HomeMy WebLinkAbout2006-02-23 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
February 23, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM
on February 23, 2006 in Room 326 of the City Administration Building
1. Approval of the Minutes:
• January 26, 2006 Meeting Minutes
2. Approval of the Pension List:
• March, 2006 Pension List
3. Old Business:
• NCPERS Conference Travel Initialization Form for Pete Reagan
• Kim Skelton Proof of Enrollment has been received.
4. New Business:
• Longer Investment - Approval of the January 31, 2006 Equity Overage of 54.1%.
• Elections: Elected by position or the top two with the majority votes.
• Non-Return of Affidavits
5. Longer Investments:
• Report
5
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 26,2006
Page 1 of 6
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
January 26, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
11 :00 AM on January 26, 2006 in Room 326 of the City Administration Building.
Marion Doss called the meeting to order.
Present: Marion Doss, Danny Farrar, Dennis Ledbetter, Pete Reagan, Sondra Smith, Trish
Leach Accounting Department, David Whitaker Assistant City Attorney, Fire Chief Tony
Johnson, and Elaine Longer and Kim Cooper Longer investments.
Absent: Mayor Coody and Ronnie Wood.
Approval of the December 29, 2005 Meeting Minutes
Danny Farrar moved to approve the. December 29, 2005 meeting minutes. Pete Reagan
seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and Ronnie
Wood were absent.
Approval o_f_the Revised January, 2006 and February, 2006 Pension List
Pete. Reagan moved to approve the Revised January, 2006 and February, 2006 pension list.
Dennis Ledbetter seconded the motion. Upon roll call the motion passed 5-0. Mayor
Coody and Ronnie Wood were absent.
New Business:
Kim Skelton College Enrollment Letter:
A copy of the letter asking for proof of enrollment from Kim Skelton was given to the Board.
Parking Permits:
2006 parking permits were given to the Board.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 26,2006
Page 2 of 6
NCPRES Annual Conference:
Sondra Smith: If anyone is interested in going to the NCPRES Conference we need to get that
process rolling.
Pete Reagan: I would sure be interested in going and I would encourage whoever else is
interested to go. This is the top public pension monitoring in the nation. They have offices in
Washington, D.C., they lobby Congress to make sure that our pensions stay as a defined benefit
plans rather than a defined contribution, which is the main thing right now, and that social
security is also available.
Sondra Smith: If you are interested in going we will need-to complete a travel initialization
report like we did last year.
Marion Doss: It sounds to me like Pete is volunteering to go and if he wants to go I am all in
favor of it.
Pete Reagan: It is very educational.
Danny Farrar: What was our cost for the last one?
Sondra Smith: I think it was around $3,000 with the room, airline ticket and everything.
Danny Farrar moved to send one pensioner to the 2006 NCPERS Conference. Pete Reagan
seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and Ronnie
Wood were absent.
Added to New Business:
Elections:
Pete Reagan: The way we conduct our elections, I would like to see that revamped in a more -
democratic manner. I think we should have Positions on this Board. Right now the way we do it
we have two positions open every year and the way we do our ballots the top two vote getters are
the two that sit on the Board. So, actually when you vote for yourself and somebody else you
are actually voting against yourself. I think there needs to be Positions and someone needs to run
for each position on the Board.
Marion Doss: I am not sure that it didn't use to be that way. A long time ago I think we may
have had Positions. I think taking the top two evolved after it got hard to get people to run and to
serve.
Sondra Smith: I think the way we are doing it is according to State law. The law says we have
to do it by secret written ballot every year.
David Whitaker, Assistant City Attorney: I will check into that.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 26,2006
Page 3 of 6
Pete Reagan: The secret ballot is the way the elections are run. We had an instance last year
where a Board member wanted to stay on the Board and he ran for that position and he was beat
by one vote. That was actually his vote if he voted for two people on that ballot. The ballot says
to vote for two, so he actually beat himself by voting that way.
Sondra Smith: But his other vote could have been for someone else other than the person that
beat him.
Pete Reagan: That's true.
Marion Doss: You might research it for us.
David Whitaker: My guess is that the law is probably silent on the difference between
choosing the top two or to have defined positions but I will double check it for you. When it is
silent like that it means you have the discretion to adopt it as a procedure.
Sondra Smith: I don't think it does say that it has to be the top two.
Marion Doss: I don't think it does either.
Sondra Smith: I will probably send the nomination letters out in March.
Pete Reagan: So we can do this at the next meeting and be fine. Also what happens when you
have no more active members at the Fire Department, who fills that position.
Sondra Smith: It becomes a retired position.
Marion Doss: It is a retired person.
Sondra Smith: It also says that if Danny is not willing to serve he does not have to serve; it
reverts to the next highest ranking person at the Fire Department who is a part of this plan.
Longer Investments Report:
Elaine Longer, Longer Investments: Page 1 is the December 31, 2005 cut off report. It shows
where you closed the year on the portfolio appraisal. You equities were right at 50% which
includes domestic equities of 45.5% and international of 4.5%. The fined income makes up the
rest of the 50% of portfolio so that at the end of the year your total was, $9.57 million. The
income on the account which is the dividends and interest that come in regardless of what the
stock market did is $319,000 which is on page 5. That compares to $298,000 on September 30,
2005 so in the 4a' quarter as interest rates spiked up we started to roll some of our shorter
maturity lower coupon bonds into higher coupon, higher interest. So the overall income yield on
the portfolio has gone up from 3.4% to 3.6%. That's including all of your stocks.
Page 6 we included an update which was through January 2&, as of yesterday the stock is up
about 1.25% to 1.50% year to date. So we have had abetter start this year than the way that we
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 26,2006
Page 4 of 6
closed last year. It has been a rocky start to the earnings season, we were up about 3.5% and
tagged about 11,000 and then we had some bad earnings from Intel, IBM, General Electric,
Apple, most of it was not so much the earnings as the guidance going into the next quarter and so
the market pulled all the way back off to about 10,650. It is sorting through all this today, we
had great earnings off Caterpillar, Sony and some other companies and so the market is up about
97 points. We are in that process of digesting the 0 quarter earnings, it is a little bit rocky but it
does have a better tone to it than last year. Page 6, 7, 8 and 9 is just your update as of January
20th.
Page 11 you will see realized gains and net income. Last year realized gains were $327,000 and
net income was $225,000. Page 12 has your largest holdings we did sell Johnson and Johnson
on disappointing earnings this week because they came out and their earnings were a little bit
light. They made their earnings number but it was only because of the change in their tax rate,
so if you remove that their earnings were actually light by about six cents a share. They also lost
out on the Guidant deal so that was something that could have helped their growth rate going
forward but since they lost on acquiring Guidant so they don't have enough growth going on in
the pharmaceutical area. We have swapped out of that and gone into Medtronic's and Abbott.
Morgan Stanley, Horne Depot, Disney and Citigroup, those are your top holdings. As a percent
of equity portfolio you can see that most of the full positions are about 3.5% and by policy we
can go to 5%.
On page 13 we have summarized the industry and sector allocations whether or not we are over
or underweighted versus the S&P 500. We have written a lot about the over leveraged consumer
in our newsletters and we have talked a lot about it in our meetings but we are still heavily
weighted on the capital goods _sector of the economy. Corporate America is in better shape.
financially than households are. We are seeing that in some of the earnings reports. We are
overweight the capital goods and we .are underweight both consumer cyclical, which would be
things like autos, furniture and home furnishings and underweight the consumer non-cyclical as
well. We are overweight on energy as we were all through last year and about equal weight on
services and financial. The biggest disparity we have with the index is that we are light the
consumer and more heavily positioned to benefit from corporate America's capital spending.
Page 14 you have your contributions and distributions from inception to date, from August of
2002. The contributions have been about $622,000 and total distributions have been $2.99
million.
Last year the markets were fairly flat the Dow closed down .06% and that was the first negative
closing the DOW has had since 2002. The NASDAQ was up about 1.3% the S&P was up about
3%. So it was a fairly flat market in the US stock market, the international funds that you have
were up over 20%. That did help so that the combined equity return was a little better than the
domestic return. The fixed income was up only 2.3% and that's because of the fact in a rising
interest rate environment like what we have now the price of your bonds goes down. So, you
still earn that 5% or 6% that we have locked in on the bonds but the price decline offsets the
interest income so that as we mark to market at the end of the year the total return is 2.3%. It
doesn't take away from the fact that you have about 5% locked in in your bond portfolio. Your
total return was 1.6% and your annualized return inception to date is still at approximately that
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 26,2006
Page 5 of 6
6%. Your annualized return on the equity side is 8.3%. That compares well to the indices, the
DOW with dividends is 8.3%, the S&P is about 9.1%, the Salomon Brother Treasury index has
annualized 3.6% and your bonds have annualized 3.9% after expenses. It was-.a bit of a flat year
but the annualized returns are still in there where they should be. We have been talking for years
about the expected return in the stock market being about 7%. So if you look at how the returns
have been you can see that you do have an out size year on occasion like 2003 followed by just
sort of an average return year followed by a flat year. We are still using projections of
approximately 7% average annual return in our retirement accounts that we run for clients. The
way that that happens in the stock market some years you get three years worth of return and
some years it is like last year.
At the bottom of Page 15 you will see that the beginning value was $9.9 million and the ending
value is about $9.5 million. The net distributions have been about $2.2 million net of
contributions and the investment return has been approximately $1.89 million. The distributions
net of contributions and investment return have been just a little bit more about $300,000 or
more since inception.
We are still operating on the authorization that we can be up to 55% on equities although we
closed the year closer to 50%. As we get into this earnings season we will probably be back up
over 50%.
Pete Reagan: I think that we should have been over energy. Do you foresee that through the
next year or two years, with energy prices as high as they are?
Elaine Longer: The energy sector we came into last year with the majors plus we had some of
the more aggressive plays. As the energy stocks performed last year we peeled off some of the
more volatile entities and we are left with the ones that pay the real strong dividend yields and
are more of the boring part of the sector. Then we have the energy partnership which yields
about 6.25% on the payout yield. We have kept the ones that have the good strong dividend
income and we have sold the more volatile components but we are still slightly overweight. The
S&P is about 9% energy and we are about 12.75%. I still feel pretty safe there because energy is
pulling back quite a bit today but you still have a situation of crude is probably not going to go
below 50.
Supply is so constrained right now compared to worldwide demand that the slightest spark into
that tinder box and you are going to have a fire. It is stretched and so I really think that you have
to have a real good weighting in the portfolio with energy. It is kind of like the hedge on the
unknown. The areas of the world where the unknown can happen are pretty.much going to cause
the price of energy to go higher. As we get a good pull back in energy we will probably be
adding to it, because we took profits at a good point last year, that's where a lot of your realized
gains came from. I thought they were getting a bit too extended. When the party hats start
coming out of the closet I start, getting nervous. So we did take some chips off the table but I
would look at increasing exposure if we got a real good play back.
Dennis Ledbetter: What effect is this big cut back by Ford going to have?
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January26,2006
Page 6 of 6
Elaine Longer: It affects the auto stocks in particularly. There are a lot of industries tied to
auto which you are seeing those repercussions also like the auto parts companies. It is pretty
isolated as a sector of the economy you have no exposure there, it is not really affecting the
portfolio performance and so it is not big enough to effect the overall economy. My concern is
the 30,000 people that are being laid off and are going to have a difficult time finding jobs with
healthcare benefits and pensions. Because more and more of those kind of jobs are not available
in our economy unless you have a college education and you are in the technology area or the
services area like banking. The manufacturing base that provided so many of those jobs with
benefits and pension is more and more being outsourced to cheaper labor countries. I think this
is just another indication that our pricing structure in a world economy for manufacturing is still
too high. The combination of General Motors and Ford is going to be about 60,000 jobs cut and
jobs that are hard to replace.
Meeting was Adjourned at 11:50 AM.
FIREMEN'S RELIEF AND PENSION
March
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF AUGUST. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
Act 1373
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 5,438.22 300.00 100.00 1,412.74
177 4/04 BACHMAN, EDDIE 2,618.55 7,855.65 479.27 119.82 2,019.46
74 3/86 BAIRD, JULIA 1,802.08 5,406.24 350.00 145.00 1,307.08
2 3/75 BLACKARD, PAUL 109.27 327.81 109,27
63 5f72 BOLAIN,ANN 10927 327.81 10927
68 7/99 BONADUCE, MICHAEL 2,968.76 8,966.28 475.38 2,513.38
44 9/86 BOUDREY, BETTY MRS. 2,477.42 7,432.26 300.00 50.00 2,127.42'
45 9/86 BOUDREY, HOWARD 2,089.28 6,267.84 2,089.28
49 7/88 BOUDREY,JACK 1,647.63 4,942.89 287.68 50.00 1,309.95
5 5/72 CASELMAN,ARTHUR 131.13 393.39 131,13
57 5/90 CATE, ROY 1,788.90 5,366.70 1,788.90
6 4/68 CHRISTIE, ARNOLD 109.27 327.81 109.27
8 10!76 COUNTS,WAYNE 10927 327.81 10927
77 11/99 DILL,GARY JOHN 1,812,75 5,438.25 100,00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 16,130.73 800.00 320.00 4,256.91
11 2/76 FARRAR,ALONZO 998.86 2,996.58 998.86
38 5184 FRALEY,JOSEPH G. 1,768.12 5,304.36 200.00 15.00 1,553,12
170 5/03 FREEDLE, LARRY 3,816.75 11,450.25 500.00 100.00 3,216.75
92 03/02 GAGE,TOMMY 2,596.69 7,790.07 226.00 50.00 2,320.69
34 6/79. HARRIS, JAMES E. 109.27 327.81 109.27
70 11/99 HARRIS, MARY RUTH 109.27 327.81 108,27
182 10/04 JENKINS, EILEEN 1,788,75 5,366.25 350.00 100.00 1,338.75
93 06/02 JENKINS, JOHN 1,788.76 5,366.28 350.00 100.00 1,338.76
86 07/01 JOHNSON,ROBERT 3,073.47 9,220.41 500.00 100.00 2,473.47
64 4/95 JORDAN,CHARLIE 2,274.95 6,824.85 2,274.95
76 5/88 JUDY, JAN 1,647,63 4,942.89 200.00 50,00 1,397.63
37 3/84 KING,ARNOLD D. 1,522.37 4,567.11 300.00 47.00 1,175.37
54 5/89 KING, ARVIL 1,711.21 5,133.63 130.00 50.00 1,531.21
12 3/60 LANE, HOPE MRS, No 2006 Affidavit on file 109.27 327.81 109.27
13 10/67 LAYER, MERLIN 456.22 1,368.66 456,22
173 12/03 LEDBETTER, DENNIS 3,775.80 1.1,327.40 650.00 200.00 2,925,80
181 10/04 LEE,VIOLA LOUISE 109,27 327.81 10927
51 10188 LEWIS, CHARLES 1,647.63 4,942.89 75.00 25.00 1,547.63
40 9/85 LOGUE, PAUL D. 2,868.28 8,604.84 325.00 75.00 2,468.28
50 9/88 MASON, LARRY 1,63125 4,893.75 137.61 25.00 1,468.64
39 4/85 MC ARTHUR, RONALD A, 1,753,74 5,261.22 150,00 50.00 1,55374
35 2/82 MC CHRISTIAN, DWAYNE,No 2006 Affidavit on file 109.27 327.81 10927.
15 4/77 MC WHORTER, CHARLES 1,334.51 4,003.53 150.00 1,18451;r
29 8/81 MILLER, DONALD 1,304.07 3,912.21 125.00 25.00 1,154:07
73 2/00 MILLER,KENNETH 3,180.02 9,540.06 325.00 75.00 2,780.02
42 2/86 MOORE, JAMES H. 10927 327.81 10927
176 4/04 MORRIS, DIXIE E, 125.66 376.98 125,66
62 10/68 MORRISON, ELIENE 136.59 409.77 136,59
48 7/88 MULLENS, DENNIS W. 2,191.$0 6,573.90 2,191.30
184 3/05 NAPIER, LONNIE 3,51828 10,554.84 110.00 88.00 3,32428
46 5/88 OSBURN, TROY 1,899.66 5,698.98 200.00 38,00 1,661,66
81 02/01 PHILLIPS,LARRY 2,765.09 8,295.27 2,765.09
53 2/89 POAGE, LARRY 2,346.70 _7,040.10 300.00 100.00 1,946.70
186 06/05 REAGAN, PETE 3.535.71 10,607.13 3,535.71
22 4/73 REED, JOE 109.27 327.81 109,27
172 12/03 SCHADER, MADGE 1,386.01 4,158.03 1,386.01
41 9/85 SCHADER, TROY 1,524.99 4,574.97 57.00 25.00 1,442.99
83 03/01 SKELTON, KIMBERLY 2,434,98 7,304.94 250.00 50.00 2,134,98
66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
36 5176 SPRINGSTON, CARL 806.19 2,418.57 70.00 17.00 719.19
90 03/02 STOUT, IMOGENE W. 767.80 2,303.40 767.80
165 12/02 TATE, RALPH 3,668,10 11,004.30 300.00 100.00 3,268.10
65 3/66 TUNE, BILLIE SUE 136.59 409.77 136.59
27 3/71 TUNE, MILDRED MRS. 136.59 409.77 136.59
71 1/00 WARFORD,THOMAS 2,502.72 7,508.16 300.00 2,202,72
28 7/68 WATTS, DONALD 437.09 1,311.27 437,09
88 01/02 WOOD,RONNIE D 3,077.15 9,231.45 800.00 200.00 2,077.15
52 9/88 WRIGHT, RANDALL 1,691.34 5,074.02 200.00 25.00 1,466.34
101,775.74 305,327.22 0.00 10,372.94 2,514.82 88,887.98
DATE OF Regular Mo Year To Date Future
EM.P#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01/03 MAHAN, MARSHALL 4,077.28
03/01/03 PIERCE, JOEY 3,647.18 _.
03/01/03 SHACKLEFORD, GLEN 3,647.18
04/01/03 O'NEAL, TEDDY 4,120.99
05/01/04 FARRAR, DANNY 4,155.36
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
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2005.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6610-9810-5335.00 203,551.48
6810.98105335-06 0.00
Drop Payout4akest Checks to Drop Retirees 355,912.59
YTD Column 559,464.07
Difference 0.00
I
City of Fayetteville
Trip Initialization Form
Name of Traveler: Peter T Reagan Employee 1P Employee Vendor#: 47270
Purpose of Trip: NCPERS Conference Fire Pension Destination: Ft. Lauderdale, Florida
Event date(s): Ap6128- May 4, 2006
Estimated departure from City of Fayetteville: Estimated arrival in City of Fayetteville:.
From: City Administration From: City Administration
Date: 27-Apr Date: 5-May
Time: 7:00 AM Time: 10:00 PM
Account to be charged: 6810 9810 5304 0 0 Project#:
ESTIMATED COSTS: or Accounting Division Use Only:
Check Check Date bate Check
Transportation: Number. Amount: Submitted: Issued:
Commercial Airline: $ 400.00
City Vehicle:(Please use Fuelman whenever possible) $
Personal Vehicle:($.445 per mile;68 of miles r/t) $ 3026
Rental Car. $
Taxi/shuttle: $ 50.00
Other: (list below) $
Per Diem Rate: per day; #of meals: 3 a day for 9 days $ 486.00
$ 54.00 per day
Lodging: (#of nights: 8 ) $ 1,855.92
Registration:(if separate chedc needed,please list payee below) $ 890.00
Payable to: Pete Reagan
Other Charges:(please explain in additional information section) $
Example: tolls; parking; etc.
Estimated Total Cost: $ 3,712.18
Requested advance amount: $ 3,712.18
Additional Information:
This is to allow one of our Firemens Pension & Relief Fund Board of Trustees member to attend the annual NCPRES conference.
I agree that if I fail to file a reimbursement claim and show actual expenditures incurred or if I do not reimburse the City for this advance
within 30 days after the last day of the authorized travel dates,the City may reimburse itself by withholding an equivalent amount from
subsequent Payroll checks or other amounts which may be Payable to me by the city.
Signature of Traveler: Date:
Signature of Division Head: Date:
Signature of Director or Mayor: Date:
Annual Conference Page 1 of 2
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6:30 am - 8:30 am
Registration & Breakfast
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Session 1
• Elements for All Trustees
• Adjusting Assumptions and Benefit
Improvements: Asset-Liability Case Study and
Group Exercise
Who Should Attend Thls Intensive , Delivering the DB Message to Plan Participants
Two-Qay Program?
SATURDAY, APRIL 299 2006
• New trustees; Get started w,tth a sQUd fotfnda ion .
of knowledge*so you`#I be prepared t�fulfil}.ytiur 7:30 am - 8:30 am
obligations to your;retirees. Registration & Breakfast
Experienced trustees Get updates# on the most 8:30 am - 1:00 pm
Session 11
recent trendy and leve#vptnentsii� th'e pub#tc . Disability Issues for Trustees
pension fund industry to ensure your contmueci , Writing an Ethics Policy
success + Evaluation of Asset-Liability Results'
Admtnistrators and penstort staff: Be better ` Legal Issues Facing Trustees
re aired to d7" our ob a a,ke �irn leroenter: Presentation of Continuing Education Certificates
Ppare., Y ) y p.
of pol`ictes at d ciit c4fundl initiatives.
1 1 11 / lit 0 1 I I . I
Annual Conference & Exhibition: April W . May 4
Network with Over 1 ,200. Pension Experts
Fund Members $595 • Corporate Sponsor Members $750
Agenda and Schedule to work on issues involving population aging, investing,
Sunday, April 30, 2006 and the economy. In his presentation he will discuss
how the country has paid a high price to inflate stocks
7:00 am- 2:00 pm NCPERS Golf Tournament for retirement plans that appear likely to fail. What
12:00 pm - 6:00 pm Conference Registration seemed like a formula for millions of baby boomers to
3:00 pm — 8:00 pm Exhibition Open enjoy years of comfortable retirement may turn out to
6:00 pm — 8:00 pm Welcoming Reception be the formula for a depression. That doesn't have to
Monday, May 1, 2006
happen if Americans understand the risks and act soon.
11:00 am — 1:00 pm Registered Spouse/Guest Event
6:30 am —2:30 pm Conference Registration
11:00 am — 1:30 pm Educational Seminars
7:00 am - 2:30 pm Exhibition Open
8:00 am - 10:30 am First General Session with 1:30 pm — 5:00 pm Networking & Information Sharing
Keynote Speaker Mark Shields
Wednesday, May 3, 2006
Mark Shields is a nationally known
columnist and commentator with 8:00 am — 10:30 am Third General Session with Keynote
unmatched credentials as an analyst Speaker Dr. Kenneth E. Thorpe
of the U.S. political system. He can Dr. Kenneth E. Thorpe is the Robert W.
be seen every Saturday night as the Woodruff Professor and Chair of the
moderator of CNN's The Capital
Gang. Since 1979, Mark Shields has Department of Health Policy &
been writing his column on national Management, in the Rollins School of
politics for The Washington Post, Public Health at Emory University. He
which is distributed nationally. In his address, Mark also served as Deputy Assistant
Shields shares first-hand accounts and impressions of {; Secretary for Health Policy in the U.S.
the current state of Washington politics and presents _;.: Department of Health and Human
them against the backdrop of political history. Services. He recently authored a
11:00 am — 1:30 pm Educational Seminars report for the National Coalition on Health Care entitled,
1:30 pm — 5:00 pm Networking & Information Sharing Impacts of Health Care Reform: Projections of Costs and
Savings. Dr. Thorpe will discuss the issues of health care
Tuesday, May 2, 2006 financing, insurance, and health care reform.
7:00 am 2:30 pm Conference Registration 11:00 am —1:15 pm Educational Seminars
7:00 am — 11:00 am Exhibition Open 1:15 pm — 2:30 pm Networking Luncheon
8:00 am — 10:30 am Second General Session with 2:30 pm — 5:00 pm Networking & Information Sharing
Keynote Speaker Thorton Parker 6:30 pm — 10:00 pm Reception, Dinner and Show,
ST:
Thorton Parker is the author of What If featuring, "Even Stephen's Tribute
5, Boomers Can't Retire? How to Build to Elton John"
Real Security, Not Phantom Wealth
and an independent analyst/consultant.
Thursday, May 4,..2006.._..._. .
His 45 years of experience in industry
and 9.00 am — 11:00 am NCPERS Annual Business
government have included serving in Meeting
the Executive Office under every presi-
dent from Lyndon Johnson to Ronald
Reagan, most of the time in the Office of Management
and Budget. He retired from the Commerce Department
Annual Golf. Tournament:
Sunday, April 30 at The` W69tin Diplomat Country (Club
c
Tees
18-bol.e, Joe Lee-designed course
on 155 acres and has earned a
"Five Star Rating" on the Best Goff
Network's 2002 edition of "The Very Best
Golf Resorts."The course features.,distin- -
guished architecture, including four par-5
holes and a 570-yard hole that is one of
m^�a?
the longest in South Florida. The Diplomat
Country Club Gotf Course is the only
5=Star Rated Golf Course in South Florida.
Event Fee: $100/person
Sign up for this popular event on the registration forms when you register for the conference.
Also see registration form on how to become a golf sponsor
6:00 am Shuttle service,from hotel to golf course begins
7:15 am Registration and breakfast at golf course
1:00 iprn Lunch and prizes
Over 65 pension fund business partners will be there to show you what's new
and tried-and-true to improve your performance. Get information and advice
from money managers, investment service providers, law firms,
Social Security officials—even the IRS!
r
i
W _
;s
REGISTRATION INFORMATION CANCELLATION POLICY:
MAIL: Complete the registration form and All registration cancellations must be received in
mail to: writing by March 31 and will be subject to a $100
NCPERS processing fee for TEDS and Annual Conference
PO Box 79819 registrations; $50 for cancelled Golf or Spouse/Guest
Baltimore, MD 21279-0819 registrations. NO REFUNDS WILL BE GIVEN AFTER
March 31 . All refunds will be processed post-conference.
FAX: your form to 202-624-1439 TRANSPORTATION
The Westin Diplomat is conveniently located only 15
ONLINE: Go to www.NCPERS.org/annconf and minutes south of Fort Lauderdale/Hollywood
complete the online form (including credit International Airport and 30 minutes north of Miami
card information) and send electronically. International Airport.
HOTEL RESERVATI,ONSii.
Book your hotel morn at the }ltustrious Westin Diplorr�at Notel ar�cl get
the NCPERSsal
pec dlscante€l room rate Group rate available ur�t,l
March 3! 2006 acid erect tc�avae-"-Optyr
Standard Guest#Zoom: $209 single/double= .
Dip)omat Suite $309
Corner Surte $409"
s To make your hotel res rvatio .online isEt www N£P€RS orgFannconf
and ciWk on the NUM RESE ATIQNS lmk
Or call th ed,Westin DJP matreservatton hotl�xJe
Don't forget to rnentFo� AICPRS Annual Conference to get the '_
- discounted room rater �.
t++ va��r ni3ry..ro,�vfi �. t+.t] kne ,+ d �t ��`�.c �ash '� i': •``. if3�Yit"e rh$�a (k < i - i tv { } T
,- '. ppts - �v,if . �v��' vy 5��"� 2i ✓ . .[ .i
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1 1 . t 1 , t 1 ! 1 1 1 1 ! • f
. l l 1 1 1 ! 1 • I 1 1 1 I 1 ! 1 ! !
We ' re 65 years old and The Voice for Public Pensions .
-T .t3`k¢Or a�x3
t,.' '`s? �fi2
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�fa�a
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7- , t: National Conference on Public Employee Retirement Systems
[.: The Voice for Public Pensions
444 North Capitol St., NW Suite 221
Washington, D.C. 20001
Ph: 1-877-202-5706
Fx: 202-624-1439
email: info@NCPERS.org
Website: www.NCPERS.org
+.rrrrrrr�rrr
MSSITRA 9A
Office of the Registrar 146 Silas H. Hunt Hall
School code: 001108 Fayetteville, AR 72701
(479) 575-5451
Kimberly Skelton
2425 W Newport Dr Apt 7
Fayetteville, AR 72703-1268
United States
Enrollment Verification
Kimberly Lynn Skelton Date of Birth: July 18
Term Level Begin Date End Date Hours Status
Spring 2006 UGRD 01/17/2006 05/13/2006 12 Full-Time
Date : Tuesday, January 17, 2006
Seal Office of the Registrar
This certificate is valid only when signed by an authorized officail of the Office of the Registar
and the certificate is embossed with the seal of the Registrar.
End of Report
City of Fayetteville
Fire Pension and Relief Fund U/A Dated 6/18/86-
January 31, 2006 Equity Allocation: 54.1%
Equity Range Per Policy: 25% to 50% (+/-5% with monthly approval)
Longer Investments Inc. requests authorization for the variance of less than 5%, as
required in the investment policy dated February 24, 2005.
j LONGER INVESTMENTS INCORPORATED
A
A Registered Investment Advisor
Fayetteville Firemen's Pension and Relief Fund
Election Policy
2.23.2006
Election of Trustees shall be as follows:
The Fayetteville Firemen's Pension and Relief Fund Board of Trustees shall be made up
of the following positions:
Position 1 (Fire Fighter)
Position 2 (Fire Fighter)
Position 3 (Fire Fighter)
Position 4 (Fire Fighter)
(Fire Fighter) Highest Ranking from Police Department
(City Clerk)
(Mayor)
No member of the Fund can be nominated for more than one position
After a member has been nominated, the City Clerk shall contact member to verify
acceptance of nomination
Nominations for Trustees shall be held in March_ of each year
Elections shall be held in April of each year
Members shall be seated on the Board in May
l
i
E
i12
i
City Clerk Division
a:<Rxn Nsz►s 113 West Mountain
Fayetteville, AR.72701
Telephone: (479) 575-8323
---Fax: (479) 718-7695
city__pierk@ci-fayett6ville.ar.us
DEPARTMENTAL CORRESPONDENCE
To: Sondra Smith
City Clerk
From: Clarice Buffalohead-Pearman
City Clerk Division
Date: February 14, 2006
Re: Fire Pension Affidavits
The following is a list that have not submitted an affidavit for 2006.
Dwayne McChristian
Pauline Skelton—
Jennie
kelton Jennie H. Lane
If anything else is needed please let me know. Thanks.
/cbp
M
i
City of Fayetteville
Fire Pension and Relief Fund U/A Dated 6/18/86
January 31, 2006 Equity Allocation: 54.1%
Equity Range Per Policy: 25% to 50% (+1-5% with monthly approval)
Longer Investments Inc. requests authorization for the variance of less than 5%, as
required in the investment policy dated February 24, 2005.
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor•
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 648-86
January 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price
Value Assets Income Income Yield
COMMON STOCK
3,000 Abbott Labs 42.64 127,928.94 43.15 129,450.00 1.4 1.100 3,300.00 2.6
4,650 Accenture Ltd. 28.72 133,544.24 31.53 146,614.50 1.6 0.300 1,395.00 1.0
1,000 Anadarko Petroleum 59.05 59,054.15 107.82 107,820.00 1.2 0.720 720.00 1.2
Corp.
2,000 B.P. Amoco PLC A.D.S. 39.64 79,285.00 72.31 144,620.00 1.5 2.140 4,280.00 5.4
2,570 Bank of America Corp. 46.98 120,743.23 44.23 113,671.10 1.2 2.000 5,140.00 4.3
3,185 Barclays PLC 40.25 128,201.86 42.73 136,095.05 1.5 1.830 5,828.55 4.5
2,385 Caterpillar Inc. 44.77 106,773.88 67.90 161,941.50 1.7 1.000 2,385.00 2.2
2,500 Chevron Corp. 40.13 100,313.14 59.38 148,450.00 1.6 1.800 4,500.00 4.5
3,500 Citigroup 41.09 143,827.09 46.58 163,030.00 1.7 1.760 6,160.00 4.3
2,500 Computer Sciences 48.84 122,096.46 50.70 126,750.00 1.4 0.000 0.00 0.0
Corp.
5,800 Disney Company 25.03 145,147.43 25.31 146,798.00 1.6 0.270 1,566.00 1.1
3,000 Ecolab Inc. 28.57 85,702.26 35.81 107,430.00 1.2 0.400 1,200.00 1.4
2,000 Emerson Electric 48.02 96,050.00 77.45 154,900.00 1.7 1.780 3,560.00 3.7
1,750 ExxonMobil 32.23 56,409.51 62.75 109,812.50 1.2 1.280 2,240.00 4.0
5,000 General Electric 22.58 112,914.50 32.75 163,750.00 1.8 1.000 5,000.00 4.4
1,145 Goldman Sachs Group 127.90 146,440.46 141.25 161,731.25 1.7 1.000 1,145.00 0.8
hic.
3,250 Hain Celestial Group, 19.49 63,335.03 23.31 75,757.50 0.8 0.000 0.00 0.0
hic.
3,500 Home Depot 41.75 146,138.40 40.55 141,925.00 1.5 0.600 2,100.00 1.4
3,675 Ingersoll-Rand 38.03 139,774.32 39.27 144,317.25 1.5 0.570 2,094.75 1.5
4,000 Louisiana-Pacific Corp. 25.79 103,140.26 29.45 117,800.00 1.3 0.500 2,000.00 1.9
3,475 Masco Corp. 29.82 103,607.47 29.65 103,033.75 1.1 0.520 1,807.00 1.7
2,000 Medtronic, Inc. 57.50 115,001.60 56.47 112,940.00 1.2 0.390 780.00 0.7
2,750 Morgan Stanley 53.68 147,615.71 61.45 168,987.50 1.8 1.080 2,970.00 2.0
2,150 Parker Hannifin Corp. 66.45 142,865.16 75.77 162,905.50 1.7 0.920 1,978.00 1.4
5,500 Powershares Dynamic 16.80 92,380.00 16.73 92,015.00 1.0 0.000 0.00 0.0
Insurance
2,425 Procter&Gamble 56.13 136,111.50 59.23 143,632.75 1.5 1.120 2,716.00 2.0
2,775 SPX Corp. 47.93 133,013.25 47.71 132,395.25 1.4 1.000 2,775.00 2.1
2,400 Sigma-Aldrich 58.26 139,827.18 64.88 155,712.00 1.7 0.760 1,824.00 1.3
2,375 Sony Corp. 37.27 88,516.25 48.90 116,137.50 1.2 0.230 546.25 0.6
3,000 Standard &Poors 127.61 382,830.00 127.50 382,500.00 4.1 2.687 8,060.04 2.1
Depository Receipts
6,500 The Technology Select 21.85 141,993.15 21.60 140,400.00 1.5 0.000 0.00 0.0
Sec SPDR Fund
3,650 US Bancorp 30.42 111,020.08 29.91 109,171.50 1.2 1.320 4,818.00 4.3
3,951,601.50 4,522,494.40 48.4 82,888.59 2.2
PREFERRED DEBT SECURITIES
2,000 G.E. Preferred 6.10% 25.00 50,000.00 25.25 50,500.00 0.5 1.525 3,050.00 6.1
AAA/AAA (C 11-15-07)
5,000 G.E. Preferred 6.625% 26.01 130,030.00 25.51 127,550.00 1.4 1.656 8,281.25 6.4
AAA/AAA (C 6-28-07)
180,030.00 178,050.00 1.9 11,331.25 6.3
MUTUAL FUNDS-EQUITY
20,000.0000 iShares MSCI Japan 10.14 202,750.00 14.02 280,400.00 3.0 0.043 860.00 0.4
Index Fund
1
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, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
3,000.0000 iShares S&P Europe 82.03 246,094.10 85.46 256,380.00 2.7 0.000 0.00 0.0
350 Index
448,844.10 536,780.00 5.7 860.00 0.2
CALLS
-10 Anadarko Petroleum 9.09 -9,091.71 8.60 -8,600.00 -0.1
Corp. Feb. 100 Calls
-9,091.71 -8,600.00 -0.1
CORPORATE BONDS
50,000 NationsBank Corp. 99.79 49,894.00 102.68 51,337.75 0.5 6.375 3,187.50 6.4
Subordinated Notes
AA3/A+ (NC)
6.375% Due 02-15-08
65,000 J.P. Morgan Chase 102.60 66,687.00 103.73 67,426.38 0.7 6.700 4,355.00 6.5
Bank AA3/A+ (NC)
6.700% Due 08-15-08
50,000 Bankers Trust NY Corp 99.26 49,630.00 102.51 51,257.20 0.5 6.000 3,000.00 6.0
Subordinated Notes
A2/A (NC)
6.000% Due 10-15-08
25,000 First Union Corp. 93.78 23,446.00 102.70 25,676.15 0.3 6.000 1,500.00 6.4
Subordinated
Debentures Al/A(NC)
6.000% Due 10-30-08
25,000 Pepsico Incorporated 97.49 24,373.00 102.05 25,512.57 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 48,816.00 110.54 55,270.35 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 48,014.00 110.65 55,323.00 0.6 6.950 3,475.00 7.2
Branch Subordinated
Notes AA3/AA- (NC)
6.950% Due 07-22-13
75,000 Merrill Lynch&Co. 99.26 74,442.00 108.91 81,682.13 0.9 6.500 4,875.00 6.5
Inc. Global Bonds
AA3/A+ (NC)
6.500% Due 07-15-18
50,000 National City Corp. 96.65 48,326.00 112.63 56,313.90 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 50,004.00 116.06 58,029.35 0.6 7.000 3,500.00 7.0
Al/A+ (Subject to make
whole call) "
7.000% Due 10-30-25
50,000 Dell Computer Corp. 95.46 47,731.00 117.08 58,537.75 0.6 7.100 3,550.00 7.4
Debentures A2/A
(Subject to make whole
call)
7.100% Due 04-15-28
Accrued Interest 9,644.39 0.1
531,363.00 596,010.93 6.4 35,780.00 6.8
2
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, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
GOVERNMENT BONDS
50,000 U. S. Treasury Bond 100.01 50,004.00 110.50 55,250.00 0.6 5.500 2,750.00 5.5
5.500% Due 08-15-28
50,000 U. S. Treasury Bond 98.95 49,474.00 107.19 53,593.75 0.6 5.250 2,625.00 5.3
5.250% Due 11-15-28
450,000 U. S. Treasury Bond 100.36 451,597.66 107.19 482,343.75 5.2 5.250 23,625.00 5.2
5.250% Due 02-15-29
Accrued Interest 12,670.79 0.1
551,075.66 603,858.29 6.5 29,000.00 5.3
GOVERNMENT AGENCY
100,000 Federal Home Loan 100.00 100,000.00 99.75 99,750.00 1.1 4.550 4,550.00 4.5
Bank (C 05-22-06 @
100, 1X)
4.550% Due 11-22-06
250,000 Fed Nat'l Mortgage 100.00 250,000.00 99.03 247,578.12 2.7 4.150 10,375.00 4.1
Assoc (C 7-13-06 @
100, 1X)
4.150% Due 07-13-07
75,000 Federal Home Loan 100.00 75,000.00 98.78 74,085.94 0.8 4.010 3,007.50 4.0
Bank(C 5-24-06, 1X)
4.010% Due 08-24-07
185,000 Federal Home Loan 100.00 185,000.00 98.72 182,629.69 2.0 4.000 7,400.00 4.0
Bank (C 6-28-06 @
100, 1X)
4.000% Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 99.28 99,281.25 1.1 4.400 4,400.00 4.4
Bank (C 9-28-06 @
100, 1X)
4.400% Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 99.81 99,812.50 1.1 5.000 5,000.00 5.0
Bank (C 12-22-06 @
100, ix)
5.000% Due 12-22-08
225,000 Federal Farm Credit 100.00 225,000.00 97.72 219,867.19 2.4 4.000 9,000.00 4.0
Bank (C 2-28-06,
continuously thereafter)
4.000% Due 12-29-08
100,000 Federal Farm Credit 100.00 100,000.00 99.72 99,718.75 1.1 5.020 5,020.00 5.0
Bank(C 11-22-06 @
100, IX)
5.020% Due 05-22-09
125,000 Federal Farm Credit 100.00 125,000.00 98.56 123,203.12 1.3 4.350 5,437.50 4.3
Bank(NC)
4.350% Due 06-01-09
225,000 Federal Home Loan 100.00 225,000.00 96.62 217,406.25 2.3 4.000 9,000.00 4.0
Bank(C 2-28-06,
continuously thereafter)
4.000% Due 04-01-10
200,000 Federal Home Loan 100.00 200,000.00 97.12 194,250.00 2.1 4.200 8,400.00 4.2
Bank(C 2-28-06,
continuously thereafter)
4.200% Due 05-20-10
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, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 Tennessee Valley 98.95 49,474.00 103.36 51,679.55 0.6 5.625 2,812.50 5.7
Authority(NC)
5.625% Due 01-18-11
150,000 Federal Farm Credit 100.00 150,000.00 96.34 144,515.62 1.5 4.150 6,225.00 4.1
Bank(Call 04-07-06,
continuously thereafter)
4.150% Due 04-07-11
70,000 Federal Home Loan 100.00 70,000.00 99.75 69,825.00 0.7 5.300 3,710.00 5.3
Bank(C 12-28-07 @
100, quarterly)
5.300% Due 12-28-11
55,556 Federal Home Loan 100.00 55,555.56 98.50 54,722.23 0.6 5.080 2,822.22 5.1
Bank(C 2-28-06,
continuously thereafter)
5.080% Due 10-03-12
250,000 Federal Home Loan 100.00 250,000.00 97.91 244,765.62 2.6 5.000 12,500.00 5.0
Bank(C 10-5-07 @
100, continuously
thereafter)
5.000% Due 10-05-12
100,000 Federal Home Loan 100.00 100,000.00 100.09 100,093.75 1.1 5.250 5,250.00 5.2
Bank(C 11-14-08 @
100, IX)
5.250% Due 11-14-12
75,000 Federal Home Loan 100.00 75,000.00 98.97 74,226.56 0.8 5.375 4,031.25 5.4
Bank(C 2-28-06,
continuously thereafter)
5.375% Due 11-07-13
125,000 Federal Farm Credit 100.00 125,000.00 98.47 123,085.94 1.3 5.300 6,625.00 5.3
Bank(C 6-22-07 @
100, continuously
thereafter)
5.300% Due 06-22-15
Accrued Interest 22,145.96 0.2
2,560,029.56 2,542,643.05 27.2 115,565.97 4.5
CASH AND EQUIVALENTS
Dividends Accrued 4,361.50 4,361.50 0.0 0.000 0.00 0.0
Money Market 149,761.43 149,761.43 1.6 3.640 5,451.32 3.6
154,122.93 154,122.93 1.7 5,451.32 3.5
LIMITED PARTNERSHIPS
3,500.00 Kinder Morgan Energy 49.35 172,722.00 48.96 171,360.00 1.8 3.200 11,200.00 6.5
Partners L.P.
172,722.00 171,360.00 1.8 11,200.00 6.5
CERTIFICATE OF DEPOSIT
40,000 Capital One Bank FSB 100.00 40,000.00 99.99 39,996.92 0.4 4.900 1,960.00 4.9
Falls Church,VA
BAAI/NR(NC)
FDIC-Insured
4.900% Due 02-20-07
Accrued Interest 876.56 0.0
40,000.00 40,873.47 0.4 1,960.00 4.9
4
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, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
WARRANTS
144 Lucent Warrants (Expire 1.59 228.96 0.51 74.16 0.0 0.000 0.00 0.0
12/10/2007)
228.96 74.16 0.0 0.00 0.0
TOTAL PORTFOLIO 8,580,926.00 9,337,667.23 100.0 294,037.13 3.4
5
LONGER INVESTMENTS INCORPORATED
A Registered Inveshnent Advisor
Longer Investments Inc.
CASH CONTRIBUTIONS/WITHDRAWALS
City of Fayetteville Fire Pension and Relief Fund
08-15-02 to 1-31-06
CONTRIBUTIONS
09-10-03 Money Market $350,000.00
08-04-04 Money Market $127,000.00
09-01-05 Money Market $145,000.00
$622,000.00
WITHDRAWALS
10-09-02 Money Market $40)000.00
12-12-02 Money Market $9,000.00
12-18-02 Money Market $150,000.00
01-08-03 Money Market $735000.00
02-15-03 Money Market $51000.00
03-04-03 Money Market $66,000.00
04-01-03 Money Market $60,000.00
05-01-03 Money Market $66,000.00
06-03-03 Money Market $245,000.00
07-01-03 Money Market $30X0.00
08-01-03 Money Market $65,000.00
10-01-03 Money Market $75,000.00
11-03-03 Money Market $20000.00
01-06-04 Money Market $24000 .00
01-22-04 Money Market $216,000.00
02-09-04 Money Market $76,000.00
03-01-04 Money Market $66000.00
04-01-04 Money Market $75000.00
05-03-04 Money Market $60000.00
05-19-04 Money Market $88000.00
06-02-04 Money Market $80000.00
07-01-04 Money Market $70,000.00
07-29-04 Money Market $15,000.00
08-11-04 Money Market $15000.00
09-08-04 Money Market $80000 .00
10-04-04 Money Market $60000. 00
12-08-04 Money Market $10000.00
01-03-05 Money Market $65,000.00
02-01-05 Money Market $74,000.00
03701-05 Money Market $80,000.00
04-01-05 Money Market $90000.00
04-14-05 Money Market - $217;000:00
05-01-05 Money Market $55,000.00
06-09-05 Money Market $35 000.00
07-06-05 Money Market $280,000.00
08-01-05 Money Market $95,000.00
10-01-05 Money Market $75,000.00
11-01-05 Money Market $40,000.00
1-03-06 Money Market $394,000.00
$3,385,000.00
6
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