'")

"

MINUTES OF A MEETING

of the

BOARD OF TRUSTEES

ofthe

DETECTIVES' ENDOWMENT ASSOCIAnON

»>:..._;:::::;~.ANNlJITV-FUND,.
.----~..- .
~- -- - - - -.. ~~ - - - - -.. - -.. - - - - - - - - -'- - -- - - -- - --- --
-.. -.. -.. -..

Held at the Detecti6Endowment Association Annuity Fundi,s Office, 26 Thomas Street, New
/ d I
York, NY lJ,007 on the 2" day of May 2007 at 10:45 a.m. ,/
- -.. -.. -7 -.. - -.. --.. - - -- - - - - -.. -.. - -.. - - - - - . -.. - --.. - -.. -.. - - - - - -.. -.. -.. -
~ ~' -

TRusrtES PRESENT: Michael Palladino, Chairman

, Paul DiGiacomo
Victor Cipullo
. . Cecil Martinez
Joseph Cusanelli <

OTHERS PRESENT: Sbaron Robertson, Fund Administrator

Donna M. Cliff, Esq . and Brett D.M. Herr, Esq. of

Mirkin & Gordon, P.C., Fund Counsel

Nicole Haluck of Gould, Kobrick & Schlapp, PC,

Fund Auditor

John Renck and Jack Renck of Monitoring

Evaluation Services, Inc., Investment
Advisor/Consultants

GOVERNMENT
EXHIBIT

GO -5
 Detectives' Endowment Association
Annuity Fund Meeting
May 2. 2007
I. CALL TO ORDER

The meeting was called to order by the Chairman at 10:45 a.m .

n. AGENDA

A meeting agenda prepared by counsel was distributed to the Trustees.

Upon motion duly made by Mr. Palladino, seconded by Mr. Cipullo and carried

unanimously, the Trustees adopted the agenda as presented.

ID. MINUTES

The minutes of the meeting held on January 17, 2007 were distributed and reviewed.

Upon motion duly made by Mr. Palladino, seconded by Mr. DiGiacomo and carried

unanimously, the Trustees approved the minutes from the meeting of January 17,2007 as

presented.

IV. INVESTMENT MONITOR REPORT

A. First Quarter Investment Performance Analysis

Jack Renck presented the performance analysis for the Fund's portfolio for the

first quarter 2007 and reported that the portfolio had a total return of 1.96% compared to

the Consumer Price Index of 1.71 % during the same period. Mr. Renck suggested that

the Trustees consider increasing the international equity allocation of the portfolio,

because there appear to be better opportunities for gains through international investments

at present.

Mr. Renck reported the asset allocation of the Fund's portfolio as of the end of the

first quarter as follows:

• 54% Domestic Equities

• 11 % International Equities

• 17% Government Bonds

2
 Detectives' Endowm ent Association
Annuity Fund Meeting
May 2. 2007
• 1% Corporate Bonds

• 4% Cash

• 1t% Al temati velhedge

Mr. Renck reviewed the investment guidelines pertaining to the Fund's asset

allocation rules.

Mr. Renck distributed and reviewed the Fund's investment summary for the fiscal

year as of April 30, 2007 and reported that the portfolio had an overall rate of return of

4.5% compared to the 5.1 % return of S&P 500 Index, the 8.7% return of the EAFE Index

and the 1.81 % return of LBGC 1-3 years index of 1.81 % for the same period.

B. Wright .Investors - New Investment Manager

Mr. Renck discussed an investment management company, Wright Investors,

which has an international product that invests in ADR equities and has been doing

particularly well. He reported the following returns for said manager:

Wright Investors S&P 500 EAFE Morgan Stanley

FYE 2006 28% 15% 25% 22%

3 year annualized 21% 20% 16%

5 year annualized 15% 15.3% 15%

After discussion, the Trustees requested that Mr. Renck arrange a meeting with

Ken Singer of Wright Investors prior to the next meeting to present and discuss this

product.
 -e ..... - ... ......,~y.....,A......a.~.L.,A....A.:.IJ..a

The next meeting was scheduled for August 29,2007 at 10:00 am.

There being no further business to come before the Trustees, upon motion duly made by

Mr. DrGiacomo, seconded by Mr. Cipullo and carried unanimously, the meeting was duly

adjourned at 12:40 p.m: