Amtrak 2014 Annual Report Download - page 64

National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 56
12. Postretirement Employee Benefits (continued)
value of $49.2 million and $46.8 million at September 30, 2014 and 2013, respectively) seeks
maximum real return, consistent with preservation of real capital and prudent investment
management. It targets solid real (after inflation) returns from a global opportunity of traditional
and alternative asset classes. The Stone Harbor investment (fair value of $16.8 million and
$17.6 million at September 30, 2014 and 2013, respectively) seeks to maximize total return,
which consists of income on its investments and capital appreciation. Stone Harbor normally
invests at least 80% of its net assets in Emerging Markets Investments. “Emerging Markets
Investments” include fixed income securities and derivative instruments that are economically
tied to an emerging market country and are denominated in the predominant currency of the local
market of an emerging country, or whose performance is linked to those countries’ currencies,
markets, economies or ability to repay loans. These investments are actively traded; price quotes
for these shares are readily available; and these assets are classified as Level 1 investments.
Common/Collective Trust
This category consists of an investment in the Thornburg International Equity Fund (the
Thornburg Fund), Eaton Vance Parametric Fund (the Eaton Vance Fund), and Loomis Sayles
Multi Sector Credit (the Loomis Sayles Fund). The Thornburg Fund (fair value of $44.0 million
at each of September 30, 2014 and 2013) is a trust for the collective investment of assets of
participating tax qualified pension and profit-sharing plans and related trusts and governmental
plans. The Thornburg Fund seeks long-term capital appreciation by investing in equity securities
of all types. As a secondary consideration, the Thornburg Fund also seeks current income. The
units are not traded on a recognized stock exchange and the value of the Thornburg Fund units is
determined daily by calculating the NAV. The investments in the Thornburg Fund are
redeemable any day the Thornburg Fund is open for business. The Loomis Sayles Fund (fair
value of $20.0 million and $18.2 million at September 30, 2014 and 2013, respectively) seeks to
generate solid long-term risk-adjusted investment performance with significant allocations to
non-U.S. dollar and emerging markets debt securities. Securities rated below BBB- are limited to
50% of the portfolio. The units are not traded on a recognized stock exchange and the value of
the Loomis units is determined daily by calculating NAV. The investments in the Loomis Sayles
Fund are redeemable any day the Loomis Sayles Fund is open for business. The Eaton Vance
Fund (fair value of $11.9 million and $11.1 million at September 30, 2014 and 2013,
respectively) seeks long-term capital appreciation and normally invests at least 80% of its net
assets in equity securities of companies located in emerging market countries. It intends to invest
primarily in securities of companies located in countries included in the MSCI Emerging
Markets Index or the MSCI Frontier Markets Index. The units are not traded on a recognized