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The Board heard a report from A.G. Edwards' consultants Patrick Sheehan and Gerald Glass, summarizing the growth of the retirement funds investment portfolios. October was a positive month for the Meriden funds, closing with a composite total of $193.2 million. The City Employees funds gained $1.7 million, to $111.6 million, while the combined Police & Fire pension accounts grew $1.5 million, to close the month at $81.6 million.
As of the end of October, the Meriden composite (City Employees, Police & Fire) showed a calendar year gain (to date) of 1.9%, while the Dow Jones Industrials and the Nasdaq Composite remained negative and the S&P 500 was flat for the same period. The fiscal year snapshot (July 1 to October 29) shows a Meriden composite gain of 4.7%, with the Board's three managed futures funds gaining strength (up 5, 6 and 11 percent) during October; and the gold-sector accounts advancing nearly 20% during the first four months of the 2005 fiscal year.
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