SHEET METAL WORKERS' NATIONAL PENSION FUND
AND ITS' SUBSIDIARIES
INDEX OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE EIGHT MONTHS ENDED AUGUST 31, 2014 and 2013
PAGE
Consolidated Statement of Net Assets Available for Pension Benefits
1
Consolidated Statement of Changes in Net Assets Available for Pension Benefits
2
Schedule of Corporate Stocks
3
Schedule of Corporate Bonds
4
Schedule of Government and Israel Bonds
5
Schedule of Insurance Contract Investments
6
Schedule of Limited Partnerships
7
Schedule of Real Estate Investments
8
Schedule of REITS and REOCS
9
Schedule of Contributions
10
Schedule of Investment Expenses
11
Schedule of Manager and Custodian Fees
11a
Schedule of Administrative Expenses
12
Administrative Expense Variance Analysis
13
SHEET METAL WORKERS' NATIONAL PENSION FUND
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF NET ASSETS AVAILABLE FOR PENSION BENEFITS
For the Eight Months Ending August 31, 2014
Year to Date
2014
Year to Date
2013
$1,614,856,651
331,480,360
292,376,432
10,980,118
543,169,338
506,252,439
355,425,596
21,148,738
66,669,727
234,568,795
581,463
3,977,509,658
$1,459,202,887
291,577,291
349,933,776
12,762,104
451,142,123
382,591,697
322,025,317
22,177,342
52,719,257
127,032,252
545,612
3,471,709,658
50,288,740
33,794,820
7,280,508
69,662,856
341,624
45,485
161,414,034
45,175,915
42,257,427
6,409,886
50,980,918
307,541
13,537
145,145,223
3,510,337
3,174,211
8,660,444
1,204,225
52,530,815
62,395,484
2,065,424
706,816
48,385,612
51,157,852
4,204,829,513
3,671,186,944
ASSETS:
Investments - at Fair Value
Corporate Stocks *
Corporate Obligations *
United States Government and Government Agency Obligations *
Insurance Company Contracts *
Common Collective Trusts
Limited Partnerships *
Mutual Funds
Real Estate *
REITS and REOCS *
Short-term Investments
Foreign Obligations *
Total Investments
Receivables
Contributions *
Employer Withdrawal Liability - Net
Accrued Interest and Dividends
Receivable for Investment Securities Sold
Due from Affiliated Organizations
Real Estate A/R
Total Receivables
PREPAID EXPENSES, DEPOSITS AND OTHER ASSETS
CASH
NBF Escrow Accounts
Real Estate Cash Account
Operating NPF Cash Accounts
Total Cash
Total Assets
LIABILITIES AND NET ASSETS:
Accounts Payable and Withholdings
Unprocessed/Undistributed Contributions
Settlement of Securities Purchased
Real Estate Liabilities & Notes Payable *
Assets Restricted for 401(H) Medical Benefit
Total Liabilities
Net Assets Available for Pension Benefits
5,978,786
(12,451,356)
157,160,287
7,588,608
2,709,622
(499,004)
117,628,112
7,843,685
158,276,325
127,682,415
4,046,553,188
3,543,504,530
* See accompanying schedules.
Notes: Included within the reported assets are the following Securities on Loan:
Corporate Stocks $384,664,258, Corporate Bonds $36,427,864 and Government Bonds $125,860,573.
These are Internal Financial Statements and therefore, are subject to change.
Page 1
SHEET METAL WORKERS' NATIONAL PENSION FUND
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PENSION BENEFITS
For the Eight Months Ending August 31, 2014
Year to Date
2014
Year to Date
2013
Net Appreciation in Fair Value of Investments *
Interest and Dividend Income
Rental Income
$172,889,263
40,611,146
257,989
213,758,398
$279,064,758
37,485,987
793,988
317,344,732
Less Investment Expense *
Total Investment Income (Loss) - Net
7,519,075
206,239,323
6,376,841
310,967,891
284,627,843
836,176
521,533
285,985,552
252,551,389
601,724
24,934,322
278,087,436
266,240
2,400
268,640
274,051
4,050
278,101
492,493,516
589,333,427
Pension Benefits
COLA Benefits
Death Benefits
Total Benefits
291,767,891
820
139,024
291,907,735
283,267,477
52,137
125,172
283,444,786
Administrative Expenses - Net *
Total Deductions
7,866,836
299,774,571
8,765,236
292,210,022
192,718,945
297,123,406
3,853,834,243
3,246,381,124
4,046,553,188
3,543,504,530
ADDITIONS:
Investment Income
Contributions
Employer Contributions *
Liquidated Damages
Withdrawal Liability
Total Contributions
Other Additions
Settlement income
Other income
Total Additions
DEDUCTIONS:
Benefits
Net Increase/Decrease
Net Assets Available for Pension Benefits
Beginning of Year
End of Period
* See accompanying schedules.
Note: These are unaudited internal financials and therefore subject to change.
Page 2
Sheet Metal Workers' National Pension Fund
Schedule of Corporate Stocks at 8/31/2014
.
Start
Date
BNY Mellon Custodian Accounts
Apex Capital
Blackrock *
Cambiar
Columbia LC Growth
Cramer, Rosenthal, McGlynn
Delaware
Delaware International
Harding Loevner
HGK
IWS Russell MC Value
Janus Large Cap
MCM Mid Cap Index
MCM Small Cap Index
Met West Core*
NFJ
NFJ Large Cap
Penn Capital
PIMCO *
SEIX*
Thornburg
Wells Capital Mid Cap
Westfield Large Cap Growth
Westfield Small Cap
General Fund Cash Account
???
Securities Lent out to Third Parties
Total Corporate Stocks
Mar-13
Feb-14
Feb-04
Mar-12
Oct-06
Mar-05
May-14
Sep-11
Feb-08
Jun-14
May-07
Mar-03
Mar-03
Sep-14
Mar-03
Mar-11
Jan-06
Jul-08
Apr-14
Sep-09
Jul-03
Oct-06
Mar-03
Jan-94
Mar-03
Investment
at Cost
8/31/2014
Allowance
Chg in Mkt Value
8/31/2014
10,312,965
3,375
19,685,899
24,143,483
19,493,035
(1,796,286)
26,474,244
23,412,720
(3,540,123)
43,583,583
26,723,430
214,713
16,752,754
15,960,350
(138)
32,950
118,754
15,791,366
31,581,299
12,061,091
9
0
281,009,473
Unrealized Gain/Loss
for Month Ended
8/31/2014
76,744,045
233,213
105,471,402
123,357,638
72,906,647
142,229,005
151,012,355
100,409,215
114,873,058
148,937,098
106,245,749
1,127,475
76,826,066
73,730,616
55,297
4,197,750
644,850
117,023,287
117,562,856
79,172,929
13
1,283,738,193
1,612,760,562
296,775
446,797
743,572
873,191
1,222,898
2,096,089
576,416
776,100
1,352,516
576,416
776,100
1,352,516
0
0
0
1,284,481,765
1,614,856,650
330,374,886
282,361,989
48,012,897
* Includes Preferred Stock, permissible in the Advisors Investment Guidelines.
14,667,940
3,038
21,761,100
28,952,368
22,267,179
(2,390,776)
29,916,671
27,055,893
1,069,904
50,015,789
30,132,087
213,475
18,292,327
17,296,843
435
52,750
119,404
20,097,789
34,288,061
15,210,079
13
0
329,022,370
Allowance
Chg in Mkt Value
7/31/2014
62,076,105
230,175
83,710,302
94,405,270
50,639,468
144,619,781
121,095,683
73,353,321
113,803,154
98,921,309
76,113,662
914,000
58,533,738
56,433,773
54,863
4,145,000
525,446
96,925,498
83,274,795
63,962,849
-
Direct Investments
Union Bank & Trust
Union Financial Corp.
Total for Direct Investments
Total Corporate Stocks at 8/31/2014
Investment
at Market Value
8/31/2014
4,354,975
(338)
2,075,200
4,808,885
2,774,144
(594,490)
3,442,428
3,643,173
4,610,027
6,432,206
3,408,657
(1,238)
1,539,574
1,336,493
572
19,800
650
4,306,423
2,706,762
3,148,988
4
0
48,012,897
Page 3
Sheet Metal Workers' National Pension Fund
Schedule of Corporate Bonds at 8/31/2014
Start
Date
BNY Mellon Custodian Accounts
Blackrock
Met West Core Fixed
Penn Capital
PIMCO
Sage Advisory
Seix Investment Advisors
Feb-08
Sep-09
Jan-06
Jul-08
Oct-13
Apr-02
????
Mar-03
Securities Lent out to Third Parties
Total Corporate Obligations at 8/31/2014
Investment
at Cost
8/31/2014
Investment
at Market Value
8/31/2014
Allowance
Chg in Mkt Value
8/31/2014
Allowance
Chg in Mkt Value
7/31/2014
65,046,477
53,763,159
60,406,042
65,372,520
24,966,696
51,856,770
63,995,459
57,127,237
61,656,535
70,776,849
24,764,007
53,160,274
(1,051,018)
3,364,077
1,250,493
5,404,329
(202,689)
1,303,504
(1,160,659)
3,309,135
717,187
4,667,172
(213,482)
654,075
321,411,664
331,480,360
0
10,068,696
0
7,973,429
Unrealized Gain/Loss
for Month Ended
8/31/2014
109,641
54,943
533,306
737,157
10,792
649,429
0
2,095,267
Page 4
Sheet Metal Workers' National Pension Fund
Schedule of U.S. Government and Foreign Government Obligations at 8/31/2014
Start
Date
BNY Mellon Custodian Accounts
Blackrock
Met West Core Fixed
PIMCO
Sage Advisory
Feb-03
Sep-09
Jul-08
Oct-14
Total Government Bonds at 8/31/2014
BNY Mellon Custodian Accounts
Blackrock
Total Foreign Government Notes at 8/31/2014
Feb-03
Investment
at Cost
8/31/2014
Investment
at Market Value
8/31/2014
Allowance
Chg in Mkt Value
8/31/2014
Allowance
Chg in Mkt Value
7/31/2014
53,543
837,032
828,885
(23,529)
Unrealized Gain/Loss
for Month Ended
8/31/2014
105,324,875
67,703,138
106,426,303
9,423,372
105,618,034
69,267,310
108,088,513
9,402,575
293,159
1,564,172
1,662,210
(20,797)
239,616
727,140
833,326
2,732
288,877,688
292,376,432
3,498,744
1,695,931
1,802,813
438,321
581,463
143,142
131,196
11,946
438,321
581,463
143,142
131,196
11,946
Page 5
Sheet Metal Workers' National Pension Fund
Schedule of Insurance Company Contracts at 8/31/2014
John Hancock
GAC 1022 (IPG)
Balance at 12/31/2013
Investment Income
Pension Benefits Paid
Death Benefits Paid
Transfer to/from Separate Acct
Transfer to/from General Acct
Realized Gain/Loss
Unrealized Gain/Loss
Investment Mgt Fee
Transfer from Wells Fargo Acct #2079900104077
Transfer to Wells Fargo Acct #2000013840006
Administrative Charge
Total Insurance Company Contracts at 8/31/2014
5,075,101
293,439
(1,543,077)
(59,755)
847,730
John Hancock
Separate Account 14
6,137,115
AETNA
GAC 1433
AETNA
GAC 1523
ULLICO
204
171,731
156,346
(23,668)
(19,147)
570,852
11,328
(6,494)
148,062
137,199
575,686
(847,730)
327,932
(39,018)
(72,567)
4,540,871
5,578,300
Total
@ 8/31/2014
12,111,144
304,767
(1,592,386)
(59,755)
847,730
(847,730)
327,932
(39,018)
(72,567)
10,980,118
Page 6
SHEET METAL WORKERS' NATIONAL PENSION FUND
Limited Partnerships
For the Eight Months Ending August 31, 2014
Beginning
Cost Balance
12/31/2013
Total
2014
Additions/
Disbursements
Investments
Cost Balance
8/31/2014
Unrealized
Gain/(Loss)
2014
Realized
Gain/(Loss)
Ending
Market Balance
8/31/2014
Hedge Funds
Austin Capital All Seasons Offshore Fund Ltd
Mesirow Institutional Multi LTD
Berens Capital ERISA Fund
Private Advisors Hedged Equity Fund
Grosvenor Enhanced Equity Fund
Abbey Capital Fund
Vontobel Global Emerging Markets
Subtotal for Hedge Funds
Invesco US Buy Out
Invesco Non US
Invesco Venture
Subtotal for Invesco
90,000,000
33,000,000
68,389,587
15,000,000
50,000,000
35,000,000
30,000,000
105,000,000
33,000,000
68,389,587
25,000,000
50,000,000
65,000,000
276,389,587
70,000,000
346,389,587
90,265,554
436,655,141
962,943
160,711
1,426,462
2,550,116
25,000,000
1,575,497
(211,276)
1,364,221
1,575,497
(211,276)
1,364,221
1,185,895
521,039
955,669
(78,720)
2,163
442,319
957,832
Subtotal for Cramer
65,670
75,648
65,670
75,648
517,557
136,965
5,097
517,557
136,965
1,357
(3,740)
146,986,992
44,763,373
97,249,700
25,000,000
46,127,007
76,528,068
(3,872,993)
11,528,068
962,943
160,711
62,241
Cramer, Rosenthal & McGlynn
Cerberus Institutional Partners
DCM III, LP
Freemont Partners III, L.P.
Prism Venture Partners IV LP
Quadrangle (Access) Capital Partners
Quadrangle (Offshore) Capital Partners
Quadrangle Capital Partners
TCW/Crescent Mezzanine Partners
TL Ventures V. LP
Willis Stein & Partners III, LP
Ripplewood Partners II, LP
MHR Institutional Advisors II
41,986,992
11,763,373
28,860,113
20,211
(115,083)
36,905
20,211
327,236
994,737
(19,997)
248
(100,596)
173
(376,410)
(10,023)
45,673
75,896
(100,596)
173
141,147
126,942
1,357
1,230,331
50,102
1,230,331
2,277,644
(80,297)
2,197,347
665,759
14,923,672
(6,285,771)
10,692,976
245,269
2,989,908
1,773,373
2,643,834
8,637,901
10,692,976
15,930,724
5,639,607
1,773,373
10,049,834
7,880,572
50,102
2,863,106
Other Limited Partnerships
AEW Partnership
AEW Core Property Trust
Goldman Sachs Private Equity Partners X Offshore
Private Advisors Small Company Buyout V
Private Advisors Small Company Private Equity VI
Townsend Real Estate
WPGVA Venture-Limited Partnership
Subtotal for Other Limited Partnerships
Total Limited Partnerships
15,685,455
2,649,699
7,406,000
16,518,473
10,692,976
18,617,088
5,639,607
1,773,373
10,942,560
(1)
2,686,364
892,726
40,664,825
12,059,590
52,724,415
11,459,661
320,907,553
81,768,017
402,675,570
103,576,870
64,184,077
50,102
506,252,439
Page 7
SHEET METAL WORKERS' NATIONAL PENSION FUND
Schedule of Real Estate Investments
For the Eight Months Ending August 31, 2014
Name and Location
Grant Street (Formerly FHLB)
Grant Street Office Corp
Pittsburgh, PA
Mercy Medical LLC
Mercy Medical Office LLC
Total
Acquisition Date
Assets
Liabilities
$13,522,739
($71,250)
7,625,999
(215,439)
21,148,738
(286,689)
Mortgage &
Interest Payable
($7,301,919)
Liabilities &
Mortgage Payable
($7,373,169)
December-91
(215,439)
April-93
(7,301,919)
(7,588,608)
Page 8
SHEET METAL WORKERS' NATIONAL PENSION FUND
Schedule of REITS and REOCS
For the Eight Months Ending August 31, 2014
1
Investment
at Cost
8/31/2014
Clarion REIT
$49,086,124
1
Investment
at Market Value
8/31/2014
$66,669,727
1
Allowance
Chg in Mkt Value
8/31/2014
$17,583,603
1
Allowance
Chg in Mkt Value
7/31/2014
$16,170,873
1
Unrealized Gain/Loss
for Month Ended
8/31/2014
$1,412,730
Page 9
Sheet Metal Workers' National Pension Fund
Contribution Income
For Period Ended 8/31/2014
Per Accounting Department Records
Total deposits per bank (Cash basis)
January
February
March
April
May
June
July
August
September
October
November
December
Regular Contributions
Deposited
32,987,087
28,758,261
38,874,182
36,475,610
38,222,050
32,597,284
34,203,054
36,253,097
Delinquent Contributions at 8/31/2014
Interest Income Received with Contributions
Contributions Receivable at 8/31/2014
Prior Year Contributions Receivable
Prior Year Delinquent Contributions Receivable
Adjustments for Legal
Adjustments for
Legal & other Fees
535,318
144,431
91,097
102,804
169,369
179,187
401H
Contributions
575,000
575,000
575,000
575,000
575,000
575,000
575,000
575,000
5,003,907
$
44,709,833
(36,943,742)
(4,726,011)
286,414,613
1,222,207
575,000
(575,000)
1,222,207
4,600,000
287,636,820
Total Contributions Receivable at 8/31/2014
50,288,740 Contributions (Excluding 401H)
401(H) Contributions
Less: 401(H) Benefits
Contributions per P&L
-351,657,572
284,400,288
4,600,000
289,000,288
(4,372,445)
284,627,843
Page 10
Sheet Metal Workers' National Pension Fund
Schedule of Investment Expenses at 8/31/2014
Balance
@ 7/31/2014
Investment Manager Expenses *
Custodian Expenses *
Graystone
Gallagher Fiduciary Advisors #
Zeno Consulting Group
Commissions and Foreign Expense Fees
Total Investment Expenses at 8/31/2014
5,069,752
99,610
1,149,378
61,078
6,250
178,071
6,564,140
Expenses
During August
762,440
14,230
169,272
8,992
954,935
Balance
@ 8/31/2014
5,832,193
113,840
1,318,650
61,078
6,250
187,063
7,519,074
# Gallagher Fiduciary Advisors terminated June 2014.
* See accompanying Schedule detailing Manager Fees by investment and Custodian Fees.
Page 11
Sheet Metal Workers' National Pension Fund
Schedule of Manager and Custodian Fees at 8/31/2014
Manager Fees
1st Quarter
Apex Capital Mgmt
Blackrock
Cambiar
Clarion REIT
Cramer, Rosenthal, McGlynn
Columbia LC Growth
Delaware
Delaware International
Harding Loevner
HGK
Janus
MET West - Fixed
NFJ
NFJ Large Cap
Penn Capital
PIMCO
Sage Advisory
Seix
Thornburg
Wells Capital Mid Cap
Westfield Small Cap
Westfield Large Cap Growth
Investment Mgr fees - AEW Rebate
Mellon Capital Mgmt Index Funds
Invesco Fund of Funds
Hancock Separate Account 14
Graystone Consulting
Grant Street Office Corporation
Mercy Health Care Center
Balance as of 8/31/2014
79,030
76,645
89,045
74,377
180,383
111,165
98,766
0
153,852
84,204
63,289
56,900
116,170
78,349
52,333
126,590
21,544
56,232
137,292
174,413
134,383
121,824
(25,000)
31,161
2,200
15,317
2nd Quarter
82,342
78,491
93,883
80,454
181,980
113,917
103,711
94,823
162,293
90,571
57,995
58,749
122,670
84,231
54,747
130,425
21,830
58,388
35,117
163,748
135,860
128,372
27,767
290
14,433
3rd Quarter
4th Quarter
Total
57,354
54,671
65,392
56,039
126,754
79,346
72,238
66,047
113,042
63,085
40,395
40,920
85,443
58,670
38,133
90,845
15,205
40,669
24,460
114,055
94,631
89,415
(12,500)
13,985
2,972
9,268
9,000
8,786
9,000
7,480
6,000
3,841
2,128,252
2,193,566
1,510,375
218,726
209,807
248,319
210,870
489,118
304,428
274,714
160,871
429,187
237,860
161,679
156,569
324,283
221,250
145,212
347,860
58,579
155,290
196,870
452,215
364,874
339,610
(37,500)
72,913
5,462
39,018
24,000
20,107
-
5,832,192
Custodian Fees
1st Quarter
BNY Mellon
42,690
Balance as of 8/31/2014
42,690
2nd Quarter
42,690
42,690
3rd Quarter
4th Quarter
28,460
28,460
Total
0
-
113,841
113,841
Page 11a
SHEET METAL WORKERS' NATIONAL PENSION FUND
SCHEDULE OF ADMINISTRATIVE EXPENSES
For the Eight Months Ending August 31, 2014
Actuarial
Admin Services - Hancock/Ullico
Admin Services
Admin Services - SASMI
Audit/Accounting Fees
Bank Charges
Business/Travel
Computer Processing
Computer Software/Hardware/Supplies
Consultant Fees
Dues
Employee Benefits
Equipment/Equip Maint/Furniture
Fiduciary Insurance
Insurance
Legal - Outside Delinq Counsel
Legal Fees
Legal Fees Reimbursed
Local Union Collection Services
Miscellaneous
Office Space Lease
Office Supplies
Payroll Audits
PBGC
Postage/Delivery/Shipping
Printing
Records Retention
Renovations (8403 Arlington Blvd)
Seminars/Training
Soc Sec employment verification
Subscriptions/Publications
Taxes
Trustee Expense
Voice and Data Lines
Wages
Sub - Total
Less: Admin Reimb from Other SMW Org
TOTAL
August
August
2014
2013
$21,250
9,258
5,160
8,551
75,243
2,793
6,976
719
146,763
829
40,897
3,916
65,657
3,100
(29,208)
9,788
(10,034)
53,106
3,331
153,674
136,880
18,759
18,941
719
$21,250
10,447
26,950
5,113
2,097
100,879
27,366
990
147,622
824
40,902
4,398
153,259
26,638
(53,927)
5,834
1,109
53,106
3,186
115,021
136,880
17,201
9,035
1,999
129
288
4,278
44,996
926
7,294
305,348
2,112
18,083
600
3,565
283,736
1,110,039
1,166,563
(153,930)
956,109
(123,847)
1,042,716
NPF Budget
YTD
Year to Date
Curr Year
Year to Date
Last Year
$270,000
76,000
$170,000
72,567
21,000
66,000
88,000
14,267
604,533
26,667
226,667
10,000
1,276,287
64,333
344,231
37,925
946,667
280,000
(178,000)
130,857
12,000
424,848
54,000
443,791
1,113,884
440,000
201,267
9,424
12,000
63,000
58,474
18,416
588,037
24,712
81,607
6,625
1,192,974
19,996
327,173
37,009
862,164
349,726
(411,141)
82,306
1,370
424,848
20,192
509,892
1,095,040
292,998
233,955
6,757
4,945
445
19,970
228,806
31,563
70,376
2,559,929
$292,565
81,351
216
19,500
61,950
57,625
4,213
808,994
35,264
237,917
9,960
1,210,096
20,375
327,216
29,255
893,468
398,835
(210,799)
107,452
2,734
424,848
23,810
534,485
1,095,040
284,416
128,567
10,046
8,788
11,798
68,000
30,239
191,762
18,621
45,974
2,463,657
9,056,730
9,728,236
23,000
21,259
31,711
210,900
30,400
50,442
2,723,469
10,095,828
(989,773)
9,106,054
(1,189,894)
7,866,836
(963,000)
8,765,236
Year to Date
Variance
$122,565
8,784
216
7,500
(1,050)
(850)
(14,203)
220,958
10,552
156,309
3,335
17,122
379
43
(7,755)
31,304
49,110
200,341
25,147
1,364
3,618
24,593
(8,583)
(105,388)
3,289
8,788
6,853
67,555
10,269
(37,044)
(12,942)
(24,402)
(96,272)
671,507
226,893
898,400
Page 12
SHEET METAL WORKERS NATIONAL PENSION FUND
ADMINISTRATIVE EXPENSE VARIANCE REPORT
August 2014
Actuarial – Decrease due to services rendered regarding Rehab Plan Projections in 2013.
Business Travel – Increase due to NPF presentation to local union leaders at AFL-CIO Legislative
Conference.
Computer Processing – Decrease due to delivery of DRG remittance system in 2013 and negotiated schedule
for phase 2 development in 2014.
Computer Software/Hardware/Supplies – Decrease due to network upgraded in 2013.
Consultant Fees – Decrease due to work in connection with Great Plains Integration/new Great Plains
companies in AP workflow.
Dues – Decrease due to Council of Inst. Investors dues discontinued in 2013
Legal Outside Delinq. – Decrease due to a lower ratio in delinquency collections, and the inclusion of
SASMI delinquency expenses being reimbursed via ASA.
Legal Fees – Decrease due to HIPPA compliance, Puerto Rico tax compliance and services rendered for
Courtad Construction and Aeromark Mechanical withdrawal liability cases in 2013.
Legal Fees Reimbursed – Increase due to higher percentage of cases with payment agreement. Higher
percentage of fees are recovered due to payment agreement. Due to increase of recovery amounts for SASMI,
we also have received higher legal fees.
Local Union Collection Services – Decrease due to Local 100 fees ended 2013.
Postage/Delivery/Shipping & Printing – Increase due to change in zone status and changes to the Plan
Document prompted by the zone status change.
Seminar/Training – Decrease due to purchase of HIPAA Online Training, Certified HIPAA Security and
ICW BCTD Event in Washington, DC 2013.
Soc Sec employment verification – Decrease due to earnings requests on behalf of 1,700 retirees in 2013.
Subscriptions/Publications – Decrease due to termination of West Group Payment in 2013.
Trustee Meeting – Increase due to trustee meeting in Fort Lauderdale, FL in 2014 vs. meeting in Fairfax, VA
in 2013.
Voice and Data Lines – Increase due to overlapping fees during data center changeover and increase in phone
activity and related costs after the DRG billing system went live.
Page 13

UNAUDITED Schedule of Investments

Investment Linked Insurance Products- Fund Risk Rating

米国・オハイオ州天然ガス火力発電事業の概要について[PDF：167KB]