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HomeMy WebLinkAbout2002-12-26 - Agendas - FinalFIREMEN'S PENSION AND RELIEF FUND AGENDA December 26, 2002 A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11:00 a.m. on December 26, 2002 in Room 326 of the City Administration Building. 1. Approval of the minutes 2. Approval of the pension list 3. Investment Report 4. Other Business • MINTUES OF A MEETING OF THE FIREMEN'S PENSIONAND RELIEF FUND NOVEMBER 27, 2002 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board was held on November 27, 2002 at 10:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Marion Doss, Pete Reagan, Danny Farrar, Ronnie Wood, Robert Johnson, Kit Williams, and Heather Woodruff. MINUTES Mr. Reagan moved to approve the minutes. Mr. Wood seconded. The motion passed unanimously. PENSION LIST Mr. Doss stated Rob Lewis and Wayne Watts had passed away. They had been removed from the list. Marvy Lewis had not been removed from the list and needed to be. Mr. Williams stated it was his recommendation that she be removed from the list. It was an identical case that had gone to court. Her benefits cease when her ex-husband ceased. Mr. Reagan moved to approve the pension list with the removal of Marvy Lewis from the list. Mr. Farrar seconded. The motion carried unanimously. OTHER BUSINESS Ms. Woodruff stated the city had not been receiving all of the documentation regarding their fund. The Accounting Department had requested all information be sent to their division. Mr. Reagan stated he thought Northern Trust should have the ability to send information to both the City Clerk and one to Accounting. Ms. Woodruff stated they would make a call to Northern Trust and make the request. Mr. Williams. stated Charles Stutte, attorney, had requested authorization to release information. The letter would authorize Merrill Lynch to release information regarding any of their investment accounts including: contract, trading authorization, investment policy statements, and correspondents, where electric or written to the firms of Martin and Kicklack and also to Charles Stutte. He thought that the board should do this and allow them to continue to investigate this. Mr. Stutte stated the city had provided him copies of all of their statements. He was in the process of going through the information. At the last meeting had not determined if the board may be named as a defendant. He did not see that as a real possibility right • • now. He was not ruling it out, but the main reason was that the statements that Merrill Lynch would have shown them, unless there was something in them that would have been a red flag he did not see the board having any exposure. He thought it was a management and a problem with Merrill Lynch in looking to make sure that the investment were consistent with the policies. One thing that he had discovered that in some of the statements for bonds that were outside of the policy, they were either miss rated, saying that they were investment grade, higher than they actually were. If they were to look at the statements they also say what they estimated what the market value to be. What they did not tell them was that it was a fictional number. Some of the bonds had been reduced to junk bonds. There was no value there. They could not get bids on the street to get those, yet the reports that had been coming to the board only showed a modest loss, when in fact the loss would have been greater than what was represented. That is why he did not think the board would have that responsibility. He thought it was more of the responsibility of Merrill Lynch. Mr. Williams stated his advise to the board would be that they should have an attorney representing themselves and the fund in this litigation. They were the trustees of this account. They had been assigned by the State to protect this fund. Even though he might have some nghts to represent some individuals in the fund, that if push came to shove and they hired an attorney. He did not want them to get on cross purposes. What he was going to recommend to the board was that they go through the formal selection process. He was going to encourage them to go with another attorney. The trustee of the fund should be the ones hiring an attorney. He wanted him to apply, but his advise to the board would be that they could not let individual members of the trust fund carry the ball on this. It concemed him, if the board was not the ones going after Merrill Lynch. They were the ones that had received information and had the duties to the fund and had been charged by the statute as the administrator of the fund. The board did not have to take his advise. Mr. Stutte stated he did not anticipate that they would come to cross purposes. He would anticipate them to wanting to proceed on behalf of the board to recover the funds. He was going to apply. Mr. Farrar moved to approve the letter requesting information. Mr. Reagan seconded. The motion carried unanimously. INVESTMENT REPORT Ms. Elaine Longer and Tina Lamb presented the investment report. Ms. Longer stated they had gotten rid of their sola bonds. The only bonds that they had less than investment grade was Enron. They were at 40% stock, plus they had one percent in their international fund. They were at 41% stock. They had restructed their portfolio and gotten them into some really good core holdings on the equity side. The S&P index fund kept their asset allocation in the stock market. They had used their time and their ability to add to their positions. They would use their Standard and Poors later • • as purchasing power when they ran out of cash. It was also a good swing factor in that they did not have to worry about taxes in their account. They had some good quality in real estate investment trust. Those investments were a fixed income return, but they had the potential for growth and income. The yield on those was 6.4%. Their preferred stock and debt securities carried a very high yield, 7.3%. Government agencies and securities had about 19% total. Since they still had so much cash, 1.5 million in the Sally Mae, that was as good as government money market, but a higher yield. The total of their govemment agencies, treasuries and insured CD's is now close to thirty percent of their total portfolio. The only thing they had in the corporate sector was investment grade. Their portfolio was right at 10 million dollars. $40,000 had been distnbuted in October. The meeting adjourned at 11:35 a.m. • • • • MINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF FUND BOARD DECEMBER', 2002 2b A meeting of the Fayetteville Firemen's Pension and Relief Fund Board was held on December 26, 2002 at 10:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Pete Reagan, Marion Doss, Ronnie Wood, Danny Farrar, Kit William, and Heather Woodruff. RFP FOR ATTORNEY fr Mr. Williams presented a proposed RFP for Attorney Services. Mr. Reagan moved to approve the RFP and to start the process for accepting proposals. Mr. Farrar seconded. The motion carried unanimously. RALP TATE Mr. Reagan moved to remove Ralph Tate from the Drop list and to add him to the retired list affective December 9, 2002 at a rate of $3,356.83 per month. Mr. Wood seconded. The motion carried unanimously. Meeting adjourned at 10:30 a.m. • i FIREMEN'S RELIEF AND PENSION DECEMBER 2002 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE TH OF DECEMBER, 2002. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE LEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. DATE OF EMP# RETIREMENT NAME REGULAR Year To Date MO BENEFIT REG BENEFIT FED. TAX ST. TAX NET 79 11/99 ARMSTRONG (DILL), PAMELA 1,658.91 18,248.01 300.00 100.00 1,258.91 74 3/86 BAIRD, JULIA 1,649.16 18,140.76 550.00 145.00 954.16 2 3/75 BLACKARD, PAUL 55.00 605.00 55.00 63 5/72 BOLAIN, ANN 55.00 605.00 55.00 68 7/99 BONADUCE, MICHAEL 2,735.14 30,086.54 475.38 2,259.76 44 9/86 BOUDREY, BETTY MRS. 2,267.18 24,938.98 300.00 50.00 1,917.18 45 9/86 BOUDREY, HOWARD 1,911.99 21,031.89 1,911.99 49 7/88 BOUDREY, JACK 1,507.82 16,586.02 287.66 50.00 1,170.14 4 6/67 CARL, FLOYD JR 55.00 605.00 55.00 5 5172 CASELMAN, ARTHUR - 75.00 825.00 75.00 57 5/90 CATE, ROY 1,637.10 18,008.10 1,637.10 6 4/68 CHRISTIE, ARNOLD 55.00 605.00 55.00 84 03/01 CIRCT CLRK WA CO 0.00 0.00 85 03/01 CIRCT CLRK WA CO 0.00 0.00 8 10/76 COUNTS, WAYNE 55.00 605.00 - 55.00 61 6/66 DAVIS, BEULAH F. 377.50 4;152.50 377.50 78 11/99 DILL,GARY JOHN, 1,658.92 18,248.12 100.00 1,558.92 11 2/76 FARRAR,ALONZO 914.10 10,055.10 75.00 839.10 38 5/84 FRALEY, JOSEPH G. 1,618.08 17,798.88 200.00 15.00 1,403.08 92 03/02 GAGE,TOMMY 2,376.34 21,387.06 226.00 50.00 2,100.34 34 6/79 HARRIS, JAMES E. - 55.00 605.00 55.00 70 • 11/99 HARRIS, MARY RUTH 55.00 605.00 55.00 93 06/02 JENKINS, JOHN 3,273.93 18,845.37 700.00 200.00 2,373.93 86 07/01 JOHNSON,ROBERT 2,812.66 30,939.26 500.00 100.00 2212.66 •64 4/95 JORDAN, CHARLIE 2,081.90 22,900.90 2,081.90 76 5/88 JUDY, JAN 1,507.82 16,586.02 200.00 50.00 1 257 82 37 3/84 KING, ARNOLD D. 1,393.18 15,324.98 300.00 200.00 893.18 54 5/89 KING, ARVIL 1,566.00 17,226.00 130.00 1,436.00 12 3/60 LANE, HOPE MRS 55.00 605.00 . 55.00 13 10/67 LAYER, MERLIN 417.50 4,592.50 417.50 14 7/74 LEE, HAROLD 55.00 605.00 55.00 51 10/88 LEWIS, CHARLES 1,507.82 16,586.0275.00 25.00 1,407.82 60 12/89 LEWIS, MARVIE 790.49 8,695.39 790.49 55 12/89 LEWIS, ROGER (DECEASED) 8,695.50 0.00 40 9/85 LOGUE, PAUL D. 2,624.88 28,873.68 325.00 ' 75.00 2,224.88 50 9/88 MASON, LARRY 1,492.83 16,421.13 78.16 1,414.67 39 4/85 MC ARTHUR, RONALD A. 1,604.92 17,654.12 150.00 50.00 1,404.92 35 2/82 MC CHRISTIAN, DWAYNE 55.00 605.00 55.00 15 4/77 MC WHORTER, CHARLES 1,221.26 13,433.86 150.00 1 071 26 29 8/81 MILLER, DONALD 1,193.41 13,127.51 125.00 25.00 1,043.41 73 2/00 MILLER,KENNETH 2,910.17 32,011.87 2,910.17 42 2/86 MOORE, JAMES H. 55.00 605.00 55.00 17 2/66 MORRIS, WILKIE MRS. 55.00 605.00 55.00 16 4/64 MORRIS, WILLIAM H. 70.00 770.00 70.00 62 . 10/68 MORRISON, ELIENE 80.00 880.00 - 80.00 48 7/88 MULLENS, DENNIS W. 2,005.35 22,058.85 2,005.35 58 9/90 OSBURN, EDWARD 2,248.33 24,731.63 160.00 2,088.33 . 46 5/88 OSBURN, TROY 1,738.46 19,123.06 200.00 38.00 1,500.46 81 02/01 PHILLIPS,LARRY 2,530.45 27,834.95 2,530.45 53 2/89 POAGE, LARRY • 2,147.56 23,623.16300.00 100.00 1,747.56 22 4/73 REED, JOE 55.00 605.00 55.00 30 3/81 SCHADER, EARVEL 1,268.40 13,952.40 1,268.40 41 9/85 SCHADER, TROY 1,395.58 15,351.38 57.00 1,338.58 82 03/01 SKELTON,KELLY 1,114.17 12,255.87 125.00 25.00 964.17 •83 03/01 SKELTON, KIMBERLY 1,114.17 12,255.87 125.00 25.00 964.17 23 4/71 SKELTON, LAWRENCE BURL 870.50 9,575.50 870,50. 66 8/98 SKELTON, PAULINE 390.00 4,290.00 390.00 36 5/76 SPRINGSTON, CARL 737.78 8,115.58 70.00 17.00 650.78 90 03/02 STOUT, IMOGENE W. 702.65 6,323.85 702.65 25 2/75 STOUT, ORVILLE (DECEASED) 1,405.30 0.00 26 3/66 TUNE, BILLIE SUE - 80.00 880.00 80.00 •r % FIREMEN'S RELIEF AND PENSION DECEMBER 2002 DATE OF •MP# RETIREMENT. NAME 27 3/71 TUNE, MILDRED MRS. 71 1/00 WARFORD,THOMAS 28 7/68 WATTS, DONALD 59 5/91 WATTS, WAYNE (DECEASED) 88 01/02 WOOD,RONNIE D 52 9/88 WRIGHT, RANDALL DROP DATE 05/01/98 02/01/99 02/01/99 05/01/99 04/01/00 07/01/00 01/01/01 DROP EMPLOYEES FREEDLE, LARRY LEDBETTER, DENNIS TATE, RALPH BACHMAN, EDDIE NAPIER,LONNIE REAGAN,PETE DOSS,MARION • REGULAR Year To Date MO BENEFIT REG BENEFIT FED. TAX ST. TAX . NET 80.00 880.00 2,290.35 25,193,85 300.00 400.00 4,400.00 18,063.10 2,816.02 28,160.20 1,547.82 17,026.02 200.00 73,128.60 806,436.64 6,784.22 25:00 1,365.00 80.00 1,990.35 400.00 0.00 2,816.02 1,322.82 64;979.38 EW BENEFITS 3,492.86 3,455.40 3,356.83 2,396.34 3,219.73 3,235.68 4,920.63 WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES S ETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT • STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2002. NOTARY PUBLIC MY COMMISSION EXPIRES : • YID 6810-9810-5335-00 806,436.64 • MIKE HUCKABEE GOVERNOR STATE OF ARKANSAS DEPARTMENT OF EMERGENCY MANAGEMENT P.O. BOX 758 CONWAY, ARKANSAS 72033-0758 (501) 730-9750 FAX (501) 730-9754 www.adem.state.ar.us TO: Ms. Heather Woodruff, Treasurer City of Fayetteville, Washington County FROM: Office of Fire Services DATE• August 7, 2000 SUBJECT: Insurance Premium Funds — Third Quarter 2000 W.R. "BUD" HARPER DIRECTOR Act 833 of 1991 provided insurance premium funds to certified fire departments and enclosed is the following check: $4,852.23 Fayetteville Fire Department • I am pleased that you are participating in this program and I know this money will make • • Arkansas a safer place in which to live. These funds are subject to audit and are to be used in accordance with Act 833 of 1991. Please sign this receipt, retain a copy for your files and return the original to this office. Office of Fire Services Arkansas Department of Emergency Management P. O. Box 758 Conway, AR 72033 Enclosure Fire Department's Authorized Representative Date AN EQUAL OPPORTUNITY EMPLOYER RECEilt r, AUG 0 9 2000 ctry OF FAVETrEV CfTyOLERK'S OFFICE • .4 r :wS THIS WARRANT VOID AFTER JUNE 30, 2002 uhitor. of., $tate of rkaneus To thie'State State Roc 01E-0093852 PAY TOME 0-1030ERt/F: • <, • SFP.? MOf r0 IF,CITY OF FAYETTEVILLE, TREAS FAYETTEVILLE -FIRE. DEPT ;CM001 ;. 6'20 12DX-I A�4' Yaucef•-- . .AC9OUNLNUMBER'r f101:iEREO IS UO n MEitart U' .w..... 0 eE.Em AND EEE curt MEASURER • li,MMENV SAW NUN TO IRE OODEI Of'1NE EOIEE OAT OF RUIN .O,EC6rtD O, K • •- k DO NOT BEND; FOLD OR MUTILATE :' I 19061611' 1:08 2007678i: 2 1009 38 5 211' Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit • Total Market Pct. Unit Annual Cur. Quantity Security Cost • Cost Price Value Assets Income Income Yield COMMON STOCK 2,000 Aluminum Co. of 19.92 39,844.00 19.77 • X39,540.00 0.4 0.600 1,200.00 3.0 America 2,750 Applied Materials 16.41 45,119.90 11.97 32,917.50 0.3 0.000 0.00 0.0 1,500 B.P. Amoco PLC 39.66 59,490.00 39.01 58,515.00 0.6 1.410 2,115.00 3.6 ADS 1,350 BankAmerica Corp. 70.94 95,769.00 70.05 94,567.50 1.0 2.560 3,456.00 3.7 2,000 Barrick Gold Corp. 17.32 34,640.00 16.45 32,900.00 0.3 0.220 440.00 1.3 3,250 Bristol Myers Squibb 27.29 88,692.50 23.59 76,667.50 0.8 1.120 3,640.00 4.7 1,440 ChevronTexaco Corp. 73.49 105,819.27 64.40 92,736.00 1.0 2.800 4,032.00 4.3 2,350 Citigroup - 37.12 87,225.67 34.38 80,793.00 0.9 0.800 1,880.00 2.3 3,000 Dell Computer 28.52 85,557.00 23.86 71,580.00 0.8 0.000 0.00 0.0 Corporation 2,125 Emerson Electric 48.03 102,073.75 46.93 99,726.25 1.1 1.570 3,336.25 3.3 3,000 ExxonMobil 31.09 93,271.76 34.15 102,450.00 1.1 0.920 2,760.00 2.7 1,350 Federal National 69.86 94,311.17 64.70 87,345.00 0.9 1.560 2,106.00 2.4 Mortgage Assn. 1,810 General Dynamics 79.09 143,154.20 66.14 119,713.40 1.3 1.200 2,172.00 1.8 2,750 General Electric 17.97 49,414.70 23.14 63,635.00 0.7 0.760 2,090.00 • 3.3 2,000 Genuine Parts 31.20 62,400.00 29.50 59,000.00 0.6 1.160 2,320.00 3.9 • 3,500 Intel Corp 16.12 56,407.50 15.70 54,950.00 0.6 0.080 280.00 0.5 1,000 Johnson & Johnson 38.66 38,661.00 53.61 53,610.00 0.6 0.820 820.00 1.5 1,000 Kraft Foods Inc. 36.64 36,644.52 31.85 31,850.00 0.3 0.600 600.00 1.9 2,040 L-3 Communications 47.30 96,488.50 44.77 91,330.80 1.0 0.000 0.00 0.0 Holdings Inc. 1,500 Lincoln National 34.38 51,570.00 32.25 48,375.00 0.5 1.340 2,010.00 4.2 Corporation - . 4,200 MBNA Corp. 19.67 82,628.00 16.83 70,686.00 0.7 0.320 1,344.00 1.9 2,215 Medtronic, Inc. 42.37 93,844.85 44.92 99,497.80 1.0 0.250 553.75 0.6 1,025 Merck 51.05 52,323.00 55.39 56,774.75 0.6 1.440 1,476.00 2.6 1,800 Microsoft Corp. • 57.27 103,084.96 47.46 85,428.00 0.9 0.160 288.00 0.3 3,000 NASDAQ 100 Index 26.30 78,900.00 24.44 73,320.00 0.8 0.000 0.00 0.0 3,000 Newell Co Inc 30.13 90,382.88 27.85 83,550.00 0.9 0.840 2,520.00 3.0 7,000 Oracle Systems 11.72 82,045.81 12.03 84,210.00 0.9 0.000 0.00 0.0 975 PepsiCo. Inc. 38.74 37,771.00 40.48 39,468.00 0.4 0.600 585.00 - 1.5 3,000 Pfizer 35.49 106,468.13 30.36 91,080.00 1.0 0.600 1,800.00 2.0 1,085 Procter & Gamble 81.23 88,137.82 85.57 92,843.45 1.0 1.640 1,779.40 1.9 1,500 Royal Dutch Petroleum 42.48 63,722.00 41.89 62,835.00 0.7 1.343 2,014.99 3.2 15,000 Standard & Poors 89.50 1,342,509.40 86.06 1,290,900.00 13.6 1.498 22,474.35 1.7 Depository Receipts 1,500 Walmart Stores 53.88 80,813.67 47.80 71,700.00 0.8 0.300 450.00 0.6 3,680 Werner Enterprises 19.82 72,925.51 18.29 67,307.20 0.7 0.080 294.40 , 0.4 3,842,111.48 3,661,802.15 - 38.6 70,837.14 1.9 REAL ESTATE INVESTMENT TRUSTS • 1,500 Colonial Properties 31.14 3,500 Pan Pacific Retail 34.47 3,500 Sun Communities, Inc. 36.64 • 46,710.00 120,645.00 128,255.02 295,610.02 32.34 36.60 34.75 48,510.00 128,100.00 121,625.00 298,235.00 0.5 1.4 1.3 3.1 2.660 2.000 2.320 3,990.00 7,000.00 8,120.00 19,110.00 82 5.5 6.7 6.4 LLONGER INVESTMENTS INCORPORATED A Registered Investment Advisor • Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit Total Quantity Security Cost Cost Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield PREFERRED STOCK 2,000 GenAm Inv Tax Cum 25.00 50,000.00 25.80 51,600.00 0.5 1.800 3,600.00 7.0 Pfd AAA(C6-23-03@25) 2,000 NAB Exch'ble PFD TR 25.00 50,000.00 25.60 51,200.00 0.5 2.000 4,000.00 7.8 Al/A (C 9-30-03@25) 100,000.00 102,800.00 1.1 7,600.00 7.4 PREFERRED DEBT SECURITIES 5,000 G.E. Preferred 6.10% 25.00 125,000.00 25.78 128,900.00 1.4 1.525 7,625.00 5.9 AAA/AAA (C 11-15-07) 6,000 G.E. Preferred 6.625% 26.69 160,140.00 26.84 161,040.00 .1.7 1.656 9,937.50 6.2 AAA/AAA (C 6-28-07) 3,000 Roch G&E 6.65% 26.30 78,893.10 27.25 81,750.00 0.9 1.662 4,987.50 6.1 AAA/AAA (C 6-20-07) AMBAC 364,033.10 371,690.00 3.9 22,550.00 6.1 TUAL FUNDS -EQUITY IIIP,268.9000 Artisan International 16.05 100,625.78 13.69 85,821.24 0.9 0.100 630.02 0.7 Fund 100,625.78 85,821.24 0.9 630.02 0.7 MUTUAL FUNDS -FIXED 3,000.0000 American Strategic 12.16 36,477.90 12.30 36,900.00 0.4 1.050 3,150.00 8.5 Income Portfolio III CALLS -15 General Dynamics February 70 Calls' -10 Merck February 55 Calls 36,477.90 36,900.00 0.4 3,150.00 8.5 1.27 -1,899.94 0.65 -975.00 0.0 1.95 . -1,946.93 1.60 -1,600.00 0.0 -3,846.87 -2,575.00 0.0 CORPORATE BONDS 50,000 General Motors 100.00 50,000.00 102.92 51,462.10 0.5 6.125 3,062.50 .6.1 Acceptance Corp. Monthly Pay A2/BBB (NC) 6.125% Due 01-18-05 30,000 Exxon Capital Corp. 99.72 29,917.00 108.51 32,553.69 0.3 6.000 1,800.00 6.0 Notes Aaa/AAA (NC) 6.000% Due 07-01-05 40,000 General Motors 100.00 40,001.00 104.10 41,640.23 0.4 6.625 2,650.00 6.6 • Acceptance Corp. Notes A2/BBB (NC) 6.625% Due 10-15-05 2 hiaLONGER INVESTMENTS INCORPORATED �I A Registered Investment Advisor • Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit Total Quantity Security Cost Cost • • Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 15,000 Gillette Company 99.78 14,967.00 108.32 16,247.29 0.2 5.750 862.50 5.8 Notes Aa3/AA- (NC) 5.750% Due 10-15-05 75,000 Wal-Mart Stores Inc. 98.44 73,831.00 109.46 82,095.14 0.9 5.875 4,406.25 6.0 AA2/AA (NC) 5.875% Due 10-15-05 25,000 Associates Corp. NA 99.66 24,914.00 110.03 27,507.80 0.3 6.375 1,593.75 6.4 Notes Aal /AA- (NC) 6.375%Due 11-15-05 50,000 Boeing Capital Crp 100.00 50,000.00 106.63 53,313.00 0.6 6.040 3,020.00 6.0 A3/A+ (NC) 6.040%Due 11-15-05 75,000 Aegon NV 99.51 74,629.00 112.34 84,255.67 0.9 8.000 6,000.00 8.0 Subordinated Note A3/A+ (NC) 8.000% Due 08-15-06 50,000 NationsBank Corp. 99.79 49,894.00 111.32 55,659.00 0.6 6.375 3,187.50 6.4 Subordinated Notes AA3/A (NC) 6.375% Duc 02-15-08 65,000 J.P. Morgan Chase 102.60 66,687.00 112.27 72,977.51 0.8 6.700 4,355.00 6.5 Bank A 1/A+ (NC) 6.700% Due 08-15-08 50,000 Bankers Trust NY 99.26 49,630.00 107.63 53,815.70 0.6 6.000 3,000.00 6.0 Corp Subordinated Notes A2/A (NC) 6.000% Due 10-15-08 25,000 First Union Corp. 93.78 23,446.00 109.05 27,263.55 0.3 6.000 1,500.00 6.4 Subordinated Debentures A I /A- (NC) 6.000% Duc 10-30-08 25,000 Pepsico Incorporated 97.49 - 24,373.00 110.49 27,622.82 0.3 5.700 1,425.00 5.8 Medium Term Note Al/A (NC) 5.700% Due 11-01-08 50,000 Hershey Foods Corp. 97.63 48,816.00 115.62 57,810.59 0.6 6.950 3,475.00 7.1 Notes Al /A+ (NC) 6.950% Due 08-15-12 50,000 Paribas New York 96.03 48,014.00 112.52 56,260.19 0.6 6.950 3,475.00 7.2 Branch Subordinated Notes AA3/A+ (NC) 6.950% Duc 07-22-13 60,000 Aetna Inc. Debentures 87.48 52,487.00 109.40 65,638.49 0.7 6.750 4,050.00 7.7 Aa2/A+ (NC) 6.750% Due 09-15-13 40,000 Bank of New York 97.07 38,828.00 102.09 40,836.36 0.4 7.125 2,850.00 7.3 Al/A Monthly Pay (C 9-8-03 @100, annually thereafter) 7.125% Duc 09-08-14 3 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor • Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit Total Quantity Security Cost Cost • Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 40,000 Bank of New York 100.00 40,000.00 101.16 40,464.20 0.4 6.500 2,600.00 6.5 Al/A Monthly Pay (C 9.19.04 @ 100) 6.500% Due 09-19-16 - 50,000 Bank America Corp 100.00 50,000.00 103.44 51,717.80 0.5 6.250 3,125.00 6.2 AA3/A Monthly Pay (C 2-15-05 @100, monthly thereafter) 6.250% Due 02-15-17 75,000 Merrill Lynch & Co. 99.26 74,442.00 107.88 80,912.84 0.9 6.500 4,875.00 6.5 Inc. Global Bonds AA3/A+ (NC) 6.500% Duc 07-15-18 50,000 National City Corp. 96.65 48,326.00 109.39 54,696.04 0.6 6.875 3,437.50 7.1 Sub. Notes A2/A- (NC) 6.875% Due 05-15-19 50,000 IBM Corp. Debentures 100.01 50,004.00 114.35 57,173.29 0.6 7.000 3,500.00 7.0 A 1/A+ (Subject to make whole call) 7.000% Due 10-30-25 50,000 Dell Computer Corp. 95.46 47,731.00 111.39 55,692.95 0.6 7.100 3,550.00 7.4 Debentures A3/A- (Subject to make whole call) 7.100% Due 04-15-28 Accrued Interest - 18,418.26 0.2 1,070,937.00 1,206,034.52 12.7 71,800.00 6.7 RESTRICTED FIXED INCOME 50,000 Enron Corp Senior 64.32 32,159.49 0.00 0.00 0.0 0.000 0.00 0.0 Notes CA/D 0.000% Due 02-07-21 32,159.49 0.00 0.0 0.00 0.0 GOVERNMENT BONDS 250,000 U. S. Treasury Note 100.28 250,703.13 101.56 253,906.25 2.7 3.250 8,125.00 3.2 3.250% Due 08-15-07 50,000 U. S. Treasury Bond 99.84 49,920.00 113.59 56,796.87 0.6 6.000 3,000.00 6.0 6.000% Due 02-15-26 50,000 U. S. Treasury Bond 100.01 50,004.00 107.12 53,562.50 0.6 5.500 2,750.00 5.5 5.500% Duc 08-15-28 50,000 U. S. Treasury Bond 98.95 49,474.00 103.59 51,796.87 0.5 5.250 2,625.00 5.3 5.250%Due 11-15-28 250,000 U. S. Treasury Bond 99.91 249,783.65 103.75 259,375.00 2.7 5.250 13,125.00 5.3 5.250% Due 02-15-29 Accrued Interest 12,957.81 0.1 649,884.78 688,395.31 7.3 29,625.00 4.6 • 4 LONGER INVESTMENTS INCORPORATED A Regislrrrd investment Advisor Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit Total . Market Pct. Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield GOVERNMENT AGENCY 500,000 Student Loan Mortgage 100.00 500,000.00 100.12 500,592.96 5.3 2.000 10,000.00 2.0 Associaton (Call 4-25-03 I X) 2.000% Due 04-26-04 250,000 Federal Home Loan 100.00 250,000.00 100.62 251,562.50 2.7 2.875 7,187.50 2.9 Mortgage Corp. (C 1X 9-26-03 @100) 2.875% Due 09-26-05 200,000 Federal Home Loan I00.00 200,000.00 100.69 201,375.00 2.1 3.000 6,000.00 3.0 Bank (C 10-7-03 @ 100, continuously thereafter) 3.000% Due 10-07-05 150,000 Federal Home Loan 100.00 150,000.00 102.85 154,267.64 1.6 4.210 6,315.00 4.2 Mortgage Corp. (C IX 9-13-04) 4.210% Due 09-I3-07 50,000 Tennessee Valley 98.95 49,474.00 109.35 54,674.84 0.6 5.625 2,812.50 5.7 Authority(NC) • 5.625% Due 01-18-11 50,000 Federal National 100.00 50,000.00 103.25 51,625.00 0.5 5.500 2,750.00 5.5 Mortgage Association Monthly Pay (C 2-23-04 @100) 5.500% Due 02-23-11 200,000 Federal Home Loan 100.00 200,000.00 99.97 199,937.50 2.1 5.080 10,160.00 5.1 Bank (C 10-3-03 @ 100, continuously thereafter) 5.080% Due 10-03-12 50,000 Federal National 100.00 50,000.00 100.53 50,265.62 0.5 5.500 2,750.00 5.5 Mortgage Association (continuously callable) 5.500%Due 10-11-12 150,000 Federal Farm Credit 100.00 150,000.00 100.91 151,359.37 1.6 5.000 7,500.00 5.0 Banks (C 10-15-04 @ 100, continuously thereafter) 5.000% Due 10-15-12 50,000 Federal Home Loan 100.00 50,000.00 102.20 51,102.35 0.5 6.250 3,125.00 6 2 Mortgage Corp (C 8-15-03 @100, CC) 6.250% Due 08-15-13 50,000 Federal Home Loan . 100.00 50,000.00 103.53 51,765.62 0.5 7.110 3,555.00 7.1 Mortgage Corp Monthly Pay(C 9-23-03 @100, CC) r 7.110% Due 09-23-14 5 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Ine. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 January 31, 2003 Unit Total Quantity Security Cost Cost Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 150,000 Federal Home Loan 100.00 150,000.00 101.69 152,531 25 1.6 6.000 9,000.00 6.0 Bank (C 9-26-03 @100, continuously thereafter) 6.000% Due 09-26-17 Accrued Interest - 20,669.56 0.2 CASH AND EQUIVALENTS Dividends Accrued Money Market 1,849,474.00 6,104.35 882,383.51 888,487.86 1,891,729.22 20.0 71,155.00 3.9 6,104.35 0.1 0.000 882,383.51 9.3 0.800 888,487.86 9.4 0.00 7,059.07 7,059.07 0.0 0.8 0.8 CERTIFICATE OF DEPOSIT 50,000 First USA Bank 100.00 50,000.00 101.13 50,566.35 0.5 7.350 3,675.00 7.3 Wilmington, DE AA2/NR (NC) FDIC -Insured 7.350% Due 06-02-03 • 50,000 American National 100.00 50,000.00 106.60 53,298.64 0.6 7.050 3,525.00 7.0 Bank & Trust Chicago, IL AA2/NR (NC) FDIC -Insured 7.050% Due 08-02-05 50,000 MBNA America Bank 100.00 50,000.00 105.93 52,967.50 0.6 6.550 3,275.00 6.5 Newark, DE A3/NR (NC) FDIC -Insured 6.550% Due 12-20-05 40,000 Capital One Bank FSB 100.00 40,000.00 104.02 41,606.84 0.4 4.900 1,960.00 4.9 • Falls Church, VA BAA I /NR (NC) FDIC -Insured 4.900% Due 02-20-07 Accrued interest 3,604.54 0.0 190,000.00 202,043.87 2.1 12,435.00 6.5 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 50,000 Men -ill Lynch Bank & 100.00 50,000.00 100.00 50,000.00 0.5 7.000 3,500.00 - 7.0 Trust Plnsboro, NJ NR (C 7-1-03) FDIC -Insured 7.000% Due 07-01-19 Accrued Interest 291.67 0.0 50,000.00 50,291.67 0.5 3,500.00 7.0 TOTAL PORTFOLIO 9,465,954.54 9,481,655.83. 100.0 319,451.24 3.5 • 6 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor • • • Longer Investments Inc. CONTRIBUTIONS/WITHDRAWALS City of Fayetteville Fire Pension and Relief Fund From 08-15-02 To 1-31-03 CONTRIBUTIONS WITHDRAWALS 10-09-02 Money Market 12-12-02 Money Market 12-18-02 Money Market 01-08-03 Money Market $0.00 $40,000.00 $9,000.00 $150,000.00 $73,000.00 ' 7 $272,000.00 'I A Registered Investment Advisor LONGER INVESTMENTS INCORPORATED •n rO CO W 04 NN 0.. CC WY0 • • • •• • C .n m N m a,- (V cJ "11 V, 0 h m O, o • •• • • • • • • • • • • &I r A 21.1 ..I 2 R M 2 2 R 2 us 00 00 0 N h. CC Q 0 W I OC COW 00 Op 0.N. 0O CO 0 N1 IN. 0 1-4 61 N. N.I.. 4' m M CO IW .01•04 I� 1 1 W� W I.- N- 0 0 CO Ca N• NPI TEM -TO•DBTE: 00� ¢ a a :a 0 L CJ 0 tJ V' h- II H0 v.0 en0 CAO. II CACI CAO r�tt w��Q���0 �H O��-1 q M� G t p It yr. I ' I v C 11 I um 11 11 M• 11 PI 11 0 11 O it I P. II .I 0 ,I 'PP ! II G PP Wx iii: 1. a rta 11 C h-• 11 ••1. di W 11 0 a M ca -i 11 �b .On n II ILIII w KC 11 04 I !di MI 11 0. ' C. 0 II 0 O L N 1, "4' ''• • 0 II n . I 01 i0.! II a 0I N 01 0111 Va a O. d 11 .... 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Nen Uari4Sgstens 4.: ALIUEa FINANCIAL MANAGEMENT DATE1:34:iF NWT TLUE 11NWT PERF�3RMANCE RREMIT Ti3>E Month End Date: 12/31/2002 ! i 4-Y' 1- ! -^xcl a CCI 004.o J I1 Mmi.g.4 T7.. W 1 • a uc V 0.^ CS W 4• CZ C 41 a II 4M' W W X4 Q� N 1 ••• W W a C 44n 0'^ G W 1C Q.• 1- * COC, 01 00.4 xII • CC cc0 C Y r Y .O11 CA Ca W S! II nt ii II It III II 0 n II II II IIms. II it it 11 II 115 III II.. 11 1t II II II 1I II 11 II II 11 0 11 11 11 0 0 II 11 11 II 11 II 0 0 li 0 n 0 11 11 Y., 0 h 0 0 11 11 11 ! •I I 0 ! 0 11 11. 11 11 1 1 11 II 11 11 1 1 1 11 1 II C II N11N G II b II 3L. II I 11 0' 11 0II . 11 1!1 It 1 11 W II CO 11 •1 11 11 a 11 C II 711 11 i i m a 41 TC W G J� 4 0' M • LA. 1 O 0 0 P. Co 0 N } • 4 1 : I 1 it ii :I Y a 6 '0 w. 'a Iv •'_ Il. eM M L a ++ c I CO N W 3C l 0 IM lv.` IM 1.1 46a 80 ..J W M CO l..l 1.:1 is ' ! 1 0. n 1'.d 5 :.0-0 v N ...1H Cbl Y^bi CZ 1-J f.11... L41O .N fa ]C<T.IM1'W'OM1.`1 b 11 91 0 y '1 u• MI l O mal W SC W Ca WI Ir 40 0 Ca Cr) 'l ri v ✓] ....Ii- •'i'• 1— 0 Y• ✓• C V i•• CO tb — __ .. `�< - -- .o n"-_ CO CI - f f. NN f .- C �� S m r' g N p 0 A 1, 2 2 A iR m i� `� a �� S '$ @ B e " m N� f N N N �i�l ill = a a a a a a f am.+" • • • r'/ A ASIIILAND MANAGEMENT INCORPORATED NEW YORK TELEPHONE: (212) 425-2803 NEW YORK FACSIMILE: (212) 425-6026 Mr. Richard Yada Assistant Vice President Merrill Lynch "2200 Rodney. Parham Suite 300 Little Rock, AR 72212 COPY DO NOT PAY One ✓)i alter G a4eh GJ'laza, �eus'i 10004-1405 December 4, 2002 Invoice for Investment Advisory Fees Fayetteville Fire Pension and Relief Fund Account if: 563-05G88 • .Prior Billing Outstanding Quarter Ended 06/30/02 Period Ended 08/12/02 Total Investment Advisory Fees Due $3,689.10 $2,462.62 $6,151.72 Please submit payment via wire transfer, with an email acknowledgment to dgiannini@ashmgmt.com, instructions as follows: To: HSBC Bank ABA No. 021001088 .•••1 Credit: a.Ashland Management Incorporated A/C No: 001-66624-0 Alternatively, you may mail your payment to Ashland Management Incorporated, One Battery Park Plaza, 26th Floor, New York, N.Y. 10004-1405. If you have questions with respect to this billing, you may contact your Portfolio Manager or call Ashland Management Accounting Dept., Toni Maltese, 212-425-2803. cc: Heather Woodruff City Clerk City of Fayetteville RECEIVED DEC 0 9 2002 CITY IT/ CLERK'S OFFICE • • w • rm r•r•m �• fD W m LC C rr nA n O C7 f1D C • n C tD rT r ro CD r O r W 4 �° D E n ' n 0 ry r n0 C A a w C -4wrorrP t-1 '+ V M C CD O t0 m Id" fo r• n 00 t a 1-4 fD 1• 0 1 • till v st bor a, sti k g R3 as" - 34. 1111 !96 e I 1 eX11 ' E 10:! g �r ti -N; aNg Ste lesm la=g ^ y 41111111 8 5{' 0m4 RI ro. m,a . j.Tj]j1Ijj 11111 11111: 43 1IIIIiI!1II 411ff11111 y +�. aD %�� +�$.�4y2� 418 $ 8y $' 15 ;88a g iro y'C' e'sT g' sons _ 11 -aY`�aama ,'g �., '� �p y� 8$Y a ' m U 2 11111111111! .a �T9ir p ,Yr1 '�" 7 k\ E/10 . . 0gg1 seeMl '1gg$24�caEu I' •e,g9�+��veat esaE5��11 flY ilk BE 9 t' safe95`27 eti m m 9$a `n 5s �`6 a a, .s5,s 5 z..ma Sr.� TS a ' arta ti '" a5 .54 Cld 98 lit I A S 811 F -ill t �'� � b 5' � r S -13 yy 5m 9e t fi *Ili . gm ill' fsjys 8,go35gvo 8bi.e a �i' a p o5 Y' a 9 9 9 0 5 $ 0 Pi; g 134-4 faa WAS! m ymo uC eat, A2;9r Choi io S Y u. rd -lilt 121144 15 11'S S 9841 � ifki2i111111E1101 lei 3 g 0 Sl $a �. r:7 to .�5 �,�' q� 8$ ¢ nor �p at4 c r �a r <! e x o,o p E�2 r a e6 1081.'. WWI tEh r t 82Evogltg1 5oiE az � ja K �U g h. Q5 &� e., nt9: $e ae�.E <a s gg mg =El 5 $' ��rsim 509 �� �E g 7e' `059 �1�E9�8$�'ciy�'��m5_�v$ i� g a a C aeo {C a�as ;Mill � to .5' . m$V� OR 9 ._ e V ^ b o .. o $0I a,aa4 .:.Eeg 12/26/2002 11:47 4794437129 2002 (08/15/02 - 12/23/02) • LONGER INVESTMENTS City of Fayetteville Fire Pension and Relief Fund Lreeotiorr-to-Date Dow Jones Industrial Average S&P 500 (cash basis) Performance Summary December 23, 2002 E -3.8% -3.4 °/n -3.5% Equity Mutual Fund -12.8% 8 0 PAGE 01 Fixed -Income Total 3.5% -0.8'%u LONGER INVESTMENTS INCORPORATED A kn1i<t rni lavoYptnrl ,1ili' pr 12/26/2002 11:43 •A • • 4794437129 LONGER INVESTMENTS INCORPORATED A Registered lmrumnd Advisor ATIENTI FAX NUM FROM: DATE: ON: BER: If there is a The flambe LONGER INVESTMENTS PAGE 01 FAX COVER SHEET Fax Number: (479) 443-7129 11€` fls Cooper {2421 o2— problem with this transmission, please call (479) 443-5851. r of pages in this transmission (including cover page) is: I!O. Box II(9 1IpTh ifla Art.myp 7270! tirrho u: SOl.J113d51, Toll/rm A(717-$27.7? 117 • far 501-44.1-7129 111/17!41(: Innlllorylfriwoull 12/26/2002 11:43 • Quantity Security 4794437129 LONGER INVESTMENTS Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 December 23, 2002 COMMON STOCK 4,500 Aluminum Co. of America 2,750 Applied Materials 1,500 H.P. Amoco PLC A.D.S. 3,500 Barrick Gold Corp. 2,000 Biogen, Inc. 3.250 Bristol Myers Squibb 2,335 Ccmer Corp. 1,440 ChcvronTcxaco Corp. 2,350 Citigroup 2,125 Emerson Electric 3,000 ExxonMobil 1,000 Federal National Mongage Assn. 1,510 General Dynamics 3,000 General Electric 4,100 Home Depot 3,500 Intel Corp 1,325 Johnson & Johnson 2,000 KLA Tcncor Corp 1,900 Kraft Foods Inc. . 1.865 L-3 Communications Holdings Inc. 2,215 Medtronic, Inc. 1,025 Merck 1,500 Microsoft Corp. 6,000 NASDAQ 100 Index 2,750 Newell Co Inc 2.000 Newmont Mining Corporation 4,000 Oracle Systems 1.300 PepsiCo. Inc. 2,750 Pfizer 1,085 Procter & Gamble 1,500 Royal Dutch Petroleum 15,000 Standard & Poors• Depository Receipts 2.000 Staples, Inc. 1,150 Sun Micru,systcros 2.500 Sungard Data Systems 1,000 Sysco Corporation 1,500 Walman Stores 2,570 Werner Enterprises • Unit Cost 24.17 Total Cost 108,769.00 Price Market Value PAGE 02 Pct Unit Annual Cur. Assets Income Income Yield 23.42 105,390.00 1.1 0.375 16.41 45,119.90 13.94 19.66 59,490.00 40.45 17.32 32.89 27.29 35.53 73.49 37.12 48.03 31.09 71.08 82.09 19.87 30.09 16.12 41.18 31.34 38.41 47.79 42.37 51.05 57.45 26.45 30.18 2812 11.56 41.33 39.47 81.23 42.48 89.50 13.23 . F.33 22.45 18.69 53.88 19.81 REAL ESTATE INVESTMENT TRUSTS 1,500 Colonial Properties 31.14 3,000 Pan Pacific Retail 3429 • 60,620.00 65,776.80 88,692.50 82,969.31 105,819.27 87,225-67 102,073.75 93,271.76 71,084.17 123,949.20 59,61770 123,369.00 56,407.50 54,568.53 62,682.41 72,980.94 89,127.00 93,844.85 52,323.00 86.170.04 158 730.00 82,990.38 57,640.00 46,238.40 53,728.22 108,542.07 88,137.82 63,722.00 1,342,509.40 26,460.00 9.581.00 56,130.20 18,685.56 80,813.67 50,91141 4,090,774.43 46,710.00 102,870.00 15.81 42.24 23.52 29.99 66.77 37:68 49.72 35.75 66.42 78.89 25.73 24.45 17.21 54.50 37.49 39.07 46.25 47.23 56.65 54.00 25.67 31.46 29.60 11.06 41.74 31.17 87.69 43.94 90.02 18.45 2.96 24.35 29.85 49.59 21.99 38,335.00 04 0.000 60,675.00 0.6 1.410 55,335.00 84,480.00 76,440.00 70,026.65 96,148.80 88,548.00 105,655.00 107,250.00 66,420.00 119,123.90 77,190.00 100,245.00 60,235.00 72,212.50 74,980.00 74,233.00 86,256.25 104,61445 58,066.25 81,000.00 154,020.00 86,515.00 59,200.00 44,240.00 54,262.00 85,714.75 95,143.65 65,910.00 1,350,300.00 0.6 0.9 0.8 0.7 1.0 0.9 1.1 1.1 0.7 1.2 0.8 1.0 0.6 0.7 0.8 0.8 0.9 1.1 0.6 0.8 1.6 0.9 0.6 0.5 0.6 0.9 1.0 0.7 13.8 36,900.00 0.4 3404.00 0.0 60,875.00 0.6 29,850.00 0.3 74,385.00 0.8 56,514.30 0.6 4,120,093.50 42.2 0.200 0.000 1.120 0.000 2.800 0.720 1.570 0.920 1.080 1.200 0.720 0.240 0080 0.820 0.000 0.600 0.000 0.160 1.440 0.000 0.000 0.800 0120 0.000 0.600 0520 1.640 1.343 1.455 0.000 o.000 0.000 0.440 0.300 0.080 34.17 51,255.00 0.5 2.640 36.72 110,160.00 1.1 1.900 1,687.50 1.6 0.00 0.0 2,115.00 3.5 700.00 0.00 3,640.00 0.00 4,032.00 1,692.00 3.336.25 2,760.00 1,080.00 1,81200 2,160.00 984.00 280.00 1,086.50 0.00 1,140.00 0.00 354.40 1,476.00 0.00 0.00 2,200.00 240.00 0.00 780.00 1,430.00 1,77940 2,014.99 21,828.30 0.00 0.00 0.00 440.00 450.00 205.60 1.3 0.0 4.8 0.0 4.2 1.9 1.2 26 1.6 1.5 2.8 I.0 0.5 1.5 0.0 1.5 b.o 0.3 2.5 0.0 0.0 2.5 0.4 0.0 1.4 1.7 1.9 3.1 1.6 0.0 0.0 0.0 1.5 0.6 0.4 61,703.94 13 3,960.00 7.7 5,700.00 5.2 LONGER INVESTMENTS INCORPORATE[ it RnristoriI 1uvrrbun,J AJria,r 12/26/2002 11:43 • 4 7944 371 29 LONGER INVESTMENTS Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTA 6-18-86 December 23, 2002 Quantity Security 3,500 Sun Communities, Inc. PREFERRED STOCK 2,000 GenAm Inv Tax Cum Pfd AAA(C6-23-03@25) 2,000 NAB Exchble PFD TR AI/A (C 9.30-03@25) PREFERRED DEBT SECURITIES 5,000 G.E. Preferred 6.10% AAA/AAA (C 11-15-07) 6,000 G.E. Preferred 6.625% AAA/AAA (C 6-28-07) 3,000 Roch CAE 6.65% AAA/AAA (C 6-20-07) AMBAC • MUTUAL FUNDS -EQUITY 6,268.9000 Artisan International Fund MUTUAL FUNDS -FIXED 3,000.0000 American Strategic Income Portfolio 111 CORPORATE BONDS 50.000 General Motors Acceptance Corp. Monthly Pay A2/BBB (NC) 6.125% Due 01 -18-05 30.000 Exxon Capital Corp. Nolen AaNA AA (NC) 6.000% Duc 07-01.05 40,000 General Motors Acceptance Corp. Notes A2/BBB (NC) 6.625% Duc 10-15-05 15,000 Gillette Company Notes Aa3/AA- (NC) 5.750% Due 10-15-05 • Unit Total' Market Pct. Unit Cost Cost Price Value Assets Income 36.64 128,255.02 36.74 128,590.00 1.3 2.320 277.835.02 290,005.00 • 25.00 . 50,000.00 25.76 51,520.00 0.5 1.800 25.00 . 50,000.00 25.40 50,800.00 0.5 2.000 PAGE 03 Annual Cur. Income Yield 8,120.00 6.3 3.0 • 17,780.00 6.1 100.000.00 102.3 20.00 1.0 25.00 125,000.00 25.40 127,000.00 1.3 1.525 26.69 160,140.00 26.57 159,420.00 1.6 1.650 26.30 78,893.10 26.13 78,390.00 0.8 1.662 364,033.10 364,810.00 . 3.7 16.05 100,625.78 14.64 91776.70 0.9 0.100 100,625.78 91,776.70 0.9 12.16 36A77.90 .1 1.88 35440.00 0.4 1.050 36.477.90 35,640.00 3,600.00 7.0 4,000.00 7.9 7,600.00 7.4 71625.00 6.0 9,900.00 6.2 • 4,987.50 6.4 22,512.50 6.2 630 02 0.7 630.02 0.7 3,150.00 8.8 0.4 3,150.00 8.8 100.00 50,000.00 102.54 51,271.29 0.5 6.125 99.72 29,917.00 108.58 32,575.02 0.3 6.000 100.00 40,001.00 102.52 41,007.32 0.4 6.625 99.78 14.967.00 108.32 16,248.48 0.2 5.750 2 3,062.50 6.1 1,800.00 6.0 2,650.00 6.6 862.50 5.8 LONGER INVESTMENTS INCORPORATED A Nn)i.4nrrl brv,Anunl Abhor • 12/26/2002 11:43 • Quantity • 75,000 25,000 50,000 75,000 50,000 65,000 50,000 25,000 25,000 50,000 50,000 60,000 40,000 40.000 Security 4794437129 LONGER INVESTMENTS Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 December 23, 2002 Wal -Man Stores Inc. AALAA (NC) 5.875% Duc 10-15-05 Associates Corp. NA Notes Aal/AA- (NC) 6.375% Due 11-15-05 Boeing Capital Crp A3/A+ (NC) 6.040% Due 11.15-05 Aegon NV Subordinated Note A3/A+ (NC) 8.000% Due 08.15-06 NationsBank Corp.. Subordinated Notes AA3/A (NC) 6.375% Due 02.15-08 J.P. Morgan Chase Bank A I/A+ (NC) 6.700% Duc 08-15-08 Bankers Trust NY Corp Subordinated Notes A2/A (NC) 6.000% Due 10-15-08 First Union Corp. Subordinated Debentures Al/A- (NC) 6000% Due 10-30-08 Pepsico Incorporated Medium Term Note A 1/A (NC) 5.700% Due 11-01-08 Hershey Foods Corp. Notes Al/A+ (NC) 6.950% Due 08-15-12 Paribas New York Branch Subordinated Notes AA3/A+ (NC) 6.950% Due 07-22.13 Aetna Inc. Debentures Aa2/A+ (NC) 6.750% Due 09-15-13 Bank of New York A I/A Monthly Pay (C 9-8-03 ®100, annually thereafter) 7.125% Due 09-08-14 Bank of Ncw York A 1/A Monthly Pay (C 9-19-04 r@ 100) 6.500% Due 09.19-16 Unit Cwt Total Cost Price 98.44 73,831.00 109.51 99.66 100.00 99.51 24,914.00 109.49 50,000.00 106.34 74.629.00 113.41 Markel Value • Pct. Unit Assets Income 82,132.05 0.8 5.875 27,372.15 0.3 6.375 53,167.89 0.5 6.040 85,059.37 0.9 8.000 99.79 49,894.00 111.57. 55,784.80 0.6 6.375 102.60 66,687.00 112.50 ' 73,123.56 0.7 6.700 99.26 49,6+30.00 107.80 53,898.19 0.6 6.000 93.78 23,446.00 109.07 27,268.65 0.3 6.000 PAGE 04 Annual Cur. Income Yield 4,406.25 6.0 1,593.75 6.4 1,020.00 6.0 6,000.00 8.0 3,187.50 4,355.00 6.5 3,000.00 6.0 1,500.00 6.4 97.49 24,373.00 108.82 27,204.92 0.3 5.700 1,425.00 5.8 97.63 57,917.34 0.6 6.950 . 3,475.00 7.1 56,349.14 0.6 6.950 3,475.00 7.2 96.03 87.48 48,816.00 115.83 48,014.00 112.70 52.487.00 108.54 97.07 38,828.00 102.38 65,122.73 0.7 6.750 40.953.96 0.4 7.125 100.00 40/100.00 10117 40,467.88 0.4 6.500 4,050.00 7.7 2,850.00 7.3 4 • 2,600.00 6.5 LONGER INVESTMENTS INCORPORATED A l(rUtvlrnrl lrrt451rnprl A,Ivisrn 12/26/2002 11:43 Quantity Security 4794437129 LONGER INVESTMENTS Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund U/A DTD 6-1846 December 23, 2002 Unit Cost 50,000 Bank Americo Corp 100.00 AA3/A Monthly Pay (C 2-15-05 Q100, monthly thereafter) 6.250% Due 02-15.17 75,000 Merrill Lynch & Co. 99.26 74.442.00 105.70 Inc. Global Bonds AA3/A+ (NC) 6.500% Due 07-15-18 50,000 National City Corp. 96.65 , 48 326.00 107.55 Sub. Notes A2/A- (NC) 6.875% Duc 05-15-19 50,000 IBM Corp. Debentures 100.01 50,004.00 111.93 A 1/A+ (Subject to make whole call) 7.000% Due 10-30.25 50,000 Dell Computer Corp. 95.46 47,731.00 106.10 Debentures A3/A- (Subject to make whole call) 7.100% Duc 04-15-28 Accrued Interest Total Cost Price Market Value 50,000.00 103.53 51,765.40 RESTRICTED FIRED INCOME 50,000 Enron Corp Senior Notes CA/D 0.000% Duc 02.07.21 GOVERNMENT BONDS 250,000 U. S. Treasury Note 3.250% Due 08-15-07 50,000 11 S. Treasury Bond 6.000% Due 02-15-26 50,000 U. S. Treasury Band 5.500% Due 08-15.28 30,000 U. S. Treasury Bond 5.250%Due 11.15-28 300.000 U. 5. Treasury Bond 5.250% Due 02-15.29 Accrued Interest • • 62.26 100.28 99.84 100.01 98.95 99.91 1,070,937.00 31,130.00 0.00 31,130.00 250,703.13 101.69 49,920.00 112.72 50,004.00 106.09 49A74.00 102.53 499 567.30 102.62 899,668.43 GOVERNMENT AGENCY 500,000 Student Loan Mortgage 100.00 500,000.00 100.12 Associaton (Call 4-25-03 I X) 2.000% Due 04-26-04 • 4 • 79,271 47 53,774.70 55,966.95 53,048.19 16298.06 PAGE 05 Pct. Unit Annual .Cur. Assets Income Income Yield 0.5 6.250 3,12500 6.2 0.8 6.500 . 4,875.00 6.5 0.6 6.875 3,437.50 7.1 0.6 7.000 3,500.00 7.0 0.5 7.100 3,550.00 7.4 0.2 1,197,649.50 12.3 71,800.00 6.7 0.00 0.0 0.000 0.00 0.0 000 p.0 - 0.00 0.0 254,218.75 2.6 3.250 8,125.00 3.2 56,359.37 0.6 6.000 3,000.00 6.0 53,046.87 0.5 5.500 2,750.00 5.5 51,265.62 0.5 5.250 2,625.00 5.3 513,125.00 5.3 5.250 26250.00 .5.3 14,450.14 0.1 942 465.77 9.6 42,750.00 4.8 500.610.43 5.1 2.000 10,000.00 2.0 LONGER INVESTMENTS INCORPORATED A Kn)isinrd Imrs11 Advisor -