Wells Fargo 2013 Annual Report Download - page 251

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Fair Value of Plan Assets
The following table presents the balances of pension plan assets
and other benefit plan assets measured at fair value. See Note 17
for fair value hierarchy level definitions.
Carrying value at year end
Pension plan assets Other benefits plan assets
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
December 31, 2013
Cash and cash equivalents $ 65 357 -422 147 22 -169
Long duration fixed income (1) 546 3,287 1 3,834 - - - -
Intermediate (core) fixed income (2) 86 339 - 425 64 115 -179
High-yield fixed income 5326 -331 - - - -
International fixed income 201 112 -313 - - - -
Domestic large-cap stocks (3) 824 415 - 1,239 -107 -107
Domestic mid-cap stocks 260 145 -405 -46 -46
Domestic small-cap stocks (4) 286 15 -301 -38 -38
International stocks (5) 540 354 1 895 28 54 -82
Emerging market stocks -405 -405 ----
Real estate/timber (6) 89 1 294 384 ----
Hedge funds (7) -149 152 301 ----
Private equity --158 158 ----
Other -27 52 79 2 -22 24
Total plan investments $ 2,902 5,932 658 9,492 241 382 22 645
Payable upon return of securities loaned (94) -
Net receivables 11 -
Total plan assets $ 9,409 645
December 31, 2012
Cash and cash equivalents $ - 312 -312 164 23 - 187
Long duration fixed income (1) 545 3,124 1 3,670 - - - -
Intermediate (core) fixed income (2) 71 355 - 426 65 116 - 181
High-yield fixed income 5 367 -372 - - - -
International fixed income 251 112 -363 - - - -
Domestic large-cap stocks (3) 854 499 -1,353 -102 -102
Domestic mid-cap stocks 283 158 - 441 - 41 -41
Domestic small-cap stocks (4) 309 15 -324 - 30 -30
International stocks (5) 578 341 1 920 28 47 -75
Emerging market stocks -538 -538 - - --
Real estate/timber (6) 100 1 328 429 - - --
Hedge funds (7) -187 71 258 - - --
Private equity - - 145 145 - - --
Other -31 48 79 1 - 22 23
Total plan investments $ 2,996 6,040 594 9,630 258 359 22 639
Payable upon return of securities loaned (112) (3)
Net receivables (payables) 21 -
Total plan assets $ 9,539 636
(1) This category includes a diversified mix of assets which are being managed in accordance with a duration target of approximately 10 years and an emphasis on corporate
credit bonds combined with investments in U.S. Treasury securities and other U.S. agency and non-agency bonds.
(2) This category includes assets that are primarily intermediate duration, investment grade bonds held in investment strategies benchmarked to the Barclays Capital U.S.
Aggregate Bond Index. Includes U.S. Treasury securities, agency and non-agency asset-backed bonds and corporate bonds.
(3) This category covers a broad range of investment styles, both active and passive approaches, as well as style characteristics of value, core and growth emphasized
strategies. Assets in this category are currently diversified across seven unique investment strategies. For December 31, 2013 and 2012, respectively, approximately 15%
and 24% of the assets within this category are passively managed to popular mainstream market indexes including the Standard & Poor's 500 Index; excluding the
allocation to the S&P 500 Index strategy, no single investment manager represents more than 2.5% of total plan assets.
(4) This category consists of a highly diversified combination of four distinct investment management strategies with no single strategy representing more than 2% of total plan
assets. Allocations in this category are spread across actively managed approaches with distinct value and growth emphasized approaches in fairly equal proportions.
(5) This category includes assets diversified across six unique investment strategies providing exposure to companies based primarily in developed market, non-U.S. countries
with no single strategy representing more than 2.5% of total plan assets.
(6) This category primarily includes investments in private and public real estate, as well as timber specific limited partnerships; real estate holdings are diversified by
geographic location and sector (e.g., retail, office, apartments).
(7) This category consists of several investment strategies diversified across more than 30 hedge fund managers. Single manager allocation exposure is limited to 0.15%
(15 basis points) of total plan assets.
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