Management’s Priorities Management has re-evaluated its priorities following the appointment of its new CEO in September 2011.
Management is focused on the following priorities: ?
Execution of our geographic concentration strategy to maximize shareholder value through disciplined capital allocation including: ?
platform expansion in Brazil, Chile, Colombia, and the United States, ?
platform development in Turkey, Poland, and the United Kingdom, ?
corporate debt reduction, and ?
a return of capital to shareholders, including our intent to initiate a dividend in 2012; ?
Closing the sales of businesses for which we have signed agreements with counterparties and prudently exiting select non-strategic markets; ?
Optimizing profitability of operations in the existing portfolio; ?
Integration of DPL into our portfolio; ?
Implementing a management realignment of our businesses under two business lines: Utilities and Generation, and achieving cost savings through the alignment of overhead costs with business requirements, systems automation and optimal allocation of business development spending; and ?
Completion of an approximately 2,400 MW construction program and the integration of new projects into existing businesses.
During the year ended December 31, 2011, the following projects commenced commercial operations:
## Table 0 ##
(1) AES Solar Energy Ltd.  is a Joint Venture with Riverstone Holdings and is accounted for as an equity method investment.
Plants that came online during the year include: Kalipetrovo, Ugento, Soemina, Francavilla Fontana, Latina, Cocomeri, Francofonte, Scopeto, Sabaudia, Aprilla-1, Siracusa 1-3 Complex, Manduria Apollo and Rinaldone.
(2) Joint Venture with I. C.  Energy.
(3) An equity method investment held by AES.
Key Trends and Uncertainties Our operations continue to face many risks as discussed in Item 1A.
—Risk Factors of this Form 10-K.
Some of these challenges are also described below in “Key Drivers of Results in 2011”.
We continue to monitor our operations and address challenges as they arise.
Operations In August 2010, the Esti power plant, a 120 MW run-of-river hydroelectric power plant in Panama, was taken offline due to damage to its tunnel infrastructure.
AES Panama is partially covered for business
ENVIRONMENTAL COMPLIANCE Our environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs.
We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost.
At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors.
The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than completion of the remedial feasibility study.
When we can estimate a range of probable loss, we accrue the most likely amount.
In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued.
As of December 31, 2014, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $3,000,000.
Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers.
Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts.
However, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs.
For additional information regarding environmental compliance costs see Note 8.
CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE We are involved with claims and litigation, including items covered under our self-insurance program.
We are self-insured for losses related to workers' compensation up to $2,000,000 per occurrence and automotive and general/product liability up to $3,000,000 per occurrence.
We have excess coverage on a per occurrence basis beyond these retention levels.
Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies.
Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies.
We use both internal and outside legal counsel to assess the probability of loss, and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated.
For matters not included in our actuarial studies, legal defense costs are accrued when incurred.
The following table outlines our self-insurance program at December 31:
## Table 1 ##
Estimated payments (undiscounted) under our self-insurance program for the five years subsequent to December 31, 2014 are as follows:
We establish our pension investment policy by evaluating asset/liability studies periodically performed by our consultants.
These studies estimate trade-offs between expected returns on our investments and the variability in anticipated cash contributions to fund our pension liabilities.
Our policy balances the variability in potential pension fund contributions to expected returns on our investments.
Our current strategy for implementing this policy is to invest in publicly traded equities and in publicly traded debt and private, nonliquid opportunities, such as venture capital, commodities, buyout funds and mezzanine debt.
The target allocation ranges for plan assets are as follows: equity securities — 50% to 77%; debt securities — 15% to 27%; specialty investments — 10% to 20%; and cash reserves — 0% to 5%.
Equity securities include domestic investments and foreign equities in the Europe, Australia and Far East (EAFE) and International Finance Corporation (IFC) Emerging Market Indices.
Debt securities include domestic debt instruments, while specialty investments include investments in venture capital, buyout funds, mezzanine debt, private partnerships and an interest in a commodity index fund.
The fair values of our pension plan assets at December 31, 2012 and 2011 by asset category are as follows:
## Table 2 ##
See Note 1 under the caption Fair Value Measurements for a description of the fair value hierarchy FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2011
## Table 3 ##
See Note 1 under the caption Fair Value Measurements for a description of the fair value hierarchy.
As of December 31, 2008, our Master Pension Trust had assets invested at Westridge Capital Management, Inc.  (WCM) with a reported fair value of $59,245,000.
In February 2009, the New York District Court appointed a receiver over WCM due to allegations of fraud and other violations of federal commodities and securities laws by principals of a WCM affiliate.
In light of these allegations, we reassessed the fair value of our investments at WCM and recorded a $48,018,000 write-down in the estimated fair value of these assets for the year ended December 31, 2008.
During 2010, the court-appointed receiver released $6,555,000 as a partial distribution and the Master Pension Trust received a $15,000,000 insurance settlement related to our WCM loss.
In April 2011, the court-appointed receiver released an additional $22,041,000 to our Master Pension Trust.
This recovery resulted in the recognition of a $10,814,000 return on plan assets (net of the $11,227,000 remaining WCM investment).
Future recoveries, if any, are expected to be limited.

<table><tr><td>Project</td><td>Location</td><td>Fuel</td><td>Gross MW</td><td>AES Equity Interest (Percent, Rounded)</td></tr><tr><td>AES Solar<sup>-1</sup></td><td>Various</td><td>Solar</td><td>62</td><td>50%</td></tr><tr><td>Angamos</td><td>Chile</td><td>Coal</td><td>545</td><td>71%</td></tr><tr><td>Changuinola</td><td>Panama</td><td>Hydro</td><td>223</td><td>100%</td></tr><tr><td>Kumkoy<sup>-2</sup></td><td>Turkey</td><td>Hydro</td><td>18</td><td>51%</td></tr><tr><td>Laurel Mountain</td><td>US-WV</td><td>Wind</td><td>98</td><td>100%</td></tr><tr><td>Maritza</td><td>Bulgaria</td><td>Coal</td><td>670</td><td>100%</td></tr><tr><td>Sao Joaquim</td><td>Brazil</td><td>Hydro</td><td>3</td><td>24%</td></tr><tr><td>Trinidad<sup>-3</sup></td><td>Trinidad</td><td>Gas</td><td>394</td><td>10%</td></tr></table>
<table><tr><td><i>in thousands</i></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td> Discontinued Operations</td><td></td><td></td><td></td></tr><tr><td>Pretax earnings (loss)</td><td>-$8,017</td><td>-$3,669</td><td>$2,103</td></tr><tr><td>Gain on disposal, net of transaction bonus</td><td>10,232</td><td>11,056</td><td>7,912</td></tr><tr><td>Income tax provision</td><td>-882</td><td>-2,910</td><td>-3,962</td></tr><tr><td>Earnings on discontinued operations, net of income taxes</td><td>$1,333</td><td>$4,477</td><td>$6,053</td></tr></table>
<table><tr><td><i>in thousands</i></td><td><i>Level 1<sup>1</sup></i></td><td><i>Level 2<sup>1</sup></i></td><td><i>Level 3<sup>1</sup></i></td><td><i>Total</i></td></tr><tr><td> Asset Category</td><td></td><td></td><td></td><td></td></tr><tr><td>Debt securities</td><td>$0</td><td>$155,874</td><td>$0</td><td>$155,874</td></tr><tr><td>Investment funds</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity funds</td><td>0</td><td>27,906</td><td>0</td><td>27,906</td></tr><tr><td>Equity funds</td><td>4,503</td><td>388,499</td><td>0</td><td>393,002</td></tr><tr><td>Short-term funds</td><td>8,298</td><td>0</td><td>0</td><td>8,298</td></tr><tr><td>Venture capital and partnerships</td><td>0</td><td>0</td><td>98,011</td><td>98,011</td></tr><tr><td>Total pension plan assets</td><td> $12,801</td><td> $572,279</td><td> $98,011</td><td> $683,091</td></tr></table>
<table><tr><td><i>in thousands</i></td><td><i>Level 1<sup>1</sup></i></td><td><i>Level 2<sup>1</sup></i></td><td><i>Level 3<sup>1</sup></i></td><td><i>Total</i></td></tr><tr><td> Asset Category</td><td></td><td></td><td></td><td></td></tr><tr><td>Debt securities</td><td>$0</td><td>$152,240</td><td>$0</td><td>$152,240</td></tr><tr><td>Investment funds</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity funds</td><td>0</td><td>26,498</td><td>0</td><td>26,498</td></tr><tr><td>Equity funds</td><td>884</td><td>346,632</td><td>0</td><td>347,516</td></tr><tr><td>Short-term funds</td><td>3,593</td><td>0</td><td>0</td><td>3,593</td></tr><tr><td>Venture capital and partnerships</td><td>0</td><td>0</td><td>106,801</td><td>106,801</td></tr><tr><td>Total pension plan assets</td><td>$4,477</td><td>$525,370</td><td>$106,801</td><td>$636,648</td></tr></table>

Question: In which Level is the value of Debt securities the most?
Answer: 2