Investments

The Company earns income on cash balances and investments, as well as on premium trust balances that the Company maintains for premiums collected from insureds but not yet remitted to insurance companies, and funds held under the terms of certain outsourcing agreements to pay certain obligations on behalf of clients. Premium trust balances and receivables, as well as a corresponding liability, are included in Fiduciary assets and Fiduciary liabilities in the accompanying Consolidated Statements of Financial Position.

The Company's interest-bearing assets and other investments are included in the following categories in the Consolidated Statements of Financial Position (in millions):



As of December 31	2014		2013
Cash and cash equivalents	$	374	$	477
Short-term investments	394		523
Fiduciary assets (1)	3,984		3,778
Investments	143		132
	$	4,895	$	4,910


(1)	Fiduciary assets include funds held on behalf of clients but does not include fiduciary receivables.

The Company's investments are as follows (in millions):



As of December 31	2014		2013
Equity method investments (2)	$	124	$	113
Other investments, at cost	12		10
Fixed-maturity securities	7		9
	$	143	$	132


(2)	The increase in equity method investments is primarily due to contributions to limited partnerships.