directors in advance for their review.
In the event the CBOT directors determine in their sole discretion that a proposed rule change will materially impair the business of CBOT or the business opportunities of the holders of the CBOT memberships, such change must be submitted to a committee comprised of three CBOT directors and two CME directors (as defined in our bylaws).
In connection with these rights, our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders, including actions relating to the operation of our open outcry trading facilities and certain pricing decisions, may be limited by the rights of our members.
ITEM 1B.
UNRESOLVED STAFF COMMENTS Not applicable.
ITEM 2.
PROPERTIES Our global headquarters are located in Chicago, Illinois at 20 South Wacker Drive.
The following is a description of our key locations and facilities.
## Table 0 ##
(1) Size represents the amount of space leased by us unless otherwise noted.
(2) The initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years, respectively.
(3) We occupy approximately 425,000 square feet of the 141 West Jackson complex.
(4) The One North End property is subject to a ground lease with the Battery Park City Authority for the site of our New York offices and trading facility.
In accordance with the terms of the lease, we are deemed to lease the building and its improvements from the landlord.
We do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income.
(5) We occupy approximately 350,000 square feet of the One North End Building.
(6) We have a termination right effective in the first quarter of 2012, which we intend to exercise in the first quarter of 2011.
(7) We expect to occupy the space at One New Change in the second quarter of 2011.
We also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers’ existing secured data centers.
We believe our facilities are adequate for our current operations and that additional space can be obtained if needed.
ITEM 3.
LEGAL PROCEEDINGS See “Legal Matters” in Note 18.
Contingencies to the Consolidated Financial Statements beginning on page 96 for CME Group’s litigation disclosure which is incorporated herein by reference.
applicable regulations and laws.
The investment strategy utilizes asset diversification as a principal determinant for establishing an appropriate risk profile while emphasizing total return realized from capital appreciation, dividends and interest income.
The target allocations for plan assets are generally 45 to 80 percent equity securities, 5 to 40 percent debt securities, and 5 to 30 percent money-market funds/cash equivalents and other investments, although holdings could be more or less than these general guidelines based on market conditions at the time and actions taken or recommended by the investment managers providing advice to the Company.
Equity securities include investments in domestic and international equities, including through mutual funds.
Debt securities include investments in corporate bonds of companies from diversified industries, mortgage-backed securities guaranteed by government agencies, U. S.  Treasury securities, and mutual funds that invest in debt securities.
Additionally, the Company’s defined benefit pension plan held $209,878,000 (12.9% of total assets) of real estate, private investments, hedge funds and other investments at December 31, 2015.
Returns on invested assets are periodically compared with target market indices for each asset type to aid management in evaluating such returns.
Furthermore, management regularly reviews the investment policy and may, if deemed appropriate, make changes to the target allocations noted above.
The fair values of the Company’s pension plan assets at December 31, 2015, by asset category, were as follows:
## Table 1 ##
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company.
The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities.
Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise.
Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made.
Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.21.
Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding.
The following table presents the Company’s significant commitments.
Certain of these commitments are not included in the Company’s consolidated balance sheet.
## Table 2 ##
Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee.
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party.
Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party.
The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies.
Collateral may be obtained based on management’s assessment of the customer’s creditworthiness.
Financial guarantees and indemnification contracts are oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations.
Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company’s involvement in the Fannie Mae DUS program.
The Company’s maximum credit risk for recourse associated with loans sold under this program totaled approximately $2.5 billion and $2.4 billion at December 31, 2015 and 2014, respectively.
Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows.

<table><tr><td>Location</td><td>Primary Use</td><td>Owned/Leased</td><td>Lease Expiration</td><td>Approximate Size (in squarefeet)<sup>(</sup><sup>1</sup><sup>)</sup></td></tr><tr><td>20South Wacker Drive, Chicago,Illinois</td><td>Global headquarters and office space</td><td>Leased</td><td>2022<sup>(</sup><sup>2</sup><sup>)</sup></td><td>490,000</td></tr><tr><td>141West JacksonChicago, Illinois</td><td>Chicago trading floor and office space</td><td>Owned</td><td>N/A</td><td>1,500,000<sup>-3</sup></td></tr><tr><td>550West WashingtonChicago, Illinois</td><td>Office space</td><td>Leased</td><td>2023</td><td>225,000</td></tr><tr><td>OneNorth EndNew York, New York</td><td>New York trading floor and office space</td><td>Mixed<sup>(</sup><sup>4</sup><sup>)</sup></td><td>2069</td><td>500,000<sup>-5</sup></td></tr><tr><td>33Cannon Street, London</td><td>Office space</td><td>Leased</td><td>2019</td><td>14,000<sup>-6</sup></td></tr><tr><td>OneNew Change, London</td><td>Office space</td><td>Leased</td><td>2026</td><td>40,000<sup>-7</sup></td></tr><tr><td>AnnexData CenterChicagoland area</td><td>Business continuity</td><td>Leased</td><td>2014</td><td>100,000</td></tr><tr><td>RemoteData CenterChicagoland area</td><td>Business continuity</td><td>Leased</td><td>2017</td><td>50,000</td></tr><tr><td>DataCenter 3Chicagoland area</td><td>Business continuity and co-location</td><td>Owned</td><td>N/A</td><td>430,000</td></tr></table>
<table><tr><td></td><td colspan="4"> Fair Value Measurement of Plan Assets At December 31, 2015</td></tr><tr><td></td><td> Total</td><td> Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td> Significant Observable Inputs (Level 2)</td><td> Significant Unobservable Inputs (Level 3)</td></tr><tr><td></td><td colspan="4"> (In thousands)</td></tr><tr><td>Asset category:</td><td></td><td></td><td></td><td></td></tr><tr><td>Money-market funds</td><td>$69,634</td><td>$37,958</td><td>$31,676</td><td>$—</td></tr><tr><td>Equity securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>M&T</td><td>148,800</td><td>148,800</td><td>—</td><td>—</td></tr><tr><td>Domestic(a)</td><td>106,993</td><td>106,993</td><td>—</td><td>—</td></tr><tr><td>International(b)</td><td>9,433</td><td>9,433</td><td>—</td><td>—</td></tr><tr><td>Mutual funds:</td><td></td><td></td><td></td><td></td></tr><tr><td>Domestic(a)</td><td>445,663</td><td>445,663</td><td>—</td><td>—</td></tr><tr><td>International(b)</td><td>348,869</td><td>348,869</td><td>—</td><td>—</td></tr><tr><td></td><td>1,059,758</td><td>1,059,758</td><td>—</td><td>—</td></tr><tr><td>Debt securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate(c)</td><td>105,499</td><td>—</td><td>105,499</td><td>—</td></tr><tr><td>Government</td><td>120,346</td><td>—</td><td>120,346</td><td>—</td></tr><tr><td>International</td><td>7,492</td><td>—</td><td>7,492</td><td>—</td></tr><tr><td>Mutual funds:</td><td></td><td></td><td></td><td></td></tr><tr><td>Domestic(d)</td><td>51,028</td><td>51,028</td><td>—</td><td>—</td></tr><tr><td></td><td>284,365</td><td>51,028</td><td>233,337</td><td>—</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td></tr><tr><td>Diversified mutual fund</td><td>70,343</td><td>70,343</td><td>—</td><td>—</td></tr><tr><td>Private real estate</td><td>2,787</td><td>—</td><td>—</td><td>2,787</td></tr><tr><td>Private equity</td><td>5,603</td><td>—</td><td>—</td><td>5,603</td></tr><tr><td>Hedge funds</td><td>119,549</td><td>81,861</td><td>—</td><td>37,688</td></tr><tr><td>Guaranteed deposit fund</td><td>11,596</td><td>—</td><td>—</td><td>11,596</td></tr><tr><td></td><td>209,878</td><td>152,204</td><td>—</td><td>57,674</td></tr><tr><td>Total(e)</td><td>$1,623,635</td><td>$1,300,948</td><td>$265,013</td><td>$57,674</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td></td><td> 2015</td><td> 2014</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Commitments to extend credit</td><td></td><td></td></tr><tr><td>Home equity lines of credit</td><td>$5,631,680</td><td>$6,194,516</td></tr><tr><td>Commercial real estate loans to be sold</td><td>57,597</td><td>212,257</td></tr><tr><td>Other commercial real estate</td><td>5,949,933</td><td>5,161,273</td></tr><tr><td>Residential real estate loans to be sold</td><td>488,621</td><td>432,352</td></tr><tr><td>Other residential real estate</td><td>212,619</td><td>197,825</td></tr><tr><td>Commercial and other</td><td>11,802,850</td><td>11,080,856</td></tr><tr><td>Standby letters of credit</td><td>3,330,013</td><td>3,706,888</td></tr><tr><td>Commercial letters of credit</td><td>55,559</td><td>46,965</td></tr><tr><td>Financial guarantees and indemnification contracts</td><td>2,794,322</td><td>2,490,050</td></tr><tr><td>Commitments to sell real estate loans</td><td>782,885</td><td>1,237,294</td></tr></table>

Question: Does the average value of Money-market funds in Quoted Prices in Active Markets for Identical Assets (Level 1) greater than that in Significant Observable Inputs (Level 2)?