Chairman may assign present.

Lady Treasure had present.

Until I present.

Mr.

Costello is absent.

Mr.

Hirsch is absent.

Mr.

Ritman is absent.

Is that for our army?

Thanks for joining us.

I think this would be a pretty efficient meeting today.

Good afternoon, everyone.

I am going to review just the product exhibits in previously exhibits in the report.

As the board of commissioners were probably the fall July was uh modestly negative month for the markets.

Uh we had the resumption of the town foot in the land, uh push energy prices up, and when energy prices get pushed up inflation expectations they push that bond rates go up, bond prices go down.

So bonds were negative during the month, that shows up in the uh Uber US aggregate index having a negative one point three percent return for the month and negative seven tens of percent for the month of for the year to date through July.

Stock index return for a modest of negative as well, but it's we're pointing out that still through July, we end up with good year-to-day returns, uh, ten percent plus for the SP 500, better returns for small cap stocks and international stocks, and that's where it's kind of something versification of those markets would have paid off.

So the market environment, not withstanding the challenges with inflation, challenges in the bottom line, which are significant, uh the market has been awesome through the first two weeks of August.

So we go to page three through this period of time.

Well, the retirement system's portfolio's index was negative negative six times percent about the problem for the left.

Uh the actual portfolio protected that on the front side of my positive term.

The reason for that, the return was three tenths of percent was uh because of some outperforms, uh compartments running your public equity managers, brands, and also one of the hedge fund portfolios uh did better with the rendezvous that helped the pension system, the retirement system portfolio is showing the upper left-hand side of page three, and the period with six hundred and thirty-six point six million.

I'm rounded down and you can see your date return eight point four percent.

Uh that's six columns in for the left.

Uh one, three, five year returns, 14 and a half, 13.3 and 8% uh respect.

Asset allocation from asset allocation standpoint is shown a second low from the top, second column from the left.

Your equity allocation is 7.7% at the end of the period.

So no need to rebalance above the target, but uh well below the machine threshold.

And then going to the uh I'm gonna skip over page five, if you will, which uh uh page six, uh page four uh the domestic income the fixed income portfolio held 2.1% of the assets versus a 24% target.

So again within the range, not the action of the bill variance, and the yearly return for bond portfolio basically flat, negative one tenth percent.

Uh you have one bond manager outperforming, uh they both perform pretty significantly.

So if you hire the mass of the sales, but it's been a top market for bonds, and really a lot of it's been because of the flower correctly.

Hedge funds also reporting the last page, uh, the performance report, page five.

Uh we can see the stick of the year to date numbers.

Uh the hedge fund brought with my response for turning year the first month's county year, eight and four point six percent respectively.

Uh with that, I just turn it over to Peter and just have him up for the financial reconciliation.

If I think it was really 250, uh, so on page six of the same document, uh, we're looking at the financial rec report uh for the month ending July 31st.

So we can uh group the committee uh uh just an update on past dollars uh looking at performance in a slightly different way.

Um so uh if you look at the top line total plan on the market value of the way to retirement system uh began the month at 652 million, pretty new styles 653 million.

Uh there was the uh typical pension payroll, which reflects the distributions of roughly 8 million.

Uh and we also um uh had the cap continuation on that slight positive return then kind of driven by the reasons that uh Julian highlighted earlier, just about a million dollars.

So the net result uh is a portfolio that's uh uh just shy of 637 million, uh July 31st, 2006.

Um, we did not rebalance the portfolio last quarter, which um ended up being three bazillion, uh, and so that the action in the month uh reflects that um next month uh in August would be uh talking about contributions of companies of the passion plan that have already occurred on the report next month.

Um any questions on the financial reconciliation portion.

No, I usually talk about rebounds in June and Stolmer Thunder.

So that's it with not recommending any uh this period, and we won't do it again.

All right, so I'll stop there and mention.

Great.

Are there any questions and comments on it on one?

No, Mr.

Chance.

See no, I don't think I have a motion to approve item one.

Ryan, second by trying to husband.

Yep, all those compared to say aye.

Aye, aye.

Uh any opposed, any absence?

They're it.

Item two, discussion related to the various trusts here.

Yes, yes, sir.