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The following asset allocation guidelines apply to the Return-Seeking Assets: 

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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: 

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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: 

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(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. 

