invoices —