Neiman Marcus 2014 Annual Report Download - page 136
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Table of Contents
manager. The hedge funds and limited partnerships allocate gains, losses and expenses to the Pension Plan as described in the agreements.
Hedge funds and limited partnership interests are redeemable at net asset value to the extent provided in the documentation governing the
investments. Redemption of these investments may be subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on
redemption frequency and advance notice periods for redemptions. As of August 1, 2015, certain of these investments are subject to restrictions on
redemption frequency, ranging from monthly to every three years and certain of these investments are subject to advance notice requirements, ranging from
three-day notification to 180-day notification.
Investment securities, in general, are exposed to various risks such as interest rate, credit and overall market volatility. Due to the level of risk
associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that
such changes could materially affect the amounts reported in the statements of net assets available for benefits. The valuation methods previously described
above may produce a fair value calculation that may not be indicative of net realized value or reflective of future fair values.
The following tables set forth by level, within the fair value hierarchy, the Pension Plan’s assets at fair value as of August 1, 2015 and August 2,
2014.
Equity securities:
Common/collective trusts
$ —
$ 52,804
$ —
$ 52,804
Hedge funds
—
—
186,457
186,457
Limited partnership interests
—
—
5,357
5,357
Fixed income securities:
Corporate debt securities
—
91,104
—
91,104
Mutual funds
27,963
—
—
27,963
U.S. government securities
24,335
—
—
24,335
Other
—
6,130
—
6,130
Total investments
$ 52,298
$ 150,038
$ 191,814
$ 394,150
Equity securities:
Common/collective trusts
$ —
$ 57,132
$ —
$ 57,132
Hedge funds
—
—
180,681
180,681
Limited partnership interests
—
—
4,546
4,546
Fixed income securities:
Corporate debt securities
—
85,411
—
85,411
Mutual funds
39,331
—
—
39,331
U.S. government securities
27,971
—
—
27,971
Other
—
7,956
—
7,956
Total investments
$ 67,302
$ 150,499
$ 185,227
$ 403,028
F-33