a50895101.htm
  UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
   
  FORM 11-K
 
   
  FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
    
(Mark One)
  
  X 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
   
  For the fiscal year ended December 31, 2013
 
   
  or
 
   
     
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
   
  For the transition period from _______ to _______
 
   
  Commission file number 1-3619
 
   
A.
Full title of the Plan and the address of the plan, if different from that of the issuer named below:
 
   
  PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
 
   
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
PFIZER INC.
235 EAST 42ND STREET
NEW YORK, NEW YORK 10017
 
 
 
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
DECEMBER 31, 2013 AND 2012
 
INDEX
 
   Page
   
1
   
FINANCIAL STATEMENTS
  
2
3
4–17
   
  
SUPPLEMENTAL SCHEDULES*
  
18–19
21
22
 
EXHIBIT
  
23.1 – Consent of Independent Registered Public Accounting Firm
23

 
*Note:
Other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.
 
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
To the Savings Plan Committee
 
Pfizer Savings Plan for Employees Resident in Puerto Rico:
 
We have audited the accompanying statements of net assets available for plan benefits of the Pfizer Savings Plan for Employees Resident in Puerto Rico (Plan) as of December 31, 2013 and 2012, and the related statements of changes in net assets available for plan benefits for each of the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2013 and 2012, and the changes in net assets available for plan benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2013 and Schedule H, Line 4j - Schedule of Reportable Transactions for the Year Ended December 31, 2013 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
 

Memphis, Tennessee
June 26, 2014
 
 
1
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
As of December 31, 2013 and 2012
       
   
December 31,
  
(in thousands of dollars)
  
2013
    
2012
  
   
            
Assets:
            
Investments, at fair value:
            
Pfizer Inc. common stock
   $ 76,790     $ 54,778  
Zoetis Inc. common stock
     107       -  
Other common stocks
     3,107       -  
Pfizer Inc. preferred stock
     2,758       2,626  
Common/collective trust funds
     113,973       93,812  
Mutual funds
     84,155       51,809  
Guaranteed investment contracts
     6,307       12,385  
                  Total investments, at fair value
     287,197       215,410  
                 
Receivables:
                
Participant contributions
     337       2  
Company contributions
     261       84  
Notes receivable from participants
     9,693       9,802  
Securities sold
     -       27  
                  Total receivables
     10,291       9,915  
Total assets
     297,488       225,325  
   
                
Liabilities:
                
Pending trade purchases
     -       208  
Investment management fees payable
     15       13  
Other
     15       21  
Total liabilities
     30       242  
   
                
Net assets available for plan benefits before adjustment
     297,458       225,083  
   
                
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
     (1,121 )     (3,083 )
                 
Net assets available for plan benefits
   $ 296,337     $ 222,000  
 
See accompanying Notes to Financial Statements.
 
 
2
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the Years Ended December 31, 2013 and 2012
 
       
   
Year Ended December 31,
  
(in thousands of dollars)
  
2013
    
2012
  
  
            
Additions/(reductions):
            
Additions/(reductions) to net assets attributed to:
            
Investment income:
            
Net appreciation in investments
   $ 34,008     $ 17,454  
Common stock dividends
     2,189       1,864  
Pfizer Inc. preferred stock dividends
     96       108  
Interest and dividend income from other investments
     2,902       3,100  
          Total investment income
     39,195       22,526  
    Interest income from notes receivable from participants
     402       443  
Less: Investment management, redemption and loan fees
     (92 )     (19 )
         Net investment and interest income 
     39,505       22,950  
  
                
Contributions:
                
Participant
     11,709       13,974  
Company
     5,436       6,660  
          Total contributions
     17,145       20,634  
                 
 Total additions, net
     56,650       43,584  
  
                
Deductions:
                
Deductions from net assets attributed to:
                
Benefits paid to participants
     24,889       23,030  
Rollovers out of Plan
     22       -  
                 
Total deductions, net
     24,911       23,030  
  
                
Net increase
     31,739       20,554  
                 
Transfers into Plan
     42,598       -  
                 
Net assets available for plan benefits:
                
Beginning of year
     222,000       201,446  
End of year
   $ 296,337     $ 222,000  
 
See accompanying Notes to Financial Statements.
 
 
3
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
Notes to Financial Statements
December 31, 2013 and 2012

1.     Description of the Plan

The Pfizer Savings Plan for Employees Resident in Puerto Rico (the Plan), originally adopted in 1990 as the Pfizer Savings and Investment Plan for Employees Resident in Puerto Rico, is a defined contribution retirement savings plan. Participation in the Plan is open to any employee of Pfizer Pharmaceuticals LLC (the Plan Sponsor) or an affiliate which has, with the consent of the Plan Sponsor or Pfizer Inc. (the Parent), adopted the Plan (Participating Employers) and who is included within a group or class designated by the Plan Sponsor as set forth in the Plan document. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the New Puerto Rico Internal Revenue Code, Act No. 1 of January 31, 2011 (the Puerto Rico Code).

Under the Puerto Rico Code, any qualified plan involving pre-tax contributions of cash or deferred compensation arrangements must comply with one of two nondiscrimination tests. For the years ended December 31, 2013 and 2012, the Plan complied with both tests.

On June 24, 2013, the Parent completed the full disposition of its Animal Health business. The full disposition was completed through a series of steps, including, in the first quarter of 2013, the formation of Zoetis Inc. (Zoetis) and an initial public offering of an approximate 19.8% interest in Zoetis and, in the second quarter of 2013, an exchange offer for the remaining 80.2% interest. In connection with the exchange offer, Plan participants holding Pfizer common stock units within the Plan were offered the opportunity to exchange all or a portion of their Pfizer common stock units held in the Plan for units of Zoetis common stock under a new Zoetis Stock Fund within the Plan. In June 2014, actions were taken to eliminate the Zoetis Stock Fund. See Note 11, Subsequent Events, for additional information.

The following is a general description of certain provisions of the Plan. Participants should refer to the Plan document for more complete information.

Plan Administration

The Savings Plan Committee of the Parent monitors and reports on the selection and termination of the trustee, custodian, and investment managers, and on the investment activity and performance of the Plan.

Administrative Costs

In general, except for investment management fees associated with certain investment fund options, in-service withdrawal fees and loan fees, costs and expenses of administering the Plan are paid and absorbed by the Plan or the Plan Sponsor and Participating Employers (collectively, the Company). The Plan’s administrative expenses may be paid for through offsets and/or payments associated with one or more of the Plan’s investment options. However, beginning January 1, 2013, fees associated with loans and in-service withdrawals (for active participants) and check fees (for separated participants) were paid by participants.

Contributions

Participants may elect to contribute (i) 1%-20% of eligible compensation on a before-tax basis, up to the maximum before-tax amount permitted by the Puerto Rico Code; and (ii) 1% to 10% of your eligible compensation on an after-tax basis. Total combined before-tax and after-tax contributions may not exceed 20%, but total after-tax, including spillover from before-tax, cannot exceed 10 percent. Contributions are subject to certain legal limits set forth by the Puerto Rico Department of the Treasury and the Puerto Rico Code.

 
4
 
 
Any contributions, for which the participant does not provide investment direction, are invested in the Plan’s Qualified Default Investment Alternative (QDIA) fund, which is a Vanguard Target Retirement Fund based on the participant’s year of birth. For all participants, contributions of up to 3% of compensation are matched 100% by the Company and the next 3% are matched 50% by the Company. Participant contributions in excess of 6% are not matched.

Effective January 1, 2011, the Plan was amended to include a retirement savings contribution (RSC) for employees hired, rehired, or transferred from certain positions on or after January 1, 2011 who are not eligible for the Pfizer Consolidated Pension Plan for Employees Resident in Puerto Rico. On May 8, 2012, the Company announced to employees that as of January 1, 2018, the Company will transition its U.S. and Puerto Rico employees from its defined benefit plans to an enhanced defined contribution savings plan. The RSC provides an additional annual employer-provided contribution based on age and service and is generally subject to a three-year cliff vesting period. In February 2013, the Company funded the RSC for Plan year 2012 in the amount of approximately $84,000. In February 2014, the Company funded the RSC for Plan year 2013 in the amount of approximately $145,000.

Section 1081.01(d) of the Puerto Rico Code contains provisions to gradually increase the maximum limits that may be deferred by participants as before-tax cash contributions to a qualified plan as follows:
 
Years
  
Amount
  
Beginning on January 1, 2012
   $ 13,000  
Beginning on January 1, 2013
     15,000  
Beginning on January 1, 2014
     15,000  
 
Participant Accounts and Vesting

Each participant's account is credited with the participant's contributions, allocations of the Company's matching contributions, and Plan earnings/(losses). Allocations are based on participant earnings/(losses) or account balances, as defined in the Plan. Participants are immediately vested in the full value of their account (i.e., participant's and Company's matching contributions) other than the RSC. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. At December 31, 2013 and 2012, forfeited nonvested accounts available to reduce future employer contributions totaled approximately $70,000 and $62,000, respectively.

Rollovers into Plan

Participants may elect to rollover one or more account balances from Pfizer sponsored or other qualified plans.

Investment Options

Nonparticipant-Directed Funds –

Pfizer Stock
Match Fund
–
This fund invests Company matching contributions in the common stock of Pfizer Inc.
 
All Plan participants can diversify 100% of their Company matching contributions into any of the other available investment funds at any time after the contributions have been made to their account.
 
The fund targets a cash position of 0.25% of the fund balance for purposes of liquidity. The cash position may vary day-to-day.
 
Pfizer
Preferred
Stock Fund
 
–
 
This fund holds investments in the preferred stock of Pfizer Inc. which were allocated to participants in the Pharmacia Savings Plan for Employees Resident in Puerto Rico before the merger of that plan into the Plan on December 31, 2009. Dividends paid to a participant’s Pfizer Preferred Stock Fund account are substituted for an allocation of Pfizer Inc. common stock.
 
 
5
 
 
Participant-Directed Funds – Each participant in the Plan elects to have his or her contributions invested in any one or combination of investment funds in the Plan. Transfers between funds must be made in whole percentages or dollar amounts. Based on the investment option, certain short-term redemption fees may apply.

The Plan's trust agreement provides that any portion of any of the investment funds may, pending its permanent investment or distribution, be invested in short-term investments.

Eligibility

All employees of the Company who are employed within the Commonwealth of Puerto Rico are eligible to enroll in the Plan on their date of hire, except for certain employees who (i) are covered by a collective bargaining agreement and have not negotiated to participate in the Plan or (ii) are employed by a unit not designated for participation in the Plan.

On December 31, 2009, the Pharmacia Savings Plan for Employees Resident in Puerto Rico (Pharmacia Puerto Rico Savings Plan) was merged into the Plan. Participants eligible to participate in or who held balances in the Pharmacia Puerto Rico Savings Plan became eligible to participate in the Plan. Participant balances of the Pharmacia Puerto Rico Savings Plan were transferred into investment options offered by the Plan as of the merger date.

On October 1, 2010, the Wyeth Savings Plan – Puerto Rico was merged into the Plan. Participants eligible to participate in or who held balances in the Wyeth Savings Plan – Puerto Rico became eligible to participate in the Plan. Participant balances of the Wyeth Savings Plan – Puerto Rico were transferred into investment options offered by the Plan as of the merger date.

Effective January 1, 2012, the former participants in the Pharmacia Savings Plan for Employees Resident in Puerto Rico and the Wyeth Savings Plan – Puerto Rico began receiving matching contributions in accordance with the Pfizer match contribution formula instead of the legacy-Pharmacia or legacy-Wyeth matching contribution formula.

Effective January 1, 2012, participants in the Searle Puerto Rico Savings Plan 1081(d) (Searle Plan), other than those participants located in Caguas, Puerto Rico, began participating in the Plan. The balances of these participants remained in the Searle Plan until October 1, 2013 when they were merged into the Plan. Participants located in Caguas remained in the Searle Plan until the merger with the Plan on October 1, 2013.

On October 1, 2013, the Searle Puerto Rico Savings Plan 1081(d) was merged into the Plan. Participants located in Caguas, Puerto Rico eligible to participate in or who held balances in the Searle Puerto Rico Savings Plan 1081(d) became eligible to participate in the Plan. Participant balances of the Searle Puerto Rico Savings Plan 1081(d) were transferred into investment options offered by the Plan as of the merger date. See Note 3, Transfers Into the Plan, for additional information.

On December 31, 2013, the King Pharmaceuticals, Inc. 1165(e) Plan was merged into the Plan. Participants eligible to participate in or who held balances in the King Pharmaceuticals, Inc. 1165(e) Plan became eligible to participate in the Plan. Participant balances of the King Pharmaceuticals, Inc. 1165(e) Plan were transferred into investment options offered by the Plan as of the merger date. See Note 3, Transfers Into the Plan, for additional information.
 
 
6
 
 
Notes Receivable from Participants

Plan participants are permitted to borrow against their account balances. The minimum amount a participant may borrow is $1,000 and the maximum amount is the lesser of 50% of the account balance reduced by any current outstanding loan balance, or $50,000, reduced by the highest outstanding loan balance in the preceding 12 months.

Under the terms of the Plan, loans must be repaid within five years, unless the funds are used to purchase a primary residence. Primary residence loans must be repaid within 15 years. The interest rate on all loans is based on the prime rate plus 1%. Interest rates on outstanding loans ranged from 4.00% to 9.50% and 4.25% to 9.50% at December 31, 2013 and 2012, respectively.

Interest paid by the participant is credited to the participant’s account. Interest income from notes receivable from participants is recorded by the trustee as earned in the investment funds in the same proportion as the original loan issuance. Repayments may not necessarily be made to the same fund from which the amounts were borrowed. Repayments are credited to the applicable funds based on the participant’s investment elections at the time of repayment.

In the event of termination, participants will have 90 days to repay the loan before the loan is considered taxable to the participant. An additional 10% penalty tax may also apply.

Benefit Payments

Upon separation from service, retirement, or disability, a participant is entitled to receive the full value of their account balance in the form of a lump sum distribution. A participant generally may elect to receive his or her account balance at any time up to the later of 13 months after termination or age 65, subject to the provisions of the Plan. In the event of a participant's death, a spouse beneficiary generally may elect an immediate lump sum payment or defer payments until the later of 13 months from the date of death or when the participant would have reached age 65. A non-spouse beneficiary generally may elect an immediate lump sum payment or defer payment until 13 months from the date of the participant's death.

In-Service Withdrawals

Participants in the Plan may make in-service or hardship withdrawals from their account balances subject to the provisions of the Plan.

Plan Termination

The Plan Sponsor and the Parent expect to continue the Plan indefinitely, but reserve the right to amend, suspend or discontinue it in whole or in part at any time by action of the Plan Sponsor's Management, the Board of Directors of the Parent, or the authorized designee(s) of either of them. In the event of termination of the Plan, each participant shall be entitled to the full value of his or her account balance as though he or she had retired as of the date of such termination. No part of the invested assets established pursuant to the Plan will at any time revert to the Company, except as otherwise permitted under ERISA.

2.     Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting. Benefit payments are recorded when paid. For treatment on Form 5500 of benefits processed and approved for payment prior to December 31st but not yet paid as of that date, refer to Note 10, Reconciliation of Financial Statements to Form 5500.
 
 
7
 
 
Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. As required, the accompanying statements of net assets available for plan benefits present the fair value of the investment contracts, as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statements of changes in net assets available for plan benefits are prepared on a contract value basis.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of increases and decreases to net assets during the reporting period, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Valuation

Common stock is valued at the closing market price on the last business day of the year. Common/collective trust funds (CCTs), except for the investment in the T. Rowe Price Stable Value Common Trust Fund, are stated at redemption value as determined by the trustees of such funds based upon the underlying securities stated at fair value. The T. Rowe Price Stable Value Common Trust Fund represents a common/collective trust fund with an underlying investment in Guaranteed Investment Contracts (GICs), Bank Investment Contracts (BICs), Synthetic Investment Contracts (SICs), and Separate Account Contracts (SACs), collectively, investment contracts. The T. Rowe Price Fixed Income Fund represents direct investments in GICs. The investment contracts within the T. Rowe Price Stable Value Common Trust Fund, as well as the GICs held directly by the plan, are reported at fair value by the issuer insurance companies and banks with an appropriate adjustment to report such contracts at contract value because these investments are fully benefit-responsive. Mutual funds are recorded at fair value based on the closing market prices obtained from national exchanges of the underlying investments of the respective fund as of the last business day of the year. See Note 6, Investment Contracts, for additional information.

Pfizer Inc. preferred stock provides dividends at the annual rate of 6.25% and is convertible at the holder’s option into 2.57487 shares of Pfizer Inc. common stock. The preferred stock may also be redeemed by Pfizer Inc. at a per-share equivalent stated value of $40.30. Pfizer Inc. preferred stock is valued using the higher of the per-share equivalent stated value of $40.30 or the quoted market price of Pfizer Inc. common stock multiplied by 2.57487 on the last business day of the Plan year (preferred stock share balances maintained by the Plan’s trustee and record keeper are on a basis equal to a multiple of 1,000 of the share balance and one-thousandth of the $40,300 stated value). Pfizer Inc. preferred stock was valued at $78.87 per share and $64.58 per share at December 31, 2013 and 2012, respectively, based on the closing Pfizer Inc. common stock price of $30.63 per share and $25.08 per share on December 31, 2013 and 2012, respectively.

See Note 8, Fair Value Measurements, for additional information regarding the fair value of the Plan’s investments.

Notes Receivable from Participants

Notes receivable from participants, which are subject to various interest rates, are recorded at amortized cost.

Risks and Uncertainties

Investment securities, including Pfizer Inc. common and preferred stock and Zoetis Inc. common stock, are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in their fair values could occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for plan benefits.
 
 
8
 
 
Investment Transactions

Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned.

Net Appreciation in Investments

The Plan presents, in the statements of changes in net assets available for plan benefits, the net appreciation in the value of its investments which consists of the realized gains and losses and the unrealized gains and losses on those investments and the change in contract value of the fund holding investments in GICs, BICs, SICs, and SACs. Realized gains and losses on sales of investments represent the difference between the net proceeds and the cost of the investments (average cost if less than the entire investment is sold). Unrealized gains and losses on investments represent the difference between the cost of the investments and their fair value at the end of the year. 

3.    Transfers Into the Plan

On October 1, 2013, the Searle Puerto Rico Savings Plan 1081(d) was merged into the Plan. The net assets of the Searle Puerto Rico Savings Plan 1081(d), in the amount of $42.0 million, were transferred into the Plan.

In 2011, the Plan Sponsor completed an acquisition of King Pharmaceuticals, Inc. In 2013, the net assets of the King Pharmaceuticals, Inc. 1165(e) Plan, in the amount of $0.6 million were transferred into the Plan.

4.    Tax Status

The Puerto Rico Department of the Treasury has determined and informed the Plan Sponsor by letter dated May 28, 2008 that the Plan and related trust are designed in accordance with the applicable sections of the Puerto Rico Code. The Plan has been amended since receiving the determination letter. However, the Company's counsel believes the Plan is designed and is currently being operated in compliance with all of the applicable requirements of the Puerto Rico Code. Accordingly, no provision has been made for Puerto Rico income taxes in the accompanying financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico Department of the Treasury. The Company’s counsel has confirmed that there are no uncertain positions taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is generally no longer subject to income tax examinations for years prior to 2010.

Contributions made to the Plan by the Company, including pre-tax contributions made on a participant’s behalf and any appreciation on all funds in a participant’s accounts, are not taxable to a participant under current Puerto Rico income tax law while these amounts remain in the Plan and the Plan maintains its qualified status.
 
 
9
 
 
5.     Investments

The fair value of individual investments that represented 5% or more of the Plan's net assets available for plan benefits were as follows: 
       
   
December 31,
  
(thousands of dollars)
  
2013
    
2012
  
             
Pfizer Inc. common stock*
   $ 76,790     $ 54,778  
T. Rowe Price Stable Value Common Trust Fund,
at contract value
     68,956       57,106  
NTGI – S&P 500 Equity Index
Fund – Lending
     25,667       16,105  
 
*
Includes 1,317,834 nonparticipant-directed shares and 1,189,200 participant-directed shares at December 31, 2013 and 1,026,993 nonparticipant-directed shares and 1,157,124 participant-directed shares at December 31, 2012.

The Plan's investments (including gains and losses on investments sold, as well as held during the year) appreciated in value as follows:
       
   
Year Ended December 31,
  
(thousands of dollars)
  
2013
    
2012
  
 
Net appreciation in investments:
            
Common stock
   $ 12,759     $ 7,311  
Pfizer Inc. preferred stock
     543       373  
Mutual funds
     14,466       6,372  
Common/collective trust funds
     6,150       3,398  
    $ 33,918     $ 17,454  
 
6.      Investment Contracts
 
Participants in the Plan have a stable value investment option which consists of investing in (i) fully benefit-responsive GICs (referred to as the T. Rowe Price Fixed Income Fund) and (ii) the T. Rowe Price Stable Value Common Trust Fund, which is a collective trust fund that invests primarily in fully benefit-responsive contracts such as GICs, BICs, SICs, and SACs. The contract value of the investment contracts represents contributions made under the contract and related earnings offset by participant withdrawals. There are no reserves against contract value for credit risk of the contract issuers or otherwise.

At December 31, 2013 and 2012, the Plan held GICs directly with insurance companies with a contract value of approximately $6 million and $12 million, respectively. The average portfolio yields for the years ended December 31, 2013 and 2012 were approximately 5.49% and 5.22%, respectively. The crediting interest rates for the years ended December 31, 2013 and 2012 were approximately 5.78% and 5.65%, respectively.

At December 31, 2013 and 2012, the contract value of the Plan’s investments in the T. Rowe Price Stable Value Common Trust Fund was approximately $70 million and $57 million, respectively. The average portfolio yields for the years ended December 31, 2013 and 2012 for the T. Rowe Price Stable Value Common Trust Fund were approximately 2.06% and 2.36%, respectively. The crediting interest rates for the years ended December 31, 2013 and 2012 were approximately 2.29% and 2.45%, respectively.
 
 
10
 
 
Traditional investment contracts, such as GICs or BICs, provide for a fixed return on principal invested for a specified period of time. The issuer of a traditional contract is a financially responsible counterparty, typically an insurance company, bank, or other financial services institution. The issuer accepts a deposit from a benefit plan or collective trust fund and purchases investments, which are held by the issuer. The issuer is contractually obligated to repay principal and interest at the stated coupon rate to the plan or collective trust fund and guarantees liquidity at contract value prior to maturity for routine permitted participant-initiated withdrawals from a stable value fund that holds these investment contracts. "Permitted participant-initiated withdrawals" refers to withdrawals from the stable value fund which directly result from participant transactions allowed by a benefit plan, such as participant withdrawals for benefits, loans, or transfers to other funds or trusts within the benefit plan.

In contrast to traditional investment contracts, the investments underlying a synthetic structure are owned by the Plan. SICs consist of a portfolio of underlying assets owned by a benefit plan and a wrap contract issued by a financially responsible third party, typically an insurance company, bank, or other financial services institution. The issuer of the wrap contract provides for unscheduled withdrawals from the contract at contract value, regardless of the value of the underlying assets, in order to fund routine permitted participant-initiated withdrawals from a stable value fund. SICs provide for a variable crediting rate, which typically resets at least quarterly, and the issuer of the wrap contract provides assurance that future adjustments to the crediting rate cannot result in a crediting rate less than zero.

SACs share certain attributes of both traditional and synthetic investment contracts. A SAC is a contract with a financially responsible counterparty, typically an insurance company. The issuer guarantees liquidity at contract value for permitted participant-initiated withdrawals from the collective trust fund and provides for a variable crediting rate, not less than zero, based on performance of an underlying portfolio of investments. The issuer accepts a deposit of cash and/or securities from the collective trust fund to create the underlying fixed income portfolio. The underlying portfolio holdings are owned by the issuer but are required to be segregated in a separate account and are designed to be protected from the claims of the issuer’s general creditors in the event of issuer insolvency. As with a SIC, to the extent the portfolio underlying a SAC is insufficient to cover payment obligations under the contract, the issuer is contractually obligated to make such payments in full. The SAC provides that gains and losses on the underlying portfolio accrue to the benefit of the trust. SACs have no stated maturity but may be discontinued by either party subject to any notice period under the terms of the SAC.

The crediting rate is based, in part, on the relationship between the contract value and the market value of the underlying assets, as well as previously realized gains and losses on underlying assets. The crediting rate will generally reflect, over time, movements in prevailing interest rates. However, at times the crediting rate may be more or less than prevailing rates or the actual income earned on the underlying assets. In most cases, realized and unrealized gains and losses on the underlying investments are not reflected immediately in the net assets of a stable value fund, but rather are amortized either over the time to maturity or the duration of the underlying investments, through adjustments to the future interest crediting rate.

The existence of certain conditions can limit a benefit plan's or collective trust fund’s ability to transact at contract value with the issuers of its investment contracts. Specifically, any event outside the normal operation of a benefit plan or collective trust which causes a withdrawal from an investment contract may result in a contract value adjustment with respect to such withdrawal. Examples of such events include, but are not limited to, partial or complete legal termination of the plan or collective trust fund, tax disqualification, certain plan or trust amendments if issuers' consent is not obtained, improper communications to participants, group terminations, group layoffs, early retirement programs, mergers, sales, spin-offs, and bankruptcy.

In addition to the limitations noted above, issuers of investment contracts have certain rights to terminate a contract and settle at an amount which differs from contract value. For example, certain breaches by a benefit plan or the investment manager of their obligations, representations, or warranties under the terms of an investment contract can result in its termination at market value, which may differ from contract value. Investment contracts may also provide for termination with no payment obligation from the issuer if the performance of the contract constitutes a prohibited transaction under ERISA or other applicable law. SICs and SACs may also provide issuers with the right to reduce contract value in the event an underlying security suffers a credit event or terminate the contract in the event certain investment guidelines are materially breached and not cured.
 
 
11
 
 
7.     Nonparticipant-Directed Investments

Information about the net assets and significant components of the changes in net assets relating to the nonparticipant-directed investments in the Pfizer Stock Match Fund and the Pfizer Preferred Stock Fund is as follows:

       
   
As of December 31,
  
(thousands of dollars)
  
2013
    
2012
  
Net assets:
            
Investments, at fair value:
            
Common stock
   $ 40,365     $ 25,757  
Pfizer Inc. preferred stock
     2,758       2,626  
Common/collective trust funds
     265       265  
    Total investments
     43,388       28,648  
Receivables:
                
Participant contributions
     5       -  
Company contributions
     116       -  
Securities sold and other
     -       29  
Total receivables
     121       29  
Total assets
     43,509       28,677  
                 
Liabilities:
                
Payable for securities purchased and other
     4       213  
Net assets available for plan benefits
   $ 43,505     $ 28,464  
 
 
12
 
 
       
   
Year Ended December 31,
  
(thousands of dollars)
  
2013
    
2012
  
Changes in net assets:
            
Investment income:
            
Net appreciation in investments
   $ 6,818     $ 3,736  
Common stock dividends
     1,067       843  
Pfizer Inc. preferred stock dividends
     96       108  
Interest and dividend income from other investments
     32       22  
Less: Investment management, redemption and loan fees
     (8 )     -  
        Total investment income
     8,005       4,709  
 
    Contributions and other:
                
    Company contributions
     5,291       6,576  
    Benefits paid to participants
     (3,720 )     (3,205 )
    Transfers from/(to) participant-directed investments
     5,465       (1,463 )
          Total contributions and other
     7,036       1,908  
Net increase
     15,041       6,617  
 
Net assets available for plan benefits:
                
Beginning of year
     28,464       21,847  
End of year
   $ 43,505     $ 28,464  
 
8.     Fair Value Measurements
 
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements - Level 1 meaning the use of quoted prices for identical instruments in active markets; Level 2 meaning the use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; and Level 3 meaning the use of unobservable inputs.

See Note 2, Summary of Significant Accounting Policies: Investment Valuation, for information regarding the methods used to determine the fair value of the Plan’s investments. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
 
 
13
 
 
The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2013 and 2012:
       
(Thousands of Dollars)
  
Investments at Fair Value as of December 31, 2013
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common/Collective Trusts:
                        
  US Large Cap Equity
   $ -     $ 25,667     $ -     $ 25,667  
  US Small/Mid Cap Equity
     -       4,033       -       4,033  
  Fixed Income
     -       84,273       -       84,273  
      -       113,973               113,973  
Mutual Funds:
                                
  US Large Cap Equity
     13,121       -       -       13,121  
  US Small/Mid Cap Equity
     24,719       -       -       24,719  
  Non-US Equity
     16,394       -       -       16,394  
  Retirement Target Date
     29,921       -       -       29,921  
      84,155       -       -       84,155  
                                 
Pfizer Inc. Common Stock
     76,790       -       -       76,790  
Zoetis Inc. Common Stock
     107       -       -       107  
Other Common Stocks
     3,107       -       -       3,107  
Pfizer Inc. Preferred Stock
     -       2,758       -       2,758  
Guaranteed Investment Contracts
     -       6,307       -       6,307  
                                 
Total Investments at Fair Value
   $ 164,159     $ 123,038     $ -     $ 287,197  
 
 
14
 
 
       
(Thousands of Dollars)
  
Investments at Fair Value as of December 31, 2012
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common/Collective Trusts:
                        
  US Large Cap Equity
   $ -     $ 16,105     $ -     $ 16,105  
  US Small/Mid Cap Equity
     -       2,602       -       2,602  
  Fixed Income
     -       75,105       -       75,105  
      -       93,812       -       93,812  
Mutual Funds:
                                
  US Large Cap Equity
     11,699       -       -       11,699  
  US Small/Mid Cap Equity
     13,899        -        -        13,899  
  Non-US Equity
     11,308       -       -       11,308  
  Retirement Target Date
     14,903       -       -       14,903  
                                 
      51,809       -       -       51,809  
                                 
Pfizer Inc. Common Stock
     54,778       -       -       54,778  
Pfizer Inc. Preferred Stock
     -       2,626       -       2,626  
Guaranteed Investment Contracts
     -       12,385       -       12,385  
                                 
Total Investments at Fair Value
   $ 106,587     $ 108,823     $ -     $ 215,410  
 
9.     Related-Party Transactions

The trustee of the Plan, Banco Popular de Puerto Rico is deemed a party-in-interest and a related party. The custodian of the Plan, Northern Trust Company, manages investments in their sponsored funds and, therefore, each is deemed a party-in-interest and a related party. The record keeper of the Plan, Fidelity Management Trust Company, manages investments in its sponsored funds and, therefore, is deemed a party-in-interest and a related party. The Plan also invests in shares of the Parent; therefore, these transactions qualify as party-in-interest transactions.

10.     Reconciliation of Financial Statements to Form 5500

Amounts allocated to withdrawing participants are recorded as benefits paid on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31st but not yet paid as of that date. Deemed distributions, representing withdrawing participants with outstanding loan balances for which no post-default payment activity has occurred, are not reported on Form 5500 in net assets available for plan benefits. Also, investments in the T. Rowe Price Stable Value Common Trust Fund are reported on Form 5500 at fair value, whereas the net assets available for plan benefits in the financial statements report such investments at contract value.
 
 
15
 
 
The following is a reconciliation of net assets available for plan benefits per the financial statements to the Plan's Form 5500 filed for 2012 and expected to be filed for 2013:
       
   
December 31,
  
(thousands of dollars)
  
2013
    
2012
  
             
Net assets available for plan benefits per the financial statements
   $ 296,337     $ 222,000  
Adjustment of T. Rowe Price Stable Value Common Trust Fund and T.
Rowe Price Fixed Income Fund investments from contract value to fair value
     1,121       3,083  
Amounts allocated to withdrawing participants
     (15 )     (191 )
Deemed distributions
     (282 )     (239 )
Net assets available for plan benefits per Form 5500
   $ 297,161     $ 224,653  
 
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
       
   
Year Ended December 31,
  
(thousands of dollars)
  
2013
    
2012
  
             
Benefits paid to participants per the financial statements
   $ 24,889     $ 23,030  
Amounts allocated to withdrawing participants and deemed distributions at end of year
     297       430  
Amounts allocated to withdrawing participants and deemed distributions at beginning of year
     (430 )     (257 )
Benefits paid to participants per Form 5500
   $ 24,756     $ 23,203  
 
The following is a reconciliation of net appreciation in investments per the financial statements to the Form 5500:
       
   
Year Ended December 31,
  
(thousands of dollars)
  
2013
    
2012
  
             
Net appreciation in investments per the financial statements
   $ 34,008     $ 17,454  
Adjustment of T. Rowe Price Stable Value Common Trust Fund and T.
Rowe Price Fixed Income Fund investments from contract value to fair
value at end of year
     1,121       3,083  
Adjustment of T. Rowe Price Stable Value Common Trust Fund and T.
Rowe Price Fixed Income Fund investments from contract value to fair
value at beginning of year
     (3,083 )     (3,216 )
Net appreciation in investments per Form 5500
   $ 32,046     $ 17,321  


11.     Subsequent Events

Effective April 1, 2014, Company matching contributions are deposited into the Plan each quarter, rather than on each pay date. In addition, generally participants must be actively employed on the last day of the quarter to receive the match; however, if the participant separates from the Company prior to the last day of the quarter due to retirement (defined at age 55 with 10 years of service or age 65), death, or disability, such participant may still receive the match.
 
 
16
 
 
At the close of business on June 25, 2014, the fiduciary and investment manager of the Zoetis Stock Fund, Evercore Trust Company, N.A. (Evercore), directed the Northern Trust Company, the Plan’s custodian, to liquidate the shares of Zoetis stock in the Zoetis Stock Fund. Once the sale of the Zoetis stock is completed, Evercore has directed Fidelity Management Trust Company, the Plan’s record keeper, to transfer the remaining assets in the Zoetis Stock Fund to each participant’s QDIA fund. This transaction is expected to be complete by July 7, 2014.

The Plan Sponsor has evaluated subsequent events from the statement of net assets available for plan benefits date through June 26, 2014, the date at which the financial statements were available to be issued, and determined there were no additional items to disclose.
 
 
17
 
 
FOR EMPLOYEES RESIDENT IN PUERTO RICO
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2013
(thousands of dollars)
               
(a)
(b)
(c)
(c)
(c)
(c)
(d)
(e)
     
Rate
  
Number of
    
 
Identity of Issue, Borrower, Lessor,
Description of
of
Maturity
Shares or
  
Current
 
or Similar Party
Investment
Interest
Date
Units
Cost
Value
               
 
Common Stocks:
            
 
AbbVie Inc.
Common stock
    
                   391
        21
                21
 
ACE Limited
Common stock
    
                   402
         41
              42
 
The AES Corporation
Common stock
    
                   2,925
        42
                  42
 
AGCO Corporation
Common stock
    
                   326
         19
                 19
 
Agilent Technologies, Inc.
Common stock
    
               364
         21
                  21
 
The Allstate Corporation
Common stock
    
        507
    27
                  28
 
American Capital Agency Corp.
Common stock
    
                   404
  8
                  8
 
American Homes 4 Rent
Common stock
    
                 952
        16
               15
 
Amgen Inc.
Common stock
    
                  315
       36
                  36
 
Avago Technologies Limited
Common stock
    
                   159
           8
                    8
 
Bank Of America Corporation
Common stock
    
           4,230
        66
                  66
 
BB&T Corporation
Common stock
    
                  721
        26
                  27
 
Bed Bath & Beyond Inc.
Common stock
    
                  317
        25
                  25
 
Berkshire Hathaway Inc.
Common stock
    
             1,038
      121
                123
 
Brocade Communications Systems, Inc.
Common stock
    
            3,857
       33
                  34
 
Capital One Financial Corporation
Common stock
    
                903
      67
                  69
 
CBS Corporation
Common stock
    
                300
        18
                  19
 
Cigna Corporation
Common stock
    
                 434
        37
                  38
 
Cisco Systems, Inc.
Common stock
    
               2,911
        62
                  65
 
Citigroup Inc.
Common stock
    
              1,984
     103
                103
 
Comcast Corporation
Common stock
    
             1,328
        68
                  69
 
Covidien Public Limited Company
Common stock
    
                 462
         31
                  31
 
Crown Holdings, Inc.
Common stock
    
                 625
        27
                  28
 
CVS Caremark Corporation
Common stock
    
                  993
       70
                  71
 
Discover Financial Services
Common stock
    
                  560
        30
                  31
 
Dover Corporation
Common stock
    
                 326
         31
                  31
 
EOG Resources, Inc.
Common stock
    
                   122
          21
                  20
 
Equity Residential
Common stock
    
                  413
         21
                  21
 
Express Scripts Holding Company
Common stock
    
                 690
       48
                  48
 
Exxon Mobil Corporation
Common stock
    
         1,676
    166
                170
 
Fifth Third Bancorp
Common stock
    
                   2,003
         42
                    47
 
FirstEnergy Corp.
Common stock
    
                   760
        25
             25
 
Gannett Co., Inc.
Common stock
    
              780
       22
                23
 
Global Payments Inc.
Common stock
    
                 108
         7
                  7
 
The Goldman Sachs Group, Inc.
Common stock
    
                 175
       31
                  31
 
Honeywell International Inc.
Common stock
    
                  242
       22
                  22
 
Iac/InterActiveCorp
Common stock
    
                   617
        41
                 42
 
International Paper Company
Common stock
    
                 403
       20
                  20
 
Johnson & Johnson
Common stock
    
                 889
       82
                 81
 
JPMorgan Chase & Co.
Common stock
    
               1,722
       99
                 101
 
Lear Corporation
Common stock
    
                 506
       41
                    41
 
Liberty Global plc
Common stock
    
          543
44
                  46
 
Liberty Media Corporation
Common stock
    
               305
       44
                  45
 
Lockheed Martin Corporation
Common stock
    
                 303
  44
                  45
 
Macy's, Inc.
Common stock
    
                493
      26
                  26
 
Marathon Oil Corporation
Common stock
    
                595
       21
                  21
 
McKesson Corporation
Common stock
    
                   353
        57
                  57
 
MetLife, Inc.
Common stock
    
                  404
         21
                  22
 
Microsoft Corporation
Common stock
    
              1,369
        50
                  51
 
Netapp, Inc.
Common stock
    
                 839
        34
                  35
 
 
18
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2013
(thousands of dollars)
             
(a)
(b)
(c)
(c)
(c)
(c)
(d)
(e)
     
Rate
  
Number of
    
 
Identity of Issue, Borrower, Lessor,
Description of
of
Maturity
Shares or
  
Current
 
or Similar Party
Investment
Interest
Date
Units
Cost
Value
 
 
News Corporation
Common stock
    
                   877
         16
                  16
 
Norfolk Southern Corporation
Common stock
    
                  388
         36
                  36
 
Occidental Petroleum Corporation
Common stock
    
                   707
         66
                   67
 
Omnicare, Inc.
Common stock
    
                   643
          38
                  39
 
Omnicom Group Inc.
Common stock
    
                  205
          15
                   15
 
ON Semiconductor Corporation
Common stock
    
              2,718
          21
                   22
 
Parker-Hannifin Corporation
Common stock
    
                   207
         26
                   27
*
Pfizer Inc.
Common stock
    
    2,507,034
   54,147
             76,790
 
Phillips 66
Common stock
    
                    761
         57
                   59
 
QUALCOMM Incorporated
Common stock
    
                  436
        32
                   32
 
Quest Diagnostics Incorporated
Common stock
    
                   303
          16
                   16
 
Raytheon Company
Common stock
    
                    414
        37
                   38
 
Rock-Tenn Company
Common stock
    
                   239
        25
                   25
 
Royal Dutch Shell plc
Common stock
    
                   580
      40
                  41
 
Sanofi
Common stock
    
                   968
         50
                 52
 
Schlumberger Limited
Common stock
    
                  387
         34
                   35
 
Seagate Technology Public Limited Company
Common stock
    
                    411
         23
                   23
 
Siemens AG
Common stock
    
                      188
       25
                26
 
Six Flags Entertainment Corporation
Common stock
    
                   173
            6
                     6
 
State Street Corporation
Common stock
    
                  391
         28
                   29
 
Symantec Corporation
Common stock
    
                350
            8
                   8
 
TE Connectivity Ltd.
Common stock
    
                 387
          21
                  21
 
Time Warner Cable Inc.
Common stock
    
                    196
        26
   27
 
Time Warner Inc.
Common stock
    
                   828
         57
                   58
 
The Travelers Companies, Inc.
Common stock
    
                     167
         15
                   15
 
Tyco International Ltd.
Common stock
    
                     431
         17
                   18
 
Tyson Foods, Inc.
Common stock
    
                 1,196
         40
                   40
 
UnitedHealth Group Incorporated
Common stock
    
                   336
         25
                   25
 
Valero Energy Corporation
Common stock
    
                   346
          16
                   17
 
Validus Holdings, Ltd.
Common stock
    
                   427
         17
                   17
 
Wells Fargo & Company
Common stock
    
              2,624
       118
                 119
 
Western Digital Corporation
Common stock
    
                  253
         21
                   21
 
Zoetis Inc.
Common stock
    
                   3,266
      68
                107
 
          Total common stocks
        
   57,270
             80,004
               
*
Pfizer Inc. Preferred Stock
Preferred stock
    
34
1,408
2,758
               
*
NTGI – S&P 500 Equity
            
 
   Index Fund – Lending
Collective trust fund
  
4,418
16,012
25,667
*
NTGI – Russell 2000 Index
            
 
   Fund – Lending
Collective trust fund
  
2,635
3,069
4,033
 
BlackRock US TIPS Index Fund K
Collective trust fund
  
328,167
4,237
4,164
 
BlackRock US Debt Index Fund K
Collective trust fund
  
308,291
8,744
9,306
 
T. Rowe Price Stable Value Common Trust Fund
Collective trust fund
  
68,828,121
68,956
69,934
*
NTGI – Collective Government Short-Term
            
 
   Investment Fund
Collective trust fund
  
868,848
869
869
 
          Total common/collective trust funds
        
101,887
113,973
 
 
19
 
 
PFIZER SAVINGS PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2013
(thousands of dollars)
 
                 
(a)
(b)
(c)
(c)
(c)
(c)
(d)
  
(e)
     
Rate
  
Number of
      
 
Identity of Issue, Borrower, Lessor,
Description of
of
Maturity
Shares or
    
Current
 
or Similar Party
Investment
Interest
Date
Units
Cost
  
Value
                 
 
Dodge & Cox International Stock Fund
Mutual fund
    
291,079
9,781
  
12,528
*
Fidelity Mid Cap Stock Fund
Mutual fund
    
343,832
10,424
  
13,581
*
Fidelity Growth Company Fund
Mutual fund
    
109,605
10,793
  
13,121
*
Fidelity Low Price Stock Fund
Mutual fund
    
150,168
6,085
  
7,421
 
Oppenheimer Developing Markets Fund I
Mutual fund
    
102,914
3,361
  
3,866
 
T. Rowe Price Small Cap Stock Fund
Mutual fund
    
83,409
3,134
  
3,717
 
Vanguard Target Retirement Income Fund
Mutual fund
    
255,670
3,082
  
3,195
 
Vanguard Target Retirement 2015 Fund
Mutual fund
    
63,315
881
  
935
 
Vanguard Target Retirement 2020 Fund
Mutual fund
    
277,862
6,330
  
7,617
 
Vanguard Target Retirement 2025 Fund
Mutual fund
    
54,030
797
  
1,028
 
Vanguard Target Retirement 2030 Fund
Mutual fund
    
406,493
8,821
  
11,462
 
Vanguard Target Retirement 2035 Fund
Mutual fund
    
58,896
893
  
1,128
 
Vanguard Target Retirement 2040 Fund
Mutual fund
    
144,725
3,138
  
4,099
 
Vanguard Target Retirement 2045 Fund
Mutual fund
    
19,730
324
  
350
 
Vanguard Target Retirement 2050 Fund
Mutual fund
    
1,392
35
  
39
 
Vanguard Target Retirement 2055 Fund
Mutual fund
    
2,187
59
  
68
 
          Total mutual funds
        
67,938
  
84,155
                 
 
T. Rowe Price Fixed Income Fund - Guaranteed
         Investment Contracts:
              
 
     Metropolitan Life Insurance., Contract #29934
Fixed income fund
5.90%
6/15/2014
2,767,585
2,768
  
2,833
 
     Prudential Life Insurance, Contract #GA 62087-214
Fixed income fund
5.68%
6/16/2014
3,396,136
3,396
  
3,474
 
          Total fixed income fund
        
6,164
  
6,307
               
*
Notes receivable from participants
Interest Rates: 4.00% - 9.50%
  
9,693
   
Maturity Dates: 2014- 2028
    
 
Total
           $ 
296,890
 
   * Party-in-interest as defined by ERISA
            
                 
 
See accompanying report of independent registered public accounting firm.
          
 
 
20
 
 
SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended December 31, 2013
(thousands of dollars)
 
                   
(h)
    
                   
Current
    
                   
value of
    
(a)
  
(b)
  
(c)
  
(d)
  
(g)
  
asset on
  
(i)
Identity of
  
Description
  
Purchase
  
Selling
  
Cost
  
transaction
  
Net gain/
party involved
  
of asset
  
price
  
price
  
of asset
  
date
  
(loss)
                         
T. Rowe Price Stable Value Fund
  
Common /
Collective Trust
(CCT) shares –
115 purchases
  
       21,992
  
              -
  
     21,992
  
          21,992
  
                -
                         
T. Rowe Price Stable Value Fund
  
CCT shares–
153 sales
  
               -
  
        17,580
  
     17,580
  
          17,580
  
                -
                         
NTGI Collective Government
Short-Term Investment Fund*
  
CCT shares – 409
purchases
  
       30,934
  
              -
  
     30,934
  
          30,934
  
                -
                         
NTGI Collective Government
Short-Term Investment Fund*
  
CCT shares–
347 sales
  
               -
  
        30,915
  
     30,915
  
          30,915
  
                -
                         
Pfizer Inc.*
  
Common stock –
62 purchases
  
      10,241
  
              -
  
     10,241
  
          10,241
  
                -
                         
Pfizer Inc.*
  
Common stock –
106 sales
  
              -
  
8,174
  
5,741
  
8,174
  
2,433
                         
Pfizer Puerto Rico Participant Loan Asset*
  
239 purchases
  
         5,287
  
                -
  
       5,287
  
            5,287
  
                -
                         
Pfizer Puerto Rico Participant Loan Asset*
  
264 sales
  
               -
  
          6,065
  
       6,065
  
            6,065
  
                -
                         
*  Party-in-interest as defined by ERISA
                    
 See accompanying report of independent registered public accounting firm.
          
 
 
21
 
 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Savings Plan Committee have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT
IN PUERTO RICO
 
   
 
By:  /s/ Brian McMahon
 
   
 
   
 
Brian McMahon
 
Member, Savings Plan Committee
 
Date: June 26, 2014
 
 
 
 
22