HomeMy WebLinkAbout2006-01-26 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
January 26, 2006
A-meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM
on January 26, 2006 in Room 326 of the City Administration Building
1. Approval of the Minutes:
• December 29, 2005 Meeting Minutes
2. Approval of the Pension List:
• January, 2006 Revised Pension List
• February, 2006 Pension List
3. New Business:
• Kim Skelton college Enrollment Letter
• Parking Permits
• NCPERS Annual Conference Proposed By-Law Change
4. Longer Investments:
• Longer Investment 0 Quarter Report
• Longer Investment Monthly Report
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
December 29,2005
Page 1 of 2
I
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
December 29, 2005
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
11 :00 AM on December 29, 2005 in Room 326 of the City Administration Building.
Mayor Coody called the meeting to order.
Present: Mayor Coody, Sondra Smith, Marion Doss, Danny Farrar, Trish Leach, Accounting
Department, and Kit Williams, City Attorney, Fire Chief, Tony Johnson, and Lisa Branson, City
Clerks Office.
Absent: Dennis Ledbetter, Pete Reagan, and Ronnie Wood.
Approval of the November 17, 2005 Meeting Minutes
Marion Doss: Since I retired you're the next highest ranking officer so you are automatically on
the Pension Board. A motion was made to move you to my position and appoint me to serve out
the rest of your position unless someone objects to it, in which case we would have an election
for that five month period, and then we will have the regular election in May.
Marion Doss moved to approve the November 17, 2005 meeting minutes. Danny Farrar
seconded the motion. Upon roll call the motion passed 4-0. Dennis Ledbetter, Pete
Reagan, and Ronnie Wood were absent.
Approval of the January, 2006 Pension List
Sondra Smith: Marion has been moved on the January list from the DROP List to retired. They
have added on the 3% temporary COLA.
Mayor Coody: Is that 3% for the entire pension list?
Sondra Smith: Yes.
Mayor Coody: How long is that temporary COLA?
Marion Doss: Ours was 3 years. If anyone makes a motion to do another increase it has to go
back to PBR for actuary study.
Mayor Coody: Only those two modifications?
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
December 29,2005
Page 2 of 2
Sondra Smith: You can see that Marion has been moved to retired, and I also did the
calculations on the COLA and I came up with the same amount as accounting.
Danny Farrar moved to approve the January, 2006 pension list. Marion Doss seconded the
motion. Upon roll call the motion passed 4-0. Dennis Ledbetter, Pete Reagan, and Ronnie
Wood were absent.
Old Business:
Retirement of Marion Doss
Sondra Smith: A copy of his affidavit is in the packet.
New Business:
Approval of the November 30, 2005 Equity Overage (51.4%)
Marion Doss moved to approve the November 30, 2005 Equity Overage. Danny Farrar
seconded the motion. Upon roll call the motion passed 4-0. Dennis Ledbetter, Pete Reagan,
and Ronnie Wood were absent.
Lonizer Investments:
Longer View
Report
A copy of the Longer View and Investment Report was given to the board.
Meeting was Adjourned at 11:15 AM.
Sondra Smith--.Updated 2006 Fire Pension Pae 1
From: Wendy Moore
To: Smith, Sondra
Date: 1/3/06 11:23AM
Subject: Updated 2006 Fire Pension
Ok..here we go. I hope this is the last one. Changes include Marion Doss tax withholdings and death of
Pauline Skelton
Wendy Moore
City of Fayetteville
Accounts Receivable Clerk
575-8275
FIREMEN'S RELIEF AND PENSION
January 2006 REVISED
j 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 1,812.74 300.00 100.00 1,412.74
177 4/04 BACHMAN, EDDIE 2,618.55 2,618.55 479.27 119.82 2,019.46
74 3/86 BAIRD, JULIA 1,802.08 1,802.08 350.00 145.00 1,307.08
2 3/75 BLACKARD, PAUL 109.27 109.27 109.27
63 5/72 BOLAIN,ANN 109.27 109.27 10927
68 7/99 BONADUCE, MICHAEL 2,988.76 2,988.76 475.38 2,513.38
44 9/86 BOUDREY, BETTY MRS. 2,477.42 . 2,477.42 300.00 50.00 2,127.42
45 9/86 BOUDREY, HOWARD 2,089.28 2,089.28 2,08928
49 7/88 BOUDREY, JACK 1,647.63 1,647.63 287.68 50.00 1,309.95
5 5/72 CASELMAN, ARTHUR 131.13 131.13 131.13
57 5/90 CATE, ROY 1,788.90 1,788.90 1,788.90
6 4/68 CHRISTIE, ARNOLD 109.27 109.27 109.27
8 10!76 COUNTS, WAYNE 109.27 109.27 109.27
77 11/99 DILL,GARY JOHN 1,812.75 1,812.75 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 5,376.91 800.00 320.00 4,256.91
11 2/76 FARRAR,ALONZO 998.86 998.86 998.86
38 5/84 FRALEY, JOSEPH G. 1,768.12 1,768.12 200.00 15.00 1,553.12
170 5/03 FREEDLE, LARRY 3,816.75 3,816.75 500.00 100.00 3,216.75
92 03/02 GAGE,TOMMY 2,596.69 2,596.69 226.00 50.00 2,320.69
34 6/79 HARRIS, JAMES E. 109.27 109.27 109.27
70 11199 HARRIS, MARY RUTH 109.27 109.27 109.27
182 10/04 JENKINS, EILEEN 1,788.75 1,788.75 350.00 100.00 1,338.75
93 06/02 JENKINS, JOHN 1,788.76 1,788.76 350.00 100.00 1,338.76
86 07/01 JOHNSON,ROBERT 3,073.47 3,073.47 500.00 100.00 2,473.47
64 4/95 JORDAN, CHARLIE 2,274.95 2,274.95 2,274.95
76 5/88 JUDY, JAN 1,647.63 1,647.63 200.00 50.00 1,397.63
37 3/84 KING, ARNOLD D. 1,522.37 1,522.37 300.00 47.00 1,175.37
54 5/89 KING,ARVIL 1,711.21 1,711.21 130.00 50.00 1,531.21
12 3/60 LANE, HOPE MRS 109.27 109.27 109.27
13 10/67 LAYER, MERLIN 456.22 456.22 456.22
173 12103 LEDBETTER, DENNIS 3,775.80 3,775.80 650.00 200.00 2,925.80
181 10/04 LEE, VIOLA LOUISE 109.27 109.27 109.27
51 10/88 LEWIS, CHARLES 1,647.63 1,647.63 75.00 25.00 1,547.63
40 9/85 LOGUE, PAUL D. 2,868.28 2,868.28 325.00 75.00 2,468.28
50 9/88 MASON, LARRY 1,631.25 1,631.25 137.61 25.00 1,468.64
39 4/85 MC ARTHUR, RONALD A. 1,753.74 1,753.74 150.00 50.00 1,553.74
35 2/82 MC CHRISTIAN, DWAYNE 109.27 109.27 10927
15 4177 MC WHORTER, CHARLES 1,334.51 1,334.51 150.00 1,184.51
29 8/81 MILLER, DONALD 1,304.07 1,304.07 125.00 25.00 1,154.07
73 2/00 MILLER,KENNETH 3,180.02 3,180.02 325.00 75.00 2,780.02
42 2/86 MOORE, JAMES H. 109.27 109.27 109.27
176 4/04 MORRIS, DIXIE E. 125.66 125.66 125.66
62 10/68 MORRISON, ELIENE 136.59 136.59 136.59
48 7/88 MULLENS, DENNIS W. 2,191.30 2,191.30 2,191.30
184 3/05 NAPIER, LONNIE 3,518.28 3,518.28 110.00 88.00 3,320.28
46 5/88 OSBURN, TROY 1,899.66 1,899.66 200.00 38.00 1,661.66
81 02/01 PHILLIPS,LARRY 2,765.09 2,765.09 2,765.09
53 2/89 POAGE, LARRY 2,346.70 2,346.70 300.00 100.00 1,946.70
186 06/05 REAGAN, PETE 3,535.71 3,535.71 3,535.71
22 4/73 REED, JOE 109.27 109.27 109.27
172 12103 SCHADER, MADGE 1,386.01 1,386.01 1,386.01
41 9/85 SCHADER, TROY 1,524.99 1,524.99 57.00 1,467.99
83 03/01 SKELTON, KIMBERLY 2,434.98 2,434.98 250.00 50.00 2,134.98
66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
36 5/76 SPRINGSTON, CARL 806.19 806.19 70.00 17.00 719.19
90 03/02 STOUT, IMOGENE W. 767.80 767.80 767.80
165 12/02 TATE, RALPH 3,668.10 3,668.10 300.00 100.00 3,268.10
65 3/66 TUNE, BILLIE SUE 136.59 136.59 136.59
27 3171 TUNE, MILDRED MRS. 136.59 136.59 136.59
71 1100 WARFORD,THOMAS 2,502.72 2,502.72 300.00 2,202.72
28 7/68 WATTS, DONALD 437.09 437.09 437.09
88 01/02 WOOD,RONNIE D 3,077.15 3,077.15 800.00 200.00 2,077.15
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
52 9/88 WRIGHT, RANDALL 1,691.34 1,691.34 200.00 25.00 1,466.34
101,775.74 101,775.74 0.00 _######## 2,489.82 88,912.98
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
6810-9810.533500 1,097,427.05
6810-9810.5335-06 21,690.00
Drop Payouttintrest Checks to Drop Retirees 460,781.89
YTD Column 1,579,898.94
Difference 0.00
FIREMEN'S RELIEF AND PENSION
February 2006
i
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 3,625.48 300.00 100.00 1,412.74
177 4/04 BACHMAN, EDDIE 2,618.55 5,237.10 479.27 119.82 2,019.46
74 3/86 BAIRD, JULIA 1,802.08 3,604.16 350.00 145.00 1,307.08
2 3/75 BLACKARD, PAUL 109.27 218.54 109:27
63 5/72 BOLAIN, ANN 109.27 218.54 109.27
68 7/99 BONADUCE, MICHAEL 2,988.76 5,977.52 475.38 2,513.38
44 9/86 BOUDREY, BETTY MRS. 2,477.42 4,954.84 300.00 50.00 2,127.42
45 9/86 BOUDREY, HOWARD 2,089.28 4,178.56 2,089.28
49 7/88 BOUDREY, JACK 1,647.63 3,295.26 287.68 50.00 1,309.95
5 5/72 CASELMAN, ARTHUR 131.13 262.26 131.13
57 5/90 CATE, ROY 1,788.90 3,577.80 1,788.90
6 4/68 CHRISTIE, ARNOLD 109.27 218.54 109.27
8 10/76 COUNTS, WAYNE 109.27 218.54 109.27
77 11/99 DILL,GARY JOHN 1,812.75 3,625.50 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 10,753.82 800.00 320.00 4;256.91
11 2/76 FARRAR,ALONZO 998.86 1,997.72 998.86
38 5/84 FRALEY, JOSEPH G. 1,768.12 3,536.24 200.00 15.00 1,553.12
170 5/03 FREEDLE, LARRY 3,816.75 7,633.50 500.00 100.00 3,216.75
92 03/02 GAGE,TOMMY 2,596.69 5,193.38 226.00 50.00 2,320.69
34 6/79 HARRIS, JAMES E. 109.27 218.54 109.27
70 11/99 HARRIS, MARY RUTH 109.27 218.54 109.27
182 10/04 JENKINS, EILEEN 1,788.75 3,577.50 350.00 100.00 1,338.75
93 06/02 JENKINS, JOHN 1,788.76 3,577.52 350.00 100.00 1,338.76
86 07/01 JOHNSON,ROBERT 3,073.47 6,146.94 500.00 100.00 2,473.47
64 4/95 JORDAN, CHARLIE 2,274.95 4,549.90 2,274.95
76 5/88 JUDY, JAN 1,647.63 3,295.26 200.00 50.00 1,397.63
37 3/84 KING, ARNOLD D. 1,522.37 3,044.74 300.00 47.00 1,175.37
54 5/89 KING,ARVIL 1,711.21 3,422.42 130.00 50.00 1,531.21
12 3/60 LANE, HOPE MRS 109.27 218.54 109.27
13 10/67 LAYER, MERLIN 456.22 912.44 456.22
173 12/03 LEDBETTER, DENNIS 31775.80 7,551.60 650.00 200.00 2,925.80
181 10/04 LEE, VIOLA LOUISE 109.27 218.54 109.27
51 10/88 LEWIS, CHARLES 1,647.63 3,295.26 75.00 25.00 1,547.63
40 9/85 LOGUE, PAUL D. 2,868.28 5,736.56 325.00 75.00 2,468.28
50 9/88 MASON, LARRY 1,631.25 3,262.50 137.61 25.00 1,468.64
39 4/85 MC ARTHUR, RONALD A. 1,753.74 3,507.48 150.00 50.00 1,553.74
35 2/82 MC CHRISTIAN, DWAYNE 109.27 218.54 109.27
15 4/77 MC WHORTER, CHARLES 1,334.51 2,669.02 150.00 1,184.51
29 8/81 MILLER, DONALD 1,304.07 2,608.14 125.00 25.00 1,154.07
73 2/00 MILLER,KENNETH 3,180.02 6,360.04 325.00 75.00 2,780.02
42 2/86 MOORE, JAMES H. 109.27 218.54 109.27
176 4/04 MORRIS, DIXIE E. 125.66 251.32 125.66
62 10/68 MORRISON, ELIENE 136.59 273.18 136.59
48 7/88 MULLENS, DENNIS W. 2,191.30 4,382.60 2,191.30
184 3/05 NAPIER, LONNIE 3,518.28 7,036.56 110.00 88.00 3,320.28
46 5/88 OSBURN, TROY 1,899.66 3,799.32 200.00 38.00 1,661.66
81 02/01 PHILLIPS,LARRY 2,765.09 5,530.18 2,765.09
53 2/89 POAGE, LARRY 2,346.70 4,693.40 300.00 100.00 1,946.70
186 06/05 REAGAN, PETE 3,535.71 7,071.42 3,535.71
22 4/73 REED, JOE 109.27 218.54 109.27
172 12/03 SCHADER, MADGE 1,386.01 2,772.02 1,386.01
41 9/85 SCHADER, TROY 1,524.99 3,049.98 57.00 25.00 1,442.99
83 03/01 SKELTON, KIMBERLY 2,434.98 4,869.96 250.00 50.00 2,134.98
66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
36 5/76 SPRINGSTON, CARL 806.19 1,612.38 70.00 17.00 719.19
90 03/02 STOUT, IMOGENE W. 767.80 1,535.60 767.80
165 12/02 TATE, RALPH 3,668.10 7,336.20 300.00 100.00 3,268.10
65 3/66 TUNE, BILLIE SUE 136.59 273.18 136.59
27 3/71 TUNE, MILDRED MRS. 136.59 273.18 136.59
71 1/00 WARFORD,THOMAS 2,502.72 5,005.44 300.00 2,202.72
28 7/68 WATTS, DONALD 437.09 874.18 437.09
88 01/02 WOOD,RONNIE D 3,077.15 6,154.30 800.00 200.00 2,077.15
52 9/88 WRIGHT, RANDALL 1,691.34 3,382.68 200.00 25.00 1,466.34
101,775.74 203,551.48 0.00 10,372.94 2,514.82 88,887.98
DATE OF Regular Mo Year To Date Future
EMP# 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
6810-98.10-5335-00 1,097,427.05
6810-9810.5335-06 21,690.00
Drop PayouUtntrest Checks to Drop Retirees 460,781.89
YTD Column 1,579,898.94
Difference 0.00
i
January 23, 2006
Ms. Kin Skelton
807 W. Bowen
Fayetteville, AR 72703
Dear Kim,
State law allows children of deceased pensioners to continue to receive pension benefits until they
reach the age of nineteen or graduate from high school, which ever comes first. The law also allows
them to continue to receive benefits if they are a full time student enrolled in an institution of higher
learning after completing high school. The benefits will continue as long as they are enrolled as a
full time student until they reach the age of twenty-three or get married. You must provide Proof of
Enrollment each semester.
Please provide Proof of Enrollment from an institution of higher learning by the beginning of each
semester which clearly states the following information:
1. Number of hours you are enrolled.
2. Number of hours the institution considers full-time.
3. The length of the term.
Please keep in mind that you will be required to submit verification each semester. If we do not-
receive the necessary enrollment information by the beginning of each semester of school, your
pension benefits could cease. Please forward the documents to the City Clerk's office at the above
address before February 15, 2006.
If you have any questions, please feel free to call the City Clerk's office at 575-8323.
Sincerely,
Sondra Smith
City Clerk
NCPERS 2006 Annual Conference and Exhibition
Westin Diplomat Hotel, Ft. Lauderdale, Florida
Pre-Conference April 28-29 * Main Conference April 30- May4, 2006
Sondra smith Certification of Delegates Form
Fayetteville Fire Fighters Pension & Relief 9
113 West Mountain Street,
Fayetteville, AR 72701 Membership ID: 23510
Date: 01/13/06
"This form must be received no later than April 7, 2006, to qualify your organization for all voting procedures at the conference.
No exceptions will be made for late filings**
Your organization is entitled to send: An unlimited number of attendees to the Conference
2 can be voting delegates and 2 can be alternates
NCPERS Official Voting Rules
Official delegates to the Annual Meeting are required to file their credentials't theSecretary of the Conference no later than 15 days prior to the
Annual Meeting. This document shall serve as proper notice in acco0ne40the@tkvus Article 3, Section 2.
1. Only delegates or their assigned alternates are elig ble.to vote on phtters befog hie Conference. Alternate delegates are authorized to
vote only if the registered delegate is unable to attel a Confefd&c � rso all be a delegate for more than one member group or
organization. A" =yam z s �(
2. All registration fees and membership dues must b < in fyltno ode conf gene Delegates may not participate in the National
Committee Election on Monday, May 1, 2006, if fees'are not pldltft511s
& Once the list of delegates has been filed with the See eta; a � � ;
ryrn a eceived in writing no later than April 15, 2005.
4. Complete and return this certification no later than Apn r SME ZE FOR YOUR FILES.
5. The authorized names submitted will be selected in numecahrde�r fi`e official delegate list until your voting entitlement is exhausted.
Other persons listed WILL NOT have a vote unless the persons listed previously are not registered at the Annual Meeting.
gy�
` Official Delegatesr
� ,` _ "` ; A ernafe Aelegatesc
. i'° ,r _ s is
_xe'3 h�` u.. :4E k� ;-4 ;tisr� _
2. 2.
Authorized Signature Title �
GOND
(Signature and title of person with authority to certify delegates and alternates delegated for the above organization)
N �
OF R�,'OFA c
C�� C
FOR CREDENTIALS COMMITTEE USE ONLY-DO NOT WRITE IN THIS SPACE
Above affiliated organization is entitled to delegates and a like number of alternates.
Tina Fazendine, NCPERS, Secretary Date
Mail To: NCPERS, 444 N. Capitol St., NW, Suite 221, Washington, DC 20001
National Conference on Public Employee Retirement Systems
The Voice for Public Pensions
OFFICERS
PROP.OSED,BY-LAWCHANGE
Robert Podgorny # TO THE':CONSITUTION
President O
F:.THE
Pat McE� 9ott NATIONAL CONFERENCE ON PUBLIC EMPLOYEE
Fnst Vice Presrdent RETIREMENT SYSTEMS (NCPERS)
Mel Aaronson _
SecondVrce'President
Tina Fazenaine At the membership meeting of NCPERS on Thursday, May 4, 2006 at
secretary the Westin Diplomat Hotel in Hollywood, Florida, the following
Rcn Tea5man change to the by
of the Constitution of NCPERS will be
presented to the membership for consideration and a vote.
'EXECUTIVE,BOARR
The by-law change is submitted by the NCPERS Executive Board,
Larry Curran approved at its December 3 2005 meeting in San Antonio Texas and
8ostoii,;IVIA _ PP � g , , -
LawrenceDeck
reads as follows:
:' Cdlumbus OH
Dancer Fortuna Amend Article IV of the Constitution
Chicago, IL
Kelt'i.Fox = Motion: In the last sentence of Article IV; strike the word "three" and
olyrrvpia,',wA insert the word "four" so that the revised Article IV shall read:
.Stephan C; ;Fugate • -
s�rt„n°re M° Proposed Article IV:
w;
westAns wi = "The national officers of this Conference shall be a President, a First Vice-
Dan President, a Second Vice-President, a Secretary, and a Treasurer, who
nn'am',FL shall be elected by the Executive Board. Reference to the Vice-President
R°nary Grana in Section 1-A and Section 4 of this Article shall include both Vice-
°etr°'t''"'r Presidents, with functional priority vested in the First Vice-President. The
KennethFHauser
term of the office of President shall be limited to twee four consecutive
Chxago, IL
one year terms.”
sill Lundy
Ltt(eRock AR
Respectfully submitted,
Donald_L P_h�lUps
,Swartz CxPek, N1l
Will Pryor
LosrAngeles CA
John Retlly
`'Phdadelp)Y�a PA ' `
` Moria Romain "
New Xork, Nr : = Tina Fazendine
f.C �.`stakes NCPERS Secretary
Phvaderpfia PA January 13, 2006
Eimeri..Khal
Past President"
=Fedenck H.Nesbitt;
Executwe Director,
fegis(atiVe Counsel ''
NCPERS • 444 North Capitol Street NW, Suite 221,Washington, DC 20001 • 202-624-1456 • Fax 202-624-1439 • info@NCPERS.org • www.NCPERS.org
I,
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
January 7, 2006
Ms. Sondra Smith
City of Fayetteville Fire Pension & Relief Fund
113 W. Mountain
Fayetteville, Arkansas 72701
Dear Sondra:
Enclosed you will find the 2005 fourth-quarter reports for the Fayetteville Fire Pension
and Relief Fund account. These reports include a portfolio appraisal, a report of realized
gains/losses, and an income and expense report. As instructed, the account at Northern
Trust will be billed for the management fee.
Our quarterly newsletter, The Longer View, was mailed in late December. Please refer to
the newsletter for an overview of 2005 market activity and a detailed outlook for the new
year.
The stock markets, which struggled all year with the effects of rising interest rates and
energy prices, closed the year with flat returns. The Dow Jones Industrial Average closed
down for the first year since 2002. We believe 2006 will be abetter year for the markets.
Unless bond interest rates move higher (than the current level of 4.35% on the 10-year
Treasury) as the Fed completes its tightening cycle, we believe stocks offer better value
than bonds. Index returns for 2005 are listed in the table that follows:
Dow Jones Industrial Average (cash basis) -0.6%
Dow Jones Industrial Average (with reinvested dividends) 1.9%
NASDAQ over-the-counter index 1.4%
Russell 2000 (small-cap index) 3.3%
S&P 500 (cash basis) 3.0%
S&P 500 (with reinvested dividends) 4.9%
Salomon Bros. Total Return Treas. Index 2.8%
1..
P.O.Box 1269
FayetteviN,Arkansas 72702
Telephone:479-443-5851
Toll free:800-827-7710 r
Fax:479-443-7129
Web site:www.longerinvcom
Ms. Sondra Smith
January 7, 2006
Page Two
Performance for 2005 is detailed below.
Domestic Foreign Total Fixed Total
E ui Equi
Equity Income REITs Account
Fayetteville Fire Pension
2005 -0.4% 20.7% 0.7% 2.3% 6.1% 1.6%
The international exposure built into equity portfolios enhanced the returns we achieved
in domestic equities last year. International funds were up 20.7%. In 2006, weakness in
the dollar may produce positive foreign investment returns even as foreign markets
consolidate. We remain committed to foreign exposure in our equity portfolios, and
favor Asia over Europe now.
The bond performance includes both the income yield and the slight decline in the market
price of the bonds as interest rates rose during the year. This does not change the interest
income that is locked in on the bond portfolio. It is only a fluctuation in the market price
of the bonds.
Longer Investments appreciates the opportunity to assist with the management of the
Fayetteville Fire Pension and Relief Fund's assets. Please do not hesitate to call if you
have any questions or comments, or if we can be of further service. Best wishes for a
happy, healthy new year.
Sincerely,
Z
Elaine M. Lo ger, A
President
EML:cml
Enclosures
City of Fayetteville
Fire Pension and Relief Fund
U/A Dated 06-18-86
FOURTH QUARTER REPORTS
December 31, 2005
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
December 31, 2005
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
COMMON STOCK
4,000 Accenture Ltd. 28.48 113,900.00 28.87 115,480.00 1.2 0.300 1,200.00 1.1
1,850 Amgen Inc. 76.35 141,239.55 78.86 145,891.00 1.5 0.000 0.00 0.0
1,000 Anadarko Petroleum 59.05 59,054.15 94.75 94,750.00 1.0 0.720 720.00 1.2
Corp.
2,000 B.P. Amoco PLC A.D.S. 39.64 79,285.00 64.22 128,440.00 1.3 2.140 4,280.00 5.4
2,570 Bank of America Corp. 46.98 120,743.23 46.15 118,605.50 1.2 2.000 5,140.00 4.3
2,750 Barclays PLC 39.80 109,462.93 42.08 115,720.00 1.2 1.830 5,032.50 4.6
1,250 Bausch & Lomb Inc. 68.18 85,227.63 67.90 84,875.00 0.9 0.520 650.00 0.8
2,385 Caterpillar Inc. 44.77 106,773.88 57.77 137,781.45 1.4 1.000 2,385.00 2.2
2,500 Chevron Corp. 40.13 100,313.14 56.77 141,925.00 1.5 1.800 4,500.00 4.5
3,500 Citigroup 41.09 143,827.09 48.53 169,855.00 1.8 1.760 6,160.00 4.3
2,975 Coca-Cola 43.20 128,518.65 40.31 119,922.25 1.3 1.120 3,332.00 2.6
2,500 Computer Sciences 48.84 122,096.46 50.64 126,600.00 1.3 0.000 0.00 0.0
Corp.
5,800 Disney Company 25.03 145,147.43 23.97 139,026.00 1.5 0.270 1,566.00 1.1
3,000 Ecolab Inc. 28.57 85,702.26 36.27 108,810.00 1.1 0.400 1,200.00 1.4
2,000 Emerson Electric 48.03 96,050.00 74.70 149,400.00 1.6 1.780 3,560.00 3.7
1,750 ExxonMobil 32.23 56,409.51 56.17 98,297.50 1.0 1.160 2,030.00 3.6
5,000 General Electric 22.58 112,914.50 35.05 175,250.00 1.8 1.000 5,000.00 4.4
3,250 Hain Celestial Group, 19.49 63,335.03 21.16 68,770.00 0.7 0.000 0.00 0.0
Inc.
3,500 Home Depot 41.75 146,138.40 40.48 141,680.00 1.5 0.400 1,400.00 1.0
1,650 Illinois Tool Works 82.62 136,317.58 87.99 145,183.50 1.5 1.320 2,178.00 1.6
3,675 Ingersoll-Rand 38.19 140,338.84 40.37 148,359.75 1.6 0.570 2,094.75 1.5
1,675 Intl Business Machines 82.27 137,798.94 82.20 137,685.00 1.4 0.800 1,340.00 1.0
3,000 Johnson & Johnson 52.08 156,250.18 60.10 180,300.00 1.9 1.320 3,960.00 2.5
3,750 Louisiana-Pacific Corp. 25.54 95,790.48 27.47 103,012.50 1.1 0.500 1,875.00 2.0
2,750 Morgan Stanley 53.68 147,615.71 56.74 156,035.00 1.6 1.080 2,970.00 2.0
2,150 Parker Hannifin Corp. 66.45 142,865.16 65.96 141,814.00 1.5 0.920 1,978.00 1.4
2,425 Procter& Gamble 56.13 136,111.50 57.88 140,359.00 1.5 1.120 2,716.00 2.0
3,850 Semiconductor Holders 38.17 146,971.38 36.64 141,064.00 1.5 0.152 585.59 0.4
Trust
2,400 Sigma-Aldrich 58.26 139,827.18 63.29 151,896.00 1.6 0.760 1,824.00 1.3
3,850 Software Holders Trust 37.58 144,678.30 37.27 143,489.50 1.5 2.203 8,483.41 5.9
3,375 Sony Corp. 37.27 125,786.25 40.80 137,700.00 1.4 0.210 710.24 0.6
4,000 Steelcase, Inc. 15.08 60,319.92 15.83 63,320.00 0.7 0.360 1,440.00 2.4
3,650 US Bancorp 30.42 111,020.08 29.89 109,098.50 1.1 1.320 4,818.00 4.3
1,500 Walmart Stores 52.26 78,390.00 46.80 70,200.00 0.7 0.600 900.00 1.1
3,916,220.33 4,350,595.45 45.5 86,028.48 2.3
PREFERRED DEBT SECURITIES
2,000 G.E. Preferred 6.10% 25.00 50,000.00 25.23 50,460.00 0.5 1.525 3,050.006.1
AAA/AAA(C 11-15-07)
5,000 G.E. Preferred 6.625% 26.01 130,030.00 25.26 126,300.00 1.3 1.656 8,281.25 6.4
AAA/AAA(C 6-28-07)
3,000 Roch G&E 6.65% 26.30 78,893.10 26.00 78,000.00 0.8 1.663 . 4,987.50 6.3
AAA/AAA(C 6-20-07)
AMBAC
258,923.10 254,760.00 2.7 16,318.75 6.3
1
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
i
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
December 31, 2005
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
MUTUAL FUNDS-EQUITY
20,000.0000 iShares MSCI Japan 10.14 202,750.00 13.52 270,400.00 2.8 0.043 860.00 0.4
Index Fund
2,000.0000 iShares S&P Europe 81.05 162,100.00 80.77 161,540.00 1.7 0.000 0.00 0.0
350 Index
364,850.00 431,940.00 4.5 860.00 0.3
CALLS
-10 Anadarko Petroleum 5.42 -5,420.83 5.10 -5,100.00 -0.1
Corp. Jan. 90 Calls
-5,420.83 -5,100.00 -0.1
CORPORATE BONDS
50,000 NationsBank Corp. 99.79 49,894.00 102.97 51,486.40 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 66,687.00 104.12 67,677.15 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 49,630.00 102.91 51,453.70 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 23,446.00 103.07 25,767.00 0.3 6.000 1,500.00 6.4
Subordinated
Debentures AI/A(NC)
6.000% Due 10-30-08
25,000 Pepsico Incorporated 97.49 24,373.00 102.54 25,633.88 0.3 5.700 1,425.00 5.8
Medium Term Note
AI/A+ (NC)
5.700%Due 11-01-08
50,000 Hershey Foods Corp. 97.63 48,816.00 111.56 55,777.70 0.6 6.950 3,475.00 7.1
Notes AI/A+(NC)
6.950%Due 08-15-12
50,000 Paribas New York 96.03 48,014.00 111.59 55,797.15 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 74,442.00 110.06 82,547.17 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 48,326.00 113.43 56,715.65 0.6 6.875 3,437.50 7.1
Sub. Notes A2/A-(NC)
6.875%Due 05-15-19
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
December 31, 2005
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 IBM Corp. Debentures 100.01 50,004.00 118.36 59,180.75 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 47,731.00 119.23 59,617.30 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 10,837.72 0.1
531,363.00 602,491.57 6.3 35,780.00 6.8
GOVERNMENT BONDS
250,000 U. S. Treasury Note 100.06 250,139.09 98.78 246,953.13 2.6 4.000 10,000.00 4.0
4.000%Due 06-15-09
50,000 U. S. Treasury Bond 100.01 50,004.00 112.44 56,218.75 0.6 5.500 2,750.00 5.5
5.500%Due 08-15-28
50,000 U. S.Treasury Bond 98.95 49,474.00 109.06 54,531.25 0.6 5.250 2,625.00 5.3
5.250%Due 11-15-28
525,000 U. S. Treasury Bond 101.02 530,347.66 109.13 572,906.25 6.0 5.250 27,562.50 5.2
5.250%Due 02-15-29
Accrued Interest 12,140.31 0.1
879,964.75 942,749.69 9.9 42,937.50 4.9
GOVERNMENT AGENCY
100,000 Federal Home Loan 100.00 100,000.00 99.78 99,781.25 1.0 4.550 4,550.00 4.6
Bank (C 05-22-06 @
100, IX)
4.550%Due 11-22-06
250,000 Fed Nat'l Mortgage 100.00 250,000.00 99.09 247,734.38 2.6 4.150 10,375.00 4.2
Assoc (C 7-13-06 @
100, IX)
4.150%Due 07-13-07
75,000 Federal Home Loan 100.00 75,000.00 98.84 74,132.81 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 98.75 182,687.50 1.9 4.000 7,400.00 4.0
Bank (C 6-28-06 @
100, IX)
4.000%Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 99.34 99,343.75 1.0 4.400 4,400.00 4.4
Bank (C 9-28-06 @
100, IX)
4.400%Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 99.94 99,937.50 1.0 5.000 5,000.00 5.0
Bank (C 12-22-06 @
100, 1X)
5.000%Due 12-22-08
3
ILLONGER INVESTMENTS INCORPORATED
A, A Registered Investment Advisor
�I
Longer Investments Inc.
i
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund UTA DTD 6-18-86
December 31, 2005
Unit Total Market Pet. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
225,000 Federal Farm Credit 100.00 225,000.00 97.81 220,078.13 2.3 4.000 9,000.00 4.0
Bank (C 1-30-06,
continuously thereafter)
4.000%Due 12-29-08
100,000 Federal Farm Credit 100.00 100,000.00 99.88 99,875.00 1.0 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 98.78 123,476.56 1.3 4.350 5,437.50 4.4
Bank (NC)
4.350%Due 06-01-09
225,000 Federal Home Loan 100.00 225,000.00 96.78 217,757.81 2.3 4.000 9,000.00 4.0
Bank (C 1-30-06,
continuously thereafter)
4.000%Due 04-01-10
200,000 Federal Home Loan 100.00 200,000.00 97.28 194,562.50 2.0 4.200 8,400.00 4.2
Bank (C 1-30-06,
continuously thereafter)
4.200%Due 05-20-10
50,000 Tennessee Valley 98.95 49,474.00 103.71 51,854.35 0.5 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 96.44 144,656.25 1.5 4.150 6,225.00 4.2
Bank (Call 04-07-06,
continuously thereafter)
4.150%Due 04-07-11
70,000 Federal Home Loan 100.00 70,000.00 100.00 70,000.00 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 98.56 54,756.95 0.6 5.080 2,822.22 5.1
Bank (C 1-30-06,
continuously thereafter)
5.080%Due 10-03-12
250,000 Federal Home Loan 100.00 250,000.00 98.00 245,000.00 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 100.00 100,000.00 100.25 100,250.00 1.0 5.250 5,250.00 5.3
Bank (C 11-14-08 @
100, 1X)
5.250%Due 11-14-12
75,000 Federal Home Loan 100.00 75,000.00 99.00 74,250.00 0.8 5.375 4,031.25 5.4
Bank (C 1-30-06,
continuously thereafter)
5.375%Due 11-07-13
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
December 31, 2005
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
125,000 Federal Farm Credit 100.00 125,000.00 98.53 123,164.06 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 19,109.22 0.2
2,560,029.56 2,542,408.01 26.6 115,565.97 4.5
CASH AND EQUIVALENTS
Dividends Accrued 6,022.28 6,022.28 0.1 0.000 0.00 0.0
Money Market 169,058.63 169,058.63 1.8 3.180 5,376.06 3.2
Restricted Cash 67,100.00 67,100.00 0.7 3.180 2,133.78 3.2
242,180.91 242,180.91 2.5 7,509.84 3.1
LIMITED PARTNERSHIPS
3,500.00 Kinder Morgan Energy 49.35 172,722.00 47.82 167,370.00 1.7 3.280 11,480.00 6.6
Partners L.P.
172,722.00 167,370.00 1.7 11,480.00 6.6
CERTIFICATE OF DEPOSIT
40,000 Capital One Bank FSB 100.00 40,000.00 99.98 39,991.68 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 713.22 0.0
40,000.00 40,704.90 0.4 1,960.00 4.9
WARRANTS
144 Lucent Warrants(Expire 1.59 228.96 0.57 81.36 0.0 0.000 0.00 0.0
12/10/2007)
228.96 81.36 0.0 0.00 0.0
TOTAL PORTFOLIO 8,961,061.78 9,570,181.89 100.0 318,440.55 3.5
5
it
® LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
i'
jLonger Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund UTA DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
06-30-04 01-06-05 2,000 MeadWestvaco 58,120.00 65,015.67 6,895.67
09-07-04 01-06-05 700 Lockheed-Martin Corp. 38,550.00 38,176.68 -373.32
09-08-04 - - _
01 06 OS
300 Lockheed Martin Corp.
16,416.00 16,361.44 -54.56
09-08-04 01-07-05 650 Lockheed-Martin Corp. 35,568.00 35,280.66 -287.34
10-26-04 01-07-05 350 Lockheed-Martin Corp. 19,002.50 18,997.55 -4.95
11-01-02 01-11-05 1,000 G.E. Preferred 6.10% 25,000.00 26,026.14 1,026.14
AAA/AAA (C 11-15-07)
11-06-02 01-11-05 3,000.0000 American Strategic Income 36,477.90 35,669.71 -808.19
Portfolio III
10-05-04 01-11-05 1,000 Nanogen Inc. 4,505.30 6,028.29 1,522.99
05-14-03 01-11-05 350 Genuine Parts 11,510.43 14,961.03 3,450.60
12-08-03 01-11-05 400 Genuine Parts 12,957.46 17,098.31 4,140.85
08-27-04 01-13-05 1,000 Aluminum Co. of America 32,839.10 29,591.62 -3,247.48
12-02-04 0149-05 2,000 Minnesota Mining& Mfg. 160,843.80 164,820.17 3,976.37
12-02-04 01-20-05 350 International Paper Co. 14,886.50 13,800.04 -1,086.46
11-17-04 01-20-05 2,500 International Paper Co. 102,650.00 98,571.75 -4,078.25
07-26-04 01-20-05 14,646.54 GNMA 6.0% Pool# GNR 14,646.54 14,646.54 0.00
2004-44 EC
6.000%Due 07-20-34
07-09-03 01-26-05 475 Devon Energy Corp. 12,280.01 19,009.55 6,729.54
08-27-04 01-27-05 750 Aluminum Co. of America 24,629.33 21,771.78 -2,857.55
12-08-03 01-27-05 25 Genuine Parts 809.84 1,045.79 235.95
01-15-03 01-27-05 725 Genuine Parts 22,620.00 30,327.77 7,707.77
10-26-04 01-27-05 1,250 Illinois Tool Works 112,072.75 107,633.08 -4,439.67
09-24-04 01-27-05 775 Union Pacific Corp. 45,973.00 45,694.12 -278.88
09-08-04 01-27-05 1,725 Union Pacific Corp. 101,205.75 101,706.27 500.52
08-27-04 01-31-05 250 Aluminum Co. of America 8,209.78 7,282.25 -927.53
10-05-04 01-31-05 4,000 Nanogen Inc. 18,021.20 20,202.92 2,181.72
11-12-04 01-31-05 7,500 Schwab Corporation 77,940.75 84,013.71 6,072.96
01-12-05 01-31-05 340 Standard & Poors Depository 40,187.00 40,038.52 -148.48
Receipts
08-27-04 02-02-05 1,000 Aluminum Co. of America 32,839.10 29,244.03 -3,595.07
08-03-04 02-02-05 1,250 SBC Communications 32,357.00 30,349.00 -2,008.00
08-18-04 02-02-05 1,250 SBC Communications 31,898.38 30,349.00 -1,549.38
11-25-03 02-02-05 2,000 SBC Communications 46,940.00 48,558.39 1,618.39
11-28-03 02-02-05 500 SBC Communications 11,645.00 12,139.60 494.60
09-15-04 02-02-05 300 Caterpillar Inc. 22,437.86 27,342.96 4,905.10
10-05-04 02-10-05 2,500 Nanogen Inc. 11,263.25 11,572.61 309.36
11-12-04 02-10-05 2,500 Nanogen Inc. 10,431.00 11,572.61 1,141.61
10-14-03 02-10-05 750 Kennametal, Inc. 30,309.68 36,662.84 6,353.16
12-03-04 02-11-05 500 Flowserve Corp. 13,281.35 12,094.15 -1,187.20
12-02-04 02-11-05 3,000 Flowserve Corp. 78,210.00 72,564.90 -5,645.10
01-15-03 02-11-05 500 Genuine Parts 1.5,600.00 21,905.07 6,305.07
12-02-04 02-11-05 500 Herley Industries 10,276.65 9,554.68 -721.97
10-14-03 02-14-05 475 Kennametal, Inc. 19,196.13 23,278.51 4,082.38
12-29-03 02-14-05 375 Kennametal, Inc. 15,050.00 18,377.77 3,327.77
12-23-03 02-14-05 400 Kennametal, Inc. 16,043.40 19,602.95 3,559.55
10-30-03 02-14-05 500 Kennametal, Inc. 18,525.00 24,503.69 5,978.69
I
LONGER INVESTMENTS INCORPORATED
'Lilt
A Registered Investment Advisor
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
02-25-02 02-15-05 50,000 Bank America Corp AA3/A+ 50,000.00 50,000.00 0.00
Mthly. Pay(C 2-15-05
@100, monthly thereafter)
6.250%Due 02-15-17
08-23-04 02-15-05 1,250 Dover Corp. 48,622.25 48,225.29 -396.96
12-02-04 02-15-05 750 Herley Industries 15,414.98 14,076.43 -1,338.55
08-23-04 02-16-05 750 Dover Corp. 29,173.35 28,985.49 -187.86
12-02-04 0246-05 1,000 Herley Industries 20,553.30 18,452.29 -2,101.01
01-15-03 02-17-05 775 Genuine Parts 24,180.00 33,840.19 9,660.19
03-24-03 02-17-05 225 Genuine Parts 6,839.83 9,824.57 2,984.74
12-02-04 02-17-05 250 Herley Industries 5,138.33 4,712.19 -426.14
12-03-04 02-17-05 600 Herley Industries 12,304.08 11,309.27 -994.81
12-03-04 02-18-05 1,150 Herley Industries 23,582.82 21,365.60 -2,217.22
12-18-03 02-18-05 500 Walgreen Company 17,790.00 21,314.29 3,524.29
01-05-04 02-18-05 350 Walgreen Company 12,188.00 14,920.01 2,732.01
04-26-04 02-18-05 150 Walgreen Company 5,050.50 6,394.29 1,343.79
03-31-04 02-22-05 550 B.P. Amoco PLC A.D.S. 28,045.00 35,055.34 7,010.34
09-15-04 02-22-05 50 Caterpillar Inc. 3,739.64 4,496.35 756.71
08-25-04 02-22-05 1,350 Caterpillar Inc. 98,767.49 121,401.50 22,634.01
08-23-04 02-22-05 250 Dover Corp. 9,724.45 9,332.79 -391.66
09-08-04 02-22-05 1,000 Dover Corp. 38,570.00 37,331.05 -1,238.95
07-16-04 02-22-05 500 Kerr McGee Corp. 26,580.00 37,001.18 10,421.18
01-09-04 02-22-05 500 Kerr McGee Corp. 25,110.00 37,001.18 11,891.18
07-26-04 02-22-05 24,163.74 GNMA 6.0% Pool# GNR 24,163.74 24,163.74 0.00
2004-44 EC
6.000%Due 07-20-34
10-03-02 02-23-05 150,000 Federal Farm Credit Banks 150,000.00 150,000.00 0.00
(C 2-23-05 @ 100,
continuously thereafter)
5.000%Due 10-15-12
04-26-04 02-23-05 600, Walgreen Company 20,202.00 25,025.17 4,823.17
04-20-04 02-23-05 150 Walgreen Company 5,039.00 6,256.29 1,217.29
10-09-03 02-23-05 500 Walgreen Company 16,509.40 20,854.32 4,344.92
12-16-04 02-24-05 1,125 Par Pharmaceutical 46,979.33 41,990.70 -4,988.63
01-06-05 03-01-05 2,500 Baxter Int'l 88,120.75 87,883.10 -237.65
11-01-02 03-01-05 2,000 G.E. Preferred 6.10% 50,000.00 50,958.31 958.31
AAA/AAA(C 11-15-07)
12-15-04 03-01-05 550 Kraft Foods Inc. 19,740.00 18,417.96 -1,322.04
11-12-04 03-01-05 2,750 Kraft Foods Inc. 96,030.00 92,089.78 -3,940.22
12-16-04 03-0I-05 750.Par Pharmaceutical 31,319.55 28,296.56 -3,022.99
02-22-05 03-01-05 750 Par Pharmaceutical 29,490.08 28,296.57 -1,193.51
02-08-05 03-04-05 250,000 U. S. Treasury Note 3.32% 249,062.50 247,918.75 -1,143.75
YTM
3.125%Due 01-31-07
01-07-05 03-14-05 500 Software Holders Trust 19,210.00 17,605.76 -1,604.24
01-07-05 03-15-05 500 Software Holders Trust 19,210.00 17,440.42 -1,769.58
10-04-04 03-16-05 1,500 Amsouth Bancorp 37,747.05 37,623.85 -123.20
03-16-05 03-17-05 400 Amer International Group 25,262.00 24,371.20 -890.80
03-15-05 03-17-05 1,250 Amer International Group 77,462.50 76,159.98 -1,302.52
10-04-04 03-17-05 1,600 Amsouth Bancorp 40,263.52 40,190.67 -72.85
10-01-04 03-17-05 900 Amsouth Bancorp 22,338.00 22,607.25 269.25
2
LONGER INVESTMENTS INCORPORATED
A
R Registered Investment Advisor
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-I8-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
09-23-03 03-21-05 150 L-3 Communications 6,807.00 10,865.43 4,058.43
Holdings Inc.
04-23-03 03-21-05 450 L-3 Communications 20,304.50 32,596.30 12,291.80
Holdings Inc.
11-04-02 03-21-05 465 L-3 Communications 20,975.00 33,682.84 12,707.84
Holdings Inc.
01-28-03 03-21-05 175 L-3 Communications 7,361.50 12,676.34 5,314.84
Holdings Inc.
04-16-03 03-21-05 260 L-3 Communications 10,154.17 18,833.41 8,679.24
Holdings Inc.
01-07-05 03-21-05 1,000 Software Holders Trust 38,420.00 34,478.86 -3,941.14
07-26-04 03-21-05 28,075.62 GNMA 6.0%Pool# GNR 28,075.62 28,075.62 0.00
2004-44 EC
6.000%Due 07-20-34
05-15-03 03-21-05 4,440.78 GNMA 5.0% Pool# GNR 4,423.39 4,440.78 17.39
2003-40 AE
5.000%Due 05-20-33
10-09-03 03-28-05 750 Walgreen Company 24,764.10 33,876.38 9,112.28
06-04-03 03-31-05 500 Biomet,Inc. 14,467.45 17,956.60 3,489.15
06-04-03 04-01-05 1,500 Biomet, Inc. 43,402.35 52,787.29 9,384.94
07-07-03 04-01-05 750 Biomet, Inc. 21,585.00 26,393.64 4,808.64
03-01-05 04-01-05 5,000 Semiconductor Holders Trust 173,252.00 159,643.31 -13,608.69
02=07-05 04-06-05 1,500 Forest Labs, Inc. 62,814.15 51,993.97 -10,820.18
02-17-05 04-07-05 250,000 U. S. Treasury Note 250,742.19 249,492.19 -1,250.00
3.500%Due 11-15-06
02-07-05 04-07-05 1,250 Forest Labs, Inc. 52,345.13 41,460.64 -10,884.49
04-05-05 04-07-05 500 Forest Labs, Inc. 18,960.00 16,584.25 -2,375.75
02-28-05 04-15-05 -20 Kerr McGee Corp. April 75 6,083.00 8,099.73 2,016.73
Calls
12-15-04 04-15-05 350 Clorox Co. 20,253.38 22,520.55 2,267.17
03-01-05 04-15-05 4,750 Celestica Inc. 62,844.88 52,790.70 -10,054.18
01-09-04 04-15-05 500 Kerr McGee Corp. 25,110.00 38,798.37 13,688.37
10-05-04 04-15-05 500 Int'l Business Machines43,911.40 38,358.74 -5,552.66'
03-01-05 04-19-05 2,000 Celestica Inc. 26,461.00 22,659.04 -3,801.96
10-05-04 04-20-05 500 Int'l Business Machines 43,911.40 36,973.45 -6,937.95
03-01-05 04-20-05 4,750 NASDAQ 100 Index 178,505.00 164,153.12 -14,351.88
04-04-05 04-20-05 5,000 NASDAQ 100 Index 182,600.00 172,792.76 -9,807.24
03-23-05 04-20-05 2,250 NASDAQ 100 Index 81,895.73 77,756.74 -4,138.99
07-26-04 04-20-05 30,794.14 GNMA 6.0%Pool# GNR 30,794.14 30,794.14 0.00
2004-44 EC
6.000%Due 07-20-34
05-15-03 04-20-05 6,134.99 GNMA 5.0%Pool# GNR 6,110.96 6,134.99 24.03
2003-40 AE
5.000%Due 05-20-33
10-05-04 04-22-05 500 Intl Business Machines 43,911.40 37,158.44 -6,752.96
02-23-05 04-25-05 275,000 U. S. Treasury Note 275,515.63 274,570.31 -945.32
3.500%Due II-15-06
02-23-05 05-02-05 225,000 U. S. Treasury Note 225,421.88 224,789.06 -632.82
3.500%Due 11-15-06
11-22-02 05-02-05 225,000 U. S. Treasury Note 225,632.82 222,996.09 -2,636.73
3.250%Due 08-15-07
3
LONGER INVESTMENTS INCORPORATED
R Registered Investment Advisor
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
04-22-05 05-04-05 2,500 NASDAQ 100 Index 88,502.50 88,996.27 493.77
12-27-04 05-04-05 500 Cephalon Inc. 25,381.65 21,900.43 -3,481.22
12-16-04 05-04-05 250 Cephalon Inc. 12,164.10 10,950.22 -1,213.88
01-20-05 05-09-05 2,000 Colgate Palmolive 100,278.00 97,775.90 -2,502.10
12-16-04 05-10-05 1,500 Cephalon Inc. 72,984.60 67,942.35 -5,042.25
04-22-05 05-10-05 585 Standard & Poors Depository 67,771.49 68,165.16 393.67
Receipts
04-07-04 05-11-05 500 Kerr McGee Corp. 24,350.45 38,848.37 14,497.92
03-01-05 05-13-05 1,500 Stora Enso Oyj 23,055.30 19,214.49 -3,840.81
03-01-05 05-16-05 3,500 Stora Enso Oyj 53,795.70 45,098.40 -8,697.30
04-07-05 05-18-05 1,000 Pharmaceutical Holders Trust 73,206.80 75,306.84 2,100.04
03-04-05 05-19-05 2,000 Claire's Stores 46,576.00 46,282.86 -293.14
02-10-05 05-19-05 3,000 Claire's Stores 67,219.50 69,424.28 2,204.78
07-26-04 05-20-05 27,151.57 GNMA 6.0% Pool# GNR 27,151.57 27,151.57 0.00
2004-44 EC
6.000%Due 07-20-34
05-15-03 05-20-05 5,685.08 GNMA 5.0%Pool# GNR 5,662.81 5,685.08 22.27
2003-40 AE
5.000%Due 05-20-33
02-28-05 05-26-05 3,500 Dollar General Corp. 74,234.65 68,967.75 -5,266.90
04-22-05 05-27-05 2,050 Standard & Poors Depository 237,489.84 245,661.93 8,172.09
Receipts
04-21-04 05-27-05 275 Medtronic, Inc. 14,102.00 14,651.39 549.39
09-29-04 05-27-05 500 Medtronic, Inc. 25,515.00 26,638.88 1,123.88
12-05-03 05-27-05 225 Medtronic, Inc. 10,528.86 11,987.50 1,458.64
10-17-02 05-27-05 900 Medtronic, Inc. 40,571.10 47,949.99 7,378.89
05-18-98 05-27-05 600 Medtronic, Inc. 15,359.00 31,966.66 16,607.66
04-22-05 05-31-05 115 Standard &Poors Depository 13,322.60 13,747.67 425.07
Receipts
05-01-05 05-31-05 1,385 Standard & Poors Depository 159,781.49 165,569.82 5,788.33
Receipts
05-26-05 05-31-05 2,500 NASDAQ 100 Index 95,627.50 94,998.77 -628.73
04-22-05 05-31-05 5,000 NASDAQ 100 Index 177,005.00 189,997.54 12,992.54
05-04-05 06-10-05 450 Ingersoll-Rand 35,062.75 33,303.96 -1,758.79
05-02-05 06-10-05 1,300 Ingersoll-Rand 100,220.25 96,211.45 -4,008.80
12-14-04 06-16-05 250,000 Federal Farm Credit Bank (C 250,000.00 246,975.00 -3,025.00
9-29-05, 1X)
3.170%Due 09-29-06
04-07-04 06-17-05 1,000 Kerr McGee Corp. 48,700.90 75,841.22 27,140.32
03-07-05 06-20-05 2,250 Flextronics 31,452.75 36,171.23 -1,281.52
06-06-05 06-20-05 750 Standard & Poors Depository 90,057.38 91,080.02 1,022.65
Receipts
05-15-03 06-20-05 6,976.02 GNMA 5.0%Pool# GNR 6,948.70 6,976.02 27.32
2003-40 AE
5.000%Due 05-20-33
07-26-04 06-20-05 25,168.39 GNMA 6.0% Pool# GNR 25,168.39 25,168.39 0.00
2004-44 EC
6.000%Due 07-20-34
05-18-05 06-23-05 945 Minnesota Mining&Mfg. 73,930.28 72,223.32 -1,706.96
05-I6-05 06-23-05 700 Minnesota Mining&Mfg. 53,327.56 53,498.76 171.20
10-09-03 06-27-05 1,250 Walgreen Company 41,273.50 56,920.11 15,646.61
4
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
i
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund UTA DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
06-06-05 06-28-05 750 Standard & Poors Depository 90,057.38 89,809.49 -247.89
Receipts
05-09-05 06-28-05 , 1,490 FedEx Corporation 130,915.42 120,466.96 -10,448.46
I1-24-95 07-01-05 30,000 Exxon Capital Corp. Notes 29,917.00 30,000.00 83.00
Aaa/AAA (NC)
6.000%Due 07-01-05
06-02-05 07-05-05 3,250 NASDAQ 100 Index 125,255.00 120,013.90 -5,241.10
06-06-05 07-05-05 1,000 NASDAQ 100 Index 38,130.00 36,927.35 -1,202.65
03-07-05 07-05-05 3,250 Flextronics 45,431.75 42,348.31 -3,083.44
03-16-05 07-05-05 750 Flextronics 9,061.43 9,772.69 711.26
11-12-04 07-05-05 1,000 Baldor Electric Co. 25,699.40 25,077.55 -621.85
11-11-04 07-05-05 3,000 Baldor Electric Co, 76,858.20 75,232.64 -1,625.56
06-06-05 07-06-05 2,000 NASDAQ 100 Index 76,260.00 73,981.70 -2,278.30
06-02-05 07-07-05 250 Weyerhaeuser 16,180.78 15,822.91 -357.87
04-21-05 07-07-05 1,500 Weyerhaeuser 96,320.25 94,937.48 -1,382.77
01-19-05 07-13-05 500 Sara Lee Corp. 12,245.00 9,790.89 -2,454.11
12-15-04 07-13-05 3,250 Sara Lee Corp. 79,202.50 63,640.77 15,561.73
12-17-04 07-13-05 500 Sara Lee Corp. 12,035.00 9,790.89 -2,244.11
04-18-05 07-13-05 500 Sara Lee Corp. 10,852.65 9,790.89 -1,061.76
04-20-04 07-19-05 2,300 Abbott Labs 95,102.93 106,791.19 11,688.26
03-24-05 07-20-05 500 Medicis Pharmaceutical Corp. 14,679.35 16,131.92 1,452.57
05-15-03 07-20-05 6,805.23 GNMA 5.0%Pool# GNR 6,778.58 6,805.23 26.65
2003-40 AE
5.000%Due 05-20-33
04-07-05 07-21-05 1,000 Pharmaceutical Holders Trust 73,206.80 72,656.95 -549.85
04-05-05 07-21-05 500 Pharmaceutical Holders Trust 36,440.00 36,328.48 -111.52
0449-05 07-22-05 1,500 Allergan Inc. 109,752.60 128,427.47 18,674.87
04-05-05 07-25-05 750 Pharmaceutical Holders Trust 54,660.00 54,109.93 -550.07
07-24-00 07-28-05 50,000 American National Bank & 50,000.00 50,000.00 0.00
Trust Chicago, IL AA2/NR
(NC)FDIC-Insured
7.050%Due 08-02-05
06-02-05 07-28-05 250 Hewlett-Packard 5,695.00 6,100.14 405.14
04-22-05 07-28-05 3,500 Hewlett-Packard 73,290.00 85,402.02 12,112.02
04-26-05 07-28-05 500 Hewlett-Packard 10,330.00 12,200.29 1,870.29
06-29-05 08-02-05 3,000 Masco Corp. 96,469.20 96,483.75 14.55
04-29-05 08-05-05 250 Clorox Co. 15,787.50 14,345.45 -1,442.05
12-15-04 08-05-05 1,500 Clorox Co. 86,800.20 86,072.69 -727.51
05-10-05 08-08-05 400 Regional Bank Holders Trust 53,728.00 53,851.74 123.74
05-10-05 08-09-05 575 Regional Bank Holders Trust 77,234.00 78,058.73 824.73
01-19-05 08-09-05 750 Bank of America Corp. 33,982.73 32,056.88 -1,925.85
10-21-04 08-09-05 1,250 Bank of America Corp. 55,325.00 53,428.14 -1,896.86
07-28-05 08-11-05 500 Dollar General Corp. 10,210.00 9,444.60 -765.40
05-10-05 08-11-05 415 Regional Bank Holders Trust 55,742.80 56,097.15 354.35
05-24-05 08-11-05 500 Cisco Systems Inc. 9,978.10 8,949.62 -1,028.48
10-21-04 08-11-05 1,325 Bank of America Corp. 58,644.50 56,473.77 2,170.73
03-04-05 08-16-05 1,500 Deere& Co. 107,606.70 99,341.30 -8,265.40
04-22-05 0846-05 250 Deere &Co. 16,253.78 16,556.88 303.10
07-09-03 08-17-05 500 Devon Energy Corp. 12,926.32 27,821.28 14,894.96
03-24-05 08-19-05 625 Medicis Pharmaceutical Corp. 18,349.19 21,817.83 3,468.64
04-18-05 08-19-05 500 Pfizer 13,840.00 12,944.45 -895.55
5
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund UTA DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
04-21-05 08-19-05 750 Pfizer 20,286.68 19,416.68 -870.00
04-05-05 08-19-05 400 Pfizer 10,753.96 10,355.57 -398.39
06-24-05 08-19-05 500 Chevron Corp. 28,850.00 29,978.74 1,128.74
04-15-05 08-19-05 250 Chevron Corp. 13,242.25 14,989.37 1,747.12
01-06-03 08-19-05 2,000 Dell Computer Corporation 57,038.00 73,079.94 16,041.94
11-05-04 08-19-05 10 Walmart Stores 566.98 465.06 -101.92
10-27-04 08-19-05 1,340 Walmart Stores 72,118.80 62,318.25 -9,800.55
05-15-03 08-22-05 7,374.57 GNMA 5.0% Pool# GNR 7,345.69 7,374.57 28.88
2003-40 AE
5.000%Due 05-20-33
08-22-05 08-24-05 3,250 Symantec Corp. 68,997.50 66,174.70 -2,822.80
05-10-05 08-25-05 335 Regional Bank Holders Trust 44,997.20 44,956.43 -40.77
10-08-99 08-25-05 250 Walmart Stores 13,190.83 11,359.52 -1,831.31
12-15-03 08-25-05 250 Walmart Stores 13,070.00 11,359.52 -1,710.48
03-24-05 08-25-05 1,450 Medicis Pharmaceutical Corp. 42,570.11 49,541.81 6,971.70
04-21-05 08-25-05 300 Medicis Pharmaceutical Corp. 8,705.00 10,250.03 1,545.03
07-09-03 08-25-05 610 Devon Energy Corp. 15,770.12 35,640.81 19,870.69
07-25-03 08-25-05 890 Devon Energy Corp. 21,383.30 52,000.52 30,617.22
08-17-05 08-25-05 2,750 Home Depot 112,223.65 109,655.50 -2,568.15
07-28-05 08-25-05 4,000 Dollar General Corp. 81,680.00 76,116.80 -5,563.20
06-02-05 08-25-05 1,575 Wells Fargo &Company 97,272.00 93,724.32 -3,547.68
11-06-02 08-25-05 1,500 Pan Pacific Retail 50,514.26 98,829.66 48,315.41
08-11-05 08-30-05 2,200 Morgan Stanley 118,487.82 111,567.66 -6,920.16
07-20-05 09-06-05 1,650 The Technology Sel Sec 34,633.17 34,343.31 -289.86
SPDR Fund
07-11-05 09-06-05 6,500 The Technology Sel See 134,160.00 135,291.82 1,131.82
SPDR Fund
07-13-05 09-14-05 2,250 Biomet, Inc. 80,170.88 81,629.51 1,458.63
08-09-05 09-14-05 1,000 Illinois Tool Works 86,220.00 82,183.26 -4,036.74
09-08-05 09-14-05 250 Illinois Tool Works 21,250.00 20,545.82 -704.18
09-08-05 09-19-05 1,500 FedEx Corporation 120,270.00 118,152.00 -2,118.00
07-19-05 09-20-05 2,525 Estee Lauder 95,406.12 91,985.68 -3,420.44
05-15-03 09-20-05 5,169.20 GNMA 5.0%Pool# GNR 5,148.95 5,169.20 20.25
2003-40 AE
5.000%Due 05-20-33
06-24-05 09-23-05 250 Goldman Sachs Group Inc. 25,797.50 29,708.26 3,910.76
06-10-05 09-23-05 250 Goldman Sachs Group Inc. 24,850.53 29,708.25 4,857.72
12-27-04 09-23-05 1,400 Oracle Systems 19,264.00 17,250.21 -2,013.79
12-20-04 09-23-05 1,600 Oracle Systems 21,888.00 19,714.53 -2,173.47
12-07-04 09-23-05 500 Oracle Systems 6,785.00 6,160.79 -624.21
02-08-05 09-26-05 4,500 Applied Materials Inc. 76,500.00 76,251.55 -248.45
02-10-05 09-26-05 1,500 Applied Materials Inc. 25,133.70 25,417.18 283.48
12-07-04 09-26-05 5,500 Oracle Systems 74,635.00 67,922.14 -6,712.86
07-08-05 09-26-05 750 Oracle Systems 10,177.50 9,262.11 -915.39
07-21-05 09-26-05 500 Sherwin Williams Co. 24,315.90 22,089.07 -2,226.83
06-22-05 09-26-05 875 Sherwin Williams Co. 41,177.50 38,655.88 -2,521.62
09-29-05 10-04-05 500 Standard &Poors Depository 60,755.00 60,769.50 14.50
Receipts
08-03-04 10-04-05 450 Anadarko Petroleum Corp. 27,027.00 42,021.94 14,994.94
09-29-05 10-06-05 395 Standard &Poors Depository 47,996.45 47,340.35 -656.10
Receipts
6
LONGER INVESTMENTS INCORPORATED
k
A Registered Investment Advisor
i
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-I8-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
09-22-05 10-06-05 2,605 Standard & Poors Depository 316,260.55 312,206.61 4,053.94
Receipts
09-09-05 10-07-05 5,000 NASDAQ 100 Index 198,250.00 191,391.98 -6,858.02
08-09-05 10-07-05 2,500 Paychex,Inc. 86,785.75 94,379.79 7,594.04
06-10-05 10-07-05 1,000 Goldman Sachs Group Inc. 99,402.10 117,381.39 17,979.29
08-24-05 10-10-05 930 Qlogic Corp. 32,779.06 30,598.04 -2,181.02
08-22-05 10-10-05 2,100 Qlogic Corp. 71,621.97 69,092.36 -2,529.61
06-22-05 10-11-05 1,125 Sherwin Williams Co. 52,942.50 49,061.78 -3,880.72
06-24-05 10-11-05 1,000 Sherwin Williams Co. 46,220.00 43,610.48 -2,609.52
07-21-05 10-11-05 750 Caterpillar Inc. 39,870.00 41,990.74 2,120.74
04-05-05 10-11-05 1,000 Pfizer 26,884.90 24,028.99 -2,855.91
09-08-05 10-12-05 5,350 Allianz Aktiengesell 72,867.00 72,751.05 -115.95
09-14-05 10-12-05 2,065 Allianz Aktiengesell 26,762.40` 28,080.55 1,318.15
01-06-98 10-15-05 15,000 Gillette Company Notes 14,967.00 15,000.00 33.00
Aa3/AA-(NC)
5.750%Due 10-15-05
02-09-94 10-15-05 75,000 Wal-Mart Stores Inc. 73,831.00 75,000.00 1,169.00
AA2/AA(NC)
5.875%Due 10-15-05
08-24-05 10-19-05 1,500 Citrix Systems 36,026.10 36,086.69 60.59
08-22-05 10-19-05 2,500 Citrix Systems 59,153.50 60,144.47 990.97
09-08-05 10-19-05 1,000 American Power Conversion . 26,281.10 22,620.75 -3,660.35
09-27-05 10-20-05 5,750 Werner Enterprises 95,009.55 96,099.16 1,089.61
07-22-05 10-20-05 2,500 Knight Transportation Inc. 61,423.50 63,742.58 2,319.08
07-26-05 10-20-05 1,500 Knight Transportation Inc. 36,059.70 38,245.55 2,185.85
09-28-05 10-20-05 575 Knight Transportation Inc. 13,362.71 14,660.79 1,298.08
05-15-03 10-20-05 4,670.27 GNMA 5.0%Pool# GNR 4,651.98 4,670.27 18.29
2003-40 AE
5.000%Due 05-20-33
08-08-05 10-21-05 825 Robert Half International 27,097.70 29,948.14 2,850.44
05-24-05 10-24-05 1,000 Cisco Systems Inc. 19,956.20 16,999.28 -2,956.92
05-20-05 10-24-05 1,500 Cisco Systems Inc. 29,191.80 25,498.93 -3,692.87
08-08-05 10-25-05 900 Kennametal,Inc. 41,688.00 45,211.14 ' 3,523.14
07-27-05 10-25-05 1,100 Kennametal, Inc. 50,733.10 55,258.05 4,524.95
09-08-05 10-27-05 2,850 American Power Conversion 74,901.14 59,931.56 -14,969.58
08-08-05 10-31-05 800 Robert Half International 26,276.56 29,342.77 3,066.21
07-13-05 10-31-05 200 Robert Half International 5,673.74 7,335.69 1,661.95
04-05-05 11-02-05 1,100 Pfizer 29,573.39 23,605.01 -5,968.38
10-13-05 11-02-05 1,000 Pharmaceutical Holders Trust 69,508.50 66,537.21 -2,971.29
07-25-05 11-03-05 850 Bell South 23,069.00 21,785.77 -1,283.23
10-13-05 11-03-05 1,100 Allergan Inc. 95,946.07 110,358.38 14,412.31
07-21-05 11-03-05 700 Danaher Corp. 37,381.82 37,237.11 -144.71
07-11-05 11-03-05 1,800 Danaher Corp. 95,973.84 95,752.57 -221.27
07-25-05 11-07-05 2,500 Bell South 67,850.00 64,222.30 -3,627.70
07-13-05 11-07-05 1,000 Robert Half International 28,368.70 37,795.42 9,426.72
07-12-05 11-07-05 1,500 Robert Half International 40,210.65 56,693.12 16,482.47
02-24-04 11-09-05 100,000 Federal Farm Credit Bank (C 100,000.00 96,409.00 -3,591.00
1X 03/24/05)
3.020%Due 12-24-07
10-13-05 11-14-05 500 Pharmaceutical Holders Trust 34,754.25 33,608.74 -1,145.51
04-05-05 11-14-05 1,500 Pfizer 40,327.35 33,585.24 -6,742.11
7
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
03-25-04 11-14-05 250,000 Federal Farm Credit Bank (C 250,000.00 237,977.50 -12,022.50
1X 04-15-05)
3.080%Due 10-15-08
08-25-98 11-15-05 50,000 Boeing Capital Crp A3/A 50,000.00 50,000.00 OM
(NC)
6.040%Due I1-15-05
10-13-05 11-15-05 1,500 Medicis Pharmaceutical Corp. 45,939.75 39,995.22 -5,944.53
10-21-05 11-15-05 500 Caterpillar Inc. 24,528.80 27,848.83 3,320.03
05-20-05 11-17-05 3,000 Cisco Systems Inc. 58,383.60 51,627.83 -6,755.77
11-08-05 11-17-05 650 Standard & Poors Depository 79,339.00 80,876.11 1,537.11
Receipts
09-16-05 11-17-05 2,650 Intuit Inc. 119,365.81 138,469.42 19,103.61
10-13-05 I1-17-05 1,250 Medicis Pharmaceutical Corp. 38,283.13 34,339.06 -3,944.07
11-01-05 11-17-05 750 Medicis Pharmaceutical Corp. 22,312.50 20,603.43 -1,709.07
05-15-03 11-21-05 2,743.86 GNMA 5.0%Pool# GNR 2,741.96 2,743.86 1.90
2003-40 AE
5.000%Due 05-20-33
10-04-05 12-01-05 575 Coach Inc. 17,796.25 20,194.90 2,398.65
11-01-05 12-01-05 1,000 Standard & Poors Depository 120,520.00 126,794.69 6,274.69
Receipts
10-04-05 12-02-05 2,175 Coach Inc. 67,316.25 76,079.62 8,763.37
10-13-05 12-02-05 1,250 Pharmaceutical Holders Trust 86,885.63 83,534.00 -3,351.63
10-13-05 12-05-05 430 Pharmaceutical Holders Trust 29,888.66 28,701.29 -1,187.37
11-12-04 12-05-05 750 General Electric 27,067.50 26,691.38 -376.12
11-10-05 12-06-05 3,250 Applebee's International Inc. 74,221.23 74,863.21 641.98
10-26-05 12-07-05 2,750 Best Buy 121,968.55 135,404.05 13,435.50
10-27-05 12-07-05 250 Best Buy 10,773.35 12,309.46 1,536.11
05-25-04 12-13-05 100,000 Federal Farm Credit Bank (C 100,000.00 98,152.00 -1,848.00
6-15-05, 1X)
3.580%Due 06-15-07
12-02-05 12-14-05 3,150 Semiconductor Holders Trust 123,249.42 121,004.39 -2,245.03
02-16-04 12-14-05 100,000 Federal Home Loan Bank(C 100,000.00 .97,123.00 -2,877.00
- 09-07-05, IX)
3.000%Due 09-07-07
06-18-97 12-15-05 10,000 Aetna Inc. Debentures 10,088.50 11,008.00 919.50
AA3/AA- (NC)
6.750%Due 09-15-13
03-23-95 12-15-05 50,000 Aetna Inc. Debentures 45,401.50 55,040.00 9,638.50
AA3/AA- (NC)
6.750%Due 09-15-13
11-28-05 12-15-05 355 Coca-Cola 15,341.68 14,588.28 -753.40
12-29-03 12-15-05 75,000 Federal Home Loan Bank (C 75,000.00 72,656.25 -2,343.75
1-17-06, 1X)
3.300%Due 01-17-08
12-11-00 12-20-05 50,000 MBNA America Bank 50,000.00 50,000.00 0.00
Newark, DE A3/NR(NC)
FDIC-Insured
6.550%Due 12-20-05
11-14-05 12-20-05 2,500 MeadWestvaco 66,858.25 69,522.08 2,663.83
10-21-05 12-20-05 250 Nike, Inc. 20,949.52 21,989.53 1,040.01
10-21-05 12-22-05 275 Nike, Inc. 23,044.48 23,467.61 423.13
8
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
II
i
Longer Investments Inc.
REALIZED GAINS AND LOSSES
Fayetteville Fire Pension and Relief Fund U/fl DTD 6-I8-86
From 01-01-05 Through 12-31-05
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
10-12-05 12-22-05 475 Nike, Inc. 39,030.80 40,534.97 1,504.17
10-13-05 12-22-05 820 Pharmaceutical Holders Trust 56,996.97 57,808.22 811.25
12-02-05 12-22-05 4,750 Gap, Inc. 85,003.63 83,601.69 -1,401.94
12-06-05 12-22-05 750 Gap, Inc. 13,379.40 13,200.27 -179.13
09-08-05 12-27-05 450 ExxonMobil 27,576.50 25,319.22 -2,257.28
08-02-05 12-27-05 150 ExxonMobil 8,960.25 8,439.74 -520.51
09-23-05 12-27-05 1,250 Nike, Inc. 100,304.88 109,194.77 8,889.89
05-11-05 12-29-05 530 Intel Corp. 13,040.30 13,244.72 204.42
02-08-05 12-29-05 1,395 Intel Corp. 32,795.47 34,861.09 2,065.62
10-31-02 12-29-05 750 Intel Corp. 12,750.00 18,742.52 5,992.52
10-15-02 12-29-05 1,250 Intel Corp. 20,262.50 31,237.54 10,975.04
10-23-02 12-29-05 500 Intel Corp. 7,995.00 12,495.01 4,500.01
09-18-02 12-29-05 1,000 Intel Corp. 15,400.00 24,990.03 9,590.03
08-09-05 12-29-05 1,250 Microsoft Corp. 34,185.50 32,923.99 1,261.51
07-21-05 12-29-05 250 Microsoft Corp. 6,637.43 6,584.80 -52.63
02-10-05 12-29-05 3,500 Microsoft Corp. 91,418.60 92,187.15 768.55
12-23-05 12-30-05 700 Standard & Poors Depository 88,754.00 87,187.71 -1,566.29
Receipts
10-13-05 12-30-05 1,000 Pharmaceutical Holders Trust 69,508.50 69,637.85 129.35
TOTAL GAINS 346,934.57 457,432.05
TOTAL LOSSES -447,035.10 -30,045.08
16,740,366.89 17,067,653.34 -100,100.52 427,386.97
TOTAL REALIZED GAIN/LOSS 327,286.45
NO CAPITAL GAINS DISTRIBUTIONS
1
i
i
1'
This realized gain/loss report has been prepared using cost basis and acquisition date information provided by third parties. While every effort has been made to verify the
accuracy of this information, it is not possible to unconditionally confirm that it is correct. Longer Investments Inc. can only attest to the accuracy of transactions that were
executed under its direction.
9
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
INCOME AND EXPENSES
Fayetteville Fire Pension and Relief Fund UTA DTD 6-18-86
From 01-01-05 Through 12-31-05
Security
Ex-Date Pay-Date Amount
COMMON STOCK
Abbott Labs
01-12-05 02-15-05 598.00
04-13-05 05-15-05 632.50
07-13-05 08-15-05 632.50
1,863.00
Allergan Inc.
05-11-05 06-08-05 150.00
Aluminum Co. of America
02-25-05 02-25-05 150.00
Amsouth Bancorp
03-15-05 04-01-05 1,000.00
Anadarko Petroleum Corp.
03-07-05 03-23-05 261.00
06-06-05 06-22-05 261.00
09-12-05 09-28-05 261.00
12-12-05 12-28-05 180.00
963.00
Applied Materials Inc.
05-16-05 06-08-05 180.00
08-15-05 09-07-05 180.00
360.00
B.P. Amoco PLC A.D.S.
02-16-05 03-14-05 1,300.50
05-11-05 06-06-05 1,020.00
08-10-05 09-06-05 1,071.00
12-05-05 12-05-05 1,071.00
4,462.50
Baldor Electric Co.
03-08-05 03-31-05 600.00
06-07-05 06-30-05 600.00
1,200.00
1
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
i
Longer Investments Inc.
INCOME AND EXPENSES
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
From 01-01-05 Through 12-31-05
Security
Ex-Date Pay-Date Amount
Bank of America Corp.
03-02-05 03-25-05 1,496.25
06-01-05 06-24-05 1,496.25
2,992.50
Barclays PLC
10-03-05 10-03-05 1,788.05
Bell South
10-11-05 11-01-05 971.50
Caterpillar Inc.
01-18-05 02-19-05 697.00
07-20-05 08-19-05 500.00
10-20-05 11-19-05 500.00
1,697.00
Chevron Corp.
02-14-05 03-10-05 800.00
05-17-05 06-10-05 145.00
08-17-05 09-12-05 1,350.00
11-16-05 12-12-05 1,012.50
4,287.50
Citigroup
02-03-05 02-25-05 1,540.00
04-28-05 05-27-05 1,540.00
07-28-05 08-26-05 1,540.00
11-03-05 11-23-05 1,540.00.
6,160.00
Claire's Stores
03-10-05 03-24-05 500.00
Clorox Co.
01-27-05 02-15-05 518.00
04-26-05 05-13-05 420.00
07-27-05 08-15-05 490.00
1,428.00
Coca-Cola
2
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor