NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC. $^{(f)}$  Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.4 billion over the next ten years. $^{(g)}$  Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements. $^{(h)}$  Investment includes 36% in a common/collective trust investing in securities of larger companies within the U.S., 29% in a common/collective trust investing in securities of smaller companies located outside the U.S., 16% in a collective interest trust investing primarily in short-term securities, 15% in an emerging market 103-12 Investment Trust with investments in emerging country equity securities and 4% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred. Fair Value Measurements as of December 31, 2018 Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 23 $ — $ — $ 23 Equity securities: International markets  (a), (b) 3,181 — — 3,181 Large-cap companies  (b) 2,021 — — 2,021 Mid-cap companies  (b) 583 — — 583 Small-cap companies  (b) 122 — — 122 Mutual funds  (c) 52 — — 52 Fixed income: Corporate debt  (d) — 2,116 — 2,116 Government securities  (e) — 228 — 228 U.S. municipal securities — 40 — 40 Alternative instruments: Private market partnerships  (f) — — 7 7 Private market partnerships measured at net asset value  (f), (g) — — — 1,188 Common/collective trusts  (h) — 218 — 218 Common/collective trusts and 103-12 Investment Trust measured at net asset value  (g), (h) — — — 227 Insurance group annuity contracts — — 2 2 Dividend and interest receivable 47 — — 47 Due to/from brokers for sale of securities – net 5 — — 5 Other liabilities – net (7) — — (7) Total $ 6,027 $ 2,602 $ 9 $ 10,053 $^{(a)}$  Holdings are diversified as follows: 17% United Kingdom, 10% Japan, 8% France, 7% Switzerland, 6% Ireland, 17% emerging markets and the remaining 35% with no concentration greater than 5% in any one country. $^{(b)}$  There are no significant concentrations of holdings by company or industry. $^{(c)}$  Investment includes mutual funds invested 37% in equity securities of large-cap, mid-cap and small-cap U.S. companies, 38% in U.S. treasuries and corporate bonds and 25% in equity securities of international companies. 104