Allegheny Power 2013 Annual Report Download - page 101
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86
As of December 31, 2013 and 2012, the OPEB trust investments measured at fair value were as follows:
December 31, 2013 Asset
AllocationLevel 1 Level 2 Level 3 Total
(In millions)
Cash and short-term securities $ — $ 47 $ — $ 47 9%
Equity investment
Domestic 227 — — 227 45%
International 4 2 — 6 1%
Mutual funds 5 — — 5 1%
Fixed income
U.S. treasuries — 44 — 44 9%
Government bonds — 91 — 91 18%
Corporate bonds — 59 — 59 12%
High yield debt — — — — —%
Mortgage-backed securities (non-
government) — 3 — 3 1%
Alternatives
Hedge funds — 17 — 17 3%
Private equity funds — — — — —%
Real estate funds — — 5 5 1%
Total (1) $ 236 $ 263 $ 5 $ 504 100%
December 31, 2012 Asset
AllocationLevel 1 Level 2 Level 3 Total
(In millions)
Cash and short-term securities $ — $ 83 $ — $ 83 16%
Equity investment
Domestic 183 — — 183 36%
International 4 2 — 6 1%
Mutual funds 8 3 — 11 2%
Fixed income
U.S. treasuries — 48 — 48 9%
Government bonds — 88 — 88 17%
Corporate bonds — 59 — 59 11%
High yield debt — 5 — 5 1%
Mortgage-backed securities (non-
government) — 9 — 9 2%
Alternatives
Hedge funds — 21 — 21 4%
Private equity funds — — — — —%
Real estate funds — — 5 5 1%
Total (1) $ 195 $ 318 $ 5 $ 518 100%
(1) Excludes ($9) million and ($10) million as of December 31, 2013 and December 31, 2012, respectively, of receivables, payables, taxes and
accrued income associated with financial instruments reflected within the fair value table.