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Police Officers'/Firefighters' Pension Board of Trustees September 4, 2003 Page 2 III. Presentation by Lance Powers- Investment Report from Trusco Capital Management Mr. Lance Powers, Trusco Capital Management, presented the Investment Report for the period ending June 30, 2003, for the Police Officers' and Firefighter Pension Plan. Mr. Powers reported that the total assets of the Fund for the period was $1,304,348. The complete report is available for inspection with the City Clerk of the City of Casselberry. The Trusco Capital Management Report was accepted and no formal action needed to be taken by the Board. IV. Trusco Capital Management Proxy Disclosure The Trusco Capital Management Proxy Disclosure Policy was presented to the Board for informational purposes only; no formal action needed by the Board of Trustees. The Policy is attached to and made a part of these minutes. V. Return of Commissions from Donaldson & Co Trusco Brokerage Services Trusco Capital Management uses Donaldson & Co. for brokerage services. Tile City received two checks in the amount of $365.74 and $292.58, which represents a partial return of commissions. This item is presented for informational purposes only; no formal action needed by the Board of Trustees. VI. Presentation by Bill Stark - Bogdahn Consulting Mr. Bill Stark, Bogdahan Consulting, presented the performance evaluation report of the investment manager, Trusco Capital Management for the quarter ending June 30, 2003. Mr. Stark reported on benchmarks used for measuring the performance of Trusco in meeting the standards of the investment policy as established by the board. The Bogdahn Report was accepted and no formal action needed to be taken by the Board. VII. Approval of Expenditure Report MOTION: Moved by Mr. Dale Christensen that Expenditure Report, dated August 13, 2003, be approved as presented. The motion was seconded by Police Officer Robbin Lilly and carried unanimously by voice vote. (3 - 0) The Board Attorney stated that for future reference all expenses including expenses from Trusco, Bogdahn and the Actuary should be included on the expenditure report even though they are automatically deducted from the find.