form 11K



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004

FORM 11-K



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


For the fiscal year ended December 31, 2014


OR

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


For the transition period from ______ to ______.


Commission file number(s): 333-110395, 333-75468, 333-90540 and 333-146565


AUTOMATIC DATA PROCESSING, INC.
   RETIREMENT AND SAVINGS PLAN   
(Full title of the plan and the address of the plan, if
different from that of the issuer named below)


Automatic Data Processing, Inc.
One ADP Boulevard, Roseland, New Jersey 07068
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive office)



Notices and communications from the Securities and Exchange Commission
Relative to this report should be forwarded to:
  
Michael A. Bonarti
Corporate Vice President, General Counsel and Secretary
Automatic Data Processing, Inc.
One ADP Boulevard Roseland, New Jersey 07068





AUTOMATIC DATA PROCESSING, INC.
RETIREMENT AND SAVINGS PLAN
TABLE OF CONTENTS
 
 
 
 
Page
 
 
 
 
 
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
 
 
 
 
 
Statement of Changes in Net Assets Available for Benefits
 
 
  For the Year Ended December 31, 2014
 
3
 
 
 
 
 
Notes to Financial Statements as of December 31, 2014 and 2013

 
 
  and for the Year Ended December 31, 2014
 
4-13
 
 
 
 
 
SUPPLEMENTAL SCHEDULE:
 
 
 
 
 
 
 
Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year)
 
 
  As of December 31, 2014
 
14-29
 
 
 
 
 
SIGNATURE
 
 
 
30
 
 
 
 
 
Exhibit 23 Consent of Independent Registered Public Accounting Firm
 
31








All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Trustees and Participants of
Automatic Data Processing, Inc.
Retirement and Savings Plan

We have audited the accompanying statements of net assets available for benefits of Automatic Data Processing, Inc. Retirement and Savings Plan (the "Plan") as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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. The Plan is not required to have, nor were we engaged to perform, an audit of internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, 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 its net assets available for benefits for the year ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.




/s/ CohnReznick LLP

Roseland, New Jersey
June 22, 2015

1


AUTOMATIC DATA PROCESSING, INC.
 
 
RETIREMENT AND SAVINGS PLAN
 
 
 
 
 
 
 
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
 
DECEMBER 31, 2014 AND 2013
 
 
 
 
 
 
 
 
2014
 
2013
ASSETS
 
 
 
 
 
 
 
CASH
$
110,382

 
$
157

INVESTMENTS (Notes 3 and 4):
 
 
 
  Participant directed investments, at fair value
      3,291,667,487

 
       3,456,732,023

 
 
 
 
RECEIVABLES:
 
 
 
  Notes receivable from participants
          78,258,647

 
           86,740,438

  Interest and dividends receivable
            4,497,888

 
             4,748,961

  Broker receivable for securities sold
            2,663,042

 
             2,605,196

  Participant contributions receivable
            1,321,162

 
             1,053,719

  Employer contribution receivable
              476,201

 
                434,889

 
 
 
 
  TOTAL RECEIVABLES
          87,216,940

 
           95,583,203

 
 
 
 
TOTAL ASSETS
      3,378,994,809

 
       3,552,315,383

 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Broker payable for securities purchased
          11,078,884

 
             5,052,615

Accrued expenses
            1,292,644

 
             1,973,252

 
 
 
 
TOTAL LIABILITIES
          12,371,528

 
             7,025,867

           
 
 
 
NET ASSETS AVAILABLE FOR BENEFITS
$
3,366,623,281

 
$
3,545,289,516

 
 
 
 
See notes to financial statements.
 
 
 
 
 
 
 

2



AUTOMATIC DATA PROCESSING, INC.
 
RETIREMENT AND SAVINGS PLAN
 
 
 
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2014
 
 
 
Contributions:
                             

  Participant
$
224,630,573

  Employer
81,996,191

          Total contributions
306,626,764

 
 
Investment income:
 
  Net appreciation in fair value of investments (Note 3)
238,936,995

  Dividend income
32,214,013

  Interest income
677,768

          Total investment income
271,828,776

 
 
Interest income on notes receivable from participants
3,666,344

 
 
Benefits paid to participants
(250,151,721
)
 
 
Administrative and general expenses
(7,370,835
)
 
 
NET INCREASE IN NET ASSETS BEFORE TRANSFERS
324,599,328

 
 
TRUST TO TRUST TRANSFERS OUT
(503,265,563
)
 
 
NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS
(178,666,235
)
 
 
NET ASSETS AVAILABLE FOR BENEFITS:
 
  Beginning of year
3,545,289,516

 
 
  End of year
$
3,366,623,281

 
 
See notes to financial statements.
 

3



AUTOMATIC DATA PROCESSING, INC.
RETIREMENT AND SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2014 AND 2013
AND FOR THE YEAR ENDED DECEMBER 31, 2014

1.
DESCRIPTION OF PLAN
The following description of the Automatic Data Processing, Inc. Retirement and Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan is administered by a three-member committee (the “Plan Administrator”) appointed by the Board of Directors of Automatic Data Processing, Inc. (“ADP”, the “Company” or the “Plan Sponsor”). JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian of the Plan.
General-The Plan is a defined contribution plan established January 1, 1984 available to all eligible employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Contributions-
Participant Contributions-As defined in the Plan document, participating employees who are deemed non-highly compensated (employees earning less than $115,000 in 2013), can contribute up to 50% (35% prior to January 1, 2013) of their compensation, subject to the maximum deferral limits under the Internal Revenue Code (“IRC”) (and certain special limits for Puerto Rico residents participating in the Plan). Participating employees earning more than these amounts (“Highly Compensated Employees”) can only contribute up to the amount determined by the Plan Administrator annually (10% of their compensation prior to January 1, 2013 and 12% thereafter). Participants who have attained age 50 before the close of the Plan year are eligible to make additional contributions (“Catch-Up Contributions”) up to the amount of $5,500 for 2014. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“rollover contributions”). Unless employees elect otherwise, they are automatically enrolled as participants in the Plan after sixty days of employment at a deferral rate of 3% of compensation.  Effective July 1, 2015, these participants will be automatically enrolled in the SaveSmart auto-escalation feature of the Plan.  Under the SaveSmart feature, each participant’s contribution rate is automatically increased by 1% each September until their contribution rate reaches 6%. These contributions will be invested in the JPMorgan SmartRetirement Fund that corresponds to their estimated retirement date.
Effective January 1, 2013, certain employees who were hired before January 1, 2007 and were not contributing to the Plan as of October 31, 2012, were automatically enrolled as participants in the Plan at a deferral rate of 1% of compensation. These contributions will also be invested in the JPMorgan SmartRetirement Fund that corresponds to their estimated retirement date.
Effective January 1, 2014, substantially all participants who were contributing between 1% and 5% of their compensation to the Plan as of November 1, 2013 were automatically enrolled in the SaveSmart feature of the Plan.  Under the SaveSmart feature, these participants will have their contribution rate automatically increased by 1% each January until their contribution rate reaches 6%.
Participant contributions during the year ended December 31, 2014 include $16,266,591 of rollover contributions.
Matching Employer Contributions-The Company contributes an amount equal to 50% of the first 6% of each participant’s salary deferral election to the Plan. Once a participant has contributed to the Plan for 60 months, the

4


Company’s matching contribution increases to an amount equal to 70% of the first 6% of a participant’s salary deferral election. Effective January 1, 2015, for employees hired or rehired on or after January 1, 2015, the Company will contribute an amount equal to 100% of the first 6% of each participant’s salary deferral election to the Plan. Participants must be actively employed on December 31 of a given year to receive the matching contribution for that year. Matching contributions are not made on the employee catch-up contributions.
Limitations-In addition, there are contribution limitations set forth in the IRC, which the Plan must satisfy.
Participant Accounts-Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and an allocation of Plan gains or losses. Account balances are valued at fair market value, and are adjusted daily to reflect the net investment income of Plan investments. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Investments-Investments in the Plan consist of various investments which include the ADP Stock Fund, separately managed accounts, commingled trusts, mutual funds, money market funds and the CDK Stock Fund.
The Seix Intermediate Bond Fund, the Columbia Dividend Value Fund, the Montag & Caldwell Large Cap Growth Fund, and the American Century Small Cap Value Fund are separately managed accounts with underlying investments that include investments in publicly traded common stock, government bonds, corporate bonds and various other bond issues. The Northern Trust S&P 500 Index Fund, the JPMorgan SmartRetirement Income Fund, the JPMorgan SmartRetirement 2010 Fund, the JPMorgan SmartRetirement 2015 Fund, the JPMorgan SmartRetirement 2020 Fund, the JPMorgan SmartRetirement 2030 Fund, the JPMorgan SmartRetirement 2040 Fund, the JPMorgan SmartRetirement 2050 Fund, the Pyramis Select International Plus Commingled Pool, and the Voya Small Cap Growth Fund are commingled trusts. The Goldman Sachs Financial Square Government Fund is a money market fund.
Participants direct the investment of their contributions and matching employer contributions into the 17 various investment options offered by the Plan. Matching contributions are deposited into participants’ accounts each pay period and are made pursuant to their individual investment election on file at that time.
Effective January 1, 2015, the ADP Stock Fund was closed to new investments. As a result, participants were no longer permitted to direct new investments or transfer investments into the ADP Stock Fund. Liquidation of the fund will begin on July 6, 2015.
On September 30, 2014, the Company completed the spin-off of its former Dealer Services business into an independent publicly traded company called CDK Global, Inc. ("CDK"). As a result of the spin-off, ADP stockholders of record on September 24, 2014 (the "record date") received one share of CDK common stock for every three shares of ADP common stock held by them on the record date and cash for any fractional shares of CDK common stock. CDK common stock received by the Plan in connection with ADP common stock held in the ADP Stock Fund was contributed to the CDK Stock Fund. Effective immediately upon creation of the CDK Stock Fund, participants were not permitted to direct new investments or transfer investments into the fund. Liquidation of the fund will begin on July 6, 2015.
In November 2014, Evercore Trust Company, N.A. was appointed as the named fiduciary and investment manager of the ADP Stock Fund and the CDK Stock Fund. As named fiduciary and investment manager, Evercore Trust Company, N.A. has the responsibility for liquidating both the ADP Stock Fund and the CDK Stock Fund.

Vesting-Participants are immediately vested in their contributions, including salary deferral and rollover contributions. Matching Company contributions are vested as follows:
Less than two years of service from date of hire     0%
Two but less than three years of service from date of hire    50%
Three or more years of service from date of hire    100%


5


Effective January 1, 2015, for employees hired or rehired on or after January 1, 2015, Matching Company contributions are vested as follows:

Less than three years of service from date of hire    0%
Three or more years of service from date of hire    100%

Payment of Benefits-In general, employee and employer contributions must remain in the Plan until the later of the attainment of age 65 or the end of employment. The employee may elect to begin taking in-service distributions anytime after the attainment of age 70. Effective January 1, 2014, participants who have not terminated employment and have attained age 59-1/2 may elect to begin taking in-service distributions.

Upon termination of service, a participant can receive a lump-sum amount equal to the value of the vested portion of his or her account. Alternatively, he or she can elect to defer payment if the total of the participant’s vested account balance is more than $1,000. The balance in the participant’s ADP Stock Fund account can be distributed as whole shares of Company common stock (“Company Stock”) or as cash equivalent to the fair market value of the Company Stock at the date of distribution. The Plan was amended to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001. Pursuant to this amendment, if the total of the participant’s vested account balance is more than $1,000 but less than or equal to $5,000 on termination of service, and the participant has not elected to receive a lump-sum amount, ADP will automatically roll over the vested account balance to an individual retirement account (“IRA”) established with The Bancorp Bank. Fees and expenses for the IRA will be charged against a participant’s account unless he or she contacts the IRA provider and requests to make payment of the fees out-of-pocket. 
Forfeitures-Upon termination of a participant’s employment for reasons other than death before the attainment of age 65, the participant will be entitled to receive the vested portion of their account balance. The nonvested portion of the participant’s account balance will be forfeited, and will be used to pay Plan expenses as well as to reduce the amount of future Company contributions pursuant to the Plan document. The amount of unused forfeitures as of December 31, 2014 and 2013 amounted to $3,113,983 and $2,121,531, respectively. For the year ended December 31, 2014, amounts used to pay administrative expenses amounted to $746,829, and the amount used to reduce employer contributions was $3,966,488.
Notes Receivable from Participants-Plan participants may borrow funds from their account up to a maximum of $50,000 or 50% of their account balances, whichever is less, subject to certain limits and conditions. Outstanding loans are secured by the participant’s interest in the Plan and bear interest at rates ranging from 4.25% to 10.5%, which are commensurate with local prevailing rates at the time funds are borrowed, as determined by the Plan Administrator. Loans are generally repaid through payroll deductions or, at the option of the participant, may be prepaid in total. Participants’ loan repayments and any interest due are paid into the participants’ account.
Employee Stock Ownership Plan Component-The Plan was amended effective January 1, 2002, to designate a portion of the Plan as an employee stock ownership plan (“ESOP Component” or “ESOP”) which was designed to comply with IRC Section 4975 (e) (7) and the regulations thereunder, and Section 407(d) (6) of ERISA. The ESOP is defined as the portion of the Plan derived from (a) account balances invested in Company Stock and (b) all contributions made to the Plan after December 31, 2001 as further defined in the Plan amendment. The principal purpose of the ESOP Component is to provide participants an ownership interest in the Company. The following includes main highlights of the ESOP Component. Participants should refer to the Plan document for more information.
Investments in Company Stock - The ESOP Component will be invested primarily in Company Stock. Purchases of Company Stock may be made in the open market or, to the extent permitted by law, directly from the Company or shareholders of the Company. All purchases of Company Stock shall be made at prices that do not exceed the fair market value of such Company Stock, as determined by the Plan custodian at the time of purchase.

Dividends on Company Stock - Dividends paid by the Company with respect to shares of Company Stock held by the ESOP Component shall either be paid in cash directly to the participants, or pursuant to the participant’s election, dividends can be reinvested in the ESOP Component. All cash dividends are paid out on a quarterly basis.  If an election is made by a participant to receive a distribution in cash of dividends paid on Company Stock, then such dividends shall be held in a money market fund pending distribution.

6




Vesting - A participant will be 100% vested in their salary deferral and rollover contribution accounts and in any dividends paid on or after April 1, 2002 on Company Stock held in accounts.

Payment of Benefits - Payments to participants from the ESOP Component will be made in accordance with provisions as stated in the Plan document and amendments thereto regarding the payment of benefits from the Plan.

On May 26, 2015, the Plan was amended such that the ESOP Component will no longer be a feature of the Plan once the ADP Stock Fund is liquidated.

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies followed by the Plan:
Basis of Accounting-The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risk and Uncertainties-The Plan utilizes various investment instruments including U.S. Government agency securities, debt securities of companies with strong credit ratings from a variety of industries, and in various equity securities, including Company Stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
Income Recognition-Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
For the Columbia Dividend Value Fund, the Goldman Sachs Financial Square Government Fund, and the ING Small-Cap Growth Fund, management fees and operating expenses are reflected in the net asset value of the funds on a daily basis and are not reflected separately.  Management fees for the separately managed accounts and commingled trusts are accrued on a daily basis, reflected in the daily unitized price, and paid on a quarterly basis. Consequently, management fees are reflected as a reduction of investment return for such investments.
Fair Value of Investments-See Note 4 - “Fair Value Measurements.”
Fair Value of Other Financial Instruments-The carrying amount of receivables and liabilities approximates fair value.
Notes Receivable from Participants-Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document. No allowance for credit losses has been recorded at December 31, 2014 or 2013.
Payment of Benefits-Benefits payments to participants are recorded upon distribution. At December 31, 2014 and 2013, amounts allocated to accounts of individuals who had elected to withdraw but had not yet been paid totaled $1,041,601 and $1,097,354, respectively.
Trust to Trust Transfers out-As a result of the spin-off of CDK, Plan assets held by participants who became employees of CDK were transferred to a separate and independent retirement and savings plan for CDK employees.

Recently Issued Accounting Pronouncements- In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” Under the proposed amendments in ASU 2015-7, Plan investments for which

7


fair value is measured at net asset value per share using the practical expedient should not be categorized in the fair value hierarchy disclosure in the financial statements. See Note 4 - “Fair Value Measurements.” ASU 2015-7 is effective for annual periods beginning after December 15, 2015. The adoption of ASU 2015-7 is not expected to have a material impact on the disclosures in the Plan’s financial statements.

3.
INVESTMENTS
 
 
 
 
 
 
 
 
 
 
 
The investments of the Plan as of December 31, 2014 and 2013 are summarized as follows:
 
 
 
 
 
 
 
 
 
 
Investments, at fair value:
2014
 
2013
 
 
 
 
 
 
 
 
    ADP Stock Fund, 4,664,618 shares and 5,586,734 shares, respectively
 $ 389,818,030

 *
 $ 452,605,094

 *
 
    Northern Trust S&P 500 Index Fund
           391,384,640

 *
           360,409,415

 *
 
    Columbia Dividend Value Fund
           335,265,188

 
           332,660,982

 
 
    Voya Small Cap Growth Fund
           250,670,425

 *
           291,853,208

 *
 
    JPMorgan SmartRetirement 2030 Fund
           234,943,279

 *
           235,134,753

 *
 
    Pyramis Select International Plus Commingled Pool
           229,359,446

 *
           264,516,633

 *
 
    Montag & Caldwell Large Cap Growth Fund
           227,197,656

 
           240,945,166

 
 
    Seix Intermediate Bond Fund
           224,549,367

 
           258,134,964

 
 
    JPMorgan SmartRetirement 2040 Fund
           214,751,052

 *
           198,669,492

 *
 
    JPMorgan SmartRetirement 2020 Fund
           202,936,094

 *
           219,712,168

 *
 
    Goldman Sachs Financial Square Government Fund
           200,196,191

 *
           228,449,792

 *
 
    American Century Small Cap Value Fund
           193,708,455

 
           216,613,022

 
 
    JPMorgan SmartRetirement 2015 Fund
            71,879,044

 
            82,837,561

 
 
    JPMorgan SmartRetirement Income Fund
            64,020,430

 
            45,095,317

 
 
    CDK Stock Fund
            53,951,739

 
—

 
 
    JPMorgan SmartRetirement 2050 Fund
              7,036,451

 
—

 
 
    JPMorgan SmartRetirement 2010 Fund
—

 
            29,094,456

 
 
Total Investments
 $ 3,291,667,487

 
 $ 3,456,732,023

 
 
 
 
 
* Investments held that represent 5% or more of the Plan’s net assets available for benefits at the end of each of the respective years. For separately managed accounts (Seix Intermediate Bond Fund, Columbia Dividend Value Fund, Montag & Caldwell Large Cap Growth Fund, and American Century Small Cap Value Fund), underlying investments are used to make such determination.
 

8


3.
INVESTMENTS (continued)
During the year ended December 31, 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
 
 
Investment Earnings
2014
 
 
    ADP Stock Fund
$
36,697,056

    Northern Trust S&P 500 Index Fund
47,160,734

    CDK Stock Fund
39,804,740

    Columbia Dividend Value Fund
30,682,254

    JPMorgan SmartRetirement 2030 Fund
17,251,708

    JPMorgan SmartRetirement 2040 Fund
16,595,447

    Montag & Caldwell Large Cap Growth Fund
14,894,827

    JPMorgan SmartRetirement 2020 Fund
14,584,637

    Voya Small Cap Growth Fund
11,467,121

    Seix Intermediate Bond Fund
4,924,097

    JPMorgan SmartRetirement 2015 Fund
4,537,755

    American Century Small Cap Value Fund
4,337,833

    JPMorgan SmartRetirement Fund
3,821,780

    JPMorgan SmartRetirement 2050 Fund
234,474

    Goldman Sachs Financial Square Government Fund
95,336

    JPMorgan SmartRetirement 2010 Fund
(224,081
)
    Pyramis Select International Plus Commingled Pool
(7,928,723
)
    Net appreciation in fair value of investments
$
238,936,995

 
 
4.    FAIR VALUE MEASUREMENTS
The Plan applies the guidance in Accounting Standards Codification (“ASC”) 820.10 for assets recognized or disclosed at fair value on a recurring basis. The guidance in ASC 820.10 defines fair value, establishes a framework for measuring fair value, and expands the disclosures on fair value measurements. ASC 820.10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820.10 establishes market or observable inputs as the preferred source of fair value, followed by assumptions based on hypothetical transactions in the absence of market inputs.
The valuation techniques required by ASC 820.10 are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Plan’s market assumptions. These two types of inputs create the following three-level hierarchy to prioritize the inputs used in measuring fair value. The levels within the hierarchy are described below, with Level 1 having the highest priority and Level 3 having the lowest priority.
Level 1 
Fair value is determined based upon closing prices for identical instruments that are traded on active exchanges.
Level 2
Fair value is determined based upon quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3
Fair value is determined based upon significant inputs to the valuation model that are unobservable.

9


4.    FAIR VALUE MEASUREMENTS (continued)
Plan investments included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Plan investments included in Level 2 are valued based upon the closing price fair values of the publicly traded underlying investments.
There were no transfers in or out of Level 1 or Level 2 during the Plan years ended December 31, 2014 or 2013. The following tables present the investments of the Plan measured at fair value at December 31, 2014 and 2013. See Note 3 - “Investments” for additional disclosure related to investments.

 
As of December 31, 2014
Asset Class
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
   ADP Common Stock
$
392,557,483

 
$
—

 
$
392,557,483

   Consumer Goods
           237,619,120

 
—

 
            237,619,120

   Manufacturing and Industrial
           196,840,199

 
—

 
            196,840,199

   Financial Services
           137,567,026

 
—

 
            137,567,026

   Transportation and Other Services
            74,687,854

 
—

 
             74,687,854

   Energy
            70,062,794

 
—

 
             70,062,794

   CDK Common Stock
            49,460,296

 
—

 
             49,460,296

   Other
              4,541,279

 
—

 
               4,541,279

 
 
 
 
 
 
Mutual Funds:
 
 
 
 
 
  U.S. Equity Securities
              6,360,731

 
—

 
               6,360,731

 
 
 
 
 
 
Commingled Trusts:
 
 
 
 
 
  Target Date Retirement Funds
—

 
         795,566,350

 
            795,566,350

  S&P 500 Index Funds
—

 
         391,384,640

 
            391,384,640

  Small Cap Growth Equity Fund
—

 
         250,670,425

 
            250,670,425

  International Equity Fund
—

 
         229,359,446

 
            229,359,446

 
 
 
 
 
 
Money Markets
—

 
         238,237,044

 
            238,237,044

 
 
 
 
 
 
Fixed Income Securities:
 
 
 
 
 
   U.S. Government Securities
—

 
         137,787,881

 
            137,787,881

   AAA Corporate Bonds
—

 
               398,407

 
                  398,407

   AA Corporate Bonds
—

 
           19,277,748

 
             19,277,748

   A Corporate Bonds
—

 
           17,434,779

 
             17,434,779

   Mortgage-Backed Securities
—

   
           32,135,763

 
             32,135,763

   Asset-Backed Securities
—

   
            9,718,222

 
               9,718,222

 
 
 
 
 
 
Total Investments
$
1,169,696,782

 
$
2,121,970,705

 
$
3,291,667,487

 
 
 
 
 
 



10




4.    FAIR VALUE MEASUREMENTS (continued)

 
As of December 31, 2013
Asset Class
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
   ADP Common Stock
$
454,922,643

 
$
—

 
$
454,922,643

   Consumer Goods
249,453,612

 
—

 
            249,453,612

   Manufacturing and Industrial
193,464,681

 
—

 
            193,464,681

   Financial Services
150,183,294

 
—

 
            150,183,294

   Telecommunications and Other Services
84,981,650

 
—

 
             84,981,650

   Energy
65,919,628

 
—

 
             65,919,628

   Other
4,871,090

 
—

 
               4,871,090

 
 
 
 
 
 
Mutual Funds:
 
 
 
 
 
  U.S. Equity Securities
8,001,326

 
—

 
               8,001,326

 
 
 
 
 
 
Commingled Trusts:
 
 
 
 
 
  Target Date Retirement Funds
—

 
         810,543,747

 
            810,543,747

  S&P 500 Index Funds
—

 
         360,409,415

 
            360,409,415

  Small Cap Growth Equity Fund
—

 
         291,853,208

 
            291,853,208

  International Equity Fund
—

 
         264,516,633

 
            264,516,633

 
 
 
 
 
 
Money Markets
—

 
         265,208,647

 
            265,208,647

 
 
 
 
 
 
Fixed Income Securities:
 
 
 
 
 
   U.S. Government Securities
—

 
         148,026,604

 
            148,026,604

   Municipal Government Securities
—

 
            2,860,516

 
               2,860,516

   AAA Corporate Bonds
—

 
               813,663

 
                  813,663

   AA Corporate Bonds
—

 
           14,888,179

 
             14,888,179

   A Corporate Bonds
—

 
           23,418,508

 
             23,418,508

   Mortgage-Backed Securities
—

   
           60,058,931

 
             60,058,931

   Asset Backed Securities
—

   
            2,336,048

 
               2,336,048

 
 
 
 
 
 
Total Investments
$
1,211,797,924

 
 $ 2,244,934,099
 
$
3,456,732,023

 
 
 
 
 
 

11


4.    FAIR VALUE MEASUREMENTS (continued)
The following table presents the investments of the Plan with a reported net asset value as of December 31, 2014 and 2013:

 
 
 
December 31, 2014
 
December 31, 2013
 
Redemption
 
Redemption
 
Fair Value
 
Fair Value
 
Frequency
 
Notice Period
 
 
 
 
 
 
 
 
Northern Trust S&P 500 Index Fund (1)
$
391,384,640

 
$
360,409,415

 
 Daily
 
 Trade date + 1
Pyramis Select International Plus
     Commingled Pool (2)
         229,359,446

 
       264,516,633

 
 Daily
 
 Trade date + 1
Voya Small Cap Growth Fund (3)
         250,670,425

 
       291,853,208

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2030 Fund (4)
         234,943,279

 
       235,134,753

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2040 Fund (4)
         214,751,052

 
       198,669,492

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2020 Fund (4)
         202,936,094

 
       219,712,168

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2015 Fund (4)
           71,879,044

 
         82,837,561

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2050 Fund (4)
             7,036,451

 
—

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2010 Fund (4)
—

 
         29,094,456

 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement Income Fund (5)
           64,020,430

 
         45,095,317

 
 Daily
 
 Trade date + 1
Total
$
1,666,980,861

 
$
1,727,323,003

 
 
 
 
 
 
 
 
 
 
 
 
(1) The objective of this fund is to provide a rate of return consistent with the Standard & Poor's 500 Index.
 
 
(2) The objective of this fund is to provide a rate of return consistent with the MSCI ACWI ex US (Net) Index.
 
(3) The objective of this fund is to provide a rate of return consistent with the Russell 2000 Growth Index.
 
(4) The objective of these funds is to outperform custom benchmarks of domestic and international equities, fixed income and real estate investments that have risk and return characteristics designed for investors who are expecting to retire near the applicable fund's target retirement date.
 
(5) The objective of this fund is to outperform a custom benchmark of domestic and international equities, fixed income and real estate investments that have risk and return characteristics designed for investors who are retired or expecting to retire in the near term.
 

5.    EXEMPT PARTY-IN-INTEREST TRANSACTIONS
At December 31, 2014 and 2013, the Plan held 4,708,618 and 5,629,534 shares, respectively, of Company Stock with a cost basis of $185,844,028 and $238,198,224, respectively. For the year ended December 31, 2014, the Plan recorded dividend income in the amount of $10,382,761 from participants’ investments in the ADP Stock Fund.
Certain Plan investments are shares of mutual funds and money market funds managed by JPMorgan. JPMorgan is the custodian of the Plan.
Certain employees and officers of the Company, who may also be participants in the Plan, perform administrative services to the Plan at no cost to the Plan.
These party-in-interest transactions are not deemed prohibited because they are covered by statutory and administrative exemptions from the IRC, the rules thereunder, and from the prohibited transactions provisions of ERISA.

6.
PLAN TERMINATION
Although the Company has not expressed any intention to do so, it has the right under the provisions of the Plan to discontinue its contributions at any time by amending or terminating the Plan subject to the provisions of ERISA. However, upon full or partial termination of the Plan, each participant who is then an employee of the Company shall become 100% vested in his or her employer matching contribution account, and shall not be subjected to forfeiture. Furthermore, no amendment shall decrease a participant’s vested interest under the Plan at the effective date of such amendment.

12


7.
FEDERAL INCOME TAX STATUS
The Internal Revenue Service (“IRS”) has determined and informed the Company by letter dated November 27, 2012 that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, ADP and Plan management believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC, and that the Plan and related Trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
Generally Accepted Accounting Principles (United States of America) require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS.  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 the Plan is no longer subject to income tax examinations for years prior to 2011.

13




AUTOMATIC DATA PROCESSING, INC.
 
Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
ADP STOCK FUND
 
 
 
 
Common Stock
 
 
 
 
*AUTOMATIC DATA PROCESSING, INC. COMMON STOCK
 
Common Stock
          4,664,618
 $ 388,889,203
Cash Equivalents
 
 
 
 
Short-Term Investment Fund
 
 
 
 
*J.P. Morgan U.S. Government Short-Term Investment Fund
 
Money Market
             928,827
                           928,827
TOTAL ADP STOCK FUND
 
 
 
 $ 389,818,030
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND
 
 
 
 
Common Stock
 
 
 
 
AAR CORP
 
Common Stock
               20,800
 $ 577,824
AEGEAN MARINE PETROLEUM NETWORK INC
 
Common Stock
               66,600
                           933,732
ALBANY INTERNATIONAL CORP
 
Common Stock
               52,200
                        1,983,078
ALLETE COM
 
Common Stock
               28,400
                        1,565,976
ALON USA ENERGY INC
 
Common Stock
               37,400
                           473,858
AMERICAN EQUITY INVT LIFE HLDG CO
 
Common Stock
                 8,700
                           253,953
AMERICAN SCIENCE & ENGINEERING INC
 
Common Stock
               32,900
                        1,707,510
AMERICAN WOODMARK CORP
 
Common Stock
                 8,600
                           347,784
AMN HEALTHCARE SERVICES INC
 
Common Stock
               63,700
                        1,248,520
ARDMORE SHIPPING CORP
 
Common Stock
               90,152
                        1,079,119
ARGO GROUP INTL HLDGS
 
Common Stock
               18,400
                        1,020,648
ARMADA HOFFLER PPTYS INC
 
Common Stock
               83,600
                           793,364
ARTESIAN RESOURCES CORP
 
Common Stock
               22,700
                           512,793
ASPEN INSURANCE HLDGS
 
Common Stock
               14,500
                           634,681
ASTORIA FINANCIAL CORP
 
Common Stock
               52,400
                           700,064
AVG TECHNOLOGIES NV
 
Common Stock
               16,700
                           329,658
AVISTA CORP
 
Common Stock
               25,600
                           904,960
BALDWIN & LYONS INC CLASS 'B'
 
Common Stock
               41,200
                        1,062,136
BANKUNITED INC
 
Common Stock
             110,300
                        3,195,391
BERRY PLASTICS GROUP INC
 
Common Stock
             105,800
                        3,337,990
BLACK HILLS CORP
 
Common Stock
               10,200
                           541,008
BOOT BARN HOLDINGS INC
 
Common Stock
               13,600
                           247,520
BRIGGS & STRATTON CORP
 
Common Stock
               23,400
                           477,828
BROADSOFT INC
 
Common Stock
               49,655
                        1,440,988
CASTLE (A.M.) & CO
 
Common Stock
               54,800
                           437,304
CATALENT INC COMMON STOCK
 
Common Stock
               14,200
                           395,896
CAVCO INDUSTRIES INC
 
Common Stock
               16,200
                        1,284,174
CDI CORP
 
Common Stock
               58,300
                        1,032,493
CELADON GROUP
 
Common Stock
               19,000
                           431,110
CENTRAL GARDEN & PET CO
 
Common Stock
               44,900
                           428,795
CENTURY COMMUNITIES INC COMMON STOCK
 
Common Stock
               23,500
                           406,080
 
 
 
 
 
 
 
 
 
 (Continued)

14


AUTOMATIC DATA PROCESSING, INC.
Plan Number 002
RETIREMENT AND SAVINGS PLAN
Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
CHEMTURA CORP
 
Common Stock
               50,600
 $ 1,251,338
CLEAN HARBORS INC
 
Common Stock
               11,900
                           571,795
CLEARWATER PAPER CORPORATION
 
Common Stock
                 2,400
                           164,520
CLECO CORP
 
Common Stock
                 5,500
                           299,970
CLUBCORP HOLDINGS INC COMMON STOCK
 
Common Stock
               55,500
                           995,115
CNO FINANCIAL GROUP INC
 
Common Stock
               40,500
                           697,410
COMMSCOPE HOLDINGS CO INC COMMON STOCK
 
Common Stock
               31,600
                           721,428
COMPASS MINERALS INTERNATIONAL INC
 
Common Stock
               19,800
                        1,719,234
CONTINENTAL BUILDING PRODUCTS INC COMMON
 
Common Stock
               54,800
                           971,604
COOPER TIRE & RUBBER CO
 
Common Stock
               14,800
                           512,820
CULP INC
 
Common Stock
               61,500
                        1,333,320
CUMULUS MEDIA INC
 
Common Stock
             348,600
                        1,474,578
DANA HOLDING CORP
 
Common Stock
               33,300
                           723,942
DAVE & BUSTER'S ENTERTAINMENT INC COMMON
 
Common Stock
               30,300
                           827,190
DELEK US HOLDINGS INC
 
Common Stock
               11,800
                           321,904
DESTINATION MATERNITY CORP
 
Common Stock
               38,485
                           613,836
DIME COMMUNITY BANCSHARES INC
 
Common Stock
               51,300
                           835,164
DYNAMIC MATERIALS CORP
 
Common Stock
               47,600
                           762,552
EAGLE BANCORP INC
 
Common Stock
               38,500
                        1,367,520
EL PASO ELECTRIC CO
 
Common Stock
               22,500
                           901,350
ENDURANCE SPECIALTY HLDGS LTD
 
Common Stock
               22,800
                        1,364,352
ENPRO INDUSTRIES INC
 
Common Stock
               18,500
                        1,161,060
ENTERCOM COMMUNICATIONS
 
Common Stock
             106,074
                        1,289,860
ENTRAVISION COMMUNICATIONS CORP
 
Common Stock
             457,400
                        2,963,952
EVERTEC INC
 
Common Stock
             118,431
                        2,620,878
EVERYDAY HEALTH INC COMMON STOCK
 
Common Stock
               33,200
                           489,700
EXAR CORP
 
Common Stock
             138,200
                        1,409,640
FAIRCHILD SEMICONDUCTOR INTL INC
 
Common Stock
               68,700
                        1,159,656
FIRST HORIZON NATIONAL CORP COM STK
 
Common Stock
               75,000
                        1,018,500
FIRST INTERSTATE BANCSYSTEM INC
 
Common Stock
               32,900
                           915,278
FIRST NBC BANK HLDGS CO
 
Common Stock
               30,400
                        1,070,080
FIRSTMERIT CORP
 
Common Stock
               60,400
                        1,140,956
FNB CORP PA
 
Common Stock
               77,303
                        1,029,676
FORUM ENERGY T4ECHNOLOGIES INC
 
Common Stock
               16,700
                           346,191
FULTON FINANCIAL CORP
 
Common Stock
               88,400
                        1,092,624
GENERAC HLDGS
 
Common Stock
                 4,275
                           199,899
GLOBAL BRASS & COPPER HLDGS INC
 
Common Stock
             146,300
                        1,925,308
 
 
 
 
 
 
 
 
 
 (Continued)

15


AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
GRAFTECH INTL LTD COM
 
Common Stock
             134,875
 $ 682,468
GRAPHIC PACKAGING HLDG CO
 
Common Stock
             123,100
                        1,676,622
GREAT LAKES DREDGE & DOCK CORP NEW
 
Common Stock
               80,900
                           692,504
GREAT PLAINS ENERGY INC
 
Common Stock
               13,700
                           389,217
HAEMONETICS CORP
 
Common Stock
               63,500
                        2,376,170
HANGER INC
 
Common Stock
               41,300
                           904,470
HANOVER INSURANCE GROUP INC
 
Common Stock
                 5,400
                           385,128
HAWKINS INC
 
Common Stock
                 8,141
                           352,750
HAYNES INTERNATIONAL INC COM STK
 
Common Stock
               22,800
                        1,105,800
HCC INSURANCE HLDG
 
Common Stock
               10,800
                           578,016
HEALTHSOUTH CORP
 
Common Stock
               10,000
                           384,600
HERITAGE FINANCIAL CORP
 
Common Stock
               21,000
                           368,550
HILL-ROM HOLDINGS INC COM STK
 
Common Stock
                 8,100
                           369,522
HOME BANCSHARES INC
 
Common Stock
               64,400
                        2,071,104
HORSEHEAD HOLDING CORPORATION
 
Common Stock
               76,242
                        1,206,911
INFINITY PROPERTY & CASUALTY CORP COM
 
Common Stock
                 4,652
                           359,414
INGRAM MICRO INC
 
Common Stock
               45,200
                        1,249,328
INNOPHOS HOLDINGS INC COM
 
Common Stock
               32,100
                        1,876,245
INTEGRA LIFESCIENCES HLDGS CORP
 
Common Stock
                 8,100
                           439,263
JAMES RIVER GROUP HOLDINGS LTD COMMON ST
 
Common Stock
               31,842
                           724,724
JOURNAL COMMUNICATIONS INC
 
Common Stock
               28,700
                           328,041
KADANT INC
 
Common Stock
                 8,900
                           379,941
KAMAN CORP
 
Common Stock
               11,000
                           440,990
KAPSTONE PAPER & PACKAGING CORP
 
Common Stock
               36,000
                        1,055,160
KENNAMETAL INC CAP STK
 
Common Stock
               17,900
                           640,641
KEYW HLDG CORP
 
Common Stock
               16,700
                           173,346
KFORCE INC
 
Common Stock
               67,300
                        1,623,949
KULICKE & SOFFA INDUSTRIES INC COM
 
Common Stock
               68,000
                           983,280
LACLEDE GROUP INC
 
Common Stock
               36,000
                        1,915,200
LAKELAND FINANCIAL CORP
 
Common Stock
                 6,200
                           269,514
LIBBEY INC
 
Common Stock
               18,600
                           584,784
LSB INDUSTRIES INC
 
Common Stock
               49,800
                        1,565,712
MAGELLAN HEALTH INC COMMON STOCK
 
Common Stock
                 5,900
                           354,177
MALIBU BOATS INC COMMON STOCK
 
Common Stock
               35,100
                           676,377
MARINEMAX INC
 
Common Stock
               14,507
                           290,865
MARTEN TRANSPORT
 
Common Stock
               31,500
                           688,590
MATRIX SERVICE CO
 
Common Stock
               21,900
                           488,808
MB FINANCIAL INC
 
Common Stock
               22,400
                           736,064
MEDASSETS
 
Common Stock
               59,700
                        1,179,672
 
 
 
 
 
 
 
 
 
 (Continued)

16


AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
MENTOR GRAPHICS CORP
 
Common Stock
             121,000
 $ 2,652,320
MONEYGRAM INTL INC COM NEW
 
Common Stock
               53,400
                           485,406
MOVADO GROUP INC
 
Common Stock
               51,000
                        1,446,870
MULTI-COLOR CORP
 
Common Stock
               42,700
                        2,366,434
NANOMETRICS
 
Common Stock
               51,000
                           857,820
NATIONAL HEALTH CARE CORP
 
Common Stock
                 6,700
                           421,028
NCI BUILDING SYSTEMS INC
 
Common Stock
               22,200
                           411,144
NEXSTAR BROADCASTING GROUP INC
 
Common Stock
               22,800
                        1,180,812
NORDIC AMERICAN TANKERS LTD
 
Common Stock
               61,049
                           614,763
NORTHWEST PIPE CO
 
Common Stock
               24,600
                           740,952
NORTHWESTERN CORPORATION
 
Common Stock
               31,900
                        1,804,902
OFFICE DEPOT INC
 
Common Stock
               41,700
                           357,577
OFG BANCORP COMMON STOCK
 
Common Stock
               92,900
                        1,546,785
ON ASSIGNMENT
 
Common Stock
               40,200
                        1,334,238
ONE GAS INC COMMON STOCK
 
Common Stock
               13,800
                           568,836
ORITANI FINANCIAL CORP
 
Common Stock
               65,300
                        1,005,620
ORTHOFIX INTL NV
 
Common Stock
               13,800
                           414,828
OWENS & MINOR INC COM STK
 
Common Stock
               12,300
                           431,853
PAPA MURPHY'S HOLDINGS INC COMMON STOCK
 
Common Stock
               51,400
                           597,268
PARK ELECTROCHEMICAL CORP
 
Common Stock
                 8,937
                           222,799
PARK STERLING CORP
 
Common Stock
               58,700
                           431,445
PDC ENERGY INC
 
Common Stock
                 7,300
                           301,271
PEAK RESORTS INC COMMON STOCK
 
Common Stock
               36,400
                           291,200
PENSKE AUTOMOTIVE GROUP INC
 
Common Stock
               27,700
                        1,359,239
PHH CORP
 
Common Stock
               25,800
                           618,168
PLATINUM UNDERWRITERS HLDGS LTD
 
Common Stock
                 4,400
                           323,048
POLYCOM INC
 
Common Stock
               75,300
                        1,016,550
POPULAR INC
 
Common Stock
               21,700
                           738,885
PORTLAND GENERAL ELECTRIC CO COM
 
Common Stock
               26,800
                        1,013,844
PRIVATEBANCORP INC
 
Common Stock
               15,900
                           531,060
PROSPERITY BANCSHARES INC
 
Common Stock
                 8,000
                           442,880
QUESTAR CORP
 
Common Stock
               15,300
                           386,784
RADIAN GROUP INC
 
Common Stock
               33,603
                           561,842
RED ROBIN GOURMET BURGERS INC
 
Common Stock
               21,600
                        1,662,660
REXFORD INDUSTRIAL REALTY INC REIT
 
Common Stock
               24,200
                           380,182
REXNORD CORP
 
Common Stock
               26,700
                           753,207
RIVERBED TECHNOLOGY
 
Common Stock
               76,700
                        1,565,447
SCORPIO TANKERS INC
 
Common Stock
             103,600
                           900,284
SELECTIVE INSURANCE GROUP COM
 
Common Stock
               16,098
                           437,383
 
 
 
 
 
 
 
 
 
 (Continued)

17


AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
SEMTECH CORP
 
Common Stock
               35,900
 $ 989,763
SERVISFIRST BANCSHARES INC COMMON STOCK
 
Common Stock
               44,200
                        1,456,390
SHUTTERFLY INC COM STK
 
Common Stock
               21,400
                           892,273
SILICON GRAPHICS INTERNATIONAL CORP
 
Common Stock
             135,300
                        1,539,714
SNYDER'S-LANCE INC COMMON STOCK
 
Common Stock
               11,400
                           348,270
SOTHEBY'S COMMON STOCK
 
Common Stock
               24,500
                        1,057,910
SOUTH JERSEY INDUSTRIES INC
 
Common Stock
                 9,900
                           583,407
SOUTHSIDE BANCSHARES INC
 
Common Stock
               31,700
                           916,447
STEINER LEISURE
 
Common Stock
               31,300
                        1,446,373
STONERIDGE INC
 
Common Stock
               43,200
                           555,552
SUPERIOR INDUSTRIES INTERNATIONAL
 
Common Stock
               43,700
                           864,823
SYKES ENTERPRISES INC
 
Common Stock
                 1,500
                             35,205
SYMETRA FINANCIAL CORP
 
Common Stock
               18,400
                           424,120
TCF FINANCIAL
 
Common Stock
               39,600
                           629,244
TEXAS CAPITAL BANCSHARES INC COMMON STOC
 
Common Stock
               31,400
                        1,705,962
TOWER INTL INC
 
Common Stock
               36,400
                           930,020
TOWNSQUARE MEDIA INC COMMON STOCK
 
Common Stock
               21,083
                           278,296
TREEHOUSE FOODS INC COM STK
 
Common Stock
                 3,800
                           325,014
TRONOX LTD COM
 
Common Stock
               85,000
                        2,029,800
TTM TECHNOLOGIES INC
 
Common Stock
                 5,200
                             39,156
UIL HOLDINGS CORP
 
Common Stock
                 6,700
                           291,718
UNITED FIRE GROUP INC
 
Common Stock
               15,500
                           460,815
UTAH MEDICAL PRODUCTS
 
Common Stock
               22,900
                        1,375,145
VALIDUS HOLDINGS LTD
 
Common Stock
               10,100
                           419,756
VALLEY NATIONAL BANCORP
 
Common Stock
             198,100
                        1,923,551
VECTRUS INC COMMON STOCK
 
Common Stock
                 8,568
                           234,763
VERIFONE SYSTEMS INC
 
Common Stock
               21,700
                           807,240
VILLAGE SUPER MARKET INC
 
Common Stock
               19,429
                           531,772
WEIS MARKETS INC
 
Common Stock
                 8,300
                           396,906
WELLCARE HEALTH PLANS INC
 
Common Stock
                 8,400
                           689,304
WESTERN REFINING INC
 
Common Stock
                 4,800
                           181,344
Total Common Stock
 
 
 
 $ 158,156,039
 
 
 
 
 
Preferred Stock
 
 
 
 
BEAZER HOMES USA INC TANGIBLE EQUITY UNI
 
Preferred Stock
              24,800
 $ 736,560
Total Preferred Stock
 
 
 
 $ 736,560
 
 
 
 
 
 
 
 
 
 (Continued)

18


AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
 
 
 
 
 
REIT
 
 
 
 
AMERICAN CAMPUS COMMUNITIES INC
 
REIT
                6,000
 $ 248,160
APOLLO COMMERCIAL REAL EST FIN
 
REIT
              48,800
                           798,368
ASSOCIATED ESTATES REALTY CORP COM
 
REIT
              34,900
                           810,029
BIOMED REALTY TRUST INC
 
REIT
              17,300
                           372,642
BLACKSTONE MORTGAGE TRUST INC
 
REIT
              17,400
                           507,036
CAMPUS CREST COMMUNITIES INC
 
REIT
            152,800
                        1,116,968
CAPSTEAD MTGE. CORP
 
REIT
              49,600
                           609,088
CBL & ASSOCIATES PROPERTIES INC
 
REIT
              23,800
                           462,196
CHATHAM LODGING TRUST
 
REIT
              34,400
                           996,568
CHIMERA INVESTMENT CORPORATION
 
REIT
            105,700
                           336,126
COLONY FINANCIAL INC
 
REIT
              21,400
                           509,748
DIAMONDROCK HOSPIT COM
 
REIT
              36,300
                           539,781
EPR PROPERTIES SBI
 
REIT
              11,500
                           662,745
EXCEL TRUST INC
 
REIT
              57,300
                           767,247
FIRST INDUSTRIAL REALTY TRUST
 
REIT
              25,200
                           518,112
HATTERAS FINANCIAL CORP
 
REIT
              40,200
                           740,886
HEALTHCARE REALTY TRUST INC
 
REIT
              17,000
                           464,440
HERSHA HOSPITALITY TRUST CLASS 'A' SHS BEN
 
REIT
              42,900
                           301,587
HIGHWOODS PROPERTIES INC
 
REIT
              14,800
                           655,344
KITE REALTY GROUP TRUST REIT
 
REIT
              22,000
                           632,280
LASALLE HOTEL PROPERTIES
 
REIT
              22,200
                           898,434
LEXINGTON REALTY TRUST COM STK
 
REIT
              89,400
                           981,612
MACK CALI REALTY CORP
 
REIT
              24,900
                           474,594
MEDICAL PROPERTIES TRUST INC
 
REIT
              59,600
                           821,288
MFA FINANCIAL INC COM STK
 
REIT
            112,500
                           898,875
NEW RESIDENTIAL INVESTMENT CORP REIT
 
REIT
              36,400
                           464,828
OUTFRONT MEDIA INC REIT
 
REIT
              29,200
                           783,728
PENNSYLVANIA REAL ESTATE INV TRUST SHS B
 
REIT
              27,500
                           645,150
PENNYMAC MORTGAGE INVESTMENT TRUST
 
REIT
              33,900
                           714,951
RLJ LODGING TRUST
 
REIT
              12,000
                           402,360
ROUSE PROPERTIES INC
 
REIT
              53,200
                           985,264
SABRA HEALTH CARE REIT INC
 
REIT
              15,900
                           482,893
SUMMIT HOTEL PROPERTIES INC
 
REIT
              72,500
                           901,900
SUN COMMUNITIES INC
 
REIT
              10,900
                           659,014
SUNSTONE HOTEL INVESTORS INC
 
REIT
              37,200
                           614,172
TWO HARBORS INVESTMENT CORP
 
REIT
            102,200
                        1,024,044
URSTADT BIDDLE PROPERTIES CLASS'A' COM
 
REIT
              47,600
                        1,041,488
WASHINGTON REAL ESTATE INVEST TRUST SHS
 
REIT
              28,600
                           791,076
Total REIT
 
 
 
 $ 25,635,022
 
 
 
 
 
 
 
 
 
 (Continued)

19



AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Description
Number
Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
 
 
 
 
 
Cash Equivalents
 
 
 
 
Short-Term Investment Fund
 
 
 
 
*J.P. Morgan U.S. Government Short-Term Investment Fund
 
Money Market
              3,356,863
$
3,356,863

Total Cash Equivalents
 
 
 
$
3,356,863

 
 
 
 
 
Investment Companies
 
 
 
 
Mutual Funds
 
 
 
 
ISHARES CORE S&P SMALL-CAP ETF ETP
 
Mutual Funds
                   10,000
 $ 1,140,600

ISHARES TRUST RUSSELL 2000 VALUE ETF ETP
 
Mutual Funds
                     9,200
                            935,456

Total Investment Companies
 
 
 
$
2,076,056

 
 
 
 
 
Limited Partnership
 
 
 
 
ANTERO MIDSTREAM PARTNERS LP MLP
 
Limited Partnership
                     6,500
 $ 178,750

ARES MANAGEMENT LP MLP
 
Limited Partnership
                   83,700
                         1,434,618

COMPASS DIVERSIFIED HLDGS SHS OF BENEFIC
 
Limited Partnership
                   60,100
                            976,625

NORTHERN TIER ENERGY LP
 
Limited Partnership
                   52,300
                         1,157,922

Total Limited Partnership
 
 
 
$
3,747,915

 
 
 
 
 
TOTAL AMERICAN CENTURY SMALL CAP VALUE FUND
 
 
 
$
193,708,455

 
 
 
 
 
 
 
 
 
(Continued)


20



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
Rate of
Maturity
Par
Current
Identity of Issuer, Borrower or Similar Party
Interest
Date
Value
Value
 
 
 
 
 
SEIX INTERMEDIATE BOND FUND
 
 
 
 
 
 
 
 
 
Government Bonds
 
 
 
 
UNITED STATES OF AMERICA NOTES
0.25%
1/15/2015
 $ 4,828,435
 $ 4,828,000
UNITED STATES OF AMERICA NOTES
1.50%
1/31/2019
        22,261,916
                     22,332,729
UNITED STATES OF AMERICA NOTES
1.50%
10/31/2019
        12,906,575
                     12,871,083
UNITED STATES OF AMERICA NOTES
2.25%
11/15/2024
        16,867,147
                     17,084,021
UNITED STATES OF AMERICA US GOVERNMENT F
1.38%
7/31/2018
          7,119,313
                       7,133,240
UNITED STATES TREAS NTS
0.50%
6/15/2016
        20,011,886
                     20,045,643
UNITED STATES TREAS NTS
0.63%
9/30/2017
        10,106,693
                     10,080,936
UNITED STATES TREAS NTS
0.88%
2/28/2017
        35,992,433
                     36,019,027
UNITED STATES TREAS NTS
2.13%
8/15/2021
          7,621,734
                       7,393,201
Total Government Bonds
 
 
 
 $ 137,787,880
 
 
 
 
 
Mortgage-Backed Security Bonds
 
 
 
 
FHLMC MORTPASS ARM
FLOATING
10/1/2043
 $ 729,850
 $ 736,759
FEDERAL HOME LN MTG CORP PTN CTFS
5.50%
4/1/2038
             299,572
                          315,418
FEDERAL HOME LOAN MORTGAGE CORP
4.50%
6/1/2039
             210,982
                          211,138
FHLMC PC
5.00%
7/1/2033
             299,305
                          311,368
FHLMCGLD MORTPASS
2.50%
8/1/2027
             640,689
                          655,186
FHLMCGLD MORTPASS
3.50%
8/1/2035
             894,647
                          928,749
FHLMCGLD MORTPASS
3.50%
12/1/2032
             325,316
                          341,575
FHLMCGLD MORTPASS
3.00%
2/1/2043
             246,419
                          253,721
FHLMCGLD MORTPASS
3.00%
7/1/2042
             516,337
                          519,381
FHLMCGLD MORTPASS
4.50%
4/1/2035
             935,691
                          970,197
FHLMCGLD MORTPASS
4.50%
8/1/2040
             350,596
                          356,097
FHLMCGLD MORTPASS
4.50%
12/1/2044
             179,167
                          179,566
FHLMCGLD MORTPASS
4.50%
7/1/2039
             319,120
                          325,275
FHLMCGLD MORTPASS
4.50%
10/1/2041
             358,603
                          361,138
FHLMCGLD MORTPASS
4.50%
10/1/2044
             322,478
                          323,722
FHLMCGLD MORTPASS
4.00%
4/1/2039
             545,786
                          562,864
FHLMCGLD MORTPASS
4.00%
11/1/2040
             226,709
                          235,027
FHLMCGLD MORTPASS
4.00%
10/1/2039
             402,820
                          411,099
FHLMCGLD MORTPASS
4.00%
9/1/2025
             107,656
                          112,865
FHLMCGLD MORTPASS
5.50%
8/1/2040
             319,076
                          330,281
FHLMCGLD MORTPASS
5.50%
7/1/2037
             177,763
                          186,015
FHLMCGLD MORTPASS
5.00%
4/1/2041
             163,358
                          167,961
FHLMCGLD MORTPASS
5.00%
8/1/2033
             232,568
                          242,730
FHLMCGLD MORTPASS
5.00%
2/1/2034
             366,114
                          377,239
FHLMCGLD MORTPASS
5.00%
2/1/2038
             483,460
                          497,749
FHLMCGLD MORTPASS
5.00%
1/1/2037
             330,252
                          340,711
FHLMCGLD MORTPASS
5.00%
7/1/2040
             419,263
                          434,820
FHLMCGLD MORTPASS
6.00%
6/1/2038
             318,224
                          330,852
FEDERAL NATIONAL MORTGAGE ASSOC
3.00%
5/1/2042
             202,236
                          206,647
FEDERAL NATIONAL MORTGAGE ASSOC
4.00%
1/1/2041
               38,878
                            40,040
FEDERAL NATIONAL MORTGAGE ASSOC
4.00%
2/1/2041
             222,042
                          226,262
FEDERAL NATIONAL MORTGAGE ASSOC
4.00%
2/1/2041
             389,338
                          399,890
FEDERAL NATIONAL MORTGAGE ASSOC
6.00%
3/1/2037
             438,423
                          449,357
FNMA MORTPASS
2.50%
3/1/2027
             300,744
                          308,280
FNMA MORTPASS
3.50%
12/1/2031
             938,028
                          946,121
FNMA MORTPASS
3.50%
1/1/2032
             367,516
                          386,883
 
 
 
 
 
 
 
 
 
(Continued)

21


AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
Rate of
Maturity
Par
Current
Identity of Issuer, Borrower or Similar Party
Interest
Date
Value
Value
 
 
 
 
 
SEIX INTERMEDIATE BOND FUND (Con't)
 
 
 
 
Mortgage-Backed Security Bonds (Con't)
 
 
 
 
FNMA MORTPASS
3.50%
10/1/2032
 $ 230,963
 $ 243,127
FNMA MORTPASS
3.50%
10/1/2040
             775,678
                          760,064
FNMA MORTPASS
3.00%
4/1/2042
             875,775
                          896,036
FNMA MORTPASS
3.00%
4/1/2043
             787,144
                          810,863
FNMA MORTPASS
3.00%
3/1/2043
          1,267,491
                       1,309,912
FNMA MORTPASS
3.00%
10/1/2042
             386,951
                          398,615
FNMA MORTPASS
4.50%
8/1/2036
             327,248
                          329,449
FNMA MORTPASS
4.50%
8/1/2040
             384,155
                          388,713
FNMA MORTPASS
4.50%
2/1/2040
               67,651
                            70,323
FNMA MORTPASS
4.50%
1/1/2041
             178,131
                          180,161
FNMA MORTPASS
4.50%
7/1/2041
             332,710
                          335,779
FNMA MORTPASS
4.50%
9/1/2041
             163,666
                          166,691
FNMA MORTPASS
4.00%
8/1/2040
             175,114
                          179,208
FNMA MORTPASS
4.00%
12/1/2039
               93,733
                            95,858
FNMA MORTPASS
4.00%
1/1/2040
          1,229,373
                       1,266,080
FNMA MORTPASS
4.00%
3/1/2037
             950,000
                          986,617
FNMA MORTPASS
4.00%
3/1/2037
          1,924,760
                       1,978,952
FNMA MORTPASS
4.00%
3/1/2040
               69,292
                            71,388
FNMA MORTPASS
4.00%
11/1/2030
             135,310
                          138,266
FNMA MORTPASS
4.00%
11/1/2040
             223,535
                          228,918
FNMA MORTPASS
4.00%
11/1/2040
             219,579
                          225,005
FNMA MORTPASS
4.00%
10/1/2040
             224,541
                          229,654
FNMA MORTPASS
4.00%
9/1/2038
             824,091
                          830,656
FNMA MORTPASS
5.50%
8/1/2037
               89,024
                            92,397
FNMA MORTPASS
5.00%
8/1/2033
             222,337
                          232,267
FNMA MORTPASS
6.00%
4/1/2036
             366,012
                          385,408
Total Mortgage-Backed Security Bonds
 
 
 
 $ 26,813,390
 
 
 
 
 
 
 
 
 
 
Corporate Bonds
 
 
 
 
JAPAN TOBACCO INC
2.10%
7/23/2018
 $ 455,647
 $ 460,115
MEDTRONIC INC
3.50%
3/15/2025
             625,994
                          646,517
ROCHE HOLDINGS INC
2.25%
9/30/2019
             905,747
                          912,747
SCHLUMBERGER SA
3.30%
9/14/2021
             455,509
                          468,016
TSMC GLOBAL LTD
1.63%
4/3/2018
             416,817
                          409,294
VOLKSWAGEN INTERNATIONAL FINANCE NV
2.38%
3/22/2017
             422,788
                          431,903
ANALOG DEVICES INC
3.00%
4/15/2016
             135,574
                          138,099
ANHEUSER BUSCH INBEV WORLDWIDE INC
2.50%
7/15/2022
             754,553
                          745,434
APPLE INC
2.85%
5/6/2021
             644,563
                          660,832
 
 
 
 
 
 
 
 
 
(Continued)

22


AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
 
AS OF DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
Rate of
Maturity
Par
Current
Identity of Issuer, Borrower or Similar Party
Interest
Date
Value
Value
 
 
 
 
 
SEIX INTERMEDIATE BOND FUND (Con't)
 
 
 
 
Corporate Bonds (con't)
 
 
 
 
ASTRAZENECA
1.95%
9/18/2019
 $ 2,273,745
 $ 2,304,264
BANK OF AMERICA NA
1.25%
2/14/2017
             798,504
                          797,165
BERKSHIRE HATHAWAY INC
3.20%
2/11/2015
             889,562
                          891,543
BP CAPITAL MARKETS
2.25%
11/1/2016
             523,543
                          531,056
CISCO SYSTEMS INC
2.13%
3/1/2019
             341,799
                          343,609
CISCO SYSTEMS INC
5.500%
2/22/2016
          1,472,182
                       1,537,161
COMCAST CORP
3.375%
2/15/2025
          1,199,983
                       1,226,946
COMMONWEALTH EDISON
4.000%
8/1/2020
          1,401,528
                       1,392,646
CREDIT SUISSE / NEW YORK NY
3.625%
9/9/2024
             367,980
                          376,378
GEN ELEC CO
2.700%
10/9/2022
             472,608
                          478,194
GENERAL ELECTRIC CAPITAL CORP
3.450%
5/15/2024
             843,926
                          868,994
GENERAL ELECTRIC CO
5.250%
12/6/2017
             616,049
                          683,336
GILEAD SCIENCES INC
3.500%
2/1/2025
             388,639
                          399,270
HOWARD HUGHES MEDICAL INSTITUTE
3.500%
9/1/2023
             380,002
                          398,407
HSBC USA INC
2.375%
11/13/2019
             229,864
                          229,933
INTEL CORP SR NT
1.950%
10/1/2016
             322,205
                          327,226
INTEL CORP
2.700%
12/15/2022
          1,133,028
                       1,147,137
INTERNATIONAL BUS MACH CORP
1.250%
2/6/2017
          1,505,989
                       1,521,644
*JPMORGAN CHASE & CO
1.625%
5/15/2018