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Home My WebLink About1991-07-18 MinutesMINUTES OF A MEETING OF THE POLICE PENSION BOARD A meeting of the Fayetteville Police Pension and Relief Fund Board of Trustees was held on Thursday, July 18, 1991, at 2:30 p.m. in Room 326 of City Hall. PRESENT: Eldon Roberts, Jerry Friend, Rick Hoyt, Dr. James Mashburn, City Manager Scott Linebaugh, Administrative Services Director Kevin Crosson, Finance Director Ben Mayes, and City Clerk Sherry Thomas. ABSENT: Hollis Spencer CALL TO ORDER The meeting was called to•order by City Manager Linebaugh. MINUTES Friend, seconded by from the April 24, unanimous vote. NEW BUSINESS STOCK PORTFOLIO Roberts, made a motion to approve the minutes 1991 meeting. The motion was approved by a INVESTMENTS Elaine Longer addressed the Board with a report on the stock portfolio for the Fayetteville Police and Pension Fund, presented a slide presentation on this account and discussed outlook and major investment plans. Longer reported a weighted average return on equity in the stock portfolio of 22.7%; debt to total capital at 21%, compared to the average for all stocks at 32.5%; expected return of 16.1% on total equity portfolio; price earnings ratio at 19.8%, with an S&P rating of A to A-. For the year, equities return was 14.5% net, of expenses; equities plus cash component brought 12.7% and the return for the S&P 500, with reinvested dividends was up 7.6% and for the same time period. Return on the Dow Jones Industrial Average was 3%. Longer reported the fixed income portfolio with a fixed income net return of 9%; total account before expenses of 14.2% and expense ratio total of 1.9% for a total return after expenses of 12.3%. Longer stated that the FP&PF portfolio shows more defensive characteristics than the market overall, when the market turns down. Coming out of the recession, short-term interest rates have been eased which has begun to stimulate the economy. The problem 411 July 18, 1991 is that long-term interest rates are still very high, and Longer feels this will prevent a robust economic recovery. Debt liquidation is the biggest risk which can be seen with the S&L bail -outs, bank problems, and most recently in the insurance industry. Longer feels comfortable with the portfolio, being conservative at this point, and is looking to increase the yield in stocks with close to $1 million in high quality stocks at the present time. Longer responded to questions regarding economic recovery and gave her forecast that there will be a drop in long-term interest rates and short-term rates will maintain or drop in the last half of 1991. The Board concurred that Ms. Longer was doing a great job with their account. ACORN/MADISON ACCOUNTS Mike Kirkland addressed the Board with a report on the ACORN account. He stated that they had purchased a couple longer term maturity CD's and currently have $180,000.00 of five year CD's and earn 8%. In addition, there is $90,000.00 in short term CD's maturing on August 15, 1991 and $90,000.00 maturing in June 1992. Kirkland stated that rates are weak ranging from 6.15% for 3 months to 8% for 5 years. Short-term CD's (3 month and 1 year) will pay interest at maturity, and the 5 year CD's will dump interest into the account every 6 months. He explained the reasoning for buying $90,000.00 increments is to protect the investment covered up to $100,000.00. Kirkland reported that Madison Investment Advisors rate of return is running 8 1/2% to 9% on the current yield. He reported the Madison Account at $1.1 million. ACORN is invested at 50% stocks, 35% bonds and 15% cash: He stated that the cash account had been converted to a more augmented account. Kirkland explained a chart compiled by Dean -Witter, showing 17% cash, 65% CD's and bonds, 19% stocks. He suggested the possibility of the funds using an additional money manager, Marty Zweig Management, to achieve a more balanced portfolio. Linebaugh suggested that the board hold a meeting on Thursday, July 25, 1991 at 2:30 p.m. to further discuss reallocating funds from cash to stocks and the possibility of hiring an additional money manager. The board requested that Mike, Kirkland prepare a comparison report on Madison, ACORN, and Zweig Managements. • • • July 18, 1991 • Based on performance, the possibility of switching some accounts to Elaine Longer was discussed, but it was agreed that diversity is also important. Linebaugh suggested that they audit the two sets of figures, as they have never been verified. Linebaugh suggested that Finance Director Ben Mayes look at the two reports given at this meeting and report back to them at the meeting. next ,week. ADJOURNMENT The meeting was adjourned at 3:44 p.m. • • • • • • • • FAYETTEVILLE nPIT WED • CITY OF FAYETTEVILLE, ARKANSAS SHERRY THOMAS, CITY CLERK • TO: FROM: DATE: SUBJECT: Police Pension Board Members Sherry L. Thomas, City Clerk/XI July 11, 1991 Next Meeting The next meeting of the Police Pension Board is scheduled for 2:30 p.m. Thursday, July 18, 1991, in Room 326 of City Hall. Attached is a copy of the minutes from the April 24 meeting. In addition, attached are copies of the portfolio reports from Longer Investments, Inc. Attachment List: Eldon Roberts, Jr. Jerry Friend Rick Hoyt Hollis Spencer Dr. James Mashburn Scott Linebaugh Ben Mayes Elaine Longer Mike Kirkland 113 WEST MOUNTAIN 72701 501 575-8323 • • LONGER INVESTMENTS, INC. REGISTERED INVESTMENT ADVISOR P. 0. Box 490 18 E. CENTER STREET SUITE 201 FAYETTEVILLE. ARKANSAS 72701 TELEPHONE 501/443-5851 ELAINE M. LONGER. C.F.A. • • July 5, 1991 City of Fayetteville Police Pension Fund Attn: Scott Linebaugh 113 W. Mountain Fayetteville, AR 72701 Dear Scott: Please find enclosed 1991 second quarter portfolio reports for the City of Fayetteville Police Pension Fund account . These reports include a portfolio appraisal, a report of income and expenses, realized gains and losses and an estimated income summary. As instructed, the Northern Trust account will be billed for management fees. During this past quarter, the market moved to a new closing high of 3035 on the Dow Jones Industrial Average (DJIA). However, the broader averages failed to confirm the new high in the DJIA and the markets have since retreated. Year to date the S & P 500 is up approximately 14% and the DJIA is up 12.3%. At the current market level, stocks are overvalued by historical comparison. At 3000 on the DJIA, the dividend yield is approaching 3% and the price to earnings ratio (P/E) is approximately 19 times earnings. By comparison, at previous market peaks, the DJIA has reached valuation levels of 2.7% yield and a P/E multiple of 22 times earnings. So, while it is possible to achieve a higher valuation level than that which is currently on the market, it is important to realize the current market valuation is high by historical standards. The stock market is included in the Commerce Department's Index of Leading Economic Indicators because it typically discounts economic news six to nine months in advance. For instance, the market will begin to decline prior to the onset of recession and usually bottoms six months before the recovery begins. The high valuation placed on current earnings can be resolved in two ways. Either earnings will grow in the second half, thereby reducing the P/E ratio from 19 to a more moderate 14 or 15. However, if the economy, and therefore earnings, fails to improve in the second half, the market price will decline to reduce the current state of overvaluation. In conclusion, for the market to remain at current levels or move higher in the second half of the year, earnings must improve, economic growth must resume, and interest rates need to remain low. These are ambitious assumptions and the market seems to be relegated to a trading range of 2800 - 3000 until further evidence of economic recovery is available. We anticipate a more fragmented investment environment in the second half rather than the uptrending market of the first half. Stock selection will be critical to results and the focus will remain on companies with strong fundamental appeal. Mr. Scott Linebaugh • July 5, 1991 Page Twos Since December of 1990, the Federal Reserve has moved aggressively to stimulate the economy by dropping short-term interest rates, reducing bank reserve requirements and by growing the money supply at a more rapid rate. However, long-term interest rates have remained stubbornly high and are actually at a higher level than in December of 1990. As a result, loan demand has remained weak because construction, mortgage, and auto loan rates are more closely tied to long-term rates and the prime rate. Long-term rates need to decline for economic growth to proceed in the second half of the year, but they will probably remain in a range of8 1/4% to 8 3/4% through the third quarter of 1991. The supply of debt is high due to the huge amount of government bills and bonds that will need to be floated during the remainder of this year, while foreign demand for U. S. debt has been weak and the U. S. savings rate has declined to 3.7%. However, inflation pressures should abate by the fourth quarter due to continued sub-par economic demand and benefits from falling commodity prices. Long-term interest rates may decline in the fourth quarter as inflationary pressures subside. In the meantime, a prime rate of 8.5% and mortgage rates of 9.5% will continue to limit economic growth. And an 8 1/4% risk-free return on a ten year U. S. Treasury Note will provide stiff competition for investor funds versus a stock market that currently provides a 3% income return. • We've adopted a more cautious position on the market at these levels by taking profits on some positions, reducing equity exposure and increasing portfolio income yield by raising cash levels and adding bonds to the portfolio mix. At current prices, bonds represent better value relative to stocks so we'll continue to allocate new cash to high quality bonds until we see earnings improvements in the second half of the year. Please review the enclosed information and feel free to call if you have any questions or comments. I am prepared to meet with the Police Pension Board at the meeting scheduled for July 15. At that time I will review performance for the past year, and discuss the current portfolio and outlook for the markets. This review will include a slide presentation. Thank you again for your business. We consider it an honor to be entrusted with the responsibility of managing financial assets for the City of Fayetteville Police Pension Fund. Sincerely, I Elaine M. Longe President EML/pak • Enclosures Quantity Security COMMON STOCK ' 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 900 Briggs & Stratton 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glexo Holding 400 Iht'l Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining & Mfg. 500 Mobil Corp 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,100 Syntex Corp. 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 1,000 Warner Lambert 700 Waste Management CORPORATE BONDS 100,000 Philip Morris 9.250X Due 12-01-97 Accrued Interest Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account June 30, 1991 Unit Cost 41.95 23.29 30.94 31.37 60.08 45.12 36.68 25.75 41.05 39.12 35.69 116.77 18.13 23.94 74.97 62.17 17.55 19.57 44.96 28.87 52.75 39.07 27.42 13.83 29.03 71.31 33.85 Total Cost 41,948.68 13,973.79 15,472.50 28,237.50 48,067.64 27,075.00 44,020.00 20,600.00 61,582.50 27,381.87 35,687 50 46,708.28 18,132.50 19,156.00 29,986.44 31,085.83 26,320.00 19,570.00 53,948.13 14,435.00. 21,100.00 42,977.00 32,908.50 20,746.87 14,514.17 71,311.00 23,696.59 850,643.30. Market Market Price Value Pct. Assets Unit Annual Cur. Income Income Yield 51.75 51,750.00 3.1 1.000 23.62 14,175.00 0.8 0.100 25.12 32.87 77.75 45.37 40.00 28.75 46.62 47.00 40.50 97.12 18.25 25.50 93.62 64.25 24.25 21.00 63.50 34.62 53.62 38.25 28.12 20.62 42.75 72.50 36.50 12,562.50 29,587.50 62,200.00 27,225.00 48,000.00 23,000.00 69,937.50 32,900.00 40,500.00 38,850.00 18,250.00 20,400.00 37,450.00 32,125.00 36,375.00 21,000.00 76,200.00 17,312.50 21,450.00 42,075.00 33,750.00 30,937.50 21,375.00 72,500.00 25,550.00 0.8 0.400 1.8 1.600 3.7 2.400 1.6 0.740 2.9 1.600 1.4 0.200 4.2 1.320 2.0 0.320 2.4 0.900 2.3 4.840 1.1 0.460 1.2 0.200 2.2 3.120 1.9 3.200 2.2 0.200 1.3 1.500 4.6 1.720 1.0 0.600 1.3 2.840 2.5 0.920 2.0 0.000 1.8 0.040 1.3 0.170 4.3 1.760 1.5 0.440 957,437.50 57.2 1,000.00 1.9 60.00 0.4 200.00 1,440.00 1,920.00 444.00 1,920.00 160 00 1,980.00 224.00 900.00 1,936.00 460 00 160 00 1,248.00 1,600.00 300.00 1,500.00 2,064.00 300.00 1,136.00 1,012.00 0.00 60.00 85.00 1,760.00 308.00 1.6 4.9 3.1 1.6 4.0 0.7 2.8 0.7 2.2 5.0 2.5 0.8 3.3 5.0 0.8 7.1 2.7 1.7 5.3 2.4 0.0 0.2 0.4 2.4 1.2 24,177.00 2.5 100.54 100,543.50 101.57 101,570.00 6.1 9.250 9,250.00 9.1 100,543.50 1 745.14 0.0 102,315.14 6.1 9,250.00 9.1 • • • • • Quantity Security GOVERNMENT BONDS , 74,000 ,100,000 200,000 U. S. Treasury Note 7.125% Due 10-15-93 Federal Home Loan Mortgage Corp. 9.150% Due 08-08-00 U. S. Treasury Note 8.000% Due 05-15-01 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 June 30, 1991 Unit Total Cost Cost Market Market Pct. Unit Annual Cur. Price Value Assets Income Income Yield 99.80 73,852.50 100.34 74,254.37 4.4 7.125 5,272.50 7.1 100.00 100,000.00 101.37 101,375.00 6.1 9.150 9,150.00 9.0 98.63 197,265.63 98.44 196,875.00 11.8 8.000 16,000.00 8.1 6,707.60 0.4 371,118.13 379,211.98 22.7 30,422.50 8.2 34,118.58 34,118.58 2.0 5.740 1,958.41 5.7 34,118.58 34,118.58 2.0 1,958.41 5.7 100.00 94;000.00 103.90 97,668.35 5.8 7.805 7,336.70 7.5 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 672.53 0.0 94,000.00 98,340.88 5.9 7,336.70 7.5 100.00 100,000.00 102.00 102,000.00 6.1 8.300 8,300.00 8.1 100,000.00 102,000.00 6.1 1,550,423.51 2 8,300.00 8.1 1,673,424.08 100.0 81,444.61 4.9 • _June 30, 1991 City of Fayetteville Police Pension Fund •Combined Account 113 W. Mountain Fayetteville, AR 72701 Longer Investments, Incorporated STATEMENT OF MANAGEMENT FEES For The Period Ending June 30, 1991 Portfolio Valuation as of 06-30-91 500,000 @ 1.250% per annum 1,165,299 @ 1.000% per annum Quarterly Management Fee TOTAL DUE AND PAYABLE $ 1,665,298.80 1,562.50 2,913.25 $ 4,475.75 $ 4,475.75 • • R Quantity GONION STOCK Security 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 900 Briggs 8 Stratton 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glaxo Holding 400 Intl Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining 8 Mfg. 500 Mobil Corp. 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,100 Syntex Corp. 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 1,000 Warner Lambert 700 Waste Management GOVERNMENT BONDS 50,000 100,000 • U. S. Treasury Note 7.125% Due 10-15-93 U. S. Treasury Note 8.000% Due 05-15-01 Accrued Interest Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Stock Account June 30, 1991 Unit Cost Total Cost 41.95 41,948.68 23.29 13,973.79 30.94 31.37 60.08 45.12 36.68 25.75 41.05 39.12 35.69 116.77 18.13 23.94 74.97 62.17 17.55 19.57 44.96 28.87 52.75 39.07 27.42 13.83 29.03 71.31 33.85 15,472.50 28,237.50 48 067 64 27,075.00 44,020.00 20,600.00 61,582.50 27,381.87 35 687 50 46,708.28 18,132.50 19,156.00 29,986.44 31,085.83 26,320.00 19,570.00 53,948.13 14,435.00 21,100.00 42,977.00 32,908.50 20,746.87 14,514.17 71,311.00 23,696.59 850,643.30 Market Market Pct. Unit Price Value Assets Income 51.75 51,750.00 23.62 14,175.00 25.12 32.87 77.75 45.37 40.00 28.75 46.62 47.00 40.50 97.12 18.25 25.50 93.62 64.25 24.25 21.00 63.50 34.62 53.62 38.25 28.12 20.62 42.75 72.50 36.50 12,562.50 29,587.50 62,200.00 27,225.00 48,000.00 23,000.00 69,937.50 32,900.00 40,500.00 38,850.00 18,250.00 20,400.00 37,450.00 32,125.00 36,375.00 21,000.00 76,200.00 17,312.50 21,450.00 42,075.00 33,750.00 30,937.50 21,375.00 72,500.00 25,550.00 Annual Cur. Income yield 4.6 1.000 1,000.00 1.9 1.3 0.100 60.00 0.4 1.1 0.400 2.6 1.600 5.5 2.400 2.4 0.740 4.2 1.600 2.0 0.200 6.2 1.320 2.9 0.320 3.6 0.900 3.4 4.840 1.6 0.460 1.8 0.200 3.3 3.120 2.8 3.200 3.2 0.200 1.9 1.500 6.7 1.720 1.5 0.600 1.9 2.840 3.7 0.920 3.0 0.000 2.7 0.040 1.9 0.170 6.4 1.760 2.3 0.440 957,437.50 84.8 200.00 1,440.00 1,920.00 444.00 1,920.00 160.00 1,980.00 224.00 900.00 1,936.00 460.00 160.00 1,248.00 1,600.00 300.00 1,500.00 2,064.00 300.00 1,136.00 1,012.00 0.00 60.00 85.00 1,760.00 308.00 1.6 4.9 3.1 1.6 4.0 0.7 2.8 0.7 2.2 5.0 2.5 0.8 3.3 5.0 0.8 7.1 2.7 1.7 5.3 2.4 0.0 0.2 0.4 2.4 1.2 24,177.00 2.5 99.75 49,875.00 100.34 50,171.87 4.4 7.125 3,562.50 7.1 98.27 98,265.63 98.44 98,437.50 8.7 8.000 8,000.00 8.1 1,742.19 0.2 148,140.63 1 150,351.56 13.3 11,562.50 7.8 • Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Stock Account From 01-01-91 Through 06-30-91 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 04-01-91 04-08-91 04-10-91 04-17-91 04-22-91 04-23-91 04-24-91 04-29-91 05-09-91 05-10-91 05-10-91 05-10-91 05-10-91 05-14-91 500 Laidlaw Inc. Class B 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 8 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. 1,000 National Service Industries 500 Luby's Cafeterias 400 Tyson Foods 8 IBM April 110 Puts 300 Diebold, Inc. 500 Bergen Brunswig 600 Community Psychiatric Center 700 Motorola, Inc. 700 Tyson Foods 300 Bristol Myers Squibb 500 John H. Harland 400 Morrison Knudsen 700 Schlumberger, LTD 1,000 Crown Craft 1 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 25,927.10 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 25,929.13 9,066.25 9,749.67 11,065.00 16,264.00 1,144.90 720.61 11,005.00 11,999.59 15,472.50 13,022.06 21,435.00 21,014.29 41,034.00 9,681.87 18,025.36 11,035.00 20,250.00 38,511.00 10,747.00 45,603.47 14,525.00 23,924.20 11,589.61 21,149.29 44,917.50 11,624.60 -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 2.03 683 42 5,199.00 -424.29 994.59 -2,450.44 -420.71 4,569.47 4,843.12 5,898.84 554.61 899.29 6,406.50 877.60 Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Stock Account From 01-01-91 Through 06-30-91 Security Cost Basis Proceeds Gain Or Loss 05-14-91 05-15-91 05-15-91 05-15-91 06-11-91 06-13-91 TOTAL GAINS TOTAL LOSSES 500 400 500 300 7 50,000 John H. Nal -Lard Intl Business Machines International Paper Co. Reader's Digest OEX June 350 Puts U. S. Treasury Note 7.125% Due 10-15-93 2 11,035.00 46,708.28 31,477.50 8,661.00 3,386.60 49,875.00 11,527.11 40,562.64 31,561.44 9,637 17 571.96 49,715.62 492.11 -6,145.64 83.94 976.17 -2,814.64 -159.38 93,295.49 -19,257.64 924,393.89 998,431.74 74,037.85 • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Stock Account From 01-01-91 Through 06-30-91 COMMON STOCK O 1-02-91 O 1-03-91 O 1-03-91 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 04-01-91 04-03-91 04-04-91 04-05-91 04-08-91 04-10-91 04-10-91 04-15-91 04-17791 05-01;91 05-01-91 05-15-91 05-15-91 05-30-91 06-03-91 06-03-91 06-03-91 06-07791 06-10-91 06-10-91 06-10-91 06-12=91 06-14-91 06-17-91 06-17-91 • Walmart Stores Chemical Waste Management Reebok Int'1. 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'l Business Machines Mobil Corp. Minnesota Mining & Mfg. Crane Co. Tyson Foods Baroid Corp. Luby's Cafeterias Mattel Inc. Waste Management Schlumberger, LTD Walmart Stores Philip Morris National Service Industries Mylan Labs Fluor Corp. Bristol Myers Squibb Reader's Digest Abbott Labs Pacificorp John H. Harland Archer Daniels Midland Bergen Brunswig Glaxo Holding Diebold, Inc. Emerson Electric Int'l Business Machines Mobil Corp. Minnesota Mining & Mfg. Dean Foods Morrison Knudsen Tyson Foods 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 15.00 100.00 172.50 24.00 63.00 210.00 21.25 516.00 240.00 75.00 56.00 660.00 120.00 250.00 360.00 107.50 15.00 50.00 233.10 480.00 495.00 968.00 400.00 312.00 111.00 148.00 15.00 11,903.60 • • • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Stock Account From 01-01-91 Through 06-30-91 GOVERNMENT BONDS 03-01-91 04-15-91 06-0591 06-13-91 06-13-91 U . S. Treasury Note 7.125% Due 10-15-93 U . S. Treasury Note 7.125% Due 10-15-93 U . S. Treasury Note 8.000% Due 05-15-01 U . S. Treasury Note 8.000% Due 05-15-01 U . S. Treasury Note 7.125% Due 10-15-93 CASH AND EQUIVALENTS 02-01191 03-01,91 04-01-91 05-01-91 06-03-91 Money Money Money Money Money EXPENSE ACCOUNTS 02-01-91 03-01-91 04-01-91 05-01-91 06-03-91 AFTER Market Market Market Market Market Automated Cash Mgmt. Automated Cash Mgmt. Automated Cash Mgmt. Automated Cash Mgmt. Automated Cash Mgmt. FEE PERFORMANCE EXPENSE ACCOUNTS 01-14-91 02-05-91 03-18-91 04-08-91 05-24-91 06-28-91 Management Fee Northern Trust Northern Trust Management Fee Northern Trust Northern Trust Fee Fee Fee Fee -2,818.68 3,562.50 -239.13 -391.30 642.42 755.81 773.32 215.56 203.26 50.74 470.13 1,713.01 26.63 8.19 8.09 1.97 20.21 65.09 2,739.39 400.00 601.72 3,011.49 409.75 409.75 7,572.10 NET INCOME 6,735.23 2 • • • • • 1. Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Bond Account June 30, 1991 Unit Total Market Market Pct. Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield CORPORATE BONDS 100,000 Philip Morris 9.250% Due 12-01-97 Accrued Interest GOVERNMENT BONDS 100.54 100,543.50 101.57 101,570.00 18.7 9.250 9,250.00 9.1 100,543.50 745.14 0.1 102,315.14 18.8 9,250.00 9.1 24,000 U. S. Treasury Note 99.91 23,977.50 100.34 24,082.50 4.4 7.125 1,710.00 7.1 7.125% Due 10-15-93 100,000 Federal lime Loan 100.00 100,000.00 101.37 101,375.00 18.6 9.150 9,150.00 9.0 Mortgage Corp. 9.150% Due 08-08-00 100,000 U. S. Treasury Note 99.00 99,000.00 98.44 98,437.50 18.1 8.000 8,000.00 8.1 8.000% Due 05-15-01 Accrued Interest 4,965.42 0.9 CASH AND EQUIVALENTS Money Market CERTIFICATE OF DEPOSIT 222,977.50 228,860.42 42.1 18,860.00 8.4 12,399.25 12,399.25 2.3 5.740 711.72 5.7 12,399.25 12,399.25 2.3 711.72 5.7 94,000 Meilroy Bank 8 Trust 100.00 94,000.00 103.90 97,668.35 18.0 7.805 7,336.70 7.5 (Matures 8-27-91) 7.805% Due 11-27-91 Accrued Interest 672.53 0.1 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 100,000 First USA Bank Wilmington, DE 8.3% 1-2-96 8.300% Due 01-02-96 94,000.00 98,340.88 18.1 7,336.70 7.5 100.00 100,000.00 102.00 102,000.00 18.8 8.300 8,300.00 8.1 100,000.00 1 102,000.00 18.8 8,300.00 8.1 • • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Bond Account From 01-01-91 Through 06-30-91 CORPORATE BONDS 06-0191 06-01-91 06-05-91 G. E. Capital Corp. 8.000% Due 12-01-92 Philip Morris 9.250% Due 12-01-97 G. E. Capital Corp. 8.000% Due. 12-01-92 GOVERNMENT BONDS 02-08-91 Federal Home Loan Mortgage Corp. 9.150% Due 08-08-00 03-10-91 U. S. Treasury Note 7.125% Due 10-15-93 04-15-91 U. S. Treasury Note 7.125% Due 10-15-93 06-05-91 U. S. Treasury Note 8.000% Due 05-15-01 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 01-30-91 02-27-91 04-04-91 05-10-91 06-10-91 06-28-91 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 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 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 1 4,000.00 4,625.00 111.11 8,736.11 4,575.00 -695.27 855.00 -608.70 4,126.03 714.72 645.56 645.56 115.27 714.72 645.56 3,481.39 11 014 -6011 salami V_ | OP ■ DORM ta- -.-.r = - W �..,;;,, ! • m• aa O 0-0 O • -40 O 00 | e■■2;e-;a7-.le��cmm;;==_ m!1 2eo-,.;l0,7, ” HE =!e § §| cuss• ;§ ;g 0 rrTgi!!mm- 2|�� a. ■|;@-(4110 ,■;;l;e2ariEss;2 - 0.;,ltszawan 00' a0 a2aa 000 ; sas 44 LA ( ( ¢ || 0 • 000 000 ; ; i§ as 2$ as — 1.. -2%..c . a PP et P¥B\ $ ; --i di =- a . a § § ! - !Z.! 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C} r EO O 00 N r a M r N r N N N N N N N Ix g v v x^ x I x^ x' N N M N x x x N P x .xp x r M N N Cm- N N r N MM MN 4.N.-• x x x x x me V )• Ix o me ' m ]t .4 x o Iii o 03 o M O1 o e Ixn o o N O O M O O O O .1 ''' N O 00 r O N A' N A r N' A M N M 00 N 'O CO M M r N N N N r N M N q N M O IP .} .} M O M M O M •O N O r CO O •O .} I .1 M O M O M r M M d d M M P P M A A N P M N M d .O a .O M .t M M N A O • N r r r N r r M r N N r r r r N r r N r N N N M N N .O P IgCn�1 N �.pO O O p O In pOp 2 CplCp In O 74 CONN M 0 0 m O O O In O A O 5; P P .At N 40 0 0 •O N M .O O r N Cu 00 M N P J P P A N M *O rmmOOA O ........................... AM.00P OPM^ `NNO' M J N .} N.S N O N M .t N M N N N .1 M N A N F 0 d L c m fi u Z C3 d 0 C Z 0 0' 10 m 01 0 V W N N a 4 C •� 4-00 0 yC m 3 C Ca C✓ W d •C ~m 0 0 O yy C mC L L m Y C _ p 01 C 0 Si l] C J N T m O 0. D w 8 N 4 0 O w m m y 10 C CO C L Z 8 W L .. Y Y L M J O CO M O m 0 0 0 0 0 0 Z 0 0 O 1 dl O) LLu J CO .-LLD an a L 8dNLO dd CwY.CY CZydM d 01 0mm0 d(p ~ E." Dm J ...T O [ m Le --mow— . Oa< co co co O 0 0 W IL 0 ZZZl 0. OC N 1/1 I- f A NIfs O• x O z O O O N • N O Weighted Average O A M ram C • • • • Quantity COMMON STOCK PUTS Security 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glaxo Holding 400 lnt'l Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining 8 Mfg. 500 Mobil Corp. 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 600 Warner Lambert 700 Waste Management 7 OEX June 350 Puts 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 A0031 ' 1.0Y. Unit Total Cost Cost Market Market Pct. Unit Price Value Assets Income Annual Cur. Income Yield 41.95 41,948.68 51.37 51,375.00 4.4 1.000 1,000.00 1.9 23.29 13,973.79 22.37 13,425.00 1.2 0.100 60.00 0.4 30.94 15,472.50 27.25 13,625.00 1.2 0.400 60.08 48,067.64 80.75 64,600.00 5.6 2.400 45.12 27,075.00 46.62 27,975.00 2.4 0.740 36.68 44,020.00 42.12 50,550.00 4.4 1.600 25.75 20,600.00 26.75 21,400.00 1.8 0.250 41.05 61,582.50 50.00 75,000.00 6.5 1.320 39.12 27,381.87 50.12 35,087 50 3.0 0.320 35.69 35 687 50 40.75 40,750.00 3.5 0.900 116.77 46,708.28 106.37 42,550.00 3.7 4.840 18.13 18,132.50 19.87 19,875.00 1.7 0.460 23.94 19,156.00 26.50 21,200.00 1.8 0.200 74.97 29,986.44 95.25 38,100.00 3.3 3.120 62.17 31,085.83 65.87 32,937.50 2.8 3.200 17.55 26,320.00 24.00 36,000.00 3.1 0.200 19.57 19,570.00 21.00 21,000.00 1.8 1.500 44.96 53,948.13 68.37 82,050.00 7.1 1.720 28.87 14,435.00 34.62 17,312.50 1.5 0.600 52.75 21,100.00 51.75 20,700.00 1.8 2.840 27.42 32,908.50 31.25 37,500.00 3.2 0.000 13.83 20,746.87 22.25 33,375.00 2.9 0.040 29.03 14,514.17 42.87 21,437.50 1.9 0.170 72.62 43,575.00 71.50 42,900.00 3.7 1.760 33.85 23,696.59 41.00 28,700.00 2.5 0.440 751,692.80 889,425.00 76.9 4.84 3,386.60 0.87 612.50 0.1 3,386.60 612.50 0.1 200.00 1,920.00 444.00 1,920.00 200.00 1,980.00 224.00 900.00 1,936.00 460.00 160.00 1,248.00 1,600.00 300.00 1,500.00 2,064.00 300.00 1,136.00 0.00 60.00 85.00 1,056.00 308.00 1.5 3.0 1.6 3.8 0.9 2.6 0.6 2.2 4.5 2.3 0.8 3.3 4.9 0.8 7.1 2.5 1.7 5.5 0.0 0.2 0.4 2.5 1.1 21,061.00 2.4 99.75 99,750.00 100.41 100,406.25 8.7 7.125 7,125.00 7.1 910.42 0.1 99,750.00 101,316.67 8.8 1 7,125.00 7.1 • • • • Quantity Security CORPORATE BONDS 100,000 G. E. Capital Corp 8.000% Due 12-01-92 100,000 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 Home Loan Mortgage Corp. 9.150% Due 08-08-00 Accrued Interest CASH AND EQUIVALENTS CERTIFICATE Money Market 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 Bond Account May 31, 1991 Unit Total Cost Cost Market Market Price Value Pct. Assets Unit Annual Cur. Income Income Yield 99.86 99,860.00 100.75 100,750.00 18.7 8.000 8,000.00 7.9 100.54 100,543.50 102.12 102,125.00 19.0 9.250 9,250.00 9.1 8,625.00 1.6 200,403.50 211,500.00 39.3 17,250.00 8.5 99.91 23,977.50 100.41 24,097.50 4.5 7.125 1,710.00 7.1 100.00 100,000.00 102.50 102,500.00 19.1 9.150 9,150.00 8.9 3,090.58 0.6 123,977.50 129,688.08 24.1 10,860 00 8.6 619.29 619.29 0.1 7.200 44.59 7.2 619.29 619.29 0.1 44.59 7.2 100.00 94,000.00 100.00 94,000.00 17.5 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 81.52 0.0 94,000.00 94,081.52 17.5 7,336.70 7.8 100.00 100,000.00 102.00 102,000.00 19.0 8.300 8,300.00 8.1 100,000.00 1 102,000.00 19.0 8,300.00 8.1 • • • • Quantity COFWOM STOCK PUTS Security 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glaxo Holding 400 Intl Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining 8 Mfg. 500 Mobil Corp. 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 600 Warner Lambert 700 Waste Management 7 OEX June 350 Puts Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account May 31, 1991 Unit Total Cost Cost Market Market Price Value Pct. Assets Unit Annual Cur. Income Income Yield 41.95 41,948.68 51.37 51,375.00 3.0 1.000 23.29 13,973.79 22.37 13,425.00 0.8 0.100 30.94 15,472.50 27.25 60.08 48,067.64 80.75 45.12 27,075.00 46.62 36.68 44,020.00 42.12 25.75 20,600.00 26.75 41.05 61,582.50 39.12 27,381.87 35.69 35,687.50 116.77 46,708.28 13,625.00 64,600.00 27,975.00 50,550.00 21,400.00 50.00 75,000.00 50.12 35,087.50 40.75 40,750.00 106.37 42,550.00 18.13 18,132.50 19.87 23.94 19,156.00 26.50 74.97 29,986.44 95.25 62.17 31,085.83 65.87 17.55 26,320.00 24.00 19.57 19,570.00 21.00 44.96 53,948.13 68.37 28.87 14,435.00 34.62 52.75 21,100.00 51.75 27.42 32,908.50 31.25 13.83 20,746.87 22.25 29.03 14,514.17 42.87 72.62 43,575.00 71.50 33.85 23,696.59 41.00 19,875.00 21,200.00 38,100.00 32,937.50 36,000.00 21,000.00 82,050.00 17,312.50 20,700.00 37,500.00 33,375.00 21,437.50 42,900.00 28,700.00 0.8 0.400 3.8 2.400 1.7 0.740 3.0 1.600 1.3 0.250 4.4 1.320 2.1 0.320 2.4 0.900 2.5 4.840 1.2 0.460 1.3 0.200 2.2 3.120 1.9 3.200 2.1 0.200 1.2 1.500 4.8 1.720 1.0 0.600 1.2 2.840 2.2 0.000 2.0 0.040 1.3 0.170 2.5 1.760 1.7 0.440 751,692.80 889,425.00 52.5 4.84 3,386.60 0.87 3,386.60 1 612.50 0.0 612.50 0.0 1,000.00 1.9 60.00 0.4 200.00 1,920.00 444.00 1,920.00 200.00 1,980.00 224.00 900.00 1,936.00 460.00 160.00 1,248.00 1,600.00 300.00 1,500.00 2,064.00 300.00 1,136 00 0.00 60.00 85.00 1,056.00 308.00 1.5 3.0 1.6 3.8 0.9 2.6 0.6 2.2 4.5 2.3 0.8 3.3 4.9 0.8 7.1 2.5 1.7 5.5 0.0 0.2 0.4 2.5 1.1 21,061.00 2.4 • • • 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 124,000 100,000 U. S. Treasury Note 71125% 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 McIlroy 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 May 31, 1991 Unit Total Cost Cost Market Market Price Value Pct. Assets Unit Annual Cur. Income Income Yield 99.86 99,860.00 100.75 100,750.00 5.9 8.000 8,000.00 7.9 100.54 100,543.50 102.12 102,125.00 6.0 9.250 9,250.00 9.1 8,625.00 0.5 200,403.50 211,500.00 12.5 17,250.00 8.5 99.78 123,727.50 100.41 124,503.75 7.3 7.125 8,835.00 7.1 100.00 100,000.00 102.50 102,500.00 6.0 9.150 9,150.00 8.9 4,001.00 0.2 223,727.50 231,004.75 13.6 17,985.00 7.9 166,103.18 166,103.18 9.8 7.200 11,959.43 7.2 166,103.18 166,103.18 9.8 11,959.43 7.2 100.00 94,000.00 100.00 94,000.00 5.5 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 81.52 0.0 94,000.00 94,081.52 5.6 7,336.70 7.8 100.00 100,000.00 102.00 102,000.00 6.0 8.300 8,300.00 8.1 100,000.00 2 102,000.00 6.0 8,300.00 8.1 • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 05-31-91 COMMON STOCK 01-02191 01-03-91 01-03-91 01-03'191 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 03-04791 03-08-91 03-11-91 03-11-91 03-11-91 03-12-91 03-14-91 03-15-91 03-28=91 04-01-91 04-03-91 04-04-91 04-05t91 04-0891 04-10-91 04-10-91 04-15-91 04-17-91 05-01-91 05-01-91 05-15-91 05-15-91 05-30-91 • Walmart Stores Chemical Waste Management Reebok Int'1. 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'l Business Machines Mobil Corp. Minnesota Mining & Mfg. Crane Co. Tyson Foods Baroid Corp. Luby's Cafeterias Mattel Inc. Waste Management Schlumberger, LTD Walmart Stores Philip Morris National Service Industries Mylan Labs Fluor Corp. Bristol Myers Squibb Reader's Digest Abbott Labs Pacificorp John H. Harland 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 15.00 100.00 172.50 24.00 63.00 210.00 21.25 516.00 240.00 75.00 56.00 660.00 120.00 250.00 360.00 107.50 8,676.50 • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 05-31-91 GOVERNMENT BONDS 02-08=91 O 3-01-91 O 3-10491 04-15-91 04-15-91 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 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 03-01=91 04-01`91 05-01491 Money Market Money Market Money Market Money Market CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 01-30-91 02-27-91 04-04-91 05-10-91 First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due EXPENSE ACCOUNTS 02-01-91 03-01-91 04-01'-91 05-01-91 Automated Automated Automated Automated Bank Wilmington, 6 01-02-96 Bank Wilmington, 6 O 1-02-96 Bank Wilmington, 6 O 1-02-96 Bank Wilmington, 6 O 1-02-96 Cash Cash Cash Cash Mgmt. Mgmt. Mgmt. Mgmt. DE DE DE DE 2 4,575.00 -2,818.68 -695.27 3,562.50 855.00 5,478.55 773.32 215.56 203.26 50.74 1,242.88 714.72 645.56 645.56 115.27 2,121.11 26.63 8.19 8.09 1.97 44.88 • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 05-31-91 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS 01-14-91 01-14-91 02-05-91 03-18-91 04-08-91 04-08-91 05-24-91 Management Fee Management Fee Northern Trust Fee Northern Trust Fee Management Fee Management Fee Northern Trust Fee 2,739.39 1,296.18 400.00 601.72 3,011.49 1,418.09 409.75 9,876.62 NET INCOME 7,597.54 3 • • • Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 05-31-91 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 04-01.91 04-08-91 04-10-91 04-17-91 04-22-91 04-23-91 04-24-91 04-29-91 05-09-91 05-10-91 05-10-91 05-10-91 05-10-91 05-14-91 • 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 8 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. 1,000 National Service Industries 500 Luby's Cafeterias 400 Tyson Foods 8 IBM April 110 Puts 300 Diebold, Inc. 500 Bergen Brunswig 600 Community Psychiatric Center 700 Motorola, Inc. 700 Tyson Foods 300 Bristol Myers Squibb 500 John H. Harland 400 Morrison Knudsen 700 Schlumberger, LTD 1,000 Crown Craft 1 11,222.50 8,999.69 -2,222.81 18,945.00 21,304.28 2,359.28 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 25,927.10 9,066.25 11,065.00 1,144.90 11,005.00 15,472.50 21,435.00 41,034.00 9,681.87 18,025.36 11,035.00 20,250.00 38,511.00 10,747.00 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 25,929.13 9,749.67 16,264.00 720.61 11,999.59 13,022.06 21,014.29 45,603.47 14,525.00 23,924.20 11,589.61 21,149.29 44,917.50 11,624.60 -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 2.03 683.42 5,199.00 -424.29 994.59 -2,450.44 -420.71 4,569.47 4,843.12 5,898.84 554.61 899.29 6,406.50 877.60 • • • • • • Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 05-31-91 Date Quantity Security Cost Basis Proceeds Gain Or Loss 05-14-91 05-15-91 05-15-91 05-15-91 TOTAL GAINS TOTAL LOSSES 500 John H. Harland 400 Intl Business Machines 500 International Paper Co. 300 Reader's Digest 11,035.00 11,527.11 46,708.28 40,562.64 31,477.50 31,561.44 8,661.00 9,637.17 492.11 -6,145.64 83.94 976.17 93,295.49 -16,283.62 871,132.29 948,144.16 77,011.87 • • • • • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO May 31, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 GOVERNMENT EASTMAN KODAK (CALL 3-1-95) 9.125% Due 03-01-98 TORONTO DOMINION (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL '96) 10.125% Due 04-15-99 DAYTON HUDSON 9.400% Due 02-15-01 Accrued Interest BONDS 110325,000 175,000 100,000 60,000 FED NATL MTG ASSN 8.200% Due 12-23-96 FED FARM CREDIT 8.650% Due 10-01-99 U.S. TREASURY NOTES 8.500% Due 02-15-00 FED NAT'L MTG ASSN 9.200% Due 09-11-00 Accrued Interest CASH AND EQUIVALENTS Unit Cost 99.50 99.70 101.75 102.50 98.81 98.66 98.94 105.75 CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • Total Cost 49,750 49,848 50,875 51,252 201,725 321,141 172,648 98,937 63,452 656,179 241,492 241,492 1,099,396 Market Pct. Price Value Assets Yield 101.62 103.00 105.87 101.56 100.75 102.22 102.41 104.81 50,812 4.4 8.8 51,500 4.5 9.3 52,937 4.6 9.1 50,781 4.4 9.1 4,821 0.4 210,853 18.5 9.1 327,437 28.7 8.0 178,883 15.7 8.3 102,406 9.0 8.1 62,887 5.5 8.4 17,949 1.6 689,563 60.4 8.1 241,492 21.1 7.2 241,492 21.1 7.2 1,141,907 100.0 8.1 • • • • • • • • • • • • • • • • • • • • • • • • —I II C' C -n -n or S m G. S —I VJ VI A 'C 'D a s c a n✓ m T m 01=1012102121.33.73.01 X• Cr H CO CO S O •-• 0 0 m D a r< t O IT/ = 0. K G 2 0 C 0 r r- = +A — m S 73 m .21 CO 110 T V! -I -I r c 'll V r CO z WC s a r m -.CC a a = m mm a •-• .+ a r '1 m e Ho v = - 2 3 m 0—~ c`+ vl UI c z JZ o -I m c r .- a— — SI- CO Ca -I N n N CO m TI a ZS m is, m- '.t c r- Rl — o ."D Ul m o -I C 01 y -ti # G 1 0 -1 x s -I m -D .- z_ r m o a, r m 0 0, e II 01 O 0- 0 2 -• -n m u 0 I" = = COO 0 r a m .k 11 - 1 1 `.. N w i CO -1 m r o 9 2 c Sr r 0 4 T 2' Vl T. a a m `� a -o -. a Z a 0 a o 0 a CO o`a r c m •+• o a Jo 11 r CO 01 - _O V N_ r -4 y 0 r-. 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IS y N M 01 a M N 14 • -O m T 11 0 CA UI Cli CO 0 N O #✓ m .4w H y c o- 0 G 0 " I" " 0 0 Y 0 G 0 0 0 0 0 4 SD T 0 0 0 0 4 * 11 a. .4 -o II CN11 a W 11 a v alt 0SI 1•11 SI + N+ + N M N M N a N N N M 4 I- C7 4 O 0 P P V_ N a ti to/ N a W a a W -0 m 4 W 0 -0 N V a UI a O .+ - m .O m [T 4-0 S 4 •--• • 101 0- CJI U1 0 CP 44 0 N LH a CP 0 0 .+ 0 4 0- 11 P y co O O 4 0 0 0 0 0 ^ O O �•- O 4 7J 4 0 V 0 0 0 0 O C C 0 0 0 0 O G O :Y * SI III I M 4e T 1 4 N N Sry M 4 V 0 CII N M N-0 N N - M` N M M- 4* - - SS -- rN•• 4 4 .O " UI I CR • [D -O V a N .. .4 .• 44 N + N + + ¥ 4 ..•' -• •- .. •� 14•. a 0 4.4 C y .+ W 10 W r W M N 0 .-- W 0 CJ1 4• O- a a -O .M0 N -O -• .0 a -O a N M Co rt a 4 CO 11 0 0 C! 0 CJ1 W - 0 Cr- 0 0- 44 O O• 0 0 0 ON Cr W 0 N CO CT N N a O O• 0 4 a 4 P I' -0 O N C 0 0 0- m 0 VI O N 0- O a 0 0 C m O 0 0- 0. 0 0 0 a O 0 0 0 0 4 r 4 N • II N 0 CH 0 0 0 V c 0 0 0 0 0 0 0 0 '� 0 0 0 0 0 0 0 0 4 O 0 0 0 0 G 0 0 W rio 4 O 11 0 0 0 0 0 0 0 0 0 0 0 O 0 C 0 0 G -^. 0 0 0 0 O C 0 O Co 0 G 0 O 0 0 0 4 * h Jab • • • • • • • • • • • • • • • • • • • • • • • City of Fayetteville, Arkansas Policemen's Pension & Relief Fund Asset Allocation — Cost Basis June 30, 1991 M1CR OFL \BEN\POLINV Cash & Fixed Percent Equivalent Income Equities Total Of (10-25%) (15-75%) (20-40%) Total DEAN WITTER Dean Witter $575,921 $60,000 $0 $635,921 13% Madision Investment 57,167 1,059,988 0 1,117,155 24% Acorn Asset Management 188,210 404,646 462,184 1,055,040' 22% TOTAL DEAN WITTER LONGER INVESTMENTS, INC. CITY HELD INVESTMENTS (A) TOTAL FUND PERCENT OF TOTAL 78% 65% 821,298 1,524,634 22% 20% 228119 471,118 0% 15% 3,735 350,000 60% 33% 8% $11053,152 $2,345;752 $1;316240 $4,715,144= 100% 22% 50% 28% 100% A. 8.375% U S T—Note, maturing 11-15-92 175,000 7.250% U S T—Note, maturing 07-15-93 175,000 350,000 • I) ) ) B fr ( K ro i 1 ro fr 0 ro fr fr 0 §E k � \ E ||\ 1 !g ■!| 1 Will | | 1 | ■ i 0 0 $ §� ;Atli § 1 $k% gait & k M$ P§ § .§ �§ •. 1 .• �; gk §k § Ik g� k i; |k f | 1 ■ | $ 9 § • • • • L 1 I1 S 1 a 1 1 1 1 1 1 1 11 11 1 1 1 1 1 1 1 I * I g1_ 14. .a. i tl@ • • • 1 • 1 1 fr N zib A Qt 0 O O 1 O g 0 • O AN a O PC Yi !girl° 0 II ji1jii 0 m ggoigii {V? QN C 0Q 0 i5 � 0 2f Yi tl a o S o 3 i5 S w 0 'Wb' g o g g O 0i co • 0 M a N a O N IN 4+ NI .q N a . a i; N • 1 1 6 1 • 1 • • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 GOVERNMENT EASTMAN KODAK (CALL 3-1-95) 9.125X Due 03-01-98 TORONTO DOMINION (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL '96) 10.125% Due 04-15-99 DAYTON HUDSON 9.400% Due 02-15-01 Accrued Interest BONDS 411325,000 175,000 200,000 100,006 60,000 FED NATL MTG ASSN 8.200% Due 12-23-96 FED FARM CREDIT 8.650% Due 10-01-99 U.S. TREASURY NOTES 7.875% Due 11-15-99 U.S. TREASURY NOTES 8.500% Due 02-15-00 FED NAT'L MTG ASSN 9.200% Due 09-11-00 Accrued Interest CASH AND EQUIVALENTS Unit Cost 99.50 99.70 101.75 102.50 98.81 98.66 97.64 98.94 105.75 CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • Total Cost 49,750 49,848 50,875 51,252 201,725 321,141 172,648 195,284 98,937 63,452 851,463 57,039 57,039 Market Pct. Price Value Assets Yield 100.50 50,250 4.4 9.0 102.75 51,375 4.5 9.4 105.44 52,719 4.6 9.1 100.62 50,312 4.4 9.3 6,374 0.6 99.75 101.12 97.62 101.19 103.66 211,030 18.5 9.2 324,187 28.5 8.3 176,969 15.5 8.5 195,250 17.1 8.3 101,187 8.9 8.3 62,194 5.5 8.6 11,088 1.0 870,876 76.5 8.3 57,039 5.0 6.0 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 A • • • Quantity COMMON STOCK Security 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 900 Briggs & Stratton 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glaxo Holding 400 Intl Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining & Mfg. 500 Mobil Corp 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,100 Syntex Corp. 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 1,000 Warner Lambert 700 Waste Management GOVERNMENT BONDS 50,000 U. S. Treasury Note 7.125% Due 10-15-93 100,000 U. S. Treasury Note 8.000% Due 05-15-01 Accrued Interest Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Stock Account June 30, 1991 Unit Total Cost Cost Market Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 41.95 41,948.68 51.75 51,750.00 4.6 1.000 1,000.00 1.9 23.29 13,973.79 23.62 14,175.00 1.3 0.100 60.00 0.4 30.94 15,472.50 25.12 12,562.50 1.1 0.400 200.00 1.6 31.37 28,237.50 32.87 29,587.50 2.6 1.600 1,440.00 4.9 60.08 48 067 64 77.75 62,200.00 5.5 2.400 1,920.00 3.1 45.12 27,075.00 45.37 27,225.00 2.4 0.740 444.00 1.6 36.68 44,020.00 40.00 48,000.00 4.2 1.600 1,920.00 4.0 25.75 20,600.00 28.75 23,000.00 2.0 0.200 160.00 0.7 41.05 61,582.50 46.62 69,937.50 6.2 1.320 1,980.00 2.8 39.12 27,381.87 47.00 32,900.00 2.9 0.320 224.00 0.7 35.69 35,687.50 40.50 40,500.00 3.6 0.900 900.00 2.2 116.77 46,708.28 97.12 38,850.00 3.4 4.840 1,936.00 5.0 18.13 18,132.50 18.25 18,250.00 1.6 0.460 460.00 2.5 23.94 19,156.00 25.50 20,400.00 1.8 0.200 160.00 0.8 74.97 29,986.44 93.62 37,450.00 3.3 3.120 1,248.00 3.3 62.17 31,085.83 64.25 32,125.00 2.8 3.200 1,600.00 5.0 17.55 26,320.00 24.25 36,375.00 3.2 0.200 300.00 0.8 19.57 19,570.00 21.00 21,000.00 1.9 1.500 1,500.00 7.1 44.96 53,948.13 63.50 76,200.00 6.7 1.720 2,064.00 2.7 28.87 14,435.00 34.62 17,312.50 1.5 0.600 300.00 1.7 52.75 21,100.00 53.62 21,450.00 1.9 2.840 1,136.00 5.3 39.07 42,977.00 38.25 42,075.00 3.7 0.920 1,012.00 2.4 27.42 32,908.50 28.12 33,750.00 3.0 0.000 0.00 0.0 13.83 20,746.87 20.62 30,937.50 2.7 0.040 60.00 0.2 29.03 14,514.17 42.75 21,375.00 1.9 0.170 85.00 0.4 71.31 71,311.00 72.50 72,500.00 6.4 1.760 1,760.00 2.4 33.85 23,696.59 36.50 25,550.00 2.3 0.440 308.00 1.2 850,643.30 957,437.50 84.8 24,177.00 2.5 99.75 49,875.00 100.34 50,171.87 4.4 7.125 3,562.50 7.1 98.27 98,265.63 98.44 98,437.50 8.7 8.000 8,000.00 8.1 1,742.19 0.2 148,140.63 1 150,351.56 13.3 11,562.50 7.8 • • • i Quantity Security CORPORATE BONDS 100,000 Philip Morris 9.250X Due 12-01-97 Accrued Interest GOVERNMENT BONDS 24,000 100,000 100,000 U. S. Treasury Note 7.125% Due 10-15-93 Federal Home Loan Mortgage Corp 9.150% Due 08-08-00 U. S. Treasury Note 8.000% Due 05-15-01 Accrued Interest CASH AND EQUIVALENTS Money Market CERTIFICATE OF DEPOSIT 94,000 Mctlroy 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 Bond Account June 30, 1991 Unit Cost Total Market Cost Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 100.54 100,543.50 101.57 101,570.00 18.7 9.250 9,250.00 9.1 745.14 0.1 100,543.50 102,315.14 18.8 9,250.00 9.1 99.91 23,977.50 100.34 24,082.50 4.4 7.125 1,710.00 7.1 100.00 100,000.00 101.37 101,375.00 18.6 9.150 9,150.00 9.0 99.00 99,000.00 98.44 98,437.50 18.1 8.000 8,000.00 8.1 4,965.42 0.9 222,977.50 228,860.42 42.1 18,860.00 8.4 12,399.25 12,399.25 2.3 5.740 711.72 5.7 12,399.25 12,399.25 2.3 711.72 5.7 100.00 94,000.00 103.90 97,668.35 18.0 7.805 7,336.70 7.5 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 100,000 First USA Bank Wilmington, DE 8.3% 1-2-96 8.300% Due 01-02-96 672.53 0.1 94,000.00 98,340.88 18.1 7,336.70 7.5 100.00 100,000.00 102.00 102,000.00 18.8 8.300 8,300.00 8.1 100,000.00 1 102,000.00 18.8 8,300.00 8.1 • • uantity COMMON STOCK Security 1,000 Abbott Labs 600 Archer Daniels Midland 500 Bergen Brunswig 900 Briggs 8 Stratton 800 Bristol Myers Squibb 600 Dean Foods 1,200 Diebold, Inc. 800 Dreyer's Grand Ice Cream 1,500 Emerson Electric 700 Fluor Corp. 1,000 Glaxo Holding 400 Inti Business Machines 1,000 Luby's Cafeterias 800 Mattel Inc. 400 Minnesota Mining 8 Mfg. 500 Mobil Corp. 1,500 Mylan Labs 1,000 Pacificorp 1,200 Philip Morris 500 Reader's Digest 400 Southwestern Bell 1,100 Syntex Corp. 1,200 Toys -R -Us 1,500 Tyson Foods 500 Walmart Stores 1,000 Warner Lambert 700 Waste Management CORPORATE BONDS Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account June 30, 1991 Unit Total Cost Cost 41.95 41,948.68 23.29 13,973.79 30.94 31.37 60.08 45.12 36.68 25.75 41.05 39.12 35.69 116.77 15,472.50 28,237.50 48,067 64 27,075.00 44,020.00 20,600.00 61,582.50 27,381.87 35,687.50 46,708.28 18.13 18,132.50 23.94 19,156.00 74.97 29,986.44 62.17 17.55 19.57 44.96 28.87 52.75 39.07 27.42 13.83 29.03 71.31 33.85 31,085.83 26,320.00 19,570.00 53,948.13 14,435.00 21,100.00 42,977.00 32,908.50 20,746.87 14,514.17 71,311.00 23,696.59 850,643.30 Market Market Pct. Unit Price Value Assets Income 51.75 51,750.00 23.62 14,175.00 25.12 32.87 77.75 45.37 40.00 28.75 46.62 47.00 40.50 97.12 12,562.50 29,587.50 62,200.00 27,225.00 48,000.00 23,000.00 69,937.50 32,900.00 40,500.00 38,850.00 18.25 18,250.00 25.50 20,400.00 93.62 37,450.00 64.25 24.25 21.00 63.50 34.62 53.62 38.25 28.12 20.62 42.75 72.50 36.50 32,125.00 36,375.00 21,000.00 76,200.00 17,312.50 21,450.00 42,075.00 33,750.00 30,937.50 21,375.00 72,500.00 25,550.00 Annual Cur. Income Yield 3.1 1.000 1,000.00 1.9 0.8 0.100 60.00 0.4 0.8 1.8 3.7 1.6 2.9 1.4 4.2 2.0 2.4 2.3 0.400 1.600 2.400 0.740 1.600 0.200 1.320 0.320 0.900 4.840 200.00 1,440.00 1,920.00 444.00 1,920.00 160.00 1,980.00 224.00 900.00 1,936.00 1.6 4.9 3.1 1.6 4.0 0.7 2.8 0.7 2.2 5.0 1.1 0.460 460.00 2.5 1.2 0.200 160.00 0.8 2.2 3.120 1,248.00 3.3 1.9 2.2 1.3 4.6 1.0 1.3 2.5 2.0 1.8 1.3 4.3 1.5 957,437.50 57.2 3.200 0.200 1.500 1.720 0.600 2.840 0.920 0.000 0.040 0.170 1.760 0.440 1,600.00 300.00 1,500.00 2,064.00 300.00 1,136.00 1,012.00 0.00 60.00 85.00 1,760.00 308.00 5.0 0.8 7.1 2.7 1.7 5.3 2.4 0.0 0.2 0.4 2.4 1.2 24,177.00 2.5 100,000 Philip Morris 100.54 100,543.50 101.57 101,570.00 6.1 9.250 9,250.00 9.1 9.250% Due 12-01-97 Accrued Interest 745.14 0.0 100,543.50 1 102,315.14 6.1 9,250.00 9.1 • • • • Quantity Security GOVERNMENT BONDS 74,000 100,000 200,000 U. S. Treasury Note 7.125% Due 10-15-93 Federal Home Loan Mortgage Corp. 9.150% Due 08-08-00 U. S. Treasury Note 8.000% Due 05-15-01 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 June 30, 1991 Unit Cost Total Market Cost Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 99.80 73,852.50 100.34 74,254.37 4.4 7.125 5,272.50 7.1 100.00 100,000.00 101.37 101,375.00 6.1 9.150 9,150.00 9.0 98.63 197 265 63 98.44 196,875.00 11.8 8.000 16,000.00 8.1 6,707.60 0.4 371,118.13 379,211.98 22.7 30,422.50 8.2 34,118.58 34,118.58 2.0 5.740 1,958.41 5.7 34,118.58 34,118.58 2.0 1,958.41 5.7 100.00 94,000.00 103.90 97,668.35 5.8 7.805 7,336.70 7.5 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 672.53 0.0 94,000.00 98,340.88 5.9 7,336.70 7.5 100.00 100,000.00 102.00 102,000.00 6.1 8.300 8,300.00 8.1 100,000.00 102,000.00 6.1 1,550,423.51 2 8,300.00 8.1 1,673,424.08 100.0 81,444.61 4.9 I • • • to C 010 N N •0 N 0 0 0 0 0 0 a1e0 of 01e0 VIAWN- +oOOV v VVi NO 01011.40.1011.41•114010401 N N + Co + O+ O+ P P •O •O O O O 0 0 0 0 0 0 O O 00 0 0 0 0 0 0 0 0 00 0 0 O. 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A ONO V C C V N V •PO •pp •O + CI O a R® VO VO N N g P° R 0 0 0 w CP 0 CVO i CO C CO N 0 VI W 0 P W W N+ N m O P +� Ill 0 O VI N N CON + O W P N A N •W0 o 0 Cs OD 03 0 0 Np P +0 N .0p 0+ y 03 A A ..O O W COCVI V<I O W 0 IOJI O P COO + O o-oCOV0OW O n a O ION CoN N N V V a n .0 CO ++ 0 0 0 0 0 0 0 0 0 • O 0 VI 0 O O s 0 0 0 c N N 0 YD 0 0 n N W < J 0 Pe • O O • y m C 0 • 0 . w 'm tn 0 O O n < 0 ••• . n 0 00 c n 0 n CO < • 0 0 °' v• m C a c N - a• 0 0 rt O r ID p r 0 N a a 0 A N O 0 m Co 0 C 0 0 ] - • _ _• a CO - l CO 0 0 0' 2 0 l - n r ID o n m J •1 A < N TID < 0 < O 0 0 e A 30 - F p 2 v m m •1 a 1 • c ▪ 1O 0 4 0 (1)c 7 c • N 0 a 0 0 0 0 C 1/43 O . O ' C' 0 c OI Loa cooti cn >mi I! 0 0 O LL a • • • • • • • • • • • • FPD STOCK ACCOUNT FPD EQUITIES ONLY • • • 1 ,i4 0 0 N 0 0 r 0 0 •r z D a 5 m a a cc 4 2m a r o) z w 0 1- 0 DEC JAN 91 FEB D Q J D 0 Z O N • 3 3 C « U C 3?• b •- K L 0 « O. Y U O 6 6 ✓ L 0 C • 0 0 O. O O O O O O O O r r O m L N H• • CpE Or C O w] L 0 « O C! f 0 y rc O 0 L 0 O .._ 0 O « O• 71 I 3 w a . m O C N .-. .� N v 0 a • E 0 0 L CCCC- L 0 « CO 01 1- 0 N CO C i • p v 4p 6 O4/01 00 O C > .-. •� O .- 6 O ad N CO O Y Y O M pOr 0 0 .An d P P P .O1 o M0 O O P 0 0 0Ln 0 0 0-- O O • i n m .0.i . 4131 40 N.ff NNpp� A d P 0.4 M 1� CO 111 P O P O 00 t0 CO P P 0 0 0 0 0r O M CO ul 1 Mel O 01 PM P A CON�CCOO CV d .COO O ▪ P 003 A^ 000 CO P O G O •- 0 0 00 lei 0 lei 13 OD 1113 in NI O Ap, O 00.33} N pCpOO .1 .O A •O A 4p0.. 4.1111 O P P CO CMO CO 0 P 0 0 0 0 0 O P COr 0 in 11/1 ANN V O A 11 OO.p .pp P CO N P COP o CO0 CO0 in O O •O P b 1.01M1 A .O .1 .1 len 0 PI 0 VI Nf OP c P P O COP o 0 0 0 0 CO.- co V NO CO A P CO CO N A N P O ▪ O O N Q. N .O A A O l0 O O 0 0 0 0 0 0 0 0 0 0 0 ▪ CO N ..pp ' P V1 P N CO .1 A M .1 O •O M O M M r M O e e N r e O 0 r 0 0 r o O M AMPP• M el - A• • M rOO A r ▪ N 0 r N r r 0 0 r 0 0 0 i 1 V �O• • P O es; N •O M • A O r P N O P 1/1 0 V1 M .1 C1 r 0 V1 M N M •O O MO443 N OO 4413 - tel CO J VI 1 14.• M ▪ P .1 CO .1 O P •O O .1 C1 O0O M •O A 101 N • • A A M M N •O M w •O •O N CO 0 • P M r 0 N J A N O M O J .1 _ ' M A M CI M O 04 04 P 03 0000 M to A C1 O .1 in in O ▪ 0..0 •O N .1 A N O J .1 A Cl O J d P A N N A co •O • O P ▪ M O N N d d N O M .1 d d O •O P N P P .rt 03 V A V P d • . • • • . . O 000001000000 03 P P O O P P 0.0. P P 0. P 0. r r CO orO 0 M 1011.11101011•11•104/141 M M M COO r' r N M• N O O O r O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 « 0 00 P N N rel CO O M M A A A 01 P O r' N M d 111 0 0 0 0 0 r O 0 0 0 0 Date to Date • • O ncome Portfo .a C O CO co 13 G) O LL co C mi • C C 0i OI o co ✓ C la > o o C O as ami E �'I )1+ O CU L U. OI a • 0 N r • • • • • • • • • • FPD FIXED INCOME SALOMON BROS. TREAS. 0 ✓ • • • ,, • • • • • • • • • CD • • • • • • • • • • • • • • • • • • • • • • • . . . . z D a 2 a 4 a 5 DEC JAN 91 FEB z 0 a W N D a • • • • 1. • Dete Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 06-30-91 Security Cost Basis Proceeds Gain Or Loss 01-03-91 01-04-91 01-07-91 01-'114-91 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 0207-91 0227-91 02127-91 03701-91 0301-91 03101-91 03-01-91 03101-91 03=,,06-91 03115-91 03=X20-91 03=.21-91 03-'27-91 04101-91 04-'08-91 04;10-91 04,17-91 04122-91 04,23-91 04124-91 04-29-91 05709-91 05110-91 0510-91 05-10-91 05110-91 05-14-91 500 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. 1,000 National Service Industries 500 Luby's Cafeterias 400 Tyson Foods 8 IBM April 110 Puts 300 Diebold, Inc. 500 Bergen Brunswig 600 Community Psychiatric Center 700 Motorola, Inc. 700 Tyson Foods 300 Bristol Myers Squibb 500 John H. Harland 400 Morrison Knudsen 700 Schlumberger, LTD 1,000 Crown Craft 1 11,222.50 8,999.69 18,945.00 21,304.28 42,865.00 40,023.66 14,355.00 14,332.01 35,570.00 35,998.79 25,445.00 25,199.15 10,587.50 11,987.50 29,986.44 32,098.92 4,120.00 5,094.82 37,753.82 39,711.17 10,980.00 12,824.57 11,742.00 12,524.58 16,033.75 17,499.41 18,300.00 21,699.27 13,070.00 14,249.52 23,470.18 31,513.94 17,967.00 16,457.45 17,760.00 21,089.29 6,774.00 7,312.25 11,735.09 15,899.46 12,360.00 23,324.22 13,540.91 16,849.43 31,085.83 31,811.43 32,067.50 38,213.72 14,222.18 15,859.46 15,806.00 18,668.37 31,085.83 32,276.42 25,927.10 25,929.13 9,066.25 9,749.67 11,065.00 16,264.00 1,144.90 720.61 11,005.00 11,999.59 15,472.50 13,022.06 21,435.00 21,014.29 41,034.00 45,603.47 9,681.87 14,525.00 18,025.36 23,924.20 11,035.00 11,589.61 20,250.00 21,149.29 38,511.00 44,917.50 10,747.00 11,624.60 -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 2.03 683 42 5,199.00 -424.29 994.59 -2,450.44 -420.71 4,569.47 4,843.12 5,898.84 554.61 899.29 6,406.50 877.60 Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 06-30-91 Security Cost Basis Proceeds Gain Or Loss 05-14-91 05-15-91 05-15-91 05-..15-91 06-05-91 06-11-91 06-13-91 TOTAL GAINS TOTAL LOSSES 500 400 500 300 100,000 7 50,000 John H. Harland Intl Business Machines International Paper Co. Reader's Digest G. E. Capital Corp. 8.000% Due 12-01-92 OE% June 350 Puts U. S. Treasury Note 7.125% Due 10-15-93 2 11,035. 46,708. 31,477. 8,661. 99,860. 3,386. 49,875. 00 11,527.11 28 40,562.64 50 31,561.44 00 9,637.17 00 101,177.00 60 571.96 00 49,715.62 492.11 -6,145.64 83.94 976.17 1,317.00 -2,814.64 -159.38 94,612.49 -19,257.64 1,024,253.89 1,099,608.74 75,354.85 • • • 1. Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 06-30-91 COMMON STOCK 01-02791 01-03J-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 03-01791 03-04791 03-08-91 03-11-91 03-11`-91 03-11-91 03-12-91 03-14-91 03-15-91 03-28-91 04-01-91 04-03-91 04-04-91 04-05-91 04-08-91 04-10-91 04-10-91 04-15-91 04-17-91 05-01-91 05-01-91 05-15-91 05-15-91 05-30-91 06-03-91 06-03791 06-03.-91 06-07-91 06-10-91 06-10-91 06-10-91 06-12-91 06-14-91 06-17-91 06-17-91 Walmart Stores Chemical Waste Management Reebok Int'l. 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'l Business Machines Mobil Corp. Minnesota Mining & Mfg. Crane Co. Tyson Foods Baroid Corp. Luby's Cafeterias Mattel Inc. Waste Management Schlumberger, LTD Walmart Stores Philip Morris National Service Industries Mylan Labs Fluor Corp. Bristol Myers Squibb Reader's Digest Abbott Labs Pacificorp John H. Harland Archer Daniels Midland Bergen Brunswig Glaxo Holding Diebold, Inc. Emerson Electric Int'l Business Machines Mobil Corp. Minnesota Mining & Mfg. Dean Foods Morrison Knudsen Tyson Foods 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 15.00 100.00 172.50 24.00 63.00 210.00 21.25 516.00 240.00 75.00 56.00 660.00 120.00 250.00 360.00 107.50 15.00 50.00 233.10 480.00 495.00 968.00 400.00 312.00 111.00 148.00 15.00 11,903.60 • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 06-30-91 CORPORATE BONDS 06-01-91 06-01-91 06-05-91 G . E. Capital Corp. 8.000% Due 12-01-92 Philip Morris 9.250% Due 12-01-97 G . E. Capital Corp. 8.000% Due 12-01-92 GOVERNMENT BONDS 02-08-91 03-01-91 03-10-91 04-15-91 04-15-91 06-05-91 06-05-91 06-13-91 06-13-91 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 U . S. Treasury Note 7.125% Due 10-15-93 U . S. Treasury Note 7.125% Due 10-15-93 U . S. Treasury Note 8.000% Due 05-15-01 U . S. Treasury Note 8.000% Due 05-15-01 U . S. Treasury Note 8.000% Due 05-15-01 U . S. Treasury Note 7.125% Due 10-15-93 CASH AND EQUIVALENTS 02-01-91 03-01-91 04-01-91 05-01-91 06-03-91 Money Market Money Market Money Market Money Market Money Market 2 4,000.00 4,625.00 111.11 8,736.11 4,575.00 -2,818.68 - 695.27 3,562.50 855.00 -239.13 -608.70 - 391.30 642.42 4,881.84 773.32 215.56 203.26 50.74 470.13 1,713.01 • • • Longer Investments, Incorporated INTEREST, DIVIDENDS, AND EXPENSES City of Fayetteville Police Pension Fund Combined Account From 01-01-91 Through 06-30-91 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 01-30-91 02-27-91 04-04-91 05-10-91 O 6-10-91 O 6-28-91 First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due First USA 8.3% 1-2-9 8.300% Due EXPENSE ACCOUNTS 02-01-91 O 3-01-91 04-01-91 05-01-91 O 6-03-91 Automated Automated Automated Automated Automated Bank Wilmington, DE 6 O 1-02-96 Bank Wilmington, DE 6 O 1-02-96 Bank Wilmington, DE 6 O 1-02-96 Bank Wilmington, DE 6 O 1-02-96 Bank Wilmington, DE 6 01-02-96 Bank Wilmington, DE 6 01-02-96 Cash Cash Cash Cash Cash Mgmt. Mgmt. Mgmt. Mgmt. Mgmt. AFTER FEE PERFORMANCE EXPENSE ACCOUNTS 01-14-91 01-14-91 02-05-91 03-18-91 04-08-91 04-08-91 05-24-91 O 6-28-91 Management Fee Management Fee Northern Trust Northern Trust Management Fee Management Fee Northern Trust Northern Trust Fee Fee Fee Fee 714.72 645.56 645.56 115.27 714.72 645.56 3,481.39 26.63 8.19 8.09 1.97 20.21 65.09 2,739.39 1,296.18 400.00 601.72 3,011.49 1,418.09 409.75 409.75 10,286.37 NET INCOME 20,364.49 • • 0 bo oam .n a 6Z'£'N'0S8 O O 0 N N 0 O Of VI P Cc N V C C C -1 K •N< N A v v 3 m m m r— o mC co 0 01p 0 m m m>> O M S J m N= A ^+ J -- m m- O i N N O J n m to X GGG m l m A% L V- ‘101).-M - N O l a g O m J I n ms r N OOp C N - 2 0 m o m n 00 00 In 0 z PO CT m m N a m N i V 41 m 41 Z 1 N OM m nI m m N J 3. 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CITY HELD INVESTMENTS TOTAL FUND WENPOLINV Cash & Fixed Percent Equivalent Income Equities Total Of (10-25%) (15-75%) (20-40%) Total $575,921 $60,000 $0 $635;921. 13% 57,167 1,059,988 0 10171155: 24% 188,210 404,646 462,184., 1,055,040 22% 78% 65% 821,298 1,524,634 22% 20% 228 119 471,118 0% 15% 3,735 350,000 $1,053,152 $2,345,752 $1,316,240 $4,715,144.. PERCENT OF TOTAL 22% • 28% 100% 100% • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 GOVERNMENT Unit Total Market Pct. Cost Cost Price Value Assets Yield EASTMAN KODAK (CALL 99.50 49,750 100.5.0 50,250 4.4 9.0 3-1-95) 9.125X Due 03-01-98 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900X Due 02-01-99 XEROX CREDIT (CALL 101.75 50,875 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400X Due 02-15-01 Accrued Interest 6,374 0.6 BONDS 201,725 211,030 18.5 9.2 • 325,000 FED NATL MTG ASSN 98.81 321,141 99.75 324,187 28.5 8.3 8.200% Due 12-23-96 175,000 FED FARM CREDIT 98.66 172,648 101.12 176,969 15.5 8.5 8.650% Due 10-01-99 200,000 U.S. TREASURY NOTES 97.64 195,284 97.62 195,250 17.1 8.3 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 98.94 98,937 101.19 101,187 8.9 8.3 8.500% Due 02-15-00 60,000 FED NAT'L MTG ASSN 105.75 63,452 103.66 62,194 5.5 8.6 9.200% Due 09-11-00 Accrued Interest 11,088 1.0 CASH AND EQUIVALENTS CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 • 4 • MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Unit Total Market Pct. Quantity Security Cost Cost Price Value Assets Yield CORPORATE BONDS 50,000 EASTMAN KODAK (CALL 99.50 49,750 100.50 50,250 4.4 9.0 3-1-95) 9.125% Due 03-01-98 50,000 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900X Due 02-01-99 50,000 XEROX CREDIT (CALL 101.75 50,875 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 50,000 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400% Due 02-15-01 Accrued Interest 6,374 0.6 GOVERNMENT BONDS 201,725 211,030 18.5 9.2 4111325,000 FED NATL MTG ASSN 98.81 321,141 99.75 324,187 28.5 8.3 8.200X Due 12-23-96 175,000 FED FARM CREDIT 98.66 172,648 101.12 176,969 15.5 8.5 8.650% Due 10-01-99 200,000 U.S. TREASURY NOTES 97.64 195,284 97.62 195,250 17.1 8.3 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 98.94 98,937 101.19 101,187 8.9 8.3 8.500X Due 02-15-00 60,000 FED NAT'L MTG ASSN 105.75 63,452 103.66 62,194 5.5 8.6 9.200% Due 09-11-00 Accrued Interest 11,088 1.0 CASH AND EQUIVALENTS CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 • • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 GOVERNMENT Unit Total Market Pct. Cost Cost Price Value Assets Yield EASTMAN KODAK (CALL 99.50 49,750 100.50 50,250 4.4 9.0 3-1-95) 9.125X Due 03-01-98 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL 101.75 50,875. 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400% Due 02-15-01 Accrued Interest 6,374 0.6 BONDS 201,725 211,030 18.5 9.2 4111325,000 FED NATL MTG ASSN 98.81 321,141 99.75 324,187 28.5 8.3 8.200% Due 12-23-96 175,000 FED FARM CREDIT 98.66 172,648 101.12 176,969 15.5 8.5 8.650X Due 10-01-99 200,000 U.S. TREASURY NOTES 97.64 195,284 97.62 195,250 17.1 8.3 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 98.94 98,937 101.19 101,187 8.9 8.3 8.500% Due 02-15-00 60,000 FED NAT'L MTG ASSN 105.75 63,452 103.66 62,194 5.5 8.6 9.200% Due 09-11-00 Accrued Interest 11,088 1.0 CASH AND EQUIVALENTS CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 EASTMAN KODAK (CALL 3-1-95) 9.125% Due 03-01-98 TORONTO DOMINION (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL '96) 10.125% Due 04-15-99 DAYTON HUDSON 9.400% Due 02-15-01 Accrued Interest GOVERNMENT BONDS 325,000 175,000 200,000 100,000 60,000 FED NATL MTG ASSN 8.200% Due 12-23-96 FED FARM CREDIT 8.650% Due 10-01-99 U.S. TREASURY NOTES 7.875% Due 11-15-99 U.S. TREASURY NOTES 8.500% Due 02-15-00 FED NAT'L MTG ASSN 9.200% Due 09-11-00 Accrued Interest CASH AND EQUIVALENTS Unit Cost 99.50 99.70 101.75 102.50 98.81 98.66 97.64 98.94 105.75 CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO Total Market Pct. Cost Price Value Assets Yield 49,750 49,848 50,875 51,252 201,725 321,141 172,648 195,284 98,937 63,452 851,463 57,039 57,039 100.50 50,250 4.4 9.0 102.75 51,375 4.5 9.4 105.44 52,719 4.6 9.1 100.62 50,312 4.4 9.3 6,374 0.6 99.75 101.12 97.62 101.19 103.66 211,030 18.5 9.2 324,187 28.5 176,969 15.5 195,250 17.1 101,187 62,194 11,088 8.9 5.5 1.0 8.3 8.5 8.3 8.3 8.6 870,876 76.5 8.3 57,039 5.0 6.0 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 1 • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,000 50,000 50,000 50,000 Unit Total Market Pct. Cost Cost Price Value Assets Yield EASTMAN KODAK (CALL 99.50 49,750 100.50 50,250 4.4 9.0 3-1-95) . 9.125% Due 03-01-98 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL 101.75 50,875 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400% Due 02-15-01 Accrued Interest 6,374 0.6 GOVERNMENT BONDS 201,725 211,030 18.5 9.2 4111325,000 FED NATL MTG ASSN 98.81 321,141 99.75 324,187 28.5 8.3 8.200% Due 12-23-96 175,000 FED FARM CREDIT 98.66 172,648 101.12 176,969 15.5 8.5 8.650% Due 10-01-99 200,000 U.S. TREASURY NOTES 97.64 195,284 97.62 195,250 17.1 8.3 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 98.94 98,937 101.19 101,187 8.9 8.3 8.500% Due 02-15-00 60,000 FED NAT'L MTG ASSN 105.75 63,452 103.66 62,194 5.5 8.6 9.200% Due 09-11-00 Accrued Interest 11,088 1.0 CASH AND EQUIVALENTS CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 ..• , • Quantity MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security CORPORATE BONDS 50,00 50,00 50,00 50,00 GOVERNMENT Unit Total Market Pct. Cost Cost Price Value Assets Yield EASTMAN KODAK (CALL 99.50 49,750 100.50 50,250 4.4 9.0 3-1-95) 9.125X Due 03-01-98 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL 101.75 50,875 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400% Due 02-15-01 Accrued Interest 6,374 0.6 BONDS 325,000 FED NATL MTG ASSN 8.200X Due 12-23-96 175,000 FED FARM CREDIT 8.650% Due 10-01-99 200,000 U.S. TREASURY NOTES 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 8.500% Due 02-15-00 60,000 FED NAT'L MTG ASSN 9i200X Due 09-11-00 Accrued Interest CASH AND EQUIVALENTS 98.81 98.66 97.64 98.94 105.75 CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • 201,725 211,030 18.5 9.2 321,141 172,648 195,284 98,937 63,452 99.75 101.12 97.62 101.19 103.66 324,187 176,969 195,250 101,187 62,194 11,088 28.5 15.5 17.1 8.9 5.5 1.0 8.3 8.5 8.3 8.3 8.6 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4 CORPORATE BONDS 50,000 50,000 50,000 50,000 GOVERNMENT MADISON INVESTMENT ADVISORS, INC. PORTFOLIO APPRAISAL CITY OF FAYETTEVILLE POLICEMEN'S PENSION & RELIEF FUND FIXED INCOME PORTFOLIO June 30, 1991 Security Unit Total Market Pct. Cost Cost Price Value Assets Yield EASTMAN KODAK (CALL 99.50 49,750 100.50 50,250 4.4 9.0 3-1-95) 9.125% Due 03-01-98 TORONTO DOMINION 99.70 49,848 102.75 51,375 4.5 9.4 (CALL '94) 9.900% Due 02-01-99 XEROX CREDIT (CALL 101.75 50,875 105.44 52,719 4.6 9.1 '96) 10.125% Due 04-15-99 DAYTON HUDSON 102.50 51,252 100.62 50,312 4.4 9.3 9.400% Due 02-15-01 Accrued Interest 6,374 0.6 BONDS 201,725 211,030 18.5 9.2 325,000 FED NATL MTG ASSN 98.81 321,141 99.75 324,187 28.5 8.3 8.200% Due 12-23-96 175,000 FED FARM CREDIT 98.66 172,648 101.12 176,969 15.5 8.5 8.650% Due 10-01-99 200,000 U.S. TREASURY NOTES 97.64 195,284 97.62 195,250 17.1 8.3 7.875% Due 11-15-99 100,000 U.S. TREASURY NOTES 98.94 98,937 101.19 101,187 8.9 8.3 8.500% Due 02-15-00 60,000 FED NAT'L MTG ASSN 105.75 63,452 103.66 62,194 5.5 8.6 9.200% Due 09-11-00 Accrued Interest 11,088 1.0 CASH AND EQUIVALENTS CASH EQUIVALENT FUND MONEY MARKET TOTAL PORTFOLIO • 851,463 870,876 76.5 8.3 57,039 57,039 5.0 6.0 57,039 57,039 5.0 6.0 1,110,227 1,138,945 100.0 8.4