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Note: James Goodman arrived at/O1}2AM. <br />iii. The Board discussed the historical returns and holdings OfPIMCO <br />and the B|aokRock Multi -Asset fund. The Board discussed the real <br />estate portfolio and 8 pO88ih|8 additional 8UOc8tDO. [)8V8 <br />C0rD[O8ntHd there was still some VDo8rt@iDtv with the real estate <br />market, and h8would b8hesitant toadd oOadditional allocation 8t <br />this time. The A08[d discussed adding an additional G||OC@hUO LO <br />Baird where there were higher quality bonds being purchased. <br />[)aV8 commented he had no issue if the Board would like to <br />rebalance t0Baird versus P|K4C{}.The Board discussed taking the <br />$1.8M and splitting it between Baird, the B|QckRoCk Multi -Asset <br />Fund, and P|MC(]. Dave stated he would recommend $1,000'000 <br />to the B|achROCk Multi -Asset Fund, $400.000 to P\MC[). and <br />$400,000 to Baird. The Board discussed the holdings Ofthe real <br />estate portfolio. Dave CO[nrn8nt8d the major property type was <br />office space and both 0OO8ge[G had reduced their retail holdings. <br />D8VG reminded the Board the R98| estate managers had oqueue <br />for redemptions. Dave stated he was cnnlh]rt8b|8 81|OC8ting <br />additional funds tomanagers when they were comfortable paying <br />out redemptions, Dave stated hewould like tOwait oD8Oadditional <br />a/!0Ca[iOn to the n}a| estate portfolio. <br />The Board approved moving $1,000,000 from the Vanguard Total Stock Market Index Fund, <br />$800,000 from the Wells Fargo Growth Fund and reinvest $400,000 to PIMCO, $400,000 to <br />Baird, and $1,000,000 to the BlackRock Multi -Asset Fund upon the recommendation of <br />AndCo, upon motion by Matthew Hettler and second by Donald Harkins; motion carried 4- <br />0. <br />iv. The market value of assets as of March 31.2021.was $35.775,784. <br />v. The [Ot8| fund gross F8iuFOS as of March 31. 2021, were 3.02%, <br />outperforming the benchmark Vf3.12%. The 1. 3. and 5 -year total <br />fund gross trailing returns were 41.4396. 12.13%, and 11.83% <br />respectively, compared tOthe benchmarks Of35.3O%.11.35%.and <br />11.18%for the same periods. Since inception /11/1/1qg8\.the total <br />fund gross returns were 7.00%. outperforming the benchmark Of <br />6.65%. <br />vi. Dave West COmnleD18d the Plan was Up approximately an <br />additional 3.00% through April. <br />vii. Dave West reviewed the performance ufeach manager and did not <br />recommend making any changes. <br />b. Foster &Foster, Patrick Donlan, Board Actuary <br />i. Experience study <br />i. Patrick Donlan presented the experience study. Patrick reminded <br />the Board 8nexperience study was authorized 8tthe last quarterly <br />meeting, 8sthe last one was done iD201O.Patrick commented the <br />experience study would look at P/8O experience over the last ten <br />years and compare ittOthe current Plan assumptions. <br />K <br />