92 Approximately 31% and 29% of plan assets were concentrated in two mutual funds as of December 31, 2012 and 201 1 , respectively . The expected long-term rate of return on assets for qualified non-U.S. defined benefit plans is based on a weighted-average asset allocation assumption of 57% allocated to equity investments, 40% to fixed-income investments and 3% to other investments. The actual weighted-average asset allocations were 58% of equity investments, 40% of fixed-income investments and 2% of other investments at December 31, 2012 and 35% of equity investments, 64% of fixed-income investments and 1% of other investments at December 31, 201 1 . Management believes that long-term asset allocations on average and by location will approximate the Company’ s assumptions and that the long-term rate of return used by each country that is included in the weighted-average long- term expected rate of return on assets is a reasonable assumption. The Company determined the fair market values of the pension plan assets based on the fair value hierarchy established in ASC 820 - Fair V alue Measur ement which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided in Note 2 - Summary of Significant Accounting Policies. The fair values of pension plan assets are primarily traded in active markets. For those that are not traded in active markets, the fair value is determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the asset. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for pension assets where observable market inputs are less readily available or are unobservable. The fair values of pension assets include adjustments for market liquidity , counterparty credit quality . T o ensure the prudent application of estimates and management judgment in determining the fair value of pension assets, various processes and controls have been adopted. The fair value of the Company’ s pension plan assets at December 31, 2012 by asset category are as follows (in millions): Quoted prices in Active Markets for Identical Significant Observable Significant Unobservable Asset Category Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Equity Securities $ 77.3 $ 77.2 $ 0.1 $ — Mutual Funds 54.7 37.9 16.8 — Short Term Investments 2.1 — 2.1 — Equitable Contract 1.3 — 1.3 — Fixed Income 11.5 — 11.5 — Coal Lease (1) 4.2 — — 4.2 Total $ 151.1 $ 115.1 $ 31.8 $ 4.2 The fair value of the Company’ s pension plan assets at December 31, 201 1 by asset category are as follows (in millions): Quoted prices in Active Markets for Identical Significant Observable Significant Unobservable Asset Category Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Equity Securities $ 81.3 $ 81.0 $ 0.3 $ — Mutual Funds 50.7 36.3 14.4 — Short Term Investments 3.3 — 3.3 — Equitable Contract 1.4 — 1.4 — Fixed Income 25.6 — 25.6 — Coal Lease (1) 4.4 — — 4.4 Total $ 166.7 $ 117.3 $ 45.0 $ 4.4 (1) The Company’ s interest represents approximately 26% of the lease which is currently between American Premier Underwriters (APU), the Lessor and CONSOL Ener gy (CONSOL), the Lessee. The lease pertains to real property mined by CONSOL located in Pennsylvania. T able of Contents