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HomeMy WebLinkAbout2020-10-15 - Agendas - Final Fayetteville Policeman's Pension and Relief Fund Meeting Date October 15, 2020 Adjourn Time 3:25 PM Attendees: John Brown, Ruston Cole, Eldon Roberts, Melvin Stanley, Mayor Jordan City Attorney Kit Williams, Deputy City Clerk Lisa Branson, Finance Director Paul Becker, Kerry Watkins, and Glenn Adkins, Garrison Financial Abesent: City Clerk Treasurer Kara Paxton, and Frank Johnson Approval of the April 16, 2020 Subject: Roll Call Subject: minutes Motion To: Motion To: Approve Motion By: Motion By: Ruston Cole Seconded: Seconded: Eldon Roberts John Brown John Brown Ruston Cole Ruston Cole Frank Johnson Absent Frank Johnson Absent • Melvin Stanley Melvin Stanley Eldon Roberts Eldon Roberts Kara Paxton Absent Kara Paxton Absent Mayor Jordan Mayor Jordan Subject: Re-Approval of the June- Approval of the Nov.&Dec 2020 October 2020 Pension List Subject: Jan-April 2021 Pension Lists Motion To: Approve Motion To: Approve Motion By: John Brown Motion By: Melvin Stanley Seconded: Eldon Roberts Seconded: John Brown John Brown ,V, John Brown Ruston Cole ✓ Ruston Cole Frank Johnson sent Frank Johnson Absent Melvin Stanley ."j' Melvin Stanley 5" Eldon Roberts, Eldon Roberts .411 Kara Paxtb / Absent Kara Paxtonor Jordan Y Absent Mayor(Alan Ma • F FAYETT Lioneld Jordan Chairman t Ruston Cole Kara Paxton Treasurer < Retired Position 2 Eldon Roberts Secretary ' F John Brown Retired Position 3 Retired Position I il _ -,-'• Melvin Stanley Reared Position 4 i , Frank Johnson Retired Position 5 Ifi . PS Policemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 15, 2020 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held on October 15, 2020 at 3:00 p.m. via Teleconference of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Roll Call Garrison Financial: • Quarterly Reports ending 03/31/2020 & 06/30/2020 • Minutes: • Approval of the April 16, 2020 Meeting Minutes Pension List Changes: • Bernice Hutchens deceased May 02, 2020. Approval of the Pension List: • Approval of the Revised June, July, August September, October 2020 Pension Lists • Approval of the November, December 2020 and January, February, March, April 2021 Pension Lists New Business: • Revenue Expense Summary 06/30/2020 & 08/31/2020 Informational: 2021 Meeting Calendar • Next Meeting—April 15, 2021 Note: All meetings are tentative and subject to change. The City meetings calendar is located on www.fayetteville-ar.gov ASSET MANAGEMENT April 3, 2020 Ms. Kara Paxton City of Fayetteville 113 West Mountain Street Fayetteville,Arkansas 72701-6069 GARRISON Dear Ms. Paxton, Enclosed are your quarterly reports for the quarter ended March 31,2020. We hope this letter finds you and your family safe and healthy. The challenges our country is facing over the coming months are nothing short of astounding. With every ounce of our being we know we will prevail, but our country, as well as most of the world, will experience hardship not seen in decades. We feel this situation is very much like war time with our frontline soldiers being our healthcare workers as well as those who continue to go to work to keep our citizens supplied with the basic needs such as food and medicine. Our thoughts and prayers are with everyone affected by this virus and all the frontline warriors. We started the year with economic activity on the uptrend, the stock market continuing its 2019 gains, employment high and interest rates low. Stocks continued their march upward with the S&P 500 hitting a peak on February 19'.As the reality of the virus became bleaker by the day, investors ran for the exit doors all at once. The index shaved off over -30% in the following four weeks in the most vicious correction we have ever experienced. Large capitalization stocks fared best with the S&P 500 down -19.02% for the quarter. Smaller companies as measured by the mid and small cap indexes were down -29.70% and -30.62% respectively. Stock markets around the globe also retreated with the EAFE index declining-23%. Energy once again was the worst sector down over -50% as the Russians and Saudis decided to have a price war in the middle of the largest demand destruction event in modern history. Every sector recorded steep losses, but technology and healthcare were down the least retreating-12.22%and-13.07%respectively. It wasn't only stocks that investors were shunning. Areas in the fixed income markets saw sharp price declines as well. High grade bonds lost -3.35%, and municipal bonds were down — .63%. High yield/junk debt, the riskiest part of the fixed income markets, dropped by -12.68% as a large amount of this sector belongs to companies in the oil and gas industry. When things get tough, investors clamor for the safety of U.S. Government bonds,which posted gains of+5.25%. The Barclays intermediate government/credit index ended the quarter up+2.40%thanks to its overweighting in government debt. Things that have and will continue to help stabilize the markets are government intervention, COVID19 "curve flattening" and therapeutics/vaccines. Our government has intervened in a big way and we expect more to come.Three stimulus packages are already in the books and they're already discussing a fourth. This will most definitely help bridge the gap of the economic chasm we have never before experienced. There has been some early evidence of curve flattening, and we know if we all do our part this will continue. The best medical minds on the planet are working on treatments, rapid testing and vaccines and we expect to see further good news on this front. • • Although the economic data have yet to confirm it,the U.S. ended its record long 128-month expansion and entered a recession in March. The economic numbers we will see over the coming weeks and months will be • jaw dropping. How deep and long it will last is still a big unknown. The longer the economy is shut down and people are not allowed to go about their normal life, the longer it will take us to recover from this gut punch. Markets always look ahead and stocks bottom well before the worst headlines have hit the newsstands and before a recession is over. This unprecedented event will no doubt trigger changes in the way live and the way businesses run. Consumer behavior and global supply chains will be altered which will spark new products and services. Key manufacturing sectors, particularly those involving pharmaceuticals and related raw materials,are likely to return to the United States. Other critical infrastructure like SG broadband, electronics, and national security related components are also likely to see considerable onshoring in the coming years. Some industries will move away from so called "just-in-time" inventory pipelines, which will lessen sudden supply shocks. Currently,one single decouple point in the supply chain disrupts both upstream and downstream suppliers and ripples quickly world-wide. These changes will play out over the coming months and years. The extraordinary steps the U.S. Government and the Fed is taking to ward off catastrophic economic hardship to millions of Americans will come at a cost, but unfortunately the short-term needs far outweigh the longer- term ramifications. Keeping people employed and the economy afloat while the vast majority of our population is sheltering at home will cost trillions. This added borrowing to an already bloated $23 trillion in national debt will have to be addressed once this crisis is behind us. It will have a lasting impact on our economy and future generations. We know the recent market volatility is scary. To be frank, it's very unsettling to those of us in the financial industry too. This is when we must take a deep breath and step back from the daily news headlines that constantly bombard us with the daily ups and downs in the stock market and the tragic human suffering. Our . team has been through what we consider three "once in a lifetime"events: 1)the bursting of the tech bubble and the terrorist attacks of 9-11 in the 2001-2003 time-frame, 2)the banking/financial crisis of 2008-2009, and now 3)this global pandemic. Through the prior two we stuck to our investment philosophy and will during this one as well. Our investment philosophy is such that we place great importance on balance sheet strength. We do not invest in companies with a risk/reward profile of boom or bust. We focus on solid companies with long track records of operation and which tend to create shareholder value and weather turbulent economic and financial market conditions. We cannot guarantee performance or when the market will bottom and start to recover but we can say that this crisis will not kill capitalism or destroy our financial system. As always, we are grateful for your business and for your confidence and resolve in getting through this current crisis together with the team at Garrison. We will continue to make considered and well thought out decisions relating to your investments and our own as well. Conversely, we will avoid reactionary and ill-conceived decisions that are not likely to be productive long-term. We are glad to be part of this journey with you and will remain diligently focused on our mission. Cordially, Kerry Bradley, CFA, MBA Equity Portfolio Manager • Garrison Asset Management 605 W.Dickson Street,Suite 201 •Fayetteville,Arkansas 72701 479-587-1045• 888-442-7637. 479-587-1257 Facsimile•www.GarrisonFinancial.com S °11_________ rI___•,ii,,,,,,..GARRISON ASSET MANAGEMENT • City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 Quarter Ending March 31, 2020 0 PORTFOLIO SUMMARY City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 3.1% Pir March2.3% 31, 2020 ® Cash & Equivalents 155,877.71 36.8% 57.8% Money Market 115,000.00 Account Fixed Income 1,835,140.63 Account Equities 2,885,986.58 Garrison Asset Management • POROO ARAA City of FayettevilleTF PoliceLI Pension and RL elief Fund Charles Schwab #2448-5630 March 31, 2020 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost _ Price Value Assets Income Income Yield CASH AND EQUIVALENTS 0.010 3.1 1 5.59 0.0 Schwab Bank Sweep _^ 155,877.71 155,877.711 155,877.71 155,877.71 3.1 15.59 0.0 TRADED-MONEY MARKET 115,000 Schwab Govt Money 1.00 115,000.00 1.00 115,000.00 2.3 0.003 402.50 0.3 Fund Investor Shares 402.50 0.3 115,000.00 115,000.00 2.3 CERTIFICATE OF DEPOSIT 100,000 Capital One Bank USA 97.44 97,440.00 100.49 100,491.80 2.0 1.750 1,750.00 1.0 1.750%Due 11-23-20 618.49 0.0 Accrued Interest 97,440.00 101,110.29 2.0 1,750.00 1.0 CORPORATE BONDS 2.0 125,000 Berkshire Hathaway 100.61 125,756.71 100.50 125,619.12 2.5 2.900 3,625.00 Financial 2.900%Due 10-15-20 125,000 AT&T,Inc. 100.14 125,174.47 100.82 126,020.75 2.5 3.000 3,750.00 2. 3.000%Du6 e ration06-12-22 02-15-22 • 125,000 Sy2.6s00co%Corpo ue ration 100.77 125,965.77 96.22 120,276.75 2.4 2.600 3,250.00 4.5 D 125,000 Oracle Corp. 100.62 125,770.85 102.25 127,817.25 2.6 2.500 3,125.00 1.6 2.500%Due 10-15-22 125,000 Intel Corporation 101.12 126,405.93 103.63 129,535.75 2.6 2.700 3,375.00 1.3 2.700%Due 12-15-22 1.9 110,000 Nike,Inc. 101.22 111,343.04 101.10 111,212.86 2.2 2.250 2,475.00 2.250%Due 05-01-23 1.1 125,000 Apple Inc. 101.05 126,313.16 103.83 129,781.75 2.6 2.400 3,000.00 2.400%Due 05-03-23 13 i,508.62 2.6 3.100 3,875.00 1.5 125,000 Procter&Gamble 103.79 129,736.48 105.21 Company 3.100%Due 08-15-23 4,262.50 3.2 110,000 JB Hunt Transport 106.64 117,301.10 103.75 114,122.80 2.3 3.875 Services,Inc. 3.875%Due 03-01-26 110,000 Kroger Company 105.29 115,8.15.33 104.60 115,057.80 2.3 3.700 4,070.00 3.0 • 3.700%Due 08-01-27 60,000 Laboratory Corporation 106.03 63,619.75 100.69 60,414.36 1.2 3.600 2,160.00 3.5 of America Holdings 3.600%Due 09-01-27 2.4 110,000 General Dynamics 103.29 113,620.53 101.47 111,612.27 2.2 2.625 2,887.50 Corporation 2.625%Due 11-15-27 2,625.00 2.1 100,000 PepsiCo,Inc. 104.88 104,884.08 104.18 104,176.20 2.1 2.625 2.625%Due 07-29-29 110,000 FedEx Corporation 100.14 110,159.12 98.72 108,593.98 2.2 3.100 3,410.00 3.3 3.100%Due 08-05-29 11,616.07 0.2 Accrued Interest 45,890.00 2.4 1,621,866.34 1,627,366.34 32.6 CONVERTIBLE PREFERRED 32,588.95 93.00 27,900.00 0.6 4.875 1,462.50 5.2 300 Bunge 4.875/o Cony. 108.63 Pfd. 1,462.50 5.2 32,588.95 27,900.00 0.6 1 • Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2020 Adj Unit Total Adjusted Market Quantity Pct. Unit Annual Q y Security Cost Cost Price Value Assets Income Income Yield COMMON STOCK 300.0000 3M Company 164.93 49,479.55 136.51 40,953.00 0.8 5.880 1,764.00 4.3 1,680.0000 AT&T,Inc. 28.24 47,439.74 29.15 48,972.00 1.0 2.080 655.0000 AbbVie,Inc. 66.58 43,609.18 76.19 49,904.45 1.0 4.720 3,091.60 6.2 1,100.0000 Abbott Laboratories 39.56 43,518.88 78.91 86,801.00 1.7 1.440 1,584.00 1.8 465.0000 Accenture Plc. 90.81 42,224.97 163.26 75,915.90 1.5 3.200 1,488.00 2.0 600.0000 Akamai Technologies, 55.76 33,454.45 91.49 54,894.00 1.1 0.000 Inc. 0.00 0.0 295.0000 Amgen,Inc. 114.33 33,727.26 202.73 59,805.35 1.2 6.400 1,888.00 3.2 375.0000 Ansys,Inc. 75.67 28,377.71 232.47 87,176.25 1.7 0.000 350.0000 Apple,Inc. 71.44 25,005.45 254.29 89,001.50 1.8 3.080 1,078.00 1.2 785.0000 AptarGroup,Inc. 63.47 49,825.05 99.54 78,138.90 1.6 1.440 1,130.40 1.4 125.0000 AutoZone,Inc. 516.09 64,511.70 846.00 105,750.00 2.1 0.000 1,350.0000 BCE,Inc. 24.40 32,934.20 40.86 55,161.00 1.1 3.400 4,590.00 83 250.0000 Becton,Dickinson& 113.97 28,491.99 229.77 57,442.50 1.2 3.160 Company 790.00 1.4 215.0000 Broadcom,Inc. 239.03 51,390.42 237.10 50,976.50 1.0 13.000 2,795.00 5.5 580.0000 Broadridge Financial 41.33 23,972.18 94.83 55,001.40 1.1 2.160 1,252.80 2.3 Solutions,Inc. 1,368.0000 Brown-Forman 35.52 48,596.98 55.51 75,937.68 1.5 0.700 957.60 1.3 Corporation Class B III 585.0000 Check Point Software 85.44 49,979.59 100.54 58,815.90 1.2 0.000 Tech Ltd. 0.00 0.0 1,445.0000 Cisco Systems,Inc. 19.70 28,470.99 39.31 56,802.95 1.1 1.440 2,080.80 3.7 1,400.0000 Coca-Cola Company 30.98 43,374.60 44.25 61,950.00 1.2 1.640 2,296.00 3.7 1,150.0000 ConocoPhillips 55.58 63,918.42 30.80 35,420.00 0.7 1.680 1,932.00 5.5 460.0000 Deere&Co. 87.76 40,370.67 138.16 63,553.60 1.3 3.040 1,398.40 2.2 500.0000 Disney,Walt Company 110.91 55,454.90 96.60 48,300.00 1.0 1.760 550.0000 Eastman Chemical 85.25 46,885.10 46.58 25,619.00 0.5 2.640 1,4522 000 5.7 Company 3,865.0000 Huntington Bancshares, 13.05 50,444.36 8.21 31,731.65 0.6 0.600 2,319.00 7.3 Inc. 305.0000 IPG Photonics 120.18 36,654.02 110.28 33,635.40 0.7 0.000 Corporation 0.00 0.0 1,205.0000 Intel Corporation 20.53 24,744.12 54.12 65,214.60 1.3 1.320 1,590.60 2.4 560.0000 Johnson&Johnson 64.70 36,229.62 131.13 73,432.80 1.5 3.800 2,128.00 2.9 365.0000 Kimberly-Clark 107.07 39,079.82 127.87 46,672.55 0.9 4.280 1,562.20 3.3 Corporation • 395.0000 Laboratory Corp. 125.86 49,715.75 126.39 49,924.05 1.0 0.000 America Holdings 0.00 0.0 675.0000 Lincoln Electric 67.20 45,360.12 69.00 46,575.00 0.9 1.960 1,323.00 2.8 Holdings,Inc. 640.0000 Medtronic Plc. 77.60 49,662.77 90.18 57,715.20 1.2 2.160 1,382.40 2.4 1,100.0000 Merck&Co.,Inc. 51.39 56,525.78 76.94 84,634.00 1.7 2.440 2,684.00 3.2 530.0000 Pepsico,Inc. 93.75 49,690.09 120.10 63,653.00 1.3 3.820 2,024.60 3.2 500.0000 PerkinElmer,Inc. 97.03 48,515.80 75.28 37,640.00 0.8 0.280 630.0000 Phillips 66 72.18 45,473.90 53.65 33,799.50 0.7 3.600 2,268.00 6.7 775.0000 Procter 8c Gamble 59.42 46,048.64 110.00 85,250.00 1.7 2.980 Company 2,309.50 2.7 1,735.0000 Raven Industries,Inc. 27.63 47,944.70 21.23 36,834.05 0.7 0.520 425.0000 Rockwell Automation, 165.23 70,220.77 150.91 734.00 2.4 Inc. 64,136.75 1.3 4.080 1,734.00 2.7 710.0000 Texas Instruments,Inc. 58.53 41,559.80 99.93 70,950.30 1.4 3.600 2,556.00 3.6 710.0000 Ventas,Inc. 73.52 52,195.91 26.80 19,028.00 0.4 3.170 III 405.0000 Verisk Analytics,Inc. 81.80 33,129.52 139.38 56,448.90 1.1 1.080 2,250.70 11.8 830.0000 WalMart,Inc. 62.11 51,549.08 113.62 437.40 0.8 94,304.60 1.9 2.160 1,792.80 1.9 2 Garrison Asset Management • PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2020 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 700.0000 Waste Management,Inc. 42.21 29,545.01 92.56 64,792.00 1.3 2.180 1,526.00 2.4 750.0000 Xylem,Inc. 64.30 48,222.64 65.13 48,847.50 1.0 1.040 780.00 1.6 1,927,5 26.20 2,587,512.73 51.8 67,653.40 2.6 MUTUAL FUNDS 3,748.040 Dodge&Cox Intl Stk 45.17 169,317.47 30.30 113,565.61 2.3 1.710 6,409.15 5.6 3,822.559 Oppenheimer 41.00 156,706.17 35.73 136,580.03 2.7 0.110 420.48 0.3 Developing Mkts A 326,023.64 250,145.65 5.0 6,829.63 2.7 UNIT TRUSTS 2,340 FT Energy Income& 34.20 80,032.95 8.73 20,428.20 0.4 2.320 5,428.80 26.6 Growth 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 31.84 106,664.00 2.1 1.970 6,599.50 6.2 208,455.45 127,092.20 2.5 12,028.30 9.5 TOTAL PORTFOLIO 4,484,778.29 4,992,004.92 100.0 136,031.92 2.6 • You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies • 3 0 Garrison Asset Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-20 To 03-31-20 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 02-18-20 02-20-20 100,000 PepsiCo,Inc. 104.94 104,940.00 2.625%Due 07-29-29 01-30-20 01-31-20 95,000 Schwab Govt Money Fund Investor 1.00 95,000.00 Shares 199,940.00 SALES 03-13-20 03-17-20 50.0000 Amgen,Inc. 195.77 9,788.63 03-11-20 03-13-20 275.0000 Goldman Sachs Group, Inc. 175.77 48,337.88 03-11-20 03-13-20 800.0000 National Oilwell Varco 10.95 8,760.29 02-04-20 02-05-20 76,000 Schwab Govt Money Fund Investor 1.00 76,000.00 Shares 02-18-20 02-19-20 140,000 Schwab Govt Money Fund Investor 1.00 140,000.00 Shares i . 03-03-20 03-04-20 55,000 Schwab Govt Money Fund Investor 1.00 55,000.00 Shares 03-24-20 03-26-20 465.0000 Valmont Industries,Inc. 95.45 44,384.57 03-13-20 03-17-20 50.0000 Verisk Analytics,Inc. 138.27 6,913.60 03-13-20 03-17-20 100.0000 Waste Management, Inc. 101.80 10,179.78 03-13-20 03-17-20 650 iShares S&P US Pfd Stk 32.55 21,159.63 420,524.38 Garrison Asset Management • REALIZED GAINS AND LOSSES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-20 Through 03-31-20 Gain Or Loss Open Close Cost Amort.or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term 02-04-20 76,000 Schwab Govt Money Fund 76,000.00 76,000.00 0 00* Investor Shares 02-18-20 140,000 Schwab Govt Money Fund 140,000.00 140,000.00 0.00* Investor Shares 03-03-20 55,000 Schwab Govt Money Fund 55,000.00 55,000.00 0.00* Investor Shares 06-26-17 03-11-20 275.0000 Goldman Sachs Group,Inc. 60,380.32 48,337.88 -12,042.44 07-24-14 03-11-20 800.0000 National Oilwell Varco 68,280.15 8,760.29 -59,519.86 04-02-14 03-13-20 100.0000 Waste Management,Inc. 4,220.72 10,179.78 5,959.06 10-22-13 03-13-20 650 iShares S&P US Pfd Stk 24,917.80 21,159.63 -3,758.17 09-13-16 03-13-20 50.0000 Verisk Analytics,Inc. 4,090.06 6,913.60 2,823.54 05-22-14 03-13-20 50.0000 Amgen,Inc. 5,716.48 9,788.63 4,072.15 12-31-14 03-24-20 465.0000 Valmont Industries,Inc. 59,797.26 44,384.57 -15,412.69 TOTAL GAINS 0.00 12,854.75 TOTAL LOSSES 0.00 -90,733.16 498,402.79 0.00 420,524.38 0.00 -77,878.41 TOTAL REALIZED GAIN/LOSS -77,878.41 NO CAPITAL GAINS DISTRIBUTIONS An'''denotes an average cost transaction. • Garrison Asset Management PERFORMANCE SUMMARY • GROSS OF FEES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2020 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pct. Value Assets Yield Cash&Equivalents 155,877.71 3.1 0.0 Portfolio Value on 12-31-19 6,046,638.37 Money Market 115,000.00 2.3 0.3 Accrued Interest 11,397.87 Account Fixed 1,835,140.63 36.8 2.5 Net Additions/Withdrawals -217,620.98 Income Account Equities 2,885,986.58 57.8 2.8 Realized Gains -58,744.07 Account 0.00 0.0 - Unrealized Gains -822,293.61 Commodities Income Received 31,790.65 Change in Accrued Interest 836.69 Portfolio Value on 03-31-20 4,979,770.36 Accrued Interest 12,234.56 Total 4,992,004.92 100.0 2.6 4,992,004.92 TIME WEIGHTED RETURN 411 Annualized Quarter Last 12 Inception To Date Months To Date Account -14.45 -6.21 3.30 40%Fixed Income/60% -11.15 -1.16 5.60 Equity Blended Index Account Fixed Income -1.15 2.59 2.25 Barclays Capital Intermed 2.40 6.90 2.81 Govt/Credit Account Equities -21.45 -10.83 4.27 S&P 500 -19.60 -6.98 7.10 All"Account"returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as percentages. • This report is calculated using industry-standard accounting and performance calculation methodologies and is generated by our Axys portfolio accounting software. Calculations are a time-weighted total return series based on monthly valuations, including all cash and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash, interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and withdrawals. Results are presented after transaction costs but before management fees. Inception-to-date returns are annualized numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation. At any given point in time an investment may be worth more or less than the original purchase price. #1/1 GARRISON ASSET MANAGEMENT April 6,2020 City of Fayetteville Police Pension and Relief Fund Charles Schwab#2448-5630 113 West Mountain Fayetteville,AR 72701 STATEMENT OF MANAGEMENT FEES For The Period January 1 through March 31,2020 Portfolio Value as of 12-31-19 6,058,036 Portfolio Value as of 01-31-20 5,971,102 Portfolio Value as of 02-29-20 5,569,699 Portfolio Value as of 03-31-20 4,992,005 Average of 4 Months 5,647,710 5,647,710 @ 0.5000%per annum 7,060 Quarterly Management Fee 7,060 TOTAL DUE AND PAYABLE 7,060 This statement is for informational purposes only. As you requested, the fee will be automatically deducted from your account. Please be advised that it is the responsibility of the client to verify the 1111 accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated. effi GARRISON 0 ASSET MANAGEM July 10, 2020 Ms. Kara Paxton City of Fayetteville 113 West Mountain Street Fayetteville, Arkansas 72701-6069 Dear Ms. Paxton, Enclosed are your quarterly reports for the quarter ended June 30, 2020. As the Covid-19 pandemic continued with no end in sight, the stock market staged a remarkable rebound in the 2"d quarter as the S&P 500 climbed +19.95%leaving year-to-date losses at down - 3.08%. All 11 sectors of the index posted positive returns with Consumer Discretionary, Information Technology and Energy leading the way, up+32.5%, +30%and +28.7% respectively. The second quarter gains pushed Consumer Discretionary and Information Technology to year-to-date gains of+7.23%and +14.95%which are the only two sectors in the green for the year. Energy is still the biggest loser year- to-date, down -35%, with Financials the next worst performer down -24%. Growth stocks outperformed value +9%to down -17%and large caps beat small caps down -3.74%to down -13.61%. The largest of the large caps continue to overshadow the major indices with just 5 companies(the top 1%) now comprising over 22%of the S&P 500 index. The last time this happened was in 1999 just prior to the dot corn bust. If the top five companies by market cap were removed from the index, the quarter and year- III to-date performance of the S&P 500 would be markedly weaker, up only+13.2%for the quarter and down -8.3%for the first half of the year. Developed overseas markets also recovered in the 2nd quarter with the MSCI SAFE Index gaining +14%which leaves it in the red for the year, down -12.59%. After lowering the Fed Funds rate by a total of 2.25%during the last 18 months (1.50%during 2020 alone), the current target level is 0%to .25%. Interest rates YTD, as measured by the 10-year treasury note, have fallen from 1.88%to close the second quarter at .65%, a decline of 1.23%points. Essentially all this decline occurred during the first quarter. Rates ended the second quarter essentially flat at .65%, down 3 ticks from .68%at the end of March, after a brief spike to .90%on June 5'. Even with the ongoing Covid-19 crisis and continuing economic weakness, that's a big move in rates year-to-date. Viewed another way, rates are down by almost two-thirds from the end of 2019. For the second quarter, the return on the Barclay's Capital Intermediate Government/Credit Index was +2.81%, bringing the YTD return through June to +5.28%. The US economy officially entered a recession in February as GDP dropped -4.8%in the 1'' quarter,with an even larger declined expected for the 2"d quarter. Median estimates are for 2' quarter GDP to shrink by -35%with the high estimate of-7%and low of-67%. Economists are still actively debating whether the rebound will be a V-shaped, U-shaped or W-shaped. It appears we can rule out an 1-shape given the bounce back in economic activity the last two months. There's no doubt the historically rapid and expansive US monetary and fiscal policy response helped alleviate most of the short-term liquidity issues and has provided a partial offset to the economic damage done from the sheltering orders. The initial bounce back in economic activity we've experienced was to be expected after the staggering economic loss due to the length and severity of the sheltering orders. Signs of life began showing up in the economic data in May as the economy began to open again. May retail sales were up +17.7%from April but still down -6.1%from a year earlier. May Auto sales were up+46.2%from April figures but still down -4.7%from May 2019. Food service was up +29%in May from the previous month, but still down -39.4%from a year earlier. 40 million Americans have filed for unemployment since early March, which drove unemployment levels from a record low in February of 3.5%to an eye popping 14.7% in April. Recent employment data surprised on the upside gaining 4.8 million jobs in June, driving down the unemployment rate to a still painful 11.1%. Oil prices rallied off historic lows, rebounding from the mid-teens in April to over$40 per barrel at quarter end. Now that we are past the initial bounce back, the heavy lifting begins. We expect the pace of recovery to slow markedly and the gradual climb back to pre Covid-19 demand levels to take several years. Supply-chain issues and lower demand will likely weigh on corporate profits for many quarters. This recession is anything but typical. We have never experienced a health crisis driven recession and we expect this fragile economy to be with us for some time. Additional stimulus from the Government is all but certain to help bridge the gap to normalcy. The strength of the stock market snap back in the face of so much uncertainty has come as a surprise to many, including us. Our initial thought was this virus would have a 2-3 quarter effect on the economy, but as cases continue to rise and disrupt normal economic activity with no real end in sight (although deaths are declining),we believe it will have a much longer and lasting effect. Stock prices reflect future earnings and earnings projections have fallen sharply for the coming year, down over -18%. The price • earnings multiple for the S&P 500 moved up significantly from 15.43x at the end of the 1" quarter to just under 22x at the end of the 2"°quarter which is the highest level since 2002. We believe the upside in both the stock and bond market is limited given the current valuation and level of interest rates. The investment landscape is teeming with potential risks such as increased virus cases or a larger second wave, the November elections and increased trade tensions with China are at the top of our list to watch. We expect interest rates and inflation fears to remain low and volatility high. Every day that passes is one day closer to life as we knew it. We still have great confidence in capitalism, human ingenuity and our will to persevere. Stay safe and healthy and please call the office if you have any questions or would like to discuss your investments. Cordially, Kerry Bradley, CFA, MBA Equity Portfolio Manager _......... Garrison -1 scent Management • 605 Y Dickson Street. Suite 201 •l avettev ille, Arkansas 270I 4"0-58�-1045 • 888-442-'63'• 479-587-1257 Facsimile•www.GarrisonFinancial.com i #iitAk GARRISON ASSET MANAGEMENT • City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 Quarter Ending June 30, 2020 • • PORTFOLIO SUMMARY City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2020 . 35.5 ■Cash &Equivalents 247,471.25 60.0% ■Account Fixed Income 1,926,306.75 Account Equities 3,256,079.76 rah: • • Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab#2448-5630 June 30. 2020 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 247,471.25 247,471.25 4.6 0.010 24 75 0.0 247,471.25 247,471.25 4.6 24 75 0.0 CERTIFICATE OF DEPOSIT 100,000 Capital One Bank USA 97.44 97,440.00 100.64 100,636.40 1.9 1 750 1,750 00 0,1 1 750%Due 11-23-20 Accrued Interest 182.19 0.0 97,440.00 100,818.59 1.9 1,750.00 0.1 CORPORATE BONDS 125,000 Berkshire Hathaway 100.33 125,408.06 100.63 125,790.62 2.3 2.900 3,625.00 0.7 Financial 2.900%Due 10-15-20 125,000 AT&T,Inc. 100.12 125,151.84 103 75 129,687.50 2.4 3.000 3,750.00 0.7 3.000%Due 02-15-22 j 125,000 Sysco Corporation 100.69 125,858.55 103.21 129,009.50 2.4 2.600 3,250.00 0.9 2.600%Due 06-12-22 125,000 Oracle Corporation 100 56 125,697 11 104 53 130,665 50 2.4 2.500 3,125.00 0.5 2.500%Due 10-15-22 125,000 Intel Corporation 101.02 126,279.99 105.78 132,226.00 2.4 2.700 3,375.00 0.3 2.700%Due 12-15-22 110,000 Nike,Inc. 101.12 111,237.20 105.24 115,765.65 2.1 2.250 2,475.00 0.4 2.250%Due 05-01-23 125,000 Apple Inc. 100.97 126,210.17 105.71 132,132.62 2.4 2.400 3,000.00 0.4 ! 2.400%Due 05-03-23 125,000 Procter&Gamble 103.52 129,396.77 108.90 136,125.00 2.5 3.100 3.875.00 0.2 Company 3.100%Due 08-15-23 110,000 1B Hunt Transport 106.38 117,015.96 114.18 125,600.64 2.3 3.875 4,262.50 1.3 Services,Inc. 3 875%Due 03-01-26 110,000 Kruger Company 105.12 115,637.19 114 74 126,213.01 2.3 3.700 4,070.00 1.5 3.700%Due 08-01-27 60.000 Laboratory Corporation 105.85 63,509.48 111.53 66,916.62 1.2 3.600 2,160.00 1.9 of America Holdings 3.600%Due 09-01-27 - 110,000 General Dynamics 103 19 113,511.31 108.55 119,407.20 2.2 2.625 2.887.50 1.4 Corporation . 2.625%Due 11-15-27 100,000 PepsiCo,Inc. 104 77 104,765.30 110.47 110,474-50 2.0 2.625 2,625.00 1.4 2.625%Due 07-29-29 110,000 FedEx Corporation 100.14 110,155.44 106.67 117,337.44 2.2 3.100 3,410.00 2.3 3.100%Due 08-05-29 Accrued Interest 12,092.35 0.2 1,619,834.36 1,709,444.16 31.5 45,89000 0.9 CONVERTIBLE PREFERRED 301) Runge 4.875%Cony. 108.63 32,588.95 91.99 27,597.00 0.5 4.875 1,462.50 5.3 Pfd. 32,588.95 27,59700 0.5 1,462 50 5.3 COMMON STOCK 300 3M Company 164.93 49,479.55 155 99 46,797.00 0.9 5.880 1.764.00 3.8 1,680 AT&T,Inc 28.24 47,439.74 30-23 50,786.40 0.9 2.080 3,494.40 6.9 655 AbbVie,Inc. 66.58 43,609.18 98 18 64,307.90 1.2 4.720 3.091.60 4.8 • 1 • Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab#2448-5630 June 30, 2020 Adj Unit Total Adjusted Market Pet. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 870 Abbott Laboratories 39 43 34,304.00 91 43 79,544.10 1.5 1.440 1,252.80 1 6 465 Accenture Plc. 90 81 42,224.97 214.72 99,844.80 1.8 3.200 1,488.00 1.5 600 Akarnar Technologies, 55 76 33,454.45 107.09 64,254.00 1 2 0 000 0.00 0.0 Inc. 295 Amgen,Inc. 114.33 33,727.26 235.86 69,578.70 1.3 6.4(10 1,888.00 2 7 275 Ansys,Inc. 75 67 20,810.32 291.73 80,225.75 1.5 0.000 0.00 0.0 250 Apple,Inc. 71 44 17,861.03 364.80 91,200.00 1.7 3.280 820.00 0.9 685 Aptartiroup.Inc. 63 47 43,477.91 111.98 76,706.30 1 4 1.440 986.40 1.3 145 Ansta Networks,Inc. 208 63 30,250.97 210.03 30,454.35 0.6 0.000 0.00 0.0 98 AutoZone,Inc 516.09 50,577.17 1.128 12 110,555.76 2.0 0.000 0.00 0.0 1,350 BCE,Inc. 24.40 32,934.20 41.77 56,389.50 1.0 2.400 3,240.00 5.7 200 Becton,Dickinson& 113.97 22,793.26 239.27 47,854.00 0.9 3.160 632.00 1.3 Company 200 Bmadeom,Inc. 239.03 47,805.04 315.61 63,122.00 1.2 13.000 2,600.00 4.1 300 Broadridge Financial 41 33 12,398.39 126.19 37,857.00 0.7 2.160 648.00 1.7 Solutions,Inc. 1,368 Brown-Forman 35.52 48,596.98 63.66 87,086.88 1.6 0.690 943.92 1 1 Corporation Class B 585 Check Point Software 85.44 49,979.59 107.43 62,846.55 1.2 0.000 0.00 0.0 Tech Ltd. I,445 Cisco Systems.Inc. 19.70 28,470.99 46.64 67,394.80 1 2 1.440 2,080.80 3.1 1,400 Coca-Cola Company 30.98 43,374.60 44.68 62,552.00 1.2 1.640 2,296.00 3.7 1,150 ConocoPhillips 55.58 63,918.42 42.02 48,323.00 0.9 1.680 1,932.00 4.0 • 460 Deere&Co. 87 76 40,370.67 157 15 72,289.00 1.3 3.040 1,398.40 1.9 500 Disney,Walt Company 110.91 55,454.90 111.51 55,755.00 1.0 0.000 0.00 0.0 550 Eastman Chemical 85.25 46,885.10 69 64 38,302.00 0.7 2.640 1,452.00 3.8 Company 3,865 Huntington Bancshares, 13.05 50,444.36 9.03 34,920.27 0.6 0.600 2,319.00 6 6 Inc. 305 1PG Pbotonics 120 18 36,654.02 160.39 48,918.95 0.9 0.000 0.00 0 0 Corporation 1,205 Intel Corporation 20.53 24,744.12 59.83 72,095 15 1.3 1.320 1,590.60 2.2 560 Johnson&Johnson 64.70 36,229.62 140.63 78,752.80 1.5 4.040 2,262.40 2.9 365 Kimberly-Clark 107 07 39,079.82 141 35 51,592.75 1.0 4.280 1,562.20 3.0 Corporation 395 Laboratory Corp. 125.86 49,715.75 166 11 65,613.45 1.2 0.000 0.00 0.0 America Holdings 675 Lincoln Electric 67.20 45,360.12 84.24 56,862.00 1.0 1.96(1 1,323.00 2.3 Holdings,Inc. 120 Mastercard Inc 295.65 35,477.92 295 70 35,484.00 0.7 1.600 192.00 0.5 640 Medtronic Plc. 77 60 49,662.77 91.70 58,688.00 1.1 2.320 1,484.80 2.5 1,100 Merck&Co..Inc. 51.39 56,525.78 77.33 85,063.00 1.6 2.440 2,684.00 3.2 530 Pepsico,Inc. 93.75 49,690.09 132.26 70.097.80 1.3 4.090 2,167.70 3.1 500 PerkinEhner.Inc. 97.03 48,515.80 98.09 49,045.00 0.9 0.280 140.00 0.3 630 Phillips 66 72.18 45,473.90 71.90 45,297.00 0.8 3.600 2,268.00 5.0 775 Procter&Gamble 59.42 46,048.64 1 19,57 92,666 75 17 3.160 2,449.00 2.6 Company 425 Rockwell Automation, 165.23 70,220 77 213.00 90,525 00 1.7 4.080 1,734.00 1.9 Inc. 250 Skyworks Solutions 126.14 31,535.10 127.86 31,965 00 0.6 1.760 440.00 1.4 470 Texas Instruments,Inc 58.53 27,511.42 126.97 59,675 90 I 1 3.600 1,692.00 2.8 710 Ventas,Inc 73.52 52,195.91 36.62 26,000.20 0.5 1.800 1,278.00 4.9 405 Verisk Analytics,Inc. 81.80 33,129.52 170.20 68,931.00 1.3 1.080 437.40 0.6 830 WalMart,Inc. 62.1 I 51,549.08 119.78 99,417.40 1.8 2.160 1,792.80 1.8 700 Waste Management.Inc. 42 21 29,545.01 105.91 74,137.00 1.4 2 180 1,526.00 2.1 750 Xylem,Inc 64 30 48,222.64 64.96 48,720.00 0.9 1.040 780.00 1.6 1,897,730.85 2,908,495.21 536 62,131 22 2.1 • • Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 .Tune 30. 2020 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield MUTUAL FUNDS 3,748.040 Dodge&Cox Intl Stk 45.17 169,317.47 35.56 133,280330 2.5 1 710 6,409.15 4.8 3,822.559 Oppenheimer 41.0(1 156,706.17 4222 161,388.44 3.0 0.100 Developing Mkts A 382.26 0.2 326,023.64 294,668.74 5.4 6,791.40 2.3 UNIT TRUSTS 2,340 FT Energy Income& 34 20 80,032.95 10 82 25.318.80 0.5 1.200 2.808.00 11.1 Growth 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 34.64 116,044.00 2.1 1.960 6,566.00 5.7 208,455.45 141,362.80 2.6 9,374.00 6.6 TOTAL PORTFOLIO 4,429,544.50 5,429,857.76 100A 127,423.87 1.8 IIII You should carefully compare this statement to the statement you receive from your custodian and ratify us immediately of any discrepancies. S 3 . Garrison Asset Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab#2448-5630 From 01-01-20 To 06-30-20 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 04-09-20 04-14-20 145 Arista Networks,Inc. 208.63 30,250.97 06-24-20 06-26-20 120 Mastercard Inc 295.65 35,477.92 02-18-20 02-20-20 100,000 PepsiCo,Inc. 104.94 104,940.00 2.625%Due 07-29-29 01-30-20 01-31-20 95,000 Schwab Govt Money Fund Investor 1.00 95,000.00 Shares 06-24-20 06-26-20 250 Skyworks Solutions 126.14 31,535.10 297,203.99 SALES 06-24-20 06-26-20 230 Abbott Laboratories 87.37 20,095.81 03-13-20 03-17-20 50 Amgen,Inc. 195.77 9,788.63 04-15-20 04-17-20 100 Ansys,Inc. 253.89 25,388.72 04-15-20 04-17-20 100 Apple,Inc. 284.32 28,432.37 04-15-20 04-17-20 100 AptarGroup,Inc. 100.75 10,075.34 06-24-20 06-26-20 27 AutoZone,Inc. 1,099.40 29,683.86 411 04-15-20 04-17-20 50 Becton,Dickinson&Company 257.75252.48 12,624.13 04-15-20 04-17-20 15 Broadcom,Inc. 31 04-09-20 04-14-20 200 Broadridge Financial Solutions,Inc. 104.58 20,915.64 04-15-20 04-17-20 80 Broadridge Financial Solutions,Inc. 10 .65 48,523. 4 17 03-11-20 03-13-20 275 Goldman Sachs Group,Inc. 03-11-20 03-13-20 800 National Oilwell Varco 10.95 8,760.29 06-29-20 07-01-20 605 Raven Industries,Inc. 21.05 12.735.57 06-29-20 07-01-20 140 Raven Industries,Inc. 21.05 2,947.08 06-29-20 07-01-20 200 Raven Industries,Inc. 21.05 4,210.11 06-29-20 07-01-20 415 Raven Industries,Inc. 21.05 8,735.97 06-29-20 07-01-20 100 Raven Industries,Inc. 21.05 2,105.05 06-29-20 07-01-20 100 Raven Industries,Inc. 21.05 2,105.05 06-29-20 07-01-20 100 Raven Industries,Inc. 21.05 2,105.06 06-29-20 07-01-20 50 Raven Industries,Inc. 21.05 1,052.53 06-29-20 07-01-20 25 Raven Industries,Inc. 21.05 526.26 02-04-20 02-05-20 76,000 Schwab Govt Money Fund Investor 1.00 76,000.00 Shares 02-18-20 02-19-20 140,000 Schwab Govt Money Fund Investor 1.00 140,000.00 Shares 03-03-20 03-04-20 55,000 Schwab Govt Money Fund Investor 1.00 55,000.00 Shares 04-09-20 04-13-20 115,000 Schwab Govt Money Fund Investor 1.00 115,000.00 Shares 04-15-20 04-17-20 160 Texas Instruments,Inc. 108.04 17,286.04 06-24-20 06-26-20 80 Texas Instruments,Inc. 124.04 9,922.96 i Garrison Asset Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-20 To 06-30-20 Trade Settle Unit Date Date Quantity Security ------------ Price Amount 03-24-20 03-26-20 465 Valmont Industries,Inc. 95.45 44,384.57 03-13-20 03-17-20 50 Verisk Analytics,Inc. 138.27 6,913.60 03-13-20 03-17-20 100 Waste Management,Inc. 101.80 10,179.78 03-13-20 03-17-20 650 iShares S&P US Pfd Stk 32.55 21,159.63 758,861.41 111) i • Garrison Asset Management REALIZED GAINS AND LOSSES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-20 Through 06-30-20 Gain Or Loss Open Close Cost Amort.or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term - .--_-- -- 02_04.20 76,000 Schwab Govt Money Fund 76,000.0(1 76,000.00 0.00• Investor Shares 02-18-20 140,000 Schwab Govt Money Fund 140.000.00 140,000.00 0.00 Investor Shares 03-03-20 55.000 Schwab Govt Money Fund 55,000.00 55,000.00 0.00* Investor Shares 12 042 44 06-26-17 03-11-20 275 Goldman Sachs Group.Inc 60,380.32 48,337.88 07-2414 03-11-20 800 NationalOihvell Varco 68,280.15 8,760.29 -59,519.86� 06 10.179.78 5,959. 04-02-14 03-13-20 100 Waste Management,Inc. 4,220.72 06 10-22-13 03-13-20 650 iShares S&P US Pfd Stk 24,917.80 21,159.63 -3,758.173,758. 7 09-13-16 03-13-20 50 Vensk Analytics.Inc. 4,090.06 6,913.60 05-22-14 03-13-20 505,716.48 9,788.63 4,072.15 Amgen,Inc. -15.412.69 12-31-14 03-24-2(1 465 Valmont Industries,Inc. 59,797.26 115,000.00 44,384.57 0.00' 04-09-20 115,000 Schwab Govt Money Fund 115,000.00 Investor Shares 12,648.65 07-2414 04-09-20 200 Broadridge Financial 8,266.99 20,915.64 Solutions.Inc 17,821.33 09-25-14 04-15-20 100 Ansys,Inc. 7,567.39 25,388.72 7,144.41 28,432.37 21,287.96 10-02-1303-19-15 04-15-20 100 Apple,tarroInc. 6,347.14 10,075.34 3,728.20 2 04-15-20 I50 Becton,Dtc Inc. 5,698.73 12,624.13 6,925.40 09-25-14 04-15-20 50 Becton,Dtckrnson& Company 7920.45 • 03-19-15 04-15-20 160 Texas Instruments,Inc. 9,365.59 17,286.04 , 06-27-17 04-15-20 15 Broadcom. 3,585.38 3,866.31 280.93lnc. 3,306.80 8,523.17 5,216.37 07-24-14 04-15-20 80 Broadridge Financial Solutions,Inc. 5,240.17 03-19-15 06-24-20 80 Texas Instruments,Inc_ 4,682.79 9,922.96 13,934.53 29,683.86 15,749.33 07-24-14 06-24-20 27 AutoZone,Inc. 9,214.88 20,095.81 10,880.93 03-05-14 06-24-20 230 Abbott Laboratories 17,884.081 210,095.817 10. 80.93 07-24-14 06-29-20 605 Raven Industries.Inc, 4,137.63 2,947.08 -5,148.51 07-24-14 06-29-20 140 Raven Industries.Inc. 2,9171 -1,190.55 5 07-2414 06-29-20 200 Raven Industries,Inc. 5.t5.90 .90 1011 -1,695.79 12-31-14 06-29-20 415 Raven Industries.Inc. 0,530 60 8,735.978, 35.9 -425.08 12-31-14 06-29-20 100 Raven Industries.Inc 2,529.13 2,105.05 -424.08 12-31-14 06-29-20 100 Raven Industries.Inc4. -4 208 12-31-14 06-29-20 100 Raven Industries.Inc. 2,529.13 2,105.061, 5. 6 -41. 7 12-31-14 06-29-20 50 Raven Industries,Inc. 1,264.07 526.26 105.77 12-31-14 06-29-20 25 Raven Industries,Inc. 632.03 0.00 120,5 5.46 77 TOTAL GAINS 0.00 120.554.16 TOTAL LOSSES 740,462.13 0.00 758,861.41 0.00 18,399.28 TOTAL REALIZED GAIN'LOSS 18,399.28 NO CAPITAL GAINS DISTRIBUTIONS An'•'denotes an average cost transaction • Garrison Asset Management PERFORMANCE SUMMARY 4110 GROSS OF FEES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2020 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pet. Value Assets Yield Cash&Equivalents 247,471.25 4.6 0.0 Portfolio Value on 12-31-19 6,046,638.37 Money Market 0.00 0.0 - Accrued Interest 11,397.87 Account Fixed 1,926,306.75 35.5 1.2 Net Additions/Withdrawals -398,880.37 Income Account Equities 3,256,079.76 60.0 2.2 Realized Gains -97,725.91 Account 0.00 0.0 - Unrealized Gains -196,019.41 Commodities Income Received 63,570.54 Change in Accrued Interest 876.67 Portfolio Value on 06-30-20 5,417,583.22 Accrued Interest 12,274.54 Total 5,429,857.76 100.0 1.8 5,429,857.76 TIME WEIGHTED RETURN • Annualized Quarter Year Last 12 Inception To Date To Date Months To Date Account 12.64 -3.64 2.23 5.23 40%Fixed Income.60% 13.29 0.66 7.92 7.58 Equity Blended Index Account Fixed Income 5.72 4.50 6.60 3.10 Barclays Capital Intermed 2.81 5.28 7.13 3.17 Govt/Credit Account Equities 18.14 -7.20 0.78 7.02 S&P 500 20.54 -3.08 7.51 10.17 All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as percentages. This report is calculated using industry-standard accounting and performance calculation methodologies and is generated by our Axys portfolio accounting software. Calculations are a time-weighted total return series based on monthly valuations, including all cash • and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash, interest,dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and withdrawals. Results are presented after transaction costs but before management fees. Inception-to-date returns are annualized numbers,except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation. At any given point in time an investment may be worth more or less than the original purchase price. #01. GARRISON ASSET MANAGEMENT July 8,2020 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 113 West Mountain Fayetteville,AR 72701 STATEMENT OF MANAGEMENT FEES For The Period April 1 through June 30,2020 Portfolio Value as of 03-31-20 4,992,005 Portfolio Value as of 04-30-20 5,295,337 Portfolio Value as of 05-31-20 5,401,604 Portfolio Value as of 06-30-20 5,429,858 Average of 4 Months 5,279,701 5,279,701 c 0.5000%per annum 6,600 Quarterly Management Fee 6,600 TOTAL DUE AND PAYABLE 6,600 This statement is for informational purposes only. As you requested, the fee will be automatically deducted from your account. Please be advised that it is the responsibility of the client to verify the • accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated. • GARRISON ASSET MANAGEMENT July 10, 2020 Greetings, We have attached a new disclosure form entitled "A Summary of Your Advisory Relationship with Garrison Asset Management, LLC (GAM)." We are required by the U.S. Securities and Exchange Commission to provide this new form to you. This document, formally known as Form CRS (Customer Relationship Summary), is designed to provide a brief summary of the services we offer, as well as other key information about us. If you have any questions about this Form, please give us a call. Sincerely, Your Garrison Asset Management Team • A Summary of Your Advisory Relationship with Garrison Asset Management,LLCUpdated(GAM) June 29,2020 GAM is employee-owned and registered with the SEC as an investment advisor. Brokerage and investment advisory services and fees differ,and it's important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at www.investor.gov/crs which also provides educational materials about broker dealers,investment advisors,and investing. What investment services and advice can you provide me? We offer investment management services on a discretionary basis to institutional and Given my financial situation,should I retail investors,which means we initiate buys and sells in your portfolio based on your choose an investment advisory investment policy statement. "Discretionary"means that you will be notified of these service? Why or why not? buys and sells after they occur. We provide you with continuous monitoring of your portfolio. We do not provide investment planning or similar services on an hourly basis, How will you choose investments nor do we offer wrap-fee programs. recommended to me? Our stated account minimums are$100,000 for an all equity portfolio and$250,000 for a balanced portfolio that includes both stocks and bonds. Please see Item 4— What is your relevant experience, Advisory Business in Part II of our form ADV,available here garrisonfinancial.com/form- including your licenses,education, adv-ii/. and other qualifications? What do All three of our investment professionals hold the globally recognized Chartered these qualifications mean? Financial Analyst(CFA)designation issued by CFA Institute in Charlottesville,VA. The Institute describes the CFA as"the highest distinction in the investment management profession..." More information is available here cfainstitute.org/en. Two of our professionals have Bachelor of Science in Business Administration degrees(with concentrations in finance)from the University of Arkansas at Fayetteville. Both individuals also hold MBA degrees from the University of Arkansas at Fayetteville. One of our professionals holds a Bachelor of Science in Management degree from Tulane University in New Orleans. All three professionals hold the Series 65 license,which is the securities license required for individuals to act as investment advisers in the United States. Members of our professional team have been managing investment portfolios together since 1999 and at other firms prior to 1999. What fees will I pay? As we are a fee-based advisor(and not commissioned based)you will pay fees whether Help me understand how these you make or lose money on your investments. Fees and costs will reduce any amount of fees and costs might affect my money you make on your investments over time. Please make sure you understand what investments. fees and costs you are paying. . Our fees are based on the amount of money we manage on your behalf and start at 1% If I give you$10,000 to invest,how annually and are billed quarterly in arrears. Account balances are averaged over the much will go to fees and costs,and quarter or account balances are computed at each quarter-end. One-quarter of the 1% how much will be invested for me? annual fee is billed at the end of each quarter,after we have performed our services for you. As an example,if we invested$10,000 for you and that was your account balance over the course of a year,our annual fee would be$100;of that amount,$25 would be billed each quarter. If we select a mutual fund or an exchange-traded fund(ETF)for your account,we do so because we believe it to be in your best interest,and you will also pay a fee to the mutual fund company or ETF sponsor. We do not receive any part of the mutual fund or ETF fee. Our primary custodian provides commission-free equity trades with electronic confirmations. For more information,please see Item 5—Fees and Compensation in Part II of our form ADV,available here garrisonfinancial.com/form-adv- iji. Garrison Asset Management,LLC•605 W. Dickson •Suite 201 •Fayetteville,AR 72701 •479 587-1045 •gorrisonfinancial.com • Updated June 29,2020 What are your legal obligations to me when acting as my investment advisor? How else does your firm make money and • • what conflicts of interest do you have? All our investment professionals are Chartered Financial Analysts(CFA)and subscribe How might your conflicts of interest to the CFA Code of Ethics and Standards of Professional Conduct available here affect me,and how will you address garrisonfinancial.com/code-of-ethics/. them? When we act as your investment adviser,we are required to act in your best interest and not put our own interests ahead of yours. At the same time,the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means. For example,many times we invest on our own behalf in the same securities we include in your portfolios. All these securities are highly liquid and are widely available in public securities markets. Please see Item 11(c)in our ADV Part II available here garrisonfinancial.com/form-adv-ii/. Additionally,we will increase our fee-based compensation if we recommend a rollover from your 401(k)to an account managed by us. How do your financial professionals make money? Our financial professionals are compensated with a base salary and a bonus based on Do you make money from sales the overall profitability of the firm. All financial professionals are also owners of the firm. commissions,product We are not compensated individually based on 1)a particular account under our recommendations,or investment management,2)time and complexity required to meet your needs,and 3)product sales selection? or commissions. We do not earn commissions on the trading we conduct in your accounts. Please see Item 5—Fees and Compensation in Part II of our form ADV,available here garrisonfinancial.com/form-adv-ii/. Do you or your financial professionals have legal or disciplinary history? No. Neither our company nor our financial professionals have any legal or disciplinary As a financial professional.do you history,including with regard to any criminal and civil actions,administrative proceedings, have any disciplinary history? For and self-regulatory organization proceedings. what type of conduct? Please see Item 11 in Part I of our ADV located here garrisonfinancial.com/form-adv-i/. Also,free and simple tools are available to research firms and financial professionals at www.investor.gov/crs which also provides educational materials about broker dealers, investment advisors,and investing. Additional Information As we are a small,four-person firm,you may contact any of us with questions Who is my primary contact person? regarding your account and our services. All of our investment professionals are Is he or she a representative of an investment advisers of the firm. If you have concerns regarding our personal conduct you investment-adviser or a broker- may contact the president of our firm, Kerry W. Bradley,CFA,MBA by phone at 479-587- dealer? Who can I talk to if I have 1045 or by email at kbradley@garrisonfinancial.com concerns about how this person if To find more information about Garrison Asset Management,LLC or to obtain treating me? additional copies of this form CRS,please visit our website at www.garrisonfinancial.com or call 479-587-1045 or toll free 888-442-7637. Garrison Asset Management,LLC•605 W. Dickson •Suite 201 *Fayetteville,AR 72701 •479-587 1045 •gorrisonfinancial.com Policemen's Pension and Relief Fund Board of Trustees Minutes April 16,2020 Page l of 3 • F AY F TTF o� L Ruston Cole Retired Position 2 Kara Lioneld Jordan Chairman ..4. <, Kara Paxton Treasurer .� John Brown Retired Position 3 Eldon Roberts Secretary ( • Melvin Stanley Retired Position 4 ' Retired Position 1 ■. ').. Frank Johnson Retired Position 5 ,_3_._.0 -',._._ 1/2 y_ta un. „ S 4/'kANSP Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 16, 2020 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held on April 16,2020 at 3:00 p.m.via teleconference in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Mayor Jordan called the meeting to order. Board Members Present: John Brown, Ruston Cole,Eldon Roberts,Melvin Stanley,Mayor Jordan and City Clerk Kara Paxton. Staff and Others Present: City Attorney Kit Williams, Glenn Atkins, .lames Bell,and Kerry • Watkins-Bradley with Garrison Financial. Absent: Frank Johnson Garrison Financial: Quarterly Reports ending December 31, 2019 and March 31, 2020 City Clerk Kara Paxton: Garrison Financial cannot be with us today. We have provided all the quarterly statements that they sent into our office for review. Those are in the packet that was emailed, and it is quarterly reports ending December 31, 2019 and March 31, 2020. Minutes: Approval of the October 17, 2019 meeting minutes Ruston Cole moved to approve the October 17,2019 meeting minutes. John Brown seconded the motion. The motion passed 6-0. John Brown, Ruston Cole, Mayor Jordan, Eldon Roberts, City Clerk Kara Paxton,Melvin Stanley voted yes. Frank Johnson was absent. Pension List Changes: II Richard Watson deceased October 23, 2019 Policemen's Pension and Relief Fund Board of Trustees Minutes April 16,2020 4111 Page 2 of 3 Approval of the Pension List: Approval of the revised November and December 2019 and the January, February, March and April 2020 pension lists. Approval of the May, June, July, August, September, and October 2020 pension lists. Eldon Roberts moved to approve the Pension Lists. Melvin Stanley seconded the motion. The motion passed 6-0. John Brown,Ruston Cole,Mayor Jordan,Eldon Roberts,City Clerk Kara Paxton, Melvin Stanley voted yes. Frank Johnson was absent. New Business: Signature Authority City Clerk Kara Paxton: I have been contacted by Garrison Financial. They found after Sondra passed away that they had not added a name yet to the accounts. As a voting member and being the City Clerk Treasurer,they have asked that my name be added to the accounts along with Mayor Jordan. Currently Mayor Jordan is the only one that is listed on those accounts. • Eldon Roberts moved to approve to add CityClerk Kara Paxton to the accounts. Ruston Cole seconded the motion.The motion passed 6-0. John Brown,Ruston Cole,Mayor Jordan, Eldon Roberts, City Clerk Kara Paxton, Melvin Stanley voted yes. Frank Johnson was absent. Kerry Watkins-Bradley, Garrison Financial: I apologize I jumped on the call as you guys were approving the minutes. I wanted to give you a brief update because of what all has happened. The markets have really taken a hit in the first quarter. We were down about 14% through the end of the quarter. I will say we have rebounded nicely. I think we are down about 9.5% now. This situation certainly gives us great pause as there is no clarity as to how we are going to come out. We are of the mind that we will get back to business sometime this year. If the economic damage that it is doing right now with everything shut down is immeasurable. We have sold a few positions in the portfolio. We did that earlier in March before the market bottomed. I did sell a little more this week on the equity side, so we are a little under allocated in equity right now. What we want to do for you is make sure we have enough liquidity going out for a year to get your distributions and not have to sell. For instance, on the twenty-third of March, when the equity markets bottomed, the stocks are up about 24%from the low. It is the worst quarter we have had since the 80's or 70's. With the bonds coming due in the portfolio and what we have raised on the equity side, now that we have had a nice recovery, will get us through the next year. Getting back to February highs may take a while going into a sell off in this Pandemic. Valuations were already a little high in our opinions. We didn't envision something like this happening. We are very pleased with the market rebounding, but I am not sure if it is going to stick. What we are focusing on is • the bond side and the stock side is a good cash flow, good balance sheet, and that is something we always tended toward. Some of those companies with a little more leverage that we might like to buy we are going to steer clear of for the next six to eight months. The government is going to Policemen's Pension and Relief Fund Board of Trustees Minutes April 16,2020 Page 3 of 3 bail out a lot of folks, but a lot of folks won't be. We had a great year last year. The account is down about 9.5%. We are having a pretty good day today and we are hoping for the best. We are under equity and we do have plenty of cash for you. City Clerk Kara Paxton: I already have all that paperwork in my office. Garrison Financial had already sent that over to me. We just needed to go ahead and have this vote before we could go forward on that. Kerry Watkins-Bradley: Great. We can come and pick it up whenever. Just shoot me an email and I can send someone over to grab it. City Attorney Kit Williams: Kerry you are saying you are little or over do you need any action from the board to approve to sell. Kerry Watkins-Bradley: We don't. We have variances on either side of the asset allocation policy. We are within that variance. Board Member John Brown: Kerry I received some phone calls from some of the retired officers. Most of the questions were how much we are down. Kerry Watkins-Bradley: The volatility has come down a bit. It swings 400 to 500 points a day every day now. Honestly, in your portfolio, we don't own any hotels, cruise lines. We have Phillips 66 and Conoco. They are down a lot, but we certainly think they are going to be around . and make it out of this. We have a lot of those staple names in your portfolio. We have always tended to be on the conservative side. We are seeing those large caps hold up much better. We do have some small and medium sized companies in the portfolio so those were detractors. Everything we own we feel very comfortable with their leverage and their ability to weather this. Informational: Next Meeting—October 15, 2020 Note: All meetings are tentative and subject to change. The City meetings calendar is located on www.favetteville-ar.gov Board Member Eldon Roberts: I believe, in April,we should be having Pension Board Elections for two members. It is Rus Cole and Frank Johnson. Every April we have to have elections for spilt terms. City Clerk Kara Paxton: Kim and I will be working on that this next week. We already have that on the calendar. The Police Pension Elections and the Fire Pension Elections they come up in the same time period. This is on our schedule all this next week. You will be receiving additional information about that. If you have any questions at all, please feel free to reach out to our office. • Adjourn: 3:18 p.m. • • Bernice Hutchens Fayetteville, AR, 1935 - 2020 • Bernice Hutchens, age 84, of Fayetteville passed away Saturday May 2, 2020 in Fayetteville. She was born December 9, 1935 in Viney Grove, Arkansas the daughter of Robert Rhine and Arzona Pike Rhine. She was preceded in death by her parents and her husband Charles Clint Hutchens. She is survived by two sons Troy Clinton Hutchens and his wife Pam Hutchens of Summers, Arkansas and Tracy Glen Hutchens and his wife Rebecca Hutchens of Fayetteville, Arkansas. Five grandchildren, Brandi Sprouse and her husband Andy Sprouse, Trevor Hutchens and his wife Nicki Hutchens, Landon Hutchens and his wife Alex Hutchens, Taran Hutchens, and Scarlett Hutchens. Five great-grandchildren, Paislee Sprouse, Solomon Sprouse, Rosalee Sprouse, Lincoln Hutchens, Hank Hutchens. Survivors include sisters, Geraldine Broyles, Helen Fisher, Opal Schlesinger, Sharon McFerrin, Myrna Coyle; brothers Kenneth Beeks, Gene Beeks and numerous nieces and nephews. A private family service was held, and she was placed next to her husband at Baptist Ford Cemetery. Published May 13, 2020 Obituary Submitted By: Moore Chapel 206 West Center Street, P.O. 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