WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS 

PENSION FUND 

SUSPENSION APPLICATION 

Exhibit 16 

Annual Return and Reports 

File 16 Ex 16 Annual Return Report 0001
Form 5500 

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security 

Administration 

Pension Benefit Guaranty Corporation 

Annual Return/Report of Employee Benefit Plan 

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6057(b) and 6058(a) of the Internal Revenue Code (the Code). 

| Complete all entries in accordance with

 the instructions to the Form 5500. 

OMB Nos. 1210 - 0110 

1210 - 0089 

2016 

This Form is Open to 

Public Inspection 

Part I Annual Report Identification Information 

For calendar plan year 2016 or fiscal plan year beginning 01/01/2016 and ending 12/31/2016 

1b 

1c 

2b 

2c 

2d 

Plan sponsor's name (employer, if for a single-employer plan) 

Mailing address (include room, apt., suite no. and street, or P.O. Box) 

City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

Check box if filing under: Form 5558 

special extension (enter description) 

automatic extension the DFVC program 

- enter all requested information 

Name of plan Three-digit 

plan number (PN) | 

Effective date of plan 

Employer Identification Number (EIN) 

Plan Sponsor's telephone number 

Business code (see instructions) 

D 

Part II Basic Plan Information

1a 

2a 

X 

WESTERN PENNSYLVANIA TEAMSTERS AND 001 

EMPLOYERS PENSION FUND 

08/27/1956 

25-6029946 

W PA TEAMSTERS & EMPLOYERS PENSION FUND BOARD OF TR 412-362-4200 

525100 

900 PARISH STREET, SUITE 101 

PITTSBURGH PA 15220 

| 

This return/report is for: a multiemployer plan 

a single-employer plan 

a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instr.) 

a DFE (specify) 

This return/report is: the first return/report 

an amended return/report 

the final return/report 

a short plan year return/report (less than 12 months) 

If the plan is a collectively-bargained plan, check here  

A 

B 

C 

X 

X 

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. 

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, as well 

as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 10/16/2017 GINO BOSETTI 

Signature of plan administrator Date Enter name of individual signing as plan administrator 

SIGN 

HERE 10/16/2017 ROBERT CLEARY 

Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor 

SIGN 

HERE Signature of DFE Date Enter name of individual signing as DFE 

Preparer's name (including firm name, if applicable) and address (include room or suite number) Preparer's telephone number 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Form 5500 (2016) 

v. 160205 

618401 07-11-16 

File 16 Ex 16 Annual Return Report 0002
Form 5500 (2016) Page 2 

6a(1), 6a(2), 6b, 6c, 6d 

6a(2), 6b, 6c 

6d 6e 

Plan administrator's name and address Same as Plan Sponsor Administrator's EIN 

Administrator's telephone number 

If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 

EIN and the plan number from the last return/report: 

EIN 

Sponsor's name PN

Total number of participants at the beginning of the plan year 

Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 

and ). 

Total number of active participants at the beginning of the plan year 

Total number of active participants at the end of the plan year 

~~~~~~~~~~~~~~~~~~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~ 

Retired or separated participants receiving benefits 

Other retired or separated participants entitled to future benefits 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~ 

Subtotal. Add lines and ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ~~~~~~~~~~~ 

Total. Add lines and ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this item)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

Number of participants that terminated employment during the plan year with accrued benefits that were less than 

100% vested  

Enter the total number of employers obligated to contribute to the plan (only multiemployer plans 

complete this item) 

3a 3b 

3c 

4 4b 

a 4c

5 

6 

5 

6a(1) 

6a(2) 

6b 

6c 

6d 

6e 

6f 

6g 

6h 

7 

a 

a 

b 

c 

d 

e 

f 

g 

h 

(1) 

(2) 

7 

X 

22,856 

5,167 

4,189 

9,183 

5,917 

19,289 

3,299 

22,588 

262 

125 

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

1A 

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) 

(1) Insurance (1) Insurance 

(2) Code section 412(e)(3) insurance contracts (2) Code section 412(e)(3) insurance contracts 

(3) X Trust (3) X Trust 

(4) General assets of the sponsor (4) General assets of the sponsor 

10 Check all applicable boxes in 10a and 10b to indicate which schedules are attached, and, where indicated, enter the number attached. 

(See instructions) 

a Pension Schedules b General Schedules 

(1) X 

X 

R (Retirement Plan Information) (1) X 

X 

X 

H (Financial Information) 

(2) MB (Multiemployer Defined Benefit Plan and Certain Money (2) I (Financial Information - Small Plan) 

Purchase Plan Actuarial Information) - signed by the plan (3) A (Insurance Information) 

actuary (4) C (Service Provider Information) 

(3) SB (Single-Employer Defined Benefit Plan Actuarial (5) D (DFE/Participating Plan Information) 

Information) - signed by the plan actuary (6) G (Financial Transaction Schedules) 

618402 07-11-16 

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2 

SCHEDULE R 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

Retirement Plan Information 

This schedule is required to be filed under sections 104 and 4065 of the 

Employee Retirement Income Security Act of 1974 (ERISA) and section 6058(a) 

of the Internal Revenue Code (the Code). 

OMB No. 1210-0110 

2016 

Employee Benefits Security 

Administration 

Pension Benefit Guaranty Corporation J File as an attachment to Form 5500. This Form is Open to 

Public Inspection. 

For calendar plan year 2016 or fiscal plan year beginning 01/01/2016 and ending 12/31/2016

A Name of plan 

WESTERN PENNSYLVANIA TEAMSTERS AND 

B Three-digit 

plan number (PN) | 001 

C Plan sponsor's name as shown on line 2a of Form 5500 

W PA TEAMSTERS & EMPLOYERS PENSION FUND BOARD OF TR 

D Employer Identification Number (EIN) 

25-6029946 

Part I Distributions 

All references to distributions relate only to payments of benefits during the plan year. 

1 Total value of distributions paid in property other than in cash or the forms of property specified 

in the instructions ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1 0

Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (if more than two, enter EINs 

of the two payors who paid the greatest dollar amounts of benefits): 

EIN(s): 25-6029946

Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3. 

3 Number of participants (living or deceased) whose benefits were distributed in a single sum, during 

the plan year 3 0 

Part II Funding Information (If the plan is not subject to the minimum funding requirements of section 412 of the Internal Revenue 

Code or ERISA section 302, skip this Part.) 

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)?~~~~~~~ Yes X No N/A 

5 

6 

7 

If the plan is a defined benefit plan, go to line 8. 

If a waiver of the minimum funding standard for a prior year is being amortized in this 

plan year, see instructions and enter the date of the ruling letter granting the waiver. Date: Month Day 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of this schedule. 

a Enter the minimum required contribution for this plan year (include any prior year accumulated 

funding deficiency not waived) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

b Enter the amount contributed by the employer to the plan for this plan year ~~~~~~~~~~~~ 

c Subtract the amount in line 6b from the amount in line 6a. Enter the result (enter a minus sign to 

the left of a negative amount) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

If you completed line 6c, skip lines 8 and 9. 

Will the minimum funding amount reported on line 6c be met by the funding deadline? ~~~~~~~~~ Yes 

Year 

No N/A 

8 If a change in actuarial cost method was made for this plan year pursuant to a revenue procedure or other 

authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or 

6a 

6b 

6c 

plan administrator agree with the change?  Yes No X N/A 

Part III Amendments 

9 If this is a defined benefit pension plan, were any amendments adopted during this plan 

year that increased or decreased the value of benefits? If yes, check the appropriate 

box. If no, check the "No" box  Increase Decrease Both X No 

Part IV ESOPs (see instructions). If this is not a plan described under Section 409(a) or 4975(e)(7) of the Internal Revenue Code, 

skip this Part. 

10 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan? Yes No 

11 a Does the ESOP hold any preferred stock? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes No 

b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a "back-to-back" loan? 

(See instructions for definition of "back-to-back" loan.)  Yes No 

12 Does the ESOP hold any stock that is not readily tradable on an established securities market?  Yes No 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule R (Form 5500) 2016 

v. 160205 

618531 07-11-16 

File 16 Ex 16 Annual Return Report 0049
Schedule R (Form 5500) 2016 Page 2 -

Part V Additional Information for Multiemployer Defined Benefit Pension Plans

13 Enter the following information for each employer that contributed more than 5% of total contributions to the plan during the plan year 

(measured in dollars). See instructions. Complete as many entries as needed to report all applicable employers.

a Name of contributing employer UNITED PARCEL SERVICE INC.

b EIN 31-1426500 c Dollar amount contributed by employer 28,126,387.

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 07 Day 31 Year 2018 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. 

Otherwise, complete lines 13e(1) and 13e(2).)

(1) 

(2) 

Contribution rate (in dollars and cents) 

Base unit measure: Hourly Weekly Unit of production Other (specify): X 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box and see instructions regarding required attachment.

Otherwise, complete lines 13e(1) and 13e(2).)

(1) 

(2) 

Contribution rate (in dollars and cents) 

Base unit measure: Hourly Weekly Unit of production Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box and see instructions regarding required attachment.

Otherwise, complete lines 13e(1) and 13e(2).)

(1) 

(2) 

Contribution rate (in dollars and cents) 

Base unit measure: Hourly Weekly Unit of production Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box and see instructions regarding required attachment.

Otherwise, complete lines 13e(1) and 13e(2).)

(1) 

(2) 

Contribution rate (in dollars and cents) 

Base unit measure: Hourly Weekly Unit of production Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box and see instructions regarding required attachment.

Otherwise, complete lines 13e(1) and 13e(2).)

(1) 

(2) 

Contribution rate (in dollars and cents) 

Base unit measure: Hourly Weekly Unit of production Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box and see instructions regarding required attachment.

Otherwise, complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) 

(2) Base unit measure: Hourly Weekly Unit of production Other (specify): 

618532 07-11-16 

File 16 Ex 16 Annual Return Report 0050
Schedule R (Form 5500) 2016 Page 3 

14 Enter the number of participants on whose behalf no contributions were made by an employer as an 

employer of the participant for: 

a The current year ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 14a 

b The plan year immediately preceding the current plan year ~~~~~~~~~~~~~~~~~~~~~~ 14b 

c The second preceding plan year 14c 

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to 

make an employer contribution during the current plan year to: 

a The corresponding number for the plan year immediately preceding the current plan year ~~~~~~~ 15a 

b The corresponding number for the second preceding plan year  15b 

16 Information with respect to any employers who withdrew from the plan during the preceding plan year: 

a Enter the number of employers who withdrew during the preceding plan year ~~~~~~~~~~~~~ 16a 

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated 

to be assessed against such withdrawn employers  16b 

10,586 

10,483 

10,431 

101.00 

101.50 

3 

1,546,588 

17 If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, 

check box and see instructions regarding supplemental information to be included as an attachment.  

Part VI Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans 

18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or 

in part) of liabilities to such participants and beneficiaries under two or more pension plans as of immediately before 

such plan year, check box and see instructions regarding supplemental information to be included as an attachment  

19 If the total number of participants is 1,000 or more, complete lines (a) through (c) 

a Enter the percentage of plan assets held as: 

Stock: % Investment-Grade Debt: % High-Yield Debt: % Real Estate: % Other: % 80.0 .9 .0 8.8 10.3

b Provide the average duration of the combined investment-grade and high-yield debt: 

0-3 years X 3-6 years 6-9 years 9-12 years 12-15 years 15-18 years 18-21 years 21 years or more 

c What duration measure was used to calculate line 19(b)? 

X Effective duration Macaulay duration Modified duration Other (specify): 

IRS Compliance Questions 

20a Is the plan a 401(k) plan? If "No," skip b  

Part VII 

Yes No 

Design-based "Prior year" 20b How did the plan satisfy the nondiscrimination requirements for employee deferrals under section safe harbor ADP test 

401(k)(3) for the plan year? Check all that apply: ~~~~~~~~~~~~~~~~~~~~~~~~~~~ "Current year" 

ADP test N/A 

21a What testing method was used to satisfy the coverage requirements under section 410(b) for the plan Ratio Average percentage 

benefit test year? Check all that apply:  test N/A

21b Did the plan satisfy the coverage and nondiscrimination requirements of sections 410(b) and 401(a)(4) 

for the plan year by combining this plan with any other plan under the permissive aggregation rules?  Yes No 

22a If the plan is a master and prototype plan (M&P) or volume submitter plan that received a favorable IRS opinion letter or advisory letter, enter 

the date of the letter and the serial number . 

22b If the plan is an individually-designed plan that received a favorable determination letter from the IRS, enter the date of the most recent 

determination letter . 

618533 07-11-16 

File 16 Ex 16 Annual Return Report 0051
Plan Name: Western Pennsylvania Teamsters & Employers Pension Fund 

Plan Sponsor: W PA Teamsters & Employers Pension Fund Board of Trustees 

EIN: 25-6029946 

Plan Number: 001 

Schedule R, Line 13 - Information on Contribution Rates and Base Units 

Employers contributing more than 5% of total contributions to the plan during the year. 

Employer Name EIN 

Union 

Number 

Account 

Number 

United Parcel Service Inc. 31-1426500 00784 

00784 

00784 

00784 

00784 

00784 

00784 

00784 

00030 

00110 

00249 

00261 

00397 

00538 

00585 

00926 

Latest Basis for 

Contribution Contribution 

Rate Rate 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

502.460 Weekly 

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WESTERN PENNSYLVANIA TEAMSTERS

AND EMPLOYERS PENSION FUND

Financial Statements for the Years Ended December 31, 2017

and 2016, Supplemental Schedules for the Year Ended

December 31, 2017 and Independent Auditors' Report

File 16 Ex 16 Annual Return Report 0084
 

 

WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS

PENSION FUND

TABLE OF CONTENTS

Page

Independent Auditors' Report 1

Financial Statements:

Statements of Net Assets Available for Benefits 

at December 31, 2017 and 2016 3

Statements of Changes in Net Assets Available

 for Benefits for the Years Ended December 31,

2017 and 2016 4

 Statements of Professional Fees and Administrative

 Expenses for the Years Ended December 31, 

2017 and 2016 5

Notes to Financial Statements 6

Supplemental Schedules:

Supplemental Schedule of Assets Held for

Investment Purposes at December 31, 2017

(Schedule H, Line 4i) 26

Supplemental Schedule of Investment Assets Both

Acquired and Disposed Within the Plan Year for

the Year Ended December 31, 2017 (Schedule H,

Line 4i) 35

Supplemental Schedule of Reportable Transactions

- Series of Transactions for the Year Ended

December 31, 2017 (Schedule H, Line 4j) 36

Schedules not included herein are omitted because

of the absence of conditions under which they are

required.

File 16 Ex 16 Annual Return Report 0085
INDEPENDENT AUDITORS' REPORT

To the Board of Trustees 

Western Pennsylvania Teamsters and Employers Pension Fund

We have audited the accompanying financial statements of the Western Pennsylvania

Teamsters and Employers Pension Fund (the "Plan"), which comprise the statements

of net assets available for benefits as of December 31, 2017 and 2016, and the

related statements of changes in net assets available for benefits and professional

fees and administrative expenses for the years then ended, and the related notes to

the financial statements. 

Responsibility for the Financial Statements

You are responsible for the preparation and fair presentation of these financial

statements in accordance with accounting principles generally accepted in the United

States of America; this includes the design, implementation, and maintenance of

internal control relevant to the preparation and fair presentation of financial

statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our

audits. We conducted our audits in accordance with auditing standards generally

accepted in the United States of America. Those standards require that we plan and

perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts

and disclosures in the financial statements. The procedures selected depend on the

auditors’ judgment, including the assessment of the risks of material misstatement of

the financial statements, whether due to fraud or error. In making those risk

assessments, the auditors consider internal control relevant to the Plan’s preparation

and fair presentation of the financial statements in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no

such opinion. An audit also includes evaluating the appropriateness of accounting

policies used and the reasonableness of significant accounting estimates, as well as

evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our audit opinion.

File 16 Ex 16 Annual Return Report 0086
Opinion

In our opinion, the financial statements referred to above present fairly, in all material

respects, the net assets available for benefits of the Plan as of December 31, 2017 and

2016, and the changes in its net assets available for benefits for the years then ended

in accordance with accounting principles generally accepted in the United States of

America.

Report on Supplemental Information

Our audits were conducted for the purpose of forming an opinion on the financial

statements as a whole. The supplemental schedules listed in the accompanying table

of contents are presented for the purpose of additional analysis and are not a required

part of the financial statements but are supplemental information required by the

Department of Labor’s Rules and Regulations for Reporting and Disclosure under the

Employee Retirement Income Security Act of 1974. Such information is your

responsibility and was derived from and relates directly to the underlying accounting

and other records used to prepare the financial statements. The information has been

subjected to the auditing procedures applied in the audit of the financial statements and

certain additional procedures, including comparing and reconciling such information

directly to the underlying accounting and other records used to prepare the financial

statements or to the financial statements themselves, and other additional procedures

in accordance with auditing standards generally accepted in the United States of

America. In our opinion, the information is fairly stated in all material respects in

relation to the financial statements as a whole.

Pittsburgh, Pennsylvania

July 25, 2018

File 16 Ex 16 Annual Return Report 0087

2
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS

PENSION FUND

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2017 AND 2016

ASSETS:

Cash and cash equivalents

Investments, at fair value

Due from brokers for securities sold

Receivables, net

Prepaid expenses

Property and equipment, net

Total assets

LIABILITIES:

Due to brokers for securities purchased

Accounts payable

Accrued expenses

Total liabilities

NET ASSETS AVAILABLE

 FOR BENEFITS

$

$

2017

2,384,520

646,938,178

2,180,184

92,291,007

451,359

14,427

744,259,675

-

260,159

317,534

577,693

743,681,982

$

$

2016

198,114

619,210,914

4,198,841

98,815,548

457,122

9,873

722,890,412

4,000,000

180,084

288,958

4,469,042

718,421,370

See notes to financial statements.

File 16 Ex 16 Annual Return Report 0088

3
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS

PENSION FUND

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

2017 2016

ADDITIONS:

Contribution income:

Employer

Withdrawal assessments

Total

Investment income:

Net appreciation in fair value 

of investments

Dividends

Interest

Class action settlements

Investment expenses

Net investment income

Other income

Net additions

DEDUCTIONS:

Benefits:

Pensions

Burial 

Total benefits

Professional fees and

 administrative expenses

$ 51,561,153

7,620,787

59,181,940

102,624,321

4,053,103

461,983

73,584

(5,030,788)

102,182,203

1,527,711

162,891,854

133,600,653

493,326

134,093,979

3,537,263

$ 54,526,110

90,089,905

144,616,015

42,058,971

4,113,080

103,094

90,249

(4,921,367)

41,444,027

495,894

186,555,936

131,056,080

509,642

131,565,722

3,020,351

Total deductions

NET INCREASE IN NET ASSETS

AVAILABLE FOR BENEFITS

NET ASSETS AVAILABLE FOR

 BENEFITS, BEGINNING OF THE

 YEAR

NET ASSETS AVAILABLE FOR

 BENEFITS, END OF THE YEAR

See notes to financial statements.

$

137,631,242

25,260,612

718,421,370

743,681,982 $

134,586,073

51,969,863

666,451,507

718,421,370

File 16 Ex 16 Annual Return Report 0089

4
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS

PENSION FUND

STATEMENTS OF PROFESSIONAL FEES AND ADMINISTRATIVE EXPENSES

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

2017 2016

Professional fees:

Actuarial

Legal

Retiree representative expenses

Compliance auditing

External audit, consulting

and tax services

Accounting

System consulting and web hosting 

Total

$ 334,850

435,322

100,067

272,360

87,050

35,114

55,088

1,319,851

$ 211,209

384,216

-

265,884

63,985

37,696

49,466

1,012,456

Administrative expenses:

Office salaries

Employee benefit plans

Payroll taxes and processing fees

Fiduciary liability insurance

Pension benefit guaranty insurance

Fiduciary bond expense

General liability and worker's

compensation insurance

Office and storage rents

Supplies and printing

Postage

Telephone

Office equipment expense

Depreciation

Bad debt expense

Trustee meetings and expenses

Bank charges

Pension benefit information processing

Dues

Moving expenses

Total

Total professional fees and

administrative expenses

See notes to financial statements.

$

292,693

250,044

28,995

433,729

632,464

8,818

2,635

57,736

65,979

50,212

7,669

20,970

4,242

225,713

28,650

87,623

1,329

2,200

15,711

2,217,412

3,537,263 $

294,428

248,449

18,296

429,967

617,112

8,818

3,006

51,722

50,574

41,005

6,418

27,705

6,520

85,925

23,187

90,273

2,040

2,450

-

2,007,895

3,020,351

File 16 Ex 16 Annual Return Report 0090

5
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS

PENSION FUND

NOTES TO FINANCIAL STATEMENTS

1. DESCRIPTION OF THE PLAN

The following description of the Western Pennsylvania Teamsters and

Employers Pension Fund (the "Plan") is provided for general information

purposes only. Participants should refer to the plan document for more complete

information.

General - The Plan was established on August 27, 1956 by an Agreement and

Declaration of Trust ("Trust Agreement") to provide for the payment of retirement

benefits to eligible employees in collective bargaining units represented by local

unions ("Unions") affiliated with Joint Council of Teamsters No. 40 of the

International Brotherhood of Teamsters, or any other union or employer, as

defined in the Plan, approved by the Trustees pursuant to the provisions of the

Trust Agreement, which agrees in writing to contribute to the Plan on behalf of its

eligible employees and to be bound by the obligations of a contributing employer

as set forth in the Trust Agreement and the Plan. 

Plan employees perform management and administrative functions with

oversight by the Board of Trustees, which is comprised of five teamster and five

employer representatives. 

Pursuant to the Agreement and Declaration of Trust, the Plan is a multiemployer

defined benefit pension plan within the meaning, of and in compliance with, the

Employee Retirement Income Security Act of 1974 ("ERISA") and its related

regulations.

In conformity with collective bargaining or participation agreements with the Plan,

employers and Unions affiliated with Joint Council of Teamsters No. 40 may

apply to have eligible employees participate in the Plan. An employee's

participation generally commences upon completion of required periods of

covered employment and ceases with a break-in-service, as defined in the Plan.

Benefits under the Plan are based on unit multipliers set forth in the Plan and

credited service (including certain pre-participation covered employment).

Employers contribute to the Plan at rates required by and set forth in the

collective bargaining agreements or participation agreements for participants not

covered under collective bargaining agreements. The Board of Trustees of the

Plan is empowered to establish or to amend the level of Plan benefits to be paid

based upon employer contribution rates negotiated through collective bargaining.

Although individual Trustees may participate in collective bargaining in their

capacities as employer or union representatives, the Plan itself is not a party to

such negotiations.

Collective bargaining agreements are in effect for varying terms; related

provisions of such contracts establish the employer contribution rates required to

File 16 Ex 16 Annual Return Report 0091

6
be paid to the Plan throughout those periods on behalf of qualifying employees

whose occupations are classified in collective bargaining units represented by

Unions affiliated with Joint Council of Teamsters No. 40.

Benefits and Funding Status - On May 10, 2006, the Trustees adopted and

approved an amendment which modified the unit multiplier for service earned on

or after July 1, 2006 to 2% of the contributions made by a contributing employer

on a participant's behalf. This change applied only to a participant whose current

unit multiplier was greater than 2% of the contributions. This amendment did not

impact or change the pension benefits each participant accrued prior to July 1,

2006 and did not affect or change the pension benefits currently received or

accrued by any retirees, participants or those with deferred vested benefits.

On August 17, 2006, the Pension Protection Act of 2006 ("PPA") was signed into

law. The PPA called for comprehensive pension reform, including new funding

requirements for multiemployer plans and categorized plans based on their

funded percentages. On April 25, 2008, the Plan's actuary issued a certification

that stated the Plan was in Endangered Status for 2008. As required by the PPA,

on May 21, 2008, the Trustees adopted a Funding Improvement Plan that

became effective August 1, 2008. The amendment did not impact or change the

pension benefits each participant earned prior to August 1, 2008, and did not

affect or change the pension benefits currently received or earned by any

retirees. The specific changes were as follows:

 The normal retirement age for a participant who first becomes covered with

the Plan on or after August 1, 2008 will be 62. Prior to August 1, 2008, the

age eligibility requirement for normal retirement was age 60. A participant

who was covered by the Plan prior to August 1, 2008 can still retire at age

60, but an actuarially determined early retirement reduction applies for the

portion of the benefit earned on or after August 1, 2008 if the participant

retires prior to the age of 62.

 The early retirement reduction for service earned on or after August 1,

2008 will apply to each month the early retirement precedes age 62.

However, the early retirement reduction for service earned prior to August

1, 2008 will continue to be applied for each month the early retirement

precedes age 60. Revised early retirement reduction factors are actuarially

determined.

 Accrued "25-And-Out Benefits" and "30-And-Out Benefits," with retirement

at any age, continue to be in effect on and after August 1, 2008 for all

participants who meet specified eligibility requirements. However, an

actuarial reduction is applied for the period of service from the retirement

date to age 62 for the service earned on or after August 1, 2008.

 The Special "25-And-Out Benefits" and "30-And-Out Benefits" continue on

and after August 1, 2008 for a participant only if the weekly contribution

rate reached $225 or greater by December 31, 2008, and the participant

File 16 Ex 16 Annual Return Report 0092

7
eventually meets all of the eligibility requirements for the special benefit.

However, early retirement and benefit options (other than straight life) are

subject to actuarial reductions.

 For service earned prior to August 1, 2008, the Joint and Survivor actuarial

reduction does not apply to the "Joint and 50% Survivor Benefit" and the

"Ten Year Certain Benefit," but does apply to the "Joint and 75% Survivor

Benefit" and "100% Survivor Benefit". Also, actuarial factors used to

compute joint and survivor benefits on service earned on or after August 1,

2008 were reduced.

 Unit multipliers were reduced to a range of .4% to 1% for service earned

on or after August 1, 2008.

On March 31, 2010, the Plan's actuary issued its report of Actuarial Certification

of Funding Status under the PPA. The certification acknowledged that the Plan

was in Critical Status, and that a rehabilitation plan in accordance with PPA was

required to be implemented to stabilize the Plan's financial position. On

November 23, 2010, the Plan formally adopted the 2010 Rehabilitation Plan.

Benefit provisions were effective February 1, 2011. The Trustees adopted two

Rehabilitation Plan Schedules (a "Preferred Schedule" and a "Default

Schedule"), which were effective as of the aforementioned date. This 2010

Rehabilitation Plan offers bargaining parties a choice of benefit and contribution

structures replacing those offered under the Plan's 2008 Funding Improvement

Plan. The specific changes were as follows:

 A reduction of future benefit accruals for all participants which involved the

reduction or elimination of early retirement and survivor subsidies for some

participants on benefits earned prior to August 1, 2008.

 If the bargaining party selected either the Preferred or Default Schedule

anytime during 2011, the benefits are provided under that Schedule

retroactive to February 1, 2011. However, if a schedule was not selected

by the end of 2011, until such time as a schedule is selected or imposed,

the unit multiplier is reduced by 50% effective February 1, 2011.

 Under the Preferred Schedule, future benefit accruals are based on a

normal retirement age of 65 taken as a straight life annuity, the maximum

unit multiplier was reduced from 1% of contributions to 0.5% of

contributions, the death benefit is eliminated except for those in retiree

status prior to February 1, 2011, the disability benefit is eliminated effective

February 1, 2011 except for those in pay status, and the subsidized

portions of early retirement and survivor benefits earned prior to August 1,

2008 are reduced for participants who are not eligible to retire by February

1, 2011.

File 16 Ex 16 Annual Return Report 0093

8
 Under the Default Schedule, the unit multiplier was frozen based on the

contribution rate in effect on January 31, 2011. Future contribution

increases are non-benefit bearing and there is no increase in the unit

multiplier corresponding to the required increases in the contribution rate.

All future benefit accruals are based on a normal retirement age of 65

taken as a straight life annuity, the death benefit is eliminated except for

those in retiree status prior to February 1, 2011, the "10-Year Certain PreRetirement Survivor Benefit" is eliminated, the disability benefit is

eliminated, and the subsidized portions of early retirement and survivor

benefits earned prior to August 1, 2008 are totally eliminated.

 The Preferred Schedule and the Default Schedule require that the

bargaining parties (participating employers and Unions) provide for

contribution increases of at least six (6%) percent and eight (8%) percent,

respectively, compounded annually, in pending, renewed or amended

collective bargaining agreements and participation agreements.

 "Inactive Vested Participants" who never had covered service under the

Rehabilitation Plan Preferred Schedule shall be covered under the terms of

the Default Schedule. 

 Changes that are common to both the Preferred and Default Schedules

are:

- the Burial Benefit is eliminated except for those that were retired,

- the Disability Benefit is eliminated, except for those in pay status, and

- five years vesting for new participants entering the Plan after January

31, 2011.

On December 3, 2013, the Plan adopted an update to the 2010 Rehabilitation

Plan which includes a provision whereby a qualified Distressed Employer, as

determined by the Trustees in their sole discretion, upon application, may be

eligible for the Distressed Employer schedule. The Trustees, in their sole

discretion, may accept a collective bargaining agreement with contribution rates

not in compliance with either the Preferred or Default Schedules in

circumstances where a large employer's financial condition had deteriorated and

its creditors compel it to reorganize its ownership interests and labor obligations

as a condition of forbearing default. On a case by case basis, the Trustees will

accept non-conforming contributions and grant corresponding reduced benefits.

There was one employer contributing under a Distressed Employer Contribution

schedule as of December 31, 2017 and 2016.

The above-noted amendments were incorporated into the Amended and

Restated Pension Plan, the most recent version of which is dated January 1,

2014. 

File 16 Ex 16 Annual Return Report 0094

9
Plan year updates to the Rehabilitation Plan for 2016 and 2017 did not provide

for changes to the required annual contribution increases under the Preferred

and Default Schedules.

On March 30, 2018, the Plan's actuary certified that the Plan is in Critical and

Declining status for the plan year beginning January 1, 2018. The Plan is

considered to be Critical and Declining status because it has funding and liquidity

problems and an accumulated funding deficiency. In addition, it is projected to be

"insolvent" in less than 15 years. The Multiemployer Pension Reform Act of 2014

("MPRA") provides that plans which have been certified to be in critical and

declining status may propose a temporary or permanent suspension or reduction

of accrued benefits, including benefits of current retirees. Such a proposal would

first need to be agreed upon by the Trustees and formalized in a lengthy

application filed with the Treasury Department. The Trustees are currently

studying alternatives; however, as of July 25, 2018, they have neither adopted a

proposed benefit reduction plan nor filed a MPRA application with the Treasury

Department. It is likely that an application will be finalized and submitted by

December 31, 2018; the percentage reduction of benefits and the effect of the

reduction on the actuarial present value of accumulated plan benefits cannot be

quantified as of the report date of July 25, 2018.

Employer Contributions - Employer contributions are recognized as revenue

when earned by employees on the basis of weekly pension service credits and a

contribution rate attributable to each week of service, as defined in the collective

bargaining agreement, for the participating employee. 

Independent verification of participating employers' payroll and related records is

conducted throughout the year on behalf of the Plan and the Western

Pennsylvania Teamsters and Employers Welfare Fund, a related plan that

provides health and welfare benefits. Costs of operating the compliance

program are allocated based on actual time spent fulfilling the audit objectives on

behalf of each Plan. Employer assessments identified through this process are

included in employer contributions.

Employer Withdrawal Assessments - Under the Multiemployer Pension Plan

Amendments Act of 1980 ("MPPAA"), a contributing employer initiating an action

deemed a complete or partial withdrawal from the Plan, as defined by statute,

becomes liable to the Plan for an amount known as withdrawal liability,

calculated by a formula set forth in the MPPAA. Such liability represents the

withdrawing employer's allocable share of the Plan's unfunded vested liability as

of the effective date of the complete or partial withdrawal.

The Presumptive Method of Allocation, used by the Plan, is one of several

available methods for the allocation of unfunded vested benefits permitted by the

statute and applies unless one of the other expressly permitted discretionary

methods or an alternative method, approved by the Pension Benefit Guaranty

Corporation ("PBGC"), applies. For each annual allocation required under the

Presumptive Method of Allocation, each withdrawing employer's share of

unfunded vested benefits is determined by an allocation of the ratio that the

individual employer's contribution history since entering the Plan, or twenty-year

history, whichever is shorter, bears to all employers' contribution histories over

the same period. Prior to 2016, an employer's share of the present value of the

File 16 Ex 16 Annual Return Report 0095

10
unfunded vested liability for withdrawal purposes was calculated using an 8%

interest rate, the same rate used for funding purposes. Effective for withdrawals

occurring on or after January 1, 2016, the present value of the vested benefit

liability used for withdrawal calculations is based on a blended rate which is a

combination of the interest rate used for funding purposes and the published

termination rate published by the PBGC for the applicable year. For employer

withdrawals occurring during the years ended December 31, 2017 and 2016, the

blended rates were determined using the following rates:

(a) PBGC interest rates (1.98% for the first 20 years and 2.67% thereafter

for the year ended December 31, 2017 and 2.48% for the first 20 years

and 2.96% thereafter for the year ended December 31, 2016) and

mortality tables issued by the PBGC

(b) Interest rate of 7.5% and 8% for the years ended December 31, 2017

and 2016, respectively, and mortality tables disclosed in Note 6

In determining the blended rate, the actuary uses the PBGC rates for that

portion/percentage of the obligation that is funded by the Plan's assets and the

interest rate for the unfunded portion/percentage of the obligation. Withdrawal

obligations are generally due under payment schedule provisions described in

MPPA which provide for monthly installments, including interest, to be paid over

a period not to exceed 20 years, unless the employer chooses to negotiate a

prepayment of the MPPA schedule. The payment is a function of the employer's

highest contribution rate for the 10 year period ending in the year of withdrawal

times the highest three consecutive year average of contribution base units

(weeks worked) in the ten years preceding the plan year of withdrawal.

The Plan has undertaken procedures to identify employers subject to the

withdrawal liability provisions of the MPPAA and to assess and collect their

respective share of the Plan's unfunded vested benefits. As a result of: (1)

uncertainties related to: (a) future interpretation and application of the MPPAA's

provisions, (b) the unpredictability of ultimate collection of assessments, and (2)

the potential reduction or waiver of withdrawal liability in certain circumstances,

the Plan recognizes assessments upon providing notification of withdrawal and

demand for payment. During the years ended December 31, 2017 and 2016, the

Plan recognized income of $7,620,787 and $90,089,905, respectively, related to

employer withdrawals. 

Under ERISA Section 4210, plans are permitted to adopt a "free look period".

This allows plans to adopt a provision in which new contributing employers can

withdraw in their first few years in a plan without incurring withdrawal liability.

Under Section 4210, the free look period cannot be longer than the number of

years the plan requires for vesting. Another provision of ERISA Section 4210

indicates that the free look provision does not apply if "the ratio of the assets of

the plan for the plan year preceding the first plan year for which the employer

was required to contribute to the plan to the benefit payments made during that

plan year was not at least 8 to 1." In 2017 and 2016, this ratio was 5.57 to 1 and

5.48 to 1, respectively. Therefore, the free look provision was not available for

employers that entered the Plan in 2017 or 2016. Plan counsel, along with the

Plan actuary, will review the asset-to-benefit ratio in subsequent years, but it is

likely that the free look provision will not apply in future years.

File 16 Ex 16 Annual Return Report 0096

11
Voluntary Employee Contributions - The Plan has a voluntary employee

contribution program, which is available under specified circumstances, for

certain active participants whose employment in covered service ceased on or

after January 1, 1999 due to the participant's employer involuntarily ceasing

participation in the Plan, to voluntarily contribute to the Plan for limited periods,

after having satisfied the defined eligibility requirements. Participant contributions

are recognized as revenue for the appropriate monthly periods within the

calendar year, upon the Plan's receipt of written notice of the participant's

intention to contribute to the Plan for the purpose set forth therein. There were

no voluntary employee contributions made during the years ended December 31,

2017 or 2016.

Funding Policy - Contribution rates are determined via negotiations between

participating employers and Unions and are set forth in collective bargaining or

participation agreements. While the minimum funding standards of ERISA have

not been satisfied for the years ended December 31, 2017 or 2016, the Pension

Protection Act of 2006 permits participating employers to avoid an excise tax

equal to 100% of the funding deficiency as long as the Trustees have taken all

reasonable measures in developing and maintaining the Rehabilitation Plan.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting - The financial statements of the Plan are prepared on the

accrual basis of accounting.

Use of Estimates - The preparation of financial statements in conformity with

accounting principles generally accepted in the United States requires the

Trustees to make estimates and assumptions that affect the reported amounts of

assets and liabilities at the dates of the financial statements and the reported

amounts of increases and decreases in net assets available for benefits during

the reporting periods. Actual results could differ from those estimates.

The actuarial value of accumulated plan benefits are prepared based on certain

assumptions pertaining to interest rates, inflation rates and employee

demographics, all of which are subject to change. Due to uncertainties inherent

in the estimation and assumption process, it is at least reasonably possible that

changes in these estimates and assumptions in the near term could be material

to the financial statements. Additionally, the Plan's assets are comprised of

various investment securities which are exposed to various risks, such as

interest rate, market and credit risks. Due to the level of risk associated with

certain investment securities and the level of uncertainty related to changes in

the value of investment securities, it is at least reasonably possible that changes

in the near term could materially affect the net assets available for benefits.

Cash and Cash Equivalents - The Plan maintains, at financial institutions, cash

and cash equivalents which may at times exceed federally insured amounts. All

highly liquid instruments with original maturities of three months or less are

considered to be cash equivalents.

File 16 Ex 16 Annual Return Report 0097

12
Investment Valuation and Income Recognition - Investments are reported at fair

value. Generally accepted accounting principles establish a framework for

measuring fair value of financial instruments which provides a fair value

hierarchy that prioritizes the inputs to valuation techniques used to measure fair

value. The hierarchy gives the highest priority to unadjusted quoted prices in

active markets for identical assets or liabilities (level 1 measurements) and the

lowest priority to unobservable inputs (level 3 measurements). The three levels

of the fair value hierarchy are described below:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for

identical assets in active markets that the Plan has the ability to

access;

Level 2 Inputs, other than the quoted prices in active markets, that are

observable either directly or indirectly; and

Level 3 Inputs to the valuation methodology are unobservable and significant

to the fair value measurement.

The asset's fair value measurement level within the fair value hierarchy is based

on the lowest level of any input that is significant to the fair value measurement.

Valuation techniques used need to maximize the use of observable inputs and

minimize the use of unobservable inputs.

The Plan, using available market information and appropriate valuation

methodologies, has determined the estimated fair value of its financial

instruments. However, considerable judgment is required in interpreting data to

develop the estimates of fair value.

Following is a description of the valuation methodologies used for assets

measured at fair value. There have been no changes in the methodologies used

at December 31, 2017 or 2016.

Short-Term Investments: Valued at quoted market prices reported on the

inactive markets in which the individual securities are traded (level 2 inputs).

Corporate Debt Instruments: Corporate bonds are valued under a discounted

cash flow approach that maximizes observable inputs, such as current yields

of similar instruments, but includes adjustments for certain risks that may not

be observable, such as credit and liquidity risks (level 2 inputs).

Index and Exchange Traded Funds: Valued at the closing price reported on

the active market on which the individual funds are traded (level 1 inputs).

Registered Investment Companies: Valued at quoted market prices reported

on an active market, which represent the net value of shares held by the Plan

at year end (level 1 inputs).

File 16 Ex 16 Annual Return Report 0098

13
Commingled Trusts: Valued at the net asset values per share as determined

by the commingled trusts as of the valuation date and as reflected in each

trust's audited financial statements.

Hedge Funds and Limited Partnerships: Valued at the net asset values per

share as determined by the limited partnerships and hedge funds in which

the Plan is invested. Net asset values in hedge funds and limited

partnerships are consistent with the respective audited financial statements

of each investment.

Real Estate Investments (Investments in partnership interests comprised of

real estate investments and real estate-related assets): Real estate

investments are valued at net asset values per share as reflected in each

investment's audited financial statements which are determined in part based

upon independently prepared property appraisals using best practices

prevailing within the real estate appraisal and real estate investment

management industries.

Derivative Instruments: Valued at quoted market prices reported on the

active markets in which the individual securities are treated (level 1 inputs).

These methods may produce fair value calculations that may not be indicative of

net realizable value or reflective of future fair values. Furthermore, while the

Trustees believe the valuation methods are appropriate and consistent with other

market participants, the use of different methodologies or assumptions to

determine the fair value of certain financial instruments could result in different

fair value measurements at the reporting dates.

Purchases and sales of securities are reflected on a trade-date basis. Gains or

losses on sales of securities are based on the specific cost of the security sold.

Income from investments is recorded as earned. The Plan presents the net

appreciation or depreciation in the fair value of its investments, which consists of

the realized gains or losses and the unrealized appreciation (depreciation) on

these investments in the statement of changes in net assets available for

benefits.

Receivables - Receivables relate primarily to monthly contributions due from

employers as well as withdrawal assessments for companies which have

discontinued participation in the Plan. A valuation allowance is provided for

those receivables for which collection is estimated as doubtful; uncollectible

accounts are written off and charged against the allowance. Increases in the

allowance are charged to administrative expenses. Accounts are judged to be

delinquent with consideration being given to, among other things, how recently

and how frequently payments have been received and the financial position of

the company that has withdrawn.

During 2017 and 2016, the Plan reflected bad debt expense of $225,713 and

$85,925, respectively. The allowances of $400,000 and $292,000 at December

31, 2017 and 2016, respectively, represent the Trustees' estimates. It is at least

File 16 Ex 16 Annual Return Report 0099

14
reasonably possible that the assessment of doubtful accounts will be further

revised in the near term and that actual results could differ significantly from the

estimates.

Property and Equipment - Property and equipment are stated at cost.

Depreciation is provided using various methods, considering the estimated

useful lives of the respective assets, which range from three to five years.

Payment of Benefits - Benefits are generally paid in the month of entitlement.

The Plan periodically has benefits payable related to retirement applications filed

after the date of eligibility. 

Professional Fees and Administrative Expenses - Professional fees and

administrative expenses are paid from Plan assets.

Income Taxes - Accounting principles generally accepted in the United States of

America require the Trustees to evaluate tax positions taken by the Plan and

recognize a tax liability (or asset) if the Plan has taken an uncertain position that

more likely than not would not be sustained upon examination by the Internal

Revenue Service. The Trustees have analyzed the tax positions taken by the

Plan and have concluded that, as of December 31, 2017, there are no uncertain

positions taken or expected to be taken that would require recognition of a

liability (or asset) or disclosure in the financial statements. The Plan is no longer

subject to income tax examinations for years prior to December 31, 2014.

Reclassifications - Net appreciation in the fair value of investments and

investment expenses for the year ended December 31, 2016 were both

increased by $2,053,715 to present investment income and expenses on a basis

consistent with the 2017 financial statement presentation.

Subsequent Events - Subsequent events have been analyzed for recognition

and disclosure purposes through July 25, 2018, the date the financial statements

were available to be issued; there are no subsequent events that require

recognition in the financial statements under accounting principles generally

accepted in the United States of America. However, Note 1 to the financial

statements discloses the Trustees' plan to reduce benefits as a result of the

Plan's funded status.

3. INVESTMENTS

The following table presents the fair value of the Plan's investments, all of which

are held by the Bank of New York Mellon ("BNY Mellon"), at December 31, 2017

and 2016: 

2017 2016

Short-term investments $ 28,076,352 $ 52,551,218

Corporate debt instruments 199,996 198,777

Common stocks 54,800,356 -

Registered investment companies 67,129,205 22,975,611

Commingled trusts 371,205,078 458,493,031

Hedge funds and limited partnerships 68,985,843 30,334,073

File 16 Ex 16 Annual Return Report 0100

15
Real estate investments $ 56,519,395 $ 54,704,607

Derivative instruments 21,953 (46,403)

Total $ 646,938,178 $ 619,210,914

The Plan periodically utilizes derivative instruments such as over-the-counter and

exchange-traded futures, forward contracts, swaps, options, options on futures,

swaptions, structured notes and market access products to obtain long or short

term exposure to a particular security, asset class, region, industry, currency,

commodity or index, or to other securities, groups of securities or events. 

New England Pension Consultants Inc. ("NEPC") serves as Investment Advisor

and Consultant to the Plan. NEPC assists the Trustees in selecting and

monitoring the performance of investment managers, determining appropriate

asset allocations and investment objectives, and providing advice to the Trustees

concerning matters related to the management and performance of Plan

investments. NEPC also advises the Trustees with respect to the continuing

review of the Plan's investment policy, asset allocations, investment alternatives

and fees.

The Plan utilized the following investment managers during the reporting periods:

ABS Opportunities Ltd. Oberweis Asset Management

Aetos Capital Parametric Portfolio Associates, LLC

Alcentra Capital Corporation Prudential Investment and

AQR Capital Management LLC Management, Inc.

Artisan Partners L.P. Systematic Financial Management

Bank of New York Mellon TCW Capital Trust

Crescent Capital Group Twin Capital Management

Eaton Vance Walter Scott and Partners Ltd.

EntrustPermal Wellington Management Company

Fiera Asset Management L.P. Western Asset Management Company

J.P. Morgan Investment William Blair

Management, Inc.

Loomis Sayles & Company, L.P. Windhaven Investment 

Morgan Stanley Alternative Investment Management, Inc.

Partners

J.P. Morgan Investment Management, Inc., Morgan Stanley Alternative

Investment Partners and TCW Capital Trust are in the process of liquidation. As

of December 31, 2017 and 2016, the value of the Plan's investment with these

managers is as follows:

2017 2016

JP Morgan Investment

 Management, Inc. $ 172,801 $ 163,330

Morgan Stanley Alternative

 Investment Partners 889,642 1,331,358

TCW Capital Trust 249,986 421,097

Total $ 1,312,429 $ 1,915,785

File 16 Ex 16 Annual Return Report 0101

16
 

The Plan is party to a Securities Lending Agreement with BNY Mellon. The

agreement authorizes BNY Mellon as a lending agent to effect loans of securities

maintained in the custodial account. BNY Mellon must obtain collateral from the

borrower in the form of cash, letters of credit issued by an entity other than the

borrower, or acceptable securities. Both the collateral and the securities loaned

are marked-to-market on a daily basis so that all loaned securities are fully

collateralized at all times. In the event that the loaned securities are not returned

by the borrower, BNY Mellon will, at its own expense, either replace the loaned

securities or, if unable to purchase those securities on the open market, credit

the Plan account with cash from the pledged collateral equal to the fair value of

the loaned securities. The fair values of securities loaned by the Plan as of

December 31, 2017 and 2016 were approximately $847,000 and $6,514,000,

respectively. The Plan's securities lending earnings for the years ended

December 31, 2017 and 2016 were $26,956 and $47,697, respectively, which

are reflected as other income.

Although the Plan's securities lending activities are collateralized, as described

above, they involve both market and credit risk. In this context, market "interest

rate" risk refers to the possibility that the borrowers of securities will be unable to

collateralize the loan upon a sudden material change in the fair value of the

loaned securities or the collateral. Credit risk refers to the possibility that the

issuer "investment risk" involved in the securities lending program may fail to

perform in accordance with the terms of their contracts.

The Plan has directed commission agreements with Lynch, Jones & Ryan, Inc.

(a division of BNY Mellon and Frank Russell Securities, Inc.) The agreements

provide for commission credits to the Plan for trades directed by the Plan's

investment managers through certain brokerage firms at approximately 70% -

75% of the commissions paid by the investment managers to Lynch, Jones &

Ryan, Inc. A basic provision of the directed commission agreements requires

that directed trades be consistent with best execution. Pursuant to Plan policy,

the investment managers are required to confirm regularly to the Trustees, in

writing, that they are trading in compliance with the Plan's investment policies.

The following table presents the Plan's investments by level within the fair value

hierarchy at December 31, 2017 and 2016. Assets for which fair value is

measured at net asset value per share (see Note 4) are excluded from the fair

value hierarchy, but are included in the totals below to facilitate reconciliation of

the fair value hierarchy information to the investment amounts presented in the

statements of net assets available for benefits. 

Fair Value at December 31, 2017

Level 1 Level 2 Total

Investments required to be classified

 under fair value hierarchy

Short-term investments $ 28,076,352 $ 28,076,352

Corporate debt instruments

Common Stock $ 54,800,356

199,996

-

199,996

54,800,356

Registered investment companies

Derivative instruments

67,129,205

21,953

-

-

67,129,205

21,953

Total $ 121,951,514 $ 28,276,348 150,227,862

File 16 Ex 16 Annual Return Report 0102

17
 

Investments not classified under

fair value hierarchy

Commingled trusts $ 371,205,078

Hedge funds and limited partnerships 68,985,843

Real estate investments 56,519,395

Total $ 646,938,178

Fair Value at December 31, 2016

Level 1

Investments required to be classified

 under fair value hierarchy

Short-term investments $

Corporate debt instruments

Registered investment companies $ 22,975,611

Derivative instruments (46,403)

Level 2

52,551,218 $

198,777

-

-

Total

52,551,218

198,777

22,975,611

(46,403)

Total $ 22,929,208 $ 52,749,995 75,679,203

Investments not classified under fair

value hierarchy

Commingled trusts

Hedge funds and limited partnerships

Real estate investments

458,493,031

30,334,073

54,704,607

Total $ 619,210,914

4. NET ASSET VALUE INVESTMENTS

The following table sets forth the Plan's investment in funds that calculate net

asset value per share at December 31, 2017 including fair value and redemption

frequency:

Redemption Redemption

Description Fair Value Frequency Notice Period

ABS Opportunities Ltd. Emerging Markets

Portfolio $ 25,786,625 Quarterly 45 days

Artisan Global Opportunities Trust 65,604,268 Daily 5 days

Clareant Multi-Strategy European Credit Fund 23,898,679 Quarterly 90 days

Clareant European Credit Opportunities

 Fund 4,940,065 (1) n/a

Clareant European Credit Opportunities

 Fund II 6,808,428 (2) n/a

Eaton Vance Emerging Markets 24,528,705 Daily 30 days

Fiera USA Global Equities Fund LP 69,628,496 Monthly 30 days

Loomis Sayles Multisector Full Discretion 29,102,679 Monthly 30 days

TCW Capital Trust 249,986 In liquidation n/a

NCS Group Trust - Global Fund 69,500,348 Semi-Monthly 30 days

Wellington CIFII Global Managed Risk 22,447,202 Daily Up to 3 days

Western Asset Global Multi-Sector LLC 17,647,719 Monthly 30 days

Western Asset Macro Opportunities LLC Fund 11,061,878 Daily Up to 3 days

Total commingled trusts $ 371,205,078

Morgan Stanley Institutional 

Fund of Hedge Funds SPV LP $ 889,642 In liquidation n/a

EntrustPermal Western Pennsylvania

 Teamsters LP 53,557,339 Quarterly 100 days

Crescent Capital High Income Fund 14,538,862 Quarterly 60 days

Total hedge funds and limited partnerships $ 68,985,843

File 16 Ex 16 Annual Return Report 0103

18
JPM Alternative Property Fund LP $ 172,801 In liquidation n/a

Prisa LP 31,517,869 Quarterly 90 days

Prisa II LP 24,828,725 Quarterly 90 days

Total real estate investments $ 56,519,395

(1) Upon liquidation, which is not expected before December 31, 2022.

(2) Upon liquidation, at the discretion of the fund's trustees.

At December 31, 2017, the Plan had unfunded commitments of $756,332 to the

Clareant European Credit Opportunities Fund II, which will be funded by

liquidating other investments.

5. RECEIVABLES

Receivables consist of the following at December 31, 2017 and 2016:

2017 2016

Employer contributions $ 4,621,419 $ 4,964,277

Withdrawal assessments 

receivable, net 87,557,805 93,826,655

Accrued investment income 91,552 15,012

Other 20,231 9,604

Receivables, net $ 92,291,007 $ 98,815,548

Employer Contributions Receivable - Employer contributions receivable

represent monthly billings due or collected subsequent to the reporting period

but applicable to the reporting period.

Withdrawal Assessments Receivable, Net - Withdrawal assessments receivable

are unsecured and consist of the following at December 31, 2017 and 2016:

2017 2016

Lump sum withdrawal 

assessments receivable - $ 576,465

Withdrawal assessments 

under payment plans $ 168,275,815 173,645,460

Allowance for uncollectible

 withdrawal assessments (400,000) (292,000)

Estimated gross collectible amounts 167,875,815 173,929,925

Discount for present value (80,318,010) (80,103,270)

Employer withdrawal 

assessments, net $ 87,557,805 $ 93,826,655

File 16 Ex 16 Annual Return Report 0104

19
A discount rate of 8% was used to determine the present value allowance for

each of the years ended December 31, 2017 and 2016. Interest income resulting

from withdrawal assessments receivable was $1,500,755 and $448,197 for the

years ended December 31, 2017 and 2016 and is included as other income in

the statements of changes in net assets available for benefits.

Scheduled repayments of employer withdrawal assessments as of December 31,

2017 are as follows:

2018 ($9,340,533 - $400,000 allowance)

2019

$ 8,940,533

9,276,595

2020 9,276,595

2021 9,276,595

2022 9,242,681

Thereafter 121,862,816

Total $ 167,875,815

On December 29, 2014, DPWN Holdings (USA), Inc., on behalf of subsidiary

entities, DHL Express, Inc. and Air Express International, U.S.A., Inc., both of

which are contributing employers with the Plan, conditionally resolved a disputed

89.28% partial withdrawal liability assessment pursuant to two confidential

agreements ("Withdrawal Agreement" and "Reentry Agreement') between it and

the Plan providing for a complete withdrawal, followed by a lump sum payment of

approximately $37,973,000 of complete withdrawal liability and reentry as a

contributing employer conditioned upon PBGC approval of an amendment

providing for an alternative method for allocation of unfunded vested benefits

referred to as the hybrid method. Since ERISA requires that an alternative

allocation method is permitted only upon application and approval by the PBGC,

both the Withdrawal Agreement and the Reentry Agreement, include provisions

which revive the partial withdrawal liability dispute if PBGC approval is not

obtained by a specified deadline, which has been extended to December 31,

2018.

Although PBGC approval of the hybrid method has been expected based upon

its approval of similar methods for other multiemployer pension funds, either the

Plan or the DPWN Holdings (USA), Inc. may request that the terms of the

agreement be renegotiated. Policy changes at PBGC subsequent to the

enactment of the MPRA, in the opinion of the Trustees and legal counsel,

suggest that approval would be problematic. Prior to the December 31, 2018

scheduled deadline in the agreements, the Trustees will discuss options with

DPWN Holdings (USA), Inc. possibly resulting in a renegotiation of the

conditional settlement or litigation involving the timing, percentage and amount of

the partial withdrawal including the potential return of a portion of the the abovenoted settlement payment. If a payment is required, it would be largely or totally

offset by a withdrawal assessment receivable with the impact on net assets

available for benefits being immaterial in the opinion of the Trustees and legal

counsel.

File 16 Ex 16 Annual Return Report 0105

20
6. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS

Accumulated plan benefits are those future periodic payments that are

attributable under the Plan's provisions to "Credited Service" rendered by

participants to the valuation date. Accumulated plan benefits include benefits

expected to be paid to: (a) retired or terminated vested participants or their

beneficiaries, (b) beneficiaries of participants who have died, and (c) active

participants or their beneficiaries.

The actuarial present value of accumulated plan benefits is determined by the

Plan's actuary and represents the amount that results from using actuarial

assumptions to adjust the accumulated plan benefits to reflect the time value of

money (through discounts for interest) and the probability of payment (by means

of decrements such as for death, disability, termination or retirement) between

the valuation date and the expected date of payment.

The Plan's consulting actuary, Beyer-Barber Company, utilized the following

significant assumptions to determine the actuarial present value of accumulated

plan benefits as of January 1, 2017 and 2016 (beginning of Plan year

measurement dates):

 Investment rate of return, net of estimated investment expense, of 7.5%

and 8%, for January 1, 2017 and 2016, respectively

 Discount rate of 7.5% and 8% for January 1, 2017 and 2016, respectively

 Retirement Age Rates: Graduated rates of retirement based upon age,

service and benefit classification for active participants; graduated rates of

retirement based on age and service only for terminated vested

participants and the participant's Normal Retirement Date for deferred

survivors for January 1, 2017 and 2016. The January 1, 2016 actuarial

present value of accumulated plan benefits incorporated modifications to

the retirement age. Specifically, the probability of retirement for certain

age/service active participant categories was reduced and the retirement

age assumption for terminated vested participants was changed from age

62 to various rates from age 50 through age 70. These assumptions were

also used in the January 1, 2017 actuarial valuation.

 Mortality: RP-2014 Mortality Table with Blue Collar Adjustment projected

generationally using Scale MP-2017 for males and females for January 1,

2017; Blue Collar RP 2000 Mortality Table projected to 2007 by Scale AA

for males and females for January 1, 2016

 Disability Mortality: RP-2014 Disability Morality Table projected

generationally using Scale MP-2017 for males and females for January 1,

2017; RP 2000 Disability Mortality Table projected to 2007 by Scale AA for

males and females for January 1, 2016

File 16 Ex 16 Annual Return Report 0106

21
 Terminated Vested: In determining the January 1, 2017 actuarial present

value of accumulated plan benefits, the age at which terminated vested

participants are assumed to be deceased or incapable of making

application for benefits was increased from age 70 to age 100.

 Termination: In determining the January 1, 2017 actuarial present value of

accumulated plan benefits, the probability of terminating service from all

causes other than death and disability was changed from Scale T-5 of the

Actuary's Pension Handbook to Scale T-7 with rates adjusted to age 35.

The foregoing actuarial assumptions are based on the presumption that the Plan

will continue. If the Plan is terminated, different actuarial assumptions and other

factors might be applicable in determining the actuarial present value of

accumulated plan benefits.

The actuarial present value of accumulated plan benefits as of the beginning of

each Plan year is as follows:

1/1/17 1/1/16

Vested benefits:

Participants and beneficiaries 

currently receiving payments $ 1,233,990,248 $ 1,091,832,365

Other participants 507,401,642 465,832,708

Total vested benefits 1,741,391,890 1,557,665,073

Nonvested benefits 10,607,225 5,833,367

Total actuarial present value of

accumulated plan benefits $ 1,751,999,115 $ 1,563,498,440

Information used to determine the actuarial present value of accumulated

benefits includes retired, active, and deferred vested census data and Plan

provisions in effect at each valuation date, based on the Amended and Restated

Plan Document effective January 1, 2014. 

The changes in the actuarial present value of the accumulated plan benefits are

summarized as follows:

1/1/17 1/1/16

Actuarial present value of accumulated plan benefits, beginning $ 1,563,498,440 $ 1,575,437,013

Increase (decrease) during the

year attributable to:

 Changes in actuarial assumptions 179,682,189 (21,490,603)

 Benefits accumulated 15,304,333 13,288,254

Interest 125,079,875 126,034,961

 Benefits paid (131,565,722) (129,771,185)

File 16 Ex 16 Annual Return Report 0107

22
 Net increase (decrease) $ 188,500,675 $ (11,938,573)

Actuarial present value of accumulated plan benefits, ending $ 1,751,999,115 $ 1,563,498,440

The amount attributable to the change in actuarial assumptions as of January 1,

2017 is attributable to the rate reductions as well as the mortality and other

changes described above. The amount attributable to the change in actuarial

assumptions as of January 1, 2016 relates to the retirement age assumptions

described above.

7. EMPLOYEE BENEFIT PLANS

Pension and health and welfare expenses for the Plan's employees were as

follows for the years ended December 31, 2017 and 2016:

2017 2016

Western Pennsylvania Teamsters 

 and Employers Welfare Fund $ 101,799 $ 101,791

Western Pennsylvania Teamsters

 and Employers Pension Fund 148,245 146,658

Total $ 250,044 $ 248,449

The Plan pays the Western Pennsylvania Teamsters and Employers Welfare

Fund for the health and welfare benefits costs. Pension contributions and the

related offsetting pension expense are reflected to account for the noncash

transactions associated with Fund Office employees that are participants in the

Plan.

The Trustees expect to continue coverage of Plan employees under the Plan;

however, in the event of a discontinuance, there would be a withdrawal liability

based on the Plan's proportional share of the unfunded vested benefits. The

amount of unfunded vested benefits as of January 1, 2017, determined as the

basis for withdrawal liability is approximately $4,110,600. This obligation would

become the responsibility of continuing employers.

8. TAX STATUS 

The Internal Revenue Service has determined that the Plan is qualified under

Section 401(a) of the Internal Revenue Code, and that the trust established

thereunder is exempt under the provisions of Section 501(a) of the Internal

Revenue Code. A favorable determination letter was issued by the Internal

Revenue Service on January 8, 2016 confirming the continued qualification of

the Plan based on the information supplied.

File 16 Ex 16 Annual Return Report 0108

23
9. PLAN TERMINATION AND PENSION BENEFIT GUARANTY CORPORATION

MATTERS

The Trustees control and manage the operation and administration of the Plan,

and, subject to certain conditions, may amend or terminate the Trust Agreement

and Plan. The Trustees intend to continue the Plan; however, termination would

result in allocation of the net assets of the Plan to the participants and

beneficiaries of the Plan in the manner prescribed by ERISA and in accordance

with the Trust Agreement. In the event of plan termination, certain benefits

under the Plan are insured by the PBGC, a United States government agency.

Generally, the PBGC guarantees most vested normal age retirement benefits,

some early retirement benefits, and certain disability and survivor's pension

benefits. However, the PBGC does not guarantee all types of benefits under the

Plan and the amount of benefit protection is subject to certain limitations. 

Whether all participants receive their benefits should the Plan terminate at some

future time will depend on the sufficiency, at that time, of the Plan's net assets to

provide those benefits as well as the ability of the PBGC to provide the

guaranteed level of benefits The Plan's ability to provide those benefits may also

depend on the financial condition of the participating employers and the

companies that owe withdrawal assessments to the Plan.

10. CONCENTRATION

One company accounted for 58% and 52% of employer contribution income for

the years ended December 31, 2017 and 2016, respectively.

Another company, which withdrew from the Plan in late 2016, accounted for 87%

and 88% of the receivables, net, and 11% and 12% of total assets at December

31, 2017 and 2016, respectively. 

11. INSURANCE AND LEGAL MATTERS

The Plan has an ERISA Compliance Fidelity Bond, through Federal Insurance

Company, which provides coverage of $5,000,000 for all persons while in the

service of the Plan as fiduciary, trustee, administrator, officer, or employee, and

any other person required to be bonded under Title I of ERISA. The Plan also

has a trustee and fiduciary liability insurance, through Chubb Insurance, which

provides coverage of $20,000,000 for each claim and in the aggregate. Markel

American Insurance Company provides the Trustees with excess fiduciary

coverage of $15,000,000 in the aggregate.

Counsel of the Plan is not aware of any unasserted claims or assessments

against the Plan which might result in a claim under the above-noted policies.

File 16 Ex 16 Annual Return Report 0109

24
Counsel of the Plan advises that, to the best of their knowledge, the Trustees

have not engaged in any "Party-In-Interest" transactions prohibited under ERISA.

In some cases, the Plan has settled formal collection proceedings by accepting

promissory notes from employers affirming the intent to pay delinquent

contributions under a payment plan. In each of these cases, where notes have

been accepted, a determination has been made that acceptance of such notes

would provide the Plan with the best method of securing maximum recovery of

the delinquent contributions, and the related interest and collection costs. In the

opinion of the Plan's counsel, considering the applicable regulations and the

facts surrounding each note, the Trustees' acceptance of such notes would not

constitute a prohibited transaction within the meaning of ERISA.

File 16 Ex 16 Annual Return Report 0110

25
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(a)

N/A

(b)

N/A

(c)

Description of Investment, Including Maturity Date and

Rate of Interest

(d)

Cost

(e)

Current Value

Shares

93

52

255,676

1,144,273

33,669

26,471,059

Short - Term Investments

EUR (EURO)

CASH ON DEPOSIT-CUSTODIAN

LEHMAN PROXY WAMCO - REC

BNY MELLON CASH RESERVE

GBP (GREAT BRITISH POUNDS)

EB TEMPORARY INVESTMENT FUND

Total Short-Term Investments

$ 98

52

33,238

1,144,273

43,515

26,853,133

28,074,309

$ 111

52

33,238

1,144,273

45,545

26,853,133

28,076,352

Shares

100,000

100,000

Corporate Debt Instruments

ISRAEL(STATE OF)

ISRAEL(STATE OF)

Total Corporate Debt Instruments

100,000

100,000

200,000

100,000

99,996

199,996

Common Stocks

Shares

10,900 ABERCROMBIE & FITCH CO

2,150 ACCENTURE PLC

1,650 ADOBE SYSTEMS INC

1,300 AETNA INC

700 ALBEMARLE CORP

3,300 ALCOA CORP

850 ALEXION PHARMACEUTICALS INC

300 ALLEGHANY CORP

8,100 ALLY FINANCIAL INC

700 ALPHABET INC-CL A

3,600 ALTRIA GROUP INC

450 AMAZON.COM INC

450 AMERCO

17,000 AMERICAN EAGLE OUTFITTERS INC

1,900 AMGEN INC

2,850 AMN HEALTHCARE SERVICES INC

8,450 ANNALY CAPITAL MANAGEMENT INC

1,350 ANTHEM INC

3,100 AO SMITH CORP

6,850 APPLE INC

4,500 APPLIED MATERIALS INC

122,610 189,987

286,393 329,144

250,852 289,146

202,753 234,507

90,073 89,523

107,486 177,771

88,799 101,652

175,064 178,827

186,370 236,196

705,753 737,380

268,185 257,076

475,736 526,262

164,540 170,060

194,457 319,600

307,476 330,410

103,285 140,363

101,719 100,471

263,395 303,764

176,819 189,968

1,084,087 1,159,226

214,630 230,040

File 16 Ex 16 Annual Return Report 0111

26
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

1,950 ARROW ELECTRONICS INC $

3,050 ASPEN INSURANCE HOLDINGS LTD

13,150 AT&T INC

1,350 BAKER HUGHES A GE CO

23,050 BANK OF AMERICA CORP

2,550 BAXTER INTERNATIONAL INC

1400 BELDEN INC

1,500 BERKSHIRE HATHAWAY INC

500 BIOGEN INC

1,250 BOEING CO/THE

6,900 BOSTON SCIENTIFIC CORP

11,200 BRANDYWINE REALTY TRUST

3,450 BRISTOL-MYERS SQUIBB CO

7,400 BROOKS AUTOMATION INC

8,400 CAESARSTONE LTD

14,500 CALLON PETROLEUM CO

1,100 CELGENE CORP

10,350 CENTRAL VALLEY COMMUNITY

BANCO

3,450 CENTURYLINK INC

4,400 CHEVRON CORP

6,000 CHIMERA INVESTMENT CORP

1,400 CHURCHILL DOWNS INC

7,500 CISCO SYSTEMS INC

7,500 CITIGROUP INC

1,100 CITRIX SYSTEMS INC

7,650 COCA-COLA CO/THE

1,650 COGNIZANT TECHNOLOGY

SOLUTIONS

1,050 COHERENT INC

10,300 COHU INC

5,200 COLONY NORTHSTAR INC

4,100 COLUMBUS MCKINNON CORP/NY

6,500 COMCAST CORP

5,000 COMFORT SYSTEMS USA INC

8,900 COMMERCIAL METALS CO

9,700 COMMUNITY HEALTHCARE TRUST

INC

1,000 CONCHO RESOURCES INC

2,700 CONOCOPHILLIPS

150,014 $ 156,800

154,361 123,830

508,891 511,272

65,221 42,714

568,796 680,436

155,679 164,832

99,016 108,038

262,983 297,330

134,746 159,285

277,835 368,638

186,761 171,051

194,482 203,728

194,323 211,416

190,566 176,490

316,047 184,800

163,403 176,175

122,366 114,796

207,183 208,863

77,897 57,546

486,617 550,836

113,256 110,880

234,042 325,780

252,811 287,250

487,234 558,075

92,854 96,800

349,416 350,982

112,550 117,183

260,313 296,331

188,114 226,085

69,606 59,332

103,576 163,918

268,506 260,325

171,838 218,250

185,586 189,748

239,374 272,570

134,135 150,220

130,703 148,203

File 16 Ex 16 Annual Return Report 0112

27
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

10,300 CONTINENTAL BUILDING PRODUCTS $ 249,960 $ 289,945

6,900 CONTROL4 CORP 136,214 205,344

3,200 CORECIVIC INC 85,747 72,000

1,100 CROWN CASTLE INTERNATIONAL

COR 114,644 122,111

5,155 CUBIC CORP 265,394 303,887

1,350 CULLEN/FROST BANKERS INC 125,228 127,777

1,950 CVS HEALTH CORP 149,405 141,375

3,050 DARDEN RESTAURANTS INC 279,282 292,861

1,250 DEERE & CO 166,527 195,637

5,040 DELEK US HOLDINGS INC 123,337 176,098

20,400 DIAMONDROCK HOSPITALITY CO 224,857 230,316

7,300 DOMTAR CORP 281,057 361,496

2,400 DOVER CORP 212,098 242,376

4,000 DOWDUPONT INC 269,496 284,880

2,300 DXC TECHNOLOGY CO 190,416 218,270

3,250 EAST WEST BANCORP INC 184,037 197,697

2,400 EATON CORP PLC 185,802 189,624

2,050 EDISON INTERNATIONAL 156,121 129,642

2,400 ELECTRONIC ARTS INC 265,965 252,144

2,050 ELI LILLY & CO 166,800 173,143

3,150 EMCOR GROUP INC 197,878 257,512

4,100 ENERGEN CORP 222,712 236,037

1,300 EVEREST RE GROUP LTD 316,995 287,638

2,700 EXELON CORP 100,390 106,407

3,550 EXPEDITORS INTERNATIONAL OF

WA 206,281 229,649

2,550 EXPRESS SCRIPTS HOLDING CO 161,779 190,332

4,700 EXXON MOBIL CORP 383,458 393,108

700 F5 NETWORKS INC 90,379 91,854

3,550 FACEBOOK INC 575,899 626,433

875 FIRST CITIZENS BANCSHARES INC/ 296,052 352,625

8,700 FIRST COMMUNITY BANCSHARES

INC 221,547 249,951

1,300 FIRST REPUBLIC BANK/CA 118,956 112,632

9,450 FIRSTENERGY CORP 282,913 289,359

2,050 FMC CORP 189,019 194,053

1,500 FOOT LOCKER INC 83,866 70,320

4,800 FTI CONSULTING INC 163,342 206,208

16,200 GENCOR INDUSTRIES INC 262,548 268,110

File 16 Ex 16 Annual Return Report 0113

28
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

13,800 GENERAL ELECTRIC CO $

5,000 GENERAL MOTORS CO

5,300 GENTEX CORP

1,500 GILEAD SCIENCES INC

1,150 GLOBAL PAYMENTS INC

700 GOLDMAN SACHS GROUP INC/THE

3,650 GRANITE CONSTRUCTION INC

12,950 GULFPORT ENERGY CORP

4,350 HEALTHSOUTH CORP

3,000 HELMERICH & PAYNE INC

2,800 HNI CORP

1,450 HOME DEPOT INC/THE

6,500 HOST HOTELS & RESORTS INC

12,200 HUNTINGTON BANCSHARES INC/OH

1,350 IAC/INTERACTIVECORP

6,000 ICF INTERNATIONAL INC

800 IDEXX LABORATORIES INC

2,600 INSTEEL INDUSTRIES INC

6,650 INTEL CORP

1,800 INTERCONTINENTAL EXCHANGE INC

2,300 ITT INC

2,100 JACK HENRY & ASSOCIATES INC

3,850 JELD-WEN HOLDING INC

4,650 JOHNSON & JOHNSON

5,500 JPMORGAN CHASE & CO

3,200 JUNIPER NETWORKS INC

1,300 KAISER ALUMINUM CORP

11,700 KBR INC

19,200 KEYCORP

6,750 KIMCO REALTY CORP

17,000 KVH INDUSTRIES INC

1,450 L3 TECHNOLOGIES INC

1,700 LABORATORY CORP OF AMERICA

HOL

2,325 LAM RESEARCH CORP

3,800 LA-Z-BOY INC

2,400 LEAR CORP

3,900 LEGG MASON INC

2,500 LEIDOS HOLDINGS INC

335,721 $ 240,810

181,158 204,950

104,023 111,035

100,966 107,460

105,381 115,276

156,771 178,332

170,944 231,519

180,384 165,242

196,613 214,933

156,882 193,920

119,761 107,996

239,138 274,818

121,409 129,025

152,388 177,632

143,588 165,078

297,616 315,000

131,764 125,104

82,165 73,632

275,184 306,964

125,869 127,008

98,598 122,751

230,006 245,616

119,481 151,574

614,466 649,698

494,449 588,170

93,468 91,200

107,072 138,905

159,066 232,011

336,312 387,264

120,082 122,513

162,270 175,950

242,385 286,883

235,753 271,167

373,360 427,963

100,805 118,560

369,780 423,984

143,191 163,722

137,740 161,425

File 16 Ex 16 Annual Return Report 0114

29
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

20,200 LEXINGTON REALTY TRUST $ 195,407 $ 194,930

1,100 LIBERTY BROADBAND CORP 94,608 93,676

2,700 LIBERTY MEDIA CORP-LIBERTY FOR 92,303 92,232

4,350 LIBERTY PROPERTY TRUST 178,823 187,093

2,700 LINCOLN NATIONAL CORP 185,881 207,549

4,850 LIONS GATE ENTERTAINMENT CORP 122,132 153,939

850 LOWE'S COS INC 70,201 78,999

1,150 LYONDELLBASELL INDUSTRIES NV 104,691 126,868

1,300 MALLINCKRODT PLC 48,156 29,328

1,350 MANPOWERGROUP INC 147,304 170,249

8,450 MARATHON OIL CORP 119,731 143,058

2,050 MARATHON PETROLEUM CORP 116,066 135,259

1,150 MARRIOTT INTERNATIONAL INC/MD 149,946 156,089

850 MCKESSON CORP 137,823 132,558

4,400 MERCK & CO INC 274,805 247,588

19,600 MERIDIAN BIOSCIENCE INC 294,249 274,400

4,650 MICHAEL KORS HOLDINGS LTD 157,372 292,718

1,900 MICRON TECHNOLOGY INC 79,239 78,128

11,000 MICROSOFT CORP 831,933 940,940

8,250 MILLER INDUSTRIES INC/TN 211,637 212,850

2,000 MKS INSTRUMENTS INC 163,548 189,000

15,800 MSG NETWORKS INC 275,047 319,950

3,100 NATIONAL RETAIL PROPERTIES INC 118,826 133,703

5,150 NEKTAR THERAPEUTICS 99,756 307,558

3,050 NEWMONT MINING CORP 106,935 114,436

6,500 NEWS CORP 93,717 105,365

2,250 NIKE INC 126,234 140,737

1,000 NORFOLK SOUTHERN CORP 130,638 144,900

4,500 NORTHWESTERN CORP 278,107 268,650

1,750 NUCOR CORP 105,335 111,265

2,700 NVIDIA CORP 434,599 522,450

5,150 OGE ENERGY CORP 180,182 169,487

2,050 OMNICELL INC 82,123 99,425

3,050 ON ASSIGNMENT INC 159,426 196,023

3,050 ORACLE CORP 149,730 144,204

9,700 ORBOTECH LTD 363,690 487,328

1,850 OSHKOSH CORP 117,220 168,146

7,000 PARAMOUNT GROUP INC 109,003 110,950

1,500 PAYCHEX INC 93,038 102,120

File 16 Ex 16 Annual Return Report 0115

30
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

3,550 PEPSICO INC $ 414,503 $ 425,716

2,550 PERRIGO CO PLC 223,945 222,258

10,550 PFIZER INC 360,093 382,121

8,800 PH GLATFELTER CO 162,200 188,672

2,600 PHILIP MORRIS INTERNATIONAL IN 299,528 274,690

10,700 PHYSICIANS REALTY TRUST 217,685 192,493

2,900 PIPER JAFFRAY COS 169,441 250,125

1,300 PNC FINANCIAL SERVICES GROUP I 164,822 187,577

77,600 PRECISION DRILLING CORP 230,235 234,352

4,900 PROCTER & GAMBLE CO/THE 437,804 450,212

5,000 PROLOGIS INC 291,418 322,550

3,350 PUBLIC SERVICE ENTERPRISE

GROU 156,973 172,525

1,900 PVH CORP 200,330 260,699

2,150 QORVO INC 167,236 143,190

4,400 RAYMOND JAMES FINANCIAL INC 331,175 392,920

850 RAYTHEON CO 145,385 159,672

2,600 REALTY INCOME CORP 142,961 148,252

4,400 REGAL BELOIT CORP 346,768 337,040

22,800 REVOLUTION LIGHTING

TECHNOLOGI 157,963 75,012

2,550 ROBERT HALF INTERNATIONAL INC 134,274 141,627

800 S&P GLOBAL INC 129,871 135,520

13,900 SABRA HEALTH CARE REIT INC 303,947 260,903

2,300 SCHLUMBERGER LTD 158,962 154,997

6,000 SELECTIVE INSURANCE GROUP INC 303,652 352,200

4,100 SILICON MOTION TECHNOLOGY

CORP 213,952 217,136

1,450 SNAP-ON INC 236,373 252,735

3,850 SOUTHWEST AIRLINES CO 238,510 251,982

3,150 SPECTRUM BRANDS HOLDINGS INC 383,796 354,060

2,700 STARBUCKS CORP 166,386 155,061

2,400 STATE STREET CORP 207,730 234,264

9,500 STERLING BANCORP/DE 203,865 233,700

3,100 STIFEL FINANCIAL CORP 131,508 184,636

8,800 STONERIDGE INC 135,161 201,168

16,500 SUMMIT HOTEL PROPERTIES INC 294,200 251,295

8,600 TAPESTRY INC 387,674 380,378

5,200 TERADYNE INC 195,807 217,724

4,700 TETRA TECH INC 216,297 226,305

File 16 Ex 16 Annual Return Report 0116

31
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

2,550 TIME WARNER INC $ 247,241 $ 233,249

19,100 TIMKENSTEEL CORP 262,899 290,129

7,900 TIVO CORP 142,494 123,240

1,500 TORO CO/THE 101,284 97,845

2,800 TRINSEO SA 178,649 203,280

2,700 TUPPERWARE BRANDS CORP 162,672 169,290

2,300 TYSON FOODS INC 148,848 186,461

650 ULTA BEAUTY INC 182,314 145,379

13,700 UNITED FINANCIAL BANCORP INC 221,522 241,668

6,700 UNITED FIRE GROUP INC 289,325 305,386

1,500 UNITED TECHNOLOGIES CORP 184,830 191,355

1,000 UNITED THERAPEUTICS CORP 129,974 147,950

1,900 UNITEDHEALTH GROUP INC 359,611 418,874

1,550 UNIVERSAL DISPLAY CORP 175,443 267,608

1,750 VALERO ENERGY CORP 124,415 160,843

2,800 VALIDUS HOLDINGS LTD 148,784 131,376

1,300 VEEVA SYSTEMS INC 75,901 71,864

4,550 VERIZON COMMUNICATIONS INC 221,687 240,831

1,350 VF CORP 95,095 99,900

10,200 VISHAY INTERTECHNOLOGY INC 166,900 211,650

1,250 VISTEON CORP 124,150 156,425

1,350 WALGREENS BOOTS ALLIANCE INC 106,113 98,037

3,200 WALMART INC 272,254 316,000

3,200 WALT DISNEY CO/THE 345,185 344,032

8,800 WASHINGTON FEDERAL INC 279,957 301,400

3,200 WATTS WATER TECHNOLOGIES INC 198,430 243,040

2,250 WEINGARTEN REALTY INVESTORS 69,606 73,957

1,575 WELLCARE HEALTH PLANS INC 269,871 316,748

3,600 WELLS FARGO & CO 196,236 218,412

3,400 WILLIAMS-SONOMA INC 164,707 175,780

2,300 XL GROUP LTD 96,585 80,868

4,750 ZIONS BANCORPORATION 195,600 241,442

Total Common Stock 50,104,466 54,800,356

Registered Investment Companies

Shares

8,600 FINANCIAL SELECT SECTOR SPDR 200,965 240,026

2,506 HEALTH CARE SELECT SECTOR 203,382 207,196

17,986 ISHA HEDGED MSCI GERMANY 504,692 516,018

File 16 Ex 16 Annual Return Report 0117

32
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

2,338 ISHARES 20+ YEAR TREASURY BO $ 300,191 $ 296,599

8,126 ISHARES COMMOD SELECT STRAT 303,681 295,299

4,034 ISHARES EDGE MSCI MIN VOL EA 263,022 294,401

29,389 ISHARES GOLD TRUST 398,738 367,656

3,576 ISHARES IBOXX INVESTMENT GRA 427,518 434,699

1,627 ISHARES IBOXX USD HIGH YIELD 140,207 141,972

2,781 ISHARES JP MORGAN USD EMERGI 315,696 322,874

9,252 ISHARES MSCI JAPAN ETF 544,859 554,472

1,641 ISHARES RUSSELL 2000 ETF 202,600 250,187

5,094 ISHARES TIPS BOND ETF 571,411 581,124

2,105,976 OBERWEIS INTL OPPORT INST 24,828,422 26,893,307

6,139 POWERSHARES QQQ TRUST

SERIES 553,226 956,211

12,340 POWERSHARES S&P 500 LOW VOLA 323,328 589,112

3,675 SPDR S&P 500 ETF TRUST 730,675 980,711

741 VANGUARD DIVIDEND APPREC ETF 59,305 75,604

66,216 VANGUARD FTSE DEVELOPED ETF 2,638,613 2,970,450

59,696 VANGUARD FTSE EMERGING MARKE 2,348,481 2,740,643

10,656 VANGUARD FTSE EUROPE ETF 600,711 630,302

7,900 VANGUARD TOTAL STOCK MKT ETF 752,641 1,084,275

2,615,063 WB CIT MACRO ALLOCATION FUND 25,000,000 25,706,067

Total Registered Investment Companies 62,212,364 67,129,205

Commingled Trusts

Shares

210,820

3,107,734

7,000,000

6,243,668

1,914,457

1,940,639

427,523

1,401,863

Not Available

ABS OPPORTUNITIES LTD.

EMERGING MARKETS PORTFOLIO

ARTISAN GLOBAL OPPORTUNITIES

TRUST

CLAREANT EUROPEAN CREDIT

OPPORTUNITIES FUND

CLAREANT EUROPEAN CREDIT

OPPORTUNITIES FUND II

CLAREANT MULTI STRATEGY

EUROPEAN CREDIT FUND

EATON VANCE EMERGING MARKETS

FIERA USA GLOBAL EQUITIES FUND

LP

LOOMIS MULTISECTOR FULL

DISCRETION

TCW CAPITAL TRUST

25,000,000

35,497,263

3,835,688

5,310,394

18,902,720

21,646,658

46,366,485

22,614,840

219,557

25,786,625

65,604,268

4,940,065

6,808,428

23,898,679

24,528,705

69,628,496

29,102,679

249,986

File 16 Ex 16 Annual Return Report 0118

33
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946

PLAN NO. 001

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (SCHEDULE H, LINE 4i)

DECEMBER 31, 2017

(c)

(a) (b) Description of Investment, Including Maturity Date and (d) (e)

N/A N/A Rate of Interest Cost Current Value

975,012 WESTERN ASSET GLOBAL MULTISECTOR LLC $ 13,788,823 $ 17,647,719

731,993 WESTERN ASSET MACRO

OPPORTUNITIES LLC FUND 7,500,000 11,061,878

2,020,460 NCS GROUP TRUST - GLOBAL FUND 41,801,495 69,500,348

1,991,766 WELLINGTON CIFII GLOBAL

MANAGED RISK 18,871,806 22,447,202

Total Commingled Trusts 261,355,729 371,205,078

Hedge Funds and Limited Partnerships

Shares

Not Available ENTRUSTPERMAL WESTERN 53,708,243 53,557,339

Not Available MORGAN STANLEY IFHF SPV LP 752,176 889,642

Not Available CRESCENT CAPITAL HIGH INCOME 14,561,053 14,538,862

Total Hedge Funds and Limited

Partnerships 69,021,472 68,985,843

Real Estate Investments

Shares

243,655 JPM ALTERNATIVE PROPERTY FUND 163,879 172,801

416 PRISA LP 19,824,372 24,828,725

900 PRISA II LP 23,607,552 31,517,869

Total Real Estate Investments 43,595,803 56,519,395

Derivative Instruments

Shares

18 MINI MSCI EAFE FUTURE (NYF) - 3,940

12 MINI MSCI EMG MKT FUTURE (NYF) - 9,300

22 S & P 500 EMINI INDEX FUTURE - (11,350)

7 US LONG BOND FUTURE (CBT) - 10,688

14 US 10 YR TREAS NTS FUTURE(CBT) - 5,875

17 US 5YR TREAS NTS FUTURE (CBT) - 3,500

Total Derivative Instruments - 21,953

Total Investments $ 514,564,143 $ 646,938,178

File 16 Ex 16 Annual Return Report 0119

34
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946 PLAN NO. 001

SCHEDULE OF INVESTMENT ASSETS BOTH ACQUIRED AND DISPOSED WITHIN THE PLAN YEAR (SCHEDULE H, LINE 4i) 

FOR THE YEAR ENDED DECEMBER 31, 2017

(a)

Shares

(b)

Description of Investment, Including Maturity Date, Rate of Interest, Collateral Par or

Maturity Value

(c)

Cost of

Acquisition

(d)

Proceeds

(Settlements)

upon Disposition

26

26

31

64

56

68

68

61

78

125

95

90

95

78

71

61

51

46

US Treasury Bond Future (CBT) - June 2017 expiration

US Treasury Bond Future (CBT) - September 2017 expiration

US Treasury Bond Future (CBT) - December 2017 expiration

US 10 Yr Treasury Notes Future (CBT) - June 2017 expiration

US 10 Yr Treasury Notes Future (CBT) - September 2017 expiration

US 10 Yr Treasury Notes Future (CBT) - December 2017 expiration

US 5 Yr Treasury Notes Future (CBT) - June 2017 expiration

US 5 Yr Treasury Notes Future (CBT) - September 2017 expiration

US 5 Yr Treasury Notes Future (CBT) - December 2017 expiration

S & P 500 E Mini Index Future (CME) - June 2017 expiration

S & P 500 E Mini Index Future (CME) - September 2017 expiration

S & P 500 E Mini Index Future (CME) - December 2017 expiration

MSCI EAFE Index Future (ICE and NYF) - June 2017 expiration

MSCI EAFE Index Future (ICE and NYF) - September 2017 expiration

MSCI EAFE Index Future (ICE and NYF) - December 2017 expiration

Mini MSCI Emerging Markets Future (NYF and NYL) - June 2017 expiration

Mini MSCI Emerging Markets Future (NYF and NYL) - September 2017 expiration

Mini MSCI Emerging Markets Future (NYF and NYL) - December 2017 expiration

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

$ 49,320

37,906

(2,766)

43,422

16,491

(28,865)

19,922

1,133

(33,234)

157,135

97,153

401,175

227,785

134,850

127,795

101,420

111,850

26,553

File 16 Ex 16 Annual Return Report 0120

35
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND

EIN: 25-6029946 PLAN NO. 001

SCHEDULE OF REPORTABLE TRANSACTIONS (SCHEDULE H, LINE 4j) - SERIES OF TRANSACTIONS (SCHEDULE H, PART IV,

LINE 4j)

FOR THE YEAR ENDED DECEMBER 31, 2017

 (a)

Identity of

 Party Involved

(b)

 Description of Assets

(d)

Purchase

 Price

(e)

Selling

 Price

(f)

Cost of Assets

Disposed

 (h)

Net Gain

 (Loss)

Single transactions in excess of 5% of plan assets

BNY Mellon EB Temporary Investment Fund $ 60,637,750

BNY Mellon EB Temporary Investment Fund $ 39,985,342 $ 39,985,342 -

Series of transactions in excess of 5% of plan assets

BNY Mellon *BNY Mellon Cash Reserve 93,932,165

92,787,892 92,787,892 -

BNY Mellon and 

Parametric Clifton EB Temporary Investment Fund 239,973,754

257,113,441 257,113,441 -

EntrustPermal EntrustPermal Western Pennsylvania

Teamsters LP 42,671,611

*Party in interest

File 16 Ex 16 Annual Return Report 0121

36