HomeMy WebLinkAbout1996-01-18 - Agendas - Final AGENDA
POLICEMEN ' S PENSION AND RELIEF BOARD
January 18 , 1996
2 : 30 p . m .
City Hall Room 326
1 . Approval of the minutes of the August 9 , special meeting
and the October 19 , regular meeting .
2 . Old Business
3 . New Business
A . Report from Mike Kirkland
B . Report from Longer Investments
C . Other
4 . Adjournment
•
FAYETTEVI LLE
WE CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK
TO : Policemen ' s Pension Board Members
FROM : Traci Paul , City Clerk/Treasurer TO
DATE : January 12 , 1996
SUBJECT : Police Pension Board Meeting
The next Police Pension Board meeting is Thursday , January 18 ,
1996 , 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 August 9 special meeting and the October 19 regular
meeting , the pension list for February 1996 , and a letter from
Elaine Longer .
Attachment
113 WEST MOUNTAIN 72701 501 575.8323
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 .
•
MINUTES OF A POLICE 4 PENSION BOARD MEETING
A meeting of the Police Pension Board was held on October 19 ,
1995 , at 2 : 30 p . m . in room 326 of the City Administration
Building , 113 West Mountain , Fayetteville , Arkansas .
PRESENT : Mayor Fred Hanna , Jerry Friend , Hollis Spencer , Dr .
James Mashburn , City Clerk /Treasurer Traci Paul , and
Administrative Services Director Ben Mayes .
ABSENT : Eldon Roberts & Randy Bradley
CALL TO ORDER
The meeting was called to order by Mayor Hanna .
NEW BUSINESS
INVESTMENT REPORTS
LONGER INVESTMENT REPORT
Elaine Longer distributed a portfolio appraisal dated September
30 , .1995 .
In reviewing the Combined Account , Longer explained that as a
percentage of the total assets that Longer manages , stocks are
• 47 % .. Longer stated Treasury Bonds are 37 °1 . The fixed income
portion , including corporate bonds , preferred stocks , CD ' s , and
treasury comes to 53 % of total . The total market value of the
portfolio on September 30 was $ 3 . 752 million . Annual income is
$ 161 , 000 per year or 4 . 3 % on market value , about 4 . 8 % on book
value .
In the bond part of the portfolio , corporates are about 26 % and
government bonds are 58 . 3 % .
There are some bonds in the stock portfolio . Approximately 75 %
of the portfolio is invested in stocks . The remainder is held in
treasuries . The market value on the stock part of the portfolio
is about $ 2 . 3 million . The actual equity is $ 1 . 7 million . The
largest holdings in the stock portfolio are General Electric ,
AT&T , Philip Morris , Emerson Electric , Kennametal , and Watkins
Johnson .
Jerry Friend arrived .
In reviewing the portfolio profile , Longer stated the
price /earnings multiple on the portfolio based on trailing
earnings is 20 . 3 times earnings , the return on equity is about
21 % , debt to capital is about 211 , expected return is 16 . 31 and
Beta is about equal to the market which is the volatility of the
• stock part of the portfolio . The Standard & Poor ' s rating is
between an A and an A - .
_ October 19 , 1995
•
As a total , large cap companies which are greater than 5 million
in Market Capitalization , make up 451 of the stock portfolio .
Mid cap companies make up 461 and small cap companies make up
8 . 21
In the performance summary , equities are up about 281 through
September 30 , 1995 . The fixed income portion of the portfolio is
up approximately 111 . The total account , bonds and stocks
included , net of all expenses is up about 17 . 41 . The average
annual return in the stock part has come up to 111 . The total ,
including bonds is about 8 . 81 .
Longer stated the total investment return has been approximately
$ 555 , 797 for 1995 . The total investment return from account
inception is $ 1 , 182 , 135 . Longer explained that the $ 555 , 797
looks like it represents half of the total return since Longer
started managing the money . In a dollar amount basis , it does .
The value of the portfolio is so much higher than previous years
so the percentage return really makes a big impact dollar - wise .
In terms of percentage performance , this year ' s return is only
about 1 /4 to 1 / 3 of total . With the size of the portfolio , big
percentages make a big difference in the dollars .
• Longer explained that conservative management is still the way to
go . Longer stated there are still reserves in the stock account
that can be used if the market pulls back .
In reviewing an analysis of the bond part of the portfolio ,
Longer stated the fixed income securities for the total portfolio
yield about 7 . 11 on book value . The weighted average maturity on
bonds is approximately 5 years . The average yield - to - maturity is
6 . 21 . Bonds as a percent of total portfolio is 51 . 41 . Fixed
income securities maturing in three years or less is 29 . 51 of the
total portfolio .
Longer stated we came into 1995 with a fairly moderate valuation
on the market . There was some relief on the interest rate side .
Because interest rates are where they are , there is still no
pressure from the interest rate side . Earnings this year are up
about 211 with the market up about 251 . Valuation can still go
higher and earnings can still go higher . It is possible that
1996 will be another good year .
Longer stated the month of October causes concern . Congress is
going to do battle this month . Raising the debt ceiling has to
be done by November 14 . There should be a compromise by mid
November .
October 19 , 1995
In answer to a question from Mashburn , Longer explained that she
would weight the odds that 801 you get a capital gains tax cut
and 201 you do not . Longer stated preferential treatment for
capital gains will probably be in the final budget plan . The
House Bill calls for it to be retroactive to January 1 of 1995
exclusion of 500 of capital gains for tax purposes and indexing
it to inflation . The Senate version calls for a 501 exclusion
and making it retroactive to October 1 , 1995 . Longer explained
she would rather have the indexing than the exclusion .
In answer to a question from Mashburn , Longer stated if interest
rates go up , stocks go down . Generally , if bonds are moving up
it means interest rates are dropping .
Friend asked if it would be difficult to do business if the Board
decided they did not want to use certain companies .
Longer stated it would be difficult .
Friend explained he did not like to support the exportation of
cheap cigarettes with no warnings .
Longer stated the Board can write anything they choose into the
policy . From an investment standpoint , restricting companies
• does knock out certain stocks .
Administrative Services Director Ben Mayes stated the Board has
instructed to stay out of certain stocks before .
Mayor Hanna suggested the Board pick the stocks that Longer
should not participate in . Longer should not have to research
affiliation between companies .
Friend explained that he would do some research on certain
stocks .
Mayor Hanna reminded the Board they are making money for the
Pension Fund . The Pension Fund could be paying disability to a
smoker .
Discussion ensued regarding Walmart stock .
DEAN WITTER INVESTMENT REPORT
Mike Kirkland , Dean Witter , stated the stock and bond market are
working in the Funds favor .
Looking at what the bonds have done in the last two years ,
Kirkland stated in January of 1994 the 30 -year treasury was at
• 6 . 21 , in November of 1994 it was 8 . 11 and currently it is back
down to 6 . 31 .
October 19 , 1995
Kirkland suggested the Board discuss its cash needs through the
spring . There is $ 51 , 900 in the money fund . It is yielding
about 5 . 31; . Through the end of the year an additional $ 8 , 000
from interest of the CD ' s will be going into the money fund . In
the end of December of 1995 , there will be another $ 16 , 000 CD
mature . The CD ' s that are left all mature next year , $ 114 , 000 in
June and $ 90 , 000 in May .
In answer to a question from Kirkland regarding the cash needs ,
Mayes stated the Board will be fine .
In reviewing the Madison Account , Kirkland stated the account
value at the end of 1994 was $ 1 , 446 , 982 . The account value as of
the close on October 18 , 1995 , was $ 1 , 608 , 852 . That is up almost
12 % year to date . Madison has been fairly inactive . They are
satisfied with keeping things status quo and letting the bond
market help values and continue to collect the coupon .
Kirkland stated TCW has participated in the technology area and
the drug area . The bonds that they have got are in good shape .
They are spread out through different sectors of the economy .
TCW is up almost 19 % year to date . That value includes the
deduction of the access fee that was taken out on October 18 .
• Kirkland stated the value of the account at the end of 1994 was
$ 1 , 483 , 310 . The account value as of the close on October 18 ,
1995 , was $ 1 , 764 , 009 . This does not include any accrued interest
from the bond that they have in the portfolio . The mix is 64 %
stocks and 32 % bonds . They will continue to be conservative .
In answer to a question from Mashburn , Kirkland explained he is
managing approximately $ 3 , 647 , 000 for the fund .
In answer to a question from Mayes , Kirkland stated the Fund has
CD ' s maturing in December of 1995 and May and June of 1996 .
STATE INSURANCE TURNBACK FUNDS
Mayes stated the Pension Board has approximately $ 150 , 000 to
transfer to either Longer Investments or Dean Witter to manage .
Mayes stated the money is invested in a T - bill and it matures
today or a week from today . T - bills are bringing 6 % - 7 % .
Friend , seconded by Mashburn , made a motion to transfer the money
to Longer Investments . The motion passed unanimously .
MINUTES
• Spencer , seconded by Friend , made a motion to approve the minutes
of the July 20 regular meeting . The motion passed unanimously .
October 19 , 1995
MAYES - COST BASIS SUMMARY
Mayes distributed a cost basis summary and explained that the
Fund is within the design parameters .
ADJOURNMENT
The meeting adjourned at 3 : 35 p . m .
•
•
POLICE PENSION FUND
FEBRUARY 1996
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 21345.47 300.00 45.47 2,000.00
139 BRADLEY, RANDALL 1 ,388.45 11388.45
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. 11563.71 100.00 20.00 1 ,443.71
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 1 ,561 .67 1 ,581 .67
144 KILGORE, DONALD 980.73 19.72 961 .01
129 LAWSON, FORREST 751 .38 50.00 701 .36
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 1 , 113.09 100.00 10013.09
132 PHILLIPS, HOMER GENE 843.00 300.00 543.00
105 PRESTON , GEORGE DAVID 767.43 67.43 700.00
135 RICKMAN, LOREN 1 ,069.19 169.00 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 11000.00
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
LONGER
INVESTMENTS
ie M. Longer,C.F.A. INCORPORATED
A REGISTERED INVESTMENT ADVISOR
November 1 , 1995
Mr , Ben Mayes
City of Fayetteville
Police Pension Fund
113 W . Mountain
Fayetteville , AR 72701
Dear Ben :
Please relay our appreciation to the members of the Fayetteville
Police Pension Board for the additional $ 150 , 000 placed under the
management of Longer Investments , Inc . this month . We appreciate
our long-standing relationship with the Police Pension .. Board and
• the confidence they have shown in Longer Investments , Inc . by
- increasing the funds we manage on their behalf .
As Kim indicated by phone today , these funds will be allocated to
the stock account . If you have any questions or if we can be of
further assistance , please feel .free to call .
Sincerely ,
' C
Elaine M . Longer , C . . A .
President
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RJECEIVED
NOV 0, 2_, 1995
Offy CLERK'S OFFICE
NOV 2 1995
P.O. Box 1269 / 18 East Center Street, Suite 201 / Fayetteville, AR 72701 / Telephone 501443-5851 / FAX 501 443-7129
City of Fayetteville, Arkansas 1BENIPOLINV
Policemen's Pension & Relief Fund
Asset Allocation — Cost Basis
December 31 , 1995 51
Cash & Fixed Percent
Equivalent Income Equities Total Of
(10 -25%) (15 -75%) (20-40%) Total
f
DEAN WITTER
. ... ........ . _. .. .. .
Dean Witter — #18786 $281 ,764 $0 $0 ! $281 ,769:: 4%
Madison Invest.—#15178 129,266 1 ,482,352 0 I. 1 ,641 ,618 23%
TCW — #18922 71 ,411 564,896 962.882 1 ,599,199,_ 23%
66% 53% 38% -
TOTAL DEAN WITTER 482,441 2,047,248 962,882 34 ;511
92 49%
33% 46% 62%
LONGER INVESTMENTS, INC. 240,350 1 ,756,665 11571 ,225 3568241 50%'
0% 1 % 0%
CITY HELD INVESTMENTS 3,132 25,235 0 28361 096
• TOTAL FUND $725,923 $3,829,148, $2;534,108 $7089,1791 100%
PERCENT OF TOTAL ?; 10% 54% 36% ; 100%
•
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I ER15 v ' ok- !s Thu Jan 18 10 : 31 : 56 1996
342 018786 049 END 1 / 17 / 96 2 CITY OF FAYETTEVILLE POLICE
ASSET ALLOCATION FOR DWR POSITIONS
CASH + MMKT = 28 % EQUITIES = 0 % BONDS = 72 % OTHER = 0 %
C . CUSTODIAL POSITIONS MARGINED/
DATE RENU QTY/YLD SYMBL MGN PLAN NR DIV RE PRICE VALUE POLICY #
1 / 17 -- 77 , 764 . 170 ACTIVE ASSETS MONEY TRUST 1 . 00 77 , 764 . 17
OXASH POS 1 OF 3 12 / 29 / 95
0 . 00 T/D 0 . 00 S /D 204 , 000 . 00 MKT 0 . 00 CSH
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
ONBANK & TR NY CD 7000 96JN21 N/O? 100 ? 24 , 000 24000 24000 UT389
GREENWOOD TR CD 8000 96MY08 N/O? 100 ? 90 , 000 90000 90000 YZ808
SEARS SVGS BK CD 8050 96JN19 N/O ? 100 ? 90 , 000 90000 90000 ZX137
•
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USER15 Thu Jan 18 10 : 33 : 16 1996
A 342 015178 049 3 1 / 17 / 96 2 CITY OF FAYETTEVILLE POLICE PENSIO
ASSET ALLOCATION FOR DWR POSITIONS
toSH + MMKT = 8 % EQUITIES = 08 BONDS = 92 % OTHER = 08
C . CUSTODIAL POSITIONS MARGINED/
DATE RENU QTY/YLD SYMBL MGN PLAN NR DIV RE PRICE VALUE POLICY #
1 / 17 134 , 225 . 310 ACTIVE ASSETS MONEY TRUST 1 . 00 134 , 225 . 31
06CASH POS 1 OF 11 12 / 29 / 95
0 . 00 T/D 0 . 00 SID 1527 , 056 . 00 MKT 0 . 00 CSH
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
MORGA14- STANLEY 6750 03MH04 N/02103 1 / 4 ? 70 , 000 72275 70169 TB895
FORD CAP BV BE 9375 98JA01+A+ 71077 65 , 000 69550 73770 TC418
WMX TECHNOLOGIES 6375 03DERG-A+ 7101 3 / 87 70 , 000 70962 68992 TD967
INTL LEASE FIN 8875 01APRG N/O7112 7 / 8 ? 60 , 000 67725 70253 TG757
ALCAN ALUM CORP 7250 99DERG N/O? 1057 60 , 000 63000 64053 TH554
IBM CORP 6375 OOJN15 -A 7102 3 / 47 70 , 000 71925 67266 TK245
MARSHALL & ILSLEY 6375 03JLRG N/O? 100 3 / 87 60 , 000 60225 60173 TK611
US TSY NOTE 5875 04FB15 -N/0? 1027 300 , 000 306000 272592 TRC19
US TSY NOTE 5125 96MH31 -N/0 ? 99 7 / 8 ? 300 , 000 299625 299627 TRC40
US TSY NOTE 6250 OOMY31 N/07103 5 / 8 ? 235 , 000 243518 236654 TRD47
USER15 Thu Jan 18 10 : 33 : 24 1996
A 342 015178 049 END 1 / 17 / 96 3 CITY OF FAYETTEVILLE POLICE PENSIO
O . CASH POS 11 OF 11 12 / 29 / 95
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
TSY NOTE 650 96NV30 -N/0 ? 101 1 / 8 ? 200 , 000 202250 198783 823P1
/2 ` 3/- D
VALUE � �� X73/ �
T 13 . 88
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USER15 �rC (/J Thu Jan 18 10 : 32 : 30 1996
A 342 018922 049 3 1 / 17 / 96 2 CITY OF FAYETTEVILLE POLICE
ASSET ALLOCATION FOR DWR POSITIONS
OSH + MMKT = 78 EQUITIES 608 BONDS = 338 OTHER = 08
C . CUSTODIAL POSITIONS MARGINED/
DATE RENU QTY/YLD SYMBL MGN PLAN NR DIV RE PRICE VALUE POLICY #
1 / 17 130 , 770 . 580 ACTIVE ASSETS MONEY TRUST 1 . 00 130 , 770 . 58
O . CASH POS 1 OF 49 1 / 12 / 96
49 . 00CR T/D 49 . 00CR S /D 1634 , 303 . 00 MKT 49 . 00CR CSH
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
AMERICAN STANDARD COMPANIES N/O 28 960 26880 28342 # ASD
GUIDANT CORP N/O 41 1 / 4 11110 45787 31618 # GDT
FIRST DATA CORP B 64 7 / 8 430 27896 27816 # FDC
FLEET FINANCIAL GROUP INC NEW A 40 840 33600 33152 # FLT
ORACLE CORP B 42 3 / 4 510 21802 22116 # ORCL
LEAR SEATING CORP N/0 27 5 / 8 540 14917 16576 # LEA
DEAN WITTER DISCOVER & CO N/O 48 5 / 8 831 40407 32189 # DWD
BURLINGTON NO SANTA FE CP B 75 1 / 2 380 28690 27802 # BNI
COLUMBIA/HCA HEALTHCARE CORP BRL 54 7 / 8 580 31827 23827 # COL
FORD MTR CR 5625 98DE15+A+ ? 100 1 / 8 ? 84 , 000 84105 83848 TD942
USER15 Thu Jan 18 10 : 32 : 38 1996
A 342 018922 049 4 1 / 17 / 96 3 CITY OF FAYETTEVILLE POLICE
OCASH POS 11 OF 49 1 / 12 / 96
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
CIFIC BELL 7125 26MHRG-AA- ? 105 1 / 8 ? 85 , 000 89356 85302 TJ412
CITICORP 6750 05AURG+A ? 103 5 / 8 ? 84 , 000 87045 81953 TK909
US TSY NOTE 7500 02MY15 -N/0? 111 1 / 8 ? 21 , 000 23336 22460 TRA23
US TSY BOND 7250 22AU15 -N/0? 114 3 / 4 ? 26 , 000 29835 24423 TRA51
US TSY NOTE 6750 99MY31 -N/0 ? 104 5 / 8 ? 24 , 000 25110 24264 TRC50
US TSY NOTE 5875 OOJN30 N/O ? 102 1 / 4 ? 66 , 000 67485 65040 TRD48
ALBERTSONS INC 3 * 31 3 / 4 550 17462 15966 # ABS
AMERADA HESS CORP N 53 398 21094 20300 # AHC
AMERICAN INTERNATIONAL GP BRL 93 1 / 4 327 30492 20250 # AIG
AT&T CORPORATION B 67 510 34170 25555 # T
BOEING CO 4 * 76 3 / 8 318 24287 14190 # BA
CHAMPION INTERNATIONAL CORP N 40 1 / 8 300 12037 16228 # CHA
CHRYSLER CORP N 53 442 23426 18292 # C
CIRCUS CIRCUS ENTERPRISES INC B 28 7 / 8 800 23100 24509 # CIR
CITICORP BRL 69 3 / 8 342 23726 15248 # CCI
DELTA AIRLINES B 70 7 / 8 349 24735 22216 # DAL
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USER15 �G Z Thu Jan 18 10 : 32 : 47 1996
A 342 018922 049 5 1 / 17 / 96 4 CITY OF FAYETTEVILLE POLICE
O , CASH POS 27 OF 49 1 / 12 / 96
0 SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
LT DISNEY CO DE B 59 1 / 2 380 22610 23160 # DIS
FORD MOTOR CO B 27 3 /4 746 20701 18696 # F
GENERAL MOTORS CORP CL E BRL 52 7 / 8 574 30350 20210 # GME
HEWLETT PACKARD A 76 3 / 4 160 12280 13520 # HWP
INTEL CORP B 50 808 40400 26033 # INTC
IVAX CORP FLORIDA 4 * 26 11040 27040 28730 # IVX
KIMBERLY CLARK CORP B 79 7 / 8 360 28755 29146 # KMB
ELI LILLY & CO 4 * 51 3 / 4 520 26910 23186 # LLY
MC DONALDS CORP N 46 3 / 8 292 13541 7938 # MCD
MERCK & CO 5 * 65 1 /2 430 28165 17656 # MRK
MERRILL LYNCH & CO INC N/O 54 7 / 8 399 21895 18279 # MER
MOTOROLA INC A 49 1 / 2 490 24255 23734 # MOT
NATIONAL SEMICONDUCTOR 4 * 16 3 / 8 11132 18536 21016 # NSM
OCCIDENTAL PETROLEUM CORP DE N 20 3 / 4 11270 26352 23924 # OXY
PHELPS DODGE CORP 4 * 57 3 / 8 160 9180 10256 # PD
PHILIP MORRIS CO INC A 91 350 31850 21454 # MO
USER15 Thu Jan 18 10 : 32 : 55 1996
A 342 018922 049 END 1 / 17 / 96 5 CITY OF FAYETTEVILLE POLICE
O , CASH POS 43 OF 49 1 / 12 / 96
SECURITY OPN PRICE UNITS MKT VALUE COST SYMBOL
CTER & GAMBLE B 86 1 / 4 340 29325 20502 # PG
HLUMBERGER LTD N 67 260 17420 17158 # SLB
TEXACO INC A 77 1 / 8 410 31621 27580 # TX
TEXAS INSTRUMENTS - 3 * 45 3 / 4 640 29280 40203 # TXN
WMX TECHNOLOGIES INC N 29 3 / 4 830 24692 25158 # WMX
US TSY NOTE 6875 96OC31 -N/0 ? 101 1 / 4 ? 172 , 000 174150 179189 817F7
XEROX CORP N 136 5 / 8 237 32380 21042 # XRX
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LONGER
INVESTMENTS
INCORPORATED
City of Fayetteville
Police Pension Board Meeting
January 18, 1996
3
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
December 31, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
COMMON STOCK
19600 AT & T 54.18 86,692.00 64.75 1035600.00 2.6 1 .320 23112.00 2.0
11000 ADT Limited 12.19 12,195.00 15.00 15,000.00 0.4 0.000 0.00 0.0
1 ,000 Abbott Labs 41 .12 41 ,125.00 41 .62 412625.00 1 .0 0.840 840.00 2.0
1 ,300 Arrow Electronics 42.55 555311 . 14 43.00 559900.00 1 .4 0.000 0.00 0.0
15300 Barrick Gold Corp. 15.37 19,986.00 26.37 34,287.50 0.9 0. 120 156.00 0.5
1 ,000 Cemer Corp. 25.50 255500.00 20.50 20,500.00 0.5 0.000 0.00 0.0
1 ,250 Clayton Homes 13. 12 16,400.00 21 .37 262718.75 0.7 0.000 0.00 0.0
900 Compaq 39.48 35,535.96 48.00 43,200.00 1 .1 0.000 0.00 0.0
725 Diebold, Inc. 30.51 22,122.75 55.37 40,146.87 1 .0 0.960 696.00 1 .7
1 ,900 Dovatron International 31 . 15 592193.50 33.75 645125.00 1 .6 0.000 0.00 0.0
500 Dover Corp. 39.44 19,722.50 36.87 18,437.50 0.5 1 .040 520.00 2.8
1 ,400 Emerson Electric 55.07 77,100.12 81 .75 114,450.00 2.9 1 .960 2,744.00 2.4
1 ,000 Federal Signal 22.50 22,500.00 25.87 252875.00 0.7 0.500 500.00 1 .9
600 Gannett Inc. 61 .32 362792.00 61 .37 36,825.00 0.9 1 .240 744.00 2.0
1 ,625 General Electric 52.85 85.874.31 72.00 117,000.00 2.9 1 .840 2,990.00 2.6
1 ,300 General Nutrition 20.03 26,045.50 23.00 29,900.00 0.8 0.000 0.00 0.0
1 ,000 Greentree Financial 27.69 27,695.00 26.37 26,375.00 0.7 0.250 250.00 0.9
1 ,000 Hanna, M. A. 28.25 28250.00 28.00 287000.00 0.7 0.580 580.00 2.1
400 Illinois Tool Works 37. 18 14,871 .44 59.00 23,600.00 0.6 0.680 272.00 1 .2
1 ,000 Ingersoll-Rand 38.32 38,320.00 35.12 35,125.00 0.9 0.740 740.00 2. 1
•. 2,000 International Rectifier 12.18 24,366. 18 25.00 50,000.00 1 .3 0.000 0.00 0.0
900 JLG Industries 10.23 9207.00 29.75 262775.00 0.7 0.060 54.00 0.2
1 ,500 Kennametal, Inc. 37.97 562962.50 31 .75 47,625.00 1 .2 0.600 900.00 1 .9
1 ,500 Mercury Finance 11 .26 16,882.86 13.25 19,875.00 0.5 0.300 450.00 2.3
500 Mobil Corp. 87.33 432665.00 111 .75 55,875.00 1 .4 3.700 1 ,850.00 3.3
1 ,000 Mueller Industries 22.58 22,580.00 29.25 29,250.00 0.7 0.000 0.00 0.0
1 ,600 Newell Cc Inc 20.93 33,492.00 25.87 41,400.00 1 .0 0.480 768.00 1 .9
700 Northern Trust Corp. 41 . 16 28,813.08 56.00 39,200.00 1 .0 1 .240 868.00 2.2
1 ,100 Periphonics Corp. 25.50 28,050.00 27.75 30525.00 0.8 0.000 0.00 0.0
1 ,300 Personnel Group of 14.60 18,980.00 14.62 19,012.50 0.5 0.000 0.00 0.0
America
1 ,500 Philip Morris 54.03 81 ,038.50 90.25 135,375.00 3.4 4.000 6,000.00 4.4
700 Robert Half International 27.62 19,337.50 41 .87 29,312.50 0.7 0.000 0.00 0.0
1 ,000 SofamorDanekGroup 25.35 25,350.00 28.37 28,375.00 0.7 0.000 0.00 0.0
1 ,000 Starbucks Corp. 13.78 13,785.00 21 .00 212000.00 0.5 0.000 0.00 0.0
1 ,000 Stewart & Stevenson 23.82 23,820.00 25.25 25,250.00 0.6 0.320 320.00 1 .3
1 ,400 Tyson Foods 22.67 31 ,744.46 26. 12 36,575.00 0.9 0.080 112.00 0.3
1 ,300 U. S. Filter Corp. 22. 12 28.762.50 26.62 34,612.50 0.9 0.000 0.00 0.0
1 ,000 Utah Medical Products 17.39 17,392.50 19.81 19,812.50 0.5 0.000 0.00 0.0
1 ,500 Varian Associates 42.12 63.173.75 47.87 71 ,812.50 1 .8 0.280 420.00 0.6
2,000 VeriFone, Inc. 24.64 49.274.42 28.62 57,250.00 1 .4 0.000 0.00 0.0
1 ,200 WMX Technologies 28.52 34223.57 29.75 35,700.00 0.9 0.600 720.00 2.0
100 Watkins Johnson 45.24 72.380.50 43.75 70,000.00 1 .8 0.480 768.00 1 .1
500 Weyerhaeuser 40.00 20.000.00 4325 21 .625.00 0.5 1 .600 800.00 3.7
1 ,514,513.54 1 ,846,928. 12 46.5 27,174.00 1 .5
.• 1
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City ofFayetteville Police Pension Fund
Combined Account
December3l, 1995
Unit Total Market Market PM, Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
MUTUAL FUNDS
2,795.498 Vanguard Small 18.54 51 ,828.35 18.61 52,024.22 1 .3 0. 180 503.19 1 .0
Capitalization Stock Fund
513828.35 52,024.22 1 .3 503. 19 1 .0
CORPORATE BONDS
100,000 Philip Morris 100.54 1007543.50 106.62 106,625.00 2.7 9.250 9,250.00 8.7
(Non-callable) Rated
A2/A
9.250 % Due 12-01-97
55,000 Pepsico (Non-callable) 99.31 54,618.30 101 .41 55,773.44 1 .4 6. 125 3,368.75 6.0
Rated A/A l
6.125 % Due 01-15-98
140,000 Wal-Mart Stores 101 .83 142,565.75 102.66 1432718.75 3.6 6.500 9,100.00 6.3
(Non-callable) Rated
AAI/AA
6.500 % Due 06-01-03
75,000 J.P. Morgan 9990 74,925.75 95.25 71,437.50 1 .8 5.750 4,312.50 6.0
(Non-callable) Rated
AA2/AA+
•
5.750 % Due 10-15-08
Accrued interest 3.992.95 0. 1
372,653.30 381 ,547.64 9.6 26,031 .25 6.9
GOVERNMENTBONDS
200,000 U. S. Treasury Note 99.94 199,884.00 100.50 2017000.00 5. 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 .75 101 ,750.00 2.6 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. 19 229,921 .87 5.8 7.500 16,875.00 7.3
7.500 % Due 12-31-96
150,000 U. S. Treasury Note 99.94 149,910.50 103.78 1557671 .87 3.9 7.375 11 ,062.50 7.1
7.375 % Due 11-15-97
100,000 U. S. Treasury Note 99.36 99,359.37 101 .41 101 ,406.25 2.6 6.000 62000.00 5.9
6.000 % Due 11 -30-97
75,000 U. S. Treasury Note 99.99 74995.25 100.12 75,093.75 1 .9 5.250 32937.50 5.2
5.250 % Due 12-31 -97
50,000 U. S. Treasury Note 99.56 49,781 .50 103.47 51 ,734.37 1 .3 6.250 3,125.00 6.0
6.250 % Due 08-31.00
100,000 U. S. Treasury Note 99.00 99,000.00 111 .87 111 ,875.00 2.8 8.000 8,000.00 7.2
8.000 % Due 05-15-01
100,000 U. S. Treasury Note 101 .50 101 ,500.00 104.94 104,937.50 2.6 6.375 6,375.00 6.1
6.375 % Due 08-15-02
155,000 U. S. Treasury Note 98.34 152.425.98 111 .00 172,050.00 4.3 7.250 11 ,237.50 6.5
7.250 % Due 05-15-04
50,000 U. S. Treasury Note 99.97 49,984.38 115.78 57,890.62 1 .5 7.875 3,937.50 6.8
7.875 % Due 11-15-04
50,000 U. S. Treasury Note 99.87 497937.50 106.50 53,250.00 1 .3 6.500 3,250.00 6.1
6.500 % Due 08-15-05
2
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Combined Account
December31, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 U. S. Treasury Note 99.83 49,914.06 102.78 51,390.62 1 .3 6.250 3,125.00 6. 1
6.250 % Due 08-15-23
Accrued Interest 16,441 .46 0.4
1 ,401 ,402.30 1 ,4841413.33 37.3 965425.00 6.6
GOVERNMENT AGENCY
60,000 Federal Home Loan Bank 100.06 60,035.00 101 .22 %731 .25 1 .5 7.350 4,410.00 7.3
(Call 6-14-96 @ 100)
7.350 % Due 06-14-05
Accrued Interest 208.25 0.0
602035.00 60,939.50 1 .5 42410.00 7.3
CASH AND EQUIVALENTS
Dividends Accrued 3,906.50 31906.50 0.1 0.000 0.00 0.0
Money Market 44.415.16 44,415.16 1 .1 4.940 22194. 11 4.9
48,321 .66 48,321 .66 1 .2 2,194. 11 4.5
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000 First USA Bank 100.00 100,000.00 100.00 100,000.00 2.5 8.300 8,300.00 8.3
• Wilmington, DE 8.3%
1-2.96
8.300 % Due 01-02-96
Accrued Interest 668.61 0.0
100,000.00 100,668.61 2.5 8,300.00 8.3
TOTAL PORTFOLIO 395489754.15 30749843.09 100.0 X 1659037.55 4.2 x
• 3
j
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
December 31, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
COMMON STOCK
12600 AT & T 54. 18 86,692.00 64.75 103,600.00 4.1 1 .320 2,112.00 2.0
1 ,000 ADT Limited 12. 19 12,195.00 15.00 15,000.00 0.6 0.000 0.00 0.0
1 ,000 Abbott Labs 41 .12 412125.00 41 .62 41 ,625.00 1 .7 0.840 840.00 2.0
1 ,300 Arrow Electronics 42.55 55,311 .14 43.00 55,900.00 2.2 0.000 0.00 0.0
1 ,300 Barrick Gold Corp. 15.37 197986.00 26.37 34287.50 1 .4 0. 120 156.00 0.5
1 ,000 Cerner Corp. 25.50 25,500.00 20.50 202500.00 0.8 0.000 0.00 0.0
1 ,250 Clayton Homes 13.12 16,400.00 21 .37 26,718.75 1 .1 0.000 0.00 0.0
900 Compaq 39.48 35,535.96 48.00 43200.00 1 .7 0.000 0.00 0.0
725 Diebold, Inc. 30.51 22,122.75 55.37 40,146.87 1 .6 0.960 696.00 1 .7
1 ,900 Dovatron International 31 .15 59;193.50 33.75 64.125.00 2.6 0.000 0.00 0.0
500 Dover Corp. 39.44 19,722.50 36.87 18,437.50 0.7 1 .040 - 520.00 2.8
1 ,400 Emerson Electric 55.07 77,100. 12 81 .75 114,450.00 4.6 1 .960 29744.00 2.4
1 ,000 Federal Signal 22.50 22.500.00 25.87 25,875.00 1 .0 0.500 500.00 1 .9
600 Gannett Inc. 61 .32 36,792.00 61 .37 36,825.00 1 .5 1 .240 744.00 2.0
1 ,625 General Electric 52.85 85,874.31 72.00 117,000.00 4.7 1 .840 22990.00 2.6
1 ,300 General Nutrition 20.03 26,045.50 23.00 29,900.00 1 .2 0.000 0.00 0.0
1 ,000 Greentroc Financial 27.69 27,695.00 26.37 26,375.00 1 . 1 0.250 250.00 0.9
1,000 Hanna, M. A. 28.25 28250.00 28.00 282000.00 1 .1 0.580 580.00 2.1
400 Illinois Tool Works 37.18 14.871 .44 59.00 23,600.00 0.9 0.680 272.00 1 .2
• 1 ,000 Ingersoll-Rand 38.32 38,320.00 35. 12 35,125.00 1 .4 0.740 740.00 2.1
2,000 International Rectifier 12.18 24,366. 18 25.00 50,000.00 2.0 0.000 0.00 0.0
900 JLG Industries 10.23 9207.00 29.75 262775.00 1 .1 0.060 54.00 0.2
1 ,500 Kennametal, Inc. 37.97 56,962.50 31 .75 47,625.00 1 .9 0.600 900.00 1 .9
1 ,500 Mercury Finance 11 .26 - 16,882.86 13.25 197875.00 0.8 0.300 450.00 2.3
500 Mobil Corp. 87.33 43,665.00 111 .75 55,875.00 2.2 3.700 1 ,850.00 3.3
1 ,000 Muellerindustries 22.58 22,580.00 29.25 29250.00 1 .2 0.000 0.00 0.0
1.,600 Newell Co Inc 20.93 333492.00 25.87 41 ,400.00 1 .6 0.480 768.00 1 .9
700 Northern Trust Corp. 41 .16 28,813.08 56.00 397200.00 1 .6 1 .240 868.00 2.2
1,100 Periphonics Corp. 25.50 28,050.00 27.75 305525.00 12 0.000 0.00 0.0
1 ,300 Personnel Group of 14.60 18,980.00 14.62 19,012.50 0.8 0.000 0.00 0.0
America
1 ,500 Philip Morris 54.03 81 ,038.50 90.25 135,375.00 5.4 4.000 61000.00 4.4
700 Robert Half International 27.62 19,337.50 41 .87 29,312.50 1 .2 0.000 0.00 0.0
1 ,000 Sofamor Danek Group 25.35 25,350.00 28.37 28375.00 1 . 1 0.000 0.00 0.0
1 ,000 Starbucks Corp. 13.78 13,785.00 21 .00 21 .000.00 0.8 0.000 0.00 0.0
1 ,000 Stewart & Stevenson 23.82 23,820.00 25.25 25250.00 1 .0 0.320 320.00 1 .3
1 ,400 Tyson Foods 22.67 31 .744.46 26.12 36,575.00 1 .5 0.080 112.00 0.3
1 ,300 U. S. Filter Corp. 22.12 28,762.50 26.62 34,612.50 1 .4 0.000 0.00 0.0
1 ,000 Utah Medical Products 1739 17392.50 19.81 19,812.50 0.8 0.000 0.00 0.0
1 ,500 Varian Associates 42. 12 63,173.75 47.87 71 ,812.50 2.9 0.280 420.00 0.6
2.000 VeriFone, Inc. 24.64 49274.42 28.62 57250.00 2.3 0.000 0.00 0.0
1200 WMX Technologies 28.52 34223.57 29.75 35,700.00 1 .4 0.600 720.00 2.0
1 ,600 Watkins Johnson 4524 72.380.50 43.75 70,000.00 2.8 0.480 768.00 1 . 1
500 Weyerhaeuser 40.00 20,000.00 43.25 21 ,625.00 0.9 1 .600 800.00 3.7
1 ,514,513 .54 11846,928. 12 73.6 27,174.00 1 .5
1
�4
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Stock Account
December 31, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
MUTUALFUNDS
2,795.498 Vanguard Small 18.54 517828.35 18.61 52,024.22 2. 1 0.180 503.19 1 .0
Capitalization Stock Fund
513828.35 525024.22 2. 1 503. 19 1 .0
GOVERNMENTBONDS
125,000 U. S. Treasury Note 99.88 124,853.75 102.19 1277734.37 5. 1 7.500 9,375.00 7.3
7.500 % Due 12-31-96
50,000 U. S. Treasury Note 99.96 49,978.50 103.78 51 ,890.62 2. 1 7.375 32687.50 7.1
7.375 % Due 11-15-97
100,000 U. S. Treasury Note 99.36 99,359.37 101 .41 101 ,406.25 4.0 6.000 6,1100.00 5.9
6.000 % Due 11-30-97
MONO U. S. Treasury Note 101 .50 101 ,500.00 104.94 104,937.50 4.2 6.375 6}75.00 6.1
6.375 % Due 08-15-02
110,000 U. S. Treasury Note 97.95 107,747.48 111 .00 122,100.00 4.9 7.250 75975.00 6.5
7.250 % Due 05.15-04
50,000 U. S. Treasury Note 99.97 49,984.38 115.78 57,890.62 2.3 7.875 3,937.50 6.8
7.875 % Due 11-15-04
Accrued Interest 4,901 .67 0.2 _
533,423.48 5705861 .04 22.7 37,350.00 6.6
*SH AND EQUIVALENTS
Dividends Accrued 3.906.50 3,906.50 0.2 0.000 0.00 0.0
Money Market 36.759.76 36.759.76 1 .5 4.940 1 ,815.93 4.9
40,666.26 40,666.26 1 .6 11815.93 4.5
TOTAL PORTFOLIO 2,1401431.63 2,510,479.64 100.0 66,843.12 2.7
• 2
.1
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
Deceraber3l, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
CORPORATE BONDS
100,000 Philip Morris 100.54 100,543.50 106.62 106,625.00 7.3 9.250 99250.00 8.7
(Non-callable) Rated
A2/A
9.250 % Due 12-01-97
55,000 Pepsico (Non-callable) 99.31 54,618.30 101 .41 552773.44 3.8 6.125 33368.75 6.0
Rated A/A 1
6.125 % Due 01 -15-98
140,000 Wal-Mart Stores 101 .83 141565.75 102.66 143,718.75 9.8 6.500 91100.00 6.3
(Non-callable) Rated
AAI/AA
6.500 % Due 06-01-03
75,000 J.P. Morgan 99.90 742925.75 95.25 71 ,437.50 4.9 5.750 4,312.50 6.0
(Non-callable) Rated
AA2/AA+
5.750 % Due 10-15-08
Accrued Interest 3.992.95 0.3
372,653.30 381 ,547.64 26. 1 26,031 .25 6.9
�OVERNMENTBONDS
2003000 U. S. Treasury Note 99.94 199,884.00 100.50 2010000.00 13.7 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 .75 101 ,750.00 6.9 7.250 72250.00 7. 1
7.250 % Due 11-30-96
100,000 U. S. Treasury Note 99.90 99,898.00 102.19 1022187.50 7.0 7.500 73500.00 7.3
7.500 % Due 12-31 -96
100,000 U. S. Treasury Note 99.93 99932.00 103.78 103.781 .25 7.1 7.375 7,375.00 7.1
7.375 % Due 11-15-97
75,000 U. S. Treasury Note 99.99 74,99525 100.12 75,093.75 5.1 5.250 3,937.50 5.2
5250 % Due 12-31-97
50,000 U. S. Treasury Note 99.56 49.781 .50 103.47 51 ,734.37 3.5 6.250 35125.00 6.0
6.250 % Due 08-31-00
100,000 U. S. Treasury Note 99.00 99.000.00 111 .87 1111875.00 7.6 8.000 8,000.00 7.2
8.000 % Due 05-15-01
45,000 U. S. Treasury Note 99.29 44,678.50 111 .00 49.950.00 3.4 7.250 3,262.50 6.5
7.250 % Due 05-15-04
50,000 U. S. Treasury Note 99.87 49.937.50 106.50 53,250.00 3.6 6.500 3,250.00 6.1
6.500 % Due 08-15-05
50,000 U. S. Treasury Note 99.83 49,914.06 102.78 51 ,390.62 3.5 6.250 3,125.00 6. 1
6.250 % Due 08-15-23
Accred Interest 11 ,539.79 0.8
8677978.81 913,552.29 62.4 599075.00 6.5
GOVERNMENT AGENCY
60,000 Federal Home Loan Bank 100.06 60,035.00 101 .22 60,731 .25 4.1 7.350 4,410.00 7.3
(Call 6-14-96 (x3100)
7.350 % Due 06-14-05
1
$yr
J
Longer Investments, Incorporated
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
Bond Account
December3l, 1995
Unit Total Market Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Accrued Interest 208.25 0.0
60,035.00 609939.50 4.2 4,410.00 7.3
CASH AND EQUIVALENTS
Money Market 7 655.40 7 655.40 0.5 4.940 378.18 4.9
71655.40 7,655.40 0.5 378. 18 4.9
CERTIFICATE OF DEPOSIT (MONTHLY PYMT.)
100,000 First USA Bank 100.00 100,000.00 100.00 100,000.00 6.8 8.300 8,300.00 8.3
Wilmington, DE 8.3%
1-2-96
8.300 % Due 01-02-96
Accrued Interest 668.61 0.0
1002000.00 100,668.61 6.9 83300.00 8.3
TOTAL PORTFOLIO 19408,322.51 19464j63.44 100.0 98,194.43 6.8
•
• 2
w'
City of Fayetteville Police Pension Fund
Largest Holdings
December 31 , 1995
Percent of Percent of
Equity Portfolio Total Portfolio
(Historical Cost) (Historical Coso
AT & T 4 . 1 % 2 .4%
General Electric 4.0% 2 .4%
Philip Morris 3 . 8% 2 . 3%
Emerson Electric 3 . 6% 2 .2%
Watkins Johnson 3 .4% 2 .0%
Varian 3 .0% 1 . 8%
Dovatron 2 . 8% 1 .7%
City of Fayetteville Police Pension Fund
• Portfolio Parameters
December 31, 1995
Price/Earnings Multiple 19.8X
Return on Equity 20.2%
Debt to Capital Ratio 22.2%
Expected Return 15.7%
Beta 1 .08
Standard & Poor's Rating A-
•
Market Capitalization (Percent of Equities)
Large Cap. (Greater than $5 Billion) 41 .3%
Mid Cap. ($400 Million - $5 Billion) 47 .7%
Small Cap. (Less than $400 Million) 11 .0%
1995 REALIZED GAINS $80,437 .43
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City of Fayetteville Police Pension Fund
Performance Summary
December 31 , 1995
Etc uities Fixed Income Total
1990 -4.0% 7.7% -0.4%
1991 39.2% 16.7% 28.0%
1992 -2. 1 % 6. 1% 0. 8%
1993 11 .3% 7.4% 9.2%
1994 -7.6% -5 .0% -5.6%
1995 27.8% X 15.0% )(� 19.5% K
Cumulative Return 71 .9% 56.5% 58.3%
Average Annual Return 10.3% 8.5% 8.8%
• July 26, 1990
Inception-
1995 to-Date
Beginning Value $3, 1961692 $ 0503354
Deposits $ 1501000 $ 133701000
Withdrawals $0 $0
Net Income $ 1325773 $433 ,415
Change in Accrued Income ($2,425) $21 ,311
Realized Gains $80,437 $394,985
Change in Unrealized Gains $417,365 $404,778
Ending Value $339745843 $319743843 �(
Total Investment Return $628,151 X $1 ,2549489 X
Returns are reported net of all fees and expenses.
i
City of Fayetteville Police Pension Fund
Portfolio Income and Yield
December 31 , 1995
Annual Yield on
Income Book Value
Fixed Income $ 135, 166 7 .0%
Securities Only
Total Portfolio $165,038 4.7%
Weighted Average Maturity 4.65 Years
Weighted Average Yield-to-Maturity 7.00%
• Weighted Average Duration 3.57
Bonds as a percent of total portfolio = 51 .0%
Fixed income securities maturing in three years or less:
28 . 5% of total portfolio
N
�A
Longer Investments, Incorporated
INCOME AND EXPENSES
City of Fayetteville Police Pension Fund
Conibined Account
From 01-01-95 Through 12-31-95
Trade Settle Security Amount
COMMON STOCK
01 -09-95 01 -09-95 Abbott Labs 190.00
01 -09-95 01 -09-95 Superior Industry International 45.00
01 -23-95 01 -23-95 Werner Enterpri ses 25.00
01 -26-95 01 -26-95 Claire's Stores 30.00
02.02-95 02-02-95 Amoco 300.00
02-06-95 02-06-95 Rollins, Inc. 154.00
02-10-95 02-10-95 Briggs & Stratton 250.00
02-10-95 02-10-95 USX-U. S. Steel Group 275.00
02-13-95 02-13-95 Diebold, Inc. 174.00
02-13-95 02-13-95 Emerson Electric 516.00
02- 13-95 02-13-95 Newell Cc Inc 100.00
02- 17-95 02-17-95 Minnesota Mining & Mfg. 423.00
02-21 -95 02-21 -95 Inco, Ltd. 80.00
02-23-95 02-23-95 Barefoot, Inc. 30.00
02-23-95 02-23-95 CML Group, Inc. 20.00
03-01 -95 03-01 -95 General Electric 727.75
03-06-95 03-06-95 Genuine Parts 441 .00
03-06-95 03-06-95 Placer Dome, Inc. 75.00
03-06-95 03-06-95 Varian Associates 49.00
03-09-95 03-09-95 Chrysler Corp. 200.00
03-09-95 03-09-95 Philip Morris 17237.50
03.09-95 03-09-95 Philip Morris 15.00
03-09-95 03-09-95 Motorola, Inc. 50.00
03-15-95 03-15-95 Tyson Foods 20.00
03-27-95 03-27-95 Illinois Tool Works 60.00
03-27-95 03-27-95 Mole% Inc 6.25
03-27-95 03-27-95 AT & T 330.00
03-28-95 03-28-95 Air Products and Chemicals 122.50
04-03-95 04-03-95 Bristol Myers Squibb 740.00
04-07-95 04-07-95 Superior Industry International 27.00
04-13-95 04-13-95 Southwestern Energy 60.00
04-25-95 04-25-95 Inco, Ltd. 80.00
05-01 -95 05-01 -95 Federal Signal 125.00
05-01 -95 05-01 -95 Weyerhaeuser 320.00
05-02-95 05-02-95 AMP 230.00
05-04-95 05-04-95 Rollins, Inc. 98.00
05-08-95 05-08-95 IVAX Corp. 40.00
05-08-95 05-08-95 Mobil Corp. 462.50
05-09-95 05-09-95 Mercury Finance 90.00
05-11 -95 05-11 -95 USX-U. S. Steel Group 275.00
05- 15-95 05-15-95 Diebold, Inc. 174.00
05- 15-95 05-15-95 Emerson Elecuic 408.50
05- 15-95 05-15-95 Minnesota Mining & Mfg. 517A0
05- 15-95 05- 15-95 Newell Co Inc 120.00
1