Appointed Representative Plan Administrator

JAMES M. CONCIALDI, CH JOEL THOMPSON

Appointed Representative Plan Administrator

VONDA MAURO

Elected Representative

DEBRA MANSELL

Elected Representative

ADELBERT OLIVAS

County Treasurer

JUDY A. MARTINEZ

Appointed Representative

BOARD OF RETIREMENT

PUEBLO COUNTY, COLORADO

MINUTES

March 24, 2014

ROLL CALL

Board of Directors:

James Concialdi, CH Present

Debra Mansell Present

Judy Martinez Present

Vonda Mauro Present

Del Olivas Present

Also in attendance:

Peter Blood County Attorney Rep

Dale Connors Watershed Investment

Michele Fang Principal

Dave Santos County Employee

Donnie Sedillo County Employee

Nick Vunivich Director of Purchasing

CALL TO ORDER

A quorum was established and James Concialdi, chairman, called the meeting to order at 1:32 p.m.

APPROVAL OF CONSENT AGENDA

Mr. Olivas moved for approval of the consent agenda. Ms. Mansell seconded, and the Board approved.

Minutes

March 24, 2014

Page 2

INVESTMENT MANAGER REPORT – PRINCIPAL

Ms. Michelle Fang, Senior Director, Real Estate Product Specialist and Mr. Mike Drysdale, Relationship Manager of Principal Real Estate Investors were on hand to update the Board on the Real Estate Debt Fund. The Fund has become nearly fully subscribed and several investment options have been targeted, though no funds have yet to be called up. The first capital call of the debt fund should occur in mid April. Approximately 5% of the investment pool has been committed to the Principal Debt Fund and the first call should be around 150K.

MONTHLY INVESTMENT PERFORMANCE REPORT - WATERSHED

Mr. Dale Connors, managing director of Watershed Investment Consultants, presented the 2013 Investment report, updated through February 28, 2014. The Fund rebounded from a rough January with an overall net of fees gain of 2.79%, outpacing the index return of 2.75% for the month. The fund total is up to $123 million. The Babson floating rate income account was funded during the month as part of the domestic fixed income pool. March reporting will include the first month of returns for Babson. Mr. Connors also presented the Strategic Asset Allocation and Investment Structure document that gets updated each time we make an investment manager, or allocation change.

OLD BUSINESS

Mr. Nick Vunovich, director of purchasing presented a copier bid by Gobins office supply. The copy machine presented was less expensive than the one presented by Office Systems. Maintenance with the Gobins machine covers all repairs, and toner.

Mr. Thompson informed the Board that we will go live with Smallworld Pension Plan Services for death audits in the next couple weeks. This is the type of service requested by our auditor in order to track retiree deaths timely.

NEW BUSINESS

Mr. Concialdi announced that the Emergency Operations Center will be moving prior to our next meeting; therefore the EOC conference room will no longer be available. Mr. Thompson informed the Board that the Courthouse conference room on the first floor, adjacent to the purchasing department, has been reserved for our meetings for the remainder of 2014 or until our normal conference room becomes available.

NEXT MEETING

The next regular meeting will be held on April 28, 2014, at 1:30 pm. Meeting place will be determined at a later date.

ADJOURNMENT

There being no further business, the meeting was adjourned at 2:25 pm.

Joel Thompson

Plan Administrator

PUEBLO COUNTY COURTHOUSE

215 WEST 10 TH STREET, PUEBLO CO 81003-2992

(719) 583-6026

FAX: (719) 583-6549