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CITY OF CASSELBERRY POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN BOARD OF TRUSTEES QUARTERLY MEETING MINUTES Casselberry City Hall Commission Chambers 95 Triplet Lake Drive, Casselberry, Florida 32707 Tuesday, May 11, 2021, 10:OOAM TRUSTEES PRESENT: Matthew Hettler Donald Harkins Thomas Graffy James Goodman TRUSTEES ABSENT: Douglas Mathews OTHERS PRESENT: Dave West, AndCo Consulting Scott Christiansen, Christiansen & Dehner Patrick Donlan, Foster & Foster Ferrell Jenne, Foster & Foster Carol Conroy, City Finance Director I. Call to Order with Pledge of Allegiance Chairman Matthew Hettler called the meeting to order at 1 O:OOAM. I[. Public Comments — None. Ill. Approval of Minutes a. February 9, 2021, quarterly meeting The Board voted to approve the February 9, 2021, quarterly meeting minutes as presented, upon motion by Donald Harkins and second by Thomas Graffy; motion carried 3-0. IV. Reports a. AndCo Consulting, Dave West, Investment Consultant i. Quarterly report as of March 31, 2021 i. Dave West gave an overview of the market environment during the quarter. Dave reviewed the possibility of future inflation on commodities and the issues with business owners being able to hire employees, ii. Dave West reviewed the current asset allocation. Dave commented they had an overweight to domestic equities which was outside the IPS range. Dave stated he would be recommending a rebalance to be done. Dave commented the most vulnerable fund was the index fund and he would like to continue to equalize the growth and value allocations. Dave recommended moving a total of $1.8M from Domestic Equity by pulling $1,000,000 from the Vanguard Total Stock Market Index and $800,000 from Wells Fargo Growth Fund and move $800,000 to PIMCO and $1,000,000 to the BlackRock Multi -Asset fund.