0000873044-16-000199.txt : 20160623 0000873044-16-000199.hdr.sgml : 20160623 20160623144614 ACCESSION NUMBER: 0000873044-16-000199 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160623 DATE AS OF CHANGE: 20160623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADISYS CORP CENTRAL INDEX KEY: 0000873044 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 930945232 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26844 FILM NUMBER: 161728443 BUSINESS ADDRESS: STREET 1: 5435 NE DAWSON CREEK DR CITY: HILLSBORO STATE: OR ZIP: 97124 BUSINESS PHONE: 5036151100 MAIL ADDRESS: STREET 1: 5435 NE DAWSON CREEK DRIVE CITY: HILLSBORO STATE: OR ZIP: 97124 11-K 1 a2015form11-k.htm 11-K Document

 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 11-K
 
 
 
(Mark One)
[x]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to           .    
       
Commission file number 0-26844

A. Full title of the plan and address of the plan, if different from that of the issuer named below:

Radisys Corporation 401(k) Savings Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

RADISYS CORPORATION
5435 NE Dawson Creek Drive
Hillsboro, OR 97124
 
 





Required Information
Item 4.

 
 
Page
Report of Independent Registered Public Accounting Firm - Kieckhafer Schiffer & Company LLP
 
Financial Statements
 
 
Statements of Net Assets Available for Benefits December 31, 2015 and 2014
 
Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 2015 and 2014
 
Notes to Financial Statements
 
Supplemental Schedule
 
 
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) December 31, 2015
 


Note: Other schedules required by Section 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 have been omitted because they are not applicable to the Plan.


2



Report of Independent Registered Public Accounting Firm

To the 401(k) Savings Plan Administrative Committee
Radisys Corporation:

We have audited the accompanying statements of net assets available for benefits of Radisys Corporation 401(k) Savings Plan as of December 31, 2015 and 2014 and the related statements of changes in net assets available for benefits for 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 benefits of the Plan as of December 31, 2015 and 2014, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of Radisys Corporation 401(k) Savings Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Kieckhafer Schiffer & Company LLP    
    
Portland, Oregon
June 23, 2016



3



Radisys Corporation
401(k) Savings Plan
Statements of Net Assets Available for Benefits

 
December 31,
 
2015
 
2014
Assets
 
 
 
Investments, at fair value:
 
 
 
Registered investment companies
$
39,156,005

 
$
46,211,560

Collective trust funds
9,382,166

 
11,138,846

Radisys Corporation common stock
288,554

 
130,572

Self-directed brokerage accounts
111,496

 
135,215

Total investments
48,938,221

 
57,616,193

 
 
 
 
Receivables:
 
 
 
Notes receivable from participants
447,633

 
468,968

Employer contribution receivable
19,203

 

Total receivables
466,836

 
468,968

Net assets available for benefits
$
49,405,057

 
$
58,085,161



The accompanying notes are an integral part of these financial statements.




4


Radisys Corporation
401(k) Savings Plan
Statements of Changes in Net Assets Available for Benefits

 
For the years ended
 
December 31,
 
2015
 
2014
Investment income:
 
 
 
Net depreciation in fair value of investments
$
(3,193,423
)
 
$
(954,726
)
Dividends and interest
3,541,297

 
4,174,600

Total investment income
347,874

 
3,219,874

Interest on notes receivable from participants
15,207

 
16,283

Other Income
94,938

 

Contributions:
 
 
 
Participants
1,210,617

 
1,603,370

Employer
382,231

 
455,464

Rollovers

 
102,443

Total contributions
1,592,848

 
2,161,277

Total investment income and additions
2,050,867

 
5,397,434

 
 
 
 
Benefit payments
(10,687,373
)
 
(9,467,364
)
Administrative expenses
(43,598
)
 
(720
)
Total deductions
(10,730,971
)
 
(9,468,084
)
 
 
 
 
Net decrease
(8,680,104
)
 
(4,070,650
)
Net assets available for benefits:
 
 
 
Beginning of year
58,085,161

 
62,155,811

End of year
$
49,405,057

 
$
58,085,161


The accompanying notes are an integral part of these financial statements.


5





Radisys Corporation
401(k) Savings Plan
Notes to Financial Statements

Note 1 — Description of the Plan

The following brief description of the Radisys Corporation 401(k) Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General

The Plan is a defined contribution plan established by Radisys Corporation (the “Company”) on January 1, 1989, and amended and restated effective January 1, 2013, under the provisions of Section 401(a) of the Internal Revenue Code (“IRC”), which includes a qualified cash or deferred arrangement as described in Section 401(k) of the IRC, for the benefit of eligible employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

During 2014, the retirement services programs of Putnam Investments, J.P. Morgan and Great-West Financial were combined. As a result of this change, Great-West Trust Company (the “Trustee”) became the trustee and the custodian of the Plan. Under the terms of a trust agreement between the Company and the Trustee, all investments of the Plan are held in trust by the Trustee. Certain accounting and other administrative services for the Plan are performed by Putnam Investor Services. The Plan is administered by a committee composed of employees of the Company.
Eligibility

All employees of the Company who are age 21 or older are eligible to participate in the Plan except employees covered by a collective bargaining agreement that does not provide for participation in the Plan, leased employees and non-resident aliens. Qualifying employees are eligible and may begin to participate in the Plan on the date of employment with the Company.

Contributions

Participants may contribute up to 30% of their pre-tax compensation to the Plan, subject to the maximum allowed by the IRC guidelines. Participants who have attained the age of 50 before the close of the Plan year can make additional annual pre-tax contributions known as “catch up” contributions, subject to the maximum allowed by the IRC guidelines. Participants may also contribute up to 5% of their after-tax compensation up to an annual maximum of $10,000. Participants may also rollover amounts from other qualified defined contribution plans. The Company will make matching contributions equal to a percentage of the amount of the salary deferral, as defined by the Plan. During 2015 and 2014, the Company made matching contributions equal to 50% of the first 6% deferred into the Plan. Participants direct the investment of their contributions and the Company's matching contribution into various investment options available within the Plan. Participants are automatically deemed to have elected to defer 3% of their eligible compensation after sixty calendar days of employment unless they have elected otherwise prior to this date.

Participant Accounts

Each participant's account is credited with the participant's contributions, the discretionary employer matching contributions and an allocation of Plan earnings or losses. Allocation of earnings and losses are based on the proportion of the participant's account balance to the total of all participants' account balances within each investment option. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participants may direct their account balance into a variety of investments offered by the Trustee.


6





Vesting

Participants are immediately vested in their contributions and earnings (losses) thereon. Vesting in employer contributions is based upon the following schedule:
Less than one year of service
0% vested
1 year of service, but less than 2 years of service
33% vested
2 years of service, but less than 3 years of service
66% vested
3 years of service or more
100% vested

Participants become fully vested in the employer contribution upon death or total and permanent disability.

Forfeitures

If a participant's employment terminates before the employer contribution becomes fully vested, the unvested portion of his or her account is forfeited. Forfeitures may be used when authorized by the Company to reduce the Company's matching contributions or pay Plan expenses. As of December 31, 2015 and 2014, forfeited non-vested accounts available to reduce employer contributions were $98,440 and $50,506. Forfeitures totaling approximately $32,000 and $36,000 were used to reduce the employer contribution receivable at December 31, 2015 and 2014.

Payments of Benefits

Upon resignation, discharge, death or disability, a participant may elect to receive their vested benefits, including his or her allocation of Plan earnings. The Plan permits a withdrawal of pre-tax contributions (not including investment earnings), rollover contributions, and the vested portion of amounts attributable to the employer matching contribution to the extent approved by the Plan's administrative committee because of a qualified financial hardship. Terminated participants may keep their vested balance in the Plan subject to a minimum $1,000 threshold. Vested balances of $1,000 or less are distributed to the participant as a lump sum distribution. The Trustee distributes all such amounts.

Participant Loans

Participants may borrow from their fund accounts amounts equal to 50% of the total vested value of their account, but not more than $50,000 reduced by the highest outstanding loan balance from the previous 12 months. Loan terms range from one to five years, unless the loan is for the purchase of a primary residence in which case it may not exceed 15 years. The loans are secured by the balance in the participant's account and bear interest based upon the prime interest rate at the time the loan is issued, plus 2%. Principal and interest are paid ratably through biweekly payroll deductions. At December 31, 2015, the interest rate on active loans outstanding was 5.25%, and loans mature through 2029.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. The Company may elect, at its discretion, to either make a complete distribution of the assets or to continue the trust created by the Plan and distribute benefits in such a manner as though the Plan had not been terminated. In the event of Plan termination, the accounts of all participants would become fully vested. The net assets of the Plan would be distributed among the participants and beneficiaries of the Plan in proportion to their interests after proper allocation of any Plan expenses incurred upon termination.

During 2015, the Company determined that a partial plan termination occurred in 2014. All impacted participants became 100% vested in their account balances.  

Note 2 — Summary of Significant Accounting Policies

Basis of Accounting

The Plan's financial statements are prepared on the accrual basis of accounting.

Investment Valuation and Income Recognition


7





Investments are reported at fair value. Fair value is 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. The Plan's Administrative Committee determines the Plan's valuation policies utilizing information provided by the investment advisor and trustee. See Note 3 — Fair Value for discussion of fair value measurements.

The Plan invests in the Putnam Stable Value Fund ("SVF") which invests in investment contracts through a collective trust fund. The contract value of the SVF represents contributions made under the contracts, plus earnings, less withdrawals and administrative expenses. The SFV is reported at fair value which is based on the net asset value ("NAV") of the underlining investments. The weighted average market yield at the end of the period and the average crediting interest rate for the fund was approximately 1.76% and 1.92% at December 31, 2015 and 1.65% and 2.03% at December 31, 2014. All of the contracts that the SVF purchases are benefit responsive at contract value for all Plan permitted, participant directed transactions. There are no exceptions to this stipulation. Additionally, the SVF negotiates contracts with certain employer-initiated transaction provisions including percentage allowances for targeted layoffs, bankruptcy resulting in employee job loss, reorganizations, spin-offs, and Plan terminations. Due to the size of SVF and the specific percentage allowances negotiated by the SVF, it is highly unlikely that any event would occur that would limit the SVF's ability to transact at contract value with each issuer under these events.

The self-directed brokerage account allows participants to invest in certain publicly-traded investments.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The net depreciation in fair value of investments included in the statements of changes in net assets available for benefits consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

ERISA Credits

During 2014, the Plan entered into an agreement with the trustee whereby the trustee shares certain revenue generated by the Plan in excess of their fees. These deposits are included in other income on the statements of changes in net assets available for benefits and are available to pay Plan expenses or to be reallocated to participants. During 2015 and 2014, ERISA credits of approximately $95,000 and $0, respectively, were deposited into the Plan. At December 31, 2015 and 2014, approximately $32,000 and $0, respectively, of these amounts were available to be reallocated to participant accounts or to pay future Plan expenses.

Participant Loans

Participant loans are carried at amortized cost plus accrued interest.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions.

Risks and Uncertainties

The Plan invests in various investment securities. Investment securities 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 the values of investment securities will 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 benefits.


8





The Plan invests in collective trust funds which include securities with contractual cash flows which may include asset-backed securities, collateralized mortgage obligations and commercial mortgage backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, delinquencies or defaults, or both, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Recent Accounting Pronouncements

In May 2015, the Financial Accounting Standards Board (“FASB”) adopted Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent). This standard eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at the NAV per share (or its equivalent) using the practical expedient in FASB’s fair value measurement guidance. The amendment also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015 and should be applied retrospectively. Management does not expect this ASU to have a material impact on the financial statements.

In July 2015, the FASB adopted ASU 2015-12, (Part 1) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, and (Part III) Measurement Date Practical Expedient. Upon adoption of the standard, plans are no longer required to:

Measure fully benefit-responsive investment contracts (“FBRICs”) at fair value;
Disaggregate investments by nature, risks and characteristics;
Disclose individual investments that represent five percent or more of net assets available for benefits; or
Disclose net appreciation or depreciation for investments by general type.

The Plan adopted this standard retrospectively effective December 31, 2015 and accordingly, the prior year disclosures were adjusted. As a result of the adoption of this standard, the Plan modified its investment disclosures as described above.
Note 3 — Fair Value

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, establishes a framework for fair value measurements, which provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 - Inputs to the valuation methodology include:

·     Quoted prices for similar assets or liabilities in active markets;
·     Quoted prices for identical or similar assets or liabilities in inactive markets;
·     Inputs other than quoted prices that are observable for the asset or liability; and
·     Inputs that are derived principally from observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value.

Registered Investment Companies (Mutual Funds), Common Stock and Self-Directed Brokerage Accounts: Valued at the closing price reported on the active market on which the individual securities are traded.

9






Collective Trust Funds: Valued at the fair value of the underlying investments which consist primarily of publicly traded common stock or level 2 investments and are reported at the net asset value (“NAV”) of units held by the Plan at year end.

The methods described above 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.

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2015:
 
Level I
 
Level II
 
Level III
 
Total
 
 
 
 
 
 
 
 
Collective trust funds
$

 
$
9,382,166

 

 
$
9,382,166

Registered investment companies
39,156,005

 

 

 
39,156,005

Common stock of plan sponsor
288,554

 

 

 
288,554

Self-directed brokerage accounts
111,496

 

 

 
111,496

Total investments
$
39,556,055

 
$
9,382,166

 
$

 
$
48,938,221


The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2014:

 
Level I
 
Level II
 
Level III
 
Total
 
 
 
 
 
 
 
 
Collective trust funds

 
$
11,138,846

 

 
$
11,138,846

Registered investment companies
46,211,560

 

 

 
46,211,560

Common stock of plan sponsor
130,572

 

 

 
130,572

Self-directed brokerage accounts
135,215

 

 

 
135,215

Total investments
$
46,477,347

 
$
11,138,846

 
$

 
$
57,616,193


The following table provides information regarding redemption of investments where NAV has been used to measure fair value at December 31, 2015 and 2014:
 
 
Fair Value
 
Redemption
 
Redemption
 
 
2015
 
2014
 
Frequency
 
Notice Period
Collective trust funds
 
$
9,382,166

 
$
11,138,846

 
Daily
 
1 - 2 days

The collective trust funds include investments that are operated by a trust company that manages a pooled group of trust accounts. Collective trust funds combine the assets of various institutional investors to create a larger, well-diversified portfolio. Each investor owns a participating interest that is calculated in units and represents a portion of the holdings of the fund.

There were no unfunded commitments related to the collective trust funds as of December 31, 2015 and 2014.

Note 4 — Plan Tax Status

The Internal Revenue Service has determined and informed the Company by a letter dated July 29, 2014 that the Plan is designed in accordance with applicable sections of the IRC. The Plan administrator and management believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of December 31, 2015.

Assuming it meets certain initial and ongoing requirements, the Plan is generally exempt from federal and state income taxes. However, generally accepted accounting principles (“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 IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has

10





concluded that as of December 31, 2015, there are no uncertain positions taken or expected to be 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.

Note 5 — Party-in-Interest Transactions

The Plan invests in certain investments offered by Putnam. Putnam is an affiliate of the Trustee, and accordingly, these investments and investment transactions qualify as party-in-interest transactions.

The Plan offers Radisys Corporation common stock as an investment option for participants. Radisys Corporation is the Plan sponsor as defined by the Plan, and, therefore, these transactions qualify as party-in-interest transactions.

Certain expenses are embedded in the transaction costs of the Plan's investments. Other costs are paid by the Company and not reimbursed by the Plan.

Note 6 — Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2015 and 2014:

 
2015
 
2014
Net assets available for benefits per the financial statements
$
49,405,057

 
$
58,085,161

Adjustment from fair value to contract value for fully benefit-responsive
 
 
 
investment contracts

 
113,577

Net assets available for benefits per Form 5500
$
49,405,057

 
$
58,198,738


The following is a reconciliation of the net decrease in net assets available for benefits per the financial statements to the Form 5500 for the years ended December 31, 2015 and 2014:

 
2015
 
2014
Net decrease in net assets per the financial statements
$
(8,680,104
)
 
$
(4,070,650
)
Net adjustment from fair value to contract value for fully benefit-responsive
 
 
 
investment contracts
(113,557
)
 
25,796

Net decrease in net assets per Form 5500
$
(8,793,661
)
 
$
(4,044,854
)


11





Supplemental Schedule

Radisys Corporation
401(k) Savings Plan
Schedule H, line 4i - Schedule of Assets (Held at End of Year)
December 31, 2015
Schedule I
(a)
 
(b)
Identity of Issue, Borrower,
Lessor or Similar Party
 
(c)
Description of Investment Including
Maturity Date, Rate of Interest,
Collateral, Par or Maturity Value
 
(d)
Cost (1)
 
(e)
Current Value
 
 
Allianz RCM Global Technology Fund A
 
Registered investment company
 
 
 
$
2,378,395

 
 
Artisan Mid-Cap Fund
 
Registered investment company
 
 
 
5,488,884

 
 
Becker Value Equity
 
Registered investment company
 
 
 
790,072

 
 
Columbia Mid-Cap Value Fund A
 
Registered investment company
 
 
 
652,279

 
 
Delaware US Growth Institutional
 
Registered investment company
 
 
 
3,801,755

 
 
Dodge & Cox Balanced Fund
 
Registered investment company
 
 
 
1,430,828

 
 
Franklin Templeton Small-Cap Fund A
 
Registered investment company
 
 
 
1,177,277

 
 
Harbor International Fund
 
Registered investment company
 
 
 
3,395,455

 
 
Janus Balanced Fund T
 
Registered investment company
 
 
 
1,911,221

 
 
Lazard Emerging Markets Open
 
Registered investment company
 
 
 
207,018

 
 
Neuberger Berman Genesis Trust
 
Registered investment company
 
 
 
4,304,192

 
 
PIMCO Real Return Fund Institutional
 
Registered investment company
 
 
 
108,189

 
 
PIMCO Total Return Fund Admin
 
Registered investment company
 
 
 
3,079,632

*
 
Putnam Asset Allocation Balanced Portfolio Y
 
Registered investment company
 
 
 
1,738,676

*
 
Putnam Asset Allocation Conservative Portfolio Y
 
Registered investment company
 
 
 
1,137,764

*
 
Putnam Asset Allocation Growth Portfolio Y
 
Registered investment company
 
 
 
4,342,358

*
 
Putnam Equity Income Fund Y
 
Registered investment company
 
 
 
1,997,744

 
 
Weitz Partners Value Fund
 
Registered investment company
 
 
 
1,214,266

 
 
 
 
 
 
 
 
39,156,005

*
 
Putnam Stable Value Fund
 
Collective trust fund
 
 
 
5,064,931

*
 
Putnam S&P 500 Index Fund
 
Collective trust fund
 
 
 
4,317,235

 
 
 
 
 
 
 
 
9,382,166

*
 
Radisys Corporation
 
Common stock
 
 
 
288,554

 
 
Brokerage Securities
 
Self-directed brokerage accounts
 
 
 
111,496

*
 
Participant notes receivable
 
5.25%, maturing through 2029
 
 
447,633

 
 
 
 
 
 
 
 
$
49,385,854


* Party-in-interest.

(1) Cost information has been omitted for participant-directed assets.

See accompanying report of independent registered public accounting firm.


12






SIGNATURES

     The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
Radisys Corporation 401(k) Savings Plan
 
 
 
(Name of Plan)
 
 
 
 
Dated:
June 23, 2016
By:
/s/ Jonathan Wilson
 
 
 
Jonathan Wilson
 
 
 
Plan Administrator


13





Exhibit Index

Exhibit No.
 
Description
23.1
 
Consent of Kieckhafer Schiffer & Company LLP, independent registered public accounting firm.


14
EX-23.1 2 a2015form11-kexhibit231.htm EXHIBIT 23.1 Exhibit


Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



We consent to the incorporation by reference in the Registration Statements (Nos. 333-50584, 333-111520 and 333-158959) on Form S‑8 of Radisys Corporation of our report dated June 23, 2016, with respect to the statements of net assets available for benefits of the Radisys Corporation 401(k) Savings Plan as of December 31, 2015 and 2014, and the related statements of changes in net assets available for benefits for the years then ended and the related supplemental schedule of assets (held at end of year) as of December 31, 2015, which report appears in the December 31, 2015 annual report on Form 11-K of the Radisys Corporation 401(k) Savings Plan.




/s/ Kieckhafer Schiffer & Company LLP

Portland, Oregon
June 23, 2016



18