TRUSTEES OF THE NATIONAL ELECTRICAL BENEFIT FUND

NATIONAL ELECTRICAL BENEFIT FUND

Defined Benefit2025EIN 530181657PN 001form_5500

Filed Jul 30, 2026

Original filing

End-of-year assets

$22,510,816,197

Net assets $20,832,356,369

Active participants

379,532

— participant accounts

Service providers

22 service categories

Fidelity bond

$5,000,000

Bond reported

Plan & sponsor record

Plan name: NATIONAL ELECTRICAL BENEFIT FUND
Effective date: May 1, 1947
Sponsor: TRUSTEES OF THE NATIONAL ELECTRICAL BENEFIT FUND
Business code: 238210
Administrator: —
Administrator EIN: —
Address: 2400 RESEARCH BLVD., SUITE 500 · ROCKVILLE, MD, 208503266

Annual plan activity

Beginning assets$20,376,060,206

Ending assets$22,510,816,197

Employer contributions$1,079,771,115

Participant contributions—

Total income$3,123,024,888

Benefits paid$1,439,158,696

Administrative expenses$116,886,602

Net income$1,566,979,590

Schedule C

Service providers

Provider	Services	Location	Direct compensation
NATIONAL REAL ESTATE ADVISORSEIN 262237421	28Investment management 51Investment management fees paid directly by plan	—	$20,571,326
ADMINISTRATIVE STAFFEIN 530181657	30Employee (plan) 50Direct payment from the plan	—	$9,680,928
RCP ADVISORS 2, LLCEIN 455510695	28Investment management 51Investment management fees paid directly by plan	—	$3,174,748
LOOMIS SAYLES & COMPANY LPEIN 043200030	28Investment management 51Investment management fees paid directly by plan 68Soft dollars commissions	—	$2,888,306
PAYDEN & RYGELEIN 953921788	28Investment management 51Investment management fees paid directly by plan	—	$2,859,204
ULLICO INVESTMENT ADVISORS INC.EIN 526435649	28Investment management 51Investment management fees paid directly by plan	—	$2,583,760
XPERIS IT COMPANYEIN 471728257	16Consulting (general) 49Other services 50Direct payment from the plan	—	$2,474,783
MELLON INVESTMENTS CORPORATIONEIN 251442864	28Investment management 51Investment management fees paid directly by plan 68Soft dollars commissions	—	$2,463,542
RBC GLOBAL ASSET MANAGEMENTEIN 411460668	28Investment management 51Investment management fees paid directly by plan	—	$2,338,608
INVESTMENT STAFFEIN 530181657	30Employee (plan) 50Direct payment from the plan	—	$1,891,990
CRESCENT CAPITAL GROUPEIN 272698206	28Investment management 51Investment management fees paid directly by plan	—	$1,862,281
ASB CAPITAL MANAGEMENTEIN 800618452	28Investment management 51Investment management fees paid directly by plan	—	$1,730,241
TIMES SQUARE CAPITAL MANAGEMENTEIN 201665304	28Investment management 51Investment management fees paid directly by plan	—	$1,537,861
THE UNION LABOR LIFE INSURANCE COMPEIN 131423090	28Investment management 51Investment management fees paid directly by plan	—	$1,460,219
POTTS-DUPRE, HAWKINS & KRAMEREIN 521660807	29Legal 50Direct payment from the plan	—	$1,440,761
BANK OF NEW YORK MELLONEIN 135160382	19Custodial (securities) 59Shareholder servicing fees 62Float revenue 72Other investment fees and expenses	—	$1,432,043
LAZARD ASSET MANAGEMENT LLCEIN 050530199	28Investment management 51Investment management fees paid directly by plan 68Soft dollars commissions	—	$1,302,749
JANUS CAPITAL MANAGEMENT LLCEIN 753019302	28Investment management 51Investment management fees paid directly by plan 68Soft dollars commissions	—	$1,216,680
BARROW, HANLEYEIN 752403190	28Investment management 51Investment management fees paid directly by plan 68Soft dollars commissions	—	$1,216,534
LORD ABBETT & COEIN 135620131	28Investment management 51Investment management fees paid directly by plan	—	$911,501
CS CAPITAL MANAGEMENT INCEIN 581973304	16Consulting (general) 27Investment advisory (plan) 50Direct payment from the plan	—	$608,081
BUCH CONSTRUCTION, INC.EIN 521462035	49Other services 50Direct payment from the plan	—	$484,020
SEGAL MARCO ADVISORSEIN 132646110	27Investment advisory (plan) 50Direct payment from the plan	—	$410,875
KELLY PRESSEIN 520975591	36Copying and duplicating 50Direct payment from the plan	—	$374,335
BLACKROCK FINANCIAL MGTEIN 133806691	28Investment management 50Direct payment from the plan 51Investment management fees paid directly by plan	—	$308,879
PRINCIPAL GLOBAL INVESTORSEIN 421520348	28Investment management 68Soft dollars commissions	—	$206,964
WITHUM SMITH & BROWN, PCEIN 222027092	10Accounting (including auditing) 50Direct payment from the plan	—	$206,889
AMALGAMATED BANKEIN 134920330	19Custodial (securities) 51Investment management fees paid directly by plan 52Investment management fees paid indirectly by plan	—	$182,637
GLOBAL COMMERCE & INFORMATION, INC.EIN 521780350	16Consulting (general) 50Direct payment from the plan	—	$176,048
LEGACY PROFESSIONALS, LLPEIN 320043599	10Accounting (including auditing) 50Direct payment from the plan	—	$160,459
STARQUEST TECHNOLOGIES INCEIN 843233934	16Consulting (general) 50Direct payment from the plan	—	$160,258
HORIZON ACTUARIAL SERVICES, LLCEIN 261370698	11Actuarial 50Direct payment from the plan	—	$156,354
ADDISON GROUPEIN 204714798	49Other services 50Direct payment from the plan	—	$141,107
DIFEDE RAMSDELL BENDEREIN 901025614	29Legal 50Direct payment from the plan	—	$131,794
GREEN KEY TEMPEIN 261278726	49Other services 50Direct payment from the plan	—	$119,961
TURN2PARTNERS LLCEIN 821588776	49Other services 50Direct payment from the plan	—	$111,782
SOVOSEIN 461379693	16Consulting (general) 50Direct payment from the plan	—	$111,601
NOVAK FRANCELLA, LLCEIN 611436956	10Accounting (including auditing) 50Direct payment from the plan	—	$74,104
CANISOLUTIONS LLCEIN 922490491	49Other services 50Direct payment from the plan	—	$70,200
MOSAICEIN 520821478	36Copying and duplicating 50Direct payment from the plan	—	$68,991
PROTEK CONSULTING LLCEIN 814199886	16Consulting (general) 50Direct payment from the plan	—	$65,823
PATHFINDERS, INC.EIN 232948659	49Other services 50Direct payment from the plan	—	$59,139
MADDIN HAUSER ROTH & HELLER PCEIN 383024220	29Legal 50Direct payment from the plan	—	$50,940
LP ANALYSTEIN 383853186	16Consulting (general) 49Other services 50Direct payment from the plan	—	$45,940
THE RETIREMENT PLAN COMPANY, LLCEIN 383712991	14Plan administrator 50Direct payment from the plan	—	$43,057
ANDERS MINKLER HUBER & HELMEIN 430831507	10Accounting (including auditing) 50Direct payment from the plan	—	$40,923
EMPRISE TECHNOLOGIES, LLCEIN 341921268	16Consulting (general) 50Direct payment from the plan	—	$38,925
FTS BUSINESS CONSULTANTS, INCEIN 463761469	49Other services 50Direct payment from the plan	—	$35,965
GROSS, MENDELSOHN & ASSOCIATES, P.AEIN 520982413	16Consulting (general) 50Direct payment from the plan	—	$33,865
INVARIO NETWORK ENGINEERSEIN 521568388	16Consulting (general) 50Direct payment from the plan	—	$32,567
MRI SOFTWARE LLCEIN —	27Investment advisory (plan) 50Direct payment from the plan	SOLON, OH	$31,546
MILLER KAPLAN ARASE LLPEIN 952036255	10Accounting (including auditing) 50Direct payment from the plan	—	$31,267
SHERMAN DUNNEIN 521169002	29Legal 50Direct payment from the plan	—	$28,358
SIERRA INVESTMENT PARTNERS INCEIN 680370668	28Investment management 51Investment management fees paid directly by plan	—	$26,580
EVESTMENTEIN 900905513	16Consulting (general) 49Other services 50Direct payment from the plan	—	$25,139
BEACON HILL SOLUTIONS GROUPEIN 043496741	49Other services 50Direct payment from the plan	—	$21,886
CANOE SOFTWARE INC.EIN 821936172	15Recordkeeping and information management 50Direct payment from the plan	—	$20,845
WIPFLI ADVISORY LLCEIN 393647910	16Consulting (general) 50Direct payment from the plan	—	$18,761
NIMBLE CONSULTING GROUPEIN 461917772	49Other services 50Direct payment from the plan	—	$18,675
CERTILMAN BALINEIN 116188872	29Legal 50Direct payment from the plan	—	$16,459
CHERRY BEKAERT LLPEIN 882730877	10Accounting (including auditing) 50Direct payment from the plan	—	$14,642
JOAN KENDALLEIN —	16Consulting (general) 50Direct payment from the plan 70Consulting fees	ROCKVILLE, MD	$10,800
GILBERT & SACKMANEIN 952906951	29Legal 50Direct payment from the plan	—	$8,444
SCHULTHEIS & PANETTIERI LLPEIN 131577780	10Accounting (including auditing) 50Direct payment from the plan	—	$8,211
AMBIUSEIN 231568350	50Direct payment from the plan 99Other fees	—	$7,567
DILIGENT CORPORATIONEIN 811402466	16Consulting (general) 50Direct payment from the plan	—	$7,363
INSTITUTIONAL LIMITED PARTNERS ASSOEIN 753028947	49Other services 50Direct payment from the plan	—	$6,500
WATKINS, PAWLICK, CALATI & PRIFTIEIN 832893229	29Legal 50Direct payment from the plan	—	$6,360
SCHUCHAT, COOK AND WERNEREIN 430763010	29Legal 50Direct payment from the plan	—	$5,735
ADPEIN 221467904	15Recordkeeping and information management 50Direct payment from the plan	—	$5,481
UNION INSURANCE GROUPEIN —	53Insurance brokerage commissions and fees	CHICAGO, IL	$0
THE CARLYLE GROUPEIN 371750559	—	—	—
ENTRUST GLOBAL PARTNERS OFFSHORE LPEIN 900644478	—	—	—
LIGHTHOUSE INVESTMENT PARTNERSEIN 203528185	—	—	—
GROSVENOR CAPITAL MANAGEMENT LPEIN 363795985	—	—	—
AFL-CIO HOUSING INVESTMENT TRUSTEIN 526220193	—	—	—
CHEVY CHASE TRUST CO.EIN 522037618	—	—	—
INVESCO ADVISERS, INCEIN 463793325	—	—	—
BLUE WOLF CAPITALEIN —	—	NEW YORK, NY	—

Schedule D

DFE & pooled interests

Entity	Entity code	EIN / plan	EOY interest
IBEW-NECA EQUITY INDEX FUNDCHEVY CHASE TRUST CO	C	311772714 / 003	$7,113,845,659
LONGVIEW BROAD MARKET 3000AMALGAMATED BANK	C	462044954 / 020	$632,838,022
ULLICO SEPARATE ACCOUNT JUNION LABOR LIFE INSURANCE CO	P	131423090 / 203	$346,446,593
ULLICO INFRASTRUCTURE TAX EXEMPT FUUNION LABOR LIFE INSURANCE CO	E	900622302 / 001	$237,681,184
EB TEMPORARY INVESTMENT FUNDTHE BANK OF NEW YORK MELLON	C	256078093 / 023	$371