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City of Cus9bero Police Olaeeri and <br />Pireriginers' Peuion Board urTrusletr <br />Minns of NovemM1er le, 2015 Meeting <br />Pogo 2 of 5 <br />MOTION: Member Hufford moved to approve the minutes of August 18, 2015 and September <br />8, 2015. Motion was seconded by Member Hettler. Motion carried unanimously by voice vote 5 -0. <br />5. Reports (Consultants) <br />A. Salem Trust — Firm Update <br />Mr. Mark Rhein, Salem Trust Chief Operating Officer, informed the board that the SSAE -16 report for <br />the period ending June 30, 2015 returned an unmodified review, the highest level of assurance that can <br />be provided, from Salem Trust's auditors. <br />B. The Bogdahn Group - Quarterly Financial Review Presentation <br />Mr. Jack Evatt, The Bogdahn Group, presented the performance review of investment activity for the <br />quarter ending September 30, 2015. <br />Major Market Index Performance: During this quarter, the markets posted their weakest returns on <br />investment since 2011. The markets were down primarily due to international concerns with Greece and <br />China among others. Domestic concerns affecting the market included the Fed's decision to not raise <br />interest rates. Emerging markets were the hardest hit during the quarter with a return of - 17.9 %. Bond <br />values increased slightly over the quarter, helping offset some of the losses in the other funds. <br />Asset Allocation by Total Fund: The quarter coding September 30, 2015 reflected a decrease in <br />assets of approximately $540,000, due to the volatility in the market. The plan is on target for all <br />segments with the exception of being slightly light in the American Core Realty Fund, due to a more <br />limited ability to contribute. <br />Comparative Performance: The Plan was down by 5.5 % over the quarter. The transition out of both <br />international and domestic Manning & Napier plans, may have contributed to the Plan being more <br />behind than intended for the Fiscal Year. <br />Domestic Fixed Income: Baird Aggregate Bond has performed very well and was up 1.08 %. <br />Global Fixed Income: Everything international did poorly, with PIMCO performing better than <br />Templeton; however both funds were in the negative. <br />Alternative Income: Westwood, being an income oriented value fund, performed worse than <br />expected, but remained with the peer group. <br />Real Estate Income: American Core Realty continues to be a very good investment and was up <br />3.33% for the quarter and up 13.98 % for the fiscal year. <br />6. New Business <br />A. Actual Plan Expenses Report for FY 2015 <br />Ferrell Jenne, TPA, Foster and Foster, presented the Actual Plan Expenses as of September 30, 2015. <br />The annual expenses totaled $92,077.12. A copy of the report will be provided to the City and to the <br />members. <br />MOTION: Member Van Ore moved to approve the Actual Plan Expenses report as presented. <br />Motion was seconded by Member Hufford. Motion carried by voice vote 5 -0. <br />B. Proposed Meeting Dates for 2016 <br />