Union Pacific 2009 Annual Report Download - page 75

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75
This category also holds a small amount of public securities distributed by the partnerships. These public
securities are classified as Level 1 investments.
Real Estate – Most of the real estate investments are partnership interests and are therefore included in
the Venture Capital and Partnerships category. This category pertains to the real estate investments held
in less commonly used structures such as private real estate investment trusts and pooled separate
accounts. Asset valuations for the assets held in these structures are valued in a manner similar to that
used for partnership investments. As with the limited partnership interests, the valuations for the holdings
in these structures are not based on readily observable inputs. Interests in private real estate investment
funds and pooled separate accounts are classified as Level 3 investments.
Common Trust Funds – Common trust funds are comprised of shares or units in commingled funds that
are not publicly traded. The underlying assets in these funds (equity securities, fixed income securities,
and commodity-related securities) are publicly traded on exchanges and price quotes for the assets held
by these funds are readily available. Holdings of common trust funds are classified as Level 2
investments.
Other Investments – The category includes several miscellaneous assets such as commodity hedge fund
investments. Some of these investments have directly observable values and are classified as Level 1
investments, but the majority of these investments have valuations that are based on observable inputs and
are classified as Level 2 investments.
As of December 31, 2009, the pension plan assets measured at fair value on a recurring basis were as
follows:
Quoted Prices Significan
t
in Active Othe
r
Significan
t
Markets fo
r
Observabl
e
Unobservabl
e
Identical Inputs Inputs Inputs
Millions of Dollars (Level 1) (Level 2) (Level 3) Tota
l
Plan net assets:
Temporary cash investments $ 9 $ - $ - $ 9
Registered investment companies 8 17
6
- 184
U.S. government securities - 131 - 131
Corporate bonds & debentures - 28
4
- 284
Corporate stock 479
6
- 485
Venture capital and partnerships - 9
4
20
6
300
Real estate - - 1
4
14
Common trust funds - 57
4
- 574
Other investments 3 2
7
- 30
Total plan net assets at fair value $ 499 $ 1,29
2
$ 22
0
2,011
Other assets [a] 33
Total plan net assets $ 2,044
[a] Other assets include accrued receivables and pending broker settlements.