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SOUTHERN CALIFORNIA CARPENTERS LOSE $333,209,035.00 MILLION
THIS YEAR ON BAD STOCK INVESTMENTS

Bad management by our Pension Fund Trustees and Investment Advisor has lost us $333,209,035.00 from our pension fund this year.

As with other Carpenters Pension Funds, our pension fund is now undefended.  We have gotten no raises, not even a cost of living for 22 years.

Our pension funds pay less than welfare in many cases.

The attached chart shows how much we lost.  The information on stocks comes from our 1999 5500 Report (tax return).      

NAME OF STOCK SHARES  PURCHASE 
PRICE
 COST PER SHARE  PURCHASE 
PRICE - 1999
 COST PER 
SHARE - 1999
 PURCHASE 
PRICE - 2001
 COST PER
SHARE - 2001
 DIFFERENCE
                 
ADC TELECOMM 8400  $      333,151            39.66  $       609,525               72.56  $        56,784                 6.76  $      (552,741)
America Online 35400  $   1,826,280            51.59  $    2,685,975               75.88  $    1,416,000               40.00  $    (1,269,975)
American Power Conversion 21000  $      383,697            18.27  $       553,875               26.38  $       301,140               14.34  $      (252,735)
American Insured 250000  $   3,542,149            14.17  $    1,593,750                 6.38  $       612,500                 2.45  $      (981,250)
AIG 59450  $   5,241,999            88.17  $    6,428,031              108.12  $    4,577,658               77.00  $    (1,850,373)
Amgen 151700  $   6,343,463            41.82  $    9,111,481               60.06  $    7,814,067               51.51  $    (1,297,414)
AON Corp 52700  $   2,161,200            41.01  $    2,108,000               40.00  $    1,777,044               33.72  $      (330,956)
Applied Materials 114900  $   3,895,614            33.90  $  14,556,394              126.69  $    4,911,975               42.75  $    (9,644,419)
AT&T 38600  $   2,092,347            54.21  $    1,961,362               50.81  $       838,392               21.72  $    (1,122,970)
Alltel Corp 9700  $      844,774            87.09  $       802,069               82.69  $       504,500               52.01  $      (297,569)
Atlantic Richfiled 15300  $   1,320,436            86.30  $    1,323,450               86.50  $       790,857               51.69  $      (532,593)
CR Bard 483000  $ 17,910,015            37.08  $  25,599,000               53.00  $  21,363,090               44.23  $    (4,235,910)
Bausch&Lomb 7400  $      534,577            72.24  $       506,437               68.44  $       299,404               40.46  $      (207,033)
Biomet 13100  $      508,881            38.85  $       524,000               40.00  $       509,459               38.89  $        (14,541)
BMC Softwre 4900  $      242,559            49.50  $       391,694               79.94  $       125,685               25.65  $      (266,009)
Bristol Meyers 35100  $   2,362,386            67.30  $    2,252,981               64.19  $    2,049,840               58.40  $      (203,141)
Chase Manhattan 62800  $   4,698,511            74.82  $    4,878,775               77.69  $       668,820               10.65  $    (4,209,955)
Cisco Systems 193550  $   3,386,466            17.50  $200,734,043           1,037.12  $    3,069,703               15.86  $(197,664,340)
Citigroup 51650  $      762,492            14.76  $    2,876,259               55.69  $    2,344,910               45.40  $      (531,349)
Coca Cola co 62200  $   4,949,870            79.58  $    3,623,150               58.25  $    2,472,450               39.75  $    (1,150,700)
Comcast Corp 824353  $      824,353             1.00  $    1,152,825                 1.40  $       900,600                 1.09  $      (252,225)
Compaq 140300  $   3,367,103            24.00  $    3,796,869               27.06  $    2,434,205               17.35  $    (1,362,664)
Computer Assoc 16100  $      962,896            59.81  $    1,125,994               69.94  $       480,102               29.82  $      (645,892)
Computer Sciences 32200  $   2,067,293            64.20  $    3,046,925               94.63  $    1,093,512               33.96  $    (1,953,413)
Compuware 137400  $   3,941,874            28.69  $    5,118,150               37.25  $    1,272,324                 9.26  $    (3,845,826)
Conseco 22100  $      666,786            30.17  $       393,656               17.81  $       330,837               14.97  $        (62,819)
Copart 1071200  $ 10,565,884             9.86  $  46,597,200               43.50  $  22,398,792               20.91  $  (24,198,408)
Corning Inc. 15100  $      915,024            60.60  $    1,946,956              128.94  $       335,220               22.20  $    (1,611,736)
Cox Communic 141300  $   2,614,279            18.50  $    7,276,940               51.50  $    6,020,793               42.61  $    (1,256,147)
Deere & CO 14700  $      570,559            38.81  $       637,613               43.38  $       558,894               38.02  $        (78,719)
Dell Computer 442900  $ 11,485,969            25.93  $  22,587,900               51.00  $  11,515,400               26.00  $  (11,072,500)
Delphi Automotiv 385562  $   7,132,037            18.50  $    6,072,601               15.75  $    5,201,231               13.49  $      (871,370)
Delta AirLines 9600  $      572,014            59.58  $       478,200               49.81  $       406,752               42.37  $        (71,448)
Dow Chemical 8100  $   1,011,991          124.94  $    1,082,362              133.62  $       277,263               34.23  $      (805,099)
duPont 15669  $   1,018,254            64.99  $    1,032,195               65.87  $       715,289               45.65  $      (316,906)
Eaton Corp 7200  $      628,626            87.31  $       522,900               72.63  $       511,776               71.08  $        (11,124)
Electronic Data 99600  $   5,778,468            58.02  $    6,666,975               66.94  $    5,642,340               56.65  $    (1,024,635)
EMC Corp 12300  $      673,445            54.75  $    1,343,775              109.25  $       423,120               34.40  $      (920,655)
FDX Corp 129200  $   6,208,696            48.05  $    5,289,125               40.94  $    5,025,880               38.90  $      (263,245)
Federated Stores 11200  $      578,845            51.68  $       566,300               50.56  $       467,040               41.70  $        (99,260)
Ford Motor 35400  $   1,917,738            54.17  $    1,887,263               53.31  $    1,025,184               28.96  $      (862,079)
FOX Entertainmen 28600  $      734,303            25.67  $       713,212               24.94  $       603,174               21.09  $      (110,038)
Gannett 16300  $   1,192,667            73.17  $    1,329,469               81.56  $    1,026,900               63.00  $      (302,569)
Gap Stores 10550  $      473,228            44.86  $       485,300               46.00  $       243,283               23.06  $      (242,017)
Gateway Inc. 31800  $   2,264,343            71.21  $    2,291,587               72.06  $       492,264               15.48  $    (1,799,323)
Gaylord 1106801  $ 28,767,483            25.99  $  33,134,855               29.94  $  28,245,561               25.52  $    (4,889,294)
G'ral Electric 24700  $   2,582,912          104.57  $    3,822,325              154.75  $    1,104,090               44.70  $    (2,718,235)
General Motors 10100  $      674,584            66.79  $       734,144               72.69  $       536,310               53.10  $      (197,834)
Georgia Pacific 22100  $   1,053,916            47.69  $    1,121,575               50.75  $       769,080               34.80  $      (352,495)
Gillette Co. 105000  $   4,766,859            45.40  $    4,324,687               41.19  $    3,125,850               29.77  $    (1,198,837)
Verizon (GTE) 20500  $   1,428,368            69.68  $    1,446,531               70.56  $    1,067,640               52.08  $      (378,891)
Home Depot 206691  $   2,999,403            14.51  $  14,210,000               68.75  $    8,889,779               43.01  $    (5,320,221)
Illionois Toolworks 52000  $   3,773,297            72.56  $    3,513,850               67.57  $    3,130,400               60.20  $      (383,450)
IMS Health Inc. 20500  $      521,359            25.43  $       557,334               27.19  $       530,130               25.86  $        (27,204)
Ingersoll-Rand 8900  $      587,629            66.03  $       490,056               55.06  $       378,962               42.58  $      (111,094)
Infinity Broadcast 31600  $      827,972            26.20  $    1,143,525               36.19  $       995,400               31.50  $      (148,125)
Intel Corp 205300  $   3,340,003            16.27  $  16,898,756               82.31  $    5,085,281               24.77  $  (11,813,475)
IBM 13500  $   1,621,275          120.09  $    1,456,312              107.87  $    1,298,700               96.20  $      (157,612)
Int'l Paper 12600  $   6,835,119          542.47  $       711,112               56.44  $       459,648               36.48  $      (251,464)
Johnson & Johnso 16300  $   1,511,117            92.71  $    1,519,975               93.25  $    1,482,485               90.95  $        (37,490)
K-Mart 24400  $      371,301            15.22  $  24,555,525           1,006.37  $    2,141,720               87.78  $  (22,413,805)
Kansas City Inds. 230900  $   9,960,372            43.14  $  17,230,913               74.63  $    3,260,308               14.12  $  (13,970,605)
Kimberly Clark 55700  $   3,304,613            59.33  $    3,644,869               65.44  $       151,504                 2.72  $    (3,493,365)
Lexmark Int'l 26100  $   1,896,354            72.66  $    2,362,050               90.50  $    1,533,375               58.75  $      (828,675)
Lucent Technologies 145400  $   4,025,206            27.68  $  10,905,000               75.00  $    1,049,788                 7.22  $    (9,855,212)
Marsh&McLennan 14800  $   1,027,148            69.40  $    1,416,175               95.69  $    1,343,840               90.80  $        (72,335)
Masco Corp 138600  $   4,190,216            30.23  $    3,516,975               25.38  $    3,315,312               23.92  $      (201,663)
Maxim Integrated 315000  $   9,984,555            31.70  $  14,684,062               46.62  $    2,029,850                 6.44  $  (12,654,212)
MCI Worldcom 53850  $      982,959            18.25  $    2,857,416               53.06  $    1,059,768               19.68  $    (1,797,648)
Merrill Lynch 9800  $      711,343            72.59  $       816,463               83.31  $       611,030               62.35  $      (205,433)
Micron Technology 10800  $      749,816            69.43  $       839,700               77.75  $       501,228               46.41  $      (338,472)
Microsoft 172200  $   6,394,333            37.13  $  20,104,350              116.75  $  10,707,396               62.18  $    (9,396,954)
Monsanto 49300  $   1,858,085            37.69  $    1,747,069               35.44  $    1,710,217               34.69  $        (36,852)
Morgan Stanley 9300  $      843,438            90.69  $    1,327,575              142.75  $       554,280               59.60  $      (773,295)
Motorola Inc. 12500  $   3,449,946          276.00  $    2,697,000              215.76  $       165,750               13.26  $    (2,531,250)
Newell Rubbermaid 93000  $   3,449,946            37.10  $    2,697,000               29.00  $    2,351,040               25.28  $      (345,960)
Nokia 3900  $      331,338            84.96  $       745,144              191.06  $       108,108               27.72  $      (637,036)
Norfolk Southern 152000  $   4,329,312            28.48  $    3,116,000               20.50  $       258,400                 1.70  $    (2,857,600)
Northwest Airlines 275000  $   8,772,183            31.90  $    6,118,750               22.25  $    6,528,500               23.74  $       409,750
Office Depot 32300  $      591,549            18.31  $       355,300               11.00  $       290,700                 9.00  $        (64,600)
Paychex 205000  $   5,899,078            28.78  $       820,000                 4.00  $    6,992,550               34.11  $     6,172,550
Playtex 4511700  $ 48,794,492            10.82  $  69,367,388               15.38  $  40,605,300                 9.00  $  (28,762,088)
PPG Industries 36200  $      398,782            11.02  $       412,912               11.41  $       331,650                 9.16  $        (81,262)
Praxair Inc. 20800  $   1,044,799            50.23  $    1,046,500               50.31  $       975,520               46.90  $        (70,980)
Proctor & Gamble 73100  $   3,607,733            49.35  $    8,009,019              109.56  $    4,298,280               58.80  $    (3,710,739)
Progressive Corp 129000  $ 14,217,069          110.21  $    9,433,125               73.13  $    2,323,370               18.01  $    (7,109,755)
Providian 88000  $   7,107,143            80.76  $    8,068,138               91.68  $    4,158,884               47.26  $    (3,909,254)
Realnetworks 6100  $      754,904          123.75  $       733,906              120.31  $        56,059                 9.19  $      (677,847)
Rowe T. Price 179100  $   5,967,580            33.32  $    6,615,506               36.94  $    6,044,625               33.75  $      (570,881)
Royal Dutch Petro 36700  $   2,160,996            58.88  $    2,222,644               60.56  $    2,108,415               57.45  $      (114,229)
Schering Plough 43600  $   2,084,869            47.82  $    1,847,550               42.38  $    1,590,092               36.47  $      (257,458)
Schwab Charles 251800  $   4,279,096            16.99  $    9,631,350               38.25  $    4,693,552               18.64  $    (4,937,798)
Siebel 152400  $ 10,784,195            70.76  $  12,801,600               84.00  $    5,404,104               35.46  $    (7,397,496)
Suntrust Banks 11800  $      784,171            66.46  $       811,987               68.81  $       757,796               64.22  $        (54,191)
Tellabs 26500  $   1,624,588            61.31  $    1,700,969               64.19  $       914,250               34.50  $      (786,719)
Texas Instruments 9400  $      675,514            71.86  $       908,275               96.63  $       333,320               35.46  $      (574,955)
Time Warner 108300  $   2,992,087            27.63  $    7,831,444               72.31  $    7,709,877               71.19  $      (121,567)
Tommy Hillfiger 14700  $      540,815            36.79  $       343,613               23.38  $       177,282               12.06  $      (166,331)
Tyco 24400  $   1,128,879            46.27  $       951,600               39.00  $       337,696               13.84  $      (613,904)
Unionbancal 9300  $      334,777            36.00  $       366,769               39.44  $       260,679               28.03  $      (106,090)
USG Corp[ 5600  $      307,380            54.89  $       263,900               47.13  $        63,728               11.38  $      (200,172)
Wal-Mart 51500  $   2,266,595            44.01  $    3,559,938               69.13  $    2,559,550               49.70  $    (1,000,388)
Pfizer 29800  $ 13,200,555          442.97  $    2,441,738               81.94  $    1,212,860               40.70  $    (1,228,878)
XEROX 101000  $   5,594,752            55.39  $    2,291,438               22.69  $       586,810                 5.81  $    (1,704,628)
Yahoo 3700  $      670,569          181.23  $    1,600,944              432.69  $        62,752               16.96  $    (1,538,192)
AC Nielsen 1043500  $ 20,054,203            19.22  $  25,696,187               24.62  $  38,306,886               36.71  $   12,610,699
Allstate Corp 45400  $   1,596,402            35.16  $    1,092,437               24.06  $    1,856,860               40.90  $       764,423
Amerada 12,000  $      715,067            59.59  $       681,000               56.75  $       984,000               82.00  $       303,000
B of A 24,900  $   1,660,464            66.69  $    1,249,668               50.19  $    1,292,808               51.92  $         43,140
Baxter Int'l 48,700  $   3,267,467            67.09  $    3,058,969               62.81  $    4,408,811               90.53  $     1,349,842
Bed,Bad&Beyond 12,000  $      429,281            35.77  $       417,000               34.75  $       331,920               27.66  $        (85,080)
Bellsouth Corp 44,200  $   2,102,321            47.56  $    2,069,113               46.81  $    1,845,350               41.75  $      (223,763)
Biogen Inc. 142,300  $ 12,024,350            84.50  $  10,612,727               74.58  $    8,431,275               59.25  $    (2,181,452)
Boeing 17,000  $      382,678            22.51  $       704,437               41.44  $    1,016,940               59.82  $       312,503
Burlington Northern 202,900  $   6,215,075            30.63  $    4,929,325               24.29  $    6,005,840               29.60  $     1,076,515
Cardinal Health Inc. 313,000  $      868,122             2.77  $       636,738                 2.03  $    1,279,726                 4.09  $       642,988
Chevron Corp 6,800  $      629,993            92.65  $       589,050               86.63  $       631,040               92.80  $         41,990
Cigna Corp 65,100  $   5,960,223            91.55  $    5,244,619               80.56  $    6,640,200              102.00  $     1,395,581
CMC Fund 4,469,035  $ 38,269,686             8.56  $  38,433,707                 8.60  $  46,388,583               10.38  $     7,954,876
Comerica INc. 5,000  $      298,300            59.66  $       233,438               46.69  $       302,250               60.45  $         68,812
Consolidated Edison 14,900  $      690,493            46.34  $       514,050               34.50  $       564,710               37.90  $         50,660
Covance Inc. 24,000  $      492,440            20.52  $       259,500               10.81  $       310,080               12.92  $         50,580
CSX Corp 15,800  $      758,104            47.98  $       495,725               31.38  $       546,522               34.59  $         50,797
Diamond Offshore Drilling 10,800  $      348,054            32.23  $       330,075               30.56  $       422,280               39.10  $         92,205
Dominion Resources 64,300  $   2,896,457            45.05  $    2,523,755               39.25  $    4,398,120               68.40  $     1,874,365
Edwards A.G. 7,700  $      228,754            29.71  $       246,881               32.06  $       277,585               36.05  $         30,704
Entergy Corp. 68,000  $   2,185,936            32.15  $    1,751,000               25.75  $    2,628,200               38.65  $       877,200
Exxon Mobil 23,900  $   1,900,471            79.52  $    1,925,444               80.56  $    2,007,600               84.00  $         82,156
Federal Nat'l Mortgage 21,100  $   1,455,847            69.00  $    1,317,431               62.44  $    1,570,895               74.45  $       253,464
First Data Corp 72,600  $   3,362,594            46.32  $    3,580,088               49.31  $    4,428,600               61.00  $       848,512
First Health Group 1,259,100  $ 19,730,133            15.67  $  33,838,313               26.88  $  59,429,520               47.20  $   25,591,207
Fleetboston Financial 106,652  $   4,541,960            42.59  $    3,712,823               34.81  $    4,180,758               39.20  $       467,935
FPL Group Inc. 12,300  $      693,429            56.38  $       526,594               42.81  $       757,680               61.60  $       231,086
General Dynamics 13,200  $      868,992            65.83  $       696,300               52.75  $       915,420               69.35  $       219,120
General Instruments 13,700  $      622,503            45.44  $    1,164,500               85.00                      -    $    (1,164,500)
Global Marine 22,500  $      420,671            18.70  $       374,063               16.63  $       590,625               26.25  $       216,562
Haemonetics 1,254,400  $ 20,795,985            16.58  $  29,870,400               23.81  $  40,266,240               32.10  $   10,395,840
Harland John 898,550  $ 13,387,066            14.90  $  16,454,697               18.31  $  16,982,595               18.90  $       527,898
Household Int'l Corp 85,500  $   3,706,195            43.35  $    3,184,875               37.25  $    5,249,700               61.40  $     2,064,825
IMS Health Inc. 20,500  $      521,359            25.43  $       557,344               27.19  $       530,130               25.86  $        (27,214)
Kerr McGee Corp 6,700  $      363,895            54.31  $       415,400               62.00  $       462,501               69.03  $         47,101
Keyspan Corp. 11,800  $      337,058            28.56  $       273,612               23.19  $       469,168               39.76  $       195,556
Kroger Corp 37,900  $      638,358            16.84  $       715,363               18.88  $       829,252               21.88  $       113,889
Lilly Eli & Co. 72,800  $   5,356,894            73.58  $    4,841,200               66.50  $    5,637,632               77.44  $       796,432
Lockheed Martin 80,300  $   3,174,501            39.53  $    1,756,563               21.88  $    2,942,995               36.65  $     1,186,432
Mattel 145,300  $   3,251,064            22.37  $    1,907,062               13.12  $    2,451,211               16.87  $       544,149
May Dept. Stores 22,450  $      352,140            15.69  $       724,013               32.25  $       783,954               34.92  $         59,941
MBNA Corp. 35,700  $   1,025,770            28.73  $       972,825               27.25  $    1,190,595               33.35  $       217,770
Medtronic Inc. 164,200  $   6,255,089            38.09  $    5,983,037               36.44  $    7,060,600               43.00  $     1,077,563
Merck & Co. 37,300  $   2,644,681            70.90  $    2,506,094               67.19  $    2,965,350               79.50  $       459,256
MGIC Investment Corp. 8,400  $      404,894            48.20  $       505,575               60.19  $       532,980               63.45  $         27,405
Mirage Resorts 614,000  $ 12,891,494            21.00  $    9,286,750               15.13  $  16,547,300               26.95  $     7,260,550
Pfizer Inc. 300,300  $ 11,189,680            37.26  $    9,740,981               32.44  $  12,312,300               41.00  $     2,571,319
Philip Morris Co. 88,100  $   3,691,048            41.90  $    2,026,300               23.00  $    4,042,909               45.89  $     2,016,609
PNC Bank Corp. 36,200  $   2,044,002            56.46  $    1,610,900               44.50  $    2,429,744               67.12  $       818,844
Quaker Oats 12,200  $      830,451            68.07  $       800,625               65.63  $  11,370,040              931.97  $   10,569,415
Ralston Purina 25,400  $      704,076            27.72  $       708,025               27.88  $       785,876               30.94  $         77,851
Raytheon Co. 81,600  $   5,744,915            70.40  $    2,167,500               26.56  $    2,505,120               30.70  $       337,620
Rohm & Haas 14,100  $      599,455            42.51  $       573,694               40.69  $    4,754,452              337.20  $     4,180,758
Safeway Inc. 152,700  $   6,995,445            45.81  $    5,459,025               35.75  $    8,196,396               53.68  $     2,737,371
St. Paul Companies 20,800  $      708,823            34.08  $       700,700               33.69  $       879,008               42.26  $       178,308
Sara Lee 57,500  $   1,302,042            22.64  $    1,268,594               22.06  $    1,217,850               21.18  $        (50,744)
SBC Communications 86,850  $   4,566,440            52.58  $    4,233,937               48.75  $    7,479,522               86.12  $     3,245,585
Scott Technologies 151,809  $ 17,189,196          113.23  $  21,740,395              143.21  $  25,858,112              170.33  $     4,117,717
Sears Roebuck & Co. 23,600  $      685,680            29.05  $       716,850               30.38  $       820,100               34.75  $       103,250
Sempra Energy 21,600  $      475,803            22.03  $       375,300               17.38  $       513,000               23.75  $       137,700
Texaco Inc. 15,600  $      694,828            44.54  $       847,275               54.31  $    1,076,400               69.00  $       229,125
TJX Companies 40,300  $   1,296,161            32.16  $       823,631               20.44  $    1,148,953               28.51  $       325,322
Tribune Co. 26,600  $   1,094,163            41.13  $    1,464,662               55.06  $    1,808,800               68.00  $       344,138
Unilever 16,300  $   1,140,173            69.95  $       887,331               54.44  $       889,654               54.58  $           2,323
Union Carbide 6,000  $      298,836            49.81  $       400,500               66.75                      -    $      (400,500)
United Healthcare 50,800  $   3,289,623            64.76  $    2,698,750               53.13  $          5,843                 0.12  $    (2,692,907)
United Technologies 12,000  $      768,599            64.05  $       780,000               65.00  $       904,560               75.38  $       124,560
US Bancorp. 57,000  $   1,826,776            32.05  $    1,357,313               23.81  $    1,338,930               23.49  $        (18,383)
Wells Fargo 77,500  $   1,311,008            16.92  $    3,133,906               40.44  $    3,702,175               47.77  $       568,269
Waddell&Reed Class A 105,800  $ 23,988,343          226.73  $  29,994,825              283.50  $  34,235,568              323.59  $     4,240,743
Waddell&Reed  ClassB 426,500  $   9,018,998            21.15  $  10,715,813               25.13  $  13,114,875               30.75  $     2,399,062
Wellpoint Health Networks 8,000  $      502,393            62.80  $       527,500               65.94  $       722,000               90.25  $       194,500
XL Capital Ltd. 15,000  $      839,604            55.97  $       778,125               51.88  $    1,083,000               72.20  $       304,875

 

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Horacio Grana was a retired member of the Carpenters Local Union 1506 in Los Angeles.
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Union Plain Facts
PO Box 1780
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