HomeMy WebLinkAbout1990-10-25 MinutesMINUTES OF A POLICE PENSION BOARD MEETING
A meeting of the Fayetteville Police Pension Board was held on
Thursday, October 25, 1990 at 2:00 p.m. in Room 326 of the City
Administration Building in Fayetteville, Arkansas.
PRESENT: Eldon Roberts, Rick Hoyt, Jerry Friend, Dr. James
Mashburn, Hollis Spencer, City Manager Scott
Linebaugh, Finance Director Ben Mayes, and City
Clerk Sherry Thomas.
CALL TO ORDER
City Manager Linebaugh called the meeting to order.
MINUTES
Motion was made and seconded to approve the minutes of the August
23, 1990 meeting. The motion was adopted unanimously.
UNFINISHED BUSINESS
Roberts addressed the Board with questions about the actuary study
regarding the work papers and the identification of retirees and
their retirement dates based on their age groups.
Mayes stated a trend schedule was applied at a rate of decline at
6% per year. He stated it had been hard to talk with the people
who had performed the study about the current pension and payment
for the study has been withheld until the matter is clarified. He
was conservative in the revenue areas that were discussed at an
earlier date. Some of the salary and benefit items were not
increased as fast as they should have been. He believes that a
trend or percentage was used instead of specifically identifying
retirement ages with a group and a salary range.
Mayes stated his answers were merely assumptions. Even if the city
stopped its contribution or left it at 6% the return should still
be sufficient over time. It is thought that he merely did a trend
analysis, instead of specific identification.
At the previous meeting retirement was discussed, and if you looked
at our actual data compared to what he had in the study -- they
didn't really match. The one he started with was right, but the
summary he put in his study was not correct. He stated he would
work with the people who did the study to get a more accurate
picture.
Hoyt stated that he didn't know what type of study he would be
doing. He just hoped it would be an "accurate" study, whatever
that is. He inquired what method he was using, and how accurate it
was.
•
•
October 25, 1990
There was discussion on whether or not the retiree listing was
used. He applied some type of decline curve to it instead of
taking a mortality table and applying it against the retirees. The
table doesn't really mean anything because he didn't use it.
Dr. Mashburn asked if the Board could request that there be a
meeting with him and ask him to clear up some of the points and go
over this with him. If the meeting is not to your satisfaction,
then he could meet with us without incurring a great deal of
expense.
Mayes stated that when he was originally called he didn't want to
do anything. Then Elaine Longer called him and had him do this
study.
Dr. Mashburn asked (1) if the 6% return would make us where we
would be actuarially sound, and then all we have to do is go out
and buy some government treasury and there would be no need of us
to even go on and do anything else, or make any investments. (2)
If that is true, and if the 6% return makes it a viable the way it
is, then we need to think about increasing the benefits or possibly
including Blue Cross Blue Shield, or some other hospitalization.
It sounds like the figures that he has used have been assumptions.
Mayes stated that he would talk to Longer and see what she
requested and then talk to him and see what he did.
Dr. Mashburn made a motion that the Board obtain additional
information and the methods arrived at be verified, so as to give
the Board a better feel as to the accuracy of the report.
Linebaugh stated the consensus was that if 6% was earned, then you
could be actuarially sound in 2003.
Mayes stated that the report was somewhat misleading because his
assumption said: "Due to the small number of active members, we
made a projection assuming all 25 members stayed until retirement."
But if you look at his table, it looks like he just applied a 2 to
3 percent decline curve.
There was discussion about the fact that Katherine Henshaw has
people on staff that deal with actuary reports. It was determined
that staff would be asked to review the report.
Mayes stated the 6% does not seem really logical. If you go back
and look at 1989, there was $370,000 more income than in expenses.
If we start adding that kind of money per year, it adds up in a
hurry. It needs to be projected out, and it needs to be accurate.
• It was decided that the study should be reviewed further. Roberts
asked Mayes to further contact the people who had done the study
•
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October 25, 1990
and get more information from them on what figures they had used
and the assumptions that they had made regarding the retirements,
etc. He also suggested holding the payment for this study until
the answers have been secured. Roberts further stated that
everything that was done, was done in a conservative manner. He
called for the insurance turn -back to drop down to $73,000 in a few
years and remain there. In actuality that figure continues to
rise.
NEW BUSINESS
REPORT FROM MIKE KIRKLAND ON INVESTMENTS
Mike Kirkland reported that in the transfer process, all
investments in cash, as far as what was done in transferring 1
million dollars to ACORN Asset Management was approved and
everything was in place and the paper work was done as of 10 days
ago.
They were asked to look at the summary part entitled, "Dean
Witter". It was explained that the $1.3 million was totally in
cash. Since last we met that has been placed in two accounts.
There is $328,826.00 in the "cash account", and the other $1
million is in the ACORN account. There have been no trades yet.
Dr. Mashburn asked what the rate of interest the account was
earning.
Kirkland responded by saying that the money was in the Government
Money Market Account and earning around 7%. He also stated that
the other thing that needs to be done, with the approval of the
Board, is consolidate. Referring the summary, under the heading of
"Shearson Lehman Investment Managers" -- often -time the capital,
(there is still about $6,000.00 in cash there) -- Shearson Lehman,
which is the equivalent of this cash account, (there is still
$116,000.00 plus that $60,000.00 bond that is still there) we need
to get these moved to this cash account, which would give us about
$444,000.00, in liquid securities in the cash account, plus that
$60,000.00 bond. That would consolidate the cash that is available
back into one account. The other thing we have talked about, but
not extensively, is moving the Madison holdings to Dean Witter for
consolidation so that we would have three accounts at Dean Witter,
just as we had three accounts at Shearson. We would have the cash
account, the ACORN asset management account, and we would have the
Madison account. Right now you are paying a wrap fee on the
Madison fixed income account. Regardless of how many trades they
do, if any, you are paying a flat fee for the year. It was
discussed with Madison, and they said, "Since we are really 'buy
and hold', we don't really trade a lot." They said we would be
better off in the long run, with them as the fixed income manager,
October 25, 1990
just to let them charge a small mark up or mark down whenever they
do the trades.
On a fixed income account, the manager is going to mark it up as
little as possible because they don't want it to eat into their
returns. This is something that needs to be considered by the
Board.
Roberts, seconded by Hoyt, made a motion to move the money that is
in Madison Investment, the money that is in the Oppenheimer account
and the money that is in Shearson Lehman Hutton, all over to Dean
Witter's cash account, and also Madison under Dean Witter.
Essentially the Madison account would not have any fees either,
because it is under the wrap fee. Fees will only be charged when
Madison makes an investment.
Kirkland stated Madison will stay intact. There will be no selling
of any of their bonds. It is just a transfer where everything
stays intact. If it is decided to do this, there won't be any
trades made in the transfer time. There would be a separate
account set up for Madison, just like it is now at Shearson. All
of the assets under that account number would come under a new
account number. We would then have ACORN, Madison and the cash
account.
Upon roll call, the motion made to transfer funds to Dean Witter,
passed unanimously.
Roberts asked Kirkland to monitor the trades and mark ups and downs
and report back to the Board. Kirkland stated he would and he
would also average the mark ups and downs for the board.
REPORT FROM ELAINE LONGER ON INVESTMENTS
Elaine Longer distributed copies of the report to the Board and
discussed the origination of the account, and where we were when
the Iraq situation occurred. That day has changed the outlook of
everything, including bonds and stocks. Extra steps are needed to
protect capital and the outlook and where we stand.
The first report is the stock account. That includes the stocks
that were delivered, the stocks that have been purchased, and cash
reserves that have been allocated by computer to go into stocks.
You are about 70% invested and have about 30% in cash reserves. On
July 31, 1990, you were pretty well invested, and then the Iraq
invasion was August 2, 1990. From that point forward it was needed
to pull money back out that had been put into certain stocks. We
have since used cash to buy dips. August 23, was when the market
hit about 2375 or 2400. We were able to go in and average into
certain positions and since then, the market has recovered, and we
are trying to work you back out of a bad situation that caught us
•
October 25, 1990
all by surprise. As much flexibility as possible has been
attempted to be maintained.
Because of the type of stocks that we emphasize with very high
credit quality and strong balance sheets, good cash flow, dominant
positions in their industry, there is nothing in our portfolio that
should give us any concern in terms of, "Will the company be a
survivor, or will it be seriously impaired by what is going on."
In the meantime, the market value, in the short-term,is a function
of the emotions that are taking place in the market.
Some of the things that were done include the purchase of stock in
an oil drilling company at 10 1/2. We averaged into it at 6 7/8.
When it gets back up to 8 3/4, we will take half of that position
off again. The same thing has been done with IBM. The first
purchase was with 113 1/2, and when the stock went down to 100, we
added to the position, and this week, when it hit 108 1/2, we took
half of it off. It has enabled us to use our cash balances to
average down the average cost, and then as soon as we can raise
that cash again, we go back and take it out. We have also had oil
stocks and utility stocks in the account, which have benefitted
from everything that is going on, and that has buffered the account
quite a bit.
On the second page, there is a portfolio profile that shows what
exactly we have in terms of your entire portfolio. In going along
with our investment things, we always look for return on equity
greater than 15%; debt to capital, less than 30%; growth and
earnings per share, in excess of 15% yearly; we try to keep your
Bet, which is a measure of your market exposure, under 1.2, which
means you have an average exposure to the market overall. S & P
ratings are also checked to make sure you are within an A to A- on
a weighted average S & P rating. The way your portfolio stands,
you are actually in even better shape than what is typical. You
have a very high quality portfolio.
The third report is your bond portfolio. We have been in the 10
year, we sold the 10 year, and booked a 1 3/4 point profit.
Currently we have treasury bills in a 9 1/8 home loan bank, and the
rest is in money market, which we can use to do another purchase on
bonds. Since interest rates have dropped to 8.6%, it is not
justifiable. When they get over 9%, it may be considered to extend
maturities.
The fourth report is the total account combined. If this was being
done as one portfolio. You are at about 47% exposure in the stock
market. If you look at the cash being held, which is combined on
this report, but as a percent of the total, the cash and the
treasury bills, come to about a 45% cash reserve. You are still in
a very flexible position to be able to take advantage of anything
that comes our way. The way to maintain that flexibility is to
•
keep some cash reserves, considering the recent maneuvers in Iraq.
The fifth report is the performance report for the stock account
only. It measures your accounts relative to the S & P 500, without
dividends included. The next column is S & P with reinvested
dividends, and then Wilshire 5000, the over-the-counter stock
index, Dow Jones industrial average with dividends reinvested, and
then you have a Solomon Bond Index. Although your account is down
from where we started managing it, it has out performed every index
from that point in time. From where we started on July 26, 1990,
you are down 9.3%; the S & P is off 12.2%, to 11.3%; Dow was off
13.4%.
The reason the bond index shows a negative return from that point
is because as interest rates go up, the principle value of bonds
drops, and the drop in the bonds from the point where all of this
confusion began, has more than offset the income those bonds
generate. Your bond account is up 2.1%, annualized at 8.9%. At
this point we don't have much exposure to the long end of the
interest rate cycle and are waiting for another good opportunity.
The next page is a graphical picture of what your account has done.
This is stocks only vs. the indices. You can see on the up -swing,
you do have as much of an increase, but on the downward slope, your
stocks have been real defensive.
The next page is your bond performance relative to the bond index.
You can see where the bond index falls. That was the sharp spike
in interest rates that caused bond prices to drop. We were able to
do a trade on the 10 year, when it went over 9%, and then we sold
it after we got about 1 3/4 profit in it, and rolled that money
into treasury bills to go ahead and lock in the income through the
end of the year, but go ahead and take the profits on the trade
that we had. That is why we have had such an out -performance to
the market overall.
The next report discussed was the Realized Gain/Loss year-to-date.
We have had to stalk out certain positions that we otherwise would
have kept, but every realized loss that we have taken -- to be able
to do that -- we have since been able to offset with a realized
gain. It has been a lot more foot work than we generally engage
in.
The next report is realized gains on your bond portfolio from that
10 year that we sold. Realized gains on stocks year-to-date are
$2,000 to $4,000 and on bonds about $3,400.
The next report is interest dividends and expenses, broken out by
your stock account and your bond account -- purchases and sales on
your stock account. Some of these sales look like more sales than
what are actually conducted. The computer takes your stocks off by
tax lot. If your stock was bought at two different times, and then
I sell 500 shares of the stock, it will take it off in two
different transactions against each individual tax lot. That's why
October 25, 1990
it looks like there have been more small sales than actually
occurred.
The sheet that shows a short sale -- we sold the cover call, which
gives someone the right to call the stock away from you at $110 per
share before October. The stock was lower than $110, so we
pocketed all of the premium on that option, and we were able to
bring in another $1,000 or so on IBM returns.
The next one is purchase and sales report for bonds. Even though
trading activity has been higher than what we would normally
expect, the commissions are running right in line with what they
were targeted. Year-to-date, you are at about $4,100.00. The next
page shows the first month of trading where you are moving cash
into the market. If you will take that amount out of the total,
you are really annualizing out an expense ratio of about .85%. We
are targeting a 1% total expense ratio on commissions, plus
Northern Trust fees, and you are going to come in just fine. The
transaction costs are really minimal.
The bond account, contributions and expenses and stock account
contributions and expenses -- that's the cash that came in, in
excess of the stocks that we deliver.
The final page is just an estimated income summary that shows how
your dividends and interest receipts are distributed throughout the
year and how you cash flow from month to month in the account.
Friend asked if the S & L problems would affect the department.
The general consensus was that it would not be directly affected,
but the plan would be affected generally as the whole economy will
in the long run.
Longer stated as far as the income that we were trying to at least
generate a 6% yield to satisfy return assumptions to goal to yield
to become actuarially sound -- your yield on the stock portion of
the portfolio, is right at 4.6%. A lot of that is because you are
still heavily in money market funds, but even without that you are
at 3.2 on the stocks and if you look at where you are on bonds, and
weight it -- 40% equity and 60% bond like your total portfolio
would be weighted -- then you are at about 6.32% income, which is
on track. That provides quite a buffer for the whole picture.
Dr. Mashburn commented that; he was encouraged to see a report like
this one.
OTHER BUSINESS
Dr. Mashburn commented that in reading the minutes, he saw
something about the investment policy that was to be reviewed in
this meeting.
•
•
October 25, 1990.
Mayes responded by saying that the actuary report would have to be
figured out first.
There was general discussion about the fact that everyone was happy
to have their money and investments in the hands of Elaine Longer
because her business was small enough to give the department a
personal touch. It was obvious she had given the account much of
her time.
The next proposed meeting is scheduled for December 6, at 2:30
instead of 2:00.
ADJOURNMENT
The meeting was adjourned at 3:20 p.m.
•
•
ELAINE M Lenora. C.F.A.
•
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LONGER INVESTMENTS, INCIVi C
REGISTERED INVESTMENT ADVISOR
P. 0. Box 490
18 E. CENTER STREET SUITE 201
FAYETTEVILLE, ARKANSAS 72701
TELEPHONE 501/4435851
October 5, 1990
City of Fayetteville
Police Pension Fund Committee
Attn: Mr. Scott Linebaugh
113 W. Mountain
Fayetteville, AR 72701
Dear Scott:
rr y LMED
Please find enclosed the portfolio reports for the third quarter
of 1990 for the City of Fayetteville Police Pension Fund. These
reports include a portfolio appraisal, an income and expense
report, a report of realized gains, purchases and sales,
performance, and an estimated income summary.
I have also included a third quarter market update report that I
hope you will find informative. Please feel free to call us if
you have any questions or comments about the enclosed reports.
Thank you again for your business. We have enjoyed having the
opportunity to help you manage your financial assets. Please let
us know if there is any way we can improve our service to you.
Since�y,
Elaine M. Lon a 'C.F.A.
President
EML/kmc
Enclosure
•
Quantity
COMMON STOCK
CALLS
Security
1,000 AMAX Inc.
1,050 Archer Daniels
Midland
1,000 Baroid Corp.
600 Bristol Myers Squibb
800 Dun and Bradstreet
1,200 Emerson Electric
850 Fluor Corp.
1,800 Greiner Engineering
500 Int'l Business
Machines
500 Laidlaw Inc. Class B
800 Minnesota Mining 8
Mfg.
1,000 Mobil Corp.
1,600 Pacificorp
1,400 Philip Morris
500 Tiffany 8 Co.
600 Toys -R -Us
1,000 Tyson Foods
1,500 Walmart Stores
800 Waste Management
1,000 Westinghouse Elec
-5 IBM Oct. 110 Calls
CASH AND EQUIVALENTS
Money Market
TOTAL PORTFOLIO
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
Septesber 30, 1990
Unit
Cost
Total Market Market Pct. Unit Annual Cur.
Cost Price Value Assets Incase Income Yield
25.35 25,350.00 23.50
23.29 24,454.14 23.50
10.57
57.92
44.43
40.07
44.46
13.07
113.07
10,570.00
34,752.00
35,547.00
48,084.00
37,789.04
23,526.00
56,535.00
22.44 11,222.50
70.72 56,575.00
64.85
19.57
38.71
45.50
28.85
26.52
29.03
33.37
29.94
64,847.50
31,312.00
54,190.47
22,750.00
17,308.50
26,521.25
43,542.50
26,700.00
29,945.00
681,521.90
2.34 -1,168.70
-1,168.70
248,663.78
24866378
929,016.98
8.87
57.75
42.00
32.25
34.37
8.50
106.37
23,500.00 2.6 0.800 800.00 3.4
24,675.00 2.8 0.100 105.00 0.4
8,875.00
34,650.00
33,600.00
38,700.00
29,218.75
15,300.00
53,187.50
1.0 0.200 200.00 2.3
3.9 2.120 1,272.00 3.7
3.8 2.120 1,696.00 5.0
4.3 1.260 1,512.00 3.9
3.3 0.240 204.00 0.7
1.7 0.200 360.00 2.4
6.0 4.840 2,420.00 4.5
18.25 9,125.00 1.0 0.280 140.00 1.5
77.12 61,700.00 6.9 2.920 2,336.00 3.8
62.87
20.37
45.25
29.87
23.25
26.00
27.25
33.75
29.75
62,875.00
32,600.00
63,350.00
14,937.50
13,950.00
26,000.00
40,875.00
27,000.00
29,750.00
7.1 2.900 2,900.00 4.6
3.7 1.440 2,304.00 7.1
7.1 1.375 1,925.00 3.0
1.7 0.280 140.00 0.9
1.6 0.000 0.00 0.0
2.9 0.040 40.00 0.2
4.6 0.140 210.00 0.5
3.0 0.360 288.00 1.1
3.3 1.400 1,400.00 4.7
643,868.75 72.2
1.56 -781.00 -0.1
-781.00 -0.1
20,252.00 3.1
248,663.78 27.9 8.550 21,260.75 8.5
248,663.78 27.9
21,260.75 8.5
891,751.53 100.0 41,512.75 4.7
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
September 30, 1990
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
GOVERNMENT BONDS
100,000 Federal Home Loan 100.00 100,000.00 99.15 99,150.00 19.5 9.150 9,150.00 9.2
Mortgage Corp.
9.1502 Due 08-08-00
Accrued Interest 1,321.67 0.3
100,000.00
TREASURY BILLS
100,471.67 19.8 9,150.00 9.2
200,000 U. S. Treasury Bill 98.13 196,254.00 98.48 196,960.00 38.8 7.660 15,320.00 7.8
7.6602 Due 12-13-90
CASH MW EQUIVALENTS
Money Market
TOTAL PORTFOLIO
196,254.00
196,960.00 38.8 15,320.00 7.8
210 623 80 210,623.80 41.5 8.550 18,008.33 8.5
21062380
210,623.80 41.5 18,008.33 8.5
506,877.80 508,055.47 100.0
easaeaccc eeeaa
42,478.33 8.4
•
•
•
Quantity
COMMON STOCK
CALLS
Security
1,000 AMA% Inc.
1,050 Archer Daniels
Midland
1,000 Baroid Corp.
600 Bristol Myers Squibb
800 Dun and Bradstreet
1,200 Emerson Electric
850 Fluor Corp.
1,800 Greiner Engineering
500 Int'l Business
Machines
500 Laidlaw Inc. Class B
800 Minnesota Mining &
Mfg.
1,000 Mobil Corp.
1,600 Pacificorp
1,400 Philip Morris
500 Tiffany & Co.
600 Toys -R -Us
1,000 Tyson Foods
1,500 Walmart Stores
800 Waste Management
1,000 Westinghouse Elec
-5 IBM Oct. 110 Calls
GOVERNMENT BONDS
100,000 Federal Nome Loan
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest
•
Longer Investments, Incorporated
PCRTF0LIO APPRAISAL
City of Fayetteville Police Pension Fund
Ccsbi ned Account
September 30, 1990
Unit Total
Cost Cost
25.35 25,350.00
23.29 24,454.14
Market
Price
Market Pct. Unit Annual Cur.
Value Assets Income Incase Yield
23.50 23,500.00 1.7 0.800 800.00 3.4
23.50 24,675.00 1.8 0.100 105.00 0.4
10.57 10,570.00 8.87 8,875.00 0.6 0.200 200.00 2.3
57.92 34,752.00 57.75 34,650.00 2.5 2.120 1,272.00 3.7
44.43 35,547.00 42.00 33,600.00 2.4 2.120 1,696.00 5.0
40.07 48,084.00 32.25 38,700.00 2.8 1.260 1,512.00 3.9
44.46 37,789.04 34.37 29,218.75 2.1 0.240 204.00 0.7
13.07 23,526.00 8.50 15,300.00 1.1 0.200 360.00 2.4
113.07 56,535.00 106.37 53,187.50 3.8 4.840 2,420.00 4.5
22.44 11,222.50
70.72 56,575.00
18.25 9 125 00 0.7 0.280 140.00 1.5
77.12 61,700.00 4.4 2.920 2,336.00 3.8
64.85 64,847.50 62.87 62,875.00 4.5 2.900 2,900.00 4.6
19.57 31,312.00 20.37 32,600.00 2.3 1.440 2,304.00 7.1
38.71 54,190.47 45.25 63,350.00 4.5 1.375 1,925.00 3.0
45.50 22,750.00 29.87 14,937.50 1.1 0.280 140.00 0.9
28.85 17,308.50 23.25 13,950.00 1.0 0.000 0.00 0.0
26.52 26,521.25 26.00 26,000.00 1.9 0.040 40.00 0.2
29.03 43,542.50 27.25 40,875.00 2.9 0.140 210.00 0.5
33.37 26,700.00 33.75 27,000.00 1.9 0.360 288.00 1.1
29.94 29,945.00 29.75 29,750.00 2.1 1.400 1,400.00 4.7
681,521.90
2.34 -1,168.70
-1,168.70
643,868.75 46.0 20,252.00 3.1
1.56 -781.00 -0.1
-781.00 -0.1
100.00 100,000.00 99.15 99,150.00 7.1 9.150 9,150.00 9.2
100,000.00
1
1,321.67 0.1
100,471.67 7.2 9,150.00 9.2
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
September 30, 1990
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
TREASURY BILLS
200,000 U. S. Treasury Bill 98.13 196,254.00 98.48 196,960.00 14.1 7.660 15,320.00 7.8
7.660% Due 12-13-90
CASH AND EQUIVALENTS
Money Market
TOTAL PORTFOLIO
196,254.00
196,960.00 14.1 15,320.00 7.8
459,287.58 459,287.58 32.8 8.550 39,269.09 8.5
459,287.58
1,435,894.78
e===ss=ss
2
459,287.58 32.8 39,269.09 8.5
1,399,807.00 100.0 83,991.09 6.0
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Date
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Longer Investments, Incorporated
REALIZED CAPITAL GAINS ANO LOSSES
City of Fayetteville Police Pension Fund
Stock Account
Froo 01-01-90 Through 09-30-90
Security
Cost
Basis
Proceeds Gain Or Loss
07-31-90
08-03-90
08-03-90
08-03-90
08-13-90
08-13-90
08-15-90
08-15-90
08-15-90
08-16-90
08-16-90
08-21-90
08-21-90
08-27-90
08-30-90
08-30-90
08-30-90
09-04-90
09-04-90
09-04-90
09-04-90
09-05-90
09-05-90
09-05-90
09-05-90
09-27-90
09-27-90
TOTAL GAINS
TOTAL LOSSES
500
500
1,000
1,000
1,200
200
250
350
900
1,075
1,000
1,000
1,000
700
1,000
300
300
150
500
1,000
500
500
400
300
500
125
1,000
Toys -R -Us
Archer Daniels Midland
Amoco
Lowe's
Reebok Intl.
Tiffany 8 Co.
American Hoar Products
Philip Morris
Primerica Corp.
Nestle
Primerica Corp.
AMP
Luby's Cafeterias
Amoco
American Home Products
Fluor Corp.
Philip Morris
Fluor Corp.
Laidlaw Inc. Class B
Tyson Foods
Waste Management
Abbott Labs
Archer Daniels Midland
Bristol Myers Squibb
Toys -R -Us
General Electric
General Electric
14,423.75
12,535.00
53,570.00
34,820.00
15,834 00
9,100.00
11,209.40
11,327.30
19,820.93
62,588.00
22,023.25
44,945.00
19,070.00
39,074.00
44,837.60
13,337.31
9,709.11
6,668.65
11,222.50
26,521.25
16,812.50
18,660.00
9,315.86
17,376.00
14,423.75
6,006.89
48,055.11
15,379.48
12,214.59
59,428.01
27,054.09
15,665.47
7,669.74
12,214.59
16,468.70
26,936.10
63,156.25
29,429.01
39,928.66
19,129.36
37,837.23
44,428.51
10 687 14
13,237.05
5,294.82
8,725.00
28,305.00
18,901.86
20,026.83
9,644.67
18,561.88
12,187.09
6,674.77
53,273.22
955.73
-320.41
5,858.01
-7,765.91
-168.53
- 1,430.26
1,005.19
5,141.40
7,115.17
568.25
7,405.76
-5,016.34
59.36
- 1,236.77
-409.09
-2,650.17
3,527.94
- 1,373 83
-2,497.50
1,783.75
2,089.36
1,366.83
328.81
1,185.88
- 2,236.66
667 88
5,218.11
44,277.43
-25,105.47
613,287.16 632,459.12 19,171.96
__________ ____C== =
•
Date Quantity
Longer Investments, Incorporated
REALIZED CAPITAL WINS AND LOSSES
City of Fayetteville Police Pension Fund
Bond Account
From 01-01-90 Through 09-30-90
Security
Cost
Basis
Proceeds Gain Or Loss
09-10-90 200,000 U. S. Treas. Note 196,109.37
8.750% Due 08-15-00
TOTAL WINS
TOTAL LOSSES
•
•
199,531.25 3,421.88
3,421.88
0.00
196,109.37 199,531.25
3,421.88
asaasaa.a
•
•
•
Date
Quantity
•
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-90 To 09-30-90
Security
Unit
Price
Amount
PURCHASES
08-31-90
07-26-90
08-22-90
07-18-90
07-26-90
08-10-90
07-26-90
08-22-90
09-14-90
08-06-90
08-22-90
07-18-90
07-26-90
07-30-90
07-30-90
07-18-90
08-03-90
07-26-90
07-26-90
07-30-90
O 8-90
O 8-90
O 7-90
07-30-90
07-18-90
08-13-90
07-18-90
09-21-90
07-18-90
08-06-90
07-30-90
07-30-90
07-30-90
08-03-90
08-22-90
07-30-90
08-23-90
08-23-90
09-21-90
09-14-90
•
1,000
1,000
500
1,250
1,000
700
1,500
400
1,000
600
300
800
1,200
1,000
300
1,125
1,800
500
1,000
1,000
1,000
800
500
500
1,075
1,600
1,350
700
1,900
1,200
700
800
800
1,500
500
1,000
500
500
800
1,000
AMAX Inc.
AMP
Abbott Labs
American Home Products
Amoco
Amoco
Archer Daniels Midland
Archer Daniels Midland
Baroid Corp.
Bristol Myers Squibb
Bristol Myers Squibb
Dun and Bradstreet
Emerson Electric
Fluor Corp.
Fluor Corp.
General Electric
Greiner Engineering
Int'l Business Machines
Laidlaw Inc. Class B
Lowe's
Luby's Cafeterias
Minnesota Mining & Mfg.
Mobil Corp.
Mobil Corp.
Nestle
Pacificorp
Philip Morris
Philip Morris
Primerica Corp.
Reebok Int'1.
Tiffany & Co.
Toys -R -Us
Toys -R -Us
Tyson Foods
Tyson Foods
Walmart Stores
Walmart Stores
Waste Management
Waste Management
Westinghouse Elec
1
25.35 25,350.00
44.94 44,945.00
37.32 18,660.00
44.84 56,047.00
53.57 53,570.00
55.82 39,074.00
25.07 37,605.00
21.75 8,700.00
10.57 10,570.00
57.94 34,767.00
57.87 17,361.00
44.43 35,547.00
40.07 48,084.00
44.44 44,445.00
44.50 13,350.00
48.06 54,062.00
13.07 23,526.00
113.07 56,535.00
22.44 22,445.00
34.82 34,820.00
19.07 19,070.00
70.72 56,575.00
64.94 32,472.50
64.75 32,375.00
58.22 62,588.00
19.57 31,312.00
32.36 43,691.00
45.05 31,535.88
22.02 41,844.18
13.19 15,834.00
45.50 31,850.00
28.69 22,956.00
29.00 23,200.00
26.94 40,417.50
25.25 12,625.00
30.69 30,695.00
25.69 12,847.50
33.62 16,812.50
33.37 26,700.00
29.94 29,945.00
1,294,809.06
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-90 To 09-30-90
Security
Unit
Price
Amount
SALES
08-21-90
09-05-90
08-15-90
08-30-90
08-03-90
08-27-90
08-03-90
09-05-90
09-05-90
08-30-90
09-04-90
09-27-90
09-27-90
09-04-90
08-03-90
08.-21-90
08-16-90
08-15-90
08-30-90
08-15-90
O 6-90
O 3-90
O 3-90
07-31-90
09-05-90
09-04-90
09-04-90
SHORT SALES
09-10-90
1,000
500
250
1,000
1,000
700
500
400
300
300
150
125
1,000
500
1,000
1,000
1,075
350
300
900
1,000
1,200
200
500
500
1,000
500
AMP
Abbott Labs
American Home Products
American Home Products
Amoco
Amoco
Archer Daniels Midland
Archer Daniels Midland
Bristol Myers Squibb
Fluor Corp.
Fluor Corp.
General Electric
General Electric
Laidlaw Inc. Class B
Lowe's
Luby's Cafeterias
Nestle
Philip Morris
Philip Morris
Primerica Corp.
Primerica Corp.
Reebok Int'l.
Tiffany & Co.
Toys -R -Us
Toys -R -Us
Tyson Foods
Waste Management
5 IBM Oct. 110 Calls
2
39.93 39,928.66
40.05 20,026.83
48.86 12,214.59
44.43 44,428.51
59.43 59,428.01
54.05 37,837.23
24.43 12,214.59
24.11 9,644.67
61.87 18,561.88
35.62 10,687.14
35.30 5,294.82
53.40 6,674.77
53.27 53,273.22
17.45 8,725.00
27.05 27,054.09
19.13 19,129.36
58.75 63,156.25
47.05 16,468.70
44.12 13,237.05
29.93 26,936.10
29.43 29,429.01
13.05 15,665.47
38.35 7,669.74
30.76 15,379.48
24.37 12,187.09
28.30 28,305.00
37.80 18,901.86
632,459.12
2.34 1,168.70
1,168.70
•
Date
Quantity
Longer Investments, incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Bond Account
From 01-01-90 To 09-30-90
Security
Unit
Price
Amount
PURCHASES
08-08-90
08-24-90
08-24-90
09-10-90
SALES
09-10-90
100,000 Federal Home Loan Mortgage Corp.
9.150% Due 08-08-00
100,000 U. S. Treas. Note
8.750% Due 08-15-00
100,000 U. S. Treas. Note
8.750% Due 08-15-00
200,000 U. S. Treasury Bill
7.660% Due 12-13-90
200,000 U. S. Treas. Note
8.750% Due 08-15-00
100.00
97.98
98.12
98.13
100,000.00
97,984.37
98,125.00
196,254.00
492,363.37
99.77 199,531.25
199,531.25
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INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-90 Through 09-30-90
COMMON STOCK
08-24-90
08-27-90
09-04-90
09-10-90
09-10-90
09-10-90
09-10-90
09-10-90
09-17-90
Greiner Engineering
Archer Daniels Midland
AMP
Amoco
Dun and Bradstreet
Emerson Electric
Int']. Business Machines
Mobil Corp.
Tyson Foods
GOVERNMENT BONDS
08-24-90
08-24-90
09-10-90
U . S. Treas. Note
8.750% Due 08-15-00
U . S. Treas. Note
8.750% Due 08-15-00
U . S. Treas. Note
8.750% Due 08-15-00
CASH AND EQUIVALENTS
09-04-90 Money Market
09-04-90 Money Market
EXPENSE ACCOUNTS
09-04-90 Automated
09-04-90 Automated
Cash Mgmt.
Cash Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
08-08-90 Management Fee
08-28-90 Northern Trust Fee
90.00
37.50
340.00
510.00
424.00
378.00
605.00
725.00
20.00
3,129.50
-380.43
-380.43
1,331.52
570.66
424.83
2,979.90
3,404.73
13.49
94.64
108.13
3,750.00
300.00
4,050.00
NET INCOME 2,946.76
SepteMber 30, 1990
City of Fayetteville Police Pension Fund
•Combined•Acco t
113 W. MountalnY ".....
Fayettevil4W10 ,'?72701;
.tet:
•
Longer investments, Incorporated
STATEMENT OF MANAGEMENT FEES
For The Period Ending September 30, 1990
Portfolio Valuation as of 09-30-90
500,000 @ 1.250% per annum
898,485 @ 1.000% per annum
Quarterly Management Fee
TOTAL DUE AND PAYABLE
$ 1,398,485.33
1,562.50
2,246.21
$
3,808.7a$
-r.
$ 3,808.71
•
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Quantity
COMMON STOCK
Security
1,000 AMAX Inc.
600 Archer Daniels
Midland
2,000 Baroid Corp
600 Bristol Myers Squibb
800 Dun and Bradstreet
1,200 Emerson Electric
1,350 Fluor Corp.
1,800 Greiner Engineering
400 Intl Business
Machines
700 J.B. Hunt
500 Laidlaw Inc. Class B
800 Minnesota Mining &
Mfg.
1,500 Mobil Corp.
1,600 Pacificorp
1,400 Philip Morris
1,000 Reebok Intl.
500 Tiffany & Co.
600 Toys -R -Us
1,000 Tyson Foods
1,000 Walmart Stores
800 Waste Management
600 Westinghouse Elec
CASH AND EQUIVALENTS
Money Market
TOTAL PORTFOLIO
Longer Investments,
Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
October 24, 1990
Unit Total
Cost Cost
Market
Price
25.35 25,350.00 20.12
23.29 13,973.79 23.50
8.76
57.92
44.43
40.07
39.00
13.07
108.08
15.12
22.44
70.72
62.17
19.57
40.94
10.19
45.50
28.85
26.52
29.03
33.37
29.94
17,515.00
34,752.00
35,547.00
48,084.00
52,651.54
23,526.00
43,231.56
10,587.50
11,222.50
56,575.00
93,257.50
31,312.00
57,309.23
10,195.00
22,750.00
17,308.50
26,521.25
29,028.33
26,700.00
17,967.00
705,364.70
228,674.47
228,674.47
934,039.17
7.62
63.25
38.37
34.75
33.00
10.00
108.62
15.25
17.75
78.25
57.25
21.75
48.25
11.37
33.37
23.87
28.50
28.12
34.37
26.00
4D
MICROFILMED
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
20,125.00 2.2 0.800 800.00 4.0
14,100.00 1.6 0.100 60.00 0.4
15,250.00
37,950.00
30,700.00
41,700.00
44,550.00
18,000.00
43,450.00
10,675.00
8,875.00
62,600.00
85,875.00
34,800.00
67,550.00
11,375.00
16 687 50
14,325.00
28,500.00
28,125.00
27,500.00
15,600.00
1.7 0.200 400.00 2.6
4.2 2.120 1,272.00 3.4
3.4 2.120 1,696.00 5.5
4.6 1.260 1,512.00 3.6
4.9 0.240 324.00 0.7
2.0 0.200 360 00 2.0
4.8 4.840 1,936.00 4.5
1.2 0.200 140.00 1.3
1.0 0.280 140.00 1.6
6.9 2.920 2,336.00 3.7
9.5 2.900 4,350.00 5.1
3.8 1.440 2,304.00 6.6
7.4 1.720 2,408.00 3.6
1.3 0.300 300.00 2.6
1.8 0.280 140.00 0.8
1.6 0.000 0.00 0.0
3.1 0.040 40.00 0.1
3.1 0.140 140.00 0.5
3.0 0.360 288.00 1.0
1.7 1.400 840.00 5.4
678,312.50 74.8
21,786.00 3.2
228,674.47 25.2 8.550 19,551.67 8.5
228,674.47 25.2
906,986.97 100.0
19,551.67 8.5
41,337.67 4.6
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Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
October 24, 1990
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
GOVERNMENT BONDS
100,000 Federal Home Loan 100.00 100,000.00 99.15 99,150.00 19.5 9.150 9,150.00 9.2
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest 1,931.67 0.4
TREASURY BILLS
100,000.00 101,081.67 19.9 9,150.00 9.2
200,000 U. S. Treasury Bill 98.13 196,254.00 98.48 196,960.00 38.7 7.660 15,320.00 7.8
7.660% Due 12-13-90
CASH AND EQUIVALENTS
Money Market
196,254.00
196,960.00 38.7 15,320.00 7.8
210,960.79 210,960.79 41.4 8.550 18,037.15 8.5
210,960.79
TOTAL PORTFOLIO 507,214.79
210,960.79 41.4 18,037.15 8.5
509,002.46 100.0 42,507.15 8.4
Quantity
COMMON STOCK
Security
1,000 AMAX Inc.
600 Archer Daniels
Midland
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
October 24, 1990
Unit
Cost
Total Market
Cost Price
25.35 25,350.00 20.12
23.29 13,973.79 23.50
2,000 Baroid Corp. 8.76
600 Bristol Myers Squibb 57.92
800 Dun and Bradstreet 44.43
1,200 Emerson Electric 40.07
1,350 Fluor Corp. 39.00
1,800 Greiner Engineering 13.07
400 Intl Business 108.08
Machines
700 J.B. Hunt 15.12
500 Laidlaw Inc. Class B 22.44
800 Minnesota Mining 8 70.72
Mfg.
1,500 Mobil Corp. 62.17
1,600 Pacificorp 19.57
1,400 Philip Morris 40.94
1,000 Reebok Intl. 10.19
500 Tiffany 8 Co. 45.50
600 Toys -R -Us 28.85
1,000 Tyson Foods 26.52
1,000 Walmart Stores 29.03
800 Waste Management 33.37
600 Westinghouse Elec 29.94
GOVERNMENT BONDS
100,000 Federal Home Loan
Mortgage Corp.
9.150X Due 08-08-00
Accrued Interest
TREASURY BILLS
200,000 U. S. Treasury Bill
7.660% Due 12-13-90
•
17,515.00 7.62
34,752.00 63.25
35,547.00 38.37
48,084.00 34.75
52,651.54 33.00
23,526.00 10.00
43,231.56 108.62
10,587.50 15.25
11,222.50 17.75
56,575.00 78.25
93,257.50 57.25
31,312.00 21.75
57,309.23 48.25
10,195.00 11.37
22,750.00 33.37
17,308.50 23.87
26,521.25 28.50
29,028.33 28.12
26,700.00 34.37
17,967.00 26.00
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
20,125.00 1.4 0.800 800.00 4.0
14,100.00 1.0 0.100 60.00 0.4
15,250.00
37,950.00
30,700.00
41,700.00
44,550.00
18,000.00
43,450.00
10,675.00
8,875.00
62,600.00
85,875.00
34,800.00
67,550.00
11,375.00
16 687 50
14,325.00
28,500.00
28,125.00
27,500.00
15,600.00
1.1 0.200 400.00 2.6
2.7 2.120 1,272.00 3.4
2.2 2.120 1,696.00 5.5
2.9 1.260 1,512.00 3.6
3.1 0.240 324.00 0.7
1.3 0.200 360.00 2.0
3.1 4.840 1,936.00 4.5
0.8 0.200 140.00 1.3
0.6 0.280 140.00 1.6
4.4 2.920 2,336.00 3.7
6.1 2.900 4,350.00 5.1
2.5 1.440 2,304.00 6.6
4.8 1.720 2,408.00 3.6
0.8 0.300 300.00 2.6
1.2 0.280 140.00 0.8
1.0 0.000 0.00 0.0
2.0 0.040 40.00 0.1
2.0 0.140 140.00 0.5
1.9 0.360 288.00 1.0
1.1 1.400 840.00 5.4
705,364.70 678,312.50 47.9
21,786.00 3.2
100.00 100,000.00 99.15 99,150.00 7.0 9.150 9,150.00 9.2
100,000.00
1,931.67 0.1
101,081.67 7.1
9,150.00 9.2
98.13 196,254.00 98.48 196,960.00 13.9 7.660 15,320.00 7.8
196,254.00
1
196,960.00 13.9 15,320.00 7.8
•
•
•
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
October 24, 1990
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Money Market
439,635.26 439,635.26 31.0 8.550 37,588.81 8.5
439,635.26
TOTAL PORTFOLIO 1,441,253.96
2
439,635.26 31.0 37,588.81 8.5
1,415,989.43 100.0 83,844.81 5.9
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Quantity
Longer Investments, Incorporated
REALIZED CAPITAL GAINS AND LOSSES
City of Fayetteville Police Pension Fund
Stock Account
From 06-30-90 Through 10-24-90
Security
Cost
Basis
Proceeds
Gain Or Loss
07-31-90
08-03-90
08-03-90
08-03-90
08-13-90
08-13-90
08-15-90
08-15-90
08-15-90
08-16-90
08-16-90
08-21-90
08-21-90
08-27-90
08-30-90
08-30-90
08-30-90
09-04-90
09-04-90
09-04-90
09-04-90
09-05-90
09-05-90
09-05-90
09-05-90
09-27-90
09-27-90
10-03-90
10-05-90
10-05-90
10-05-90
10-09-90
10-19-90
10-22-90
TOTAL GAINS
TOTAL LOSSES
•
500
500
1,000
1,000
1,200
200
250
350
900
1,075
1,000
1,000
1,000
700
1,000
300
300
150
500
1,000
500
500
400
300
500
125
1,000
500
200
300
400
450
-5
500
Toys -R -Us
Archer Daniels Midland
Amoco
Lowe's
Reebok Intl.
Tiffany 8 Co.
American Home Products
Philip Morris
Primerica Corp.
Nestle
Primerica Corp.
AMP
Luby's Cafeterias
Amoco
American Home Products
Fluor Corp.
Philip Morris
Fluor Corp.
Laidlaw Inc. Class B
Tyson Foods
Waste Management
Abbott Labs
Archer Daniels Midland
Bristol Myers Squibb
Toys -R -Us
General Electric
General Electric
Walmart Stores
Philip Morris
Philip Morris
Westinghouse Elec
Archer Daniels Midland
IBM Oct. 110 Calls
Int'L Business Machines
14,423.75
12,535.00
53,570.00
34,820.00
15,834.00
9,100.00
11,209.40
11,327.30
19,820.93
62,588.00
22,023.25
44,945.00
19,070.00
39,074.00
44,837.60
13,337.31
9,709.11
6,668.65
11,222.50
26,521.25
16,812.50
18,660.00
9,315.86
17,376.00
14,423.75
6,006.89
48,055.11
14,514.17
7,741.50
11,612.24
11,978.00
10,480.34
0.00
54,039.44
15,379.48
12,214.59
59,428.01
27,054.09
15,665.47
7,669.74
12,214.59
16,468.70
26,936.10
63,156.25
29,429.01
39,928.66
19,129.36
37,837.23
44,428.51
10,687.14
13,237.05
5,294.82
8,725.00
28,305.00
18,901.86
20,026.83
9,644.67
18,561.88
12,187.09
6,674.77
53,273.22
14,214.52
9,344.68
14,026.03
11,849.60
10,745.64
1,168.70
54,213.19
955.73
-320.41
5,858.01
-7,765.91
-168.53
-1,430.26
1,005.19
5,141.40
7,115.17
568.25
7,405.76
-5,016.34
59.36
-1,236.77
-409.09
-2,650.17
3,527.94
-1,373.83
-2,497.50
1,783.75
2,089.36
1,366.83
328.81
1,185.88
-2,236.66
667 88
5,218.11
-299.65
1,603.18
2,413.79
-128.40
265.30
1,168.70
173.75
49,902.14
-25,533.52
723,652.86 748,021.48
24,368.62
•
•
•
Longer Investments, Incorporated
REALIZED CAPITAL GAINS AND LOSSES
City of Fayetteville Police Pension Fund
Bond Account
From 06-30-90 Through 10-24-90
Cost
Date Quantity Security Basis Proceeds Gain Or Loss
09-10-90 200,000 U. S. Treas. Note 196,109.37 199,531.25 3,421.88
8.750% Due 08-15-00
TOTAL GAINS
TOTAL LOSSES
3,421.88
0.00
196,109.37 199,531.25 3,421.88
•
•
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Stock Account
From 07-26-90 Through 10-24-90
COMMON STOCK
08-24-90
08-27-90
09-04-90
09-10-90
09-10-90
09-10-90
09-10-90
09-10-90
09-12-90
09-17-90
10-04-90
10-04-90
10-10-90
10-10-90
10-16-90
Greiner Engineering
Archer Daniels Midland
AMP
Amoco
Dun and Bradstreet
Emerson Electric
Int'l Business Machines
Mobil Corp.
Minnesota Mining & Mfg.
Tyson Foods
Walmart Stores
Waste Management
Philip Morris
Tiffany & Co.
Fluor Corp.
CASH AND EQUIVALENTS
09-04-90 Money Market
10-01-90 Money Market
EXPENSE ACCOUNTS
09-04-90 Automated
10-01-90 Automated
Cash Mgmt.
Cash Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
08-08-90 Management Fee
08-28-90 Northern Trust Fee
10-10-90 Management Fee
NET INCOME
90.00
37.50
340.00
510.00
424.00
378.00
605.00
725.00
584.00
20.00
52.50
45.00
301.00
35.00
51.00
4,198.00
424.83
1,224.92
1,649.75
13.49
39.25
52.74
3,750.00
300.00
2,428.64
6,478.64
-683.63
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Bond Account
From 07-26-90 Through 10-24-90
GOVERNMENT BONDS
08-24-90
08-24-90
09-10-90
U . S. Treas. Note
8.750% Due 08-15-00
U . S. Treas. Note
8.750% Due 08-15-00
U . S. Treas. Note
8.750% Due 08-15-00
CASH AND EQUIVALENTS
09-04-90 Money Market
10-01-90 Money Market
EXPENSE ACCOUNTS
09-04-90 Automated Cash Mgmt.
10-01-90 Automated Cash Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
10-10-90 Management Fee
- 380.43
- 380.43
1,331.52
570.66
2,979.90
1,773.89
4,753.79
94.64
56.83
151.47
1,380.07
1,380.07
NET INCOME 3,792.91
•
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 06-30-90 To 10-24-90
Security
Unit
Price
Amount
PURCHASES
08-31-90
07-26-90
08-22-90
07-18-90
07-26-90
08-10-90
07-26-90
08-22-90
09-14-90
10-17-90
08-06-90
08-22-90
07-18-90
07-26-90
07-30-90
07-30-90
10-17-90
07-18-90
08-03-90
506-90
2-90
1 19-90
07-26-90
07-30-90
08-06-90
07-18-90
07-27-90
07-30-90
10-18-90
07-18-90
08-13-90
07-18-90
09-21-90
10-12-90
07-18-90
08-06-90
10-17-90
07-30-90
07-30-90
07-30-90
08-03-90
08-22-90
•
1,000
1,000
500
1,250
1,000
700
1,500
400
1,000
1,000
600
300
800
1,200
1,000
300
500
1,125
1,800
500
400
700
1,000
1,000
1,000
800
500
500
500
1,075
1,600
1,350
700
500
1,900
1,200
1,000
700
800
800
1,500
500
AMAX Inc.
AMP
Abbott Labs
American Home Products
Amoco
Amoco
Archer Daniels Midland
Archer Daniels Midland
Baroid Corp.
Baroid Corp.
Bristol Myers Squibb
Bristol Myers Squibb
Dun and Bradstreet
Emerson Electric
Fluor Corp.
Fluor Corp.
Fluor Corp.
General Electric
Greiner Engineering
Int'1 Business Machines
Int'1 Business Machines
J.B. Hunt
Laidlaw Inc. Class B
Lowe's
Luby's Cafeterias
Minnesota Mining & Mfg.
Mobil Corp.
Mobil Corp.
Mobil Corp.
Nestle
Pacificorp
Philip Morris
Philip Morris
Philip Morris
Primerica Corp.
Reebok Int'1.
Reebok Int'l.
Tiffany & Co.
Toys -R -Us
Toys -R -Us
Tyson Foods
Tyson Foods
1
25.35 25,350.00
44.94 44,945.00
37.32 18,660.00
44.84 56,047.00
53.57 53,570.00
55.82 39,074.00
25.07 37,605.00
21.75 8,700.00
10.57 10,570.00
6.94 6,945.00
57.94 34,767.00
57.87 17,361.00
44.43 35,547.00
40.07 48,084.00
44.44 44,445.00
44.50 13,350.00
29.72 14,862.50
48.06 54,062.00
13.07 23,526.00
113.07 56,535.00
101.84 40,736.00
15.12 10,587.50
22.44 22,445.00
34.82 34,820.00
19.07 19,070.00
70.72 56,575.00
64.94 32,472.50
64.75 32,375.00
56.82 28,410.00
58.22 62,588.00
19.57 31,312.00
32.36 43,691.00
45.05 31,535.88
44.94 22,472.50
22.02 41,844.18
13.19 15,834.00
10.19 10,195.00
45.50 31,850.00
28.69 22,956.00
29.00 23,200.00
26.94 40,417.50
25.25 12,625.00
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 06-30-90 To 10-24-90
Security
Unit
Price
Amount
07-30-90
08-23-90
08-23-90
09-21-90
09-14-90
SALES
08-21-90
09-05-90
08-15-90
08-30-90
08-03-90
08-27-90
08-03-90
09-05-90
10-09-90
09-05-90
08-30-90
09-04-90
4010 7-90
7-90
2-90
09-04-90
08-03-90
08-21-90
08-16-90
08-15-90
08-30-90
10-05-90
10-05-90
08-15-90
08-16-90
08-13-90
08-13-90
07-31-90
09-05-90
09-04-90
10-03-90
09-04-90
10-05-90
i
1,000 Walmart Stores
500 Walmart Stores
500 Waste Management
800 Waste Management
1,000 Westinghouse Elec
1,000
500
250
1,000
1,000
700
500
400
450
300
300
150
125
1,000
500
500
1,000
1,000
1,075
350
300
200
300
900
1,000
1,200
200
500
500
1,000
500
500
400
AMP
Abbott Labs
American Home Products
American Home Products
Amoco
Amoco
Archer Daniels Midland
Archer Daniels Midland
Archer Daniels Midland
Bristol Myers Squibb
Fluor Corp.
Fluor Corp.
General Electric
General Electric
Int']. Business Machines
Laidlaw Inc. Class B
Lowe's
Luby's Cafeterias
Nestle
Philip Morris
Philip Morris
Philip Morris
Philip Morris
Primerica Corp.
Primerica Corp.
Reebok Int'l.
Tiffany & Co.
Toys -R -Us
Toys -R -Us
Tyson Foods
Walmart Stores
Waste Management
Westinghouse Elec
2
30.69
25.69
33.62
33.37
29.94
30,695.00
12,847.50
16,812.50
26,700.00
29,945.00
1,429,017.56
39.93 39,928.66
40.05 20,026.83
48.86 12,214.59
44.43 44,428.51
59.43 59,428.01
54.05 37,837.23
24.43 12,214.59
24.11 9,644.67
23.88 10,745.64
61.87 18,561.88
35.62 10,687.14
35.30 5,294.82
53.40 6,674.77
53.27 53,273.22
108.43 54,213.19
17.45 8,725.00
27.05 27,054.09
19.13 19,129.36
58.75 63,156.25
47.05 16,468.70
44.12 13,237.05
46.72 9,344.68
46.75 14,026.03
29.93 26,936.10
29.43 29,429.01
13.05 15,665.47
38.35 7,669.74
30.76 15,379.48
24.37 12,187.09
28.30 28,305.00
28.43 14,214.52
37.80 18,901.86
29.62 11,849.60
746,852.78
A
Date Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 06-30-90 To 10-24-90
Security
Unit
Price
Amount
SHORT SALES
09-10-90 5 IBM Oct. 110 Calls 2.34 1,168.70
1,168.70
SHORT COVERS
10-19-90 5 IBM Oct. 110 Calls 0.00 0.00
•
•
3
0.00
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Bond Account
From 06-30-90 To 10-24-90
Security
Unit
Price
Amount
PURCHASES
08-08-90
08-24-90
08-24-90
09-10-90
SALES
09-10-90
•
•
100,000 Federal Home Loan Mortgage Corp.
9.150% Due 08-08-00
100,000 U. S. Treas. Note
8.750% Due 08-15-00
100,000 U. S. Treas. Note
8.750% Due 08-15-00
200,000 U. S. Treasury Bill
7.660% Due 12-13-90
200,000 U. S. Treas. Note
8.750% Due 08-15-00
100.00
97.98
98.12
98.13
100,000.00
97,984.37
98,125.00
196,254.00
492,363.37
99.77 199,531.25
199,531.25
•
Longer Investments, Incorporated
COMMISSIONS BY PORTFOLIO
Name
City of
Pension
City of
Pension
TOTAL
Fayetteville Police
Fund
Fayetteville Police
Fund
Month to Date
07-26-90
to
10-24-90
4,127.00
0.00
4,127.00
Year to Date
07-26-90
to
10-24-90
4,127.00
0.00
4,127.00
•
•
•
•
Name
Longer Investments, Incorporated
COMMISSIONS BY PORTFOLIO
City of
Pension
City of
Pension
TOTAL
Fayetteville Police
Fund
Fayetteville Police
Fund
Month to Date
07-26-90
to
08-30-90
2,679.50
0.00
2,679.50
Year to Date
07-26-90
to
08-30-90
2,679.50
0.00
2,679.50
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•
•
• • • • • • • • • • • • • • • • • • • • • •
COST BASIS
CITY OF FAYETTEVILLE, ARKANSAS
.CEMEN'S PENSION AND RELIEF FUND CASH A FIXED PERCENT
T ALLOCATION EQUIVALENT INCOME EQUITIES TOTAL OF MARKET
9/30/90 ppai4 (10-25%) (15-75/.) (20-40%1 TOTAL VALUE
SHEARSON LEHMAN - INVESTMENT MANAGERS
MADISON INVESTMENT
OPPENHEIMER CAPITAL
SHEARSON LEHMAN
TOTAL SHEARSON LEHMAN
DEAN HITTER
$95,813 $950,000
5,939
116,874 60,000
$1,045,813 24% $1,023,594
5,939 0% 5,939
$176,874 4% 177,361
218,626 1,010,000 1,228,626 28% 1,206,2194
1,324,054 1,324,054 30% 1,324,054
INE LONGER INVESTMENTS 399,924 296,254 735,882 1,432,060 33% 1,401,172
CITY HELD INVESTMENTS
TOTALS
29,793 350,000 379,793 9% 379,793
01,972,397 51,656,254 $735,882 04,364,533 100% $ 4,311,913
PERCENT OF TOTAL 45% 38% 17% 100%
•
FAYETTEVILLE
THE CITY OF FAYETTEVILLE. ARKANSAS
•
DEPARTMENTAL CORRESPONDENCE
•
•
TO: Police Pension Board Members
FROM: Sherry Thomas
DATE: October 15, 1990
SUBJECT: Next Meeting
The next meeting of the Police Pension Board has been moved to Thursday, October
25, 1990, at 2:00 p.m. in Room 326 of City Hall.
List:
Eldon Roberts
Rick Hoyt
Jerry Friend
Dr. James Mashburn
Hollis Spencer
Ben Mayes
Scott Linebaugh
