Table:
| As at December 31, | 2019 | 2018 |
| --- | --- | --- |
| Equity securities |  |  |
| Canada | 22.3% | 20.8% |
| United States | 19.8% | 12.7% |
| International (other than United States) | 14.1% | 18.1% |
| Fixed income instruments |  |  |
| Canada | 41.2% | 45.7% |
| Cash and cash equivalents |  |  |
| Canada | 2.6% | 2.7% |
Paragraphs:
30. EMPLOYEE BENEFIT PLANS (cont.)
The fair value of the plan assets were allocated as follows between the various types of investments:
Plan assets are valued at the measurement date of December 31 each year.
The investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.
Question:
When are the plan assets valued each year?
Answer: December 31 each year