Voya 2013 Annual Report Download - page 332

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the fair values of the pension plan assets at December 31, 2012 by asset class
were as follows:
Level 1 Level 2 Level 3(1) Total
Assets
Fixed maturities, short term investments and cash:
Cash and cash equivalents ..................... $ 21.8 $ — $ — $ 21.8
Short-term investment fund(2) ................... — 178.1 — 178.1
U.S. Government securities ................ 77.5 — — 77.5
U.S. corporate, state and municipalities ....... 1.1 106.3 — 107.4
Foreign securities ........................ — 40.0 — 40.0
Residential mortgage-backed securities ....... — 64.3 — 64.3
Commercial mortgage-backed securities ...... — 31.3 — 31.3
Other asset-backed securities ............... — 5.2 — 5.2
Total fixed maturities ......................... 100.4 425.2 — 525.6
Equity securities:
Large-cap domestic ....................... 402.9 — — 402.9
Small/Mid-cap domestic ................... 94.0 — — 94.0
International commingled funds(3) ........... — 169.6 — 169.6
Limited partnerships(4) .................... — — 60.8 60.8
Total equity securities ......................... 496.9 169.6 60.8 727.3
Other investments:
Real estate(5) ............................ — — 67.4 67.4
Limited partnerships(6) .................... — — 62.2 62.2
Total other investments ........................ — — 129.6 129.6
Total assets ..................................... $597.3 $594.8 $190.4 $1,382.5
Liabilities
Derivatives ................................. $ 10.8 $ — $ — $ 10.8
Total Liabilities .................................. $ 10.8 $ — $ — $ 10.8
Net, total pension assets .......................... $586.5 $594.8 $190.4 $1,371.7
(1) Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis.
(2) This category includes common collective trust funds invested in the Short-term Investment Fund. The
Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-
quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund
were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to
control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for
cash redemptions were not permitted where participants desired to exit the Short-term investment fund.
(3) International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie
Gifford Funds has a balance of $90.7 and uses a bottom up approach to stock picking. In determining the
potential of a company, the fund manager analyzes industry background, competitive advantage,
management attitudes and financial strength, and valuation. There are no redemption restrictions in the
Baillie Gifford Funds. Silchester has a fund balance of $78.9 that has an investment objective to achieve
long-term growth primarily by investing in a diversified portfolio of equity securities of companies located
322