This study reports on the estimated funded status of all U.S. multiemployer plans as of December 31, 2016, and shows the change in funding levels from June 30, 2016. The aggregate funded percentage for multiemployer plans is estimated to be 77% as of December 31, 2016, compared with 76% as of June 30, 2016. The estimated 2016 calendar year investment return for our simplified portfolio was about 7.70%, which would produce a slight gain versus most plans’ investment return assumptions.