Notes to the Financial Statements — Continued (h) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
(i) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
(j) Futures consist of exchange-traded financial contracts encompassing U. S.  Equity, International Equity and U. S.  Government indices.
(k) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended.
In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees.
The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan.
The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation.
See Note F.  (l) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end.
The table below provides a reconciliation of the beginning and ending net balances for assets at December 31, 2012 classified as Level 3 in the fair value hierarchy
## Table 0 ##
The fair values of the pension plan assets at December 31, 2011 by asset category are as follows:
## Table 1 ##
(a) U. S.  Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities.
(b) International Equity includes international equity index funds and actively-managed international equities.
(c) U. S.  Government Issues include agency and treasury securities.
(d) Corporate Bonds classified as Level 3 include 144A illiquid securities.
(e) Structured Assets include commercial-mortgage-backed securities and collateralized mortgage obligations.
(f) Other Fixed Income includes municipal bonds, sovereign debt and regional governments.
(g) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
(h) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
(i) Futures consist of exchange-traded financial contracts encompassing U. S.  equity, International equity and U. S.  Government indices.
(j) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended.
In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees.
The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan.
The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation.
See Note F.  (k) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end
## Table 2 ##
a.
The year 2013 reflects operating data for the Henderson and Climax mines; 2012 and 2011 reflect the results of only the Henderson mine.
b.
Revenues reflect sales of the molybdenum mines’ production to our molybdenum sales company at market-based pricing.
On a consolidated basis, realizations are based on actual contract terms of sales made to third parties.
As a result, our consolidated average realized price per pound of molybdenum (refer to “Consolidated Results”) will differ from the amounts reported in this table.
Average unit net cash costs for our molybdenum mines totaled $7.15 per pound of molybdenum in 2013, compared with Henderson’s unit net cash costs of $7.07 per pound in 2012 and $6.34 per pound in 2011.
Assuming achievement of current sales volume and cost estimates, we estimate unit net cash costs for the molybdenum mines to average $7.25 per pound of molybdenum in 2014.
Smelting & Refining Atlantic Copper, our wholly owned subsidiary located in Spain, smelts and refines copper concentrates and markets refined copper and precious metals in slimes.
During 2013, Atlantic Copper purchased 32 percent of its concentrate requirements from our South America mining operations, 16 percent from our Indonesia mining operations and 13 percent from our North America copper mines, with the remainder purchased from third parties.
Through this form of downstream integration, we are assured placement of a significant portion of our concentrate production.
Smelting and refining charges consist of a base rate and, in certain contracts, price participation based on copper prices.
Treatment charges for smelting and refining copper concentrates represent a cost to our mining operations, and income to Atlantic Copper and PT Smelting.
Thus, higher treatment and refining charges benefit our smelter operations and adversely affect our mining operations.
Our North America copper mines are less significantly affected by changes in treatment and refining charges because these operations are largely integrated with our wholly owned smelter located in Miami, Arizona.
We defer recognizing profits on sales from our mining operations to Atlantic Copper and on 25 percent of Indonesia mining’s sales to PT Smelting until final sales to third parties occur.
Changes in these deferrals attributable to variability in intercompany volumes resulted in net reductions to net income attributable to common stockholders of $17 million ($0.02 per share) in 2013, compared with net reductions of $80 million ($0.08 per share) in 2012 and net additions of $156 million ($0.16 per share) in 2011.
Our net deferred profits on inventories at Atlantic Copper and PT Smelting to be recognized in future periods’ net income attributable to common stockholders totaled $127 million at December 31, 2013.
Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in our net deferred profits and quarterly earnings.
Oil and Gas Operations As further discussed in Note 2, during second-quarter 2013, we acquired oil and gas operations by completing the acquisitions of PXP and MMR (collectively FM O&G).
Our oil and gas operations provide exposure to energy markets with positive fundamentals, strong margins and cash flows, and a large resource base with financially attractive exploration and development opportunities.
The portfolio of assets includes oil production facilities and growth potential in the Deepwater GOM, oil production from the onshore Eagle Ford shale play in Texas, oil production facilities onshore and offshore California, onshore natural gas resources in the Haynesville shale play in Louisiana, natural gas production from the Madden area in central Wyoming, and an industry-leading position in the emerging shallow-water Inboard Lower Tertiary/ Cretaceous natural gas trend on the Shelf of the GOM and onshore in South Louisiana.
In 2013, more than 90 percent of our oil and gas revenues were from oil and NGLs.
Exploration, Operating and Development Activities.
Our oil and gas operations have significant proved, probable and possible reserves with financially attractive organic growth opportunities.
The portfolio includes a broad range of development opportunities and high-potential exploration prospects.
Substantial capital expenditures will continue to be required for our oil and gas exploration and development activities, which are expected to be funded by oil and gas operating cash flows and proceeds of asset sales.
Operating cash flows from oil and gas operations totaled $1.8 billion for the seven-month period following the acquisition date.
Capital expenditures for our oil and gas operations totaled $1.45 billion for the seven-month period following the acquisition date, including $503 million incurred for Eagle Ford, $392 million for the GOM (principally Deepwater), $171 million for California and $197 million for the Inboard Lower Tertiary/Cretaceous natural gas trend.
Capital expenditures for our oil and gas operations are projected to approximate $3 billion for 2014, including approximately $1.5 billion incurred for the Deepwater GOM, $0.4 billion for Eagle Ford and $0.3 billion for the Inboard Lower Tertiary/Cretaceous natural gas trend.
NEWS CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2016, the Company had income tax Net Operating Loss Carryforwards (NOLs) (gross, net of uncertain tax benefits), in various jurisdictions as follows:
## Table 3 ##
Utilization of the NOLs is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the NOLs relate, while taking into account limitations and/or restrictions on our ability to use them.
Certain of our U. S.  Federal NOLs were acquired as part of the acquisitions of Move and Harlequin and are subject to limitations as promulgated under Section 382 of the Code.
Section 382 of the Code limits the amount of acquired NOLs that we can use on an annual basis to offset future U. S.  consolidated taxable income.
The NOLs are also subject to review by relevant tax authorities in the jurisdictions to which they relate.
The Company recorded a deferred tax asset of $580 million and $540 million (net of approximately $53 million and $95 million, respectively, of unrecognized tax benefits) associated with its NOLs as of June 30, 2016 and 2015, respectively.
Significant judgment is applied in assessing our ability to realize our NOLs and other tax assets.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period.
On the basis of this evaluation, valuation allowances of $97 million and $304 million have been established to reduce the deferred tax asset associated with the Company’s NOLs to an amount that will more likely than not be realized as of June 30, 2016 and 2015, respectively.
The amount of the NOL deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs.
As of June 30, 2016, the Company had approximately $1.6 billion and $1.7 billion of capital loss carryforwards in Australia and the U. K. , respectively, which may be carried forward indefinitely and which are subject to tax authority review.
Realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements.
The Company recorded a deferred tax asset of $803 million and $892 million as of June 30, 2016 and 2015, respectively for these capital loss carryforwards, however, it is more likely than not that the Company will not generate capital gain income in the normal course of business in these jurisdictions.
Accordingly, valuation allowances of $803 million and $892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of June 30, 2016 and 2015, respectively.
As of June 30, 2016, the Company had approximately $26 million of U. S.  Federal tax credit carryforward which includes $22 million of foreign tax credits and $4 million of research & development credits which begin to expire in 2025 and 2036, respectively.
As of June 30, 2016, the Company had approximately $5 million of non-U.
S.  tax credit carryforwards which expire in various amounts beginning in 2025 and $8 million of state tax credit carryforwards (net of U. S.  federal benefit), of which the balance can be carried forward indefinitely.
In accordance with the Company’s accounting policy, a valuation allowance of $5 million has been established to reduce the deferred tax asset associated with the Company’s non-U.
S.  and state credit carryforwards to an amount that will more likely than not be realized as of June 30, 2016.

<table><tr><td> (Millions of Dollars)</td><td>Beginning Balance as of January 1, 2012</td><td>Assets StillHeld at Reporting Date – Unrealized Gains/(Losses)</td><td>Assets Sold During the Period – Realized Gains</td><td>Purchases Sales and Settlements</td><td>Transfer in/(out) of Level 3</td><td>Ending Balance as of December 31, 2012</td></tr><tr><td>Real Estate</td><td>$572</td><td>$48</td><td>$1</td><td>$212</td><td>$-</td><td>$833</td></tr><tr><td>Private Equity</td><td>-</td><td>1</td><td>-</td><td>19</td><td>-</td><td>20</td></tr><tr><td>Corporate Bonds</td><td>94</td><td>-</td><td>-</td><td>-33</td><td>-61</td><td>-</td></tr><tr><td>Structured Assets</td><td>13</td><td>-</td><td>-6</td><td>-</td><td>-7</td><td>-</td></tr><tr><td>Other Fixed Income</td><td>29</td><td>-</td><td>-</td><td>-6</td><td>-23</td><td>-</td></tr><tr><td>Total investments</td><td>$708</td><td>$49</td><td>$-5</td><td>$192</td><td>$-91</td><td>$853</td></tr><tr><td>Funds for retiree health benefits</td><td>-28</td><td>-2</td><td>-</td><td>-4</td><td>3</td><td>-31</td></tr><tr><td>Investments (excluding funds for retiree health benefits)</td><td>$680</td><td>$47</td><td>$-5</td><td>$188</td><td>$-88</td><td>$822</td></tr></table>
<table><tr><td> (Millions of Dollars)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td>U.S. Equity(a)</td><td>$2,467</td><td>$-</td><td>$-</td><td>$2,467</td></tr><tr><td>International Equity(b)</td><td>1,850</td><td>637</td><td>-</td><td>2,487</td></tr><tr><td>U.S. Government Issues(c)</td><td>-</td><td>1,570</td><td>-</td><td>1,570</td></tr><tr><td>Corporate Bonds(d)</td><td>-</td><td>668</td><td>94</td><td>762</td></tr><tr><td>Structured Assets(e)</td><td>-</td><td>-</td><td>13</td><td>13</td></tr><tr><td>Other Fixed Income(f)</td><td>-</td><td>67</td><td>29</td><td>96</td></tr><tr><td>Real Estate(g)</td><td>-</td><td>-</td><td>572</td><td>572</td></tr><tr><td>Cash and Cash Equivalents(h)</td><td>13</td><td>395</td><td>-</td><td>408</td></tr><tr><td>Futures(i)</td><td>93</td><td>48</td><td>-</td><td>141</td></tr><tr><td>Total investments</td><td>$4,423</td><td>$3,385</td><td>$708</td><td>$8,516</td></tr><tr><td>Funds for retiree health benefits(j)</td><td>-174</td><td>-134</td><td>-28</td><td>-336</td></tr><tr><td>Investments (excluding funds for retiree health benefits)</td><td>$4,249</td><td>$3,251</td><td>$680</td><td>$8,180</td></tr><tr><td>Pending activities(k)</td><td></td><td></td><td></td><td>-380</td></tr><tr><td>Total fair value of plan net assets</td><td></td><td></td><td></td><td>$7,800</td></tr></table>
<table><tr><td></td><td>2013<sup>a</sup></td><td>2012<sup>a</sup></td><td>2011<sup>a</sup></td></tr><tr><td>Revenues, excluding adjustments<sup>b</sup></td><td>$11.65</td><td>$14.27</td><td>$16.42</td></tr><tr><td>Site production and delivery, before net noncash</td><td></td><td></td><td></td></tr><tr><td>and other costs shown below</td><td>6.24</td><td>6.19</td><td>5.46</td></tr><tr><td>Treatment charges and other</td><td>0.91</td><td>0.88</td><td>0.88</td></tr><tr><td>Unit net cash costs</td><td>7.15</td><td>7.07</td><td>6.34</td></tr><tr><td>Depreciation, depletion and amortization</td><td>1.68</td><td>0.97</td><td>0.96</td></tr><tr><td>Noncash and other costs, net</td><td>0.29</td><td>0.24</td><td>0.04</td></tr><tr><td>Total unit costs</td><td>9.12</td><td>8.28</td><td>7.34</td></tr><tr><td>Gross profit per pound</td><td>$2.53</td><td>$5.99</td><td>$9.08</td></tr><tr><td>Molybdenum sales (millions of recoverable pounds)<sup>b</sup></td><td>49</td><td>34</td><td>38</td></tr></table>
<table><tr><td>Jurisdiction</td><td>Expiration</td><td>Amount  (in millions)</td></tr><tr><td>U.S. Federal</td><td>2021 to 2036</td><td>$858</td></tr><tr><td>U.S. States</td><td>Various</td><td>581</td></tr><tr><td>Australia</td><td>Indefinite</td><td>452</td></tr><tr><td>U.K.</td><td>Indefinite</td><td>134</td></tr><tr><td>Other Foreign</td><td>Various</td><td>346</td></tr></table>

Question: What is the proportion of Other Fixed Income to the total for Total investments in terms of Beginning Balance as of January 1, 2012?
Answer: 0.04096