The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Public Equity 70% - 90% Growth Fixed Income 0% - 15% Alternatives 0% - 15% Cash 0% - 10% The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and  Return-Seeking Assets, as of December 28, 2014, were as follows: Asset Category Percentage Public Equity 32% Fixed Income 57% Alternatives 4% Cash 7% The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic  basis by the pension investment committee. The pension investment committee may direct the transfer of assets  between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges  to accomplish the investment objectives for the pension plan assets. Fair Value of Plan Assets The fair value of the assets underlying our Company-sponsored qualified pension plans and The New York  Times Newspaper Guild pension plan by asset category are as follows: GLYPH<160> Fair Value Measurement at December 28, 2014 (In thousands) QuotedGLYPH<160>Prices Markets for IdenticalGLYPH<160>Assets Significant Observable Inputs Significant Unobservable Inputs GLYPH<160> Asset Category (1) (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 48,640 $ GLYPH<151> $ GLYPH<151> $ 48,640 International Equities 51,154 GLYPH<151> GLYPH<151> 51,154 Common/Collective Funds (2) GLYPH<151> 697,075 GLYPH<151> 697,075 Fixed Income Securities: Corporate Bonds GLYPH<151> 539,098 GLYPH<151> 539,098 U.S. Treasury and Other Government Securities GLYPH<151> 150,496 GLYPH<151> 150,496 Group Annuity Contract GLYPH<151> 76,290 GLYPH<151> 76,290 Municipal and Provincial Bonds GLYPH<151> 47,046 GLYPH<151> 47,046 Government Sponsored Enterprises (3) GLYPH<151> 9,517 GLYPH<151> 9,517 Other GLYPH<151> 22,951 GLYPH<151> 22,951 Cash and Cash Equivalents 52 127,910 GLYPH<151> 127,962 Private Equity GLYPH<151> GLYPH<151> 35,727 35,727 Hedge Fund GLYPH<151> GLYPH<151> 31,294 31,294 Assets at Fair Value $ 99,846 $ 1,670,383 $ 67,021 $1,837,250 (1)  Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust. (2)  The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities.The fair value in the  above table represents our ownership share of the net asset value of the underlying funds. (3)  Represents investments that are not backed by the full faith and credit of the United States government. THE NEW YORK TIMES COMPANY – P. 83