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Home My WebLink About1992-05-28 - Agendas - Final• • • Fire Pension Agenda Items For 5128192 FAYETTEVI LLE • CITY OF FAYETTEVILLE, ARKANSAS SHERRY THOMAS, CITY CLERK • • April 20, 1992 Mr. Dwayne McChristian P. 0. Box 1128 Siloam Springs, AR 72761 Dear Mr. McChristian: As required by the Firemen's Pension and Relief Board, a Pension and Relief Fund Affidavit must be completed and filed with my office each year. This form has been mailed to you, but you have failed to return it to this office. Under the direction of the Board, your May pension check will be held pending receipt of this affidavit by my office. Enclosed for your convenience is another copy of the form for you to complete and a return envelope. I will be more than happy to help you in any way to complete this form. I am a Notary Public and will be glad to notarize the form for you. Please complete the form and return it to me so that we will not have to hold your pension check. Again, if you have any questions, give me a call at 575-8323. Thanks for your help in getting this form completed. Sincerely, ,fly 2, SJ Sherry L. Thomas City Clerk Enclosure cc: Fire Pension Board 113 WEST MOUNTAIN 72701 501 575-1323 EA'ETTEVILLE • CITY OF FAYETTEVILLE, ARKANSAS SHERRY THOMAS, CITY CLERK • • • April 20, 1992 Mr. Arvil King 905 Lake Sequoyah Fayetteville, AR 72701 Dear Mr. King: Pursuant to A.C.A. 24-11-819(c)(1): "At least once each year during the first five (5) years, or as often as required by the board following a member's retirement for disability and at least once each three (3) years thereafter, the board may require any disability retirant who has not attained the normal retirement age to undergo a medical examination by or under the direction of a physician or physicians designated by the board." Thus, the Fire Pension Board voted unanimously to require that you see your physician, Dr. Runnells, for an examination. Please ask that Dr. Runnells forward the findings of his examination to the Fire Pension Board at this address. Thank you questions, Sincerely, for your assistance in this matter. If you have any please do not hesitate giving me a call. Sherry L. Thomas City Clerk cc: Fire Pension Board City Manager Scott Linebaugh City Attorney Jerry Rose 113 WEST MOUNTAIN 72701 501 575-1323 FAYE1`1'EVILI.E o B 0 CITY Of FAYETTEVILLE, ARKANSAS SHERRY THOMAS, CITY CLERK • • May 7, 1992 Mr. Arvil King 905 Lake Sequoyah Fayetteville, AR 72701 Dear Mr. King: You called the office and stated your regular doctor is not Dr. Runnels, rather Dr. McDade and you have an appointment with him on June 9. That will be just fine. The Board's intent was to get a medical report from your "regular" doctor. Thank you for bringing this to our attention, and if I can help in any way, please give me a call. Sincerely, Sherry L. Thomas City Clerk cc: Fire Pension Board members 113 WEST MOUNTAIN 72701 501 5754323 ~AYETTEVI LLE • THE CITY OF FAYETTEVILLE, ARKANSAS SHERRY THOMAS, CITY CLERK • April 20, 1992 Mr. Roy Skelton 324 S. Buchanan Street Fayetteville, AR 72701 Dear Mr. Skelton: Pursuant to A.C.A. 24-11-819(C)(1): "At least once each year during the first five (5) years, or as often as required by the board following a member's retirement for disability and at least once each three (3) years thereafter, the board may require any disability retirant who has not attained the normal retirement age to undergo a medical examination by or under the direction of a physician or physicians designated by the board." Thus, the Fire Pension Board voted unanimously to require that you see Dr. Allen Tuft, 1615 W. Persimmon, Suite C, Rogers, Arkansas 72756, phone 636-1349, for an examination. Please ask that Dr. Tuft forward the findings of his examination to the Fire Pension Board at this address. Thank you for your assistance in this matter. If you have any questions, please do not hesitate giving me a call. Sincerely, ctitinv Sherry L. Thomas City Clerk cc: Fire Pension Board City Manager Scott Linebaugh City Attorney Jerry Rose 113 WEST MOUNTAIN 72701 501 5754323 1 1• 1 1 1 1 1 1 1 1 • 1 1 1 1 1 1 1• 1 1 QUARTERLY REPORT March 31, 1992 CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND • NM Capital Management, Inc. Quarterly Investment Comment First Quarter 1992 FIRST QUARTER 1992 REVIEW Following a significant 10% advance from mid-December into January, the broad stock market experienced a mild correction during the remainder of the first quarter. The Standard & Poors 500 (including reinvestment of dividends) returned a negative 2.5% for the three months. The Dow Jones Industrial Average, on the other hand, showed a slight positive return during the quarter due to its heavier weighting in cyclical stocks. A quick and unhesitating rise in interest rates during the quarter caused a correction in the bond market and had a negative impact on stocks Bond index returns were down about 1.5% for the three months. From the lows in early January through the end of March the benchmark 30 year Treasury bond yield rose • from 7.5% to 8%, while yields of the 10 year Treasury rose from 6 8% to 7.85% and the 3 year Treasury note rate rose from 5% to 6%. The growing signs of economic recovery during the quarter turned investor expectations of lower interest rates to the conclusion that rates had probably reached a cyclical low and were now likely to trend higher. While the recent rise in interest rates negatively impacted bonds and stocks, signs of economic growth should bolster confidence that the long awaited recovery in corporate earnings is likely to develop during the second half of 1992 and 1993. ECONOMY AND INVESTMENT OUTLOOK As the quarter progressed, new economic data showed increased signs of recovery. Leading indicators rose in February for the second consecutive month. The consumer confidence indices finally turned up in February after months of decline. Personal income, consumer spending, and factory orders were up in February. A modest growth in payrolls in March held unemployment at 7.3%. These recent economic statistics offer new evidence that the economy is entering a period of slow but sustained recovery. Three months ago, many questioned whether lower interest rates and increased money growth were enough to get the economy moving forward. The need for tax cuts was a popular discussion. It did not take long to see that election year politics would make any quick agreement on meaningful tax cuts impossible. Now the economy is showing signs of life without fiscal help. The burden of stimulating a recovery has been on the Fed and monetary policies are now having a positive impact. If the economy falters in these months ahead, the Fed will likely add further stimulus through lower interest rates This is an election year and the nation's economic health is the issue. The growing signs of recovery, however. suggest that short term interest rates may have bottomed and that rising rates in the months ahead may stifle a recovery and/or renew fears of inflation. Signs of a modest pick-up in economic activity over the last two months have already moved interest rates higher. This rather dramatic rise in interest rates over the last three months might have posed more trouble for the stock market were it not for the prospect of strong cyclical earnings recovery on the horizon. Inflation has slowed over the last twelve months. The Consumer Price Index was up only 2.8% for the 12 months ended February and the Producer Price Index of finished goods showed only a 0.4% rise for the same period. In a slow recovery, inflation is not expected to accelerate. Consequently, concerns about rising interest rates due to ' rising inflation or tight monetary policy •appear premature. The rapid rise in interest rates during the first quarter appears to fully reflect these concerns. If instead of a slow recovery (the consensus view) the economy begins to show unexpected strength, then concerns about higher interest rates and inflation become valid. Whether the economy grows slowly or with unexpected strength, investment in value oriented stocks appear to offer substantially more potential than bonds or money market funds. Cash appears to be the least attractive holding. EQUITY STRATEGY Our Year End 1991 Comment addressed our conclusion that a number of consumer growth stocks, such as the drug issues, had excessive values compared to the less popular shares of companies with slower or less consistent earnings growth. During the past three months many "growth stocks" have suffered price declines of 10-15% compared with the Standard & Poors 500 -2.5%. With a focus on "value", our stock portfolios generally outperformed the S&P 500 for the quarter. Contributing to our favorable equity performance has been the value we perceive in a number of the economically sensitive stocks. Selective consumer cyclical, capital goods, and technology issues are benefiting from confirming signs of economic recovery. After several years of cutting costs and the restructuring of assets, a number of these cyclical companies are on the verge of substantial profit growth as the economy recovers over the next several years. Focus Equity Comment As anyone can tell you who's recently "lust missed" a birdie on the 18th hole because his concentration was broken by the jarring "ring" of the mobile telephone in his fellow player's golf bag, we are living through an absolute explosion in the expansion of telecommunication service and technology A worldwide neural network of copper, microwave, and fiber-optic cable is expanding and connecting at an astounding rate of speed. Even third -world countries are finding the shares of their recently privatized and historically monbund telecommumcation infrastructures a virtual gold mine as international investors rush to bid up the shares. Looking across the universe of telecommunication investment opportunities, we tried to find a beneficiary of this phenomenal growth which had either not yet been "discovered" or which had fallen from grace due to a change in investment "perception". The common shares of United Telecommunication, now known as Sprint, appear to provide just such an investment opportunity. Perceived as a "growth stock" in mid-1990, the shares peaked at $46 40 and 27X earnings, a premium to the broader market usually reserved for growth drug stocks. Recently the shares have languished at $22, having underperformed the market for almost two years. Now valued at a 30% discount to the averages and some 50% below their peak price in 1990, the shares are also selling at a pronounced discount to their "peers" in the Long Distance business, AT&T and MCI. What happened? Perception changed. Did the future growth potential of the company change? Did the underlying economic or technological fundamentals deteriorate? Careful analysis indicates that the answer to both of these questions is probably "No". In fact Sprint's recent innovations in flexible public network data transmissions indicate that the company may pull ahead of its peers in terms of growth and profitability over the next two to three years The downside risk in the shares appears to be limited by a net asset value in the company's local telcos of around $20 per share --- indicating that by buying the stock in the low $20s, one is actually getting a free "call option" on the growth potential and long distance technology at Sprint. In 1990, when the shares were popular and priced at $46.40 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1• 1 per share, investors were paying around $24 per share for Sprint's long distance potential. • Now we are able to buy it "for free". This is "value" investing in the truest sense of the word. Buy your "straw hats" in December and sell them in July. When investment "perception" changes again and Sprint is once again in favor, NMCM will gladly sell our shares to the herd of renewed optimists who were so hopeful in 1990 and are so "gloomy" today. FIXED INCOME STRATEGY Our fixed income strategy continues cautious given our outlook of domestic economic recovery and the possibility the recovery may strengthen faster than generally anticipated The odds are that short term rates have bottomed and bond yields reached cyclical lows in January However, we think that the rise in interest rates over the last three months reflect an overreaction to fears of excessive Federal stimulus, high levels of government borrowing, and resurgent '• inflation. Don't be surprised to see bond and 1 mortgage rates remaining at or near current levels for many months to come. We will remain focused on intermediate U.S. Treasury securities with an average portfolio maturity of approximately 7 years. With the seven-year Treasury yielding 7.2% and the ten-year at 7.5% on March 31, and assuming inflation of 3%, real returns of 4.2 to 4.5% appear quite attractive historically and particularly compared to the 3.4% and 3.8% real returns in early January, when interest rates were lower. The 7.2% yield on the seven-year Treasury on March 31 also compared favorably with short term CD, money market, and Treasury bill yields of 4-5%. Despite the current steepness of the yield curve (short rates considerably lower than intermediate and long rates) we believe intermediate notes offer the best return on a risk/reward basis. As the economy strengthens, some further increase in interest rates (particularly short rates) is likely. Consequently, any decision to lengthen maturities beyond our average of seven years will not likely occur until later in the year 1 1 1 1 1 1S 1 1 1 1 1. 1 1 REPORTING PERIOD: 01/01/92 TO 03/31/92 FAYETTEVILLE FIRE P 6 R A/C 107-FAYEPR • STATEMENT 2,524,732 M MARKET VALUE AT 01/01/92 I- r W W J C < L > NET ADDITIONS/WITHDRAWALS INCOME EARNED n P Z O r t1 0 W O 0. 0. O L N < N J J < < r W C O. < v M W W Y 0 0 0 > z 0I- - O O Z W W O O 3 J X L N 0 r O < 0 O LL O O < h- N MARKET VALUE AT 03/31/92 N O 0 0 2,508,179 0 INCEPTION W z a CO I- X IDr W Z I- 0 < L J N W < < O W Y O s- I- r L W r W I- O < L J C1 4 N < r Z N N N 10 m m < 2 b O A N N N O P N < n 10 N N N N N N N N P • n - - 0 N 'D 10 P h N O O P IO 0 1. o O O ovvon N N N O P o ID - - - O N ID N• N N N N ID • 01 P C. IO 0 01 C• O • O• O N O O N- 0 0- 1 • 1 1 I 1 • O at N N N N ID • 01 P C. 0 0 01 1. 0 Op • . . . . . . . O• O N O O N- 0 0 •- 1 I• 1 1 I 1 • ( _ TOTAL FUND GOV/CRP BOND O M^ V XJ O O W J r La 0 L Z m -� C •••' W V r W < W Z -0 0 C F Z d 0. Q M 0 Cr 0 IAA. OC Z I-- j 7 WO 0 0 0<> CO X C W ZF nX0oz C. Z - 0 W f./ CO O 3 W O. J Z L h- < X O 0 J N 1 (' O LL W L W 0 CO 3 O M O r - W O G W 0 G 0 C.: 3 • 1 1 1 1 O: J 1 N w 01 V N V M V 10 w O 0 1 0 D W 1 1 V- 1 M N P N M N N M- N W CO 1 10 M • 1 CO 1 1 1 1 1 GSECW ONFBE 1 O W W 1- 4 0 0 00 - z - O 2 10 N O w V O N m M V N w O N N .- N N .- M N m N M V N N w 10 0 w w O N N 0 0 0 • 0 CO w 0 N 0 V m- e 0 P 1I- 00 0 4- 4-010•101010 0 X 0. !1 0 0 m CO 0 0 N .- N 10 V V V - 10 W J < CURRENT TOTAL COST INVESTMENT SUMMARY h 0 M V - - O 0 0 M 0 ▪ O w 0 0 • ▪ M 0 0 M N O h N 0 V w N N- O O N O 0- w M V O N - M CO w O V N V M w O N V N M e V N 14- N - M - - - 0 10 0 0 m N- O m N 0 V V 0 0 m T w 0 V 0 0 w o V 10 O e V w w w 0 V V e N- m N e N e w N N N CO N N N M O N 01 01 - - - 0 - - CASH EQUIVALENTS w W I- w - O Z D D O Id CO W w W ✓ W < O 0 0 W Z W O W Z X- W TOTAL FIXED INCOME w W 1,251,763 w c w 0 D w w W 01 < 1/1r 1 < 0 0 r - Z K W O 0: - D Z O< D Of - W 2 0 0 0 O< D J W W W J Z- 4 In L L< Y- t) r W w 7 0: h w 0 Z- O - w w W- 0< J r r Z Z r S w W w Z w D 0 V O W L 4 O. O W 2,476,456 TOTAL INVESTMENTS 0 ACCRUED INTEREST ACCRUED DIVIDENDS n w 1• N 1K O 0 O TOTAL VALUE NM CAPITAL MGMT, INC. 1 1. 1 N C o n m O W n IN n m D 0> M n CO m m n ' M \ o n n o 0 0 o O M w w 0 n O n n n L P M n n n n < 0 0 0 M CO W m m n W - 2 — — I 0— Z I LL r 1 n N M M M N m O C I O 1 M P m P Q W 0 N d 1 1 W n W co — co W n ' i0 Q W P M M M n M J 0 W n n W m r 4 W> M n M • co n ▪ P m Y m 0 co 0 O O Q C J — co — — N N 6 < E r C 0 I- r m z W d C co W O co W co Q n n ' W 0 . . ▪ . - n m Q n C 0 C n W W n N 0 LL O d 0 O O O 0 Of •W J ' J I r n • co P P Z 0 0 N 0 P P O 0 0 0 M M W - 0 r r CO 0 0 m 0 r < J 01 0 N m m W r < — N ' > 0 0 4 O O LL 1I- 2 1 1 1 GSECW ONFBE 1 W w < 0 0 o CC rc 0. > d > I 4 CASH EOUIVALENTS n O n N co O M P P P n 0 O - 0 0 0 co o - o o to of - - o o 01 0 O O FIXED INCOME SECURITIES INTERMEDIATE BONDS REAS NTS n n m CO m N z n Z — 0 \ W N. 0 Q c n c O W O C 0 09/10/97 m m OS m m m 0 \ r N. r \ ZOZIDZIO W m \ m \ ▪ - m \ < P < — < O W — W — (0 C C L r 0 0 M 0 0 0 CO n 0 0 W IN W 0 J n J n W n W 0 I- M r n r n r— r m r n 4 IC ..... m Z m r n r n 0! W 0 CO J J 0 4 4 W C C 1- W W - O O Z W W 0 LL LL O O 0 0 0 0 O 0 0 O O 0 N 0 0 N 100,000 UNITED 200,000 UNITED 250,000 UNITED M O P TOTAL INTERMEDIATES m N n O co M O P CO 0 Q n m TOTAL FIXED INCOME MGMT, INC. I U. I.- O K 0 e t d I W I I c I J I- < Z > ▪ J c < < C r K 0 ✓ r K0 z W d D: K W ' W 0 O Z O 1 Z D 1 Id. 1 d W J J 11- 00 W - c� ✓ r < W C < ' > 0 0 O 0 IL I- 1 1 1 GSECN ONFBE 1 0 0 • 0 < 0 0 0 V V 0. > d > EQUITIES CONSUMER NON -DURABLES V N 0 0 40 0 M o 0 ▪ m n N 0 0 N • N n n n V N e M o 0 mer) f P n MIDLAND C ARCHER DANIELS d O V O J 6 O J o < O Z z O < O < E Z C 0 0 0 0 0 0 CO n P - N o N O n N 0 N N P 0 0 0 O 0 m N n n o M N 0 N - 4- 4D 0 m V ea N TOTAL CONSUMER NON -DURABLES CONSUMER DURABLES Al - N N A. n n m e n n M ▪ n 0 P N NNV P - 0 ▪ f - M n - o 00<oi O TTO N 0 N O 0 - - N ▪ 0 P N N N M 2,300 ARVIN INDS INC 1,600 BROWN GROUP INC d 0 V d 0 0 0 O d J o O K Z ••• I- 0 0 0 0 0 CI N 0 TOTAL CONSUMER DURABLES INTERMEDIATES M e O N N N O 0 0 O N 0 OD 0 0 o O n n n N N N - n u M f P O n n If) N o - n N S00 ALUMINUM 2,200 JAMES 3,000 LAFARGE CORP W 0 O < N d 0 M UMW n TOTAL INTERMEDIATES NM CAPITAL MGMT, INC. 1 10 • I D. 0 O a O K 0. 1 W ' 1 C 1 J H < OL • J < < ' K 0 H f 41W d K K W ' CC W O 0 - f 1 0: LL I d • W J 1 2 CO) O O W F - 1- I- < J W E < ' s 0 0 ch. O O z z W O 0 111 0 • 0 0 rc 0 D 0 D. > 1 1 1 GSECW ONFBE 1 1 < CAPITAL GOODS 0 0 0• 0 A 0 n O O N M) - N N Co) 0 0 0. 0 0 0 0 0 0 0 0 01 0 4. 0 0 N f o 10 0 N n m 0- N N n n Non • 0 0 N n m O N N n 0 • 0 N P 0 P 4. 0 In • m o co n f— N V N f 0 0 f n n N 0- n P P f N 0 N n N 0 W 0 N O - 0 0 10 < V • N - 0 6 0 - 0 0 01 0 n — N O) ID • N n Woo O 0.,0 O 0 • n O 0 f N ID ▪ n 19 to Co) P n Co) V) C. C. O n N n O 0 0 A h. A•• n N 0 N O 0 0 0• O ▪ 0 0 0 n 0 0 N 0 f 0- - f CO h N N V) N N P 0 n 0 n N 1•• N 0 0 A P m n N f 0 O 0 0-• N P 0 O 0 0 n- n n P - 0 0 P- 0 0 m N n N n••• - f O n N- f 2 0 0 W J 2 W V - 0 Z 0 m 0 W J o < 2 0 LL 2 2 O > O - 2 0 O W O O z 0 H < 4. < J Y < 0 0 Z O H> O N 0- O J<c - W O Z Z Z • 0 W Z 0 - Z 4. O Z O K K c < < m - L f f O 0 0 0 0 0 0 O 0 0 0 0 0 0 IN. P- P n n N V 0 - - N 1,000 UNITED TECHNOLOGIES CORP • P 0 ' n 0 /. N • P O 0 O ID O • n N N P P n 0 0 TOTAL CAPITAL GOODS • 0 • 0 V 1% C7 n n N N f N W Y Z 2 W 2 CO f - W < L 0 O O x 2 CC IJ O 1- 0 dexo W O Y J 0 0 c W Z O O o 0 O 2 C 0 0 0 0 0 0 O 0 0 N. • • • W - - 2 W 1,200 SOC NATL ELF ACOUITAINE O H TOTAL ENERGY MGMT, INC. U > ' J 1 2 m O O W 0 U H f F < J W L < I > 0 0 < O O LL LL I- X W ' m •< m 0 O 0 K U 7 0 Il > 1 1 1 GSECW ONFBE 1 1 < MISC INDUSTRIALS 19 N P m N 1 P O 0 0 0 0 0 0 0 N N P m ID N A 0 N n n 0 0 N N O n P •- ID m 0 P V• ONO ID m P n N N tl O tl d- 10 N tl o O • o N 0 CO CO CO O N- V P O tl 60 DEUTSCHE BANK A 6 TOTAL MISC INDUSTRIALS FINANCIAL 0 O N A 0 A 0 N ▪ n A P ▪ P N 4- • N P n O A O A ▪ n A P P ▪ P O N CO N O A 1,000 FEDERAL NATL MTG ASSN LL C O U CO • 0 2 C Id • D. CO C t 0 0 O U o O m D 1- . < m Z d C W O 1 - LL J m 0 0 0 O 0 0 0 P A tl m o o n N tl A tl m P 0 0 OI CO ID N • n m A • • P N N I- A O 0 O TOTAL FINANCIAL PUBLIC UTILITIES ID 0 0 0 N 0 0 0 ID 0 ID 0 N b N P N m m N 0 0 O ID tl A 0 N N O m P N P m P A P O N tl 4- m N N • P N 1,000 HOUSTON INDS INC to Z 0 U 0 ▪ - CO co W 1- .1 J WO 0 Z < < U U J Z - m •- 0 0 C LL (D 0 W Z O J 0 I. W J Z 1- 0 0 0 0 0 0 ID 0 0 • O n TOTAL PUBLIC UTILITIES o tl W W O m < O D. 1,251,763 TOTAL EOUITIES MGMT, INC. 1/ 1n 0 N W W < < 0 O — 2 i O_ Z 1 1 1 GSECM ONFBE 1 2,476,436 TOTAL INVESTNENTS 0 O n n P 01 O N N ACCRUED INTEREST ACCRUED DIVIDENDS O O O 2,308,179 2,318,911 TOTAL VALUE 10 W 0 d MGMT, INC. J de 1 - LL < O 2 • If JAL krAmon • %744 FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/91 TO 07/31/92 NII CAP1TAI.... MANAGEMENT ROXBURY INCOME_ ACCT w.thdrawalEp deposit 7/31/92 • ••• MONTH TREASURY BILLS D,Y1:A W/I)XV REINVESTED S & P 504 W/DIV REINVEST LONG TERM TREASURY FONDS H XCFH BRADIP:: CORP BONDS CPI (JUNE) NM E.Ri-'11'AL. ROXBURY INCOME ACCT (time wtd) deposits; 100,0C'C withdrawals: 84,000 12/31 /'31 $2,523,916 796, 707 $2,821,624 - 84,000 2,837,624 12/31/91 + 6.38 +24.31 +30.48 + 18.43 419.65 + 3.21 + 19. 73 440.73 + i2.70 INVESTMENT- INCOME PORTFOLIO (NM) 12/06/85 04/23/87 07/31/92 641, '75 779,018 2,965,798 7/31/9e + 2.49 + Ed. + .:. 50 + 4.40 +. E . + 1.. 67 + 4.67 -•• z,:.2 + 5 E'0 51,000,000.00 647, 58`;. 00 *1,647,585.00 EE:OLJ:(TY PORTFOLIO (ROXBURY) W ITHDRAWALS: JANUARY. FEBRUARY MARCH APRIL MAY OE420/86 10/01/86 ▪ . $27,000 17,000 20,000 15,000 5,000 i; 3141 657.04 195,000.00 507,657.00 JULY AUGUST. . SEPTEMBER . OCTOBER . . NOVEMBER. 0 0-29-1992 11:28 FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/91 TO 09/30/92 NM CAPITAL MANAGEMENT ROXBURY INCOME ACCT withdrawals deposit 7/31/92 3 - MONTHS TREASURY BILLS DJIA W✓DIV REINVESTED S & P 500 W/DSV REINVEST LONG TERM TREASURY BONDS H IGH GRADE CORP BONDS CPI (AUG) NM CAPITAL ROXBURY INCOME ACCT (time wtd) depositst 1001000 withdrawals: 84,000 12/31/91 $2, 323, 916 796, 707 $2,821,624 - 84,000 +-MAN 2, 837, 624 12/31/91 + 6.38 +24. 31 +30.48 +18.43 +19.65 + 3.21 + 19.73 +40.73 + 12.70 INVESTMENT( INCOME PORTFOLIO 12/06/85 04/23/87 (NM) 09/30/92 $2,672,909 761,157 3,002,411 9/30/92 + 3.13 + 5.58 + 2.46 + 6. 75 + B.33 + 2.18 + 6.40 4.46 + 5.97 $ 1,000,000.00 647, 585.00 $ 1,647,585.00 EQUITY PORTFOLIO (ROXBURY) 06/20/86 10/01/86 WITHDRAWALS( JANUARY. . . .$27,000 FEBRUARY . . ▪ 17,000 MARCH 20,000 APRIL 15,000 MAY 5,000 JUNE 0 $ 312,657.00 195,000.00 507,657.00 JULY AUGUST. . . SEPTEMBER OCTOBER . . NOVEMBER. . DECEMBER O 0 0 P.02'02 1 • • F'AYETTEV11-,L.E: FIRE DEPT PENSION AND RELIEF.' FUND PORTFOC...Ic:, I;'FE:RFC+RMAN:;E: 12/:3i./91 "Tp 12/31/92 NM CAPITAL MANAGEMENT ROX1;+URY 1NCUp]E fic::C:;F. withdrawal . cJerpc•tAt 7/;;1/92 CHECKING ACCOUNT •I'REfd5;1'RY tBIL.1.. • MONTHS 1I'tE=RSURY BILLS DJI6l W/D1V REINVESTED S 8 P SOO W/DIV REINVEST LUNG TERM TREASURY BONDS H IGH GRADE CORP BONDS L:.:p1 (1:9::)2.) Mm CAPIT(AAL.. ROXBURY INCOME ACCT (time wtd) deposit: 100,000 witlrcir„.+wc1iv; 84,000 /9J. u?/41/SE: 761 , V31.9 •/.:)(;,707 7 ;)9, se, ;.;aa, '_i J E.. P2, (3::1, 6as4 .... 84,000 + .1000(1 2, F.i::3'7, 624 12/31/;11 +' 6.2H +30.48 +16.43 + 19.65 + 3.121 +19.73 +40.73 +22.70 INVEE.;IME:NT: INCOME POR1'i DLICI (NP]) WJ 1 ':/ Oa/I3;) 04/23/8 or E; 44 tit<3 /3�1,/”- 157, 961 s,td ek, XidtAi.#• 7.9;H:>_ /36ti 4c4C t- -+- 9. O f .+ 3. i CP .+. CI .w+� AVeR .wa 7r9(. /160k fI- ;:i.-+et.P (4.42/ems • 9 1, Ooo, 001,. 00 647, ;'185. 00 ,f•1, 647, 565. 00 L-,:LdU1TY F-'gRIFUL10 C(OX13URY) 10/01/H6 fHDRAWRL ;:: J(]NI.IARVs . . .4271000 f-.IcuRUARY . . . 1'Y, 000 MARCH ?0,000 AI:Fi IL. . . . . 1 S, Oo0 MAY 5,000 JUNE $ 31E, fa;i 7. OC, 19L, 000. 00 t1i07, 657. +0 JULY 0 (ULJI.JST. . . 0 SEPTEMBER . q Nr1VEMPFrt. .. 0 DECEMBER i • FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/91 TO 3/31/92 NM CAPITAL MANAGEMENT ROXBURY INCOME ACCT withdrawals 12/31/91 $2,523,916 796, 707 $2,821,624 - 641.000 2,757,624 3 - MONTHS TREASURY BILLS DOW JONES IND AVG W/DIV REINVESTED S & P 500 W/DIV REINVESTED LONG TERM TREASURY BONDS H IGH GRADE CORP BONDS CPI (FEB) NM CAPITAL ROXBURY INCOME ACCT (time weighted) deposits: 0 withdrawals: 64,000 INVESTMENT• INCOME PORTFOLIO (NM) 12/06/85 04/23/87 3/31/92 $2,506,980 771,407 2,770,300 3/31/92 + .99 + 2.84 2.50 3.69 1.00 + .51 - .67 - 3.18 + 1.10 $ 1,000,000.00 647, 585. 00 $ 1,647,585.00 EQUITY PORTFOLIO (ROXBURY) 06/20/86 10/01/86 W ITHDRAWALS: JANUARY. . . .$27,000 FEBRUARY . . ▪ 17,000 MARCH 20,000 APRIL MAY JUNE JULY $ 312, 657.00 195, 000.00 507,657.00 AUGUST. . SEPTEMBER OCTOBER . 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O N DO DM rO >oro+-im co CO cof+ cofal Cl2 CO CO•l N A Mat m3 mr O 2 - mat mal mM MalA OOIP ma DC MC N 0 m+ DCC DCC C- b MA MC <0 A+ 0 0 0+ 0+ 2+ tir 0- 0• +J O• N\P VNO ut+0 ▪ NN0 V+N+ JNP DO OViJ 0V+ OVN OMM Call+ OM2 MOO. 02 0 0 0 0 0 0+ 0 0 mJ O N C O N 3 0N J 0+ 0+ 0+r 0+2 00 00 002 OC M 0%00 Ob OM SL'ZOl L6/5l/OL 0 O 0 0 N N _ \ \ \ \ 0 C C m \ \ \ \ O b + ▪ N b •0 b b F b b CO • W J J F J 0 Vt + ZS'OOL 1.6/90/ZL L9'OOl 1.6/5l/ZO N 0 b WOOL 06/12/ll 0 b F F F N 2I J w N F b b b Ca 0 F 0 VI CO J m 0 N w F N VI 0• W b J - b a J b b OO b b b b 0 J b 0 N W J b Ca VI J 0 VF • CO V N J b O a N b + CO N w 0 J F CO b Ca ut J j J j 0 N F ut J ut b J b W O' N W F N F CO e u 0 Co F N a W b N O m • to J ut a b b F w N W 0 N + N co `0 F F Ca - F VI N V 0 W ▪ N J 0 0 J W O ut J O O ut J 0 + 0 0 Vi CI x x NO ON 0 Os a F 0 w u• t W b b -4 b W W W N + VI N SON09 31V8Od800 D D 2 < 1 NOIldIN3S30 Al1tl033S D 0 cD - Am m m O W OC W Mz --/J W Doo Nmti N - J r m •o30 A rti OI, mz mm tim O m < 3N ✓ m- rcm D n 1 J m v c 02 -m r -m 0 • r W r W O - 0 v 2>0 J0-1 MO- MAX 0- MA MCD> 0(11-.4 J O m 0 m -DN 22-4 02- O CX > m r-4 0 0 <C —X alma rm oz 011011NOd 1N3LN03 FAYETTEVILLE FIRE PENSION AND 1N0033V VWOU 1N3113 A3M 90W7950 -Id Z6/l£/f0 Ol Z6/6E/ZO J 0 M • • FO N VN O N J 0 0 J O N 0 J N 0 0 0 0 0 0 <4- J I V OM 000 D N 020 0rm - -4 0>0 ax s> c0A m • m I r O r m mo -m r m o zx -D > O 2 -4 - mo 1r -wiz mo mc no om m0 =DO ma 00 0rrzn i0 r1 MN m m- ox 0 0 C z cm m z D m pr O m0 MD 1m -0 D O Om 01 2m 0 -4 CM 0 mm m< 0 O 9 D F zz 1r m Oa Z2-0 Do 01 r 0 10 m 1 m - m 0 0 O om mm m x m- m m0 o z - Dm 1z O mo > J mm -cr O 1 m- mD r0. 1 001 om co m• o omw ms 0 o J 001 - 0 O O0 oc m0 DM MO mm ma m 2 o 01 vm 01 '0 00 to mz yr 01 -O .m 1- 1 -2J 0m mom CO 0010 11 • m 21 VI OD 10 1 O 00000 D 0D0>0 0,30700M 2-0M-029 00D0D00 OODODOD CO -10-40M ssmznAm -m m m 00000 < 000000 0 2 0 2 0 2 0 C z z z w m m m m 0 m '1 1 1 m m O C 0 C 0 C D O N O N O N O 0 - 0 w - N 0 - b ma 10 O J 0 J O 000 D ODO 0 1 0 1 2 9 2 9 mD>Do 00>0> 00-10-1 A m F m -M m 1--a- < 0000 0000 O 2020 C 3 0 0 m 0 m 19 A 0 m m O C C D w Ow 0 0 b 10 l0 0 0 W NJ V w W N 0' w 00s N w C • 1100 Q b 0 0 a VJi Ca 0 V• J 0 J 10 0 z- x o rc cr o_o 2 m om 1D mo Ma m 0 >0 1 z m zD m 20 1 D r om M. (O/r D -z 0 O ow D 1 m 01 w 01 N J N N O f o a 0 01 0 a 0 P 0 N N 01 w N VI N 0 VI 10 C VI VI to so 0 10 10 F 0 VI 10 a 0 0 10 01 0 w 10 W 01 0 W jw u» VI 0 J ut 0 OI O O O -0 000 DOM z0 • mx z;r -11 000 00 mm J m E m 1 1• 1 2l-1- C ml, CN N 0 -rrn Dmr 001 Di- a m <. r r mz1 Dlo< o va m rm- cks- rmn3 N O mil 3• m 0 = 0 m O 0 -4 00 1 1Z 9 VlNIO O O 000 0 O N 0 99'9ZOL L6/90/Z0 r O N 2 0 00 O u» Z W D J J P m 0 w 2 D 2 D 5L'OOL 06/L2/11. 0 0 w J N 0 0 r O 0 0 w J Co b ut SON00 31V11O4N00 Vas NOIldI21OS30 AlIbJl03S 0 CD - m mm O w0C D Oz 0(n- - -4-4 0 MM >00 - 0-1 m> 0 r m 9zm msm ox - x - r > im 1m O m < 20 DD1 rm1 cx mmy. 1m 0 0z ->1 r -m ozr 0 r 00- P1 0 m 2>0 m 0 m P10- 112 ma> 0m-4 mom 0 m -D0 221 O 2- rnrm m O 0 < c -z 2lm rn 02 02 01104111Od 1N3NNR3 FAYETTEVILLE FIRE PENSION AND 1NOOOOV VWOII 1N3110 A3M 90#050 -LL Z6/LE/E0 01 26/6Z/ZO Co 0 m 0 0 1 D r 0 co O ONI ONfli 3dOH03 0 F 0 O O 0 0 0 0 0 • 0 00' 0% 0 0 0 0 a all mil -A A F 0 0 0 0 0 0 r� SONOi -mum 0 0 D r 01 N is 0.% 10 O N R e 01 N w O N Lx -- O ut V'O0 O 0 000 N CON m• z J -av-1 m Z N N 0 0 0 NZZ m<mmm O 0 0 Z Z 2 warn CmW -1-1-1 o • SOrrr C0 -i•• 3< < vnW m mmm 'OM NO-1-1ti mm CxmP101 o m W < 0 0 1 00 ti 0 0 0 - 4 OCC OJ -0VT O z > r i i i O 00 O 0 0 O 00 Z6/ll/£0 (I) N ut O O www %Ow V' J ▪ J N O -4 N 111 N V10W 0 10 WJCO 0 F V10J O w M0 CO F o o -4 Cala N w w 1010%0 N N N V'VVI PCO J11 N CO Co 10-'-' J W 0JJ F J JV1V' am%T - N to JV 0 010 VI N 10 -'J 01 w 0w0 u w-'.+ u 11100 0 000 V1 VI VI V1 O 1000 NN0 13 m S N Z CO '3 r X0oo m• -1 O -•-0 ✓ 7 •• VFN jf00 O 0,0 3C D S B S 4N0 Ern 2m 00v T 1.6/GO/El (I) N 0 0 O O 0 0 CO Co N OWD 1 1 1 00 ma N Z - 0 O > rr- o z O 00 <o= OVI 0-1 N S m co 000 rmo 1 1 1 m 0 0 Z 0 0 mzz N N O C C < rmi rr' S S a< 00 Zr 2 - 0 r N a S0 ataaae - S 0 1 I 000 mro - i m N N m N 1 m b 00 aiaiaQ WEIGHTING BY ECONOMIC SECTOR r'•• C C 2 z J N011dI80S30 A11811039 0 0 O C --1 S- m 0 CO OC 0 • N - --1-4 >00 --1D N r rot a30 D_ - O x; mm - 1, m 0 m < 3 N ✓ �- r'imor. - I -1 m 0 C r • -m 0ZD N r 0• 0N rnO — zDy -40-1 rio- SS3 001-1 - 4 0J loo 0 m - >0 22-4 02- n• rDr on O 0 <c - z it,S rm v-1 011OilHOJ 1N3MBRO FAYETTEVILLE FIRE PENSION AND KEY CLIENT RCMA ACCOUNT 90hb650-LL Z6/t£/£0 01 Z6/6Z/!O 10 0 m Z66L HOUVN 11' 1 wVIN 000 z 000 \ 000 0 000 -ow 000 yam O - - m N cow S MC m z z w ary A« axw w A -D yDD M A a r r O> m C y y w z moo o poo cSy 1"00 zmo i D 000 w r m 0 0 arc :2Y O m r NN D 00 N O y 00 MMM VIVI A 0 O V 1DM 0a0 0-1M C2 M m y oaw roo 2ND ONO - ;z \\\ - w N O N OMD VMO N 0 \\\ C -y ‘12,‘0%0 mzM2--00a00 W-10 m 2 Mw WC 0 S w - 000 •0 r www % \\\ O O0 M- NNO O Z \\\ ro NNN 2 r N N N mr om r, y n m 2 Am S - D 0 N N 2M 0.-4 DO OFF --I 044 0- 2N OVIVI D 000J O -1 a0 02 00 w N N D M OVO AA MwVO <3 NIOV zc vnoo OS OV1O 3 M-1 DM = 2 Ow \m OM AD O — < D m N M2 • -y V22 D X00 r r y Al I1NVn0 NOIldI110S30 AUIUn03S D 000 MD , a A00 CD zomo 0<- A-40 yw-m 0 2 r o -o ACD W C.To M ro rxo mODO A— a y0 z 301114 S31VS SISY9 ISOO 0 rD t0/) z w REALIZED MONTHLY CAPITAL GAINS AND LOSSES • - EXCLUDES TRANSACTIONS FOR WHICH WE HAVE INSUFFICIENT DATA 0 0 N 0 -4 v 10 Omis J O N O W831-180HS Wall -0N01 WU31-1HOHS HULL -0N01 HINOW SIHl 31Y0-O1-UV3A REALIZED CAPITAL GAIN AND LOSS SUMMARY s0 0 11. >0 mr. > x r n or r.� m0 w0 2 \M > 0 -.y MO N r 0 N J w0. •MO% 0O b0 * b F m J o. O 0 a2 cr 2 or r, rm OCD J C w -1 0 2 O w m J O 0 O 0 O 0 0 0 0 0 OI 01 0 0 00'000L L9/5L/90 o. 0 0 0 c y y NOIldIU0S30 A1110103S D 0 00 CD Ar, 0 0 w0c N0- w- yy >00 00/-1 - -4D w r m MSw ADy —A— M-4D ym 0 m <10 xx rm- c><S mmD y m O C 02 r1n 02> w r - _ zzN m 0 M zDw .0. MO - MMM Wml .Om O m - DM 22 0z- OCS SDD mr-4 m O < C - A atm 02 m 02 011041)10d 1N3UUR0 FAVETTEVILLE FIRE PENSION AND KEY CLIENT RCMA ACCOUNT 90hh950-LL Z6/L£/EO Ol Z6/6Z/20 0 0 m