﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2011v1.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-09-10T15:16:26-05:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>341878512</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>CBIZ MHM LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>175 S WEST TEMPLE STE 650</AddressLine1>
        <City>SALT LAKE CITY</City>
        <State>UT</State>
        <ZIPCode>84101</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>371542425</EIN>
      <Name>
        <BusinessNameLine1>HEALTH AND WELFARE BENEFITS TRUST FOR</BusinessNameLine1>
        <BusinessNameLine2>CERTAIN RETIRED EMPLOYEES OF KUCC</BusinessNameLine2>
      </Name>
      <NameControl>HEAL</NameControl>
      <Phone>8669519403</Phone>
      <USAddress>
        <AddressLine1>60 BOULEVARD OF THE ALLIES 5TH</AddressLine1>
        <AddressLine2>FLOOR</AddressLine2>
        <City>PITTSBURGH</City>
        <State>PA</State>
        <ZIPCode>15222</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>THOMAS DUZAK</Name>
      <Title>CO-CHAIRMAN</Title>
      <Phone>8669519403</Phone>
      <DateSigned>2012-09-10</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>RICHARD SCORESBY</Name>
      <PTIN>P00573067</PTIN>
      <Phone>8013649300</Phone>
      <DatePrepared>2012-09-10</DatePrepared>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="4">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <NameOfPrincipalOfficerPerson>THOMAS DUZAK</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>60 BOULEVARD OF THE ALLIES 5TH</AddressLine1>
        <AddressLine2>FLOOR</AddressLine2>
        <City>PITTSBURGH</City>
        <State>PA</State>
        <ZIPCode>15222</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>3086902</GrossReceipts>
      <GroupReturnForAffiliates>0</GroupReturnForAffiliates>
      <Organization501c typeOf501cOrganization="9">X</Organization501c>
      <WebSite>N/A</WebSite>
      <TypeOfOrganizationTrust>X</TypeOfOrganizationTrust>
      <YearFormation>2006</YearFormation>
      <StateLegalDomicile>UT</StateLegalDomicile>
      <ActivityOrMissionDescription>TO PROVIDE MEDICAL BENEFITS TO RETIREES OF KENNECOTT UTAH COPPER LLC</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>6</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>6</NbrIndependentVotingMembers>
      <TotalNbrEmployees>0</TotalNbrEmployees>
      <TotalNbrVolunteers>0</TotalNbrVolunteers>
      <TotalGrossUBI>0</TotalGrossUBI>
      <NetUnrelatedBusinessTxblIncome>0</NetUnrelatedBusinessTxblIncome>
      <ContributionsGrantsPriorYear>0</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>0</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>2254657</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>2549778</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>770223</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>537124</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>0</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>0</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>3024880</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>3086902</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>0</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>0</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersPriorYear>3085507</BenefitsPaidToMembersPriorYear>
      <BenefitsPaidToMembersCY>2821615</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>0</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>0</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpPriorYear>0</TotalProfFundrsngExpPriorYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>0</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>148306</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>135840</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>3233813</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>2957455</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>-208933</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>129447</RevenuesLessExpensesCY>
      <TotalAssetsBOY>23409858</TotalAssetsBOY>
      <TotalAssetsEOY>23175537</TotalAssetsEOY>
      <TotalLiabilitiesBOY>5500</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>50</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>23404358</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>23175487</NetAssetsOrFundBalancesEOY>
      <MissionDescription>TO PROVIDE MEDICAL BENEITS TO RETIREES OF KENNECOTT UTAH COPPER LLC</MissionDescription>
      <SignificantNewProgramServices>0</SignificantNewProgramServices>
      <SignificantChange>0</SignificantChange>
      <Description>PROVISION OF MEDICAL BENEFITS TO RETIREES OF KENNECOTT UTAH COPPER LLC</Description>
      <DescribedIn501C3>0</DescribedIn501C3>
      <ScheduleBRequired>0</ScheduleBRequired>
      <PoliticalActivities>0</PoliticalActivities>
      <SubjectToProxyTax>0</SubjectToProxyTax>
      <DonorAdvisedFunds referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="RetDoc1040000001">0</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="RetDoc1040000001">0</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="RetDoc1040000001">0</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc1040000001">0</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="RetDoc1040000001">0</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="RetDoc1040000001">0</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="RetDoc1040000001">0</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="RetDoc1040000001">0</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="RetDoc1040000001">0</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="RetDoc1040000001">0</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="RetDoc1040000001">0</ConsolidatedAuditFinancialStmt>
      <School>0</School>
      <ForeignOffice>0</ForeignOffice>
      <ForeignActivities>0</ForeignActivities>
      <MoreThan5000KToOrganizations>0</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>0</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>0</ProfessionalFundraising>
      <FundraisingActivities>0</FundraisingActivities>
      <Gaming>0</Gaming>
      <Hospital>0</Hospital>
      <GrantsToOrganizations>0</GrantsToOrganizations>
      <GrantsToIndividuals>0</GrantsToIndividuals>
      <ScheduleJRequired>0</ScheduleJRequired>
      <TaxExemptBonds>0</TaxExemptBonds>
      <LoanToOfficerOrDQP>0</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>0</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>0</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>0</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>0</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions>0</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>0</DeductibleContributionsOfArt>
      <Terminated>0</Terminated>
      <PartialLiquidation>0</PartialLiquidation>
      <DisregardedEntity referenceDocumentId="RetDoc1043500001">0</DisregardedEntity>
      <RelatedEntity referenceDocumentId="RetDoc1043500001">1</RelatedEntity>
      <RelatedOrgControlledEntity>0</RelatedOrgControlledEntity>
      <TransactionRelatedEntity referenceDocumentId="RetDoc1043500001">0</TransactionRelatedEntity>
      <ActivitiesConductedPartnership referenceDocumentId="RetDoc1043500001">0</ActivitiesConductedPartnership>
      <ScheduleORequired>1</ScheduleORequired>
      <NumberFormsTransmittedWith1096>0</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <NumberOfEmployees>0</NumberOfEmployees>
      <UnrelatedBusinessIncome>0</UnrelatedBusinessIncome>
      <ForeignFinancialAccount>0</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>0</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>0</TaxablePartyNotification>
      <NonDeductibleContributions>0</NonDeductibleContributions>
      <QuidProQuoContributions>0</QuidProQuoContributions>
      <Form8282PropertyDisposedOf>0</Form8282PropertyDisposedOf>
      <IndoorTanningServices>0</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>6</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>6</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>0</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>0</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>0</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>0</MaterialDiversionOrMisuse>
      <MembersOrStockholders>0</MembersOrStockholders>
      <ElectionOfBoardMembers>0</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>0</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>1</MinutesOfGoverningBody>
      <MinutesOfCommittees>1</MinutesOfCommittees>
      <OfficerMailingAddress>0</OfficerMailingAddress>
      <LocalChapters>0</LocalChapters>
      <Form990ProvidedToGoverningBody>1</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>1</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>1</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>1</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>1</WhistleblowerPolicy>
      <DocumentRetentionPolicy>1</DocumentRetentionPolicy>
      <CompensationProcessCEO>0</CompensationProcessCEO>
      <CompensationProcessOther>0</CompensationProcessOther>
      <InvestmentInJointVenture>0</InvestmentInJointVenture>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NameBusiness>
          <BusinessNameLine1>JENNIFER DEKLEVER</BusinessNameLine1>
        </NameBusiness>
        <TelephoneNumber>8669519403</TelephoneNumber>
        <AddressUS>
          <AddressLine1>60 BOULEVARD OF THE ALLIES 5TH</AddressLine1>
          <City>PITTSBURGH</City>
          <State>PA</State>
          <ZIPCode>15222</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <NoListedPersonsCompensated>X</NoListedPersonsCompensated>
      <Form990PartVIISectionA>
        <NamePerson>THOMAS DUZAK</NamePerson>
        <Title>CO-CHAIRMAN</Title>
        <AverageHoursPerWeek>5.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PATRICK KEENAN</NamePerson>
        <Title>CO-CHAIRMAN</Title>
        <AverageHoursPerWeek>0.30</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>SUSAN SPRINGER</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>0.30</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>STANLEY HALL</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>0.30</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>WAYNE HOLLAND</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>0.30</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DAVID KINS</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>0.30</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>0</TotalReportableCompFromOrg>
      <TotalReportableCompFrmRltdOrgs>0</TotalReportableCompFrmRltdOrgs>
      <TotalOtherCompensation>0</TotalOtherCompensation>
      <NumberIndividualsGT100K>0</NumberIndividualsGT100K>
      <FormersListed>0</FormersListed>
      <TotalCompGT150K>0</TotalCompGT150K>
      <CompensationFromOtherSources>0</CompensationFromOtherSources>
      <NumberOfContractorsGT100K>0</NumberOfContractorsGT100K>
      <ProgramServiceRevenue>
        <Description>EMPLOYER CONTRIBUTIONS</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>1768126</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>1768126</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>EMPLOYEE CONTRIBUTIONS</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>477019</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>477019</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>ERRP REIMBURSEMENTS</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>304633</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>304633</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>2549778</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>537124</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>537124</RelatedOrExemptFunctionIncome>
      </InvestmentIncome>
      <TotalRevenue>
        <TotalRevenueColumn>3086902</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>3086902</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>0</UnrelatedBusinessRevenue>
        <ExclusionAmount>0</ExclusionAmount>
      </TotalRevenue>
      <BenefitsToMembers>
        <Total>2821615</Total>
      </BenefitsToMembers>
      <FeesForServicesLegal>
        <Total>4402</Total>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>18900</Total>
      </FeesForServicesAccounting>
      <FeesForServicesInvstMgmntFees>
        <Total>16637</Total>
      </FeesForServicesInvstMgmntFees>
      <FeesForServicesOther>
        <Total>35750</Total>
      </FeesForServicesOther>
      <ConferencesMeetings>
        <Total>4788</Total>
      </ConferencesMeetings>
      <Insurance>
        <Total>13072</Total>
      </Insurance>
      <OtherExpenses>
        <Description>ADMINISTRATIVE EXPENSE</Description>
        <Total>32891</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BANK FEES</Description>
        <Total>8678</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MAILINGS AND POSTAGE</Description>
        <Total>722</Total>
      </OtherExpenses>
      <TotalFunctionalExpenses>
        <Total>2957455</Total>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>121446</BOY>
        <EOY>69899</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
        <BOY>77861</BOY>
        <EOY>566347</EOY>
      </SavingsAndTempCashInvestments>
      <AccountsReceivable>
        <BOY>416469</BOY>
        <EOY>465575</EOY>
      </AccountsReceivable>
      <InvestmentsPubTradedSecurities>
        <BOY>22785345</BOY>
        <EOY>22065046</EOY>
      </InvestmentsPubTradedSecurities>
      <OtherAssetsTotal>
        <BOY>8737</BOY>
        <EOY>8670</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>23409858</BOY>
        <EOY>23175537</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>5500</BOY>
        <EOY>50</EOY>
      </AccountsPayableAccruedExpenses>
      <TotalLiabilities>
        <BOY>5500</BOY>
        <EOY>50</EOY>
      </TotalLiabilities>
      <DoNotFollowSFAS117>X</DoNotFollowSFAS117>
      <CapStckTrstPrinCurrentFunds>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </CapStckTrstPrinCurrentFunds>
      <PaidInCapSrplsLandBldgEqpFund>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </PaidInCapSrplsLandBldgEqpFund>
      <RetainedEarningsEndowmentEtc>
        <BOY>23404358</BOY>
        <EOY>23175487</EOY>
      </RetainedEarningsEndowmentEtc>
      <TotalNetAssetsFundBalances>
        <BOY>23404358</BOY>
        <EOY>23175487</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>23409858</BOY>
        <EOY>23175537</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>129447</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-358318</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <TotalOfBookValueLandBuildings>0</TotalOfBookValueLandBuildings>
      <TotalRevenue>3086902</TotalRevenue>
      <TotalExpenses>2957455</TotalExpenses>
      <ExcessOrDeficitForYear>129447</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-358318</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-358318</TotalAdjustments>
      <ExcessOrDeficitPerFS>-228871</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>2728584</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-358318</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-358318</RevenueNotRptdF990>
      <RevenueSubtotal>3086902</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>3086902</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>2957455</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>2957455</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>2957455</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Explanation>PART X, LINE 2: THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2011, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE BOARD MEETS REGULARLY TO REVIEW AND APPROVE POLICIES AND DOCUMENTS WITH ITS LEGAL COUNSEL, INCLUDING THE FORM 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>ON A PERIODIC BASIS THE TRUSTEES REVIEW THE REQUIREMENTS AND DISCUSS ANY QUESTIONS AND ISSUES WITH LEGAL COUNSEL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>PUBLICLY DISCLOSABLE DOCUMENTS, POLICIES AND OTHER MEMORANDA ARE AVAILABLE UPON REQUEST FROM ANY MEMBER OF THE BOARD OR BY REQUEST FROM THE VEBA'S ADMINISTRATION OFFICE.</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: -358,318.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM XII, LINE 2C</ReturnReference>
        <Explanation>THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043500001">
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>KENNECOTT UTAH COPPER LLC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>4700 DAYBREAK PARKWAY</AddressLine1>
          <City>SOUTH JORDAN</City>
          <State>UT</State>
          <ZIPCode>84096</ZIPCode>
        </AddressUS>
        <PrimaryActivity>MINING</PrimaryActivity>
        <LegalDomicileState>UT</LegalDomicileState>
      </Form990ScheduleRPartIV>
      <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>1</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>