The Board of Pension Commissioners of the City of Los Angeles Met in Room ISS, City Hall South, on Thursday, June 30, 1983

MIN UTE S

/ OF THE

BOARD OF PENSION COMMISSIONERS MEETING OF JUNE 30, 1983 '

The Board of Pension Commissioners of the City of Los Angeles met in Room ISS, City Hall South, on Thursday, June 30, 1983.

COMMISSIONERS PRESENT: Garo V. Minassian, President Pro Tern Bert R. Cohen Sam Diannitto Olga Marcus Karl L. Moody David Bow Woo

COMMISSIONER ABSENT: Arthur Burdorf

DEPARTMENT OF PENSIONS: Gary Mattingly, General Manager James J. McGuigan, Asst. Manager-Fiscal Wm. S. Hutchison, Asst. Manager-Benefits

CITY ATTORNEY'S OFFICE: Siegfried o. Hillmer, Asst. City Attorney

President Pro Tern Minassian called the meeting to order at 9:35 a.m. and referred to Item No. 1 on the Agenda.

OLD BUSINESS

The General Manager informed the Board that Security Pacific Investment Managers sent a letter listing their stocks selling above 130% and below 70% of cost; a letter transmitting their stocks purchased and sold for the period ending June 24, 1983; and that no action was required. He stated a motion would be required on their letter dated June 20, 1983 requesting Board approval of their lists of money market instruments.

RESOLUTION NO. 83069 2515 FIRE & POLICE GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Cohen that the Manager-Secretary be authorized to invest and reinvest in money market instruments from the following issuers from time to time as is necessary in the maximum amounts and with the maximum maturities indicated, at the current market, provided that the yield is not less than 6.0%.

COMMERCIAL PAPER

INDUSTRIALS

Abbott Laboratories Hewlett-Packard Company American Brands, Inc. Hughes Tool Company American Cyanamid Company Int'l. Business Machines Corp. Atlantic Richfield Co. International Paper Co. Bankers Life Company Mobil Oil Corporation Beatrice Foods Co. Monsanto Company Becton, Dickinson & Company Motorola, Inc. Borden, Inc. PPG Industries,. Inc. Bristol-Myers Company PepsiCo, Inc. CBS Incorporated Perkin-Elmer Corporation Caterpillar Tractor Co. Pfizer, Inc. Chesebrough-Ponds, Inc. Phillips Petroleum Company Coca-Cola Company Procter & Gamble Co. Dart & Kraft, Inc. Ralston Purina Company Dayton-Hudson Corporation Revlon, Inc. Digital Equipment Corp. Reynolds Industries, Inc., R. J. Donnelley, (R.R.) & Sons Co. Richardson-Vicks, Inc. Dresser Industries, Inc. Rockwell Int'l. Corp. Du Pont de Nemours, E.I. & Co. Shering-Plough Corp. Emerson Electric Co., Searle & Co., G.D. Equitable of Iowa Cos. Shell Oil Co. Federated Department Stores, Inc. SmithKline Beckman Corp. Gannett Co., Inc. Squibb Corporation General Electric Co. Standard Oil Co. of California Getty Oil Company Standard Oil Co. of Ohio Gulf oil Corporation Sun Company, Inc. Heinz, (H.J.) Company Superior Oil Company, The Texaco, Inc. united Technologies Corp. Texas Instruments, Inc. Upjohn Company Textron, Inc. Warner Lambert Company Time, Incorporated Western Electric Company, Inc. Times Mirror Company weyerhaeuser Company United States Gypsum Co. Whirlpool Corp.

UTILITIES AND TRANSPORTATION

Arkla, Inc. Mountain States Tel. & Tel. Co. Atlantic City Electric Company New England Power Co. Baltimore Gas & Electric Co. New England Tel. & Tel. Co. Bell Telephone Co. of Pa. New Jersey Bell Telephone Co. Carolina Telephone & Telegraph Co. New York Telephone Co. Central Illinois Light Co. Northern Illinois Gas Company Central Illinois Public Service Co. Northern States Power Co. Chesapeake & Potomac Tel. Co., Md. Northwestern Bell Tele. Co. Ohio Bell Telephone Co., The Chesapeake & Potomac Tel. Co., Va. Pacific Northwest Bell Tel. Co. Chesapeake & Potomac Tel. Co., W.V. Potomac Electric Power Co. Cincinnati Bell, Inc. Public Service Electric & Gas Co. Consolidated Natural Gas. Co. Rochester Telephone Corp. Diamond State Telephone Co., The South Central Bell Tel. Co. General Telephone Co. of Ill. Southern Bell Tel. & Tel. Co. General Telephone Co. of Ind., Inc. Southern Natural Gas Co. Hawaiian Telephone Company Southwestern Bell Tel. Co. Illinois Bell Telephone Co. Southwestern Public Service Corp. Illinois Power Co. Tampa Electric Co. Indiana Bell Telephone Co., Inc. Texas Oil & Gas Corp. Iowa-Illinois Gas & Elec. Co. Texas Utilities Company Iowa Public Service Co. Union Pacific Corp. Kansas Power & Light Company West Penn Power Company Kentucky Utilities Co. Wisconsin Power & Light Co. Louisville Gas & Electric Co. Wisconsin Public Svc. Corp. Michigan Bell Telephone Co. Wisconsin Telephone Co.

FINANCE

Aetna Life Insurance Company General Electric Credit Corp. Afco Credit Corporation General Motors Acceptance Corp. Algemene Bank Nederland Household Finance Corp. American Express Credit Corp. IBM Credit Corp. Amsterdam Rotterdam Bank, N.V. Manufacturers Hanover Corp. BankAmerica Corp. Mellon Financial Co. Bankers Trust N.Y. Corp. Merrill Lynch & Co., Inc. Barclays American Corp. Mobil Oil Credit Corp. Barclays Bank International Morgan, (J.P.) & Co., Inc. BNP U.S. Finance Corp. Nat'l. Rural Util. Coop. Fin. Corp. Chase Manhattan Corp. National westminster Bank PLC. Chemical New York Corp. Penney Financial Corp., (J.C.) C.I.T. Financial Corp. Primate Export Funding Corp. Citicorp Prudential Funding Corp. Citicorp Funding, Inc. SAFECO Credit Company, Inc. Connecticut General Corp. Sears, Roebuck Acceptance Corp. Credit Lyonnais North America Skandinaviska Enskilda Banken Credit Suisse Societe Generale North America Crocker National Corp. Sunoco Credit Corporation Equitable Life Assurance Society of the U.S. Exxon Credit Corp. Svenska Handelsbanken First Interstate Funding Company Travelers Insurance Co., The First National Boston Corp. Union Oil Credit Corp. Wells Fargo and Co.

COMMERCIAL PAPER

IRC AND LOC BACKERS ISSUER

Algemene Bank Nederland, N.V. Akzona Commercial Paper, Inc. Algemene Bank Nederland, N.V. Dillard Investment Co., Inc. Bank of America Commonwealth Fuel Co. Bank of America Clipper Oil Corp. Bank of America Idemitsu Commercial Paper Corp. Bank of America New England Collier Co. Bank of America Russell Energy, Inc. Bank of America Outboard Marine Corp. Bank of America; Barclays Bank Mid-Atlantic Fuel Co. Int'l. Chemical Bank; First Nat'l. Bank of Chicago IRC AND LOC BACKERS ISSUER

Bank of America; Union Bank of Olivetti Int'l. S.A. Switzerland Bank of Tokyo, Ltd. Kanematsu-Gosho (USA), Inc. Bankers Trust Co. Tarleton Associates Ltd. Partnership Bankers Trust Co. N.Y. State Energy Res. & Dev. Auth. Bankers Trust Co. Cimarron Capital Corp. Bankers Trust Co. Minerals Capital Corp. Bankers Trust Co.; Manufacturers Pacific Energy Trust Hanover Trust Co.; First Nat'l. Bank of Chicago Bank of Tokyo, L.A. Agency Bridgestone Tire Co. of America Barclays Bank Int'l. Budd Financial Corp. Chase Manhattan Bank, N.A. Waterfield Mortgage Co. Chemical Bank Samsung America, Inc. Citibank, N.A. Genstar Mortgage Co. Citibank, N.A. Arvida Mortgage Co. Credit Suisse Barber Greene Co. Credit Suisse Blue Bell, Inc. Crocker National Bank California Mortgage Service Crocker National Bank Coldwell Banker Residential Mortgage Co. Crocker National Bank Crowley Maritime Corp. Crocker Nat'l. Bank; Bankers Equilease Corp. Trust Co., Manufacturers Hanover Trust Co. Dai-Ichi Kangyo Bank; Fuji Bank Seiko Corp. of America Ltd., New York Agency Dai-Ichi Kangyo Bank; Ajinomoto U.S.A., Inc. Mitsubishi Bank First Interstate Bank Castle & Cooke, Inc. First Interstate Bank of Calif. Southwest Gas LNG Trust First National Bank of Boston Penn Fuel Corp. Fuji Bank Ltd., New York Hitachi Metals Int'l., Ltd. Irving Trust Co. Sandoz united States, Inc. Irving Trust Co. Nat'l. Mortgage Corp. of America Irving Trust Co. Hundred East Credit Corp. Manufacturers Hanover Trust Co. Kansas City Pwr. Commercial Paper Inc. Manufacturers Hanover Trust Co.; Millstone Construction Trust Bankers Trust Co.; Barclays Bank Int'l. Manufacturers Hanover Trust Gateway Fuel Company Co.; Bankers Trust Co.; First Nat'l. Bank of Chicago Manufacturers Hanover Trust Co.; Ohio Edison Fuel Co. First Interstate Bank of Calif. Manufacturers Hanover Trust Co.; Lake Erie Fuel Corp. First Nat'l. Bank of Boston Manufacturers Hanover Trust Co.; Maumee Valley Corp. Interstate Bank of Calif. Manufacturers Hanover Trust Co. Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Research-Cottrell, Inc. Mellon Bank United Cable Television Corp. Mellon Bank USI Credit Corp. Morgan Guaranty Trust Co. Huffington, (Roy M.), Inc. Rainier Nat'l. Bank Longview Fibre Commercial Paper Societe Generale Puget Sound Energy Co. Societe Generale; Union Bank of Bath County Hydroelectric, Inc. Switzerland Svenska Handelsbanken Tappan Commercial Paper, Inc. Svenska Handelsbanken Sandvik Comm'l. Paper, Inc. Swiss Bank Corp., Atlanta Agency Contel Credit Corp. Swiss Bank Corp. Dunavant Commercial Paper, Inc. Swiss Bank Corp. Hoffman-LaRoche, Inc. Swiss Bank Corp. Ozark Fuel Corp. Union Bank of Switzerland Port Gibson Energy, Inc. Union Bank of Switzerland PIN Energy Trust Wells Fargo Bank, N.A. Miles Finance Co., Inc. DOMESTIC BANKS

Bank of America NT&SA, San Francisco North Carolina Nat'l. Bank, Charlotte Citibank NA, New York Union Bank, Los Angeles Chase Manhattan Bank NA, New York Valley Nat'l. Bank, Phoenix Manufacturers Hanover Trust Co., Harris Trust & Savings Bank, Chicago New York Wachovia B&T Co. NA, Winston-Salem, N.C. Morgan Guaranty Trust Co., New York Pittsburgh National Bank Chemical Bank, New York Philadelphia National Bank Bankers Trust Co., New York Rainier National Bank, Seattle First National Bank, Chicago Northern Trust Co., Chicago Wells Fargo Bank NA, San Francisco BankOhio National Bank, Columbus Crocker Nat'l. Bank, San Francisco United States Nat'l. Bank, Portland, Or. First Interstate Bank of Calif., Detroit Bank & Trust Co. Los Angeles AmeriTrust Co., Cleveland Mellon Bank NA, Pittsburgh First Inter. Bank of Oregon NA, Portland Irving Trust Co., New York California First Bank, San Francisco First National Bank, Boston Manufacturers Nat'l. Bank, Detroit Bank of New York First Inter. Bank of Arizona NA, Phoenix InterFirst Bank Dallas NA Northwestern NB, Minneapolis, Minn. National Bank of Detroit Citizens & Southern Nat'l. Bank, Atlanta RepublicBank Dallas NA Bank of Tokyo Trust Co., New York First City Nat'l. Bank, Houston First National Bank, Minneapolis Texas Commerce Bank NA, Houston Republic Nat'l. Bank, New York

FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

AUSTRALIA

Commonwealth Banking Corp., Sydney

BELGIUM

Societe General de Banque

FRANCE

Banque Nationale de Paris Credit Lyonnais, Paris Societe Generale, Paris

GREAT BRITAIN

Barclays Bank International Ltd. Barclays Bank Ltd. Lloyds Bank Ltd. Midland Bank Ltd. National Westminster Bank Ltd. Standard Chartered Bank Ltd.

JAPAN

Bank of Tokyo, Ltd. Dai-Ichi Kangyo Bank Ltd. Daiwa Bank, Ltd. Fuji Bank, Ltd. Industrial Bank of Japan, Ltd. Kyowa Bank Ltd. Long-Term Credit Bank of Japan Ltd. Mitsubishi Bank, Ltd. Mitsui Bank, Ltd. Nippon Credit Bank Sanwa Bank, Ltd. Sumitomo Bank, Ltd. Sumitomo Trust & Banking Co., Ltd. Taiyo Kobe Bank, Ltd. Tokai Bank Ltd. NETHERLANDS

Algemene Bank Nederland Amsterdam-Rotterdam Bank

SWEDEN

Skandinaviska Enskilda Banken Svenska Handelsbaken

SWITZERLAND

Credit Suisse Swiss Bank Corp. Union Bank of Switzerland and to sell money market instruments owned by the Board as monies shall be needed for payment of pensions or for investments already authorized by the Board, which motion was seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tem Minassian - 6; noes, none.

RESOLUTION NO. 83070 2525 NEW SYSTEM GENERAL PENSION FUND

INDUSTRIALS

Abbott Laboratories Hewlett-Packard Company American Brands, Inc. Hughes Tool Company American Cyanamid Company Int'l. Business Machines Corp. Atlantic Richfield Co. International Paper Co. Bankers Life Company Mobil Oil Corporation Beatrice Foods Co. Monsanto Company Becton, Dickinson & Company Motorola, Inc. Borden, Inc. PPG Industries, Inc. Bristol-Myers Company PepsiCo, Inc. CBS Incorporated Perkin-Elmer Corporation Caterpillar Tractor Co. Pfizer, Inc. Chesebrough-Ponds, Inc. Phillips Petroleum Company Coca-Cola Company Procter & Gamble Co. Dart & Kraft, Inc. Ralston Purina Company Dayton-Hudson Corporation Revlon, Inc. Digital Equipment Corp. Reynolds Industries, Inc., R. J. Donnelley, (R.R.) & Sons Co. Richardson-Vicks, Inc. Dresser Industries, Inc. Rockwell Int'l. Corp. Du Pont de Nemours, E.I. & Co. Shering-Plough Corp. Emerson Electric Co., Searle & Co., G.D. Equitable of Iowa Cos. Shell Oil Co. Federated Department Stores, Inc. SmithKline Beckman Corp. Gannett Co., Inc. Squibb Corporation General Electric Co. Standard Oil Co. of California Getty Oil Company Standard Oil Co. of Ohio Gulf Oil Corporation Sun Company, Inc. Heinz, (H.J.) Company Superior Oil Company, The Texaco, Inc. United Technologies Corp. Texas Instruments, Inc. Upjohn Company Textron, Inc. Warner Lambert Company Time, Incorporated Western Electric Company, Inc. Times Mirror Company Weyerhaeuser Company United States Gypsum Co. Whirlpool Corp.

UTILITIES AND TRANSPORTATION

Arkla, Inc. Mountain States Tel. & Tel. Co. Atlantic City Electric Company New England Power Co. Baltimore Gas & Electric Co. New England Tel. & Tel. Co. Bell Telephone Co. of Pa., New Jersey Bell Telephone Co. Carolina Telephone & Telegraph Co. New York Telephone Co. Central Illinois Light Co. Northern Illinois Gas Company Central Illinois Public Service Co. Northern States Power Co. Chesapeake & Potomac Tel. Co., Md. Northwestern Bell Tele. Co. Ohio Bell Telephone Co., The Chesapeake & Potomac Tel. Co., Va. Pacific Northwest Bell Tel. Co. Chesapeake & Potomac Tel. Co., W.V. Potomac Electric Power Co. Cincinnati Bell, Inc. Public Service Electric & Gas Co. Consolidated Natural Gas. Co. Rochester Telephone Corp. Diamond State Telephone Co., The South Central Bell Tel. Co. General Telephone Co. of Ill. Southern Bell Tel. & Tel. Co. General Telephone Co. of Ind., Inc. Southern Natural Gas Co. Hawaiian Telephone Company Southwestern Bell Tel. Co. Illinois Bell Telephone Co. Southwestern Public Service Corp. Illinois Power Co. Tampa Electric Co. Indiana Bell Telephone Co., Inc. Texas Oil & Gas Corp. Iowa-Illinois Gas & Elec. Co. Texas utilities Company Iowa Public Service Co. Union Pacific Corp. Kansas Power & Light Company West Penn Power Company Kentucky Utilities Co. Wisconsin Power & Light Co. Louisville Gas & Electric Co. Wisconsin Public Svc. Corp. Michigan Bell Telephone Co. Wisconsin Telephone Co.

FINANCE

Aetna Life Insurance Company General Electric Credit Corp. Afco Credit Cororation General Motors Acceptance Corp. Algemene Bank Nederland Household Finance Corp. American Express Credit Corp. IBM Credit Corp. Amsterdam Rotterdam Bank, N.V. Manufacturers Hanover Corp. BankAmerica Corp. Mellon Financial Co. Bankers Trust N.Y. Corp. Merrill Lynch & Co., Inc. Barclays American Corp. Mobil Oil Credit Corp. Barclays Bank International Morgan, (J.P.) & Co., Inc. BNP U.S. Finance Corp. Nat'l. Rural Util. Coop. Fin. Corp. Chase Manhattan Corp. National Westminster Bank PLC. Chemical New York Corp. Penney Financial Corp., (J.C.) C.I.T. Financial Corp. Primate Export Funding Corp. Citicorp Prudential Funding Corp. Citicorp Funding, Inc. SAFECO Credit Company, Inc. Connecticut General Corp. Sears, Roebuck Acceptance Corp. Credit Lyonnais North America Skandinaviska Enskilda Banken Credit Suisse Societe Generale North America Crocker National Corp. Sunoco Credit Corporation Equitable Life Assurance Society Svenska Handelsbanken of the U.S. Travelers Insurance Co., The Exxon Credit Corp. Union Oil Credit Corp. First Interstate Funding Company Wells Fargo and Co. First National Boston Corp.

COMMERCIAL PAPER

IRC AND LOC BACKERS ISSUER

Algemene Bank Nederland, N.V. Akzona Commercial Paper, Inc. Algemene Bank Nederland, N.V. Dillard Investment Co., Inc. Bank of America Commonwealth Fuel Co. Bank of Amer ica Clipper Oil Corp. Bank of America Idemitsu Commercial Paper Corp. Bank of Amer ica New England Collier Co. Bank of America Russell Energy, Inc. Bank of Amer ica Outboard Marine Corp. Bank of America; Mid-Atlantic Fuel Co. Barclays Bank Int'l.; Chemical Bank; First Nat'l. Bank of Chicago IRCANDLOCBACKERS ISSUER

Bank of America; Union Bank of Olivetti Int'l. S.A. Switzerland Bank of Tokyo, Ltd. Kanematsu-Gosho (USA), Inc. Bankers Trust Co., Tarleton Associates Ltd. Partnership Bankers Trust Co. N.Y. State Energy Res. & Dev. Auth. Bankers Trust Co. Cimarron Capital Corp. Bankers Trust Co. Minerals Capital Corp. Bankers Trust Co.; Manufacturers Pacific Energy Trust Hanover Trust Co.; First Nat'l. Bank of Chicago Bank of Tokyo, L.A. Agency Bridgestone Tire Co. of America Barclays Bank Int'l. Budd Financial Corp. Chase Manhattan Bank, N.A. Waterfield Mortgage Co. Chemical Bank Samsung America, Inc. Citibank, N.A. Genstar Mortgage Co. Citibank, N.A. Arvida Mortgage Co. Credit Suisse Barber Greene Co. Credit Suisse Blue Bell, Inc. Crocker National Bank California Mortgage Service Crocker National Bank Coldwell Banker Residential Mortgage Co. Crocker National Bank Crowley Maritime Corp. Crocker Nat'l. Bank; Bankers Equilease Corp. Trust Co., Manufacturers Hanover Trust Co. Dai-Ichi Kangyo Bank; Fuji Bank Seiko Corp. of America Ltd., New York Agency Dai-Ichi Kangyo Bank; Ajinomoto U.S.A., Inc. Mitsubishi Bank First Interstate Bank Castle & Cooke, Inc. First Interstate Bank of Calif. Southwest Gas LNG Trust First National Bank of Boston Penn Fuel Corp. Fuji Bank Ltd., New York Hitachi Metals Int'l., Ltd. Irving Trust Co. Sandoz United States, Inc. Irving Trust Co. Nat'l. Mortgage Corp. of America Irving Trust Co. Hundred East Credit Corp. Manufacturers Hanover Trust Co. Kansas City Pwr. Commercial Paper Inc. Manufacturers Hanover Trust Co.; Millstone Construction Trust Barclays Bank Int'l. Bankers Trust Co.; Manufacturers Hanover Trust Gateway Fuel Company Co.; Bankers Trust Co.; First Nat'l. Bank of Chicago Manufacturers Hanover Trust Co.; Ohio Edison Fuel Co. First Interstate Bank of Calif. Manufacturers Hanover Trust Co.; Lake Erie Fuel Corp. First Nat'l. Bank of Boston Manufacturers Hanover Trust Co.; Maumee Valley Corp. Interstate Bank of Calif. Manufacturers Hanover Trust Co. Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Research-Cottrell, Inc. Mellon Bank United Cable Television Corp. Mellon Bank USI Credit Corp. Morgan Guaranty Trust Co. Huffington, (Roy M.), Inc. Rainier Nat'l. Bank Longview Fibre Commercial Paper Societe Generale Puget Sound Energy Co. Societe Generale; Union Bank of Bath County Hydroelectric, Inc. Switzerland Svenska Handelsbanken Tappan Commercial Paper, Inc. Svenska Handelsbanken Sandvik Comm'l. Paper, Inc. Swiss Bank Corp., Atlanta Agency Conte I Credit Corp. Swiss Bank Corp. Dunavant Commercial Paper, Inc. Swiss Bank Corp. Hoffman-LaRoche, Inc. Swiss Bank Corp. Ozark Fuel Corp. Union Bank of Switzerland Port Gibson Energy, Inc. Union Bank of Switzerland PIN Energy Trust Wells Fargo Bank, N.A. Miles Finance Co., Inc. DOMESTIC BANKS

Bank of America NT&SA, San Francisco North Carolina Nat'l. Bank, Charlotte Citibank NA, New York Union Bank, Los Angeles Chase Manhattan Bank NA, New York Valley Nat'l. Bank, Phoenix Manufacturers Hanover Trust Co., Harris Trust & Savings Bank, Chicago New York Wachovia B&T Co. NA, Winston-Salem, N.C. Morgan Guaranty Trust Co., New York Pittsburgh National Bank Chemical Bank, New York Philadelphia National Bank Bankers Trust Co., New York Rainier National Bank, Seattle First National Bank, Chicago Northern Trust Co., Chicago Wells Fargo Bank NA, San Francisco BankOhio National Bank, Columbus Crocker Nat'l. Bank, San Francisco United States Nat'l. Bank, Portland, Or. First Interstate Bank of Calif., Detroit Bank & Trust Co. Los Angeles AmeriTrust Co., Cleveland Mellon Bank NA, Pittsburgh First Inter. Bank of Oregon NA, Portland Irving Trust Co., New York California First Bank, San Francisco ' First National Bank, Boston Manufacturers Nat'l. Bank, Detroit Bank of New York First Inter. Bank of Arizona NA, Phoenix InterFirst Bank Dallas NA Northwestern NB, Minneapolis, Minn. National Bank of Detroit Citizens & Southern Nat'l. Bank, Atlanta RepublicBank Dallas NA Bank of Tokyo Trust Co., New York First City Nat'l. Bank, Houston First National Bank, Minneapolis Texas Commerce Bank NA, Houston Republic Nat'l. Bank, New York

FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

AUSTRALIA

Commonwealth Banking Corp., Sydney

BELGIUM

Societe General de Banque

FRANCE

Banque Nationale de Paris Credit Lyonnais, Paris Societe Generale, Paris

GREAT BRITAIN

Barclays Bank International Ltd. Barclays Bank Ltd. Lloyds Bank Ltd. Midland Bank Ltd. National Westminster Bank Ltd. Standard Chartered Bank Ltd.

JAPAN

Algemene Bank Nederland Amsterdam-Rotterdam Bank

SWEDEN

Skandinaviska Enskilda Banken Svenska Handelsbaken

SWITZERLAND

Credit Suisse Swiss Bank Corp. Union Bank of Switzerland

and to sell money market instruments owned by the Board as monies shall be needed for payment of pensions or for investments already authorized by the Board, which motion was seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tem Minassian - 6; noes, none.

RESOLUTION NO. 83071 2535 SAFETY MEMBERS GENERAL PENSION FUND

INDUSTRIALS

Abbott Laboratories Hewlett-Packard Company American Brands, Inc. Hughes Tool Company American Cyanamid Company Int'l. Business Machines Corp. Atlantic Richfield Co. International Paper Co. Bankers Life Company Mobil Oil Corporation Beatrice Foods Co. Monsanto Company Becton, Dickinson & Company Motorola, Inc. Borden, Inc. PPG Industries, Inc. Bristol-Myers Company PepsiCo, Inc. CBS Incorporated Perkin-Elmer Corporation Caterpillar Tractor Co. Pfizer, Inc. Chesebrough-Ponds, Inc. Phillips Petroleum Company Coca-Cola Company Procter & Gamble Co. Dart & Kraft, Inc. Ralston Purina Company Dayton-Hudson Corporation Revlon, Inc. Digital Equipment Corp. Reynolds Industries, Inc., R. J. Donnelley, (R.R.) & Sons Co. Richardson-Vicks, Inc. Dresser Industries, Inc. Rockwell Int'l. Corp. Du Pont de Nemours, E.I. & Co. Shering-Plough Corp. Emerson Electric Co., Searle & Co., G.D. Equitable of Iowa Cos. Shell Oil Co. Federated Department Stores, Inc. SmithKline Beckman Corp. Gannett Co., Inc. Squibb Corporation General Electric Co. Standard Oil Co. of California Getty Oil Company Standard Oil Co. Of Ohio Gulf Oil Corporation Sun Company, Inc. Heinz, (H.J.) Company Superior Oil Company, The Texaco, Inc. united Technologies Corp: Texas Instruments, Inc. Upjohn Company Textron, Inc. Warner Lambert Company Time, Incorporated Western Electric Company, Inc. Times Mirror Company Weyerhaeuser Company United States Gypsum Co. Whirlpool Corp.

UTILITIES AND TRANSPORTATION

Arkla, Inc. Mountain States Tel. & Tel. Co. Atlantic City Electric Company New England Power Co. Baltimore Gas & Electric Co. New England Tel. & Tel. Co. Bell Telephone Co. of Pa., New Jersey Bell Telephone Co. Carolina Telephone & Telegraph Co. New York Telephone Co. Central Illinois Light Co. Northern Illinois Gas Company Central Illinois Public Service Co. Northern States Power Co. Chesapeake & Potomac Tel. Co., Md. Northwestern Bell Tele. Co. Ohio Bell Telephone Co., The Chesapeake & Potomac Tel. Co., Va. Pacific Northwest Bell Tel. Co. Chesapeake & Potomac Tel. Co., W.V. Potomac Electric Power Co. Cincinnati Bell, Inc. Public Service Electric & Gas Co. Consolidated Natural Gas. Co. Rochester Telephone Corp. Diamond State Telephone Co., The South Central Bell Tel. Co. General Telephone Co. of Ill. Southern Bell Tel. & Tel. Co. General Telephone Co. of Ind., Inc. Southern Natural Gas Co. Hawaiian Telephone Company Southwestern Bell Tel. Co. Illinois Bell Telephone Co. Southwestern Public Service Corp. Illinois Power Co. Tampa Electric Co. Indiana Bell Telephone Co., Inc. Texas Oil & Gas Corp. Iowa-Illinois Gas & Elec. Co. Texas Utilities Company Iowa Public Service Co. Union Pacific Corp. Kansas Power & Light Company West Penn Power Company Kentucky Utilities Co. Wisconsin Power & Light Co. Louisville Gas & Electric Co. Wisconsin Public Svc. Corp. Michigan Bell Telephone Co. Wisconsin Telephone Co.

FINANCE

Aetna Life Insurance Company General Electric Credit Corp. Afco Credit Corporation General Motors Acceptance Corp. Algemene Bank Nederland Household Finance Corp. American Express Credit Corp. IBM Credit Corp. Amsterdam Rotterdam Bank, N.V. Manufacturers Hanover Corp. BankAmerica Corp. Mellon Financial Co. Bankers Trust N.Y. Corp. Merrill Lynch & Co., Inc. Barclays American Corp. Mobil Oil Credit Corp. Barclays Bank International Morgan, (J.P.) & Co., Inc. BNP U.S. Finance Corp. Nat'l. Rural Util. Coop. Fin. Corp. Chase Manhattan Corp. National Westminster Bank PLC. Chemical New York Corp. Penney Financial Corp., (J.C.) C.I.T. Financial Corp. Primate Export Funding Corp. Citicorp Prudential Funding Corp. Citicorp Funding, Inc. SAFECO Credit Company, Inc. Connecticut General Corp. Sears, Roebuck Acceptance Corp. Credit Lyonnais North America Skandinaviska Enskilda Banken Credit Suisse Societe Generale North America Crocker National Corp. Sunoco Credit Corp. Equitable Life Assurance Society of the U.S. Exxon Credit Corp. Svenska Handelsbanken First Interstate Funding Company Travelers Insurance Co., The First National Boston Corp. Union Oil Credit Corp. Wells Fargo and Co.

COMMERCIAL PAPER

IRC AND LOC BACKERS ISSUER

Algemene Bank Nederland, NV., Akzona Commercial Paper, Inc. Algemene Bank Nederland, N.V. Dillard Investment Co., Inc. Bank of America Commonwealth Fuel Co. Bank of America Clipper Oil Corp. Bank of Amer ica Idemitsu Commercial Paper Corp. Bank of America New England Collier Co. Bank of America Russell Energy, Inc. Bank of Amer ica Outboard Marine Corp. Bank of America; Barclays Bank Int'l.; Chemical Bank; Mid-Atlantic Fuel Co. First Nat'l. Bank of Chicago Bank of America; Union Bank of Olivetti Int'l. S.A. Switzerland Bank of Tokyo, Ltd. Kanematsu-Gosho (USA), Inc. Bankers Trust Co., Tarleton Associates Ltd. Partnership Bankers Trust Co. N.Y. State Energy Res. & Dev. Auth. Bankers Trust Co. Cimarron Capital Corp. Bankers Trust Co. Minerals Capital Corp. Bankers Trust Co.; Manufacturers Pacific Energy Trust Hanover Trust Co.; First Nat'l. Bank of Chicago Bank of Tokyo, L.A. Agency Bridgestone Tire Co. of America Barclays Bank Int'l. Budd Financial Corp. Chase Manhattan Bank, N.A. waterfield Mortgage Co. Chemical Bank Samsung America, Inc. Citibank, N.A. Genstar Mortgage Co. Citibank, N.A. Arvida Mortgage Co. Credit Suisse Barber Greene Co. Credit Suisse Blue Bell, Inc. Crocker National Bank California Mortgage Service Crocker National Bank Coldwell Banker Residential Mortgage Co. Crocker National Bank Crowley Maritime Corp. Crocker Nat'l. Bank; Bankers Equilease Corp. Trust Co., Manufacturers Hanover Trust Co. Dai-Ichi Kangyo Bank; Fuji Bank Seiko Corp. of America Ltd., New York Agency Dai-Ichi Kangyo Bank; Ajinomoto U.S.A., Inc. Mitsubishi Bank First Interstate Bank Castle & Cooke, Inc. First Interstate Bank of Calif. Southwest Gas LNG Trust First National Bank of Boston Penn Fuel Corp. Fuji Bank Ltd., New York Hitachi Metals Int'l., Ltd. Irving Trust Co. Sandoz United States, Inc. Irving Trust Co. Nat'l. Mortgage Corp. of America Irving Trust Co. Hundred East Credit Corp. Manufacturers Hanover Trust Co. Kansas City Pwr. Commercial Paper Inc. Manufacturers Hanover Trust Co.; Millstone Construction Trust Bankers Trust Co.; First Nat'l. Bank of Chicago Manufacturers Hanover Trust Gateway Fuel Company Co.; Bankers Trust Co.; First Nat'l. Bank of Chicago Manufacturers Hanover Trust Co.; Ohio Edison Fuel Co. First Interstate Bank of Calif. Manufacturers Hanover Trust Co.; Lake Erie Fuel Corp. First Nat'l. Bank of Boston Manufacturers Hanover Trust Co.; Maumee Valley Corp. Interstate Bank of Calif. Manufacturers Hanover Trust Co. Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Research-Cottrell, Inc. Mellon Bank United Cable Television Corp. Mellon Bank USI Credit Corp. Morgan Guaranty Trust Co. Huffington, (Roy M.), Inc. Rainier Nat'l. Bank Longview Fibre Commercial Paper Societe Generale Puget Sound Energy Co. Societe Generale; Union Bank of Bath County Hydroelectric, Inc. Switzerland Svenska Handelsbanken Tappan Commercial Paper, Inc. Svenska Handelsbanken Sandvik Comm'l. Paper, Inc. Swiss Bank Corp., Atlanta Agency Contel Credit Corp. Swiss Bank Corp. Dunavant Commercial Paper, Inc. Swiss Bank Corp. Hoffman-LaRoche, Inc. Swiss Bank Corp. Ozark Fuel Corp. Union Bank of Switzerland Port Gibson Energy, Inc. Union Bank of Switzerland PIN Energy Trust Wells Fargo Bank, N.A. Miles Finance Co., Inc. DOMESTIC BANKS

FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

AUSTRALIA

Commonwealth Banking Corp., Sydney

BELGIUM

Societe General de Banque

FRANCE

Banque Nationale de Paris Credit Lyonnais, Paris Societe Generale, Paris

GREAT BRITAIN

Barclays Bank International Ltd. Barclays Bank Ltd. Lloyds Bank Ltd. Midland Bank Ltd. National westminster Bank Ltd. Standard Chartered Bank Ltd.

JAPAN

Algemene Bank Nederland Amsterdam-Rotterdam Bank

SWEDEN

Skandinaviska Enskilda Banken Svenska Handelsbaken

SWITZERLAND

Commissioner Marcus asked about the status of the pilot program to use panels of three psychiatrists in disability cases rather than sending the applicant to three individual doctors. Mr. Wm. S. Hutchison, Assistant Manager-Benefits, reported to the Board that the pilot program of using psychiatric panels is underway and is progressing quite satisfactorily. He said he will have a report regarding this issue to the Board members soon.

NEW BUSINESS

The General Manager, Mr. Gary Mattingly, reported that a reporter of the San Pedro News Pilot contacted staff and asked why service-connected disability pensions are nontaxable. The Assistant City Attorney, Mr. Siegfried O. Hillmer, explained to the Board members the Internal Revenue Service Code and also informed them that whenever there are benefit changes in the pension systems it is customary for the Department to ask for an Internal Revenue Ruling regarding the change.

Mr. Mattingly reported that a reporter from the Cambria Telegram and Tribune contacted staff asking for information concerning disability pensioner Robert Cullen. The Board requested staff to furnish it with historical background on Mr. Cullen's disability pension.

TRAVEL EXPENSE

Approval is requested of travel expense for Commissioner Bert Cohen in visiting the custodial facilities of Bankers Trust Company in New York, New York, May 15-17, 1983, in the amount of $784.00. A refund of $408.00 has been submitted.

Approved. Motion by Commissioner Diannitto, seconded by Commissioner Woo and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

DISCONTINUE PENSIONS - ARTICLE XVIII - 2

Robert R. Larsen Fire Service Retired 03-19-72 Died 05-25-83 Vyrnwy E. Jones Police Servi.ce Retired 08-11-68 Died 05-27-83

Approved. Motion by Commissioner Woo, seconded by Commissioner Marcus and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

WIDOW'S OR WIDOWER'S PENSION - ARTICLE XVII - 1

Member's Monthly Rate Effective Monthly Name Class Salary % Date Amount

Mildred L. Bell Police $ 696.00 50% 05-31-83 $ 348.00 (William G. Bell) Disability Member's CIL 589.71 Total $ 937.71

Approved. Motion by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none. ELIGIBLE SURVIVING SPOUSE'S PENSION - ARTICLE XVIII - 1

Member's Normal Rate Effective Monthly Name Class Pen. Base % Date Amount

Eileen E. Larsen Fire $1,538.16 55% 05-26-83 $ 845.99 (Robert R. Larsen) Service Member's CIL 1,223.30 Total $2,069.29

Approved. Motion by Commissioner Moody, seconded by Commissioner Cohen and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

CLAIM OF LENA A. MINOGUE FOR WIDOW'S PENSION BENEFITS

Commissioner Cohen made a motion to deny the claim of Lena A. Minogue for widow's pension benefits since she does not qualify for such benefits under the provisions of Section 183, Article XVII, which motion was seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

CLAIM OF MARGARET JONES FOR WIDOW'S PENSION BENEFITS

Commissioner Diannitto made a motion to deny the claim of Margaret Jones for widow's pension benefits since she does not qualify for such benefits under the provisions of Section 183, Article XVII, which motion was seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

FINDINGS OF FACT - ARTICLE XVIII - 3

POLICE

A. Thomas Shigei B. Gerald W. Kimberlin, Jr. c. William K. Ferry

Approved. Motion by Commissioner Woo, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tern Minassian - 6; noes, none.

INVESTMENT PERFORMANCE EVALUATION FOR THE QUARTER ENDED MARCH 31, 1983, PRESENTED BY A. G. BECKER, INC.

The Board members welcomed Mr. Phil Fox who came forward for presentation on the investment performance of the Fire and Police Pension Fund for the period ending March 31, 1983. Mr. Fox introduced Messrs. Joe Perna of the Los Angeles office and Tom Glonky of the Chicago office. Mr. Fox reported that the Fire and Police Pension System earned 38 percent on its investments for the 12-month period ending in March. He said this performance placed the Fund in the top 20 percent of public funds and the top one-third of all funds, both corporate and public, in the nation. This is the highest rate of return ever earned by the Fund.

The Board asked the General Manager to provide them with a report regarding the calculation used to determine a stock's alpha. They asked him to include in the report a brief description of what the alpha indicates as well as a brief description of what beta, diversification R-squared and A. G. Becker's SEIR uncertainty range mean.

Discussion evolved around the hiring of a fifth money manager, and Mr. Fox said he will work with staff concerning the selection of an additional manager.

The Board thanked Mr. Fox for his presentation. President Pro Tern Minassian recessed the meeting for ten minutes. The meeting resumed at 11:20 a.m.

INVESTMENT ADVISORS' PRESENTATIONS a. Security Pacific Investment Managers, Inc.

Present at today's Board meeting were Messrs. William Hibschman, Steven Warheit, Jack Ellis and Lloyd McAdams. Mr. Ellis came forward for presentation of the economic outlook. He discussed the investment philosophy, strategy and long-term goals of SPIM. He reported that the reason SPIM did so well in their bond portfolio was because they invested substantial cash reserves in long-term bonds, and as the interest rates resumed their rise they began to shorten maturities and accumulate some cash equivalents. Mr. Ellis said SPIM's stock portfolio is approximately ten percent invested in "prudent man" investments. The Board had questions about the beta figure being a risk factor, and Mr. McAdams came forward to address the beta question. b. Wright Investors' Service

Messrs. Jatin Mehta and Don Krysynski came forward for their presentation on the economic outlook. Mr. Mehta reported on Wright Investors' investment philosophy, long term goals and strategies. He explained Wright's investment policy stating that his belief is that high quality equities, over most long periods, are superior investment vehicles to fixed-income securities. Mr. Mehta reported that Wright's operating strategy has not changed much and that Wright has met their investment goals so far. He said Wright's portfolio is very well diversified. Regarding "prudent man" investments, Mr. Mehta said only 20 companies on their Approved List, out of about 270, are classified as "prudent man" and they do not expect such companies to ever account for more than 15% of their total list. c. Chemical Bank

Messrs. Bill Greve and Jack Favia came forward for presentation. Mr. Favia reported on Chemical Asset Management's investment policy, goals and strategy. He reported that their three specific investment goals are to meet the actuarial rate of 8% plus 1/2 of 1%, to outperform the CPI by 2% over a full market cycle; and to consistently perform above the median Public Employee Fund as measured by an independent evaluation service. Mr. Favia reported that Chemical Bank's goals have not changed; however, there has been a change in how they operate which is responsible for the improvement in their performance. Regarding "prudent man" investments, Mr. Favia said the change in the Investment Policy which allows the managers to invest up to 25% of the Fund in "prudent man" stocks is very helpful.

INVETMENT ADVISORS' CONTRACT RENEWALS

The General Manager made reference to his report to the Board recommending the renewal of contracts with the investment managers, Chemical Bank, Security Pacific National Bank and Wright Investors' Service, as their contracts expire at midnight June 30, 1983. Mr. Mattingly explained his negotiations with each of the advisors regarding fees. President Pro Tern Minassian stated he expected the General Manager to consult with the Board before making the recommendations on fees and that he would prefer to personally negotiate with the advisors. The President Pro Tern directed that the Investment Committee, composed of himself and Commissioners Cohen and Diannitto meet with the General Manager to discuss fees. The Assistant City Attorney, Mr. Siegfried O. Hillmer, advised the Board to either take action today on the contracts or instruct that there be an extension of the current contract for 60 days, and said he will write the amendment indicating the extensions be terminated upon the signing of new contracts and advised the Board to make it quite clear that the signing of new contracts is not binding on either the investment managers or the Board .

RESOLUTION NO. 831025

After discussion, and acting on the advice of the City Attorney, and with the agreement of the investment managers, Commissioner Woo made a motion that the present contracts for investment management services with Chemical Bank, Security Pacific National Bank and Wright Investors' Service be extended for sixty (60) days, subject to the termination of the extension if the Board enters into a new contract before that time, which motion was seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Cohen, Diannitto, Marcus, Moody, Woo and President Pro Tem Minasian - 6; noes, none.

CURRENT PORTFOLIO STATUS

Mr. Mattingly made reference to material submitted to the Board on the current portfolio status of each investment advisor.

At this point in the proceedings, President Pro Tem Minassian recessed the meeting for lunch. The meeting resumed at 2:15 p.m. Commissioners Cohen and Moody left for the day during the lunch break.

INVESTMENT ADVISORS' PRESENTATIONS (Continued) d. Boston Company

Present in the Board room were Messrs. Desmond Heathwood, Bob Starke and Jack Smock. Mr. Heathwood came forward for presentation. He reported that The Boston Company's investment philosophy with regard to fixed income portfolios remains firmly rooted in the analysis of major trends in the economy; inflation; demand for credit; Federal Reserve Board policy; and the business cycle. From this analysis, Mr. Heathwood said they develop their strategy as to bond maturity, bond coupon, credit quality, and economic sector. He said Boston Co. has not purchased any prudent man investments for their portfolio but have maintained most of those holdings inherited when they began management. These holdings have recovered in price and they will continue to hold them until they anticipate an economic downturn. Mr. Heathwood indicated that Boston Company is prepared to take profits in those sectors of the market that are overvalued and transfer funds either into cash or into undervalued bonds.

INVESTMENT POLICIES a. Proxy Voting b. Option Writing by Advisors

President Pro Tem Minassian deferred this agenda item and directed it be rescheduled in two weeks and the material submitted at today's meeting on proxy voting be resubmitted.

Mr. Mattingly commented that Mr. Lloyd McAdams is President of SPIM and their options manager and was present at today's Board meeting to give input regarding this subject. Mr. Mattingly said he will prepare a report to the Board on options programs and a time table for implementation of same.

At this point, Commissioner Diannitto left for the day. Because there was not a quorum, Mr. Hillmer cautioned the Board not to make any decisions, but said they could be in session as a committee.

CHARTER CHANGE ON REAL ESTATE

Mr. Mattingly said he has talked with the City Attorney and there may be a way to invest in a commingled real estate fund if certificates of participation are issued which would qualify as securities under the equity prudent man section of the Charter.

STATUS OF STATE-OWNED PROPERTY

Mr. Allan Moore, Investment Officer, reported to the Board that this matter still has not been calendared for Council; and that he still has not received the State Title Report. Mr. Ken Buzzell, Director, United Firefighters of Los Angeles City, informed the Board that Mr. Mike Roos on June 12, introduced Assembly Bill 912 which, if passed, will authorize the County to do joint venture commercial development of this property.

At this point in the proceedings, President Pro Tem Minassian called for adjournment. The meeting adjourned at 3:15 p.m.

anager-secey

Pro Tem