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MIN
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OF THE
BOARD OF PENSION COMMISSION~RS
MEETING OF SEPTEMBER 23, 1982
The Board of Pension Commissioners of the City of Los Angeles met in
Room 155, City Hall South, on Thursday, September 23, 1982.
COMMISSIONERS:
Arthur Burdorf, President
Garo Minassian, Vice-President
Bert Cohen
Sam Diannitto
Olga Marcus
Karl L. Moody
David Bow Woo
DEPARTMENT OF PENSIONS:
Gary Mattingly, Manager-Secretary
Wm. S. Hutchison, Asst. Manager-Benefits
James J. McGuigan, Asst. Manager-Fiscal
CITY ATTORNEY:
Siegfried O. Hillmer, Assistant City Attorney
President Burdorf called the meeting to order at 9:45 a.m.
and referred to Item No. 3 on the agenda.
PRESENTATION OF MINUTES OF THE MEETING OF SEPTEMBER 9, 1982
Approved. Motion by Commissioner Marcus, seconded by Commissioner
Moody and adopted by the following vote: ayes, Commissioners Cohen,
Marcus, Minassian, Moody and President Burdorf - 5; noes, none.
At this point in the proceedings, Commissioner Diannitto entered the
Board room.
President Burdorf referred to the memorandum from the Assistant City
Attorney, Siegfried o. Hillmer, regarding the "Goins litigation settlement of the attorneys' fees."
Commissioner Moody made a motion that $290,000 be appropriated to pay
the attorneys' fees in Goins vs Board of Pension Commissioners .
BE IT RESOLVED that the amount of $290,000 is appropriated from
Account 950 - Unappropriated Balance to Account 420 - Litigation for the
purpose of paying attorneys' fees in Goins v. Board of Pension
Commissioners, 96 Cal. App. 3d 1005, pursuant to a "Stipulation Regarding
Payment of Attorneys' Fees" duly entered into between the attorneys for
Plaintiffs and the City Attorney pursuant to the authorization by the
Board of September 2, 1982.
BE IT FURTHER RESOLVED that the General Manager of the Department of
Pensions be instructed to cause payment to be made to Kirsch, Bulmash &
Greene, Attorneys at Law, 2633 Cherry Avenue, Third Floor, Signal Hill,
California 90806, the attorneys for the Plaintiffs in the Goins case,
which motion was seconded by Commissioner Minassian and adopted by the
following vote:
ayes, Commissioners Cohen, Diannitto, Marcus, Minassian,
Moody and President Burdorf - 6, noes, none.
OLD BUSINESS
Commissioner Diannitto made reference to a State meeting on social
investing and asked the Manager-Secretary to send a representative to
monitor the September 29, 1982 meeting.
Commissioner Cohen was concerned about the Board being alerted in a
more timely manner on legislature that is pertinent to the Board and asked
the Manager-Secretary to write a letter and call the Chief Legislative
Analyst, notifying them of this.
Commissioner Minassian stated that he and Commissioner Diannitto
would like to meet with the Manager-Secretary to finalize the presentation
they are to make before the Board of Fire Commissioners on the performance
of the Fund.
During the above discussion, Commissioner Woo entered and took his
chair.
SERVICE PENSIONS - ARTICLE XVIII - 2
POLICE
Detective II
Gary L. Kean
Appt'd
Eff:
04-30-62
08-22-82
20 Years, III Days
NPB: $2,959.74
40.6083%
$1,201.90
Police Officer III
Jack K. Schmidt
Appt'd
Eff:
08-06-62
09-05-82
20 Years, 19 Days
NPB: $2,857.08
40.1041%
$1,145.81
Approved. Motion by Commissioner Moody, seconded by Commissioner
Cohen and adopted by the following vote: ayes, Commissioners Cohen,
Diannitto, Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes,
none.
CONSERVATORSHIP - ARTICLE XVII - 1
A certified copy of Letters of Conservatorship, issued in the Superior
Court of the State of California, County of Ventura, Case Number P 58110,
appointing Robert G. Branch, Public Guardian, Conservator of the person
and estate of Catherine Gallagher Boone, Fire Widow, on August 30, 1982
have been filed in this office. Pension payments in the amount of
$1,398.09 to be paid to Robert G. Branch.
Approved. Motion by Commissioner Cohen, seconded by Commissioner
Diannitto and adopted by the following vote: ayes, Commissioners Cohen,
Diannitto, Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes,
none.
PARTIAL PAYMENT OF PENSION - ARTICLE XVIII - 1
In accordance with the City Attorney's advice, $300.00 of the pension
payable to Ivan M. Watkins, Police Disability Pensioner, to be paid to
his former wife, Michelle Watkins, effective September 1, 1982. This
amount is not to include cost of living adjustments.
Approved. Motion by Commissioner Diannito, seconded by Commissioner
Woo and adopted by the following vote: ayes, Commissioners Cohen,
Diannitto, Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes,
none.
FINDINGS OF FACT - ARTICLE XVIII - 6
FIRE
A.
Jack C. Bennie
B.
Dennis Koontz
B.
Stephen C. Malin
POLICE
A.
Jan S. Belknap
D.
Larry R. Phillips
C.
James P. Miller
Approved. Motion by Commissioner Woo, seconded by Commissioner
Minassian and adopted by the following vote: ayes, Commissioners Cohen,
Diannitto, Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes,
none.
INVESTMENTS
Mr. Mattingly stated a letter transmitting stock purchases had been
received from Wright Investors' Service but that no action was required.
He stated a letter requesting the Board to reapprove the list of stocks
suitable for purchase had been received from Security Pacific National
Bank and that a motion was required.
STOCK PURCHASE RESOLUTION NO. 83006
2525 NEW SYSTEM GENERAL PENSION FUND
After discussion by the Board it was moved by Commissioner Diannitto
that upon the advice of investment counsel, the Manager-Secretary and/or
Security Pacific Investment Management be authorized to purchase up to
$3,500,000 of capital stock in each of the following companies at the
market price, plus commission and charges:
RECOMMENDED SECURITY PACIFIC STOCKS
UNDER THE "PRUDENT MAN" PROVISIONS
Advanced Micro Devices
Air Florida
Apple Computer
Color Tile
Computervision
Coors Company
Cross & Trecker
Data General
Datapoint Corporation
Digital Equipment
Federal Express
General Dynamics
Goulds Pumps
Key Pharmaceuticals
Intel Coporation
Intergraph
ISC Systems
MCI Communications
Micom Systems
Mobil Corporation
NBI Incorporated
Nike Incorporated
Nordstrom
Prime Computer
Quadrex Corporation
Redman Industries
Rolm Corporation
Sanders Associates
Subaru of America
Tandem Computers
Tandy Corporation
Toys R Us
Whittaker Corporation
Winnebago Industries
Worthington Industries
Zayre Corporation
This authorization for stock purchase is to remain in effect for 90
days after this date.
The motion was seconded by Commissioner Woo and
adopted by the following vote:
ayes, Commissioners Cohen, Diannitto,
Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes, none.
INVESTMENT PERFORMANCE EVALUATION FOR THE QUARTER ENDED JUNE 30, 1982,
PRESENTED BY A. G. BECKER, INC
Mr. Phillip J. FOX, Vice-President of A. G. Becker, came forward for
presentation. He reported on how the Fund compared in the public fund
universe for the periods ending June 30, 1982, and informed the Board that
the Fund's rate of return for Fiscal Year 1982 was 6.2%. Mr. Fox stated
that all five of the investment managers did a good job for the Board this
past year. At this point, the Manager-Secretary informed the Board that
Assembly Bill 3595 (Bosco) regarding mandatory investment of pension funds
in real estate had passed the Legislature. The Board queried the legal
counsel, Mr. Hillmer, regarding this issue, and Mr. Hillmer said the
passage of this Bill would not greatly impact our Fund.
After Mr. Fox's presentation, PreSident Burdorf recessed the meeting
for 25 minutes.
The meeting resumed at 11:30 a.m. A discussion ensued
regarding the asset allocation mix meeting held September 22, 1982, in the
Department of Pensions with staff and the investment managers.
It was the
consensus of the investment managers that more money should be committed
to the stock market rather than the bond market. Mr. Mattingly informed
the Board that $100 million could be allotted at this time. Mr. Desmond
Heathwood from the The Boston Company thinks that equities will outperform
bonds and so stated they need no additional allocation of money at this
time. The Board indicated they would let the advisors know later in the
day of their decision.
INVESTMENTS (Continued)
The Boston Company
Present at todays meeting were Messrs. Desmond Heathwood, Bob Starke
and Rich Morris, Vice-President of the Boston office. Mr. Heathwood came
forward for presentation on the economic outlook.
Chemical Bank
Messrs. Jack Favia and Vince Castelli came forward for presentation
on the economic outlook. They also reported on the performance and
objectives of the Fund and analyzed their portfolio. After their
presentation they asked for approval of their revised stock list.
Abbott Laboratories
Aetna Life & Casualty
Air Products and Chemicals
Allegheney Power System, Inc.
Allied Bancshares
Aluminum Company of America
Amerada Hess
American Brands
American Broadcasting Company
American Building Maintenance
American Cyanamid
American Express
American Home Products
American Hospital Supply
American International Group
American Medical International
American National Resources
American Standard Incorporated
American Telephone & Telegraph
Amsted Industries
Anheuser-Busch
Asarco Incorporated
Atlantic Richfield
Avery International
Avnet Incorporated
Avon Products
Baker International
Bally Manufacturing
Baltimore Gas & Electric
Bausch & Lomb
Baxter Travenol
Beatrice Foods
Becton Dickenson
Bendix Corporation
Best Products
Black & Decker
Boeing Company
Borden Incorpora t ion
Bristol-Myers
Brown Group Incorporated
Burlington Northern
Burroughs Corporation
Cabot Corporation
Capital Cities Communications
Carlisle Corporation
Carnation Company
Carter Hawley Hale
Caterpillar Tractor
CBS Incorporated
Centex Corporation
Champion International
Chase Manhattan Bank
Chesebrough Ponds
Chubb Corporation
Churchs Fried Chicken
Cigna Corporation
Citicorp
Cities Service
Clark Equipment
Coastal Corporation
Coca-Cola Company
Colegate-Palmolive
Coleman Company
Continental Illinois
Continental Telecom
Cooper Industries
Corning Glass
Cox Broadcasting
Crum & Forster
Dana Corporation
Dart & Kraft
Dayton-Hudson
Delta Airlines
Denny's Incorporated
Disney (Walt) Productions
Dover Corporation
Dow Chemical
Dresser Industries
Dun & Bradstreet
Du Pont (EI)
E-Systems
Eastman Kodak
Eastern Gas & Fuel
Eaton Corporation
Echlin Manufacturing
Eckerd Jack
Edwards (AG)
Emerson Electric
Engelhard Corporation
Envirotech
Exxon Corporation
Federated Department Stores
Fleetwood Enterprises
Florida Power & Light
Foothill Group
Ford Motor
Foster Wheeler
First Chicago
First International Banks
Gannett Company
General Electric
General Foods
General Instruments
General Mills
General Motors
Georgia Pacific
Getty Oil Company
Gilette Company
Golden West Financial
Goodyear Tire & Rubber Company
Grainger Incorporated
Great Western Financial
Gulf Canada
Gulf Oil Corporation
Halliburton
Heinz (HJ)
Hercules, Incorporated
Heublein Incorpoated
Hewlett-Packard
Hilton Hotels
Holiday Inns
Homestake Mining
Honeywell
Houston Industries
Houston National Gas
Hutton (EF)
Imperial Corporation
Inco Limited
Ingersoll-Rand
Inland Steel
Interco Incorporated
Internorth
IBM
International Flav. and Frag.
International T & T
K Mart Corporation
Johnson & Johnson
Kerr-Mc Gee
Kaiser Cement
Keystone International
Levi Strauss
Lilly (Eli)
Royal Dutch Petroleum
Safeco Corporation
Scher-Plough
Safeway Stores
Litton Industries
Schlumberger
Loral Corporation
Scientific Atlanta
Lucky Stores
Seafirst Corporation
Marriott Corporation
Sealed Power
MiA-Com Incorporated
Sears Roebuck
Macy (RH) Company
SFN Industries
Marathon Oil
Shell Oil Company
Mary Kay Cosmetics
Signal cos.
Masco Corporation
Smithkline Beckman
Masonite Corporation
Southern California Edison
May Department S t ores
Southern Union
May tag Company
Sonat, Incorporated
MCA Incorporated
Southern Pacific
Mc Donald's Corporation
Southern Railroad
MEl Corporation
Southwest Airlines
Merck & Company
Sperry Corporation
Mercantile Stores
Square D. Company
Merrill Lynch
Squibb Corporation
Middle South Utilities
st. Paul Cos.
Milton Bradley
Stauffer Chemical
Minnesota Mining & Manufacturing
Standard Brands Paint
Monsanto Company
Standard Oil - California
Morgan (JP)
Standard Oil - Indiana
Morrison-Knudsen
Standard Oil - Ohio
Motorola Incorporated
Sterling Drug
Nabisco Brands
Stone Container
Nalco Chemical
Sunstrand Corporation
National Medical Care
Syntex Corporation
National City Corporation
Tektronix
Teledyne
National Distiller
Natomas Company
Tenneco Incorporated
NCR Corporation
Texaco Incorporated
Norfolk & Western Railway Company Textron
Northern States Power
Tiger International
Northern Telecommunications
Times Mirror
Norton Simon
Texas Eastern Corporation
Texas Gas Transmission
Northwest Airlines
Northwest Bancorp
Texas Oil & Gas
Texas Instruments
Northwest Industries
Texas Utilities Company
Nucor Corporation
Tracor Incorporated
Oak Industries
Owens-Corning
Tucson Electric Power Company
United States Bancorp
Pacific Gas & Electric
Panhandle Eastern
United States Fidelity & Guaranty
Parsons Corporation
United States Home Corporation
United States Shoe Corporation
Penney (JC)
United States Steel Corporation
Pepsico Incorporated
Perkin-Elmer
UAL Incorporated
Pfizer, Incorporated
Union Camp
Phelps Dodge
Union Oil California
Phibro-Salomon Incorporated
Union Carbide
Philips Industries
Union Pacific
Philip Morris
United Technologies
United Telecommunications
Phillips Petroleum
Valley National Bank
Piedmont Aviation
Viacom International
Pioneer Corporation
Wal-Mart
Polaroid Corporation
Wang Laboratories
Proctor & Gamble
Public Service Elec. & Gas Company Warner Communications
Public Service of Indiana
Warner-Lambert
Quaker Oats
Waste Management
Wendy's International
Ralston Purina
Western Company of North America
Raytheon Company
Western Union
RCA Corporation
Westinghouse Electric
Republic Financial Services
Weyerhaeuser
Revco Drug Stores
Whirlpool
Revlon Incorporated
White Consolidated
Reynolds (RJ)
Winn Dixie
Reynolds Metals
Wolverine Worldwide
Rockwell International
Xerox Corporation
Rohm & Haas
Zenith Radio
STOCK PURCHASE RESOLUTION NO. 83012
2525 NEW SYSTEM GENERAL PENSION FUND
After discussion by the Board, it was moved by Commissioner Cohen
that upon the advice of the investment counsel, the Manager-Secretary
and/or Chemical Bank Investment Management be authorized to purchase up to
$3,500,000 of capital stock in each of the following companies at the
market, plus commission and charges:
Abbott Laboratories
AETNA Life & Gas Company
Air Products and Chemicals Incorporated
Allied Corporation
Aluminum Co. Amer.
American Broadcasting
American Cyanamid Company
American Express Company
American Home Products Cpo
American Hospital Supply
American International Group
American Med. International Inc.
American Telephone & Telegraph Co.
AMP Incorporated
Anheuser Busch Cos. Incorporated
Archer Daniels Midland
Arizona Public Service
Arkla Corporation
Armco Incorporated
Asarco Incorporated
Ashland Oil Company
Atlantic Richfield Company
Automatic Data Process
Avnet Incorporated
Dart & Kraft Incorporated
Avon Products Incorporated
Bankamerica Corporation
Bankers Trust New York Corporation
Barnett Banks Fla .Incorporated
Baxter Travenol Laboratories
Beatrice Foods Company
Becton Dickinson & Company
Bell & Howell Company
Betz Laboratories Incorporated
Big Three Inds. Incorporated
Black & Decker Manufacturing Company
Boeing Company
Borg Warner
Bristol Myers Company
Brown Forman Distillers
Emerson Electric Company
Bucyrus Erie Company
Burlington Industries
Burlington Northern Incorporated
Burndy Corporation
Burroughs Corporation
Campbell Taggart Incorporated
Capital Cities Community
Carlisle Corporation
Carolina Power & Light Company
Carpenter Technology
Caterpillar Tractor Company
CBI Industries Incorporated
CBS Incorporated
Celanese Corporation
Central & South West Corporation
Celeron
Centel
Cessna Aircraft Company
Champion International Corporation
Chase Manhattan Corporation
Chemical Nuclear Systems Inc.
Chesebrough-Pond's Incorporated
Chubb Corporation
Cigna
Cincinnati Milacron
Citicorp
Cleveland Cliffs Iron
Coca Cola Company
Colgate Palmolive Company
Collins & Aikman Corporation
Colt Industries Incorporated Del.
Combined International Corporation
Combustion Engineering Incorporated
Community Psychiatric
Consolidated Freightway
Consolidated National Gas
Continental Corporation
Continental Telecommunications
Cooper Industries Incorporated
Corning Glass Works
Cox Broadcasting Corporation
CPC International Incorporated
Cross A T Company
Crum & Forster
CSX Corporation
Dana Corporation
Dayton Hudson Corporation
Deluxe Check Printers
Deere & Company
Delta Airlines Del.
Disney Walt Productions
Dover Corporation
Dow Chemical Company
Dresser Industries Incorporated
Dupont E I De Nemours
Duke Power Company
Dun & Bradstreet Corporation
Duriron Incorporated
E Systems Incorporated
Eastman Kodak Company
Eckerd Jack Coporation
Emhart Corporation VA.
Engelhard Corporation
Ex Cell 0 Corporation
Exxon Corporation
Federal Company
Federal Mogul Corporation
Federated Department Stores
First City Bancorp Texas
Florida Power & Light Company
FLuor Corporation
Foxboro Company
Gannett Incorporated
General Electric Company
General Foods Corporation
General Instruments Corporation
General Mills Incorporated
General Motors Corporation
General Re. Corporation
General Signal Corporation
Genuine Parts Company
Georgia Pacific Corporation
Getty Oil Company
Goodyear Tire & Rubber
Gould Incorporated
Goulds Pumps Incorporated
Grace W.R . & Company
Grainger W. W. Incorporated
GTE Corporation
Gulf Oil Corporati on
Halliburton Compa ny
Harris Corporation Del.
Hart Schaffner & Marx
Harte Hanks Community Incorporated
Heinz H. J. Company
Helmerich & Payne Incorporated
Hercules Incorporated
Hewlett Packard Company
Hilton Hotels Corporation
Holiday Inns Incorporated
Homestake Manufacturing Company
Honeywell Inco r porated
Hospital Corporation American
Houston Industries Incorporated
Houston National Gas Corporation
Hughes Tool Company
Humana Incorporated
INCO Limited
Ingersoll Rand Company
Interco Incorporated
International Business Machines
International Flav. & Fragrances
International Min . & Chemicals
International Paper Company
International Telephone & Telegraph
Interpace Corporation
Irving Bank Corporation
James Rivet Corporation
Morgan J . P. & Company Incoporated
Morton Norwich Products
Motorola Incorporated
Nalco Chemical Company
National Med Care Incorporated
NCR Corporation
Ne w Yor k Times Company
Newmont Man u fact u ri ng Corporation
Nic or Incorporated
Nielson Company Class A
Nippon Electric Limited
NL Industries Incorporated
Noble Affiliates Incorporated
Norfolk Southern
Northern Te le c ommunic ations Limited
Northern States Powe r Minn.
Northrop Corporation
Northwe st Airlines Incorporated
Northwest Banco rp
Occidental Pete. Corporation
Ohio Casualty Corporation
Owens Corning Fiberglass
Pacific Gas & Electric Company
Payless Cashways Incorporated
Penney, J . C . Inc .
Pennwalt Corporation
Perkin Elmer Corporation
Petrie Stores Corporation
Petrolane Incorporated
Pfizer Incorpor~ted
PHH Group Incorporated
Phibro Salomon Incorporated
Philip Mo r ris Incorporated
Phillips Pete . Company
Piedmont Aviation Incorporated
Pioneer Corporation Texas
Pioneer Hi Bred International
Jewel Cos. Incorporated
Pitney Bowes
PPG Industries Incorporated
Johnson & Johnson
Joy Manfacturing Company
Proctor & Gamble Company
Provident Life & Accident Insurance
K Mart Corporation
Kennametal Incorporated
Quaker Oats
Raytheon Company
Kerr McGee Corporation
Keystone International Incorporated RCA Incorporated
Kimberly Clark Corporation
Republic Bank Corporation
Kyoto Ceramic Limited
Revco D S Incorporated
Leaseway Trans . Corporation
Revlon Incorporated
Reynolds Metals Company
Lenox Incorporated
Reynolds R. J. Industries Incorporated
Lifemark Corporation
Rite Aide Corporation
Lilly Eli & Company
Litton Industries Incorporated
Roadway Services
Lone Star Industries Incorporated
Rockwell International
Rohm & Haas
Lubrizol Corporation
Macy R. H. & Company Incorporated
Schering Plough Corporation
Manufacturers Hanover
Schlumberger Limited
Marriott Corporation
Seafirst Corporation
Marsh & McLennan Cos.
Seagram Limited
Martin Marietta Corporation
Sealed Power Corporation
May tag Company
Sears Roebuck & CO!",,~n"
MCA Incorporated
Sedc o
S er vi cemaster Industries Incorp orated
McDermott Incorporated
McDonalds Corporat ion
Shell Oil Company
McGraw Hill In c o r por ated
Signal Cos . Inc orporated
Smi th International I nco r p orat ed
Melv ille Corpora tion
Sm it hkl ine Beckman
Merck & Compan y Incorporated
Mesa Pet e . Company
S n ap On To ols Corpora t ion
Sony Co rpor·ation
Met r omedia Incorporated
Mi d con Corporation .
Souther n California Ed iso n
Squa re D.Company
Millipore Corpor~tio n
Minnesota Mi ning & M~n ufactur ing Coo Squibb Co rpo rati on
Standard Br a nds Paint
Mo bi l Co rp or a ti o n
Standard Oi l Comp a ny - Califo rn i a
Mo n s anto Comp any
Standard Oil Company Indiana
Standard Oil Company Ohio
Stauffer Chemical Company
Sterling Drug Incorporated
Stone Container Corporation
Sun Banks Florida Incorporated
Sun Incorporated
Sunstrand Corporation
Superior Oi l Company
Syntex Corporation
Tektronix
Tenneco Incorpo rated
Texaco Incorporated
Texas Comm. Bancshares
Texas Gas Transmission
Texas Instruments Incorporated
Texas Oil & Gas Corporation
Texas Utilities Company
Thomas & Betts Corporation
Time Incorporated
Transamerica Corporation
Travelers Corporation
TRW Incorporated
Tuscon Electric Power
Tyco Laboratories Incorporated
U.S. Bancorp
Union Camp Corporation
Union Carbide Corporation
Union Oil Company California
Union Pacific Corporation
United Energy Res. Incorporated
United States Gypsum
United States Shoe Cpo
United States Stl. Corpo r ation
United Tech nologies Cp o
Unit ed Te l ecommuni c ations
Up j ohn Company
USF & G Corporation
Varian Association Incorporated
Vi r gini a Elect ric & Power
Wal Mart Stores Incorporated
Wang Laboratories Incorporated
Warner Communications
Warner Lambert Company
Waste Management Incorporated
Watkins Johnson Company
Weyerhae u ser Company
Whirlpool Corporation
Wisconsin Electric Power Company
Xerox
SECTION IV-2b STOCK UNIVERSE
Advanced Micro Devices
Arrow Electronics
Chicago & Northwest Transportation
Color Tile
Computervision
Cray Research
Data General
Datapoint
Digital Equipment
Federal Express
Ford Motor
John Fluke Manufacturing
Genrad
Intel
MIA Com
MCI Communications
Prime Computer
PSA
Raychem
Rolm
Sanders Associates
Tandem Computers
Tandy
Teledyne
Toys R Us
Tymshare
U.S. Air
Ual
Warnaco
Zayre
This authorization for stock purchase is to remain in effect for 90
days after this date. The motion was seconded by Commissioner Diannitto
and adopted by the following vote: ayes, Commissioners, Cohen, Diannitto,
Marcus, Minassian, Moody, Woo and President Burdorf - 7; noes , none.
After the above managers had been excused from the Board room,
President Burdorf directed the Board's attention back to the discussio n of
the allocation of the $100 million. After discussion, Commission e r
Diannitto made a motion to divide the additional money eq u a l ly among the
three equity managers (Chemical Bank, Security Pacific Nati o nal Bank and
Wr ight Investor s') wi th the provision that no fees be charge d c:- H, ' - _~ __
unti l it is committed to equities, which mo t ion was seco nded by
Commissione r Minassian and adopted by the following vote: ayes,
Commissioners Cohen, Diannitto , ~i arc u s, Minassian, Moocly , Woo and President
Burdorf - 7 ; noes , no ne.
H
At this po int, President Bu r dorf rec es s ed t h e meeting for lunch .
The
meeting resumed at 2 :00 p . m. Th e Manager-Secretary, the Assi st ant
Manager-F i s cal and Commissi o ners Di a n n i tto a nd Mi na s sian were ab se n t f rom
th e Board roomo
Security Pa cific National Ban k
Me ssrso William Hib sc hm an an d Steven Warh e i~ came forw a rd.
Mr . Warheit g ave a f ore c ast o n t he economy and r eported on the bond
portfolio. Mr. Warheit stated that the current Investment Policy
authorizes the fixed-income advisors to sell and purchase bonds on an
outright basis within specified guidelines and asked that this authority be
renewed for an additional 90 days.
BOND PURCHASE RESOLUTION NO. 83007
2525 NEW SYSTEN GENERAL PENSION FUND
Commissioner Marcus moved the adoption of the following resolution:
WHEREAS, it is the Board's intention to facilitate an active bond
management program by authorizing and directing the Manager-Secretary or
the fixed-income advisors to execute bond purchases that are within
guidelines established by the Board and that are in concurrence with
recommendations of investment counsel; and
WHEREAS, bond purchase under such a program require the preparation
and payment of demands for principal and interest due on settlement dates
and the execution of certain documents;
NOW, THEREFORE, BE IT RESOLVED, that the Manager-Secretary is hereby
authorized and directed to prepare demands in settlement of principal and
interest due on up to $75 million in market value of bond purchases, and
that authority to buy bonds be in effect until December 31, 1982;
which resolution, duly seconded by Commissioner Moody was adopted by the
following vote:
ayes, Commissioners Cohen, Marcus, Moody, Woo and
President Burdorf- 5; noes, none.
BOND SALE RESOLUTION NO 83008
2525 NEW SYSTEN GENERAL PENSION FUND
Commissioner Marcus moved the adoption of the following resolution:
WHEREAS, it is the Board's intention to facilitate an active bond
management program by authorizing and directing the Manager-Secretary or
the fixed-income advisors to execute bond sales that are within guidelines
established by the Board and that are in concurrence with recommendations
of investment counsel; and
WHEREAS, bond sales under such a program require the Manager-Secretary
to execute certain documents to effect and complete sale transactions;
NOW, THEREFORE, BE IT RESOLVED, that the Manager-Secretary be
authorized and directed to execute all documents required to effect and
complete transactions for up to $75 million in market value of bond sales
and that this authority to sell bonds be in effect until December 31, 1982;
which resolution, duly seconded by Commissioner Moody was adopted by the
following vote:
ayes, Commissioners Cohen, Marcus, Moody, Woo and
President Burdorf - 5; noes, none.
Commissioner Minassian and the Assistant Manager-Fiscal entered the
Board room at this point. Mr. Warheit asked for approval of the lists of
money market instruments.
RESOLUTION NO. 83009
2515 FIRE AND POLICE GENERAL PENSION FUND
After discussion by the Board, it was moved by Commissioner Cohen that
the Manager-Secretary be authorized to invest and reinvest in money market
instruments from the following issuers from time to time as is necessary in
the maximum amounts and with the maximum maturities indicated, at the
current market, provided that the yield in not less than 6.0%.
SEE ATTACHED LIST
and to sell money market instruments owned by the Board as monies shall be
needed for payment of pensions or for investments already authorized by the
Board, which motion was seconded by Commissioner Woo and adopted by the
following vote:
ayes, Commissioners Cohen, Marcus, Minassian, Moody, Woo
and President Burdorf - 6: noes, none.
RESOLUTION NO. 83010
2525 NEW SYSTEM GENERAL PENSION FUND
After discussion by the Board, it was moved by Commissioner Cohen that
the Manager-Secretary be authorized to invest and reinvest in money market
instruments from the following issuers from time to time as is necessary in
the maximum amounts and with the maximum maturities indicated, at the
current market, provided that the yield in not less than 6.0%.
SEE ATTACHED LIST
and to sell money market instruments owned by the Board as monies shall be
needed for payment of pensions or for investments already authorized by the
Board, which motion was seconded by Commissioner Woo and adopted by the
following vote:
ayes, Commissioners Cohen, Marcus, Minassian, Moody, Woo
and President Burdorf - 6; noes, none.
RESOLUTION NO. 83011
2535 SAFETY MEMBERS GENERAL PENSION FUND
After discussion by the Board, it was moved by Commissioner Cohen that
the Manager-Secretary be authorized to invest and reinvest in money market
instruments from the following issuers from time to time as is necessary in
the maximum amounts and with the maximum maturities indicated, at the
current market, provided that the yield in not less than 6.0%.
SEE ATTACHED LIST
and to sell money market instruments owned by the Board as monies shall be
needed for payment of pensions or for investments already authorized by the
Board, which motion was seconded by Commissioner Woo and adopted by the
following vote:
ayes, Commissioners Cohen, Marcus, Minassian, Moody, Woo
and President Burdorf - 6; noes, none.
FUND 2525
FUND 2515
FUND 2535
MAXIMUM IN AGENCY OBLIGATIONS
$200 Million
$
20 Million
$
6 Million
MAXIMUM PER AGENCY
$100 Million
$
10 Million
$
3 Million
MAXIMUM MATURITY
370 Days
370 Days
370 Days
MINIMUM YIELD
6.0%
6.0%
6.0%
FEDERAL AGENCIES
Federal Farm Credit Bank
Federal Home Loan Banks
Federal National Mortgage Association
FUND 2525
FUND 2515
FUND 2535
$200 Million
$
20 Million
$
4 Million
$ 25 Million
Maximum Outstanding with any one
Bank or Broker-Dealer at any one
time
$
5 Million
$
1 Million
Maximum in Repurchase Agreements
Maximum Security
Minimum Yield
30 Days
6.0%
30 Days
6.0%
30 Days
6.0%
REPURCHASE AGREEMENTS
The System may enter into repurchase agreements with banks and with
broker-dealers registered under the Securities and Exchange Act of
1934, subject to the following requirements.
1 - Banks must be among the 150 largest commercial banks in the
United States ranked by size of deposits as reported by the
American Banker.
2 - Broker-dealers must be among the 20 largest in the United States
ranked by total capital as reported by the Institutional Investor.
3 - As collateral, the system receives U.S. Treasury obligations,
federal agency obligations, bankers acceptances, commercial
paper, or certificates of deposit having a market value equal to
not less than 100 percent of the amount of the repurchaser
agreement. Such collateral shall have been approved for direct
purchase by the System.
4 - The total of federal agency obligations, bankers acceptances.
commericl paper, certificates of deposit of anyone issurer held
at anyone time as collateral and as a result of outright
purchase shall not exceed the maximum per issuer that the Board
has approved for outright purchase.
THE 100 LARGEST COMMERCIAL BANKS IN U. S.
In Order of Deposits June 30, 1982, Compared with June 30, 1981
and December 31, 1981
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Bank of America NT&SA, San Francisco
Citibank NA, New York
Chase Manhattan Bank NA, New York
Manufacturers Hanover Trust Company, New York
Morgan Guaranty Trust Company, New York
Chemical Bank, New York
Continental Illinois National Bank & Trust Company, Chicago
First National Bank, Chicago
Bankers Trust Company, New York
Security Pacific National Bank, Los Angeles
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Wells Fargo Bank NA, San Francisco
Crocker National Bank, San Francisco
Manne Midland Bank NA, Buffalo, New York
First Interstate Bank of California, Los Angeles
Irving Trust Company, New York
Mellon Bank NA, Pittsburgh
First National Bank, Boston
Bank of New York
Seattle-First National Bank
InterFirst Bank Dallas NA
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
National Bank of Detriot
RepublicBank Dallas NA
First City National Bank, Houston
Republic National Bank, New York
Texas Commerce Bank NA, Houston
National Bank of North America, New York
North Carolina National Bank, Charlotte
Valley National Bank, Phoenix
Southeast Bank NA, Miami
Union Bank, Los Angeles
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
Harris Trust & Savings Bank, Chicago
Pittsburgh National Bank
Wachovia Bank & Trust Company NA, Western-Salem, N.C.
Rainier National Bank, Seattle
Northern Trust Company, Chicago
Philadelphia National Bank
BancOhio National Bank, Columbus
AmeriTrust Company, Cleveland
Detroit Bank & Trust Company
United States National Bank of Oregon, Portland
41.
42.
43.
44.
45.
46.
48.
49.
50.
European American Bank & Trust Company, New York
First Union National Bank, Charlotte, N.C.
First Interstate Bank of Oregon NA, Portland
First Interstate Bank of Arizona NA, Phoenix
Manufacturers National Bank, Detroit
First National Bank, Minneapolis
California First Bank, San Francisco
Bank of Tokyo Trust Company, New York
Northwestern National Bank, Minneapolis
First Pennsylvania Bank NA, Philadelphia
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
Citizens & Southern National Bank, Atlanta
United Virginia Bank, Richmond
Riggs National Bank, Washington, D.C.
Mercantile National Bank, Dallas
Industrial National Bank of Rhode Island, Providence
Lincoln First Bank NA, Rochester, N.Y.
Maryland National Bank, Baltimore
Fidelity Bank, Philadelphia
Bank of New England NA, Boston
Huntington National Bank, Columbus, Ohio
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
Virginia National Bank, Norfolk
Girard Bank, Philadelphia
Connecticut Bank & Trust Company, Hartford
Israel Discount Bank of New York
National City Bank, Cleveland
Bank of Virginia, Richmond
American Security Bank NA, Washington, D.C.
First Wisconsin National Bank, Milwaukee
Bank of Hawaii, Honolulu
Equibank, Pittsburgh
71.
72.
74.
75.
76.
77.
78.
79.
80.
First National Bank, Atlanta
Bank of California NA, San Francisco
Provident National Bank, Philadelphia
Fidelity Union Bank, Newark, N.J.
First National Bank, Baltimore
Banco Popular of Puerto Rico, San Juan
Centerre Bank NA, St. Louis
Lloyds Bank California, Los Angeles
First National Bank, St. Paul, Minnesota
Bank Leumi Trust Company, New York
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
First & Merchants National Bank, Richmond, Virginia
Mercantile Trust Company NA, St. Louis
State Street Bank & Trust Company, Boston
American National Bank & Trust Company, Chicago
Bank of The Southwest NA, Houston
American Fletcher National Bank & Trust Company, Indianapolis
First Interstate Bank of Washington NA, Seattle
Shawmut Bank of Boston NA
First National Bank & Trust Company, Oklahoma City
Hartford National Bank & Trust Company, Connecticut
47.
73.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
Sumitomo Bank of California, San Francisco
American Bank & Trust Company, Redding, Pennsylvania
Arizona Bank, Phoenix
Continental Bank, Norristown, Pennsylvania
Atlantic National Bank of Florida, Jacksonville
First Interstate Bank of Nevada NA, Reno
First National Bank, Louisville, Kentucky
Central Bank of the South, Birmingham, Alabama
Equitable Trust Company, Baltimore
First Hawaiian Bank, Honolulu
THE TOP 25
1981
Rank
1
4
1982
Rank
1
2
Name of Firm
Merrill Lynch & Company
Salomon Brothers Holding Company
3
2
7
6
8
5
3
4
5
6
7
8
10
9
13
9
10
11
12
18
11
12
16
15
17
14
23
22
19
20
25
21
27
13
14
15
16
17
18
19
20
21
22
23
24
25
The E. F. Hutton Group
Shearson/American Express
Goldman, Sachs & Company
Bache Group
Dean Witter Reyonlds
Paine Webber
The First Boston Corporation
Morgan Stanley & Company
Stephens
Donaldson, Lufkin & Jenrette
Drexel Burnham Lambert
Lehman Brothers Kuhn Loeb
Bear, Stearns & Company
Warburg Paribas Becker-A.G. Becker
Kidder, Peabody & Company
Allen & Company
A. G. Edwards & Sons
Thomson McKinnon Securities
Smith Barney, Harris Upham
Shelby Cullom Davis & Company
Spear, Leeds & Kellogg
L. F. Rothschild, Unterberg, Towbin
Oppenheimer & Company
FUND 2525
FUND 2515
MAXIMUM IN COMMERICAL PAPER
$150 Million
$
20 Million
$
6 Million
MAXIMUM PER ISSUER
$ 15 Million
$
3 Million
$
1 Million
MAXIMUM MATURITY
270 Days
270 Days
270 Days
MINIMUM YIELD
6.0%
6.0%
6.0%
COMMERCIAL PAPER
INDUSTRIALS
Abbott Laboratories
American Brands
American Cyanamid Company
Armstrong World Industries, Incorporated
Atlantic Richfield Company
Bankers Life Company
Beatrice Foods Company
Becton, Dickinson & Company
Borden Incorporated
Bristol-Myers Company
CBS Incorporated
Caterpillar Tractor Co.
Chesebrough-Pond's Incorporated
Coca Cola Company
Conoco Incorporated
Corning Glass Works
Dayton Hudson Corporation
Dart & Kraft, Incorporated
Deere & Company
Diamond International Corporation
Digital Equipment Corporation
Donnelley (R.R.) & Sons Company
Dresser Industries Incorporated
Du Pont de Nemours, E I & Company
Equitable of Iowa Cos.
Federated Department Stores, Incorporated
Emerson Electric Company
Federated Department Stores, Incorporated
Gannett Company, Incorporated
General Electric Company
Georgia-Pacific Corporation
Getty Oil Company
Gulf Oil Corporation
Heinz (H. J.) Company
Hewlett-Packard Company
FUND 2535
Hughes Tool Company
International Business Machines
International Paper Company
Marathon Oil Company
Martin Marietta Corporation
Mobil Oil Corporation
Monsanto Company
Motorola Incorporated
PPG Industries Incorporated
PepsiCo, Incorporated
Perkin-Elmer Corporation
Pfizer Incorporated
Phillips Petroleum Company
Procter & Gamble Company
Ralston Purina Company
Revlon Incorporated
Reynolds Industries Incorporated, R. J.
Richardson-Vicks, Incorporated
Rockwell International
Schering-Plough Corporation
Searle & Company, G. D.
Shell Oil Company
SmithKline Corporation
Squibb Corporation
Standard Oil Company of California
Standard Oil Company, The(Ohio)
Sun Company
Superior Oil Company, The
Texaco Incorporated
Texas Instruments Incorporated
Textron Incorporated
Time, Incorporated
Times Mirror Company
United States Gypsum Company
United Technologies Corporation
Upjohn Company
Warner Lambert Company
Western Electric Company, Incorporated
Weyerhaeuser Company
Whirlpool Corporation
COMMERCIAL PAPER
UTILITIES AND TRANSPORTATION
Arkla, Incorporated
Atlantic City Electric Company
Baltimore Gas & Electric Co.
Bell Telephone Company of Pennsylvania
Carolina Telephone & Telegraph Company
Central Illinois Light Company
Central Illinois Public Service Company
Chesapeake & Potomac Tel. Company Maryland
Chesapeake & Potomac Tel. Company
Chesapeake & Potomac Tel. Company West Virginia
Cinicnnati Bell Incorporated
Cincinnati Gas & Electric Company., The
Consolidated Natural Gas Company
Diamond State Telephone Company, The
General Telephone Company of Illinois
General Telephone Company of Indiana, Incorporated
Hawaiian Telephone Company
Illinois Bell Telephone Company
Illinois Power Company
Indiana Bell Telephone Company Incorporated
Iowa-Illinois Gas & Electric Company
Iowa Public Service Company
Kansas Power & Light Company
Kentucky Utilities Company
Louisville Gas & Electric Company
Michigan Bell Telephone Company
Mountain States Tel. & Tel. Company
New England Power Company
New England Tel. & Tel. Company
New Jersey Bell Telephone Company
New York Telephone Company
Northern Illinois Gas Company
Northern States Power Company
Northwestern Bell Telephone Company
Ohio Bell Telephone Company, The
Pacific Northwest Bel Tel. Company
Potomac Electric Power Company
Public Service Company of New Mexico
Public Service Electric & Gas Company
Rochester Telephone Corporation
South Central Bell Tel. Company
Southern Bell Tel. & Tel. Company
Southern Natural Gas Company
Southern Railway Company
Southwestern Bell Tel. Company
Southwestern Public Service Corporation
Tampa Electric Company
Texas Oil & Gas Corporation
Texas Utilities Company
Union Pacific Corporation
West Penn Power Company
Wisconsin Power & Light Company
Wisconsin Public Service Corporation
Wisconsin Telephone Company
COMMERCIAL PAPER
FINANCE
Aetna Life Insurance Company
Afco Credit Corporation
Alexander & Alexander Services, Incorporated
Algemene Bank Nederland
Allstate Financial Corporation
American Express Credit Corporation
Amsterdam-Rotterdam Bank
BankAmerica Corporation
Bankers Trust New York Corporation
Barclays America Corporation
Barclays Bank International Ltd.
BNP U. S. Finance Corporation
Chase Manhattan Corporation
Chemical New York Corporation
C. I. T. Financial Corporation
Citicorp
Citicorp Funding Incorporated
Connecticut General Corporation
Credit Lyonnais North America
Credit Suisse
Crocker ' National Corporation
Deere Credit Company, John
Equitable Life Assurance Society of the U. S.
Exxon Credit Corporation
First Interstate Funding Company
First National Boston Corporation
General Electric Credit Corporation
General Motors Acceptance Corporation
Household Finance Corporation
IBM Credit Corporation
Manufacturers Hanover Corporation
Mellon Financial Company
Merrill Lynch & Company, Incorporated
Mobil Oil Credit Corporation
Morgan (J.P.) & Company, Incorporated
National Rural Utilities Coop. Financial Corporation
Penney Financial Corporation (J.C)
Private Export Funding Corporation
Prudential Funding Corporation
SAFECO Credit Company, Incorporated
Sears, Roebuck Acceptance Corporation
Skandinaviska Enskilda Banken
Sunoco Credit Corporation
Societe Generale North America
Svenska Handelbansken
Trevelers Insurance Company, The
Union Oil Credit Corporation
Wells Fargo and Company
COMMERICAL PAPER
ISSUERS SUPPORTED BY IRREVOCABLE
REVOLVING CREDIT AGREEMENTS (IRC) OR
LETTERS OF CREDIT (LOC)
IRC-and LOC-Backers
Algemene Bank Nederland, N.V.
Algemene Bank
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America; Barclays Bank IntI.
Chemical Bank; First National Bank
of Chicago
Bank of America; Union Bank of
Switzerland
Bank of Tokyo, Ltd.
Bankers Trust Company
Bankers Trust Company
Bankers Trust Company
Bankers Trust Company
Bankers Trust Company
Hanover Trust Co.; First Nat'l Bank
of Chicago
Bankers Trust Company
Issuer
Akzona Commerical Paper, Inc.
Dillard Investment, Company, Inc.
Commomwealth Fuel, Company
Clipper Oil Corporation
Idemitsu Commercial Paper Corp.
New England Collier Company
Russel Energy, Incorporated
Outboard Marine Corporation
Mid-Atlantic Fuel Company
Olivetti International S.A.
Kanematsu-Gosho (USA) Inc.
Tarleton Associates Ltd.
Partnership
N.Y. State Energy Research & Dev.
Auth
Cimarron Capital Corporation
Minerals Capital Corporation
Pacifica Gas Transmission
Pacifica Energy Trust
Tarleton Associates limited
Partnership
Bank of Tokyo, L.A. Energy
Bridgestone Tire Co. of America
Barclays Bank International
Budd Financial Corporation
Chase Manhattan Bank, N.A.
Waterfield Mortgage Company
Samsung Americal Incorporated
Chemical Bank
James W. Rouse Co., Incorporated
Citibank, N.A.
Citibank, N.A.
Arvida Mortgage Company
Citibank, N.A.
Stockton, Whatley & Davin Company
Credit Suisse
Barber-Green Company
Credit Suisse
Kansas Gas & Electric Company
Credit Suisse
Blue Bell Incorporated
Crocker National Bank
California Mortgage Service
Crocker National Bank
Coldwell Bankers Residential
Mortgage Company
Crocker National Bank
Crowley Maritime Company
Crocker National Bank
Equilease Company
Crocker National Bank
Genstar Corporation
Western Pacific Financial Corp.
Crocker National Bank
Seiko Corporation of America
Dai-Ichi Kangyo Bank
Dai-Ichi Kangyo Bank; Mitsubishi Bank Ajinomoto U.S.A. Incorporated
First Interstate Bank
Castle & Cooker, Inorporated
First National Bank of Boston
Penn Fuel Corporation
Fuji Bank Ltd, New York
Hitachi Metals IntI., Ltd.
Seiko Corporation of America
Fuji Bank Ltd, New York Agency
Sandoz United States, Incorporated
Irving Trust Company
National Mortgage Corp. of America
Irving Trust Company
Hundred East Credit Corporation
Irving Trust Company
Kansas City C.P. Incorporated
Manufacturers Hanover Trust Company
Manufacturers Hanover Trust Company;
Millstone Construction Trust
Barclays Bank IntI.; Bankers Trust
IRC-and LOC-Backers
Issuer
Manufacturers Hanover Trust Company;
BankersTrust Co.; First National
Bank of Chicago
Manufacturers Hanover Trust Co.;
First Interstate Bank of Calif.
Manufacturers Hanover Trust Co.;
National Bank of Boston
Manufacturers Hanover Trust Co.;
Bankers Trust Company
Manufacturers Hanover Trust Co.;
Bankers Trust Company
Manufacturers Hanover Trust Company
Manufacturers Hanover Trust Company
Mellon Bank
Mellon Bank
Morgan Guaranty Trust Company
Rainier National Bank
Societe Generale
Societe Generale; Union Bank of
Switzerland
Svenska Handelsbanken
Svenska Handelsbanken
Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corp., N.Y. Branch
Union Bank of Switzerland
Union Bank of Switzerland
First Interstate Bank of California
Wells Fargo Bank, N.A.
Gateway Fuel Company
Ohio Edison Company
Lake Erie Fuel Company
Maumee Valley Corporation
Equilease Corporation
Pensylvania Power Fuel Company
Research-Cottrell, Inc.
United Cable Television Corporation
USI Credit Corporation
Huffington (Roy M.) Incorporated
Longview Fibre Commerical Paper
Puget Sound Energy Company
Bath County Hydroelectric, Inc.
Tappan Commerical Paper Incorporated
Sandvik Comml. Paper Incorporated
Contel Credit Corporation
Dunavant Commercial Paper, Inc.
Hoffman-LaRoche Incorporated
Ozark Fuel Corporation
Port Gibson Energy, Inc.
PIN Energy Trust
Southwest Gas LNG Trust
Miles Finance Co., Incorporated
FUND 2525
FUND 2515
FUND 2535
MAXIMUM IN CERTIFICATES OF DEPOSIT
$150 Million $
20 Million
$
6 Million
MAXIMUM PER ISSUER
$ 15 Million $
3 Million
$
1 Million
MAXIMUM MATURITY
95 Days
MINIMUM YIELD
6.0%
6.0%
6.0%
FUND 2525
95 Days
95 Days
FUND 2515
FUND 2535
MAXIMUM IN BANKERS ACCEPTANCES
$150 Million $
20 Million
$
6 Million
MAXIMUM PER ACCEPTING BANK
$ 15 Million $
3 Million
$
1 Million
MAXIMUM MATURITY
95 Days
95 Days
95 Days
MINIMUM YIELD
6.0%
6.0%
6.0%
CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES
DEPOSIT BANKS
Bank of America NT & SA, San Francisco
Citibank NA, New York
Chase Manhattan Bank NA, New York
Manufacturers Hanover Trust Co., New York
Morgan Guaranty Trust Co., New York
Chemical Bank, New York
Banker Trust Co., New York
First National Bank, Chicago
Wells Fargo Bank NA, San Francisco
Crocker National Bank
First Interstate Bank of Calif., Los Angeles
Mellon Bank NA, Pittsburg
Irving Trust Co., New York
First National Bank, Boston
Bank of New York
First National Bank, Dallas
National Bank of Detroit
RepublicBank Dallas NA
First City National Bank, Houston
Republic National Bank, New York
North Carolina National Bank, New York
Union Bank, Los Angeles
Valley National Bank, Phoenix
Harris Trust & Savings Bank, Chicago
Wachovia B&T Co. NA, Winston-Salem, N.C.
Pittsburg National Bank, Seattle
Philadelphia National Bank
Rainier National Bank, Seattle
Northern Trust Co., Chicago
BancOhio National Bank, Columbus
United States National Bank, Portland, Oregon
Detroit Bank & Trust Company
AmeriTrust Co., Cleveland
First Interstate Bank of Oregon NA, Portland
California First Bank, San Francisco
Manufacturers National Bank, Detroit
First Interstate Bank of Arizona NA, Phoenix
Northwestern NB, Minneapolis, Minnesoto
Citizens & Southern National Bank, Atlanta
Bank of Tokyo Trust Company, New York
First National Bank, Minneapolis
CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES
FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)
AUSTRALIA
Commonwealth Banking Corporation, Sydney
BELGIUM
Societe General de Banque
FRANCE
Banque Nationale de Paris
Credit Lyonnais, Paris
Societe Generale, Paris
GREAT BRITAIN
Barclays Bank International, Ltd.
Barclays Bank Ltd.
Lloyds Bank Ltd.
Midland Bank Ltd.
National Westminster Bank Ltd.
Standard Chartered Bank Ltd.
JAPAN
Bank of Tokyo, Ltd.
Dai-Ichi Hangyo Bank Ltd.
Daiwa Bank Ltd.
Fuji Bank Ltd.
Industrial Bank of Japan, Ltd.
Kyowa Bank. Ltd.
Long-Term Credit Bank of Japan Ltd.
Mitsubishi Bank, Ltd.
Mitsui Bank, Ltd.
Nippon Credit Bank
Sanwa Bank, Ltd.
Sumitomo Bank, Ltd.
Sumitomo Trust & Banking Co., Ltd.
Taiyo Kobe Bank, Ltd.
Tokai Bank Ltd.
NETHERLANDS
Algemene Bank Nederland
Amsterdam-Rotterdam Bank
SWEDEN
Skandinaviska Enskilda Banken
Svenska Handelsbaken
SWITZERLAND
Credit Suisse
Swiss Bank Corporation
Union Bank of Switzerland
Security Pacific
Mr. Hibschman gave a presentation on the equity portfolio. Commissioner
Diannitto and the Manager-Secretary entered the Board room during this
presentation. After the above presentation, Mr. Warheit said the Fund has
a good performance and commended the Board for making excellent asset
allocation decisions over the past few years.
President Burdorf left the Board room for a short time, giving the gavel
to President Pro Tern Minassian.
Discussion ensued regarding the master
custodial services and Commissioner Cohen suggested that staff and the
commissioners may want to visit Bankers Trust in New York and asked Mr.
Mattingly to investigate this suggestion.
Wright Investors' Service
President Pro Tern Minassian welcomed Messrs. Jatin Mehta and Don
Krysynski to today's meeting and they came forward for presentation on the
economic outlook. President Burdorf reentered the Board room.
After Messrs. Mehta and Krysynski had been excused, President Burdorf
asked the Manager-Secretary to combine the money managers' interest
forecasts on one page.
President Burdorf asked staff when they thought the completion date
would be of computerizing the Department.
At this point in the proceedings, President Burdorf called for
adjournment.
The meeting adjourned at 3:25 p.m.