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HomeMy WebLinkAbout1993-01-28 - Agendas - Final• • ROXBURY CAPITAL MANAGEMENT JANUARY 1993 LETTER TO CLIENTS 1992 Review And Recultc: The S&P 500 was up 5.05% in the fourth quarter and 7.62% for the year. The investment markets rallied in the fourth quarter as economic data improved, Christ- mas retail sales rebounded, and investor uncertainty over the election finally ended. The strongest investment sectors for stocks during 1992 were the over-the-counter mar- kets including new issues, savings and loans, banks, restaurant franchises, and high tech- nology companies. Cyclical stocks had uneven rebounds as expectations about the economic recovery ebbed and flowed throughout the year. The over-the-counter and new issue markets have become highly volatile in the past three months. Large institutional finds, mutual funds, and pension managers have invested m small stocks like never before. Some valuations have become excessive and the risks are increasing. For Roxbury, it was a year of positive but below market equity mums following a very strong 1991. We made many necessary portfolio changes during the year and we expect to make additional changes during 1993 as Clinton economic policies and the economic recovery evolve. Roxbury's Portfolio Dzing 1992 Overall our core stocks met their eamings growth projections but did not advance in price, perhaps because some of them got c% ahead of themselves in 1991. The health care sector was down in 1992. A combination of very strong price appreciation in 1991, a slow down of earnings growth, and concern that the Clinton health program will mean price controls on pharmaceutical and health services hurt the stocks. We reduced posi- tions in health care throughout the year. Our new commitment to municipal bond insurer MBIA should do very well in view of Clinton's tax increase proposals and the growing cash needs of states and municipali- ties. The telephone communications sector has done well also with new commitments to AT&T and MCI. We continue to be enthu- siastic about telecommunications companies on a world-wide basis. This area has grown rapidly throughout the recession and should do even better in the years ahead The rising dollar and the recessions in Japan and Europe have affected our investment in ADRs, including leading European compa- nies such as Guinness and Hafslund Nycomed Hafshmd's earnings were strong but Guinness' earnings were below expecta- tions xpectations as sales of premium liquor and cham- pagne declined with the recession. We are reappraising Guinness and Hafslund Nycomed in view of the current economic problems in Europe. However, we continue to be excited by the quality and value of many non -U.S. world class companies While currency swings may affect perfor- mance of ADRs in the short run, studies show that the cost of hedging currencies is not economic in the long nn because cur - 100 Wilshire Blvd., Suite 600 Santa Monica, Califomia 90401 310 / 917.5600 FAX 310 / 917-2850 • • rency swings tend to even out over time. One of our stocks, Food Lion, a fast grow- ing, warehouse -type supermarket chain was the subject of a "Prime Time Live" expose charging the company with selling tainted meat and poultry. The company denies any systematic scam, citing union organizing efforts to injure the chains reputation. Food Lion customers stayed away and sales fell by 5-10% following the TV show We remember a similar scare at Johnson & Johnson (Tylenol) which was quickly re- solved. In this case, the damage could be longer lived and we are watching the situa- tion closely The_figualarkg was helped during 1992 as the Fed desperately tried to jump start the economy, help out the banking system, and re-elect George Bush. Short term interest rates reached the lowest level in 29 years. Bond returns have averaged about 12% per year over the past 10 years. However, inter- est rates began in the last decade at 12-14%. Bond investors have collected high interest and seen their bonds rise in price as interest rates declmed. With interest rates lower now, bond returns will be lower in the years ahead and portfolios will need careful atten- tion if they are to avoid being in the wrong place at the wrong time. We don't think short term rates can fall much more and longer bonds will be more volatile as the Clinton economic plan unfolds. Clinton Economic% The Clinton team is hampered by the budget deficit and its pledge to deliver progress in education, health care, and the environment. Clinton's tax increase won't help the econo- my. Fortunately, the economy is mending on its own with the help of business, particu- larly through global growth and lower oper- ating costs. We don't look for any radical initiatives by Clinton and we are generally comfortable, if cautious, about what we have seen so far. The 1993 Outlook Most world economies are in recession, chaos, or slow growth. Notable exceptions are Mexico, China, and Southeast Asia. The U.S is ahead of Europe and Japan in its recovery. The recovery is happening in the U.S. and should continue through 1993. The U.S. recovery, after such a long period of cyclical decline, opens up many new invest- ment opportunities. Indeed on a worldwide basis, the U.S. may be one of the most attractive markets in 1993. We are seeing excellent opportunities in industries that have been depressed for years. Many American companies are prospering through this slow growth period, increasing earnings, dividends, and cash flow. One reason is severe cost cutting. Another is global growth At Roxbury, we have identi- fied numerous strong, growing companies. We are striving to keep risk levels low by investing in fundamentally strong companies selling at reasonable price-earnings multi- ples. The long term outlook continues to be good for equities. Capitalism and consumer- ism are alive, well, and growing throughout the world Corporate cash flow is improv- ing, and there is plenty of liquidity for investment in financial assets, especially equities, as the bond and real estate sectors look less attractive. Sometime during 1993 the German Central Bank, which inflated its currency during the one for one exchange of West German Marks for East German Marks, should ease its tight credit stance and begin a period of European economic recovery. • Raxbury's Investment Style Economic factors change over time and so do the fortunes of leading companies. Roxbuiy's investment style is to identify those very good companies that are being favored by important economic trends and invest m them if they represent good value We keep our average price-to-eamings ratio relatively low, usually below that of the market, but we invest in companies that are growing faster than the market. The combi- nation of better quality stocks, lower valua- tions, and above average growth has given us a lower risk and consistent performance over time. We combine these investment principles with fundamental research, a strong sell discipline, and individual attention to each client portfolio. There will be times when we underperform • the market, particularly when the market's emphasis is on areas we consider too specu- lative or risky for us. However, we will change with the times when necessary, taking our profits, or losses, to reinvest in more promising areas. We have been called both growth managers and value managers. We think that a good investor should look for both growth and value at all times. Because we invest in large cap stocks, small to medium cap, and special situations we have been described as a core -type manager, a role which many of our clients have assigned to us. News At RaxbUQV C®is 1. Roxbury will hold a one day Investment Seminar for its clients on Friday, March 12, 1993. The place, as before, will be the Bel Air Hotel on Stone Canyon in West Los • Angeles. The time will be 8:00 am until 2:00 p.m. with a continental breakfast and luncheon served. 2. Brian Beh, formerly a Vice President of Kemper Securities in Chicago, joined Roxbury hi December 1992. Brian has several years of industry experience as a financial analyst and consultant. Bnan will work in Portfolio Management and Client Services. 3. Al Lockwood, a CPA formerly with Ernst & Young, has joined our research staff, underlining ow commitment to solid fimda- mental research. 4. Dirk ten Gmtenhuis has left Roxbury after one year to join Kum pn Securities as a West Coast marketing director. We wish him the very best and continue our longtime friendship with him. 5. New Offices. As you already know, we have moved our offices to 100 Wilshire Blvd. in Santa Monica. We invite our clients to visit us during the week of the seminar or to schedule your next portfolio review meeting at our offices. ROXBURY CAPITAL MANAGEMENT • • • 0 z O a 108019981 f N z .• N W >- Z Z = W CC fa 0 • W < IX1 z0 W 1- -I J CC ▪ W ti U 2 • z D 2 V W 6 0 • W C 0 V 7w 0)2 X W_ 0 •-1 H K fOi0i H ffi' O. WCC IX N PI 01 Of ' I N O N 0 0 w m U 1 .Z.- n N I 0 0 x • - 0) 01 1 1 N l7 ✓ O • N > 01 0 J I O G C1 tD WOO CCc <NN O 0) Q 1 1 I tlf 00 • N 0) 1 1 1 O1 N • 0- FAYETTEVILLE FPRF 0) N O1 III O NtDN O ONO ✓ -n N a N N CO N t- ID N O - N N 0 N e n O a 0) N N • 0 N to IR- ID O - tD Cif 01 N VI I ID 0) CO CO N N N CO - e O CO - Nt') N r P) 1 1 1 O 0 ID ID el 0)N CO NNN CO a - N O 1 1 1 ' el0 N CO C) C.1 -e re. 0'r/ 4:1 O W N NON -e 0 r- 0 10 10 1(1 - N w Z Z X O O: W W U 7 Z 0 Z 1- 0 Z w W 0 •-' w OG Z Z 1 N 1-- W O 1- I- > w 0 0 3 Z J V I •-1 Z 7Z H ¢ 1-1 O 0 O 0. W U Z S I Z O N - OC F I-• < - W O ZSJ J I- > N 7 W H < r Inc N OC I-7 f d Z•+J N O 0 0 < eD 0 47 < 1-w K N 00> YOUR P COMPA • • J J • • 17 W O N < n ZOV, 4001 Z-4 0Z > J J O m 4 ^ W J r 2 4 U ✓ S N • 0-14 so 4__ "OZ 4 > h_ 2 < N 0 2 0 W O H a ¢• � 1- m m Mw 0r N ^ ^ U > X -4,01400S N m O O N m 1-m OOmN O m 1 m n 0 0 0 o n r am mrnm-en iso m ='0 si Ci ^H n0 -zo SZZ n - 1 v1<r - ' n W 108022696 p3 m 0 N F- - 0W0 ZZwt- W XIX N • Z LL r W •-•w24 LL r r slit • W W Z W J 2 i J 16 J m O_ r W Z W r0 •f r=r W N W • Z 7> < W ^ < LLa-LL SUMMARY OF INVESTMENT PORTFOLIO O ▪ p LL O 0▪ 1 ▪ 0 O 0 - Xrc 1- m O O 4 H W W XX 4 4 44 J 4S SO 0 0 O O 1 58,092.54 58,092.54 CASH 6 EQUIVALENTS 740,775.00 620,314.94 W 0 798,867.54 678,407.48 TOTAL PORTFOLIO CLIENT INVESTMENT RECORD 4 0 0 N• •^ W O In JO 0- N W ZW Z Z 0 00 W 4 r 4 1/122 200 J r r W Z 04 OMZ Zl0H X W0'. 0420 WHW smws 1-002 2H~ j r W 12 0 0->_ZmiswZOZ 4300-44600-1 573,662.50 0 •0 •0 1 O W 4 44 4 m m 1- O 0 W 0= J 0 4 J Z>N< O Z = r J O 4 1-4 r2 U r O r Z Z O r r r 4 i • • • Z W 2 • N W N < n 28? Wo « m I •< O Z J J 0 m - W J ~ 0: • 0 - r J • + U t ;= 000 O Z < > 1 - CC CCW CO 0 N O 20 2 W J W XMW M'.. 0 < 0 a 108022697 FAYETTEVILLE FIREMEN'S CO 0 N m 0 N J - < o W Z1< ZZ 0 W J O 0 X � O a W W Z• > WW XU Ms Z. J r 0 00 I- 11-1 C11 io MU DESCRIPTION WW Mw J 2 m g f r N , n 01 I•• 1 CD N 58,092.54 58,092.54 N WO W -1= 4. u) MO w m1 - XO < W 04 U N 1 58,092.54 TOTAL CASH 8 EQUIVALENTS 1- O W - m, m e m n m m N m m O- N n 0 f , , N e N-- 0 N N N O 0000000 0 0 0 0 0 0 0 O 0O0 00000t00 W m N m O N N W W O n m O v -0-n000 r N • - 0 O 0000000 m 00WWWms.n0 N - N - Ns N N O n m O f m W 0- N n m W m 0 0 0 n m * 1000.001.000 00000 00 000000 0000000000 O 000000,-0N n -N, .ONm-N tn' NIN0) W C0 N N m m N m m m f \\\\\\\\ • -nn--mm- n- 0 0 m- 0 0 0 0 W O, n W, n m 0 0000000000 0000-0000 m n n N O m m W f 0 m▪ nO0<- WnmW nm--fm,--W 0 n N 0 N- N N n N rN-n rm n 1V)001 012001-00000 U MIX Inc. > 0 0 U Z < and m G0 W 212/la0 ZOsOOR 4Ct.w40IW4 00 .10.1.400.1* O 1.wi U <ZJt O 21-00 mOCWZ Wd Ut-000IO W_ -1• 'I X < R m O Z ..... 2 0- > 0w01-00200 w=~ Z0Z YZ n•2•1Q 40 24412.+00 Z R 0 W 000441-011.w4> ww d' d' 1fl W J W J 41 J ZZcrus&-O¢- « W 4 2 a a a 0: -J 0000000000 0000000000 mmm0f0Wmmn n m n f 344,912.50 269,543.77 UNDERVALUED LARGE 0 nW--nm0 O 000000 - r N --N N OW 0 O 00 0 0000000 000 0000000 000 W NO W W Oe ,GOO - 0010000 n n, O m- f f N W n N 000000 e NWONW-0 OmOOr-W N O-, n n f 00,0000 0 N f N n N N VOW Ws* W 00 -am O 00 n O m N O W O NO n nf 000000000000 00000 000000 00000000 800 NON O 000 O W N O N 0 ' n 8 00* NINVIm•1NlmWs 4-N NNN WON NNn W W m f m m m NW 0 m =C1nwn=nsn-n 0•! 10,- 00 N i 0 MOW W ONs ( .1 0 N MEDIUM CAPS eNmrmmOWNW m mn OWN 000mm,m 000 N -m O YO-ONNIWOI 00010 NeO 01010/1-000 0 N- **V N- 0 N NN NNN N- n 00000,0 0000000 000001-0 NN -r --N n m0l NON 000 *00 O 011.10.-N g a a N U 0▪ : 0 ZF2 r f .411. <0m OWW< 0 0 4oUZC00OO01. 2 < -U <U2><1-2 W N 01220-120000w0 OZWOpW-aZd-0W > 2 2 2 2 2 2 X 0 0 Vl O N 2m- 01-10- Z" Z Z ZZ0' 02 7U W OOO: J Jm-UO o: • W 0 N W r W O N < W 0 r 0 X Z> O O W ss.1 >-0, C1300 0 I.L. W I 220- -3 0 J d 2` • Laa mat • O win O Z 40 2d 8 8 0 8 8 8 8 01-$,000 n n - 000 a I, in 808 0mm n N 0 0 0 O O N f n e 303,178.97 0 0 r h COCO r CO m N 8 N 0 It 22.279.85 EW • 0-' < J J - 6 - -120 m0Z U J W < J O W 2. ✓ AN 12.2 1 m O n • • • • 03 1- ID r O Z 0 ID 01 co X¢W N ^ W ' CC r • 0> D. W 0 N 01 O F J W 01 Q Q Z n 01 0 CV • -ZZ a ^ r- 0 O V1 Q r ^ f 0 CO is ^ ^ 0 FAYETTEVILLE FIREMEN'S 04 0 ID m r ▪ 8 7 ID N O 0) O 31,312.50 CO I- \ W W 1) Z0. b J Q N U 25,312.35 1- 1- Z O m = U '0 0 D 5 N 01 17 N Oo 54,312.50 47,592.20 TOTAL SPECIAL SITUATION 740,775.00 620,314.94 TOTAL EQUITIES 798,867.54 678,407.48 TOTAL PORTFOLIO • • • N U cc 6 FAYETTEVILLE FIREMEN'S N O U (23,320.85) (23.284.85) (46,605.70) N 0 0 J C o 0 a a 0 VI N O GAIN/(LOSS) PROCEEDS I- I- I- -I 0 J J CI) m CO V a CD N e V in N tl O N ID en m n a m CO c n 10 O 0 r r m m 6 ED N N N N 20,537.35 20.067.35 45,984.88 42,568.01 tn W O O ID 0 < 0 0 t- - = 0 N m 0) 04 m 0) m w \ \ co \ \ \ \ lo N H m CO 0 O ¢ N N N N ❑ \ ❑ O 0 N "--- ..- MBIA INCORPORATED FOOD LION INC CLASS B CLOROX CO CLOROX CO INTERNATIONAL INC INTERNATIONAL INC • • • z z (1) O N 4 0- 0 0 00 z o a 0 0 2 •4 0z > 0: J J m a m� W J H C 0 U +S N - 6 J a 4 2 1-1 z O 0 O 4 a I- CC 0 a to 0 O R J 0 4 i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 I- 0 0 O 0 0 0 0 0 0 0 0 0 0 - T 0 - O0 0 0 N 0 n 00 LL n n m 0 o a n m a m m n 0z N n 0 a r a m n Cl O 0 n- W 0 4 U 0 0 0 W in a a o m n - oo o 0 0 108014781 FAYETTEVILLE FIREMEN'S N m 2 m 0 001 0 N 0 0 0 n 0 0 0 0 CI 0 0 n n in N O 0 0 O 0 0 Ct. W n a a N 01 Co) O CO 1 4 0 0 0 0 a N O O 0 o n 0 O 0 0 0 0 0 0 0 J 0 a 0 O 0 n m o 0 0 0 • z o 0 0 0 In (1; * a 7 N n an o o 0 0 o o 0 0 a m to o 2 0 CO N 0 a N C _ 6 m ID h a N n ID N o 0 OI 0 M O O O O 1 0 0 0 0 0 0 0 W CO 0 0 LL m m C.1 01 O o O O o O O o z 4 O CD n n CO CO r SECURITY DESCRIPTION TAXABLE INCOME 0 z A 8 M BRANDS HOME PRODUCTS CORP z U 11 Z 4 AMERICAN BAXTER INTERNATIONAL INC CLOROX CO DAMES & MOORE INC DAYTON -HUDSON CORPORATION EASTMAN KODAK COMPANY HM LOAN MORTGAGE CORP NAIL MTG ASSN ELECTRIC COMPANY J J J 4 4 4 2 C C W W ❑ W_ W W W LL LL 0 • • • • z 14.1 x 141 m N O N <00 Z 100 < a 01 Z •< 0z > 0 J J O CD H W ~_ I. C U X R J I. U z U 0 Z a 1 - CC N 1113 0 C J0 < 1 0 0 0 0 0 0 0 0 0 O O CO 0 N N N~ 0 0 0 0 0 0 0 0 0 0 0 - - 0 .'> O O n N h 0 0 N 0 CO 0 r r 0 W a r 0 r N m 1. fl 0 r n 01 ID N N CO n n 10 ^ 0 CO r n 0 1n n ^ n ^ ^ n U o 0 ID m^ O CD O 1('l 10 m m I. • m 01 iin 10 0 It o n g n11 N n 1-1- N ^ ^ n ^ o 0 0 0 0 0^ o 0 in m CO o 0 0 N n n r 0 0 0 0 IDn ID 0 o o o r r ^ r o o O co N N 0. W 0 0 ID N CO N 0 CO 0 0 CO 0 ^ 0 N N 0 108014782 PAGE NO. FAYETTEVILLE FIREMEN'S N CO O N 0 0 0 N N N 0 ID 0 n n n O r 0 O f f < n O1 O I.N N 1'1 0 0 0 0 ^0 0 0 ^0 J • 0 r 0N N O O 0 m o n in a a m N n < 0 N N CO 0 0 0 0 0) CO 0 r^ 0 0 0 0 0 N z 0 ID 0) 0 ID ID 01 0) O CI 1n 1c ID n ^ ... 10 o I. O N 04 N 0 0 m 01 0 T < o N H N O Z N 1... ^ N 0 0 0 In (11 0 0 C 0. 0 r I_0 0 O < 00 n 0 0 n N 0 N n O O O ^O- o o O O 0 0 ^ 0 C < CO 0 0 r 0 0 r Z n N 0 r r 0 0 0 ^ O 0 04 N N^ m 0 0 0 0 0 W 0 CO 0 0 CO W 0 0 0 0) CO N 0 0 0 0 0 0 0 0 0 O O 0 0 I. _ 2 < 0i CO n m 1 r rl 7 CO 0 N r r 0 ^ ^ e'1 N n SECURITY DESCRIPTION HEWLETT-PACKARD COMPANY MCI COMMUNICATIONS CORP MERCK & COMPANY INCORPORATED PEPSICO INCORPORATED MORRIS COMPANIES INC z Z 6 O U PROCTER AND GAMBLE J 0 C 0 2 < 0 0 ✓ U n f W XC W Z C 0 W < C. 0 O 0 O W U 0 OC x ON 2 1•11 Z W O 0. > W 0 0 • T 2 0 TOTAL TAXABLE OTHER INCOME 0 2 W GOVT SECS TOTAL OTHER INCOME TOTAL INCOME • • • z I n 0 N • Q 0 0 zoa m0 Qam Z •a of CC J J o O m Q W J Cr 41 •+ U N • CI. J Q .. U a 3 z z U 0 O O > r - z ¢ 0 to 0 X O J O Q ' o n n n 0> 0 0 0 > 0 a a nn m o 0 0 z N 04 W 0 a Q. 0 W 0 108014783 FAYETTEVILLE FIREMEN'S n lV 00 0 O 2 0 0 0 O 0 O O 0. W 0 0 N in O b t0 0) 0 0 0 n 1 a 0 0 n n J J z N 01 Q to D I Q It V 0e n a C Q I 0 W 1 SECURITY DESCRIPTION N 111 z z W W CUSTODIAN / BK CHG COUNSELOR FEES TOTAL EXPENSES • • 1 • 108022075 a Q. SUMMARY OF TRANSACTIONS FOR THE CALENDAR YEAR 1992 N N • 1 m 0 • 1z �� r. Is O n ti CCO N N IWO N O O o 1•D 0 NN n r0) 00 D m C1, -NOM - NOM n NNO ^O r 0 10n 00^ • N 0- 0 n•• 01 N^ N n f n r • 0 • 000 OO 0 O O N .. r N - N r^ n) • N v (0 n 0 o CCO - n J J v r r v r r r to 0:OZ _ _ Z W Or .- • n • O N • n N • f 41 • r • • r • ▪ M 0 10 0 1] C n N (O'1 0 0) • ^) 0 ('1 ISN 0 OMN•NOr10n^0 V V V V V Nrnr^ '0001 0) O N10r Nr0NO^n(CODOON V V NCO -10l r ^Nfn N w OI W NomNo1-f1O01-m-01NN0) V ONNNNO V o N V nNn r0WNCFW CONN Nm No • N ^ n n0• N0 • O 0 ON M N N n m N w c r••• O N^ 0) n 01 ^ r n 0 C ONWW nr0^ N(')^ W rr N 00000Nn N r N 0. - r N N N N .-Nn----t01 r N 0 1-1- nonnnNolw M0000nn0nnn^INNN00 r N ' OwO n000000,01•a•Nf0N10f10ON0o••1D n J IZIwMCN N nO••N10•^^•mrrWNONO)O)0)nrWNNOI r S 1.0. -r 0^rOwo,Olr^NnNMONO^0)NIOr1'1OcNNN n Q w N 0 010 N ^00100^01^I00N• n0)n• D)N(O10 W^ (0 C- w2Q MMONNIMNN• ^001•nr NNNt0) n)• •N 0 1- w r r ^ ^ 0 1- W W r W J S' Z J N N N N N N N N N N N N N N N N N N N N N N N N N N 01 J 0.1 0)0)01 0)0) 0)010)1)0)0) CO 01 0) 0) 01 0) 0) 01 N Of N 0)0)0)C 0) 1-1 Me O r w0 1 1 1 I 1 1 1 1 1 1 11 > 1> rJ nln)n)Nn) 0•• r^000)' r rO^nn-^rOnin 0) W Z W 40 N N N O O O N^ r N N N N r.^ r N N N N N ^NON 0 I- 0. 1• 00 11111 1 1 I 1 1 1 1 1 1 1 1 r 0. 2 r C CO 0 r r•^ 0) N N N 0 0 0 r n r 00 0 0. 0 f0 ID w0 w 000000000.- r^0-00000000000000 • Z VI > 04w.-04 0 160.1-1.6 W 00 0 0 0- 0 01 •- 1. 0 •- •- 00^ 0 N 0 W D) 0) 0 0) 0) 01 D) 01 W 0) 0) 0) 01 0)0) ON 0) 0) O) O) Of 0) OO) O) O) W Q 1 1 1 1 1 1 1 1 11 1 1 -I N ^IO N COIDoh0mr(O N 0.r n 0. COn w0. r C)0.r0 r CU 14)-00- ^ O r 0 r 0 0 0 r 0 0 0 r N r 0100010001 01 = 010.0)0) N• n)• NN0)r 0 0-00. 0- 1001 r N Nn00 0 . 000000000000 r 0 r 0 0 0 0 0^ 0 r 0 0^ 0 SCHEDULE OF CAPITAL TRANSACTIONS: 00000000000000000000000000 0 r 000000000_0000000000000000 0 Z (CNN•N0NWr '10100' rr0(DNfffnIf • m t DESCRIPTION J a 2 Z 0 t t Z 0 X 0.r OZOO 0. <IX C N ✓ J J Q 4 0. 6 Z J Z2 '10000000 �I Z 00 O U 2^ w w w 00 OO fl -)-1 r C t J W 000 000tt Z Z Z 0 COMM X C ZZZ r V V U Z Z CCCZrNa002E W r r r V U< CC ao.O.CCZZu0.t ZC Z Z Z O. 0. C w 111 S S S O r t t 0: C O 0 V 1 y l y 1 r r 0.• O M M r r 0 0 0 J 0 0. O 0 0 wet O 00 w O O O Z Z 000 w Z Z U V O 0. C 0 Z ZZ0)Wr V)OV)rr S JOOZ Z ZC C 0 t Q R Z Z Z 0 O t Q C Z W U U r r C 0 O N W R R Q' D O r J J J X Y V U J J 000 C. nm100 JJJD.'C 000-1 -i M 000C ZDU r r K W W W t C X X 0 0 0 C t O O W X X D VIZ 3112111101 110] 031100 I 1 1 C C X X r r r W W W Z W ...... W Q.' Q ..... 0 O 0 V1 V r r W C 0 (LL (1 m m m X< `CCC C 0 0 0 0 0 W W W W W W C)) W n 0 ..... O D U V U V U U V V 0 W O Z Z O.6O.0 01- O • • 0 0 N 0 0 0 0 PAGE NO. 2 SUMMARY OF TRANSACTIONS FOR THE CALENOAR YEAR 1992 N N - 0 w 0 z z W r w=20 Z LL 0 r 2 LL N 2 • ^ za LL J a- W W N w J a z J J 0 J m O W z W z w0 W szns ca 4w,4 000000000000000000000 0 0 O m m ON r 000000000000000000 m m 00 0 -o -o -mom N onw000nN nm Yi N 010 fo n r o< i nn W 00 Iflman^ W nanonn0l'n ON Ifi m m Inc., m N n m f r< W n N m W n N w m n W- 0 MN r m m m 01 .. m N N N 0 01.4z 0 W 0 0 J 2 ft 0 0 O Z U < -2 C 0Cr 0 == • 0= - aC2o • sZa// WZs N 4>022402 0 00 00 J 2 Z N V I Z f 1 U 0 Z U N ow CO a fC N O Z C1 W< O W O -J 2 2 6 0 a o o 4n N a W Ufa O W 0 U K Z Z 0 2, a Z J OWN O Z O D OU 0 mom X2 Za NU U U Z N .. 0�.) U Z m a 4Z221 -Z2 a Z O W 26 IuZYO Naaa2V_0 0 0Z-1020OOwZ W 0 Otl10J N W 0-ZUf[020a 22f --I-0 000XCJ4Z D2fp Z2 0 C Z Z fL � 0 Z t Y S Z W 12 U r 2 aomw 000 2 m a a J AlI Z ...... 0 2 Z00 W 0002wXa CCCI0 00- W XOU)Z> 2.... WmOU1O22212WUY ..NWILL Z "IW 2201-22 ....... 00./01-w0 J m Z Z a a a O a a a W W W W U W W S fL ) W I/1 N 2 a as W W 00001.wLLLLOSZZIL440N >> N V NEM YORK TOTAL DIVIDEND INCOME WW O D UU 22 NI - OM HON W W MM W W Z Z N_ N TOTAL INTEREST INCOME 0 S U W W W Zw 620 r 0 OJ OW MOM NDO 000 TOTAL OTHER EXPENSE • • • 0 z O Q N 0 m o m 0 z W Z 0 a z a 2� 0 0. J W a z r Q E Q. CC0 0 aW CC 0 CO 0 m i ON V fNN V N V M0 W N=NQ MN NOVO V N000^0M v ONNOMO V w w O N O N N-^^ N N N O m n O 0 1n 0 0 0 0 0 N 0 0 0 N n 0 0- 0 0 0 N n X0 ^ ^ N N N N N N N N N N N N N N N N O M 0 0 0 0 O 2 UV -00 ++ ♦ 1 1 i i i♦ 4 1♦ a i ♦♦+ a \ 0 O N N m 0- N- m N- O M 0 0 0 N N O N m O M- O m N N O M m O M n n 0 3Z-2. - O O n M O O N- n N M 0 O M M N- 0 n N 0 0- O n ^MONO - - O N N M N N N m On M N 0 0 N O O O N-- O---- N 'N- M. - a. ^ 0. 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I"' p W V c• o 0 3 Q E a N J ZLLr.¢ w 5 LL 0 7 w Z r J =j J N J LL ¢ r- 1-4 I- > 4- `-+ T W W a ¢ I Z J V r• • W W T W t } E r J O y Z ZJ d „ILL 0 O _ PI_ v' LL. Z W Kt MO 1 J I.IMI J _ `E' Z - :- Ion Cc. t0 C W r J Z to _lI-Iu u; etr W n it to 106-11) ;tot 340D m • • art STOUT. KATHRYN 0 G O 0 900 In 0 0 h1 •O 1 O Received By Cshr. 83 KATHRYN B. STOUT 1 SHEPHERD LANE FAYETTEVILLE, AR 72703 6,'/0 - 09X/- ity09 nv Pay to tt Order ✓111 Ilk& CD -1:V1 i4, MULo u a, - l earl M RBANK & TRUST Y MdLOIY FRysew111s. Arkansas 72701 � MEMBER NkSAilAntelk SV/EESjj" BANI(1GROUP 8090 11) 81-87/829 0$0 11141.5 $ 30(100 'Do/%r) 55 PLUS ACCOUNT ':08 29008? 2E: 8090 4 4 15 2410k01,6 • • • r KATHRYN B. STOUT 1 SHEPHERD LANE FAYETTEVILLE. AR 72703 452/0 - oqb'/- ¥Yoq 'o l .. MdLROY BANK St TRUST Faryetlevi��r ll�.KArw kan72701 PION MEMBER BINK GROW" E:08 29008? 21:80904 i 4 5 L 5 210 6 ",1 o 7er0, 8090 81$71828 $ 30v.,00 55 PLUS ACCOUNT topers INVOICE CAPITAL MANAGEMENT, INC. 7510 MONTGOMERY, NE, STE 201 ALBUQUERQUE, NM 87109 January 20, 1993 Merrill Lynch 425 W. Capitol #200 Little Rock, AR 72201 Reference: CITY OF FAYETTEVILLE FIRE PENSION & RELIEF FUND Acct. #563-96346 STATEMENT OF MANAGEMENT FEES: For the period from October 01, 1992 through December 31, 1992 Portfolio Valuation as of 12-31-92 $ 2,747,683.08 * $ 2,747,683.08 @ 0.1375% 1 $ 3,778.07 Quarterly Management Fee $ 3,778.07 • TOTAL DUE AND PAYABLE ALL INVOICES ARE DUE UPON RECEIPT. TO INSURE PROPER CREDIT, PLEASE INDICATE ACCOUNT NAME ON CHECK. • $ 3,778.07 * Portfolio Value used for fee computation has been reduced by accruals amounting to $15,946.30. Fire Pension Agenda Items For 1-28-93