HomeMy WebLinkAbout1992-04-16 Minutes•
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 Thursday, April 16, 1992, at 2:30 p.m. in
Room 326 of City Hall.
PRESENT: Eldon Roberts, Rick Hoyt, Jerry Friend, Retiree
Hollis Spencer, Dr. James Mashburn, Administrative
Services Director Ben Mayes, and City Clerk Sherry
Thomas.
ABSENT: City Manager Scott Linebaugh
CALL TO ORDER
The meeting was called to order by Eldon Roberts.
MINUTES
Spencer, seconded by
from the January 16,
unanimous vote.
OLD BUSINESS
Friend, made a motion to approve the minutes
1992 meeting. The motion was approved by a
PENSION AFFIDAVITS
City Clerk Sherry Thomas asked for the Board's recommendation
concerning a pension affidavit which has not been received back
from Franklin Upton. She explained that these pension affidavits
are sent annually to all pension recipients.
Roberts suggested that City Clerk Thomas hold Mr. Upton's pension
checks until he complies.
City Clerk Thomas stated that she had used this procedure in the
past with the Fire Pension recipients. She would have Mr.Upton's
checks printed, but would hold them until she heard from him.
PENSION PAY BACK
Spencer asked about the people who had rejoined the Police
Department and the status of their pension membership.
Roberts responded that the matter had been resolved. He reported
that Mark Hanna bought his time back and paid the money plus
interest back into the pension plan. John Brown opted not to buy
his time back and have his 20 years begin from his second date of
hire.
ACTUARY EVALUATION
Roberts asked when the next actuary evaluation will be ready.
Mayes responded this report is normally ready around the end of May
April 16, 1992
or first of June. He stated the information was provided to the
actuary 4-5 weeks ago. Hopefully, the report will be available for
the next meeting scheduled in July.
Dr. Mashburn asked whether the actuary evaluation is figured on the
basis of what is paid for an equity or the market value of an
equity. Mayes responded that they use the cost of the equity and
ignore market value. He further explained that in the last pension
plan actuary evaluation done two years ago, the cost and market in
the police pension plan were close; however, this year there will
be a difference.
Mayes commented that this method is conservative and covers a down
market; however, if you had a stock that was doing well, this would
not be taken into account by the actuary which would help to make
the pension fund actuarially sound.
Dr. Mashburn stated the norm for private companies is to use the
market value. He further stated that the equity account would help
them reach adequate funding quicker.
NEW BUSINESS
INVESTMENTS
Ben Mayes explained the investment report he distributed was done
in-house on a cost basis and reflects what percentage of total
money held in cash and equivalents, fixed income and equities, as
well as holdings by Dean Witter, Elaine Longer, and U.S. Treasury
notes.
DEAN WITTER
Mike Kirkland, from Dean Witter, addressed the Board with the
account summary. He explained that the Acorn Asset Management
Account is the balanced account, and it was higher at the end of
1991 at 1.181% than it currently is. He explained the breakdown
reflects 11% cash, 33% bonds and 55% stocks.
The Madison Account, strictly a bond account is down from the end
of the year due to fluctuating interest rates and consists of cash
at 5% and bonds at 95%.
The Cash Account contains $270,000 in CD's of which $180,000 are
longer term CD's locked in for 41/2 years at 8% and better. They pay
interest semi-annually into the account and have a total value of
$535,000. There is also $90,000 in CD's maturing in June. Of the
$2.95 million invested in Dean Witter, the account is skewed toward
bonds at 62%, 15% in cash and 22% in stocks. He stated that if
this was all of the Pension Fund money, it would be like the
allocation in the balanced account by itself, which is not an over -
a•
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April 16, 1992
weighting in stocks and is currently in line with Dean Witter's
balanced account recommendations showing 55% in stocks.
Kirkland stated that ACORN has had the account for eighteen months
showing annualized return figures of 11.67%, down from last year.
He explained that even with the market higher, it takes longer to
recoup once stocks have gone down. Madison has had the account for
2h years and on an annualized basis, they are up 9.69%.
Dr. Mashburn suggested that for a more accurate picture of the
accounts, he would like to see a report on account activity every
six months as the current report reflects a negative evaluation for
the last three months while some stocks had greatly improved.
Mike Kirkland agreed stating that the reports can be misleading as
after the first year, ACORN was up 18%; they were down initially
the first 3-4 months in 1991 and then up 14% the last 9 months of
the year. He further stated that ACORN is conservative, and while
they do not have the greatest balanced returns, they could be a lot
worse. The Madison Account, for a fixed income account, and after
only 2 years is not doing bad. The bond market has been favorable
with rates down. By shortening the maturity of the bonds, if and
when the rates go back up, they want to be in a position whereby
they are not locked in and can take advantage of higher rates.
Kirkland suggested when the $90,000 CD matures in June, they could
either turn more over to Elaine Longer or let him find another
straight equity manager.
Kirkland stated that ACORN's annualized return was 11.67%, and
Madison's return was 9.69%.
Kirkland explained that the reason the closing balances do not
appear favorable for the end of 1991 is due to the fact that money
was withdrawn from the cash account leaving a $537,000 balance. He
further stated that the Board dictates how much cash is kept in the
account. If cash is not removed in the next two months, there will
be $360,000 in June.
Friend asked about the yearly pension requirements. Roberts
responded that approximately $300,000 is paid out to retirees. He
stated that the Board voted at one time on how much money to keep
in the account, recalling that it was decided to keep enough in the
account to cover three months in pension checks.
Mayes explained that since he has been on Staff, they have kept all
the money at Mike's and withdrawn funds for pension payroll as
needed. He further stated that in order to earn a better interest
rate on the cash account, they decided to take the money out of the
bank where it was not earning much interest, giving it to Mike and
drawing on it each month.
•
•
April 16, 1992
Roberts stated that if they have a total of $5 million earning 10%,
that would be $500,000 annually which more than covers the pay -out.
He suggested that by keeping the account at 10% or above, they
should be able to cover the pay -out; plus additional funds to
invest, in addition to dividends received.
Kirkland explained that only $265,000 of the $464,000 is
immediately available, and the remaining funds which are earning 3
3/4% are under management and would take longer to obtain.
Friend asked if there would be a way to whittle this fund down by
figuring out what is coming in and what is paid out each month and
then figure exactly what earning percentage is needed to reach the
point of actuary soundness.
Dr. Mashburn asked what were the actual sources of income. Mayes
responded that there is income from insurance turn -back money,
officer's contributions, City contributions, property tax millage,
and 10% of fines collected through Municipal Court.
Dr. Mashburn requested that Mayes report back to the Board on
expenditures and sources of income that go into the Cash Account.
Mayes stated that they would need to do a yearly cash flow analysis
because the state insurance turn -back comes only once a year.
Roberts stated the insurance turn -back pays roughly half of all
money paid out to retirees in a year's time. Therefore, the
investments help the fund grow and are not drawn on to pay bills.
Dr. Mashburn commented that they are not currently making much from
cash or equivalents. Kirkland responded that this could be
doubled. He explained that seven year CDs are paying 7%.
Kirkland verified that when the CD matures in June, the money will
go into the cash account and draw 3% until the Board decides what
to do with the money.
Mayes stated the next Pension Board meeting would be on July 16th.
Dr. Mashburn asked the difference between what could be drawn in
cash at the 3-4% and what can be drawn from bonds or short-term
CD's.
Kirkland responded that bonds are worse than CD's on a short term,
however, they could buy 3 -month CD's, which are drawing 3.45%. He
explained that the "cash" he is referring to is actually a money
market account which is currently earning 315% to 3-3/4%. Without
changing the guidelines, they could not go much higher in equities.
As they are not bound by state law, it is the Board's prerogative
to change the guidelines.
•
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•
April 16, 1992
The Board mutually decided to wait until July's meeting to look at
the accounts again, before making a final decision.
For the record, Mike Kirkland repeated that the first trading date
on ACORN was on November 8, 1990, with an annualized return of
11.67%. Madison's first trading date was on January 2, 1990 as the
fixed income manager and had an annualized return of 9.69%.
Mayes commented that there is a $175,000 CD maturing in November
which is City held, and the Board should be thinking ahead to what
they will do with it.
In response to Dr. Mashburn's statement, Kirkland stated that he
will never have any funds sitting idle.
PENSION MEMBERS
City Clerk Sherry Thomas reminded the Board members that they
needed to meet sometime next month to vote on the pension members.
Roberts commented that they are fast approaching the time when
there will need to be more people from the retired ranks than from
the active ranks serving as pension members because the statutes
plainly states that as the percentages change of those from active
to retired, the percentages should then change on the
representation.
INVESTMENTS
Elaine Longer of Longer Investments addressed the Board introducing
her office manager, Kim Cooper, who will be a charter financial
analyst in June 1993.
Longer reported the federal government has no fiscal stimulus
program for 1992. Just the prospect of a new fiscal stimulative
government program has sent bonds down and interest rates up in
January and February. Since Congress is deadlocked on the issue
with no prospect for a tax cut or stimulative program, bonds have
recovered somewhat and the fed came through last week to ease
interest rates, relieving a lot of pressure on the bond market
while the stock market has started to perform better. Longer
stated that they are still looking at a sluggish growth outlook
with not a lot of inflation pressures. She projected the fed will
continue to remain in a posture of ease until an economic recovery
is firmly entrenched.
Longer stated the fed's fund rate is the rate taken by banks for
overnight deposits, normally trading a little higher than the
discount rate. This is another sign from the fed that they are
staying on top of the situation, and that they want to deliver an
economic recovery. Retail sales numbers were good for January and
February, but they show no sustainable growth as compared to the
April 16, 1992
year before, when the country was engaged in the Persian Gulf
crisis. March numbers reflected retail sales had dropped 4/10 of
1%.
Friend asked if the fed is going to fight the gain of the dollar.
Longer responded that the dollar was strong in the first two months
of the year, but not necessarily because of interest rate
differentials which are low relative to Germany, Britain, and
Japan. Therefore, interest rates can be cut without jeopardizing
currency.
With a firm dollar, gold and precious metals have low prices which
do not reflect inflation on the horizon. The CRB index
(commodities, grains, oil, metals, paper, and lumber) is down to
2.05%, a new low for the past twelve months. Longer stated that
she doesn't see a strong, robust recovery; however, the fed will
continue to ease to a 2% rate of growth for 1992.
Longer reported that since January 1st, the drug, food and energy
stocks and utility index are down from where they closed at the end
of 1991. Papers, chemicals, and automobiles do well with an
economic recovery. The Dow industrials are hitting new highs while
the broader based index, Standard and Poors 500 and Wilshire 5000,
are down year-to-date. Longer stated that there has been a
rotation out of everything that was a performer in 1991, moving
funds into the cyclicals and under -performing stocks of 1991.
The portfolio consists of 67% in stocks, 25% in bonds, and 8% in
cash and equivalents with a total portfolio income yield based on
book value of 4.1% and 3.7% on market. She explained that if the
bond/stock mix was assumed at 60/40 instead of 66/33, the yield
would be closer to 6%.
The stock portfolio report reflected no major change in the
dominate holdings; Bristol Meyers at 4.8%, Emerson at 6% and Philip
Morris at 5.8% of the portfolio.
The bond account produces no reinvestment risk at this point in
time.
The quarterly portfolio return on holdings reflected a return on
equity of 21.1%; debt to total capital at 19.8%; with an expected
return of 14.2%. Beta was at 1%, indicating volatility, in line
with the market; Standard & Poors rating placed the portfolio
between an A and A-. The price earnings multiple was down to
20.6%, from 23% on the last report.
Year-to-date the account was off .81% and the S&P 500 is up .64%.
From account inception through April 15, 1992 the equities are up
34.4% and S&P 500 is up 23.8%, along with_the bonds in the equity
account, is at 28.7%.
•
•
April 16, 1992
Bonds year-to-date in the fixed income portfolio are down 1.65% and
the Solomon Brothers Treasury Index was down 1.81% caused by
backing up in interest rates from the 7 -year to 30 -year in January
and February with bond performance much better since March 31st.
The fixed income portfolio to date is realizing a 10.93% average
annual return, including the first quarter decline. Realized gains
year-to-date were at $87,000.
Longer reported on the year-to-date income, expenses, purchases and
sales, explaining that the summary gives a monthly cash flow with
the annual cash flow of dividends and interest for the portfolio at
$78,000.
Earnings reported for the first quarter reflected Bristol Meyers up
13%, Phillip Morris up 21%, with cyclical stocks showing an
earnings gain.
Friend asked about the 38% investment and whether there was a way
in this time of low interest to help increase earnings. Longer
explained there is a steep yield curve with the difference in
interest rates. She stated that she would not recommend extending
bonds past seven years, rather concentrate on between five and
seven years investments. It does not require giving up credit
quality to increase income, and they are not taking a price risk to
get the differential in return from a 3.8% to a 6.8%-7% average
yield.
Friend asked for Longer's recommendation on the $90,000 CD that
will mature in June. She responded that she would move it into the
fixed income bond account in a two to five year option. Longer
explained that there are two risks that need to be incorporated
into a bond portfolio - "reinvestment risk" to eliminate a big
maturity coming due and the "inflation risk" wherein if inflation
picks up, interest rates will pick up, allowing better
opportunities for bond investment in the market. She stated that
there is $115,000, representing 19.6%, in the two-year bond
portfolio which matures in August 1992 and additional bonds
maturing in October 1993, placing them at 24% of the portfolio
within an 18 -month maturity. The weighted average total maturity
is somewhere around 4$ to 515%.
ADJOURNMENT
The meeting adjourned at 3:54 p.m.
City of Fayetteville, Arkansas
Po icemen's Pension & Relief Fund
Asset Allocation - Cost Basis
March 31, 1992
WATICra TI -L D 4-7
\BEN\POLINV
Cash & Fixed Percent
Equivalent Income Equities Total Of
(10-25%) (15-75%) (20-40%) Total
DEAN WITTER
Dean Witter $535,702 $0 $0 $535,702< 10%
Madison Investment 61,714 1,133,980 0}; 1,195,694: 23%
Acorn Asset Management 90,372 383,204 645,835 1 119,411 22%
TOTAL DEAN WITTER
LONGER INVESTMENTS, INC.
CITY HELD INVESTMENTS (A)
TOTAL FUND
82% 63%
687,788 1,517,184
................
55%'I
16% 22% 67%
135,039 526,704
2% 15%
14,947 350,000
PERCENT OF TOTAL 16%
A. 8.375% U S T—Note, maturing 11-15-92
7.250% U S T—Note, maturing 07-15-93
175,000
175,000
350 000
1,307,792
7%
$2:393,888 ::$1,953,627;; $5,185 289 100%
46%
100%
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4 -to -'ia...
DEAN WT1 ER REYNOLDS, INC. MICRO/79_1i_ 7.7
Firstsouth Centre, Suite 200, 280 North College, Fayetteville, AR 72701
Telephone (501) 575-1400 Rogers Area (501) 631-7000 Wats 1 (800) 487-4880.
VALUE
12/31/91
$11197,376
VALUE
12/
$1,
31/91.
241,175
CITY OF FAYETTEVILLE POLICE PENSION FUND 4-16-92
ACORN ASSET MANAGEMENT 342-018922-049
CASH
BONDS
STOCKS'
TOTAL
MADISON
ALLOCATION 4-15-92.
$134,800
$395,750
$651,384
$1 181,.934.
11.4%
33.5%'
55.1%
100.0%
INVESTMENT ADVISERS 342-015178-049
ALLOCATION 4-15-92
CASH $64,332
BONDS $1,168,111
TOTAL $1,232,443
CASH
5.2
95.2
100.2
ACCOUNT 342-018786-049
ALLOCATION 4-15-92
CASH $265,702 502
CD'S $270,000 50%
TOTAL $535,702 100%
CD MATURES 6-19-92 - $90,000
VALUE
4/15/92•.
$1,181,934
VALUE
4/15/92
$1,232,443 .
TOTAL VALUE AND ALLOCATION OF 3 DEAN WITTER ACCOUNTS
CASH
STOCKS
BONDS
TOTAL
$464,834
$651,384
$1,833,861
$2,950,079
15.7%
22.1%
62.2%
100.%
•
City of Fayetteville, Arkansas
Pol'cemen's Pension & Relief Fund
Asset Allocation - Cost Basis
June 30, 1992
MI
??a
j‘PEMPOLINV
Cash & Fixed Percent
Equivalent Income Equities Total Of
(10-25%) (15-75%) (20-40%) Total
DEAN WITTER
Dean Witter $551,149 $0 $0 i '&55114 :: 10%
...............................
................................
................................
Madison Investment 387 450 827,461 0 f 1214 911.:: 23%
Acorn Asset Management 109,890 383,204 673,885 :;P 1066,979t:
22%
80% 52% 38% `:
TOTAL DEAN WITTER 1,048,489 1,210,665 673,885 '_ 2:933,039 55%!
LONGER INVESTMENTS, INC.
• CITY HELD INVESTMENTS (A)
TOTAL FUND
•
PERCENT OF TOTAL
18% 33% 62% -.
236,814 755 457 1,080,610
2,072 1381 39%';
2% 15% 0%
21,762 350,000 0 371,762 7%!
$1 307
0651:::::::.:::::$2316 316 122 '11 754 495 $5 377 6821; 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
t'.439st; 33% 100%
City of Fayetteville, Arkansas
Policemen's Pension & Relief Fund
Asset Allocation - Cost Basis
September 30, 1992
micaoi~ .P 7 P 2
\BEN\POLINV
Cash & Fixed Percent
Equivalent Income Equities Total Of
(10-25%) (15-75%) (20-40%) Total
DEAN WITTER
Dean Witter $302,410 $0 $0 ';. $302,410 303 5%
Madison Investment 413,716 827,461 0 ,:,;1;241,177 1,312 22%
Acorn Asset Management 72,429 522,019 8101432 ; 1,404,880_ I, 421 25%
TOTAL DEAN WITTER
•LONGE
INVESTMENTS, INC.
CITY HELD INVESTMENTS (A)
TOTAL FUND
PERCENT OF TOTAL
A. 8.375% U S T—Note, maturing 11-15-92
7.250% U S T—Note, maturing 07-15-93
•
79% 57% 37%
788,555 1,349,480 810,432
20% 29% 63%',.
197,095 680,600 1,376,006 2,253,702 2,4 ?."I 4196i.
s3%
1% 15%
12,018 350,000
0%sE
0 362,018
362
$997,668 $2,380,03a::.$2.186,438 ,[ $5,564,187': 100%
5835
•
18%
175,000
175,000
350,000
43%..
39%
100%
•
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LhIONGERI»szMENrrs
INCORPORATED
City of Fayetteville
Police Pension Board Meeting
April 16, 1992
•
Quantity
COMMON STOCK
Security
500 Abbott Labs
1,200 American Barrick
Resources
400 American Home
Products
500 Amoco
630 Archer Daniels
Midland
1,300 Baxter Intl.
500 Boeing Co.
800 Briggs 8 Stratton
1,000 Bristol Myers Squibb
1,000 Claire's Stores
1,000 Comptronix Corp.
1,600 Computer Associates
International
500 Durr Fillauer
500 Eli Lilly 8 Co.
1,800 Emerson Electric
800 Fluor Corp.
800 Food Lion Inc. 8
500 Genuine Parts
2,500 Glaxo Holding
850 Grainger, W. W.
1,000 Harnischfeger
Industries
1,000 Hasbro, Inc.
500 Ingersoll-Rand
2,000 Luby's Cafeterias
625 Mattel Inc.
1,000 McDonald's Corp
500 Minnesota Mining 8
Mfg.
1,000 Mobil Corp
500 Pall Corp.
800 Perkin Elmer
Corporation
1,200 Philip Morris
500 Reader's Digest
2,000 SafeCard Services
500 Schlumberger, LTD
800 Sensormatic Electric
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
April 15, 1992
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
41.95 20,974.34 66.50 33,250.00 1.5 1.200 600.00 1.8
24.33 29,196.00 23.50 28,200.00 1.3 0.100 120.00 0.4
73.37 29,350.00 80.12 32,050.00 1.4 2.600 1,040.00 3.2
52.25 26,125.00 45.25 22,625.00 1.0 2.200 1,100.00 4.9
22.18 13,973.79 24.50 15,435.00 0.7 0.100 63.00 0.4
34.73 45,146.00 39.25 51,025.00 2.3 0.860 1,118.00 2.2
45.57 22,785.00 47.12 23,562.50 1.1 1.000 500.00 2.1
34.20 27,357.75 51.75 41,400.00 1.9 1.600 1,280.00 3.1
65.18 65,178.64 78.00 78,000.00 3.5 2.760 2,760.00 3.5
8.38 8,382.14 7.37 7,375.00 0.3 0.100 100.00 1.4
13.70 13,705.00 14.37 14,375.00 0.6 0.000 0.00 0.0
15.22 24,350.00 15.25 24,400.00 1.1 0.100 160 00 0.7
22.34 11,172.00 23.50 11,750.00 0.5 0.280 140.00 1.2
86.22 43,112.50 72.37 36,187.50 1.6 2.200 1,100.00 3.0
43.21 77,780.00 54.37 97,875.00 4.4 1.380 2,484.00 2.5
38.87 31,100.00 41.50 33,200.00 1.5 0.400 320.00 1.0
20.69 16,556.00 21.12 16,900.00 0.8 0.170 136.00 0.8
45.96 22,980.00 48.25 24,125.00 1.1 1.450 725.00 3.0
19.74 49,347.50 28.75 71,875.00 3.2 1.120 2,800.00 3.9
56.01 47,606.38 55.50 47,175.00 2.1 0.620 527.00 1.1
21.21 21,213.33 22.12 22,125.00 1.0 0.400 400.00 1.8
20.50 20,499.05 27.00 27,000.00 1.2 0.200 200.00 0.7
56.32 28,160.00 62.00 31,000.00 1.4 1.320 660 00 2.1
15.39 30,776.67 16.75 33,500.00 1.5 0.500 1,000.00 3.0
19.16 11,972.50 36.75 22,968.75 1.0 0.200 125.00 0.5
32.38 32,385.00 42.37 42,375.00 1.9 0.370 370.00 0.9
88.44 44,222.50 93.50 46,750.00 2.1 3.120 1,560.00 3.3
65.19 65,188.33 63.12 63,125.00 2.8 3.200 3,200.00 5.1
27.00 13,500.00 26.12 13,062.50 0.6 0.360 180.00 1.4
32.10 25,680.00 33.25 26,600.00 1.2 0.680 544.00 2.0
44.96 53,948.13 78.75 94,500.00 4.3 2.100 2,520.00 2.7
28.87 14,435.00 47.50 23,750.00 1.1 1.000 500.00 2.1
10.47 20,945.00 10.50 21,000.00 0.9 0.150 300.00 1.4
57.94 28,972.50 59.25 29,625.00 1.3 1.200 600.00 2.0
27.58 22 062 50 30.75 24,600.00 1.1 0.300 240.00 1.0
1
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Quantity
CALLS
700
1,300
2,000
700
500
1,000
400
Security
Texaco
Toys -R -Us
Tyson Foods
VeriFone, Inc.
Walmart Stores
Warner Lambert
Waste Management
-8 Briggs 8 Stratton
May 50 Calls
CORPORATE BONDS
100,000 Philip Morris
9.250% Due 12-01-97
Accrued Interest
GOVERNMENT BONDS
115,000
24,000
100,000
100,000
475,000
U. S. Treasury Note
(912827[26)
6.375% Due 08-31-93
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
U. S. Treasury
Strips
0.000% Due 08-15-12
Accrued Interest
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
April 15, 1992
Unit
Cost
59.94
28.25
17.44
20.50
40.33
73.60
33.85
Total Market
Cost Price
41,961.50
36,724.00
34,871.00
14,350.00
20,163.33
73,600.00
13,540.91
1,295,349.30
3.50 -2,803.30
-2,803.30
60.00
35.37
17.12
22.50
55.25
65.00
40.75
Market Pct. Unit
Value Assets Income
42,000.00
45,987.50
34,250.00
15,750.00
27,625.00
65,000.00
16,300.00
1.9 3.200
2.1 0.000
1.5 0.040
0.7 0.000
1.2 0.210
2.9 2.040
0.7 0.360
1,479,678.75 66.6
2.50 -2,000.00 -0.1
-2,000.00 -0.1
100.54 100,543.50 108.06 108,065.00
100,543.50
Annual Cur.
Income Yield
2,240.00
0.00
80.00
0.00
105.00
2,040.00
144.00
5.3
0.0
0.2
0.0
0.4
3.1
0.9
34,081.00 2.3
4.9 9.250 9,250.00 8.6
3,443.06 0.2
111,508.06 5.0
9,250.00 8.6
99.89 114,869.45 102.31 117,659.37 5.3 6.375 7,331.25 6.2
99.80
100.00
23,952.16
100,000.00
103.44 24,825.00
107.03 107,031.25
99.00 99,000.00 104.25 104,250.00
1.1 7.125 1,710.00 6.9
4.8 9.150 9,150.00 8.5
4.7 8.000 8,000.00 7.7
18.78 89,224.73 19.37 92,031.25 4.1 0.000
427,046.34
2
5,952.66 0.3
451,749.53 20.3
0.00 0.0
26,191.25 5.9
•
•
•
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
April 15, 1992
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Dividends Accrued
Money Market
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000 First USA Bank
Wilmington, DE 8.3%
1-2-96
8.300X Due 01-02-96
690.00 690.00 0.0 0.000 0.00 0.0
75,791.90 75,791.90 3.4 4.730 3,584.96 4.7
76,481.90
76,481.90 3.4 3,584.96 4.7
100.00 100,000.00 104.47 104,471.00 4.7 8.300 8,300.00 7.9
100,000.00
TOTAL PORTFOLIO 1,996,617.74
3
104,471.00 4.7 8,300.00 7.9
2,221,889.24 100.0 81,407.21 3.7
•
•
•
Quantity
COMMON STOCK
Security
500 Abbott Labs
1,200 American Barrick
Resources
400 American Home
Products
500 Amoco
630 Archer Daniels
Midland
1,300 Baxter Intel.
500 Boeing Co.
800 Briggs 8 Stratton
1,000 Bristol Myers Squibb
1,000 Claire's Stores
1,000 Comptronix Corp.
1,600 Computer Associates
International
500 Durr Fillauer
500 Eli Lilly 8 Co.
1,800 Emerson Electric
800 Fluor Corp
800 Food Lion Inc. 6
500 Genuine Parts
2,500 Glaxo Holding
850 Grainger, W. W.
1,000 Harnischfeger
Industries
1,000 Hasbro, Inc.
500 Ingersoll-Rand
2,000 Luby's Cafeterias
625 Mattel Inc.
1,000 McDonald's Corp
500 Minnesota Mining 8
Mfg.
1,000 Mobil Corp.
500 Pall Corp.
800 Perkin Elmer
Corporation
1,200 Philip Morris
500 Reader's Digest
2,000 SafeCard Services
500 Schlumberger, LTD
800 Sensormatic Electric
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
April 15, 1992
Unit Total
Cost Cost
Market Market Pct. Unit Annual Cur.
Price Value Assets Income Income Yield
41.95 20,974.34 66.50 33,250.00 2.0 1.200 600.00 1.8
24.33 29,196.00 23.50 28,200.00 1.7 0.100 120.00 0.4
73.37 29,350.00 80.12 32,050.00 2.0 2.600 1,040.00 3.2
52.25 26,125.00 45.25 22,625.00 1.4 2.200 1,100.00 4.9
22.18 13,973.79 24.50 15,435.00 1.0 0.100 63.00 0.4
34.73 45,146.00 39.25 51,025.00 3.1 0.860 1,118.00 2.2
45.57 22,785.00 47.12 23,562.50 1.5 1.000 500.00 2.1
34.20 27,357.75 51.75 41,400.00 2.6 1.600 1,280.00 3.1
65.18 65,178.64 78.00 78,000.00 4.8 2.760 2,760.00 3.5
8.38 8,382.14 7.37 7,375.00 0.5 0.100 100.00 1.4
13.70 13,705.00 14.37 14,375.00 0.9 0.000 0.00 0.0
15.22 24,350.00 15.25 24,400.00 1.5 0.100 160 00 0.7
22.34 11,172.00 23.50 11,750.00 0.7 0.280 140.00 1.2
86.22 43,112.50 72.37 36,187.50 2.2 2.200 1,100.00 3.0
43.21 77,780.00 54.37 97,875.00 6.0 1.380 2,484.00 2.5
38.87 31,100.00 41.50 33,200.00 2.0 0.400 320.00 1.0
20.69 16,556.00 21.12 16,900.00 1.0 0.170 136 00 0.8
45.96 22,980.00 48.25 24,125.00 1.5 1.450 725.00 3.0
19.74 49,347.50 28.75 71,875.00 4.4 1.120 2,800.00 3.9
56.01 47,606.38 55.50 47,175.00 2.9 0.620 527.00 1.1
21.21 21,213.33 22.12 22,125.00 1.4 0.400 400.00 1.8
20.50 20,499.05 27.00 27,000.00 1.7 0.200 200.00 0.7
56.32 28,160.00 62.00 31,000.00 1.9 1.320 660.00 2.1
15.39 30,776.67 16.75 33,500.00 2.1 0.500 1,000.00 3.0
19.16 11,972.50 36.75 22,968.75 1.4 0.200 125.00 0.5
32.38 32,385.00 42.37 42,375.00 2.6 0.370 370.00 0.9
88.44 44,222.50 93.50 46,750.00 2.9 3.120 1,560.00 3.3
65.19 65,188.33 63.12 63,125.00 3.9 3.200 3,200.00 5.1
27.00 13,500.00 26.12 13,062 50 0.8 0.360 180.00 1.4
32.10 25,680.00 33.25 26,600.00 1.6 0.680 544.00 2.0
44.96 53,948.13 78.75 94,500.00 5.8 2.100 2,520.00 2.7
28.87 14,435.00 47.50 23,750.00 1.5 1.000 500.00 2.1
10.47 20,945.00 10.50 21,000.00 1.3 0.150 300.00 1.4
57.94 28,972.50 59.25 29,625.00 1.8 1.200 600.00 2.0
27.58 22,062.50 30.75 24,600.00 1.5 0.300 240.00 1.0
1
•
•
•
•
Quantity
CALLS
700
1,300
2,000
700
500
1,000
400
Security
Texaco
Toys -R -Us
Tyson Foods
VeriFone, Inc.
Walmart Stores
Warner Lambert
Waste Management
-8 Briggs 8 Stratton
May 50 Calls
GOVERNMENT BONDS
375,000 U. S. Treasury
Strips
0.000% Due 08-15-12
Accrued Interest
CASH AND EQUIVALENTS
Dividends Accrued
Money Market
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
April 15, 1992
Unit
Cost
Total Market
Cost Price
59.94 41,961.50 60.00
28.25 36,724.00 35.37
17.44 34,871.00 17.12
20.50 14,350.00 22.50
40.33 20,163.33 55.25
73.60 73,600.00 65.00
33.85 13,540.91 40.75
1,295,349.30
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
42,000.00
45,987.50
34,250.00
15,750.00
27,625.00
65,000.00
16,300.00
2.6 3.200
2.8 0.000
2.1 0.040
1.0 0.000
1.7 0.210
4.0 2.040
1.0 0.360
1,479,678.75 91.2
3.50 -2,803.30 2.50 -2,000.00 -0.1
-2 803 30
-2,000.00 -0.1
2,240.00
0.00
80.00
0.00
105.00
2,040.00
144.00
5.3
0.0
0.2
0.0
0.4
3.1
0.9
34,081.00 2.3
18.80 70,492.73 19.37 72,656.25 4.5 0.000 0.00 0.0
70,492.73
0.00 0.0
72,656.25 4.5
0.00 0.0
690.00 690.00 0.0 0.000 0.00 0.0
71,552.29
72,242.29
TOTAL PORTFOLIO 1,435,281.02
2
71,552.29 4.4 4.730 3,384.42 4.7
72,242.29 4.5
3,384.42 4.7
1,622,577.29 100.0 37,465.42 2.3
•
Quantity
Security
CORPORATE BONDS
100,000 Philip Morris
9.250% Due 12-01-97
Accrued Interest
GOVERNMENT BONDS
115,000
24,000
100,000
100,000
100,000
U. S. Treasury Note
(912827C26)
6.375% Due 08-31-93
U. S. Treasury Note
7.125X 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
U. S. Treasury
Strips
0.000X Due 08-15-12
Accrued Interest
CASH AND EQUIVALENTS
Money Market
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
April 15, 1992
Unit
Cost
Total Market
Cost Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
100.54 100,543.50 108.06 108,065.00 18.0 9.250 9,250.00 8.6
3,443.06 0.6
100,543.50 111,508.06 18.6
9,250.00 8.6
99.89 114,869.45 102.31 117,659.37 19.6 6.375 7,331.25 6.2
99.80 23,952.16 103.44 24,825.00 4.1 7.125 1,710.00 6.9
100.00 100,000.00 107.03 107,031.25 17.9 9.150 9,150.00 8.5
99.00 99,000.00 104.25 104,250.00 17.4 8.000 8,000.00 7.7
18.73 18,732.00 19.37 19,375.00 3.2 0.000
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
5,952.66 1.0
356,553.61 379,093.28 63.3
0.00 0.0
26,191.25 7.0
4,239.61 4,239.61 0.7 4.730 200.53 4.7
4,239.61 4,239.61 0.7
200.53 4.7
100.00 100,000.00 104.47 104,471.00 17.4 8.300 8,300.00 7.9
100,000.00 104,471.00 17.4
561 336 72
8,300.00 7.9
599,311.95 100.0 43,941.78 7.4
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Date
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Longer Investments, Incorporated
REALIZED CAPITAL GAINS AND LOSSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-92 Through 04-15-92
Security
Cost
Basis
Proceeds Gain Or Loss
01-08-92
01-14-92
01-20-92
01-29-92
01-29-92
02-07-92
02-12-92
02-24-92
02-25-92
02-25-92
03-03-92
03-05-92
03-05-92
03-05-92
03-11-92
03-11-92
03-30-92
04-01.92
04-01-92
04-01-92
04-01-92
04-01-92
04-01-92
04-01-92
04-02-92
04-02-92
04-02-92
04-07-92
04-07-92
04-07-92
04-07-92
04-07-92
04-08-92
04-09-92
TOTAL GAINS
TOTAL LOSSES
100,000
800
500
500
800
1,000
10
1,700
1,000
U. S. Treasury Note
8.000% Due 05-15-01
Dreyer's Grand Ice Cream 20,700.00
Tyson Foods 8,717.75
Armstrong World Ind 16,062 50
35,361.32
11,085.00
8,373.11
20,819.00
11,955.00
98,265.63 107,875.00
Cintas
TRC Cos
OEX February 390 Puts
Input/Output, Inc.
Community Psychiatric
Center
900 Dean Foods
1,000 Pacificorp
400 Briggs 8 Stratton
500 Crane Co.
500 Diebold, Inc.
500 Durr Fillauer
400 Kaydon, Corp.
450 Hershey Foods
500 Abbott Labs
1,000 America Service Group
400 Briggs 8 Stratton
500 Bob Evans Farms
750 Claire's Stores
600 Centex Telemanagement
600 Diebold Inc.
500 Bob Evans Farms
800 Centex Telemanagement
600 Compaq
1,500 Arbor Drug
500 Comptronix Corp.
1,000 Crane Co.
500 E.I. du Pont Nemours 8
Co.
1,100 Hasbro, Inc. 22,548.95
500 Walmart Stores 20,163.33
5 Schlumberger May 55 Puts 1,035.00
27,075.00
19,570.00
13,678.87
13,118.33
21,478.32
11,172.00
19,235.00
18,823.50
20,974.34
12,000.00
13,678.87
9,062 50
6,286.61
10,932.00
25,773.99
9,062.50
14,576.00
18,810.00
29,375.00
6,852.50
26,236.67
23,477.50
28,544.00
9,147.50
14,499.51
46,300.00
14,999.49
5,719.01
28,475.00
14,499.51
23,124.22
21,249.28
20,372.84
13,437.05
29,217.77
10,687 50
20,550.00
18,188.39
30,311.48
12,250.00
20,849.30
12,875.00
5,999.79
8,958.00
34,198.85
13,062.50
12,200.00
15,599.47
31,479.00
6,312.50
25,179.15
23,311.72
27,705.32
25,249.15
464.98
9,609.37
7,844.00
429.75
-1,562.99
10,938.68
3,914.49
-2,654.10
7,656.00
2,544.51
-3,950.78
1,679.28
6,693.96
318.72
7,739.45
-484.50
1,315.00
-635.11
9,337.14
250.00
7,170.42
3,812.50
-286.82
-1,974.00
8,424.86
4,000.00
-2,376.00
-3,210.53
2,104.00
-540.00
-1,057.52
-165.78
5,156.37
5,085.82
-570.02
106,024.32
-19,468.14
646,336.10 732,892.28
86,556.18
•
•
•
Date
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-92 Through 04-15-92
Security Amount
COMMON STOCK
01-02-92
01-02-92
01-02-92
01-02-92
O 1-02-92
01-03-92
01-03-92
01-03-92
01-07-92
01-09-92
O 1-10-92
O 1-15-92
O 1-27-92
02-03-92
02-03-92
02-03-92
02-04-92
02-05-92
02-10-92
02-10-92
02-14-92
02-18-92
02-18-92
02-19-92
02-19-92
02-20-92
02-24-92
02-25-92
02-25-92
02-25-92
02-28-92
02-28-92
O 3-02-92
03-02-92
03-02-92
03-04-92
03-05-92
03-06-92
03-09-92
03-09-92
03-12-92
03-12-92
03-13-92
Arbor Drug
Baxter Int'1.
Briggs & Stratton
Luby's Cafeterias
Waste Management
Dean Foods
Mattel Inc.
Walmart Stores
Dreyer's Grand Ice Cream
Harnischfeger Industries
Philip Morris
American Barrick Resources
SafeCard Services
Bristol Myers Squibb
Reader's Digest
Warner Lambert
Mobil Corp.
Amoco
E.I. du Pont Nemours & Co.
Eli Lilly & Co.
Emerson Electric
Abbott Labs
Pacificorp
Claire's Stores
Hasbro, Inc.
Hershey Foods
Briggs & Stratton
Durr Fillauer
McDonald's Corp
Schlumberger, LTD
Crane Co.
Perkin Elmer Corporation
Archer Daniels Midland
American Home Products
Bob Evans Farms
Diebold, Inc.
Baxter Int'1.
Philip Morris
Luby's Cafeterias
Mattel Inc.
Arbor Drug
Waste Management
Dean Foods
1
52.50
185.00
640.00
125.00
44.00
126.00
31.25
21.25
40.00
100.00
630.00
25.95
150.00
552.00
100.00
510.00
800.00
275.00
210.00
275.00
621.00
250.00
375.00
43.75
84.00
110.25
640.00
70.00
92.50
150.00
281.25
136.00
15.75
260.00
70.00
462.00
279.50
630.00
250.00
31.25
52.50
44.00
126.00
•
•
•
Date
O 3-16-92
03-17-92
03-19-92
O 3-30-92
03-30-92
03-30-92
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-92 Through 04-15-92
Security Amount
Tyson Foods
Walmart Stores
Harnischfeger Industries
Bristol Myers Squibb
Kaydon, Corp.
Sensormatic Electric
GOVERNMENT BONDS
01-08-92
02-08-92
02-28-92
04-15-92
U . S. Treasury Note
8.000% Due 05-15-01
Federal Home Loan Mortgage Corp.
9.150% Due 08-08-00
U . S. Treasury Note (912827C26)
6.375% Due 08-31-93
U . S. Treasury Note
7.125% Due 10-15-93
CASH AND EQUIVALENTS
02-03-92
02-03-92
03-02-92
O 3-02-92
04-01-92
04-01-92
Money
Money
Money
Money
Money
Money
Market
Market
Market
Market
Market
Market
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
02-05-92
03-03-92
04-02-92
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
2
20.00
52.50
100.00
690.00
60.00
60.00
10,950.20
1,230.77
4,575.00
3,605.20
855.00
10,265.97
241.32
167.69
110.17
24.18
128.38
12.70
684.44
714.72
668.61
714.72
2,098.05
;'a
•
•
•
Date
Longer Investments, Incorporated
INTEREST, DIVIDENDS, AND EXPENSES
City of Fayetteville Police Pension Fund
Combined Account
From 01-01-92 Through 04-15-92
Security Amount
EXPENSE ACCOUNTS
01-15-92
02-03-92
02-03-92
03-02-92
03-02-92
04-01-92
04-01-92
Foreign Tax on
Automated Cash
Automated Cash
Automated Cash
Automated Cash
Automated Cash
Automated Cash
Dividends
Mgmt.
Mgmt.
Mgmt.
Mgmt.
Mgmt.
Mgmt.
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
O 1-10-92
O 1-10-92
O 1-30-92
03-31-92
03-31-92
04-08-92
04-08-92
Management Fee
Management Fee
Northern Trust
Northern Trust
Northern Trust
Management Fee
Management Fee
Fee
Fee
Fee
3.89
8.72
6.06
6.77
1.49
8.24
0.82
35.99
4,423.84
1,487.22
2,050.00
584.18
216.07
4,089.25
1,616.52
14,467.08
NET INCOME 9,495.59
3
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-92 To 04-15-92
Security
Unit
Price
Amount
PURCHASES
02-19-92
04-13-92
01-13-92
01-17-92
02-03-92
03-02-92
03-05-92
02-04-92
02-12-92
O 1-02-92
01-09-92
O 1-08-92
O 1-14-92
04-06-92
04-10-92
04-10-92
04-09-92
04-09-92
O 8-92
O 2-92
O 24-92
04-10-92
O 3-06-92
02-05-92
01-09-92
01-08-92
03-04-92
03-24-92
04-08-92
04-08-92
02-10-92
04-01-92
03-04-92
03-12-92
•
1,000 America Service Group
500 Boeing Co.
200 Bristol Myers Squibb
1,000 Centex Telemanagement
400 Centex Telemanagement
600 Compaq
1,500 Comptronix Corp.
1,000 Computer Associates
International
600 Computer Associates
International
500 Diebold, Inc.
500 E.I. du Pont Nemours & Co.
500 Eli Lilly & Co.
300 Emerson Electric
800 Fluor Corp.
800 Food Lion Inc. B
500 Genuine Parts
500 Glaxo Holding
850 Grainger, W. W.
500 Ingersoll-Rand
700 Input/Output, Inc.
400 Kaydon, Corp.
500 Minnesota Mining & Mfg.
500 Pall Corp.
800 Perkin Elmer Corporation
1,000 SafeCard Services
500 Schlumberger, LTD
500 Sensormatic Electric
300 Sensormatic Electric
700 Texaco
700 VeriFone, Inc.
10 OEX February 390 Puts
5 Schlumberger May 55 Puts
275,000 U. S. Treasury Strips
O .000% Due 08-15-12
100,000 U. S. Treasury Strips
O .000% Due 08-15-12
1
12.00
45.57
85.55
19.08
16.07
31.35
13.70
14.97
15.62
47.35
46.95
86.22
53.99
38.87
20.69
45.96
27.32
56.01
56.32
11.07
48.09
88.44
27.00
32.10
11.37
57.94
26.62
29.17
59.94
20.50
8.37
2.07
18.84
18.69
12,000.00
22,785.00
17,111.00
19,080.00
6,428.00
18,810.00
20,557.50
14,975.00
9,375.00
23,675.00
23,477.50
43,112.50
16,197.50
31,100.00
16,556.00
22,980.00
13,660.00
47,606.38
28,160.00
7,749.00
19,235.00
44,222.50
13,500.00
25,680.00
11,375.00
28,972.50
13,312.50
8,750.00
41,961.50
14,350.00
8,373.11
1,035.00
51,798.73
18,694.00
716,655.22
Y r 1
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Stock Account
From 01-01-92 To 04-15-92
Security
Unit
Price
Amount
SALES
04-01-92
04-01-92
04-07-92
01-29-92
04-01-92
04-02-92
03-05-92
04-01-92
04-01-92
04-02-92
01-29-92
04-01-92
02-25-92
04-02-92
04-07-92
03-05-92
04-07-92
02-25-92
03-05-92
04-01-92
0 4-92
0 1-92
04-07-92
04-07-92
03-30-92
02-24-92
03-11-92
03-03-92
02-07-92
01-20-92
04-08-92
02-12-92
04-09-92
01-08-92
SHORT SALES
04-03-92
•
500
1,000
1,500
500
500
500
400
400
600
800
800
750
1,000
600
500
500
1,000
900
500
600
800
500
500
1,100
450
1,700
400
1,000
1,000
500
500
10
5
100,000
Abbott Labs
America Service Group
Arbor Drug
Armstrong World Ind
Bob Evans Farms
Bob Evans Farms
Briggs & Stratton
Briggs & Stratton
Centex Telemanagement
Centex Telemanagement
Cintas
Claire's Stores
Community Psychiatric Center
Compaq
Comptronix Corp.
Crane Co.
Crane Co.
Dean Foods
Diebold, Inc.
Diebold, Inc.
Dreyer's Grand Ice Cream
Durr Fillauer
E.I. du Pont Nemours & Co.
Hasbro, Inc.
Hershey Foods
Input/Output, Inc.
Kaydon, Corp.
Pacificorp
TRC Cos
Tyson Foods
Walmart Stores
OEX February 390 Puts
Schlumberger May 55 Puts
U. S. Treasury Note
8.000% Due 05-15-01
8 Briggs & Stratton May 50 Calls
2
60.62 30,311.48
12.25 12,250.00
20.99 31,479.00
29.00 14,499.51
25.75 12,875.00
26.12 13,062.50
50.93 20,372.84
52.12 20,849.30
14.93 8,958.00
15.25 12,200.00
57.87 46,300.00
8.00 5,999.79
14.50 14,499.51
26.00 15,599.47
12.62 6,312.50
26.87 13,437.05
25.18 25,179.15
25.69 23,124.22
58.44 29,217.77
57.00 34,198.85
35.68 28,544.00
21.37 10,687.50
46.62 23,311.72
25.19 27,705.32
40.42 18,188.39
16.75 28,475.00
51.37 20,550.00
21.25 21,249.28
15.00 14,999.49
18.29 9,147.50
50.50 25,249.15
5.72 5,719.01
0.93 464.98
107.87 107,875.00
3.50
732,892.28
2,803.30
2,803.30
•
Date
Quantity
Longer Investments, Incorporated
PURCHASE AND SALE REPORT
City of Fayetteville Police Pension Fund
Bond Account
From 01-01-92 To 04-15-92
Security
Unit
Price
Amount
PURCHASES
02-14-92
•
•
100,000 U. S. Treasury Strips
0.000% Due 08-15-12
18.73 18,732.00
18,732.00
• • • • • • • • • • • • • • • • • • • • • •
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