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Police Employee Pension Board Minutes 07-16-2013 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES' PENSION BOARD MEETING MEETING MINUTES July 16,2013 1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at 6:30 P.M. The members in attendance were trustees: Vic Gualillo,David Cameron and John Wolfel. Nelson Van Liere,Pension Plan Administrator and Investment Advisor Michael O'Shields were also in attendance. 2. Approval of the minutes from the Police Employee Retirement System June 13,2013 meeting. Motion to approve was made by Vic Gualillo and seconded by David Cameron. The vote was unanimous to approve. 3. Michael O'Shields led the discussion on the investment performance for the month of June including year to date information. Discussion related to the market updates including the losses the bond market has endured. Discussion moved to Morgan Stanley's position that the market is now fairly valued and equity risk has returned to a more neutral position. Additionally,institutional investors have been shunning foreign markets and moving to U.S positions. The board discussed moving from a conservative strategy to a more aggressive strategy under the condition that Bernake's comments on July 17th, 2013 are favorable to the bond and equity markets regarding tapering purchases. 4. The board agreed to move to a more aggressive strategy under that condition that Bernake's comments on July 17th,2013 are favorable to the bond and equity markets regarding tapering purchases. The board agreed to remain with the current conservative strategy if the comments are unfavorable. Vic Gualillo made the motion and it was seconded by John Wolfel. The vote was unanimous to approve. 5. No new business. 6. Adjournment—th- • eeting was adjourned at 7:44 PM. Vic 11,1*--110 David Cameron Chair Secretary 2