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      <ExcessOrDeficitPerFS>2202874</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>15268545</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-258475</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-258475</RevenueNotRptdF990>
      <RevenueSubtotal>15527020</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>38695</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>38695</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>15565715</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>13065671</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>13065671</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>38695</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>38695</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>13104366</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE PLAN MANAGEMENT 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 IRS. THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2011 AND 2010, 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 SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE PLAN ADMINISTRATOR BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2008.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>FORM 990 IS REVIEWED BY THE BOARD OF TRUSTEES IN CONJUNCTION WITH THEIR ANNUAL AUDIT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE POLICY REQUIRES PERSONS COVERED BY IT TO MONITOR AND REPORT TO THE PLAN ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. THE PLAN THEN INVESTIGATES TO DETERMINE IF A CONFLICT OF INTEREST, IN FACT, EXISTS, WHETHER IT IS MATERIAL, AND WHETHER CORRECTIVE ACTION IS REQUIRED. COVERED PERSONS ARE ALSO OBLIGATED TO REPORT ANY CONFLICT OF INTEREST OF WHICH THEY ARE AWARE INVOLVING OTHER COVERED PERSONS. PERSONS COVERED BY THE POLICY ALSO ANNUALLY CERTIFY IN WRITING THAT THEY HAVE NOT BEEN INVOLVED IN ANY CONFLICT OF INTEREST WHICH HAS NOT BEEN REPORTED TO THE PLAN.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>DESCRIPTION OF SHARED HOURS</Identifier>
        <ReturnReference>FORM 990, PART VII, SECTION A, LINE 1A:</ReturnReference>
        <Explanation>CHARLES ROBERTS, PETER TAUBENBERGER, TROY E. SEBION, MARC JUREK, DARRELL GODBOUT AND JUDD STOKES EACH WORKED A TOTAL OF 4 HOURS/WEEK FOR THE REPORTING ORGANIZATION AND THE RELATED ORGANIZATIONS AS FOLLOWS: -TWIN CITY IRONWORKERS APPRENTICE &amp; TRAINING FUND - 1 HOUR/WEEK -TWIN CITY IRONWORKERS PENSION FUND - 1 HOUR/WEEK -TWIN CITY IRONWORKERS DEFINED CONTRIBUTION FUND - 1 HOUR/WEEK -TWIN CITY IRONWORKERS HEALTH AND WELFARE FUND - 1 HOUR/WEEK</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED LOSSES ON INVESTMENTS: -258,475.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>TWIN CITY IRON WORKERS PENSION FUND</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3001 METRO DRIVE STE 500</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EIN>416084127</EIN>
        <PrimaryActivities>TO PROVIDE RETIREMENT BENEFITS TO UNION MEMBERS.</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>TWIN CITY IRON WORKERS APPRENTICESHIP AND TRAINING FUND</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3001 METRO DRIVE STE 500</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EIN>237115395</EIN>
        <PrimaryActivities>TO PROVIDE TRAINING BENEFITS TO UNION MEMBERS.</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
        <ExemptCodeSection>501(C)(5)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>TWIN CITY IRON WORKERS DEFINED CONTRIBUTION FUND</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3001 METRO DRIVE STE 500</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EIN>416084127</EIN>
        <PrimaryActivities>TO PROVIDE RETIREMENT BENEFITS TO UNION MEMBERS.</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>