Gl-07 - Laborers Local 190 Pension Account Statement 0603

Wright Investment Management Account

'J\TRIChi

Quarterly Statement

for the oenca ending June 3D, 2003 Construction & General Laborers' Local Union 190 Pension Fund - v.066485 Troy Financial Trust & Asset Mgt

INVESTORS'SERVICE R

Construction & General Laborers' Local Union 190 Pension Fund John A. Nardolillo Fund Administrator 668 Wemple Rd. Glenmont, NY 12077-0339

Investment Results

Quarter End

Year-to-Date

(4/1-6/30)

(1/1 - 6/30)

sso. 194,098.5 1

Beginnin g Market Value

oecosus

$30,194,098 .51

$0.00

Withdrawals

$(958,515.15)

$0.00

$30,194,098.51

$(958,515.15 )

$(64,366.01)

$(64,366.01)

$(64,366.01 )

Net Inc ome

$(171 ,277.45)

$(171 ,277 .45)

$( 171,277.45)

Net I nve!tment Gain (Loss)

$(235 ,643.46 )

$(23 5,64 3.46 )

$(235,643.46 )

Ending " 'ark et Value

$28,999,939.90

Tota l I nvestment Return

$28,999,939.90 (0 .79)%

(0.79)%

Cost

Current Holdings

•

$0.00

$(958,515.15)

Net Gain ( Loss)

ooestoos col'1co-ning y.;u.-Acccont> Contact your service representat ive at (800) 232{)O13

Cumuiative sirce 05/14/2003

c..~ E QUIY.. 1'fo#"t1.

0"".

l 00 lY~

t ", .11

$28,999,939.90 (0.79)%

Market Value

Summary by Investment Type FIXED INCOME

!>9&....

F, .Q(J1n:o'nof C .lllJ'1 &

Percent Holdings

Yield

Income

$28,874,378.94

AGENCIES

$3,961,266.40

$3,945,164.49

13.60 %

$130 ,025 .00

CORPORATE BONDS

$5,653,717.45

$5,604 ,655 .16

19.33 %

$328,689 .65

5.9 %

$ 19.323,937 .10 $125,560 .96

$19,324,559 .29 $125,560.96

66.64 % 0.43 %

$829 ,718.75

4.3 % 2.0 0/0

$29,064,481.91

$18,999,939.90

CASH & CASH EOUIVALENTS Total Investments

$1,288,433.40

4.5

$28,938,920.95

GOVERNMENT BONDS

99.57 %

Indicated

$2,480.90 $1,290,914 .30

3.3 %

4.5

GOVERNMENT EXHIBIT GL-7

Wright Investors' service , 440 Wheelers Farms Road, Milford,

a

06460·1847

(800) 232-0013

0/0

':>/0

Wright Investment Management Account QJarterly Statement for the pencd erding June 30, 2003 Constnx:tion & Generol Laborers' Local Union 190 Pension Fund - \\066485 Troy Financial Trust & Asset Mgt

Portfolio Holdings

Shares

FIXED INCOME

Purchase Cost

Market Value

$28,938,920.95

$28,874,378.94

99.6 %

$3,961,266.40

13.6 % 0.0 % 1.6 %

Din of Asset

480.000.000

$479,409.60

$3,945,164.49 $Ll,080.69 $471,302.40

1,190,000.000

$1,187,477.20

$1,185,906.40

4.1 %

1,250,000.000

$1,251) 75,00

$1, 255,075,00

'1.3%

500.000.000

$600,710.00

$585,625.00

2.0 %

365,000,000

$442,39LJ.60

$436,175.00

1.5 %

175,000.000

$5,653,717.4S $225,338.75

$5,604,655.16 $219,170.00

19.3 0/0 0.8 %

180,000.000

$215,305.20

$82,977.66 $210,276,00

0.3 % 0.7 %

205,000.000

$227,714.00

$224,700.50

0,8 %

115,000.000

$135,724.15

$132,72LSO

0.5%

185,000.000

$223,727,90

$218,485.00

0,8%

605,000.000

$602,731.25

$594,775.50

2.1 %

Boeing capital Corp

355,000.000

$419,567.40

$420,639.50

1.5 %

7.375 % Maturity Date: 09/27/2010 Bntish Telecom PLC 8.625% 8.875 % Maturity Date: 12/15/1930

155,000.000

$222,917.90

$211,497.50

0.7 %

Ceotex Corp 7.875 % Maturity Date: 02/01/2011

180,000.000

$220,825.80

$217,728.00

0.8%

Cox Communications Inc 7.125 % Maturity Date: 10/01/2012 Deutsche Tel Fin B%

185,000.000

$226,340.10

$220,908.50

0,8%

175,000.000

$220,165.75

$21'1,952.50

07%

195,000.000

$222,493.05

$205,920.00

0.7 %

195,000.000

$221,794.95

$223,080.00

0.8 %

170,000.000

$218,869.90

$213,945.00

0.7 %

200,000.000

$214,584.00

$209,120.00

0.7 %

205,000.000

$230,825.90

$212,052.00

0.7 %

190,000.000

$225,296.30

$219,317.00

0.8 %

185,000,000

$222,636.40

$215,210.50

0.7 %

195,000,000

$217,181.25

$214,558. SO

0.7 %

AGENOES ACCf1Jed Interest

FHLMC 4.000 % Maturity Date: 06/12/201) FNMA

1.750 % Maturity Date: 06/16/2006 FNMA

2.875 % Maturity Date: 05/19/2008 FNMA

6.250 % Matu rity Da te: 05/15/2029 Tennessee Valley Auth 6.250 % Maturity Da te: 12/15/2017

CORPORATE BONDS A T & T Broadband 8.375 % Maturity Da te: 03/15/2013 Accrued Interest Albertson's Inc 7.500 % Maturity Date: 02/15/2011 American Electric Power 6.125 % Maturity Date: 05/15/2006 AOL Time Warner 7.625 % Maturity Date: 04/15/1931 AT & T Wireless 7.875 % Maturity Date: 03/01/2011 Bank One Corp

2.625 % Maturity Date: 06/30/2008

8.500 % Maturity Date: 06/15/2010 Dominion Resources Inc

6.300 % Maturity Date: 03/15/1933 Duke capital 7.500 % Maturity Date: 10/01/2009 France Telecom 7.75% 9.250 % Maturity Date: 03/01/2011 Fund American Cos Inc 5.875 % MatUrity Date: 05/l5/2013 GMAC 8.800 % Maturity Date: 03/01/2021 Meadwestvaco Cor 6.850 % Maturity Date: 04/01/2012 Progress Energy Inc

7.100 % Maturity Date: 03/01/2011 Repsollntl Finance 7.450 % Maturity Date: 07/15/2005

-2-

11111111[111111111111111111111111111111111111111111111111111111111111111111111111111111111 O '/ f f'· =ro ,] I ~:Jl')o"'"

Wright Investment Management Account Q,Jartef /Y Statement for tne percd erdJfl9 June 30, 2003

Constru:tion & Gene ral La 00rers' Local Union 190 Pens ion Fund · v..06648S Troy Financial T rust & Asset Mg t

Purchase Cost

Shares

Portfolio Holdings (cont.)

Market Value

of

0/0

Asset Royal Bank of SCotland

205,000.000

$265,987.50

$260,J 04.00

0.9 %

7. 648 % Matu rity Date: 08/ 31/ 1949 Safeway Inc 5.800 % M aturi ty Date : 08/ 15/ 20 12

205,000.000

$224,4 15.55

$219,821.50

0.8 %

215,000.000

$228,194.55

$233,339.50

0.8%

170,000.000

$221,079.90

$209,355.00

0.7 %

$19,323,937.10

66.6 % 0.5 % 5.3 %

Sprint

cap Corp

6.125 % M atu rity Date. II/ t5/ 2008 Tran socean I nc

7.500 % Matu rity Date : 04/ 15/ 1931

1,IS0,OOO.000

$1,5'1 9,445 .31

$19,324,559.29 $ 157,087.54 $1,529,500.00

2,000,0 00.000

$2 ,519,375.00

$2,4] 4,380.00

8.4 %

5,070,000.000

$5,174,144 .53

$5, t 69,828.30

17.8 %

2,155,000.000

$2,378,458.59

$2,373,193.75

8.2 %

2, 175,000.000

$2,363,132.81

$2,3S7,830.S0

8.1 %

2,650,000 .000

$2,741,664.05

$2,733,634.00

9.4 %

2,290,000 .000

$2,597,716.80

$2,569, 105.20

8.9 %

$125,560 .96

$125,560 ,96

GOVERNMENT BONDS Accrued I n terest

U.s. T reasury Bonds 7.250 % Ma turity Date : U.s. T reasu ry Bonds 6.125 % Ma tu rity Date: U.s. Treasury Notes 3.625 % Matu nty Da te : U.S. Treasury Not es 6.750 % Ma tu rity Date: U.S. T reasury Notes 4. 625 % Ma tu nty Date:

u.s. T reasu ry

05/15/2016 11/ 15/2027 03/31/2004 05/15/ 2005 05/ 15/2006

Notes

3. 000 % Matu rit y Da te : 11/1 5/ 2007 U.S. Tr easury Notes

5.000 % Mat u rit y Da te : 08/15/2011 CASH & CASH EQUIVALENTS

Cash Acco unt Fed US Govt OblJ g /) 5

$(228,852.99 ) $354,4 13.95

$29,064,481.91

TOTAL HOLDINGS

$(228,852.99 ) $354,413.95 $28,999,939.90

0.4

1.2 %

Sales & Other Realized Gains & Losses PUI'Date

Sale Date

Shares

Proceeds

Cost

SIT Gain

LIT Ga in

(loss)

(Loss)

SALES FIXED INCOME AGENOES

$629,832.50 $629,832.50

$630,008,50

$176.00

$630,008.50

$176.00

$629,832.50

$630,008.50

$ 176.00

$29,839,684.56 $29,839,684 .56

$29,839,684,56

FHLMC

S. 875 % Ma tu rity Date: 03/21/2011 5/2 8/20 03

6/ 13/ 2003

550,000.000

CASH & CASH EQUIVALENTS Fed US Govt Oblig 115 Total Real ized Gains & Losses

Purchases

$29,839,684 .56 $30,469,693,06

Trade Date

Settle Date

$176.00

Shares

Price

Amount

$ \] 4.51

$29,568,753.45 $4,591,098.90 $629,832.50

FIXED INCOME AGENCIES

FHLMC

5/28/2003

OS/29/ 2003

5.875 % Maturity : 03/21/20 11

-3-

550,000.000

0/0

(0.8)%

Wrigl1t Investment Management ACcount Quarterly Statement for the cered erding June 30, 2003 Corstncnoo & General teborers' Local Union 190 Pension Fu~ - v.06643S Troy Financial Tru st & Asset Mgt

Purchases

(cont.)

FHLMC

Trade Date

Settle Date

Shares

Price

Amount

6/04/2003

06/12/2003

480,000.000

$99.88

$479,409.60

5/28/2003

OS/29/2003

500,000.000

$120.t4

$600,7tO.00

5/28/2003

OS/29/2003

1,250,000.000

$100.10

$1,251,275 .00

6/12/2003

06/16/2003

1,190,000.000

$99.79

$1,187,477.20

5/28/2003

06/02/2003

365,000.000

$121.20

$442,394.60

6/12/2003

06/17/2003

175,000.000

$128.76

$5,653,717.45 $225,338.7S

6/ll/2003

06/16 /2003

180,000.000

$119.61

$215,305.20

6/10/2003

06/13/2003

205,000.000

$11 1.08

$227,714 .00

6/10/2003

06/13/2003

115,000.000

S118.02

$135,72.4.15

6/tl/2003

06/16/2003

185,000.000

$120.93

$223,727.90

6/16/2003

06/18/2003

605,000.000

$99.02

$602,731.25

6/t8/2003

06/23/2003

355,000.000

$118.19

$419,567.40

6/16/2003

06/19/2003

155,000.000

$143.82

$222,917.90

6/10/2003

06/13/2003

180,000.000

$122.68

$220,825.80

6/11/2003

06/16/2003

185,000000

$122.35

$226,340.10

6/16/2003

06/19/2003

175,000.000

$125.8L

$220,165.75

5/15/2003

06,119/2003

195,000.000

$114.10

$222,493.05

5/11/2003

06/16/2003

195,000.000

$113.74

$221,794.95

6/16/2003

06/19/2003

170,000.000

$128.75

$218,869.90

6/18/2003

06/23/2003

200,000.000

$107.29

$214,584.00

5/21/2003

OS/23/2003

205,000.000

$1l2.60

$230,825.90

6/11/2003

06/16/2003

190,000.000

$118.58

$225,296.30

6/11/2003

06/16/2003

185,000.000

$120.34

$222,636.40

6/16/2003

06/19/2003

195,000.000

$111.37

$217,181.25

5/27/2003

05/30/2003

205,000.000

$129.75

$265,987.50

6/11/2003

06/16/2003

205,000.000

$109,47

$224,415.55

5/29/2003

06/03/2003

215,000.000

$106.14

$228,194.55

6/16/2003

06/19/2003

170,000.000

$130.05

$221,079.90

4.000 % Maturity: 06/12/2013 FNMA

6.250 % Maturity: 05/15/2029 FNMA

2.875 % Maturity: 05/19/2008 FNMA L 750 % Maturity: 06/16/2006 Tenn essee Valley Auth 6.250 % Maturity: 12/15/2017

CORPORATE BONDS AT 8< T Broadband

8.375 % Maturity: 03/15/201 ) Albertson's Inc 7.500 % Matur ity : 02/15/2011 American Electric Power 6.125 % Maturity: 05/15/2006 AOl Time Warner 7.625 % Maturity: 04/15/1931 AT & T Wireless 7.875 % Maturity: 03/01/2011 Bank One Corp 2.625 % Maturity: 06/30/2008 Boeing capital Corp 7.375 % Maturity : 09/27/2010 British Telecom PLC 8.625% 8.875 % Maturity: 12/15/1930 Centex Corp 7.S75 % Maturity: 02/01/20t L Cox Communications Inc 7.125 % Mat1J'lty: 10/01/2012 Deutsche Tel Fin 8% 8.500 % Maturity : 06/15/20LO oornlruon ResourcES Inc 6.300 % Maturity: 03/15/1933 Duke capital 7.500 % Matunty : 10/01/2009 France Telecom 7.75% 9.250 % Maturity: 03/01/2011 Fund American Cos Inc 5.875 % Maturity : 05/15/2013 GMAC 8. 800 % Maturity: 03/01/2021 Meadw estvaoo Cor 6.850 % Maturity: 04/01/2012 Progress Energy Inc 7.lO0 % Maturity: OJ/01/2011 RepsollntJ Finance 7.450 % Maturity : 07/15/2005 Royal Bank of SCotland 7.54S % Maturity: OB/31/1949 Safeway Inc 5.800 % Matunty: 08/15/2012 Sprint cap Corp 6.125 % Matunty : 11/15/2008 Transocean Inc 7.500 % Mawrity: 04/15/1931

Wright Investment Management Account Q.1arter/y Statemen( for tne petted erdlf)g June 30, 200J Constnxtion 8< General Laborers' Local Union 190 Pension Fund · v.
Purchases (cont.) GOVERNMENT BONDS U.S. Treasury Bonds 7.250 % Maturity : 05/ 15/ 2016 U.S. Treasury Bonds 6. 125 % Ma turity: 11/15/2.027 U.S. Treasury Notes 6.750 % Maturity: 05/15/2005 U.S. Tr easury Notes 4.625 % Matunty: 05/15/2006 U.S. Tr easury Notes 5.000 % Maturity : 08/1 5/ 2011 U.s. Treasury Notes 3.625 % Maturity: 03/ 31/ 2004 U.S. Treasury Notes 3.000 % Maturity : 11/ 15/ 2007 U.S. Treasury Notes 5.000% Maturity : 08/1 5/ 2011 U.S. Tr easury Notes 3.625 % Maturity : 03/ 31/2004 U.S. Treasury Notes 6.750 % Maturi ty : 05/15/2005 U.S. Treasury Notes 4.62 5 % Maturity : 05/15/2006 u .s, Treasury Notes 3.000 % Maturity : 11/15/2007 U.S. Treasury Notes 5.000 % Maturity ; 08/15/2011

Trade Date

Settle Date

Shares

Price

Amount

5/27/2003

05/30/2 003

1,150,000.000

$134.73

$19,323,937.10 $1,549,445.31

5/27/2003

05/30/2003

2,000,000.000

$125.97

$2,519.375.00

5/27/2003

05/ 30/ 2003

955,000.000

$110.58

$1,056,021.09

5/ 27/2003

05/30/2003

975,000.000

$108.72

$1,060,007,81

5/27/2 003

05/30/ 2003

525,000.000

$113.20

$594,316.41

5/27{1.O03

05/30/2003

1,470,000.000

$102.15

$1.501. 582.03

5/27/2003

05/ 30/ 2003

1,450,000.000

$10352

$1,500,976.56

6/12/2003

06/ 13/2003

565.000.000

$114.88

$649,087.89

6/26/2003

06/30/2003

3,600,000.000

$102.02

$3,672,562.50

6/26/2003

05/30/2003

1,200,000.000

$110.20

$U22 ,437.50

6/ 26/2003

06/ 30/ 2003

1,200,000.000

$108.59

$1,303,125.00

6/26/2003

06/30/2003

1,200,000.000

$103 39

$1,240,687,SO

6/26/2003

06/30/ 2003

1,200,000.000

0$112.86

$1.354,312.50

30,194,098.510

$1.00

$30,194,098.51 $30,194,098.51

CASH & CASH EQUIVALENTS Fed US Govt Ob)ig :I S Total Purchases

$59,762,851.96

Amount

Income & Expense INCOME

$(171,277.46) $(171,277.46)

INTEREST AGENCIES FNMA

$(133.18) $0.00

1.750 % Maturity Date: 06/16/2006 i' Ni'oIA

$(998.27)

2.875 % Maturi ty Date : 05/19/2008 FHLMC

$1.256.59

5.875 % Mat urity Date: 03/ 21/2011 FHLMC

$0.00

4.000 % Ma turity Date : 06/12/2013 Tennessee v anev Auth

$823.78

6.250 % Maturity Date: 12/15/2017 FNMA

$(

1.215.28 \

6,250 % Maturity Date : 05/15/2029 $13,583.98 $[3.583.98 $(68,227.34) $( 152.85\

CASH EQUIVALENTS Fed US Covt Oblia #5 CORPORATE BONDS Bntish Telecom PLC 8.625% 8.875 % Maturity Dat e : 12/15/ I 930 Transocean Inc

$(2.26667)

7.500 % Matunty Date : 04/15/1931

.s-

Wright Investment Management Account Q..JiJrterlyStatement for the perica ending June 30, 2003 Coostnctlon & General Labo rers' Loca l Union 190 Pension Fund - v..{)6648S Tro y Financial Trust & Asset Mgt

Income & Expense

Amount

(cont.)

AOL Time Warner 7.625 % Maturity Date : Dominion Resources Inc 6.300 % Ma turi ty Date: Roval Bank of SCotland 7.648 % Maturity Date : Reosol Inti Finance 7.450 % Maturity Date : American Electric Power 6.1 25 % Matvnty Date : Bank One Core 2.625 % Maturity Date : Sarint Cao Corn 6. 125 % Matunty Date : Duke Caaltal 7.500 % Maturity Date: Deutsche Tel Fin 8% 8.500 % Matunty Date: Boeina Caaital Coro 7.375 % Maturity Date :

$(

$13,514.87)

03/15/1933 $12.613 ,07) 08/31/1949 $(6 .214.5'l) 07/15/2005 $(976.60) 05/15/2006

$0.00 06/30/2008 $(658.44 ) 11/ 15/2008 $(3.046.88 ) 10/01/2009

sr 165.28) 06/l5/2010 $(5 .254 .41 ) 00/27/2010

ceniex Coro 7.87 5 % Maturity Date , Albertson's Inc 7.500 % Maturity Date : Prooress Enerov Inc 7.100 % Maturity Date : AT & T Wireless 7.875 % Maturity Dat e: France Telecom 7.75% 9.250 % Matunty Date : Meadwestvaco Cor 6.850 % Maturity Date :

$(5 .197.50) 02/01/2011 $(4.537.50) 02/15/2011 $(3.831 ,04 ) 03/01/2011 $/4.249.22) 03/01/2011 $(4.717.50) 03/01/2011 $(2 .711.46 ) 04/01/2012

sarewav Inc

$13.995.36 )

5.800 % Maturity Date: 08/15/2012 Cox Comm unications tnc 7.125% Maturity Date : 10/01/2012 A T & T Broadband 8.375 % Maturity Date : 03/15/2013 Fund American Cos Inc 5.875 % Maturity Date : 05/15/2013 GMAC 8.800 % Maturity Date : 03/01/2021

$(2.746.09 ) $13.745.49 ) $( 1.109.72)

$(4.109.11 )

GOVERNMENT BONDS

U.S. Treasurv Notes 3.625 % Maturity Date : U.S. Trea sury Notes 6. 750 % Maturity Date: U.s. Treasury Notes 4.625 % Maturity Date : U.S. Treasurv Notes 3.000 % Matllnty Date : U.S. Treasurv Notes 5.000 % Maturity Date : U.S. Treasurv Bonds 7.250 % Maturity Date:

1.412 .74)

04/15/1931

$(116,500.92) $141.182.37) 03/31/2004 $( 12.752.55) 05/15/2005 $(8.775.56) 05/15/2006 $(6.273 .10) 11/15/2007 $(39.125.69) 08/15/2011

$13.398.44 ) 05/15/2016

-6-

Wright Investment Management Account ().Jarterly Statem ent for the period eming June 30, 2003 Const ncuco & General Laborers' Local UnIon 190 Pension Fund - v.06648S Troy Financial Trust & Asset Mgt

Amount

Income & Expense (cont.) U.S. Treasurv Bonds

$(4 .993 .2 1)

6. 125 % Ma turity Date : 11/ 15/ 2027 EXPENSE

$0.01 SO.OI

Variance

Net Income

Deposits & Withdrawals

$( 171,277.45 )

Transaction Date

Shares

Amount $30,194,098.51

INITIAL DEPOSIT CASH

casn Deposits

$30, 194,098 .51 $0.00

05/ 15/ 2003

DEPOSITS

$0.00

NO Depo Its

$(958,515 .15 )

WITHDRAWALS CASH Demand Withdrawal Pd The Nort hern Trust Demand Withdrawal

OS/ 29/2Q03 06/03/ 2003 06/ 30/ 2003

$( 500,000.00 )

S(8,5 15.15) $(450,000.00 )

Net Deposits & Withdrawals

$29,235,583.36

·7-

Wright Investment Management Account QJarterty Statement for the period eroing June 3D, 2003 Constrv.:tlon & General taborers' Local Union 190 Pension Fund - y.,(J66485 Troy Financial Trust & Asset Mgt

-8-