HomeMy WebLinkAbout1995-10-19 - Agendas - Final I
FAYETTEVI LLE
E CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK
TO : Policemen ' s Pension Board Members
FROM : Traci Paul , City Clerk /Treasurer Tp
DATE : October 6 , 1995
SUBJECT : Police Pension Board Meeting
The next Police Pension Board meeting is Thursday , October 19 ,
1995 , at 2 : 30 p . m . , in room 326 of City Hall . Attached , please
find a copy of the agenda for the upcoming meeting , the minutes
from the July 20 regular meeting and the August 9 special
meeting , the pension list for September , 1995 , and a memo from
Administrative Services Director Ben Mayes .
Attachment
•
•
113 WEST MOUNTAIN 72701 501 575-8323
AGENDA
POLICEMEN ' S PENSION AND RELIEF BOARD
October 19 , 1994
2 : 30 p . m .
City Hall Room 326
1 . Approval of the minutes of the July 20 , regular meeting
and the August 9 , special meeting .
2 . Old Business
3 . New Business
A . Report from Longer Investments
B . Report from Mike Kirkland
C . Other
• 4 . Adjournment
MINUTES OF A POLICE PENSION BOARD MEETING
A meeting of the Police Pension Board was held on July 20 , 1995 ,
at 1 : 30 p . m . in room 326 of the City Administration Building , 113
West Mountain , Fayetteville , Arkansas .
PRESENT : Eldon Roberts , Randy Bradley , Hollis Spencer , Dr . James
Mashburn , City Clerk/Treasurer Traci Paul , and
Administrative Services Director Ben Mayes .
ABSENT : Mayor Fred Hanna and Jerry Friend
CALL TO ORDER
The meeting was called to order by Eldon Roberts .
NEW BUSINESS
DEAN WITTER INVESTMENT REPORT
' Madison
Kay Frank with Madison stated the account for the first six
months of 1995 was up 8 . 80 .
In July of 1994 , indicators were saying we were in an extremely
high risk situation . It was , our job to step to the sidelines and
• let the market do what it wanted to and then jump back in at the
right time . For the 1994 calendar year the account was down
. 16 % .
In the latter part of 1994 , it became more apparent that the
worst of the market was over so bond exposure was increased . As
a result , the first six months of 1995 have been very pleasant .
Frank reviewed a chart showing the change in price of a 10 -year
treasury bond over the last five years and the change in interest
rates . Frank stated that interest rates fell dramatically from
1990 through the fall of 1993 . From the fall of 1993 to November
of 1994 there was a dramatic sell off . There was a 20 % decline
in the value of the bond . Since then , the market has reversed
course .
Frank explained that the Fed dramatically lowered interest rates
beginning in 1989 through 1993 . They did it in an effort to
stimulate the economy . In the beginning of 1994 , the Fed
reversed course and increased interest rates because the economy
was going too fast . In June of 1995 the Fed noticed some signs
that the economy was slowing , so the decision was made to lower
interest rates again .
Frank pointed out that Greenspan is up for renomination in March
• of 1996 . The Administration does not want to see a recession in
1996 .
July 20 , 2995
• The Federal Reserve and bond investors are looking at growth in
the economy and change of inflation . The current economic
indicators are saying that the economy has slowed . Frank
explained that the National Association of Purchasing Managers
Composite Index has an excellent correlation to the growth in the
economy . Frank stated when the survey is above 50 , the economy
is expanding . When it falls below 50 , the economy is
contracting .
Frank reviewed charts showing recent quarterly growth of GDP and
annual growth of GDP . Frank pointed out that GDP is declining
and stated there is clear evidence that the economy is slowing .
Frank , in reviewing a combined inflation index , stated there was
a huge run up in comodity prices in 1994 . The expectation was
that the run up would lead to an increase in consumer prices in
1995 . The bond market sold off in 1994 . Interest rates
increased because of a fear of higher inflation . Lately , the
comodity prices have started to roll over . The inflationary
pressures are not currently as strong as they were in the latter
part of last year .
Frank stated all in all the market has built in a soft landing .
The Fed is trying to slow the economy to a perfect level that
will match the growth and capacity , that is a non - inflationary
. rate of growth . Based on the huge rally in the first six
months , the bond market is saying that the Fed has accomplished a
soft and perfect landing .
The outlook going forward is good . The Fed has never
accomplished a perfect landing before and may not this time . It
is time to step back , be appreciative for the great returns in
the first six months , and let things settle out . In the next six
months , the market will probably step back .
If interest rates go sideways for the next six months , nothing
happens to the fund . The account will be up almost 12 % for the
year . Based on current positioning , if the market continues to
rally and the perfect landing is achieved , the market is going to
be up 16 % and the fund will only be up 14 °1 . If the market has
gotten ahead of itself and the economy is not as weak as the
market is saying it is , the market will be about 6 - 8o and the
fund may still have a 9 - 10 °1 return .
In answer to a question from Mayes , Frank agreed that Madison
took over the account on November 27 , 1989 with $ 1 , 003 , 443 and
has increased the amount to $ 1 , 599 , 243 .
In answer to a question from Mayes , Mike Kirkland agreed that the
purpose of Madison was fixed income for the stability part of
• what Dean Witter puts together and to keep a balance .
a �
July 20 , 2995
• Mashburn arrived .
Roberts expressed approval of a safe and conservative approach
with the money in the fund .
Frank explained that Madison ' s philosophy is to be safe and
conservative .
Roberts stated he thought the Board had been told in the past
that they needed to maintain 6 % to stay even . A 6 % earning would
pay all benefits that have been promised . Roberts explained he
was pleased with any returns greater than 6 % .
Frank stated 6 % is a realistic actuarial assumption .
TCW
Mike Kirkland , Dean Witter , stated the market has done well . The
TCW account is up a little over 1496 year to date . There was a
drop yesterday from 16 % to 14 % . The market may have gotten a
little ahead of itself on the short term . Inflation does not
seem to be a problem .
Mashburn stated yesterday the losses in the market were almost
completely in high tech stocks .
• Kirkland stated even though the loss occurred , technology stocks
are still good . This could create some buying opportunities in
that area .
Looking at the portfolio , Kirkland stated the high techs are
still well above where they were .
Kirkland stated as of the close yesterday , the account has a good
balance . There is 64 % in market and 33 % in bonds .
In answer to a question from Mashburn , Kirkland stated the value
of the account at the end of 1994 was $ 1 , 483 , 310 , the value of
the account at the end of June 1995 was $ 1 , 697 , 419 , and the value
of the account as of the close on July 19 , 1995 was $ 1 , 695 , 928 .
The actual cash in the account in the money market fund is
$ 58 , 909 .
Kirkland reviewed percentages and holdings of the account as
listed on the report distributed to the members .
In studying the reports , Roberts commented that sometimes cost is
greater than market value . Most items listed show market value
greater than the cost .
•
July 20 , 2995
• In answer to a question from Roberts regarding a $ 172 , 000
treasury note , Kirkland stated it should mature in October of
1996 .
In answer to a question from Roberts regarding the Dean Witter
cash account , Kirkland stated it was probably drawing
approximately 6 . 596 .
, Bradley requested that Kirkland add his name to his mailing list .
Kirkland stated he had just received a current mailing list .
LONGER INVESTMENT REPORT
Elaine Longer , Longer Investments , distributed and reviewed
portfolio appraisals and other documents dated June 30 , 1995 .
Longer stated stocks as a percent of everything that is being
managed is at 43 . 5 % . The rest is invested in convertible
preferred corporate bonds , treasury bonds , and agency accounts .
The annual income on the portfolio is $ 165 , 000 . That is a 4 . 71
yield on market value and just over 51 yield on book value .
Last year when interest rates were rising we were able to
increase the portfolio income yield because we bought the 7 . 25 %
• treasury in November , $ 225 , 000 of the 7 . 51 treasury in December
and added to the ten year treasury notes with a 7 7 / 8 % maturity
in November . Interest rates have come down lots this year .
There aren ' t any maturities that we have to worry about
reinvesting in the lower interest rate environment . The is a
government agency bond carrying a 9 1 / 8 coupon that is eligible
for call in August . With interest rates where they are , that
will probably be called .
In the past several weeks there have been signs of strengthening
in the economy . Greenspan , in his semi - annual testimony , said it
looks like our greatest risk of recession is behind us now .
Everyone then sold bonds because it looks like the Feds not going
to cut rates again .
Even though there is not anything maturing , we have the
flexibility to take advantage of any increase in rates that might
occur .
In the stock account there are large cap stocks and small cap
stocks . Among the large cap stocks , the unrealized gains are
approximately $ 64 , 000 . The unrealized gain in the smaller
companies is $ 97 , 000 . Industrial stocks have done well . In the
common stock portfolio the unrealized gains are $ 246 , 471 , about
• 19 % of the total book value .
July 20 , 2995
iThe unrealized gains in the bond portfolio are approximately
$ 20 , 000 . In the bond account , the average income yield is 7 . 1 %
on market value and about 7 . 2 % on book value .
Longer reviewed the Largest Holdings report and stated as a
percentage on total portfolio there is nothing that represents
over 2 . 50 .
Longer reviewed the Portfolio Parameters report and explained
that the report is a picture of the portfolio with the weighted
average return on equity being 21 % . Longer stated it is a real
high quality portfolio .
Through the first part of the year the stock part of the
portfolio was up approximately 16 % with the total being up
approximately 11 . 51 . Through Friday , the stocks are up
approximately 20 . 61 and the total is up approximately 13 . 4 % .
Longer stated as of July 14 , equities are up approximately 21 %
and bonds are up approximately 9 . 61 . Appreciation in the
portfolio year to date is $ 435 , 000 .
Longer reviewed a summary report on the bond portfolio which
listed the total portfolio income to be above 51 on cost and
above 7 % on the bond part . Longer stated the weighted average
• maturity of the bond portfolio is 4 . 7 years . Bonds as a percent
of the equity fund are 25 % .
Longer stated last year ' s earnings were up approximately 20 % in
the market . Interest rates were rising and the multiple came
down . It erased the overvaluation from 1993 . 1994 was a year of
correction . Earnings are still growing , about a 12 % earnings
growth this year .
In answer to a question from Mashburn , Longer explained some
areas of the market are high risk and some areas are neglected .
PHYSICIAN POSITION UP FOR ELECTION
Roberts asked if the physician member of the Board is to be
elected by the other members of the Board .
Paul stated yes and explained that the Assistant City Attorney,
LaGayle McCarty suggested the position be advertised . The
position will be published in the newspaper on July 23 , July 30 ,
and August 2 . After the applications are submitted , they will be
forwarded to the members of the Board . The Board can hold an
election at the next meeting .
Mashburn asked if he needed to submit anything to reapply for the
• position .
July 20 , 2995
Paul requested that Mashburn fill out an application .
Roberts stated Mashburn ' s term expired in May but explained that
he would like to see Mashburn continue to serve on the Board
until something changes .
Paul stated the person holding a position usually continues to
serve until the position is filled or they are reappointed .
ACTIVE MEMBER ELECTION
Paul stated on May 30 , 1995 , the active pension fund members met
and held an election to fill an active member position . There
were two nominations . Eldon Roberts was re - elected to serve
another term on the Board . The term expires in May of 1997 .
NEW DEFINITION OF ACTUARIAL SOUNDNESS
Roberts stated the Pension Review Board in Little Rock voted
unanimously to adopt a new definition of actuarial soundness .
Two police funds in Arkansas that were not actuarially sound
became sound as a result of the new definition . The Fayetteville
Police Department was one of the two funds to become actuarially
sound . Act 1197 of 1993 is an act that increased the minimum
police retirement benefit from $ 250 to $ 350 per month . The last
• section of the act stated that to be eligible for the increased
minimum benefits , the pension plan must be actuarially sound
after the inclusion of the new minimum benefits .
Roberts distributed a copy of the July pension list with eligible
additional benefits noted . Roberts stated to bring everyone up
to $ 350 , the monthly benefit ' total would be increased by $ 681 . 72 .
The Actuary is reviewing the fund to determine if the fund will
remain actuarially sound after raising benefits . Roberts
explained that he is waiting to hear from the Actuary . Roberts
stated Marilyn Cramer , in the Accounting Division , is holding
August pension checks so the increase can be included .
Roberts suggested the Board discuss , in the future , pension
increases for the entire group of retirees . The Actuaries will
have to approve any increases . Roberts stated once benefits are
given they cannot be taken away . They impact the plan forever .
In answer to a question from Mashburn , Roberts stated the Board
cannot make a motion to approve the increases until the Actuary
finishes the review . The Board may have to hold a special
meeting when the determination is made .
July 20 , 2995
• MINUTES
Spencer , seconded by Mashburn , made a motion to approve the
minutes of the May 10 special meeting and the April 20 minutes
with the correction that Randy Bradley was not present . The
motion passed unanimously .
ADJOURNMENT
The meeting adjourned at 3 : 05 p . m .
•
MINUTES OF A POLICE PENSION BOARD MEETING
A special meeting of the Police Pension Board was held on August
91 1995 , at 2 : 30 p . m . in room 326 of the City Administration
Building , 113 West Mountain , Fayetteville , Arkansas .
PRESENT : Mayor Fred Hanna , Eldon Roberts , Randy Bradley , Hollis
Spencer , Dr . James Mashburn , City Clerk/Treasurer Traci
Paul , and Administrative Services Director Ben Mayes .
ABSENT : Jerry Friend
CALL TO ORDER
The meeting was called to order by Mayor Hanna .
BENEFIT INCREASES
Roberts explained that in a letter from the Pension Review Board ,
the Fayetteville pension fund is noted as being eligible for
benefit increases .
Roberts stated the Pension Review Board changed the definition of
actuarial soundness , which made Fayetteville ' s fund actuarially
sound . Act 1197 of 1993 required everyone on the pension plan to
draw a minimum of $ 350 once the pension plan was actuarially
sound . Nine people are eligible for an increase . An additional
• $ 681 . 72 will be paid out per month .
Mashburn , seconded by Spencer , made a motion to increase the
minimum benefit amount to $ 350 per month effective August 1 ,
1995 . The motion passed unanimously .
The Board discussed possible future benefit increases . Roberts
stated it would cost approximately $ 40 , 400 per year to raise
everyone to 55 % of salary . Any benefit increase would have to be
approved by the actuary . If the plan cannot support the
requested increase , it will be denied .
PHYSICIAN MEMBER ELECTION
Mayor Hanna stated Dr . Mashburn was the only applicant for the
physician position on the Board .
In answer to a question from Mayor Hanna , Paul stated the
appointment does not have to be approved by the City Council .
The other members of the Pension Board elect the physician
member .
Spencer , seconded by Roberts , made a motion to re - appoint Dr .
Mashburn to serve another two year term on the Pension Board .
The motion passed unanimously .
Mashburn explained that he feels privileged to serve on the
Pension Board .
OTHER BUSINESS
GUARANTEE FUND
Paul explained that she received a letter in the mail regarding a
guarantee fund .
Roberts stated the State has set aside $ 3 million to help finance
plans that are insolvent . A form is being mailed to every police
and fire pension system in the state . Cities are not qualified
for the funds if they are not collecting one full mill .
Fayetteville does not qualify .
ADJOURNMENT
The meeting adjourned at 3 : 15 p . m .
•
•
POLICE PENSION FUND
SEPTEMBER 1995
EMP# NAME GROSS FED. TAX ST. TAX NET
131 ARNOLD, RD 838.00 838.00
130 BAYLES, DON 760.73 760.73
107 BLACK, JOE P 539.44 539.44
120 BOWEN , J R 350.00 10.00 340.00
147 BRADLEY, GERALD 2,345.47 300.00 45.47 2,000.00
139 BRADLEY, RANDALL 11388.45 1 ,388.45
101 BROOKS, BILL 728.22 728.22
109 COOPER, ADRIAN 350.00 350.00
111 DAY, LUCILLE 350.00 350.00
108 DENNIS, WARREN- 666.51 666.51
125 FLOWERS, HAROLD 413.39 413.39
140 FOSTER, BILLIE D. 1 ,563.71 100.00 20.00 11443.71
145 HANNA, MARK 1 ,311 .73 120.00 35.00 1 , 156.73
124 HASKINS, RONALD 374.85 374.85
146 HUTCHENS, BERNICE 874.85 130.00 744.85
143 JOHNSON, CHARLES 1 , 176.74 36.70 1 ,140.04
103 JOHNSON , WENDELL 375.30 375.30
118 JONES, BOB 11581 .67 11581 .67
144 KILGORE, DONALD 980.73 19.72 961 .01
129 LAWSON, FORREST 751 .38 50.00 701 .38
114 LITTLE, LOYD F 350.00 350.00
119 LORCH , EARL 350.00 350.00
128 MCCAWLEY, LARRY 812. 19 70.00 742. 19
116 MCCHRISTIAN, MARIE 350.00 350.00
126 MCWHORTER, KAREN 485.02 485.02
136 MITCHELL, MICHAEL 1 , 104.75 150.00 954.75
141 MUELLER, ROSEMARY 989. 10 989.10
112 MURPHY, JAKE 350.00 350.00
137 PERDUE, LARRY 11113.09 100.00 1 ,013.09
132 PHILLIPS, HOMER GENE 843.00 300.00 543.00
105 PRESTON, GEORGE DAVID 767.43 67.43 700.00
135 RICKMAN, LOREN 10069. 19 169.00 20.00 880. 19
104 RIGGINS, RAYMOND C 806.67 100.00 706.67
115 RITCHIE, LIZZIE 350.00 350.00
122 SKELTON , FRANK 398.70 398.70
123 SPENCER, HOLLIS 659.25 50.00 609.25
121 STOUT, WAYNE 415.25 415.25
133 SURLES , JERRY 1 ,304. 17 138.00 1 , 166. 17
142 TAYLOR, DENNIS 989.10 60.00 15.00 914. 10
106 UPTON , FRANKLIN 506.58 10.00 496.58
110 WATTS, BEULAH 350.00 350.00
138 WILLIAMS, BOBBY 1 ,217.07 217.07 1 ,000.00
134 WITT, DON 846.72 64.00 782.72
127 WOOD, PAUL J 757.62 757.62
$34,906.07 $2,205.50 $191 .89 $32,508.68
t
LONGER
INVESTMENTS
INCORPORATED
City of Fayetteville
•. Police Pension Board Meeting
October 19, 1995
,s
Longer Investments , Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
• September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - - _ _ _ _ _ _ _ _ _ _ _ - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . . . .
COMMON STOCK
- - - - - - - - - - - -
1 ,600 A T 8 T 54 . 18 86,692 . 00 65 . 75 1058200 .00 2.8 1 .320 2, 112 .00 2 . 0
1 , 000 ADT Limited 12. 19 12, 195 . 00 13 . 75 13, 750 .00 0.4 0 . 000 0.00 0 . 0
16000 AMP 35 .69 35 ,691 .25 38. 50 38, 500 .00 1 . 0 0 .920 920. 00 2 .4
500 Air Products and 46.32 23, 160 . 00 52 . 12 26, 062 .50 0 . 7 1 . 040 520. 00 2 . 0
Chemicals
600 Alternative 26. 00 150600 . 00 32 .00 19, 200 .00 0 . 5 0 . 000 0. 00 0.0
Resources
900 Arrow Electronics 42. 75 38,476. 14 54 .37 48, 937. 50 1 .3 0 .000 0 . 00 0 .0
1 ,300 Barrick Gold Corp- 15 .37 190986. 00 25 .87 33 , 637. 50 0. 9 0 . 120 156. 00 0.5
11000 Clayton Homes 16.40 16,400 . 00 23 . 75 23 , 750. 00 0. 6 0 .000 0. 00 0 .0
1 , 000 Compaq 37.38 37,383 . 00 48.37 48, 375 . 00 1 . 3 0 .000 0 . 00 0.0
500 Deflect A- Shield 11 .50 51750 . 00 7. 12 3 , 562 . 50 0. 1 0 .000 0 . 00 0 .0
725 Diebold, Inc . 30 .51 22, 122 . 75 46.37 33 , 621 .87 0.9 0 .960 696. 00 2. 1
800 Dovatron 32 . 57 26, 056.00 34 .62 27, 700. 00 0 . 7 0 .000 0 . 00 0.0
International
700 Elan Corp. 37.30 26, 110 .00 41 .00 28, 700 . 00 0 . 8 0. 000 0 .00 0. 0
1 ,400 Emerson Electric 55 .07 77, 100 . 12 71 .50 100 , 100 . 00 2 .7 1 .960 - 21744 .00 2 . 7
1 , 000 Federal Signal 22 .50 22 ,500 .00 22 .25 22 , 250 . 00 0. 6 0. 500 500 .00 2 . 2
1 ,975 General Electric 52 .85 104 ,370.31 63 . 75 125 ,906. 25 3 .4 1 .640 31239.00 2 .6
11000 Hanna, M. A . 28.25 28, 250.00 26.37 26,375 . 00 0 .7 0. 540 540.00 2 . 0
• 400 Illinois Tool Works 37. 18 14 ,871 .44 58.87 23, 550 . 00 0 .6 0 .680 272. 00 1 . 2
10000 Ingersoll -Rand 38.32 38,320. 00 37. 50 37, 500 . 00 1 .0 0 . 740 740. 00 2 . 0
10000 International 24 .37 241366. 18 40. 25 40, 250 .00 1 . 1 0 . 000 0. 00 D. 0
Rectifier
11000 JLG Industries 20.46 20,460. 00 45 . 00 45 , 000 .00 1 . 2 0 . 060 60. 00 0 . 1
10500 Kennametal , Inc . 37.97 56,962. 50 36. 25 541375 .00 1 .4 0 .600 900. 00 1 . 7
1 , 500 L . T .V. Corp. 15 . 50 23, 250. 00 14 . 00 210000 . 00 0.6 0 . 000 0. 00 0 . 0
750 Life Technology 21 .82 16,365 . 00 26. 50 19,875 . 00 0. 5 0 . 200 150. 00 0 .8
11400 Mercury Finance 16 .88 23,636. 00 24 .37 34, 125 . 00 0.9 0 .360 504 . 00 1 .5
500 Mobil Corp. 87.33 43,665 . 00 99.62 49, 812 . 50 1 .3 3 .700 11850 . 00 3 .7
1 , 250 Molex Inc 22 . 78 28,471 .34 36. 25 45 ,312 . 50 1 . 2 0 . 040 50 . 00 0 . 1 '
800 Motorola, Inc. 57. 79 46, 232 . 11 76 .37 61 , 100 . 00 1 .6 0 . 400 320 . 00 0 .5
1 ,600 Newell Co Inc 20.93 33,492 . 00 24 . 75 39,600 . 00 1 . 1 0 .480 768. 00 1 .9
700 Northern Trust Corp. 41 . 16 28, 813 . 08 46 . 00 32, 200 .00 0 .9 1 . 040 728 . 00 2.3
500 Oak Industries 31 .82 15 , 910 .00 30 . 12 15, 062 .50 0 .4 0. 000 0. 00 0. 0
10500 Philip Morris 54. 03 81 , 038 .50 83 . 50 125, 250 .00 3 .3 4 . 000 6, 000.00 4 .8
70D Robert Half 27.62 19, 337.50 34. 12 23, 887.50 0 .6 O. DDD 0. 00 0. 0
International
700 Sofamor Danek Group 19.69 13, 786 . 50 27. 75 19, 425 .00 0 . 5 0.000 0 .00 0. 0
700 Starbucks Corp. 27. 57 19, 299.00 37. 87 26, 512 .50 0 . 7 0.000 0 .00 0. 0
20000 Tyson Foods 22.67 45, 349.23 26. 87 53, 750. 00 1 .4 0.080 160.00 0 .3
1 , 000 U. S . Filter Corp. 22 .32 22, 325 . 00 24 . 00 24 , 000. 00 0 .6 0 .000 0. 00 0 . 0
1
•
Longer Investments , Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
September 30 , 1995
Unit Total Market Market Pct . Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . . . . . _ - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . . . . . . . . . . . . - - - - -
11500 Utah Medical. 13. 14 19, 705 .00 16.00 24 , 000 . 00 0.6 0. 000 0 .00 0. 0
Products
1 , 000 Varian Associates 39. 58 39, 576.25 53 .50 53 , 500 . 00 1 .4 0. 280 280 .00 0. 5
10500 VeriFone, Inc. 24.45 361676.92 27.87 41 ,812 . 50 1 . 1 0. 000 0 .00 0 . 0
10400 WMX Techno Logies 28 . 24 39, 530 .00 28.50 39,900 . 00 1 . 1 0.600 840 .00 2 . 1
10200 Watkins Johnson 44 . 17 53, 002 .50 54 . 75 65 , 700 . 00 1 .8 0.480 576.00 0 .9
500 Weyerhaeuser 40 .00 20,000.00 45 .62 22,812 .50 0.6 1 .600 800.00 3 . 5
- - - - - - - - - - - - - - - . . . . . . . . _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10422, 283.63 1 , 7640940 .62 47. 0 26,425 . 00 1 .5
CONVERTIBLE PREFERRED
. .. . . . . . . . . . . . . . .... .
700 Catellus Development 49.37 34, 562. 50 47. 87 33, 512 .50 0 .9 3 . 750 2, 625 .00 7.8
Pfd. A
6 Comptronix Ser . A 0. 00 0. 00 3. 37 _ 20 .25 0 .0 O . 00D 0. 00 0. 0
Conv. Pfd.
_ _ _ _ _ _ _ _ - - - - - - _ _ _ _ _ - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - - -
34s562. 50 33, 532 .75 0 .9 2,625 . 00 7.8
CORPORATE BONDS
- - - - - - - - - - - - - - -
1001000 Philip Morris 100. 54 100, 543 . 50 105 .97 105 , 968. 75 2.8 9.250 90250 . 00 8.7
(Non-callable) Rated
• A2/A
9.250% Due 12-01 -97
550000 Pepsico 99.31 54,618.30 100 . 06 550034 .37 1 .5 6. 125 30368. 75 6. 1
(Non- caLLabLe) Rated
A/A1
6. 125% Due 01 - 15-98
140,000 Wal -Mart Stores 101 .83 142, 565 .75 99. 12 1380775 . 00 3 .7 6.500 90100 . 00 6.6
(Non-caLLabLe) Rated
AA1 /AA
6. 500% Due 06-01 -03
756000 J . P. Morgan 99.90 74,925 .75 89.62 67, 218 . 75 1 . 8 5 . 750 40312 .50 6.4
(Non-caLLabLe) Rated
AA2/AA+
5 . 750% Due 10- 15-08
Accrued Interest 81744 . 08 0. 2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
372 ,653 .30 375 , 740 .95 10. 0 26,031 .25 7. 1
2
•
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
• September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur .
Quantity Security Cost Cost Price Value Assets Income Income Yield
. . . . . . . . . _ - - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - - -
GOVERNMENT BONDS
- - - - - - - - _ _ _ _ _ _ _ _
200, 000 U. S. Treasury Note 99.94 199, 884 . 00 100. 28 2008562 . 50 5 .3 6. 125 12, 250 . 00 6. 1
6. 125% Due 07-31 -96
100, 000 U . S . Treasury Note 99.96 99, 958. 00 101 . 56 101 , 562 . 50 2 .7 7. 250 7, 250.00 7. 1
7. 250% Due 11 -30-96
225 , 000 U. S . Treasury Note 99.89 224 , 751 . 75 102. 00 229, 500 .00 6. 1 7. 500 16, 875 .00 7.4
7. 500% Due 12-31 -96
150,000 U . S . Treasury Note 99.94 149, 910. 50 102.87 154,312. 50 4 . 1 7.375 110062. 50 7. 2
7.375% Due 11 . 15.97
100,000 U . S . Treasury Note 99.36 99, 359.37 100. 25 100, 250.00 2 .7 6 . 000 6, 000. 00 6. 0
6. 000% Due 11 -30-97
50,000 U . S . Treasury Note 99. 56 49, 781 . 50 100.84 50, 421 .87 1 .3 6. 250 3, 125 . 00 6. 2
6. 250% Due 08-31 -00
100, 000 U . S . Treasury Note 99. 00 99, 000. 00 109. 03 109, 031 .25 2 .9 8. 000 8, 000. 00 7.3
8. 000% Due 05. 15-01
100, 000 U . S . Treasury Note 101 . 50 101 , 500. 00 101 . 50 101 , 500 .00 2 . 7 6.375 60375 . 00 6.3
6.375% Due 08- 15-02
1550000 U . S . Treasury Note 98.34 152,425 .98 106. 72 165 ,414 . 06 4 .4 7. 250 11 , 237. 50 6.8
7. 250% Due 05- 15-04
500000 U . S . Treasury Note 99.97 49,984 .38 111 . 19 55 , 593 . 75 1 .5 7.875 3 , 937.50 7. 1
7.875% Due 11 - 15-04
• 50,000 U . S . Treasury Note 99.87 49,937. 50 102.44 51 , 218. 75 1 .4 6. 500 30250.00 6.3
6. 500% Due 08- 15-05
50, 000 U . S . Treasury Note 99.83 49,914 . 06 95 . 12 478562 . 50 1 .3 6. 250 3 , 125 .00 6.6
6.250% Due 08- 15-23
Accrued Interest 25 ,370 .31 0. 7
1 ,326,407. 05 1 ,3920300 . 00 37. 1 92,487.50 6.8
GOVERNMENT AGENCY
. . _ . " ' . . . . . . . . . .
60, 000 Federal Home Loan 100 .06 60,035 .00 99 .69 59,812 . 50 1 .6 7. 350 41410 .00 7.4
Bank
7.350% Due G6- 14-05
Accrued Interest 1 , 298. 50 0. 0
- ' - " - - " ' - - - - - _ _ _ _ _ " ' ' -- - - -- - - " ' " " ' - " - - - - - - - " '
60, 035 . 00 61 , 111 . 00 1 .6 4 ,410 . 00 7.4
CASH AND EQUIVALENTS
_ _ _ _ _ _ _ _ _ _ _ _ _
Dividends Accrued 3, 578. 00 3 , 578. 00 0. 1 0 .000 0 . 00 0 .0
Money Market 19,991 .42 190991 .42 0. 5 4 .940 987. 58 4 .9
- - - - - - - - - - - - - - - - - - _ _ _ _ � - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - - -
23, 569.42 23 , 569.42 0.6 987. 58 4 .2
3
0
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
• September 30, 1995
Unit TotaL Market Market Pct . Unit Annual Cur .
Quantity Security Cost Cost Price Value Assets Income Income Yield
- - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - " ' • " .. . ---- - - - - - - - - - - - - - - - - - " ' - • - ' - . - - - - - - - - - - - - - - - - -- " ' - - - - -
CERTIFICATE OF DEPOSIT (MONTHLY PYMT . )
--- - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - -
100,000 First USA Bank 100 . 00 1000000. 00 100.65 1000649.00 2 .7 8.300 80300. 00 8.2
Lli Lmington, DE 8.3%
1 -2-96
8.300% Due 01 .02-96
Accrued Interest 645.56 0 .0
-- - - - - - - - - - - - - - - - - - - - - - - - MM - - - - - - - - - - - - - - ------- - - - - -
100, 000. 00 1018294 .56 2 .7 86300.00 8. 2
- - - - - - - - - - - - - - - - - - - - - - ' - - - - - - - - - - - ' - • - - - - - - - - - - - - - -
TOTAL PORTFOLIO 313398510 .90 38752, 489.31 100 . 0 161 , 266.33 4.3
4
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
• September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur .
Quantity Security Cost Cost Price Value Assets Income Income Yield
_ _ _ _ _ _ _ _ _ _ _ _ _ - - - - - - - - - - - - - _ . . . . . . _ ____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . . . . . _ - - - - - - - - - - - - - _ _ - - - - _ _ _____ _ _ ___ _ - - - - -
CORPORATE BONDS
- - - - - - - - - - - - - - -
1008000 Philip Morris 100. 54 100,543 .50 105 .97 105,968 .75 7. 5 9. 250 9, 250. 00 8. 7
(Non-callable) Rated
A2/A
9.250% Due 12-01 -97
550000 Pepsico 99.31 540618.30 100. 06 55 , 034 .37 3.9 6. 125 3,368.75 6. 1
(Non-callable) Rated
A/A1
6. 125% Due 01 - 15-98
140, 000 Wal -Mart Stores 101 .83 1421565 .75 99 . 12 138, 775 .00 9.8 6. 500 90100. 00 6.6
(Non-callable) Rated
AA1/AA
6.500% Due 06-01 - 03
75 , 000 J .P . Morgan 99.90 74 ,925 .75 89.62 67, 218 . 75 4 . 7 5 . 750 4, 312 .50 6.4
(Non-callable) Rated
AA2/AA+
5 .750% Due 10- 15-08
Accrued Interest 8, 744 . 08 0.6
' - - - - - - - ' - - - - - - - - - - - - - - - - - - ' - - - - - - - - - - - - - - - - - - - - - - -
372, 653 . 30 375, 740 .95 26. 5 26, 031 . 25 7. 1
OVERNMENT BONDS
- - - - - - -- - - -
2000000 U. S. Treasury Note 99.94 199,884 .00 100 .28 200 ,562 .50 14 . 1 6. 125 12,250 .00 6. 1
6. 125% Due 07-31 -96
100, 000 U. S . Treasury Note 99.96 99,958.00 101 .56 101 ,562 . 50 7. 2 7. 250 7,250 .00 7. 1
7.250% Due 11 -30-96
1000000 U. S . Treasury Note 99.90 99,898.00 102 .00 1020000 . 00 7. 2 7. 500 71500 .00 7.4
7.500% Due 12-31 -96
100, 000 U. S . Treasury Note 99 .93 99,932 . 00 102 .87 1020875 .00 7.3 7.375 70375 . 00 7.2
7.375% Due 11 - 15 -97
50,000 U . S . Treasury Note 99.56 49,781 .50 100 .84 50,421 .87 3 . 6 6. 250 3, 125 .00 6. 2
6.250% Due 08-31 -00
100, 000 U . S . Treasury Note 99.00 99, 000 . 00 109. 03 109, 031 . 25 7. 7 8. 000 8, 000.00 7.3
8.000% Due 05- 15-01
45, 000 U . S . Treasury Note 99 . 29 44,678. 50 106. 72 48, 023 . 44 3.4 7.250 31262 . 50 6.8
7.250% Due 05- 15 -04
50, 000 U . S . Treasury Note 99 .87 49,937. 50 102 .44 51 , 218. 75 3 . 6 6.500 3, 250 . 00 6.3
6.500% Due 08- 15 -05
50,000 U . S . Treasury Note 99.83 49, 914 . 06 95 . 12 47, 562. 50 3 . 4 6.250 3, 125 . 00 6.6
6. 250% Due 08- 15-23
Accrued Interest 14 , 379.69 1 . 0
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - - - - - - - - - - - _ _ _ _ _ - - - - _ _ - - - - - - - _ _ - _ _
792,983. 56 8278637. 50 58.3 55 , 137.50 6.8
1
•
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
�• September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
GOVERNMENT AGENCY
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
60,000 Federal Home Loan 100 .06 600035 . 00 99.69 590812. 50 4 .2 7.350 4,410 .00 7.4
Bank
7.350% Due 06- 14-05
Accrued Interest 1 , 298 . 50 0 . 1
. _ _ _ _ _ _ _ _ - - - - - _ _ _ _ _ _ _ - - - - - - _ _ _ _ _ _ _ _ _ _ _
600035 .00 - 61 , 111 . 00 4 .3 40410 .00 7.4
CASH AND EQUIVALENTS
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Money Market 521881 .75 52,881 . 75 3 .7 4.940 2,612.36 4 .9
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - " '
52, 881 . 75 52,881 . 75 3 .7 2, 612.36 4.9
CERTIFICATE OF DEPOSIT (MONTHLY PYMT . )
100,000 First USA Bank 100 . 00 100, 000. 00 100.65 100, 649 . 00 7. 1 8.300 8,300. 00 8. 2
Wilmington, DE 8.3%
1 -2-96
8.300% Due 01 -02-96
Accrued Interest 645 . 56 0 . 0
• - ` - - - - - - - - - - - - - - - - - ' - " - - - - - ' - - - - - - - - - - - - - _ - - -
1000000 . 00 1010294 . 56 7. 1 81300 . 00 8.2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - " " " - - - - - - - - - - -
TOTAL PORTFOLIO 1 ,378, 553 . 61 1 , 418, 665 .76 100 . 0 96,491 . 11 6.9
--------------- --------------- ----- ------------- -----
2
7
r _
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
• September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . ' ' ' ' - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --- - - - - - - - - - - - - - - - - - - - - - - - - . - - --
COMMON STOCK
- - - - - - - - - - - -
1 ,600 A T & T 54 . 18 860692 . 00 65 . 75 1050200.00 4. 5 1 .320 21112 .00 2. 0
11000 ADT Limited 12 . 19 120195 . 00 13 . 75 13 , 750.00 0.6 0.000 0 .00 0. 0
11000 AMP 35 .69 35 ,691 . 25 38. 50 38, 500. 00 1 .6 0.920 920 .00 2.4
500 Air Products and 46.32 23, 160 . 00 52 . 12 26, 062. 50 1 . 1 1 .040 520.00 2. 0
Chemicals
600 Alternative 26. 00 15 ,600 .00 32 .00 19, 200. 00 0 .8 0 .000 0 . 00 0 .0
Resources
900 Arrow Electronics 42 .75 38,476. 14 54 .37 48,937. 50 2 . 1 0. 000 0 .00 0. 0
11300 Barrick Gold Corp. 15 .37 19, 986.00 25 .87 33,637. 50 1 .4 0. 120 156.00 0. 5
1 , 000 Clayton Homes 16.40 16, 400 .00 23 . 75 23 , 750 . 00 1 . 0 0. 000 0 .00 0. 0
1 , 000 Compaq 37.38 37,383 .00 48.37 48,375 . 00 2 . 1 0. 000 0 .00 0 . 0
500 Deflect A-Shield 11 .50 5 ,750 .00 7. 12 3 , 562 . 50 0 . 2 0. 000 0 .00 0 . 0
725 Diebold, Inc . 30 .51 22 , 122 .75 46.37 33 ,621 .87 1 .4 0.960 696.00 2. 1
800 Dovatron 32 .57 26,056.00 34 .62 27, 700 . 00 1 . 2 0. 000 0 .00 0. 0
International
700 Elan Corp. 37.30 26, 110 .00 41 .00 28, 700 . 00 1 . 2 0. 000 0 .00 0. 0
1 ,400 Emerson Electric 55 .07 77, 100 . 12 71 .50 100 , 100 . 00 4 . 3 1 .960 2, 744 .00 2. 7
1 , 000 Federal Signal 22 .50 22 ,500 .00 22 .25 22 , 250. 00 1 . 0 0. 500 500 .00 2. 2
1 ,975 General Electric 52 .85 104 ,370.31 63 . 75 125 ,906. 25 5 . 4 1 .640 3, 239.00 2.6
10000 Manna, M . A. 28.25 28, 250.00 26.37 26,375 . 00 1 . 1 0. 540 540 .00 2 . 0
• 400 Illinois Tool works 37. 18 14 , 871 .44 58.87 23, 550. 00 1 .0 0.680 272.00 1 . 2
10000 Ingersoll -Rand 38.32 38,320. 00 37. 50 37, 500. 00 1 .6 0. 740 740.00 2 . 0
1 , 000 International 24 .37 240366. 18 40. 25 40, 250. 00 1 .7 0 . 000 0.00 0 . 0
Rectifier
11000 JLG Industries 20.46 20,460. 00 45 . 00 45 , 000 . 00 1 .9 0 . 060 60. 00 0 . 1
11500 Kennametal , Inc . 37.97 56,962. 50 36. 25 54, 375 .00 2 .3 0 .600 900. 00 1 . 7
1 , 500 L . T .V. Corp. 15 . 50 23, 250. 00 14. 00 21 , 000.00 0 .9 0 . 000 0. 00 0 .0
750 Life Technology 21 .82 160365 . 00 26. 50 19, 875 .00 0 .9 0 . 200 150. 00 0 .8
1 ,400 Mercury Finance 16.88 23, 636. 00 24.37 34, 125 .00 1 .5 0 .360 504. 00 1 . 5
500 Mobil Corp. 87.33 43, 665 . 00 99.62 49, 812 . 50 2 . 1 3 . 700 1 , 850. 00 3 . 7
1 , 250 Molex Inc 22. 78 28, 471 .34 36. 25 45 , 312 .50 1 .9 0 . 040 50. 00 0 . 1
800 Motorola, Inc . 57. 79 46, 232. 11 76.37 611100 .00 2 .6 0 .400 320. 00 0 . 5
1 ,600 Newell Co Inc 20.93 33, 492. 00 24. 75 39, 600 .00 1 .7 0 .480 768. 00 1 .9
700 Northern Trust Corp. 41 . 16 28, 813. 08 46. 00 32, 200 . 00 1 .4 1 . 040 728. 00 2 .3
500 Oak Industries 31 .82 15 , 910. 00 30. 12 15 , 062 .50 0 .6 0 . 000 0. 00 0.0
1 , 500 Philip Morris 54. 03 81 , 038. 50 83 . 50 125 , 250 .00 5 .4 4 . 000 61000. 00 4 . 8
700 Robert Half 27.62 19, 337. 50 34 . 12 23 , 887.50 1 . 0 0 .000 0 . 00 0 .0
International
700 Sofamor Danek Group 19.69 130786. 50 27. 75 19, 425 . 00 0 . 8 0 .000 0 . 00 0.0
700 Starbucks Corp. 27. 57 19, 299. 00 37.87 26, 512 . 50 1 . 1 0 .000 0 . 00 0.0
2, 000 Tyson Foods 22 .67 45 ,349. 23 26.87 53 , 750. 00 2 . 3 0 .080 160 . 00 0.3
1 , 000 U . S . Filter Corp. 22 .32 22 , 325 . 00 24 . 00 240000. 00 1 . 0 0 .000 0 . 00 0 .0
1
•
Y
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
September 30, 1995
Unit Total Market Market Pct . Unit Annual Cur .
Quantity Security Cost Cost Price Value Assets Income Income Yield
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - - _ - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . . . _ _ _ _ _
11500 Utah Medical 13 . 14 19, 705 . 00 16. 00 240000. 00 1 .0 0 .000 0 . 00 0 .0
Products
11000 Varian Associates 39.58 39, 576. 25 53 . 50 53, 500. 00 2 .3 0 .280 280 . 00 0 .5
1 ,500 VeriFone, Inc. 24 .45 36,676.92 27.87 41 , 812. 50 1 .8 0 .000 0 . 00 0 .0
18400 WMR Technologies 28.24 39, 530 . 00 28. 50 39, 900. 00 1 .7 0 .600 840 . 00 2 . 1
10200 Watkins Johnson 44 . 17 53, 002 . 50 54 . 75 65 , 700. 00 2 .8 0 .480 576. 00 0 .9
500 Weyerhaeuser 40 .00 20, 000 . 00 45 .62 22 , 812. 50 1 .0 1 .600 800 . 00 3 .5
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
104220283 .63 1 , 764, 940.62 75 .6 26,425 . 00 1 .5
CONVERTIBLE PREFERRED
700 Catellus Development 49.37 34, 562 .50 47.87 33,512 .50 1 .4 3 . 750 21625 .00 7.8
Pfd. A
6 Comptronix Ser . A 0. 00 0 .00 3 .37 20 .25 0 . 0 0. 000 0 .00 0 .0
Conv. Pfd.
- - - - - - - - - - - - - - - - - -- - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
34, 562 .50 33,532 . 75 1 .4 21625 .00 7.8
GOVERNMENT BONDS
__ _ _ _ _ _ _ _ _ _
125 , 000 U. S. Treasury Note 99.88 124, 853 .75 102 . 00 127, 500 .00 5 . 5 7. 500 9, 375 . 00 7.4
7. 500% Due 12-31 -96
• 50, 000 U. S. Treasury Note 99.96 49, 978 .50 102. 87 51 , 437.50 2 . 2 7.375 31687.50 7. 2
7.375% Due 11 - 15-97
1000000 U. S. Treasury Note 99.36 99, 359.37 100 . 25 100, 250 .00 4 .3 6. 000 6, 000. 00 6. 0
6. 000% Due 11 -30-97
100 , 000 U. S. Treasury Note 101 . 50 101 , 500 . 00 101 . 50 101 , 500 .00 4 .3 6.375 6,375 . 00 6.3
6.375% Due 08- 15-02
110, 000 U. S. Treasury Note 97.95 107, 747. 48 106. 72 117, 390.62 5 . 0 7.250 71975 . 00 6.8
7.250% Due 05- 15-04
50, 000 U . S. Treasury Note 99.97 49,984 .38 111 . 19 55 , 593 . 75 2.4 7.875 30937. 50 7. 1
7.875% Due 11 - 15-04
Accrued Interest 10, 99D.62 0. 5
. . . . . . . . . . . . . . . - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - ' - - - - -
533,423 .48 564 ,662. 50 24. 2 370350 . 00 6.7
CASH AND EQUIVALENTS
- - - - - - - - - - - - - _ _ _ _ _
Dividends Accrued 3, 578. 00 3, 578. 00 0. 2 0 .000 0 . 00 0 .0
Money Market -32,890 .33 -32,890 .33 - 1 .4 4 .940 - 1 ,624 . 78 -4 .9
-29,312 .33 -29, 312 .33 - 1 .3 - 1 ,624 . 78 5 .5
' . . . . . . . . . . . . . . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL .PORTFOLIO 1 ,960, 957.28 2$ 33, 823 .54 100 . 0 64, 775 . 22 2.8
--------------- --------------- ----- ------------- -----
--------------- --------------- ----- ------------- -----
2
•
City of Fayetteville Police Pension Fund
Largest Holdings CSTOCK)
September 30, 1995
Percent of Percent of
Equity Portfolio Total Portfolio
(Historical Cost) (Historical Cost)
General Electric 5 . 3% 3. 1%
AT & T 4.4% 2.6%
Philip Morris 4. 1 % 2.4%
Emerson Electric 3.9% 2. 3%
Kennametal 2.9% 1 .7%
• Watkins Johnson 2.7% 1 .6%
City of Fayetteville Police Pension Fund
Portfolio Parameters
September 30, 1995
Price/Eamings Multiple 20. 3X EAgpAw 5
Return on Equity 20.9%
Debt to Capital Ratio 20.9%
Expected Return 16. 3%
Beta 1 . 13
Standard & Poor's Rating A, A —
Market Capitalization (Percent of Equities)
Large Cap. (Greater than $5 Billion) 45 .3%
Mid Cap. ($400 Million — $5 Billion) 46.5%
Small Cap. (Less than $400 Million) 8.2%
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City of Fayetteville Police Pension Fund
Performance Summary
September 30, 1995
Equities Fixed Income Total
1990 — 2.4% 7.2%v — 0.5%
1991 39.5 % 17.2% 28. 1 %
1992 —0.9% 7.4% 0.6%
1993 12. 1% 8.5 % 9.3%
1994 — 7.8% — 5.6% — 5.6%
1995 (Through 9/30) 27.6% 10.9% 17.4%
Cumulative Return 77.6% 53. 1 % 55.0%
Average Annual Return 11.7% 8.6% 8.8%
• 1995 July 26, 1990
Year — Inception —
to — Date to — Date
Beginning Value $3, 196,692 $ 1 ,350,354
Deposits $0 $ 1,2209000
Withdrawals $0 $0
Net Income $86,096 $386,737
Change in Accrued Income $12,323 $36,058
Realized Gains $67,872 $3823419
Change in Unrealized Gains $389,508 $376,920
Ending Value $397529489 $39752,489
Total Investment Return $5559797 $ 1, 182, 135
11
>:XPLANAT1OIJ OF
Returns are reported net of all fees and expenses.
ANALY51S OF V3(Wb I:2Akr
bF PoK-rFol-IO
City of Fayetteville Police Pension Fund
Portfolio Income and Yield
September 30, 1995
Annual Yield on
Income Book Value
Fixed Income $ 1339854 7. 1 %
Securities Only
Total Portfolio $ 161 ,266 4.8%
oN 13oNrr
Weighted Average Maturity 4. 91 Years
Weighted Average Yield — to— Maturity 6 . 22%
• Weighted Average Duration 3.44
Bonds as a percent of total portfolio = 51 .4%
Fixed income securities maturing in three years or less:
29.5% of total portfolio
i
r
L40N ER MIN
ARKT NEW
INcox�ox� u
September 30, 1995
The impressive stock market advance that began in
January continued in the third quarter of 1995. Tice favorable Interest Rates
environment that we profiled in our June newsletter of declining
interea rates, reasonable valuation, strong earnings growth, and
positive capital flows into U. S. equity mutual funds persisted The Federal Reserve Board (Fed) lowered short-term
throughout the third quarter. Returns, by market, for this quarter interest rates by 25 basis points (0.250%) this quarter. The move
and year-to-date are listed below. The small-capitalization was largely expected by market participants and therefore had
indices(NASDAQ andRussell2000)outperformedthe large-cap tittle effect on bond interest rates. Rates across the maturity
or blue chip indices (Dow Jones Industrial Average, S & P 500) spectrumare little changed from June 30 levels.
thisquartcr, asexpected. lndershipvawbeginningtoshifttothe
smaller company stocks in June. For the quarter, small stocks Maturi 12/31/94 6/30/95 9/30/95
gained the upper hand over the performance of the blue chips.
Two-Year 7.50% 5.77% 5.80010
Third Ouarter Year-to-Date Five-Year 7.90% 5.96% 5.990/0
DJ1A 5. 1% 24.90/. Seven-Year 7.90% 6. 105/6 6.09%
S & P 500 7.3% 27.2% Ten-Year 7.90% 6.205/6 6. 16%
Russell 2000 (small-to- Thirty-Year 7.90% 6.63% 6.48%
intermediate size companies) 9.4% 24.0%
NASDAQ -_. 11.80/0 38.80/6 Tax-freemmicipalbondyields havemovedlowerasthe
Value Line 8.90/0 19.3% potential fallout from a default of California's Orange County
appearsless ommousandtalk ofaflat mcometax hastakenback-
stage to budget reconciliation and Medicare/Medicaid reform in
Theadvancethisyear hasbeenbroad-basedwith strong Washington. Asaresult,yieldsavaAableonhigh-qualitymunici-
breadth and participation among marry sectors (see Breadth pal bonds range from 4.25% in a five-year maturityto 4.75% in
a ten-year note.
semee emre.a s.paeesx taut
Withinflationarypressuressubdued,thedollarstrength-
wring, and economic growth progressing at a moderateto-
1 sluggish pace, interest rates should remain stable through year
"0D end with another Fed easing possible in the fourth quarter.
weo =
� a
Valuation and Earnings Growth
r+p 3 The market, as measured by the S & P 500, is up 27%
year-to-date, and earnings growth thisycar has keptpace with the
st o +o .-.. ;, a, _ y • .r d4:. . . ; > etr: market (+21%). Asa result, valuation, or the Price/Eamings
: . (P/E) multipleofthemarkeLhaschangedontyslightlysinceyear-
end 1994. At year-end 1994, the P/E multiple stood at 14.4 times;
earnings. Basad on current levels, the S & P 500 is trading at a
valuation of 14.5 times 1995 earnings and 12 times estimated
" °^^"" " "" • x000 1996eamings. Valuation is still in line with the historical norm,
even hough the market has advanced dramatically this year.
i
,mom -
With interest rates declining this year and valuation
00� I I li# 1 ;1 remaining unchanged, the Equity Risk Premium (tire excess
s r return that an equity investor might obtain in equities versus
returns available in risk-free assets over a long time horizon)
• chart). Market leadership has been most pronounced in the actually increased to 5.31%. As the EquityRisk Premium graph
technology sector. This year we have seer a return to the bull onPageTwo illustrates, the wrrentpremiumsuggests that stocks
market environment of a `rising tide that rifts all ships." are slightly undervalued relative to fixed income vehicles.
Markd News Page Trva
positive, the sector continued to attract more funds. However, in
September it appears that the technology sector peaked and is no
long in the leadership position From here through year-end,
tAorc r..Mnn�rc
technology is likely to become a source of funds as opposed to a
magnetforfundsinmostportfoliomanagers'' eyes. Wheneverthe
iA market goes through a change in leadership, it creates turbulence
reek0 and rotational volatility until new leadership asserts itself. It is
IBM moo . . , r unclear at this point whether new leadership will emerge or
IBM
amn whether the technology sector will go through a several-month
's i = = s 9 = s Ss 9 correction only to emerge as leadership again. In any event,
investors cancgwmore sedorrotationand volatility inthe next
Saone NWVA ran Focus RamG, odAW rwr couple of months as the market searches for new direction
Liquidity Second, earnings in the third quarter could come in a
Continued capital flows into U.S. bale weaker than expected We have seen a disturbingly large
strong equity mrmberofpre-announcedearnings shortfalls going into earnings
and mutual funds have provided the liquidity to fuel this market release season this quarter. According to IBES, about60%ofthe
advance. In the third quarter the dollar strengthened, enhancing companies in the S&P 500 reported earnings above expectations
the attractiveness of U.S. securities and assets to foreigners. during the first two quarters of 1995. Fewer positive earnings
Corporations have continued to repurchase shares and merger rises are expected in the second half as well as a notable
activity has accelerated resulting in a reduction in the supply of deceleration in the pace of S & P 500 operating profit growth to
stocks. Mutual fund cash inflows have accelerated with July 100/6 from 21% in the first half of 1995.
inflows ofS13.9billion setting arecord for tbeyear. Alternative
investments, suchasbondfunds, real estate,gold,money markeM Finally, the CongressionaI budget debate is likely to
etc., provide little competition at this point for investor funds unsettle the markets if indeed the Republican leadership in
visa'-vis stocks. Liquidity is expected to remaina positive&act Congress "goes to the mat" with the Administration over the
for the U. S. stock market for the remainder of the year. budget negotiations currently underway in Washington. The
Republican plan entails linking the budget bill requiring a •
Outlook balanced federal budget to a bill that would raise the federal debt
ceiling. Without the debt ceiling being raised by raid-November,
The most important determinants of the stock market the government runs into trouble refinancing Treasury debt In
trend we have outlined in this newsletter and previous newsletters essence, itisacase of 'budget brinlananship" the Congremonal
(interest mtMearnings, vatuatiogand liquidity)remain positive. leadership hopes will force President Clinton to accept their
The long-term trend in the U. S. toward rising productivity and budget proposal, since a veto of the budget would bring about a
earnings growth within an environment of moderately subdued financial "train wrack" for the U. S. government In the weeks
inflation bodes well for equity investors willing toassume along. ahead as the debate heats up, one needs to remember that we have
term investment horizon. Economic growth and profit growth is beenherebefore. In 1990,PresidentBushvetoedabudget bill that
expected to continue at least through 1996 and the first half of brought about a rush to emergency spending measures to keep the
1997; inflation remainsundercontrol; equities are approximately government conning and forced numerous Federal employees to
6% undervalued relative to inflation and interest rates; and takeunpaid, mandatory leaves ofabsence. The high-stakesdrama
demand for equities from U.S. individuals and corporations will be played out on the evening news and the from pages of
remains strong with demand expected to increase from foreign newspapersbut in the end a compromise is most likely to emerge
investors as confidence in the U. S. dollar improves. that will avert disaster. The U. S. is the world's largest debtor
nation, dependent upon foreign capital to fund our debt Neither
Although the long-term fundamentals underpinning Democrats nor Republicans in Congress stand to benefit from an
the equity market remain strongly positive, we are likely to impasse that would shake investor confidence in the U. S.
experience some "bumps in the mad" in the fourth quarter for government's ability to pay its bills. The budget battle will be
several reasons. First, the leadership of the market up to interestingintheweeksaheadbutoouldprovetobeunsettlingfor
September has been in the technology stocks. Marry technology the currency, bond, and stock markets.
stocks have risen 70%ormoreyear-to-dateandmoney managers
sitting on large unrealized gains will be quick to realize them to In summary, expect some short-term turbulence m4he
protectperformanoe in the last quarter. Several technology stocks markets for the reasons outlined above. However, the long-term
are extended both on a technical (chart) basis as well as a fundamentals for equity investors in the U. S. remain sound
fundamental (valuation) basis. As long as the trend was strongly
Ioijwz fvest»ienls, Ina, P. O. Bax 1269,:Fayetlea4 AR 72702 Phone: (501) 443-5851 Fair .(501) 443-'7129
. iv 1. il q
USER15 Thu Oct 19 09 : 39 : 29 1995
A 342 018786 049 2 10 / 18 / 95 1 CITY OF FAYETTEVILLE P DOB 00 / 00 / 00
ll,'* WORK ( 501 ) 575.1 — 8330 .
FOR ACCT CSH SWP=AAA/AAMT TYP CASH AAA TEFRA= O
EV SUMMARY 298=OCT94 /SEP95 O =JAN95 /SEP95 O =SEP95
1 T . D . CASH BAL 0 . 00 CR 5 MKT VAL LONG POSITIONS 220 , 000 . 00 CR
2 S . D . CASH BAL 0 . 00 CR 6 MKT VAL LONG OPTIONS 0 . 00 CR
3 CSH AVAILABLE 0 . 00 CR 7 MKT VAL SHORT POSITIONS 0 . 00 CR
4 MTHLY ACC INC 0 , 00 CR 8 MKT VAL SHORT OPTIONS 0 . 00 CR
9 MONEY MKT BAL AAMT 51 , 867 CR VAL BELOW FOR PRICED POSIT ONLY
10 MKT VAL CUSTODIAL POSIT 0 CR UNREALZD GAIN/LOSS 0+
11 TOTAL PENDING DB/CR 0 CR ACCT VAL Y . E . 12 / 94 2761322CR
12 TD ACCT VL ( 1+5+6 +9 + 10 - 7 - 8 ) 271 , 867 CR ACCT VAL M . E . 09 / 95 2711867CR
13 TD LONG HOLDGS VAL ( 5+6 + 10 ) 220 , 000 CR PROJTD CASH NOV/JAN 241063+
14 TD INVESTABLE FUNDS ( 1 +9 -4 ) 51 , 867 CR PERCENT INVESTED ( 13 / 12 ) 80
— RECAP OF RECENT ACTIVITIES — —
09 / 28 DIVA ACTIVE ASSETS MONEY TRUST 168 . 49CR -
09 / 21 BOT 16753 ACTIVE ASSETS MONEY TRUST 1 . 00 16 , 753 . 93DB
09 / 20 RED 16000 FCC NATL BK DE CD 6300 95SP2 . . . . . 16 , 000 . 00CR
09 / 20 CPN logo FCC NATL BK DE CD 6300 95SP2 753 . 93CR
08 / 30 DIVA ACTIVE ASSETS MONEY TRUST 212 . 56CR
08 / 14 CHKA CITY FAYETTEVILLE POLICE PENS 15 , 000 . 00DB
08 / 14 SLD 15000 ACTIVE ASSETS MONEY TRUST 1 . 00 151000 . 00CR
USER15 Thu Oct 19 09 :39 : 37 1995
A 342 018786 049 END 10 / 18 / 95 2 CITY OF FAYETTEVILLE POLICE -
ASSET ALLOCATION FOR DWR POSITIONS
CASH + MMKT = 19 % EQUITIES = 08 BONDS = 81 % OTHER = 0 %
C . CUSTODIAL POSITIONS MARGINED/
DATE RENU QTY/YLD SYMBL MGN PLAN NR DIV RE PRICE VALUE POLICY #
10 / 18 51 , 867 . 400 ACTIVE ASSETS MONEY TRUST 1900 51 , 867 . 40
OXASH POS 1 OF 4 10 / 13 / 95
0 . 00 T/D 0 . 00 S /D 220 , 000 . 00 MKT 0 . 00 CSH
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
FIRSTIER LINC CD 6750 95DE21 N/O? 100 ? 16 , 000 16000 16000 UT362
ONBANK & TR NY CD 7000 96JN21 N/O? 100 ? 24 , 000 24000 24000 UT389
GREENWOOD TR CD 8000 96MY08 N/O? 100 ? 901000 90000 90000 YZ808
SEARS SVGS BK CD 8050 96JN19 N/O? 100 ? 90 , 000 90000 90000 ZX137
MATU12I N G
USER15 SQ / / Thu Oct 19 09 : 38 : 58 1995
A 342 015178 049 2 10 / 18 / 95 1 CITY OF FAYETTEVILLE P4 DOB 03 / 01 / 50
WORK ( 501 ) 575 - 8292 .
TOT FOR ACCT CSH SWP=AAA/AAMT TYP CASH AAA TEFRA=O
V SUMMARY ' 2079 =OCT94 / SEP95 1415 =JAN95 / SEP95 293=SEP95
D . CASH BAL 0 . 00 CR 5 MKT VAL LONG POSITIONS 1 , 495 , 335 . 00 CR
2 S . D . CASH BAL • 0 . 00 CR 6 MKT VAL LONG OPTIONS 0 . 00 CR
3 CSH AVAILABLE 0 . 00 CR 7 MKT VAL SHORT POSITIONS 0 . 00 CR
4 MTHLY ACC INC 0 . 00 CR 8 MKT VAL SHORT OPTIONS 0 . 00 CR
9 MONEY MKT BAL AAMT 113 , 517 CR VAL BELOW FOR PRICED POSIT ONLY
10 MKT VAL CUSTODIAL POSIT 0 CR UNREALZD GAIN/LOSS 23 , 169 +
11 TOTAL PENDING DB/CR 0 CR s ACCT VAL Y . E . 12 / 94 1 , 4461982CR
12 TD ACCT VL ( 1 +5 +6 +9 + 10 - 7 - 8 ) 1 , 608 , 852 CR ACCT VAL M . E . 09 / 95 . 1 , 595 , 235CR
13 TD LONG HOLDGS VAL ( 5 +6 + 10 ) 11495 , 335 CR PROJTD CASH NOV/JAN 322 , 872 +
14 TD INVESTABLE FUNDS ( 1 +9 -4 ) 113 , 517 CR PERCENT INVESTED ( 13 / 12 ) 92
RECAP OF RECENT ACTIVITIES - -
10 / 17 BOT 2662 ACTIVE ASSETS MONEY TRUST 1 . 00 21662 . 50DB
10 / 15 CPN . . . . INTL LEASE FIN 8875 01APR 0 . 006 21662950CR
09 / 28 DIVA ACTIVE ASSETS MONEY TRUST 691 . 23CR
09 / 07 SSW- . . . . IBM CORP 6375 OOJN1 06060 0 . 00
09 / 07 SSW+ 6006 IBM CORP 6375 OOJN1 . . . . . 0 . 00
09 / 06 BOT 2362 ACTIVE ASSETS MONEY TRUST 1 . 00 21362 . 50DB
09 / 05 SLD 240547 ACTIVE ASSETS MONEY TRUST 1 . 00 240 , 547 . 28CR
USER15 Thu Oct 19 09 : 39 : 07 1995
A342 015178 049 3 10 / 18 / 95 2 CITY OF FAYETTEVILLE POLICE PENSIO
ALLOCATION FOR DWR POSITIONS
CASH + MMKT = 78 EQUITIES = 08 BONDS = 938 OTHER = 0 %
C . CUSTODIAL POSITIONS MARGINED/
DATE RENU QTY/YLD SYMBL MGN PLAN NR DIV RE PRICE VALUE POLICY #
10 / 18 113 , 517 . 220 ACTIVE ASSETS MONEY TRUST 1 . 00 113 , 517 . 22
O . CASH POS 1 OF 11 10 / 13 / 95
0 . 00 T/D 0 . 00 S/D 1495 , 337 . 00 MKT 0 . 00 CSH
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
MORGAN STANLEY 6750 03MH04 A+ ? 100 7 / 8 ? 70 , 000 70612 70169 TB895
FORD CAP BV BE 9375 98JA01 +A+ ? 106 5 / 8 ? 65 , 000 69306 73770 TC418
WMX TECHNOLOGIES 6375 03DERG-A+ ? 98 7 / 8 ? 70 , 000 69212 68992 TD967
INTL LEASE FIN 8875 01APRG N/O? 111 1 / 8 ? 60 , 000 66675 70253 TG757
ALCAN ALUM CORP 7250 99DERG N/O? 103 3 / 4 ? 60 , 000 62250 64053 TH554
IBM CORP 6375 OOJN15 -A ? 100 3 / 4 ? 70 , 000 70525 67266 TK245
MARSHALL & ILSLEY 6375 03JLRG N/O ? 98 ? 60 , 000 58800 60173 TK611
US TSY NOTE 5125 95NV15 -N/0 ? 99 7 / 8 ? 290 , 000 289637 289458 TRA74
US TSY NOTE 5875 04FB15 -N/0 ? 99 1 /4 ? 300 , 000 297750 272592 TRC19
US TSY NOTE 6250 OOMY31 N/O? 101 5 / 8 ? 235 , 000 238818 236654 TRD47
USER15 Thu Oct 19 09 : 39 : 15 1995
0 342 015178 049 END 10 / 18 / 95 3 CI :7200 , 000
FAYETTEVILLE POLICE PEN
O . CASH POS 11 OF 11 10 / 13 / 95
SECURITY OPN PRICEUNITS MKT VALU COST SYMBOL
US TSY NOTE 650 96NV30 -N/0? 100 7 / 8 20175 198783 823P1