The Plumbers & Pipefitters Local 693 Pension Fund is a defined benefit plan which was formed to offer membership a specific benefit or payout upon retirement. Employee Retirement Income Security Act (“ERISA”) charges the Trustees with responsibility for the investment of the assets of the Fund. To assist the Trustees in this function, they hired Investment Performance Services, LLC as a fiduciary to achieve the long-term investment objectives of the Fund. Assets of the Fund shall be invested in a manner consistent with the fiduciary standards of ERISA; namely, (1) all transactions undertaken must be in the sole interest of Fund participants and their beneficiaries, (2) to provide benefits and defray reasonable expenses of Fund administration in a prudent manner, and (3) assets are to be diversified in order to minimize the impact of large losses in individual investments. Furthermore, all investments shall be made in compliance with all other relevant laws and consistent with the provisions of the Agreement and Declaration of Trust that governs the Fund.