Members Present:

Howard Brown, William Brown, Dennis Callahan, Hunter Calloway, Jay Cuccia, Jennifer L. Gilbert-Duran, Jay C. Middleton, John O’Connor, M. Kathleen Sulick, LeRoy Wilkison and Douglas Willis.

Member Excused:

John Hammond

Staff Present:

Judi Lohn and Joanna Winchester

William Brown called the meeting of the Board of Trustees of The Anne Arundel County Retirement and Pension System to order at 12:10 p.m.

A motion was made and seconded to approve the minutes of the November 9, 2006 Board of Trustee meeting.  The motion was unanimously approved. Several amendments to the minutes were made. A signed copy of the amended minutes will be distributed to the BOT members.

• David Mullane and Kevin Nee of Quellos Private Capital Group were in attendance to discuss their firm and the performance of the Diversified portfolio.
• Bill Monagle of New England Pension Consultants distributed and discussed the 2006 Policy Recommendations report, which included the October Finalized Flash Report. 
• William Brown distributed and discussed the Investment Committee minutes for November 16 and December 7, 2006.
• LeRoy Wilkison made motion to terminate Pyramis and transfer 90 million dollars from that fund to State Street and 40 million dollars to GlobeFlex.  The motion was seconded by Jennifer Gilbert-Duran and approved unanimously.
• Kathleen Sulick motioned to approve the rebalancing schedule as presented by NEPC.  The motion was seconded by Jay Middleton and approved unanimously.
• LeRoy Wilkison motioned to retain Huff only for Adelphia Century and NTL until conclusion of litigation and transfer balance of their allocation to Penn Capital.  The motion was seconded by Jay Cuccia and approved unanimously.
• William Brown announced that the Pension CAFR was awarded the “Certificate of Achievement for Excellence in Financial Reporting” for the first time this year.

• Judi Lohn distributed and reported on the monthly Retirement Activity Report, the DROP Statistics, and presented a chart to explain the flow of pension funds.
• Ms. Lohn also noted that a new BOT Roster would be distributed at the next board meeting.

 Other Business

The meeting adjourned at 2:05 pm. The next meeting is scheduled for January 11, 2007 @ 12:00 p.m.