Frontier Communications 2011 Annual Report Download - page 102

Download and view the complete annual report

Please find page 102 of the 2011 Frontier Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 105

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105

FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
F-39
For the year ended
December 31, 2010
Interest in
Limited Commingled
($ in thousands) Partnerships Funds
Balance, beginning of year $ 29,727 $ 13,922
Realized gains/(losses) (246) -
Unrealized gains 1,531 2,456
Purchases and (sales), net 11,623 21,000
Balance, end of year $ 42,635 $ 37,378
The following table provides further information regarding the redemption of the Plan’s Level 3 investments as of
December 31, 2011:
Redemption Redemption Liquidation
($ in thousands)
Fair
Value Frequency Notice Period Period
Commingled Funds
JPM Multi-Strat II C-A Ser 11-07 (a)
$ 37,194 Quarterly
65 Days NA
Interest in Limited Partnerships
Morgan Stanley Institutional Cayman Fund LP (b) 30,954 Quarterly
60 Days NA
MS IFHF SVP LP Cayman (b) 5,904 Through liquidation of underlying investments
None 2 years
MS IFHF SVP LP Alpha (b) 3,204 Through liquidation of underlying investments
None 2 years
RII World Timberfund, LLC (c) 5,851 Through liquidation of underlying investments
None 10 years
100 Comm Drive, LLC (d) 6,505 Through liquidation of underlying investments
None NA
100 CTE Drive, LLC (d) 4,805
Through liquidation of underlying investments
None NA
6430 Oakbrook Parkway LLC (d) 21,005
Through liquidation of underlying investments
None NA
8001 West Jefferson, LLC (d) 25,805
Through liquidation of underlying investments
None NA
Total Interest in Limited Partnerships
$ 104,033
(a) The fund’s investment objective is to generate long-term capital appreciation with relatively low volatility and a
low correlation with traditional equity and fixed-income markets. The fund seeks to accomplish this objective by
allocating its assets primarily among a select group of experienced portfolio managers that invest in a variety of
markets, either through the medium of investment funds or through discretionary managed accounts.
(b) The partnership investment objective is to seek capital appreciation principally through investing in investment
funds managed by third party investment managers who employ a variety of alternative investment strategies.
(c) The partnership’s objective is to realize substantial long-term capital appreciation by investing in timberland
properties primarily in South America, New Zealand and Australia.
(d) The partnership invests in commercial real estate properties that are leased to the Company. The leases are triple
net, whereby the Company is responsible for all expenses, including but not limited to, insurance, repairs and
maintenance and payment of property taxes.