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INVESTMENT
MANAGEMENTAGREEMENT
AGREEMENTdared
,l{
<f
_Y
\5
r
200"-
betweenWRlGHTINVESTORS'SERVICE("Manager")andTheCONSTRUCTIONANDGENERALLABORERS'LOCALUNlON190PENSION
fUND,
actingthroughitsBoard
of
Trustees("Client").l.Appointment
of
Manager.ClientherebyappointsManagertoactasinvestmentmanagerforClientwithrespecttotheaccountdescribedinParagraph2bereof(the"Account").ManagerherebyacceptsappointmentasinvestmentmanagerfortheAccountandagreestosuperviseanddirecttheinvestment
of
theAccount.ManagerisaregisteredinvestmentadvisorundertheInvestmentAdvisersAct
of
1940,asamended
(the"
1940
Act"),andshallnotifyClientpromptly
of
anyterminationorrevocation
of
thatregistration,TheManageracknowledges thatitisan"investmentmanager"anda"fiduciary"(asthosetermsaredefinedintheEmployeeRetirementIncomeSecurityAct
of
1974,asamended("ERlSA"),andregulationthereunder)withrespecttotheAccount(butnotwithrespecttoanyotherassets
of
Client).2.TheAccount.The
AccOUDt
shallbereferredtobythedesignationLaborers'LocalUnion190PensionFund,andshallconsist
of
cash,equities,bonds,andotherfixed-incomesecuritiesandproperty("'Assets")which,fromtimetotime,Clientplacesunderthesupervision
of
ManagerandthoseadditionalAssetswhichresultfromtransactionsintheAccount,earningsthereon,distributionswithrespecttheretooradditionstheretomadebyClient.3.Manager'sAutboritv.SubjecttotheinvestmentGuidelinesattachedheretoasExhibitA, Managershallhavecompletediscretionintheinvestmentandreinvestment
of
theAssetsintheAccountdesignatedbytheClientassubjecttotheManager'smanagement,with
full
powerandauthorityto(a)selecttheinvestmentsfortheAccount(b)makepurchasesandsales
of
securitiesandotherpropertyfortheaccount
of
Clientand(c)placeorderswithsuchbrokersanddealersasitmayselecttoseektoachievewiththeobjective
of
obtainingbestexecutionforthepurchaseorsale
of
securities
andotherproperty.IncarryingoutitsdutiesunderthisAgreementandsubjecttoExhibitA,Managermayuseanyinvestmentstrategies andtechniquesthatmayfromtimetotimebeemployedbyManagerinrenderingadvisoryservicestoitsothercustomers,Saidpowers,dutiesandresponsibilitiesshallbeexercisedexclusivelybytheManagerpursuanttoandinaccordancewiththoseprovisionsoftheTrustAgreementandERISAwhichrelatetosuchpowers,dutiesandresponsibilitiesandwhichare incorporatedhereinbyreferenceasiffullysetforth.Managershallexerciseallduties, responsibilitiesandauthorityhereunderinthebestinterest
of
theAccount.
GOVERNMENT
EXH
IBIT
GL
-6
 
4.Standard
of
Care;Liability.ManagerwilldischargeitsdutiesunderthisAgreementin accordancewiththestandards
of
ERISA.Managershallhavenoresponsibilitieswithrespecttoanyassets
of
ClientotherthanAssets
of
theAccount.Thefederalsecuritieslawsimposeliabilitiesundercertaincircumstancesonpersonswhoactingoodfaith,andthereforenothinginthisagreementshallinanywayconstituteawaiverorlimitation
of
anyrightswhichClientmayhaveunderanyfederalsecuritieslaws.5.InvestmentGuidelines.AttachedasExhibitAheretoisastatement
of
theinvestmentguidelineswhichtheClienthaspreparedforandinconsultationwithManagerandwhichManagerhasaccepted.TheinvestmentguidelinesfortheManagerwhichseekappropriate returnsinexcess
of
theLehmanBrothersGovernmentCreditIndexmay.fromtimetotime,berevisedinwritingbyClientfollowing30-dayswrittennoticethereofto,andacceptance by,theManager.6.Representations
of
Client.ClientrepresentsandwarrantstoManagerthat(a)itsexecutionanddelivery
of
thisAgreementareauthorized
by
theTrustAgreementpursuanttowhichtheAccountismaintainedanddonotviolateanylaw,regulation,agreement,orderordecree applicabletoClientortheFundorbywhicheitherisbound,(b)thisAgreementwhenexecutedanddeliveredbythepartieswillbebindinguponClient,(c)ClientisauthorizedtograntinvestmentdiscretiontoManagerwithrespecttotheAccount(d)Clienthas
delivered
toManageratrueandcompletecopy
of
theTrustAgreementandanyotherinstrumentsgoverningtheinvestment
of
theAccountandwillfromtimetotimehereafterdelivertoManageranyamendmentstheretoandprovideManagerwithsuchotherinformationasmaybenecessaryforManagertocarryoutitsobligationsunderthisAgreement,and(e)ClientshallregardasconfidentialallinformationandrecommendationsfurnishedbyManagertoClientandallinvestmentdecisionsmadebyManagerfortheAccount.7.Custodian.AlltransactionsfortheAccountshallbeconsummatedbypaymentordeliverybyortoCustodian.Instructions
of
ManagertotheCustodianshallbeinwritingormadeorallyandconfirmedinwritingassoonaspracticable.Managershallinstructbrokersanddealersexecutingordersonbehal
f
of
ClienttoforwardtotheCustodiancopies
of
allconfirmationspromptlyafterexecutionandallmonthlystatementsfortheAccount.ClientshallinstructtheCustodiantoprovideManagerwithsuchperiodicreportsconcerningthestatus
of
theAccountasManagermayreasonablyrequest.TheClienthasestablishedaseparateaccount withtheTrovFi.nancialTrustasCustodialTrustee,whichthereforshallserveasCustodianfortheassetsmanaged
by
theManager.8.Reports
by
Manager.Followingtheclose
of
eachquarter,areportwithrespecttothevaluation
of
theAccountportfolioanddirectorindirectcommissioncostsshallbesubmirtedtoClientandtotheClient'saccountants,counselandotherdesigneesalongwithastatementthatManagerhasuseditsbesteffortstoachievebestexecutionunderthecircumstance
of
itstradingtransactionswithallbrokeragefirms,takingintoaccountanybrokerageandresearchservicesreceived
by
ManagerinaccordancewithSection28(e)
of
theSecuritiesExchangeAct
of
1934andtherulespromulgatedthereunder.Arepresentative
of
Managershallbe
2
 
availableforpersonalconsultationwithClientoritsrepresentativesatamutuallyconvenienttime,ManagerwillalsopromptlyfurnishClientwithsuchreportsasmayberequiredfrom timetotimepursuanttoERISAandinterpretationsthereof
by
theUnitedStatesDepartmentofLabor,includingProhibitedTransactionClassExemption86-128oranyotherapplicable exemption.Inthemaintenance
of
itsrecords.Managershallnotberesponsiblefortheaccuracy
of
any
inf
ormationfumishedbyClient,theCustodianoranyotherpersonor
finn.
9.Liabilities
of
theManagerandtheClient.TheClientactingingoodfaithshallnotbeliable foranyactoromission
of
theManagerinconnectionwiththeManager'sdischarge
of
itsduties.NothinginthisAgreementshallact
10
relievetheManagerfromanyresponsibilityorliabilityforanyresponsibility,obligationordutythattheManagermayhaveunderERISAor anyotherapplicablefederallaw. 10.Fees.AscompensationforManager'sserviceshereunder,ClientwillpayManagerafee calculatedandpaidquarterlyinarrearsonthebasis
of
t.he
totalvalue
of
theAssetsundermanagementbytheManageras
of
theend
of
thepreviousquarterinaccordancewiththeFeeScheduleattachedheretoasExhibitB.IfthereareanyadditionstoorwithdrawalsfromtheAccountduringaquarter,thefeeshallbeadjustedattheend
of
thequarteronaproratabasistoreflecttheamount
of
suchadditionstoorwithdrawalsfromtheAccountfortheperiodsduringwhichsuchamountswereincludedintheAccount.InconnectionwithanyfeepayabletoManagerunderthisAgreement,ManageragreestosendtoClientandthe Cutodianatthesametimeabillshowingtheamount
of
thefee,thevalue
of
theClient'sassetsonwhichthefeeisbased,andthespecificmannerinwhichthefeewascalculated.All brokerageandothertransactioncosts
of
theAccountshallbepaidbyClientandchargedtotheAccountwhenincurred.
II.
Valuation
of
Assets.Anyvaluation
of
theAssetsintheAccountpursuanttothisAgreementshallbemadebyCustodianandreviewedandfullyreconciled
by
Managertoitsownvaluation
of
AccountAssets.
In
computingthevalue
of
anyAssetintheAccountforpurposes
of
thisAgreement,thelastsalepriceonthevaluationdateorthelatestavailablebidpricequotationfumishedtotheCustodianbysourcesitdeemsappropriateshallbeused.Any otherAssetshallbevaluedbyCustodiansubjecttoClientreview,insuchamannerasto reflectitsfairmarketvalue.12.Reinvestment
of
Income:WithdrawalsfromtheAccount.AllincomefromtheAccountshall bereinvestedbyManager,unlessClientotherwiserequestsinwriting.Clientmaymake withdrawalsfromtheAccountaftergivingadequatenoticetoManagerinlight
of
normalliquidationandsettlementprocedures.13.InformationConcerningManager.Clientacknowledgesthatatleast48hourspriortoits executionanddeliveryofthisAgreementitreceivedacopy
of
Part
U
of
Manager'sFormADVorabrochuremeetingthaIrequirements
of
Rule204-3underthe1940ActwhichdescribestheservicesprovidedbyManager.
3
of 00

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