|AECOM filed this Form 11-K on 06/14/2018|
The following tables set forth by level, within the fair value hierarchy, the SMA Master Trust assets at fair value as of December 31, 2017 and 2016, respectively:
F. INVESTMENT IN AECOM DC RETIREMENT PLANS STABLE VALUE MASTER TRUST
Beginning January 1, 2016, certain investment assets of the Plan are held in a custody account at Fidelity Management Trust Company and consists of an interest in an investment account of the AECOM DC Retirement Plans Stable Value Master Trust (Stable Value Master Trust), a master trust established by AECOM and is administered by the Trustee. The Stable Value Master Trust combines the Plans assets with the assets of two other retirement savings plans sponsored by AECOM for investment and administrative purposes. Although the assets of the three retirement plans are combined in the Stable Value Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment funds to the participating plans. The net investment gain or loss of the Stable Value Master Trust investment funds is allocated by the Trustee to each participating plan based on that plans interest in each investment fund, as compared with the total interest of all the participating plans in each investment fund. Investment gains or losses are recognized as earned based on the terms of the investments and the period during which the investments are held by the Stable Value Master Trust. The Plans interest in the Stable Value Master Trust represents approximately 96.0% and 95.7% of the net assets of the Stable Value Master Trust at December 31, 2017 and 2016, respectively.
The Stable Value Master Trust in which the Plans investment assets are held consists of two components: the Fidelity Managed Income Portfolio II (MIP II) and the URS Income Fund. The MIP II is a collective investment trust which has fully benefit-responsiveness features offered under the Fidelity Group Trust for employee benefit plans. The Stable Value Master Trust holds an indirect investment in the fully benefit-responsive investment contracts within the MIP II; therefore, the investment in MIP II is reported at fair value using the NAV as a practical expedient. The URS Income Fund is a fully-benefit responsive investment contract separately-managed by Fidelity for AECOM Global II, LLC, an affiliate company of AECOM. Contract value is the relevant measure for fully benefit-responsive contracts because this is the amount received by participants if they were to initiate permitted transactions under the Plan. The investments in the URS Income Fund are presented at contract value in the net assets of Stable Value Master Trust. At December 31, 2017 and 2016, respectively, the MIP II fund was 91.6% and 70.3% of the Stable Value Master Trust and the URS Income Fund was 8.4% and 29.7% of the Stable Value Master Trust.