Voya 2014 Annual Report Download - page 351

Voya Financial, 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 as of December 31, 2014 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 ................. $ — $ — $ — $ —
Short-term investment fund(2) ............... — 26.5 — 26.5
U.S. Government securities ................ 79.4 — — 79.4
U.S. corporate, state and municipalities ....... 0.7 525.2 — 525.9
Foreign securities ........................ — 62.3 — 62.3
Residential mortgage-backed securities ....... — — — —
Commercial mortgage-backed securities ...... — 2.1 — 2.1
Other asset-backed securities ............... — 0.4 — 0.4
Total fixed maturities ......................... 80.1 616.5 — 696.6
Equity securities:
Large-cap domestic ....................... 455.6 — — 455.6
Small/Mid-cap domestic ................... 83.5 — — 83.5
International commingled funds(3) ........... — 191.8 — 191.8
Limited partnerships(4) .................... — — 65.2 65.2
Total equity securities ......................... 539.1 191.8 65.2 796.1
Other investments:
Real estate(5) ............................ — — 81.8 81.8
Limited partnerships(6) .................... — — 82.1 82.1
Futures ................................. 1.1 — — 1.1
Total other investments .................... 1.1 — 163.9 165.0
Net, total pension assets .......................... $620.3 $808.3 $229.1 $1,657.7
(1) Level 3 net assets accounted for 13.8% of total net assets measured at fair value on a recurring basis.
(2) This category includes common collective trust funds invested in the EB Temporary Investment Fund of
The Bank of New York Mellon (“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. Participant’s redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern
standard time and are processed by the following day.
(3) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie
Gifford Funds has a balance of $93.3 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 $98.5 that has an investment objective to achieve
long-term growth primarily by investing in a diversified portfolio of equity securities of companies located
in any country other than the United States. Silchester clients may contribute to and redeem monies from the
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.
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