Carpenters Welfare Fund 2006

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Form 5500 Department of the Treasury Internal Revenue Service Department of Labor Pension and Welfare Benefits Administration Pension Benefit Guaranty Corporation

Annual Return/Report of Employee Benefit Plan

This form is required to be filed under sections 104 and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and sections 6039D, 6047(e), 6057(b), and 6058(a) of the Internal Revenue Code (the Code). Complete all entries in accordance with the instructions to the Form 5500. Part I Annual Report Identification Information For the calendar plan year 2005 or fiscal plan year beginning July 01, 2005 , and ending June 30, 2006

Official Use Only OMB Nos. 1210 - 0110 1210 - 0089 2005 This Form is Open to Public Inspection

A This return/report is for:

(1) a multiemployer plan; (2) a single-employer plan (other than a multipleemployer plan);

(3) (4)

B This return/report is:

(1) (2)

(3) the final return/report filed for the plan; (4) a short plan year return/report (less than 12 months).

the first return/report filed for the plan; the amended return/report;

a multiple-employer plan; a DFE (specify)

C If the plan is a collectively-bargained plan, check here D If you filed for an extension of time to file, check the box and attach a copy of the extension application Part II Basic Plan Information – enter all requested information. 1a Name of plan NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS WELFARE FUND

2a Plan sponsor's name and address (employer, if for a single-employer plan) (Address should include room or suite no.) BOARD OF TRUSTEES OF NYCDCC WELFARE FUND 395 HUDSON ST NEW YORK NY 10014-3669

1b Three-digit 501 plan number (PN) 1c Effective date of plan (mo., day, yr.) July 01, 1950 2b Employer Identification Number (EIN) 13-5615576 2c Sponsor's telephone number 212-366-7300 2d Business code (see instructions) 236200

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, and to the best of my knowledge and belief, it is true, correct, and complete.

UNION TRUSTEE Signature of plan administrator

Signature of employer/plan sponsor/DFE

Date

Typed or printed name of individual signing as plan administrator

04/10/2007

EMPLOYER TRUSTEE

Date

Typed or printed name of individual signing as employer, plan sponsor or DFE as applicable

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. v2.3

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Form 5500 (2005)

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3a Plan administrator's name and address (if same as plan sponsor, enter"Same")

3b Administrator's EIN

SAME

3c Administrator's telephone number

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, EIN and the plan number from the last return/report below:

b EIN c PN

a Sponsor's name 5 Preparer information (optional)

a Name (including firm name, if applicable) and address

b EIN 61-1436956 c Telephone no. 212-279-4262

NOVAK FRANCELLA LLC 450 SEVENTH AVENUE, SUITE 3500 NEW YORK NY 10123 6 Total number of participants at the beginning of the plan year 6 26,498 7 Number of participants as of the end of the plan year (welfare plans complete only lines 7a, 7b, 7c, and 7d) a Active participants a 18,282 b Retired or separated participants receiving benefits b 7,658 c Other retired or separated participants entitled to future benefits c d Subtotal. Add lines 7a, 7b, and 7c d 25,940 e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits e f Total. Add lines 7d and 7e f g Number of participants with account balances as of the end of the plan year (only defined contribution plans g complete this item) h Number of participants that terminated employment during the plan year with accrued benefits that were less h than 100% vested i If any participant(s) separated from service with a deferred vested benefit, enter the number of separated i participants required to be reported on a Schedule SSA (Form 5500) 8 Benefits provided under the plan (complete 8a through 8c, as applicable) a Pension benefits (check this box if the plan provides pension benefits and enter the applicable pension feature codes from the List of Plan Characteristics Codes (printed in the instructions)): b

Welfare benefits (check this box if the plan provides welfare benefits and enter the applicable welfare feature codes from the List of Plan Characteristics Codes (printed in the instructions)): 4A

4B

4D

4E

4F

4K

4L

4U

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) (1) (1) Insurance Insurance (2) (2) Section 412(i) insurance contracts Section 412(i) insurance contracts (3) (3) Trust Trust (4) (4) General assets of the sponsor General assets of the sponsor 10 Schedules attached (Check all applicable boxes and, where indicated, enter the number attached. See instructions.) a Pension Benefit Schedules b Financial Schedules (1) R (Retirement Plan Information) (1) H (Financial Information) (2) I (Financial Information – Small Plan) (2) T (Qualified Pension Plan Coverage Information) (3) 1 A (Insurance Information) (4) C (Service Provider Information) If a Schedule T is not attached because the plan is (5) D (DFE/Participating Plan Information) relying on coverage testing information for a prior (6) G (Financial Transaction Schedules) year, enter the year (7) 1 P (Trust Fiduciary Information) (3) B (Actuarial Information) (4) E (ESOP Annual Information) (5) SSA (Separated Vested participant Information)

SCHEDULE A Form 5500 Department of the Treasury Internal Revenue Service

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Insurance Information This schedule is required to be filed under section 104 of the Employee Retirement Income Security Act of 1974.

Official Use Only OMB No. 1210 - 0110 2005 This Form is Open to

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Department of Labor File as an attachment to Form 5500. Public Inspection Pension and Welfare Benefits Administration Insurance companies are required to provide this information pursuant to ERISA section 103(a)(2). Pension Benefit Guaranty Corporation For the calendar plan year 2005 or fiscal plan year beginning July 01, 2005, and ending June 30, 2006 A Name of plan B Three-digit plan number 501 NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS WELFARE FUND C Plan sponsor's name as shown on line 2a of Form 5500

D Employer Identification Number 13-5615576

BOARD OF TRUSTEES OF NYCDCC WELFARE FUND

Part I Information Concerning Insurance Contract Coverage, Fees, and Commissions. Provide information for each contract on a separate Schedule A. Individual contracts grouped as a unit in Parts II and III can be reported on a single Schedule A. 1 Coverage (a) Name of insurance carrier AETNA LIFE INSURANCE COMPANY

(b) EIN

(c) NAIC code

(d) Contract or identification number

(e) Aproximate number of persons covered at end of policy or contract year

(f) From

06-6033492

60054

880782-ERG

49593

07/01/2005

2 Insurance fees and commissions paid to agents, brokers, and other persons: Totals Amount of commissions paid

Policy or contract year (g) To 06/30/2006

Fees paid / Amount

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. v2.3 (a) Name and address of the agents, brokers or other persons to whom commissions or fees were paid

Schedule A (Form 5500) 2005

AMDEL ASSOCIATES 973 HOMDEL ROAD HOMDEL NJ 07773

(b) Amount of commissions paid

Fees paid (c) Amount

(d) Purpose

(e) Organization code 3

Part II

Investment and Annuity Contract Information Where individual contracts are provided, the entire group of such individual contracts with each carrier may be treated as a unit for purposes of this report.

3 Current value of plan's interest under this contract in the general account at year end 4 Current value of plan's interest under this contract in separate accounts at year end 5 Contracts With Allocated Funds a State the basis of premium rates b Premiums paid to carrier c Premiums due but unpaid at the end of the year

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d If the carrier, service, or other organization incurred any specific costs in connection with the acquision or retention of the contract or policy, enter amount Specify nature of costs e Type of contract (1) individual policies (2) group deferred annuity (3) other (specify) f If contract purchased, in whole or in part, to distribute benefits from a terminating plan check here 6 Contracts With Unallocated Funds (Do not include portions of these contracts maintained in separate accounts) a Type of contract (1) deposit administration (2) immediate participation guarantee (3) guaranteed investment (4) b Balance at the end of the previous year c Additions: (1) Contributions deposited during the year (2) Dividends and credits (3) Interest credited during the year (4) Transferred from separate account (5) Other (specify below) (6) Total additions d Total of balance and additions (add b and c (6)) e Deductions: (1) Disbursed from fund to pay benefits or purchase annuities during year (2) Administration charge made by carrier (3) Transferred to separate account (4) Other (specify below) (5) Total deductions f Balance at the end of the current year (subtract e(5) from d) Part III Welfare Benefit Contract Information If more than one contract covers the same group of employees of the same employer(s) or members of the same employee organization(s), the information may be combined for reporting purposes if such contracts are experience-rated as a unit. Where individual contracts are provided, the entire group of such individual contracts with each carrier may be treated as a unit for purposes on this report. 7 Benefit and contract type (check all applicable boxes) a b Health (other than dental or vision) Dental Temporary disablility e f Long-term disability (accident and sickness) i j Stop loss (large deductible) HMO contract m Other (specify) ACCIDENTIAL DEATH & DISMEMBERMENT 8 Experience related contracts a Premiums: (1) Amount received (2) Increase (decrease) in amount due but unpaid (3) Increase (decrease) in unearned premium reserve (4) Earned ((1)+(2)-(3)) b Benefit charges: (1) Claims paid (2) Increase (decrease) in claim reserves (3) Incurred claims (add (1) and (2)) (4) Claims charged c Remainder of premium: (1) Retention charges (on an accrual basis) – (A) Commissions (B) Administrative service or other fees (C) Other specific acquisition costs (D) Other expenses (E) Taxes (F) Charges for risks or other contingencies (G) Other retention charges

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c

Vision

d

Life insurance

g

Supplemental unemployment

h

Prescription drug

k

PPO contract

l

Indemnity contract

$4,466,465

$4,466,465 $3,812,000 $55,425 $3,867,425 $3,886,302

$55,850

$244,111 $116,104 $7,018

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(H) Total Retention (2) Dividends or retroactive rate refunds. (These amounts were paid in cash, or credited.) d Status of policyholder reserves at end of year: (1) Amount held to provide benefits after retirement (2) Claim reserves (3) Other reserves e Dividends or retroactive rate refunds due. (Do not include amount entered in c(2).) 9 Nonexperience-rated contracts a Total premiums or subscription charges paid to carrier b If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, other than reported in Part I, item 2 above, report amount Specify nature of costs below:

$423,083 $157,080

Annual Return of Fiduciary of Employee Benefit Trust Schedule P (Form 5500) Department of the Treasury Internal Revenue Service

This schedule may be filed to satisfy the requirements under section 6033(a) for an annual information return from every section 401(a) organization exempt from tax section 501(a). Filing this form will start the running of the statute of limitations under section 6501(a) for any trust described in section 401(a) that is exempt from tax under section 501(a).

Official Use Only OMB No. 1210 - 0110 2005 This Form is Open to Public Inspection

File as an Attachment to Form 5500 or 5500-EZ. For the calendar plan year 2005 or fiscal plan year beginning July 01, 2005 and ending June 30, 2006 1a Name of trustee or custodian BOARD OF TRUSTEES OF NYCDCC b Number, street, and room or suite no. (If a P.O. box, see the instructions for Form 5500 or 5500-EZ.) 395 HUDSON STREET c City or town, state, and ZIP code NEW YORK, NY 10014 2a Name of trust NEW YORK CITY DISTRICT COUNCIL OF C ARPENTERS WELFARE FUND b Trust's employer identification number 13-5615576 3 Name of plan if different from name of trust 4 Have you furnished the participating employee benefit plan(s) with the trust financial information required to be reported by the plan(s)?.................................................................................................................... Yes No 5 Enter the plan sponsor's employer identification number as shown on Form 5500 or 5500-EZ 13-5615576 Under penalties of perjury, I declare that I have examined this schedule, and to the best of my knowledge and belief it is true, correct, and complete. Signature of fiduciary Date April 10, 2007 For Paperwork Reduction Act Notice and OMB Control Numbers, v2.3 Schedule P Form 5500 (2005) see the instructions for Form 5500 or 5500-EZ

SCHEDULE C (Form 5500) Department of the Treasury This schedule is required to be filed under section 104 of the Internal Revenue Service Employee Retirement Income Security Act of 1974. Department of Labor Pension and Welfare Benefits Administration File as an attachment to Form 5500. Pension Benefit Guaranty Corporation For the calendar plan year 2005 or fiscal plan year beginning July 01, 2005 and ending June 30, 2006

Service Provider Information

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A Name of plan NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS WELFARE FUND C Plan sponsor's name as shown on line 2a of Form 5500 BOARD OF TRUSTEES OF NYCDCC WELFARE FUND

B Three digit 501 plan number D Employer Identification Number 13-5615576

Part I Service Provider Information (see instructions) 1 Enter the total dollar amount of compensation paid by the plan to all persons, other than those listed below, who 1 received compensation during the plan year: $1,374,955 2 On the first item below list the contract administrator, if any, as defined in the instructions. On the other items, list service providers in descending order of the compensation they received for the services rendered during the plan year. List only the top 40. 103-12 lEs should enter N/A in columns (c) and (d). (b) Employer identification number (see (a) Name (c) Official plan position instructions) EMPIRE BLUE CROSS

23-7391136

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$6,128,539

(a) Name

(b) Employer identification number (see instructions)

CIGNA BEHAVIORAL HEALTH

41-1648670

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

BENEFIT ADMINISTRATION

$3,601,680

(a) Name

(b) Employer identification number (see instructions)

C & R CONSULTING

13-3935364

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

99

(c) Official plan position

CLAIMS PROCESSOR

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$996,624

(a) Name

(b) Employer identification number (see instructions)

ABRAMS, HERDE, & MERKEL, LLP

13-2858927

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

99

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

EMPLOYEE

9917

(c) Official plan position

PAYROLL AUDITOR

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

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BENEFIT ADMINISTRATION

$767,357

(a) Name

(b) Employer identification number (see instructions)

SCHULTHEIS & PANETTIERI

13-1577780

10

(c) Official plan position

PAYROLL AUDITOR

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(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$643,962

(a) Name

(b) Employer identification number (see instructions)

SIDS

11-2995970

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

DENTAL CLAIMS ADMINISTRAT

$626,378

(a) Name

(b) Employer identification number (see instructions)

ODWYER & BERNSTIEN, LLP

13-5238665

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

99

(c) Official plan position

ATTORNEY

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$607,522

(a) Name

(b) Employer identification number (see instructions)

ADP

13-3036745

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

22

(c) Official plan position

DATA PROCESSING

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$544,656

(a) Name

(b) Employer identification number (see instructions)

STANDARD DATA

13-1945595

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

16

(c) Official plan position

COMPUTER SERVICES

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$525,365

(a) Name

(b) Employer identification number (see instructions)

SCHULTE, ROTH, & ZABEL, LLP

13-2633996

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

7 of 16

(c) Official plan position

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

NONE

10

16

(c) Official plan position

ATTORNEY

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $339,600

22

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(a) Name

(b) Employer identification number (see instructions)

BARRY SECURITY

13-3041930

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

$187,442

(a) Name

(b) Employer identification number (see instructions)

FINANCIAL MANAGEMENT ADVISORS

95-4022662

(a) Name

(b) Employer identification number (see instructions)

SEGAL COMPANY

13-1835864

(c) Official plan position

CONSULTANT

$157,454

(a) Name

(b) Employer identification number (see instructions)

MUNICIPAL ASSET MANAGEMENT INC

13-3751894

17

(c) Official plan position

INVESTMENT ADVISOR

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$125,854

(a) Name

(b) Employer identification number (see instructions)

LAZARD ASSET MANAGEMENT

13-5545100

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

21

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

INVESTMENT ADVISOR

$164,009

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

99

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

20

(c) Official plan position

INVESTMENT MANAGER

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

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SECURITY

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

$69,287

(a) Name

(b) Employer identification number (see instructions)

GREGORY J. POLVERE & ASSOCIATES

06-1624265

21

(c) Official plan position

PAYROLL AUDITOR

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(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$66,054

(a) Name

(b) Employer identification number (see instructions)

LOOMIS, SAYLES, & CO., LP

04-3200030

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(a) Name

(b) Employer identification number (see instructions)

NOVAK FRANCELLA LLC

61-1436956

(a) Name

(b) Employer identification number (see instructions)

ROBERT HERZOG, ESQ

11-1111111

(c) Official plan position

ARBITRATOR/LEGAL

$33,804

(a) Name

(b) Employer identification number (see instructions)

PAYDEN & RYGEL

95-3921788

22

(c) Official plan position

INVESTMENT MANAGER

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

$33,025

(a) Name

(b) Employer identification number (see instructions)

ROGER E. MAHER

05-1461364

NONE

10

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

ACCOUNTANT

$53,540

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

21

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

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INVESTMENT MANAGER

$63,499

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

NONE

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

10

21

(c) Official plan position

ARBITRATOR/LEGAL

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $29,509

22

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(a) Name

(b) Employer identification number (see instructions)

TAMMY A. MOY

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

DAVID JACOBSEN

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

JOSEPH BARBA

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

ROBERT J. MAZZIOTA

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

STEVEN KASARDE

13-6227443

EMPLOYEE

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ADMINISTRATION

13

(c) Official plan position

ADMINISTRATION

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $90,170

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $36,983

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

13

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $46,946

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $51,355

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $52,742

(a) Name

(b) Employer identification number (see instructions)

PHILLIP GIUDICE

13-6227443

13

(c) Official plan position

ADMINISTRATION

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(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

$33,606

(a) Name

(b) Employer identification number (see instructions)

JILLIAN KELLY

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

STEPHEN QUON

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

DOUGLAS TRAUX

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

DENISE MEEHAN

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

NEIL A. SANDY

13-6227443

EMPLOYEE

13

(c) Official plan position

ADMINISTRATION

13

(c) Official plan position

ADMINISTRATION

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $38,559

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $43,067

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $39,885

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

13

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $46,424

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

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(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions)

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $32,689

13

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(a) Name

(b) Employer identification number (see instructions)

JOHN AMICO

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

PATRICIA EWALD

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

STUART GRABOIS

13-6227443

EMPLOYEE

(a) Name

(b) Employer identification number (see instructions)

GINO M. FIACCO

13-6227443

EMPLOYEE

(a) Name

(c) Official plan position

ADMINISTRATION

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $101,329

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

13

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $48,219

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $41,991

(d) Relationship to employer, employee organization, or person known to be a party-in-interest

(c) Official plan position

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $37,168

(b) Employer identification number (see instructions)

13

(c) Official plan position

CONTRACT ADMINISTRATOR (d) Relationship to employer, employee organization, or person known to be a party-in-interest

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) 12

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(a) Name

(b) Employer identification number (see instructions)

JOSEPH A. BANOME

13-6227443

(c) Official plan position

ADMINISTRATION

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(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $48,121

(a) Name

(b) Employer identification number (see instructions)

DANYA MACGUIRE

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $40,936

(a) Name

(b) Employer identification number (see instructions)

FRANCES P. OCONNOR

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $32,308

(a) Name

(b) Employer identification number (see instructions)

JOHN P. PIRRONE

13-6227443

(d) Relationship to employer, employee organization, or person known to be a party-in-interest EMPLOYEE

13

13

(c) Official plan position

ADMINISTRATION

(e) Gross salary or (f) Fees and commissions (g) Nature of service code(s) allowances paid by plan paid by plan (see instructions) $129,283

Part II Termination Information on Accountants and Enrolled Actuaries (see instructions) (a) Name (b) EIN (c) Position (d) Address (e) Telephone No. Explanation For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. v2.3

SCHEDULE H (Form 5500) Department of the Treasury This schedule is required to be filed under section 104 of the Employee Internal Revenue Service Retirement Income Security Act of 1974 (ERISA) and section 6058(a) of the Department of Labor Internal Revenue Code (the Code). Pension and Welfare Benefits Administration File as an attachment to Form 5500. Pension Benefit Guaranty Corporation For the calendar plan year 2005 or fiscal plan year beginning July 01, 2005, and ending June 30, 2006

Financial Information

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Schedule C (Form 5500) 2005

Official Use Only OMB No. 1210 - 0110 2005 This Form is Open to Public Inspection

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A Name of plan NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS WELFARE FUND C Plan sponsor's name as shown on line 2a of Form 5500 or 5500-EZ BOARD OF TRUSTEES OF NYCDCC WELFARE FUND

B Three digit 501 plan number D Employer Identification Number 13-5615576

Part I Asset and Liability Statement 1 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in more than one trust. Report the value of the plan's interest in a commingled fund containing the assets of more than one plan on a line-by-line basis unless the value is reportable on lines c(9) through c(14). Do not enter the value of that portion of an insurance contract which guarantees, during this plan year, to pay a specific dollar benefit at a future date. Round off amounts to the nearest dollar. DFEs do not complete lines 1b(1), 1b(2), 1c(8), 1g, 1h, 1i, and, except for master trust investment accounts, also do not complete lines 1d and 1e. See instructions. (a) Beginning (b) End of Year Assets of Year a Total noninterest-bearing cash a $7,065,520 $6,462,231 b Receivables (less allowance for doubtful accounts): (1) Employer contributions b(1) $7,007,159 $7,882,459 (2) Participant contributions b(2) (3) Other b(3) $47,518,308 $47,151,698 c General investments: (1) Interest-bearing cash (incl. money market accounts and certificates of deposit) c(1) $4,058,445 $3,943,230 (2) U.S. Government securities c(2) $67,628,948 $55,890,083 (3) Corporate debt instruments (other than employer securities): (A) Preferred c(3)A (B) All other c(3)B $76,078,762 $54,166,301 (4) Corporate stocks (other than employer securities): (A) Preferred c(4)A (B) Common c(4)B $30,807,944 $29,828,133 (5) Partnership/joint venture interests c(5) (6) Real Estate (other than employer real property) c(6) (7) Loans (other than to participants) c(7) (8) Participant loans c(8) (9) Value of interest in common/collective trusts c(9) (10) Value of interest in pooled separate accounts c(10) (11) Value of interest in master trust investment accounts c(11) (12) Value of interest in 103-12 investment entities c(12) (13) Value of interest in registered investment companies (e.g., mutual funds) c(13) $20,449,818 $54,962,895 (14) Value of funds held in insurance co. general account (unallocated contracts) c(14) (15) Other c(15) $3,971,234 $890,000 d Employer-related investments: (1) Employer securities d(1) (2) Employer real property d(2) e Buildings and other property used in plan operation e $333,629 $226,159 f Total assets (add all amounts in lines 1a through 1e) f $264,919,767 $261,403,189 Liabilities g Benefit claims payable g $34,946,000 $36,698,300 h Operating payables h $916,066 $686,153 i Acquisition indebtedness i j Other liabilities j $53,613,638 $52,683,656 k Total liabilities (add all amounts in lines 1g through 1j) k $89,475,704 $90,068,109 Net Assets l Net assets (subtract line 1k from line 1f) l $175,444,063 $171,335,080 Part II Income and Expense Statement 2 Plan income, expenses, and changes in net assets for the year. Include all income and expenses of the plan, including any trust(s) or separately maintained fund(s) and any payments/receipts to/from insurance carriers. Round off amounts to the nearest dollar. DFEs do not complete lines 2a, 2b(1)(E), 2e, 2f, and 2g.

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Income a Contributions (1) Received or receivable in cash from: (A) Employers (B) Participants (C) Others (including rollovers) (2) Noncash contributions (3) Total contributions. Add lines 2a(1)(A), (B), (C), and line 2a(2) b Earnings on investments: (1) Interest: (A) Interest-bearing cash (including money market accounts and certificates of deposit) (B) U.S. Government securities (C) Corporate debt instruments (D) Loans (other than to participants) (E) Participant loans (F) Other (G) Total interest. Add lines 2b(1)(A) through (F) (2) Dividends (A) Preferred stock (B) Common stock (C) Total dividends. Add lines 2b(2)(A) and (B) (3) Rents (4) Net gain (loss) on sale of assests: (A) Aggregate proceeds (B) Aggregate carrying amount (see instructions) (C) Subtract line 2b(4)(B) from line 2b(4)(A) (5) Unrealized appreciation (depreciation) of assets: (A) Real Estate (B) Other (C) Total unrealized appreciation of assets. Add lines 2b(5)(A) and (B) (6) Net investment gain (loss) from common/collective trusts (7) Net investment gain (loss) from pooled separate accounts (8) Net investment gain (loss) from master trust investment accounts (9) Net investment gain (loss) from 103-12 investment entities (10) Net investment gain (loss) from registered investment companies (e.g., mutual funds) c Other Income d Total income. Add all income amounts in column (b) and enter total Expenses e Benefit payment and payments to provide benefits: (1) Directly to participants or beneficiaries, including direct rollovers (2) To insurance carriers for the provision of benefits (3) Other (4) Total benefit payments. Add lines 2e(1) through (3) f Corrective distributions (see instructions) g Certain deemed distributions of participant loans (see instructions) h Interest expense i Administrative expenses: (1) Professional fees (2) Contract administrator fees (3) Investment advisory and management fees (4) Other (5) Total administrative expenses. Add lines 2i(1) through (4) j Total expenses. Add all expense amounts in column (b) and enter total Net Income and Reconciliation k Net income (loss) (subtract line 2j from line 2d) l Transfers of assets (1) To this plan (2) From this plan

(a) Amount a(1)(A) a(1)(B) a(1)(C) a(2) a(3)

$189,550,583 $1,581,512

b(1)(A)

$643,722

b(1)(B) b(1)(C) b(1)(D) b(1)(E) b(1)(F) b(1)(G) b(2)(A) b(2)(B) b(2)(C) b(3) b(4)(A) b(4)(B) b(4)(C) b(5)(A) b(5)(B) b(5)(C) b(6) b(7) b(8) b(9)

$2,880,936 $4,343,878

(b) Total

$191,132,095

$161,306 $8,029,842 $577,711 $577,711 $326,079,668 $326,217,198 ($137,530) ($353,967) ($353,967)

b(10)

$2,186,453

c d

$10,579 $201,445,183

e(1) e(2) e(3) e(4) f g h i(1) i(2) i(3) i(4) i(5) j k

$187,018,580 $8,068,145 $195,086,725

$3,806,604 $513,264 $6,147,573 $10,467,441 $205,554,166 ($4,108,983)

l(1) l(2)

Part III Accountant's Opinion 3 The opinion of an independent qualified public accountant for this plan is (see instructions):

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a Attached to this Form 5500 and the opinion is &nash; (1) Unqualified 2 Qualified (3) Disclaimer (4) Adverse b Not attached because: (1) the Form 5500 is filed for a CCT, PSA, or MTIA (2) the opinion will be attached to the next Form 5500 pursuant to 29 CFR 2520.104-50 c Check this box if the accountant performed a limited scope audit pursuant to 29 CFR 2520.103-8 and/or 2520.103-12(d) d If an accountant's opinion is attached, enter the name and EIN of the accountant (or accounting firm) NOVAK FRANCELLA LLC 61-1436956 Part IV Transactions During Plan Year CCTs and PSAs do not complete Part IV. MTIAs, 103-12 IEs, and GIAs do not complete 4a, 4e, 4f, 4g, 4h, 4k, or 5. 103-12 IEs also do 4 not complete 4j. During the plan year: Yes No Amount a Did the employer fail to transmit to the plan any participant contributions within the maximum time period a Yes No described in 29 CFR 2510.3-102? (see instructions) b Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's b Yes No account balance. (Attach Schedule G (Form 5500) Part I if "Yes" is checked) c Were any leases to which the plan was a party in default or classified during the year as uncollectible? c Yes No (Attach Schedule G (Form 5500) Part II if "Yes" is checked) d Did the plan engage in any nonexempt transaction with any party-in-interest? (Attach Schedule G (Form d Yes No 5500) Part III if "Yes" is checked) e Was this plan covered by a fidelity bond? e Yes No $500,000 f Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud f Yes No or dishonesty? g Did the plan hold any assets whose current value was neither readily determinable on an established g Yes No market nor set by an independent third party appraiser? h Did the plan receive any noncash contributions whose value was neither readily determinable on an h Yes No established market nor set by an independent third party appraiser? i Did the plan have assets held for investment? (Attach schedule(s) of assets if "Yes" is checked, and see i Yes No instructions for format requirements) j Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? j Yes No (Attach schedule of transactions if "Yes" is checked, and see instructions for format requirements) k Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan or k Yes No brought under the control of the PBGC? 5a Has a resolution to terminate the plan been adopted during the plan year or any prior plan year? If yes, enter the amount of any plan assets that reverted to the employer this year Yes No Amount 5b If, during this plan year, any assets or liabilities were transferred from this plan to another plan(s), identify the plan(s) to which assets or liabilities were transferred. (See instructions). 5b(1) Name of plan(s) 5b(2) EIN(s) 5b(3) PN(s)

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. v2.3

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Schedule H (Form 5500) 2005

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