You are on page 1of 2

MJN1JTES OF THE MEETING

OF THE BOARD OF tRUSTEES OF THE


CORRECTION CAPTAINS ASSOC1AT10N ANNUITY FUND
TillLD ON ,J1JLY 14,2005
A r 233 BROADWAY, NEW YORK, NEW YORK 10279

Trustees present: Peter Meringolo, George Aufiero and Charles Glo ve r.

Present by inviration: Vincent F. O'Hara of Holm & O'Hara LLP and Joseph
Lizzie and Maria Keel er of Morgan Stanley.

The meeting was called [a order by Captain Meringolo.

o Joseph Lizzie distributed and reviewal a revised Asset Allocation Study


(corrected for typographical errors).

A motion was made and seconded 10 accept the revised Morgan Stanley Asset Allocation
Study.

ADOPTED UNANIMOUSLY

o Joseph Lizzie distributed and reviewed a NYC Correction Captains Associ at ion
Annuity Fund Investment Manager Search including the Evaluation Criteria, Unive rse,
Qualitative and Evaluarion/Quamuative Confirmation as well as the process used for each class
o f assets . He distributed a Manager Profile for each Investment Manager. Morgan Stan ley
be gins with the vehicle universe of invesanent managers then selects approximately 200
inves tment managers of which ::I SOl aller group of investment managers arc in each i nvestment
class and finally. the three investment managers who Morgan Stanley is recommending.

A motion was made and seconded (0 accept {he Morgan Stanley Investment Ma nager Search
Evaluation Criteria.

ADOPTED UNANfMOUSLY

o In Large Cap Value and LJJge Cap Growth, the Trustees want to interview all
three lnvestment Managers in Value and Madison and Congress in Growth. In Mid Ca p Value,
the Trustees agreed to allow Madison and Congress to be present as well as Sterling. In S mall
Cap Value, the Trustees agreed (0 allow Mesirow and Greco to present. In S mall /M id Cap
Growth, the Trustees selected Franklin. In International Value {he Trus tee s selected NWQ. III
Intern ationa l Growth the Trustees selected Clay. For Real Estate, the Trustees sele cted Uniplan
Rea l Es tate and for High Yield Band, the Trustees selected ING and SEIX to present. Lastly, for

GOVERNMENT
EXHIBIT

GM - l
Intermediate Fixed income, the Trustees allowed Pacific and Sage to present.

A motion was made and secon ded to accept the above-mentioned Investment Managers [or
imcrvicws for their respective categories .

ADOPTED UNANIMOUSLY

a The Trustees requested that W[S be included in the investment search for Mid
Cap Value and lntermediate Fixed Income.

A motion was made and seconded to include Wright lnvestors ' Service in the investment
search for Mid Cap Value and Intermediate fixed Income .

ADOPTF.D UNANIMOUSLY

o Joseph Li zzie disrributed and reviewed an Investment Policy Statement Outline,


He compared the outline with the existing Policy.

A motion was made and seconded to accept the Investm ent Policy Statement Outline .

ADOPTE.D UNANIMOUSLY

The next meeting is scheduled for July 21, 2005 for Investment Ma nagers
selection .

Dared: July 21 , 2005


New York, New York

PC~~IO~~
..;;6"eorge Aufiero

You might also like