General Motors 2014 Annual Report Download - page 107

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following tables summarize the activity for non-U.S. defined benefit pension plan assets measured at fair value using Level 3
inputs (dollars in millions):
Balance at
January 1,
2014
Net Realized/
Unrealized
Gains (Losses)
Purchases,
Sales and
Settlements,
Net
Transfers
Into/Out
of Level 3
Effect of
Foreign
Currency
Balance at
December 31,
2014
Change in
Unrealized
Gains/(Losses)
Attributable to
Assets Held at
December 31,
2014
Corporate and other debt securities ....... $ 14 $ — $ (13) $ — $ (1) $ — $ —
Investment funds ..................... 745 103 111 — (70) 889 103
Private equity and debt investments ...... 430 100 20 — (41) 509 75
Real estate investments ................ 1,405 48 (84) — (106) 1,263 44
Other investments .................... 618 92 72 — (60) 722 76
Total assets .......................... $ 3,212 $ 343 $ 106 $ — $ (278) $ 3,383 $ 298
Balance at
January 1,
2013
Net Realized/
Unrealized
Gains (Losses)
Purchases,
Sales and
Settlements,
Net
Transfers
Into/Out of
Level 3
Effect of
Foreign
Currency
Balance at
December 31,
2013
Change in
Unrealized
Gains/(Losses)
Attributable to
Assets Held at
December 31,
2013
Corporate and other debt securities ...... $ 5 $ 1 $ 7 $ 1 $ — $ 14 $ 1
Investment funds .................... 641 110 27 — (33) 745 112
Private equity and debt investments ...... 381 73 3 — (27) 430 53
Real estate investments ............... 1,422 103 (57) — (63) 1,405 122
Other investments .................... 665 (10) (43) — 6 618 4
Total assets ......................... $ 3,114 $ 277 $ (63) $ 1 $ (117) $ 3,212 $ 292
Investment Fund Strategies
Investment funds consist primarily of equity funds, fixed income funds and funds of hedge funds. Equity funds invest in U.S.
common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed
and/or emerging markets countries. Fixed income funds include investments in high quality funds and to a lesser extent, high yield
funds. High quality fixed income funds invest in government securities, investment-grade corporate bonds and mortgage and asset-
backed securities. High yield fixed income funds invest in high yield fixed income securities issued by corporations which are rated
below investment grade. Funds of hedge funds represent funds that invest in a portfolio of hedge funds. Fund managers typically seek
to achieve their objectives by allocating capital across a broad array of funds and/or investment managers. Other investment funds
also included in this category primarily represent multi-strategy funds that invest in broadly diversified portfolios of equity, fixed
income and derivative instruments.
Private equity and debt investments principally consist of investments in private equity and debt funds. These investments provide
exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture capital and
distressed debt strategies.
Real estate investments include funds that invest in entities which are principally engaged in the ownership, acquisition,
development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These
funds typically seek long-term growth of capital and current income that is above average relative to public equity funds.
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