HomeMy WebLinkAbout2008-04-17 - Agendas - Final Fayetteville Policeman's Pension and Relief Fund
Meeting Date 41—/7-62
Adjourn Time
Attendees:
Subject: Subject:
Motion To: Motion To:
Motion By: Motion By:
Seconded: Seconded:
Mayor Coody Mayor Cood
Jerry Friend !/' Jerry Friend
Tim Helder Tim Helder
Frank Johnson Frank Johnson
Eldon Roberts r/ Eldon Roberts
Melvin Stanley L--O� Melvin Stanley
Sondra Smith Sondra Smith ✓
914, ljv� a4nt,�e4 a6-
Subject: , Subject:
Motion To: Motion To:
Motion By: Motion By: D
Seconded: Seconded:
Mayor Coody Mayor Cood ✓
Jerry Friend vim" Jerry Friend
Tim Helder VO-000 Tim Helder /
Frank Johnson Frank Johnson
Eldon Roberts c/° Eldon Roberts
Melvin Stanley "' Melvin Stanley—
Sondra
tanle Sondra Smith '"° Sondra Smith
1
Board Members
Mayor Coody Chairman
Sondra E. Smith Treasurer
Eldon Roberts Secretary/
Retired Position 1
Jerry Friend Retired Position 2
Tim Helder Retired Position 3 Tdayle
ARKANSAS
Melvin Stanley Retired Position 4
Frank Johnson Retired Position 5
Police Pension and Relief Fund
Board of Trustees Agenda
April 17, 2008
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board will be held on April
17, 2008 at 1 :30 PM in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
1. Roll Call
2. Approval of the Minutes
• Approval of the January 17, 2008 Meeting Minutes
1 3. Approval of the Pension List
• April, May, June and July 2008 Pension Lists
4. Old Business
• Elections — Election Ballot
5. New Business
• No New Business Items.
6. Longer Investments
• Monthly Report
• 2008 First-Quarter Report
Policemen's Pension and Relief Fund
Board Members Board of Trustees Meeting Minutes
Mayor Coody Chairman January 17, 2008Page 1 of 12
Sondra E. Smith Treasurer
Eldon Roberts Secretary/
Retired Position I
Jerry Friend Retired Position 2 13ye
R A !5.t
le
Tim Helder Retired Position 3
Melvin Stanley Retired Position 4
Frank Johnson Retired Position 5
Policemen's Pension and Relief Fund
Meeting Minutes
January 17, 2008
A meeting of the Fayetteville Policemen's Pension and Relief Fund was-.held at 1 :30 PM on
January 17, 2008 in Room 326 of the City Administration Building
Mayor Coody called the meeting to order.
Present: Mayor Coody, Melvin Stanley, Tim Helder, Eldon Roberts, Frank'Johnson, Jerry
Friend, Sondra Smith, Kit Williams, Amber Wood;: Trish Leach, Accounting,,Kim Cooper
of Longer Investments.
Approval of the Minutes:
Approval of the October 18, 2007 Meeting Minutes
Eldon Roberts moved to approve the minutes.' Tim Helder=
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 2 of 12
January, February and March, 2008 Pension List Approved
New Business:
2008 Pension Elections
Sondra Smith: There are two terms that expire at the end of May. The two people that are up
for election are Jerry Friend and Frank Johnson. I will be sending letters out April 1St and will
ask that the ballots be retuned by the end of April. That will give us a little bit of time to ask the
one's that are elected if they are willing to serve and if they are not willing to serve that will give
us time to do something different.
Kit Williams: When you send your letters out is that just for nominations or is that the actual
election?
Sondra Smith: That's the actual election. It's;just a ballot, and they mark who they choose.
Last year the state law changed and the widows are iiot eligible to serve on the Board but they
are eligible to vote for the Board members.
Tim Helder: The letter you are sending-out will bean inquiry of who is willing to serve?
Sondra Smith: We send a letter with the ballot that states the two terms that are expiring. Its'
also states the three terms that are not expiring can't be elected because they're already serving w'
on the Board. We attach a list of all the pensioners excludta�g;the widows and they can look at
that list and determine who tliey want to fill those two open positions.
Kit Williams: So they'vote for two hen?
Sondra Smith:. ,They vote foi two arida it is reel- clear on there that you need to select two. I
think it is position twd'lnd five and it will say position two and position five.
Tim Helder: It will show who is holding Ithose offices at the current time?
Sondra Swath: _ The cover letter shows who's holding those offices at the current time and that
they are eligible;fax,re-election:
Tim Helder: Okay.
Sondra Smith: We send a list of the pensioners. It doesn't include widows. They can look at
the list to decide who they want to serve on the Board. The ones that are currently serving that
can't be elected which would Tim, Eldon, and Melvin we don't put your names on the list.
Kit Williams: Don't put the widow's names or their names on it.
Sondra Smith: Right. Jerry Friend and Frank Johnson's name will be on the list. '
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 3 of 12
Eldon Roberts: Is there anyway that can get confusing as to which position you are votingfor?
Do you understand what I'm saying?
Sondra Smith: We talked about that but I don't think it really matters.
Eldon Roberts: As long as you vote for two people.
Kit Williams: We are just going to say the two top voter getters.
Eldon Roberts: Will fill those two positions.
Kit Williams: You're not running for positions.
Sondra Smith: Right.
Eldon Roberts: Okay. So if you just put two names"on there for position two.. or position five
two people is all you are voting for.
Sondra Smith: Right. That's all you're voting for is�two;people. We can put those two people
in which ever position we want to. It will say position two';,or position five but it won't make any
difference because their term end times are-the same.
Frank Johnson: When you distribute the current. composrtlon� of the Board with the two
positions that are expiring that's not the same',as a ballofis;it?
Sondra Smith: No, but there is a ballot too There 1s a cover letter, the second page is the
ballot, and third page <sthe list ofpensioners.
Tim Helder: So they will write i on the ballot.
Sondra Smkh• They will write Jin on the ballot and return it. We send a self addressed envelope
with the City Clerk's Office on if so,'all they have to do is write in the names of who they want to
serve on the Board on the ballot and th"n ail it back in.
Tim Helder: So you will have it in rank so that if there were three top vote getters you would
call number one ,aad if they say,I'm not serving on that crazy board. Then you just drop down?
Sondra Smith: Yes We,liave an excel spreadsheet for every person that gets voted on and how
many votes each person,gets so I can keep up with it. I have someone in the office check it. We
just start at the top and if they are willing to serve then they are elected. If someone is not
willing to serve then I go to the next person with the most votes. I will let you know if any one
won the vote but are not willing to serve at this time.
Kit Williams: What I would like for you to do probably by motion is just to say that's a good
procedure for you, because you could do other procedures. You could do it by position, you
could require nominations, this is the simplest procedure for the clerk but I want to make sure
you all are satisfied. I don't think there's anything in the law that says how you do it. It says
when you do it and who's eligible but it doesn't say exactly how you do it.
� s
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17, 2008
Page 4 of 12
Sondra Smith: I think we did that in 2006.
Kit Williams: I just want to make sure everyone's still satisfied.
Melvin Stanley: Wasn't there some confusion when I had to go through this that some of the
people didn't want to sign their ballots? Did that get straightened out?
Sondra Smith: What we did in the past was a mail merge so the pensioners name would be on
the ballot they receive and return back. Jerry brought up that some people didn't want anyone to
know who was returning that ballot so we took their name off.
Kit Williams: That concerns me a little bit. I would like to do what we do when we elect the
bar people. We sign the envelope that way we know that the,envelope,comes from a bar person
but not have anything on the ballot. You just check the 'envelope; but you don't keep the
envelope matched with the ballot. That way it's still a private ballot.
Sondra Smith: We talked about that. We discussed instead of the pensioner haying.to sign the
envelope, because some of them wouldn't remember o sign it and then would " count that
ballot or not, we decided to use labels on the envelope tht,is;bbing returned to us ;"The envelope
will have our address and the pensioners name on it in the return address,just the envelope itself
not the ballot.
Kit Williams: As long as we make sure it's one:vote
Jerry Friend: So if a pensioner says I don't like my name being on there and sends it in a
different envelope it doesn't"count? We need to;�know that
Sondra Smith: I went; back and checked the minutes and you did not make a motion to not
count ballots that did not have a name on it.
Jerry Friend: k ght
Sondra Smith: If you do iiot want to' count those ballots then there needs to be a motion and a
second
Kit Williams:' ',That needs to be included in the letter.
Marvin Stanley: I think if-that ballot came back in an envelope other than the one you provided
then it shouldn't count;,;
Jerry Friend: Can we keep the process as is other than that.
Kit Williams: That's the only change to the process.
Eldon Roberts moved that if any election ballot is returned in an envelope other than the
one provided by the City Clerk's office then that ballot shall not count. Melvin Stanley '
seconded the motion. Upon roll call the motion carried 7-0.
7
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 5 of 12
Jerry Friend: Do we need motion to do the procedure that Sondra said she was doing because it
wasn't in that motion.
Kit Williams: I think that your current procedure will be continued as long as you don't make
any changes to it. You can make that motion if you want to but you don't necessarily have to.
Jerry Friend: I thought you said you wanted us to.
Kit Williams: What I wanted you to do was consider it. I wanted to make sure that everyone
was happy with the policy even though it was approved in the past.
Eldon Roberts: When you moved to do it this way probably 4n 2006 we probably passed
something and it should be in the minutes.
Kit Williams: We will do it exactly the same as last jiine 'except thls`one,change that Eldon
suggested.
Sondra Smith: I've already started the draft version so you can look at it today:"-We haven't
proofed it yet. I have a copy of it and you can look at`itbefore you leave. I will add to the ballot
that if it doesn't come back in the envelope that we provided„it will not be counted.
Frank Johnson: For clarity please, your willingness to hold a-;'potion is based on how many
people you call?
Kit Williams: By how many,people vote for you
Frank Johnson: Okay., ,Everyone;is eligible right?
Eldon Roberts: Right, except the three of us that is not up for election.
Sondra Smi Except;for widows.
Frank Johnson: The position that I Thee now was based on your view of the law Kit.
Kit Williams: ;;Yes, you were: the last one and the law required that you serve even though you
didn't specifically volunteer at:the time but I appreciate you doing it. We don't have any active
members left so that part is now gone.
Jerry Friend: Didn'the take the doctors place.
Frank Johnson: No, Jerry Surles.
Kit Williams: Since you are already a qualified member you continued your term even though
you were the last active member but you were no longer active.
Frank Johnson: But I didn't fill a vacancy.
Kit Williams: No you had your own position because you were the only active member we had.
d t
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 6 of 12
Tim Helder: This brings us back to the number we had before Dr. Mashburn.
Kit Williams: Do we have the wrong number now?
Tim Helder: No. Is that what you are talking about?
Frank Johnson: Yes, because it says here replaced Jerry Surles.
Tim Helder: I don't think so didn't it dissolve Jerry's position and his was replaced by the
active member.
Eldon Roberts: Jerry Friend and Jerry Surles both were up for vote and they both got re-elected
but Jerry Surles for some reason couldn't serve because we had to but Frank on the Board by
law.
Kit Williams: We had to have Frank.
Eldon Roberts: We had to have Frank because he wasa Ahe last active member.
Jerry Friend: So it was only one position?
Eldon Roberts: That's right.
Frank Johnson: That makes since.
Sondra Smith: The minutes''Of May 16, 2006 'said that JerrySurles moved to send out a written
ballot to elect the Board members. Dr. Mashburn seconded the motion and it carried
unanimously. It doesn't say what the ballot is supposed to look like. Also Eldon moved to not
have the survivors vote 'i the elections, or be on the Board, or make nominations. Jerry Surles
seconded the motion and thatpassed unanimously but now that has now changed because of
state law.
Eldon Roberts: Theystill cap't serve on the Board but they can vote.
Kit Williams:,: i don't think",' y. thing else needs to be done even if the previous motions weren't
real detailed Ve,,are using the same policy as before and everyone understands it and agrees to
it then I don't belie ve,there6� ld be a problem.
2008 Board Meeting'Schedule — Informational
Sondra Smith: There should be a copy in the packet.
2008 Parking Permits — Informational
Sondra Smith: I've already given them out.
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 7 of 12
Alliant Insurance Services — Informational
Sondra Smith: They are a company that would like to provide investment services. We have to
bid that out so it's really nothing that we need to take action on. I just try to make you all aware
when we get information like that.
Eldon Roberts: You mentioned something there I'm not familiar with. You say we have to bid
this out?
Kit Williams: You have to select a professional selection.
Eldon Roberts: Okay because I don't want somebody in a biddmg.process.
Sondra Smith: Not really a bid but you have to go through our selection process.
Kit Williams: You consider more than the money you:'consider their qualif cations.
Eldon Roberts: Thank you.
Sondra Smith: Right.
Eldon Roberts: Okay.
Lony,er Investments:
Investment Report
Kim Cooper: The first report is a,portfolio appraisal as of December 31st. If you will look at
the equity percentage as of the end of the:year it:was 46%.
On page two you also`.have 7 4°/a,in. foreign stocks so your total equities as of year end were
53.4% We will need to get;your approval to be at that 53.4% as of year end. It has changed
since then:.
Equity Overage',,, ,',,
Eldon Roberts moved to approve the equity overage. Tim Helder seconded the motion.
Upon roll call the motion passed 6-0. Mayor Coody was absent during the vote.
Eldon Roberts: We only have to vote on that if it's over 50%?
Kim Cooper: Yes.
Eldon Roberts: So we're barely over.
1 4
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17, 2008
Page 8 of 12
Kim Cooper: As of today you are at 42.7% we have moved very quickly to a much more
conservative stance since year end. That's closer to the low end of your equity range that's in
your policy.
Eldon Roberts: What is it?
Kim Cooper: 35% and then we have the 10% variance. We sent all of you a newsletter and
since Elaine wrote that newsletter things have changed. Since then unemployment numbers have
been released and one of the caveats that she had brought up in the newsletter was that if we saw
inflationary pressures that could cause an impact on earnings then that would change our stance
and that has changed our stance. In fact even today the Chairman of the Federal Reserve,
Bernanke, said that the risks of an economic downturn are more pronounced and the housing
sector will continue to be a drag on the economy for most of the year. ;
Elaine wanted me to be sure and tell you that even as",,-W,o„speak it looks dike the recessionary
pressures are increasing at a quickening pace. We don't know what that's going to do next but
there will probably be some sort of an impact on earnings but;we don't know what that's going
to be at this point. We're at a more conservative posture since the end of the year., We reduced
some of the more cyclical sectors in the portfolio :We'v.e reduced both your technology
exposure and we've reduced capital goods. We're just going to play defensively until the market
clears.
Page four shows your value as of year end which was $10.789 million. Your income yield is
3.6%. That's your overall yield on the portfolio including your bonds and stocks. That
compares to a five year treasury right now which istradmg atsbout a 2.93%. So your overall
yield on the whole portfolio even with stocks is l gher than you could get in a five year treasury.
Eldon Roberts: That's net of fees,too is it not?
Kim Cooper: That is not net'of fees
Eldon Roberts: Doyou know off hand what that would bring it down to?
Kim Cooper: Your fees are on a graduated scale so they are less than 1%. They're probably in
the range of about .8%.
Page five is income.and expenses. The realized gains so far for all of 2007 are $413,642. That's
just the gains that were ;realized when we sold positions that you held. Then there's a listing of
your income and expenses. Your management fees for the year were $82,000 so that's about
.82%. Your net income for the year was $284,749.
Page six is your fixed income distribution. The weighted average yield to maturity as of
December 31, 2007 was 5.4% and that's just on the bonds in your account. Your average
maturity or the length of time until maturity was 4.4 years. Again that compares to that five
year. You're less than a five year treasury which is trading at 2.9% but your bonds have an
average yield of 5.4%. You still have about 32% of your portfolio that will mature in less than
three years.
y
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17, 2008
Page 9 of 12
Page seven is a listing of your largest holdings, General Electric, Wal-Mart, Johnson & Johnson,
Oracle Corp. and Microsoft where your largest holdings as of year end and that's probably still
about the case now.
Kit Williams: You stayed with Wal-Mart?
Kim Cooper: Yes, we still hold Wal-Mart.
Page eight is a listing of the various industry sectors. As of December 31 you were overweight
capital goods, healthcare and technology. The capital goods and technology we've pretty much
been overweight throughout all of 2007. Since'the beginning of the year we have backed off on
the capital goods and technology and you're about even weighting inthose two now.
On December 31 you were underweight the consumer cyclical cyclical,industries, financial and
utilities and about even weight consumer non-cyclical and.'energy.
Page nine is a listing of your contributions and withdrawals, for 2007. You had $120,000 in
deposits and about $900 in litigation claim proceeds that you received. Your distributions were
$17017,000.
Page 10 is your performance report. Your equities were up 1 8%o for the year and that compares
to the index returns. The S&P 500 including dividend reinvestment, was up 5.5% so your 10.8%
return is about double what the S&P 500 did Iasf year_. Wewere over weighted in the large cap
multi national companies. That was where our focus was and that where our focus stays. We
had been negative on the small cap stocks. The Russell 2000'Index was down 2.8%. That shows
that it was good to not be focusing on the smallcaps last .year. 6.5% was the return on your
bonds and that's higherthan that; 5.4% yield that you have because interest rates were falling
through the year so yon, also got 'soiree capital appreciation on your bonds. Your total account
return for 2007 was 8.2%. that compares to the actuarial assumption of 6%. Your total return
annualized compounded is 7 1;% tliaf's over the seventeen years that we have been managing the
account for,,,, 6u, has_out performed the actuarial assumption by 18% on a compound annual
basis over, that seventeen :year period. Your total investment return during that seventeen year
period has;been $7,146,000.',
After the reporf"we have a copy of your investment policy.
Elaine said to remind you that the newsletter can be outdated before we get it in print. That
certainly happened th s,:tirxie. The economic numbers continue to reflect a rapidly weakening
economy. The Fed meets the last week of January and Elaine expects that there will be a 50
basis point cut in interest rates again. That still may not be enough and there may be another 50
basis point cut.
Jerry Friend: The provision we just voted on as of December to okay going over the equity is
there one to okay going under?
Kim Cooper: It's the same provision that we had, it is 10% on either side. We are not there yet
but we are getting close to that point.
1 !
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 10 of 12
Eldon Roberts: Did you say 35% was the bottom line on equity?
Kim Cooper: 35% is your policy.
Eldon Roberts: And we are at 42% today.
Kim Cooper: Right, but we've just stuck to our disciplines and as we've seen stocks that have
hit a technical point were we don't want to hold them if there is not support there then we just
stuck to those disciplines and sold them.
Eldon Roberts: Do you foresee us getting down to 35% or maybe needing to go lower?
Kim Cooper: I really can't say. We went very quickly from 52%o`t6,42% and that's just in the
last two weeks. So it's possible that we could.
Eldon Roberts: We are just 7% away from there now:;°
y� u✓
Kit Williams: Are you changing that into bonds? Where are you,putting that I "t
Kim Cooper: We did buy a short term treasury bill with; some of the proceeds of it. We are
holding most of it in money markets so'"that it's available if *h Doint comes that we are ready to
go into the stock market.
f9
Eldon Roberts: What's the money market y>eldmg rt ht now.
Kim Cooper: As of 12 31 `it was3.807% so i is still higher than that five year treasury that
we talked about. We use US Treasury money �inarket fund. Your funds are held at Northern
Trust Company and it's in a US Treasury money market fund. So if you hear news stories about
the problems that some money market funds have been having because they are invested in
commercial paper and some'of the"sub "prime problems that have accompanied that. You don't
have to worry"about your money market funds.
Kit Williams: So we didn't put anything in Capital One?
Kim coop er• :No.
Tim Helder: We dropped bae'k on the total portfolio from last quarter by $100,000.
Eldon Roberts: We are;paying out so much right now.
Tim Helder: Is that going to be the trend unless we really hit a boom time?
Eldon Roberts: I don't see how it can keep from being a trend until something changes in the
economic situation the country is experiencing. At this time we have received our last COLA as
of January 1 of this year there's no more pay increases scheduled for the beneficiaries so that's
going to level off for a spell. Then we hit this downturn in the economy and our investments
have really taken a hit and turned south. So until they change and start the other direction its
going to be hard to hold our own I think.
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17, 2008
Page 11 of 12
Kim Cooper: I checked before I came in here and the S&P is down about 6% through
yesterdays closing. Your account total was down about half of that about 3% through yesterday.
Kit Williams: How much was the S&P up last year?
Kim Cooper: The S&P 500 was up 5.5%.
Kit Williams: Basically they've giving back everything.
Eldon Roberts: That's always been my analogy of this I have told these guys and other people
too when financial audits are done or actuaries as we refer to them` and they come up with the
idea that well you don't have enough assets on hand to pay off what you owe. That's like a
thirty year mortgage on your home and after fifteen years of it has been paid they do an audit of
your financial holdings and say well you don't have enough:money to pay off your note. Well
it's not due yet either. That's the way with this. Obliviously we would like to be in a position
where we have enough assets on hand right now to meet our nine or ten million dollar actuarial
unfunded liability but we don't have but it's not all due right now.
Frank Johnson: You can change the policy a little
Kit Williams: You decided after you did-the last COLA that you needed to wait and see what
happens. The millage is still going up The food thing is the;-TIF District didn't affect the
millage it won't affect the millage in the fiiture �
Eldon Roberts: Right.
Kit Williams: As Ion
g=as you don't get rolled back and with the small millage number like you
have, you didn't get rolled back this`last time. The�school district had some rolled back but you
didn't get rolled back so that means that you get =all the increase that is coming up on the
property taxes., So hopefully"that,`,l help,ity,the future.
Eldon Roberts: Will it e=four tenths„of a mill?
Kit Williams: Yes.
Eldon Roberts::' And the Fire is?
Kit Williams: Same th>ng. It used to be five but on that one big suit it got rolled back but
hopefully that won't happen again. That won't ever get so extreme that it will affect yours.
Jerry Friend: Is the TIF District ever going to take off?
Kit Williams: The TIF District has taken off now whether their project is going to get built is
another issue. The TIF District is fine we will pay off all the bonds, there's no problem there.
It's just if these guys do what they said they were going to do. I hope they can. That will help
the millage by putting another forty million dollar building down there.
Eldon Roberts: If they can pay the taxes on it.
(A
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 17,2008
Page 12 of 12
Kit Williams: If they build it I will be happy, if we have to sale it to pay the taxes than we can
do that.
Eldon Roberts: We are lucky to come out of that where the TIF District didn't affect us on our
millage. We hired Jim Rose and I don't know how much work he put into it but it was worth
whatever we paid him and probably more. I think he offered to do it for us for $50 an hour.
Jerry Friend: I think Kit did all the work didn't you.
Kit Williams: I did the big part of it but I could not represent you and I was glad you hired Jim.
Eldon Roberts: The biggest problem we have right now and that's something we always have
is where are the investments going up or down? Right now they're going down and there is not a
lot we can do about that.
Client Survey — Informational
Meeting Adjourned at 2:20 PM
1
POLICE PENSION FUND
April 2008 6800-98Go 6800-9600
Month 4 Regular Mo 5335-00 5335-05 Check
EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net
-154 ALLEN, CHARLES 2584.64 10,338.56 50.00 200.00 220.00 66.89 2,347.75
30 BAYLES;DON 1587.41 6,349.64 50.00 200.00 1,637.41
107 BLACK, JOE P 1125.64 4,502.56 50.00 200.00 150.00 20.00 1,005.64
147 BRADLEY, GERALD 4820.09 19,280.36 50.00 200.00 975.00 300.00 3,595.09
139 BRADLEY, RANDALL 2860.17 11,440.68 50.00 200.00 382.00 100.00 2,428.17
167 BROWN, JOHN 4362.01 17,448.04 50.00 200.00 600.00 200.00 3,612.01
157 CARROLL,RONALD L 2106.04 8,424.16 50.00 200.00 250.00 105.00 1,801.04
151 COLE, RUSTON 3065.74 12,262.96 50.00 200.00 600.00 200.00 2,315.74
109 COOPER, ADRIAN 638.42 2,553.68 50.00 200.00 688.42
198 DENNIS, ANNA MARY 1376.88 5,507.52 50.00 200.00 1,426.88
160 DUGGER,GARY 3163.74 12,654.96 50.00 200.00 300.00 120.00 2,793.74
140 FOSTER, BILLIE D. 3207.35 12,829.40 50.00 200.00 300.00 120.00 2,837.35
148 FRIEND, JERRY 3152.68 12,610.72 50.00 200.00 725.00 150.00 2,327.68
161 HANNA, JANICE 1368.59 5,474.36 0.00 0.00 100.00 25.00 1,243.59
145 HANNA, MARK 1368.59 5,474.36 50.00 200.00 100.00 50.00 1,268.59
162 HASKINS, IRENE 782.20 3,128.80 50.00 200.00 832.20
169 HELDER, TIM 5838.12 23,352.48 50.00 200.00 750.00 250.00 4,888.12
180 HOYT, RICK 7460.01 29,840.04 50.00 200.00 1,600.00 425.00 5,485.01
146 HUTCHENS, BERNICE 1825.54 7,302.16 50.00 200.00 130.00 1,745.54
143 JOHNSON, CHARLES 2455.50 9,822.00 50.00 200.00 42.67 2,462.83
194 JOHNSON, FRANK 7974.81 31,899.24 50.00 200.00 1,600.00 500.00 5,924.81
103 JOHNSON, WENDELL 783.15 3,132.60 50.00 200.00 833.15
118 JONES, BOB 3300.45 13,201.80 50.00 200.00 0.00 3,350.45
144 KILGORE, DONALD 2046.48 8,185.92 50.00 200.00 19.72 2,076.76
129 LAWSON, FORREST 1567.90 6,271.60 50.00 200.00 350.00 1,267.90
150 LITTLE, PATSY R 730.35 2,921.40 50.00 200.00 780.35
153 LORCH, DONNA G 730.35 2,921.40 50.00 200.00 780.35
156 MARTIN, KENNETH 3692.85 14,771.40 50.00 200.00 500.00 140.00 3,102.85
-128 MCCAWLEY, LARRY 1694.79 6,779.16 50.00 200.00 195.00 50.00 1,499.79
)16 MCCHRISTIAN, MARIE 730.35 2,921.40 50.00 200.00 780.35
` 126 MCWHORTER, KAREN 1012.10 4,048.40 50.00 200.00 1,062.10
136 MITCHELL, MICHAEL 2305.29 9,221.16 50.00 200.00 150.00 2,205.29
141 MUELLER, ROSEMARY 2063.93 8,255.72 50.00 200.00 2,113.93
158 MUNSON,ANGELA 4198.15 16,792.60 50.00 200.00 500.00 0.00 3,748.15
112 MURPHY, JAKE 405.75 1,623.00 50.00 200.00 0.00 455.75
137 PERDUE, LARRY 2322.67 9,290.68 50.00 200.00 300.00 50.00 2,022.67
164 PERSHALL, ROBIN 1525.07 6,100.28 0.00 0.00 190.00 67.00 1,268.07
132 PHILLIPS, HOMER GENE 1754.44 7,017.76 50.00 200.00 300.00 1,504.44
199 PRESTON, NORMA J 1601.37 6,405.48 50.00 200.00 200.00 100.00 1,351.37
135 RICKMAN, LOREN 2231.07 8,924.28 50.00 200.00 230.00 65.00 1,986.07
104 RIGGINS, RAYMOND C 1669.37 6,677.48 50.00 200.00 125.00 25.00 1,569.37
183 ROBERTS, ELDON 7479.37 29,917.48 50.00 200.00 1,350.00 500.00 5,679.37
183 ROBERTS, ELDON Plus 25 add pay 1029.98 4,119.92 0.00 0.00 1,029.98
159 SCHUSTER,JOHN H. 3117.36 12,469.44 50.00 200.00 340.00 110.00 2,717.36
168 STANLEY, MELVIN 4880.07 19,520.28 50.00 200.00 1,100.00 300.00 3,530.07
155 STOUT, BETTY 866.51 3,466.04 50.00 200.00 0.00 916.51
133 SURLES, JERRY 2721.40 10,885.60 50.00 200.00 600.00 200.00 1,971.40
142 TAYLOR, DENNIS 2063.93 8,255.72 50.00 200.00 110.00 0.00 2,003.93
106 UPTON, FRANKLIN 1057.08 4,228.32 50.00 200.00 0.00 1,107.08
163 WATSON, RICHARD 6947.05 27,788.20 50.00 200.00 1,950.00 425.00 4,622.05
163 Watson, Richard Plus 25 Add'I Pay 948.76 3,795.04 0.00 0.00 948.76
149 WILLIAMS, JOYCE 2539.66 10,158.64 50.00 200.00 217.07 2,372.59
195 WITT, BETTY J 1766.83 7,067.32 50.00 200.00 115.00 64.00 1,637.83
127 WOOD, PAUL J 1580.93 6,323.72 50.00 200.00 0.00 1,630.93
136488.98 545,955.92 2,500.00 10,000.00 17,604.07 4,790.28 116,594.63
116,594.63
} t`
POLICE PENSION FUND
May 2008 6800-9800 6800-9800 ,
Month 5 Regular Mo 5335-00 5335-05 Check
EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net
154 ALLEN, CHARLES 2584.64 12,923.20 50.00 250.00 220.00 66.89 2,347.75
130 BAYLES, DON 1587.41 7,937.05 50.00 250.00 1,637.41
107 BLACK, JOE P 1125.64 5,628.20 50.00 250.00 150.00 20.00 1,005.64
147 BRADLEY, GERALD 4820.09 24,100.45 50.00 250.00 975.00 300.00 3,595.09
139 BRADLEY, RANDALL 2860.17 14,300.85 50.00 250.00 382.00 100.00 2,428.17
167 BROWN, JOHN 4362.01 21,810.05 50.00 250.00 600.00 200.00 3,612.01
157 CARROLL,RONALD L 2106.04 10,530.20 50.00 250.00 250.00 105.00 1,801.04
151 COLE, RUSTON 3065.74 15,328.70 50.00 250.00 600.00 200.00 2,315.74
109 COOPER, ADRIAN 638.42 3,192.10 50.00 250.00 688.42
198 DENNIS, ANNA MARY 1376.88 6,884.40 50.00 250.00 1,426.88
160 DUGGER,GARY 3163.74 15,818.70 50.00 250.00 300.00 120.00 2,793.74
140 FOSTER, BILLIE D. 3207.35 16,036.75 50.00 250.00 300.00 120.00 2,837.35
148 FRIEND, JERRY 3152.68 15,763.40 50.00 250.00 725.00 150.00 2,327.68
161 HANNA, JANICE 1368.59 6,842.95 0.00 0.00 100.00 25.00 1,243.59
145 HANNA, MARK 1368.59 6,842.95 50.00 250.00 100.00 50.00 1,268.59
162 HASKINS, IRENE 782.20 3,911.00 50.00 250.00 832.20
169 HELDER, TIM 5838.12 29,190.60 50.00 250.00 750.00 250.00 4,888.12
180 HOYT, RICK 7460.01 37,300.05 50.00 250.00 1,600.00 425.00 5,485.01
146 HUTCHENS, BERNICE 1825.54 9,127.70 50.00 250.00 130.00 1,745.54
143 JOHNSON, CHARLES 2455.50 12,277.50 50.00 250.00 42.67 2,462.83
194 JOHNSON, FRANK 7974.81 39,874.05 50.00 250.00 1,600.00 500.00 5,924.81
103 JOHNSON, WENDELL 783.15 3,915.75 50.00 250.00 833.15
118 JONES, BOB 3300.45 16,502.25 50.00 250.00 0.00 3,350.45
144 KILGORE, DONALD 2046.48 10,232.40 50.00 250.00 19.72 2,076.76
129 LAWSON, FORREST 1567.90 7,839.50 50.00 250.00 350.00 1,267.90
150 LITTLE, PATSY R 730.35 3,651.75 50.00 250.00 780.35
153 LORCH, DONNA G 730.35 3,651.75 50.00 250.00 780.35
156 MARTIN, KENNETH 3692.85 18,464.25 50.00 250.00 500.00 140.00 3,102.85
128 MCCAWLEY, LARRY 1694.79 8,473.95 50.00 250.00 195.00 50.00 1,499.79 \r-
116 MCCHRISTIAN, MARIE 730.35 3,651.75 50.00 250.00 780.35
126 MCWHORTER, KAREN 1012.10 5,060.50 50.00 250.00 1,062.10
136 MITCHELL, MICHAEL 2305.29 11,526.45 50.00 250.00 150.00 2,205.29
141 MUELLER, ROSEMARY 2063.93 10,319.65 50.00 250.00 2,113.93
158 MUNSON,ANGELA 4198.15 20,990.75 50.00 250.00 500.00 0.00 3,748.15
112 MURPHY, JAKE 405.75 2,028.75 50.00 250.00 0.00 455.75
137 PERDUE, LARRY 2322.67 11,613.35 50.00 250.00 300.00 50.00 2,022.67
164 PERSHALL, ROBIN 1525.07 7,625.35 0.00 0.00 190.00 67.00 1,268.07
132 PHILLIPS, HOMER GENE 1754.44 8,772.20 50.00 250.00 300.00 1,504.44
199 PRESTON, NORMA J 1601.37 8,006.85 50.00 250.00 200.00 100.00 1,351.37
135 RICKMAN, LOREN 2231.07 11,155.35 50.00 250.00 230.00 65.00 1,986.07
104 RIGGINS, RAYMOND C 1669.37 8,346.85 50.00 250.00 125.00 25.00 1,569.37
183 ROBERTS, ELDON 7479.37 37,396.85 50.00 250.00 1,350.00 500.00 5,679.37
183 ROBERTS, ELDON Plus 25 add pay 1029.98 5,149.90 0.00 0.00 1,029.98
159 SCHUSTER,JOHN H. 3117.36 15,586.80 50.00 250.00 340.00 110.00 2,717.36
168 STANLEY, MELVIN 4880.07 24,400.35 50.00 250.00 1,100.00 300.00 3,530.07
155 STOUT, BETTY 866.51 4,332.55 50.00 250.00 0.00 916.51
133 SURLES, JERRY 2721.40 13,607.00 50.00 250.00 600.00 200.00 1,971.40
142 TAYLOR, DENNIS 2063.93 10,319.65 50.00 250.00 110.00 0.00 2,003.93
106 UPTON, FRANKLIN 1057.08 5,285.40 50.00 250.00 0.00 1,107.08
163 WATSON, RICHARD 6947.05 34,735.25 50.00 250.00 1,950.00 425.00 4,622.05
163 Watson, Richard Plus 25 Add'I Pay 948.76 4,743.80 0.00 0.00 948.76
149 WILLIAMS, JOYCE 2539.66 12,698.30 50.00 250.00 217.07 2,372.59
195 WITT, BETTY J 1766.83 8,834.15 50.00 250.00 115.00 64.00 1,637.83
127 WOOD, PAUL J 1580.93 7,904.65 50.00 250.00 0.00 1,630.93
136488.98 682,444.90 2,500.00 12,500.00 17,604.07 4,790.28 116,594.63
116,594.63
1 �
POLICE PENSION FUND
June 2008 6800-9800 6800-9800
Month 6 Regular Mo 5335-00 5335-05 Check
EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net
154 ALLEN, CHARLES 2584.64 15,507.84 50.00 300.00 220.00 66.89 2,347.75
0 BAYLES, DON 1587.41 9,524.46 50.00 300.00 1,637.41
107 BLACK, JOE P 1125.64 6,753.84 50.00 300.00 150.00 20.00 1,005.64
147 BRADLEY, GERALD 4820.09 28,920.54 50.00 300.00 975.00 300.00 3,595.09
139 BRADLEY, RANDALL 2860.17 17,161.02 50.00 300.00 382.00 100.00 2,428.17
167 BROWN, JOHN 4362.01 26,172.06 50.00 300.00 600.00 200.00 3,612.01
157 CARROLL,RONALD L 2106.04 12,636.24 50.00 300.00 250.00 105.00 1,801.04
151 COLE, RUSTON 3065.74 18,394.44 50.00 300.00 600.00 200.00 2,315.74
109 COOPER, ADRIAN 638.42 3,830.52 50.00 300.00 688.42
198 DENNIS, ANNA MARY 1376.88 8,261.28 50.00 300.00 1,426.88
160 DUGGER,GARY 3163.74 18,982.44 50.00 300.00 300.00 120.00 2,793.74
140 FOSTER, BILLIE D. 3207.35 19,244.10 50.00 300.00 300.00 120.00 2,837.35
148 FRIEND, JERRY 3152.68 18,916.08 50.00 300.00 725.00 150.00 2,327.68
161 HANNA, JANICE 1368.59 8,211.54 0.00 0.00 100.00 25.00 1,243.59
145 HANNA, MARK 1368.59 8,211.54 50.00 300.00 100.00 50.00 1,268.59
162 HASKINS, IRENE 782.20 4,693.20 50.00 300.00 832.20
169 HELDER, TIM 5838.12 35,028.72 50.00 300.00 750.00 250.00 4,888.12
180 HOYT, RICK 7460.01 44,760.06 50.00 300.00 1,600.00 425.00 5,485.01
146 HUTCHENS, BERNICE 1825.54 10,953.24 50.00 300.00 130.00 1,745.54
143 JOHNSON, CHARLES 2455.50 14,733.00 50.00 300.00 42.67 2,462.83
194 JOHNSON, FRANK 7974.81 47,848.86 50.00 300.00 1,600.00 500.00 5,924.81
103 JOHNSON, WENDELL 783.15 4,698.90 50.00 300.00 833.15
118 JONES, BOB 3300.45 19,802.70 50.00 300.00 0.00 3,350.45
144 KILGORE, DONALD 2046.48 12,278.88 50.00 300.00 19.72 2,076.76
129 LAWSON, FORREST 1567.90 9,407.40 50.00 300.00 350.00 1,267.90
150 LITTLE, PATSY R 730.35 4,382.10 50.00 300.00 780.35
153 LORCH, DONNA G 730.35 4,382.10 50.00 300.00 780.35
156 MARTIN, KENNETH 3692.85 22,157.10 50.00 300.00 500.00 140.00 3,102.85
,1.28 MCCAWLEY, LARRY 1694.79 10,168.74 50.00 300.00 195.00 50.00 1,499.79
X16 MCCHRISTIAN, MARIE 730.35 4,382.10 50.00 300.00 780.35
-'126 MCWHORTER, KAREN 1012.10 6,072.60 50.00 300.00 1,062.10
136 MITCHELL, MICHAEL 2305.29 13,831.74 50.00 300.00 150.00 2,205.29
141 MUELLER, ROSEMARY 2063.93 12,383.58 50.00 300.00 2,113.93
158 MUNSON,ANGELA 4198.15 25,188.90 50.00 300.00 500.00 0.00 3,748.15
112 MURPHY, JAKE 405.75 2,434.50 50.00 300.00 0.00 455.75
137 PERDUE, LARRY 2322.67 13,936.02 50.00 300.00 300.00 50.00 2,022.67
164 PERSHALL, ROBIN 1525.07 9,150.42 0.00 0.00 190.00 67.00 1,268.07
132 PHILLIPS, HOMER GENE 1754.44 10,526.64 50.00 300.00 300.00 1,504.44
199 PRESTON, NORMA J 1601.37 9,608.22 50.00 300.00 200.00 100.00 1,351.37
135 RICKMAN, LOREN 2231.07 13,386.42 50.00 300.00 230.00 65.00 1,986.07
104 RIGGINS, RAYMOND C 1669.37 10,016.22 50.00 300.00 125.00 25.00 1,569.37
183 ROBERTS; ELDON 7479.37 44,876.22 50.00 300.00 1,350.00 500.00 5,679.37
183 ROBERTS, ELDON Plus 25 add pay 1029.98 6,179.88 0.00 0.00 1,029.98
159 SCHUSTER,JOHN H. 3117.36 18,704.16 50.00 300.00 340.00 110.00 2,717.36
168 STANLEY, MELVIN 4880.07 29,280.42 50.00 300.00 1,100.00 300.00 3,530.07
155 STOUT, BETTY 866.51 5,199.06 50.00 300.00 0.00 916.51
133 SURLES, JERRY 2721.40 16,328.40 50.00 300.00 600.00 200.00 1,971.40
142 TAYLOR, DENNIS 2063.93 12,383.58 50.00 300.00 110.00 0.00 2,003.93
106 UPTON, FRANKLIN 1057.08 6,342.48 50.00 300.00 0.00 1,107.08
163 WATSON, RICHARD 6947.05 41,682.30 50.00 300.00 1,950.00 425.00 4,622.05
163 Watson, Richard Plus 25 Add'I Pay 948.76 5,692.56 0.00 0.00 948.76
149 WILLIAMS, JOYCE 2539.66 15,237.96 50.00 300.00 217.07 2,372.59
195 WITT, BETTY J 1766.83 10,600.98 50.00 300.00 115.00 64.00 1,637.83
127 WOOD, PAUL J 1580.93 9,485.58 50.00 300.00 0.00 1,630.93
136488.98 818,933.88 2,500.00 15,000.00 17,604.07 4,790.28 116 594 63
116,594.63
i3
POLICE PENSION FUND
July 2008 6800-9800 6900-9800
Month 7 Regular Mo 5335-00 5335-05 Check
EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net
154 ALLEN, CHARLES 2584.64 18,092.48 50.00 350.00 220.00 66.89 2,347.75
130 BAYLES, DON 1587.41 11,111.87 50.00 350.00 1,637.41 M
107 BLACK, JOE P 1125.64 7,879.48 50.00 350.00 150.00 20.00 1,005.64
147 BRADLEY, GERALD 4820.09 33,740.63 50.00 350.00 975.00 300.00 3,595.09
139 BRADLEY, RANDALL 2860.17 20,021.19 50.00 350.00 382.00 100.00 2,428.17
167 BROWN, JOHN 4362.01 30,534.07 50.00 350.00 600.00 200.00 3,612.01
157 CARROLL,RONALD L 2106.04 14,742.28 50.00 350.00 250.00 105.00 1,801.04
151 COLE, RUSTON 3065.74 21,460.18 50.00 350.00 600.00 200.00 2,315.74
109 COOPER, ADRIAN 638.42 4,468.94 50.00 350.00 688.42
198 DENNIS, ANNA MARY 1376.88 9,638.16 50.00 350.00 1,426.88
160 DUGGER,GARY 3163.74 22,146.18 50.00 350.00 300.00 120.00 2,793.74
140 FOSTER, BILLIE D. 3207.35 22,451.45 50.00 350.00 300.00 120.00 2,837.35
148 FRIEND, JERRY 3152.68 22,068.76 50.00 350.00 725.00 150.00 2,327.68
161 HANNA, JANICE 1368.59 9,580.13 0.00 0.00 100.00 25.00 1,243.59
145 HANNA, MARK 1368.59 9,580.13 50.00 350.00 100.00 50.00 1,268.59
162 HASKINS, IRENE 782.20 5,475.40 50.00 350.00 832.20
169 HELDER, TIM 5838.12 40,866.84 50.00 350.00 750.00 250.00 4,888.12
180 HOYT, RICK 7460.01 52,220.07 50.00 350.00 1,600.00 425.00 5,485.01
146 HUTCHENS, BERNICE 1825.54 12,778.78 50.00 350.00 130.00 1,745.54
143 JOHNSON, CHARLES 2455.50 17,188.50 50.00 350.00 42.67 2,462.83
194 JOHNSON, FRANK 7974.81 55,823.67 50.00 350.00 1,600.00 500.00 5,924.81
103 JOHNSON, WENDELL 783.15 5,482.05 50.00 350.00 833.15
118 JONES, BOB 3300.45 23,103.15 50.00 350.00 0.00 3,350.45
144 KILGORE, DONALD 2046.48 14,325.36 50.00 350.00 19.72 2,076.76
129 LAWSON, FORREST 1567.90 10,975.30 50.00 350.00 350.00 1,267.90
150 LITTLE, PATSY R 730.35 5,112.45 50.00 350.00 780.35
153 LORCH, DONNA G 730.35 5,112.45 50.00 350.00 780.35
156 MARTIN, KENNETH 3692.85 25,849.95 50.00 350.00 500.00 140.00 3,102.85
128 MCCAWLEY, LARRY 1694.79 11,863.53 50.00 350.00 195.00 50.00 1,499.79
116 MCCHRISTIAN, MARIE 730.35 5,112.45 50.00 350.00 780.35
126 MCWHORTER, KAREN 1012.10 7,084.70 50.00 350.00 1,062.10 "
136 MITCHELL, MICHAEL 2305.29 16,137.03 50.00 350.00 150.00 2,205.29
141 MUELLER, ROSEMARY 2063.93 14,447.51 50.00 350.00 2,113.93
158 MUNSON-,ANGELA 4198.15 29,387.05 50.00 350.00 500.00 0.00 3,748.15
112 MURPHY, JAKE 405.75 2,840.25 50.00 350.00 0.00 455.75
137 PERDUE, LARRY 2322.67 16,258.69 50.00 350.00 300.00 50.00 2,022.67
164 PERSHALL, ROBIN 1525.07 10,675.49 0.00 0.00 190.00 67.00 1,268.07
132 PHILLIPS, HOMER GENE 1754.44 12,281.08 50.00 350.00 300.00 1,504.44
199 PRESTON, NORMA J 1601.37 11,209.59 50.00 350.00 200.00 100.00 1,351.37
135 RICKMAN, LOREN 2231.07 15,617.49 50.00 350.00 230.00 65.00 1,986.07
104 RIGGINS, RAYMOND C 1669.37 11,685.59 50.00 350.00 125.00 25.00 1,569.37
183 ROBERTS, ELDON 7479.37 52,355.59 50.00 350.00 1,350.00 500.00 5,679.37
183 ROBERTS, ELDON Plus 25 add pay 1029.98 7,209.86 0.00 0.00 1,029.98
159 SCHUSTER,JOHN H. 3117.36 21,821.52 50.00 350.00 340.00 110.00 2,717.36
168 STANLEY, MELVIN 4880.07 34,160.49 50.00 350.00 1,100.00 300.00 3,530.07
155.STOUT, BETTY 866.51 6,065.57 50.00 350.00 0.00 916.51
133 SURLES, JERRY 2721.40 19,049.80 50.00 350.00 600.00 200.00 1,971.40
142 TAYLOR, DENNIS 2063.93 14,447.51 50.00 350.00 110.00 0.00 2,003.93
106 UPTON, FRANKLIN 1057.08 7,399.56 50.00 350.00 0.00 1,107.08
163 WATSON, RICHARD 6947.05 48,629.35 50.00 350.00 1,950.00 425.00 4,622.05
163 Watson, Richard Plus 25 Add'I Pay 948.76 6,641.32 0.00 0.00 948.76
149 WILLIAMS, JOYCE 2539.66 17,777.62 50.00 350.00 217.07 2,372.59
195 WITT, BETTY J 1766.83 12,367.81 50.00 350.00 115.00 64.00 1,637.83
127 WOOD, PAUL 1580.93 11,066.51 50.00 350.00 0.00 1,630.93
136488.98 955,422.86 2,500.00 17,500.00 17,604.07 4,790.28 116,594.63
116,594.63
April 1 , 2008
Re: Election of Policemen's Pension Board Members
It is time for our 2008 Policemen's Pension and Relief Fund Board of Trustees election. The
members that are currently serving with terms which expire May 31 , 2008 are Jerry Friend and
Frank Johnson. They are eligible for reelection.
1 have attached a copy of the members that are eligible for election. You will need to select two
(2) members from this list to serve on the Board for the next two years. Tim Helder, Eldon
Roberts and Melvin W. Stanley are not eligible because they are currently serving on the
Board until their term expires May 31 , 2009.
Please vote for two (2) members from the attached list. Please make your selection on the
attached ballot and return the ballot on or before May 1 , 2008 (all ballots must be postmarked
or received on or before May 1, 2008). Any ballot not postmarked or received on or before
May 1, 2008 will not be counted.
Ballots must be returned in the envelope that is provided. Any ballot that is not returned
in the enclosed envelope will not be counted.
If you have any questions, please call the City Clerk's office at 575-8323.
Sincerely,
Sondra Smith
City Clerk/Treasurer
Policemen's Pension & Relief Fund Board of Trustees Treasurer
l
4 �l
Ballot
April 1, 2008
Policemen's Pension and Relief Fund Board of Trustees election ballot for two (2)
Board members with terms beginning June 1 , 2008 and ending May 31, 2010.
I am an eligible pensioner and am casting my vote for the following members to
serve on the Board of Trustees.
Position 2
Name of Member
Position 5
Name of Member
Return to:
Sondra Smith
City Clerk/Treasurer
City of Fayetteville
113 W. Mountain Street
Fayetteville, AR 72701
All ballots must be postmarked or received on or before May 1, 2008. Please return this
page with your selection on or before May 1, 2008.
Ballots must be returned in the envelope that is provided. Any ballot that is
not returned in the enclosed envelope will not be counted.
I
1
RECEIVED
LONGER INVESTMENTS INCORPORATED JAN 2 3 Z008
A Registered Investment Advisor CITY OF FAYETTEVILLE
CITY CLERK'S OFFICE
January 22, 2008
Ms. Sondra Smith
City of Fayetteville Police Pension Fund
113 W. Mountain St.
Fayetteville, Arkansas 72701
Dear Sondra:
Quarterly portfolio reports, along with our newsletter, were mailed to you in early
January. Since that time many changes have taken place, and our newsletter was quickly
outdated. I'm sure you've heard the news reports about the economy and the stock
market's current downturn, so we wanted to send a brief update to you.
With the weak unemployment numbers released on January 4, the stock market moved to
a position of anticipating a recession in the economy. Soft numbers in manufacturing
activity and retail sales disappointments have continued to illustrate an underlying
softness in the economy that has developed since the middle of the fourth quarter of
2007. As the stock market sold off(through Friday's close the S&P 500 is down 9.75%
in January) our sell discipline kicked in and we quickly moved to a defensive position
with high cash balances and equity allocations that are at or near the lowest levels
allowed in investment policies. Although the stock market has already experienced a
very negative downturn in January, the effect on portfolios has been muted due to high
cash levels and reduced exposure to market risk.
International markets started selling off on Sunday evening with Asia and Europe
declining 7-10 percent since our markets closed on Friday. We face a negative open in
the market this morning to catch up to where the foreign markets moved while our
market was closed for the Martin Luther King holiday. In response to the global "storm,"
the Fed announced a 75-basis-point cut in the Fed funds rate this morning before the
stock market's open. As well, the Treasury Secretary has been in press conferences
selling the President's economic stimulus package that will begin moving through
Congress this week.
P.O.Box 1269; = .
FayettMlk,Arkansas 72702
Telephone:479-443-5851
Toll free: 800-827-7710
Fax:479-443-7129
Web site:www.longerinvcom
Ms. Sondra Smith a.
January 22, 2008
Page Two
It is important to realize that proper asset allocation is key in market environments such
as this, and this is addressed when the investment policy is established at the beginning of
a relationship with Longer Investments. It is designed to accommodate long-term
investment goals. We are well postured to be able to capitalize on this market turmoil.
We own good stocks (many of which are reporting excellent earnings results), we have
no exposure to bad debt, and we have ample cash and liquid reserves to take advantage of
this selling as the dust settles.
We have been through cycles like this before. Our long term results demonstrate the
disciplines we employ work to protect capital in negative environments, and our
valuation work leads us to invest responsibly as opportunities arise. We look forward to
being able to capitalize on this turmoil.
If you have any questions or concerns, please feel free to call our office. As always, we
appreciate you and welcome your contacts.
Sincerely,
Elaine M. Longer, CFA
President
1
RECEIVED
APR 1 1 2008
LONGER INVESTMENTS INCORPORATED
CITY OF FAYETTEVILLE
A Registered Investr sent Advisor CITY CLERK'S OFFICE
April 8, 2008
Ms. Sondra Smith
City of Fayetteville Police Pension Fund
113 W. Mountain St.
Fayetteville, Arkansas 72701
Dear Sondra:
Enclosed you will find the 2008 first-quarter reports for the City of Fayetteville Police
Pension Fund. These reports include a portfolio appraisal and a summary of realized
gains/losses and income/expenses. Detailed reports of realized gains/losses and
income/expenses are included at the back of the report package. As instructed, the
account at Northern Trust will be billed for the management fee.
Also enclosed is a copy of our quarterly newsletter, The Longer View. Please refer to the
newsletter for a discussion of first-quarter market activity and our outlook for the
remainder of the year.
Year-to-date performance for 2008 is detailed below. Performance is quoted net of all
fees and expenses.
Domestic Foreign Government Total
Equities Funds Bonds Account
City of Fayetteville
Police Pension Fund -10.1% -8.2% 2.2% -3.4%
In comparison, first-quarter performance of the market indices is listed below:
S&P 500 (cash basis) -9.9%
S&P 500 (with reinvested dividends) -9.5%
Dow Jones Industrial Average (cash basis) -7.6%
NASDAQ over-the-counter index -14.1%
Russell 2000 small-capitalization index -10.2%
P.O.Box 1269
Fayetteville,Arkansas 72702
Telephone:479-443-5851
Toll free: 800-827-7710
Fax:479-443-7129
Web site:www.longerinvcom
t.
Ms. Sondra Smith
April 8, 2008 v
Page Two
The enclosed reports reflect net realized capital losses of$7,210.84. We plan to offset
the losses between now and the end of the year.
Longer Investments appreciates the opportunity to assist with the management of the City
of Fayetteville Police Pension Fund's assets. Please do not hesitate to call if you have any
questions or comments, or if we can be of further service.
Sincerely,
Elaine M. Lo ger,
President
EML:kmc
Enclosures
TheL WW
COMME0T9UVTLOOKS FROM LONGER INVESTMENTS INCORPORATED
April 7, 2008
During the first quarter, the subprime credit crisis We do expect another cut in the funds rate of 50 to
continued to reverberate through the financial markets. 75 basis points at the April Fed meeting. The weakness
We have seen dramatic responses from the Fed, Con- in the jobs data (80,000 nonfarm jobs lost in March)
gress, and the administration. All of them are trying to leads us to believe that the Fed will choose to err on the
contain the damage — to prevent the crisis from impairing side of stimulus. When the economy regains a solid
the efficient function of the credit markets and spreading footing— or when inflation threatens to take off— the
to the rest of the economy. Fed can quickly rein in its loose-money policy.
The Federal Reserve In bond portfolios, we remain defensively pos-
tured: We hold only the highest credit quality and look
After cutting the funds rate by 100 basis points for short maturities on new purchases of bonds. Five-
(bps) in the fourth quarter, the Fed cut it twice again in year and 10-year Treasury notes currently yield 2.47%
the first quarter, by 125 bps in January and by 75 bps in and 3.43%, respectively. The "flight to quality" has
March. This brings the Fed funds rate to 2.25%, signifi- increased the demand for (and thus the price of)
cantly below the 5.25% rate of last summer. The Fed has Treasury securities, resulting in lower returns to
also aggressively added reserves to the banking system, investors. We believe that all the stimulus initiatives, in
liberalized the terms under which banks can borrow from conjunction with the decline in the dollar and the rise in
the discount window, and opened the discount window commodity prices, could cause inflation to increase in
to investment banking firms for the first time since the the second half of the year. When interest rates rise,
Great Depression of the 1930s. Across the maturity bond prices decline. For example, if the yield on the 10-
1 spectrum, interest rates have declined since year-end year Treasury note should increase to 4.5% from the
J 2007 (see Table A). current 3.43%, the price decline would be 9%, or almost
three times the annual income on the bond. If the yield
Table A were to rise to 5.25%, the price decline would be 15%.
U.S. Treasury Yield Curve Therefore, any pickup in inflationary forces can have a
strong negative impact on the value of long-term bond
Maturity 12/31/07 03/31/08 holdings. For this reason, we remain defensively
Fed Funds 4.25% 2.25% postured in bond portfolios, preferring short-maturity
Two-Year 3.07% 1.63% debt to longer-dated debt.
Five-Year 3.46% 2.47%
10-Year 4.04% 3.43% The Equity Market
30-Year 4.46% 4.31%
The stock market was certainly negatively affected
Estimates for first-quarter gross domestic product by the credit crisis turmoil that culminated in the bailout
(GDP) growth have declined. The mortgage trouble and of Bear Stearns on March 14. The decline in the Dow
financial market turmoil continue, and the negative Jones Industrial Average, 1,001 points over the last
impacts of both are denting consumer and corporate three months, was the largest first-quarter point decline
confidence. Although some economists are projecting in the history of the index. The S&P 500 declined 18.7%
that the first quarter will show negative real GDP growth, from its high of October 2007, and the NASDAQ
we believe that the numbers will show a stall in growth (a declined 24.2%. The Wall Street Journal reports that
growth rate of 0.0% to 1.5%) rather than a sharp decline. these losses occurred against a backdrop of stock
The corrective actions already taken in both monetary market volatility not seen since the 1930s. In fact,
policy (interest rate cuts and liquidity surges) and fiscal during the first quarter of 2008, the S&P 500 moved
policy (tax rebates) should positively affect the second- more than I% on 51% of the quarter's trading days.
quarter GDP. The impact of the stimulus package may be That was the biggest quarterly percentage noted since
short-lived, however. We don't know what the second 1934, and the fifth-largest in history. It felt like a wild
half of the year may bring in terms of economic growth quarter, because it was.
and interest rates. In this rapidly changing environment,
it is difficult to see into next week, let alone to the end of Where do we go from here? The markets seem to
the year. have stabilized with the latest Fed rate cuts and the
LONGER INVESTMENTS INCORPORATED
unparalleled show of force in the Bear Stearns bailout. responds with overzealous regulation or reckless
The Fed and the Treasury meant business, and they stimulus plans,
brought out the big guns to fight. The intervention The contagion spreads to the real economy and
seems to have worked. Collectively, the markets our forecast shifts to a deep or prolonged
breathed a sigh of relief. Although the closing lows of recession that would significantly impair earnings.
January were violated, the intraday lows held. Election-year politics result in negative tax policy,
increased protectionism, and more regulation.
We wrote in our year-end newsletter that stocks
were undervalued relative to bonds. Since then, stocks It is difficult to tell when we will feel confident that
® have declined 9.9%, as measured by the S&P 500, and the worst is behind us. My gut feeling is we are in about
yields have fallen further (see Table A on page one). the sixth inning of this credit crisis. It may still claim more
This means that the valuation edge stocks held over victims among banks and financial firms.
bond returns has improved. At this time, our economic
outlook does not include a recession deep or prolonged We have used exchange-traded funds (ETFs) to
enough to affect earnings so negatively that stocks remain nimble in this volatile market. By doing so,we can
would appear expensive compared with bonds. Earn- fluctuate between being fully invested and being 10% to
ings for the S&P 500 are still forecast at $96, which puts 15% underinvested in equities, as market conditions
the index at 14 times 2008 earnings. Even if $96 proves warrant. A liquid vehicle such as the S&P 500 ETF allows
too optimistic — and even if the earnings forecast us to deploy cash quickly, to control downside risk, and
goes to the index would be valued at 15.8 times to avoid any single-issue stock risk. ETFs have proved to
earningss,, its ts long-run average. be a valuable too] in this environment.
The investment thesis we put forth in the fourth- As at year-end 2007, the situation today is fluid and
quarter newsletter has not changed. Namely: changing rapidly. Our cautiously optimistic outlook could
• At today's S&P 500 level of 1,370, stocks should change quickly too, as more data becomes available. At >>
outperform bonds at current rates (I0-year Treasury this time though, given what we know, we believe that 1
yield of 3.43%). equities offer more value than bonds.
• Large-capitalization stocks should outperform
small- and mid-capitalization stocks. A Personal Note
• Financial and consumer stocks may be tradable
at times, but should remain underweight in our We appreciate your patience and support during
portfolios. these extraordinary times in the market. We are honored
• Bonds at current yields will face a significant to be your partner in securing your financial future.
price risk if interest rates rise. Difficult times like these show the value of the investment
plan and resulting investment policy. Your plan is
Of course, the risks are many, as variables shift designed to achieve your long-term objectives within a
quickly in this environment. Our main concerns remain: risk profile that takes into account the kind of negative
• Inflationary forces cause interest rates to climb short-tern fluctuations that have occurred in the stock
market throughout history. If you would like to review
dramatically. your investment plan or if you have any questions that
• The dollar enters an intense or disorderly decline. have not been addressed in this newsletter, please do not
• The credit crisis worsens and threatens another hesitate to call. We value your input, as always.
major financial institution, and the government
LONGER INVESTMENTS INCORPORATED
Services Provided by Longer Investments Inc:Personal Investment Planning-Risk Tolerance Assessment•Development of
an Investment Policy-Retirement Planning •IRA,Pension and Profit Sharing Management •Survivorship and Estate Transfer Planning.
Charitable Trust Management -Nonprofit Foundation and Endotivment Management •Tax and Accounting Facilitation • Reputable
Fee-Based Asset Managernmi
P.O. Box 1269 • Fayetteville,Arkansas 72702
Telephone:479-443-5851 •Toll free: 800-827-7710 • Fax.479-443-7129 •E-mail:info@longerinvcom
Web site: www.longerinv.com
City of Fayetteville
Police Pension Fund
FIRST QUARTER REPORTS
March 31 , 2008
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
t
Longer Investments Inc.
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
March 31, 2008
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Common Stock
4,400 AT &T 31.79 139,880.80 38.30 168,520.00 1.7 1.600 7,040.00 5.0
1,000 B.P. Amoco PLC A.D.S. 55.58 55,576.67 60.65 60,650.00 0.6 3.250 3,250.00 5.8
1,625 Baker Hughes Inc. 65.41 106,286.70 68.50 111,312.50 1.1 0.520 845.00 0.8
1,300 Caterpillar Inc. 77.36 100,565.53 78.29 101,777.00 1.0 1.440 1,872.00 1.9
3,725 Ceradyne Inc. 39.51 147,159.04 31.96 119,051.00 1.2 1.400 5,215.00 3.5
2,000 Chevron Corp. 44.40 88,805.53 85.36 170,720.00 1.7 2.320 4,640.00 5.2
4,000 Cisco Systems, Inc. 24.36 97,443.90 24.09 96,360.00 1.0 0.000 0.00 0.0
1,510 Danaher Corp. 74.69 112,778.68 76.03 114,805.30 1.1 0.120 181.20 0.2
1,000 Devon Energy Corp. 66.34 66,338.30 104.33 104,330.00 1.0 0.640 640.00 1.0
2,500 Dow Chemical Co. 38.14 95,338.50 36.85 92,125.00 0.9 1.680 4,200.00 4.4
2,250 E.I. DuPont de Nemours 46.52 104,679.45 46.76 105,210.00 1.0 1.640 3,690.00 3.5
&Co.
4,675 EMC Corporation 16.23 75,875.25 14.34 67,039.50 0.7 0.000 0.00 0.0
1,975 Emerson Electric 26.98 53,281.34 51.46 101,633.50 1.0 1.200 2,370.00 4.4
1,525 ExxonMobil 55.07 83,989.24 84.58 128,984.50 1.3 1.400 2,135.00 2.5
5,815 General Electric 32.33 188,021.28 37.01 215,213.15 2.1 1.240 7,210.60 3.8
6,350 Health Care Select 36.22 229,979.88 31.17 197,929.50 2.0 0.557 3,536.44 1.5
Sector SPDR Fund
2,575 Ingersoll-Rand Co. Ltd. 40.31 103,799.28 44.58 114,793.50 1.1 0.720 1,854.00 1.8
6,075 Intel Corp. 19.13 116,224.78 21.18 128,668.50 1.3 0.560 3,402.00 2.9
2,425 Johnson &Johnson 61.53 149,207.47 64.87 157,309.75 1.6 1.660 4,025.50 2.7
3,175 Medicis Pharmaceutical 20.06 63,691.45 19.69 62,515.75 0.6 0.120 381.00 0.6
Corp.
3,500 Microsoft Corp. 30.40 106,392.22 28.38 99,330.00 1.0 0.440 1,540.00 1.4
1,250 National Oilwell Varco, 63.46 79,330.38 58.38 72,975.00 0.7 0.000 0.00 0.0
Inc.
7,600 Oracle Corp. 18.04 137,139.48 19.56 148,656.00 1.5 0.000 0.00 0.0
4,700 Pfizer 23.17 108,879.00 20.93 98,371.00 1.0 1.280 6,016.00 5.5
7,000 Powershares Dynamic 17.86 125,043.95 14.61 102,270.00 1.0 0.000 0.00 0.0
Networking
9,000 Powershares Dynamic 15.27 137,430.00 15.31 137,790.00 1.4 0.000 0.00 0.0
Semiconductors
7,915 Powershares Water 18.31 144,928.30 19.24 152,284.60 1.5 0.073 576.85 0.4
Resource
} 1,900 Procter& Gamble 64.17 121,931.67 70.07 133,133.00 1.3 1.400 2,660.00 2.2
1,485 Schlumberger Limited 84.06 124,821.82 87.00 129,195.00 1.3 0.840 1,247.40 1.0
2,500 St. Jude Medical Inc. 41.61 104,033.63 43.19 107,975.00 1.1 0.000 0.00 0.0
4,600 Standard & Poors 127.21 585,180.26 131.97 607,062.00 6.0 2.568 11,811.88 2.0
Depository Receipts
3,000 Teva Pharmaceuticals 38.62 115,867.03 46.19 138,570.00 1.4 0.500 1,500.00 1.3
2,700 Walmart Stores 44.47 120,055.77 52.68 142,236.00 1.4 0.950 2,565.00 2.1
1,345 Weyerhaeuser Co. 64.90 87,290.50 65.04 87,478.80 0.9 2.400 3,228.00 3.7
4,277,247.09 4,576,274.85 45.4 87,632.87 2.2
i
Preferred Debt Securities
6,000 AT&T Preferred 24.39 146,310.60 24.98 149,880.00 1.5 1.594 9,562.50 6.5
6.375%A2/A(C
2-12-12)
5,000 G.E. Preferred 6.10% 24.76 123,797.00 24.88 124,400.00 1.2 1.525 7,625.00 6.2
AAA/AAA(C 11-15-07)
4,000 G.E.Preferred 6.625% 24.46 97,833.20 25.42 101,680.00 1.0 1.656 6,625.00 6.8
AAA/AAA(C 6-28-07)
367,940.80 375,960.00 3.7 23,812.50 6.5
1 _
LONGER INVESTMENTS INCORPORATED
b
A Registered Investment Advisor
i
Longer Investments Inc.
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
March 31, 2008
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Mutual Funds-Equity
1,650.0000 Thai Fund Inc. 13.29 21,930.80 12.00 19,800.00 0.2 0.423 697.95 3.2
225.0000 iPath MSCI India Index 69.61 15,662.62 65.87 14,820.75 0.1 0.000 0.00 0.0
ETN
1,540.0000 iShares MSCI EAFE 70.47 108,525.19 71.90 110,726.00 1.1 0.000 0.00 0.0
Index Fund
775.0000 iShares MSCI Hong 22.71 17,600.25 17.95 13,911.25 0.1 0.379 293.96 1.7
Kong Index Fund
20,000.0000 iShares MSCI Japan 10.80 216,006.25 12.37 247,400.00 2.5 0.099 1,989.18 0.9
Index Fund
800.0000 iShares MSCI Malaysia 12.72 10,176.00 11.85 9,480.00 0.1 0.406 324.48 3.2
Index Fund
1,820.0000 iShares MSCI Taiwan 12.54 22,814.97 15.85 28,847.00 0.3 0.302 548.97 2.4
Index Fund
3,750.0000 iShares S&P Europe 82.54 309,531.29 105.01 393,787.50 3.9 2.083 7,810.60 2.5
350 Index
722,247.37 838,772.50 8.3 11,665.14 1.7
Corporate Bonds
160,000 Wells Fargo & Co. 100.65 161,033.25 100.09 160,140.00 1.6 6.250 10,000.00 6.2
Aa2/AA (NC)
6.250% Due 04-15-08
100,000 McDonald's Corp A3/A 98.45 98,450.00 107.30 107,302.60 1.1 6.000 6,000.00 6.1
(NC) 6.21%YTM
6.000% Due 04-15-11
Accrued Interest 7,377.78 0.1
259,483.25 274,820.38 2.7 16,000.00 6.2
Government Bonds
150,000 U. S. Treasury Note 100.00 150,000.00 113.94 170,906.25 1.7 5.125 7,687.50 5.1
5.125% Due 05-15-16
Accrued Interest 2,893.37 0.0
150,000.00 173,799.62 1.7 7,687.50 5.1
Government Agency
150,000 Federal Home Loan 100.00 150,000.00 101.78 152,671.88 1.5 5.250 7,875.00 5.3
Bank (NC)
5.250% Due 11-14-08
75,000 Federal Farm Credit 100.00 75,000.00 102.00 76,500.00 0.8 5.200 3,900.00 5.2
Bureau (NC)
5.200%Due 12-10-08
150,000 Federal Home Loan 100.00 150,000.00 100.38 150,562.50 1.5 4.300 6,450.00 4.3
Bank (Call 6-10-08 @
100, 1X)
4.300%Due 12-10-08
100,000 Federal Farm Credit 100.50 100,500.00 102.69 102,687.50 1.0 5.400 5,400.00 5.4
Bank (NC) 5.31% YTM
5.400%Due 02-11-09
50,000 Federal Home Loan 99.88 49,937.50 102.53 51,265.63 0.5 5.250 2,625.00 5.3
Bank (NC)
5.250% Due 02-13-09
100,000 Federal Farm Credit 100.00 100,000.00 105.59 105,593.75 1.0 6.750 6,750.00 6.8
Bank (NC)
6.750% Due 07-07-09
2
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension Fund
March 31, 2008
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price value Assets Income Income Yield
250,000 Federal Home Loan 100.00 250,000.00 100.41 251,015.63 2.5 5.100 12,750.00 5.1
Bank (Cali 5-20-08 @
100, IX)
5.100%Due 11-20-09
225,000 Federal Home Loan 100.00 225,000.00 100.06 225,140.63 2.2 5.125 11,531.25 5.1
Bank (Call 4-9-08 @
100,quarterly)
5.125%Due 04-09-10
320,000 Federal Home Loan 100.00 320,000.00 102.31 327,400.00 3.2 5.250 16,800.00 5.3
Bank (Call 2-9-09 @
100, 1X)
5.250% Due 02-09-11
65,000 Federal Home Loan 100.00 65,000.00 102.56 66,665.63 0.7 5.020 3,263.00 5.0
Bank (Call 4-13-09 @
100, IX)
5.020% Due 04-13-11
50,000 Federal Home Loan 100.00 50,000.00 109.75 54,875.00 0.5 6.000 3,000.00 6.0
Bank (NC)
6.000%Due 05-13-11
100,000 Fed Nat'l Mortgage 100.00 100,000.00 101.44 101,437.50 1.0 5.400 5,400.00 5.4
Assoc (Call 9-15-08 @
100, 1X)
5.400% Due 09-15-11
100,000 Federal Farm Credit 100.00 100,000.00 104.22 104,218.75 1.0 5.080 5,080.00 5.1
Bank (Call 10-13-09 @
100, CC)
5.080%Due 10-13-11
250,000 Federal Home Loan 100.00 250,000.00 102.03 255,078.13 2.5 5.020 12,550.00 5.0
Bank (Call 12-12-08 @
100, 1X)
5.020%Due 06-12-12
100,000 Federal Home Loan 100.00 100,000.00 106.28 106,281.25 1.1 5.000 5,000.00 5.0
Bank (Call 10-1-10 @
100, 1X)
5.000% Due 10-01-12
250,000 Federal Home Loan 100.00 250,000.00 101.88 254,687.50 2.5 5.250 13,125.00 5.3
Bank (Call 11-14-08 @
100, 1X)
5.250%Due 11-14-12
125,000 Federal Farm Credit 100.00 125,000.00 100.03 125,039.06 1.2 5.300 6,625.00 5.3
Bank (Call since
6-22-07 @ 100, CC)
5.300%Due 06-22-15
200,000 Federal Farm Credit 99.97 199,938.00 114.59 229,187.50 2.3 6.125 12,250.00 6.1
Bank (NC) 6.127%
YTM
6.125% Due 12-29-15
300,000 Federal Home Loan 100.00 300,000.00 103.43 310,290.00 3.1 6.000 18,000.00 6.0
Mortgage Corp. (Call
4-28-09 @ 100,
quarterly)
6.000%Due 04-28-16
100,000 Fed Nat'l Mortgage 100.00 100,000.00 101.91 101,906.25 1.0 6.000 6,000.00 6.0
Assoc (Call 10-24-08 @
100, quarterly)
6.000% Due 10-24-16
3
LONGER INVESTMENTS INCORPORATED
A Registered investment Advisor