Policemen's Pension And Relief Fund Board Of Trustees — Fayetteville, AR
Date: 2025-04-17
Time: 15:00

City of Fayetteville, Arkansas
 113 West Mountain Street
 Fayetteville, AR 72701
 (479) 575-8323




Policemen's Pension & Relief Fund Board of Trustees
 Agenda
 Thursday, April 17, 2025
 3:00 PM

 City Hall Room 326


 Board of Trustees
 Molly Rawn - Mayor - Board Chair
 Kara Paxton - City Clerk Treasurer
 Eldon Roberts - Position 1 & Secretary
 Ruston Cole - Position 2
 John Brown - Position 3
 Melvin Stanley - Position 4
 Rick Hoyt - Position 5
Policemen's Pension & Relief Policemen's Pension & Relief April 17, 2025
Fund Meeting Fund Board of Trustees Agenda




ROLL CALL

REPORTS

 2024 - 4TH QUARTER REPORT & 2025 - 1ST QUARTER REPORT -
 PRESENTED BY MAI CAPITAL MANAGEMENT (2024-667)

 REVENUE & EXPENSE SUMMARY REPORT(S) - 2024 4TH QUARTER & 2025
 1ST QUARTER - INFORMATIONAL ITEM (2024-668)

UNFINISHED BUSINESS

NEW BUSINESS

 REQUEST TO APPROVE - OCTOBER 17, 2024 AND DECEMBER 10, 2024,
 MEETING MINUTES. (2024-670)

 REQUEST TO APPROVE - MAY - OCTOBER 2025 PENSION LISTS (2024-
 671)

 DISCUSS LOPFI CONSOLIDATION OPTIONS:

 OPTION 1: CONSOLIDATE WITH LOPFI WITH AN ANNUAL 3% COLA
 OPTION 2: CONSOLIDATE WITH LOPFI
 OPTION 3: DO NOT CONSOLIDATE WITH LOPFI (2024-681)

NEXT MEETING INFORMATION

 THE NEXT MEETING WILL BE HELD ON OCTOBER 16, 2025 AT 3:00 PM.
 (2024-669)




City of Fayetteville, Arkansas page 2

City of Fayetteville, Arkansas
 113 West Mountain Street
 Fayetteville, AR 72701
 (479) 575-8323




Policemen's Pension & Relief Fund Board of Trustees
 Agenda
 Thursday, April 17, 2025
 3:00 PM

 City Hall Room 326


 Board of Trustees
 Molly Rawn - Mayor - Board Chair
 Kara Paxton - City Clerk Treasurer
 Eldon Roberts - Position 1 & Secretary
 Ruston Cole - Position 2
 John Brown - Position 3
 Melvin Stanley - Position 4
 Rick Hoyt - Position 5
Policemen's Pension & Relief Policemen's Pension & Relief April 17, 2025
Fund Meeting Fund Board of Trustees Agenda




ROLL CALL

REPORTS

 2024 - 4TH QUARTER REPORT & 2025 - 1ST QUARTER REPORT -
 PRESENTED BY MAI CAPITAL MANAGEMENT (2024-667)

 REVENUE & EXPENSE SUMMARY REPORT(S) - 2024 4TH QUARTER & 2025
 1ST QUARTER - INFORMATIONAL ITEM (2024-668)

UNFINISHED BUSINESS

NEW BUSINESS

 REQUEST TO APPROVE - OCTOBER 17, 2024 AND DECEMBER 10, 2024,
 MEETING MINUTES. (2024-670)

 REQUEST TO APPROVE - MAY - OCTOBER 2025 PENSION LISTS (2024-
 671)

 DISCUSS LOPFI CONSOLIDATION OPTIONS:

 OPTION 1: CONSOLIDATE WITH LOPFI WITH AN ANNUAL 3% COLA
 OPTION 2: CONSOLIDATE WITH LOPFI
 OPTION 3: DO NOT CONSOLIDATE WITH LOPFI (2024-681)

NEXT MEETING INFORMATION

 THE NEXT MEETING WILL BE HELD ON OCTOBER 16, 2025 AT 3:00 PM.
 (2024-669)




City of Fayetteville, Arkansas page 2
Happy New Year! I hope you had a joyous and relaxing holiday season. I’m thrilled to
announce that, as of December 20, our merger with MAI Capital Management has
been successfully completed. This strategic partnership marks an exciting new
chapter for our firm, and we are truly grateful for your continued trust and support
throughout this transition.

As we move forward, we are eager to leverage the expanded resources and enhanced
capabilities that this merger provides. With these new strengths, we are excited to
offer you even more personalized services and investment solutions. We deeply
appreciate your role in our journey, and we look forward to continuing to serve you
with the dedication to service and investment expertise that you’ve come to expect.

Our office address remains the same, and our main phone number remains
unchanged at 479-587-1045. Our updated email and cell phone contacts are:

Kerry Bradley
Email: kerry.bradley@mai.capital
Cell: 479-492-7159

James Bell
Email: james.bell@mai.capital
Cell: 479-492-7158

Melissa Nixon
Email: melissa.nixon@mai.capital
Cell: 479-492-7163

We kindly ask that you direct any business-related communications through these
new channels or contact our office directly. This enables us to follow compliance
regulations.

Your quarterly reports will remain unchanged for the next few quarters as we
integrate our portfolio management systems. The only noticeable updates will be the
inclusion of the MAI Capital Management name and logo, as well as a change in the
billing statement to reflect quarter-end valuation.

The markets performed well once again in 2024, with some positive returns for both
equities and bonds. We’ve included a detailed market recap along with your reports
for your review. As we look ahead to 2025, we encourage you to take a moment to
reflect on your financial goals. Your priorities and circumstances may have evolved,
and it’s important that your investment strategy continues to align with where you are
today and where you hope to be in the future. Whether you’re adjusting for life
  changes, preparing for upcoming milestones, or reassessing your risk tolerance, a
  regular review will help ensure that your investments remain on track.

  Please don’t hesitate to reach out if you’d like to schedule a meeting or discuss any
  updates to your goals. We’re here to support you every step of the way.

  Wishing you and your loved ones a happy, healthy, and prosperous 2025. As always,
  we are deeply grateful for your trust and confidence in us, and we look forward to
  continuing to serve you in the years ahead.

  Sincerely,

  Kerry Bradley, CFA, MBA
  Senior Portfolio Manager




 We empower you to simplify, protect, & grow your wealth.

Past performance is no guarantee of future results. All investments are subject to risk, including the
loss of principal.

This commentary has been compiled by MAI for information purposes only. Any statistics mentioned
have been obtained from sources we believed to be reliable, but the accuracy and completeness of the
information cannot be guaranteed. Statements contained herein are speculative and not a guarantee of
future events. Any statements nonfactual in nature constitute only current opinions of the author which
are subject to change without notice. It should not be assumed that this is a forecast of future events or
that any security transactions, holdings, or sector discussed were or will be profitable, or that the
investment recommendations or decisions we make in the future will be profitable or will equal any
investment performance discussed herein. This is not a recommendation to buy or sell any security. Any
suggestions contained herein are general, and do not take into account an individual’s or entity’s specific
circumstances. Distribution hereof does not constitute legal, tax, accounting, investment or other
professional advice. Recipients should consult their professional advisors prior to acting on the
information set forth herein.

Diversification does not ensure a profit or protect against a loss in a declining market. Indexes are
unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly.



  MAI Capital Management | 6050 Oak Tree Blvd. Suite 500 | Cleveland, OH 44131 | MAI.Capital

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Market Review
Quarter 4 2024

There’s no investment that’s so attractive it can’t be ruined by a high enough entry price.
– Howard Marks

At first glance, 2024 was just like 2023, only more so.

The U.S. stock market1 was up 25.0%, neck and neck with 2023’s 26.3% return. The Magnificent Seven stocks2
again led the way. In 2024 they were up “only” 67% versus 2023’s 107%. (Truly, they are magnificent, at least
for the moment.) Like the year before, in 2024 growth stocks trounced value; mega caps beat smaller issues;
China remained in the doldrums; and Europe trailed the U.S. It seems like we could just save ourselves the
trouble and resend 2023’s year-end letter.

But that wouldn’t tell the whole story. The narrative of 2024 has two parts. From the beginning of the year to
July 10, the themes mentioned above are all present. But after July 10, the market was decidedly more even-
handed. Since that day, value has outperformed growth, and small cap has almost doubled the performance
of the S&P 500 (9.4% versus 5.0%). While the Mag 7 has continued to outperform, that’s largely because Tesla
is up 61% in the seven weeks since the presidential election.

Does this mean we’ll have a more balanced equity market in 2025? It’s hard to tell. Over the past few weeks,
the exuberance for the incoming, pro-business administration has been driving the Mag 7 and growth stocks
higher again. But we think once the new administration comes face to face with the reality of running the
world’s largest economy, there’s a decent chance the euphoria fades. We think some underappreciated
sectors of the market may return to favor. This would mean the tilt toward value, small cap and a broader
market may continue.

While we can’t say that for sure, one thing we can say with confidence is that the valuation of the current
market is very high. Depending on which metrics you choose, this market is either the most expensive (based
on price-to-book or price-to-sales) or the second most expensive (price-to-earnings) in decades (ignoring the
pandemic period, where sales and earnings momentarily disappeared). That means if 2025 is going to be
another strong year, some of the very expensive stocks are going to have to get even more expensive. While
that may happen, we think it’s a risky bet.




1
 As measured by the S&P 500 Index.
2
 Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.




MAI Capital Management www.mai.capital
 202501-4124701
Nosebleed Territory: The Market’s Price-to-Sales Ratio




We think it’s wiser to diversify, even if that means underperforming the S&P 500 Index if this top-heavy rally
continues. We wouldn’t necessarily advocate selling terrific companies because they’ve gotten too expensive,
provided they are long-term holdings. But for new investment, we would be wary of the risk/reward equation
presented by even great companies with superb products. The saying we quoted at the top of this letter –
There’s no investment so attractive that it can’t be ruined by a high enough entry price – is made for moments
like this.

Looking at valuation metrics like price-to-sales is a terrible timing tool. It won’t tell you when the market will
peak – but it can be an effective measure of the risk you are taking at any given moment. We would urge you
to be open to more neglected areas of the market, where valuations aren’t extreme. Healthcare may be a
good example. The sector has lagged for two years and often has performed well in a more difficult economy.

The fixed income markets present a more balanced risk profile than the equity markets, in large part because
they have just finished another year of sub-par returns. Over the last four years, the U.S. investment grade
bond market (as measured by the widely used Bloomberg Aggregate US Bond Index) is down -8.5%. That’s
the worst streak in over 40 years.

The reason for the poor performance is simple in our view: Interest rates have risen sharply as we have
transitioned from zero-interest-rates in the pandemic to a robust economy now. As we close the year, the



MAI Capital Management www.mai.capital
 202501-4124701
yield on the 10-year U.S. Treasury bond stands at 4.5%. That’s up from 3.9% at the start of 2024, and a world
of difference from the 0.5% yield available to investors in 2020.

We believe a case can be made that interest rates are still too low for an economy that is at full-employment
and where corporate earnings are estimated to grow at 15% in 2025. After all, throughout the 1990s – a period
of similar economic strength and stock market appreciation – the yield on the 10-year bond averaged 6.5%,
two percentage points higher than now.

Even with a possible upside in rates (which means a downside to bond prices), we think select bond exposure
can be an attractive low volatility option both on its own, and also as a prudent hedge if you also have equity
exposure in the current high-flying market. If the economy continues to perform well, rates will likely
continue to climb, and your bonds may suffer somewhat. But in such a robust economic scenario, your
equities will probably perform well and potentially make up for lagging bonds. On the other hand, with
valuations high and too much optimism, the equity market could be vulnerable to a downturn. In that case,
rates may fall, and your bonds would stand a good chance of partially offsetting equity losses. In any case, we
would generally advocate sticking to investment grade issues as there is so little fear (and so much greed)
surrounding the markets right now that investors aren’t being offered an attractive premium to take the risk
of less creditworthy issuers. In fact, the narrow spreads existing today between investment grade and high-
yield bonds are another example of excess.

In closing, this market makes us more cautious than we’ve been in a long while. While we don’t know the
future, we do know the past, and if it is any guide, expensive markets can present good opportunities for
harvesting. This is not a call to panic, but it is a time for unemotionally assessing the risk in popular
investments. In the height of bull markets, even the best companies can contain risks that make them
unattractive investments. The good news is that often the capital flooding into such popular sectors of the
market leaves other areas high and dry – and potentially attractive.

We look forward to reporting back to you in the Spring.

Chris Grisanti, JD, CFA
Chief Market Strategist




Past performance is no guarantee of future results. All investments are subject to risk, including the loss of principal.
This commentary has been compiled by MAI for information purposes only. Any statistics mentioned have been obtained from sources
we believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. Statements contained herein
are speculative and not a guarantee of future events. Any statements nonfactual in nature constitute only current opinions of the
author which are subject to change without notice. It should not be assumed that this is a forecast of future events or that any security
transactions, holdings, or sector discussed were or will be profitable, or that the investment recommendations or decisions we make


MAI Capital Management www.mai.capital
 202501-4124701
in the future will be profitable or will equal any investment performance discussed herein. This is not a recommendation to buy or sell
any security. Any suggestions contained herein are general, and do not take into account an individual’s or entity’s specific
circumstances. Distribution hereof does not constitute legal, tax, accounting, investment or other professional advice. Recipients
should consult their professional advisors prior to acting on the information set forth herein.


Diversification does not ensure a profit or protect against a loss in a declining market. Indexes are unmanaged, do not incur
management fees, costs and expenses, and cannot be invested in directly.




MAI Capital Management www.mai.capital
 202501-4124701
City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630


 Quarter Ending December 31, 2024
 MAI Capital Management
 PORTFOLIOSUMMARY
City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 December 31, 2024




 0.1%

 8.2%
 24.0% Cash & Equivalents 8,970.46
 Money Market 505,499.82
 67.7%
 Account Fixed Income 1,482,638.60
 Account Equities 4,182,448.44
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 December 31, 2024
 Adj Unit Total Adjusted Market Pct. Unit Annual
  Quantity Security Cost Cost Price Value Assets Income Income Yield

CASH AND EQUIVALENTS
 Schwab Bank Sweep 8,970.46 8,970.46 0.1 0.050 4.49 0.1
 8,970.46 8,970.46 0.1 4.49 0.1

TRADED - MONEY MARKET
 505,499.82 Schwab Govt Money 1.00 505,499.82 1.00 505,499.82 8.2 4.110 20,776.04 4.1
 Fund Investor Shares
 505,499.82 505,499.82 8.2 20,776.04 4.1

CERTIFICATE OF DEPOSIT
 53,000 Wells Fargo Bank NT 100.00 53,000.00 100.02 53,012.30 0.9 4.800 2,544.00 4.4
 SD
 4.800% Due 01-29-25
 49,000 Ally Bank 100.00 49,000.00 99.67 48,839.62 0.8 3.800 1,862.00 4.0
 3.800% Due 09-28-26
 Accrued Interest 2,831.61 0.0
 102,000.00 104,683.52 1.7 4,406.00 4.2

TREASURY NOTE
 150,000 US Treasury Note 99.93 149,892.39 99.80 149,695.31 2.4 4.125 6,187.50 4.3
 4.125% Due 10-31-26
 Accrued Interest 1,036.92 0.0
 149,892.39 150,732.22 2.4 6,187.50 4.3

CORPORATE BONDS
 110,000 JB Hunt Transport 101.39 111,524.48 99.01 108,905.72 1.8 3.875 4,262.50 4.8
 Services, Inc.
 3.875% Due 03-01-26
 49,000 Hewlett Packard 100.21 49,103.21 99.24 48,627.01 0.8 4.450 2,180.50 5.0
 Enterprise
 4.450% Due 09-25-26
 100,000 Adobe, Inc. 102.56 102,563.26 95.22 95,219.50 1.5 2.150 2,150.00 4.6
 2.150% Due 02-01-27
 110,000 Kroger Company 101.99 112,186.73 97.47 107,220.74 1.7 3.700 4,070.00 4.8
 3.700% Due 08-01-27
 60,000 Laboratory Corporation 102.31 61,383.68 97.21 58,328.58 0.9 3.600 2,160.00 4.8
 of America Holdings
 3.600% Due 09-01-27
 110,000 General Dynamics 101.30 111,432.80 94.80 104,275.60 1.7 2.625 2,887.50 4.6
 Corporation
 2.625% Due 11-15-27
 100,000 Tyson Foods, Inc. 111.30 111,302.76 97.12 97,119.30 1.6 4.350 4,350.00 5.2
 4.350% Due 03-01-29
 71,000 Polaris Inc. 105.03 74,568.43 105.33 74,782.95 1.2 6.950 4,934.50 5.6
 6.950% Due 03-15-29
 100,000 PepsiCo, Inc. 102.51 102,510.70 91.71 91,712.00 1.5 2.625 2,625.00 4.7
 2.625% Due 07-29-29
 110,000 FedEx Corporation 100.08 110,083.86 92.68 101,952.95 1.6 3.100 3,410.00 5.0
 3.100% Due 08-05-29
 82,000 Amazon.com, Inc. 100.96 82,786.29 100.63 82,517.42 1.3 4.650 3,813.00 4.6
 4.650% Due 12-01-29
 70,000 Avnet, Inc. 96.44 67,506.39 97.72 68,403.72 1.1 5.500 3,850.00 6.0
 5.500% Due 06-01-32
 70,000 Arrow Electronics, Inc. 99.12 69,380.67 100.28 70,198.38 1.1 5.875 4,112.50 5.9
 5.875% Due 04-10-34



 1
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 December 31, 2024
 Adj Unit Total Adjusted Market Pct. Unit Annual
  Quantity Security Cost Cost Price Value Assets Income Income Yield

 Accrued Interest 12,634.98 0.2
 1,166,333.27 1,121,898.85 18.2 44,805.50 5.0

COMMON STOCK
 1,680 AT&T, Inc. 21.31 35,806.37 22.77 38,253.60 0.6 1.110 1,864.80 4.9
 525 AbbVie, Inc. 66.58 34,953.92 177.70 93,292.50 1.5 6.560 3,444.00 3.7
 710 Abbott Laboratories 39.36 27,945.60 113.11 80,308.10 1.3 2.360 1,675.60 2.1
 300 Accenture Plc. 90.81 27,241.91 351.79 105,537.00 1.7 5.920 1,776.00 1.7
 600 Akamai Technologies, 55.76 33,454.45 95.65 57,390.00 0.9 0.000 0.00 0.0
 Inc.
 380 Alphabet, Inc. Class C 125.26 47,597.47 190.44 72,367.20 1.2 0.800 304.00 0.4
 435 American Electric 78.40 34,102.70 92.23 40,120.05 0.6 3.720 1,618.20 4.0
 Power
 295 Amgen, Inc. 114.33 33,727.26 260.64 76,888.80 1.2 9.520 2,808.40 3.7
 250 Ansys, Inc. 75.67 18,918.48 337.33 84,332.50 1.4 0.000 0.00 0.0
 560 Apple, Inc. 17.86 10,002.18 250.42 140,235.20 2.3 1.000 560.00 0.4
 685 AptarGroup, Inc. 63.47 43,477.91 157.10 107,613.50 1.7 1.800 1,233.00 1.1
 1,920 Arista Networks, Inc. 13.04 25,035.29 110.53 212,217.60 3.4 0.000 0.00 0.0
 33 AutoZone, Inc. 516.09 17,031.09 3,202.00 105,666.00 1.7 0.000 0.00 0.0
 1,350 BCE, Inc. 24.40 32,934.20 23.18 31,293.00 0.5 2.900 3,915.00 12.5
 200 Becton, Dickinson & 111.11 22,222.05 226.87 45,374.00 0.7 4.160 832.00 1.8
 Company
 1,250 Broadcom, Inc. 23.90 29,878.15 231.84 289,800.00 4.7 2.360 2,950.00 1.0
 225 Broadridge Financial 41.33 9,298.79 226.09 50,870.25 0.8 3.520 792.00 1.6
 Solutions, Inc.
 385 Bunge Global SA 84.56 32,556.82 77.76 29,937.60 0.5 2.720 1,047.20 3.5
 1,445 Cisco Systems, Inc. 19.70 28,470.99 59.20 85,544.00 1.4 1.600 2,312.00 2.7
 1,400 Coca-Cola Company 30.98 43,374.60 62.26 87,164.00 1.4 1.940 2,716.00 3.1
 865 ConocoPhillips 55.58 48,077.77 99.17 85,782.05 1.4 3.120 2,698.80 3.1
 220 Deere & Co. 87.76 19,307.71 423.70 93,214.00 1.5 6.480 1,425.60 1.5
 500 Disney, Walt Company 110.91 55,454.90 111.35 55,675.00 0.9 1.000 500.00 0.9
 250 EOG Resources Inc 132.67 33,166.43 122.58 30,645.00 0.5 3.900 975.00 3.2
 100 Eaton Corporation 320.42 32,042.23 331.87 33,187.00 0.5 3.760 376.00 1.1
 600 Intel Corporation 20.53 12,320.72 20.05 12,030.00 0.2 0.000 0.00 0.0
 560 Johnson & Johnson 64.70 36,229.62 144.62 80,987.20 1.3 4.960 2,777.60 3.4
 365 Kimberly-Clark 107.07 39,079.82 131.04 47,829.60 0.8 4.880 1,781.20 3.7
 Corporation
 82 Kinsale Cap Group Inc. 449.60 36,866.92 465.13 38,140.66 0.6 0.600 49.20 0.1
 335 Labcorp Holdings Inc. 108.13 36,221.93 229.32 76,822.20 1.2 2.880 964.80 1.3
 450 Lincoln Electric 67.20 30,239.08 187.47 84,361.50 1.4 3.000 1,350.00 1.6
 Holdings, Inc.
 65 MSCI, Inc. 514.92 33,469.77 600.01 39,000.65 0.6 6.400 416.00 1.1
 120 Mastercard, Inc. 295.65 35,477.92 526.57 63,188.40 1.0 3.040 364.80 0.6
 640 Medtronic Plc. 77.60 49,662.77 79.88 51,123.20 0.8 2.800 1,792.00 3.5
 755 Merck & Co., Inc. 49.00 36,994.17 99.48 75,107.40 1.2 3.240 2,446.20 3.3
 420 Palo Alto Networks 63.13 26,514.23 181.96 76,423.20 1.2 0.000 0.00 0.0
 475 Pepsico, Inc. 93.75 44,533.57 152.06 72,228.50 1.2 5.420 2,574.50 3.6
 630 Phillips 66 72.18 45,473.90 113.93 71,775.90 1.2 4.600 2,898.00 4.0
 570 Procter & Gamble 59.42 33,868.04 167.65 95,560.50 1.5 4.026 2,294.82 2.4
 Company
 100 Quanta Services, Inc. 269.38 26,938.22 316.05 31,605.00 0.5 0.400 40.00 0.1
 500 Revvity, Inc. 97.03 48,515.80 111.61 55,805.00 0.9 0.280 140.00 0.3
 825 Roche Holding, Ltd. 43.72 36,069.41 34.88 28,776.00 0.5 1.340 1,105.50 3.8
 ADR
 330 Rockwell Automation, 165.23 54,524.36 285.79 94,310.70 1.5 5.240 1,729.20 1.8
 Inc.
 470 Texas Instruments, Inc. 58.53 27,511.42 187.51 88,129.70 1.4 5.440 2,556.80 2.9

 2
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 December 31, 2024
 Adj Unit Total Adjusted Market Pct. Unit Annual
 Quantity Security Cost Cost Price Value Assets Income Income Yield

 710 Ventas, Inc. 73.52 52,195.91 58.89 41,811.90 0.7 1.800 1,278.00 3.1
 355 Verisk Analytics, Inc. 81.80 29,039.45 275.43 97,777.65 1.6 1.560 553.80 0.6
 500 Vertiv Holdings 19.01 9,504.95 113.61 56,805.00 0.9 0.150 75.00 0.1
 Company
 1,785 WalMart, Inc. 20.70 36,953.86 90.35 161,274.75 2.6 0.830 1,481.55 0.9
 510 Waste Management, Inc. 42.21 21,525.65 201.79 102,912.90 1.7 3.000 1,530.00 1.5
 500 Xylem, Inc. 64.30 32,148.43 116.02 58,010.00 0.9 1.440 720.00 1.2
 252 Zscaler, Inc. 243.08 61,256.26 180.41 45,463.32 0.7 0.000 0.00 0.0
 1,709,215.44 3,879,968.78 62.8 66,742.57 1.7

  MUTUAL FUNDS
 3,073.008 Dodge & Cox Intl Stk 44.72 137,413.58 49.90 153,343.10 2.5 1.120 3,441.77 2.2
 2,861.818 Invesco Oppenheimer 38.91 111,348.76 38.09 109,006.65 1.8 0.090 257.56 0.2
 Developing Mkts Cl Y
 248,762.34 262,349.75 4.2 3,699.33 1.4

  UNIT TRUSTS
 2,059 FT Energy Income ETF 38.85 79,999.27 19.49 40,129.91 0.6 1.500 3,088.50 7.7
 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 31.44 105,324.00 1.7 1.800 6,030.00 5.7
 208,421.77 145,453.91 2.4 9,118.50 6.3


  TOTAL PORTFOLIO 4,099,095.49 6,179,557.31 100.0 155,739.93 2.7




You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.



 3
 MAI Capital Management
 PURCHASE AND SALE
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-24 To 12-31-24

 Trade Settle Unit
 Date Date Quantity Security Price Amount


PURCHASES
09-18-24 09-26-24 49,000 Ally Bank 100.00 49,000.00
 3.800% Due 09-28-26
10-31-24 11-01-24 82,000 Amazon.com, Inc. 100.99 82,810.54
 4.650% Due 12-01-29
06-11-24 06-12-24 70,000 Arrow Electronics, Inc. 99.08 69,353.12
 5.875% Due 04-10-34
06-11-24 06-12-24 70,000 Avnet, Inc. 96.23 67,359.81
 5.500% Due 06-01-32
06-25-24 06-26-24 100 Eaton Corporation 320.42 32,042.23
01-25-24 01-26-24 80,000 Federal Home Loan Bank 100.00 80,000.00
 5.500% Due 01-26-26
01-25-24 01-26-24 60,000 Federal Home Loan Bank 100.02 60,014.94
 6.000% Due 11-28-28
07-29-24 08-27-24 60,000 Federal Home Loan Bank 100.00 60,000.00
 5.750% Due 08-13-29
09-18-24 09-26-24 49,000 Hewlett Packard Enterprise 100.24 49,119.63
 4.450% Due 09-25-26
11-07-24 11-08-24 82 Kinsale Cap Group Inc. 449.60 36,866.92
02-23-24 02-27-24 71,000 Polaris Inc. 105.92 75,200.36
 6.950% Due 03-15-29
06-25-24 06-26-24 100 Quanta Services, Inc. 269.38 26,938.22
02-07-24 02-08-24 150,000.00 Schwab Govt Money Fund Investor 1.00 150,000.00
 Shares
03-13-24 03-14-24 55,000.00 Schwab Govt Money Fund Investor 1.00 55,000.00
 Shares
07-12-24 07-15-24 130,000.00 Schwab Govt Money Fund Investor 1.00 130,000.00
 Shares
11-21-24 11-22-24 120,000.00 Schwab Govt Money Fund Investor 1.00 120,000.00
 Shares
12-31-24 01-02-25 100,000.00 Schwab Govt Money Fund Investor 1.00 100,000.00
 Shares
01-25-24 01-26-24 130,000 US Treasury Bill 97.68 126,978.09
 0.000% Due 07-11-24
01-25-24 01-26-24 71,000 US Treasury Bill 99.47 70,620.15
 4.250% Due 12-31-24
05-01-24 05-02-24 300,000 US Treasury Bill 97.39 292,159.72
 0.000% Due 10-31-24
10-31-24 11-01-24 150,000 US Treasury Note 99.92 149,882.81
 4.125% Due 10-31-26



 1
 MAI Capital Management
 PURCHASE AND SALE
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-24 To 12-31-24

 Trade Settle Unit
 Date Date Quantity Security Price Amount

01-25-24 01-30-24 53,000 Wells Fargo Bank NT SD 100.00 53,000.00
 4.800% Due 01-29-25
 1,936,346.54

REINVESTED DIVIDENDS
12-18-24 12-18-24 67.814 Dodge & Cox Intl Stk 49.81 3,377.84
12-12-24 12-12-24 7.225 Invesco Oppenheimer Developing 39.31 284.03
 Mkts Cl Y
01-16-24 01-16-24 741.20 Schwab Govt Money Fund Investor 1.00 741.20
 Shares
02-15-24 02-15-24  1,648.58 Schwab Govt Money Fund Investor 1.00 1,648.58
 Shares
03-15-24 03-15-24  1,902.43 Schwab Govt Money Fund Investor 1.00 1,902.43
 Shares
04-15-24 04-15-24  1,687.38 Schwab Govt Money Fund Investor 1.00 1,687.38
 Shares
05-15-24 05-15-24  1,554.47 Schwab Govt Money Fund Investor 1.00 1,554.47
 Shares
06-17-24 06-17-24  1,623.05 Schwab Govt Money Fund Investor 1.00 1,623.05
 Shares
07-15-24 07-15-24 959.90 Schwab Govt Money Fund Investor 1.00 959.90
 Shares
08-15-24 08-15-24  1,272.85 Schwab Govt Money Fund Investor 1.00 1,272.85
 Shares
09-16-24 09-16-24  1,312.96 Schwab Govt Money Fund Investor 1.00 1,312.96
 Shares
10-15-24 10-15-24  1,050.33 Schwab Govt Money Fund Investor 1.00 1,050.33
 Shares
11-15-24 11-15-24  1,145.48 Schwab Govt Money Fund Investor 1.00 1,145.48
 Shares
12-31-24 12-31-24 0.26 Schwab Govt Money Fund Investor 1.00 0.26
 Shares
12-31-24 12-31-24  2,071.56 Schwab Govt Money Fund Investor 1.00 2,071.56
 Shares
 20,632.32

SALES
10-30-24 10-31-24 56 Aspen Technology 241.62 13,530.50
03-27-24 04-01-24 1,368 Brown-Forman Corp. Cl B 51.64 70,639.30
05-08-24 05-08-24 1 FT Energy Income ETF 18.50 16.04
07-28-24 07-29-24 60,000 Federal Home Loan Bank 100.00 60,000.00
 6.000% Due 11-28-28

 2
 MAI Capital Management
 PURCHASE AND SALE
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-24 To 12-31-24

 Trade Settle Unit
 Date Date Quantity Security Price Amount

09-13-24 09-13-24 60,000 Federal Home Loan Bank 100.00 60,000.00
 5.750% Due 08-13-29
09-26-24 09-26-24 80,000 Federal Home Loan Bank 100.00 80,000.00
 5.500% Due 01-26-26
03-13-24 03-15-24 335 Fortrea Holdings, Inc. 38.76 12,983.80
02-23-24 02-26-24 100,000.00 Schwab Govt Money Fund Investor 1.00 100,000.00
 Shares
03-14-24 03-15-24 25,000.00 Schwab Govt Money Fund Investor 1.00 25,000.00
 Shares
04-03-24 04-04-24 45,000.00 Schwab Govt Money Fund Investor 1.00 45,000.00
 Shares
04-16-24 04-17-24 22,000.00 Schwab Govt Money Fund Investor 1.00 22,000.00
 Shares
06-10-24 06-11-24 95,000.00 Schwab Govt Money Fund Investor 1.00 95,000.00
 Shares
06-25-24 06-26-24 30,000.00 Schwab Govt Money Fund Investor 1.00 30,000.00
 Shares
07-09-24 07-10-24 84,000.00 Schwab Govt Money Fund Investor 1.00 84,000.00
 Shares
07-17-24 07-18-24 2,000.00 Schwab Govt Money Fund Investor 1.00 2,000.00
 Shares
09-24-24 09-25-24 20,000.00 Schwab Govt Money Fund Investor 1.00 20,000.00
 Shares
06-25-24 06-26-24 250 Skyworks Solutions 107.08 26,771.15
01-25-24 01-25-24 400,000 US Treasury Bill 100.00 400,000.00
 0.000% Due 01-25-24
07-11-24 07-11-24 130,000 US Treasury Bill 100.00 130,000.00
 0.000% Due 07-11-24
10-31-24 10-31-24 300,000 US Treasury Bill 100.00 300,000.00
 0.000% Due 10-31-24
12-31-24 12-31-24 71,000 US Treasury Bill 100.00 71,000.00
 4.250% Due 12-31-24
01-31-24 01-31-24 150,000 US Treasury Note 100.00 150,000.00
 2.500% Due 01-31-24
04-30-24 04-30-24 300,000 US Treasury Note 100.00 300,000.00
 2.250% Due 04-30-24
 2,097,940.79




 3
 MAI Capital Management
 REALIZED GAINS AND LOSSES
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-24 Through 12-31-24
 Gain Or Loss
  Open Close Cost Amort. or
  Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term

12-19-22 01-31-24 150,000 US Treasury Note 146,663.78 3,336.22 150,000.00 0.00
 2.500% Due 01-31-24
 02-23-24 100,000.00 Schwab Govt Money Fund 100,000.00 100,000.00 0.00*
 Investor Shares
03-19-15 03-13-24 335 Fortrea Holdings, Inc. 5,942.06 12,983.80 7,041.74
 03-14-24 25,000.00 Schwab Govt Money Fund 25,000.00 25,000.00 0.00*
 Investor Shares
12-31-14 03-27-24 1,368 Brown-Forman Corp. Cl B 48,596.98 70,639.30 22,042.32
 04-03-24 45,000.00 Schwab Govt Money Fund 45,000.00 45,000.00 0.00*
 Investor Shares
 04-16-24 22,000.00 Schwab Govt Money Fund 22,000.00 22,000.00 0.00*
 Investor Shares
09-25-23 04-30-24 300,000 US Treasury Note 294,417.02 5,582.98 300,000.00 0.00
 2.250% Due 04-30-24
03-19-15 05-08-24 1 FT Energy Income ETF 33.68 16.04 -17.64
 06-10-24 95,000.00 Schwab Govt Money Fund 95,000.00 95,000.00 0.00*
 Investor Shares
 06-25-24 30,000.00 Schwab Govt Money Fund 30,000.00 30,000.00 0.00*
 Investor Shares
06-24-20 06-25-24 250 Skyworks Solutions 31,535.10 26,771.15 -4,763.95
 07-09-24 84,000.00 Schwab Govt Money Fund 84,000.00 84,000.00 0.00*
 Investor Shares
 07-17-24 2,000.00 Schwab Govt Money Fund 2,000.00 2,000.00 0.00*
 Investor Shares
01-25-24 07-28-24 60,000 Federal Home Loan Bank 60,014.94 -1.37 60,000.00 -13.57
 6.000% Due 11-28-28
07-29-24 09-13-24 60,000 Federal Home Loan Bank 60,000.00 0.00 60,000.00 0.00
 5.750% Due 08-13-29
 09-24-24 20,000.00 Schwab Govt Money Fund 20,000.00 20,000.00 0.00*
 Investor Shares
01-25-24 09-26-24 80,000 Federal Home Loan Bank 80,000.00 0.00 80,000.00 0.00
 5.500% Due 01-26-26
12-23-20 10-30-24 56 Aspen Technology 9,312.80 13,530.50 4,217.70
TOTAL GAINS 0.00 33,301.76
TOTAL LOSSES -13.57 -4,781.59
 1,159,516.36 8,917.83 1,196,940.79 -13.57 28,520.17
TOTAL REALIZED GAIN/LOSS 28,506.60

CAPITAL GAIN DISTRIBUTIONS

 12-31-24 Schwab Govt Money Fund 0.26*
 Investor Shares
 12-31-24 FT Energy Income ETF 472.54
TOTAL DISTRIBUTIONS 472.80 472.80 0.00
 459.23 28,520.17
TOTAL GAIN/LOSS 28,979.40


An '*' denotes an average cost transaction.
 MAI Capital Management
 PERFORMANCE SUMMARY
 GROSS OF FEES
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 December 31, 2024



 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO

 Market Pct.
 Value Assets Yield

Cash & Equivalents 8,970.46 0.1 0.1 Portfolio Value on 12-31-23 5,836,057.03
Money Market 505,499.82 8.2 4.1 Accrued Interest 11,733.02
Account Fixed 1,482,638.60 24.0 4.9 Net Additions/Withdrawals -278,544.42
Income
Account Equities 4,182,448.44 67.7 1.8 Realized Gains -2,952.61
Account 0.00 0.0 - Unrealized Gains 453,000.55
Commodities
 Income Received 155,493.26
 Change in Accrued Interest 4,770.48
 Portfolio Value on 12-31-24 6,163,053.81
 Accrued Interest 16,503.50
Total 6,179,557.31 100.0 2.7 6,179,557.31


 TIME WEIGHTED RETURN

 Annualized
 Quarter Year Inception
 To Date To Date To Date
Account 0.14 10.74 6.62

40% Fixed Income/60% 0.82 15.85 8.66
Equity Blended Index

Account Fixed Income -0.53 4.77 2.22

Barclays Capital Intermed -1.60 3.00 1.71
Govt/Credit

Account Equities 0.32 13.93 9.38

S&P 500 2.41 25.02 13.07
 January 14, 2025

 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 113 West Mountain
 Fayetteville, AR 72701




 MAI Capital Management
 STATEMENT OF MANAGEMENT FEES


 For The Period October 1 to December 31, 2024
 Portfolio Valuation with Accrued Interest as of 12-31-24 6,179,557

 6,179,557 @ 0.5000% per annum 7,724
 Quarterly Management Fee 7,724




 TOTAL DUE AND PAYABLE 7,724




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.
MAI Capital Management
IMPORTANT
DISCLOSURES
Market Review
Quarter 1 2025


There are decades when nothing happens, and then there are weeks when decades happen.
 - Vladimir Lenin

Dear MAI Investor:

What a quarter it’s been. When it started, Joe Biden was president and Elon Musk was a car salesman. That
seems like a long time ago. Also, as the Trump administration was preparing to assume the levers of power,
the market was licking its chops at the prospect of less regulation and lower taxes. Now the market is licking
its wounds. But the wounds weren’t actually that deep – while the headlines sometimes got a bit panicked,
the S&P 500 declined less than 5% (4.28%) in the quarter. It should be noted that in the prior two years (2023-
2024), it had risen 58%, and since the beginning of 2022, the market has had three worse quarters than this
one.

The real story is that this quarter witnessed an enormous amount of economic and political change. It is for
moments like this that we construct diversified portfolios. Your investment team at MAI includes not only your
advisor but behind-the-scenes professionals in the equity, fixed income, and alternative investment
departments. We are focused not just on seeking to avoid the worst effects of this volatility, but also on
attempting to take advantage of any opportunities created by the dislocation. Perspective is vital: In the 16
years since the global financial crisis, the market has declined more than 5% from its high thirty times.
Corrections happen. They are often healthy, and while they cause investors stress, they also create
opportunity. Let’s survey the investment landscape.

At least in the short term, the most volatile development has been the threat of significant tariffs against both
friend and foe alike. Often when a new administration comes to Washington, investors focus on the promise
of new policies. In this light, tariffs were seen as a negotiating tool. They would be laid on the table to elicit
concessions and, once obtained, put back in their holster. That was mostly the trade policy in the first Trump
Administration, and it worked pretty well.

But Trump 2.0 seems to have a different agenda. Wall Street, as well as our trading partners, are unsure of the
ultimate goal of the tariffs. Is it to reduce illegal immigration, control fentanyl, level the playing field, or bring
jobs back to America? Our research tells us even within the administration there appear to be competing
narratives.

The answer to this question is important, because immigration or drugs can be fixed relatively quickly, after
which the tariffs would presumably go away. But if we want to retool the American economy and have
automobile, steel, semiconductor, and other industries return production to the United States, that would
take years of consistent tariffs so that businesses could safely rely on tariff protection before committing
billions to build new plant and equipment.

MAI Capital Management www.mai.capital info@mai.capital


 202504-4369147
While tariffs will increase the cost of goods, that’s not an immediate problem for the economy. The issue right
now is that fear and uncertainty may be making corporate planning next to impossible. If you are running a
business that relies on imported goods, whether you’re a retailer like Walmart (clothes from Southeast Asia),
an automaker like General Motors (parts from Mexico and Canada), or a home builder like Toll Brothers
(lumber from Canada), or a railroad like Union Pacific (which transports all those things), you’re waiting to see
how this all shakes out. Different tariff structures can have a huge impact on your bottom line, so you hit the
“pause button” on hiring, on capital spending, etc. Even if the tariffs don’t end up materializing, this planning
freeze can cause an economic slowdown all by itself. The market understands this and is taking notice.

But the news may not be all bad. First of all, the market is notorious for being overly pessimistic when it
comes to economic forecasting. (The old saying goes that the market has predicted 8 of the last 2 recessions.)
Just because stocks are down that doesn’t mean the economy will slow. Second, tariffs are being overlayed
on an otherwise strong economy. Unemployment is low, corporate earnings have been strong, and inflation
seems to be under control. If tariffs are inducing volatility, at a certain point the administration can back off
and let these strong underlying conditions come to the fore again. A market struggling because of tariffs has
better prospects than one caught in an economic downturn. Finally, the recent downturn has been more
extreme in the high growth stocks, bringing some of them into reasonable valuations for the first time in a
while.

As mentioned, the market as measured by the S&P 500 Index, was down 4.28% in the first quarter, but other
measures fared better. Value stocks (as measured by the Russell 1000 Value Index), for example, were actually
up 2.13% for the quarter. International equities (as measured by the MSCI EAFE Index), also came to the fore,
up 7.03% for the quarter, giving a welcome boost to portfolios after having underperformed their U.S. peers
going back several years. While we’ve highlighted the high valuations that have been present in pockets of
U.S. equities, we have continued to see more attractive valuations in both U.S. value sectors like healthcare,
as well as overseas equities.

The fixed income markets fared better than the S&P 500 as well. Investors looking for a relative “safe haven”
could have found one in bonds, with the broad-based Bloomberg USAgg index of investment grade bonds up
2.78% for the quarter. One benign consequence of the “tariff troubles” is that the fear of a stronger economy
leading to higher interest rates seems to be off the table for now. The yield on the 10-year U.S. Treasury Bond
touched 4.8% in January but is now more than a half a point lower. And bond prices rise as yields fall, so a
diversified portfolio with bonds likely benefited from its bond exposure.

Finally, at MAI we believe there is value in alternative investments for certain investors. At times like these,
the added diversification of an investment that does not depend on the day-to-day fluctuations of the
marketplace can bring some stability to a portfolio, and the goals can be as varied as steady income or long-
term capital appreciation.

In closing, parts of the stock market are having their first real challenge in several years, especially those
sectors that had produced outsized gains in technology and communications. Without taking sides, most
investors would probably agree that the current administration is implementing transformative trade policies.

MAI Capital Management www.mai.capital info@mai.capital


 202504-4369147
Such change is often accompanied by volatility and uncertainty. As we embark on this new course, be assured
that we remain vigilant for both risks and opportunities. We look forward to reporting back to you at the end
of the second quarter.




Information as of 3/31/2025
MAI Capital Management, LLC (“MAI”) is an investment adviser registered with the Securities and Exchange Commission. Registration
does not imply a certain level of skill or training.
Past performance is no guarantee of future results. All investments are subject to risk, including the loss of principal. Alternative
Investments are not suitable for all investors. Diversification does not ensure a profit or protect against a loss in a declining market.
This is not a recommendation to buy or sell any security. Indexes are unmanaged, do not incur management fees, costs, and expenses,
and cannot be invested directly. Any statistics mentioned have been obtained from sources we believed to be reliable, but the
accuracy and completeness of the information cannot be guaranteed. Any statement nonfactual in nature constitutes only the current
opinion of this author and not necessarily that of MAI Capital and is subject to change without notice. It should not be assumed that
this is a forecast of future events or that any security transactions, holdings, or sector discussed were or will be profitable, or that the
investment recommendations or decisions we make in the future will be profitable or will equal any investment performance
discussed herein. Please consult your legal and/or tax advisor before implementing any legal or tax strategies.




MAI Capital Management www.mai.capital info@mai.capital


 202504-4369147
City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630


 Quarter Ending March 31, 2025
 MAI Capital Management
 PORTFOLIOSUMMARY
City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 March 31, 2025




 0.1% 3.7%


 28.5% Cash & Equivalents 5,664.87
 Money Market 224,851.23
 67.7%
 Account Fixed Income 1,755,689.37
 Account Equities 4,169,185.63
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 March 31, 2025
 Adj Unit Total Adjusted Market Pct. Unit Annual
  Quantity Security Cost Cost Price Value Assets Income Income Yield

CASH AND EQUIVALENTS
 Schwab Bank Sweep 5,664.87 5,664.87 0.1 0.050 2.83 0.1
 5,664.87 5,664.87 0.1 2.83 0.1

TRADED - MONEY MARKET
 224,851.23 Schwab Govt Money 1.00 224,851.23 1.00 224,851.23 3.7 4.050 9,106.47 4.1
 Fund Investor Shares
 224,851.23 224,851.23 3.7 9,106.47 4.1

CERTIFICATE OF DEPOSIT
 82,000 TBK Bank 100.00 82,000.00 99.93 81,940.06 1.3 4.250 3,485.00 4.4
 4.250% Due 09-22-25
 82,000 Safra National Bank of 100.00 82,000.00 100.04 82,035.34 1.3 4.150 3,403.00 4.1
 NY
 4.150% Due 03-18-26
 49,000 Ally Bank 100.00 49,000.00 99.64 48,823.36 0.8 3.800 1,862.00 4.1
 3.800% Due 09-28-26
 82,000 Morgan Stanley Bank 100.00 82,000.00 100.47 82,381.46 1.3 4.150 3,403.00 4.0
 4.150% Due 03-20-28
 Accrued Interest 344.75 0.0
 295,000.00 295,524.96 4.8 12,153.00 4.2

TREASURY BILL
 77,000 US Treasury Bill 98.71 76,005.28 98.68 75,983.22 1.2 0.000 0.00 4.2
 0.000% Due 07-24-25
 Accrued Interest 0.00 0.0
 76,005.28 75,983.22 1.2 0.00 4.2

TREASURY NOTE
 150,000 US Treasury Note 99.94 149,906.42 100.25 150,375.00 2.4 4.125 6,187.50 4.0
 4.125% Due 10-31-26
 Accrued Interest 2,566.79 0.0
 149,906.42 152,941.79 2.5 6,187.50 4.0

CORPORATE BONDS
 110,000 JB Hunt Transport 101.10 111,204.78 99.34 109,273.12 1.8 3.875 4,262.50 4.7
 Services, Inc.
 3.875% Due 03-01-26
 49,000 Hewlett Packard 100.18 49,088.98 99.71 48,859.27 0.8 4.450 2,180.50 4.7
 Enterprise
 4.450% Due 09-25-26
 100,000 Adobe, Inc. 102.26 102,262.62 96.42 96,423.30 1.6 2.150 2,150.00 4.2
 2.150% Due 02-01-27
 110,000 Kroger Company 101.80 111,984.75 98.27 108,096.45 1.8 3.700 4,070.00 4.5
 3.700% Due 08-01-27
 60,000 Laboratory Corporation 102.10 61,259.80 97.68 58,605.36 1.0 3.600 2,160.00 4.7
 of America Holdings
 3.600% Due 09-01-27
 110,000 General Dynamics 101.19 111,313.18 95.95 105,542.47 1.7 2.625 2,887.50 4.3
 Corporation
 2.625% Due 11-15-27
 100,000 Tyson Foods, Inc. 110.65 110,653.41 98.50 98,499.40 1.6 4.350 4,350.00 4.8
 4.350% Due 03-01-29
 71,000 Polaris Inc. 104.76 74,381.13 104.93 74,499.87 1.2 6.950 4,934.50 5.6
 6.950% Due 03-15-29


 1
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 March 31, 2025
 Adj Unit Total Adjusted Market Pct. Unit Annual
  Quantity Security Cost Cost Price Value Assets Income Income Yield

 100,000 PepsiCo, Inc. 102.38 102,381.28 93.30 93,303.40 1.5 2.625 2,625.00 4.4
 2.625% Due 07-29-29
 110,000 FedEx Corporation 100.07 110,079.66 93.56 102,910.72 1.7 3.100 3,410.00 4.8
 3.100% Due 08-05-29
 82,000 Amazon.com, Inc. 100.92 82,750.77 101.88 83,538.07 1.4 4.650 3,813.00 4.2
 4.650% Due 12-01-29
 70,000 Avnet, Inc. 96.53 67,572.64 98.82 69,175.68 1.1 5.500 3,850.00 5.8
 5.500% Due 06-01-32
 70,000 Arrow Electronics, Inc. 99.13 69,393.12 101.14 70,795.62 1.2 5.875 4,112.50 5.8
 5.875% Due 04-10-34
 Accrued Interest 8,771.16 0.1
 1,164,326.11 1,128,293.90 18.3 44,805.50 4.8

COMMON STOCK
 1,680 AT&T, Inc. 21.31 35,806.37 28.28 47,510.40 0.8 1.110 1,864.80 3.9
 525 AbbVie, Inc. 66.58 34,953.92 209.52 109,998.00 1.8 6.560 3,444.00 3.1
 710 Abbott Laboratories 39.36 27,945.60 132.65 94,181.50 1.5 2.360 1,675.60 1.8
 300 Accenture Plc. 90.81 27,241.91 312.04 93,612.00 1.5 5.920 1,776.00 1.9
 600 Akamai Technologies, 55.76 33,454.45 80.50 48,300.00 0.8 0.000 0.00 0.0
 Inc.
 380 Alphabet, Inc. Class C 125.26 47,597.47 156.23 59,367.40 1.0 0.800 304.00 0.5
 435 American Electric 78.40 34,102.70 109.27 47,532.45 0.8 3.720 1,618.20 3.4
 Power
 295 Amgen, Inc. 114.33 33,727.26 311.55 91,907.25 1.5 9.520 2,808.40 3.1
 250 Ansys, Inc. 75.67 18,918.48 316.56 79,140.00 1.3 0.000 0.00 0.0
 560 Apple, Inc. 17.86 10,002.18 222.13 124,392.80 2.0 1.000 560.00 0.5
 685 AptarGroup, Inc. 63.47 43,477.91 148.38 101,640.30 1.7 1.800 1,233.00 1.2
 1,920 Arista Networks, Inc. 13.04 25,035.29 77.48 148,761.60 2.4 0.000 0.00 0.0
 33 AutoZone, Inc. 516.09 17,031.09 3,812.78 125,821.74 2.0 0.000 0.00 0.0
 1,350 BCE, Inc. 24.40 32,934.20 22.96 30,996.00 0.5 2.760 3,726.00 12.0
 200 Becton, Dickinson & 111.11 22,222.05 229.06 45,812.00 0.7 4.160 832.00 1.8
 Company
 1,250 Broadcom, Inc. 23.90 29,878.15 167.43 209,287.50 3.4 2.360 2,950.00 1.4
 225 Broadridge Financial 41.33 9,298.79 242.46 54,553.50 0.9 3.520 792.00 1.5
 Solutions, Inc.
 1,445 Cisco Systems, Inc. 19.70 28,470.99 61.71 89,170.95 1.4 1.640 2,369.80 2.7
 1,400 Coca-Cola Company 30.98 43,374.60 71.62 100,268.00 1.6 2.040 2,856.00 2.8
 865 ConocoPhillips 55.58 48,077.77 105.02 90,842.30 1.5 3.120 2,698.80 3.0
 220 Deere & Co. 87.76 19,307.71 469.35 103,257.00 1.7 6.480 1,425.60 1.4
 500 Disney, Walt Company 110.91 55,454.90 98.70 49,350.00 0.8 1.000 500.00 1.0
 250 EOG Resources Inc 132.67 33,166.43 128.24 32,060.00 0.5 3.900 975.00 3.0
 100 Eaton Corporation 320.42 32,042.23 271.83 27,183.00 0.4 4.160 416.00 1.5
 600 Intel Corporation 20.53 12,320.72 22.71 13,626.00 0.2 0.000 0.00 0.0
 320 JPMorgan Chase & 241.32 77,221.28 245.30 78,496.00 1.3 5.600 1,792.00 2.3
 Company
 560 Johnson & Johnson 64.70 36,229.62 165.84 92,870.40 1.5 4.960 2,777.60 3.0
 365 Kimberly-Clark 107.07 39,079.82 142.22 51,910.30 0.8 5.040 1,839.60 3.5
 Corporation
 82 Kinsale Cap Group Inc. 449.60 36,866.92 486.71 39,910.22 0.6 0.680 55.76 0.1
 335 Labcorp Holdings Inc. 108.13 36,221.93 232.74 77,967.90 1.3 2.880 964.80 1.2
 450 Lincoln Electric 67.20 30,239.08 189.16 85,122.00 1.4 3.000 1,350.00 1.6
 Holdings, Inc.
 65 MSCI, Inc. 514.92 33,469.77 565.50 36,757.50 0.6 7.200 468.00 1.3
 120 Mastercard, Inc. 295.65 35,477.92 548.12 65,774.40 1.1 3.040 364.80 0.6
 640 Medtronic Plc. 77.60 49,662.77 89.86 57,510.40 0.9 2.800 1,792.00 3.1
 755 Merck & Co., Inc. 49.00 36,994.17 89.76 67,768.80 1.1 3.240 2,446.20 3.6
 420 Palo Alto Networks 63.13 26,514.23 170.64 71,668.80 1.2 0.000 0.00 0.0

 2
 MAI Capital Management
 PORTFOLIO APPRAISAL
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 March 31, 2025
 Adj Unit Total Adjusted Market Pct. Unit Annual
 Quantity Security Cost Cost Price Value Assets Income Income Yield

 475 Pepsico, Inc. 93.75 44,533.57 149.94 71,221.50 1.2 5.420 2,574.50 3.6
 630 Phillips 66 72.18 45,473.90 123.48 77,792.40 1.3 4.600 2,898.00 3.7
 570 Procter & Gamble 59.42 33,868.04 170.42 97,139.40 1.6 4.020 2,291.40 2.4
 Company
 100 Quanta Services, Inc. 269.38 26,938.22 254.18 25,418.00 0.4 0.400 40.00 0.2
 500 Revvity, Inc. 97.03 48,515.80 105.80 52,900.00 0.9 0.280 140.00 0.3
 825 Roche Holding, Ltd. 43.72 36,069.41 41.15 33,948.75 0.6 0.850 701.25 2.1
 ADR
 330 Rockwell Automation, 165.23 54,524.36 258.38 85,265.40 1.4 5.240 1,729.20 2.0
 Inc.
 470 Texas Instruments, Inc. 58.53 27,511.42 179.70 84,459.00 1.4 5.440 2,556.80 3.0
 710 Ventas, Inc. 73.52 52,195.91 68.76 48,819.60 0.8 1.920 1,363.20 2.8
 355 Verisk Analytics, Inc. 81.80 29,039.45 297.62 105,655.10 1.7 1.800 639.00 0.6
 500 Vertiv Holdings 19.01 9,504.95 72.20 36,100.00 0.6 0.150 75.00 0.2
 Company
 1,785 WalMart, Inc. 20.70 36,953.86 87.79 156,705.15 2.5 0.940 1,677.90 1.1
 510 Waste Management, Inc. 42.21 21,525.65 231.51 118,070.10 1.9 3.300 1,683.00 1.4
 500 Xylem, Inc. 64.30 32,148.43 119.46 59,730.00 1.0 1.600 800.00 1.3
 252 Zscaler, Inc. 243.08 61,256.26 198.42 50,001.84 0.8 0.000 0.00 0.0
 1,753,879.90 3,847,554.65 62.5 67,845.21 1.8

  MUTUAL FUNDS
 3,073.008 Dodge & Cox Intl Stk 44.72 137,413.58 54.73 168,185.73 2.7 1.120 3,441.77 2.0
 2,861.818 Invesco Oppenheimer 38.91 111,348.76 39.02 111,668.14 1.8 0.090 257.56 0.2
 Developing Mkts Cl Y
 248,762.34 279,853.87 4.5 3,699.33 1.3

  UNIT TRUSTS
 2,059 FT Energy Income ETF 38.85 79,999.27 20.29 41,777.11 0.7 1.520 3,129.68 7.5
 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 30.73 102,945.50 1.7 2.000 6,700.00 6.5
 208,421.77 144,722.61 2.4 9,829.68 6.8


  TOTAL PORTFOLIO 4,126,817.93 6,155,391.10 100.0 153,629.53 2.7




You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.



 3
 MAI Capital Management
 PURCHASE AND SALE
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-25 To 03-31-25

 Trade Settle Unit
 Date Date Quantity Security Price Amount


PURCHASES
03-21-25 03-24-25 320 JPMorgan Chase & Company 241.32 77,221.28
03-14-25 03-19-25 82,000 Morgan Stanley Bank 100.00 82,000.00
 4.150% Due 03-20-28
03-14-25 03-19-25 82,000 Safra National Bank of NY 100.00 82,000.00
 4.150% Due 03-18-26
03-14-25 03-21-25 82,000 TBK Bank 100.00 82,000.00
 4.250% Due 09-22-25
01-24-25 01-27-25 77,000 US Treasury Bill 97.96 75,426.67
 0.000% Due 07-24-25
 398,647.95

REINVESTED DIVIDENDS
01-15-25 01-15-25 793.48 Schwab Govt Money Fund Investor 1.00 793.48
 Shares
02-18-25 02-18-25  1,756.82 Schwab Govt Money Fund Investor 1.00 1,756.82
 Shares
03-17-25 03-17-25  1,301.11 Schwab Govt Money Fund Investor 1.00 1,301.11
 Shares
 3,851.41

SALES
03-18-25 03-19-25 257 Bunge Global SA 74.70 19,163.80
03-18-25 03-19-25 128 Bunge Global SA 74.70 9,596.10
01-27-25 01-28-25 63,000.00 Schwab Govt Money Fund Investor 1.00 63,000.00
 Shares
01-29-25 01-30-25 8,000.00 Schwab Govt Money Fund Investor 1.00 8,000.00
 Shares
03-14-25 03-17-25 170,000.00 Schwab Govt Money Fund Investor 1.00 170,000.00
 Shares
03-21-25 03-24-25 40,000.00 Schwab Govt Money Fund Investor 1.00 40,000.00
 Shares
03-24-25 03-25-25 3,500.00 Schwab Govt Money Fund Investor 1.00 3,500.00
 Shares
01-29-25 01-29-25 53,000 Wells Fargo Bank NT SD 100.00 53,000.00
 4.800% Due 01-29-25
 366,259.90
 MAI Capital Management
 REALIZED GAINS AND LOSSES
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 From 01-01-25 Through 03-31-25
 Gain Or Loss
  Open Close Cost Amort. or
  Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term

 01-27-25 63,000.00 Schwab Govt Money Fund 63,000.00 63,000.00 0.00*
 Investor Shares
01-25-24 01-29-25 53,000 Wells Fargo Bank NT SD 53,000.00 0.00 53,000.00 0.00
 4.800% Due 01-29-25
 01-29-25 8,000.00 Schwab Govt Money Fund 8,000.00 8,000.00 0.00*
 Investor Shares
 03-14-25 170,000.00 Schwab Govt Money Fund 170,000.00 170,000.00 0.00*
 Investor Shares
09-25-14 03-18-25 257 Bunge Global SA 21,693.84 19,163.80 -2,530.04
09-25-14 03-18-25 128 Bunge Global SA 10,862.98 9,596.10 -1,266.88
 03-21-25 40,000.00 Schwab Govt Money Fund 40,000.00 40,000.00 0.00*
 Investor Shares
 03-24-25 3,500.00 Schwab Govt Money Fund 3,500.00 3,500.00 0.00*
 Investor Shares
TOTAL GAINS 0.00 0.00
TOTAL LOSSES 0.00 -3,796.92
 370,056.82 0.00 366,259.90 0.00 -3,796.92
TOTAL REALIZED GAIN/LOSS -3,796.92
NO CAPITAL GAINS DISTRIBUTIONS


An '*' denotes an average cost transaction.
 MAI Capital Management
 PERFORMANCE SUMMARY
 GROSS OF FEES
 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 March 31, 2025



 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO

 Market Pct.
 Value Assets Yield

Cash & Equivalents 5,664.87 0.1 0.1 Portfolio Value on 12-31-24 6,163,053.81
Money Market 224,851.23 3.7 4.1 Accrued Interest 16,503.50
Account Fixed 1,755,689.37 28.5 4.7 Net Additions/Withdrawals -7,958.62
Income
Account Equities 4,169,185.63 67.7 1.8 Realized Gains -1,190.00
Account 0.00 0.0 - Unrealized Gains -51,089.29
Commodities
 Income Received 40,892.49
 Change in Accrued Interest -4,820.80
 Portfolio Value on 03-31-25 6,143,708.40
 Accrued Interest 11,682.70
Total 6,155,391.10 100.0 2.7 6,155,391.10


 TIME WEIGHTED RETURN

 Annualized
 Year Last 12 Inception
 To Date Months To Date
Account -0.27 5.88 6.43

40% Fixed Income/60% -1.59 7.35 8.29
Equity Blended Index

Account Fixed Income 1.56 5.49 2.31

Barclays Capital Intermed 2.42 5.65 1.90
Govt/Credit

Account Equities -1.07 6.11 9.04

S&P 500 -4.27 8.25 12.30
 April 10, 2025

 City of Fayetteville Police Pension and Relief Fund
 Charles Schwab #2448-5630
 113 West Mountain
 Fayetteville, AR 72701




 MAI Capital Management
 STATEMENT OF MANAGEMENT FEES


 For The Period January 1 through March 31, 2025
 Portfolio Valuation with Accrued Interest as of 03-31-25 6,155,391

 6,155,391 @ 0.5000% per annum 7,694
 Quarterly Management Fee 7,694




 TOTAL DUE AND PAYABLE 7,694




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.
MAI Capital Management
IMPORTANT
DISCLOSURES
 Police Pension Fund Revenue Expense Summary

 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Employee Contributions $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Employer Contributions $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
State Insurance Tax $ 222,217.93 $ 163,826.78 $ 155,047.43 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57 $ 160,680.88
Local Millage (.4 mills) $ 959,182.71 $ 814,173.15 $ 751,097.07 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74 $ 539,827.30
10% City Fines and Forfeitures $ 126,747.98 $ 103,277.68 $ 107,376.50 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98 $ 124,486.54
Sale of Confiscated Goods $ 12,162.55 $ 2,930.95 $ 14,980.96 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56 $ 4,068.81
Interest and Dividends $ 152,009.40 $ 139,845.75 $ 128,457.59 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88 $ 175,768.80
Gain (Loss) on Sales $ 117,152.74 $ 60,125.51 $ 87,676.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71) $ 122,582.56
Police Supplement $ 29,600.00 $ 30,700.00 $ 30,700.00 $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00 $ 35,100.00
Future Supplement $ 83,633.88 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00
Misc Revenue $ 1,100.00 $ - $ - $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ - $ 2.00

Total Revenue $ 1,703,807.19 $ 1,396,473.97 $ 1,354,939.52 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02 $ 1,205,806.89

Expenditures
Regular Monthly Benefits $ 1,293,756.32 $ 1,358,104.92 $ 1,358,304.92 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21 $ 1,494,905.12
Police Supplement $ 19,150.00 $ 19,800.00 $ 19,800.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00 $ 23,250.00
Future Supplement $ 81,099.52 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00
Investment Manager Fees $ 29,342.00 $ 27,429.00 $ 29,156.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01 $ 33,743.02
Other Expenses: $ - $ - $ - $ - $ - $ - $ - $ - $ -
Office Supplies/printing $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Audit Fees $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00
Professional Services $ - $ - $ - $ - $ - $ - $ - $ - $ 1,160.00 $ -
Legal Fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Bank Fees $ 20.16 $ 32.10 $ 288.94 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99 $ 43.39

Total Expenses $ 1,426,868.00 $ 1,490,460.17 $ 1,490,653.78 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21 $ 1,598,731.53

Net Income (Loss) Before Market Adj *** $ 276,939.19 $ (93,986.20) $ (135,714.26) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19) $ (392,924.64)

Market Adjustment** $ 345,094.63 $ 484,445.91 $ (771,933.87) $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99 $ (491,233.44)

Net Income (Loss) $ 622,033.82 $ 390,459.71 $ (907,648.13) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20) $ (884,158.08)




Book Value Total Reserve Assets * $ 4,766,207.05 $ 4,436,885.81 $ 4,503,800.67 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 $ 6,249,168.46

Market Value Total Reserve Assets * $ 6,163,053.82 $ 5,835,520.73 $ 5,434,371.02 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 $ 6,134,675.67

*Assets less any liabilities
** Market Value calculated at year end
***




 4/11/2025
 Police Pension Fund Revenue Expense Summary

 3/31/2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenues:
Employee Contributions 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Employer Contributions 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
State Insurance Tax 0.00 $ 222,217.93 $ 163,826.78 $ 155,047.43 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57
Local Millage (.4 mills) 3,960.78 $ 959,182.71 $ 814,173.15 $ 751,097.07 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74
10% City Fines and Forfeitures 32,525.43 $ 126,747.98 $ 103,277.68 $ 107,376.50 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98
Sale of Confiscated Goods (851.84) $ 12,162.55 $ 2,930.95 $ 14,980.96 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56
Interest and Dividends 37,509.44 $ 152,009.40 $ 139,845.75 $ 128,457.59 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88
Gain (Loss) on Sales (3,785.92) $ 117,152.74 $ 60,125.51 $ 87,676.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71)
Police Supplement 9,300.00 $ 20,300.00 $ 30,700.00 $ 30,700.00 $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00
Future Supplement 0.00 $ 83,633.88 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00
Misc Revenue 0.00 $ 1,100.00 $ - $ - $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ -

Total Revenue $ 78,657.89 $ 1,694,507.19 $ 1,396,473.97 $ 1,354,939.52 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02

Expenditures
Regular Monthly Benefits 313,421.76 $ 1,293,756.32 $ 1,358,104.92 $ 1,358,304.92 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21
Police Supplement 4,650.00 $ 19,150.00 $ 19,800.00 $ 19,800.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00
Future Supplement 0.00 $ 81,099.52 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00
Investment Manager Fees 7,724.00 $ 29,342.00 $ 27,429.00 $ 29,156.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01
Other Expenses: 0.00 $ - $ - $ - $ - $ - $ - $ - $ -
Office Supplies/printing 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Audit Fees 0.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00
Professional Services 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,160.00
Legal Fees 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Bank Fees 0.00 $ 20.16 $ 32.10 $ 288.94 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99

Total Expenses $ 325,795.76 $ 1,426,868.00 $ 1,490,460.17 $ 1,490,653.78 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21

Net Income (Loss) Before Market Adj *** $ (247,137.87) $ 267,639.19 $ (93,986.20) $ (135,714.26) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19)

Market Adjustment** 0.00 $ 345,094.63 $ 484,445.91 $ (771,933.87) $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99

Net Income (Loss) $ (247,137.87) $ 612,733.82 $ 390,459.71 $ (907,648.13) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20)




Book Value Total Reserve Assets * 4,500,469.18 $ 4,766,207.05 $ 4,436,885.81 $ 4,503,800.67 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38

Market Value Total Reserve Assets * 6,143,708.40 $ 6,163,053.82 $ 5,835,520.73 $ 5,434,371.02 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61

*Assets less any liabilities
** Market Value calculated at year end
***




 4/15/2025
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 October 17, 2024
 Page 1 of 3



 Lioneld Jordan Chairman Ruston Cole Retired Position 2
 Kara Paxton Treasurer John Brown Retired Position 3
 Eldon Roberts Secretary Melvin Stanley Retired Position 4
 Retired Position 1 Rick Hoyt Retired Position 5




 Policemen’s Pension and Relief Fund
 Board of Trustees Meeting Minutes
 October 17, 2024

A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees was held
on October 17, 2024, at 3:00 p.m. in Room 326 of the City Administration Building located at 113
West Mountain Street, Fayetteville, Arkansas.


Mayor Lioneld Jordan called the meeting to order.

Board Members Present: John Brown, Ruston Cole, Eldon Roberts, Mayor Lioneld Jordan
and City Clerk Treasurer Kara Paxton

Staff and Others Present: City Attorney Kit Williams, and Chief Financial Officer Paul
Becker. In addition, James Bell Kerry and Watkins Bradley with Garrison Financial were
also present.

Absent: Board Member Rick Hoyt and Melvin Stanley

City Attorney Kit Williams provided verification that quorum had been met.


Reports:

Garrison Financial Report for June 30, 2024 & September 30, 2024:

James Bell, Garrison Financial Representative began his report by referencing the data for the end
of the 3rd quarter. The data reflected the portfolio balance of $6.18 million with 67% in equities.
James explained his plan to ensure equities in the portfolio are reduced to meet the 60% equity
policy. The 3rd quarter data also reflected the portfolio was up by 5.5% totaling an increase of
10.6% for the year. James also gave an overview of the current economy and interest rates.

Board Member Eldon Roberts spoke about the mortality rate reducing the withdrawal rate of the
pension funds.

James Bell agreed with Board Member Roberts. James explained that 10 years ago $757,000 was
being pulled from the pension funds yearly. The withdrawal rate has drastically reduced over the
years. He provided 2023 as an example, explaining that only $277,000 was withdrawn to pay
pension benefits. James also cited the fact that the withdrawal percentage rate has dropped from
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 October 17, 2024
 Page 2 of 3

12% to 4%. Garrison Financial has set a goal to keep the withdrawal rate around 5% in order to
ensure the longevity of the portfolio.

A brief discussion took place between James Bell and Chief Financial Officer Paul Becker
regarding bond duration. James explained he would send an email to Kara Paxton, City Clerk
Treasurer showing the average bond duration.


Revenue & Expense Summary Report for June 30, 2024, and September 30, 2024:

Documents created by the City’s Accounting Department and included in the agenda packet for
the Board Members. Informational item only, no discussion.


Unfinished Business:

None


New Business:

Approval of the April 18, 2024, meeting minutes

John Brown moved to approve the April 18, 2024, meeting minutes. Eldon Roberts seconded
the motion. The motion passed 5-0. Ruston Cole, Eldon Roberts, John Brown, City Clerk
Kara Paxton and Mayor Jordan voted yes. Rick Hoyt and Melvin Stanley were absent.


Pension List Approval for the months of November 2024 – April 2025

Approval of the November 2024 – April 2025

Eldon Roberts moved to approve the November 2024 – April 2025 Pension Lists. Ruston
Cole seconded the motion. The motion passed 5-0. Ruston Cole, Eldon Roberts, John Brown,
City Clerk Kara Paxton and Mayor Jordan voted yes. Rick Hoyt and Melvin Stanley were
absent.


Announcement of the 2024 Election Results – Board of Trustees

Kara Paxton, City Clerk Treasurer announced the 2024 Board of Trustees election results. Rick
Hoyt will serve in Position 5 and Ruston Cole will serve in Position 2. The term period has been
set as June 1, 2024 – May 31, 2026.


Next Meeting Information

April 17, 2025, at 3:00p.m. in City Hall
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 October 17, 2024
 Page 3 of 3

 Note: All meetings are tentative and subject to change. The city meetings calendar is
 located at www.fayetteville-ar.gov .

Paul Becker, Chief Financial Officer spoke and reminded the Board of Trustees of the increased
communication he and City Clerk Treasurer Kara Paxton had been receiving from LOPFI about
consolidation.

Board Member Eldon Roberts asked about the yearly actuarial valuation the Board of Trustees
received from PRB. He also explained past processes when it came to approving a pension
increase. Due to the requirements set by PRB the pensioners are currently ineligible to approve
an increase. Mr. Roberts felt it was time for the pensioners to receive an increase since they have
continued to receive the same monthly amount for many years.

Paul Becker explained that if the Board of Trustees were to move forward and approve an
increase without the PRB’s approval, turnback funds could potentially be held and not paid to the
City of Fayetteville.

Kara Paxton, City Clerk Treasurer spoke about Mr. Becker’s earlier comments of increased
communication from LOPFI. She explained that it would be in the best interest of the Board of
Trustees to have a re-occurring discussion in April of each year to determine if the Board of
Trustees wanted to consolidate. She also explained that LOPFI requests the minutes of the
meetings and has asked that the topic of election results and consolidation be added to the agenda
yearly. Once these topics are discussed, the information will be recorded within the minutes that
will then be sent to LOPFI.

Paul Becker agreed with Ms. Paxton’s recommendation.

A brief discussion took place between Board Member Eldon Roberts, Kara Paxton, and City
Attorney Kit Williams regarding the PRB determination requirement before an increase can be
approved. The pensioners that serve on the Board of Trustees all agreed that they feel like it is
time for a raise since it had been over 20 years since the last increase. The pensioners also stated
they are not interested in consolidating at this point in time.

Adjourn: 3:27 p.m.
 Policemen’s Pension and Relief Fund
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 Lioneld Jordan Chairman Ruston Cole Retired Position 2
 Kara Paxton Treasurer John Brown Retired Position 3
 Eldon Roberts Secretary Melvin Stanley Retired Position 4
 Retired Position 1 Rick Hoyt Retired Position 5




 Policemen’s Pension and Relief Fund
 Board of Trustees Meeting Minutes
 December 10, 2024

A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees was held
on December 10, 2024, at 1:30 p.m. in Room 326 of the City Administration Building located at
113 West Mountain Street, Fayetteville, Arkansas.


Mayor Lioneld Jordan called the meeting to order.

Board Members Present: John Brown, Ruston Cole, Eldon Roberts, Melvin Stanley, Mayor
Lioneld Jordan and City Clerk Treasurer Kara Paxton

Staff and Others Present: City Attorney Kit Williams, and Chief Financial Officer Paul
Becker. In addition, James Bell and Kerry Bradley with Garrison Financial were also
present.

Absent: Board Member Rick Hoyt


Reports:

None


Unfinished Business:

None


New Business:

Approval of the MAI Capital Management, LLC Contract

Due to system issues, the first few minutes of the meeting were not recorded.

James Bell, “Should something happen to one of us or somewhere down the road?
Should we retire that our business continues to operate service our clients and take
care of them the way that we think they should be taken care of, and these people look
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 December 10, 2024
 Page 2 of 23

at the world the same way that we do. We're very much aligned as far as their values,
their principles, the way they think about investing, taking care of their clients, giving
back to their community. So we've found a partner that allows us to kind of solve both of
those questions, takes off some of that regulatory burden, and lets them take care of
that and make sure that our firm is here to continue working for you guys, as long as
this board is in place and you will have us. So, all that said, nothing changes as far as
the people who will be taking care of you, the investment management decisions, and
who's making them, all of that stays in our office. So I think it's going to feel very
seamless to you, as a board, that the people that you're dealing with and the people that
are making the decisions about this portfolio remain unchanged. If anything, we have
more resources at our disposal to make better decisions, get some better pricing on
bond trades and some things like that. So we're very excited about the opportunity, and
I think it positions us well to continue to serve you guys better than better than we have
even in the past. But nothing changes as far as who's doing it and who's making the
decisions about the portfolio. It's still right here in our office on Dixon Street, same
phone number, same people. End of story there. So anything to add on that?”

Kerry Bradley, “Yeah, I think to just point out the few changes that you that our clients
will see going forward. MAI does not vote proxy statements. We have always voted
proxy statements for the securities holdings in our portfolio. We will be giving that up.
We've been telling clients that they will come to you. They can come to you
electronically. You can vote them. You can call us. We'll be happy to tell you how we
would have voted them, but they will not allow us to vote. They do not do that. And
honestly, the regulatory burden on investment managers like us, for those who do vote
proxies, has been up with new filings with the SEC and it's, it's, it's become very
cumbersome and expensive to do so. So MAI does not vote proxy. So that's the main
change. The only other change would be the way the fee is calculated, it's going to be
the same fee structure and in arrears. But MAI, honestly, they do do it a little more
industry standard, and then that they value that portfolio at the end of the quarter, rather
than averaging it like we take month end this quarter will take month in September,
October, November, December, and average that value. So certainly not a material
change. Depending on how the markets do, it might be $1 or so more at the end of the
quarter and an up quarter, or $1 or so less if the quarter happens to be, you know, the
performance is if we go backwards a little bit. So again, nothing material. And honestly,
that's much more industry standard to take the quarter in value. I couldn't tell you that
we started doing the average, the average when I when I joined Garner, way back in
2000, so again, we've just kept it like that. But this certainly is much more industry
standard. Our peers in the industry typically do it on quarter end value. So those are
really the only two changes. The name will change, our emails will change, and certainly
we'll send that out to the clients as soon as that all that happens, but the report, the
reports we put together, might change in a few quarters. They do use a little different
portfolio management system than we do, but we will still get those reports with the
same kind of data that we feel is important to all our clients. They might look a little
different this time next year.”

Melvin Stanley, “What time frame are we looking at that we need to make these this
decision.”
 Policemen’s Pension and Relief Fund
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Kerry Bradley, “We're scheduled to close December 20. And I know that's kind of that's
kind of early, that's kind of soon again, we did talk, reached out to Kit, I know you talked
to Kara, and so again, I appreciate you guys calling a special meeting for this, and sorry
to take up some of your afternoon, but we're scheduled to close December 20.”

Kit Williams, “I think they wouldn't be able to handle anything until we've actually
signed the contract, and that's why we needed a special meeting. So if you wanted to
have continuity, you can approve at this meeting.”

Kerry Bradley, “You can approve this meeting.”

Melvin Stanley, “I am like Kara, I have only had 2 minutes to look at this.”

Kerry Bradley, “I will tell you the biggest portion of that contract is their ADV part two,
that's in there, right? That's the biggest part of it. That's what we as investment
managers have to file with the SEC to do business, and we have to give that to each
one of our clients when we take on a client. So that's the biggest part of it, the important,
the important part of it is, to me, it's just very it's. Similar to our contract. If we've been
telling our clients, if you decide you don't like us, you tell us, and we prorate the feet of
that day. We're not locking anyone up or doing anything differently than we've done with
our own contracts. Mai is a little larger. They do a few other things. They have a division
that does financial planning, and they charge for that. We have always done that for our
clients. Grab us, you know, just as a part of the investment management process. So
there's a few other pages in that contract that that's that talk about different services that
MAI offers that really aren't even relevant to our relationship with you guys.”

James Bell, “That's what I was going to say. Just looking at this stack. Once you get to
this the pages is client relationship summary, all of that is just, I want to say, boilerplate,
but it's just static filings with the SEC. It's not part of the contract.”

Paul Becker, “Well, I think I haven't had a real long time to look at it, our question is,
within the contract, the contract exist? Is there an out cost?”

Kerry Bradley, “You call us just like, just like our contract. Now you decide you want to
do something different, you call us to that day, we will disengage your your account will
stay as is at Schwab. Nothing changes. On that front, the accounts don't change.
Numbers don't change. And again, it is just like our contract. You decide you you want
to have a different manager, you tell us, we stop that day, prorate the fee to that day
and that and then that's good. So again, to me, those that's the important part of the
contract. We've seen some doozies in our day. So that's certainly the way we've always
operated. And again, if we, if we have a client that decides they want to do something
different, we're not, we're not going to penalize.”

Eldon Roberts, “How long have you all known this is in the making, and then we don't
find out back and how long have you? When did this start?”

Kerry Bradley, “I would say we've been, we've been talking with them since probably
August, dating, if you will, and getting to know them. And I feel like we've been through
 Policemen’s Pension and Relief Fund
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an audit, and we've conducted an audit of them to know, you know, and then we, we
signed the paperwork just late last month, actually. So again, it was kind of
Thanksgiving, and so I know it's a very busy time of year, so maybe not the ideal timing
to be getting all these things done. But yeah, we just, we just signed it a few weeks
ago.”

Eldon Roberts, “My next question is, did you merge with these people, or did you sell
out to these people?”

Kerry Bradley, “We are going to be shareholders in the new firm.”

John Brown, “So who has control them?”

Kerry Bradley, “No, no, no, that. Well, they have control of the firm. I don't, we won't
have any saying as to, like, how they, you know, spend money up at the corporate
office, but we have say over our clients and how that money is managed.”

Eldon Roberts, “But if they have controlling interest, you don't either. If they have
controlling it, have they got controlling interest? If this merges and this, this, yeah,
withholding interest.”

Kerry Bradley, “Actually, it's Galway, it's an it's an insurance company. I think that has
about 60%.”

Eldon Roberts, “Scares me. We're not necessarily a board that likes bigger. We've
dealt with bigger as in Merrill Lynch, AG Edwards, Morgan Stanley, and we've never
come out very well. We've come out really good, yeah, dealing with local people, but
now we're getting unlocal.”

Kerry Bradley, “Well, I mean, and again, I would say we're still local, that we're not
we're not going anywhere.”

Eldon Roberts, “I understand you're still local, as in right here, but is in business, and
what you're going to be allowed to do, since this is going to be your boss, scares me.”

Kerry Bradley, “Well yeah, the fees will not change again.”

John Brown, “But if they decided to later on, you wouldn't have any control over saying
other than you could strongly suggest, please don't be doing this to our clients.”

Kerry Bradley, “Well, I guess that's that's probably true. They've been around for more
than 50 years, and we've talked to many people that work with them, and we've, I mean,
again, that was part of our due diligence process. No one that has joined them has has
had any complaints about how they take care of their clients. It's all been the same. And
there's another firm in Little Rock that joined them a few years ago, and honestly, that's
one of the reasons we certainly went down this path. They're super, super nice folks,
and again, treat their clients well, and I have mutual friends with Steve and Jason. And
 Policemen’s Pension and Relief Fund
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again, I I respect them and their business and they, we have been assured that there's
nothing will change as far as how we service the client.”

Kit Williams, “If something, in fact, did change, like an increase in fees. Now, at that
point, this board can say no we aren't going to pay those increased fees.”

Kerry Bradley, “Or they you know, or if they fire James or me, you know again. I mean,
we certainly wouldn't be sitting here and doing what we're doing if we, if we felt any of
those things were in question, because that. That's one of the biggest things we do
want. We want to be able to continue to run our business like we have been the last 25
years, and that those are assurances that we have gotten from them.”

Ruston Cole, “How large is this?”

Kerry Bradley, “MAI?”

Ruston Cole, “Yes.”

Kerry Bradley, “Well, they manage. I think the last I was told was about $29 billion so
that they have, they have smaller folks like us all over the country that have joined the
mothership there in Cleveland. So there are, there are, there are several folks like just
like James and I all over the country in different cities and towns.”

James Bell, “I'm sorry. I would just reiterate this is a contract with them. They can't
unilaterally raise your fees or make any changes that you just have to accept.”

Ruston Cole, “My concern is, and I would think some others would be, everything
might be roses for six months, and then we get the hammer down, you know, and I
understand it's, it's, we can do what we want, but right now, in such short notice, I think
that me for one, because I am a slow reader, and sometimes it takes time to
comprehend legally, When none of us are trained in and I just feel like we're getting
pinched right now.”

Kerry Bradley, “We certainly don't want you to feel like that.”

Ruston Cole, “And don't get me wrong, I really appreciate the way you've handled this,
but this is, well, we're all men who have had to go to things not knowing what we were
going into, and we kind of had to figure out when we went along. And, you know,
sometimes that gets tiring.”

Kerry Bradley, “certainly don't want you guys to feel like that. We want to give you the
time you need to think about this.”

Ruston Cole, “My concern right now is we have been satisfied, pleased with the
management y'all have provided. How are you different from these people? Or how are
they different from you? What would the other $29 billion however many they represent
what is their opinion?”
 Policemen’s Pension and Relief Fund
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Kerry Bradley, “They have several different folks like us, and again, there's a lot of
different ways to skin a cat. So there are several managers that may just use ETFs or
mutual funds. We buy stocks and bonds, individual stocks and bonds. Have we always
done how we've always done it, how we will continue to do it? They have several folks
on board with them, MAI that do it just like we do it. And we have talked to those people
extensively. So again, as far as the again, I don't really know if I'm answering your
question.”

Ruston Cole, “I think you're answering with what you know, and I appreciate it.”

James Bell, “I mean, they've just been very upfront about we, we're not looking to to
partner with you and put you in a different box or change your mold. We're looking to
identify advisors who do it the way we already like, like it done.”

Ruston Cole, “And I suspect y'all since we've we've had a little bit of negative
feedback. On a positive note, what would benefit our pension by staying? Will we see
better days? Will it be the same? What can you say regarding the how is it this group of
people has made for your investors?”

Kerry Bradley, “To me to the biggest thing that I think for James and me personally, it's
getting some of the things off our plate that really don't add value to our clients, the SEC
filings, keeping up with the website. I mean, it's things that Glenn would take care of for
us that honestly, I don't, I don't know how to change our website. You know, it's just
things like that. I'm like, I don't really, I don't want to know. I don't, I don't care to know.
Again, we can outsource that, but having the support up there to take care of things like
that for us will certainly take some, take some of the, take some burden off us to
honestly, just pay pay more time and attention to our portfolios and our and our clients.
Again, we feel like we do that really well already. But again, there are some things that
honestly, we have to do during the day that just aren't, aren't really fun or any help to
our clients. They do have 37 CFAs in their organization, so we're CFAS as charter
financial analyst. So what we're trying to do is look for good stocks and bonds. They
have a lot more people that we can certainly talk to and help research and get ideas
from. So I. I guess I will reserve judgment on where I think they're gonna if they help us,
you know, I'll tell you that in a year, but I think they could again. There's only so much
time in the day for us to research and look at securities. We've got a whole team of
CFAs, and they have dedicated bond trader trading desks, and again, Glenn did most of
that for us, but having two dedicated bond traders to go out and research bids, that
takes a lot of our time to go get four or five competing bids on a bond we might buy for
you guys, they have a team up there that can do that for us.”

James Bell, “I think, given their size and volume, especially when it comes to bonds,
they can probably get better pricing as well, because, you know.”

Kerry Bradley, “They might be buying 20 million of them instead of 2 million.”

Ruston Cole, “All right, so you're not familiar, or are you familiar? I guess would be less
pointed with with their their past history, that what they've done in the previous fiscal
years.”
 Policemen’s Pension and Relief Fund
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Kerry Bradley, “Their performance?”

Ruston Cole, “Right.”

Kerry Bradley, “That's going to be all across the board, because, again, there are
people like us all over that manage money different what you know, like they're they're
not telling us to buy 2% of XYZ stock. They're not telling all their folks to do that. It's still
up to us. So again, I guess that's there's no apples to apples.”

Ruston Cole, “Please correct me if I'm wrong. So y'all can still manage locally.”

Kerry Bradley, “We will still manage the portfolio. We're going to answer our phones.
Our numbers aren't changing. Our office is not changing. James and I are going to be
managing the portfolio and presenting to you just like we have been the last 10-12,
years.”

James Bell, “Absolutely, I would say, like that was a non-negotiable for us. We weren't
even interested in going down the road with someone who said, you can no longer do
what you do.”

Kerry Bradley, “I mean, there that we've talked to said, look, oh, you've got to use
these products, or you've got to use these, you know, you can buy these stocks that are
coming from this outfit, and, you know, our research department in New York, like that's,
that's not us. We're not going to operate like that. So again, I guess the performance of
other managers at MAI, I don't know if that's super relevant, because, again, we're
going to continue to manage the portfolio just like we always have. And by, you know,
the stocks and bonds that we want to in the portfolio. Again, it'll just, it will be nice
having a few more eyeballs looking for for good ideas, you know. So again, I think that
and, and certainly they're much larger, you know, this, you guys probably won't see it on
your end, but the service we get from like a Schwab, you know, will probably be a little
better, because there's so much, so much larger.”

Ruston Cole, “And another question, the ability to buy when you're in with this merger
would go up?”

Kerry Bradley, “The ability we invest?”

Ruston Cole, “To invest. I'm sorry.”

Kerry Bradley, “The ability to invest.”

Ruston Cole, “In other words, if, if, if, however many businesses like you are merged
with in a y'all can buy in mass, a lot cheaper?”

Kerry Bradley, “Typically you can, if you're going out there on the street, especially, to
buy bonds stocks, it's a really different story. You know, they're traded on, on listed
exchanges. It's not, it's it's probably not an issue. But to get a big block of a bond, you
 Policemen’s Pension and Relief Fund
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 December 10, 2024
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can get better pricing if you can go directly to to the dealers and get it so, so again, I do
so the bond, I don't, I guess. I don't know for 100% sure, but it's not going to be worse. I
know we can still buy them at Schwabs, like we do, or we can still buy them from the
brokers we work with. I think it will open up, open up a vast array of other options for us
to go find good bonds for our clients.”

Ruston Cole, “Well, the last thing I'd like to say, and actually maybe even think of the
question as I ask, is my concern, and I know you've touched upon it, is the fact that
there is an outside agency, at least indirectly, indirectly involved, and me, as a person
who represents the retired and their beneficiaries, my concern is there's not enough
time to today to go through this and understand it, and I probably wouldn't understand it
anyway, because if attorneys really talk the way they wrote things up, they would be
outlawed themselves. I'm sure the fact that this is dropped today, and I know it's short
notice, and I understand that constraint of time you guys are underneath, but we all
have to answer to the people that we serve. We have to have answers that we are
satisfied with, that we can explain, that those people, if they ask that we represent,
they'll understand.”

Kerry Bradley, “Absolutely, and we certainly understand that.”

Ruston Cole, “Right.”

Melvin Stanley, “So then what happens today, which I don't have to sign anything
today, I saw something in here 13th, this merger was supposed to take place.”

Kerry Bradley, “It was pushed back to the 20th from the 13th.”

Melvin Stanley, “You said, by the 20th, what happens if we don't get this resolved?”

Kerry Bradley, “Technically, the SEC will not let us manage your money if we're
employees of MAI. If we're employees of MAI, so if we close the deal with MAI, we're at
the SEC technically will not let us court over any clients to take care of until the
contracts are signed. So I guess say we close on the 20th and you guys aren't
comfortable signing it, we just have to delink you from Schwab. The account will still be
out there, not actively being managed. But I guess I would tell you, there's not anything
in your portfolio that I have the fear of going under in the next you know, six months for
sure, two months then it if you were to, I guess you would have to go through the
process, hire us back, and then we could link you back up and go through the process
with the contract.”

Paul Becker, “You remember, your assets are with Schwab. Okay? This contract
allows them to give instructions to Schwab on what to do for trades. This contract is not
signed at this point in time, those assets sit with Schwab in our current position.
Correct?”

Kerry Bradley, “Correct.”

Paul Becker, “Correct?”
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Kerry Bradley, “Yep.”

Paul Becker, “They will not be able to execute any transactions on your behalf or do
anything. But those assets still remain with Schwab in our name. Excuse me, in the
pension funds name.”

Kerry Bradley, “I mean, they will be there. They're going to be titled the same. Again,
one thing we do, we move money, occasionally, when you guys need it to for pension
so again, we process that so we wouldn't be able to process that for you. We certainly
could help you give you know, Kara could do it, or we could certainly help someone do
we happy to help you guys facilitate all those on your own. If you want to do that, we're
also happy to go over when you do have time any questions with this? Again, it is, it is
kind of long. Most of it is kind of irrelevant to you, because it has to do with, you know,
they have family, family office services. They offer some other services that, again, are
not.”

Eldon Roberts, “I so much wish this hadn't come up, but you all have a business to
run, and you saw it in your you see it in your best interest to do what you're doing, and I
cannot fault you for that, but in the same process that trickles down then to us, and I
was quite comfortable, you all have provided us with a stellar performance. I've never
argued differently, okay, but you were in charge at 100% to, of every move you made.
And we were very comfortable with that, and it proved to work out for us both. But you
can't tell me, and I don't think you have tried yet, too, you're going to be in charge 100%
of your business. I don't think you can make me buy into that. I know, try as you may, try
as you may. I don't think I could be sold.”

Kerry Bradley, “I'm pretty sure we can get something from the president of MAI to say,
sign something. I don't know. Again, I don't know. I don't again, I don't know if there's
anything we can do to help get you comfortable with that.”

Eldon Roberts, “There is nothing. There is nothing.”

James Bell, “We're comfortable with it. We believe it.”

Eldon Roberts, “I understand, you are not responsible to our beneficiaries as we are.
We're the insulation between you and our people that we represent so that, like I told
you, we've been big before, and we never come out pretty good. But anytime we've
been with local people, you know, we have really done great. So I just, I've got some
concern that I, along with with Melvin Stanley, I can't, I can't sign. I can't sign anything.”

Mayor Jordan, “So y'all don't want to vote today, let's, let's put it where it is.”

Ruston Cole, “Well I'm going to make sure we have the options that that I've, I've heard
today, and if there's more or less, let me know. Number one, we signed today, and we
leave.”

Kerry Bradley, “Yes.”
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Ruston Cole, “I've been writing all over this. Is this the one we sign in?”

Kit Williams, “You would sign a clean copy. Okay, I finally had a chance. Lucas, I
haven't seen this before today either. There's a couple things I'd like to call your host
attention to, that that I don't particularly like, but probably is what we'll have to live with.
This is a giant form contract. I imagine all of their people have to sign, and one of them
is paragraph 12, which says MIA liability, indemnification, and it says we will indemnify it
and hold them and all their affiliates and managers and employees, any and all losses
in connection with MIA provision of services to the client here under unless it is
ultimately determined by a court of competent jurisdiction and a non-appealable
judgment, I guess, goes all the way to the Supreme Court before it becomes non-
appealable anymore, or else have a term damage that such losses are a direct result in
Act or remission taken or omitted by MIA during the terms of agreement, which
constitutes a breach of fiduciary duty under applicable law, or fraud, gross negligence or
willful misconduct, very high standards. I can tell you that from a law point, that's very
high standards. Now that's probably going to be, you know, that's how they their lawyers
protect them. One other thing I didn't like in here, it says if most things are going to have
to have to be arbitrated, which we in the city don't agree to that, we don't agree to
mandatory arbitration clauses, usually, but in this particular case, and this is not the city
that's you, you probably don't have an option. You're going to have to agree to the
arbitration clause. But then, when it talks about courts, if we're going to have a court,
they say that, well, we'll have to go to Ohio, because that's what they say, is their court,
and you can choose your venue and jurisdiction by contract. So our contracts say
Arkansas, Washington County, but they're saying Ohio. And so those are three things I
saw that I didn't particularly like it's probably stuff that can't be changed. I did look at
termination, and termination seems to end everything at that point. I didn't see an
explicit way how, normally you say how termination is to be accomplished. It just says
written notice. Okay, so that's probably enough, and written notice means you terminate
as of that date, anything you would still owe them in a way of fees would have to be
paid, but there would be no new fees that would be generated. So termination is this
very strong power to protect you all, and I think that's in here. I don't like the fact that
jurisdictions in Ohio if we claim that we terminated. They say, Oh, no, you did. And then
we have to go Ohio to prove that there's terminated correctly. But that, again, that's
probably one of the things that MAI Capital Management, LLC is not going to change.
So those are things I thought I should at least call to your attention that I've seen and
like it's been a pretty cursory examination I've been reading this, but it's even for a
lawyer, you have to watch all the all the words and all the different clauses and
everything.”

Eldon Roberts, “Because another lawyer has written it. None of those things existed
when we were dealing with them in the matter that we are now.”

James Bell, “I believe we had an arbitration clause.”

Eldon Roberts, “We didn't have to go to Ohio.”
 Policemen’s Pension and Relief Fund
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Kit Williams, “No, you didn't have to go to Ohio. Well, but on the other hand, the key
thing is you've got people that have proven trustworthy here and worked for you for
years. And this is a wealth management company that does have fiduciary duty to its
clients, which you'd be one. And so they have that to protect in themselves too. They
don't want to be found be fraudulent that can hurt future and current business. So I think
that there are some protections worked into this, and even though there's some clauses
I would rather not see. They're probably going to be in there most any contracts that you
would sign for someone that's going to manage your portfolio.”

Ruston Cole, “So that, clause is in to protect them?”

Kit Williams, “Oh, yes.”

Ruston Cole, “I totally, and I understand that, because that's what we're doing right
now, trying to figure this out. So we sign it. The other option would be, we don't sign it
and the account is suspended. It neither gains nor loses.”

Kerry Bradley, “It's just static.”

Kit Williams, “They can't do any more trades. We would have to then, or you all would
have to, then be able to take enough money out of certain places to pay your pension
benefits until you could get another manager. I really think that having an investment
manager is a good thing. I think it's worth their fee to do that and handle all these other
things for you. So if you didn't sign today and didn't sign in the future, then what you'd
need to do is go through a search process and try to see if you can interview other
people or get get applications from other people, and see who would want to manage
you, and so that would be another option. The problem with that is that you're not going
to have a very good, proven track record by somebody else on how they have dealt with
pension plans with five to $6 million okay, that doesn't mean that you wouldn't get a
good one, but you didn't, wouldn't have that prior record of performance.”

Ruston Cole, “The final option we had today is just to sign if we like you, we love the
new people, we keep them, and if we don't, we terminate. But we got to go to Ohio?”

Kit Williams, “ No, no, no, yeah, if they said that's not a termination, which it would be a
termination, we would draft up something that's clearly a termination, then that would be
over. They don't want to fight unless there's something that, unless they're going to win.
And so they wouldn't be fighting a termination in 99.9% of the cases, I'm sure, and we'll
probably almost certainly not fight ours if we want to terminate them.”

Kerry Bradley, “And we can certainly ask them how many they've had terminated or
how many cases have gone to arbitration. I mean, we've, we've never, we've never,
that's never happened in our whole career, as far as getting sideways with a client and
getting having to go to arbitration with again.”

Kit Williams, “That's just not good business for them.”
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Kerry Bradley, “ And they've been around for 50 years. They've been in business for
50 years. It is a, it is a they've been around a long time, doing a long time, they wouldn't
still be in business if they didn't treat clients and their people, right? I don't, I don't think
and again, certainly happy to do whatever we can that would help you get comfortable
with it. We certainly asked them about taking out the arbitration to go to Ohio. I don't
think we would ever, I don't think that will ever come into play, honestly, but again, it's in
there. So, we can ask.”

Kit Williams, “Termination, I think, is a strong power that you have that set up here. I
didn't see anything there said that you have to terminate, give them six months notice or
anything like that. Just said termination.”

Kerry Bradley, “Absolutely to the day.”

Kit Williams, “Seems to me like it's going to be presumed to be ended, right then.”

Kerry Bradley, “
It is.”

Kit Williams, “And so it gives you a strong power that if you think that you're not being
treated, right, I think you can end that contract quickly.”

James Bell, “And again, that was a non-negotiable. We wouldn't be sitting here if it was
any other way.”

City Clerk Treasurer Kara Paxton, “I have a couple questions. So just to clarify what
we talked about a minute ago, if this contract is not signed, and you all merge and you
go on to MAI, as of the 20th you're no longer employees of Garrison Financial, the
money sits there. It could drop or it could increase. It just stays invested in everything
that its currently invested in.”

Kerry Bradley, “We technically have to de link anyone that hasn't signed on the day
before the closing, is what they've asked us to do. And so again, it doesn't change. It'll
stay there at Schwab, but we will not be linked to it. We won't be able to help you with it,
or trade or move money or any other things.”

City Clerk Treasurer Kara Paxton, “My follow up question is, what type of assurances
have you receive from MAI? I mean, will you be contract employees? Are you actual
employees where you're getting a W2 are you self-employed where you're contracting?”

Kerry Bradley, “We will be W2 employees, and we do have an employment contract,
so that's part of the deal. They need us and want us to stay on. Obviously, our clients. I
don't know how many clients would stay if James and I left them.”

City Clerk Treasurer Kara Paxton, “How long on the contract that you have as
employed before you have to renegotiate that?”
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Kerry Bradley, “It's two years. Yeah, and again, we don't plan on going anywhere. I've
got one in eighth grade, maybe in 15 years, I'll be retiring. I don't know we'll see we're
gonna be we're gonna be here doing this for a long time.”

City Clerk Treasurer Kara Paxton, “I guess you know my number my number one
concerns is leaving funds out there, not being managed. That that's my that's my fear, is
you don't have anyone that can jump in right that minute and make changes if
something is going south. But the other part is, you know, not having enough time,
really, you know, investigate and looking. I guess my concern is not having enough time
to research MAI and know what type of background that they have. Do they manage
other type of pensions? I mean, there's lots of different states that have private pension
plans that are a lot like this. You know, I believe, I think Texas has a teacher retirement
one that also has to fall under the Windfall Elimination Provision for Social Security. So,
you know, just understanding more of what they've managed and but it does give me, it
does make me feel more comfortable knowing that your contract is for two years. I
mean, unless they come in and buy out your contract, with which I don't see because
they want they see that you've been working and you're bringing clients to them
potentially.”

Kerry Bradley, “It is in our contract they can, they can fire of us if we, if we don't
perform, or if we, you know, if we do something wrong. But yes, I guess I'll just tell you
right now, like James and I have never had anybody question our ethics or anything.
And the 30 plus years we've been in the business.The other thing is, I mean, our clients
are our clients because because of us. I mean, if they were to fire them, we our
business might as well shut the doors. So that's just not going to happen. It's not in the
cards.”

City Clerk Treasurer Kara Paxton, “I think, you know, just thinking about the
transitions that we're going through, and I first want to just say thank you to Mayor
Jordan for his service to the pension and his service to the City of Fayetteville, for
goodness, 16 plus years as mayor and as a council member, longer than that. And you
know, even though you know we're going to be going through a transition period, you
know now that he's moving on to, you know, his next step, you know, we're going to
have an incoming Mayor that's going to be learning all of these things. And I guess what
concerns me is when you know, when we do transfers and we, you know, make sure
we have money into pension plans to pay those benefits. You know, there's this
document that gets brought to you, and it's over $200,000 and you know, you have to
sign it right then. I mean, I feel like I I can understand that a little bit more because I'm
newer here than Mayor Jordan, and having that document ready to sign and needing to
just sign it is very overwhelming, so knowing that we would have a financial manager
that would continue to make sure that we can properly access those accounts, to make
sure that we can get money to y'all. That's my number one concern. I do feel like this is
too quick. I have to be honest, I appreciate y'all so much. Y'all are amazing. You know,
when I first heard about it, I was on medical leave, and I thought, Oh, well, this. This
sounds fairly easy, but the more I got into it, and the more research that I did, I was like,
this is a huge change, so I want to lean towards what is, what keeps the pension the
safest, and what keeps your benefits coming to you each month, because that's what
you rely on to take care of your family and pay your bills, and just hearing what I'm
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hearing now, knowing that that money and those investments wouldn't be no one would
be managing them during the period of deciding to stay or deciding to go, and also the
complicated process it sounds like we might possibly have in order to just move the
money. To me, it sounds like it would be better to stay with the individuals that we know,
just for the time period to see how that goes. That's what I would be leaning towards,
even though this is so quick and it's happening so fast, I would hate to see something
happen to the investments that were out there that were not being managed for some
reason, and in that circumstance, that's what would happen.”

Kerry Bradley, “I mean, I get, I could say, like, if you're if you aren't comfortable doing.
It. Now, what could be done? Could we liquidate all the holdings in the portfolio and it
not cost a whole lot of money? Probably we could money markets still paying about 440
I think it could set in money market be incredibly safe, liquid. You know, it's in short term
fixed income, if, if you, or if we, if we could get you comfortable with this, if we, you
know, maybe if you have, and I don't want you to have to call another special meeting to
go over it, but certainly we're available to come back and answer any questions, or I'm
happy to go back to MAI, and if you, if you want some assurances, you want me to see
how many times they've gone to arbitration in Ohio, I'm happy to do that and get you
that information again. One of the reasons we're here is we're we're very comfortable
with them, and they seem like really great folks down to earth. They're not, you know,
they don't wear $5,000 suits and cuff links. They're not the Wall Street types. They're
just kind of down to earth Midwestern folks very again, we get along with them
personally very well. And one thing that they just, you know, clients and their
community, that's that's part of their that's part of their whole being. So again, I, I do
think they treat their clients well. And again, we wouldn't be sitting here if we thought
they were going to do anything, certainly, to change our business. Now, again, I can't
give you a 1,000% guarantee that things aren't going to things will change for us
internally, just logistically, kind of how we how we operate with our portfolio
management system, things like that. But we certainly don't expect anything on the
client end to look any different or feel any different at all, because we're still managing
the money. We're still servicing the clients, we're still picking up the phones, you know,
all the things. So again, we're happy to do whatever we can for you guys to make you
comfortable. Again if you decide you don't want to, I'm happy to come over here and
help you get online where you can move that money yourself. We can show you how to
do all that on your own. Kara, again, we certainly want, we appreciate you guys, and all
the years you've trusted us, and we want to make this as easy for you guys. We want to
make you comfortable with it. We want to continue to work with you. And again, I guess
I can tell you all day, I don't think anything will change, and we're going to be here
taking care of it. We did this really. If we were to get hit by a bus, we have some backup
support.”

Eldon Roberts, “Let me see if I understood what you just said about Kara being able to
move the money so we could get enough to pay our pensioners. That can be done if we
still have a we're still in limbo here. Sure about what we're going to do.”

Melvin Stanley, “Are you okay with that?”
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Kit Williams, “It would be more difficult. You'd have to figure out what is the right thing
to sell to get the money, money market funds, is that the right thing to do or not. It is
kind of a burden to put on someone that has not had a lot of experience with this stuff.”

Ruston Cole, “That is going to add on to her plate if we do that.”

City Clerk Treasurer Kara Paxton, “I want to be very honest and very clear. You
know, my office is the primary one that you correspond with back and forth. However,
you know, the individuals that are paying those benefits out each and every month,
that's going to be the Accounting Department. So I don't have, nor have I ever had,
direct access to the financial records, when it comes to that. I have access to the
Schwab records. I have, you know, access to the quarterly reports. So, you know, in in
that circumstance, I have to be very honest. No, I'm not comfortable doing that at all. I
will. I will do everything that I can to take care of y'all and do everything that I can to
make sure you're getting your benefits. However, I can't do that without proper
knowledge or proper access.”

Melvin Stanley, “So please say that that would be fairly simple to do?”

Kerry Bradley, “An authorized agent on the account at Schwab can get online and
process that money link that we have set up that's how we do it now? I mean it. It can
be done. And again, I guess my apologies for you guys just seeing this today. It is a
long document, so I guess I apologize that we maybe didn't do it quite the right way.”

James Bell, “Well we started this ball rolling. It's been a while ago, but I think there was
some research into who needs to vote on it? Who needs to approve it? How does it get
supported? So that all took time, even though it was in process. So it was never our
intention for you see this for the first time today?”

Eldon Roberts, “Yeah, I'm getting forced to sign paperwork or our pensioners can't get
paid.”

Mayor Jordan, “Wait a minute. Okay. Now, before everybody gets their hair on fire,
what we can do? We can wait another week, because that gets you within your time
frame. That gives you, if we had a meeting, I'll call another meeting on Monday.”

Melvin Stanley, “I'm out of town.”

Mayor Jordan, “Well you need to get in town because this is your retirement.”

Melvin Stanley, “It's been planned for six months.”

Mayor Jordan, “Okay yeah, well, then you'll make a decision today what you want to
do. I'm just going to give you time to read this document, if you don't want to do that, I'm
out of here at the end of the month anyway. So that would give you about six days and
over the weekend to look this document over, and that gets you within your time frame
of hitting the 20th or we can set it up later than Monday. You can set it up next
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Wednesday, sure, or something like that, as long as they have time. And then you can
figure you've got a little time to think about it.”

Kerry Bradley, “I mean, we've contacted 90 plus percent of our clients that have sent
in. So I feel like what I told them, I said, we're not going to leave the police pensioners
hanging. I'm not going to delink them with no help. If we have to push closing, we I can
look at pushing closing, but again, if you decide you would like to hire another manager,
I feel all investments will probably be fine. Now, again, there's a lot of things that can
happen in the world that could make the market go sideways, but if you want it to be
liquid and safe, you know we could help you put it in a T bill, if you want to put it out to
bid for other folks. Again, we're here to help you, and we will do any anything we can to
help you.”

Melvin Stanley, “How long would that process take for us to put it out for bids to
another money manager?”

Paul Becker, “Well, you're going to put it out to bid, you're going to advertise. You're
going to have to get together an RFP to do you put it out to advertise. You're probably
talking, I'm gonna guess 90 days.”

Melvin Stanley, “90 days.”

Ruston Cole, “I have a suggestion to the men on the pension board for something
open for discussion, if we sign today, everything trucks right along.”

Kerry Bradley, “Right along.”

Ruston Cole, “If we're dissatisfied at a later time with with the way things are going.”

John Brown, “There's always that termination clause.”

Ruston Cole, “Theres that termination clause but that would give us an adequate
amount of time to advertise for a new one, while you still manage?”

Kerry Bradley, “Absolutely, certainly help you with the transition process. If you, if you
you know, wanted to go find someone else.”

Ruston Cole, “My reasoning is this transition period for you guys and I'm sure it's being
downplayed a little bit with what you would have to do. The reasoning, I'm suggesting
we think about what I just said, If we sign today, if we're dissatisfied, we advertise, and
in that same time period, our retirees are still getting the same.”

City Clerk Treasurer Kara Paxton, “I have to be honest, I personally like that idea.
And again, I want to support you all, and I want to make sure that your benefits are paid
to you and your benefits are safe. And I've been here for five years, and we've always
worked really well with, you know, Kerry and James, and Glenn, he was wonderful. So I
mean, going through this transition period and knowing that you can write at any point
that you want that termination, that you're ready to terminate, while keeping your
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benefits safe and being monitored by someone, and the fact that they have a contract
that says that they're going to be with MAI for two, at least two years, for their
employment contract, barring any any severe issue. I think that's a wonderful idea. And,
you know, and that gives you more time to say, hey, what else is out there?”

Mayor Jordan, “I have a retirement meeting myself at 2:30.”

Paul Becker, “If you want to make a motion about right now he can vote. Other than
that, he's going to have to leave.”

Ruston Cole, “I don't know if these men want to discuss it any.”

Paul Becker, “Kara, do you have a quorum?”

Mayor Jordan, “Yeah, they have a quorum if I leave.”

Ruston Cole, “I mean, I've served with these men many years, and on the street, in
every capacity I don't want to remember. And with the people on the collecting the
pensions, the widows and men and women who served. And my reasoning is the best
interest is to sign today, if we're not happy, fire later in the interim, you manage if we're
dissatisfied, we'll put the advertisement out, see what comes up.”

Kerry Bradley, “And I guess I don't want anybody to be forced to sign if you don't want
to sign. So again, we're going to be here the next two weeks and can address any
questions or give you any information you need, if that helps you get comfortable. I don't
know. I mean again I feel again. I'm not sure.”

Ruston Cole, “Well having people manage the account the way you have in the way
the monthly pension has been distributed along with the historical record on file. I feel
it's in the best interest of those drawing a pension. I think it's in the best interest to to
represent the pensioners and and the board as a whole, to sign the document, but
scrutinize it, and we can start doing that immediately. I don't know how you'd want it in
the form of a motion. I think as far as we are concerned, monetarily, doing something
like that could prohibit something unseen from happening in the next few days. I think
when the new administration takes over, I'm talking about nationally, there will be things
happen that that would be beneficial to have consistent management.”

City Clerk Treasurer Kara Paxton, “Especially, if it's 90 days. That is a long time.”

Melvin Stanley, “Quick meeting, Mayor? You said that you'd be willing to, I mean, I'm,
I'm sorry I'm not signing anything today, but you said that you'd be willing for us to look
this over and sometime?”

Mayor Jordan, “Well okay, okay, we know that the deadline is the 20th. Yeah, right,
yep, so you got from now until the 20th to read the document.”

Melvin Stanley, “yep.”
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Ruston Cole, “So do we need to decide on a day that we can reconvene?”

Mayor Jordan, “Yes. I'll call another meeting.”

Ruston Cole, “Don't be excited.”

Kit Williams, “Let me read you the one sentence termination clause. This agreement
will continue in effect until terminated by either party by providing prior written notice to
the other signed by the terminating party. So termination at will is not a termination for
cause. You don't have to prove anything. You just say it's terminated. That's right. It's
one of pretty straightforward cause. I like that, I don't want to see a bunch of stuff with it
to qualify it. So that's really pretty good protection for you, about as good as we're going
to get.”

Kerry Bradley, “That's exactly the way ours reads now. Which is the same.”

Mayor Jordan, “So what did you all want to do?

Kit Williams, “And the motion would be not for you all to sign, for the chairman and
secretary to sign, but they'd have to have be authorized by this board.”

Ruston Cole, “so they sign.”

Kit Williams, “That's right. What only if they're authorized by majority vote? That's
right.”

Kerry Bradley, “There's, I mean, if there's anything we can do to, again, get you
comfortable, I'm trying to just think through this, like, if we pick out, like, if we were to go
through each section of the contract and again. I don't know if we can make it like a cliff
notes version or not, but we can certainly try to, and again, to me, for ever since I've
been in the business, the important part of the contract is, if you don't, if you decide you
don't like us, you can tell us that day, and no harm, no foul, the account stays as is.
That's always been the thing we point to in our contracts with any client, new client, old
client. Its the way we have always operated.”

Kit Williams, “What I was most interested in is your fees aren't changing”

Kerry Bradley, “No sir.”

Melvin Stanley, “And that is important. immediate termination if we as a board decide
we don't want this anymore.”

Kit Williams, “That's right, majority of the board to make that decision. And then at that
point, then if you decide to terminate, we prepare a writing signed by the chairman and
delivered to them, and at that point, upon delivery of that written termination, that
contract would be terminated. You'd have to pay any fees up to that point, but nothing
after.”
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Melvin Stanley, “So, if we decide to get a different money manager that would give us
an amount of time to hire somebody, and then, sad to say, terminate, you guys,
because we don't want our money going to Ohio.”

Kit Williams, “You don't have to have reason. You just terminate.”

James Bell, “And in that event, we would, we would be absolutely helpful with whoever
you do hire. We would make sure the transition goes smoothly. I'm hoping that doesn't
happen, frankly, just because we care about you guys, and we've worked with you for
so long, but if it were to come to that, no harm, no foul, we would make sure whoever
takes over gets seamless and gets a transition.”

Eldon Roberts, “Kara, whenever a draw is made on the pension plan monies to pay
the pensioners. Is that not for a 90 day point of time do we not draw enough money out?
I know the time the last three months.”

Paul Becker, “We normally draw because we can do it easily. We just normally draw
out the money we need for the next disbursement. We could always draw additional
monies. We have enough on hand right now to last us a couple of months, probably.
But we do that. We make the determination when we say we usually try to have enough
for what Kristen is in the back. We usually try to have enough for about two months
anyway to do that.”

Mayor Jordan, “And I can tell you you don't want it just with nobody in charge of it. That
would be a scary thing.”

John Brown, “Well, that bothers me. Worse than anything, I think we owe it to all the
beneficiaries of this pension to make sure that there is no interruption or no problems for
them any way, shape or form, or take a risk of it, because it will hurt a lot of folks if they
don't get their check. Okay. I mean, they are counting on that, and I, I personally, don't
want to do anything that would jeopardize their monthly benefits.”

Mayor Jordan, “But you but in this regard, yeah, you want to have somebody in
charge, whether it's these folks or somebody else, and you got to have them ready to
go. You can't wait 90 days to get somebody else in charge. And I agree with what Russ
is saying. You've got to have somebody in charge of this. Because, I mean, certainly
you don't want to put that, on, the city clerk, or me even, I'll just be a short time.”

John Brown, “I heard Kerry talking about the possibility, you know, having to liquidate,
yeah, to some to some degree, and things like that. And if we're doing that, then are we
taking monies that could have been invested elsewhere and perhaps even helped our
pension system. I mean, you're you're suspending so much stuff that your ability to
continue to grow is going to start taking a hit.”

Mayor Jordan, “But one thing I would you know, thing that bothers me too, is that I
really haven't thoroughly read this thing. I hadn't scratch surface, and I usually like
reading something before I vote on it.”
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John Brown, “I agree. I would love to understand everything in that right now so I can
make a much clearer decision.”

Mayor Jordan, “Need to read it.”

John Brown, “I would have to rely on someone like Kit to help me with this. But I don't
know that we have that luxury okay to wait that long or dissect this, but we have that
option. Like you said, the termination option. If this goes sideways on us for whatever
reason, which I don't anticipate, it will, but if it did, we always have that to fall back on.
So we have an out, yeah, if we need.”

Mayor Jordan, “You can always fire them.”

Eldon Roberts, “Then we run into this very same problem again.”

Paul Becker, “I may have, I may have a suggestion for you. We could be, can't you tell
me? Tell me how valid this may be. They, they could make a motion that the mayor and
Kara say, sign it next Thursday, on that date or and have the opportunity, they would all
have the opportunity to look at that, and if they had any good idea issues that they make
this mistake, then we could come back and they would not sign the document. Is that a
possibility?”

City Clerk Treasurer Kara Paxton, “Well, I just want to say real quick before Kit
responds to that is, you know, I would want to know, is it one person that has a problem
with it that would prevent us from signing? Is that two? Is that three? Would that have to
be a special meeting that's called? Would we be able to have quorum at that time?
Because it's so close to Christmas. I think I love your idea, Paul, I think that's perfect.
It's just those are the questions that come up in my mind. And it's just from past years
that we've worked with city council, like during the pandemic, when we had a council
member that wanted to call special meeting, is it one? Is it two? Is it three?”

Kit Williams, “Well, obviously this board acts as a unitary policy, not one person,
whether it be the mayor or the clerk, or, in our view, makes any decisions. You make a
decision as one, right? Yeah, so and we're talking about something that needs to be
done formally and correctly before we get something signed. So I think I would
recommend what Russ has been talking about is to go ahead, get it signed. If there are
problems in the future, we will terminate it promptly upon this board's not a single
member, but this board's action, we would then terminate it promptly and move from
there. But you know, we're dealing with, you know, a lot of money here, and so we need
to make sure we cross every T and dot, every i. And so I don't want to have a
complicated it might be approved, but kind of motion, I think it needs to be a motion to
actually approve it. If you're not ready to do it yet, then schedule another meeting. But I
would like to see a real clean motion to approve or to refuse to approve this contract.”

Kerry Bradley, “Might help you guys, if either Kit or James and I go through the current
contract that we have with you guys and point out the similarities or the differences,
would that help you? Again, I know it's long, and again, if there's a cliff notes version, I
certainly don't want to gloss over anything that's important. But again, I want you to be I
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want you guys to be comfortable, and I want you to feel good about your decision. So if
there's something we can do to help you get comfortable with at least a stop gap. If you
you want to see how things go with us, and if it changes, certainly again, you can fire us
anytime, any day you want to. You could have fired us the last dozen years.”

Melvin Stanley, “That's what makes me comfortable. Yeah, with allowing signing this
today. Again, as a quorum, would have to decide to fire, right?”

Kit Williams, “That's right, it would still take a majority of the board to do that.”

City Clerk Treasurer Kara Paxton, “You know, every so many years with any contract
the city has. I mean, we have to go out and make sure that we're still receiving, you
know, the best deal for the services that you know we're getting from that company. So
you know, to me, to go on with this process and make sure that your pension benefits
are safe and to make sure that there's individuals that are properly trained and also
work in the industry on a daily basis that are watching that money makes sense to me.
You know, not only that is I mean, even if we go out and we take a look at the
differences between the Garrison Financial contract and the MAI contract comparing
them. Would that mean the MAI would be willing to change anything, more than likely
not, because this is what they've put forward.”

Kerry Bradley, “This is their standard contract.”

City Clerk Treasurer Kara Paxton, “So being able to compare the really, I mean, even
though that's wonderful, thank you.”

Kerry Bradley, “I. I'm happy to and again. Maybe it's more like, Okay, can I live with
that difference versus what you're operating under now and again? If, if there's
something in there, you would want us to go back to MAI, we're happy to go back to
them and say, we want this changed, or they want this change.”

Kit Williams, “Is probably the useless to do that.”

Kerry Bradley, “It probably is. But I'm happy to ask, you don't get unless you ask, right?
So happy to ask, right?

Kit Williams, “Has anybody come to a conclusion here?

Melvin Stanley, “Well, I think my conclusion Pension Board is that we sign today and to
my fellow members right here. I would add that if we're not satisfied, we do have people
who have managed our accounts for us, in our pitch and receivers. If we're not happy,
we can advertise while y'all are still working for us. If we find a bigger solution or a better
solution, we can let y'all go, and if we're happy with y'all, the way we've have been the
past years. I make it as a motion.”

Melvin Stanley, “I'll second it.”
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 December 10, 2024
 Page 22 of 23

Kit Williams, “We have a motion and a second to also authorize the mayor and Kara to
sign the contracts.”

Mayor Jordan, “Okay, Kara would you please call the roll.”


Ruston Cole moved to approve the MAI Capital Mgmt. contract. Melvin Stanley
seconded the motion. The motion passed 5-1. John Brown, Ruston Cole, Melvin
Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Eldon Roberts voted
no. Rick Hoyt was absent.


Kit Williams, “Okay, so that motion passed where you have authorized the mayor and
Kara to sign that contract, and that contractor, close of course, has that termination
clause. If anything happens in the future that you want to end it, let us know, and it will
be done. We'll have to call a special meeting or something. It has to be done by the
meeting.”

City Clerk Treasurer Kara Paxton, “And I just want to ask before we finish up the
meeting, is, are you wanting to start the process now to go out there and look at other
options?”

Kit Williams, “That wasn't part of the motion.”

City Clerk Treasurer Kara Paxton, “That wasn't part of the motion, that's correct. But
is that something that you've decided you want to do now? And if so, that's something
that we need to vote on today. Since we currently have quorum.”

Paul Becker, “Okay, so takes you a lot of time. We're going to have to you're going to
have to look at what the specs are.”

Eldon Roberts, “Nothing is going to change in the interim, though, it's going to be
business as usual. But that's good, so we'll go ahead and start this process.”

Mayor Jordan,”There is a motion and a second. Kara, please call the roll.”

Eldon Roberts moved to approve to begin the RFQ process. Melvin Stanley
seconded the motion. The motion passed 2-2. Melvin Stanley and City Clerk Kara
Paxton voted yes. John Brown and Eldon Roberts abstained. Ruston Cole and
Mayor Jordan voted no. Rick Hoyt was absent.

Mayor Jordan, “All right, I believe we're adjourned.”


Next Meeting Information

April 17, 2025, at 3:00 PM in City Hall
 Policemen’s Pension and Relief Fund
 Board of Trustees Minutes
 December 10, 2024
 Page 23 of 23

 Note: All meetings are tentative and subject to change. The city meetings calendar is
 located at www.fayetteville-ar.gov .


Adjourn: 2:42 PM
POLICE PENSION FUND
May 6800-9800 6800-9800
Month 5 Regular Mo 5335-00 5335-05
 5
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 7,937.05 $ 50.00 $ 250.00 99820
 BLACK, MILDRED $ 1,125.64 $ 5,628.20 $ 50.00 $ 250.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 24,100.45 $ 50.00 $ 250.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 14,300.85 $ 50.00 $ 250.00 99820
 BROWN, JOHN $ 4,362.01 $ 21,810.05 $ 50.00 $ 250.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 10,530.20 $ 50.00 $ 250.00 99820
 COLE, RUSTON $ 3,065.74 $ 15,328.70 $ 50.00 $ 250.00 99820
 DUGGER,GARY $ 3,163.74 $ 15,818.70 $ 50.00 $ 250.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 16,036.75 $ 50.00 $ 250.00 99820
 FRIEND, JERRY $ 1,970.42 $ 9,852.10 $ 50.00 $ 250.00 99820
 HANNA, JANICE $ 1,368.59 $ 6,842.95 $ - $ -
 HANNA, MARK $ 1,368.59 $ 6,842.95 $ 50.00 $ 250.00 99820
 HELDER, TIM $ 5,838.12 $ 29,190.60 $ 50.00 $ 250.00 99820
 HOYT, RICK $ 7,460.01 $ 37,300.05 $ 50.00 $ 250.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,360.05
 JOHNSON, FRANK $ 7,974.81 $ 39,874.05 $ 50.00 $ 250.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 12,277.50 $ 50.00 $ 250.00 99820
 JONES, NORMA K. $ 3,300.45 $ 16,502.25 $ 50.00 $ 250.00 99820
 JONES, MICHELE $ 1,182.26 $ 5,911.30
 KILGORE, DONALD $ 2,046.48 $ 10,232.40 $ 50.00 $ 250.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 18,464.25 $ 50.00 $ 250.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 8,473.95 $ 50.00 $ 250.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 11,526.45 $ 50.00 $ 250.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 20,990.75 $ 50.00 $ 250.00 99820
 MURPHY, MARGARET $ 405.75 $ 2,028.75 $ 50.00 $ 250.00 99820
 PERDUE, LARRY $ 2,322.67 $ 11,613.35 $ 50.00 $ 250.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 7,625.35 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 8,006.85 $ 50.00 $ 250.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 11,155.35 $ 50.00 $ 250.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 8,346.85 $ 50.00 $ 250.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 21,316.20 $ 50.00 $ 250.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 2,935.45 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 16,080.65 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 2,214.45 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 7,793.40 $ 50.00 $ 250.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 7,793.40 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 24,400.35 $ 50.00 $ 250.00 99820
 SURLES, VELMA $ 2,721.40 $ 13,607.00 $ 50.00 $ 250.00
 TAYLOR, DENNIS $ 2,063.93 $ 10,319.65 $ 50.00 $ 250.00 99820
 $ 104,473.92 $ 522,369.60 $ 1,550.00 $ 7,750.00 $ -
POLICE PENSION FUND
Jun 6800-9800 6800-9800
Month 6 Regular Mo 5335-00 5335-05
 6
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 9,524.46 $ 50.00 $ 300.00 99820
 BLACK, MILDRED $ 1,125.64 $ 6,753.84 $ 50.00 $ 300.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 28,920.54 $ 50.00 $ 300.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 17,161.02 $ 50.00 $ 300.00 99820
 BROWN, JOHN $ 4,362.01 $ 26,172.06 $ 50.00 $ 300.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 12,636.24 $ 50.00 $ 300.00 99820
 COLE, RUSTON $ 3,065.74 $ 18,394.44 $ 50.00 $ 300.00 99820
 DUGGER,GARY $ 3,163.74 $ 18,982.44 $ 50.00 $ 300.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 19,244.10 $ 50.00 $ 300.00 99820
 FRIEND, JERRY $ 1,970.42 $ 11,822.52 $ 50.00 $ 300.00 99820
 HANNA, JANICE $ 1,368.59 $ 8,211.54 $ - $ -
 HANNA, MARK $ 1,368.59 $ 8,211.54 $ 50.00 $ 300.00 99820
 HELDER, TIM $ 5,838.12 $ 35,028.72 $ 50.00 $ 300.00 99820
 HOYT, RICK $ 7,460.01 $ 44,760.06 $ 50.00 $ 300.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,632.06
 JOHNSON, FRANK $ 7,974.81 $ 47,848.86 $ 50.00 $ 300.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 14,733.00 $ 50.00 $ 300.00 99820
 JONES, NORMA K. $ 3,300.45 $ 19,802.70 $ 50.00 $ 300.00 99820
 JONES, MICHELE $ 1,182.26 $ 7,093.56
 KILGORE, DONALD $ 2,046.48 $ 12,278.88 $ 50.00 $ 300.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 22,157.10 $ 50.00 $ 300.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 10,168.74 $ 50.00 $ 300.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 13,831.74 $ 50.00 $ 300.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 25,188.90 $ 50.00 $ 300.00 99820
 MURPHY, MARGARET $ 405.75 $ 2,434.50 $ 50.00 $ 300.00 99820
 PERDUE, LARRY $ 2,322.67 $ 13,936.02 $ 50.00 $ 300.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 9,150.42 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 9,608.22 $ 50.00 $ 300.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 13,386.42 $ 50.00 $ 300.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 10,016.22 $ 50.00 $ 300.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 25,579.44 $ 50.00 $ 300.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 3,522.54 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 19,296.78 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 2,657.34 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 9,352.08 $ 50.00 $ 300.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 9,352.08 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 29,280.42 $ 50.00 $ 300.00 99820
 SURLES, VELMA $ 2,721.40 $ 16,328.40 $ 50.00 $ 300.00
 TAYLOR, DENNIS $ 2,063.93 $ 12,383.58 $ 50.00 $ 300.00 99820
 $ 104,473.92 $ 626,843.52 $ 1,550.00 $ 9,300.00 $ -
POLICE PENSION FUND
Jul 6800-9800 6800-9800
Month 7 Regular Mo 5335-00 5335-05
 7
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 11,111.87 $ 50.00 $ 350.00 99820
 BLACK, MILDRED $ 1,125.64 $ 7,879.48 $ 50.00 $ 350.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 33,740.63 $ 50.00 $ 350.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 20,021.19 $ 50.00 $ 350.00 99820
 BROWN, JOHN $ 4,362.01 $ 30,534.07 $ 50.00 $ 350.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 14,742.28 $ 50.00 $ 350.00 99820
 COLE, RUSTON $ 3,065.74 $ 21,460.18 $ 50.00 $ 350.00 99820
 DUGGER,GARY $ 3,163.74 $ 22,146.18 $ 50.00 $ 350.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 22,451.45 $ 50.00 $ 350.00 99820
 FRIEND, JERRY $ 1,970.42 $ 13,792.94 $ 50.00 $ 350.00 99820
 HANNA, JANICE $ 1,368.59 $ 9,580.13 $ - $ -
 HANNA, MARK $ 1,368.59 $ 9,580.13 $ 50.00 $ 350.00 99820
 HELDER, TIM $ 5,838.12 $ 40,866.84 $ 50.00 $ 350.00 99820
 HOYT, RICK $ 7,460.01 $ 52,220.07 $ 50.00 $ 350.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,904.07
 JOHNSON, FRANK $ 7,974.81 $ 55,823.67 $ 50.00 $ 350.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 17,188.50 $ 50.00 $ 350.00 99820
 JONES, NORMA K. $ 3,300.45 $ 23,103.15 $ 50.00 $ 350.00 99820
 JONES, MICHELE $ 1,182.26 $ 8,275.82
 KILGORE, DONALD $ 2,046.48 $ 14,325.36 $ 50.00 $ 350.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 25,849.95 $ 50.00 $ 350.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 11,863.53 $ 50.00 $ 350.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 16,137.03 $ 50.00 $ 350.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 29,387.05 $ 50.00 $ 350.00 99820
 MURPHY, MARGARET $ 405.75 $ 2,840.25 $ 50.00 $ 350.00 99820
 PERDUE, LARRY $ 2,322.67 $ 16,258.69 $ 50.00 $ 350.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 10,675.49 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 11,209.59 $ 50.00 $ 350.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 15,617.49 $ 50.00 $ 350.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 11,685.59 $ 50.00 $ 350.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 29,842.68 $ 50.00 $ 350.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 4,109.63 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 22,512.91 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,100.23 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 10,910.76 $ 50.00 $ 350.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 10,910.76 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 34,160.49 $ 50.00 $ 350.00 99820
 SURLES, VELMA $ 2,721.40 $ 19,049.80 $ 50.00 $ 350.00
 TAYLOR, DENNIS $ 2,063.93 $ 14,447.51 $ 50.00 $ 350.00 99820
 $ 104,473.92 $ 731,317.44 $ 1,550.00 $ 10,850.00 $ -
POLICE PENSION FUND
Aug 6800-9800 6800-9800
Month 8 Regular Mo 5335-00 5335-05
 8
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 12,699.28 $ 50.00 $ 400.00 99820
 BLACK, MILDRED $ 1,125.64 $ 9,005.12 $ 50.00 $ 400.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 38,560.72 $ 50.00 $ 400.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 22,881.36 $ 50.00 $ 400.00 99820
 BROWN, JOHN $ 4,362.01 $ 34,896.08 $ 50.00 $ 400.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 16,848.32 $ 50.00 $ 400.00 99820
 COLE, RUSTON $ 3,065.74 $ 24,525.92 $ 50.00 $ 400.00 99820
 DUGGER,GARY $ 3,163.74 $ 25,309.92 $ 50.00 $ 400.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 25,658.80 $ 50.00 $ 400.00 99820
 FRIEND, JERRY $ 1,970.42 $ 15,763.36 $ 50.00 $ 400.00 99820
 HANNA, JANICE $ 1,368.59 $ 10,948.72 $ - $ -
 HANNA, MARK $ 1,368.59 $ 10,948.72 $ 50.00 $ 400.00 99820
 HELDER, TIM $ 5,838.12 $ 46,704.96 $ 50.00 $ 400.00 99820
 HOYT, RICK $ 7,460.01 $ 59,680.08 $ 50.00 $ 400.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,176.08
 JOHNSON, FRANK $ 7,974.81 $ 63,798.48 $ 50.00 $ 400.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 19,644.00 $ 50.00 $ 400.00 99820
 JONES, NORMA K. $ 3,300.45 $ 26,403.60 $ 50.00 $ 400.00 99820
 JONES, MICHELE $ 1,182.26 $ 9,458.08
 KILGORE, DONALD $ 2,046.48 $ 16,371.84 $ 50.00 $ 400.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 29,542.80 $ 50.00 $ 400.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 13,558.32 $ 50.00 $ 400.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 18,442.32 $ 50.00 $ 400.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 33,585.20 $ 50.00 $ 400.00 99820
 MURPHY, MARGARET $ 405.75 $ 3,246.00 $ 50.00 $ 400.00 99820
 PERDUE, LARRY $ 2,322.67 $ 18,581.36 $ 50.00 $ 400.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 12,200.56 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 12,810.96 $ 50.00 $ 400.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 17,848.56 $ 50.00 $ 400.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 13,354.96 $ 50.00 $ 400.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 34,105.92 $ 50.00 $ 400.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 4,696.72 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 25,729.04 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,543.12 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 12,469.44 $ 50.00 $ 400.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 12,469.44 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 39,040.56 $ 50.00 $ 400.00 99820
 SURLES, VELMA $ 2,721.40 $ 21,771.20 $ 50.00 $ 400.00
 TAYLOR, DENNIS $ 2,063.93 $ 16,511.44 $ 50.00 $ 400.00 99820
 $ 104,473.92 $ 835,791.36 $ 1,550.00 $ 12,400.00 $ -
POLICE PENSION FUND
Sep 6800-9800 6800-9800
Month 9 Regular Mo 5335-00 5335-05
 9
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 14,286.69 $ 50.00 $ 450.00 99820
 BLACK, MILDRED $ 1,125.64 $ 10,130.76 $ 50.00 $ 450.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 43,380.81 $ 50.00 $ 450.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 25,741.53 $ 50.00 $ 450.00 99820
 BROWN, JOHN $ 4,362.01 $ 39,258.09 $ 50.00 $ 450.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 18,954.36 $ 50.00 $ 450.00 99820
 COLE, RUSTON $ 3,065.74 $ 27,591.66 $ 50.00 $ 450.00 99820
 DUGGER,GARY $ 3,163.74 $ 28,473.66 $ 50.00 $ 450.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 28,866.15 $ 50.00 $ 450.00 99820
 FRIEND, JERRY $ 1,970.42 $ 17,733.78 $ 50.00 $ 450.00 99820
 HANNA, JANICE $ 1,368.59 $ 12,317.31 $ - $ -
 HANNA, MARK $ 1,368.59 $ 12,317.31 $ 50.00 $ 450.00 99820
 HELDER, TIM $ 5,838.12 $ 52,543.08 $ 50.00 $ 450.00 99820
 HOYT, RICK $ 7,460.01 $ 67,140.09 $ 50.00 $ 450.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,448.09
 JOHNSON, FRANK $ 7,974.81 $ 71,773.29 $ 50.00 $ 450.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 22,099.50 $ 50.00 $ 450.00 99820
 JONES, NORMA K. $ 3,300.45 $ 29,704.05 $ 50.00 $ 450.00 99820
 JONES, MICHELE $ 1,182.26 $ 10,640.34
 KILGORE, DONALD $ 2,046.48 $ 18,418.32 $ 50.00 $ 450.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 33,235.65 $ 50.00 $ 450.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 15,253.11 $ 50.00 $ 450.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 20,747.61 $ 50.00 $ 450.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 37,783.35 $ 50.00 $ 450.00 99820
 MURPHY, MARGARET $ 405.75 $ 3,651.75 $ 50.00 $ 450.00 99820
 PERDUE, LARRY $ 2,322.67 $ 20,904.03 $ 50.00 $ 450.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 13,725.63 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 14,412.33 $ 50.00 $ 450.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 20,079.63 $ 50.00 $ 450.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 15,024.33 $ 50.00 $ 450.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 38,369.16 $ 50.00 $ 450.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 5,283.81 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 28,945.17 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,986.01 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 14,028.12 $ 50.00 $ 450.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 14,028.12 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 43,920.63 $ 50.00 $ 450.00 99820
 SURLES, VELMA $ 2,721.40 $ 24,492.60 $ 50.00 $ 450.00
 TAYLOR, DENNIS $ 2,063.93 $ 18,575.37 $ 50.00 $ 450.00 99820
 $ 104,473.92 $ 940,265.28 $ 1,550.00 $ 13,950.00 $ -
POLICE PENSION FUND
Oct 6800-9800 6800-9800
Month 10 Regular Mo 5335-00 5335-05
 10
 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
 Supplement for Fut Supp
 BAYLES, BOBBI J $ 1,587.41 $ 15,874.10 $ 50.00 $ 500.00 99820
 BLACK, MILDRED $ 1,125.64 $ 11,256.40 $ 50.00 $ 500.00 99820
 BRADLEY, GERALD $ 4,820.09 $ 48,200.90 $ 50.00 $ 500.00 99820
 BRADLEY, RANDALL $ 2,860.17 $ 28,601.70 $ 50.00 $ 500.00 99820
 BROWN, JOHN $ 4,362.01 $ 43,620.10 $ 50.00 $ 500.00 99820
 CARROLL,RONALD L $ 2,106.04 $ 21,060.40 $ 50.00 $ 500.00 99820
 COLE, RUSTON $ 3,065.74 $ 30,657.40 $ 50.00 $ 500.00 99820
 DUGGER,GARY $ 3,163.74 $ 31,637.40 $ 50.00 $ 500.00 99820
 FOSTER, MARTHA $ 3,207.35 $ 32,073.50 $ 50.00 $ 500.00 99820
 FRIEND, JERRY $ 1,970.42 $ 19,704.20 $ 50.00 $ 500.00 99820
 HANNA, JANICE $ 1,368.59 $ 13,685.90 $ - $ -
 HANNA, MARK $ 1,368.59 $ 13,685.90 $ 50.00 $ 500.00 99820
 HELDER, TIM $ 5,838.12 $ 58,381.20 $ 50.00 $ 500.00 99820
 HOYT, RICK $ 7,460.01 $ 74,600.10 $ 50.00 $ 500.00 99820
 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,720.10
 JOHNSON, FRANK $ 7,974.81 $ 79,748.10 $ 50.00 $ 500.00 99820
 JOHNSON, JOYCE $ 2,455.50 $ 24,555.00 $ 50.00 $ 500.00 99820
 JONES, NORMA K. $ 3,300.45 $ 33,004.50 $ 50.00 $ 500.00 99820
 JONES, MICHELE $ 1,182.26 $ 11,822.60
 KILGORE, DONALD $ 2,046.48 $ 20,464.80 $ 50.00 $ 500.00 99820
 MARTIN, CONNIE $ 3,692.85 $ 36,928.50 $ 50.00 $ 500.00 99820
 MCCAWLEY, LARRY $ 1,694.79 $ 16,947.90 $ 50.00 $ 500.00 99820
 MITCHELL, MICHAEL $ 2,305.29 $ 23,052.90 $ 50.00 $ 500.00 99820
 MUNSON,ANGELA $ 4,198.15 $ 41,981.50 $ 50.00 $ 500.00 99820
 MURPHY, MARGARET $ 405.75 $ 4,057.50 $ 50.00 $ 500.00 99820
 PERDUE, LARRY $ 2,322.67 $ 23,226.70 $ 50.00 $ 500.00 99820
 PERSHALL, ROBIN $ 1,525.07 $ 15,250.70 $ - $ -
 PRESTON, NORMA J $ 1,601.37 $ 16,013.70 $ 50.00 $ 500.00 99820
 RICKMAN, LOREN $ 2,231.07 $ 22,310.70 $ 50.00 $ 500.00 99820
 RIGGINS, BONNIE $ 1,669.37 $ 16,693.70 $ 50.00 $ 500.00 99820
 ROBERTS, ELDON $ 4,263.24 $ 42,632.40 $ 50.00 $ 500.00 99820
 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 5,870.90 $ - $ -
 ROBERTS, CAROLYN K $ 3,216.13 $ 32,161.30 $ -
 ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 4,428.90 $ -
 SCHUSTER,JOHN H. $ 1,558.68 $ 15,586.80 $ 50.00 $ 500.00 99820
 SCHUSTER, NANCY R. $ 1,558.68 $ 15,586.80 $ - $ -
 STANLEY, MELVIN $ 4,880.07 $ 48,800.70 $ 50.00 $ 500.00 99820
 SURLES, VELMA $ 2,721.40 $ 27,214.00 $ 50.00 $ 500.00
 TAYLOR, DENNIS $ 2,063.93 $ 20,639.30 $ 50.00 $ 500.00 99820
 $ 104,473.92 $ 1,044,739.20 $ 1,550.00 $ 15,500.00 $ -
To: Fayetteville Local Police Pension Plan
 Board of Trustees and All Benefit Recipients

From: Local Police and Fire Retirement System (LOPFI)

Re: Consolidation of the Local Plan

Date: 2025-Year


Your Local Plan can legally assign its administration (consolidate) to LOPFI. Consolidation 1
means LOPFI serves as the administrator of the Local Plan. Legal benefits can only change if
the municipality approves a benefit increase such as the addition of a three percent (3%)
compound cost of living adjustment (COLA) for the Local Plan.

As of January 1, 2025, LOPFI administers benefits and invests the assets for 255 consolidated
Local Plans. One aspect that guides Local Plans to pursue consolidation is investment
performance. Investment returns for your Local Plan and LOPFI for the following periods were:

 December 31, 2023 10-Year Return
Fayetteville Local Police Plan 11.80% 5.66%
LOPFI 15.90% 7.19%

Achieving improved investment returns helps protect the benefits of all Local Plan participants,
which makes safeguarding assets a prime responsibility of each person serving on the Local Plan
board of trustees. These facts support consolidating your Local Plan. The initial step is to
request an actuarial valuation2 to determine the first year’s employer contribution rate to fund
Local Plan benefits. The valuation provides an employer contribution rate to implement a 3%
compound COLA for the Local Plan and a rate without a COLA. The valuation fee is $850, and
the check for this fee is to be payable to Gabriel, Roeder, Smith, & Co. and mailed to LOPFI.
The valuation process takes about four (4) weeks to complete and will begin after the request and
payment are received by LOPFI. LOPFI will send the completed valuation to the Local Plan
along with guidance for the next steps to proceed with consolidation.

Please contact Jen Sines or Lesley Weaver with questions about consolidation.



1
 Consolidation is mandatory once a Local Plan has fewer than five members. “Member” does not include
beneficiaries. Because mandatory consolidation stipulates that a Local Plan board of trustees may no
longer exist, consolidation must begin without delay once there are fewer than five members.
2
 LOPFI accepts consolidation valuation requests from April 1st through September 30th of each year.