A. BUSINESS ITEMS 1. Call to Order/ Roll Call 2. Approval of Prior Board Meeting Minutes (a) April 20, 2012 3. Participant and Guest Introductions B. OTHER ITEMS 1. Administrator Update – FMAS (a) Ballot Results – Amendment to Indenture, Term Series Option (b) Banking Services/Custodian RFP Results (c) Marketing Update: Annual Conference and Upcoming Presentations (d) Update: FLSAFE Board Insurance (e) FMAS Comments 2. Investment Advisor/Operations Manager/Distributor Update - PMA (a) Economic and Market Update (b) FLSAFE LGIP Portfolio Update (c) Operations Manager Report (d) Update: Cash Flow/ FIIP Value Added Services/Term Series (e) PMA Comments 3. FLSAFE Counsel Comments 4. Participants’ Comments 5. Board Members’ Comments C. SET NEXT MEETING DATES / ADJOURNMENT 1. Future meeting dates: October 2012; January 2013; April 2013