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Wright Investment Management Account

'J\TRIChi
INVESTORS'SERVICE
R
Quarterly Statement
for the oenca ending June 3D, 2003
Construction & General Laborers' Local Union 190 Pension Fund - v.066485
Troy Financial Trust & Asset Mgt

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 Cumuiative ooestoos col'1co-ning y.;u.-Acccont>


(4/1-6/30) (1/1 - 6/30) sirce 05/14/2003 Contact your service representat ive at
(800) 232{)O13
Beginnin g Market Value sso. 194,098.5 1 $30,194,098 .51 $30,194,098.51 F, .Q(J1n:o'nof !>9&....
• C .lllJ'1 &
t ", .11
c..~ E QUIY.. 1'fo#"t1. 0"".
l 00 lY~

oecosus $0.00 $0.00 $0.00


Withdrawals $(958,515.15) $(958,515.15) $(958,515.15 )

Net Gain ( Loss) $(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 $28,999,939.90 $28,999,939.90


Tota l I nvestment Return (0.79)% (0 .79)% (0.79)%

Current Holdings Cost Market Value Percent Indicated Yield


Summary by Investment Type Holdings Income
FIXED INCOME $28,938,920.95 $28,874,378.94 99.57 % $1,288,433.40 4.5 0/0

AGENCIES $3,961,266.40 $3,945,164.49 13.60 % $130 ,025 .00 3.3 %


CORPORATE BONDS $5,653,717.45 $5,604 ,655 .16 19.33 % $328,689 .65 5.9 %
GOVERNMENT BONDS $ 19.323,937 .10 $19,324,559 .29 66.64 % $829 ,718.75 4.3 %
CASH & CASH EOUIVALENTS $125,560 .96 $125,560.96 0.43 % $2,480.90 2.0 0/0

Total Investments $29,064,481.91 $18,999,939.90 $1,290,914 .30 4.5 ':>/0

GOVERNMENT
EXHIBIT

GL-7

Wright Investors' service , 440 Wheelers Farms Road, Milford, a 06460·1847 (800) 232-0013
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 Purchase Cost Market Value Din of


Asset

FIXED INCOME $28,938,920.95 $28,874,378.94 99.6 %


AGENOES $3,961,266.40 $3,945,164.49 13.6 %
ACCf1Jed Interest $Ll,080.69 0.0 %
FHLMC 480.000.000 $479,409.60 $471,302.40 1.6 %
4.000 % Maturity Date: 06/12/201)
FNMA 1,190,000.000 $1,187,477.20 $1,185,906.40 4.1 %
1.750 % Maturity Date: 06/16/2006
FNMA 1,250,000.000 $1,251) 75,00 $1, 255,075,00 '1.3%
2.875 % Maturity Date: 05/19/2008
FNMA 500.000.000 $600,710.00 $585,625.00 2.0 %
6.250 % Matu rity Da te: 05/15/2029
Tennessee Valley Auth 365,000,000 $442,39LJ.60 $436,175.00 1.5 %
6.250 % Maturity Da te: 12/15/2017
CORPORATE BONDS $5,653,717.4S $5,604,655.16 19.3 0/0
A T & T Broadband 175,000.000 $225,338.75 $219,170.00 0.8 %
8.375 % Maturity Da te: 03/15/2013
Accrued Interest $82,977.66 0.3 %
Albertson's Inc 180,000.000 $215,305.20 $210,276,00 0.7 %
7.500 % Maturity Date: 02/15/2011
American Electric Power 205,000.000 $227,714.00 $224,700.50 0,8 %
6.125 % Maturity Date: 05/15/2006
AOL Time Warner 115,000.000 $135,724.15 $132,72LSO 0.5%
7.625 % Maturity Date: 04/15/1931
AT & T Wireless 185,000.000 $223,727,90 $218,485.00 0,8%
7.875 % Maturity Date: 03/01/2011
Bank One Corp 605,000.000 $602,731.25 $594,775.50 2.1 %
2.625 % Maturity Date: 06/30/2008
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% 155,000.000 $222,917.90 $211,497.50 0.7 %
8.875 % Maturity Date: 12/15/1930
Ceotex Corp 180,000.000 $220,825.80 $217,728.00 0.8%
7.875 % Maturity Date: 02/01/2011
Cox Communications Inc 185,000.000 $226,340.10 $220,908.50 0,8%
7.125 % Maturity Date: 10/01/2012
Deutsche Tel Fin B% 175,000.000 $220,165.75 $21'1,952.50 07%
8.500 % Maturity Date: 06/15/2010
Dominion Resources Inc 195,000.000 $222,493.05 $205,920.00 0.7 %
6.300 % Maturity Date: 03/15/1933
Duke capital 195,000.000 $221,794.95 $223,080.00 0.8 %
7.500 % Maturity Date: 10/01/2009
France Telecom 7.75% 170,000.000 $218,869.90 $213,945.00 0.7 %
9.250 % Maturity Date: 03/01/2011
Fund American Cos Inc 200,000.000 $214,584.00 $209,120.00 0.7 %
5.875 % MatUrity Date: 05/l5/2013
GMAC 205,000.000 $230,825.90 $212,052.00 0.7 %
8.800 % Maturity Date: 03/01/2021
Meadwestvaco Cor 190,000.000 $225,296.30 $219,317.00 0.8 %
6.850 % Maturity Date: 04/01/2012
Progress Energy Inc 185,000,000 $222,636.40 $215,210.50 0.7 %
7.100 % Maturity Date: 03/01/2011
Repsollntl Finance 195,000,000 $217,181.25 $214,558. SO 0.7 %
7.450 % Maturity Date: 07/15/2005

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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

Portfolio Holdings (cont.) Shares Purchase Cost Market Value 0/0 of


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 205,000.000 $224,4 15.55 $219,821.50 0.8 %
5.800 % M aturi ty Date : 08/ 15/ 20 12
Sprint cap Corp 215,000.000 $228,194.55 $233,339.50 0.8%
6.125 % M atu rity Date. II/ t5/ 2008
Tran socean I nc 170,000.000 $221,079.90 $209,355.00 0.7 %
7.500 % Matu rity Date : 04/ 15/ 1931
GOVERNMENT BONDS $19,323,937.10 $19,324,559.29 66.6 %
Accrued I n terest $ 157,087.54 0.5 %
U.s. T reasury Bonds 1,IS0,OOO.000 $1,5'1 9,445 .31 $1,529,500.00 5.3 %
7.250 % Ma turity Date : 05/15/2016
U.s. T reasu ry Bonds 2,000,0 00.000 $2 ,519,375.00 $2,4] 4,380.00 8.4 %
6.125 % Ma tu rity Date: 11/ 15/2027
U.s. Treasury Notes 5,070,000.000 $5,174,144 .53 $5, t 69,828.30 17.8 %
3.625 % Matu nty Da te : 03/31/2004
U.S. Treasury Not es 2,155,000.000 $2,378,458.59 $2,373,193.75 8.2 %
6.750 % Ma tu rity Date: 05/15/ 2005
U.S. T reasury Notes 2, 175,000.000 $2,363,132.81 $2,3S7,830.S0 8.1 %
4. 625 % Ma tu nty Date: 05/ 15/2006
u.s. T reasu ry Notes 2,650,000 .000 $2,741,664.05 $2,733,634.00 9.4 %
3. 000 % Matu rit y Da te : 11/1 5/ 2007
U.S. Tr easury Notes 2,290,000 .000 $2,597,716.80 $2,569, 105.20 8.9 %
5.000 % Mat u rit y Da te : 08/15/2011
CASH & CASH EQUIVALENTS $125,560 .96 $125,560 ,96 0.4 0/0

Cash Acco unt $(228,852.99 ) $(228,852.99 ) (0.8)%


Fed US Govt OblJ g /) 5 $354,4 13.95 $354,413.95 1.2 %
TOTAL HOLDINGS $29,064,481.91 $28,999,939.90

Sales & Other Realized Gains & Losses


PUI'Date Sale Date Shares Cost Proceeds SIT Gain LIT Ga in
(loss) (Loss)
SALES

FIXED INCOME $629,832.50 $630,008,50 $176.00


AGENOES $629,832.50 $630,008.50 $176.00
FHLMC
S. 875 % Ma tu rity Date: 03/21/2011
5/2 8/20 03 6/ 13/ 2003 550,000.000 $629,832.50 $630,008.50 $ 176.00
CASH & CASH EQUIVALENTS $29,839,684.56 $29,839,684,56
Fed US Govt Oblig 115 $29,839,684 .56 $29,839,684 .56
Total Real ized Gains & Losses $30,469,693,06 $176.00

Purchases Trade Date Settle Date Shares Price Amount

FIXED INCOME $29,568,753.45


AGENCIES $4,591,098.90
FHLMC 5/28/2003 OS/29/ 2003 550,000.000 $ \] 4.51 $629,832.50
5.875 % Maturity : 03/21/20 11

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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.) Trade Date Settle Date Shares Price Amount

FHLMC 6/04/2003 06/12/2003 480,000.000 $99.88 $479,409.60


4.000 % Maturity: 06/12/2013
FNMA 5/28/2003 OS/29/2003 500,000.000 $120.t4 $600,7tO.00
6.250 % Maturity: 05/15/2029
FNMA 5/28/2003 OS/29/2003 1,250,000.000 $100.10 $1,251,275 .00
2.875 % Maturity: 05/19/2008
FNMA 6/12/2003 06/16/2003 1,190,000.000 $99.79 $1,187,477.20
L 750 % Maturity: 06/16/2006
Tenn essee Valley Auth 5/28/2003 06/02/2003 365,000.000 $121.20 $442,394.60
6.250 % Maturity: 12/15/2017
CORPORATE BONDS $5,653,717.45
AT 8< T Broadband 6/12/2003 06/17/2003 175,000.000 $128.76 $225,338.7S
8.375 % Maturity: 03/15/201 )
Albertson's Inc 6/ll/2003 06/16 /2003 180,000.000 $119.61 $215,305.20
7.500 % Matur ity : 02/15/2011
American Electric Power 6/10/2003 06/13/2003 205,000.000 $11 1.08 $227,714 .00
6.125 % Maturity: 05/15/2006
AOl Time Warner 6/10/2003 06/13/2003 115,000.000 S118.02 $135,72.4.15
7.625 % Maturity: 04/15/1931
AT & T Wireless 6/tl/2003 06/16/2003 185,000.000 $120.93 $223,727.90
7.875 % Maturity: 03/01/2011
Bank One Corp 6/16/2003 06/18/2003 605,000.000 $99.02 $602,731.25
2.625 % Maturity: 06/30/2008
Boeing capital Corp 6/t8/2003 06/23/2003 355,000.000 $118.19 $419,567.40
7.375 % Maturity : 09/27/2010
British Telecom PLC 8.625% 6/16/2003 06/19/2003 155,000.000 $143.82 $222,917.90
8.875 % Maturity: 12/15/1930
Centex Corp 6/10/2003 06/13/2003 180,000.000 $122.68 $220,825.80
7.S75 % Maturity: 02/01/20t L
Cox Communications Inc 6/11/2003 06/16/2003 185,000000 $122.35 $226,340.10
7.125 % Mat1J'lty: 10/01/2012
Deutsche Tel Fin 8% 6/16/2003 06/19/2003 175,000.000 $125.8L $220,165.75
8.500 % Maturity : 06/15/20LO
oornlruon ResourcES Inc 5/15/2003 06,119/2003 195,000.000 $114.10 $222,493.05
6.300 % Maturity: 03/15/1933
Duke capital 5/11/2003 06/16/2003 195,000.000 $113.74 $221,794.95
7.500 % Matunty : 10/01/2009
France Telecom 7.75% 6/16/2003 06/19/2003 170,000.000 $128.75 $218,869.90
9.250 % Maturity: 03/01/2011
Fund American Cos Inc 6/18/2003 06/23/2003 200,000.000 $107.29 $214,584.00
5.875 % Maturity : 05/15/2013
GMAC 5/21/2003 OS/23/2003 205,000.000 $1l2.60 $230,825.90
8. 800 % Maturity: 03/01/2021
Meadw estvaoo Cor 6/11/2003 06/16/2003 190,000.000 $118.58 $225,296.30
6.850 % Maturity: 04/01/2012
Progress Energy Inc 6/11/2003 06/16/2003 185,000.000 $120.34 $222,636.40
7.lO0 % Maturity: OJ/01/2011
RepsollntJ Finance 6/16/2003 06/19/2003 195,000.000 $111.37 $217,181.25
7.450 % Maturity : 07/15/2005
Royal Bank of SCotland 5/27/2003 05/30/2003 205,000.000 $129.75 $265,987.50
7.54S % Maturity: OB/31/1949
Safeway Inc 6/11/2003 06/16/2003 205,000.000 $109,47 $224,415.55
5.800 % Matunty: 08/15/2012
Sprint cap Corp 5/29/2003 06/03/2003 215,000.000 $106.14 $228,194.55
6.125 % Matunty : 11/15/2008
Transocean Inc 6/16/2003 06/19/2003 170,000.000 $130.05 $221,079.90
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.<l66 485
Troy Financial Trust 8< Asset Mgt

Purchases (cont.) Trade Date Settle Date Shares Price Amount

GOVERNMENT BONDS $19,323,937.10


U.S. Treasury Bonds 5/27/2003 05/30/2 003 1,150,000.000 $134.73 $1,549,445.31
7.250 % Maturity : 05/ 15/ 2016
U.S. Treasury Bonds 5/27/2003 05/30/2003 2,000,000.000 $125.97 $2,519.375.00
6. 125 % Ma turity: 11/15/2.027
U.S. Treasury Notes 5/27/2003 05/ 30/ 2003 955,000.000 $110.58 $1,056,021.09
6.750 % Maturity: 05/15/2005
U.S. Tr easury Notes 5/ 27/2003 05/30/2003 975,000.000 $108.72 $1,060,007,81
4.625 % Matunty: 05/15/2006
U.S. Tr easury Notes 5/27/2 003 05/30/ 2003 525,000.000 $113.20 $594,316.41
5.000 % Maturity : 08/1 5/ 2011
U.s. Treasury Notes 5/27{1.O03 05/30/2003 1,470,000.000 $102.15 $1.501. 582.03
3.625 % Maturity: 03/ 31/ 2004
U.S. Treasury Notes 5/27/2003 05/ 30/ 2003 1,450,000.000 $10352 $1,500,976.56
3.000 % Maturity : 11/ 15/ 2007
U.S. Treasury Notes 6/12/2003 06/ 13/2003 565.000.000 $114.88 $649,087.89
5.000% Maturity : 08/1 5/ 2011
U.S. Tr easury Notes 6/26/2003 06/30/2003 3,600,000.000 $102.02 $3,672,562.50
3.625 % Maturity : 03/ 31/2004
U.S. Treasury Notes 6/26/2003 05/30/2003 1,200,000.000 $110.20 $U22 ,437.50
6.750 % Maturi ty : 05/15/2005
U.S. Treasury Notes 6/ 26/2003 06/ 30/ 2003 1,200,000.000 $108.59 $1,303,125.00
4.62 5 % Maturity : 05/15/2006
u .s, Treasury Notes 6/26/2003 06/30/2003 1,200,000.000 $103 39 $1,240,687,SO
3.000 % Maturity : 11/15/2007
U.S. Treasury Notes 6/26/2003 06/30/ 2003 1,200,000.000 0$112.86 $1.354,312.50
5.000 % Maturity ; 08/15/2011
CASH & CASH EQUIVALENTS $30,194,098.51
Fed US Govt Ob)ig :I S 30,194,098.510 $1.00 $30,194,098.51
Total Purchases $59,762,851.96

Income & Expense Amount

INCOME $(171,277.46)
INTEREST $(171,277.46)
AGENCIES $(133.18)
FNMA $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
CASH EQUIVALENTS $13,583.98
Fed US Covt Oblia #5 $[3.583.98
CORPORATE BONDS $(68,227.34)
Bntish Telecom PLC 8.625% $( 152.85\
8.875 % Maturity Dat e : 12/15/ I 930
Transocean Inc $(2.26667)
7.500 % Matunty Date : 04/15/1931

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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 (cont.) Amount

AOL Time Warner $( 1.412 .74)


7.625 % Maturity Date : 04/15/1931
Dominion Resources Inc $13,514.87)
6.300 % Ma turi ty Date: 03/15/1933
Roval Bank of SCotland $12.613 ,07)
7.648 % Maturity Date : 08/31/1949
Reosol Inti Finance $(6 .214.5'l)
7.450 % Maturity Date : 07/15/2005
American Electric Power $(976.60)
6.1 25 % Matvnty Date : 05/15/2006
Bank One Core $0.00
2.625 % Maturity Date : 06/30/2008
Sarint Cao Corn $(658.44 )
6. 125 % Matunty Date : 11/ 15/2008
Duke Caaltal $(3.046.88 )
7.500 % Maturity Date: 10/01/2009
Deutsche Tel Fin 8% sr 165.28)
8.500 % Matunty Date: 06/l5/2010
Boeina Caaital Coro $(5 .254 .41 )
7.375 % Maturity Date : 00/27/2010
ceniex Coro $(5 .197.50)
7.87 5 % Maturity Date , 02/01/2011
Albertson's Inc $(4.537.50)
7.500 % Maturity Date : 02/15/2011
Prooress Enerov Inc $(3.831 ,04 )
7.100 % Maturity Date : 03/01/2011
AT & T Wireless $/4.249.22)
7.875 % Maturity Dat e: 03/01/2011
France Telecom 7.75% $(4.717.50)
9.250 % Matunty Date : 03/01/2011
Meadwestvaco Cor $(2 .711.46 )
6.850 % Maturity Date : 04/01/2012
sarewav Inc $13.995.36 )
5.800 % Maturity Date: 08/15/2012
Cox Comm unications tnc $(2.746.09 )
7.125% Maturity Date : 10/01/2012
A T & T Broadband $13.745.49 )
8.375 % Maturity Date : 03/15/2013
Fund American Cos Inc $( 1.109.72)
5.875 % Maturity Date : 05/15/2013
GMAC $(4.109.11 )
8.800 % Maturity Date : 03/01/2021
GOVERNMENT BONDS $(116,500.92)
U.S. Treasurv Notes $141.182.37)
3.625 % Maturity Date : 03/31/2004
U.S. Trea sury Notes $( 12.752.55)
6. 750 % Maturity Date: 05/15/2005
U.s. Treasury Notes $(8.775.56)
4.625 % Maturity Date : 05/15/2006
U.S. Treasurv Notes $(6.273 .10)
3.000 % Matllnty Date : 11/15/2007
U.S. Treasurv Notes $(39.125.69)
5.000 % Maturity Date : 08/15/2011
U.S. Treasurv Bonds $13.398.44 )
7.250 % Maturity Date: 05/15/2016

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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

Income & Expense (cont.) Amount

U.S. Treasurv Bonds $(4 .993 .2 1)


6. 125 % Ma turity Date : 11/ 15/ 2027
EXPENSE $0.01
Variance SO.OI
Net Income $( 171,277.45 )

Deposits & Withdrawals Transaction Date Shares Amount

INITIAL DEPOSIT $30,194,098.51


CASH
casn Deposits 05/ 15/ 2003 $30, 194,098 .51
DEPOSITS $0.00

NO Depo Its $0.00


WITHDRAWALS $(958,515 .15 )
CASH
Demand Withdrawal OS/ 29/2Q03 $( 500,000.00 )
Pd The Nort hern Trust 06/03/ 2003 S(8,5 15.15)
Demand Withdrawal 06/ 30/ 2003 $(450,000.00 )

Net Deposits & Withdrawals $29,235,583.36

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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

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