HomeMy WebLinkAbout1994-10-27 - Agendas - Final•
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AGENDA
FIREMEN'S PENSION AND RELIEF BOARD
October 27, 1994
11:00 a.m.
City Hall Room 326
1. Approval of the minutes of the September 29, 1994 meeting
2. Approval of Pension List for November, 1994
3. Old Business
4. New Business
A. Investment Report
5. Adjournment
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MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, September 29, 1994, at 11:00 a.m. in Room 326
of the City Administration Building, 113 W. Mountain, Fayetteville,
Arkansas.
PRESENT: Marion Doss, Pete Reagan, Retirees Darrell Judy and
Howard Boudrey, Mayor Fred Hanna, City Clerk Traci Paul,
Treasurer Glyndon Bunton, Administrative Services
Director Ben Mayes and Personnel Director Don Bailey.
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Reagan, seconded by Judy, made a motion to approve the minutes of
the July 28, 1994, meeting subject to requested corrections in the
investment report. The motion was approved unanimously.
PENSION LIST
There were no changes in the pension list. Reagan, seconded by
Doss, made a motion to approve the pension list for October, 1994.
The motion was approved unanimously.
OLD BUSINESS
DROP PLAN
Mayor Hanna requested the results of a meeting of Pete Reagan,
Jerry Rose, Ben Mayes and Don Bailey regarding the Drop Plan.
Reagan stated that Bill Lundy, firefighter representative on the
Pension Review Board, asked that the Pension Board consider not
asking the IRS for a letter of determination on our funds. It is
a mutual understanding that the IRS will leave the old fire and
police pension funds alone. There have been raises; and there are
some retirees who are drawing more than 100% of retirement, which
under Section 415 of the IRS Code, makes a taxable plan. If the
board asks for a letter of determination, the IRS will start
digging and will not stop with Fayetteville. Everyone in the state
will wind up with a taxable pension plan.
Bailey stated that adding the Drop just exacerbates the problem
because it will be taxed as ordinary income. The City will have
turned in a 1099 on that particular amount. The requirement is a
20$ withholding, on the front end, from a qualified plan. This is
an issue that is nationwide and is being kicked around in congress.
There are so many priorities in the legislative efforts, it has not
been to the floor for a vote. It does not help the plan in terms
of the qualifications of this Drop. The typical retiree looks at
this Drop as a lump sum windfall. These tax issues need
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September 29, 1994
to be analyzed. There is a possibility of ending up with less
money by taking the Drop than the retirement benefit under the old
plan. It is a catch-22 situation until congress modifies the IRS
code.
Reagan stated the International Association of Firefighters has two
bills in congress, one is 415 and the other is 457. Municipal
fire and police departments would be exempt from that section of
the code.
Bailey stated the safest thing would be to do nothing at this time.
Bunton stated adopting the Drop could allow the IRS to come in and
go over the existing plans. Adopting the Drop is not recommended.
It is better to leave things alone than to invite scrutiny on the
current plans. The participants in the plans are going to be
better off until some legislation is passed to shelter this type of
retirement. Adopting the Drop may jeprodize the entire state.
Reagan asked if this would hurt the pension fund or the retiree.
Bailey stated it would hurt the retiree. We are non-profit. We
are not a tax paying entity, where the retiree is.
In answer to a question from Mayor Hanna, Bunton agreed that
adopting the Drop means retirees may be subject to paying tax on
income they would not have had to pay tax on.
Bailey stated if the plan is ruled out of compliance, the entire
trust becomes taxable at that point and time.
Mayor Hanna stated the IRS could ask people who have been retired
for some time to pay taxes on retirement that previously they
thought they didn't have to pay on.
In reply to a comment from Reagan, Bailey stated there will only be
one letter of determination issued because it is a state plan and
everyone can be assessed on it.
Reagan stated Little Rock got their actuary back and was assessed
almost $6 million more in liability from last year. They did
increase their widow's benefit last year. It has not been
determined what part of that amount was for the Drop Plan.
Reagan questioned giving the actuary some scenarios for review.
Bailey stated under the situation that exists, the board could
consider it; otherwise, the board would be spending the money for
no good reason right now to ask the actuary to do the evaluations.
It is recommended that the board take a look at that because Little
Rock's plan may not mirror Fayetteville's plan due to the
September 29, 1994
demographics and all the actuarial
participants.
Mayes stated it is premature to seek
around time is not very long.
Reagan, seconded by Boudrey, made a motion to table the Drop Plan
until further information is available. The motion was approved
unanimously.
information on the individual
actuary information. The turn
NEW BUSINESS
There
INVESTMENT REPORT
was no investment report for this meeting.
PENSION BOARD APPOINTMENT
Reagan introduced Howard Boudrey, who will fill Richard Baird's
unexpired term as a retired member. Boudrey was the only
nomination.
ADJOURNMENT
• The meeting adjourned at 11:25 a.m.
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City of Fayetteville
Fire Pension
State Insurance Turnback, 1994
Members:
General :
Active
Retired
LOPFI:
Active
Total
Amount received
divided by
22
56
78
38
116
f 184,333.03
116
Amount per member #1.589.0778
Fire Pension Fund - 78 Members 4 123 948.06
General Fund - LOPFI, 38 Members f 60.384.97
FAYETTEVI LLE
THE CITY OF FAYETTEVILLE. ARKANSAS
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DEPARTMENTAL CORRESPONDENCE
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To: Mayor Fred Hanna and
Fire Pension Board members
From: Ben Mayes, Administrative Services Director
Subject: State Insurance Turnback
Date: September 8, 1994
The City received $123,948.06 in State Insurance Turnback funds
on September 2, 1994. $100,000.00 was wired today to Merrill
Lynch for investment. The remainder has been retained in the
Fire Pension checking account to cover pension checks.
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It -27- q41 -
HOE
FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND
PORTFOLIO PERFORMANCE 12/31/93 TO 09/30/94
NM CAPITAL MANAGEMENT
INCOME ACCT
deposit 1/27/94
9/08/94
3 - MONTHS TREASURY BILLS
DJIR W/DIV REINVESTED
S & P 500 W/DIV REINVEST
LONG TERM TREASURY BONDS
• HIGH GRADE CORP BONDS
CPI (AUG)
NM CAPITAL
INCOME ACCT (time wtd)
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12/31/93
$4,205,795
311921618
245, 000
100, 000
12/31/93
+ 3.19
+ 16.96
+ 10.09
+ 17.74
+13.71
+ 2.75
+ 15.34
+ 7.01
ORIGINAL INVESTMENT• NM CAPITAL
W ITHDRAWALS:
02/14/94
03/14/94
05/09/94
07/12/94
08/11/94
12/06/85
06/26/86
10/01/86
04/23/87
$101000.
20,000
5, 000
51000
15,000
09/30/94
$4,301,282
3,337,122
09/30/94
+ 2. 8.:,
+ 4.46
+ 1.34
- '3.49
- 6.67
+ 1.51
+ 2.27
- 2. 92
$1,0001000.00
312, 657. 00
19`.i, 000. 00
6473585.00
2, 155, 242. 00
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QUARTERLY REPORT
September 30, 1994
CITY OF FAYETTEVILLE FIRE PENSION AND
RELIEF FUND
RECEIVED
►►- 4 94
CITY CLERK'S OFFICE
FAYETTPP
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NM Capital Management, Inc.
Quarterly Investment Comment
Third Quarter 1994
THIRD QUARTER 1994 REVIEW
Signs of economic strength and a further
rise in interest rates had a mixed impact
on third quarter market results. The S&P
500 (including dividends) returned 5.0%,
the first solid quarterly gain this year.
On the other hand, fixed income returns
were negligible as rising interest rates
forced bond prices lower. Broad based
government/corporate bond index
returns ranged from 0.4% to 0.8% for the
quarter.
For the nine months of 1994, stock and
bond market index returns have been
modest and generally disappointing. The
S&P 500 returned 1.3% and
government/corporate bonds were
negative, ranging from -1.9% to -4.0%
through September. The shorter maturity
bond index performed better than the
longer maturity index.
Rising interest rates through the year
have been the result of the strengthening
economy and deliberate Federal Reserve
action to raise short-term rates to quell
fears of accelerating inflation. In
retrospect, the lack of any significant
stock market correction during this
period of a major upward move in
interest rates is noteworthy. Stock
market resilience has been influenced by
a significant recovery in corporate
earnings and cashflow, and a pick-up in
merger and acquisition activity.
ECONOMIC AND INVESTMENT
OUTLOOK
The Recovery Strengthens Third quarter
statistics on the growth of personal
income, consumer spending, employment
and industrial production indicate
increasing strength in the economy which
will carry into the fourth quarter and
1995. Though inflation remains
moderate, these signs of a strengthening
economy have raised fears of rising
inflation. In an attempt to slow business
growth and reduce inflationary pressures,
the Fed began raising short-term interest
rates last February. Though both short
and long-term rates have risen
significantly this year, the economy has
not slowed. It is probably still too early
to expect much impact from the recent
rise in rates. There are, however, a few
encouraging signs such as slower money
growth and some reduction in consumer
confidence indicators. Still the obvious
question is, "How much further do rates
have to rise to slow the economy to a
stable non -inflationary growth rate?"
Nobody really knows, but the Fed is
grappling with this question. History
suggests that the Fed has had little
success in fine-tuning the economy and
that the current action may ultimately
prove excessive, precipitating the next
downturn. However, with Europe and
Japan just emerging from recession, it is
likely that U.S. and world economic
growth will continue through the 1995-
1996 period.
From an investment viewpoint, the
probability of some further interest rate
rise over the next several months makes us
cautious on fixed income investment. On
the other hand, the pick-up in economic
momentum with attendant earnings,
cashflow, and dividend growth expected
over the next year or two support our
conviction that common stocks will
outperform bonds and cash over the
period ahead
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EQUITY STRATEGY
Equity Focus Comment
Watching Paint Dry on September
Afternoons. The lot of the disciplined,
long term, value investor is normally so
serious, somber and, well, downright
boring — or as some of our more colorful
colleagues put it, "About as exciting as
watching paint dry," -- that when we are
given the opportunity to sell a stock at
our target price, we welcome it with
emphatic gusto
One such episode occurred recently when
we found ourselves eye -to -eye across the
stock trading table from several of our
stalwart competitors, commonly referred
to as growth stock investors. With cold
eye and deadly intent, they had come to
take from us the shares of Augat, a
company we had purchased several
years earlier at substantially lower
pnces. They had come in response to the
appearance of Augat atop a newly minted
list of emerging growth and momentum
recommendations. Suddenly, what no
one could see in the stock several years
ago was obvious to everyone, and
everyone wanted to own it. So we
shrugged complacently, handed over the
shares and walked away. While such
moments are certainly fun and full of
ironic merriment, a far more senous
transaction had actually just taken place.
This is one which captures the very
heart of value investing.
Growth investors become interested in a
stock which we have held for several
years often because the company is
showing signs of "improvement". In the
case of Augat, the "improvement" was a
sequence of positive quarterly earnings
reports. Upon noting these reports, they
take up their rulers and extrapolate a
positively sloped, linear growth rate -- a
"trend" — which promises to deliver an
above average earnings, dividend, and
consequent stock price gain in the future.
The problem is that, on average, the
expected future growth either doesn't
happen or falls short of investor
expectations. By waiting to invest in the
stock until it or its earnings are
"moving", growth investors forego the
original appreciation in the stock price,
i e., the "initial lead" which accrues to
the value investor. They then pay too
high a premium for expected growth in
the future -- that growth which too often
fails to materialize The growth investors
have now committed two errors from
which, on an aggregate and compounding
basis, they cannot recover. As Dr. Robert
A. Haugen has so succinctly observed in
his soon to be published book on finance,
"It is evident that, given the initial lead
held by the value stocks and the mean
reverting tendency of earnings growth,
the growth stocks will never catch up."
This is why value investing over long
periods has been so successful. This is
why we invest in stocks which no one
cares about, this is why we give them
plenty of time to realize the promise
inherent in the statistics of mean
reversion; this is why we are pleasantly
surprised when they eventually do; and
this is why we accept with reasonable
equanimity our role of being, yes, we
know, bormg as watching paint dry ... all
the way to the bank.
FIXED INCOME STRATEGY
The Fed and Expectations, They're Not
Done Yet. One of the Federal Reserve's
goals is to maintain stable prices, which
they try to accomplish by adjusting
interest rates. The Fed raises interest rates
to slow economic growth, and with it,
inflation. When analyzing the movement
of securities prices or the actions of
investors, it is often the case that
perception of what is and expectations
of what will be are more important than
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reality. The Fed has been criticized in
1994 for raising interest rates when
reported price indices show inflation at
low levels with little upward movement.
However, as clearly revealed in Chairman
Greenspan's testimony to the Senate
Banking Committee on July 20, the Fed
understands the importance of
EXPECTATIONS. In answer to a question
from Senator Riegle, Chairman Greenspan
replied "... not that there's inflation right
now, but that there s a longer-term
inflation expectation {emphasis added}
which should be a concern to us here in
the United States..." He further testified
that, "An increase in inflation would come
at considerable cost. We would lose hard-
won ground in the fight against inflation
expectations {emphasis added}, ground that
would be difficult to recapture later. Our
long -run economic performance would be
unpaired by the inefficiencies associated
with higher inflation if it persisted, and
harsher policy actions would eventually be
necessary to reverse the upsurge in
inflationary instabilities. We are
determined to prevent such an outcome ..."
It is rare that the Fed is so clear on its
intentions. Their goal is to keep inflation
and inflation expectations contained, and
they are willing to err on the side of
restraint (higher interest rates and slower
growth) to accomplish this. In the third
quarter this policy resulted in a 50 basis
point (1 basis point is 1/100 of a
percentage point) increase in the Fed funds
rate and the discount rate. These are both
short term rates. The 30 -year government
bond moved up 21 basis points ending the
quarter at 7.82% and suffered from
continued volatility. We believe that the
Fed will ultimately be successful in that
inflation in this cycle will be moderate in
companson to previous episodes, and the
possibility of double digit mterest rates
experienced in previous cycles is remote.
However, there can be a considerable lag
between the implementation of policy and
its effects, and given that the preemptive
strike against inflation may have started
late and was somewhat tentative at the
beginning, further rate hikes in the next 3
to 6 months are likely to accomplish the
goal. Therefore, we believe that short to
intermediate bonds offer the best balance
between risk and return at the present
time.
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NM CAPITAL MANAGEMENT, INC. Page 1
yew : FAYETTPP FAYETTPP - CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND REPORTING PERIOD: 07/01/94 TO 09/30/94
GER: NTSC
PORTFOLIO COMPOSITION STATEMENT OF CHANGES
MARKET X OF PORTFOLIO MARKET VALUE AT 07/01/94: $4,079,448.30
VALUE TOTAL
DEPOSITS 2,055.60
CASH AND EQUIVALENTS $93,626.37 2.2 WITHDRAWALS (5,502.16)
EQUITIES 3,086,003.76 71.7 INCOME EARNED 40,235.54
IGOY'i/CORP BONDS 1,092,950.36 25.4 CAPITAL APPRECIATION 188,750.98
ACCRUED INCOME 32,407.77 0.8
' TOTAL $4,304,988.26 100.0 PORTFOLIO MARKET VALUE AT 09/30/94: $4,304,988.26
THE FOLLOWING RETURNS ARE SHOWN GROSS OF MANAGEMENT FEES:
CUMULATIVE ANNUALIZED
07/01/94 TO 09/30/94 YEAR-TO-DATE PAST TWELVE MONTHS SINCE INCEPTION SINCE INCEPTION
' TOTAL PORTFOLIO 5.61
2.6% 8.5%
68.1% 11.6%
ICASH AND EQUIVALENTS 1.2% 3.0% 3.7% 26.5% 5.1%
EQUITIES 7.7% 5.1% 14.4% 83.0% 13.6%
GOVT/CORP BONDS 0.9% -2.8% -3.1% 49.3% 8.8%
iFARATIVE INDICES
BALANCED INDEX - I
US T BILLS
IIS8P500 REINVESTED
GOY'T/CORP INTERMEDIATE BONO
CONSUMER PRICE INDEX
3.3%
1.1%
5.0%
0.8%
1.0%
0.3%
2.9%
1.3%
-1.9%
2.5%
1.9%
3.7%
3.7%
-1.7%
3.0%
'INVESTMENT EARNINGS (APPRECIATION + INCOME) SINCE INCEPTION DATE 01/18/90:
$1,452,537.01
1
52.8%
27.0%
58.2%
43.1%
18.5%
I NOTE: THE COMPARATIVE INDICES SHOW RETURNS FOR THE ENTIRE INDICATED PERIODS. THESE MAY NOT BE DIRECTLY COMPARABLE TO
YOUR RETURNS FOR SEPARATE SEGMENTS OF THE PORTFOLIO (CASH, EQUITIES, ETC) IF YOU DID NOT OWN THE SEGMENT FOR
THE ENTIRE INDICATED PERIOD. THESE SEGMENT RETURNS ARE SUPPLEMENTAL INFORMATION TO THE TOTAL PORTFOLIO RETURN.
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9.3%
5.2%
10.1%
7.8%
3.6%
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NM CAPITAL MANAGEMENT, INC.
DATE PRINTED: 10/28/94 Portfolio Seminary PRICING DATE: 09/30/94
DATE OF APPRAISAL: 09/30/94
FAYETTPP • CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND
ESTIMATED
MARKET % OF ANNUAL
VALUE PORTFOLIO INCOME YIELD
Cash and Equivalents
MONEY MARKET FUNDS
Fixed Income
GOVERNMENT ISSUES
Equities
COMMON STOCKS
ACCRUED INTEREST
ACCRUED DIVIDEND
TOTAL PORTFOLIO
93,626.37 2.2 4,419 4.7
1,092,950.36 25.4 85,025 7.8
3,086,003.76 71.7 73,045 2.4
28,624.77
3,783.00
4,304,988.26
0.7
0.1
100.0 162,489
3.8
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NM CAPITAL MANAGEMENT, INC.
DATE PRINTED: 10/28/94 C o m m o n Stock S u m m a r y PRICING DATE: 09/30/94
DATE OF APPRAISAL: 09/30/94
FAYETTPP - CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND
% OF % OF
MARKET COMMON TOTAL
COMMON STOCKS VALUE STOCKS PORTFOLIO
Capital Goods - Industrial
Capital Goods - Technology
Consumer Durables
Consumer Non -Durables
Energy
Finance
Basic Industry
Transportation
Utilities
TOTAL COMMON STOCK
145,062.50
441,625.00
519,250.00
939,802.51
94,000.00
198,250.00
404,687.50
216,675.00
126,651.25
3,086.003.76
4.7
14.3
16.8
30.5
3.0
6.4
13.1
7.0
4.1
3.4
10.3
12.1
21.8
2.2
4.6
9.4
5.0
2.9
100.0 71.7
1
IllE PRINTED: 10/28/94
' SHARES /
FACE VALUE
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DESCRIPTION
NM CAPITAL MANAGEMENT, INC.
Client Appraisal
FAYETTPP - CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND
Cash and Equivalents
MONEY MARKET FUNDS
93,626.37 MONEY MARKET FUND
220,000
100,000
100,000
100,000
300,000
250,000
Fixed Income
GOVERNMENT ISSUES
US TREAS 8.500% 05/15/97
FNMA
9.550% 09/10/97
FNMA
9.150% 04/10/98
US TREAS 5.250% 07/31/98
US TREAS 7.875% 11/15/99
US TREAS 7.500% 11/15/01
TOTAL GOVERNMENT ISSUES
Equities
COMMON STOCKS
Capital Goods - Industrial
5,500 HARNISCHFEGER INDUSTRY
Capital Goods - Technology
3,500 BOEING CO
4,500 DYNATECH CORP
4,100 PRECISION CASTPARTS CP
2,500 ROCKWELL INTL CORP
2,300
3,400
7.800
5,300
2,300
6,190
7,200
9,500
7,200
6,400
2,300
7,000
5,900
UNIT
COST
1.00
100.04
99.34
99.34
101.25
102 95
101.00
TOTAL MARKET
COST PRICE
93,626.37 1.00
220,092.35 103.97
99,343.75 106.63
99,343.75 106.09
101,254.85 93.78
308,852.10 102.47
252,504.85 100.13
1,081,391.65
18.88 103,848.18 26.38
40.78
19.62
12.66
23.28
TOTAL Capital Goods - Technology
Consumer Durables
ARVIN INDS INC
BROWN GROUP INC
CROSS (A.T.) COMPANY
OUTBOARD MARINE CORP
TANDY CORP
TOTAL Consumer Durables
Consumer Non -Durables
ARCHER DANIELS MIDLAND
COORS ADOLPH
DELTA WOODSIDE
GIBSON GREETINGS INC
HANSON PLC SPONSORED ADR
MERCANTILE STORES
RUSS BERRIE & CO INC
RYKOFF-SEXTON INC
TOTAL Consumer Non -Durables
22.07
30.94
14.56
18.44
27.15
20.12
19.19
12.46
17.20
19.43
34.97
15.54
17.67
142,736.60
88,294.85
51,923.57
58,189.85
341,144.87
50,754.35
105,179.14
113,561.55
97,710.92
62,453.25
429,659.21
43.25
22.13
25.63
34.25
24.25
33.63
16.63
22.75
43.00
124,529.19 26.00
138,172.85 18.50
118,362.05 11.13
123,874.85 16.00
124,371.40 18.13
80,426.66 41.50
108,799.70 14.25
104,249.75 19.25
Page 1
PRICING DATE: 09/30/94
DATE OF APPRAISAL: 09/30/94
MARKET % OF
VALUE PORTFOLIO
93,626.37
228,731.36
106,625.00
106,093.80
93,781.30
307,406.40
250,312.50
% OF
ASSET
CLASS
ESTIMATED
ANNUAL CUR
INCOME YLD
2.2 100.0 4,419 4.7
5.3 20.9 18,700 8.2
2.5 9.8 9,550 9.0
2.5 9.7 9,150 8.6
2.2 8.6 5.250 5.6
7.1 28.1 23,625 7.7
5.8 22.9 18,750 7.5
1,092,950.36 25.4 100.0 85.025 7.8
145,062.50
151,375.00
99,562.50
105,062.50
85,625.00
3.4 4.7 2.200 1.5
3.5 4.9 3,500 2.3
2.3 3.2 0 0.0
2.4 3.4 984 0.9
2.0 2.8 2,700 3.2
441,625.00 10.3 14.3
55,775 00.
114,325.00
129,675.00
120,575.00
98,900.00
1.3
2.7
3.0
2.8
2.3
7,184 1.6
1.8 1,748
3.7 5,440
4.2 4,992
3.9 2,120
3.2 1,380
3.1
4.8
3.8
1.8
1.4
519,250.00 12.1 16.8 15,680 3.0
160,940.01
133,200.00
105,687.50
115,200.00
116,000.00
95,450.00
99,750.00
113,575.00
3.7
3.1
2.5
2.7
2.7
2.2
2.3
2.6
5.2 929
4.3 3,600
3.4 3,800
3.7 2,880
3.8 6,022
3.1 2,346
3.2 4,200
3.7 0
0.6
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1
•
NM CAPITAL MANAGEMENT, INC. Page 2
116
E PRINTED: 10/28/94 Client Appraisal PRICING DATE: 09/30/94
DATE OF APPRAISAL: 09/30/94
FAYETTPP - CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND
% OF ESTIMATED
II SHARES / UNIT TOTAL MARKET MARKET % OF ASSET ANNUAL CUR
FACE VALUE DESCRIPTION COST COST PRICE VALUE PORTFOLIO CLASS INCOME YLD
II Enemy
16,000 PARKER DRILLING CO 6.06 96,964.85 5.88 94,000.00 2.2 3.0 0 0.0
' Finance
6,000 ALEXANDER 8 ALEXANDER 14.35 86,104.85 19.50 117,000.00 2.7 3.8 600 0.5
2,000 ST PAUL COS INC 38.15 76,295.05 40.63 81,250.00 1.9 2.6 3,000 3.7
IITOTAL Finance 162,399.90 198,250.00 4.6 6.4 3,600 1.8
Basic Industry
11,800 CALGON CARBON CORP 11.70 136;046.70 11.63 137,175.00 3.2 4.4 1,888 1.4
I 6,700 GLATFELTER COMPANY
6,300 JAMES RIPER CORP VA 18.15 121,583.70 17.13 114,737.50 2.7 3.7 4,690 4.1
20.98 132,147.40 24.25 152,775.00 3.5 5.0 3,780 2.5
TOTAL Basic Industry. 391,777.80 404,687.50 9.4 13.1 10,358 2.6
Transportation
7,800 AAR CORP 13.32 103,899.25 13.00 101,400.00 2.4 3.3 3.744 3.7
' 5,300 OVERSEAS SHIPHOLDING GROUP 19.19 101,716.70 21.75 115,275.00 2.7 3.7 3,180 2.8
TOTAL Transportation 205,615.95 216,675.00 5.0 7.0 6,924 3.2
PUtilities
3,322 SPRINT CORP 23.67 78,627.85 38.13 126,651.25 2.9 4.1 3,322 2.6
TOTAL COMMON STOCKS 2,732,825.06 3,086,003.76 71.7 100.0 73,045 2.4
' ACCRUED INTEREST 28,624.77 0.7
ACCRUED DIVIDEND 3,783.00 0.1
1
TOTAL PORTFOLIO 3,907,843.08 4,304,988.26 100.0 100.0 162,489 3.8
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