11-K 1 a2014puertoricoplan11-k.htm FORM 11-K 2014 Puerto Rico Plan 11-K




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 11-K
(Mark One)
 
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2014
OR
 
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 000-12477
THE RETIREMENT AND SAVINGS PLAN FOR
AMGEN MANUFACTURING, LIMITED
State Road 31, Kilometer 24.6, Juncos, Puerto Rico 00777
(Full title and address of the plan)
AMGEN INC.
(Name of issuer of the securities held)
 
 
 
 
One Amgen Center Drive,
 
91320-1799
Thousand Oaks, California
 
(Zip Code)
(Address of principal executive offices)
 
 









The Retirement and Savings Plan for
Amgen Manufacturing, Limited
Audited Financial Statements
and Supplemental Schedule

Years Ended December 31, 2014 and 2013

Contents
 





Report of Independent Registered Public Accounting Firm
Amgen Manufacturing, Limited, as Named Fiduciary, and the Plan Participants
of The Retirement and Savings Plan for Amgen Manufacturing, Limited
We have audited the accompanying statements of net assets available for benefits of The Retirement and Savings Plan for Amgen Manufacturing, Limited (the Plan) as of December 31, 2014 and 2013, 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. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and 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 at December 31, 2014 and 2013, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the 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 schedule. In forming our opinion on the information, we evaluated whether such 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 information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ ERNST & YOUNG LLP
San Juan, Puerto Rico
June 15, 2015

1



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Statements of Net Assets Available for Benefits
 

 
 
December 31
 
 
2014
 
2013
Assets
 
 
 
 
Investments at fair value
 
$
319,416,301

 
$
274,900,596

Notes receivable from participants
 
15,840,310

 
15,605,826

Other – principally due from broker
 
178,553

 
249,318

Total assets
 
335,435,164

 
290,755,740

Liabilities
 
 
 
 
Other – principally due to broker
 
413,456

 
214,079

Net assets reflecting investments at fair value
 
335,021,708

 
290,541,661

Adjustment from fair value to contract value for interest in collective
trust fund relating to fully benefit-responsive investment contracts
 
(324,952
)
 
(177,233
)
Net assets available for benefits
 
$
334,696,756

 
$
290,364,428

See accompanying notes.

2



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Statements of Changes in Net Assets Available for Benefits
 

 
 
Year Ended December 31
 
 
2014
 
2013
Additions to (deductions from) net assets:
 
 
 
 
Employer contributions
 
$
13,570,545

 
$
13,597,067

Participant contributions
 
11,743,446

 
11,169,958

Rollover contributions
 
137,039

 
691,456

Interest and dividend income
 
3,080,258

 
2,364,435

Net realized/unrealized gains
 
35,869,647

 
52,246,722

Interest income on notes receivable from participants
 
629,149

 
602,165

Benefits paid
 
(20,261,911
)
 
(9,087,392
)
Investment and administrative fees
 
(435,845
)
 
(400,589
)
Net increase
 
44,332,328

 
71,183,822

Net assets available for benefits at beginning of year
 
290,364,428

 
219,180,606

Net assets available for benefits at end of year
 
$
334,696,756

 
$
290,364,428

See accompanying notes.

3



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements
December 31, 2014
1. Description of the Plan
The following description of The Retirement and Savings Plan for Amgen Manufacturing, Limited (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan was established effective January 1, 2002, most recently amended and restated effective January 1, 2012, and subsequently amended, with the most recent amendment adopted December 2, 2014. The Plan is a defined contribution plan covering substantially all Puerto Rico resident employees of Amgen Manufacturing, Limited (the Company), a wholly owned subsidiary of Amgen Inc. (Amgen). The Plan, as amended and restated, is intended to qualify under Section 1081.01 of the New Puerto Rico Internal Revenue Code (the PR Code) (see Note 5, Income Tax Status) and section 407(d)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Subject to certain limitations (as defined in the Plan), participants may elect to contribute up to 30% of their eligible compensation in pre-tax contributions and after-tax contributions or a combination of these types of contributions. A participant’s pre-tax contributions are subject to PR Code and Plan limitations and could not exceed $15,000 in 2014 and 2013. Participants may elect to contribute after-tax contributions beginning January 1 of the year following the year the participant was hired. Participant after-tax contributions are subject to PR Code and Plan limitations and could not exceed $1,500 in 2014 and 2013. Unless an employee has voluntarily enrolled in the Plan or has declined to participate in the Plan within the first 30 days of employment, all newly eligible participants are automatically enrolled in the Plan and contributions equal to 5% of their eligible compensation are withheld and contributed to the Plan as pre-tax contributions; such contributions are automatically increased by 1% per year until their contributions reach 10% of their eligible compensation. Participants may elect to adjust, cease or resume their contributions at any time.
Participants who are at least age 50 by the close of the Plan year may also elect to make certain additional pre-tax contributions, referred to as catch-up contributions, that are subject to PR Code and Plan limitations and could not exceed $1,500 in 2014 and 2013. Participants may also contribute pre-tax and after-tax amounts representing distributions from certain other retirement plans qualified in Puerto Rico, referred to as rollover contributions (as defined in the Plan).

Each pay period, the Company makes a non-elective contribution for all eligible participants, whether or not they have elected to make contributions to the Plan, equal to 4% of each participant’s eligible compensation up to a maximum of $10,400 in 2014 and $10,200 in 2013 (Core Contributions). In addition, the Company makes a contribution equal to amounts contributed by the participant as pre-tax contributions, including catch-up contributions, of up to 5% of eligible compensation (Matching Contributions). Matching Contributions could not exceed $13,000 in 2014 and $12,750 in 2013.

4



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

1. Description of the Plan (continued)
 Contributions (continued)
Participants select the investments in which their contributions, including their Core Contributions and Matching Contributions (collectively Company Contributions), are to be invested, electing among various alternatives, including Amgen Inc. common stock (Amgen stock). Participants may direct a maximum of 20% of contributions to be invested in Amgen stock. In addition, participants may transfer amounts among the investment options at any time, subject to certain limitations. Notwithstanding the foregoing, if 20% or more of the value of a participant’s Plan account is invested in Amgen stock, no transfers from other investment options can be made to invest in Amgen stock.
The accounts of participants who had never made an investment election are allocated to investments under a qualified default investment alternative which is intended to be compliant with ERISA regulations. At any time, participants may elect to alter the investments in their accounts made under a qualified default investment alternative.
Vesting
Participants are immediately vested with respect to their contributions, Company Contributions, and earnings and losses (hereafter referred to as “earnings”) thereon.
Participant Accounts
Each participant’s account is credited with: (a) the participant’s contributions, (b) an allocation of Company Contributions and (c) earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Plan Investments
Participants can invest in any of 16 different asset classes (14 asset classes prior to July 1, 2013) as well as Amgen stock or may actively manage their account under a self-directed brokerage arrangement in which a wider array of investment options are available. The value of an investment in an asset class is determined by its underlying investment vehicles which may include one or more of the following: mutual funds, collective trust funds and portfolios which are separately managed exclusively for the benefit of Plan participants and their beneficiaries (separately managed portfolios). The separately managed portfolios are primarily composed of investments in publicly traded common and preferred stocks. The asset classes are designed to provide participants with choices among a variety of investment objectives.

5



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

1. Description of the Plan (continued)
Payments of Benefits
Subject to Plan limitations, upon termination of employment, including termination due to disability (as defined in the Plan) or retirement, a participant may elect to receive an amount equal to the entire value of his or her account balance in (a) a single payment in cash, (b) a single distribution in full shares of Amgen stock (with any fractional shares paid in cash), (c) a single distribution paid in a combination of cash and full shares of Amgen stock, or (d) a rollover distribution to an eligible retirement plan. Effective January 1, 2015, a participant may also elect to receive a partial distribution of his or her account balance no more than once per year.
If a participant dies before receiving the value of his or her account balance, the participant’s named beneficiary may elect to receive the distribution of remaining funds from among the alternatives described above, subject to certain Plan limitations.
Subsequent to termination of employment, participants may also elect to maintain their account balance in the Plan, provided that their account balance is greater than $1,000.
Certain restrictions apply to withdrawals from the Plan while a participant continues to be employed by the Company.
Notes Receivable from Participants
Subject to certain restrictions, a participant can have up to two loans outstanding at any one time from his or her Plan account with a combined maximum loan amount which may not exceed the lesser of (a) 50% of the participant’s account balance or (b) $50,000 less certain adjustments, as applicable (as defined in the Plan). A participant’s loan is secured by his or her Plan account balance. Loans made prior to January 1, 2006 bear interest at fixed rates based on the average borrowing rates of certain major banks. Loans made on or after January 1, 2006 bear interest at fixed rates which, until changed by the Company, are based on the prime rate plus one percentage point as published in The Wall Street Journal determined as of the last day of the calendar quarter preceding origination or such other rate as may be required by law. Loans are generally payable in installments over periods ranging from one to five years, unless the loan is used to acquire a principal residence for which the term of the loan may be up to 20 years. Principal and interest payments are allocated to the participant’s account.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. Upon termination, participants would receive distributions of their account balances.
Trustee
Banco Popular de Puerto Rico is the Plan’s trustee.
 

6



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting.
Fair Value Measurement
The investments of the Plan are reported at fair value. Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date (see Note 3, Fair Value Measurements).
Investment Income and Losses
Dividend income is recognized on the ex-dividend date and interest income is recorded on an accrual basis. Unrealized gains and losses on investments are measured by the change in the difference between the fair value and cost of the securities held at the beginning of the year (or date purchased if acquired during the Plan year) and the end of the year. Realized gains and losses from security transactions are recorded based on the weighted-average cost of securities sold.
Fully Benefit-Responsive Investment Contracts
The Plan holds units of collective trust funds that have investments in fully benefit-responsive investment contracts. Such contracts held directly or indirectly 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 qualified transactions related to these investments. The Statements of Net Assets Available for Benefits present these contracts at fair value with an adjustment to contract value. The Statements of Changes in Net Assets Available for Benefits are prepared on a contract value basis.
Notes Receivable from Participants
Notes receivable from participants are carried at their unpaid balance plus accrued but unpaid interest, as applicable.
Due from/to Brokers
Purchases and sales of investments are recorded on a trade-date basis. Amounts due from brokers and due to brokers arise from unsettled sale and purchase transactions as of December 31, 2014 and 2013.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

7



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)
Recent Accounting Pronouncements
In May 2015, a new accounting standard was issued that will remove certain disclosure requirements, including categorization within the fair value hierarchy, for investments that are measured at fair value using the net asset value per share provided by the fund manager as a practical expedient, such as the Plan's investments in collective trust funds. This new standard will be effective beginning in 2016, and it is required to be adopted retrospectively, with early adoption permitted. Adoption of this new standard is not expected to have a material impact on the Plan's financial statements.

3. Fair Value Measurements
The Plan uses various valuation approaches in determining the fair value of investments within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the investment based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the investment and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the source of inputs as follows:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical investments that the Plan has the ability to access;
Level 2 – Valuations for which all significant inputs are observable, either directly or indirectly, other than level 1 inputs;
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
The availability of observable inputs can vary among the various types of investments. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.

8



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

3. Fair Value Measurements (continued)
The following fair value hierarchy table presents information about each major class/category of the Plan’s investments measured at fair value:
 
 
 
Fair value measurements at December 31, 2014 using
 
 
Quoted prices
in active
markets for
identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
Amgen stock
 
$
74,031,326

 
$

 
$

 
$
74,031,326

Cash and cash equivalents
 
339,433

 

 

 
339,433

Common and preferred stocks:
 
 
 
 
 
 
 

Large cap growth
 
27,153,983

 

 

 
27,153,983

Large cap value
 
12,498,511

 

 

 
12,498,511

Small-mid cap growth
 
1,682,738

 

 

 
1,682,738

Small-mid cap value
 
25,261,710

 
147,384

 

 
25,409,094

Other
 
816,252

 

 

 
816,252

Mutual funds:
 
 
 
 
 
 
 

Emerging markets equity
 
1,673,613

 

 

 
1,673,613

Fixed income
 
3,030,910

 

 

 
3,030,910

High yield debt
 
3,027,974

 

 

 
3,027,974

International growth
 
4,562,121

 

 

 
4,562,121

International value
 
12,054,288

 

 

 
12,054,288

Real estate investment trust index
 
6,485,223

 

 

 
6,485,223

Small-mid cap growth
 
1,703,787

 

 

 
1,703,787

Collective trust funds:
 
 
 
 
 
 
 

Capital preservation
 

 
23,535,819

 

 
23,535,819

Emerging markets equity
 

 
3,806,576

 

 
3,806,576

Fixed income
 

 
18,623,341

 

 
18,623,341

Fixed income index
 

 
1,480,699

 

 
1,480,699

Inflation indexed debt
 

 
2,210,395

 

 
2,210,395

International growth
 

 
5,236,017

 

 
5,236,017

International index
 

 
5,602,448

 

 
5,602,448

International value
 

 
882,897

 

 
882,897

Large cap growth
 

 
1,418,180

 

 
1,418,180

Large cap index
 

 
59,527,755

 

 
59,527,755

Large cap value
 

 
983,280

 

 
983,280

Short term investments
 

 
4,458,838

 

 
4,458,838

Small-mid cap growth
 

 
206,510

 

 
206,510

Small-mid cap index
 

 
14,466,451

 

 
14,466,451

Small-mid cap value
 

 
2,507,842

 

 
2,507,842

 
 
$
174,321,869

 
$
145,094,432

 
$

 
$
319,416,301

 

9



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

3. Fair Value Measurements (continued)

 
 
Fair value measurements at December 31, 2013 using
 
 
Quoted prices
in  active
markets  for
identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
Amgen stock
 
$
54,032,973

 
$

 
$

 
$
54,032,973

Cash and cash equivalents
 
261,284

 

 

 
261,284

Common and preferred stocks:
 
 
 
 
 
 
 

Large cap growth
 
23,690,533

 

 

 
23,690,533

Large cap value
 
9,304,001

 

 

 
9,304,001

Small-mid cap growth
 
1,766,219

 

 

 
1,766,219

Small-mid cap value
 
22,678,407

 

 

 
22,678,407

Other
 
832,271

 

 

 
832,271

Mutual funds:
 
 
 
 
 
 
 

Emerging markets equity
 
1,734,759

 

 

 
1,734,759

Fixed income
 
6,418,886

 

 

 
6,418,886

High yield debt
 
4,663,790

 

 

 
4,663,790

International growth
 
4,933,253

 

 

 
4,933,253

International value
 
13,581,116

 

 

 
13,581,116

Real estate investment trust index
 
5,079,653

 

 

 
5,079,653

Small-mid cap growth
 
1,666,558

 

 

 
1,666,558

Collective trust funds:
 
 
 
 
 
 
 

Capital preservation
 

 
22,331,310

 

 
22,331,310

Emerging markets equity
 

 
3,881,576

 

 
3,881,576

Fixed income
 

 
7,614,515

 

 
7,614,515

Fixed income index
 

 
3,113,934

 

 
3,113,934

Inflation indexed debt
 

 
1,774,200

 

 
1,774,200

International growth
 

 
5,751,246

 

 
5,751,246

International index
 

 
1,391,893

 

 
1,391,893

International value
 

 
904,908

 

 
904,908

Large cap growth
 

 
1,769,683

 

 
1,769,683

Large cap index
 

 
54,109,878

 

 
54,109,878

Large cap value
 

 
583,305

 

 
583,305

Short term investments
 

 
3,306,339

 

 
3,306,339

Small-mid cap growth
 

 
278,605

 

 
278,605

Small-mid cap index
 

 
16,157,311

 

 
16,157,311

Small-mid cap value
 

 
1,288,190

 

 
1,288,190

 
 
$
150,643,703

 
$
124,256,893

 
$

 
$
274,900,596



10



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

3. Fair Value Measurements (continued)
The fair value of common stocks (including Amgen stock), preferred stocks and mutual funds are valued using quoted market prices in active markets with no valuation adjustment.
Collective trust funds represent interests in pooled investment vehicles designed typically for collective investment of employee benefit trusts. The fair values of these investments are determined by reference to the net asset value per unit provided by the fund managers. The unit values are based on the fair values of the trusts’ underlying assets, which are principally equity and fixed income securities and short-term investments. The investment strategies of the Plan’s collective trust funds vary generally based on the investment objectives of the asset class of which they are a part. Such investment strategies include investments in fixed income securities and investments in equity securities in domestic and international markets for growth and value objectives as well as to replicate market indexes and to invest in emerging markets. The only redemption restriction with respect to these investments is on the Wells Fargo Stable Return Fund G, which requires a one-year notice to be given in the event of complete liquidation.
4. Investments
The fair values of individual investments that represent 5% or more of the Plan’s net assets as of December 31, 2014 and 2013, were as follows:
 
 
 
December 31
 
 
2014
 
2013
Amgen stock
 
$
74,031,326

 
$
54,032,973

Northern Trust Collective S&P 500 Index Fund – Non Lending – Collective trust fund
 
59,527,755

 
54,109,878

Wells Fargo Stable Return Fund G – Collective trust fund
 
23,535,819

 
22,331,310

Northern Trust Collective Extended Equity Market Index Fund – Non Lending – Collective trust fund
 
 *

 
16,157,311

*Investment balance was less than 5% of the Plan's net assets.
 During the years ended December 31, 2014 and 2013, net realized and unrealized gains/(losses) on the Plan’s investments were as follows:
 
 
 
Year Ended December 31
 
 
2014
 
2013
Amgen stock
 
$
21,873,758

 
$
13,117,987

Common and preferred stocks
 
3,713,020

 
16,113,118

Mutual funds
 
755,540

 
3,579,902

Collective trust funds
 
9,539,344

 
19,450,480

Other
 
(12,015
)
 
(14,765
)
 
 
$
35,869,647

 
$
52,246,722


11



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

5. Income Tax Status
The Plan received a determination letter from the Puerto Rico Treasury Department (PRTD) dated June 22, 2007, with an effective date of January 1, 2006 stating that the Plan is qualified, in form, under Section 1165 of the Puerto Rico Internal Revenue Code of 1994, as amended (the 1994 PR Code) and therefore, the related trust forming part of the Plan is exempt from taxation. The 1994 PR Code was repealed and the Puerto Rico Internal Revenue Code of 2011, as amended (the PR Code), was adopted and became effective for taxable years starting after December 31, 2010. The PR Code amended several rules related to the qualification of pension plans and required that the Plan be amended in order to comply with those requirements. The deadline for compliance was extended by the PRTD to coincide with the sponsoring employer's due date for filing its 2013 corporate tax return (generally April 15, 2014 for calendar year filers) (the Compliance Deadline). The PR Code also required that the Plan be submitted to the PRTD in order to obtain a new determination letter issued by the PRTD to maintain the Plan’s qualified status. The request of a new determination letter must have been submitted to the PRTD in accordance with the Compliance Deadline. On April 4, 2014, the Company timely requested a determination letter from the PRTD in order to comply with the rules provided by the PR Code. The Company is awaiting a response from the PRTD regarding its submission.
For taxable years 2013 and 2014, the Company believes the Plan satisfied, and operated in compliance with, the applicable requirements of the PR Code. The Company therefore believes that the Plan is qualified and the related trust is tax exempt.
GAAP requires the Company to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination. As of December 31, 2014, no uncertain tax positions have been taken or are expected to be taken, and no amounts related to uncertain tax positions have been recorded in the Plan’s financial statements. The Plan is subject to audits by the PRTD, however there are currently no audits for any periods in progress. The Company believes the Plan is no longer subject to PRTD examinations with respect to annual reports for years prior to 2010.
6. Services Provided by the Company
During 2014 and 2013, the Company paid trustee fees and certain other administrative costs on behalf of the Plan.

12



The Retirement and Savings Plan for Amgen Manufacturing, Limited
Notes to Financial Statements (continued)

7. Reconciliation of Financial Statements to Form 5500
The reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2014 and 2013, consisted of the following:
 
 
 
December 31
 
 
2014
 
2013
Net assets available for benefits per the financial statements
 
$
334,696,756

 
$
290,364,428

Adjustment from fair value to contract value for fully benefit-responsive investment contracts
 
324,952

 
177,233

Amounts allocated to withdrawing participants
 
(135,314
)
 
(1,000
)
Deemed loans
 
(205,341
)
 
(244,834
)
Net assets per the Form 5500
 
$
334,681,053

 
$
290,295,827

For the year ended December 31, 2014, the following is a reconciliation of the net investment income per the financial statements to the Form 5500:
 
 
 
Year Ended
December 31
2014
Interest and dividend income
 
$
3,080,258

Net realized/unrealized gains
 
35,869,647

Total net investment income per the financial statements
 
38,949,905

Adjustment from fair value to contract value for interest in collective trust funds relating to fully benefit-responsive investment contracts:
 
 
Less prior year adjustment
 
(177,233
)
Add current year adjustment
 
324,952

Total net investment income per the Form 5500
 
$
39,097,624

For the year ended December 31, 2014, the following is a reconciliation of distributions per the financial statements to the Form 5500:
 
 
 
Year Ended
December 31
2014
Benefits paid
 
$
(20,261,911
)
Investment and administrative fees
 
(435,845
)
Total distributions per the financial statements
 
(20,697,756
)
Add prior year amounts allocated to withdrawing participants
 
1,000

Less current year amounts allocated to withdrawing participants
 
(135,314
)
Add prior year deemed loan balance
 
244,834

Less current year deemed loan balance
 
(205,341
)
Total distributions per the Form 5500
 
$
(20,792,577
)

13


Supplemental Schedule
The Retirement and Savings Plan for Amgen Manufacturing, Limited
EIN: 98-0210484 Plan: #001
December 31, 2014
Schedule H, line 4i – Schedule of Assets (Held at End of Year)
 
 
Identity of Issue
 
Description of Investment
 
Current Value
 
 
 
 
 
 
 
 Amgen stock*

 Employer Securities 464,758 shares



$
74,031,326








 Capital Preservation Asset Class:







Wells Fargo Stable Return Fund G*

 Collective Trust Fund 449,107 units

$
23,535,819



NT Collective Short Term Investment Fund*

 Collective Trust Fund 1,672,299 units

1,672,299



 Total Capital Preservation Asset Class




25,208,118









 Emerging Markets Equity Asset Class:







JP Morgan Emerging Markets Equity Focus Fund*

 Collective Trust Fund 103,250 units

1,777,959




Blackrock FTSE RAFI Emerging Index Non Lendable Fund F*

 Collective Trust Fund 170,311 units

1,716,603


 
Artisan Emerging Markets/Ins

 Mutual Fund 140,758 shares

1,673,613

 
 
NT Collective Emerging Markets Fund - Non Lending*

 Collective Trust Fund 2,091 units

312,013

 
 Total Emerging Markets Equity Asset Class





5,480,188









 Fixed Income Asset Class:







NT Collective Aggregate Bond Index Fund - Non Lending*

 Collective Trust Fund 75,989 units

9,998,604



JP Morgan Core Bond Fund*

 Collective Trust Fund 504,371 units

8,624,738


 Total Fixed Income Asset Class





18,623,342

 
 
 
 
 
 
 
Fixed Income Index Asset Class:






NT Collective Aggregate Bond Index Fund - Non Lending*

 Collective Trust Fund 11,253 units

1,480,699


Total Fixed Income Index Asset Class




1,480,699

 
 
 
 
 
 
 
 High Yield Asset Class:






Mainstay High Yield Corporate Bond Fund

 Mutual Fund 526,604 shares

3,027,974



Blackrock High Yield Bond Fund Class A

 Mutual Fund 384,633 shares

3,030,910


 
NT Collective Short Term Investment Fund*

 Collective Trust Fund 334,839 units

334,839

 
 Total High Yield Asset Class




6,393,723








 Inflation Protection Asset Class:







NT Collective Treasury Inflation-Protected Securities Index Fund - Non Lending*

 Collective Trust Fund 16,618 units

2,210,395


 Total Inflation Protection Asset Class





2,210,395









 International Growth Asset Class:






Artisan International Fund*

 Collective Trust Fund 226,972 units

4,705,138



MFS Institutional International Equity Fund

 Mutual Fund 218,179 shares

4,562,121



NT Collective EAFE Index Fund - Non Lending*

 Collective Trust Fund 2,059 units

530,879




NT Collective Short Term Investment Fund*

 Collective Trust Fund 520 units

520


 Total International Growth Asset Class





9,798,658









 International Index Asset Class:






NT Collective All Country World Index (ACWI) Ex-US Fund - Non Lending*

 Collective Trust Fund 44,404 units

5,602,448


 Total International Index Asset Class




5,602,448

 
 
 
 
 
 
 
 International Value Asset Class:







Dodge & Cox International Fund

 Mutual Fund 286,257 shares

12,054,288



NT Collective EAFE Index Fund - Non Lending*

 Collective Trust Fund 3,425 units

882,897


 Total International Value Asset Class





12,937,185


14

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value








 Large Cap Growth Asset Class:







Visa Inc. Class A

 Common and Preferred Stock 6,102 shares

1,599,944




NT Collective Russell 1000 Growth Index Fund - Non Lending*

 Collective Trust Fund 5,066 units

1,418,180




Monsanto Company

 Common and Preferred Stock 5,730 shares

684,563




salesforce.com, inc.

 Common and Preferred Stock 11,397 shares

675,956




NT Collective Short Term Investment Fund*

 Collective Trust Fund 674,372 units

674,372




Regeneron Pharmaceuticals, Inc.

 Common and Preferred Stock 1,635 shares

670,759




Cerner Corporation

 Common and Preferred Stock 10,310 shares

666,645




The Priceline Group Inc.

 Common and Preferred Stock 575 shares

655,621




Nike, Inc. Class B

 Common and Preferred Stock 6,796 shares

653,435




Schlumberger Limited

 Common and Preferred Stock 7,630 shares

651,678




Facebook, Inc.

 Common and Preferred Stock 8,150 shares

635,863




Whole Foods Market, Inc.

 Common and Preferred Stock 11,970 shares

603,527




Biogen Idec Inc.

 Common and Preferred Stock 1,699 shares

576,726




Linkedin Corporation Class A

 Common and Preferred Stock 2,490 shares

571,978




Chipotle Mexican Grill, Inc.

 Common and Preferred Stock 819 shares

560,613




Google Inc. Class C

 Common and Preferred Stock 1,045 shares

550,088




Apple Inc.

 Common and Preferred Stock 4,900 shares

540,862




Lowes Companies, Inc.

 Common and Preferred Stock 7,630 shares

524,944




Starbucks Corporation

 Common and Preferred Stock 6,200 shares

508,711




Google Inc. Class A

 Common and Preferred Stock 794 shares

421,344




Walt Disney Company

 Common and Preferred Stock 4,400 shares

414,436




Automatic Data Processing, Inc.

 Common and Preferred Stock 4,930 shares

411,014




Alibaba Group Holding Limited

 Common and Preferred Stock 3,900 shares

405,366




Baidu, Inc.

 Common and Preferred Stock 1,715 shares

390,969




American Express Company

 Common and Preferred Stock 4,200 shares

390,768




Equinix, Inc.

 Common and Preferred Stock 1,622 shares

367,756




Gilead Sciences, Inc.

 Common and Preferred Stock 3,885 shares

366,200




State Street Corporation

 Common and Preferred Stock 4,570 shares

358,745




PPG Industries, Inc.

 Common and Preferred Stock 1,515 shares

350,192




Amazon.com, Inc.

 Common and Preferred Stock 1,120 shares

347,592




Alexion Pharmaceuticals, Inc.

 Common and Preferred Stock 1,863 shares

344,711




Colgate-Palmolive Company

 Common and Preferred Stock 4,960 shares

343,182




SAP SE

 Common and Preferred Stock 4,770 shares

332,231




Sanofi-Aventis

 Common and Preferred Stock 7,010 shares

319,726




Aon Corporation

 Common and Preferred Stock 3,330 shares

315,784




Splunk Inc.

 Common and Preferred Stock 5,150 shares

303,593




Ecolab Inc.

 Common and Preferred Stock 2,850 shares

297,882




Fastenal Company

 Common and Preferred Stock 6,060 shares

288,214




ARM Holdings plc

 Common and Preferred Stock 5,775 shares

267,383




The Charles Schwab Corporation

 Common and Preferred Stock 8,700 shares

262,653




HCA Holdings, Inc.

 Common and Preferred Stock 3,550 shares

260,535




The Hershey Company

 Common and Preferred Stock 2,500 shares

259,825




Mastercard Inc. Class A

 Common and Preferred Stock 3,013 shares

259,600




McKesson Corporation

 Common and Preferred Stock 1,235 shares

256,361




Las Vegas Sands Corporation

 Common and Preferred Stock 4,375 shares

254,450




Twenty-First Century Fox, Inc. Class A

 Common and Preferred Stock 6,550 shares

251,553




Perrigo Company Limited

 Common and Preferred Stock 1,490 shares

249,068




ASML Holding N. V.

 Common and Preferred Stock 2,300 shares

248,009




Red Hat, Inc.

 Common and Preferred Stock 3,530 shares

244,064




Morgan Stanley

 Common and Preferred Stock 6,200 shares

240,560




Delta Air Lines, Inc.

 Common and Preferred Stock 4,800 shares

236,112




Biomarin Pharmaceutical Inc.

 Common and Preferred Stock 2,600 shares

235,040




United Continental Holdings Company

 Common and Preferred Stock 3,440 shares

230,102




National Oilwell Varco, Inc.

 Common and Preferred Stock 3,200 shares

209,696




Discover Financial Services

 Common and Preferred Stock 3,200 shares

209,568




15

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value

athenahealth, Inc.

 Common and Preferred Stock 1,400 shares

203,980




Qualcomm Inc.

 Common and Preferred Stock 2,710 shares

201,434




Actavis plc

 Common and Preferred Stock 782 shares

201,295




Adobe Systems Inc.

 Common and Preferred Stock 2,725 shares

198,108




FMC Technologies, Inc.

 Common and Preferred Stock 4,100 shares

192,044




Bristol-Myers Squibb Company

 Common and Preferred Stock 3,145 shares

185,649




Mondelez International, Inc.

 Common and Preferred Stock 4,956 shares

180,027




Southwestern Energy

 Common and Preferred Stock 6,500 shares

177,385




Royal Carribbean Cruises Limited

 Common and Preferred Stock 2,150 shares

177,225




Ulta Salon, Cosmetics & Fragrance, Inc.

 Common and Preferred Stock 1,379 shares

176,291




Canadian Pacific Railway Limited Company

 Common and Preferred Stock 900 shares

173,421




Lam Resh Corporation

 Common and Preferred Stock 2,000 shares

158,680




NXP Semiconductors N.V.

 Common and Preferred Stock 2,000 shares

152,800




L Brands, Inc.

 Common and Preferred Stock 1,627 shares

140,817




FleetCor Technologies, Inc.

 Common and Preferred Stock 903 shares

134,285




Capital One Financial Corporation

 Common and Preferred Stock 1,550 shares

127,953




Western Digital Corporation

 Common and Preferred Stock 1,148 shares

127,084




LyondellBasell Industries N.V.

 Common and Preferred Stock 1,600 shares

127,024




Target Corporation

 Common and Preferred Stock 1,550 shares

117,661




Pioneer Natural Resources Company

 Common and Preferred Stock 768 shares

114,317




Kohl's Corporation

 Common and Preferred Stock 1,850 shares

112,924




ServiceNow, Inc.

 Common and Preferred Stock 1,636 shares

111,003




Under Armour, Inc. Class A

 Common and Preferred Stock 1,596 shares

108,368




The Estee Lauder Companies Inc. Class A

 Common and Preferred Stock 1,404 shares

106,985




Alcoa Inc.

 Common and Preferred Stock 6,717 shares

106,061




Workday, Inc.

 Common and Preferred Stock 1,216 shares

99,238




Constellation Brands, Inc.

 Common and Preferred Stock 1,000 shares

98,170




Tiffany & Co.

 Common and Preferred Stock 898 shares

95,960




Illumina, Inc.

 Common and Preferred Stock 512 shares

94,505




Intuitive Surgical, Inc.

 Common and Preferred Stock 173 shares

91,507




Garmin Corporation

 Common and Preferred Stock 1,600 shares

84,528




McGraw Hill Financial, Inc.

 Common and Preferred Stock 942 shares

83,819




Tableau Software, Inc.

 Common and Preferred Stock 850 shares

72,046




Celgene Corporation

 Common and Preferred Stock 594 shares

66,445




LendingClub Corporation

 Common and Preferred Stock 2,625 shares

66,413




United States Steel Corporation

 Common and Preferred Stock 2,450 shares

65,513




Edwards Lifesciences Corporation

 Common and Preferred Stock 500 shares

63,690




lululemon athletica, inc.

 Common and Preferred Stock 800 shares

44,632




Brookdale Senior Living Inc.

 Common and Preferred Stock 1,050 shares

38,504



 Total Large Cap Growth Asset Class




29,246,540









 Large Cap Index Asset Class:







NT Collective S&P 500 Index Fund – Non Lending*

 Collective Trust Fund 8,989 units

59,527,755



 Total Large Cap Index Asset Class




59,527,755









 Large Cap Value Asset Class:







NT Collective Russell 1000 Value Index Fund - Non Lending*

 Collective Trust Fund 3,499 units

983,280




Wells Fargo & Company*

 Common and Preferred Stock 7,142 shares

391,518




Microsoft Corporation

 Common and Preferred Stock 8,014 shares

372,250




NT Collective Short Term Investment Fund*

 Collective Trust Fund 340,033 units

340,033




Bank of America Corporation*

 Common and Preferred Stock 17,964 shares

321,376




Hewlett-Packard Company

 Common and Preferred Stock 6,700 shares

268,871




Comcast Corporation Class A

 Common and Preferred Stock 4,609 shares

267,368




JP Morgan Chase & Company*

 Common and Preferred Stock 4,210 shares

263,462




Capital One Financial Corporation

 Common and Preferred Stock 3,050 shares

251,778




Symantec Corporation

 Common and Preferred Stock 9,571 shares

245,545




Pfizer Inc.

 Common and Preferred Stock 7,693 shares

239,637




16

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value

Sanofi-Aventis

 Common and Preferred Stock 5,195 shares

236,944




UnitedHealth Group Inc.

 Common and Preferred Stock 2,273 shares

229,778




Merck & Co., Inc.

 Common and Preferred Stock 3,840 shares

218,074




Novartis AG

 Common and Preferred Stock 2,250 shares

208,485




Chevron Corporation

 Common and Preferred Stock 1,850 shares

207,533




Time Warner Inc.

 Common and Preferred Stock 2,400 shares

205,008




Schlumberger Limited

 Common and Preferred Stock 2,373 shares

202,678




The Charles Schwab Corporation

 Common and Preferred Stock 6,050 shares

182,650




Time Warner Cable Inc.

 Common and Preferred Stock 1,200 shares

182,472




Bank of New York Mellon Corporation

 Common and Preferred Stock 4,300 shares

174,451




FedEx Corporation

 Common and Preferred Stock 1,000 shares

173,660




MetLife, Inc.*

 Common and Preferred Stock 3,207 shares

173,467




Wal-Mart Stores, Inc.

 Common and Preferred Stock 2,000 shares

171,760




Express Scripts Holding Company

 Common and Preferred Stock 1,979 shares

167,562




EMC Corporation

 Common and Preferred Stock 5,493 shares

163,362




The Goldman Sachs Group, Inc.

 Common and Preferred Stock 800 shares

155,064




Roche Holdings Ltd

 Common and Preferred Stock 4,550 shares

154,655




Cisco Systems, Inc.

 Common and Preferred Stock 5,175 shares

143,943




Liberty Interactive Corporation

 Common and Preferred Stock 4,788 shares

142,747




National Oilwell Varco, Inc.

 Common and Preferred Stock 1,961 shares

128,505




Citigroup Inc.

 Common and Preferred Stock 2,324 shares

125,752




Apache Corporation

 Common and Preferred Stock 2,000 shares

125,340




Twenty-First Century Fox, Inc. Class A

 Common and Preferred Stock 3,150 shares

120,976




State Street Corporation

 Common and Preferred Stock 1,446 shares

113,511




Eli Lilly & Company

 Common and Preferred Stock 1,607 shares

110,867




Northrop Grumman Corporation

 Common and Preferred Stock 703 shares

103,615




Fifth Third Bancorp

 Common and Preferred Stock 5,004 shares

101,957




AOL Inc.

 Common and Preferred Stock 2,160 shares

99,727




American International Group, Inc.

 Common and Preferred Stock 1,777 shares

99,530




Sealed Air Corporation

 Common and Preferred Stock 2,338 shares

99,201




Covidien plc

 Common and Preferred Stock 947 shares

96,859




eBay Inc.

 Common and Preferred Stock 1,700 shares

95,404




TE Connectivity Limited

 Common and Preferred Stock 1,500 shares

94,875




Illinois Tool Works Inc.

 Common and Preferred Stock 999 shares

94,605




E. I. du Pont de Nemours and Company

 Common and Preferred Stock 1,278 shares

94,495




Ameriprise Financial, Inc.

 Common and Preferred Stock 714 shares

94,427




Discover Financial Services

 Common and Preferred Stock 1,435 shares

93,978




Omnicom Group Inc.

 Common and Preferred Stock 1,212 shares

93,894




Norfolk Southern Corporation

 Common and Preferred Stock 832 shares

91,196




Target Corporation

 Common and Preferred Stock 1,200 shares

91,092




PNC Financial Services Group

 Common and Preferred Stock 992 shares

90,500




Unum Group

 Common and Preferred Stock 2,557 shares

89,188




Honeywell International Inc.

 Common and Preferred Stock 873 shares

87,230




NetApp, Inc.

 Common and Preferred Stock 2,100 shares

87,045




Fidelity National Financial, Inc.

 Common and Preferred Stock 2,525 shares

86,986




Eaton Corporation plc

 Common and Preferred Stock 1,241 shares

84,338




Lowes Companies, Inc.

 Common and Preferred Stock 1,223 shares

84,142




Baker Hughes Inc. 7.5% Due 11/15/2018

 Common and Preferred Stock 1,500 shares

84,105




Motorola Solutions, Inc.

 Common and Preferred Stock 1,245 shares

83,515




Corning Inc.

 Common and Preferred Stock 3,600 shares

82,548




Mondelez International, Inc.

 Common and Preferred Stock 2,259 shares

82,058




Verizon Communications Inc.

 Common and Preferred Stock 1,728 shares

80,836




Teva Pharmaceuticals Industries

 Common and Preferred Stock 1,398 shares

80,399




Weyerhaeuser Company

 Common and Preferred Stock 2,235 shares

80,214




Royal Dutch Shell PLC

 Common and Preferred Stock 1,186 shares

79,403




Google Inc. Class C

 Common and Preferred Stock 150 shares

78,960




Marathon Oil Corporation

 Common and Preferred Stock 2,784 shares

78,759




17

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value

General Motors Company

 Common and Preferred Stock 2,252 shares

78,617




Viacom Inc. Class B

 Common and Preferred Stock 1,039 shares

78,185




CVS Caremark Corporation

 Common and Preferred Stock 806 shares

77,626




Vulcan Materials Company

 Common and Preferred Stock 1,174 shares

77,167




PepsiCo, Inc.

 Common and Preferred Stock 808 shares

76,404




Philip Morris International Inc.

 Common and Preferred Stock 919 shares

74,853




BB&T Corporation

 Common and Preferred Stock 1,900 shares

73,891



 
Travelers Companies, Inc.
 
 Common and Preferred Stock 679 shares
 
71,872

 
 
NextEra Energy, Inc.

 Common and Preferred Stock 672 shares

71,427

 
 
Vodafone Group PLC

 Common and Preferred Stock 2,060 shares

70,390

 
 
Legg Mason, Inc.

 Common and Preferred Stock 1,311 shares

69,968

 
 
Liberty Global PLC

 Common and Preferred Stock 1,363 shares

68,429

 
 
Calpine Corporation

 Common and Preferred Stock 3,086 shares

68,293

 
 
Noble Energy, Inc.

 Common and Preferred Stock 1,416 shares

67,161

 
 
Procter & Gamble Company

 Common and Preferred Stock 1,261 shares

67,136

 
 
Bristol-Myers Squibb Company

 Common and Preferred Stock 1,103 shares

65,110

 
 
Apple Inc.

 Common and Preferred Stock 589 shares

65,014

 
 
Ingersoll-Rand plc

 Common and Preferred Stock 1,016 shares

64,404

 
 
Tyco International, Ltd.

 Common and Preferred Stock 1,450 shares

63,597

 
 
HCA Holdings, Inc.

 Common and Preferred Stock 864 shares

63,409

 
 
Actavis plc

 Common and Preferred Stock 243 shares

62,551

 
 
General Electric Company

 Common and Preferred Stock 2,450 shares

61,912

 
 
Cigna Corporation

 Common and Preferred Stock 600 shares

61,746

 
 
Hess Corporation LLC

 Common and Preferred Stock 827 shares

61,049

 
 
Synopsys, Inc.

 Common and Preferred Stock 1,400 shares

60,858

 
 
Valero Energy Corporation

 Common and Preferred Stock 1,213 shares

60,044

 
 
Celanese Corporation

 Common and Preferred Stock 1,000 shares

59,960

 
 
Family Dollar Stores, Inc.

 Common and Preferred Stock 740 shares

58,615

 
 
Deere & Company

 Common and Preferred Stock 629 shares

55,648

 
 
Maxim Integrated Products, Inc.

 Common and Preferred Stock 1,700 shares

54,179

 
 
AutoNation, Inc.

 Common and Preferred Stock 884 shares

53,402

 
 
Google Inc. Class A

 Common and Preferred Stock 100 shares

53,066

 
 
Danaher Corporation

 Common and Preferred Stock 600 shares

51,426

 
 
Glaxosmithkline PLC

 Common and Preferred Stock 1,200 shares

51,288

 
 
Dish Network Corporation Class A

 Common and Preferred Stock 700 shares

51,023

 
 
Aegon N.V.

 Common and Preferred Stock 6,500 shares

48,750

 
 
SunTrust Banks, Inc.

 Common and Preferred Stock 1,100 shares

46,090

 
 
Knowles Corporation

 Common and Preferred Stock 1,890 shares

44,510

 
 
Medtronic, Inc.

 Common and Preferred Stock 600 shares

43,320

 
 
Coach, Inc.

 Common and Preferred Stock 1,100 shares

41,316

 
 
Juniper Networks, Inc.

 Common and Preferred Stock 1,800 shares

40,176

 
 
Terex Corporation

 Common and Preferred Stock 1,440 shares

40,147

 
 
The ADT Corporation

 Common and Preferred Stock 1,000 shares

36,230

 
 
CarMax, Inc.

 Common and Preferred Stock 500 shares

33,290

 
 
Weatherford International Ltd.

 Common and Preferred Stock 2,700 shares

30,915

 
 
Koninklijke Philips NV

 Common and Preferred Stock 900 shares

26,100

 
 
Sprint Corporation

 Common and Preferred Stock 6,224 shares

25,830

 
 
Cobalt International Energy, Inc.

 Common and Preferred Stock 2,308 shares

20,518

 
 
Cadence Design Systems, Inc.

 Common and Preferred Stock 1,000 shares

18,970

 
 
Time Inc.

 Common and Preferred Stock 575 shares

14,151

 
 
News Corporation Class A

 Common and Preferred Stock 500 shares

7,845

 
 
Now Inc.

 Common and Preferred Stock 175 shares

4,503

 
 Total Large Cap Value Asset Class
 
 
 
 
13,821,824









 Participant Self-Directed Accounts


 
 
987,650









 Real Estate Investment Trust (REIT) Asset Class:







18

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value

Vanguard Specialized Portfolios REIT Index Fund Institutional Class

 Mutual Fund 358,227 shares

6,485,223




NT Collective Short Term Investment Fund*

 Collective Trust Fund 407,243 units

407,243



 Total Real Estate Investment Trust (REIT) Asset Class




6,892,466









 Small-Mid Cap Growth Asset Class:







Wasatch Small Cap Growth Fund

 Mutual Fund 34,729 shares

1,703,787




NT Collective Russell 2000 Growth Index Fund - Non Lending*

 Collective Trust Fund 808 units

206,510




Signet Jewelers Limited

 Common and Preferred Stock 376 shares

49,473




Harman International Industries, Inc.

 Common and Preferred Stock 448 shares

47,806




ServiceNow, Inc.

 Common and Preferred Stock 697 shares

47,291




Robert Half International, Inc.

 Common and Preferred Stock 776 shares

45,303




F5 Networks, Inc.

 Common and Preferred Stock 298 shares

38,879




XPO Logistics, Inc.

 Common and Preferred Stock 889 shares

36,342




Medivation, Inc.

 Common and Preferred Stock 340 shares

33,867




Ulta Salon, Cosmetics & Fragrance, Inc.

 Common and Preferred Stock 264 shares

33,750




Global Payments Inc.

 Common and Preferred Stock 410 shares

33,099




Deckers Outdoor Corporation

 Common and Preferred Stock 358 shares

32,592




Norwegian Cruise Line Holdings Limited

 Common and Preferred Stock 684 shares

31,984




Middleby Corporation

 Common and Preferred Stock 311 shares

30,820




G-III Apparel Group Limited

 Common and Preferred Stock 303 shares

30,606




Proofpoint, Inc.

 Common and Preferred Stock 623 shares

30,047




Verifone Systems, Inc.

 Common and Preferred Stock 763 shares

28,384




Radian Group Inc.

 Common and Preferred Stock 1,670 shares

27,922




Fortinet, Inc.

 Common and Preferred Stock 908 shares

27,839




Signature Bank of New York

 Common and Preferred Stock 211 shares

26,578




Autodesk, Inc.

 Common and Preferred Stock 436 shares

26,186




Rackspace Hosting, Inc.

 Common and Preferred Stock 547 shares

25,605




Energizer Holdings, Inc.

 Common and Preferred Stock 195 shares

25,069




Under Armour, Inc. Class A

 Common and Preferred Stock 359 shares

24,376




Hanesbrands Inc.

 Common and Preferred Stock 217 shares

24,222




Alnylam Pharmaceuticals, Inc.

 Common and Preferred Stock 248 shares

24,056




Cintas Corporation

 Common and Preferred Stock 303 shares

23,767




lululemon athletica, inc.

 Common and Preferred Stock 410 shares

22,874




Fiesta Restaurant Group, Inc.

 Common and Preferred Stock 376 shares

22,861




Comscore, Inc.

 Common and Preferred Stock 482 shares

22,379




Faro Technologies, Inc.

 Common and Preferred Stock 353 shares

22,126




Vulcan Materials Company

 Common and Preferred Stock 327 shares

21,494




The WhiteWave Foods Company Class A

 Common and Preferred Stock 586 shares

20,504




Palo Alto Networks, Inc.

 Common and Preferred Stock 166 shares

20,347




Dexcom, Inc.

 Common and Preferred Stock 366 shares

20,148




Lennar Corporation

 Common and Preferred Stock 446 shares

19,985




Cypress Semiconductor Corporation

 Common and Preferred Stock 1,358 shares

19,392




The Hain Celestial Group, Inc.

 Common and Preferred Stock 332 shares

19,352




Cavium, Inc.

 Common and Preferred Stock 313 shares

19,350




Rite Aid Corporation

 Common and Preferred Stock 2,540 shares

19,101




Headwaters Inc.

 Common and Preferred Stock 1,269 shares

19,022




Burlington Stores, Inc.

 Common and Preferred Stock 401 shares

18,951




Buffalo Wild Wings, Inc.

 Common and Preferred Stock 100 shares

18,038




Big Lots, Inc.

 Common and Preferred Stock 446 shares

17,849




PVH Corporation

 Common and Preferred Stock 137 shares

17,559




Yelp Inc. Class A

 Common and Preferred Stock 314 shares

17,185




ZELTIQ Aesthetics, Inc.

 Common and Preferred Stock 615 shares

17,165




Expedia, Inc.

 Common and Preferred Stock 199 shares

16,987




Pitney Bowes Inc.

 Common and Preferred Stock 697 shares

16,986




Hospira, Inc.

 Common and Preferred Stock 274 shares

16,783




Ryder System, Inc.

 Common and Preferred Stock 180 shares

16,713




Electronics For Imaging, Inc.

 Common and Preferred Stock 388 shares

16,618




19

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)


 
Identity of Issue
 
Description of Investment
 
Current Value

Jack In The Box Inc.

 Common and Preferred Stock 195 shares

15,592




Edwards Lifesciences Corporation

 Common and Preferred Stock 122 shares

15,540




Integrated Device Technology, Inc.

 Common and Preferred Stock 763 shares

14,955




Pall Corporation

 Common and Preferred Stock 147 shares

14,878




Adeptus Health Inc.

 Common and Preferred Stock 391 shares

14,623




Team Health Holdings, Inc.

 Common and Preferred Stock 254 shares

14,613




Blackhawk Network Holdings, Inc.

 Common and Preferred Stock 371 shares

14,395




NT Collective Short Term Investment Fund*

 Collective Trust Fund 14,207 units

14,207