Table:
|  | Percentage of Plan Assets at December |  |
| --- | --- | --- |
| Asset Category | 2019 | 2018 |
| Cash and cash equivalents | 1% | 2% |
| Equity securities | 24% | 27% |
| Government debt securities | 12% | 3% |
| Corporate debt securities | 16% | 26% |
| Investments in funds(a) | 21% | 17% |
| Real estate | 2% | 3% |
| Other (mainly insurance assets – contracts and reserves) | 24% | 22% |
| Total | 100% | 100% |
Paragraphs:
The Company’s pension plan asset allocation at December 31, 2019 and at December 31, 2018 is as follows:
As of December 31, 2019, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of corporate bonds (37%), government bonds (32%), equity (15%) and other instruments (16%).
As of December 31, 2018, investments in funds were composed approximately for two thirds of commingled funds mainly invested in corporate bonds (55%) and treasury bonds and notes (45%) and for one third of multi-strategy funds invested in broadly diversified portfolios of
corporate and government bonds, equity and derivative instruments.
Question:
What was the percentage of investment in corporate bonds as of December 31, 2018?
Answer: 55%