Voya 2013 Annual Report Download - page 331

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six
business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a
normal course of business, enter into contracts (commitments) that contain indemnifications or warranties.
The funds’ maximum exposure under these arrangements is unknown, as this would involve future claims
that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(4) Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe
has a balance of $16.5 and Pantheon USA has a balance of $54.9. Their strategy is to create a portfolio of
high quality private equity funds, operating across Europe and diversified by stage, sector, geography,
manager and vintage year. For the year ended December 31, 2013, Pantheon Europe and Pantheon USA
have unfunded commitments of $3.8 and $11.1, respectively, and there were no significant redemption
restrictions.
(5) UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $74.6
and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return
objectives. Its relative performance objective is to outperform the National Council of Real Estate
investment Fiduciaries Open-End Diversified Core (“NFI_ODCE”) index over any given three-to-five-year
period. The Fund’s real return performance objective is to achieve at least a 5.0% real rate of return (i.e.,
inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may
request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written
notice to the Fund at least 60 days prior to the end of the quarter.
(6) Magnitude Institutional, Ltd. (“MIL”) has a balance of $76.1 and is designed to realize appreciation in value
primarily through the allocation of capital directly and indirectly among investment funds and accounts.
There are significant redemption restrictions in the MIL fund.
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