\!

\1RrCI-if
INVESTORS ' SERVICE
Wright Investment Management Account
Quut1er!y Sld lemen l
for !he period efl(Jing Sep!emlJer 30, 2005
Correct io n Captains' Association Anruity Fund - .... 067517
Mor giln Stanley

Correction Captains' Association Annuity Fund

Peter D. Merlngolo
233 Broadway, Suite 1701
New York, NY 10279

Investment Results Quarter End Year-to-Date Cumulative

( III - ':>130) ( III - y/.9J) 5>f'\c.e ~JD/lJ5

8egif)l'"ng Markel Villue ~2,2-\7,360 ]~ $2,2'17,360.3<1 S2.2'17,360.]'1 , 'I&rt!h:J;n . ;I) .

1'1 ~ -.. t ~ D':~.

Depos its 589.036.'ll :$80,036.41 $o89,036-4j

Wi lhdrawaIs .$0.00 lO.CO so.oo
Nel Gain (LO'...s) $(9,897.7B) ~(9,e97.78) $(9,897.78)
Nellncome S{S,722.J8) S(S,722.J8) S(S, 722. 38)

Net Investment Gain (Loss) $(15,6/0.16) 5(1 S.620.16} ~( 15.620 .16)

End ilie] Marl<e\ VOlue $2,320,776.S9 $ 2,:nO,776. S9 $2,320.776.59

Tol ..l lrwestment Return (0.65)0/0 (0 .65)% (0.65)%

Current Holdings Cost Market Value Percent IndiCdted Yield

Summa,..., bylnves1menl Type Holdings Income
FJ)(E'O TNCDME $2 ,30 7,ln .9J $ 2,316,510.$4 99.82 010 $110,566 .96 4.8 ~/~

AGENO ES 5023t ,973.68 $233,505.08 10.06 "/0 $10)62.50 1.1 %

CORPORATE BONDS $555 ,658.35 $.5S7,637.17 H.03 ~ s 0,7 6 9.70 5.5 %
A-ILMC ~59,'!5 l . S '1 $59 ,8 12.20 2.58 % $2, 68 2.91 '1 .5%
FNMA Sl.lJ7.8<1 9.S7 SI47.736.8a 6.37 % $6,71 5.61 4_5 %
GNI-IA S20!J,019.0 1 S ~ (l S, O / 6 . II 12.23 '\,,, >)'1,32 8.'13 5.0 "10
GOVERNMENT BONDS $\ ,0 23,239.78 $1,032,7<12.41 <14.50 % $'15,90 7.81 4.'1 0/0
CASH So. CASH EOUNALENTS SA,266.0S $4,266.05 0.18 % ~118.16 2.8 %

'Dlall nvest men ts $2,311,458 .9a ~2,320,776.59 $1)0,685' .12 4.8 °/0

GOVERNMENT
EXHIBIT

GM-4

CONFlDEN1IAL
W\S020578
 _YJ~ILl l'I'Vc:.JUIIO 1\ 1 ·'O )I~.ICJ IL J'""\L L V u l H.

Quarletly Statement for the period ending September ]0, 2005

Correction Captains' Associat ion Annuity Fund - w067517
Morgan Sumley

Portfolio Holdings Shares Purchase Cost Market Value 010 of

Asset

FIXED INCOME $2,307,192 .93 $2,316,510.5.4 99.8 0Ju

AGENOES $231,973.68 $233.505.08 10 ,1 %
Accrued Interest $3,558.58 0.2 %
FHLJ-lC 15,000 .000 .$14,722 .05 $14, 656.50 0.6 %
3 .250 % Matur ity'Date : 11/2/07
FNMA 10,000 .000 $9 ,900.00 $9,848.00 0.'1%
3.000% Maturity Date : 11/22/06
FNMA 100,000,000 $9R,902.90 .$98,150 .00 4.2 ",I,
3.875% MiI\'IJriry Date: 11/17/08
FNto\A 55,000.000 $56,993 .20 $56,567.50 2.4 %
5.000 % Matwity DaTe: 4/15/15
FNMA 20,000.000 $23,9'\5.60 $23,522.00 1.0 %
6.250% Mot\Jrity Date : 5/15/7..9
Tennessee Valley Aulh 25,000 .000 $27,509.93 $27,202.50 1.2 %
6.000% Maturity Dal e: 3/15/13
CORPORATE BONDS ~555/658 .35 S557,637.17 24.0 %
A T & T Broadband 10,000 .000 $11.951.50 $11,831.00 0.5 %
8.375 % Malurity Dale : 3/15/13
Accrued Jmerest $7 .4'13.67 0.3 %
AT & T Wireless 10, 000.0 00 511,<\64.00 $11 ,385.00 0.5%
7.875 % t'olaturity Dale: 3/1/11
Bank One Coro 25, 000.000 So23,900 .00 $023,757.50 1.0 %
2.625 % Mat\Jrlty Dille: 6/30/08
Bayerische Landesbenk 25,000.000 $24,750.00 $2'1,5 47.50 1. 1 %
2.600% Matur ity Date : 10/16/06
BPCaoitLll MarkelS PLC 25,000.000 S2 '1,600.00 $24,'160 .00 1.1%
2.750% MCiturity Dale : 12/29/06
Bristol Myers Squibb 10,000 .000 $10,58)..20 $10,189.00 0.5 %
5.750% Maturity Dale : 10/1/11
8ritish Telecom PLC 8.625% to,OOO.OOO .s13,7B1.90 $13,561.00 0.6%
8.875% Milturity Dale: 12/15/30
Cendant Coro 10,000.000 $10,372.00 $10,240.00 0.4 %
6. 250 % Mill1Jrity Dille: 1/l5/08
Centex Corp 10,000 .000 $11,243.50 SII,036.00 0 .5 %
7.875 % Millurlty Dale: 2/ 1/ 11
CIT Group Inc 20,000.000 .$23,130.60 .p2,926.00 1.0%
7./50 % Matur ily Dille: 4/2/12
Cil lgroup Inc 20,000.ODO $20,2]0.60 $ 20,138.00 0.9 "I.
5 .000 % Malur ity Dale: 3/(>/07
Daimlerchrvsl ('( 10,000.000 $10,764.00 S10,668 .00 0.5 %
7.200% Malurity Dal e: 9/1 /0 9
Deutsc],e Tel Fin 8% 10,000.000 $1\ ,1 52.10 S11,337 .00 0. 5 %
8. 500 % Maturity Dal e: 6/ 15/10
Dominion R~ OUICes Inc 10,OOO.OOD $ 10,512 .1 0 S10, 37 4.00 0 .4 %
6 .300% Mat unty Dale : 3/ 15/ 33
Duke Capital 10,000 .00 0 $10.956.00 $ 10,91 6.0 0 0.5 'Yo
7.500 % r" illuril)' Dale : 10/ 1/09
RI ~t
Union Corn ),0.0 00 .000 $2 0,903 .40 $20 ,798 .00 0.9 %
6 .'100 % Matur ity Dille: 1/1 /08
France Telecom FII Rol e lO,OOO.OOO $11 ,<'11 4.70 $ 11,351.00 0.5 %
7.750 % Mal urity Date: 3/1/l1
Fund i\me.;ican Cos Inel WTM 10.000.000 $ \0.155.70 $J0, 00 1.00 0 .'1 %
5 .875 % MaTurity Date: 5/l 5/ l]
General Elec Cap Corp 25,000.000 $26, 8 22.50 $26, 512.50 1.1%
6.1 25 % Maturity Date: 1122/1 1
CONFIDENTIAL
WIS020579
' 2-
...
, ~ ,~ t 2..~ \). .1
 "'WII,=,I~\. .IIWc;.,:)UII'O'Il. 1·'UIIU!=:fC·.lllCln. ~I.\.

Quarterly SJDlcmenr for /he period efldjng 5epiem/::er 30, 2005

Conection Olpl2ins' Association Annuity Fund - Vi06751")
Morgan $lanley

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

Asset
Go!dmanSachs Grp Inc 20,000 .000 n t.8!)B.OO ~21,680 .00 0.9%
6.6()O% M<lturity Dille: III S/12
Inl! Lease Finance Corp 20,000.000 $21,0&2.00 $20,840.00 0.9 %
5.875 % Mal urity Dale : stsn:
t.owes Cornperaes 10,000 .000 Sll,613.00 S1I ,50J .00 0.5%
8.250"10 Marurity Date: 6/1/10
NJU Rural Util 20,000.000 522,763.60 $22,S"l6.00 1.0 %
7 .250% M<llUrity D<lle: 3/11J '2
PE.'PSico Inc. 20,000 .000 $19 ,na .40 $19,514 .00 0 .8%
3. 200% Maturiry Dete: 5/15/07
Phillie;:> Pete 20,OOO.OCO S13,22f1.00 $22,842.00 1.0%
6.650% ,"1alurity Dalt: 7/15/18
PPL Electric UUI 10,000.000 $10,284-20 $10,2\8.00 0.';%
S.B7S% M"lUrity Dale: 8/15/07
Roy~1 Be.nk 01 SCotland 15,000 .000 $18,~76.8S SI8,i3~.OO 0.8%
7,60\8% Marurlty D.1te: 8/31/19
Sak -woy Inc 10,000.000 So \0,2)'7.30 ~IO,05).OO 0.4%
5.8 00% M<ilurity Date: 8/1 50.:!
Sempra Energy 10,000.000 $10,5(,<1 .10 $10;132 .00 0.1 %
6.000% 'M;J(u(iry Dale: 2/1/\3
Sprint CaD Cere 10,000.000 S I0:191.10 $10,384.00 0.4 °4
6 .1~'i% M<l turi tv Dilte: 11/IS/08
rCllgetullp /.0,000.000 ~2I,7V.'IO $21;158.00 0.9%
6.350% I-'illurity Dole: 1/1'501
TJX O"lmpan;cs Inc JI),OOO.OOO SI1 .aS8 .30 :Sll.Ol&.OO 0 .5 %
7.-450% MI)\lJrily Dare: 12/15/0<)
Trensoceen Inc 10,000.000 S 12,7'1 1.30 $12,6\2.00 0.5%
7.500 % Maturily eete: -1/IS/JJ
US &J! l mTO 20,000.000 $20,332.0:l $lO,174 .00 0 ,1) %
5 . 10 0 % M~tu(;ty D;J:'~' 7/15/07
Wyelh 10.000 .000 $10 .3'13.00 SJ0,255.00 0.<1%
5.500'% Milt"Urity Dale: 3/15/13
FHl1>'IC $S!>,4S2.S4 sss.arr.io 2.6 0/0

Jl.!:crued Jn t e est $223 . ss 0.0%

FGFB Pool I1M909'11 59,620.220 $59,452.51 i59,Saa.62. 2,6 %
'1.500 '10 Malurity Ddle: B/I/OO
FNMA $147,849.5' $147,736 .88 6,4 %
Accrued Interest $559.63 0.0 %
FNCL Pool 11825258 '18,))1.790 >48,372.55 $18,225. 5 2.1 %
4,(>sg % Maturity Dal e: 5/1135
FNCL Pool lfR2882 1 -19,937.1'20 $'1'),B75.39 S·;9 ,632.20 2.1 %
",; ,36..1 CoIn Maw rity Dal e : 4/1/35
FNCL 1'001II 82B975 49. 43 \ 1)0 S'19,(,01.63 $19, 319.50 2.1 %
-1 . ~9 2 % ~-1al ulJty ocre: 7/J/35
GNMA ~289,O19,Ol S:ulS,076.77 12.3 %
A ccrUe{] !I)t€1C:S-l ~U9-1.03 0.1 %
(:,Nt-1A Pool ~60546 1 3 0,?, SO.C06 $30.72J.1S 530, 15 1.90 1.3 %
s.coo0;. Maturity Dal e : 6/ 15/ 3'1
GN''''A Pool :r&0&215 55,305 .719 ~. G5 . 905.23 $54,727.11 2.3 %
o t"J.JI"J Ma(u ,, ~ Dal e : Oj l 5j 33
GNI-\A POOl i' 6 18219 7'1,367 .127 ~71 ,88 6 , 2 2 $73,63'1 .6 1 3.2 %
~ .OOO % r·1illuldy Date: 2 /l 5/3 ~i
Gr'n-1A 1>001 f: 61 9 279 '18,056.930 $4 8 ,488 .02 ~'l7, S B6 .·t 6 2. 1 ~fQ
5 .m O % M.:!lu/lly Dal e ' 12/1 5/ -1

CONFIDENTIAL
WIS020580
-) .

'Ill',- ' r• •~~

 "II~I"'. 1IIV~IIC' ll )·.D) JtJyC\ 1 1"0 I\. ~,n.

QHMer/y Stat c-ment for the period ending September 30, 2005
COrrection Captains' Associ ation Annuity Fund - w067!> I 7
Morgan Sla nlev

Portfolio Holdings (cont.) Pur chase Cost Market Value % of

Asset
GNMA poo! #622154 68,"388.583 569,016.39 567,782.66 2.9%
5.000 % Maturity Dale: 10/ I S/J.]
GOVERNMENT OONDS $1,023,239.78 $1,032,742..44 44.5 0/0

Ac01Jted Interest $L5,5SS.96 0.7%

U.S. Tre<lsury BOllds 100,000.000 $121 ,910.L5 .$ 123,700.00 S .) %
7 .) 50 % Ma lurlly Date: sn 5/16
U.S. Trc<:::;urv Bon d s 75 ,000.000 ~9I.lBO .66 $90,195.00 3.9%
6.125 % Matu rity Date: 11/ I 5/2i
U.S. Treasury No:es 525,000000 $527,767,98 $526,785.00 22.7%
1.625 % Matur ity Dale: 5/) 5/00
U.S. Treasury Notes lS,OOO.OOO ) 1"l,678.20 $1'1,647.50 0.6%
J .OOO % ~1 "tu rity Date: I 1/15/0)
U.S. Treasurv Notes 60.000.000 ~S8,B5S.05 SS8,61-i,DO 2 .5 %
3 .625% Maturity Dale: 1/15/10
U.S. Treasury Notes 35 ,000.000 .$]'\,150.39 S)~,097.00 1.$%
3.875 % M2>tutily Date: 2/1 S/l)
U.S. Treasurv No tes 3'>,000.000 $33,'139.30 $3J ,568 .50
) .625 % '-1ilturiry Dale : 51IS/I)
U.S. Tre<.osury Notes 90,000 000 S1l9,8J i.ss $87,6t>6.00 3.B %
4.000% Milturily ();lte : 2/)5/15
U.S. Trcasurv NLs 1NFL rx 4&,6010.700 $47.84616 S4 7,&<1],~8 2.1 %
j _00 0 % Maturity D.'Jte: 7/15/14
\

CASH & CASH EQUIVALENTS $4,266 .05 $4,266.0S 0.2 e

( ash Accounl $573.60 "$573.60 0.0%
Active Assets Money Trust n,692.'IS $3,692.-<15 O.l %
TOTAL HOLDINGS $2,) 11,4Sa.!>8 52,320,7J6.S9

Sales S. Other Realized Gains &. losses;

Pu~ Dllie Sale Ollle Shares Cost p,.oceed:s L/TGain
(Loss)
SALES

FJXfD INCOME $ 2,168,6-42.$9 $2.176,089 .05 $(583 .01) ~8,029.47

GOVfRNMENT BONDS S 2,168,64 2.59 $'1,176,089 .05 $(583,01) !;8,O2.9,47

U.s. Treasury Bon<ls
7.250 Vo Maturity Dat e : 5/1 Sit6
9/15/20as 9,77/ 200$ 25,000 ,000 $31.227.54 $31,154.30 S(73.2<'l)
9/ 15/2005 9{29/ 200S 7S,OOO.OOO $93,682.62 $ 9J .357 . ~ 2 ':l325.2tll
U.S. Trea~ol. lry tlolc>.
].000 % I-ln(urlly Date : 11/IS/C7

n/a ,. 9/20/ 2005 135,000.000 -'. 132, 103.80 $LJ2.584 .71 ~'l flO . 9 7
n/J ", 9/2012005 100,000.000 $9 7.SJ4 .0a :;'9 7,957 .03 S3BJ .03
u.s. Treasu ry Not '$
.3 .125 % MD1UIIlY "te : lOll 5/08
nJ;; •• 9/ 20/ 200 5 100,000.000 $97,22 7.00 $91,718.75 $.191.75
U.S. Trc,)!oury No l ~

3.500 % MCllurily Dale: 2/1 S/IO

nj ,) 7. 9/20/200. 475,00 0 .000 $463 , 9 ~).i. OO $466,1'19.4 I $2,155 .11
U.S. Trea su ry NOles
3.62') % Mi!l urlly Dal e : ~/l Sf ! 3

0/ a" 9/20/2005 oj 15,000 .00 0 S'1 0 0, D ~i 1.70 $402.,0 15.04 $ 1,953 . -\

n/a I • 9/20/ 2005 135, 000 .00 0 1-1 32,399 .90 $13 3.1'19 .02 i-7'1 9.12

.... ~. t', , ;:;.- , \ ....

CONFIDENTIAL
WIS020S81
 ."l~ll\ "'I.,c:..::>u.~r ... -tQl'O"::f'="'ltO ll" ~~VUII'

QlBrtel/y SWtement lot the peroa endJng 5epiembe.r 3/), 2005

Coooo ioo ~Ins' Ass.oc.iiJ:ion AnnuilY Fund - w<l67517
Morg2:n Stanley

Sales & Other Realized Gains & Losses (cent)

Pur Dala S.ille D2Ile Sh arcs Cost Proceeds SIT G.ojfl LIT Gain
(Loss) (Loss)
U.S. T,easul y Notes
3.875 % ~I"l\lril)l Dale: 7/15/10
nla ... 9/20/2005 100,000.00{) $99 ,961.00 $99,527 .)4 SIH6.66)
U S. Treasu ry NOles
4 .250 % MaTlJr'l)IDille: 1I/1S/14
n/iJ •• 9120/2005 1'15,OOD.000 $101'\,'15l.00 $'146.703.51 52.2'l2.SJ
U.S . Tn:a9Jry NOles
4.625 % Ma\'Utily Dille.: 5/l 5/06
9/15/2005 9/27/2005 J 75,000.000 $175,957,0) ~)7s.n2.46 ~(l B1.S7)
Total Re2l1i~ed Gains 8. Losses $2,16B,642.59 $~176,DB9.05 S( 583.0 1 \ 58,029 .47

<t _ Aquisi!JOn date: is unknown.

Purchases Trade Date Settle D<lte Shares Price Amount

FlXEDINCOM( SZ,166,lOO.li2
AGENOES ~Dl ,973 .6B
H 1C 9/15/05 9/20/05 15,000.000 $.98JS ~J'l,n2.05
3 .250 % Malurity: 1l/2/{J7
FNMt\ 9/15/05 9120/05 5S,OOO,000 $10H2 ~S6,993.20
5.0 00 % t'1illlJflly: 'I1l5/J 5
FNMII 9j15/05 1)/20/05 20,ODO.000 ~Jl9.7) .$n,9'lS.60
6.250 % Mi\lur[ly: 51l'J/29
FNMA 9/15/05 9/20/05 50,000 000 s9S.96 e,·19.481.00
3.8 75 % Malur;ty· 11/I)jOB
F, MA 9/J 5/ 05 9j20/05 10,000000 $99.00 $'l,900.00
3 .000 % Malurity; \ 1/22/06
FNMA 9/IS/OS 9/20/05 50,000.000 .s9g.M·1 ~"9,'121 .90
3.8'1:> Ufo Miltuury: 11/17/08
Tennessee:Villl ey AUlh 9jl SI05 9/20jOS 25,roO.OOO $110.04 $21.509.93
6.000 % r..,.t urJty: 1/1S/l J
COR.PORATE BONDS .')55S.658.35
A T Itt 1 Broadband 9/1 5/ 05 9/20/05 10,000.000 $119.51 $1 \,951.Stl
1l .37 ~ y" Milluu ly: 3jl 5j 13
AT & T Wll el('Ss 9j1 5/ 0"J 9/20/05 10,000.000 ,$1L'I.tYI ~ 11,~ 6'i. O O
7.n 75 % Mdtullry: 3/1/l J
B<Jllk One Corp 9/15/05 9/20/0S 25,000000 $9').60 ~2].90D.OO
~.625% Mil l urlly: G/ 30/CS
Bay t:ri ch e LiJlKl ~ 1.I<1l1k 9/1 9105 9/2 2/05 25,000.000 ~99.0D e,24,7SfI.CJO
2.600 'ih " ' al uJ'll:Y: )0/16/06
BP Caplta t r~ al ke ~ PlC 9/15/05 W .O/OS 25,000,000 $9U.'jD !,2·i,&OO.OO
2./ 50 % r'iatur'ty: l 2/'l ;06
BrIStOl Myers S::jw !>b 9/ 15/0 ~ 9/20/0 5 10,000.000 $ 105.82 $10,5 32.20
5 ./!)O % Mat Urity ; 10/1 / 11
Bn ish 'I eiecom Ple 8.625% 9/15/ 05 9/2 0/ 05 10,000.000 ; 13785 So' 3,784.90
8 ,87 5 % Mat ril)' : J2/15/30
encant ( 0 1p 9/1 5/ 05 9/20/05 10,000.000 ~ 10 3 .n $ 10.3 12.00
6 ,250 % Matullty: 1/1 5/08
Centex Co r 91l S/ 0S 'mO/OS 10,000. 000 $11:1.'13 ~ 11,)13.50
7 .875 % l'l <lt ur lty : '?/J IJ 1
crr Gro up Inc 9115/05 9/7.0/05 20,000.000 $l l 5.&S $23,1 ';0.&3
7.75 % Mil l lJllty : 4/ 2il?
Crligroup Inc 9/ 20/ 05 9/ 23/ 05 20,000.000 ~ I 0 1.l 5 $7.0. V I.&O
5 .000 % I'lat ur lty : 3/6/ 07
CONFIDENTIAL
W/S020582
-s-
, ..... . li l~.'·1
 • "I 1~4 U. J.' .w'G:)U 1 10 t\ ." '0. I "'='C I\ to 1'1. J"\.\.A.U'Vt 1\

QUiJrlet'1y SCillemenf lor tile period ending Sc'ptemlxY 30, 2{)O5

Correctioo ca ()l,j rns' Assooa U()n Annul ty nmtl . wfJ67517
Mllrg iln S\anlet

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

Daimlen:J"lIysler 9/15/05 9120jOS lO,OOO.OOO $107.64 $10 ,76'1.00
7.200 % Maturity : 9/1/09
Deuls(he Tel Flf'l8% 9/ISj05 9/20/05 10,000.000 $1 ]4.52 $J1,4St.IO
8.500 % Maturity: 6/15j10
Domini on R€:SDUrCES Inc CJ/15/0S C)j20/0S )0,000.000 $IOS.'l2 $10,s."l2.IO
6.300 % Maturity: 3/IS/D
Duke Capital 9flO/05 9/D/OS 10,000 .000 $109.66 S,IO,966.00
7.500 % Mil\ur ity: 10/l/09
F~st Union Corp 911 SjDS 9/20j05 20.000.000 $ l 0 1.B2 $20,')63. 40
6.400 0,4, Mahmly: 1JJjOB
France Telecom Fit Rate 9/15/05 91W/05 10,000.000 :}l j -1.15 5 1/ ,4 11 .70
7.750 % 1-1aturity: J/J/ll
Fund Amcrlcun COs lnc1WfM 9j15/05 9/20/05 10,000.000 $101-56 $10,155.70
5.875 "10 1·I ~ tu rity: sn
5/lJ
Genera l Elec cap Corp 9/tS/OS 9{l.OjOS 25,000000 $107.29 1-26,822.SO
6.1 25 Of. Maturity : 2/22./11
Goldman sachs Grp Inc 9/15/05 9/20/05 20, 000.00 0 $109.19 ~21 ,898.00
6.GOO % Mill urity : 11\ 5j 12-
Inti Lease Financ.e Corp 9/lS/0S 9/20j05 20,000.000 SIOS,'ll .$21,082,00
5 .875 % MllhJrity : 5/1/1]
Lowes Companies 9jlS/OS 9/20/05 10,000.000 $1l6.l:l Sj 1,61 ),00
0 .250 "10 Maturity : 6jl/IO
NaU Rural Lllil 9jlS/05 9/20jOS 20,000.000 5113.82 $22 ,763.60
7.2 50 % f".al urily 3/1/12
Pepsico Inc. 9jlS/QS 9/20/05 20,000.000 S9B .M $19,128.10
3.2 00 % Maturity: 5/1 S/07
Phllijps I\:l c 9j 15/0 5 9/20/05 20,000.000 ~116.1'\ :;23,22S ,00
6.650 I'fo Maturity: 7/15jlB
P'Pl Electric Util 90 5/05 9/20/05 10,000.000 $102.8"l $10.28'1 .20
5.875 ~ MClturily: 8/15/07
Royal Bonk of Scotland 9/1 SjOS 9j20jOS 15,000.000 $1~3.IB .$18,476.85
7.648 % Malurily: 8/ 3 1/ '19
5a(eway Inc 9/15j05 9/20/05 10,000.000 $l 0 2.37 ~IO.23) .JO
5.800 % Mat\Jlley: B/JS/12
$emp:a Energy 9/lS/OS 9/20/05 10,000.000 $0105.6-'1 $ 10,561.10
6.000 % MilNlIly: inn:
SprInt Dp Cor n 9/lSjOS 9/20/05 tOJOOO.OOO $101 .91 .) J O.191. \0
6.125 'Yr, Mal\Jrlty: IljlS/OS
Target COJ \> f)/1 5/05 9120/05 20, 000.0 0 0 $108.61 $21,727.'lO
6. 35 0 % M turl tv : 1/15jl I
TJX C rnpanes 11\(. 9/ ISi OS 9[20/05 ro.coo.eoo S 110.58 $11, 058.30
7."150 % Matur ity : 12/1 S/09
TIa nsoceao Inc 9/1SjOS 9[20/05 ro.oco.ooo $127.11 ~1 ),7'1l .30
7.50 0 % t·'a<Jtur ily : "/lSI31
US Ban w q,l !lJlS/05 9/20/0 5 20,000.00 0 .$101.66 !20, ;;32.00
5 . 100 % t-la tullty: rn 5/07
Wyettl 9/IS/OS 9/20/05 10.000.000 ~ I03.~3 $ ]0 ,3'13.00
5.5 00 0h, M~ll1nty: 3/1 S/13
FHLMC $59/452.54
FGFB Pool 11.'1909-i1 91)")./ClS ()/n / or:, 59,520.220 $99.n $S9, ~ 52 . S 4
4 .500 % " ill urily : 8/ 1/09
FNMA $147,8-49.57
FNCL Pool /1 fl25253 9/22105 9127j 05 49,331.790 $IOO.OB ~'18,37 2.55

4 .68 9 % "' alur lty: S/J /3 5

meL Pool ::32882 1 9/22/05 9127/05 4~ .')3 7. B 2 0 $99 .87 $49. 375.3 .
4 .364 % l-1a tUlIly: 4/1/35
FNCL Pool 11828975 9/23/05 ~/2B/OS '19,431.710 Sl OO.3·; :-"9.&0I ,G3
'1.59 2 % !"',lIlllr v; 7/1 (3 ~;

CONFIDENTIAL
W\S02D583
·5-
' O·..... . :l'>t> ':;!..V ..l
 ", ..I"::::fI'''' J.'I",~uII CJ ll '·'OIIc.rya l1C1l1.. r'\I".LL..JI\..JII"

Quarterly ~tt:menl for tf>e period er&ng 5eplembe!' 3D, 2005

Correct ion Captains' Association Annuity Fund - w0675 17
MoIgan S~nley

Purchases (cant) Trade Date Settle Date Shares Price Amount

GOVERNMENT BONOS $1,171/166.48
U.S. Tr~asury Bonds 9/15/05 9/21)/05 200,000.000 ~ J 2 '1. 9 1 $149,820.3\
)' .250 % MallJrity: S/J 5/16
U.S. TrcaSlJry Bonds 9/15/0S 9/20/05 7S,OOO.ooU $12l.S7 591.180 .66
6 .17.5 % MatUlIly: LJ/IS/27
U.S. TreaSUl)/ NOles 9/t5/05 9/20/05 620,000,000 S IDO.SS ~62J,3"90 .6J
4.625 % Maturity: 5/15/06
u.s. Tre,,$Uty NOles 9/15/05 0120/05 35,000000 $98.43 S3'1,-'150.J9
3.875 0/. Muturity: 2/l 5/ 'CJ
U,S. Tre a sury NOles 9/28/0S ')/'>:9/0$ ao.ooo.ooo $JOO.·\1 $80,331 ..38
4.625 % Maturity: 5/ J 5/06
U.S. Treasury Noles 9{18/05 9/29/05 45 ,000 ,000 .$98 . 10 $'14,143.95
3 .625 % Maturity: II J 51 j 0
u.s. lreil SUry Nts INA... tx 9}15/05 9/20/0S 15,000.000 $J06.32 !j17,S46.16
2.000"10 Matu,iry: 7/1 5/1 '1
CASH & CASH EQUIVALENTS $3,692.45
Active AsseL<: MMey Trust 3,692.450 !.J.OO S3,t>92.4S
Total Purchas.es $2 .169.793 .07

Income & Elt:pen.<;e Amount

INCOME $(5,2.1 &.a7)

INTEResT $(5,216.87)
AGENOE.S $(3,248.05 )
FNI-IA ~, 8.33 \
3.000 % MaTUritY Dale: 11/22/06
FHl)IlC $f]B£. .B7\
3.250 % Maturity Dale: ) )/2/07
FNMA
3.875 % MattJIilv Oat.. : ) 1/17/08
Tennessee Valle:-,. Auti1 s'20.8J)
6.000 % MaJuril.)' Di;te: ]/15/1)
FNMA ~, 1.18'1.0:n
5.000 % K.:!IUfl\)' Dale: : 1jl 5/1 5
f'NMA $(13'1 .03\
6.250 % Mah.mty ();)le: 5/1 5/1.IJ
CASH EQULVAL.£NTS ~127 .64

Active Assets MOl\ev Trust 5 127.&'l

CORPORATE BOIIIDS $(6.522 .86)
Urilish Telecom PLC8.62 5% sl231 .20\
B..875 'Yo r·1alutity o aie : 12/ 15/30
Transocean roc Sl3n .9 1\
7.5 0 0 % r-1<l lu rity Dille : '1/ISJ}1
Dominion fl.esourc s Inc SUI.7·;)
{d OO % "ialu rll y DW l: 3/ 15/ 3]
[{oval Bank.of Scotland S31.117
7.648 % Malurll.)' Dillt:: S/3 1!'j9
[lavel lsche l.andesbank $ (28 1.(,6 \
2.6 00 % t"lalul lty Dale : 10/l 6/06
BP Cdpilal Markets PLC
7.7 50 % Matur ity Dill e : 12/ 29/0 6
Cll lorc uo Inc
5.0 00 % ~li.Jl url ty Dale: 3/6/07
Peosic o Inc. !-{1.2Z.Z2\
3.200 % f-lU ltJli{y Date: 5/ 15/ 07
US Barxoro S( 18'1.18\
5. 100 % Malu rlty Dille : 7/15/07
CON FIDENTIAL
WIS020584
./.
 • • , ~I" III .. c:::."", I \ 0 n . • · ) D I fCJ'::;rQ 1'0 ... T"\..l.,...VU I t\.

Quarlerly Stalemen( for If>ef;eriod ef'ldjng SepiemlxY 30, 2005

COlTeaion OJptains' Assooation Annuity Fund- w067SJ 7
Mo(~ Stanley

Income & E)(pense (conr.) Amount

PPl Electric U1i1 SI57 .1))

5.87 5 % 1-I<lhJflty Date : B/ I5/07
Cendant Coro sO 12.aS)
6.250 % Maturity Dale : 1/15/00
First Union CNr> SI600.88)
6 .';0 0 Ok Mc.turityDate: 4/ I / OB
/la nk One Corn SI115.a3\
2.625 % f-\illurily Dille: 6/30/B8
Sor lnt Can Cow $121"2 .67\
6.1 2S % Marurily Dill e; j J/ J S/08
D'l i rn lerdvv<;~

7 .200 % Mi'lI\;rity D.:Jle: ')/1/09

Duke CaDital SDS8.)))
7 .500 % Milrurlty Dale: J 0/1}09
T.IX Comcaoies 11'< £11l)6.SSI
7.150 "10 Maturity Dale : 12/15/09
Lowes Crm Oilnies SI2~9 . 79)
8 .2'"0 % Maturity Dale: 6/)/10
Deu tsche lei Rn 8')0 ! 1224.3 1)
B.~;no % Mil urity Dat..: 6/1 SIlO
Taro et Cum
6.3 0 % Maturity Date: 1/15/11
CCl1tc x COro ~1107 .18\
7 .875 % MahJrlty [);lIe : 2}1/ 1\
Gener al ElL..:: 0 10 Com 11119.09\
6.D5% Mil tulIlyDate: '2.12.2/1 \
rr nee Telecom flI ~IC S{42 .22)
7.7 50 % Millwity Dill e: 3/ 1/1 I
AT & T Wireless Sl~ 1.56)
7 .875 % rJlaturitv Odte; 3/1/ I J
Or"- 01 r-tvers :.au,bb ~1269.93\
5 .750 % f1<ll urity Dale: 101111 I
GolOnwll Sachs Grp Inc sr218.33\
6.500 % M<tlurity Date: 1/15/12
NaU RUlill lJtJl sn6.52\
7.250 % Maturity Drile: 3/1/12
OTG rO'.JD I n( sI7,2.3.:m
7.750 % Maturity Dille : 41U I ~
Safewav In c ~IS6 .)8\
5.BOO % 1-1a lurity Ddle: 811511 2
Semora Ene! $181.66\
6.000 % M;,l urltv Dale : 2/1/ 1J
WVl' l h 'iP.63\
5 .500 % H<ttullty Da le: }15/13
A T Broadband S,{ 11.63)
8 .375 1% Ma llJllty Dill e: 3/15113
I nil Lease Finilncc Coro :::.f'i S3.&8)
~dll :> 'Y. M<:l\J lI t)' Dale; SIl / I
Fund AmerIGo Cos fnelWTl~ 'i.Q 03.99\
5.875 % t-IGlur It'( Dale: 5/1 5/ 1]
Ph illio ' (;:<: Sr2'10.13\
6.6:;0 % M"rur lly Dale: 7/ 15/1
FHlMC $(193.77)
FGFB r oo! IIM9 09'11 Si 191.7)\
11." 00 "h M~( u fJl y Dal e: SIll
FtiHA $(491 .32)

-9·

CONFIDENTIAL
WIS0205BS
 ""IOYI ~l. 'I ,"'~U..lO.\. .-JoOtl0Y-CIJIOI\ ~v.....111.

QUiJTterly Statement {Dr the period ending 5eplem ter 30, 20D5
Correction upldins' Associ.'ltion Annui ty Fund - \<0067517
M(,'9i<1'I Slanley

Income & Expense (conr.) Amount

FNCl Pool 1182882 t Sf I 57.39\

<1.364 % Matu rity Date: ~fj/35
FNQ Pool Ii 825258 ~f J6J.f>9)
4 .689 % MahJl ity Dale : 5/ L/35
FNCL Pool IJ828975"
-1.592 % M<lturity Dale; 7/1/),5
GOVERNMENT BONDS $$,111 .49
U.S. Treasurv Noles $ 18.382.19)
4.625 % Mdl.Ufily Dille: 5/lS/06
U. S. T re<lSU/'V Notes ~1.40B 70
3 .000 % Mlllurity Date: 11/15/07
U.s. Treasurv NOles S29).'l8
3.000 % Mat",i\y Date: 2/15/00
U.S. T reasurv NOles
3 .125 % M~tur ily DO'll e : J 0/1 5/08
u.s. T,e<!lsuf\l NOI ·s $554 .09
3.6 25 % "'al ur ity Dale: IIJ 5/10
U.S. 'treasurv Nol~ SJ 62636
3.500 % f'laturity Dule : 2/) 5/ to
U.S. Treasury Notes 5705 SO
3.675 % Maturity Date: 7/15/10
U.S. Tr ea surv Note" !IJ32.68\
3.875 % MlIllJlity Date : 2/1 5/l J
u .S, rC;'1S11IV Notes $5 .232.61
3 .625 % Malurity Dale : 5/ J 5/13
U .S. Treas urv Nts tNFL IX :AI L69.57\
2.000 % N " lurity Dale: 7/15/1-1
U.S. Trea s vrv Noles $6.578 .2(1
., .250 % MaIUfity Date: I J /1 5114
U.S. Treas erv Bonds S(2 .3 5'l. 28)
7 .250 % /' lalurlty Dtlle: 5/ J 5/16
U.S. Treasurv Bol'Icl s Sf J .597.83)
G. 125 % Maturity Date: 1) /15/2 7
EXPENSE $(505 .51 )
Broker Ch a roe $(505.53\
Variance SO.Q2
Net Income $(5,722.38)

Deposits & Withdrawals Transaction Date. Shares Amount

lNn1J\L DEPOSTT $2,230,876.35

GOVERNMENT DONOS
U.S. T reil sury NOles 9/7/05 150,000.000
3.000 % r-tat un ty Dal e : 11/15/0 1 $\ '17,3;'5.00
U.s . Trea sury Nol es 9/7/05 100,000.000
3.000 % Mat unly Dote: 2/15 /08 :; 98,000 .00
U.S. Tre asu ry Notes 9/7/05 ~50,OClO.OOO
3. 625 "!o Mar uI lly Dal e: 5/ 15/ 13 $'137,8 18.50
U.5 , Tr easur v Not 9(lJ05 100,000.000
3. 125 % Mat urity Date : 10/15/08 $97,780.00
U.S. Treasury NOles 9/7/ 0:' 445,000.000
4.250 % Milt·U'lty Dil C: 11115/1~ :'118,773.60
U.s . Treas ury Noles 9/7/05 J 50.00 0.000
3.625 % Matur ity Dil te : 1/IS/lO $.148,200.00
U.S. Treasury l'Io l 's 9/7/05 475,000000
3.500 % F-1 il tlJ/l l)" Dale : 2/1 5/1 0 $166,872 .75

,9 ·

CON FI DEN T1AL

WIS020586
 ..... t~, 1\ .' ''4'~It..IIIO n 1"101 IO,=,C1 IICI 11" 1""\\..1..U\.I11l,.

Quartet/y Sraletnenl (or tre period ending Seprembet ]0. 2005

Correction CapldIM' Assod~lIon Annuity Fund - w067SJ7
MoIgon Stanley

Deposits s Withdraw<lls (cont.) Transaction Date Shares Amount

INITIAL DEPOSIT $ 2. 2)0, 8 76..JS

U.S. Tre..:lSUI'Y NO(c5 '.J}7/05 100,000000
3.875 % M<mJti\y D3le: 7/l5/10 $99,711.00
GNMA
GNMA Pool fl 60 5~ 61 9/7/05 30,450.006
5.00 0 % Maturi ty Dale: 6/15j)'l $30,423.5\
GNM/I F'ool Il 60621S 9J7jOS 65,305.719
5.UOO % Mllturity Dale: B/15/)) $65,271l.29
GNtotA Pool :1618219 9/7/OS 71.367.127
5.000 % M'lhJlity Dale: 2/15j)S p4,298.Jl
GNMA Pool #619279 9/7/05 -18,056,938
5.000 % Maturity D;llc: 12/15/34 $48,0IS.J3
GNMA Pool l! 622151 9/7/0S 6B,3B8.S83
5.000 % M3l\.i1 iry Dale: 10/15/3) $68,359.B6
DEPOSrrS sse, '762.50
GOVERNMENT BONDS
U.s.. Treasury Notes 9/12/05 5,000,000
1\.000 % Mal\.irily Dale: ~/I 5/ J S
U.S. Treasury NOl es 9/12/0S 50,000.000
4 .000 % r.-taturi{y Date : 2/15/15
U.S. Treasury Noles 9/12}05 35,000.000
",000 % M<lIUf~y Dille: 2/IS/lS -$34,51 IDS
WITHDRAWALS $0.00

NO WIth&"awa15 'w,OO
DEPOSIT OF ACCRUED INTER€ST $16,757.90
GOVERNMENT BONDS
U.S. Treasury Notr.s 9/7/0S
3 .00 0 % Ma turil)' Dale: fill S/O~ $1,406.25
U .s. Treasury NOles 9f7/0S
3.000 % Maturity Dale: 2/15/08 $IS7.S0
u.s. T re asury Notes 9/7}05
3.625 % Maturity Odle: 5/15/ I) $5,097.66
U.S. Tr easury Noles 917/OS
3.1 25 % Matur ity Dale: 10/1 S/08 Sl.23B.OS
U.S. Tr easury Notes 9f7/OS
1.250 % Maluril)' Date: 11/15/J 4 $5,910.1&
U.S. Tr easury NOle!; 9!7/(j5
3 . 6 ;> ~ % Matu rity Date: 1}15/10 $797.89
US . Treasurv Noles 9/7/0S
3.500 % t'I,llurlty Dill e: 2/15/10 £1,OJ9.0n
U.S. T reasury NOles 9/7/05
3.875 % MClhJrity Dille : 7/1 5/ J0 $563.61
U.S. Tre asury Notes 9/12105
'1.000 % ~lal u r! lY Oak : 2/1 5/ 1~ $ J5.22
U.S. Trea sury Notes 9/12/05
'1 .000 % j.I<:llu nty Dale : 2/15/15 $ 152. )7
U.s. Treasury Not es 9/17/ 05
'LOOO % M<ltu nty Da te: 2/1 Sj1 5 $ l 06.52
GNMA
GNMA Poo1 1;(J05'1 61 9/7/05
5.000 % t--tol unty D<l l r:: 6/) 5/31 .$ 25.38
GNr--IA Pool 116Q61. l 5 9/7/05
5.000 % Matwi ly Dil le: 8/ 15/33
G JMA Pool 1: (,18219 9/7105
5.000 % Ma tulily Dille : 2/ 15/3 5 ~6t.97

-10-

CONFIDENTIAL
WIS020587