HomeMy WebLinkAbout1991-04-24 Minutes1
•
MINUTES OF A MEETING OF THE POLICE PENSION BOARD
A meeting of the Fayetteville Police Pension and Relief Fund Board
of Trustees was held on Wednesday, April 24, 1991, at 2:30 p.m. in
Room 326 of City Hall.
PRESENT: Eldon Roberts, Jr., Jerry Friend, Retiree Hollis
Spencer, City Manager Scott Linebaugh, Finance Director Ben
Mayes, and City Clerk Sherry Thomas.
ABSENT: Rick Hoyt and Dr. James Mashburn
CALL TO ORDER
The meeting was called to order by City Manager Linebaugh.
MINUTES
Roberts, seconded
from the previous
OLD BUSINESS
by Spencer, made a motion to approve the minutes
meeting. The motion was approved unanimously.
• Dean Witter -Mike Kirkland
•
INVESTMENTS
Mike Kirkland addressed the Board stating that the ACORN account
has earned 7.2% net in less than six months.
Kirkland introduced John McClure from Madison Investment Advisors
who serves as a fixed income manager. McClure reported that
Madison Investment Advisors' style of management was low risk with
a goal to perform as well as the bond market performs when times
are good and to do much better than the bond market when it's not
doing well. He further stated that Madison does not buy junk bonds
or long term bonds.
McClure discussed the report format which shows a total return for
every quarter and compares to all other market indices such as
Shearson Lehman which is the Dow Jones of bonds. The return for
the first quarter of 1991 was 240 - slightly less than other market
indices. McClure reported that 1990 was a good year for bonds with
the year ending at 9.7 and the market at 8.3 - for an added value
of 1.8% over 90 day bills and 1.4% over the index, including
payment of commissions, but not Madison's fees. McClure reported
the portfolio investment return at the end of March 1991 was
$130,000. McClure explained that Madison Investment Advisors
manage the portfolio by buying corporate bonds and with short
maturities so they can sell bonds when they believe interest rates
will rise in order to buy additional bonds when rates are higher.
When reviewing average maturity on the quarterly reports, if it is
April 24, 1991
high then they believe interest rates will be dropping and if it is
low, they believe interest rates will be rising.
McClure presented charts which demonstrated price movement and
interest rates on a government bond - when interest rates
increase, prices come down and when interest rates are coming down,
prices go up.
McClure reported Madison's feeling that the recession is still with
us even with the rally in the bond market. As soon as they foresee
strength in the economy and the banks start lending money again,
there will be an opportunity for the interest rates on the bonds to
go back into double digit levels. One alternative when this
happens is for them to go into money market accounts.
McClure reported that Madison works with eleven leading indicators
on a fixed income, and that trend is as important as the actual
level. McClure reported that Madison is generally pleased with the
returns so far, as well as risks being very low on the account.
Longer Investments
Elaine Longer addressed the Board with regard to the stock
portfolio. She stated that the market hit and closed above 3,000
last week. Longer reported that the City account reached 1.14
million since the last meeting and $100,000 of that was put into a
two year treasury which shows up in the stock account but can be
shifted to the bond account. The quarter end report for March 31st
shows account position and 7 1/8 treasury purchased for $100,000.
This made the yield on the common stock portfolio at 3.25% on book
value. Longer reported no change in the bond account - $24,000 of
two year treasury were purchased. She further reported a good
yield on current income on the fixed income portfolio which is at
8.2% on market value and 8.45% on book value. The combined income
(fixed income and equity portfolios) which is invested at 61%
stocks and the market value at $1.66 million - up 10.7% on total
account or annualized at 16% for 1991. Performance numbers showed
equity on the portfolio up 12.2% - stock in the portfolio up 13.5%.
The bond account is up 7.26% from July of '90 or annualized for
1991 at 10.86%. It was reported that in the first quarter gains of
$54,000 have been realized. Year-to-date income accounting on
common stocks and bonds, expense accounting, and purchase and sales
reports were presented to the Board. Total profile showed a return
on equity at 19.8%, the debt to total capital at 20.2%, internal
growth rate of portfolio at 14.85% - reflecting a good portfolio of
stocks. Price earnings multiple on total portfolio is 18.65%.
Estimated income summary shows total income from stocks and bonds
is at $75,000 a year. Year-to-date commissions are at $3,400 or
annualized at less than .7% on the total account. Longer suggested
continuing taking a portion of profits to buy treasury bonds.
April 24, 1991
Police Pension Board Members
Linebaugh reported that City Attorney Jerry Rose advised them that
Kevin Crosson is officially on the Board as an authorized voting
member.
INVESTMENT POLICY
Ben Mayes presented a summary report on the pension funds'
investments. In addition, he presented an actuarial update. Total
projected benefits at the end of 1990 were $6,424,513 - up $302,000
from 1989. Assets at the end of '89 were $4,008,000 and at the end
of '90 were $4,540,000 - up $532,000. Asset growth exceeded
benefit obligation growth by $232,000.
Mayes reported on changes in the investment policy allowing the
total stock portfolio to have a rating of not less than B+, and
individual stock to be at B- which will allow for more flexibility.
In addition, he reported that the wording relating to international
security investments and investment objectives were altered as per
the Board's request. Friend, seconded by Roberts, made a motion to
approve the amendments, and the same passed unanimously.
NEW BUSINESS
Eldon Roberts reported that in May there would be elections for
two positions on the Police Pension Fund.
ADJOURNMENT
The meeting was adjourned at 3:44 p.m.
FAYETTEVI LLE
TNF CITY OF FAYETTEVILLE. ARKANSAS
•
DEPARTMENTAL CORRESPONDENCE
4
Mfr./TH-1 Tr
•
•
TO: Jerry E. Rose, City Attorney
FROM: Sherry L. Thomas, City Clerk
DATE: March 1, 1991
SUBJECT: Vacant Position on the Police Pension Board
in the past, both the City Manager and the Assistant City Manager
or Chief Financial Officer of the City has been on the Police
Pension Board. Scott is on this Board. Ben Mays attends but is
not an official voting member at this time.
The Pension Board asked that you please check in to this situation.
Apparently, Kevin Crosson's job description states he is the "Chief
Financial Officer" of the City. However, Kevin never attends the
meetings. Ben prepares all the financial information the Board
requests, etc. The Board wants to know if possible and how to
designate Ben as an official voting member of the Pension Board.
Thanks for your help.
,qc4 a4c- Seos oeepret Om.* ,o - 3v-/./& 6d0.4
-dz 6 ) a t 741-c-
4 M.-.--' 't - a 41S kas 4 t
( K,vv;•%. ) L.o
•
Le2771,MzD
P ' RO F CFUS in] flSSOCIflT4, OC.
•
•
flCTUflRICS • COflSULTflfl1S • flflflLYSTS
April 11, 1991
Mr. Ben R. Mayes
Finance Director
City of Fayetteville
113 West Mountain
Fayetteville, AR 72701
RE: Fayetteville Police Pension Fund
Dear Mr. Mayes:
1300 Tower Building
4th and Center Streets
Little Rock. Ark. 72201
501/376-8043
This letter presents the results of our actuarial valuation of the
liabilities of the Fayetteville Police Pension Fund as of December
31, 1990. The purpose of this letter is to present the information
required by the Governmental Accounting Standards Board Statement
Number 5.
The member and financial information used in this letter was
supplied by your office on the forms provided by the Arkansas Fire
& Police Pension Review Board. The methods and assumptions used
are the same as were used in preparing the Actuarial Valuation as
of December 31, 1989. These methods are fully described in Exhib-
its 7 and 8 of that report which was dated May 18, 1990.
I certify that this letter has been prepared in accordance with
generally accepted actuarial principles and practices. In my opin-
ion, the actuarial methods used are appropriate and the actuarial
assumptions are reasonable in the aggregate.
If you have any questions or comments, please let me know.
Sincerely,
Steve Osborn, F.S.A., M.A.A.A.
Actuary
•
•
•
•
RICIIRRO E C[US [co CISSOCIfl1ES, IOC.
flCiUflRICS • CflflSULiflflTS • flflflLVS1S
FAYETTEVILLE POLICE PENSION FUND
ACCOUNTING INFORMATION
This page is included to provide the information required by the
Governmental Accounting Standards Board Statement No. 5. The val-
ues below are based on the assumptions contained in Exhibit 8.
STATEMENT OF CREDITED PROJECTED BENEFITS
December 31
1990
Actuarial present value of credited projected
plan benefits
Participants currently receiving
benefits
Terminated employees not yet
receiving benefits
Active employees
Accumulated employee contributions
Employer financed
Vested
Nonvested
Total actuarial present value of credited proj-
ected benefits
$ 3,772,720
0
296,986
631,598
1,772,209
January 1
1991
$ 3,772,720
0
296,986
631,598
1,732,209
$ 6,424,513 $ 6,424,513
The actuarial present value of credited projected benefits is used
in the financial statements of the plan and the Employer. These
numbers are used for disclosure purposes only, and are not used in
determining the actuarial contribution requirements.
•
•
•
•
RIOIRRO C. CQOIUS [trio flSSOCIM€S, IOC.
flCTURRICS • COOSUUflfl%S • 1111H1S
7AYETTEVILL4 po icg PENSION FUND
ACCOUNTING INFORMATION
This page is included to provide the information required by the
Governmental Accounting Standards Board Statement No. 5. The val-
ues below are based on the assumptions contained in Exhibit 8.
STATEMENT OF CREDITED PROJECTED BENEFITS
December 31
1990
Actuarial present value of credited projected
plan benefits
Participants currently receiving
benefits
Terminated employees not yet
receiving benefits
Active employees
Accumulated employee contributions
Employer financed
Vested
Nonvested
Total actuarial present value of credited proj-
ected benefits
$ 3,772,720
0
296,986
631,598
1,723,209
January 1
1991
$ 3,772,720
0
296,986
631,598
1,723,209
$ 6,424,513 $ 6,424,513
The actuarial present value of credited projected benefits is used
in the financial statements of the plan and the Employer. These
numbers are used for disclosure purposes only, and are not used in
determining the actuarial contribution requirements.
Quantity
COMMON STOCK
Security
1,000 Abbott Labs
600 Archer Daniels
Midland
1,100 Bristol Myers Squibb
600 Community
Psychiatric Center
600 Dean Foods
1,500 Diebold, Inc.
1,200 Emerson Electric
700 Fluor Corp.
700 Glaxo Holding
800 Intl Business
Machines
1,000 John H. Harland
1,500 Luby's Cafeterias
800 Mattel Inc.
400 Minnesota Mining 8
Mfg.
500 Mobil Corp.
700 Motorola, Inc.
1,500 Mylan Labs
1,000 National Service
Industries
1,000 Pacificorp
1,200 Philip Morris
800 Reader's Digest
700 Schlumberger, LTD
1,200 Toys -R -Us
1,500 Tyson Foods
500 Walmart Stores
700 Waste Management
GOVERNMENT BONDS
100,000 U. S. Treasury Note
7.125% Due 10-15-93
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
March 31, 1991
Unit Total
Cost Cost
Market Market
Price Value
Pct.
Assets
Pfrvvira
Unit Annual Cur.
Income Income Yield
41.95 41,948.68 48.00 48,000.00 4.3 1.000 1,000.00 2.1
23.29 13,973.79 22.00 13,200.00 1.2 0.100 60.00 0.5
60.08 66,093.00 78.12 85,937.50 7.6 2.400 2,640.00 3.1
35.72 21,435.00 37.25 22,350.00 2.0 0.360 216.00 1.0
45.12 27,075.00
36.68 55,025.00
40.07 48,084.00
39.12 27,381.87
35.00 24,500.00
116.77 93,416.56
22.07 22,070.00
18.13 27,198.75
23.94 19,156.00
74.97 29,986.44
62.17 31,085.83
58.62 41,034.00
17.55 26,320.00
25.93 25,927.10
44.50 26,700.00 2.4 0.740 444.00 1.7
38.50 57,750.00 5.1 1.600 2,400.00 4.2
44.37 53,250.00 4.7 1.320 1,584.00 3.0
48.37 33,862.50 3.0 0.320 224.00 0.7
39.62 27,737.50 2.5 0.900 630.00 2.3
114.25 91,400.00 8.1 4.840 3,872.00 4.2
22.50 22,500.00 2.0 0.860 860.00 3.8
19.12 28,687.50 2.6 0.460 690.00 2.4
25.62 20,500.00 1.8 0.120 96.00 0.5
88.50 35,400.00 3.1 3.120 1,248.00 3.5
64.50 32,250.00 2.9 2.900 1,450.00 4.5
57.25 40,075.00 3.6 0.760 532.00 1.3
26.75 40,125.00 3.6 0.200 300.00 0.7
26.25 26,250.00 2.3 0.920 920.00 3.5
19.57 19,570.00 22.00 22,000.00 2.0 1.440 1,440.00 6.5
44.96 53,948.13 68.12 81,750.00 7.3 1.720 2,064.00 2.5
28.87 23,096.00 34.50 27,600.00 2.5 0.750 600.00 2.2
55.02 38,511.00 58.25 40,775.00 3.6 1.200 840.00 2.1
27.42 32,908.50 27.50 33,000.00 2.9 0.000 0.00 0.0
27.66 41,493.75 39.00 58,500.00 5.2 0.040 60.00 0.1
29.03 14,514.17 38.87 19,437.50 1.7 0.170 85.00 0.4
33.85 23,696.59 39.50 27,650.00 2.5 0.360 252.00 0.9
889,449.17
1,016,687.50 90.4 24,507.00 2.4
99.75 99,750.00 99.87 99,875.00 8.9 7.125 7,125.00 7.1
99,750.00
1
3,285.42 0.3
103,160.42 9.2 7,125.00 7.1
•
•
•
•
•
Quantity
Security
CORPORATE BONDS
100,000
100,000
G. E. Capital Corp.
8.000% Due 12-01-92
Philip Morris
9.250% Due 12-01-97
Accrued Interest
GOVERNMENT BONDS
24,000
100,000
U. S. Treasury Note
7.125% Due 10-15-93
Federal Hone Loan
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest
CASH AND EQUIVALENTS
Money Market
CERTIFICATE OF DEPOSIT
94,000
Mcllroy Bank & Trust
(Matures 8-27-91)
7.805% Due 11-27-91
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
March 31, 1991
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
99.86 99,860 00 100.59 100,592.00 18.8 8.000 8,000.00 8.0
100.54 100,543.50 101.95 101,950.00 19.0 9.250 9,250.00 9.1
5,750.00 1.1
200,403.50 208,292.00 38.9
17,250.00 8.5
99.91 23,977.50 99.87 23,970.00 4.5 7.125 1,710.00 7.1
100.00 100,000.00 101.62 101,625.00 19.0 9.150 9,150.00 9.0
2,135.58 0.4
123,977.50 127,730.58 23.9
10,860.00 8.6
536.82 536.82 0.1 7.200 38.65 7.2
536.82 536.82 0.1
38.65 7.2
100.00 94,000.00 100.00 94,000.00 17.6 7.805 7,336.70 7.8
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000
First USA Bank
Wilmington, DE 8.3%
1-2-96
8.300% Due 01-02-96
2,527.09 0.5
94,000.00 96,527.09 18.0
7,336.70 7.8
100.00 100,000.00 102.25 102,250.00 19.1 8.300 8,300.00 8.1
100,000.00
1
102,250.00 19.1 8,300.00 8.1
•
•
•
Quantity
COMMON STOCK
Security
1,000 Abbott Labs
600 Archer Daniels
Midland
1,100 Bristol Myers Squibb
600 Community
Psychiatric Center
600 Dean Foods
1,500 Diebold, Inc.
1,200 Emerson Electric
700 Fluor Corp.
700 Glaxo Holding
800 Intl Business
Machines
1,000 John H. Harland
1,500 Luby's Cafeterias
800 Mattel Inc.
400 Minnesota Mining 8
Mfg.
500 Mobil Corp.
700 Motorola, Inc.
1,500 Mylan Labs
1,000 National Service
Industries
1,000 Pacificorp
1,200 Philip Morris
800 Reader's Digest
700 Schlumberger, LTD
1,200 Toys -R -Us
1,500 Tyson Foods
500 Walmart Stores
700 Waste Management
CORPORATE BONDS
100,000
100,000
G. E. Capital Corp.
8.000% Due 12-01-92
Philip Morris
9.250% Due 12-01-97
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
March 31, 1991
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
41.95 41,948.68 48.00 48,000.00 2.9 1.000 1,000.00 2.1
23.29 13,973.79 22.00 13,200.00 0.8 0.100 60.00 0.5
60.08 66,093.00
35.72 21,435.00
45.12 27,075.00
36.68 55,025.00
40.07 48,084.00
39.12 27,381.87
35.00 24,500.00
116.77 93,416.56
22.07 22,070.00
18.13 27,198.75
23.94 19,156.00
74.97 29,986.44
62.17 31,085.83
58.62 41,034.00
17.55 26,320.00
25.93 25,927.10
19.57
44.96
28.87
55.02
27.42
27.66
29.03
33.85
19,570.00
53,948.13
23,096.00
38,511.00
32,908.50
41,493.75
14,514.17
23,696.59
889,449.17
78.12 85,937.50 5.2 2.400 2,640.00 3.1
37.25 22,350.00 1.3 0.360 216.00 1.0
44.50 26,700.00
38.50 57,750.00
44.37 53,250.00
48.37 33,862.50
39.62 27,737.50
114.25 91,400.00
22.50 22,500.00
19.12 28,687 50
25.62 20,500.00
88.50 35,400.00
64.50 32,250.00
57.25 40,075.00
26.75 40,125.00
26.25 26,250.00
22.00
68.12
34.50
58.25
27.50
39.00
38.87
39.50
22,000.00
81,750.00
27,600.00
40,775.00
33,000.00
58,500.00
19,437.50
27,650.00
1.6 0.740 444.00 1.7
3.5 1.600 2,400.00 4.2
3.2 1.320 1,584.00 3.0
2.0 0.320 224.00 0.7
1.7 0.900 630.00 2.3
5.5 4.840 3,872.00 4.2
1.4 0.860 860 00 3.8
1.7 0.460 690.00 2.4
1.2 0.120 96.00 0.5
2.1 3.120 1,248.00 3.5
1.9 2.900 1,450.00 4.5
2.4 0.760 532.00 1.3
2.4 0.200 300.00 0.7
1.6 0.920 920.00 3.5
1.3 1.440 1,440.00 6.5
4.9 1.720 2,064.00 2.5
1.7 0.750 600.00 2.2
2.5 1.200 840.00 2.1
2.0 0.000 0.00 0.0
3.5 0.040 60.00 0.1
1.2 0.170 85.00 0.4
1.7 0.360 252.00 0.9
1,016,687 50 61.3
24,507.00 2.4
99.86 99,860 00 100.59 100,592.00 6.1 8.000 8,000.00 8.0
100.54 100,543.50
200,403.50
1
101.95 101,950.00 6.1 9.250 9,250.00 9.1
5,750.00 0.3
208,292.00 12.5 17,250.00 8.5
•
Quantity
Security
GOVERNMENT BONDS
124,000
100,000
U. S. Treasury Note
7.125% Due 10-15-93
Federal Home Loan
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest
CASH AND EQUIVALENTS
Money Market
CERTIFICATE OF DEPOSIT
94,000
•
Mcllroy Bank 8 Trust
(Matures 8-27-91)
7.805% Due 11-27-91
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
March 31, 1991
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
99.78 123,727.50 99.87 123,845.00 7.5 7.125 8,835.00 7.1
100.00 100,000.00 101.62 101,625.00 6.1 9.150 9,150.00 9.0
5,421.00 0.3
223,727.50 230,891.00 13.9
17,985.00 8.0
5,235.61 5,235.61 0.3 7.200 376.96 7.2
5,235.61 5,235.61 0.3
376.96 7.2
100.00 94,000.00 100.00 94,000.00 5.7 7.805 7,336.70 7.8
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000
First USA Bank
Wilmington, DE 8.3%
1-2-96
8.300% Due 01-02-96
TOTAL PORTFOLIO
•
2,527.09 0.2
94,000.00 96,527.09 5.8
7,336.70 7.8
100.00 100,000.00 102.25 102,250.00 6.2 8.300 8,300.00 8.1
100,000.00 102,250.00 6.2
1,512,815.78
2
8,300.00 8.1
1,659,883 20 100.0 75,755.66 4.6
1
3
83 €
O
L
C
T
Lu 0 6
C • O J
CO •
U
n _
N W O. U
4-0 O. U a
r y
O O
J
•
304
M
L
U J V
ea
O .G'
C
0
Y O.
O L
LI O
L O.
w
O.
O• C
CE O w J
L 0 M
O m H 0
N OC
6 y.
ad O C >
V3 N v
5
Q C
O O
0 O
a
O. O y• ..
•
td O C
N — ...
N 4..
Time Period
0 CO p� 0 0 d Lt P P P
0 ▪ o 00000000
O I-
0 0 Ipp!.
O P
22.N�i} C2Q3 A •O P M
f0 W fO P P o O
OM ON Mo •O •P 10- A N
o▪ Pc0NGpMn
A A co CO P o 0
irl
e-
8AO 02 .} uy 2Q33 3t •O n •O
/� 2
o P P l0 C- P P o 0
O rr PAAN N d A
N ▪ pp P P P o 00 0
0 A M pp., M 40 M 0 M
O O •CO P 0 N A •O r %.30 o P CMO CO P P P o 0
O A
r
0 0
0 0
✓ ▪ �Pppp prpp �O AN M
P O a0 P P o .r-
M MM F A co 01 A P P P
✓ ▪ N O r N r r O O CO in
04 04
M • O e N N •O
0 ▪ P N 0 N M• N r
M •O 03 N O OD •O
•O O •O N CO r CO M
M a 0 CO 0 • o a •[1
•
P M
M N
N M
N d
03 ▪ N
MI N AICA M OJ •O M W •O J
•
0 P N r .O N .t A N N W
▪ 03 M M A IUl 00 en O .P
r t
O P d O •O N .t A N
•
A 03
O O
O ▪ N
A M N A O) N N M O)
0 T. r •O .} r C� N 0 0
0 ▪ P N O N N ..t •O N N lO
A O r O M
. t O M N N 0 CO f• -
O
030101/1001004 O
o 0 0 0 0 0
P P P P P P P P P
• M M M 0 M M CO M
A CO P 0 r^ Nen
O O O r O O O
O 0 0 0 0 0 0 0 0
M Y M ......
PPPPPPPPP P
•O •Oe r O r O r r CO
N N M M M M M M M N
A A O) P o r^ N
O O 0 0 0 r co co
Date to Date
A O
V
N O
•
•
•
• N
(I c
c J
O U •-
L
CN
8 W 1
L Col11
,
C J co
c
m
o 00
- • a n u
IX a
C 0 W
O f .... Y
6d• N •.. U
0 = > YG
d W N
> w ✓
C u w
- tz W
L S 0
W K U-
PP 0
W L
O O: O 3 V
J W V O
IL J. W
« IX L
0
U ✓ n
6L
IW- C.
a
•
0
0
CC
x
0
O w
LL z
r
W
la0
tX
UJ
x
0
W
W 1Wi 6 N
X > r
az
W - z
W
W
n
re
W
f_
0
0
0 0
0 0
P R. 2
'a22aao�r
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
O 0 •00000000
0 0 00000000
O0 eerll0NO pp..P
O0P P P P P PPP
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
O • O 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 0 M
0 0 0000000<1
0 0 0 0 0 0 0 0 0 0
00 P N O d d .t
O N A Al M 11 M
0 ▪ 0 A A M A N N
0 0 P CO CO P P O^ r
A O r 0M O. ' 0
N O M N N 0O W f' N
O N M O N M d P O N m
0 •-
00000000 0 0
O 0 0 0 0 0 0 0 0 0 0
•
O 0 0 0 0 0 0 0 0 0 0
O .O Or .Pt .Pt o P 0IP 00 .Ot
0 00 0 0 r M N r
S8
N
O 0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 0 0 O
0 0 0 0 0 0 0 0 0 .MO P
O 0 0 0 0 0 0 0 0 0 0
P P r N N N N P NO A
W N V
O CO .t o A In in P O M 0
r N
P P O P O O P P P
O O r r N r
M M M M1 M M M N
O CO O r r r 0 0 0
O 0 0 0 0 0 0 0 0
M
P P P P P P P P P
.O .O r r O r O r N
N N M M M M M M M N
A A A O$ O r r
0 0 O r 0 0
Date to Date
P
M
M
O
P
.O
N
E
0 <
•
•
0)
c
co
E
•
_O
Qi Na;,
a>
C
0 c
•
O en
we
aV
• 0o
O
CL
CD
CL
>•%N
ca
•
a•
•
O Ir) 0
T
•
O
0)
0)
t
oU
c0
rn 2
- r-
as as
L
LL
ai
O
• cd
a) O
U
N 0
0 /—
_0 Y
0
z
October 1990
00)
0)
to
N
N -)
Police Pension Fund S & P 500
•
•
0. 0
w
w O
0c la
• - s O
N W Ct. U
M U
S i 6
S 9
K
d O 0> C
O
C w la
▪ O. 01
0) 01
CD
q LL
O O
J T
M
U
U N
L O N
L O V
N O
in se -
3
3 UJ
W
6 �
•
•
eC O C >
N N v 0
O.
0
1d CI
N
CO
0
O
0
a
U 0
L 0 W
.c O 1+
• In
21.
.44
2 W
• O 0•
1d O C >
N r ••-
•••
•-
v
CI CO Or CO 0 •AO .Af P P P
OP • G e M In *O A CO
O O P P O O O O O O
O U0UN OpD. .n} i�n} CO � A •O P M
O P M O C K O• P O O
CT e
O M CO I InIn� O •O MPM11 P A CO
0 P 03 A A ON CO P o 0
OAin I> O CO111 03 02 O A CI
V
0pP}INXp
P CO CO (O P P 0 0
0.. P N Ian at
0 0 P a0 CO P P P o 0
O A M O.M N M d M
O O •O d NG A •O r
0 0 P O• NO CO P P P o 0
O O �} I/1 A N �O
O Oy
O O O ▪ r r N.1 N •O A
O O 0 0 0 0 0 0 0 0
M A ed e A e d A M P P M
r N ▪ O r N r r 0 0 W M
•
P P O R N 00 e N P M
d •O O• O— N N ,O M tel Y1
0 ▪ P in O N M .1 N r N M
•O e VI O 0N 00 COOM y CO V
M ▪ P .1 00 . O P •O 00 N
▪ •
N A A nrut;
M O •O M of •O V
•
O P N r •Q N .1 A N In CO
^ ▪ M A M 00 M O P A 00
•••
00 M M A In O d O O
O P J O NO N d A N CO N
A M N A P OO M N M 00
O .} r �O P .t 1� .} O
O P In O N N .} •O N N CO
O J P In N P o P P .rt N t0
O ▪ O O O O N O O O A O
P P P P P O P P P
0 O r O u-
rn • M M M M M M N M
A CO P O rN M
O
00•-•-•-0013
O 0 0 0 0 0 0 0 0
Y
P P 00O000'
P
.O .O e r O r
N N M M M M
CO
M
A A A 00 P O r^ r
O 0 O 0 0 r 0 0
Date to Date
P
M
N
•
d CO
N 2
A C
O 6
•
0
0c
E
1
cn
CL
111
• 0•
I--
O N L�
L
a no fp
O Oca
rn
W
A O
N
o
03 N
V. N
N
0
W
c
F
•
•
1
•
•1
1
•
•
•
•.
1
1
1
`1
1
1
1
•
CO CD N O
T
as
2
LL ch
r
O 7
rn
0) -)
T
a`)
0 r
j
CD O
_o
) Z
o O
U CA
Or
105
/�
Y
E
Cr)412
n
z
rn
< O
rn
T
O
0)
ce
0)
N
Month End
Police Pension Fund Salomon Bros. Index
•
•
•
Date
Quantity
Longer Investments, Incorporated
REALIZED CAPITAL GAINS AND LOSSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
Security
Cost
Basis Proceeds
Gain Or Loss
01-03-91
01-04-91
01-07-91
01-14-91
01-14-91
01-14-91
01-14.91
01-14-91
01-22-91
01-28-91
01-29-91
01-31-91
01-31-91
02-05-91
02-07-91
02-27-91
02-27-91
03-01-91
03-01-91
03-01-91
03-01-91
03-01-91
03-06-91
03-15-91
03-20-91
03-21-91
03-27-91
TOTAL GAINS
TOTAL LOSSES
500
1,000
1,000
1,500
1,000
700
700
400
200
900
300
600
250
500
1,000
600
600
600
300
300
600
400
500
500
2,000
700
500
Laidlaw Inc. Class B
Chemical Waste
Management
Eastman Kodak
Claire's Stores
Hershey Foods
Ingersoll-Rand
J.B. Hunt
Minnesota Mining 8 Mfg.
Jacobs Engineering
Abbott Labs
Ingersoll-Rand
Pacificorp
Warner Lambert
Ingersoll-Rand
Greiner Engineering
Fluor Corp.
Westinghouse Elec
Community Psychiatric
Center
Crane Co.
Fluor Corp.
Jacobs Engineering
Waste Management
Mobil Corp.
Warner Lambert
Baroid Corp.
Crane Co.
Mobil Corp
11,222.
18,945.
42,865.
14,355.
35,570.
25,445.
10,587.
29,986.
4,120.
37,753.
10,980.
11,742.
16,033.
18,300.
13,070.
23,470.
17,967.
17,760.
6,774.
11,735.
12,360.
13,540.
31,085.
32,067
14,222.
15,806.
31,085.
50 8,999.69
00 21,304.28
00
00
00
00
50
44
00
82
00
00
75
00
00
18
00
00
00
09
00
91
83
50
18
00
83
40,023.66
14,332.01
35,998.79
25,199.15
11,987.50
32,098.92
5,094.82
39,711.17
12,824.57
12,524.58
17,499.41
21,699.27
14,249.52
31,513.94
16,457.45
21,089.29
7,312.25
15,899.46
23,324.22
16,849.43
31,811.43
38,213.72
15,859.46
18,668.37
32,276.42
-2,222.81
2,359.28
-2,841.34
-22.99
428.79
-245.85
1,400.00
2,112.48
974.82
1,957.35
1,844.57
782.58
1,465.66
3,399.27
1,179.52
8,043.76
-1,509.55
3,329.29
538.25
4,164.37
10,964.22
3,308.52
725.60
6,146.22
1,637.28
2,862.37
1,190.59
60,814.79
-6,842.54
528,850.53 582,822.78
53,972.25
•
•
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
COMMON STOCK
01-02-91
01-03-91
01-03-91
01-03-91
01-10-91
01-11-91
01-15-91
01-16-91
02-01-91
02-15-91
02-15-91
02-25-91
03-01-91
03-04-91
03-08-91
03-11-91
03-11-91
03-11-91
03-12-91
03-14-91
03-15-91
03-28-91
Walmart Stores
Chemical Waste Management
Reebok Intl.
Waste Management
Philip Morris
Schlumberger, LTD
Mylan Labs
Fluor Corp.
Bristol Myers Squibb
Abbott Labs
Pacificorp
Archer Daniels Midland
Westinghouse Elec
Diebold, Inc.
Warner Lambert
Emerson Electric
Intl Business Machines
Mobil Corp.
Minnesota Mining & Mfg.
Crane Co.
Tyson Foods
Baroid Corp.
GOVERNMENT BONDS
02-08-91
03-01-91
03-10-91
Federal Home Loan Mortgage Corp.
9.150% Due 08-08-00
U. S. Treasury Note
7.125% Due 10-15-93
U. S. Treasury Note
7.125% Due 10-15-93
CASH AND EQUIVALENTS
02-01-91 Money Market
03-01-91 Money Market
1
17.50
40.00
75.00
72.00
344.00
150.00
75.00
80.00
360.00
399.00
576.00
15.00
210.00
400.00
220.00
396.00
726.00
1,087.50
312.00
131.25
15.00
100.00
5,801.25
4,575.00
-2,818.68
-695.27
1,061.05
773.32
215.56
988.88
•
•
•
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
01-30-91
02-27-91
First USA Bank Wilmington, DE
8.3% 1-2-96
8.300% Due 01-02-96
First USA Bank Wilmington, DE
8.3% 1-2-96
8.300% Due 01-02-96
EXPENSE ACCOUNTS
02-01-91 Automated Cash Mgmt.
03-01-91 Automated Cash Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
01-14-91
01-14-91
02-05-91
03-18-91
Management Fee
Management Fee
Northern Trust Fee
Northern Trust Fee
714.72
645.56
1,360.28
26.63
8.19
34.82
2,739.39
1,296.18
400.00
601.72
5,037.29
NET INCOME 4,139.35
2
•
•
Date
•
•
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-91 To 03-31-91
Security
Unit
Price
Amount
PURCHASES
01-07-91
01-04-91
01-04-91
01-29-91
03-22-91
01-30-91
03-25-91
01-22-91
01-31-91
02-07-91
01-18-91
O 1-22-91
O 1-30-91
O 1-17-91
O 1-23-91
02-07-91
01-07-91
03-06-91
03-06-91
03-27-91
041115-91
O 8-91
01-30-91
01-17-91
03-22-91
01-04-91
01-03-91
03-01-91
1,000
200
300
600
600
1,000
600
500
500
500
300
300
700
800
200
200
800
1,000
800
700
1,000
400
800
200
600
500
300
100,000
Abbott Labs
Bristol Myers Squibb
Bristol Myers Squibb
Community Psychiatric Center
Community Psychiatric Center
Crane Co.
Dean Foods
Diebold, Inc.
Diebold, Inc.
Diebold, Inc.
Fluor Corp.
Fluor Corp.
Glaxo Holding
Ingersoll-Rand
Int'1 Business Machines
Int'l Business Machines
Jacobs Engineering
John H. Harland
Mattel Inc.
Motorola, Inc.
National Service Industries
Philip Morris
Reader's Digest
Schlumberger, LTD
Toys -R -Us
Tyson Foods
Waste Management
U. S. Treasury Note
7.125% Due 10-15-93
1
40.35 40,350.00
62.40 12,480.00
62.87 18,861.00
29.60 17,760.00
35.72 21,435.00
22.58 22,580.00
45.12 27,075.00
35.10 17,550.00
37.60 18,800.00
37.35 18,675.00
39.25 11,775.00
39.37 11,811.00
35.00 24,500.00
36.60 29,280.00
120.02 24,005.00
130.90 26,180.00
20.60 16,480.00
22.07 22,070.00
23.94 19,156.00
58.62 41,034.00
25.93 25,927.10
53.00 21,200.00
28.87 23,096.00
53.80 10,761.00
26.00 15,600.00
29.94 14,972.50
35.12 10,537.50
99.75 99,750.00
663,701.10
•
•
•
Date
•
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-91 To 03-31-91
Security
Unit
Price
Amount
SALES
01-28-91
03-20-91
01-04-91
01-14-91
03-01-91
03-01-91
03-21-91
01-07-91
02-27-91
03-01-91
02-07-91
01-14-91
01-14-91
01-29-91
02-05-91
01-14-91
01-22-91
03-01-91
01-03-91
01-14-91
0/016-91
010E7-91
01-31-91
01-31-91
03-15-91
03-01-91
02-27-91
•
900 Abbott Labs
2,000 Baroid Corp.
1,000 Chemical Waste Management
1,500 Claire's Stores
600 Community Psychiatric
300 Crane Co.
700 Crane Co.
1,000 Eastman Kodak
600 Fluor Corp.
300 Fluor Corp.
1,000 Greiner Engineering
1,000 Hershey Foods
700 Ingersoll-Rand
300 Ingersoll-Rand
500 Ingersoll-Rand
700 J.B. Hunt
200 Jacobs Engineering
600 Jacobs Engineering
500 Laidlaw Inc. Class
400 Minnesota Mining &
500 Mobil Corp.
500 Mobil Corp.
600 Pacificorp
250 Warner Lambert
500 Warner Lambert
400 Waste Management
600 Westinghouse Elec
2
Center
B
Mfg.
44.12 39,711.17
7.93 15,859.46
21.30 21,304.28
9.55 14,332.01
35.15 21,089.29
24.37 7,312.25
26.67 18,668.37
40.02 40,023.66
52.52 31,513.94
53.00 15,899.46
14.25 14,249.52
36.00 35,998.79
36.00 25,199.15
42.75 12,824.57
43.40 21,699.27
17.12 11,987.50
25.47 5,094.82
38.87 23,324.22
18.00 8,999.69
80.25 32,098.92
63.62 31,811.43
64.55 32,276.42
20.87 12,524.58
70.00 17,499.41
76.43 38,213.72
42.12 16,849.43
27.43 16,457.45
582,822.78
•
0.
W
0
0
0
CO
CU
K
9 a
> 1
0
rag
_ p. M
d P 0
T2lr 0
13.0 r
II. n 0
O 0 0
T.� 0 ~
L
• O 0
1-10.0
•
Nni n. A W O •O § m_ Y0If� M 0t 6] M W .4firi N�t} Ifs P A M M N .. N 0 M
r V W O A V A o P M P W o P O terP P r M. .O (MO
O O O O O N O o O O N O O m m r O O O O ' r O O O
. • • • • • •
00000000000000000000000000
n M
P A MM g A Ifs Ytr M W f� W P W IMn P Ian A v A W A O O
00000000000000000000000000
..........................
eornait
N W f� f� N P a N A In e O .Mt p3p.. d' P M M. N -t N M
O N W M v d I1nl� W r M P M O P A M M O W V1 N A P
A M W M N d W N N d W M N N A V WMM
• •
✓ 0 0 0 0 0 0 0 0 0 r O 0 0 0 0 0 0 0 r 0 0 0 0 0 0
X • X X X X 0 X n r pM. O O {OXO} W X 0 .O P 2 r P N ry nJ ( Ny
M •O P. 1n Ic1nn M N P M M O O �WIn N r' in-
W N' A A
N N N CO O I. N O O M O 1n g W A O .� M O M M �t r
O 0000 O 0000 1‘100000003-311001•111‘10 •-
X X X X X X X X X 3 6' IM Rt 6 N O V O M P_ N- N P- •XO
M r N W 0 r N M N IOWA• �W} W e In �W} pA.
•O N N J N In OeNMe0Or In A 6 N N IWn A M 1Mn .O J N W A N •O l0 J V
•••• • •
r O N O O O r O 0 0 r O 0 0 0 0 0 0 0 r 0 0 0 0 0 0
0eb 0. P •O A A O •O .t P .O O P P O M 2 O N O .O O N O
O N A • M r W W W M r .t N W J V
• • • • • • •
r O r O O r O O 00.-000000 O O r O r O r O O
reazxggxxgflx
A N • V d O- .t O r d N M .T •O P P N O .O M d •O
6 r A N M W W M N N O M N M M 6 N N N W N 6 M 6 r N
•
✓ N r N r a r W r r N N •O r 6 M 6 r M r N M b N r N
O O O N O O N O N In O O N N O O O O O M O O O In 1n
O O O P 6 P P P P N O W .t N O M M W IY r
• • . . . . . . •
✓ r r r O O r r 0 0 0 0 r r 0e r r O r r r r O r r
N MmNOMXdMJXOXMMXNxJNi4 O A O O O O cas
Ne ecoe compeeeNe
M X 4 .O W x I X n v N x N N M .O x v N P M P O r P J
r N r N 01 — 01 M M P 6 N d
X X X e ae X X XXX XXX X X XXX X X X X X X X
O W O P N O N W O W O O O W O W M O W 1n In O M O
M c M e e W N 4 N Q 4 e N N N r 4 M N e W W N W
M M V1 A V1 W r M r W P N N O O r 6 O N A In M N 1n W M
✓ M M O P W W W N 6 O W N W V N P M N A N 6 A r M .O
N r N N r r r N N N r r r N N r N M N
Act
.O II'- O O I On O . O W O O In A O .apt %‘• O O - W %J. O W N N r In
J I- pM. M N N W W O A e P Iwn W O M N N A d P r O P r P
P P O 6 0 0 0 M N O 6 r r O• O O M P N P O W P d W W
e M , A M o A .tom N M A P P ` •O N O• M M W N r r M
�t .O N N M �t N N N P N N M .t N N Y1 N M M .1 N
L
O 0
u d
C
d m L
U
F (.1C
g
VT. a c - o
•�•
S 0 0 030 CO J u
NM Cm 0 u 0C
>• V ▪ OI C 0 C 0 > a d L L
0
d L 0 0 C L H LL L MO O
.0 C _? a 0 -' a"0 -3 .F 0 X a N • a L O 0) B8a
003
J p ).•
▪ m W 0 O • U « 0 CO ma -� O S 0 O u a
O U J a^40.1-0
O t..45.221'51"=2
r 0 r 0
O C 0.L• K CO
• L We 2 S LL (.•J m J S S S S S a a
000 34101
66 WOO O W 6 We H 33
In
N
O•
L IN03
aaW
O
N
W
11
O
W
M
W
•
O 0 N
r W NC
4W
d . c
M
6 u
C
N 0
II L
II 0
Q Y
C
• Oa
IA C
d I • LL
m IV
A'
u
L
>c c J
< ei
M M d
'O e a j
N K K
M a a >
m M W efl ell 11
3 1330.C/1 N•
• . • • • 1. • • • • • • • • • • • • • • • •
C -n T S 0 = 0 E S CO :b -it -V E= Z= MC r V •-. III •Tl m g O r S 4- m 4•
to = v -. 0 m^ 0 F S? -t t7 m=== 0 0 M. -7 C Cr m r- = 0 y :D to rJ T
-1 r- c .0 Z (A u, r Sn Y 'D y r- u •-1 CO = S X = m (.'1 3• M m 0 T
a= m CO -^ 0 C a O r- O r - a G 3• -' -C a O m At •i a CC S 0 T
J r N 9 CY (1 m CO S = m -n r re m r m - 0 :O CO 0 C - -1 *
r - ro-• G . = r v: ' m r o= 0
C
T
0 CO 0 .- a •^K - m n Cto r r a x 0 r a m
I fn1 .m m c m = Cr m v a z •- c+ r o -4 z u+
44 C0 a b n a y o z Cr O 70 M1 s c4n _0 m c -e =
JI .0 -J re. f[ - t -0 C" VCO r- co a.
4 P (17 .44 V m e 2�T= m 'p 41
n
0W4 o s t� 0 - ts
= -e (.0 m _G6
N - m
CJ
=
c 0 0 -C
G a 0 a
0 0 0 0
C O 0 0
0 0 0 0
OH -a ® V
W i.: 4 m
r O� as.
II
II
11
M 0 M
N II
^
II h M
W 1 p '} P
04
1 11 WI•` b •O
• 11
N II N1 J J
I
11
--/ to . n v CO 1./ o o t o -J to a to 01 o o- v 1-4 u. P m- 0- c
C 4 0 4 0 0 0 0 0 0 O O C 0 0 4 0- 0 0 0 0 C 0 0
0 O
0 0 0 0 0 0 O 4 0 Cr 0 0 0 O 0 0 0 c 0 0 0
M
44.4.1•444.14 M u .* N M 44 M M M M N M e/. ^ M M K M M
0 0 O 0 ^- 0 0 0 N W C 0 0 a C O- C 4 N O •-
W .+ 0 kJ V 1 a .O N V -0 .-• - a CO CO 40 W (et P V tN • -
P V a 0 01 N a N 0 P 0 N N P Cr- a 0 10 1J 0 a P 0 0 0
*****************
M
T
T
14
14
•
C._ T
C 4
M M M M M 14 44-
M ^ CA N M co. N M 1.4- M aR b C 4T:
1J W V 10 N 0 114
4..a Mr -0 C T
P O 4Jl a a V • - * - T
1•4 CO 0 0 0 0 ij 0 O O 4e aa
G1 O 4 0 C 0 C 0 C C' CG * *
T 1.14
14
44- II
II 11 .G
1.-..
T h '
M -T 4T:
* m
m 11 C.1 R Ln _M.. 444M- o- V. .•M.-, 4* -c1 t' KK
• 11 V •O 6P W Fa-
•O T
a 0 tJl - 0• 0• W 01 g. w r y
+Pi 11 0 v 0 c O q 0 0 0 �C. MN
11 0 0 0 •M
11 1 T
I/
4° r
4 M
1 R
0
WJmO 11u I44
111 N -,m -b PWN t!CN1 N^J V -I _(W Oa- . .14
mr
•
PV II
0
(T 0O 0 0
OJQ- 06 10
CO4
O O 0 T •O Ci M
0.01.: •- S TT
µ
M.
T T
0 * T
I* T
II a *
141
iµiM_ T
CO
II 4P44
11 (-PI ..44.
TaT
vli
0 II
t1-4 ra
11 a MTb 44 MN :.M 4*
eV y44
CO
P .k J
T - 3 a
4.
Sa-4$
•
• V •- P O N
.ON ti1tJJ 10U 4
0 0c 0 0 00 4.100 0 0 *kT72.rT
T Sins
0 0
n 0" 00 T T a
II T T C/
44 11
FFFFJJJJ N nPC C T T
2
ii_ * ale 71
NI-
0141 MW04
Mr -y Cr. a NM M S i
11171-14 (Th 0"
* -0 ' 4: CO•10IO-J II
11111n v o O O4 OoO 0
at
TMT ac
Tla
+R
4
44
-- 11
4F M M M Tad 1
N
1 __ r1�Ln-0.._J•. __ __ __ __ __ __ __ __ -0Nm N M O 1a a Y
C1MM4.4444
r
c.
4.
CM.
4-*
uUtf 0-4M M01•- W N Pm W S
- G -O 0
fie-
"
• I11
I
i11N J
II
CO o0 04 O0 • 0..."17.....
0 f4J
JI O 0 O> C •P * 1�4*•- m T
11 c 0 4 m•1-1 1 r
T T
II
144
44N 1 M- T W -KT -4mu
41 41 44
0 444
1.41
P1 rY^qN SM M 1<Cn 444
.. a rr -o T
11n -O OP a 0,V P .- •C Mr
• • • 1n
11 0- V 10 0 0 4 0 O 0 6O ^ 0 .M a -9 •
N 11 C^ VI 0 O 0 0 0 0 0 iC O T t_.
11 4. r
11 14.
1-..1 M a Ct
a II 11 :f• M M T T m
a -.I -
* T -o ^ M .T M .y:
rn
0
wK-oCC
*44y (JI t. W Pz_II1 01V 1 44 WP Pm 6 P
14. 14.d.ill
� 11 1 -O Or P44 V P .O G aro
.-0 S T4*4 0 W O lC (.0
Ol
W 11 ^ 4 0 O •^ 0 0 0 0 * T
MW 11i
11
11 o oNM c c G c 0 aµm T
WT4 o NewT -el
c0V
a 41
01 II 0- 9 C -O W Cr -
11
O JV C O 41
C PyN IO 0
r O
0 O MT :O TT0 1 -0 (...1 U 10 CO T r CO T
11P n
41 Mc
11 T
nT
T *
•
P 11 .VC. a41.4
'-^M M M TTTT a TTTT
V+1 11
11
11 N+ a1.4.
MP_p PP 10
10
•-M Y0, M M 44
110
01 17_N a Mrrt
CO 11 -0 V 44 -0 4.4. 0 0'N CMn r8 rC1 T 0b• - 0O TT
b 11 •- UI P 1-., O O O C 4. 41C O *r . 1•
0
O 0 aM
10 11 V 0 •J 01 Ln 0 0 0 0 0 0 0 O 0 O rt T
11 .4
11 T
1/ a T
II 44 •1• 2 •F
11
II
11 Jot ro.
P P cm u W44 r C- ^ N Tli' -O m •K
11 nb.. --o P 6 Cr- W LH 1
11 CO O O W
11C tJl O y r GCT
11 y 0-•
L
0 •
C O G O C T IT A .h
0 0 0 c _ 0 0 0 T 04
11
u T as
11 .M 4* i N 4. C/ 4:
11 -0 a N
11 M' - M M M M M . ._ n �•
11 ti~ -O N 0 CO 44
O- M r 44.
-O W P
Z.
-O m 4:
10 -II — UI Op -0 W Cn 11 N 10 N 0 P 4 T O SC T
11 w0i v O O 0
0 •
C0 C. O VI 0 C - A r
O 0 0 4 0
II
• • • •
PO
.M T
MJon4T
M M M M N 44 44 N 4* 44 M jM
O m J] CO 'L - . a N .- Y•- {N 4.- A 1 •- .--.1 T
-a M M M M M M. 4m m- L/ N 0 W _ N M M CO T 0 a -O W Ja N M Cr- CO m P N 01 a a N 0- a 0 4
W (21 O A 4 W 0 6 CO 4 a 0 P a N O W 0 a -O -0 P W i 0a P 0 -MI.-. (JI O 0 0 0 P V N 6 0 0 0 x 0 0 0 N 4 CO 0- 0 0 10 4WO a 0- 4 0 O r jV
•
0 ^ 1 4 0 4 al 0 O 0 0 0 0- 0 4 0 G 4 0 0 0 0 4 C 0 O 0 0 0 0 0 0 0 T
10 0 O C 0 0 0 O O G 0 0 4 0 4 0 0 0 O 0 O 0 0 0 0 0 O 0 4 C 0 0 0 rt T
T
1 •
I
I
1
• 1 • 1 • • . • • • • • • • • • • • • •
{
•
•
•
•
•
•
•
uantity
COMMON STOCK
Security
1,000 Abbott Labs
600 Archer Daniels
Midland
1,100 Bristol Myers Squibb
600 Community
Psychiatric Center
600 Dean Foods
1,500 Diebold, Inc.
1,200 Emerson Electric
700 Fluor Corp.
700 Glaxo Holding
800 Intl Business
Machines
1,000 John H. Harland
1,500 Luby's Cafeterias
800 Mattel Inc.
400 Minnesota Mining 8
Mfg.
500 Mobil Corp.
700 Motorola, Inc.
1,500 Mylan Labs
1,000 National Service
Industries
1,000 Pacificorp
1,200 Philip Morris
800 Reader's Digest
700 Schlumberger, LTD
1,200 Toys -R -Us
1,500 Tyson Foods
500 Walmart Stores
700 Waste Management
GOVERNMENT BONDS
100,000 U. S. Treasury Note
7.125% Due 10-15-93
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
March 31, 1991
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
41.95 41,948.68 48.00 48,000.00 4.3 1.000 1,000.00 2.1
23.29 13,973.79 22.00 13,200.00 1.2 0.100 60.00 0.5
60.08 66,093.00
35.72 21,435.00
45.12 27,075.00
36.68 55,025.00
40.07 48,084.00
39.12 27,381.87
35.00 24,500.00
116.77 93,416.56
22.07 22,070.00
18.13 27,198.75
23.94 19,156.00
74.97 29,986.44
62.17 31,085.83
58.62 41,034.00
17.55 26,320.00
25.93 25,927.10
19.57
44.96
28.87
55.02
27.42
27.66
29.03
33.85
19,570.00
53,948.13
23,096.00
38,511.00
32,908.50
41,493.75
14,514.17
23,696.59
889,449.17
78.12 85,937.50 7.6 2.400 2,640.00 3.1
37.25 22,350.00 2.0 0.360 216.00 1.0
44.50 26,700.00
38.50 57,750.00
44.37 53,250.00
48.37 33,862.50
39.62 27,737.50
114.25 91,400.00
22.50 22,500.00
19.12 28,687 50
25.62 20,500.00
88.50 35,400.00
64.50 32,250.00
57.25 40,075.00
26.75 40,125.00
26.25 26,250.00
22.00
68.12
34.50
58.25
27.50
39.00
38.87
39.50
22,000.00
81,750.00
27,600.00
40,775.00
33,000.00
58,500.00
19,437.50
27,650.00
2.4 0.740 444.00 1.7
5.1 1.600 2,400.00 4.2
4.7 1.320 1,584.00 3.0
3.0 0.320 224.00 0.7
2.5 0.900 630.00 2.3
8.1 4.840 3,872.00 4.2
2.0 0.860 860.00 3.8
2.6 0.460 690.00 2.4
1.8 0.120 96.00 0.5
3.1 3.120 1,248.00 3.5
2.9 2.900 1,450.00 4.5
3.6 0.760 532.00 1.3
3.6 0.200 300 00 0.7
2.3 0.920 920.00 3.5
2.0 1.440 1,440.00 6.5
7.3 1.720 2,064.00 2.5
2.5 0.750 600.00 2.2
3.6 1.200 840.00 2.1
2.9 0.000 0.00 0.0
5.2 0.040 60.00 0.1
1.7 0.170 85.00 0.4
2.5 0.360 252.00 0.9
1,016,687.50 90.4
24,507.00 2.4
99.75 99,750.00 99.87 99,875.00 8.9 7.125 7,125.00 7.1
99,750.00
1
3,285.42 0.3
103,160.42 9.2 7,125.00 7.1
•
•
•
•
•
•
Quantity
Security
CORPORATE BONDS
100,000
100,000
G. E. Capital Corp.
8.000% Due 12-01-92
Philip Morris
9.250X Due 12-01-97
Accrued Interest
GOVERNMENT BONDS
24,000
100,000
U. S. Treasury Note
7.125% Due 10-15-93
Federal Home Loan
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest
CASH AND EQUIVALENTS
Money Market
CERTIFICATE OF DEPOSIT
94,000
MclLroy Bank & Trust
(Matures 8-27-91)
7.805% Due 11-27-91
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
March 31, 1991
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
99.86 99,860.00 100.59 100,592.00 18.8 8.000 8,000.00 8.0
100.54 100,543.50 101.95 101,950.00 19.0 9.250 9,250.00 9.1
5,750.00 1.1
200,403.50 208,292.00 38.9
17,250.00 8.5
99.91 23,977.50 99.87 23,970.00 4.5 7.125 1,710.00 7.1
100.00 100,000.00 101.62 101,625.00 19.0 9.150 9,150.00 9.0
2,135.58 0.4
123,977.50 127,730.58 23.9
10,860.00 8.6
536.82 536.82 0.1 7.200 38.65 7.2
536.82 536.82 0.1
38.65 7.2
100.00 94,000.00 100.00 94,000.00 17.6 7.805 7,336.70 7.8
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000
First USA Bank
Wilmington, DE 8.3%
1-2-96
8.300% Due 01-02-96
2,527.09 0.5
94,000.00 96,527.09 18.0
7,336.70 7.8
100.00 100,000.00 102.25 102,250.00 19.1 8.300 8,300.00 8.1
100,000.00
1
102,250.00 19.1 8,300.00 8.1
•
•
•
•
•
uantity
COMMON STOCK
Security
1,000 Abbott Labs
600 Archer Daniels
Midland
1,100 Bristol Myers Squibb
600 Community
Psychiatric Center
600 Dean Foods
1,500 Diebold, Inc.
1,200 Emerson Electric
700 Fluor Corp.
700 Glaxo Holding
800 Int'l Business
Machines
1,000 John H. Harland
1,500 Luby's Cafeterias
800 Mattel Inc.
400 Minnesota Mining &
Mfg.
500 Mobil Corp
700 Motorola, Inc.
1,500 Mylan Labs
1,000 National Service
Industries
1,000 Pacificorp
1,200 Philip Morris
800 Reader's Digest
700 Schlumberger, LTD
1,200 Toys -R -Us
1,500 Tyson Foods
500 Walmart Stores
700 Waste Management
CORPORATE BONDS
100,000
100,000
G. E. Capital Corp.
8.000% Due 12-01-92
Philip Morris
9.250% Due 12-01-97
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
March 31, 1991
Unit Total
Cost Cost
41.95 41,948.68
23.29 13,973.79
60.08 66,093.00
35.72 21,435.00
45.12 27,075.00
36.68 55,025.00
40.07 48,084.00
39.12 27,381.87
35.00 24,500.00
116.77 93,416.56
22.07 22,070.00
18.13 27,198.75
23.94 19,156.00
74.97 29,986.44
62.17 31,085.83
58.62 41,034.00
17.55 26,320.00
25.93 25,927.10
19.57
44.96
28.87
55.02
27.42
27.66
29.03
33.85
19,570.00
53,948.13
23,096.00
38,511.00
32,908.50
41,493.75
14,514.17
23,696.59
889,449.17
Market Market Pct. Unit
Price Value Assets Income
48.00 48,000.00 2.9 1.000
22.00 13,200.00 0.8 0.100
78.12 85,937.50 5.2 2.400
37.25 22,350.00 1.3 0.360
44.50 26,700.00
38.50 57,750.00
44.37 53,250.00
48.37 33,862.50
39.62 27,737.50
114.25 91,400.00
22.50 22,500.00
19.12 28 687 50
25.62 20,500.00
88.50 35,400.00
64.50 32,250.00
57.25 40,075.00
26.75 40,125.00
26.25 26,250.00
22.00
68.12
34.50
58.25
27.50
39.00
38.87
39.50
22,000.00
81,750.00
27,600.00
40,775.00
33,000.00
58,500.00
19,437.50
27,650.00
1.6 0.740
3.5 1.600
3.2 1.320
2.0 0.320
1.7 0.900
5.5 4.840
1.4 0.860
1.7 0.460
1.2 0.120
2.1 3.120
1.9 2.900
2.4 0.760
2.4 0.200
1.6 0.920
1.3 1.440
4.9 1.720
1.7 0.750
2.5 1.200
2.0 0.000
3.5 0.040
1.2 0.170
1.7 0.360
1,016,687 50 61.3
Annual Cur.
Income Yield
1,000.00 2.1
60.00 0.5
2,640.00 3.1
216.00 1.0
444.00
2,400.00
1,584.00
224.00
630.00
3,872.00
860.00
690.00
96.00
1,248.00
1,450.00
532.00
300.00
920.00
1,440.00
2,064.00
600.00
840.00
0.00
60.00
85.00
252.00
1.7
4.2
3.0
0.7
2.3
4.2
3.8
2.4
0.5
3.5
4.5
1.3
0.7
3.5
6.5
2.5
2.2
2.1
0.0
0.1
0.4
0.9
24,507.00 2.4
99.86 99,860.00 100.59 100,592.00 6.1 8.000 8,000.00 8.0
100.54 100,543.50
200,403.50
1
101.95 101,950.00
6.1 9.250 9,250.00 9.1
5,750.00 0.3
208,292.00 12.5
17,250.00 8.5
•
•
•
•
•
•
•
•
uantity
Security
GOVERNMENT BONDS
124,000
100,000
U. S. Treasury Note
7.125% Due 10-15-93
Federal Home Loan
Mortgage Corp.
9.150% Due 08-08-00
Accrued Interest
CASH AND EQUIVALENTS
Money Market
CERTIFICATE OF DEPOSIT
94,000
Mcllroy Bank & Trust
(Matures 8-27-91)
7.805% Due 11-27-91
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
March 31, 1991
Unit Total
Cost Cost
Market Market Pct. Unit Annual Cur.
Price Value Assets Income Income Yield
99.78 123,727.50 99.87 123,845.00 7.5 7.125 8,835.00 7.1
100.00 100,000.00 101.62 101,625.00 6.1 9.150 9,150.00 9.0
5,421.00 0.3
223,727.50 230,891.00 13.9
17,985.00 8.0
5,235.61 5,235.61 0.3 7.200 376.96 7.2
5,235.61 5,235.61 0.3
376.96 7.2
100.00 94,000.00 100.00 94,000.00 5.7 7.805 7,336.70 7.8
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000
First USA Bank
Wilmington, DE 8.3%
1-2-96
8.300% Due 01-02-96
TOTAL PORTFOLIO
2,527.09 0.2
94,000.00 96,527.09 5.8
7,336.70 7.8
100.00 100,000.00 102.25 102,250.00 6.2 8.300 8,300.00 8.1
100,000.00 102,250.00 6.2
1,512,815.78
2
8,300.00 8.1
1,659,883.20 100.0 75,755.66 4.6
•
L
5
•
M
U
•
O. O
b O C >
N - -4-
•-•
4-
v
Lc
O O 4
L 0 ✓
d m r 0
N OC
>
•r
0 O
O •
v
cc
r
1- L
C.0
O M
Cil O •-
N
3 Id
O. y• ••+
0
•
011 Cr C >
N ••
N N.4
CI CO rr CO o <1 .At P P CO
O r P P Min NO A CO
O O O• O. 0 0 0 0 0 0
O p N. W i . N} X03 !A NO P M
O4
o f 00 0 P P O O
0 In r CO
O M N 0 M0fl� O NO MP P A CO
0 P 000 AA ACO CO P Cr CO
43
O Ap SO O CO.O i 00 n X03 4 INoo A op
oP PAaO8 P8o0
O r P P A IN A b b A
O r P LA N A N N V O
0 o P l0 CO O• P P O O
rel lel
O O NO P d N A <O .- 4
00 O N N O N 'O M N
O O P CO 00 P P P o O
O '
O O
O O
pPppp ¢RO�2'a M M
P O 2 P P o .r-
M PP n .- f- r NO A M P
- N O r N r r O O m lei
P P O A N 00 CO P M
4 NO P O r N N •O M M N
0 P N O N M O N r N M
O O d N W r 000 n V
MP1 J co N O P1
'LA M N 2n Id .N!
O P N .- 'O N 4 A N N CO
•-•^ M A M M O P
O M M N. N O 4
O P d O ••O N 4 A N
0 0
m N
O V r •O P Ln -as M N V 0
O P N O N N 4 •O N N c
AO r 0 M I> ' o
r a O tel N N •O 03 N.
O C014101/4141-40•0 N OO
to 07-31-90
P O
N N
N N
0 0 0 0 0
P P P P P P P
O O r Ol
1 llllll
M M M M•
••
00 P O r N r co M
O O r r r 0 0 0
0 0 0 0 0 0 0 0
888888;
PPPPPP P
r ll r O r O r r co
M M M M M M M N
A A A CO p O r rN
O O 0 0 0 r o Cr
Date to Date
•
•
•
•
•
• N 3
N
`-
✓ J
O U
H
L NO.
O 41
2` 51 2
� 2
CO
O
0 N LI O. d
yC 8 d `
E N J Y
✓ — — O
0 S > ✓
d d
> W ✓
00
C u ✓
— z d
LL
d
•
•
•
0
O
00
W
x
O
W
H
3
W
0
f
Ul
x
8-
0 O
WUl
S
-
LL Z
W
0 N-
0 r
0 0
0 0
✓ pPppp szpp • . c M M
• O O P P r r N
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0
0 0
0 00
pt. • ipfl pOp.. pNp.. O . co 0
O. O O. O• O P P P
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 0•O
00 0• 0 0 0 0 0 0 0
00 0 0 0 0 0 0 0 0
O P Op M •NO t- N M • u 10/1
00SCO NM
P CO P O• O ip-
• O M In in •O 03 N.
O • CO M O N M d 0• O
O 0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 0 0 0
•
O 0 0 0 0 0 0 0 0 0 0
0 -t co P P A N N co
0 •O .t N1 O P CO -.t
0 ▪ 0 0 0 0 r M N r
O
N M
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
O 0 0 0 0 0 0 0 In %0 •MO P
O ▪ 0 0 0 0 0 0 0 0 0 0
P O• - in
in
N. ry O. tO d in .^t
O 00 • V 0 N. en N O. O M O
• . 1 r N
P O O P O P P P
M • M M M M M N M
0 CO O ^ M
O O C O O O
O 0 0 0 0 0 0 0 0
✓
O 0 000000'
•0 •0 • r O r O .• r
N N M M M M M M M N
A A 0O 1 O• 0 r^ N
0 0 0 0 r 0 0
Date to Date
•
•
•
•
•
•
0
co
E
0
a
O
0
v
a°
•
0 r
>1
71) Cr;
a 1
P 2
O)
0
.c o
o
0
°'off
L
aN
US
cp
> c
t
a
0 T
•
•
•
1
•
t
1
,
•
•
•
•
•
\
•
•
t
•
•
•
•
•
•
•
•
•
•
•
•
0 In 0
T
O T
\/ ••••••
March 1990
December 1990
October 1990
November 1990
0
c
w
01.00
O2
O a
V!
CO
Q
a)
T
o
O
N -3
Police Pension Fund S & P 500
•
3
C
M 0
0
L N
8 Y
•L
ix 0a
O
d f d
O O
M U U
CC 2 0 <
ES -
My
CO
C IL u
O. 0
L IDLL
m
O O
J
M
•
•
as
r o
0
> II
0 0
gU OD
8•r
O ✓
r L 0
0 m r 0
Cn ae
O
H
E L
L O M
O•
N 3P
3 IL
6 •yy
M O C >
N r •�
N v p
u,d L
r I 0 re
re
0 CO f 0
N OC
pa
N
0 N
L 0
0
L O Y
00•-
•I1
3 W
1 O••
O O 0 >
.•• O
0
0
d
a
Time Period
o CO 00 CT c00 0 .Ao .At P P P
OP P M N •O A t0
O O P O• 0 0 0 0 0 0
O pNp1, N NVN n •O • M
o P cc0 2o a P P 0 0
OM 03 CT H en M O W PP N
o0 mI)
CO AA o o o
0 Ca
O PJ AO AO I,C0
ON P0WWPO OP •O
O r
Q. P A N A• .t A
r P• . N.pp . Np A N N d O
00
P t0 CO P P P 0 0
O A M pp r MM^ M
O O �O P .t N A •O
0 0 P CCOO CONP P? 0 o
0 0 NO NO m A a 0 m ry
O O O r r N .t N 'O A
O O 0 0 0 0 0 0 0
M geMnMPP P A O M
N O r N r r 0 0 N M
.t
NO P •O O N N N M
O P N O N M .t N r
M •O •O ' O CO •O CO O
.73O •O N CO CD M .1 N .t
M P .t 0 N O P •O 03 N
•
N A A I/, M CO V.1 W •O v
O P N r NO N .t A N N CO
_ ••••H1 A M =O M O P A CO
OO M M N O • O O
O P .t O •O N .t A N CO N
A . A P CO r M N M CD
O V •O P .t 1� N .t O
O P N O N N .t •O N N 03
0• 0 O• N P O P P .T N CD
O 00000000 A O
to 07-31-90
P P P P P P P P
1 0 1- 0 ll - CO le -
M M M M M M N M 0
COP O r N r N M 0
O O r r r O O O 0
0 0 0 0 0 0 0 0 0
V
PPPPPPPP 0
P P
0
N MM 0
N MM M M M N
A A A CO P O r N N
O O O O O er O O
•
•
0
c
•
tE /•
xo c
C
O L
■c
a °C
aso
• 0•
1-
o 19 -
CL a
o
ML
W
o
E
w o
>
ca o
I IL
uI
O >
•
T
0)
T
T
c
L
2
0)
0
L
0)
T
N
a
0' 0
U
i
t
ELT0
1
•
•
•1
•
••
•
•
•
•
•
•
•.
`•
•
•
•
1
•
•
•
•
•
•
•
•
1
•
'1
•
••1
•
•
•.
1
1
1
1
1
1
1
iMmid
CO CD N 0
December 1990
October 1990
0
0)
o)
< 0
0)
0)
T
T
O �
0)
0)
CO
1_ 3
November 1990
00)
E
a)
a
Month End
Police Pension Fund Salomon Bros. Index
•
•
Date Quantity
Longer Investments, Incorporated
REALIZED CAPITAL GAINS AND LOSSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
Security
Cost
Basis
Proceeds
Gain Or Loss
01-03-91
01-04-91
01-07-91
01-14-91
01-14-91
01-14-91
01-14-91
01-14-91
01-22-91
01-28-91
01-29-91
01-31-91
01-31-91
02-05-91
02-07-91
02-27-91
02-27-91
03-01-91
03-01-91
03-01-91
03-01-91
03.01-91
03-06-91
03-15-91
03-20-91
03-21-91
03-27-91
TOTAL GAINS
TOTAL LOSSES
500 Laidlaw Inc. Class 8
1,000 Chemical Waste
Management
1,000 Eastman Kodak
1,500 Claire's Stores
1,000 Hershey Foods
700 Ingersoll-Rand
700 J.B. Hunt
400 Minnesota Mining & Mfg.
200 Jacobs Engineering
900 Abbott Labs
300 Ingersoll-Rand
600 Pacificorp
250 Warner Lambert
500 Ingersoll-Rand
1,000 Greiner Engineering
600 Fluor Corp.
600 Westinghouse Elec
600 Community Psychiatric
Center
300 Crane Co.
300 Fluor Corp.
600 Jacobs Engineering
400 Waste Management
500 Mobil Corp.
500 Warner Lambert
2,000 Baroid Corp.
700 Crane Co.
500 Mobil Corp.
11,222.50 8,999.69
18,945.00 21,304.28
42,865.00
14,355.00
35,570.00
25,445.00
10,587.50
29,986.44
4,120.00
37,753.82
10,980.00
11,742.00
16,033.75
18,300.00
13,070.00
23,470.18
17,967.00
17,760.00
6,774.00
11,735.09
12,360 00
13,540.91
31,085.83
32,067 50
14,222.18
15,806.00
31,085.83
40,023.66
14,332.01
35,998.79
25,199.15
11,987.50
32,098.92
5,094.82
39,711.17
12,824.57
12,524.58
17,499.41
21,699.27
14,249.52
31,513.94
16,457.45
21,089.29
7,312.25
15,899.46
23,324.22
16,849.43
31,811.43
38,213.72
15,859.46
18,668.37
32,276.42
-2,222.81
2,359.28
-2,841.34
-22.99
428.79
-245.85
1,400.00
2,112.48
974.82
1,957.35
1,844.57
782.58
1,465.66
3,399.27
1,179.52
8,043.76
-1,509.55
3,329.29
538.25
4,164.37
10,964.22
3,308.52
725.60
6,146.22
1,637.28
2,862.37
1,190.59
60,814.79
-6,842.54
528,850.53 582,822.78
53,972.25
•
•
•
•
•
•
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
COMMON STOCK
01-02-91
01-03-91
01-03-91
01-03-91
01-10-91
01-11-91
01-15-91
01-16-91
02-01-91
02-15-91
02-15-91
02-25-91
03-01-91
03-04-91
03-08-91
03-11-91
O 3-11-91
O 3-11-91
O 3-12-91
03-14-91
03-15-91
03-28-91
Walmart Stores
Chemical Waste Management
Reebok Intl.
Waste Management
Philip Morris
Schlumberger, LTD
Mylan Labs
Fluor Corp.
Bristol Myers Squibb
Abbott Labs
Pacificorp
Archer Daniels Midland
Westinghouse Elec
Diebold, Inc.
Warner Lambert
Emerson Electric
Int']. Business Machines
Mobil Corp.
Minnesota Mining & Mfg.
Crane Co.
Tyson Foods
Baroid Corp.
GOVERNMENT BONDS
02-08-91
03-01-91
03-10-91
Federal Home Loan Mortgage Corp.
9.150% Due 08-08-00
U . S. Treasury Note
7.125% Due 10-15-93
U . S. Treasury Note
7.125% Due 10-15-93
CASH AND EQUIVALENTS
02-01-91 Money Market
03-01-91 Money Market
1
17.50
40.00
75.00
72.00
344.00
150.00
75.00
80.00
360.00
399.00
576.00
15.00
210.00
400.00
220.00
396.00
726.00
1,087.50
312.00
131.25
15.00
100.00
5,801.25
4,575.00
-2,818.68
-695.27
1,061.05
773.32
215.56
988.88
•
•
•
•
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-91 Through 03-31-91
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
O 1-30-91
02-27-91
First USA Bank Wilmington, DE
8.3% 1-2-96
8.300% Due 01-02-96
First USA Bank Wilmington, DE
8.3% 1-2-96
8.300% Due 01-02-96
EXPENSE ACCOUNTS
02-01-91 Automated Cash Mgmt.
03-01-91 Automated Cash Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
O 1-14-91
O 1-14-91
02-05-91
03-18-91
Management Fee
Management Fee
Northern Trust Fee
Northern Trust Fee
714.72
645.56
1,360.28
26.63
8.19
34.82
2,739.39
1,296.18
400.00
601.72
5,037.29
NET INCOME 4,139.35
2
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-91 To 03-31-91
Security
Unit
Price
Amount
PURCHASES
01-07-91
01-04-91
01-04-91
01-29-91
03-22-91
01-30-91
03-25-91
01-22-91
01-31-91
02-07-91
01-18-91
01-22-91
01-30-91
01-17-91
01-23-91
02-07-91
01-07-91
03-06-91
03-06-91
03-27-91
qmps-91
18-91
01-30-91
01-17-91
03-22-91
01-04-91
01-03-91
03-01-91
•
1,000
200
300
600
600
1,000
600
500
500
500
300
300
700
800
200
200
800
1,000
800
700
1,000
400
800
200
600
500
300
100,000
Abbott Labs
Bristol Myers Squibb
Bristol Myers Squibb
Community Psychiatric Center
Community Psychiatric Center
Crane Co.
Dean Foods
Diebold, Inc.
Diebold, Inc.
Diebold, Inc.
Fluor Corp.
Fluor Corp.
Glaxo Holding
Ingersoll-Rand
Int'1 Business Machines
Int'l Business Machines
Jacobs Engineering
John H. Harland
Mattel Inc.
Motorola, Inc.
National Service Industries
Philip Morris
Reader's Digest
Schlumberger, LTD
Toys -R -Us
Tyson Foods
Waste Management
U. S. Treasury Note
7.125% Due 10-15-93
1
40.35 40,350.00
62.40 12,480.00
62.87 18,861.00
29.60 17,760.00
35.72 21,435.00
22.58 22,580.00
45.12 27,075.00
35.10 17,550.00
37.60 18,800.00
37.35 18,675.00
39.25 11,775.00
39.37 11,811.00
35.00 24,500.00
36.60 29,280.00
120.02 24,005.00
130.90 26,180.00
20.60 16,480.00
22.07 22,070.00
23.94 19,156.00
58.62 41,034.00
25.93 25,927.10
53.00 21,200.00
28.87 23,096.00
53.80 10,761.00
26.00 15,600.00
29.94 14,972.50
35.12 10,537.50
99.75 99,750.00
663,701.10
•
•
Date
00
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-91 To 03-31-91
Security
Unit
Price
Amount
SALES
01-28-91
03-20-91
01-04-91
01-14-91
03-01-91
03-01-91
03-21-91
01-07-91
02-27-91
03-01-91
02-07-91
01-14-91
01-14-91
01-29-91
02-05-91
01-14-91
01-22-91
03-01-91
01-03-91
01-14-91
qmp6-91
7-91
01-31-91
01-31-91
03-15-91
03-01-91
02-27-91
•
900 Abbott Labs
2,000 Baroid Corp.
1,000 Chemical Waste Management
1,500 Claire's Stores
600 Community Psychiatric Center
300 Crane Co.
700 Crane Co.
1,000 Eastman Kodak
600 Fluor Corp.
300 Fluor Corp.
1,000 Greiner Engineering
1,000 Hershey Foods
700 Ingersoll-Rand
300 Ingersoll-Rand
500 Ingersoll-Rand
700 J.B. Hunt
200 Jacobs Engineering
600 Jacobs Engineering
500 Laidlaw Inc. Class B
400 Minnesota Mining & Mfg.
500 Mobil Corp.
500 Mobil Corp.
600 Pacificorp
250 Warner Lambert
500 Warner Lambert
400 Waste Management
600 Westinghouse Elec
2
44.12 39,711.17
7.93 15,859.46
21.30 21,304.28
9.55 14,332.01
35.15 21,089.29
24.37 7,312.25
26.67 18,668.37
40.02 40,023.66
52.52 31,513.94
53.00 15,899.46
14.25 14,249.52
36.00 35,998.79
36.00 25,199.15
42.75 12,824.57
43.40 21,699.27
17.12 11,987.50
25.47 5,094.82
38.87 23,324.22
18.00 8,999.69
80.25 32,098.92
63.62 31,811.43
64.55 32,276.42
20.87 12,524.58
70.00 17,499.41
76.43 38,213.72
42.12 16,849.43
27.43 16,457.45
582,822.78
•
•
Y
0.1
0
W
0T
M
U
•
1
L
CO O
90
L 0
1. U
O 0
0
3
Ot
O.
O
0.0 La
CO
N OC
0
CO
.0
t.t.
O Y
• OC
M
c
\ r
.0
40
Y•_
4.0
Cs 0.0
t1
0
OC
UJ
6
Total Cost
1
U
•
N r A 0 O •O O r 1n M J C! r M W N N P A M M N J N CO M
.O N O 0. J N •O J N^ N P O 0 J O N M P O r CO
.t M .} J J O A A 0 O N A Oa OD .1 M0 Oa ••Opp 0 P CO M •MO M
O O O O O N O n fO` O N O r O M 0 0 0 0 r r O O O
0 ▪ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . 0 • 0
P A M M J A N .O 0 • 0p I1 N N P O. N .p M A 73-3
N
N 0 0 N N N . .}t N N ppp. N N M IV .pt ..}t .t
O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0
O ▪ O O O O O cepa O O O O O O O O O O O O O O O O O
Mir0.1
N J A v
1 M N J ON N V .MO M N
.O t0 M M
N M J J
a-0000000001-000000000-000000
O NM 0 ^I
MN ittq
pNJO0rO rrA
• O O O OO
O O O O N O O O O O O O r M O O M N O r
at
it
CO
pN x (N m d x N M N P in ra CO yxyt�1 in N. tat at at vp} If� O ..1 O S1 P_y A� it
Iist x •x0
•O N N J N N N J IAn 1Mn 10n A M V 0 J in 171 N 03 N N •O t0 J
✓ O N 0 0 0 r O 0 0 r O 0 0 0 0 0 0 0 r 0 0 0 0 0 0
O N A .P} in P d CO a) .00 M e P N YOi .t •0O 00 M N O 10n O .MO O N A
• . .
•-01-00.-0000.-000000001-0.-0.-00
A N y r J •- J O A V N Vril M J d P P 0 51 M 0 .^O .MO
r A N M 0 N M N N Cr M N M M J N N N •O N J M J r N
•
✓ N r N r J r .O r r N N .O r J M J r M r N M J N r N
O O O N 0 O 0 N O 1/1 N 0 0 N N 0 0 0 0 0 M 0 0 0 N N
✓ O O O P P r J P P P P N O CO J N O A r M r M 0 N
✓ r r r 0 0 r r 0 0 0 O e r 0 r r r O r r e r O e r
.r
N M
?1,t1 A N 0 1x:1 !a d M V .x0 O,0 M M o nJ 'r .xt 1111N '•
M ' a
' • CV i- A. I' Or -- N ul 0 0 N r P 1.17j
N 0 0 A N
N A J .O 0 x J A H- J N x. N N M .O J N P M P O M1 M J
r N r N N r N r N N P J N J
.O} N O O P ^e at at N O N Ixn O Ixn O O O Iinn O O N O O N N O al In O
J^ • C. M Cl •e O CO N^ N P in e N N r r CV 1 e M N' CO W N 0
M N N A N CO r M r 0 O. N N 0 0 r J O CO A N M N 1n 0
r M M 0 P O .O 0 N J 0 0 N N J N O• M N A N J A r tel .0
N r N N r r r N N N r r r N N r N M N
•/i A
OO O O O 0 O O VD N A O Jp.t 104:11
O O o O r O O r r N
OM P 4 3p
P POMtOO0OJrPOOMPHPpNpVNP
01 .pp
J •O N N N CO N N N P N P N M J N N P Ln N CO M J I- N
C-
0 0
C
0 •f
E 0 toU
0 r
L
L 0 0 C ••O• 0 w 0 C
O 0 T 0 L • OI C C N0 y
L E
Y L 0 0 L M L
Y ▪ C 1
L •- 0 Y O O
13 Y h J 0 Y 3 p 0 L 01 N W
C T to O. •O 7 •••-
a (� N a L p l 'p N CO
0 0 Z T W L 0 0 L y L O N O C
J O V- O O aC U 0 0 0 qC— O S 0. 0 o f• 0
•• Y 0 LL Op 0 L O 10 0 0 0— L C O •F . 0 r •• C Z CM
if
N 5-2
y O% qmM 5:52
0 •~—^ U J 0 O
L L0m 0 •^ O T 0 CO .0 0 U O
T 0 03
« 0 U 0 O W LL O S- J 3 3 3 3 3 Z o. O. OC 0 1- .- 3 3
•
N
O
•
N
0
1
O
N
c
P
d
O
O
0
0
1
P
Jt
2
Weighted Average
cff
0
O
II
U
•
II
0
•
N
CO
N N N •
• O N
I- 0 N m
..m
0
II
•
N W
II
6
co
11 m▪ •_
< C
Up
N C
q IW LL• y
C C •C
M W en 0E 11
0
0 0. N N ♦
«3
O 0
ea K
Ct. o. >
• • • •' • • • • • •I• • • • • • • • • •
O.
o 11
F 11
r 1
n
11
11
11
n
11
11i
11
11
11
11
11
1
11
11
I'
11
11
n
II
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
i1
1
11
11
11
11
11
11
11
11
1
N
-111
11
V
J
• 11
• 11
-0 I I
N 11
N
N �I
IJ 4, n
CJI
•
P
✓ n
11
▪ u
N I I
11
N 11
O
CA 11
•
ii
v
It
44
It
11
11
1
11
II
it
11
It
11
11
It
It
11
11
11 11
11
i1
11
11
11
11
11
it
11
11 It
11
I
II
li
11
It
11
II
11
11
11
11
11 IIit
11
11
11
11
11
11
11
11
n
N I I
V
1-11•
11
W 1
11
CO•
11
4.1
o n
$2,361.42 $6,834.67 $3,580.67 '
L£'IL1`11$ Z4'19£`Z$
L4'493`4$-- -19=3691-
= 3 m a Cr, a m a> t -, cn r -o -v z a 3 '2 a 2 r fJ O` 3 m 0 C n m F i> 1)9 4
En m o- o.. a. O F a a. n m S 9 r a 0 0 3 F- c m r a m o y .T a to w
- r= m - a CO J r r S F .. r +b `m r 3 'a O m m is a n m c
= 2 RI LA n tJ 3 O O r_ - - = O- .a.• - -K 2 O ."O m 2 'S' y S O •
-
n -•i N I> G cJ v-.1 T. 99 1' = r •.1 r 2: r m • o 9 CO O C -• 4
O CO ". C- O B -n m 9 0 0) r 0 .3-. r F r 04 01- 3 0 .a.. O T. T. .k
1 N1 CO 1 r CO O O m a O :T F F .2 -- 9 r O -i a VJ •
• m Ma S+ -0 70 . S 0 9 3 Sr CO 9 CO 0 21 r 3m O< a *
V N - O CI a .t. 't. C 0 n F CID r CO -K - 41
I CD P n - m m w 9 Z • m '[ m *
•a C - -~- s m- n c CD CO C c •
W N -O U"CO m n h
0 .
•
= 4
W
N O O 0 O • 0 0 a r u r u u- ••••r ..+ a
O O O 0 O 0 V JI U 4.4 C S 0 C CJ V U a CO CM 0 CO 4.1 V N CA P 0- - P O 4
O C O O O O 0 0 0 O 0 0 0 O 0 0 O 0 O O 0 G 0 0 C 0 0 0 O O 0 a.
O 0 0 0 O 0 0 O 0 0 O O 0 0 O 0 C O 0 0 O 0 0 O C O O O O 0 0 .F
••w
...... K N N K K N K N K N K N N K Sr N
*
V •O CO -O CO V O 0 O- O- - O O 0 N W 0 0 0 a C O -- 0 Cr N O`
.
•*
W N O m
�
• U O U O -
S ._ n -e
a C N v 4.4 a .0 N -1 -O a A m CO •O W W O^ V W a- C
P V A 0 U N A N O O• 0 N N Cr- P a 0 N 4> 0 a 0- 0 0 0
•
-1.
*
4
4 WC
n. D •
N N a w N N N 11. - 2.' T
P 0- Sr N Is N N N N - N - N M. -Q C 4
✓ P I - ..• CA _ ▪ a U 141 r a *-0 r 4
-O 0 P O 'JI U -.4 Cl- 4- T -
M -C •
04 V N O O O 0 0 0 Cn 0 C 0 .1. •
✓ V: U 0 O O O 0 0 O O O O is 4
4▪ 4 allt
41 Nr • • '^
a m .4w
14▪ 1 D• U K W ."▪ • P • N N • -O .'i1 al:
• O P U O. W P- U * -O C*
GM m 0 W 0 9 C!.14 1-4 n. 1-4 a 4
C C' O O O 0 0 0 * K n.
0 V O C O 0 O 0 0 4 .1.
4 4
44 4 rt
N • *
N .4. 2 ne
4/1 OD Q m w N G - .KO w 0 4 -O 3 .4i.
-0 .O CO S - P N 0-.1.
•D 0 4-0 n
-0 9 01. N m Cr- Cr 144 - S iry
C1.1 v C 0 Cn 0 U 0 O O 441.
C C 0 0 0 O 0 0 0 •w
4 *
4
*MI ala
4
•
m
4▪ .
t9'i67$--ff'601'0
t['t09`Ztt-0'1693-
M• •
4 1.
4 #
N r Art
4
• F
w N_ w N N N N ▪ - 7 -
a P P N '✓1 N N N N r N - N 4 -OS 4
•O • P N • C5.5
-1 N
Ln U - CII 4-- 4
0 P O U U v• . a 4 r 41
• • • 4
U CD- N 0 0 O^ O C U C O •O M• DR
-
O CA CI. 0 0 0 O O 0 O C C O 41
4
4 •
•
4
N it ple
•1
N 1* N or N N 4• - 2 rt
P U (.: 0- • N N w .G F .w
.a o- in w u- •- 0 4 -< w
CO O C W O CA O 4- '#
CA
4
3 c c c 0 c o owe
,1 0 o 0 0 o O o - ONTM
•
N NM
t an
N N *
a a N .
YY .. N N N N N N
•
ON O 0 CO N b 4
-- C T4
•
-a J O CO P 44 mvo -0' W o- r N m 1 w
-
U▪ I NPPV
- P i 4
IS
o. o o
V o
•
•
•
TPY YR
ooNPo--OcnVNCIPCO CcN NVI oN OOGt.11ON NU0OWPNO N 44
▪ W L▪ OCINO 0N• -•WW v1 0
o 0NN•
OOA nowYC9•
OO oc4.N
U P
U O
C 0
0
G, o- N U
•
C ONP N NN Sr +
-0-O- C�-C
▪ 4rt4rt41.
4. -G44
oet
41
ale
41
111
w*
.K J) 4T• •O 44
•
0 P•
•
C CO •
0 O IO4144 4
•
N v N N N N N U
O 0 t44 --o -Kc V o 0 G 0 0 41 s
-0 m -OP 44UNP N=VL .OPm CA -41 Oa -
ON O 4-0 01 4
ro▪ e
•4 O a Mw
✓ m w N W
.k *4Q) w.
4
P G 6 O GT. O U C▪ r Cr O 4 3.` n4
✓ O C Cr Cr Cr G 0 0 0 4 4
4 • v
M 411 N = 4 ▪ • C rt
44
41 P P !i DJU• .
M -
O CO
• rt
t131 111-4.
✓ -0
44 Pa ` 0 - 9*T N • VW 61 4. N
cO m+1 Ua •
oO cO o 0 0
▪ Lelo.U U
LA G I.... U
•
•+ a
c •
O o -O m3 4
S 0* m H
441 «• 4
P w_U w C▪ WO-N 0 O P
40
Q U4* O•4444IL; n
CC
▪ - 4G24
•
•
ON Cr- C O • 0 0 0 0 O W ,0 4M
NJ V o C 0 GO 0 0 4
m
* 4
4
N N w 4* 4
Is
1. P•
P NO N 0
is UC
P • O O m.O 0--
4).1
U- (N WN N PJm Pr 44 .- m42n 4C M4
.▪ 4
b A A N 4
W 0- P 0 CO N N w ONier N
✓ V 0 0 CC OO 0O 0 0 Uo OO O O 441
4 S rt
▪ __ __
L▪ n
O M w
CO•
-O N N N Jm .O CO Na M N
N a V W -O NOM NN -M •44•.Y4 -i 4144•
.4
lV Wm rU W N 0 W UO ▪ NNNMGa OW(41aNNP m m O. N U a. N ON N 0
U m ON 0 P N C W U a .4 -0 P V W N m 0 A U• 0N M. • N N N • •w N • N N w w • •44 0 4 1
ST 141
Ln O O O 0 W` V N NG O O a O O O N 0 CO ON 0 0 N 0 A A O a ON 0 0 0 4 r rtI-
N O G CO O V O 0 0 C 0 G 0 0 0 0 0 O O 0 0 0 0 0 0 0 O 0 0 O 0 C 4
P O C O O O O C L^ O O O O O C O O G O O O O C O O O C 0 0 0 0 0 O w4. rt•
080J N01033 3:J110d 311163.1.13AVJ J0 A113 - ANWINS 3310301
•
•
•
•
• • • • • • • • • •S• • • • • • • • •
•
1
1
1
1
1
1
1
1
1
1
1
.•
1
C.
r
CITY OF FAYETTEVILLE
POLICEMEN'S PENSION & RELIEF FUND
PERFORMANCE: Quarter Ended March 31, 1991
YOUR TOTAL
Indices:
RETURN
Shearson Lehman Govt/Corp Bonds
Shearson L/H Intermediate G/C Index
Shearson L/H Long Term G/C Index
Shearson Lehman L.T. Treasuries
90 -Day Treasury Bills
Lipper Bond Funds
3/31/91
Quarter
2.41%
2.69%
2.52%
3.10%
2.03%
1.42%
2.00%
Calendar
Year
2.41%
2.69%
2.52%
3.10%
2.03%
1.42%
2.00%
HISTORICAL PERFORMANCE
Calendar
Years
Your
% Return
S/L/H
Govt/Corp
90 -Day
T Bills
Growth of
$10,000
Asset
Growth
Starting Date:
1988
1989
„1990
3/31/91
11/27/89
0.6%
9.78..
2.4%
O .2%
8.3%
2.7%
0.6%
7.9%
1.4%
Managed
for
1.33
Years
Calendar
Years
1988
1989
1990
3/31/91
% Gain
O .6%
9.7%
2.4%
Investment
Increase
5,343
97,233
26,585
129,161
$10,000
$10,000
$10,057
$11,032
$11,298
Additions/
Withdrawals
Initial Value:
0
-1,022
-7,247
- 1,372
- 9,641
$1,003,443
$0
$1,007,764
,$1,097,750
$1,122,963
Assets
$1,003,443
$0
$1,007,764
$1,097,750
$1,122,963
1991 SUMMARY
Market Value
Total Portfolio Value:
Investment Total Return:
Net Additions/Withdrawals:
12/31/90
1,097,750
26,585
- 1,372
Total Portfolio Value: 3/31/91
1,122,963
Average Annual
Increase:
N/A
1
1
1
1
1
1
1
1
1
1
1
1
t
1
CITY OF FAYETTEVIT.T.F
POLICEMEN'S PENSION & RELIEF FOND
Quarterly Statistics
Quarter
Ended
Dec 89
Mar 90
Jun 90
Sep 90
Dec 90
Mar 91
Total:
Your
% Return
S/L/H 90 -Day
Govt/Corp T Bills
0.6%
0.0%
3.0%
1.4%
5.1%
2.4%
13.0%
0.2%
2.7%
11.5%
0.6%
1.8%
2.0%
2.0%
1.8%
1.4%
Average
Maturity
% Cash or
< 90 Days
0.5
6.0
5.6
7.1
6.4
5.4
10.0%
5.8
90.0%
14.7%
27.6%
9.2%
15.4%
26.1%
34.3%
1�
4.
1
Quantit
IRPORATE
MADISON INVESTMENT ADVISORS, INC.
PORTFOLIO APPRAISAL
CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND
FIXED INCOME PORTFOLIO
March 31, 1991
Unit Total Market Pct.
Security Cost Cost Price Value Assets Yield
BONDS
1
'1
1
1
50,000
50,000
50,000
50,000
EASTMAN KODAK (CALL 99.50 49,750 100.81 50,406 4.5 9.0
3-1-95)
9.125% Due 03-01-98
TORONTO -DOMINION 99.70 49,848 102.25 51,125 4.6 9.5
(CALL '94)
9.900% Due 02-01-99
XEROX CREDIT CORP 101.75 50,875 102.72 51,359 4.6 9.6
(CALL '96)
101125% Due 04-15-99
DAYTON HUDSON 102.50 51,252 100.72 50,359 4.5 9.3
9.400% Due 02-15-01
Accrued Interest 4,140 0.4
VERNMENT BONDS'
201,725 207,390 18.5 9.3
,
325000 FED NATL MTG ASSN 98.81 321,141 100.50 326,625 29.1 8.1
08.200%.Due 12-23-96 _.
175,000 FED FARM CREDIT 98.66 172,648 101.72 178,008 15.9 8.4
I
8.650% Due 10-01-99
100,000 U.S. TREASURY NOTES 98.94 98,937 102.41 102,406 9.1 8.1
8.500% Due 02-15-00
Accrued Interest 15,910 1.4
:1
ISH AND
1
QUIVALENTS
CASH EQUIVALENT FUND MONEY
MARKET
1
TOTAL PORTFOLIO
1
.1
t
1
592,727 622,949 55.5 8.2
292,624 292,624 26.1 7.7
292,624 292,624 26.1 7.7
1,087,076 1,122,963 100.0 8.3
1
SLEM:MeSi=32 SIMS
1
1
1
1
1
1
J
PRICE CHART for T 8 78 02/16/99
TO 4/12/91 PERIOD (D -W -M -Q -Y)
12/29/89
26JAN9
1
RANGE
1
1
1
1
1
1
•
107 00
106-00
105-00
04-00
103-00
102-00
101-00
100-00
99-00
/... 11 1 illi 1l. 1 111 it 1l 111 1 1 1 1 1 1 1 1 1 i11 1 1 1 1i 111 1 l 11l 1 1 9800
23FE8 23MAR 20APR 18MAY 15JUN 13JUL IOAUG 7SEP 50CT 2N0U 30 28DEC 25JAN91 22FEB 22MAR
J
YIELD CHART for T 8 78 02/16/99
TO 4/12/91 PERIOD a (D -W -M -Q -Y)
12/29/89
1
•
•
BGN/NY/CLOSE/BID
LAST 7.985
HIGH 9. 12
AVE 8 452
LON 7.772
ON 04/12/91
ON 04/27/90
ON 02/08/91
.. 1 111 1 1l 1 1111 1 11.
lll
411111111111111111 I i 11111 1 llllllllllll1
26JAN90 23FEB 23MAR 20APR I8MAY 15JUH 13JUL IOAUG 7SEP 50CT 2N0U 30 28DEC 25JAN91 22FEB 22MAR
9.20
9.00
8.80
8.60
8.40
8.20
8.00
7.80
7.60
BGN/NY/CLOSE/BID
LAST
105-03
ON 04/12/91
HIGH
106-15+
ON 02/08/91
AUE
102.501
LOW
98-18
ON 04/27/90
26JAN9
1
RANGE
1
1
1
1
1
1
•
107 00
106-00
105-00
04-00
103-00
102-00
101-00
100-00
99-00
/... 11 1 illi 1l. 1 111 it 1l 111 1 1 1 1 1 1 1 1 1 i11 1 1 1 1i 111 1 l 11l 1 1 9800
23FE8 23MAR 20APR 18MAY 15JUN 13JUL IOAUG 7SEP 50CT 2N0U 30 28DEC 25JAN91 22FEB 22MAR
J
YIELD CHART for T 8 78 02/16/99
TO 4/12/91 PERIOD a (D -W -M -Q -Y)
12/29/89
1
•
•
BGN/NY/CLOSE/BID
LAST 7.985
HIGH 9. 12
AVE 8 452
LON 7.772
ON 04/12/91
ON 04/27/90
ON 02/08/91
.. 1 111 1 1l 1 1111 1 11.
lll
411111111111111111 I i 11111 1 llllllllllll1
26JAN90 23FEB 23MAR 20APR I8MAY 15JUH 13JUL IOAUG 7SEP 50CT 2N0U 30 28DEC 25JAN91 22FEB 22MAR
9.20
9.00
8.80
8.60
8.40
8.20
8.00
7.80
7.60
1
1
1
1
•
1
1
1
1
1
1
1
•
SPREAD TO TREASURIES (BPS)
SPREAD TO TREASURIES (BPS)
INTERMEDIATE INDUSTRIAL YIELD SPREADS
220
200 •
180
160 -,
140
120
100
80
60
40
AAA A
AA 586
............>,,/,.
JFMAMJ•
•
•
J ASONDJFM
90 91
190
180 -
170 -
160 -
150 -
140 -
150
120 -
110
100
90
80
INTERMEDIATE FINANCE YIELD SPREADS
A FINANCE
A AUTO FINANCE
•
•
•
•
•
•
•
•
•
•
JFMA
M J J A SO ND J F M
90 91
•
j
1
1
1
1
1
•
1 RANGE
PRICE
1
1
1
1
1
1
1
FEDERAL FUNDS AND THE DISCOUNT RATE
%
10
FEDERAL FUNDS RATE
9
1986
MOVING
TO
M (M=YIELD TO
X8/31/90
TYPE
DISCOUNT RATE
i 1
1987 1988 1989 1990 1991
A V E
4/ 9/91
MTY)
-10
9
8
7
16
for GENERIC GMO BILL
PERIOD 0 (D -U -M -Q -Y)
# PERIODS
BGN'NY'CLOSE'BID
1 DAY AVE
-- -- 15 DAY AVE
1 1 •
•
•
14SEP90
28 120CT 26
9NOV 23 7DEC 21 4JAH91 18
'FEB
15
IMAR
15
29
8.00
7.50
7.00
6.50
6.00
5.50
'1
1
1
1
1
1
•
1
1
1
1
1
1
1
20
15
10
-10
-15
20
6
4
0
10
Med Income Forecaslinij gode/
82
83
84
85
86
87
88
/ode%- Recent experience . .
89
90
Sept 88
Nov 88
Ap -May 89
Feb 90
Turning Positive . Sept 90
Summary of 11 Primary Forecasting Indicators
1988 1989 1990
Turning
Positive Sept 90
June 84
\
A
�
May 83
Jan
87
Summary of 11 Primary Forecasting Indicators
82
83
84
85
86
87
88
/ode%- Recent experience . .
89
90
Sept 88
Nov 88
Ap -May 89
Feb 90
Turning Positive . Sept 90
Summary of 11 Primary Forecasting Indicators
1988 1989 1990
1
1
1
1
1
•
1
1
1
1
1
1
}
1
Ann%
Chg
ECONOMIC GROWTH, INFLATION AND BOND YIELDS
Ann%
_ Chg
- 8
_ 4
Ann%
Chg
14
12
10
8
4
2
13
11
9
7
ECONOMIC'GROWTH
INFLATION
30 -YR. BOND YIELDS
JOINIE
0
Ann%
Chg
14
12
10
6
4
2
13
11
BCA INTEREST RATE FORECAST
BCA PVbIitldiOni lid. 1991
i i I. i i I i i i i i i i i i i i i i i i i I 1 1 iii i i i
60 65 70 75 80 85 90
7
5
Overview 5
1
1
1
1
1
1
•
1
1
1
1
1
1
}
1
RANGE
PRICE
MOVING AVE for CRY -- CRB INDEX SPOT
TO
TYPE P (P=PRICE)
:.1/ Si5/90
:`3/29/91
PERIOD a (D -W -N -O -Y)
•
•
•
LOW
I WEEK AVE
-- -- 15 WEEK AVE
.. 1.. 1 1.. 1 1, 1 1 1 1 1 1 1 1 1 1 1 , 1,, 1 1 1 1. 1.
2FEB90 2MAR 30 27APR 25MAY 22JUN 20JUL 17AUG I4SEP I20CT 9N0V MEC 4JA4191
2.,0
245
240
235
230
225
220
215
1
1FEB MAR
210
20�
29
Exhibit 3: CRB Index
The CRB Index has pulled lack to iu:moving average and looks prepared to break above
the resistance line.
240
235 r
230 -
225 —
220 —
215 -
210 —
205
•
•
•
•
•
20 -Day
Moving Average
•
CRB Futures
Index
Resistance
•
1
Bottoming Pattern
OCT i NOV ) OEC I JAN ) FEB I MAR
1990 1991
111
IRANGE
}
1
MOVING AVE for CLK1 CRUDE OIL FUTR Ma u91
TO
(P=PRICE)
':4/16'/,90
TYPE P
4/8691
PERIOD T (D -W -M -O -Y)
11MAY IJUN 22 13JUL 3AUG 24 14SEP 50CT 26 16NOU 7DEC 28 18JA1491 BFEB IMAR 22
MOVING 'AVE for DXY -- DOLLAR INDEX SPT
RANGE :4/16/90 TO
PRICE TYPE P (P=PRICE)
=4/11/.91
PERIOD 0 (D -W -M -Q -Y)
IIMAY )JUN 22 13JUL 3AUG 24 I4SEP SOCT 26 16NOV 7DEC 28 18JAN91 8FE8 IMAR 22
34
32
30
28
26
24
22
20
18
16
96
94
92
90
88
86
84
82
80
78