CIVILIAN AND POLICE PENSION BOARDS

The Civilian and Police Pension Boards met on November 21, 2007 at 1:01 p.m. with Chairman Hogan presiding. Members present were Mr. McGiffin, Mrs. Mitchell, Mr. DePrima, Mrs. Rigby, Mrs. Braun, Chief Horvath (arrived at 1:22 p.m.), Ret. Lt. Mullaney, Ret. Capt. Gray (arrived at 1:05 p.m.) and Ret. Lt. Knotts. Mr. Lucas was absent. Mrs. McDowell was also present.

AGENDA ADDITIONS/DELETIONS

Ret. Lt. Mullaney moved for approval of the agenda, seconded by Ret. Lt. Knotts and unanimously carried.

Quarterly Performance - Presented by Lee Martin of Peirce Park Group

Mr. Lee Martin of Peirce Park Group reviewed the Quarterly Investment Performance Analysis as of September 30, 2007. Mr. Martin explained the various investment strategies and reviewed the Performance Summary for the General Employee and Police Funds, as follows:

GENERAL EMPLOYEE FUND

                                                                TOTAL FUND                     POLICY INDEX

            Quarterly Return                                  1.4%                                      2.1%

            Year-To-Date                                      8.1%                                      8.0%

            1 Year Return                                      15.0%                                    13.9%

            3 Years Return                                     12.8%                                    11.0%

            5 Years Return                                     11.0%                                    12.2% 

            Total Assets                            $18,638,760

POLICE FUND

                                                                TOTAL FUND                     POLICY INDEX

            Quarterly Return                                  1.4%                                      2.1%

            Year-To-Date                                      8.0%                                      8.0%

            1 Year Return                                     15.0%                                     13.9%

            3 Years Return                                    12.7%                                     11.0%

            5 Years Return                                    10.8%                                     12.2%

            Total Assets                            $13,641,672

Mr. Martin advised members that the changes made for this quarter had positive effects on the funds. It was his opinion that members should consider the addition of a fund to provide overall diversification. Mr. Martin reviewed material provided (Attachment #1), as prepared by Pierce Park Group, which included detailed information regarding recommended Small Cap Growth funds for possible inclusion to the portfolio.

Mr. DePrima moved that half the funds from the DFA US Targeted Value Fund be applied towards the Royce Value Plus for both Pension Funds, seconded by Ret. Lt. Mullaney and unanimously carried.

Mr. DePrima moved for adjournment, seconded by Ret. Lt. Mullaney and unanimously carried.

Meeting Adjourned at 1:50 P.M.

Respectfully submitted,

Kenneth L. Hogan

Chairman

KLH/TM/jg

S:ClerksOfficeAgendas&MinutesMisc-MinutesPENSION200711-21-2007-CivilianPolice.wpd

Attachment to Original Minutes and File Copy

Attachment #1 - Material Prepared by Pierce Park Group