Policy



The following table provides the long-term target asset allocations ranges and the percentage of the fair value of plan assets for benefit plans:
	As of December 31,
	Target Allocation Percentage		Percentage of Plan Assets
(PERCENTAGES)	2013		2013		2012
U.S. qualified pension plans
Cash and cash equivalents	0-10		2.8	%	2.9	%
Equity securities	35-55		51.5	%	45.9	%
Debt securities	30-55		30.7	%	35.5	%
Real estate and other investments	5-18		15.0	%	15.7	%
Total	100	%	100	%	100	%
International pension plans
Cash and cash equivalents	0-10		2.8	%	3.9	%
Equity securities	35-55		51.9	%	51.6	%
Debt securities	30-55		29.0	%	31.0	%
Real estate and other investments	5-18		16.3	%	13.5	%
Total	100	%	100	%	100.0	%
U.S. postretirement plans
Cash and cash equivalents	0-5		4.0	%	4.4	%
Equity securities	10-35		21.7	%	20.1	%
Debt securities	5-30		13.0	%	15.5	%
Real estate, insurance contracts and other investments	55-70		61.3	%	60.0	%
Total	100	%	100	%	100	%



The following table provides the components of plan assets (including those reported as part of Liabilities of discontinued operations):
			Fair Value^(a)								Fair Value^(a)
(MILLIONS OF DOLLARS)	As of December 31, 2013		Level 1		Level 2		Level 3		As of December 31, 2012		Level 1		Level 2		Level 3
U.S. qualified pension plans
Cash and cash equivalents	$	360	$	—	$	360	$	—	$	368	$	—	$	368	$	—
Equity securities:
Global equity securities	4,335		4,328		7		—		3,536		3,519		17		—
Equity commingled funds	2,294		—		2,294		—		2,215		—		2,215		—
Debt securities:
Fixed income commingled funds	675		—		675		—		943		—		943		—
Government bonds	971		—		971		—		1,093		—		1,093		—
Corporate debt securities	2,306		—		2,306		—		2,414		—		2,411		3
Other investments:
Private equity funds	822		—		—		822		866		—		—		866
Insurance contracts	281		—		281		—		348		—		348		—
Other	825		—		—		825		757		—		—		757
Total	12,869		4,328		6,894		1,647		12,540		3,519		7,395		1,626
International pension plans
Cash and cash equivalents	229		—		229		—		299		—		299		—
Equity securities:
Global equity securities	1,833		1,832		1		—		1,723		1,638		85		—
Equity commingled funds	2,446		—		2,446		—		2,194		—		2,194		—
Debt securities:
Fixed income commingled funds	967		—		967		—		825		—		825		—
Government bonds	812		—		812		—		914		—		914		—
Corporate debt securities	615		—		615		—		613		—		613		—
Other investments:
Private equity funds	54		—		10		44		110		—		14		96
Insurance contracts	421		—		121		300		465		—		117		348
Other	873		—		353		520		446		—		57		389
Total	8,250		1,832		5,554		864		7,589		1,638		5,118		833
U.S. postretirement plans^(b)
Cash and cash equivalents	29		—		29		—		28		—		28		—
Equity securities:
Global equity securities	105		105		—		—		79		79		—		—
Equity commingled funds	56		—		56		—		50		—		50		—
Debt securities:
Fixed income commingled funds	16		—		16		—		20		—		20		—
Government bonds	24		—		24		—		25		—		25		—
Corporate debt securities	56		—		56		—		55		—		55		—
Other investments:
Insurance contracts	415		—		415		—		350		—		350		—
Other	40		—		40		—		37		—		37		—
Total	$	741	$	105	$	636	$	—	$	644	$	79	$	565	$	—


^(a)	Fair values are determined based on valuation inputs categorized as Level 1, 2 or 3 (see Note 1E. Basis of Presentation and Significant Accounting Policies: Fair Value).


^(b)	Reflects postretirement plan assets, which support a portion of our U.S. retiree medical plans.

PFIZER INC | 2013 | FY |

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