Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 11-K

 

 

 

x	ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended December 31, 2014

OR

 

¨	TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-4448

 

 

 

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

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

 

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

Baxter International Inc.

One Baxter Parkway

Deerfield, IL 60015

(224) 948-2000

 

 

 

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Table of Contents

Baxter International Inc.

and Subsidiaries

Incentive Investment Plan

Financial Statements and Supplemental Schedule

December 31, 2014 and 2013

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Index

December 31, 2014 and 2013

 

 

		Page(s)
Report of Independent Registered Public Accounting Firm			1
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2014 and 2013			2
Statements of Changes in Net Assets Available for Benefits for the years ended December  31, 2014 and 2013			3
Notes to Financial Statements			4-15
Supplemental Information
Schedule H, Line 4i: Schedule of Assets (Held at End of Year) as of December 31, 2014			16-69

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Table of Contents

Report of Independent Registered Public Accounting Firm

To the Participants and Administrative Committee of

  the Baxter International Inc. and Subsidiaries Incentive Investment Plan

Deerfield, Illinois

We have audited the accompanying statements of net assets available for benefits of the Baxter International Inc. and Subsidiaries Incentive Investment Plan (“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. 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, 2014 and 2013, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

The supplemental Schedule H, Line 4i – 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 Baxter International Inc. and Subsidiaries Incentive Investment Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule 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 supplemental schedule, we evaluated whether the supplemental schedule, 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 schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe Horwath LLP

Oak Brook, Illinois

June 19, 2015

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Statements of Net Assets Available for Benefits

December 31, 2014 and 2013 (in thousands)

 

 

		2014				2013
Assets
Investments
Cash and cash equivalents		$	46,562			$	35,266
Common stock (including securities on loan of $3,364 in 2014 and $1,927 in 2013)			507,029				493,958
U.S. government and government agency issues (including securities on loan of $5,998 in 2014 and $5,325 in 2013)			34,634				31,124
Corporate and other obligations (including securities on loan of $3,257 in 2014 and $6,520 in 2013)			39,425				38,500
Commingled funds			1,147,634				977,799
Synthetic guaranteed investment contracts			712,934				733,857
Registered investment companies			16,921				14,879
Collateral held on loaned securities			12,903				14,078
Total investments at fair value			2,518,042				2,339,461
Receivables
Notes receivables from participants			50,454				47,054
Sponsor contributions			26,743				23,109
Accrued interest and dividends			2,390				2,251
Due from brokers for securities sold			505				800
Total receivables			80,092				73,214
Total assets			2,598,134				2,412,675
Liabilities
Accounts payable			5,957				5,985
Due to brokers for securities purchased			7,815				—
Collateral to be paid on loaned securities			12,903				14,078
Total liabilities			26,675				20,063
Net assets available for benefits, reflecting investments at fair value			2,571,459				2,392,612
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(41,872	)			(36,932	)
Net assets available for benefits		$	2,529,587			$	2,355,680

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

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2014 and 2013 (in thousands)

 

 

		2014				2013
Additions to net assets attributed to
Investment income
Net appreciation in fair value of investments		$	121,342			$	273,896
Interest			22,436				25,520
Dividends			10,973				9,905
Net investment income			154,751				309,321
Participant loan interest			4,099				3,744
Contributions
Sponsor			73,677				68,003
Participant			107,935				110,936
			181,612				178,939
Total additions			340,462				492,004
Deductions from net assets attributed to
Benefits paid			171,804				151,562
Plan expenses			6,834				6,845
Total deductions			178,638				158,407
Increase before transfer			161,824				333,597
Transfer from other plan (Refer to Note 11)			12,083				4,947
Net increase			173,907				338,544
Net assets available for benefits
Beginning of year			2,355,680				2,017,136
End of year		$	2,529,587			$	2,355,680

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

 

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

1.	General Description of the Plan

The following description of the Baxter International Inc. and Subsidiaries Incentive Investment Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document and summary plan description for more complete information. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

The Plan is a defined contribution plan the predecessor of which originally became effective on January 1, 1960. The Plan was created for the purpose of providing retirement benefits to United States employees of Baxter International Inc. (the Sponsor or the Company) and its subsidiaries, and to encourage and assist employees in adopting a regular savings program by means of payroll deductions through a plan that qualifies under the United States Internal Revenue Code. Plan participants may authorize the Company to make payroll deductions under the Plan ranging from 1% to 50% of their pre-tax monthly compensation limited to a maximum of $17,500 a year in both 2014 and 2013. Participants who have attained the age of 50 by the end of the year may contribute up to an additional $5,500 per year in “catch-up” contributions. Newly hired employees are deemed to have elected to contribute 3% of compensation (increased by 1% per year to a total of 6%) unless they make a contrary election. The Company matches a participant’s savings contributions on a dollar for dollar basis up to 3.0% of the participant’s compensation, and matches any contributions between 3% and 4% of compensation at the rate of 50 cents for each dollar of a participant’s pre-tax contribution, so that the maximum matching contribution for participant who contribute at least 4% of their compensation is 3.5% of compensation. The Company also contributes an additional non-matching 3% of compensation for employees that are not eligible to participate in the Company’s U.S. qualified defined benefit pension plan, which includes all new employees hired on or after January 1, 2007, and employees who had less than five years of service on January 1, 2007 and who elected to cease earning additional service in the pension plan and participate in the higher level of Company contributions in the Plan.

Participants are immediately vested in the elective contributions and matching contribution plus actual earnings thereon. The additional non-matching contributions become fully vested after three years of service. Participants are fully vested in the Company’s non-matching contributions account, regardless of years of service with the Company, upon attaining age 65, upon becoming disabled in accordance with the provisions of the Plan or upon dying while employed by the Company. Forfeitures of nonvested accounts are used to reduce future employer contributions.

Participants may borrow from their vested accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account and bear interest at the prime rate at the last day of the month prior to loan request, plus one percent.

Participants or their beneficiaries may elect lump-sum benefit payments, or benefits may be paid in installments. Shares of Baxter common stock may also be distributed in kind at the participant’s election. Subject to certain provisions specified in the Plan agreement, employed participants may withdraw their pre-tax contributions, matching contributions made prior to 2008, vested non-matching contributions and related earnings in cases of financial hardship and in certain other circumstances. In the case of a participant termination by reason of death or disability, the entire vested amount is paid to the person or persons legally entitled thereto.

Each participant’s account is credited with the participant’s contributions and an allocation of the Company’s contributions and Plan earnings, and is charged with his or her withdrawals and an allocation of Plan-related expenses. Allocations are based on participant earnings or account balances, as defined in the Plan document. The net income of the Plan is posted to the participant’s accounts on a daily basis. Each participant directs the investment of his or her account to any of the investment options available under the Plan.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

Upon enrollment in the Plan, a participant may direct contributions into any of 20 investment options: Stable Income Fund, Baxter Common Stock Fund, Composite Fund, General Equity Fund, State Street Global Advisors S&P 500 Flagship Fund (SSgA S&P 500 Fund), State Street Global Advisors International EAFE Equity Index Fund (SSgA EAFE Equity Fund), State Street Global Advisors Small Cap Fund (SSgA Small Cap Fund), Northern Trust Domestic Mid Cap Fund, State Street Global Advisors Emerging Markets Fund (SSgA Emerging Markets Fund), ten different Target Date Retirement Funds and the Self-Managed Fund. However, non-matching contributions may not be invested in the Baxter Common Stock Fund. In addition, certain participants may maintain shares received in connection with Baxter’s 1996 spin-off of Allegiance Corporation (Allegiance), which were subsequently converted into common shares of Cardinal Health Inc. (Cardinal) upon Cardinal’s acquisition of Allegiance in 1999. These shares are maintained in the Cardinal Health Common Stock Fund. Additionally, certain participants maintain shares in Edwards Lifesciences Corporation. These shares were placed into the Edwards Lifesciences Common Stock Fund in connection with Baxter’s 2000 spin-off of its cardiovascular business. Participants are not able to make contributions or transfer existing account balances to the Cardinal Health Common Stock Fund or the Edwards Lifesciences Common Stock Fund, but may make transfers out of these funds at any time. Starting in 2013, participants are no longer able to make contributions to the Composite Fund and General Equity Fund, but may make transfers out of these funds at any time.

In March 2014, Baxter announced plans to create two separate, independent global healthcare companies – one focused on lifesaving medical products and the other on developing and marketing innovative biopharmaceuticals. The transition is intended to take the form of a tax-free distribution to Baxter shareholders of more than 80% of the publicly traded stock in the new biopharmaceuticals company (the spin). The transaction is expected to be completed by mid-year 2015, subject to market, regulatory and certain other conditions, including final approval by the Baxter Board of Directors, receipt of a favorable opinion and/or rulings with respect to the tax-free nature of the transaction in the United States, and the effectiveness of the Form 10 registration statement filed with the United States Securities and Exchange Commission.

 

2.	Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting. Accordingly, investment income is recognized when earned and expenses are recognized when incurred.

Valuation of Investments and Collateral

The fair value of Plan investments and collateral is determined as follows:

 

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

Income Recognition

Plan investment return includes dividend and interest income, gains and losses on sales of investments and unrealized depreciation or appreciation of investments. Purchases and sales of investments are recorded on a trade date basis. Dividends are recorded on the ex-dividend date. Interest is earned on an accrual basis.

The financial statements reflect the net depreciation or appreciation in the fair value of the Plan’s investments. This net depreciation or appreciation consists of realized gains and losses calculated as the difference between proceeds from a sales transaction and cost determined on a moving average basis, and unrealized gains and losses calculated as the change in the fair value between beginning of the year (or purchase date if later) and the end of the year.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

Synthetic Guaranteed Investment Contracts

The Plan holds synthetic guaranteed investment contracts (GICs) as part of the Stable Income Fund. The synthetic GICs provide for a fixed return on principal over a specified time through fully benefit-responsive contracts issued by Transamerica, Prudential and MetLife. During 2014, the GIC with Bank of America was terminated and the Plan entered into a new GIC with Prudential. During 2013, certain assets underlying the synthetic GICs were transferred to an individual separate account with MetLife. The portfolio of assets underlying the synthetic GICs primarily includes cash and cash equivalents, U.S. government and government agency issues, and corporate and other obligations.

The fair value of the synthetic GICs equals the total of the fair value of the underlying assets plus the fair value of the wrapper contracts. The fair value of the wrapper contracts is computed using a replacement cost approach that incorporates a comparison of the current fee rate on similar wrapper contracts to the fee being paid by the Plan. Using this approach, the fair values of the wrapper contracts were a loss of $449 thousand and a loss of $129 thousand at December 31, 2014 and 2013, respectively.

While Plan investments are presented at fair value in the Statements of Net Assets Available for Benefits, any material difference between the fair value of the Plan’s direct and indirect interests in fully benefit-responsive investment contracts and their contract value is presented as an adjustment line in the Statements of Net Assets Available for Benefits, because contract value is the relevant measurement attribute for that portion of the Plan’s net assets available for benefits. Contract value represents contributions, plus earnings, less participant withdrawals and administrative expenses. The wrapper contracts used by the Plan are fully benefit-responsive because the wrapper contract issuers are contractually obligated to make up any shortfall in the event that the underlying asset portfolio has been liquidated and is inadequate to cover participant withdrawals and transfers at contract value. There are currently no reserves against contract values for credit risk of the contract issuers or any other risk. The contract value for the synthetic GICs was $671.1 million and $696.9 million at December 31, 2014 and 2013, respectively.

The crediting interest rate, which is reset quarterly, can never fall below zero. The crediting rate formula smoothes the impact of interest rate changes on participant returns by amortizing any difference between market value and book value over a period of years equal to the duration of the portfolio benchmark. The average yield on the synthetic GICs was approximately 1.9% and 2.0% at December 31, 2014 and 2013, respectively. The average interest rate credited to participants on the synthetic GICs was approximately 2.8% and 2.7% for the years ended December 31, 2014 and 2013. The credit ratings for Transamerica were AA- at both December 31, 2014 and 2013, the credit rating for Prudential was AA- at December 31, 2014, the credit ratings for MetLife were AA- at both December 31, 2014 and 2013, and the credit rating for Bank of America was A at December 31, 2013.

Events that lead to market value withdrawals that exceed 15 percent of the contract value of the GIC’s of Prudential and Transamerica or 10 percent of the contract value of the GIC of MetLife would limit the ability of the Plan to transact at contract value with participants. These events include restructurings, early retirement plans, divestitures, bankruptcies, or legal, tax or regulatory changes. The Plan sponsor believes that the occurrence of any such event is remote. The spin does not constitute an event under the GIC’s.

The wrapper providers can only terminate at a value different than contract value under an event of default (that was not remedied) such as failure to follow the terms of the contract. If a wrapper provider would like to exit the contract for another reason, the Plan can maintain the contract through an extended termination process designed to ensure continued benefit-responsive treatment for withdrawals.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

Notes Receivables from Participants

Participant loans are reported at their unpaid principal balance plus any accrued but unpaid interest, with no allowance for credit losses, as repayments of principal and interest are received through payroll deductions and the notes are collateralized by the participant’s account balances.

Payment of Benefits and Fees

Benefits are recorded when paid. Loan origination fees associated with notes receivable from participants and the Plan’s record keeping and trustee fees are paid by the Plan and are reflected in the financial statements as Plan expenses. Investment management fees are charged to the Plan as a reduction of investment return and included in the investment income (loss) reported by the Plan. All other expenses of the Plan are paid by the Company.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.

Other

Due from broker for securities sold represent the net cash value of security trades initiated but not yet settled at each respective year-end.

Risks and Uncertainties

The Plan provides for various investment options which invest in any combination of registered investment companies, U.S. government and government agency issues, corporate and other obligations, common stock, commingled funds, synthetic guaranteed investment contracts and short-term investments. Investment securities are exposed to various risks, such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits. Individual participants’ accounts bear the risk of loss resulting from fluctuations in investment values.

Investments underlying the Plan’s synthetic GICs include securities with contractual cash flows, such as asset-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities, including securities backed by subprime mortgage loans (corporate and other obligations). The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate values, delinquencies and/or defaults and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

 

3.	Eligibility Requirements

Employees become eligible to participate in the Plan as of the first day of the month following the completion of thirty days of employment. Eligible employees are those who meet the following requirements:

 

A.

U.S. employees of Baxter or its subsidiaries which have adopted the Plan;

 

B.

U.S. employees not covered by a collective bargaining agreement unless the agreement provides for coverage under the Plan; and

 

C.

U.S. employees who are not leased employees.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

 

4.	Administration of the Plan

State Street Bank and Trust Company (the Trustee) serves as trustee and Voya Institutional Plan Services, LLC, formerly ING Institutional Plan Services, LLC, serves as recordkeeper for the Plan.

The Administrative Committee administers the Plan. The Investment Committee has authority, responsibility and control over the management of the assets of the Plan. Members of both committees are appointed by the Board of Directors of Baxter and are employees of Baxter.

Substantially all investment manager, trustee and administrative fees incurred in the administration of the Plan were paid from the assets of the Plan.

 

5.	Fair Value Measurements

The fair value hierarchy under the accounting standard for fair value measurements consists of the following three levels:

 

•

Level 1 - Quoted prices in active markets that the Plan has the ability to access for identical assets or liabilities;

 

•

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market; and

 

•

Level 3 - Valuations using significant inputs that are unobservable in the market and include the use of judgment by the Plan’s management about the assumptions market participants would use in pricing the asset or liability.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

The following tables summarize the bases used to measure the Plan’s financial instruments and liabilities that are carried at fair value on a recurring basis.

 

						Basis of Fair Value Measurement
		Balance at December 31, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
(in thousands)
Assets
Cash and cash equivalents		$	46,562			$	—			$	46,562			$	—
Common stock:
Healthcare			268,535				268,535				—				—
Consumer products			69,345				69,345				—				—
Information technology			77,618				77,618				—				—
Financial services			23,737				23,737				—				—
Industrial services and materials			26,505				26,505				—				—
Energy			11,429				11,429				—				—
Other			29,860				29,860				—				—
Total common stock			507,029				507,029				—				—
U.S. government and government agency issues			34,634				—				34,634				—
Corporate and other obligations			39,425				—				39,425				—
Commingled funds:
SSgA S&P 500 fund			335,741				—				335,741				—
SSgA EAFE equity fund			104,083				—				104,083				—
SSgA Small cap fund			138,789				—				138,789				—
Target date retirement funds			536,660				—				536,660				—
Other			32,361				—				32,361				—
Total commingled funds			1,147,634				—				1,147,634				—
Registered investment companies			16,921				16,921				—				—
Synthetic guaranteed investment contracts:
Corporate and other obligations			213,638				—				213,638				—
U.S. government and government agency issues			307,750				—				307,750				—
Individual separate account			167,683				—				167,683				—
Cash and cash equivalents			24,312				—				24,312				—
Wrapper contracts			(449	)			—				—				(449	)
Total synthetic guaranteed investment contracts			712,934				—				713,383				(449	)
Collateral held on loaned securities			12,903				—				12,903				—
Total assets		$	2,518,042			$	523,950			$	1,994,541			$	(449	)
Liability
Collateral to be paid on loaned securities		$	12,903			$	3,465			$	9,438			$	—

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

						Basis of Fair Value Measurement
		Balance at December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
(in thousands)
Assets
Cash and cash equivalents		$	35,266			$	—			$	35,266			$	—
Common stock:
Healthcare			247,490				247,490				—				—
Consumer products			73,664				73,664				—				—
Information technology			65,805				65,805				—				—
Financial services			26,321				26,321				—				—
Industrial services and materials			32,801				32,801				—				—
Energy			17,939				17,939				—				—
Other			29,938				29,938				—				—
Total common stock			493,958				493,958				—				—
U.S. government and government agency issues			31,124				—				31,124				—
Corporate and other obligations			38,500				—				38,500				—
Commingled funds:
SSgA S&P 500 fund			279,286				—				279,286				—
SSgA EAFE equity fund			111,718				—				111,718				—
SSgA Small cap fund			142,953				—				142,953				—
Target date retirement funds			424,925				—				424,925				—
Other			18,917				—				18,917				—
Total commingled funds			977,799				—				977,799				—
Registered investment companies:			14,879				14,879				—				—
Synthetic guaranteed investment contracts:
Corporate and other obligations			232,411				—				232,411				—
U.S. government and government agency issues			312,816				—				312,816				—
Individual separate account			172,672				—				172,672				—
Cash and cash equivalents			16,087				—				16,087				—
Wrapper contracts			(129	)			—				—				(129	)
Total synthetic guaranteed investment contracts			733,857				—				733,986				(129	)
Collateral held on loaned securities			14,078				—				14,078				—
Total assets		$	2,339,461			$	508,837			$	1,830,753			$	(129	)
Liability
Collateral to be paid on loaned securities		$	14,078			$	1,957			$	12,121			$	—

Transfers between hierarchy measurement levels are recognized by the Plan as of the beginning of the reporting period. The fair value of commingled funds is valued based upon the net asset value of the underlying securities and is classified as Level 2. The Plan did not have any transfers between Levels 1 and 2 during 2014. In 2013, due to a change in the structure of the investment, the target date retirement funds are classified as commingled funds and classified as Level 2.

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

The following table sets forth a summary of changes in the fair values of the Plan’s level 3 financial instruments.

 

(in thousands)		Wrapper Contracts
Balance at December 31, 2012		$	(991	)
Additions			65
Unrealized gains (relating to assets held at end of year)			797
Balance at December 31, 2013			(129	)
Additions			(84	)
Settlements			(67	)
Unrealized losses (relating to assets held at end of year)			(169	)
Balance at December 31, 2014		$	(449	)

The unrealized losses from the wrapper contracts are excluded from the net appreciation reported for the Plan, but instead are reflected in the change in the adjustment from fair value to contract value for fully benefit responsive contracts reported on the statements of net assets available for benefits. In 2014, the additions are due to the new contract with Prudential and the settlements are due to termination of the contract with Bank of America as detailed in Note 2. The additions in 2013 are due to the new contract with MetLife as detailed in Note 2.

See Valuation of Investments and Collateral in Note 2 above for a discussion of the methodologies used to determine the fair values of the Plan’s investments and collateral. 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.

 

6.	Investments

Investments representing five percent or more of the Plan’s net assets available for benefits at December 31, 2014 and 2013 are summarized as follows:

 

(in thousands, except per share data)		2014				2013
Baxter common stock, 2,530,593 shares and 2,585,408 shares at December 31, 2014 and 2013, respectively		$	185,467			$	179,815
SSgA S&P 500 Fund			335,741				279,286
MetLife Individual Separate Account			167,683				172,672
SSgA Small Cap Fund			138,789				142,953

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

Investments as of December 31, 2014 and 2013 are segregated into various investment fund options as follows:

 

		2014				2013
(in thousands)
Cash (available for investment)		$	7,551			$	6,121
Stable Income Fund			732,093				748,611
Baxter Common Stock Fund			186,340				181,520
Composite Fund			162,780				158,846
General Equity Fund			183,337				183,162
Cardinal Health Common Stock Fund			8,210				7,307
SSgA S&P 500 Fund			335,741				279,286
SSgA EAFE Equity Fund			104,083				111,718
Edwards Lifesciences Common Stock Fund			22,704				12,935
SSgA Small Cap Fund			138,831				142,953
Northern Trust Domestic Mid Cap			23,638				14,293
SSgA Emerging Markets Fund			8,723				4,624
Self-Managed Fund			54,448				49,082
Target Date Retirement Funds			536,660				424,925
Collateral held on loaned securities			12,903				14,078
Total investments at fair value			2,518,042				2,339,461
Adjustment from fair value to contract value for Stable Income Fund			(41,872	)			(36,932	)
Total investments		$	2,476,170			$	2,302,529

Net appreciation (depreciation) in fair value for each significant class of investment, which includes realized and unrealized gains and losses, is as follows:

 

		2014				2013
(in thousands)
Baxter common stock		$	9,991			$	7,864
Other common stock			33,870				76,699
U.S. government and government agency issues			1,668				(1,653	)
Corporate and other obligations			560				(1,752	)
Commingled funds			75,339				191,201
Registered investment companies			(86	)			1,537
		$	121,342			$	273,896

 

7.	Securities Lending Transactions

The Plan participates in a securities lending program with the Trustee. The program allows the Trustee to loan securities, which are assets of the Plan, to approved brokers (the Borrowers).

The Trustee requires the Borrowers, pursuant to a security loan agreement, to deliver collateral to secure each loan in an amount that is at least equal to the fair value of the securities loaned. The Plan bears the risk of loss with respect to any unfavorable change in fair value of the invested cash collateral. However, the Borrower bears the risk of loss related to the decrease in the fair value of the non-cash collateral and, therefore, would have to deliver additional securities to maintain the required collateral. In the event of default by the Borrower, the Trustee shall indemnify the Plan by purchasing replacement securities equal to the number of unreturned loaned securities, to the extent that such replacement securities are available on the open market and if to the extent that such proceeds are insufficient or the collateral is unavailable, the purchase of replacement securities shall be made at Trustee expense or, if replacement securities are not able to be purchased, the Trustee shall credit the Plan for the market value of the unreturned securities.

 

13

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

In each case, the Trustee would apply the proceeds from the collateral for such a loan to make the Plan whole. The fair value of the investment of cash collateral received pursuant to securities lending transactions is reflected on the Statements of Net Assets Available for Benefits as an asset and the obligation to return the amount received is reflected as a liability.

As of December 31, 2014 and 2013, the Plan had securities on loan with a fair value of $12.6 million and $13.8 million, respectively, with cash collateral received of $12.9 million and $14.1 million, respectively, which was invested in the State Street Quality D Short-Term Investment Fund. Investments underlying this fund primarily consisted of cash and cash equivalents and asset-backed securities as of both December 31, 2014 and 2013, and the net asset value of this fund was approximately $1.00 per unit. As of December 31, 2014 and 2013 the cash collateral received is reflected at its fair value of $12.9 million and $14.1 million in the 2014 and 2013 Statements of Net Assets Available for Benefits, respectively.

Non-cash collateral of $0.5 million and $1.7 million received for securities on loan at December 31, 2014 and December 31, 2013, respectively, consisted of U.S. government and government agency issues, equity securities, and corporate and other obligations held by the Trustee on behalf of the Plan. Non-cash collateral is not included with the collateral balance on the 2014 and 2013 Statement of Net Assets Available for Benefits because it may not be sold or repledged. A portion of the income generated upon investment of cash collateral is remitted to the Borrowers, and the remainder is allocated between the Plan and the Trustee in its capacity as a security agent. Securities lending income allocated to the Plan amounted to $24 thousand and $32 thousand for 2014 and 2013, respectively. Securities lending income is classified as interest income in the Statements of Changes in Net Assets Available for Benefits.

 

8.	Plan Termination

Although it has not expressed any intent to do so, the Plan sponsor has the right under the Plan to reduce, suspend or discontinue its contributions at any time and to terminate the Plan subject to the provisions of the ERISA. In the event the Plan terminates, the interest of each participating employee in the Plan shall become fully vested and such termination of the Plan would not reduce the interest of any participating employee or their beneficiaries accrued under the Plan up to the date of such termination.

 

9.	Tax Status of the Plan

The Internal Revenue Service (IRS) has determined and informed the Plan sponsor by a letter dated September 16, 2013 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (the IRC). The Plan has been amended since the date of the determination letter. The Plan sponsor believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s 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 IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2014 and 2013, there are no uncertain tax 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. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2011.

 

10.	Parties-in-Interest

Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.

 

14

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

 

 

At December 31, 2014 and 2013, the Plan held units of participation in certain shares of common stock of State Street Corporation, commingled funds and short-term investment funds of State Street Bank and Trust Company, and units of registered investment companies of SSgA, the Plan trustee; shares of common stock, dividend income on those shares and bonds of Baxter, the Plan sponsor; loans with participants; units of registered investment companies managed by Pacific Investment Management Company, an investment manager for the Plan; shares of common stock and units of registered investment companies managed by AllianceBernstein, an investment manager for the Plan; units of registered investment companies managed by Loomis Sayles, an investment manager for the Plan; shares of common stock, bonds, and interest rate wrapper contracts of Prudential for 2014 only, issuer of the Plan’s fully benefit-responsive contracts; interest rate wrapper contracts of Transamerica, issuer of the Plan’s fully benefit-responsive contracts; shares of common stock, bonds, an individual separate account and interest rate wrapper contracts of MetLife, issuer of the Plan’s fully benefit-responsive contracts; units of commingled funds managed by Northern Trust Corporation, an investment manager for the Plan; and units of registered investment companies in various affiliates of Voya Institutional Plan Services, LLC, the recordkeeper. These transactions are allowable party-in-interest transactions under ERISA and the regulations promulgated thereunder.

Fees paid by the Plan for investment management, recordkeeping and consulting services, also qualify as party-in-interest transactions and are included in Plan expenses in the accompanying financial statements. The Company pays certain expenses for the administration of the Plan. These transactions are exempt from the party-in interest transaction prohibitions of ERISA.

 

11.	Plan Merger

During 2012, Baxter acquired Synovis Life Technologies, Inc. (Synovis). The Synovis 401(k) Plan was merged into the Plan effective September 2014. As a result of this merger, total assets of approximately $12.1 million were transferred into the Plan.

During 2012, Baxter acquired Sigma International General Medical Apparatus, LLC (SIGMA). The SIGMA 401(k) Plan was merged into the Plan effective July 2013. As a result of this merger, total assets of approximately $4.9 million were transferred into the Plan.

 

12.	Subsequent Event

In June 2015, Baxter announced that its board of directors had approved the planned separation of its biopharmaceuticals business, which will be known as Baxalta Incorporated, and declared a special dividend distribution of 80.5 percent of the outstanding shares of Baxalta common stock. Baxter will retain a 19.5 percent ownership stake in Baxalta immediately following the distribution. The distribution of Baxalta common stock in form of a special dividend has been structured to qualify as a tax-free distribution to U.S. holders of Baxter’s common stock for U.S. federal income tax purposes. The distribution of Baxalta common stock will complete the proposed separation and Baxalta expects to begin trading as an independent company beginning July 1, 2015 on the New York Stock Exchange (NYSE) under the ticker symbol BXLT.

The Plan is expected to continue after separation. All Plan balances, except those associated with the active employees of Baxalta, will remain with the Plan.

 

15

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SUPPLEMENTAL SCHEDULE

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Cash & Cash Equivalents:
		US Dollar		Cash			—			$	(2,946	)
		Schwab Money Market Fund		Short-Term Investment Fund			—				9,774,668
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				19,150,469
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				7,356,228
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				5,541,709
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				2,010,666
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				1,237,649
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				544,849
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				535,629
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				194,704
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				160,187
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				50,131
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				8,116
							—			$	46,562,059
**		Common Stock:
		22nd Century Group Inc		Common Stock			—				17,490
		3D Sys Corp		Common Stock			—				54,235
		3Dicon Corp		Common Stock			—				69
		3M Company		Common Stock			—				21,899
		8X8 Inc		Common Stock			—				14,930
		A T & T Inc		Common Stock			—				154,771
		Abattis Bioceuticals		Common Stock			—				52
		Abb Ltd Adr		Common Stock			—				13,916
		Abbott Laboratories		Common Stock			—				3,388,549
		Abbott Laboratories		Common Stock			—				173,224
		Abbvie Inc		Common Stock			—				111,827
		Acadia Pharmaceuticals		Common Stock			—				2,222
		Ace Ltd		Common Stock			—				680,774
		Achillion Pharma Inc		Common Stock			—				26,950
		Acorda Therapeutics Inc		Common Stock			—				20,435
		Actavis Plc		Common Stock			—				3,225,463
		Actavis Plc		Common Stock			—				355,927
		Activision Blizzard Inc		Common Stock			—				5,702
		Actua Corporation		Common Stock			—				1,385
		Acxiom Corp		Common Stock			—				3,040
		Adept Technology Inc		Common Stock			—				2,508
		Adobe Systems Inc		Common Stock			—				3,313,202
		ADT Corp		Common Stock			—				398
		Advanced Micro Devices		Common Stock			—				68,685
		Advansource Biomaterials		Common Stock			—				50
		Aes Corp		Common Stock			—				530,403

 

16

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Aethlon Medical Inc		Common Stock			—				35,229
		Affymax Inc		Common Stock			—				220
		Affymetrix Inc		Common Stock			—				21,694
		Aflac		Common Stock			—				11,609
		Agilent Technologies Inc		Common Stock			—				339,652
		Agios Pharmaceutical		Common Stock			—				336
		Agnico Eagle Mines Ltd		Common Stock			—				18,567
		Air Lease Corp		Common Stock			—				1,888
		Akorn Inc		Common Stock			—				72,400
		Alcatel Lucent Adr		Common Stock			—				14,537
		Alcoa Inc		Common Stock			—				45,863
		Alexion Pharmaceuticals Inc		Common Stock			—				1,665
		Alexion Pharmaceuticals Inc		Common Stock			—				3,389,406
		Alexo Resource Corp		Common Stock			—				3,579
		Alibaba Group Holding Sp Adr		Common Stock			—				375,847
		Alibaba Group Holding Sp Adr		Common Stock			—				4,017,191
		ALJ Regional Hldgs Inc		Common Stock			—				4,350
		Alkame Holdings Inc		Common Stock			—				3
		All American Gold Co		Common Stock			—				1
		Allergan Inc		Common Stock			—				2,371,784
*		Alliancebernstein Hldg Unit Ltd		Common Stock			—				14,025
		Allscripts Hlthcare		Common Stock			—				1,251
		Allstate Corp		Common Stock			—				38,988
		Almaden Minerals Ltd		Common Stock			—				8,977
		Alnylam Pharmaceuticals		Common Stock			—				17,460
		Alon Usa Energy Inc		Common Stock			—				6,968
		Altria Group Inc		Common Stock			—				175,734
		Aluminum Corp China Adr		Common Stock			—				195
		Amag Pharmaceuticals Inc		Common Stock			—				9,376
		Amarantus Bioscience Hld		Common Stock			—				90
		Amarin Corp Plc Adr		Common Stock			—				18,232
		Amazon Com Inc		Common Stock			—				127,864
		Amazon.Com Inc		Common Stock			—				5,331,004
		Ambarella Inc		Common Stock			—				2,536
		Amdocs Limited		Common Stock			—				9,331
		Ameren Corp		Common Stock			—				5,212
		American Airls Group		Common Stock			—				1,071,259
		American Capital Agency		Common Stock			—				32,122
		American Capital Ltd		Common Stock			—				8,766
		American Express Co		Common Stock			—				29,865
		American Graphite		Common Stock			—				28
		American Green Inc		Common Stock			—				1,833
		American International Group		Common Stock			—				464,678
		American International Group		Common Stock			—				63,082
		American International Group		Common Stock			—				3,619
		American Lithium Minerals In		Common Stock			—				315
		American Tower Corp		Common Stock			—				2,364,409

 

17

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		American Tower Corp		Common Stock			—				536,966
		American Tower Corp		Common Stock			—				23,032
		American Water Works Co		Common Stock			—				9,594
		Amerigas Partners L P		Common Stock			—				10,063
		Ameriprise Financial Inc		Common Stock			—				862,079
		Amern Realty Cap Ppt		Common Stock			—				9,890
		Amgen Incorporated		Common Stock			—				132,023
		Ampliphi Biosciences		Common Stock			—				4
		Andrea Electronics Corp		Common Stock			—				59
		Ani Pharmaceuticals		Common Stock			—				112
		Anika Therapeutics Inc		Common Stock			—				1,629
		Annaly Mtg Mgmt Inc		Common Stock			—				136,815
		Anthem Inc		Common Stock			—				422,005
		Anthem Inc		Common Stock			—				27,521
		Aol Inc		Common Stock			—				646
		Aon Plc		Common Stock			—				496,397
		Apache Corp		Common Stock			—				6,267
		Apple Inc		Common Stock			—				12,191,373
		Apple Inc		Common Stock			—				1,989,589
		Applied Materials Inc		Common Stock			—				981,300
		Applied Materials Inc		Common Stock			—				396,261
		Applied Materials Inc		Common Stock			—				1,495
		Aptose Biosciences		Common Stock			—				2,975
		Aqua America Inc		Common Stock			—				4,164
		Aradigm Corp		Common Stock			—				661
		Archer Daniels Midland Co		Common Stock			—				3,900
		Arena Pharmaceuticals Inc		Common Stock			—				63,514
		Argan Inc		Common Stock			—				1,581
		Ariad Pharmaceuticals		Common Stock			—				41,220
		Arm Hldgs Plc Adr		Common Stock			—				11,575
		Arm Holdings Plc Spons Adr		Common Stock			—				2,180,344
		Armour Residential R		Common Stock			—				7,360
		Array Biopharma Inc		Common Stock			—				6,385
		Artificial Life Inc		Common Stock			—				34
		Asanko Gold Inc		Common Stock			—				9,240
		Asml Holding Nv		Common Stock			—				585,747
		Astrazeneca Plc		Common Stock			—				3,167
		Atlantic Power Corp		Common Stock			—				4,322
		Atossa Genetics Inc		Common Stock			—				1,430
		Atp Oil & Gas Corp		Common Stock			—				30
		Atwood Oceanics Inc		Common Stock			—				2,837
		Aurinia Pharmaceutic		Common Stock			—				3,640
		Auto Data Processing		Common Stock			—				33,764
		Avalon Rare Metals		Common Stock			—				558
		Avanir Pharma		Common Stock			—				20,170
		Axiall Corp		Common Stock			—				9,640
		B P Prudhoe Bay Rty Tr		Common Stock			—				2,705

 

18

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Backweb Tech Ltd Ord		Common Stock			—				—
		Baidu Com Inc Adr		Common Stock			—				87,312
		Baker Hughes Inc		Common Stock			—				2,810
		Banco Bilbao Argen Adr		Common Stock			—				8,310
		Banco Latinoamericano		Common Stock			—				1,294
		Banco Santandr Cent Adrf		Common Stock			—				18,942
		Bank of America		Common Stock			—				1,316,359
		Bank of America		Common Stock			—				482,370
		Bank Of America		Common Stock			—				764,793
		Bank Of New York Co		Common Stock			—				29,494
		Basic Energy Services		Common Stock			—				1,051
*		Baxter International Inc		Common Stock			—				365,186
*		Baxter International Inc		Common Stock			—				185,101,969
		Bayer A G Sponsored Adr		Common Stock			—				30,925
		BB Liquidating Inc		Common Stock			—				—
		BB&T Corporation		Common Stock			—				6,805
		Beacon Power Corp		Common Stock			—				46
		Berkshire Hathaway		Common Stock			—				306,756
		Best Buy Inc		Common Stock			—				19,723
		Biglari Holdings Inc		Common Stock			—				1,997
		Bioadaptives Inc		Common Stock			—				4
		Bioelectronics Corp		Common Stock			—				77
		Biogen Idec Inc		Common Stock			—				5,530,807
		Biogen Idec Inc		Common Stock			—				20,706
		Biomarin Pharmaceutical Inc		Common Stock			—				4,520
		Biomedical Tech S Hldgs Inc		Common Stock			—				—
		Bionovo Inc		Common Stock			—				40
		Black Hills Corp		Common Stock			—				5,834
		Blackberry Ltd		Common Stock			—				17,348
		Bluebird Bio Inc		Common Stock			—				13,758
		Blyth Inc		Common Stock			—				2,745
		Body Central Corp		Common Stock			—				15
		Boeing Co		Common Stock			—				3,454,858
		Boeing Co		Common Stock			—				1,380,043
		Boeing Co		Common Stock			—				127,725
		Boingo Wireless Inc		Common Stock			—				7,363
		Bovie Medical Corp		Common Stock			—				3,680
		BP Plc Adr		Common Stock			—				4,726
		BP Plc Adr		Common Stock			—				470,620
		Brazil Minerals Inc		Common Stock			—				6
		Breitburn Energy Partners LP		Common Stock			—				12,761
		Bridgepoint Education		Common Stock			—				1,890
		Briggs & Stratton Corp		Common Stock			—				6,126
		Bristol Myers Squibb Co		Common Stock			—				4,659,698
		Bristol Myers Squibb Co		Common Stock			—				606,336
		Bristol Myers Squibb Co		Common Stock			—				65,682
		Broadcom Corp		Common Stock			—				25,131

 

19

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Broadcom Corp		Common Stock			—				372,319
		Broadridge Finl Solution		Common Stock			—				3,463
		Broadwind Energy		Common Stock			—				53
		Brookfield Asset Mgmt Inc		Common Stock			—				20,052
		Brookfield Infra Partners		Common Stock			—				963
		Brookfield Ppty Partners LP		Common Stock			—				320
		Brookfield Renew Egy		Common Stock			—				3,093
		Brookfield Residential		Common Stock			—				24
		Brooks Automation		Common Stock			—				3,854
		Buckeye Partners LP		Common Stock			—				30,264
		Buffalo Wild Wings Inc		Common Stock			—				20,743
		C H Robinson Worldwide		Common Stock			—				3,744
		C M S Energy Corp		Common Stock			—				1,296
		Caesars Entertainment		Common Stock			—				313
		Calamp Corp		Common Stock			—				113,862
		Calgon Carbon Corp		Common Stock			—				2,493
		California Res Corp		Common Stock			—				269
		Cambridge Heart Inc		Common Stock			—				—
		Cameco Corp		Common Stock			—				8,205
		Cameron International Corp		Common Stock			—				500,736
		Cameron Intl Corp		Common Stock			—				3,896
		Canadian Natl Ry Co		Common Stock			—				13,782
		Canadian Oil Sands Ltd		Common Stock			—				2,705
		Canadian Pacific Railway Ltd		Common Stock			—				3,174,029
		Canadian Solar Inc		Common Stock			—				362
		Cannabis Science Inc		Common Stock			—				4,132
		Cannabusiness Group Inc		Common Stock			—				120
		Cannagrow Holdings Inc		Common Stock			—				6
		Cannavest Corp		Common Stock			—				708
		Cap Gemini Sogeti Or		Common Stock			—				7,197
		Capital One Financial Corp		Common Stock			—				423,963
		Capstead Mortgage		Common Stock			—				12,280
		Carbo Ceramics Inc		Common Stock			—				59,153
		Cardinal Health Inc		Common Stock			—				8,160,107
		Cardinal Health Inc		Common Stock			—				92,032
		Carefusion Corp		Common Stock			—				29,670
		Carlyle Group		Common Stock			—				2,612
		Carmax Inc		Common Stock			—				16,711
		Casi Pharmaceuticals		Common Stock			—				49
		Catalent Inc		Common Stock			—				13,940
		Catamaran Corp		Common Stock			—				26,030
		Caterpillar Inc		Common Stock			—				138,420
		Cbl & Assoc Pptys Inc		Common Stock			—				330
		CBS Corp		Common Stock			—				415,394
		CDK Global Inc		Common Stock			—				5,463
		Celanese Corp		Common Stock			—				4,796
		Celgene Corp		Common Stock			—				3,827,238

 

20

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Celgene Corp		Common Stock			—				56,265
		Celldex Therapeutics Inc		Common Stock			—				24,017
		Cellectar Bioscience		Common Stock			—				6
		Cementos Pacasmayo		Common Stock			—				2,619
		Cenovus Energy Inc		Common Stock			—				5,155
		Central Fd Cda Ltd		Common Stock			—				11,580
		Centrus Energy Corp		Common Stock			—				8
		Centurylink Inc		Common Stock			—				3,403
		Ceragon Networks Ltd		Common Stock			—				151
		Cereplast Inc		Common Stock			—				—
		Cerus Corp		Common Stock			—				11,856
		Cheniere Energy Inc		Common Stock			—				20,064
		Chesapeake Energy Corporation		Common Stock			—				35,173
		Chevron Corporation		Common Stock			—				115,135
		Chicago Brdg & Iron Ny		Common Stock			—				8,396
		China Mobile H K Adr		Common Stock			—				11,940
		Chipotle Mexican Grill Inc		Common Stock			—				23,957
		Chipotle Mexican Grill Inc		Common Stock			—				2,549,436
		Church & Dwight Co Inc		Common Stock			—				12,877
		Churchill Downs Inc		Common Stock			—				9,530
		Cie Fin Richemont		Common Stock			—				1,800
		Ciena Corp		Common Stock			—				38
		Cigna Corp		Common Stock			—				5,145
		Cisco System Inc		Common Stock			—				229,491
		Cit Group Inc		Common Stock			—				462,950
		Citigroup Inc		Common Stock			—				121,862
		Citigroup Inc		Common Stock			—				1,055,485
		Citigroup Inc		Common Stock			—				464,948
		Citizens Financial Group		Common Stock			—				454,235
		City Bank Lynnwood WA		Common Stock			—				13
		Clarent Corp Del		Common Stock			—				—
		Clean Diesel Tech		Common Stock			—				181
		Clean Energy Fuels Corp		Common Stock			—				2,497
		Cleantech Solu Intl		Common Stock			—				1,406
		Cliffs Natural Resources Inc		Common Stock			—				6,818
		Cnooc Limited Adr		Common Stock			—				677
		Coach Inc		Common Stock			—				12,423
		Coca Cola Company		Common Stock			—				110,537
		Cocrystal Pharma Inc		Common Stock			—				111
		Coeur D Alene Mines		Common Stock			—				4,215
		Coldwater Creek		Common Stock			—				—
		Columbia Labs Inc		Common Stock			—				420
		Comcast Corp		Common Stock			—				1,693,043
		Comcast Corp		Common Stock			—				429,706
		Comcast Corp		Common Stock			—				5,801
		Commtouch Software Ltd		Common Stock			—				715
		Compass Minerals Intl		Common Stock			—				9,811

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Conagra Foods Inc		Common Stock			—				18,140
		Conatus Pharmaceuticals		Common Stock			—				700
		Concho Resources Inc		Common Stock			—				2,707,405
		Conocophillips		Common Stock			—				219,058
		Consolidated Edison Inc		Common Stock			—				33,005
		Container Store Group		Common Stock			—				19,359
		Corning Inc		Common Stock			—				41,965
		Cortex Pharm Inc		Common Stock			—				345
		Cosi Inc		Common Stock			—				397
		Costco Wholesale Corp		Common Stock			—				4,262,187
		Costco Wholesale Corp		Common Stock			—				37,881
		Covidien Plc		Common Stock			—				1,106,146
		Covidien Plc		Common Stock			—				2,250
		Creative Edge Nutrition Inc		Common Stock			—				330
		Cree Inc		Common Stock			—				315,530
		Crestwood Equity LP		Common Stock			—				1,620
		Criteo S A Adr		Common Stock			—				12,126
		Cross Timbers Royalty		Common Stock			—				259
		CST Brands Inc		Common Stock			—				2,791
		CSX Corp		Common Stock			—				14,564
		CTI Biopharma Corp		Common Stock			—				25,256
		CTRIP Com Intl Ltd Adr		Common Stock			—				5,915
		Cubist Pharmaceuticals Inc		Common Stock			—				5,032
		CUI Global Inc		Common Stock			—				119
		Cummins Engine Inc		Common Stock			—				33,327
		Curtiss Wright Corp		Common Stock			—				10,588
		CVS Caremark Corp		Common Stock			—				399,510
		CVS Health Corporation		Common Stock			—				36,405
		Cyan Inc		Common Stock			—				5,000
		Cyberark Software Ltd		Common Stock			—				9,912
		Cyberonics Inc		Common Stock			—				2,449
		Cyclacel Pharma		Common Stock			—				99
		Cytokinetics Inc		Common Stock			—				20,025
		Cytori Therapeutics		Common Stock			—				366
		Cytosorbents Corp		Common Stock			—				2,985
		Cytrx Corp		Common Stock			—				33,438
		Daulton Cap Corp		Common Stock			—				—
		Daystar Technologies		Common Stock			—				—
		Decisionpoint Systems Inc		Common Stock			—				3
		Deckers Outdoor Corp		Common Stock			—				40,968
		Deere & Co		Common Stock			—				33,126
		Delcath Systems Inc		Common Stock			—				180
		Delphi Automotive Plc		Common Stock			—				14,544
		Denbury Res Inc		Common Stock			—				4,065
		Dendreon Corp		Common Stock			—				658
		Depomed Inc		Common Stock			—				16,110
		Derma Sciences Inc		Common Stock			—				1,862

 

22

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Destiny Media Tech		Common Stock			—				1,200
		Devon Energy		Common Stock			—				13,649
		Diamond Offshore Drilling Inc		Common Stock			—				550
		Diana Containership		Common Stock			—				13
		Diana Shipping Inc		Common Stock			—				1,536
		Digerati Tech		Common Stock			—				15
		Digital Realty Trust		Common Stock			—				5,575
		Diplomat Pharmacy		Common Stock			—				20,527
		Direxion Shs ETF		Common Stock			—				21,079
		Discover Financial Svcs		Common Stock			—				32,090
		Discovery Communications		Common Stock			—				436,369
		Discovery Communications		Common Stock			—				435,515
		Disney Walt Hldg Co		Common Stock			—				259,870
		Distil Plc		Common Stock			—				37
		Document Security System		Common Stock			—				4,500
		Dollar General Corp		Common Stock			—				10,887
		Dominion Res Inc		Common Stock			—				16,653
		Dominos Pizza Inc		Common Stock			—				9,417
		Doral Finl Corp		Common Stock			—				1,382
		Dow Chemical Company		Common Stock			—				75,585
		Dryships Inc		Common Stock			—				7,792
		Du Pont (E.I.) De Nemours		Common Stock			—				408,954
		Du Pont (E.I.) De Nemours		Common Stock			—				21,991
		Duke Energy Corp		Common Stock			—				131,854
		Duke Realty Corp		Common Stock			—				9,090
		Dunkin Brands Group Inc		Common Stock			—				659,826
		Dunkin Brands Group Inc		Common Stock			—				23,542
		Durata Therapeutics		Common Stock			—				—
		Dynamic Materials Corp		Common Stock			—				560
		Dynavax Techs		Common Stock			—				10,116
		E M C Corp		Common Stock			—				17,550
		E O G Resources Inc		Common Stock			—				28,541
		Eagle Bulk Shipng		Common Stock			—				5
		Earthlink Holdings Corp		Common Stock			—				4,390
		Eastman Kodak		Common Stock			—				6,513
		Eaton Corp Plc		Common Stock			—				20,388
		Ebay Inc		Common Stock			—				21,213
		Eco Science Solutions		Common Stock			—				3
		Ecolocap Solutions Inc		Common Stock			—				—
		E-Commerce China Adr		Common Stock			—				4,645
		Ecopetrol S A		Common Stock			—				3,098
		Edap Tms S A Spon Adr		Common Stock			—				72,230
		Edwards Lifesciences Corp		Common Stock			—				353,989
		Edwards Lifesciences Corp		Common Stock			—				22,544,296
		El Pollo Loco Hldgs		Common Stock			—				29,955
		Eldorado Gold Corp		Common Stock			—				18,440
		Eline Entmt Group Inc		Common Stock			—				4

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Emcore Corp		Common Stock			—				5
		Emerald Oil Inc		Common Stock			—				3,240
		Emerge Energy Svcs LP		Common Stock			—				13,906
		Emerson Electric Company		Common Stock			—				4,602
		Emulex Corp		Common Stock			—				652
		Enbridge Energy Ptnrs LP		Common Stock			—				3,990
		Enbridge Inc		Common Stock			—				5,141
		Encana Corp		Common Stock			—				303,429
		Encana Corporation		Common Stock			—				17,337
		Endeavour Silver Corp		Common Stock			—				1,080
		Endocan Corp		Common Stock			—				525
		Energy Focus Inc		Common Stock			—				2,958
		Energy Transfer Partners		Common Stock			—				36,301
		Energy Xxi Ltd		Common Stock			—				9,454
		Enerplus Corp		Common Stock			—				1,920
		Engility Hldgs Inc		Common Stock			—				256
		Ensco Plcshs Class		Common Stock			—				4,316
		Enteromedics Inc		Common Stock			—				2,840
		Enterprise Prd Prtnrs LP		Common Stock			—				116,198
		Entravision Commun Corp		Common Stock			—				972
		Eog Resources Inc		Common Stock			—				2,444,303
		EQT Corp		Common Stock			—				11,355
		Erickson Air-Crane Inc		Common Stock			—				4,170
		E-Trade Financial		Common Stock			—				13,146
		Evolving Sys Inc		Common Stock			—				18,740
		Exact Sciences Corp		Common Stock			—				27,440
		Exelixis Inc		Common Stock			—				432
		Exelon Corporation		Common Stock			—				683,008
		Exelon Corporation		Common Stock			—				14,016
		Exeter Resource Corp		Common Stock			—				2,358
		Exone Company		Common Stock			—				285
		Expedia Inc		Common Stock			—				2,646
		Express Scripts Holding Company		Common Stock			—				869,702
		Express Scripts Holding Company		Common Stock			—				11,430
		Exxon Mobil Corporation		Common Stock			—				32,855
		F X Energy Inc		Common Stock			—				217
		Facebook Inc		Common Stock			—				7,286,768
		Facebook Inc		Common Stock			—				847,609
		Fannie Mae		Common Stock			—				43,792
		Female Health Co		Common Stock			—				3,920
		Ferrellgas Partners LP		Common Stock			—				2,335
		Field Exploration Company		Common Stock			—				2,712
		Fireeye Inc		Common Stock			—				979,719
		Fireeye Inc		Common Stock			—				23,685
		First China Pharma		Common Stock			—				702
		First Majestic Silver Corp		Common Stock			—				10,040
		First Solar Inc		Common Stock			—				15,340

 

24

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Flexsteel Industries Inc		Common Stock			—				6,450
		Flextronics Intl Ltd		Common Stock			—				351,137
		Flextronics Intl Ltd		Common Stock			—				11,180
		Fluor Corporation		Common Stock			—				3,152
		Focus Gold Corp		Common Stock			—				—
		Ford Motor Co		Common Stock			—				620,769
		Ford Motor Company		Common Stock			—				211,321
		Formfactor Inc		Common Stock			—				8,600
		Fortress Invt Gp LLC		Common Stock			—				4,010
		Foster Wheeler Ag		Common Stock			—				19,264
		Franco Nevada Corp		Common Stock			—				49,780
		Franklin Resources, Inc.		Common Stock			—				27,685
		Freddie Mac Voting Shs		Common Stock			—				31,672
		Freeport-Mcmoran Inc		Common Stock			—				120,184
		Frontier Communications Corp		Common Stock			—				45,509
		Fuel Performance Sol Inc		Common Stock			—				395
		Fuel Systems Solutions		Common Stock			—				2,735
		Fuel-Tech N V		Common Stock			—				298
		Galectin Therapeutic		Common Stock			—				1,735
		Galena Biopharma Inc		Common Stock			—				6,040
		Gas Natural Inc		Common Stock			—				3,427
		Geeknet Inc		Common Stock			—				1,846
		General Dynamics Corp		Common Stock			—				13,762
		General Electric Co		Common Stock			—				1,512,466
		General Electric Co		Common Stock			—				519,130
		General Electric Company		Common Stock			—				259,499
		General Mills Inc		Common Stock			—				94,499
		General Motors Co		Common Stock			—				144,708
		Generex Biotechnology Corp Del		Common Stock			—				85
		Genetic Techs Ltd Adr		Common Stock			—				3
		Geo Group Inc		Common Stock			—				1,210
		Gilead Sciences Inc		Common Stock			—				3,095,565
		Gilead Sciences Inc		Common Stock			—				213,593
		Gladstone Land Corp		Common Stock			—				7,123
		Glaxosmithkline Plc Adr		Common Stock			—				47,014
		Globalstar Inc		Common Stock			—				825
		Globestar Industries		Common Stock			—				10
		Gogo Inc		Common Stock			—				710
		Gold Fields Ltd Adr		Common Stock			—				1,812
		Golden Star Res Ltd		Common Stock			—				210
		Goldman Sachs Group		Common Stock			—				2,312,383
		Goldman Sachs Group		Common Stock			—				1,119,913
		Goldman Sachs Group		Common Stock			—				20,212
		Goodyear Tire & Rubr Co		Common Stock			—				17,142
		Google Inc		Common Stock			—				3,459,139
		Google Inc		Common Stock			—				3,449,567
		Google Inc		Common Stock			—				262,056

 

25

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Google Inc		Common Stock			—				259,952
		Google Inc		Common Stock			—				56,324
		Google Inc		Common Stock			—				54,127
		Gopro Inc		Common Stock			—				124,353
		Grace W R & Co		Common Stock			—				28,617
		Grand Pacaraima Gold Corp		Common Stock			—				7
		Great Basin Gold Ltd		Common Stock			—				16
		Great Panther Silver		Common Stock			—				3,075
		Green Earth Technologies Inc		Common Stock			—				828
		Green Innovations		Common Stock			—				10
		Greengro Technologies		Common Stock			—				2,147
		Grifols Sa Adr		Common Stock			—				2,685
		Groupon Inc		Common Stock			—				6,029
		Growlife Inc		Common Stock			—				647
		Grupo Aeroport Del Adr		Common Stock			—				2,900
		Gsi Technology Inc		Common Stock			—				2,495
		Guess Inc		Common Stock			—				758
		Gyrodyne Co		Common Stock			—				3,915
		H C P Inc		Common Stock			—				36,060
		H M N Financial Inc		Common Stock			—				2,008
		Halliburton Co Hldg Co		Common Stock			—				46,094
		Halozyme Therapeutics		Common Stock			—				218,176
		Halyard Health Inc		Common Stock			—				2,273
		Hannon Armstrong		Common Stock			—				2,846
		Hansen Medical Inc		Common Stock			—				416
		Hanwha Solarone Co Adr		Common Stock			—				11
		Harbinger Group Inc		Common Stock			—				5,550
		Hartford Fin’L Svcs Grp Inc		Common Stock			—				5,628
		Hasbro		Common Stock			—				7,822
		HCA Holdings Inc		Common Stock			—				36,695
		Headwaters Inc		Common Stock			—				17,988
		Health Care Real Estate Invt Trust		Common Stock			—				7,567
		Healthwarehouse.Com		Common Stock			—				2
		Hecla Mining Company		Common Stock			—				8,382
		Hemispherx Biopharma Inc		Common Stock			—				2,500
		Hemp Inc		Common Stock			—				1,396
		Hercules Offshore Inc		Common Stock			—				1,100
		Hermes Intl S A		Common Stock			—				4,280
		Hess Corp		Common Stock			—				401,000
		Hewlett-Packard Company		Common Stock			—				104,779
		Hi-Crush Partners LP		Common Stock			—				1,572
		Highpower Intl Inc		Common Stock			—				9,940
		Hipcricket Inc		Common Stock			—				2,649
		Hollyfrontier Corp		Common Stock			—				11,244
		Home Depot Inc		Common Stock			—				281,679
		Honda Mtr Co Ltdadr Rep		Common Stock			—				10,450
		Honeywell International Inc		Common Stock			—				55,308

 

26

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Honeywell International Inc		Common Stock			—				1,100,360
		Hooper Holmes Inc		Common Stock			—				515
		Horizon Lines Inc		Common Stock			—				25
		Hospira Inc		Common Stock			—				393,212
		Hovnanian Enterprises Inc		Common Stock			—				7,747
		HSBC Hldgs Plc Adr		Common Stock			—				29,802
		HSN Inc		Common Stock			—				912
		Huntington Bancshares Inc		Common Stock			—				7,258
		Hydrogenics Corp		Common Stock			—				956
		Hypersolar Inc		Common Stock			—				239
		Iac Interactive Corp		Common Stock			—				1,884
		Ibio Inc		Common Stock			—				3,493
		Icahn Enterprises Lp		Common Stock			—				48,916
		Iconix Brand Group Inc		Common Stock			—				2,534
		Idera Pharma		Common Stock			—				59,843
		Ihookup Social Inc		Common Stock			—				6
		Illinois Tool Wks Inc		Common Stock			—				24,958
		Illumina Inc		Common Stock			—				3,262,848
		Illumina Inc		Common Stock			—				18,458
		Imation Corp		Common Stock			—				379
		Immunogen Inc		Common Stock			—				610
		Immunomedics Inc		Common Stock			—				27,360
		Implant Sciences Corp		Common Stock			—				11,404
		Inception Mining Inc		Common Stock			—				6
		Incyte Genomics Inc		Common Stock			—				204,342
		Inditex Unspon Adr		Common Stock			—				3,380,814
		Infinera Corporation		Common Stock			—				13,248
		Infinity Inc		Common Stock			—				8,305
		Infosys Tech Spon Adr		Common Stock			—				3,146
		Ingles Markets		Common Stock			—				14,836
		Inovio Pharma		Common Stock			—				370,642
		Insmed Inc		Common Stock			—				2,289
		Insys Therapeutics		Common Stock			—				2,023
		Intel Corp		Common Stock			—				107,589
		Intelgenx Tech Corp		Common Stock			—				775
		Intelsat S A		Common Stock			—				1,736
		Interactive Brokers		Common Stock			—				8,281
		Interactive Leisure Systems		Common Stock			—				1
		Intercontinental Exchange		Common Stock			—				606,435
		International Paper Co		Common Stock			—				476,269
		Interoil Corp		Common Stock			—				23,419
		Interpublic Group Cos Inc		Common Stock			—				20,853
		Interval Leisure Group		Common Stock			—				250
		Intl Business Machines		Common Stock			—				6,578
		Intrexon		Common Stock			—				19,271
		Intuitive Surgical		Common Stock			—				2,644
		Invensense Inc		Common Stock			—				17,788

 

27

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Invesco Ltd		Common Stock			—				409,839
		Invivo Therapeutics Hldg		Common Stock			—				10,560
		Invo Bioscience Inc		Common Stock			—				520
		Ipg Photonics Corp		Common Stock			—				16,782
		Ireland Bank Adr		Common Stock			—				1,522
		Isc8 Inc		Common Stock			—				—
		Ishares Msci Brazil Indx		Common Stock			—				21,612
		Isis Pharmaceuticals		Common Stock			—				13,582
		Isoray Inc		Common Stock			—				60,658
		Italk Inc		Common Stock			—				1
		ITC Hldgs Corp		Common Stock			—				3,032
		Ivanhoe Energy Inc		Common Stock			—				124
		J P Morgan Chase & Co		Common Stock			—				42,615
		JA Solar Hldgs Adr		Common Stock			—				2,169
		Jabil Circuit Inc		Common Stock			—				10,915
		James River Coal Co		Common Stock			—				36
		Jazz Pharmaceuticals Plc		Common Stock			—				982
		Jds Uniphase Corp		Common Stock			—				2,401
		Jetblue Airways Corp		Common Stock			—				19,825
		Jinkosolar Hldg Co		Common Stock			—				1,399
		John Bean Technologies Corp		Common Stock			—				755
		Johnson & Johnson		Common Stock			—				219,305
		Johnson Controls Inc		Common Stock			—				1,000,226
		Johnson Controls Inc		Common Stock			—				8,513
		Juniper Networks Inc		Common Stock			—				37,944
		Just Energy Group Inc		Common Stock			—				313
		Kellogg Company		Common Stock			—				83,436
		Keryx Biopharmaceuticals		Common Stock			—				12,098
		Keycorp Inc		Common Stock			—				13,900
		Keysight Technologies		Common Stock			—				451,937
		Kilroy Realty Corp		Common Stock			—				4,696
		Kimberly-Clark Corp		Common Stock			—				46,216
		Kinder Morgan Holdco LLC		Common Stock			—				202,157
		Kindred Healthcare Inc		Common Stock			—				9,126
		Kinross Gold Corp		Common Stock			—				5,640
		Kkr & Co LP		Common Stock			—				9,284
		Kma Global Solutions		Common Stock			—				28
		Knightsbridge Shipping		Common Stock			—				4,394
		Kohls Corp		Common Stock			—				61,040
		Kraft Foods Group Inc		Common Stock			—				58,740
		Krispy Kreme Doughnuts Inc		Common Stock			—				19,740
		Kronos Worldwide Inc		Common Stock			—				52
		L-3 Comm Hldgs Inc		Common Stock			—				4,819
		Laboratory Corp Of Amer Hldg		Common Stock			—				21,580
		Lannett Inc		Common Stock			—				1,072
		Las Vegas Sands Corp		Common Stock			—				843,655
		Las Vegas Sands Corp		Common Stock			—				402,096

 

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Las Vegas Sands Corp		Common Stock			—				58,916
		Ldk Solar Co Ltd Adr		Common Stock			—				76
		Leapfrog Enterprises Inc		Common Stock			—				5,914
		Legacy Reserves LP		Common Stock			—				1,143
		Lendingclub Corp		Common Stock			—				116,618
		Lendingclub Corp		Common Stock			—				25,300
		Level 3 Commun		Common Stock			—				4,938
		Liberty All Star Equity		Common Stock			—				143
		Liberty Global Inc		Common Stock			—				5,845
		Liberty Media Corp		Common Stock			—				389,224
		Lifeline Biotechnologies Inc		Common Stock			—				344
		Lilly Eli & Company		Common Stock			—				3,449
		Limelight Networks Inc		Common Stock			—				4,155
		Lincoln Natl Corp Ind		Common Stock			—				4,901
		Linkedin Corp		Common Stock			—				13,093
		Linkedin Corp		Common Stock			—				3,878,891
		Linn Energy		Common Stock			—				32,851
		Linnco LLC		Common Stock			—				1,646
		Linux Gold Corporation		Common Stock			—				37
		Liquidity Services Inc		Common Stock			—				1,021
		Live Nation Entmt Inc		Common Stock			—				443
		Livedeal Inc		Common Stock			—				2,512
		Lockheed Martin Corp		Common Stock			—				11,554
		Logitech Intl S A		Common Stock			—				8,729
		Lowes		Common Stock			—				346,550
		Lowes Companies		Common Stock			—				33,230
		Lumber Liquidators Hldgs		Common Stock			—				2,121
		Luna Innovations Inc		Common Stock			—				14,910
		Lynas Corporation		Common Stock			—				27
		Lyondellbasell Inds		Common Stock			—				39,695
		M D U Resources Group Inc		Common Stock			—				2,507
		M G M Grand		Common Stock			—				1,496
		Macquarie Infrastr Co LLC		Common Stock			—				35,545
		Magellan Petroleum Corp		Common Stock			—				1,820
		Magnum Hunter Resour		Common Stock			—				1,099
		Mahanagar Tel Nigam Adr		Common Stock			—				160
		Main Str Cap Corp		Common Stock			—				39,492
		Mallinckrodt Pub		Common Stock			—				198
		Mandalay Digital		Common Stock			—				16
		Manhattan Scientifics Inc		Common Stock			—				9,736
		Manitok Energy Inc		Common Stock			—				1,750
		Manitowoc Inc		Common Stock			—				4,199
		Mannkind Corp		Common Stock			—				95,178
		Marathon Oil Corp		Common Stock			—				33,948
		Marathon Pete Corp		Common Stock			—				65,292
		Markel Corp Holding Co		Common Stock			—				20,485
		Marriott International		Common Stock			—				3,411,069

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Marsh & Mclennan Cos		Common Stock			—				407,042
		Mast Therapeutics Inc		Common Stock			—				22,400
		Mastercard Inc		Common Stock			—				7,468,099
		Mastercard Inc		Common Stock			—				172,664
		Mazda Motors Corp Adr		Common Stock			—				1,689
		McDonalds Corp		Common Stock			—				85,518
		McGraw Hill Financial Inc		Common Stock			—				2,043,872
		McKesson Corporation		Common Stock			—				29,061
		Medbox Inc		Common Stock			—				2,862
		Medclean Tech Inc		Common Stock			—				9
		Medical Marijuana Inc		Common Stock			—				2,961
		Medical Properties Trust		Common Stock			—				9,152
		Medicines Company		Common Stock			—				15,495
		Medivation Inc		Common Stock			—				3,386
		Medtronic Inc		Common Stock			—				16,750
		Meetme Inc		Common Stock			—				7,650
		Mercadolibre Inc		Common Stock			—				7,149
		Merck & Co Inc		Common Stock			—				188,344
		Merck & Co. Inc.		Common Stock			—				2,969,477
		Merrimack Pharma Inc		Common Stock			—				11,300
*		Met Life Inc		Common Stock			—				6,257
		Mgic Invt Corp Wis		Common Stock			—				2,339
		Michael Kors Holdings Ltd		Common Stock			—				56,325
		Michael Kors Holdings Ltd		Common Stock			—				1,163,111
		Micro Imaging Tech		Common Stock			—				1
		Microsoft Corp		Common Stock			—				422,066
		Microsoft Corp		Common Stock			—				107,795
		Miller Herman Inc		Common Stock			—				2,943
		Mimedx Group Inc		Common Stock			—				22,910
		Mind Solutions Inc		Common Stock			—				793
		Ml Cap Group Inc		Common Stock			—				7
		Mobileye N V Amstelveen		Common Stock			—				1,216
		Mohawk Industries Inc		Common Stock			—				368,263
		Molson Coors Brewing		Common Stock			—				4,396
		Molycorp Inc		Common Stock			—				902
		Momenta Pharmaceuticals		Common Stock			—				577
		Mondelez Intl Inc		Common Stock			—				2,970,453
		Mondelez Intl Inc		Common Stock			—				48,602
		Monitise Plc Ord		Common Stock			—				1,298
		Monsanto Co		Common Stock			—				3,921,945
		Monsanto Co		Common Stock			—				1,203,557
		Monsanto Co		Common Stock			—				17,801
		Monster Beverage Corp		Common Stock			—				5,200
		Mont Mining Corp		Common Stock			—				20,006
		Morgan Stanley		Common Stock			—				3,032,895
		Morgan Stanley		Common Stock			—				15,520
		Mosaic Co		Common Stock			—				466,647

 

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Mosaic Co		Common Stock			—				10,964
		Multi-Corp Intl Inc		Common Stock			—				36
		Murphy Oil Corp		Common Stock			—				3,789
		Musclepharm Corp		Common Stock			—				1,020
		Myecheck Inc		Common Stock			—				935
		Myriad Genetics Inc		Common Stock			—				57,902
		N I I Holdings Inc		Common Stock			—				4
		N P S Pharmaceuticals Inc		Common Stock			—				39,025
		Nanosphere Inc		Common Stock			—				29
		Natcore Technology		Common Stock			—				1,588
		National Grid Plc Adr		Common Stock			—				14,132
		National-Oilwell Inc		Common Stock			—				1,965
		Navidea Biopharma		Common Stock			—				12,852
		Navios Maritime		Common Stock			—				11,856
		Navios Maritime Partners		Common Stock			—				5,085
		Navistar International Corp		Common Stock			—				1,037
		Neostem Inc		Common Stock			—				56,229
		Nephrogenex Inc		Common Stock			—				26,700
		Nephros Inc		Common Stock			—				5,193
		Nestle S A		Common Stock			—				7,295
		Netapp Inc		Common Stock			—				612,031
		Netapp Inc		Common Stock			—				3,316
		Netflix Inc		Common Stock			—				2,813,197
		Netflix Inc		Common Stock			—				41,334
		Netgear Inc		Common Stock			—				3,558
		Neuralstem Inc		Common Stock			—				2,176
		Neustar Inc Class A		Common Stock			—				1,668
		Nexstar Broadcasting Gp		Common Stock			—				5,179
		Nextera Energy Inc		Common Stock			—				99,933
		Nike Inc		Common Stock			—				5,019,110
		Nike Inc		Common Stock			—				43,302
		No Amern Palladium Ltd		Common Stock			—				470
		Nokia Corp Spon Adr		Common Stock			—				24,020
		Nordic American Tanker		Common Stock			—				30,210
		Nordic Amern Offshore Ltd		Common Stock			—				307
		Nordstrom Inc		Common Stock			—				3,572
		Norfolk Southn Corp		Common Stock			—				12,963
		Norstra Energy Inc		Common Stock			—				10
		Nortel Networks		Common Stock			—				—
		Northern Trust Corp		Common Stock			—				752,222
		Novartis AG		Common Stock			—				57,263
		Novartis Ag Adr		Common Stock			—				475,886
		Novatel Wireless Inc		Common Stock			—				3,864
		Novavax Inc		Common Stock			—				5,930
		Novo Nordisk Adr		Common Stock			—				2,829,962
		Novo-Nordisk Adr		Common Stock			—				31,316
		Now Inc		Common Stock			—				180

 

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Nrg Energy Inc		Common Stock			—				10,348
		Nuance Communications Inc		Common Stock			—				3,567
		Nucor Corp		Common Stock			—				22,366
		Nutri Sys Inc		Common Stock			—				586
		Nuverra Environmentl		Common Stock			—				2,775
		Nvidia Corp		Common Stock			—				38,155
		Nw Biotherapeutics		Common Stock			—				247,587
		Nxstage Medical Inc		Common Stock			—				6,903
		O Reilly Automotive Inc		Common Stock			—				2,621,551
		Occidental Pete Corp		Common Stock			—				50,523
		Occidental Petroleum Corp		Common Stock			—				1,234,037
		Ocean Rig Udw Inc		Common Stock			—				380
		Oclaro Inc		Common Stock			—				356
		Oi Sa Adr		Common Stock			—				2,073
		Oilsands Quest Inc		Common Stock			—				—
		Olin Corp		Common Stock			—				2,686
		Omega Hlthcare Invs Inc		Common Stock			—				33,364
		Omnicell Inc		Common Stock			—				16,560
		Omnicom Group		Common Stock			—				860,783
		Oncogenex Pharmaceuticals Inc		Common Stock			—				38
		Oncolytics Biotech Inc		Common Stock			—				82,309
		Oncomed Pharmaceutic		Common Stock			—				21,760
		Onconova Therapeutic		Common Stock			—				5,764
		Oncosec Med Inc		Common Stock			—				857
		Opko Health Inc		Common Stock			—				7,292
		Optigenex Inc		Common Stock			—				—
		Oracle Corp		Common Stock			—				1,006,002
		Oracle Corp		Common Stock			—				515,215
		Oracle Corporation		Common Stock			—				47,269
		Orange Adr		Common Stock			—				846
		Orbital Sciences Corporation		Common Stock			—				13,445
		Orbotech Ltd		Common Stock			—				1,480
		Orexigen Therapeutics		Common Stock			—				30,300
		Organovo Hldgs Inc		Common Stock			—				1,993
		Outerwall Inc		Common Stock			—				1,504
		Owens Illinois Inc		Common Stock			—				347,873
		Owens Illinois Inc		Common Stock			—				423,845
		Oxigene Inc		Common Stock			—				16
		P D L Biopharma Inc		Common Stock			—				11,565
		P M C Sierra Inc		Common Stock			—				5,038
		Paccar Inc		Common Stock			—				6,801
		Pacific Ethanol Inc		Common Stock			—				9,834
		Packaging Corp Of Amer		Common Stock			—				3,902
		Palatin Technologies		Common Stock			—				36
		Pan American Silver		Common Stock			—				5,326
		Panacos Pharmaceuticals		Common Stock			—				—
		Parexel Intl Corp		Common Stock			—				2,778

 

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Parkervision Inc		Common Stock			—				3,639
		Patterson Uti Energy Inc		Common Stock			—				8,295
		Pay Chest Inc		Common Stock			—				2
		Paychex Inc		Common Stock			—				37,490
		PDI Inc		Common Stock			—				179
		Peabody Energy Corp		Common Stock			—				8,268
		Pembina Pipeline Corp		Common Stock			—				145
		Penn West Pete Ltd		Common Stock			—				1,087
		Penney J C Co Inc		Common Stock			—				11,016
		Pennymac Mtg Invt Trust		Common Stock			—				26,154
		Pentair Plc		Common Stock			—				134,480
		Pentair Plc		Common Stock			—				332
		Pepsico Inc		Common Stock			—				48,068
		Perceptron Inc		Common Stock			—				19,900
		Peregrine Pharma Inc		Common Stock			—				329
		Perrigo Co		Common Stock			—				9,026
		Perrigo Co		Common Stock			—				721,475
		Petmedexpress.Com Inc		Common Stock			—				1,824
		Petrochina Co Adr		Common Stock			—				1,331
		Petroleo Brasileiro Adr		Common Stock			—				31,390
		Petsmart Inc		Common Stock			—				5,690
		Pfizer Inc		Common Stock			—				1,341,381
		Pfizer Inc		Common Stock			—				198,206
		Pharmacyclics Inc		Common Stock			—				27,630
		Pharmathene Inc		Common Stock			—				27,150
		Pharmos Corp		Common Stock			—				1
		Philip Morris Intl Inc		Common Stock			—				171,026
		Phillips 66		Common Stock			—				90,987
		Pilgrims Pride Corp		Common Stock			—				9,017
		Pilot Gold Inc		Common Stock			—				4,614
		Pitney Bowes Inc		Common Stock			—				17,059
		Plains All Amern Pipeline LP		Common Stock			—				100,330
		Plasmatech Biopharma		Common Stock			—				1,631
		Platinum Studios Inc		Common Stock			—				—
		Plug Power Inc		Common Stock			—				24,972
		Plum Creek Timber Co		Common Stock			—				12,837
		PNC Financial Services Group		Common Stock			—				1,054,220
		Polymedix Inc		Common Stock			—				2
		Polymet Mng Corp		Common Stock			—				16,234
		Pop3 Media Corp		Common Stock			—				—
		Positiveid Corp		Common Stock			—				11
		Potash Corp Sask Inc Foreign		Common Stock			—				44,962
		Potbelly Corp		Common Stock			—				41,827
		Power3 Medical Products		Common Stock			—				—
		Powershares Db Ag Etn		Common Stock			—				15,030
		PPG Inds Inc		Common Stock			—				92,460
		PRA Group, Inc		Common Stock			—				5,387

 

33

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Prana Biotechnology Ltd Adr		Common Stock			—				5,756
		Precision Castparts Corp		Common Stock			—				3,506,046
		Precision Castparts Corp		Common Stock			—				2,890
		Priceline.Com Inc		Common Stock			—				4,036,088
		Pricesmart Inc		Common Stock			—				1,368
		Primco Management Inc		Common Stock			—				10
		Procter & Gamble Co		Common Stock			—				183,364
		Procter & Gamble Co		Common Stock			—				431,836
		Progressive Corp Ohio		Common Stock			—				4,102
		Proshares Ultra S&P 500		Common Stock			—				66,207
		Prospect Energy Corp		Common Stock			—				26,177
		Prothena Corp Plc		Common Stock			—				352
		Provectus Biopharmaceuticals		Common Stock			—				800
		Proxim Wireless Corp		Common Stock			—				48
		PTC Therapeutics Inc		Common Stock			—				2,588
		Pulaski Financial Corp		Common Stock			—				8,765
		Pulse Beverage Corp		Common Stock			—				1,800
		Qihoo 360 Technology Co		Common Stock			—				45,521
		Quadrant 4 Systems Corp		Common Stock			—				1,092
		Qualcomm Inc		Common Stock			—				759,822
		Qualcomm Inc		Common Stock			—				330,357
		Qualcomm Inc		Common Stock			—				34,191
		Quantum Fuel Sys		Common Stock			—				1,306
		Quest Diagnostics Inc		Common Stock			—				16,765
		Radian Group Inc		Common Stock			—				8,529
		Radient Pharma Corp		Common Stock			—				—
		Rainbow Coral Corp		Common Stock			—				223
		Rambus Inc		Common Stock			—				11,090
		Randgold Res Ltd Adr		Common Stock			—				67
		Rapid Fire Mktg Inc		Common Stock			—				5
		Rayonier Advanced		Common Stock			—				2,899
		Rayonier Inc		Common Stock			—				2,514
		Raystream Inc		Common Stock			—				—
		Raytheon Company		Common Stock			—				5,408
		Realogy Holdings Corp		Common Stock			—				478,957
		Realty Income Corporation		Common Stock			—				25,111
		Red Hat Inc		Common Stock			—				3,264,385
		Regado Biosciences		Common Stock			—				913
		Regeneron Pharmaceuticals Inc		Common Stock			—				2,871
		Regions Financial		Common Stock			—				5,744
		Reliance Steel & Aluminum Company		Common Stock			—				490,163
		Reliance Steel & Aluminum Company		Common Stock			—				6,127
		Renewable Energy Group		Common Stock			—				971
		Rentech Nitrogen Partners Lcom Unit		Common Stock			—				42,964
		Repligen Corp		Common Stock			—				6,930
		Resource Capital Corp		Common Stock			—				141,714
		Retail Oppty Investments		Common Stock			—				1,242

 

34

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Table of Contents

Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost  (1)				Current Value
		Revance Therapeutics		Common Stock			—				3,388
		Revolutionary Concepts Inc		Common Stock			—				1
		Rex Stores Corp		Common Stock			—				4,895
		Rf Micro Devices Inc		Common Stock			—				4,147
		Rhino Res Partners LP		Common Stock			—				450
		Ricebran Tech		Common Stock			—				9,796
		Rite Aid Corporation		Common Stock			—				3,729
		Rock-Tenn Co		Common Stock			—				18,294
		Rockwell Automation Inc.		Common Stock			—				44,480
		Rockwell Medical Tech		Common Stock			—				5,140
		Rosetta Stone Inc		Common Stock			—				976
		Royal Bank Scot Ne Adr		Common Stock			—				605
		Royal Dutch Shell Adr		Common Stock			—				12,720
		Royal Gold Inc		Common Stock			—				18,810
		Rpx Corporation		Common Stock			—				4,698
		Rubicon Minerals Corp		Common Stock			—				18,035
		RXI Pharmaceuticals		Common Stock			—				16,000
		Sagent Pharaceuticals		Common Stock			—				62,775
		Salesforce.com		Common Stock			—				11,862
		Salesforce.com		Common Stock			—				4,056,303
		Samson Oil & Gas Ltd Adr		Common Stock			—				1,186
		San Gold Corp		Common Stock			—				18
		Sandisk Corp		Common Stock			—				39,192
		Sandridge Energy Inc		Common Stock			—				127
		Sangamo Biosciences Inc		Common Stock			—				5,399
		Sanmina Corporation		Common Stock			—				4,706
		Sanofi Adr		Common Stock			—				459,481
		Sanofi Adr		Common Stock			—				9,760
		Sarepta Therapeutics		Common Stock			—				107,656
		Satcon Technology		Common Stock			—				—
		Schlumberger Ltd		Common Stock			—				3,367,495
		Schlumberger Ltd		Common Stock			—				76,527
		Seadrill Limited Ord		Common Stock			—				6,683
		Seagate Technology Plc		Common Stock			—				21,413
		Sears Canada Inc		Common Stock			—				816
		Seattle Genetics Inc		Common Stock			—				5,462
		Sector Spdr Util Select		Common Stock			—				81,756
		Senior Housing Pptys Tr REIT		Common Stock			—				66,330
		Sesa Goa Ltd Adr		Common Stock			—				583
		Seventy Seven Energy Inc		Common Stock			—				687
		Sevion Therapeutics Inc		Common Stock			—				820
		Sgoco Technology		Common Stock			—				186
		Ship Finance International		Common Stock			—				395
		Shire Plc Adr		Common Stock			—				2,508,932
		Sibanye Gold Ltd Adr		Common Stock			—				757
		Sierra Wireless Inc		Common Stock			—				55,778
		Silver Bay Rlty Trust		Common Stock			—				198

 

35

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Silver Wheaton Corp		Common Stock			—				57,472
		Sirius Xm Hldgs Inc		Common Stock			—				38,146
		Skyworks Solutions Inc		Common Stock			—				14,542
		Socket Mobile Inc		Common Stock			—				57,562
		Solar Capital Ltd		Common Stock			—				15,301
		Solarcity Corp		Common Stock			—				21,392
		Soligenix Inc		Common Stock			—				3,261
		Sony Corp Adr		Common Stock			—				61
		Sothebys Hldgs Inc		Common Stock			—				1,727
		Southern Co		Common Stock			—				199,583
		Southern Copper Corp		Common Stock			—				25,335
		Southwest Airls Co		Common Stock			—				1,113,045
		Spectra Energy Corp		Common Stock			—				46,501
		Spectranetics Corp		Common Stock			—				11,065
		Sphere 3D Corp		Common Stock			—				5,250
		Spirit Aerosystems Hldgs		Common Stock			—				3,228
		Splunk Inc		Common Stock			—				1,941,257
		Spongetech Delivery Sys		Common Stock			—				1
		Sprint Corporation		Common Stock			—				13,989
		Spyglass Resources Corp		Common Stock			—				29
		St Jude Medical Inc		Common Stock			—				13,851
		Stag Industrial Inc		Common Stock			—				6,625
		Standex Intl Corp		Common Stock			—				7,726
		Stanley Black & Decker		Common Stock			—				6,412
		Star Bulk Carriers		Common Stock			—				104
		Starbucks Corp		Common Stock			—				2,774,969
		Starbucks Corp		Common Stock			—				43,790
		Statoil Asa Adr		Common Stock			—				3,821
		Steel Dynamics Inc		Common Stock			—				1,985
		Steelcase Inc		Common Stock			—				8,975
		Stellar Biotech Inc		Common Stock			—				3,689
		Stemcells Inc		Common Stock			—				9,512
		Stryker Corp		Common Stock			—				3,018
		Sulphco Inc		Common Stock			—				—
		Suncor Energy Inc		Common Stock			—				2,192
		Suntech Power Hldgs Co		Common Stock			—				19
		Suntrust Banks Inc		Common Stock			—				9,637
		Swingplane Ventures		Common Stock			—				—
		Synta Pharmaceuticals		Common Stock			—				795
		Synthetic Biologics Inc		Common Stock			—				1,385
		Sysco Corp		Common Stock			—				15,082
		Taiwan Semiconductor Mfg Co Adr		Common Stock			—				8,996
		Target Corporation		Common Stock			—				54,196
		Taseko Mines Ltd		Common Stock			—				16,571
		Taser International Inc		Common Stock			—				37,072
		Tata Motors Ltd Adr		Common Stock			—				31,625
		Tauriga Sciences Inc		Common Stock			—				240

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Te Connectivity Ltd		Common Stock			—				1,391
		Teck Resources Ltd		Common Stock			—				1,364
		Tencent Holdings Ltd		Common Stock			—				725
		Tencent Holdings Ltd		Common Stock			—				561,286
		Teradata Corp		Common Stock			—				1,747
		Terex Corp		Common Stock			—				2,091
		Terra Inventions Corp		Common Stock			—				—
		Terra Nitrogen Co Lp		Common Stock			—				4,621
		Terra Tech Corp		Common Stock			—				3,259
		Tesco Plc Adr		Common Stock			—				23,476
		Tesla Motors Inc		Common Stock			—				2,238,612
		Tesla Motors Inc		Common Stock			—				135,892
		Tesoro Pete Corp		Common Stock			—				2,379
		Teva Pharmaceutical Industries		Common Stock			—				4,025
		Texas Instruments Inc		Common Stock			—				704,950
		Texas Instruments Inc		Common Stock			—				348,514
		Textainer Group Holdings		Common Stock			—				4,804
		TG Therapeutics Inc		Common Stock			—				15
		The Wendys Company		Common Stock			—				14,538
		Thermo Fisher Scientific Inc		Common Stock			—				507,350
		Thompson Creek Metals		Common Stock			—				69,305
		Threshold Pharmaceutical		Common Stock			—				159
		Tiffany & Co		Common Stock			—				3,191,678
		Tiger Oil & Energy		Common Stock			—				530
		Tile Shop Hldgs Inc		Common Stock			—				1,758
		Time Inc		Common Stock			—				366,490
		Time Inc		Common Stock			—				470
		Time Warner Inc		Common Stock			—				5,954
		Time Warner Inc		Common Stock			—				404,956
		Time Warner Inc		Common Stock			—				21,653
		Tital Medical Inc		Common Stock			—				277,620
		TJX Companies Inc		Common Stock			—				2,199,722
		T-Mobile US Inc		Common Stock			—				17,968
		Tompkins Financial		Common Stock			—				6,027
		Torch Energy Royalty		Common Stock			—				11
		Torchlight Energy Resources Inc		Common Stock			—				8,300
		Total Fina S A Adr		Common Stock			—				8,857
		Toyota Motor Cp Adr		Common Stock			—				18,822
		Transcanada Corp		Common Stock			—				9,820
		Transmontaigne Partners LP		Common Stock			—				6,302
		Transocean Inc		Common Stock			—				76,986
		Transwitch Corp		Common Stock			—				1
		Travelers Companies Inc		Common Stock			—				2,434
		Travelzoo Inc		Common Stock			—				1,766
		Tree.Com Inc		Common Stock			—				96
		Trimble Nav Ltd		Common Stock			—				26,540
		Trimedyne Inc		Common Stock			—				602

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Tripadvisor Inc		Common Stock			—				1,528,383
		Tripadvisor Inc		Common Stock			—				2,314
		Truecar Inc		Common Stock			—				45,800
		Trw Automotive Holdings		Common Stock			—				10,285
		Ttm Technologies Inc		Common Stock			—				7,530
		Turkcell Iletisim Adr		Common Stock			—				846
		Turtle Beach Corp		Common Stock			—				3,987
		Twenty First Century Fox		Common Stock			—				3,211,665
		Twitter Inc		Common Stock			—				2,162,948
		Twitter Inc		Common Stock			—				102,946
		Two Harbors Investment		Common Stock			—				2,945
		Tyco Intl Plc		Common Stock			—				964
		Tyson Foods Inc		Common Stock			—				8,018
		Ultra Petroleum Corp		Common Stock			—				1,579
		Under Armour Inc		Common Stock			—				16,975
		Under Armour Inc		Common Stock			—				2,502,022
		Uni Pixel Inc		Common Stock			—				1,707
		Unilever Plc Adr		Common Stock			—				3,602
		Union Pacific Corp		Common Stock			—				3,633,694
		Union Pacific Corp		Common Stock			—				4,765
		United Contl Hldgs Inc		Common Stock			—				66,890
		United Parcel Service		Common Stock			—				19,556
		United States Steel Corp		Common Stock			—				1,341
		United Technologies Corp		Common Stock			—				7,705
		Unitedhealth Group Inc		Common Stock			—				988,441
		Universal Display Corp		Common Stock			—				6,382
		US Bancorp		Common Stock			—				14,280
		US Brent Oil Fund LP		Common Stock			—				7,604
		USA Graphite Inc		Common Stock			—				—
		Vale S A		Common Stock			—				10,274
		Valeant Pharmaceuticals		Common Stock			—				826,863
		Valero Energy Corp		Common Stock			—				27,827
		Vanguard Natural Res LLC		Common Stock			—				3,014
		Vape Hldgs Inc		Common Stock			—				890
		Varonis Sys Inc		Common Stock			—				1,641
		Vasco Data Security Intl		Common Stock			—				959
		Vector Group Ltd		Common Stock			—				26,465
		Velatel Global Comm		Common Stock			—				—
		Venaxis Inc		Common Stock			—				47
		Ventas Inc		Common Stock			—				23,302
		Veolia Environ Adr		Common Stock			—				13,202
		Vericel Corporation		Common Stock			—				1,216
		Verisign Inc		Common Stock			—				570
		Veriteq Corp		Common Stock			—				—
		Verizon Communications		Common Stock			—				418,258
		Vertex Pharmaceuticals Inc		Common Stock			—				11,880
		Vertex Pharmaceuticals Inc		Common Stock			—				2,255,630

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Vg Life Sciences Inc		Common Stock			—				1
		Via Pharmaceuticals Inc		Common Stock			—				—
		Viacom Inc		Common Stock			—				1,096,241
		Vipshop Hldgs Ltd Ad		Common Stock			—				104,734
		Viropro Inc		Common Stock			—				1
		Virtra Systems Inc		Common Stock			—				8,160
		Virtual Piggy Inc		Common Stock			—				63,133
		Visa Inc		Common Stock			—				6,555
		Visa Inc		Common Stock			—				5,738,138
		Vitae Pharmaceuticals		Common Stock			—				6,656
		Vivus		Common Stock			—				1,440
		Vmware Inc		Common Stock			—				14,028
		Vmware Inc		Common Stock			—				1,639,652
		Voc Energy		Common Stock			—				3,804
		Vodafone Group Plc Sp Adr		Common Stock			—				38,817
		Vodafone Group Plc Sp Adr		Common Stock			—				853,496
		Vodafone Group Plc Sp Adr		Common Stock			—				465,727
		Volt Info Sciences Inc		Common Stock			—				858
		Voltari Corp		Common Stock			—				3
		Vonage Holdings		Common Stock			—				2,571
		Walgreens Boots Alliance		Common Stock			—				132,757
		Wal-Mart Stores Inc		Common Stock			—				96,541
		Walt Disney Co		Common Stock			—				3,876,653
		Walter Inds Inc		Common Stock			—				897
		Waste Management Inc		Common Stock			—				44,158
		Weatherford Intl		Common Stock			—				22,900
		Wells Fargo & Co		Common Stock			—				47,436
		Wellstar Intl Inc		Common Stock			—				5
		Westell Technologies Inc		Common Stock			—				2,520
		Western Digital Corp		Common Stock			—				33,431
		Western Refng Inc		Common Stock			—				114
		Westport Innovation		Common Stock			—				4,488
		Whiting Petroleum Corp		Common Stock			—				7,590
		Whole Foods Mkt Inc		Common Stock			—				11,647
		Wi-Lan Inc		Common Stock			—				11,960
		Williams Co. Inc.		Common Stock			—				4,779
		Wilshire Bancorp Inc		Common Stock			—				2,026
		Windstream Hldgs Inc		Common Stock			—				55,013
		Wisdomtree Investments		Common Stock			—				11,364
		Workday Inc		Common Stock			—				2,020,797
		Wuxi Pharmatech Adr		Common Stock			—				13,468
		Xcel Energy Inc		Common Stock			—				3,625
		Xerox Corp		Common Stock			—				4,421
		Xinyuan Real Estate Adr		Common Stock			—				354
		Xoma Corp		Common Stock			—				3,467
		XPO Logistics Inc		Common Stock			—				18,396
		Yahoo! Inc		Common Stock			—				65,157

 

39

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Yamana Gold Inc		Common Stock			—				44,706
		Yandex N V		Common Stock			—				4,759
		Yelp Inc Class A		Common Stock			—				125,003
		Yingli Green Energy Adr		Common Stock			—				470
		York Mtg Trust		Common Stock			—				7,710
		Yum Brands Inc		Common Stock			—				9,116
		Zagg Incorporated		Common Stock			—				20,437
		Zap		Common Stock			—				68
		Zimmer Holdings Inc		Common Stock			—				113,533
		Zion Oil & Gas Inc		Common Stock			—				1,370
		Zynga Inc		Common Stock			—				7,182
		Common Stock					—			$	507,029,296
**		U.S Government and Government Agency Issues:
		Fannie Mae		7.25% 15 May 2030			—				391,590
		Fannie Mae		6.625% 15 Nov 2030			—				1,355,156
		Fed HM LN PC Pool C48827		6.0% 01 Mar 2031			—				5,218
		Fed HM LN PC Pool G12334		5.0% 01 Sep 2021			—				63,338
		FNMA TBA Jan 30 Single Fam		4.5% 01 Feb 2099			—				722,911
		FNMA Conv 15Yr TBA		2.5% 01 Dec 2099			—				678,061
		FNMA Pool 256398		6.0% 01 Sep 2021			—				13,618
		FNMA Pool 581043		6.0% 01 May 2016			—				1,625
		FNMA Pool 615005		6.0% 01 Dec 2016			—				5,409
		FNMA Pool 694448		5.5% 01 Apr 2033			—				1
		FNMA Pool 725690		6.0% 01 Aug 2034			—				93,633
		FNMA Pool 748115		6.0% 01 Oct 2033			—				38,417
		FNMA Pool 815316		5.5% 01 May 2035			—				155,898
		FNMA Pool 885504		6.0% 01 Aug 2021			—				44,322
		FNMA Pool 902793		6.5% 01 Nov 2036			—				61,172
		FNMA Pool AB9703		3.5% 01 Jun 2043			—				322,723
		FNMA Pool AH3979		4.0% 01 Feb 2041			—				274,349
		FNMA Pool AH4008		4.0% 01 Mar 2041			—				371,679
		FNMA Pool AO3540		3.0% 01 Jun 2042			—				176,033
		FNMA Pool AP6604		3.0% 01 Sep 2042			—				695,673
		FNMA Pool AT2032		3.5% 01 Apr 2043			—				817,842
		FNMA Pool MA0734		4.5% 01 May 2031			—				251,323
		FNMA Pool MA1437		3.5% 01 May 2043			—				245,751
		FNMA TBA 15Yr Single Family		3.0% 20 Jan 2030			—				979,390
		FNMA TBA 30Yr Single Family		3.5% 01 Dec 2099			—				1,275,349
		FNMA TBA Single Family		4.0% 01 Dec 2099			—				3,080,048
		GNMA II Pool 710082		4.698% 20 Jul 2061			—				59,091
		GNMA II Pool 710089		4.7% 20 Oct 2061			—				41,464
		GNMA II Pool 751415		4.616% 20 Aug 2061			—				37,430
		GNMA II Pool 756731		4.673% 20 Mar 2062			—				21,021
		GNMA II Pool 766519		4.668% 20 May 2062			—				52,790

 

40

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		GNMA II Pool 766522		4.538% 20 Nov 2062			—				63,347
		GNMA II Pool 766544		4.499% 20 Dec 2062			—				61,946
		GNMA II Pool 766549		4.616% 20 Jul 2062			—				91,217
		GNMA II Pool 771800		4.627% 20 Jan 2064			—				84,448
		GNMA II Pool AB8466		1.0% 20 Sep 2063			—				282,139
		GNMA II Pool AC0988		4.423% 20 July 2063			—				44,941
		GNMA II Pool AC9906		4.323% 20 May 2063			—				36,869
		GNMA II Pool AC9910		4.515% 20 Jul 2063			—				37,771
		Mex Bonos Desarr		6.5% 10 Jun 2021			—				1,581,730
		Republic of Colombia		4.0% 26 Feb 2024			—				201,770
		Republic Of Indonesia Sr Unsecured 144A 01/44 6.75		6.75% 15 Jan 2044			—				409,029
		Republic Of Philippines		3.9% 26 Nov 2022			—				215,604
		Republic Of Philippines Sr Unsecured 01/24 4.2		4.2% 21 Jan 2024			—				214,103
		Tenn Valley Authority		3.5% 15 Dec 2042			—				585,419
		Tsy Infl Ix N/B 02/44 1.375		1.375% 15 Feb 2044			—				1,146,092
		Tsy Infl Ix N/B 07/24 0.125		0.125% 15 Jul 2024			—				1,109,697
		United Mexican States		6.05% 11 Jan 2040			—				386,136
		United Mexican States Sr Unsecured 01/45 5.55		5.55% 21 Jan 2045			—				103,228
		US Treasury N/B		3.75% 15 Nov 2043			—				2,223,868
		US Treasury N/B		1.875% 31 Aug 2017			—				4,612,565
		US Treasury N/B		1.0% 30 Jun 2019			—				1,323,895
		US Treasury N/B		3.625% 15 Feb 2044			—				539,906
		US Treasury N/B		0.375% 31 Mar 2016			—				4,996,611
		US Treasury N/B		0.5% 30 Sep 2016			—				817,961
		US Treasury N/B		0.375% 31 Oct 2016			—				427,416
		US Treasury N/B		0.5% 30 Nov 2016			—				703,693
		U.S Government and Government Agency Issues					—			$	34,633,726
**		Corporate and Other Obligations:
		AES Corp		1.0% 01 Jun 2019			—				57,710
		Alexandria Real Est		Preferred Stock			—				25,900
		American Tower Corp		4.625% 01 Apr 2015			—				143,340
		American Tower Corp		4.5% 15 Jan 2018			—				220,040
		Americredit Automobile Receivables		1.19% 08 May 2018			—				98,760
		Americredit Automobile Receivables		1.79% 08 Mar 2019			—				78,830
		Anadarko Petroleum Corp		6.375% 15 Sep 2017			—				405,870
		Arcelormittal		7.25% 01 Mar 2041			—				373,690
		Asbury Automotive Group		6.0% 15 Dec 2024			—				130,500
		Associates Corp NA		6.95% 01 Nov 2018			—				172,850
		Avon Products Inc		4.6% 15 Mar 2020			—				44,760
		Banc of America Commercial Mortgage		1.0% 10 Apr 2049			—				158,350
		Banco Santander Bras		4.625% 13 Feb 2017			—				408,980
		Banco Santander Chile		3.875% 20 Sep 2022			—				195,250
		Bank of America		6.4% 28 Aug 2017			—				197,870
		Bank of America		5.625% 01 Jul 2020			—				443,730

 

41

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Bank of America		5.0% 13 May 2021			—				148,620
		Bear Stearns Commercial Mortgage		1.0% 11 Jun 2040			—				186,230
		Braskem America Finance		7.125% 22 Jul 2041			—				322,330
		Brocade Communications		6.875% 15 Jan 2020			—				45,840
		Bunge Limited Finance Co		4.1% 15 Mar 2016			—				76,280
		CBRE Services Inc		5.0% 15 Mar 2023			—				35,280
		CCO Hldgs LLC		5.25% 15 Mar 2021			—				233,600
		CCO Hldgs LLC		6.5% 30 Apr 2021			—				108,770
		CD Commercial Mortgage Trust		5.322% 28 Jun 2016			—				480,520
		Celulosa Arauco		5.0% 21 Jan 2021			—				231,890
		Centurylink Inc		5.625% 01 Apr 2020			—				87,010
		Cielo Sa/Cielo USA Inc		3.75% 16 Nov 2022			—				355,190
		Citigroup Inc		4.45% 10 Jan 2017			—				338,960
		Citigroup Inc		4.05% 30 Jul 2022			—				168,440
		Citigroup Inc		1.3% 01 Apr 2016			—				222,310
		CNPC General Capital		3.95% 19 Apr 2022			—				200,750
		Colony American Homes		1.0% 17 May 2031			—				237,170
		Comcast Corp		5.65% 15 Jun 2035			—				111,260
		Comm Mortgage Trust		1.0% 10 Dec 2049			—				53,880
		Contl Airlines		4.0% 29 Apr 2026			—				161,180
		Contl Airlines		5.983% 19 Oct 2023			—				268,190
		Credit Suisse Mortgage Trust		1.0% 15 Jan 2049			—				338,210
		Crown Castle Towers LLC		3.214% 15 Aug 2035			—				99,840
		Deluxe Corp		6.0% 15 Nov 2020			—				555,200
		Digital Rlty Tr		Preferred Stock			—				25,500
		Dolphin Energy Ltd		5.5% 15 Dec 2021			—				222,090
		Dun & Bradstreet Corp		3.25% 01 Dec 2017			—				142,020
		Dynegy Finance I/II Inc		6.75% 01 Nov 2019			—				562,190
		Embarq Corp		7.995% 01 Jun 2036			—				694,620
		Energy Transfer Partners		6.05% 01 Jun 2041			—				463,070
		Energy Transfer Partners		5.2% 01 Feb 2022			—				89,690
		Ensco Plc		4.5% 01 Oct 2024			—				119,870
		Ensco Plc		5.75% 01 Oct 2044			—				98,990
		Equifax Inc		7.0% 01 Jul 2037			—				250,520
		Firstenergy Corp		2.75% 15 Mar 2018			—				144,170
		Ford Motor		7.45% 16 Jul 2031			—				321,470
		Ford Motor Credit Co LLC		5.75% 01 Feb 2021			—				339,190
		Ford Motor Credit Co LLC		5.0% 15 May 2018			—				418,090
		Freeport McMoran		2.375% 15 Mar 2018			—				195,160
		Frontier Communications		7.875% 15 Jan 2027			—				285,410
		Frontier Communications		8.5% 15 Apr 2020			—				258,520
		Gamestop Corp		5.5% 01 Oct 2019			—				207,710
		GCCFC Commercial Mortgage		5.736% 10 Dec 2049			—				128,230
		GE Equipment		0.6% 23 May 2016			—				260,670
		General Elec Cap Corp		2.95% 09 May 2016			—				192,930
		General Motors Co		5.0% 01 Jan 2035			—				385,560
		General Motors Co		5.2% 01 Jan 2045			—				333,090

 

42

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Goldman Sachs Group		5.25% 27 Jul 2021			—				261,690
		Goldman Sachs Group		6.15% 01 Apr 2018			—				276,850
		GP Portfolio Trust		1.0% 15 Feb 2027			—				177,880
		Grupo Televisa Sab		7.25% 14 May 2043			—				114,640
		GS Mortgage Securities Trust		1.0% 10 Aug 2045			—				443,580
		Halyard Health Inc		6.25% 15 Oct 2022			—				125,180
		HCA Inc		7.5% 15 Feb 2022			—				422,710
		Health Care Reit		Preferred Stock			—				42,650
		Hewlett Packard Co		2.75% 14 Jan 2019			—				197,580
		Hospitality Pptys Tr		Preferred Stock			—				67,930
		Huntington Ingalls Indus Company		5.0% 15 Dec 2021			—				50,190
		Ihs Inc Company		5.0% 01 Nov 2022			—				68,370
		Intl Bk Recon + Develop		2.625% 07 Nov 2016			—				49,800
		Intl Finance Corp		10.5% 17 Apr 2018			—				955,770
		Intl Finance Corp		10.0% 12 Jun 2017			—				624,910
		Intl Lease Finance Corp		6.25% 15 May 2019			—				652,130
		Ipic Gmtn Ltd		6.875% 01 Nov 2041			—				336,500
		JP Morgan Chase Commercial		5.336% 15 May 2047			—				113,380
		JP Morgan Chase Commercial		1.0% 15 Jul 2031			—				122,680
		JP Morgan Chase Commercial		1.0% 15 Jul 2031			—				98,020
		JP Morgan Chase & Co		3.7% 20 Jan 2015			—				128,470
		JP Morgan Chase & Co		4.25% 15 Oct 2020			—				47,730
		JP Morgan Chase & Co		4.625% 10 May 2021			—				76,010
		JP Morgan Chase & Co		4.5% 24 Jan 2022			—				263,900
		KB Home Company		4.75% 15 May 2019			—				179,790
		Kindred Healthcare Inc Company		8.0% 15 Jan 2020			—				115,310
		KLA Tencor Corp		3.375% 01 Nov 2019			—				70,360
		Lotte Shopping Co Ltd		3.375% 09 May 2017			—				228,410
		M S Cap Trust		Preferred Stock			—				20,480
		Methanex Corp		3.25% 15 Dec 2019			—				190,770
		Mexichem Sab DE CV		6.75% 19 Sep 2042			—				225,200
		ML CFC Commercial Mortgage		1.0% 12 Aug 2049			—				341,630
		ML CFC Commercial Mortgage Trust		1.0% 12 Mar 2051			—				259,520
		Morgan Stanley		5.5% 24 Jul 2020			—				322,810
		Morgan Stanley		5.55% 27 Apr 2017			—				267,730
		Morgan Stanley		5.375% 15 Oct 2015			—				66,330
		Morgan Stanley		5.5% 26 Jan 2020			—				183,160
		Morgan Stanley Capital I Trust		1.0% 12 Apr 2049			—				667,500
		Morgan Stanley Capital I Trust		5.569% 15 Dec 2044			—				651,530
		Morgan Stanley		3.7% 23 Oct 2024			—				290,020
		Mtn Mauritius Invstments Company		4.755% 11 Nov 2024			—				193,380
		Murray St Invt		4.647% 09 Mar 2017			—				26,380
		Myriad Int Holding BV		6.375% 28 Jul 2017			—				139,800
		Myriad Int Holding BV		6.0% 18 Jul 2020			—				269,470
		Nabors Industries Inc Company Guar 09/23 5.1		5.1% 15 Sep 2023			—				234,190
		National Rural Util Coop		1.0% 30 Apr 2043			—				180,880
		Natl Retail Pptys De		Preferred Stock			—				25,440

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Navient Corp		6.125% 25 Mar 2024			—				256,880
		Newfield Exploration Co		5.75% 30 Jan 2022			—				214,890
		Office Cherifien Des Pho		5.625% 25 Apr 2024			—				585,330
		Olin Corp		5.5% 15 Aug 2022			—				54,940
		Omnicare Inc Company		4.75% 01 Dec 2022			—				44,950
		Omnicare Inc Company		5.0% 01 Dec 2024			—				25,280
		Owens Corning		4.2% 01 Dec 2024			—				97,360
		Perkinelmer Inc		5.0% 15 Nov 2021			—				236,140
		Pertamina Persero		5.625% 20 May 2043			—				630,660
		Petrobras Global Finance		5.625% 20 May 2043			—				148,800
		Petrobras Global Finance		7.25% 17 Mar 2044			—				77,940
		Petrobras Intl Fin Co		6.75% 27 Jan 2041			—				255,760
		Petroleos Mexicanos		3.5% 18 Jul 2018			—				94,900
		Phillips 66		4.3% 01 Apr 2022			—				166,650
		Pko Fin Ab		4.63% 28 Sep 2022			—				248,040
		Plains Exploration & Pro		6.875% 15 Feb 2023			—				225,010
		Polyone Corp		5.25% 15 Mar 2023			—				177,470
		Protective Life Corp		Preferred Stock			—				25,340
		Qwest Corporation		Preferred Stock			—				24,100
		Qwest Corporation		Preferred Stock			—				26,090
		Regal Entertainment Grp		5.75% 15 Mar 2022			—				117,780
		Regency Cntrs		Preferred Stock			—				25,310
		Reynolds American Inc		7.25% 15 Jun 2037			—				532,280
		Rio Oil Finance Trust		6.25% 06 Jul 2024			—				415,160
		Rock Tenn Co		4.0% 01 Mar 2023			—				135,690
		Rowan Companies Inc		5.0% 01 Sep 2017			—				246,740
		Royal Bk Scot		5.625% 24 Aug 2020			—				28,470
		Royal Bk Scotland		Preferred Stock			—				10,590
		RPM International Inc		6.125% 15 Oct 2019			—				255,660
		Santander Drive Auto		2.7% 15 Aug 2018			—				115,430
		Santander Drive Auto		1.94% 15 Dec 2016			—				230,860
		Santander Drive Auto		1.94% 15 Mar 2018			—				144,040
		Sealed Air Corp		5.25% 01 Apr 2023			—				145,920
		Sealed Air Corp		6.5% 01 Dec 2020			—				97,230
		Sequoia Mortgage Trust		1.0% 25 May 2043			—				248,500
		Service Corp Intl		5.375% 15 Jan 2022			—				96,070
		Sidewinder Drilling Inc		9.75% 15 Nov 2019			—				60,500
		SLM Corp		4.875% 17 Jun 2019			—				341,380
		SM Energy Co		6.5% 01 Jan 2023			—				156,280
		Springleaf Funding Trust		3.92% 16 Jan 2023			—				353,970
		Sprint Capital Corp		6.875% 15 Nov 2028			—				243,110
		Telefonica Emisiones Sau		5.134% 27 Apr 2020			—				163,830
		Telefonica Emisiones Sau		5.462% 16 Feb 2021			—				11,000
		Telephone Data 6.875%59		Preferred Stock			—				24,870
		Tencent Holdings Ltd		3.375% 02 May 2019			—				371,060
		Tesoro Logistics LP		5.5% 15 Oct 2019			—				34,270
		Tesoro Logistics LP		6.25% 15 Oct 2022			—				63,970

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Textainer Marine Containers		3.27% 20 Oct 2039			—				264,930
		Textron Inc		3.875% 01 Mar 2025			—				59,300
		Thai Oil Pcl		4.875% 23 Jan 2043			—				381,730
		Time Warner Cable Inc		5.875% 15 Nov 2040			—				111,760
		Time Warner Cable Inc		5.5% 01 Sep 2041			—				183,420
		Time Warner Cable Inc		4.5% 15 Sep 2042			—				141,990
		Toyota Motor Credit Corp		1.75% 22 May 2017			—				338,420
		Transelec SA		4.625% 26 Jul 2023			—				204,610
		Transocean Inc		6.5% 15 Nov 2020			—				418,670
		Transport De Gas Peru		4.25% 30 Apr 2028			—				338,000
		Universal Health Svcs		3.75% 01 Aug 2019			—				49,330
		Universal Health Svcs		4.75% 01 Aug 2022			—				54,260
		USG Corp		9.75% 15 Jan 2018			—				179,960
		Valeant Pharmaceuticals		6.375% 15 Oct 2020			—				139,190
		Verizon Communications		5.05% 15 Mar 2034			—				89,460
		Verizon Communications		4.4% 01 Nov 2034			—				456,030
		Verizon Communications		2.625% 21 Feb 2020			—				272,120
		Vesey Str Invt		4.404% 01 Sep 2016			—				26,220
		Votorantim Cimentos SA		7.25% 05 Apr 2041			—				203,250
		Western Union Co		2.375% 10 Dec 2015			—				84,630
		Whirlpool Corp		4.7% 01 Jun 2022			—				248,750
		Windstream Corp		8.125% 01 Sep 2018			—				66,530
		Windstream Corp		7.5% 01 Apr 2023			—				176,700
		Wolverine World Wide		6.125% 15 Oct 2020			—				56,970
		World Financial Network		3.14% 17 Jan 2023			—				666,730
		World Financial Network		1.76% 17 May 2021			—				694,530
		Corporate and Other Obligations					—			$	39,424,770
Synthetic Guaranteed Investment Contracts:
		Cash & Cash Equivalents
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				3,668,585
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				16,222,507
*		State Street Bank & Trust Co		Short-Term Investment Fund			—				674,642
		Svenska Handlsbnkn		Short-Term Investment Fund			—				1,815,575
		Wells Fargo Bank NA		Short-Term Investment Fund			—				1,931,027
							—				24,312,336
		U.S. Government and Government Agency Issues
		California St Cas		5.75% 01 Mar 2017			—				436,963
		Fed HM LN PC Pool 1L1358		1.0% 01 May 2036			—				745,875
		Fed HM LN PC Pool G01843		6.0% 01 Jun 2035			—				402,541

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Fed HM LN PC Pool G03205		5.5% 01 Jul 2035			—				78,105
		Fed HM LN PC Pool G03737		6.5% 01 Nov 2037			—				391,855
		Fed HM LN PC Pool G07823		4.25% 01 Sep 2044			—				899,843
		Fed HM LN PC Pool G08542		4.0% 01 Aug 2043			—				2,478,963
		Fed HM LN PC Pool G12743		5.5% 01 Aug 2022			—				91,798
		Fed HM LN PC Pool J16933		3.0% 01 Oct 2026			—				30,611
		Fed HM LN PC Pool Q03572		4.0% 01 Sep 2041			—				2,280,859
		Fed HM LN PC Pool Q11095		3.5% 01 Sep 2042			—				2,504,340
		Fed HM LN PC Pool Q27465		4.5% 01 Jul 2044			—				903,570
		Fed HM LN PC Pool U92432		4.0% 01 Feb 2044			—				358,612
		FNMA TBA Jan 30 Single Fam		4.5% 01 Feb 2099			—				1,739,001
		FNMA Pool 254693		5.5% 01 Apr 2033			—				141,736
		FNMA Pool 725222		5.5% 01 Feb 2034			—				180,786
		FNMA Pool 725423		5.5% 01 May 2034			—				136,319
		FNMA Pool 725424		5.5% 01 Apr 2034			—				61,752
		FNMA Pool 725690		6.0% 01 Aug 2034			—				55,345
		FNMA Pool 725946		5.5% 01 Nov 2034			—				161,713
		FNMA Pool 735141		5.5% 01 Jan 2035			—				—
		FNMA Pool 743132		5.0% 01 Oct 2018			—				283,925
		FNMA Pool 745327		6.0% 01 Mar 2036			—				—
		FNMA Pool 831540		6.0% 01 Jun 2036			—				307,548
		FNMA Pool 889361		6.0% 01 Mar 2038			—				—
		FNMA Pool 914789		5.0% 01 Apr 2037			—				906,141
		FNMA Pool 931745		5.0% 01 Aug 2024			—				1,341,614
		FNMA Pool 986148		5.5% 01 Jan 2038			—				1,011,700
		FNMA Pool AB5519		3.5% 01 Jul 2042			—				1,929,247
		FNMA Pool AB5688		3.5% 01 Jul 2037			—				620,277
		FNMA Pool AB6282		3.5% 01 Sep 2042			—				2,833,989
		FNMA Pool AB7016		4.0% 01 Nov 2042			—				1,756,791
		FNMA Pool AB9096		4.0% 01 Apr 2043			—				1,000,060
		FNMA Pool AD8529		4.5% 01 Aug 2040			—				—
		FNMA Pool AL0139		1.0% 01 Feb 2039			—				492,665
		FNMA Pool AL4408		1.0% 01 Nov 2043			—				899,010
		FNMA Pool AO4163		3.5% 01 Jun 2042			—				1,712,616
		FNMA Pool AO5515		3.5% 01 Jul 2042			—				366,675
		FNMA Pool AO8169		3.5% 01 Sep 2042			—				1,204,642
		FNMA Pool AQ5046		3.0% 01 Dec 2042			—				31,829
		FNMA Pool AQ6238		3.5% 01 Dec 2042			—				459,182
		FNMA Pool AR4445		3.0% 01 Mar 2043			—				421,839
		FNMA Pool AR6071		3.0% 01 Apr 2043			—				21,980
		FNMA Pool AR9225		3.0% 01 Mar 2043			—				1,670,582
		FNMA Pool AU1149		3.0% 01 Sep 2043			—				—
		FNMA Pool AU1628		3.0% 01 Jul 2043			—				1,786,760
		FNMA Pool AU6101		4.0% 01 Sep 2043			—				—
		FNMA Pool MA1217		4.0% 01 Oct 2042			—				1,040,518
		FNMA Pool MA1404		3.5% 01 Apr 2042			—				1,006,027
		FNMA TBA 30Yr Single Family		3.5% 01 Dec 2099			—				1,354,439

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		FNMA TBA Jan 30 Single Fam		5.0% 01 Dec 2099			—				4,475,949
		FNMA TBA Single Family		4.0% 01 Dec 2099			—				6,354,633
		GNMA II TBA 30 Yr		3.5% 21 Jan 2045			—				1,845,668
		Illinois St		2.42% 01 Apr 2017			—				424,228
		New Jersey St Econ Dev Auth		1.802% 15 Jun 2017			—				905,750
		North Carolina State Education		1.0% 25 Jul 2025			—				1,406,245
		Province of Ontario		4.0% 07 Oct 2019			—				2,032,313
		Province of Quebec		4.6% 26 May 2015			—				1,173,947
		Republic of Poland		6.375% 15 Jul 2019			—				45,413
		Republic of Poland		3.875% 16 Jul 2015			—				425,798
		State of Qatar		4.5% 20 Jan 2022			—				299,144
		Treasury Bill		0.01% 19 Mar 2015			—				4,473,099
		Tsy Infl Ix N/B		0.125% 15 Apr 2019			—				5,619,193
		United States of America Treasury		1.0% 31 Oct 2016			—				3,582,319
		US Treasury Frn		1.0% 31 Jul 2016			—				3,459,281
		US Treasury N/B		0.625% 15 Feb 2017			—				2,018,154
		US Treasury N/B		2.0% 28 Feb 2021			—				737,663
		US Treasury N/B		0.375% 30 Apr 2016			—				3,691,665
		US Treasury N/B		0.875% 15 Aug 2017			—				6,122,698
		US Treasury N/B		1.5% 31 Oct 2019			—				3,554,007
		US Treasury N/B		2.0% 31 Oct 2021			—				1,697,653
		US Treasury N/B		2.25% 15 Nov 2024			—				6,374,178
		US Treasury N/B		1.5% 30 Nov 2019			—				284,446
		US Treasury N/B		3.625% 15 Feb 2020			—				1,819,294
		US Treasury N/B		2.5% 30 Apr 2015			—				5,740,994
		US Treasury N/B		1.875% 30 Jun 2015			—				1,879,114
		US Treasury N/B		2.0% 15 Nov 2021			—				3,257,792
		US Treasury N/B		0.625% 30 Sep 2017			—				6,407,866
		US Treasury N/B		0.25% 15 Oct 2015			—				2,435,808
		US Treasury N/B		0.25% 31 Dec 2015			—				18,943,434
		US Treasury N/B		0.375% 31 Jan 2016			—				9,009,217
		US Treasury N/B		2.375% 15 Aug 2024			—				888,907
		US Treasury N/B		0.5% 31 Aug 2016			—				26,547,554
		US Treasury N/B		0.5% 30 Sep 2016			—				10,017,654
		US Treasury N/B		0.375% 31 Oct 2016			—				4,551,400
		US Treasury N/B		2.25% 15 Nov 2024			—				596,584
		US Treasury N/B		0.5% 30 Nov 2016			—				7,153,269
		US Treasury N/B		0.125% 30 Apr 2015			—				5,663,409
		US Treasury N/B		2.5% 15 May 2024			—				1,466,654
		US Treasury N/B		0.25% 31 Dec 2015			—				35,034,439
		US Treasury N/B		1.5% 31 Dec 2018			—				22,788,986
		US Treasury N/B		0.75% 15 Jan 2017			—				44,003,040
							—				307,749,502

 

47

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Corporate and Other Obligations
		21st Century Fox America Company		4.5% 15 Feb 2021			—				408,928
		Abn Amro Bank Nv		2.5% 30 Oct 2018			—				480,242
		Abn Amro Bank Nv		4.25% 02 Feb 2017			—				408,974
		Abn Amro Bank Nv		2.5% 30 Oct 2018			—				539,047
		Ace Ina Holdings		2.7% 13 Mar 2023			—				4,711
		Actavis Funding Scs		3.85% 15 Jun 2024			—				123,866
		Aflac Inc		3.625% 15 Nov 2024			—				361,129
		Agilent Technologies Inc		6.5% 01 Nov 2017			—				90,494
		Albemarle Corp		3.0% 01 Dec 2019			—				266,891
		Alcoa Inc		6.75% 15 Jul 2018			—				463,272
		Alibaba Group Holding		2.5% 28 Nov 2019			—				923,777
		Allegheny Technologies		5.95% 15 Jan 2021			—				427,437
		Allied World Assurance		7.5% 01 Aug 2016			—				174,785
		Ally Master Owner Trust		1.29% 15 Jan 2019			—				657,291
		Ally Master Owner Trust		1.54% 15 Sep 2019			—				1,208,607
		Ally Master Owner Trust		1.0% 15 Feb 2018			—				694,648
		Ally Master Owner Trust		1.29% 15 Jan 2019			—				619,594
		Altria Group Inc		2.85% 09 Aug 2022			—				867,468
		Altria Group Inc		2.625% 14 Jan 2020			—				457,396
		Amazon.Com Inc		3.3% 05 Dec 2021			—				177,057
		American Express Credit		1.125% 05 Jun 2017			—				643,262
		American Express Credit		1.26% 15 Jan 2020			—				201,352
		American Intl Group		5.45% 18 May 2017			—				423,506
		American Intl Group		4.875% 01 Jun 2022			—				327,016
		American Intl Group		6.4% 15 Dec 2020			—				983,562
		American Tower Corp		2.45% 15 Sep 2021			—				872,915
		American Tower Corp		5.05% 01 Sep 2020			—				405,325
		Americredit Automobile Receivables		1.27% 08 Jul 2019			—				498,621
		Americredit Automobile Receivables		0.96% 09 Jan 2017			—				140,048
		Americredit Automobile Receivables		0.92% 09 Apr 2018			—				656,060
		Americredit Automobile Receivables		0.96% 09 Apr 2018			—				272,030
		Ameriprise Financial Inc		3.7% 15 Oct 2024			—				347,342
		Amgen Inc		5.7% 01 Feb 2019			—				229,224
		Amgen Inc		2.2% 22 Feb 2019			—				67,640
		Anadarko Petroleum Corp		6.375% 15 Sep 2017			—				863,084
		Anheuser Busch		5.0% 01 Mar 2019			—				32,372
		Anthem Inc		3.5% 15 Aug 2024			—				874,775
		Anthem Inc		2.3% 15 Jul 2018			—				609,835
		Apple Inc		2.85% 06 May 2021			—				477,462
		Apple Inc		2.85% 06 May 2021			—				377,205
		Arc Properties Operating Company		3.0% 06 Feb 2019			—				709,337
		Ares Capital Corp		3.875% 15 Jan 2020			—				653,116
		Asciano Finance		3.125% 23 Sep 2015			—				239,535
		Asciano Finance Ltd		5.0% 07 May 2018			—				252,454
		AT&T Inc		5.8% 15 Feb 2019			—				451,894

 

48

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		AT&T Inc		1.0% 27 Nov 2018			—				749,329
		Bank of America		1.0% 15 Jun 2021			—				504,194
		Bank of America		1.0% 22 Mar 2018			—				571,811
		Bank of America		6.4% 28 Aug 2017			—				940,599
		Bank of America		6.875% 25 Apr 2018			—				239,627
		Bank of America		3.3% 11 Jan 2023			—				376,531
		Bank of America		4.0% 01 Apr 2024			—				279,872
		Bank of America		4.2% 26 Aug 2024			—				241,203
		Bank of America		6.875% 25 Apr 2018			—				167,181
		Bank of America		6.0% 01 Sep 2017			—				722,234
		Bank of America		5.65% 01 May 2018			—				145,537
		Bank of America		5.625% 01 Jul 2020			—				933,597
		Bank of America		3.875% 22 Mar 2017			—				121,835
		Bank of America		2.6% 15 Jan 2019			—				206,339
		Bank of America		5.42% 15 Mar 2017			—				312,112
		Bank of America		6.1% 15 Jun 2017			—				341,262
		Bank of America		3.75% 12 Jul 2016			—				447,254
		Bank of America		1.0% 15 Jan 2019			—				974,310
		Bank of America		6.05% 18 May 2016			—				416,156
		Bank of America		6.5% 15 Jul 2018			—				1,438,573
		Bank of Montreal		1.4% 11 Sep 2017			—				271,410
		Bank of Nova Scotia		2.8% 21 Jul 2021			—				907,670
		Barclays Bank		5.125% 08 Jan 2020			—				408,002
		Barclays Dryrock Issuance Trust		2.41% 15 Jul 2022			—				1,028,430
		Barclays Dryrock Issuance Trust		1.0% 16 Mar 2020			—				468,147
		Barclays Dryrock Issuance Trust		2.41% 15 Jul 2022			—				341,831
		Barrick NA Finance LLC		4.4% 30 May 2021			—				793,661
*		Baxter International Inc		1.85% 15 Jan 2017			—				215,911
		Bayer US Finance LLC		3.375% 08 Oct 2024			—				216,244
		Bear Stearns Commercial Mortgage		1.0% 11 Jun 2040			—				1,062,331
		Bear Stearns Commercial Mortgage		1.0% 11 Sep 2038			—				—
		Bear Stearns Commercial Mortgage		1.0% 12 Jan 2045			—				751,537
		Bear Stearns Cos LLC		7.25% 01 Feb 2018			—				844,388
		Becton Dickinson & Co		2.675% 15 Dec 2019			—				287,073
		Becton Dickinson & Co		2.675% 15 Dec 2019			—				329,348
		Becton Dickinson & Co		2.675% 15 Dec 2019			—				668,526
		BNP Paribas		5.0% 15 Jan 2021			—				460,952
		Boston Properties LP		3.7% 15 Nov 2018			—				271,144
		BP Capital Markets Plc		3.561% 01 Nov 2021			—				465,965
		BP Capital Markets Plc		2.521% 15 Jan 2020			—				359,455
		BP Capital Markets Plc		1.846% 05 May 2017			—				929,418
		BP Capital Markets Plc		4.5% 01 Oct 2020			—				551,200
		British Telecom Plc		1.625% 28 Jun 2016			—				410,488
		British Telecom Plc		1.625% 28 Jun 2016			—				478,903
		Brown & Brown Inc		4.2% 15 Sep 2024			—				171,743
		Bunge Limited Finance Co		8.5% 15 Aug 2019			—				298,495
		Burlingtn North Santa Fe		5.75% 15 Mar 2018			—				293,664

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Canadian Natl Railway		1.45% 15 Dec 2018			—				928,145
		Capital One Financial Co		5.25% 21 Feb 2017			—				397,137
		Capital One NA		2.4% 05 Sep 2019			—				892,825
		Capital One NA		1.5% 22 Mar 2018			—				1,337,618
		Carmax Auto Owner Trust		0.89% 15 Sep 2016			—				104,157
		CBS Corp		5.75% 15 Apr 2020			—				282,153
		CD Commercial Mortgage Trust		5.322% 28 Jun 2016			—				1,438,341
		Centerpoint Energy Resources		4.5% 15 Jan 2021			—				106,412
		Chase Issuance Trust		2.77% 15 Mar 2023			—				473,799
		Chevron Corp		2.193% 15 Nov 2019			—				477,238
		CIT Equipment Collateral		1.13% 20 Jul 2020			—				457,948
		Citibank Credit Card Issuance		2.88% 23 Jan 2023			—				910,509
		Citibank Credit Card Issuance		1.02% 22 Feb 2019			—				1,860,772
		Citigroup Commercial Mortgage		1.0% 10 Dec 2049			—				420,900
		Citigroup Commercial Mortgage		5.431% 15 Oct 2045			—				236,335
		Citigroup Commercial Mortgage		1.0% 15 Mar 2049			—				267,019
		Citigroup Inc		3.875% 25 Oct 2023			—				463,956
		Citigroup Inc		4.5% 14 Jan 2022			—				782,557
		Citigroup Inc		5.375% 09 Aug 2020			—				474,236
		Cleveland Electric		5.7% 01 Apr 2017			—				217,673
		CNH Equipment Trust		0.49% 15 Mar 2017			—				—
		CNH Equipment Trust		0.94% 15 May 2017			—				—
		Coca Cola Co		3.3% 01 Sep 2021			—				1,426,406
		Comcast Corp		5.15% 01 Mar 2020			—				335,182
		Comcast Corp		4.95% 15 Jun 2016			—				169,612
		Comcast Corp		6.5% 15 Jan 2017			—				187,510
		Comm Mortgage Trust		1.0% 11 Jun 2027			—				310,671
		Comm Mortgage Trust		3.147% 15 Aug 2045			—				243,547
		Comm Mortgage Trust		1.8726% 12 Apr 2035			—				213,908
		Comm Mortgage Trust		3.689% 10 Aug 2046			—				624,165
		Conagra Foods Inc		1.9% 25 Jan 2018			—				1,041,013
		Conocophillips		3.35% 15 Nov 2024			—				632,362
		Cons Edison Co		5.3% 01 Dec 2016			—				839,153
		Constellation Energy		5.15% 01 Dec 2020			—				93,472
		Consumers Energy		6.12% 15 Mar 2019			—				309,795
		Countrywide Finl Corp		6.25% 15 May 2016			—				75,182
		Coventry Health Care Inc		6.125% 1/15/2015			—				29,152
		Coventry Health Care Inc		5.95% 3/15/2017			—				90,212
		Cox Communications Inc		6.2% 01 Jun 2018			—				887,495
		Credit Based Asset Servicing		1.0% 25 Jan 2033			—				104,129
		Credit Suisse		3.0% 29 Oct 2021			—				454,909
		Credit Suisse		5.3% 13 Aug 2019			—				979,622
		Credit Suisse Mortgage Trust		1.0% 15 Jun 2038			—				—
		Credit Suisse Mortgage Trust		5.467% 15 Sep 2039			—				—
		CVS Caremark Corp		2.25% 05 Dec 2018			—				1,052,482
		Daimler Finance NA LLC		1.25% 11 Jan 2016			—				851,379
		DCP Midstream Operating Company		4.95% 01 Apr 2022			—				391,394

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Delmarva Pwr & Light Co		3.5% 15 Nov 2023			—				646,370
		Delta Air Lines		7.75% 17 Jun 2021			—				481,884
		Directv Holdings		4.6% 15 Feb 2021			—				259,848
		Directv Holdings		3.8% 15 Mar 2022			—				82,927
		DirecTV Holdings LLC		5.0% 01 Mar 2021			—				179,891
		DirecTV Holdings LLC		4.45% 01 Apr 2024			—				115,744
		Discover Bank		7.0% 15 Apr 2020			—				457,447
		Discover Card		1.04% 15 Apr 2019			—				625,269
		Discover Card		0.86% 15 Nov 2017			—				263,363
		Dominion Gas Hldgs LLC		3.6% 15 Dec 2024			—				631,745
		Dominion Resources Inc		1.95% 15 Aug 2016			—				921,943
		Dominion Resources Inc		1.95% 15 Aug 2016			—				622,847
		Duke Energy Progress Inc		1.0% 06 Mar 2017			—				430,500
		Duke Realty LP		8.25% 15 Aug 2019			—				71,828
		Eli Lilly & Co		1.95% 15 Mar 2019			—				546,324
		Empresa De Transporte		4.75% 04 Feb 2024			—				226,598
		Enel Finance Intl NV		6.25% 15 Sep 2017			—				425,433
		Energy Transfer Partners		4.65% 01 Jun 2021			—				339,810
		Energy Transfer Partners		6.7% 01 Jul 2018			—				536,848
		Energy Transfer Partners		4.15% 01 Oct 2020			—				920,190
		Enterprise Products		5.2% 01 Sep 2020			—				272,901
		Enterprise Products		3.35% 15 Mar 2023			—				331,124
		Ericsson		4.125% 15 May 2022			—				22,330
		Exelon Generation Co		4.25% 15 Jun 2022			—				423,522
		Exelon Generation Co		4.25% 15 Jun 2022			—				187,560
		Extended Stay America Trust		1.0% 05 Dec 2031			—				256,049
		Extended Stay America Trust		2.2952% 05 Dec 2031			—				330,257
		FHLMC Multifamily Structured		3.23% 25 Jul 2021			—				1,046,537
		FHLMC Multifamily Structured		2.917% 25 Aug 2020			—				463,663
		FHLMC Multifamily Structured		1.603% 25 Jan 2022			—				786,392
		FHLMC Multifamily Structured		2.615% 25 Mar 2023			—				578,856
		FHLMC Multifamily Structured		3.49% 25 Jan 2024			—				789,891
		Fifth Third Bancorp		3.5% 15 Mar 2022			—				187,999
		First National		1.0% 15 Oct 2019			—				340,140
		Ford Credit Auto Lease Trust		0.89% 15 Sep 2017			—				326,539
		Ford Credit Auto Owner Trust		2.26% 15 Nov 2025			—				341,441
		Ford Credit Auto Owner Trust		1.0% 15 Sep 2017			—				316,180
		Ford Credit Floorplan Master		0.85% 15 Jan 2018			—				298,854
		Ford Credit Floorplan Master		1.2% 15 Feb 2019			—				454,728
		Ford Motor Credit Co LLC		1.0% 13 Mar 2019			—				1,432,732
		Ford Motor Credit Co LLC		5.75% 01 Feb 2021			—				900,698
		Ford Motor Credit Co LLC		5.875% 02 Aug 2021			—				848,226
		Ford Motor Credit Co LLC		5.875% 02 Aug 2021			—				308,956
		Freeport McMoran		2.375% 15 Mar 2018			—				245,682
		Freeport McMoran		2.15% 01 Mar 2017			—				218,692
		Freeport McMoran		3.1% 15 Mar 2020			—				217,099
		FS Investment Corp		4.25% 15 Jan 2020			—				627,682

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		GCCFC Commercial Mortgage		5.444% 10 Mar 2039			—				1,169,627
		GCCFC Commercial Mortgage		5.444% 10 Mar 2039			—				817,622
		GDF Suez		1.625% 10 Oct 2017			—				172,514
		GE Capital		1.76% 15 Sep 2022			—				1,369,306
		GE Capital Credit Card Master		2.22% 15 Jan 2022			—				542,029
		GE Dealer Floorplan Master		1.0% 20 Oct 2017			—				364,828
		General Elec Cap Corp		1.0% 14 Jan 2019			—				854,257
		General Elec Cap Corp		4.65% 17 Oct 2021			—				213,277
		Glaxosmithkline Capital Company		1.5% 5/08/20 17			—				896,608
		Glencore Funding LLC		4.125% 30 May 2023			—				120,249
		Glencore Funding LLC		2.5% 15 Jan 2019			—				879,055
		Goldman Sachs Group		7.5% 15 Feb 2019			—				461,685
		Goldman Sachs Group		6.0% 15 Jun 2020			—				347,749
		Goldman Sachs Group		5.75% 24 Jan 2022			—				364,815
		Goldman Sachs Group		7.5% 15 Feb 2019			—				865,659
		Goldman Sachs Group		1.0% 29 Nov 2023			—				902,234
		Goldman Sachs Group		5.95% 18 Jan 2018			—				830,095
		Goldman Sachs Group		1.0% 15 Nov 2018			—				940,679
		Goldman Sachs Group		4.0% 03 Mar 2024			—				348,555
		Grupo Bimbo Sab De Cv		3.875% 27 Jun 2024			—				249,390
		GS Mortgage Securities Trust		4.751% 10 Jul 2039			—				385,674
		GS Mortgage Securities Trust		3.68% 10 Apr 2047			—				839,469
		Harley Davidson Motorcycle		0.68% 15 Apr 2017			—				113,848
		Hartford Finl Svcs Grp		4.0% 30 Mar 2015			—				78,243
		Hartford Finl Svcs Grp		5.5% 30 Mar 2020			—				262,087
		Hartford Finl Svcs Grp		5.125% 15 Apr 2022			—				218,155
		HCP Inc		5.375% 01 Feb 2021			—				555,894
		Health Care Reit Inc		5.25% 15 Jan 2022			—				549,909
		Health Care Reit Inc		2.25% 15 Mar 2018			—				371,047
		Healthcare Realty Trust		3.75% 15 Apr 2023			—				76,196
		Hess Corp		8.125% 15 Feb 2019			—				507,995
		Hewlett Packard Co		4.30% 01 Jun 2021			—				909,316
		Hewlett Packard Co		3.75% 01 Dec 2020			—				200,761
		Hewlett Packard Co		2.75% 1 4 Jan 2019			—				874,445
		Hewlett Packard Co		4.65% 09 Dec 2021			—				102,864
		Hewlett Packard Co		2.75% 14 Jan 2019			—				74,814
		Hilton USA Trust		2.662% 05 Nov 2030			—				1,054,174
		HSBC Holdings PLC		5.1% 05 Apr 2021			—				252,287
		HSBC USA Inc		2.375% 13 Nov 2019			—				902,177
		Humana Inc		7.2% 15 Jun 2018			—				493,103
		Huntington Auto Trust		1.18% 15 Jun 2017			—				1,120,160
		Hutch Whampoa Int 14 Ltd		1.625% 31 Oct 2017			—				211,721
		Hyundai Auto Receivables Trust		0.79% 16 Jul 2018			—				411,885
		ING Bank		2.0% 25 Sep 2015			—				498,751
		Ingersoll Rand Lux Finance		3.55% 01 Nov 2024			—				795,672
		Ingram Micro Inc		4.95% 15 Dec 2024			—				1,144,654
		International Paper Co		3.65% 15 Jun 2024			—				50,423

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Intl Bk Recon & Develop		9.25% 15 Jul 2017			—				145,250
		Israel Electric Corp Ltd Sr Secured		5.0% 12 Nov 2024			—				249,299
		Jabil Circuit Inc		5.625% 15 Dec 2020			—				308,402
		Jabil Circuit Inc		8.25% 15 Mar 2018			—				99,289
		John Deere Owner Trust		1.5% 15 Jun 2021			—				1,081,565
		JP Morgan Chase & Co		3.625% 13 May 2024			—				481,736
		JP Morgan Chase Commercial Mortgage		5.42% 15 Jan 2049			—				1,326,579
		JP MBB Commercial Mortgage Secu		2.878% 15 Feb 2047			—				1,843,721
		JP Morgan Chase & Co		6.0% 15 Jan 2018			—				966,257
		JP Morgan Chase & Co		4.4% 22 Jul 2020			—				299,778
		JP Morgan Chase & Co		6.0% 15 Jan 2018			—				434,273
		JP Morgan Chase Commercial Mortgage		1.0% 12 Jun 2043			—				596,544
		JP Morgan Chase Commercial Mortgage		5.439% 15 Jan 2049			—				1,029,730
		JP Morgan Chase Commercial Mortgage		1.0% 12 Feb 2051			—				—
		JP Morgan Chase Commercial Mortgage		2.7493% 15 Nov 2043			—				266,783
		Kinder Morgan		5.95% 15 Feb 2018			—				439,228
		Kinder Morgan		6.85% 15 Feb 2020			—				691,043
		Kinder Morgan		4.15% 01 Mar 2022			—				596,499
		Kinder Morgan		4.15% 01 Mar 2022			—				191,662
		Kinder Morgan		3.95% 01 Sep 2022			—				360,816
		KLA Tencor Corp		4.65% 01 Nov 2024			—				472,147
		Korea Finance Corp		2.25% 07 Aug 2017			—				882,263
		Korea National Oil Corp		3.125% 03 Apr 2017			—				492,853
		Kroger Co		2.95% 01 Nov 2021			—				226,165
		LB UBS Commercial Mortgage		5.3% 15 Nov 2038			—				299,980
		Liberty Property LP		5.5% 15 Dec 2016			—				72,931
		Liberty Property LP		6.625% 01 Oct 2017			—				43,495
		Life Technologies Corp		6.0% 01 Mar 2020			—				604,192
		Lincoln National Corp		8.75% 01 Jul 2019			—				123,675
		Lloyds Banking Group Plc		4.5% 04 Nov 2024			—				303,562
		Lorillard Tobacco Co		8.125% 23 Jun 2019			—				688,194
		Lyondellbasell Ind		5.0% 15 Apr 2019			—				910,258
		Macquarie Bank Ltd		5.0% 22 Feb 2017			—				96,255
		Macquarie Group Ltd		4.875% 10 Aug 2017			—				199,219
		Macys Retail Hldgs Inc		3.875% 15 Jan 2022			—				423,599
		Magna International Inc		3.625% 15 Jun 2024			—				325,737
		Marathon Petroleum Corp		5.125% 01 Mar 2021			—				162,279
		Mckesson Corp		3.25% 01 Mar 2016			—				630,887
		Medtronic Inc		2.5% 15 Mar 2020			—				870,755
		Medtronic Inc		3.5% 15 Mar 2025			—				317,650
		Medtronic Inc		3.15% 15 Mar 2022			—				456,940
		Mercedes Benz Auto Lease Trust		0.59% 15 Feb 2016			—				207,289
		Merrill Lynch Mortgage		1.0% 12 Aug 2043			—				327,992
		Methanex Corp		3.25% 15 Dec 2019			—				230,929
*		Met Life Inc		7.717% 15 Feb 2019			—				138,752
*		Met Life Inc		6.817% 15 Aug 2018			—				417,744
*		Met Life Inc		6.75% 01 Jun 2016			—				319,075

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Mizuho Bank Ltd		2.45% 16 Apr 2019			—				462,745
		ML CFC Commercial Mortgage Trust		1.0% 12 Mar 2051			—				1,172,007
		ML CFC Commercial Mortgage Trust		5.166% 12 Dec 2049			—				1,216,564
		ML CFC Commercial Mortgage Trust		5.7% 12 Sep 2049			—				776,573
		Morgan Stanley		5.5% 24 Jul 2020			—				303,258
		Morgan Stanley		3.875% 29 Apr 2024			—				253,886
		Morgan Stanley		5.5% 28 Jul 2021			—				343,590
		Morgan Stanley		5.625% 23 Sep 2019			—				567,388
		Morgan Stanley		5.55% 27 Apr 2017			—				215,920
		Morgan Stanley		5.95% 28 Dec 2017			—				749,365
		Morgan Stanley		6.625% 01 Apr 2018			—				1,409,233
		Morgan Stanley		6.625% 01 Apr 2018			—				828,960
		Morgan Stanley BAML Trust		3.669% 15 Feb 2047			—				925,427
		Morgan Stanley Capital I		4.89% 12 Jun 2047			—				771,365
		Morgan Stanley Capital I		1.0% 11 Jun 2042			—				559,819
		Motel 6 Trust		1.9483% 05 Oct 2025			—				493,302
		Murray St Inv Trust I		1.0% 08 Mar 2017			—				47,110
		Mylan Inc		4.2% 29 Nov 2023			—				955,430
		Mylan Inc		2.6% 24 Jun 2018			—				466,946
		Mylan Inc		2.55% 28 Mar 2019			—				744,312
		Nabors Industries Inc		5.1% 15 Sep 2023			—				159,388
		Nabors Industries Inc		5.0% 15 Sep 2020			—				581,369
		Natl Grid PLC		6.3% 01 Aug 2016			—				523,730
		NCUA Guaranteed Notes		1.0% 07 Oct 2020			—				666,631
		NCUA Guaranteed Notes		1.0% 08 Dec 2020			—				2,473,165
		NCUA Guaranteed Notes		2.9% 29 Oct 2020			—				707,426
		Nevada Power Co		6.5% 01 Aug 2018			—				281,078
		Nisource Finance Corp		6.8% 15 Jan 2019			—				421,508
		Nisource Finance Corp		5.25% 15 Sep 2017			—				371,389
		Nisource Finance Corp		6.8% 15 Jan 2019			—				580,997
		Nisource Finance Corp		6.125% 01 Mar 2022			—				471,596
		Nissan Auto Lease Trust		0.57% 15 Jan 2016			—				290,276
		Noble Energy Inc		3.9% 15 Nov 2024			—				230,174
		Noble Energy Inc		8.25% 01 Mar 2019			—				403,690
		Noble Energy Inc		3.9% 15 Nov 2024			—				238,806
		Noble Holding Intl Ltd		4.9% 01 Aug 2020			—				33,642
		Noble Holding Intl Ltd		3.95% 15 Mar 2022			—				114,763
		Nomura Holdings Inc		2.0% 13 Sep 2016			—				481,271
		Norfolk Southern Corp		5.75% 01 Apr 2018			—				212,349
		Occidental Petroleum Corp		1.75% 15 Feb 2017			—				941,804
		Oceaneering Intl Inc		4.65% 15 Nov 2024			—				346,800
		Omnicom Group Inc		3.625% 01 May 2022			—				166,361
		Orix Corp		4.71% 27 Apr 2015			—				288,683
		Owens Corning Inc		6.5% 01 Dec 2016			—				12,687
		Perrigo Finance Plc		3.5% 15 Dec 2021			—				377,948
		Perrigo Finance Plc		3.5% 15 Dec 2021			—				200,264
		Petroleos Mexicanos		3.5% 18 Jul 2018			—				263,309

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Petronas Capital Ltd		5.25% 12 Aug 2019			—				424,579
		Philip Morris Intl Inc		5.65% 16 May 2018			—				27,331
		Philip Morris Intl Inc		2.9% 15 Nov 2021			—				113,238
		Plains Exploration & Pro		6.875% 15 Feb 2023			—				863,625
		PNC Bank NA		2.4% 18 Oct 2019			—				901,359
		PNC Bank NA		2.2% 28 Jan 2019			—				412,622
		Pride International Inc		8.5% 15 Jun 2019			—				218,369
*		Prudential Financial Inc		3.5% 15 May 2024			—				922,224
*		Prudential Financial Inc		4.5% 15 Nov 2020			—				299,090
		Quest Diagnostic Inc		4.75% 30 Jan 2020			—				350,597
		Quest Diagnostics Inc		4.7% 01 Apr 2021			—				131,332
		Regency Centers LP		5.25% 01 Aug 2015			—				60,657
		Regency Centers LP		5.875% 15 Jun 2017			—				154,766
		Reliance Steel & Alum		4.5% 15 Apr 2023			—				80,836
		Republic Services Inc		3.8% 15 May 2018			—				13,346
		Residential Asset Securities		1.0% 25 May 2033			—				6,850
		Reynolds American Inc		3.25% 01 Nov 2022			—				219,281
		Rio Tinto Fin USA Ltd		3.5% 02 Nov 2020			—				342,319
		Rio Tinto Fin USA PLC		3.5% 22 Mar 2022			—				451,094
		Rio Tinto Fin USA PLC		2.25% 14 Dec 2018			—				430,739
		Rockwell Collins Inc		1.0% 15 Dec 2016			—				179,547
		Ross Stores Inc		3.375% 15 Sep 2024			—				592,447
		Rowan Companies Inc		5.0% 01 Sep 2017			—				358,948
		Royal Bank of Canada		1.25% 16 Jun 2017			—				917,854
		Royal Bank of Canada		1.4% 13 Oct 2017			—				435,236
		Royal Bk of Scotland PLC		6.125% 11 Jan 2021			—				445,950
		Royal Bk Scotlnd Grp PLC		2.55% 18 Sep 2015			—				548,845
		Santander Drive Auto		0.64% 17 Apr 2017			—				59,385
		Santander Drive Auto		1.15% 15 Jan 2019			—				329,423
		Santander Holdings USA		4.625% 19 Apr 2016			—				131,408
		SCSLC 2010		1.0% 25 Jul 2025			—				1,711,222
		Sempra Energy		4.05% 01 Dec 2023			—				503,015
		Sempra Energy		6.5% 01 Jun 2016			—				307,404
		Sinopec Grp		4.375% 17 Oct 2023			—				492,658
		Sky Plc		2.625% 16 Sep 2019			—				893,068
		SLM Student Loan Trust		1.0% 25 Sep 2019			—				1,298,427
		Smart Trust		1.25% 14 Aug 2018			—				1,054,924
		Snap On Inc		4.25% 15 Jan 2018			—				329,136
		Societe Generale		5.0% 17 Jan 2024			—				307,341
		Southern Cal Edison		5.5% 15 Aug 2018			—				437,282
		Southern Co		1.95% 01 Sep 2016			—				923,561
		Southwest Airlines		5.75% 15 Dec 2016			—				157,265
		Spectra Energy Capital		8.00% 01 Oct 2019			—				132,690
		Spectra Energy Partners		2.95% 15 Aug 2018			—				442,905
		Spectra Energy Partners		2.95% 25 Sep 2018			—				99,307
		Standard Chartered PLC		1.0% 12 Jul 2022			—				493,144
		Staples Inc		2.75% 12 Jan 2018			—				450,749

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
*		State Street Corp		3.7% 20 Nov 2023			—				198,807
*		State Street Corp		3.3% 16 Dec 2024			—				581,072
		Stryker Corp		2.0% 30 Sep 2016			—				927,502
		Svenska Handelsbanken AB Bank		2.875% 04 Apr 2017			—				250,735
		Synchrony Financial		3.0% 15 Aug 2019			—				416,918
		Talent Yield Investments		4.5% 25 Apr 2022			—				502,849
		Talisman Energy		3.75% 01 Feb 2021			—				309,664
		Teck Resources Limited		4.5% 15 Jan 2021			—				541,006
		Teck Resources Limited		4.5% 15 Jan 2021			—				626,428
		Telefonica Emisiones Sau		5.462% 16 Feb 2021			—				178,522
		Thermo Fisher Scientific		4.15% 01 Feb 2024			—				181,130
		Time Warner Cable Inc		5.0% 01 Feb 2020			—				128,319
		Time Warner Inc		4.875% 15 Mar 2020			—				555,216
		Time Warner Inc		3.55% 01 Jun 2024			—				642,782
		Time Warner Inc		4.75% 29 Mar 2021			—				434,204
		Time Warner Inc		2.1% 01 Jun 2019			—				697,887
		Total Capital Intl		2.75% 19 Jun 2021			—				462,648
		Total System Services		2.375% 01 Jun 2018			—				136,612
		Transocean Inc		6.5% 15 Nov 2020			—				155,554
		Transocean Inc		2.5% 15 Oct 2017			—				373,163
		Transocean Inc		6.37% 15 Dec 2021			—				711,615
		Transocean Inc		6.37% 15 Dec 2021			—				1,790
		Travelers Cos Inc		5.75% 15 Dec 2017			—				400,682
		Trust F/1401		5.25% 15 Dec 2024			—				389,834
		Tyson Foods Inc		4.5% 15 Jun 2022			—				535,807
		Tyson Foods Inc		2.65% 15 Aug 2019			—				87,149
		Tyson Foods Inc		3.95% 15 Aug 2024			—				287,886
		UBS AG		5.875% 15 Jul 2016			—				555,416
		Unicredito Luxem Fin		6.0% 31 Oct 2017			—				237,761
		UnitedHealth Group Inc		2.875% 15 Dec 2021			—				897,987
		Unum Group		5.625% 15 Sep 2020			—				415,216
		Vale Overseas Limited		5.625% 15 Sep 2019			—				872,453
		Valero Energy Corp		6.125% 01 Feb 2020			—				289,432
		Verizon Communications		3.5% 01 Nov 2024			—				293,642
		Verizon Communications		3.65% 14 Sep 2018			—				1,317,654
		Verizon Communications		5.15% 15 Sep 2023			—				658,979
		Verizon Communications		5.15% 15 Sep 2023			—				663,265
		Viacom Inc		3.875% 01 Apr 2024			—				156,830
		Viacom Inc		5.625% 15 Sep 2019			—				70,836
		Vodafone Group		2.95% 19 Feb 2023			—				416,215
		Volkswagen Auto Loan		0.91% 22 Oct 2018			—				537,061
		Wachovia Bank Commercial Mortgage		1.0% 15 Jan 2045			—				907,783
		Wachovia Bank Commercial Mortgage		1.0% 15 May 2043			—				—
		Walgreen Co		1.8% 15 Sep 2017			—				825,216
		Walgreens Boots Alliance		3.8% 18 Nov 2024			—				465,148
		Waste Management Inc		6.1% 15 Mar 2018			—				301,960
		Waste Management Inc		4.75% 30 Jun 2020			—				446,724

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Wells Fargo & Company		1.0% 15 Jun 2016			—				473,082
		Wells Fargo & Company		3.5% 08 Mar 2022			—				663,508
		Wells Fargo & Company		2.1% 08 May 2017			—				912,802
		Western Union Co		3.65% 22 Aug 2018			—				458,061
		Western Union Co		3.35% 22 May 2019			—				238,544
		WF RBS Commercial Mortgage		3.337% 15 Jun 2046			—				457,808
		WF RBS Commercial Mortgage		2.921% 15 Dec 2046			—				554,277
		WF RBS Commercial Mortgage Trust		3.66% 15 Mar 2047			—				635,649
		Williams Partners LP		5.25% 15 Mar 2020			—				716,284
		Williams Partners LP		3.9% 15 Jan 2025			—				265,790
		Williams Partners LP		4.0% 15 Nov 2021			—				330,732
		Williams Partners LP		7.25% 01 Feb 2017			—				347,606
		World Financial Network		3.14% 17 Jan 2023			—				1,452,703
		World Financial Network		1.76% 17 May 2021			—				317,140
		World Financial Network		1.61% 15 Dec 2021			—				248,018
		World Financial Network Credit		1.0% 15 Dec 2019			—				417,421
		WPP Finance		4.75% 21 Nov 2021			—				205,834
		Wyndham Worldwide Corp		2.5% 01 Mar 2018			—				494,041
		Xerox Corporation		5.625% 15 Dec 2019			—				458,038
		Yamana Gold Inc		4.95% 15 Jul 2024			—				370,298
							—				213,638,021
Separate Investment Contract
*		Metropolitan Life Insurance Company		Separate Account			—				167,682,833
Benefit Responsive Interest Rate Wrapper Contracts
*		Metropolitan Life Insurance Company		Open Ended Maturity			—				(190,692	)
*		Prudential Financial Inc		Open Ended Maturity			—				(84,500	)
*		Transamerica Inc.		Open Ended Maturity			—				(173,467	)
							—				(448,659	)
		Synthetic Guaranteed Investment Contracts (contract value equals $671,061,967)					—			$	712,934,033
Commingled Investments:
*		SSgA Daily EAFE Fund		Commingled Investments			—				104,083,254
*		Daily Emer Mkts Index Ser State Str Bk & Tr Co Invt		Commingled Investments			—				8,723,434
*		Northern Trust S&P 400 Ind Fnd Tier 3		Commingled Investments			—				23,637,744
*		SSgA S&P 500 Flagship Fund		Commingled Investments			—				335,741,094
		Vanguard Target Retirement 2010		Commingled Investments			—				7,283,289
		Vanguard Target Retirement 2015		Commingled Investments			—				33,912,603
		Vanguard Target Retirement 2020		Commingled Investments			—				58,287,846
		Vanguard Target Retirement 2025		Commingled Investments			—				69,326,736

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Vanguard Target Retirement 2030		Commingled Investments			—				74,434,598
		Vanguard Target Retirement 2035		Commingled Investments			—				86,217,208
		Vanguard Target Retirement 2040		Commingled Investments			—				74,846,576
		Vanguard Target Retirement 2045		Commingled Investments			—				54,603,063
		Vanguard Target Retirement 2050		Commingled Investments			—				54,830,491
		Vanguard Target Retirement Income		Commingled Investments			—				22,917,119
*		SSgA US Small Cap Index Futures Fd		Commingled Investments			—				138,789,169
		Commingled Investments					—			$	1,147,634,224
Registered Investment Companies:
		Aberdeen Intl Eqty Fd		Registered Investment Company			—				5,504
		Aberdeen Select Intl Eqty Fd		Registered Investment Company			—				13,004
		Acadian Emerging Mkts Port Instl Cl		Registered Investment Company			—				5,206
		Advisorshares Trust		Registered Investment Company			—				8,778
		Aegis Value Fund		Registered Investment Company			—				4,936
		Akre Focus Fd Retail		Registered Investment Company			—				12,694
		Alliance World Dlr Govt Fd		Registered Investment Company			—				9,978
		Alps Trust ETF		Registered Investment Company			—				19,571
		Alps Trust ETF		Registered Investment Company			—				1,797
		Alps Trust ETF		Registered Investment Company			—				3,990
		Amana Developing World Fd Inv		Registered Investment Company			—				5,772
		Amana Growth Fund Inv		Registered Investment Company			—				6,285
		Amana Income Fund Inv		Registered Investment Company			—				57,139
		America Europacific Growth Fd		Registered Investment Company			—				13,165
		American Beacon Largecap Val Inv		Registered Investment Company			—				3,462
		American Century Equity Income Fd In		Registered Investment Company			—				27,199
		American Century Heritage Fund Inv		Registered Investment Company			—				2,984
		American Century Zero Coupon 2020 In		Registered Investment Company			—				11,659
		American Fd Cap Incm Bldr		Registered Investment Company			—				41,783
		American Fd Europacific Gr Fd		Registered Investment Company			—				10,352
		American Fd High Income Trust		Registered Investment Company			—				13,992
		American Fd Income Fund		Registered Investment Company			—				52,270
		American Fd Income Fund of America		Registered Investment Company			—				9,753
		American Fd New Economy Fd		Registered Investment Company			—				11,961
		American Fd Small Cap Wrld Fd		Registered Investment Company			—				10,866
		American Fundamental Investors		Registered Investment Company			—				11,340
		American Funds American Mutual		Registered Investment Company			—				11,242
		American Funds New Perspective		Registered Investment Company			—				10,279
		Amg Managers Brandywine Blue Fd		Registered Investment Company			—				12,486
		Amg Managers Emrg Oppty Fd Svc		Registered Investment Company			—				6,387
		Amg Managers Interm Duration Govt Fd		Registered Investment Company			—				24,934
		Amg Managers Skyline Special Eq Fund		Registered Investment Company			—				13,766
		Amg Southernsun Small Cap Inv		Registered Investment Company			—				8,222
		Amg Yacktman Fd Svc		Registered Investment Company			—				265,728
		Amg Yacktman Focused Fd Svc		Registered Investment Company			—				60,061

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Apollo Investment Corp		Registered Investment Company			—				8,140
		Aqr Core Eqty R6		Registered Investment Company			—				11,706
		Ariel Appreciation Fund Inv		Registered Investment Company			—				31,920
		Ariel Fund Inv		Registered Investment Company			—				18,056
		Artisan Global Eqty Fd Inv		Registered Investment Company			—				22,405
		Artisan International Fund Inv		Registered Investment Company			—				14,256
		Artisan International Value Fund		Registered Investment Company			—				15,418
		Babson Cap Partn Invs Tr		Registered Investment Company			—				26,460
		Baird Core Plus Bd Inv		Registered Investment Company			—				20,381
		Barclays Bank Ipath		Registered Investment Company			—				13,549
		Barclays Bank Ipath Etn		Registered Investment Company			—				11,144
		Barclays Bank Ipath Etn		Registered Investment Company			—				211
		Barclays Bank Plc		Registered Investment Company			—				906
		Baron Partners Fund Retail		Registered Investment Company			—				22,078
		Beck Mack And Oliver		Registered Investment Company			—				2,334
		Berkshire Focus Fund		Registered Investment Company			—				4,394
		Blackrock Equity Dividend Cl I		Registered Investment Company			—				55,660
		Blackrock Global Allocation Fd Inst		Registered Investment Company			—				29,421
		Blackrock Strat Incm Oppty Port Inst		Registered Investment Company			—				31,336
		Bridgeway Aggressive Investors 1		Registered Investment Company			—				222,783
		Buffalo Mid Cap Fund		Registered Investment Company			—				9,028
		Buffalo Small Cap Fund		Registered Investment Company			—				3,210
		Calvert Global Water Fd		Registered Investment Company			—				1,806
		Clipper Fund		Registered Investment Company			—				13,511
		Columbia Acorn Int’L Fd		Registered Investment Company			—				12,047
		Columbia Acorn Intl Select Fd		Registered Investment Company			—				19,098
		Columbia Contrarian Core A		Registered Investment Company			—				25,558
		Columbia Dividend Income Fd		Registered Investment Company			—				14,042
		Columbia Dividend Oppty A		Registered Investment Company			—				25,023
		Columbia Marsico Intl Oppty Fd		Registered Investment Company			—				5,257
		Columbia Real Estate Equity Fd		Registered Investment Company			—				79,359
		Columbia Small Cap Core Fd		Registered Investment Company			—				3,910
		Columbia Strategic Income Fd		Registered Investment Company			—				7,468
		Columbia Value And Restructuring		Registered Investment Company			—				9,028
		Credit Suisse Asset Mgmt Income Fd		Registered Investment Company			—				5,922
		Crm Mid Cap Value Fund Investor		Registered Investment Company			—				12,595
		Dbx Trackers Msci Et		Registered Investment Company			—				141
		Delafield Fund		Registered Investment Company			—				2,685
		Delaware Small Cap Value A		Registered Investment Company			—				25,536
		Deutsche Alternative Asset Alloc		Registered Investment Company			—				9,332
		Deutsche Real Estate Securities		Registered Investment Company			—				4,486
		Deutsche S&P 500 Index Fund		Registered Investment Company			—				9,306
		Deutsche Select Alternative Alloc		Registered Investment Company			—				7,380
		DFA Emerg Mkts Core Eqty Port Instl		Registered Investment Company			—				41,604
		DFA Global Real Estate Sec Port		Registered Investment Company			—				10,279
		DFA Inflation Protect Sec Port Instl		Registered Investment Company			—				6,060
		DFA Interm Govt Fixed Inc Port Instl		Registered Investment Company			—				12,441

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		DFA Intl Core Eqty Port Instl		Registered Investment Company			—				5,231
		DFA Intl Real Estate Sec Port Instl		Registered Investment Company			—				2,048
		DFA Intl Small Cap Value Port Instl		Registered Investment Company			—				7,453
		DFA Intl Small Co Port Instl		Registered Investment Company			—				53,635
		DFA Intl Value Port Instl		Registered Investment Company			—				7,478
		DFA Real Estate Securities Port Inst		Registered Investment Company			—				2,639
		DFA Two Yr Glbl Fixed Inc Port Instl		Registered Investment Company			—				38,952
		DFA US Core Eqty 2 Port Instl		Registered Investment Company			—				4,899
		DFA US Large Cap Value Port Instl		Registered Investment Company			—				4,826
		DFA US Micro Cap Port Instl		Registered Investment Company			—				33,985
		DFA US Small Cap Value Port Instl		Registered Investment Company			—				36,515
		DFA US Vector Eqty Port Instl		Registered Investment Company			—				11,836
		Direxion Monthly Latin America Bull		Registered Investment Company			—				—
		Direxion Shares ETF		Registered Investment Company			—				134
		Direxion Shs ETF		Registered Investment Company			—				2,310
		Direxion Shs ETF		Registered Investment Company			—				3,801
		Direxion Shs ETF		Registered Investment Company			—				1,500
		Direxion Shs ETF		Registered Investment Company			—				1,217
		Direxion Shs ETF		Registered Investment Company			—				5,260
		Direxion Shs ETF		Registered Investment Company			—				20,656
		Dodge & Cox Income Fd		Registered Investment Company			—				103,878
		Dodge & Cox Intl Stock Fd		Registered Investment Company			—				105,228
		Dodge & Cox Stock Fund		Registered Investment Company			—				152,449
		Doubleline Core Fixed Incm Fd		Registered Investment Company			—				30,025
		Doubleline Fds Tr		Registered Investment Company			—				30,564
		Doubleline Total Return Bd Fd		Registered Investment Company			—				16,089
		Doubleline Total Returnbd Fd		Registered Investment Company			—				26,595
		Dreyfus Opportunistic Midcap Value A		Registered Investment Company			—				18,770
		Dreyfus Premier Greater China I		Registered Investment Company			—				924
		Driehaus Emerging Mkts Growth Fd		Registered Investment Company			—				879
		Driehaus International Discovery Fd		Registered Investment Company			—				12,194
		Eagle Small Cap Growth Fd		Registered Investment Company			—				10,597
		Eaton Vance Sr Fl Rt Tr		Registered Investment Company			—				28,864
		Eaton Vance Tax Mgd Sml Cap Fd		Registered Investment Company			—				16,324
		Eaton Vance Worldwide Hlth Science		Registered Investment Company			—				4,165
		Etfs Phys Platinum		Registered Investment Company			—				7,608
		Fairholme Fund		Registered Investment Company			—				4,359
		Fam Value Fund Inx		Registered Investment Company			—				139,466
		Fidelity Adv New Insights Fd		Registered Investment Company			—				45,824
		Fidelity Advisor Ser Vii		Registered Investment Company			—				11,824
		Fidelity Canada Fund		Registered Investment Company			—				3,328
		Fidelity Cap Apprec Fund		Registered Investment Company			—				31,900
		Fidelity Cap Tr Focused Stk Fd		Registered Investment Company			—				2,442
		Fidelity Capital & Income Fund		Registered Investment Company			—				88,166
		Fidelity Contra Fund		Registered Investment Company			—				242,609
		Fidelity Convertible Securities Fund		Registered Investment Company			—				15,657
		Fidelity Discovery Growth Fund		Registered Investment Company			—				2,589

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Fidelity Diversified Intl Fund		Registered Investment Company			—				69,431
		Fidelity Dividend Growth		Registered Investment Company			—				36,750
		Fidelity Emerging Markets Fd		Registered Investment Company			—				49,509
		Fidelity Freedom 2025 Fund		Registered Investment Company			—				8,669
		Fidelity Growth Strategies Fund		Registered Investment Company			—				3,466
		Fidelity High Income Fund		Registered Investment Company			—				64,394
		Fidelity International Discovery Fd		Registered Investment Company			—				65,111
		Fidelity Intl Real Estate Fund		Registered Investment Company			—				17,901
		Fidelity Large Cap Stock Fd		Registered Investment Company			—				5,036
		Fidelity Latin Amer Fund		Registered Investment Company			—				17,467
		Fidelity Leveraged Company Stock Fd		Registered Investment Company			—				4,584
		Fidelity Low Priced Stock		Registered Investment Company			—				182,054
		Fidelity Mid Cap Value		Registered Investment Company			—				6,723
		Fidelity New Mkts Income Fd		Registered Investment Company			—				79,182
		Fidelity Select Energy Services		Registered Investment Company			—				7,286
		Fidelity Select Health Care		Registered Investment Company			—				16,904
		Fidelity Select Medical Delivery		Registered Investment Company			—				78,168
		Fidelity Select Nat Res		Registered Investment Company			—				8,613
		Fidelity Select Portfolios		Registered Investment Company			—				3,279
		Fidelity Slct Biotech		Registered Investment Company			—				59,307
		Fidelity Slct Chemicalsport		Registered Investment Company			—				13,191
		Fidelity Slct Energy		Registered Investment Company			—				16,488
		Fidelity Slct It Service Port		Registered Investment Company			—				3,230
		Fidelity Slct Technology		Registered Investment Company			—				4,222
		Fidelity Spartan Tot Mkt Idx Fid Adv		Registered Investment Company			—				52,155
		Fidelity Strategic Income Fund		Registered Investment Company			—				25,936
		Fidelity Value Fund		Registered Investment Company			—				3,008
		Fideltiy Advisor Mid Cap Ii I		Registered Investment Company			—				4,117
		First Eagle Fds of America Cl A		Registered Investment Company			—				4,323
		First Tr Exchange-Traded Fd		Registered Investment Company			—				10,465
		Fmi Intl Fd		Registered Investment Company			—				36,797
		Forward Emerging Markets Inst Cl		Registered Investment Company			—				728
		Forward Intl Dividend Fd Inv Cl		Registered Investment Company			—				3,943
		Fpa Crescent Fd Inst Cl Shares		Registered Investment Company			—				82,758
		Franklin Biotechnology Discovery Fd		Registered Investment Company			—				1,159
		Franklin Inc Fd		Registered Investment Company			—				19,673
		Franklin Rising Div Fund		Registered Investment Company			—				20,538
		Franklin Utilities Advisor Class		Registered Investment Company			—				11,251
		Fund X Upgrader Fund		Registered Investment Company			—				23,169
		Gabelli Utils Fd		Registered Investment Company			—				8,389
		Gamco Growth Fund		Registered Investment Company			—				11,780
		Glenmede Large Cap Gwth		Registered Investment Company			—				63,753
		Global X ETF		Registered Investment Company			—				1,510
		Global X ETF		Registered Investment Company			—				14,996
		Global X Exch Traded Fd		Registered Investment Company			—				4,593
		Global X Exch Traded Fd		Registered Investment Company			—				3,339
		Goldman Sachs Tr		Registered Investment Company			—				13,567

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Goldman Sachs Tr Mid Cap Eq Svc Shs		Registered Investment Company			—				5,489
		Greenspring Fund		Registered Investment Company			—				22,675
		Growth Fund of America		Registered Investment Company			—				11,514
		Hancock Horizon Funds		Registered Investment Company			—				183,713
		Hancock John Pfd Eqty Fd		Registered Investment Company			—				65,312
		Harbor Bond Fund Inst		Registered Investment Company			—				96,399
		Harbor International Fd Investor		Registered Investment Company			—				67,021
		Harbor International Fund Instl		Registered Investment Company			—				90,565
		Harding Loevner Emerging Markets		Registered Investment Company			—				17,580
		Hartford Small Cap Growth		Registered Investment Company			—				239
		Heartland Value Fund Inv		Registered Investment Company			—				24,848
		Hennessy Focus Fd Inv		Registered Investment Company			—				3,591
		Hennessy Gas Utility Index Fd		Registered Investment Company			—				20,509
		Hodges Fund		Registered Investment Company			—				2,573
		Hugoton Royalty Tr Sbi		Registered Investment Company			—				1,667
		Hussman Invt Tr		Registered Investment Company			—				10,197
		Hussman Strategic Growth		Registered Investment Company			—				11,216
		Hussman Strategic Total Return Fd		Registered Investment Company			—				12,342
		Icon Healthcare Fd		Registered Investment Company			—				10,346
		Invesco Comstock		Registered Investment Company			—				25,447
		Invesco Eqty And Incm		Registered Investment Company			—				20,350
		Invesco Eqty And Incm		Registered Investment Company			—				25,363
		Invesco European Growth Fd Investor		Registered Investment Company			—				1,067
		Invesco Insd Mun Incm Tr Sbi		Registered Investment Company			—				70,231
		Invesco Van Kampen Sr Incm Tr		Registered Investment Company			—				21,529
		Ishares Core S&P ETF Midcap		Registered Investment Company			—				40,110
		Ishares DJ US Transn Idx		Registered Investment Company			—				28,220
		Ishares Gold Trust		Registered Investment Company			—				7,665
		Ishares Intl ETF Developed R/E		Registered Investment Company			—				1,502
		Ishares Morningstar Fund		Registered Investment Company			—				39,609
		Ishares Msci Aus Idx Fd		Registered Investment Company			—				133
		Ishares Msci Bric Idx Fd		Registered Investment Company			—				14,958
		Ishares Msci Emerging Mkts Indx Fd		Registered Investment Company			—				37,483
		Ishares Msci ETF		Registered Investment Company			—				15,778
		Ishares Msci ETF		Registered Investment Company			—				9,315
		Ishares Msci ETF		Registered Investment Company			—				40,177
		Ishares Msci ETF		Registered Investment Company			—				14,569
		Ishares Msci Hk Idx Fd		Registered Investment Company			—				6,984
		Ishares Msci S F Indx Fd		Registered Investment Company			—				2,787
		Ishares Msci Singapore		Registered Investment Company			—				40,688
		Ishares S&P Euro 350		Registered Investment Company			—				10,960
		Ishares S&P Midcap 400 Value Index		Registered Investment Company			—				100,448
		Ishares S&P U S Pfd Fund		Registered Investment Company			—				22,717
		Ishares Silver Trust Index Fund		Registered Investment Company			—				17,078
		Ishares Tr		Registered Investment Company			—				7,917
		Ishares Tr Cohen & Steer Reit ETF		Registered Investment Company			—				47,645
		Ishares Tr Goldman Sachs		Registered Investment Company			—				7,664

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Ishares Tr Gs Investop		Registered Investment Company			—				59,108
		Ishares Tr Lehman 1-3 Yr Treasury Bd		Registered Investment Company			—				28,966
		Ishares Tr Lehman Aggregate Bd Fd		Registered Investment Company			—				37,991
		Ishares Tr Lehman Bond Fund		Registered Investment Company			—				16,621
		Ishares Tr Lehman Tips Bond Fund		Registered Investment Company			—				34,051
		Ishares Tr Msci Eafe ETF		Registered Investment Company			—				68,993
		Ishares Tr Nasdaq Biotech Index Fd		Registered Investment Company			—				6,067
		Ishares Trust Iboxx $ High Yield		Registered Investment Company			—				13,619
		Ishares Trust S&P 500 Index		Registered Investment Company			—				17,420
		Ivy Asset Strategy Fund Cl R		Registered Investment Company			—				6,149
		Ivy Global Natural		Registered Investment Company			—				3,713
		Ivy Mid Cap Growth I		Registered Investment Company			—				10,740
		James Balanced Golden Rainbow Fund		Registered Investment Company			—				9,897
		Janus Balanced Fund		Registered Investment Company			—				80,422
		Janus Contrarian Fund		Registered Investment Company			—				26,140
		Janus Fund		Registered Investment Company			—				8,396
		Janus Global Life Sciences		Registered Investment Company			—				83,298
		Janus Global Research Fd		Registered Investment Company			—				10,445
		Janus Overseas Fd		Registered Investment Company			—				12,884
		Janus Research Fund Class		Registered Investment Company			—				2,401
		Janus Triton Fund		Registered Investment Company			—				36,862
		Janus Triton Fund		Registered Investment Company			—				73,462
		Janus Venture Fund		Registered Investment Company			—				8,409
		Jensen Quality Growth Fd		Registered Investment Company			—				105,570
		Jpmorgan Chase & Co		Registered Investment Company			—				9,190
		Jpmorgan Equity Income		Registered Investment Company			—				63,540
		Jpmorgan Strategic Income Oppty Sel		Registered Investment Company			—				46,613
		Kinetics Small Cap Opportunities Fd		Registered Investment Company			—				4,181
		Laudus Mondrian Em Mkt		Registered Investment Company			—				18,110
		Lazard Developing Mkts Equity Open		Registered Investment Company			—				1,570
		Lazard Intl Strategic		Registered Investment Company			—				19,033
		Lazard Us Realty Incm Port Open		Registered Investment Company			—				25,429
*		Loomis Sayles Bond		Registered Investment Company			—				58,186
*		Loomis Sayles Bond Fund		Registered Investment Company			—				82,353
*		Loomis Sayles Glbl Bd Fd		Registered Investment Company			—				8,896
*		Loomis Sayles Ltd Term Govt Agency		Registered Investment Company			—				4,993
*		Loomis Sayles Sr Floating Rate		Registered Investment Company			—				19,737
		Manning & Napier Equity Series		Registered Investment Company			—				70,277
		Manning & Napier Overseas Series		Registered Investment Company			—				3,277
		Manning & Napier Problend Maximum		Registered Investment Company			—				1,318
		Market Vectors ETF		Registered Investment Company			—				9,572
		Market Vectors ETF		Registered Investment Company			—				10,800
		Market Vectors ETF		Registered Investment Company			—				8,456
		Market Vectors ETF		Registered Investment Company			—				8,124
		Marsico Intl Opportunities Fd		Registered Investment Company			—				16,829
		Matthews Asia Dividend Fund		Registered Investment Company			—				13,839
		Matthews China Investor		Registered Investment Company			—				1,976

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Matthews India Inv Fund		Registered Investment Company			—				6,854
		Matthews Pacific Tiger Fd Inv		Registered Investment Company			—				554
		Merger Fund		Registered Investment Company			—				64,609
		Meridian Growth Fund Legacy		Registered Investment Company			—				47,912
		Merk Hard Currency Fund Inv Shares		Registered Investment Company			—				9,944
		Metropolitan West Total Return Bd M		Registered Investment Company			—				37,410
		Mutual Global Discovery Fd		Registered Investment Company			—				20,251
		Nb Socially Responsive Fd		Registered Investment Company			—				3,239
		Neuberger Berman Focus Fd		Registered Investment Company			—				5,979
		Neuberger Berman Real Estate Fd Trst		Registered Investment Company			—				36,897
		New Ireland Fund Inc		Registered Investment Company			—				8,985
		Nicholas Fund		Registered Investment Company			—				8,879
		Northern Small Cap Core Fd		Registered Investment Company			—				16,492
		Nuveen Qual Pfd Inc Fd		Registered Investment Company			—				137,950
		Oakmark Equity Income Fd		Registered Investment Company			—				303,769
		Oakmark Fund		Registered Investment Company			—				178,673
		Oakmark Global Fund		Registered Investment Company			—				33,296
		Oakmark International Fund		Registered Investment Company			—				154,760
		Oakmark Intl Small Cap Fd		Registered Investment Company			—				4,509
		Oakmark Select Fd		Registered Investment Company			—				25,243
		Oppenheimer Developing Mkts		Registered Investment Company			—				7,976
		Oppenheimer Developing Mkts Fd		Registered Investment Company			—				25,982
		Oppenheimer Developing Mkts		Registered Investment Company			—				6,695
		Oppenheimer Steelpath Mlp Alpha		Registered Investment Company			—				29,063
		Pacific Financial Core Eqty Fd		Registered Investment Company			—				20,669
		Pacific Financial Explorer Fd Inv		Registered Investment Company			—				1,933
		Pacific Financial Strat Cons Inv		Registered Investment Company			—				14,825
		Parkway Pptys Inc		Registered Investment Company			—				10,469
		Parnassus Core Eqty Fd Inv		Registered Investment Company			—				159,847
		Parnassus Endeavor Fd		Registered Investment Company			—				3,507
		Parnassus Fund		Registered Investment Company			—				7,693
		Parnassus Small-Cap Fd		Registered Investment Company			—				2,492
		Perkins Mid Cap Value Fund		Registered Investment Company			—				10,645
		Permanent Portfolio		Registered Investment Company			—				168,008
		Permian Basin Royalty Tr		Registered Investment Company			—				3,343
		Pimco All Asset Fund		Registered Investment Company			—				10,981
		Pimco All Asset Fund Instl		Registered Investment Company			—				52,874
		Pimco ETF		Registered Investment Company			—				65,338
		Pimco Global Advantage Strat Bd Inst		Registered Investment Company			—				14,333
		Pimco Incm Fd Inst Cl		Registered Investment Company			—				27,063
		Pimco Income D		Registered Investment Company			—				45,956
		Pimco Real Estate Real		Registered Investment Company			—				20,397
		Pimco Real Return Fd Cl D		Registered Investment Company			—				68,188
		Pimco Stocksplus Ar Short Strat A		Registered Investment Company			—				8,915
		Pimco Total Return Fd Cl D		Registered Investment Company			—				13,542
		Pimco Total Return Fund Cl A		Registered Investment Company			—				38,009
		Powershares ETF Fd T		Registered Investment Company			—				8,636

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Powershares Exch Trad Fd Tr		Registered Investment Company			—				9,620
		Powershares Exch Trad Fd Tr		Registered Investment Company			—				6,237
		Powershares Exch Trad Fd Tr		Registered Investment Company			—				28,681
		Powershares Exch Trad Fd Tr		Registered Investment Company			—				64,092
		Powershares Exch Trad Fd Tremrg Mkt		Registered Investment Company			—				30,131
		Powershares Qqq Trust Ser 1		Registered Investment Company			—				597,732
		Powershs Db Commdty		Registered Investment Company			—				1,882
		Powershs Db Multi Sector		Registered Investment Company			—				3,485
		Primecap Odyssey Aggr Growth Fd		Registered Investment Company			—				3,247
		Principal Fds Inc		Registered Investment Company			—				5,664
		Principal Large Cap Growth I		Registered Investment Company			—				122
		Profunds Biotechnology Svc		Registered Investment Company			—				12,393
		Proshares Short High Yld		Registered Investment Company			—				23,512
		Proshares Tr Ultra Oil & Gas		Registered Investment Company			—				5,131
		Proshares Ultrapro E		Registered Investment Company			—				13,411
		Proshares Utra Qqq		Registered Investment Company			—				110,349
		Proshs Ultra Finl Ne		Registered Investment Company			—				63,993
		Proshs Ultrapro ETF		Registered Investment Company			—				74,600
		Proshs Ultrasht ETF		Registered Investment Company			—				100
*		Prudential Invt Portfolio 16		Registered Investment Company			—				18,091
*		Prudential Jennison Nat Rescl R		Registered Investment Company			—				5,269
		Putnam Capital Spectrum Fd		Registered Investment Company			—				52,641
		Putnam Diversified Income Trust		Registered Investment Company			—				19,703
		Putnam High Income Secs Fd		Registered Investment Company			—				20,275
		Rivernorth Dbline Strat Incm Fd		Registered Investment Company			—				167,073
		Robeco Boston Partner		Registered Investment Company			—				117,793
		Rowe T Price Emerging		Registered Investment Company			—				39,679
		Rowe T Price Intl Fds Incemrgn Mkts		Registered Investment Company			—				28,243
		Royce Low Priced Stock Fd		Registered Investment Company			—				95,041
		Royce Opportunity Fd Investment Sh		Registered Investment Company			—				4,596
		Royce Pennsylvania Mutual Fd Invesmt		Registered Investment Company			—				228,592
		Royce Premier Fd Investment		Registered Investment Company			—				70,866
		Royce Special Equity Fd Inv		Registered Investment Company			—				20,895
		Royce Total Return Fd Inv		Registered Investment Company			—				47,106
		Rs Global Natural Resources Fd		Registered Investment Company			—				6,899
		Rs Invt Tr		Registered Investment Company			—				3,176
		Rs Value Fund A		Registered Investment Company			—				29,392
		Rydex Biotechnology Fd Inv Class		Registered Investment Company			—				8,783
		Rydex ETF Tr		Registered Investment Company			—				21,836
		Rydex ETF Trust		Registered Investment Company			—				998
		Rydex Health Care Fund		Registered Investment Company			—				4,934
		Rydex Utilities Fd Investor		Registered Investment Company			—				19,057
		San Juan Basin Royal		Registered Investment Company			—				2,537
		Sch US Div Equity Et		Registered Investment Company			—				4,012
		Sch US Mid-Cap ETF		Registered Investment Company			—				31,242
		Sch US Tips ETF		Registered Investment Company			—				59,772
		Schroder Emrg Mkt Eqty Adv		Registered Investment Company			—				52,580

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Schwab 1000 Index Fund		Registered Investment Company			—				27,125
		Schwab Cap Tr		Registered Investment Company			—				30,209
		Schwab Intermediate-Term Bond Fund		Registered Investment Company			—				5,022
		Schwab Intl Eq ETF		Registered Investment Company			—				23,012
		Schwab Monthly Income Enh Payout		Registered Investment Company			—				28,903
		Schwab Total Stk Mkt Index		Registered Investment Company			—				1,111
		Schwab Us Broad Market ETF		Registered Investment Company			—				13,109
		Schwab Us Scap ETF		Registered Investment Company			—				26,458
		Sector Spdr Fincl Select		Registered Investment Company			—				4,946
		Sector Spdr Tr		Registered Investment Company			—				6,429
		Sector Spdr Tr Con Svcs		Registered Investment Company			—				55,251
		Selected Intl Fd		Registered Investment Company			—				4,925
		Selected Intl Fd		Registered Investment Company			—				4,947
		Shelton S&P Midcap Index Fd		Registered Investment Company			—				17,843
		Spdr Barclays ETF		Registered Investment Company			—				392
		Spdr DJ Wilshire Large Cap Growth		Registered Investment Company			—				9,684
		Spdr DJ Wilshire Small Cap Value		Registered Investment Company			—				15,227
		Spdr Dow Jones Reit ETF		Registered Investment Company			—				55,358
		Spdr Gold Trust Spdr Gold Shares		Registered Investment Company			—				196,834
		Spdr Index Shs Fds S & P Emktsc ETF		Registered Investment Company			—				52,986
		Spdr S&P 400 Mid Cap Value ETF		Registered Investment Company			—				15,437
		Spdr S&P 400 Mid Capgrowth ETF		Registered Investment Company			—				15,526
		Spdr S&P 600 Small Cap Growth		Registered Investment Company			—				15,486
		Spdr S&P Emerging Europe		Registered Investment Company			—				3,305
		Spdr S&P Pharmaceuticals		Registered Investment Company			—				16,626
		Spdr Trust Unit		Registered Investment Company			—				45,630
		Sprott Phys Sil Tr E		Registered Investment Company			—				6,027
*		SSgA Emerging Markets Fund Instl		Registered Investment Company			—				26,551
*		SSgA Intl Stock Selection Fund Instl		Registered Investment Company			—				8,489
		Sunamerica Focused		Registered Investment Company			—				25,181
		T Rowe Price Capital Appreciation Fd		Registered Investment Company			—				768,467
		T Rowe Price Corporate Income Fund		Registered Investment Company			—				130,207
		T Rowe Price Emrg Europe Fd		Registered Investment Company			—				1,727
		T Rowe Price Equity Income Fund		Registered Investment Company			—				32,764
		T Rowe Price Growth Stk Adv		Registered Investment Company			—				4,812
		T Rowe Price Health Sciences Fd		Registered Investment Company			—				113,756
		T Rowe Price International Bond Fund		Registered Investment Company			—				8,331
		T Rowe Price Intl Discovery Fund		Registered Investment Company			—				97,687
		T Rowe Price Latin America Fund		Registered Investment Company			—				7,774
		T Rowe Price Media & Telecom Fund		Registered Investment Company			—				5,034
		T Rowe Price Mid Cap Value		Registered Investment Company			—				31,599
		T Rowe Price Mid-Cap Growth Fund		Registered Investment Company			—				24,179
		T Rowe Price New Horizons Fund		Registered Investment Company			—				57,911
		T Rowe Price Retirement 2015 Adv		Registered Investment Company			—				28,922
		T Rowe Price Retirement 2025 Adv		Registered Investment Company			—				31,570
		T Rowe Price Retirement 2040 Fd		Registered Investment Company			—				6,946
		T Rowe Price Value Fund		Registered Investment Company			—				37,398

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		T Rowe Retirement 2040 Fd Advisor Cl		Registered Investment Company			—				6,941
		TCW Emerging Markets Inc Fund		Registered Investment Company			—				7,800
		TCW Relative Value Div Appr Fd		Registered Investment Company			—				35,975
		TCW Total Return Bond Fd		Registered Investment Company			—				64,352
		TCW Total Return Bond Fd		Registered Investment Company			—				81,103
		Tekia Healthcare Inv		Registered Investment Company			—				16,036
		Templeton Emerg Mkts Income		Registered Investment Company			—				2,268
		Templeton Emrg Mkts Small Cap Fd		Registered Investment Company			—				6,731
		Templeton Global Bd		Registered Investment Company			—				49,329
		Templeton Global Bond Fd Advisor		Registered Investment Company			—				6,686
		Templeton Global Bond Fund		Registered Investment Company			—				38,169
		Templeton Global Bond Fund Cl A		Registered Investment Company			—				9,889
		Templeton Global Income Fd Inc		Registered Investment Company			—				1,438
		Templeton Global Total		Registered Investment Company			—				19,561
		Teton Westwood Equity Fund		Registered Investment Company			—				1,563
		Teton Westwood Mighty Mites Fund		Registered Investment Company			—				41,960
		Third Avenue Value Fund Instl		Registered Investment Company			—				5,743
		Thompson Largecap Fund		Registered Investment Company			—				191
		Touchstone Sands Capital Instl Growt		Registered Investment Company			—				16,258
		Touchstone Small Cap Value		Registered Investment Company			—				14,190
		Tributary Growth Opps Inst		Registered Investment Company			—				6,029
		Turkish Invt Fd Inc		Registered Investment Company			—				19,148
		Tweedy Browne Global Value Fd		Registered Investment Company			—				105,401
		UBS Ag Jersey Brh		Registered Investment Company			—				2,287
		UBS E-Tracs Shs		Registered Investment Company			—				2,143
		Undiscovered Mgrsbehavioral Value		Registered Investment Company			—				16,230
		United St Nat Gas Fd		Registered Investment Company			—				6,189
		United States Oil Fund		Registered Investment Company			—				2,749
		United Sttaes Gas Fd ETF		Registered Investment Company			—				3,415
		US Global Inv Global Res		Registered Investment Company			—				1,192
		US Global Inv World Precious Minrls		Registered Investment Company			—				237
		US Global Investors Emerg Europe Fd		Registered Investment Company			—				1,683
		Value Line Sm Cap Opportunities Fd		Registered Investment Company			—				45,837
		Vanguard 500 Index Fd Investor Shs		Registered Investment Company			—				237,190
		Vanguard Balanced Index Fund Inv		Registered Investment Company			—				9,478
		Vanguard Bd Index Fd		Registered Investment Company			—				21,932
		Vanguard Bd Index Fund		Registered Investment Company			—				17,462
		Vanguard Capital Value Investor		Registered Investment Company			—				3,779
		Vanguard Corp Bond ETF Short Term		Registered Investment Company			—				27,552
		Vanguard Developed Mkts Index Inv		Registered Investment Company			—				39,449
		Vanguard Div Appr Vipers		Registered Investment Company			—				60,440
		Vanguard Dividend Growth Fund		Registered Investment Company			—				72,253
		Vanguard Emerging Mkts Stock Index		Registered Investment Company			—				14,190
		Vanguard Energy Fund Inv		Registered Investment Company			—				201,224
		Vanguard Equity Inc Fd Admiral Shs		Registered Investment Company			—				14,223
		Vanguard Ftse Emerging Mkts ETF		Registered Investment Company			—				95,248
		Vanguard Global Equity Fd Investor		Registered Investment Company			—				29,262

 

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Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Vanguard GNMA Fund Admiral Shrs		Registered Investment Company			—				6,371
		Vanguard GNMA Fund Investor Shs		Registered Investment Company			—				5
		Vanguard Growth Index Fd		Registered Investment Company			—				11,794
		Vanguard Health Care Fund Inv		Registered Investment Company			—				95,021
		Vanguard High Div Yield Index Inv		Registered Investment Company			—				21,033
		Vanguard High-Yield Corporate Fd Inv		Registered Investment Company			—				37,316
		Vanguard Index Funds		Registered Investment Company			—				6,498
		Vanguard Index Funds		Registered Investment Company			—				40,112
		Vanguard Index Funds		Registered Investment Company			—				26,411
		Vanguard Inflation Protected Sec Fd		Registered Investment Company			—				67,861
		Vanguard Inter Term Bond Index Fd I		Registered Investment Company			—				82,781
		Vanguard Inter Term Tax Exmpt Fd Inv		Registered Investment Company			—				1,490
		Vanguard Interm Term Inv Grd Fund		Registered Investment Company			—				30,508
		Vanguard Interm-Term Inv Grd Adm Shs		Registered Investment Company			—				30,101
		Vanguard Intl Equity Index Fd		Registered Investment Company			—				5,241
		Vanguard Long Term Treasury Fd Inv		Registered Investment Company			—				48,068
		Vanguard Mid Cap Index Fd Inv		Registered Investment Company			—				154,644
		Vanguard Mid Cap Value		Registered Investment Company			—				7,362
		Vanguard Mid-Cap Value Index Inv		Registered Investment Company			—				10,714
		Vanguard Pacific Stock Index Fd Inv		Registered Investment Company			—				7,030
		Vanguard Precious Metals Mining Inv		Registered Investment Company			—				2,600
		Vanguard Reit		Registered Investment Company			—				11,988
		Vanguard Reit Index Fund Inv		Registered Investment Company			—				180,429
		Vanguard Short Term		Registered Investment Company			—				148,618
		Vanguard Short Term Trea Admiral Shs		Registered Investment Company			—				6,294
		Vanguard Sh-Term ETF Inf Pro Secs		Registered Investment Company			—				45,828
		Vanguard Small Cap Growth Index Fd		Registered Investment Company			—				66,193
		Vanguard Small Cap Value		Registered Investment Company			—				12,911
		Vanguard Small-Cap Index Fund		Registered Investment Company			—				106,514
		Vanguard Strategic Equity Fund Inv		Registered Investment Company			—				31,771
		Vanguard Target Retirement 2040 Fd I		Registered Investment Company			—				6,797
		Vanguard Total Intl ETF		Registered Investment Company			—				30,315
		Vanguard Total Intl Stk Index Fd Inv		Registered Investment Company			—				6,842
		Vanguard Total Stock Markt Indx Fd I		Registered Investment Company			—				56,992
		Vanguard Total Stock Mkt		Registered Investment Company			—				165,619
		Vanguard Total Stock Mkt Indx Fd Adm		Registered Investment Company			—				78,613
		Vanguard Value Index Fund		Registered Investment Company			—				18,450
		Vanguard Wellington Fund Inv		Registered Investment Company			—				138,611
		Vanguard Windsor II Portfolio Inv		Registered Investment Company			—				66,522
		Vanguard World Funds		Registered Investment Company			—				18,592
		Vanguard World Funds		Registered Investment Company			—				4,179
		Vanguard World Funds		Registered Investment Company			—				11,162
		Vanguard World Funds		Registered Investment Company			—				22,210
		Vanguard World Funds		Registered Investment Company			—				11,691
*		Voya Prime Rate Trust		Registered Investment Company			—				7,946
		Wasatch Hoisington US Treas Fd Inv		Registered Investment Company			—				14,597
		Wasatch Micro Cap Value Fund Inv		Registered Investment Company			—				3,734

 

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Baxter International Inc. and Subsidiaries

Incentive Investment Plan

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

Employer Identification Number: 36-0781620 and Plan Number 023

December 31, 2014

 

 

Identity of Issue				Description of Investment		Cost (1)				Current Value
		Wells Fargo Adv Premier Lg Co Gr Adm		Registered Investment Company			—				67,883
		Wells Fargo Advtg Prem Lrg Co Gr Inv		Registered Investment Company			—				42,801
		Wells Fargo Advtg Spcl Sml Cp Val A		Registered Investment Company			—				16,516
		Wisdomtree Diefa Hi Yld		Registered Investment Company			—				22,972
		Wisdomtree ETF		Registered Investment Company			—				9,341
		Wisdomtree Eur Smcap Div		Registered Investment Company			—				257
		Wisdomtree Trust		Registered Investment Company			—				4,216
		Registered Investment Companies					—			$	16,920,862
*		Notes Receivables from Participants		Interest rates range from 3.25% to 10.5%						$	50,453,884
		Collateral Held on Loaned Securities
		*SSgA Quality D Short-term Investment Fund					—			$	12,903,200
		Total Investments					—			$	2,568,496,054

 

*	Party-in-interest

**	These investments include securities that were loaned to brokers under the securities lending program with the Trustee.

(1)	Cost information not required for participant-directed investments.

 

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SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

				BAXTER INTERNATIONAL INC. AND SUBSIDIARIES
				INCENTIVE INVESTMENT PLAN
Date: June 19, 2015				By:		/s/ Robert J. Hombach
						Robert J. Hombach
						Member of the Administrative Committee