<SEC-DOCUMENT>0000078239-15-000030.txt : 20150629
<SEC-HEADER>0000078239-15-000030.hdr.sgml : 20150629
<ACCEPTANCE-DATETIME>20150629162405
ACCESSION NUMBER:		0000078239-15-000030
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150629
DATE AS OF CHANGE:		20150629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PVH CORP. /DE/
		CENTRAL INDEX KEY:			0000078239
		STANDARD INDUSTRIAL CLASSIFICATION:	MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]
		IRS NUMBER:				131166910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0130

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07572
		FILM NUMBER:		15958551

	BUSINESS ADDRESS:	
		STREET 1:		200 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2123813500

	MAIL ADDRESS:	
		STREET 1:		200 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILLIPS VAN HEUSEN CORP /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>elevenkpvhaip62915.htm
<DESCRIPTION>11-K PVH AIP 6.29.15
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Full title of the plan and the address of the plan, if different from that of the issuer named below:&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">PVH Corp. Associates Investment Plan</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: <font style="TEXT-DECORATION: underline; DISPLAY: inline">PVH Corp., 200 Madison Avenue, New York, New York 10016</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Date:&#160;&#160;June 29, 2015</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By<font style="DISPLAY: inline">/s/ Dana Perlman</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Notes to Financial Statements<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Schedule H, Li ne 4i--Schedule of Assets (Held at End of Year)<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">17</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -36pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Report of Independent Registered Public Accounting Firm</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Report on the Financial Statements</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We have audited the accompanying financial statements of the PVH Associates Investment Plan (the &#8220;Plan&#8221;), which comprise the statements of net assets available for benefits as of December&#160;31,&#160;2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014 and the related notes to the financial statements.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Management&#8217;s Responsibility for the Financial Statements</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Plan management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Auditors&#8217; Responsibility</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America as established by the Auditing Standards Board (United States) and in accordance with the auditing 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 from material misstatement.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors&#8217; judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Plan&#8217;s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan&#8217;s internal control.&#160;&#160;Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Opinion</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Report on Supplemental Information</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedule of </font>assets (held at end of year) as of December&#160;31,&#160;2014<font style="DISPLAY: inline; BACKGROUND-COLOR: #ffffff">, referred to as &#8220;supplemental information,&#8221; is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplemental information required by the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plan&#8217;s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">New York, NY</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">June 26, 2015</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">December 31, 2014 and 2013</font></div>

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<table cellpadding="0" cellspacing="0" width="99%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">2014</font></font></div>
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<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">2013</font></font></div>
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<td valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Assets</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;1,418,011&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;155,494&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Participant-directed investments, at fair value</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">512,775,981&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">412,113,424&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Receivables:</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Notes from participants</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,458,633&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">7,242,947&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Due from broker</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">94,910&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Contributions, employer</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">302,185&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Contributions, employee</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">663,898&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Due from Warnaco Group, Inc. plan merger</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;85,089,888</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 26.6pt"></font>Total receivables</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,458,633</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;93,393,828</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 39.35pt"></font>Total assets</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;523,652,625</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;505,662,746</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Liabilities</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Due to broker</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">10,731&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Other payable</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 39.35pt"></font>Total liabilities</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,780</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net assets available for benefits, at fair value</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">523,652,625&#160;</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">505,651,966&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.1pt"></font>Adjustment from fair value to contract value for</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 25.85pt"></font>interest in common/collective trust relating to</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 25.85pt"></font>fully benefit-responsive investment contracts</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(929,066</font>)</font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(355,107</font>)</font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="83%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net assets available for benefits</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$522,723,559</font></font></div>
</td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" colspan="2" valign="top" width="7%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$505,296,859</font></font></div>
</td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="83%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr></table>
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<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The accompanying notes are an integral</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">part of these financial statements.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">3</font></div>
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
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<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
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</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For the Year Ended December 31, 2014</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Additions</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Investment income:</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;Net appreciation of investments</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;1,979,069&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;Dividend income</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;20,821,961</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>&#160;&#160;&#160;Total investment income</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">22,801,030&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Interest income on notes receivable from participants</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">371,740&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Contributions:</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;Employer, net of forfeitures</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">13,759,342&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;Participants</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">29,348,099&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;Rollovers</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;2,041,957</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Total contributions</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">45,149,398&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Total additions</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">68,322,168&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Deductions</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Payments to participants</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;50,895,468</font></font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Total deductions</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;50,895,468</font></font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net increase in net assets available for benefits</font></div>
</td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">17,426,700&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net assets available for benefits at beginning of year</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;505,296,859</font></font></div>
</td>
</tr><tr>
<td valign="top" width="93%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="93%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net assets available for benefits at end of year</font></div>
</td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$522,723,559</font></font></div>
</td>
</tr></table>
</div>

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<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The accompanying notes are an integral</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">part of these financial statements.</font></div>

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</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">4</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
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<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
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<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For the Years Ended December 31, 2014 and 2013</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Description of the Plan</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following description of the PVH Associates Investment Plan (the &#8220;Plan&#8221;) provides only general information.&#160;&#160;Participants should refer to the Plan Document for a more complete description of the Plan&#8217;s provisions.&#160;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Trustee and Recordkeeper</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Plan&#8217;s trustee is Charles Schwab Bank (the &#8220;Trustee&#8221;).&#160;&#160;The Plan&#8217;s recordkeeper through October 14, 2014 was Schwab Retirement Plan Services Company.&#160;&#160;Effective&#160;&#160;&#160;&#160;&#160;&#160;October 15, 2014, the Plan&#8217;s recordkeeper is Milliman, Inc.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">General</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Plan is a defined contribution plan covering salaried or hourly clerical, warehouse, distribution, and United States retail field employees of PVH Corp. (the &#8220;Company&#8221;) who are at least age 21 or older, have completed the earlier of; at least three consecutive months of service and are regularly scheduled to work at least 20 hours per week; or have completed at least 1,000 hours of service during the first 12 months of employment or in any subsequent calendar year.&#160;&#160;The Plan is subject to the reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Contributions</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Participants may contribute up to 25% of pre-tax annual compensation, as defined by the Plan, limited to $17,500 per annum for the 2014 and 2013 plan years.&#160;&#160;In addition, eligible participants who have attained the age of 50 before the close of the plan year are eligible to make catch-up contributions up to $5,500 for the 2014 and 2013 plan years.&#160;&#160;The Company matches 100% of the first 1% of eligible compensation that a participant contributes to the Plan, plus 50% of the next 5% of eligible compensation contributed by the participant.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Participant Accounts</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Each participant&#8217;s account is credited with the participant&#8217;s contributions and allocations of (a) the Company&#8217;s contributions and (b) Plan earnings.&#160;&#160;Forfeited balances of terminated participants&#8217; nonvested accounts are used to reduce future Company contributions.</font></div>

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<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">5</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Amounts attributable to participant contributions and the allocated earnings thereon are immediately vested.&#160;&#160;All participants become 100% vested in Company contributions and the allocated earnings thereon after two years of service.&#160;&#160;Upon death, permanent disability, or reaching age 65, participants or their beneficiaries become 100% vested in Company contributions.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Upon enrollment in the Plan, a participant may direct employee or Company contributions into any one of four pre-mixed asset allocation models or any of 13 individual investment options.&#160;&#160;A participant may contribute a maximum of 25% of employee contributions in PVH Corp. common stock.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Participants may borrow from the Plan, with certain restrictions, using their vested account balance as collateral.&#160;&#160;The minimum loan amount is $1,000 and the maximum loan amount is the lesser of (i) $50,000 reduced by the participant&#8217;s highest outstanding loan balance during the previous 12 months, or (ii) 50% of the vested value of the participant&#8217;s account. Interest is fixed for the term of the loan at the prime rate plus 1%. Loan repayments are made through payroll deductions, which may be specified for a term of 1 to 5 years or up to 15 years for the purchase of a primary residence.&#160;&#160;Upon termination of employment, a participant is given 90 days to repay the loan in full or to establish loan repayments through an ACH debit origination before it is considered to be in default. Delinquent loans are considered to be distributions based on the terms of the Plan document.&#160;&#160;Notes receivable from participants are measured as the unpaid principal balance plus any accrued but unpaid interest.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">At December 31, 2014, outstanding notes receivable from participants totaled $9,458,633, with maturity dates through 2029 at interest rates ranging from 4.25% to 9.25%.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Company contributions made on behalf of non-vested or partially vested employees who have terminated are retained by the Plan and are used to reduce the Company&#8217;s future matching contributions.&#160;&#160;In 2014 and 2013, forfeitures of $518,163 and $241,611, respectively, were used by the Plan to reduce the Company&#8217;s matching contributions.&#160;&#160;At December 31, 2014 and 2013, cumulative forfeited non-vested accounts totaled $47,498 and $155,610, respectively.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Participants electing final distributions will receive payment in the form of a lump sum amount equal to the value of their vested account unless the participant notifies the Company of their intent to receive all or a portion of their investment balance in PVH Corp. common stock in the form of shares.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In accordance with accounting guidance for defined contribution plans, investments in benefit-responsive investment contracts must be reported at fair value.&#160;&#160;However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.&#160;&#160;The Plan invests in investment contracts through common/collective trusts.&#160;&#160;The Statements of Net Assets Available for Benefits present the fair value of the investments in the common/collective trusts as well as the adjustment of the investment in the common/collective trust from fair value to contract value relating to the investment contracts.&#160;&#160;The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In May 2015, the FASB issued ASU 2015-07, <font style="FONT-STYLE: italic; DISPLAY: inline">Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)</font>, which amends ASC 820, <font style="FONT-STYLE: italic; DISPLAY: inline">Fair Value Measurement</font>.&#160;&#160;Under this standard, for entities that measure investments using the net asset value (NAV) practical expedient, the requirement to categorize these investments in the fair value hierarchy table is eliminated and instead, the fair values of these investments should be presented as reconciling items between the financial statement amounts and the totals reported in the fair value table.&#160;&#160;Additionally, certain disclosures are no longer be required for investments that are eligible for the practical expedient but are not measured that way.&#160;&#160;The ASU proposal should be applied retrospectively and is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.&#160;&#160;The adoption of this standard will not impact the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the year ended December 31, 2014, the Plan purchased 37,949 and sold 72,733 shares of the Company&#8217;s common stock.&#160;&#160;The Plan received $80,668 during 2014 from the Company as payment of dividends on its common stock.&#160;&#160;During the year ended December 31, 2013, the Plan purchased 34,996 and sold 70,147 shares of the Company&#8217;s common stock and received $86,153 from the Company as payment of dividends on its common stock.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair Value Measurements</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date.&#160;&#160;The guidance establishes a three level fair value hierarchy that prioritizes the inputs used to measure fair value.&#160;&#160;The three levels of the hierarchy are defined as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Level 1 &#8211; Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access at the measurement date.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, including quoted prices for identical assets or liabilities in inactive markets, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, and inputs derived principally from or corroborated by observable market data.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Level 3 &#8211; Unobservable inputs reflecting the Plan&#8217;s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">9</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following tables set forth the financial assets of the Plan by level within the fair value hierarchy, as of December 31, 2014 and 2013:</font></div>

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<table cellpadding="0" cellspacing="0" width="93%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="6" valign="bottom" width="50%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fair Value Measurements at</font></div>
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<td align="left" valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="6" valign="bottom" width="50%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">December 31, 2014</font></div>
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<td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Asset Category</font></div>
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<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Quoted Prices</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">In Active</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Markets for</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Identical Assets</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 1)</font></div>
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<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Significant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Observable</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Inputs</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 2)</font></div>
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<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Significant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Unobservable</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Inputs</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 3)</font></div>
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<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Common collective trust funds:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font></font></div>
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<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Stable value</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;56,650,995&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$ 56,650,995&#160;&#160;&#160; </font></div>
</td>
<td valign="top" width="7%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Guaranteed investment contract:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,869,097&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,869,097&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Mutual funds:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(3)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">U.S. equity</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">215,032,224&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">215,032,224&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">International equity</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">61,107,346&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">61,107,346&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fixed income</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,699,294&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,699,294&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Balanced</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">45,433,800&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">45,433,800&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Real estate</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,165,384&#160;</font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,165,384&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp. common stock<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(4)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;66,817,841</font></font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;66,817,841</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total investments measured at fair value</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$512,775,981</font></font></div>
</td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$454,255,889</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$ 56,650,995</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$&#160;&#160;&#160;1,869,097</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="94%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="6" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fair Value Measurements at</font></div>
</td>
</tr><tr>
<td valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="6" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">December 31, 2013</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Asset Category</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Quoted Prices</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">In Active</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Markets for</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Identical Assets</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 1)</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Significant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Observable</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Inputs</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 2)</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Significant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Unobservable</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Inputs</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Level 3)</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Common collective trust funds:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Stable value</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;44,698,679&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$44,698,679&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">U.S. equity index</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">19,109,544&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">19,109,544&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Mutual funds:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(3)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">U.S. equity</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">142,028,774&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">142,028,774&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">International equity</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">48,831,829&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">48,831,829&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fixed income</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">40,449,904&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">40,449,904&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Balanced</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,844,073&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,844,073&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Real estate</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,508,190&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,508,190&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp. common stock<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(4)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">75,641,538&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">75,641,538&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Money market funds<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(5)</font></font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;893</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;893&#160;</font></font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total investments measured at fair value</font></div>
</td>
<td valign="top" width="18%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$412,113,424</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$348,304,308</font></font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$63,809,116</font></font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">10</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.&#160;&#160;The Plan has no unfunded commitments related to these common collective trust funds.&#160;&#160;These funds invest in (a) guarantee contracts and instruments and (b) securities that make up the S&amp;P 500 Index in the same proportion as the index. These funds are redeemable on a daily basis without restriction.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;</font>Valued at fair value by discounting the cash flows that would be paid out if the plan were to discontinue using a rate based on current yields of similar instruments with comparable durations.&#160;&#160;The discount rate was 3.58% at December 31, 2014.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;(3)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;</font>Valued at the net asset value of the fund(s), as determined by the closing price in the active market in which the individual fund is traded.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(4)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Valued at the closing price of PVH Corp. common stock as determined by the closing price in the active market in which the securities are traded.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 9pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(5)</font> Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.&#160;&#160;The Plan has no unfunded commitments related to these funds.&#160;&#160;These funds invest in short-term, high quality fixed income securities issued by banks, corporations and the U.S. government and maintain a constant $1 net asset value.&#160;&#160;These funds are redeemable on a daily basis without restriction.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the year ended December 31 2014.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="77%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="17%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Guaranteed</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="51%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">Level 3 - Reconciliation</font></font></div>
</td>
<td valign="bottom" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">Investment Contract</font></font></div>
</td>
</tr><tr>
<td valign="top" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Beginning balance&#8212;January 1, 2014</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="17%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Transferred from Warnaco Group, Inc.</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,405,248&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total loss</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="17%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(90,568)</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Sales and disbursements</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;(445,583</font>)</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Ending balance&#8212;December 31, 2014</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="17%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$1,869,097</font></font></div>
</td>
</tr><tr>
<td valign="top" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Year Ended</font></div>
</td>
</tr><tr>
<td valign="top" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">December 31, 2014</font></font></div>
</td>
</tr><tr>
<td valign="top" width="51%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="17%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="51%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The amount of total gain for the year attributable to the change in unrealized gains or losses relating to assets still held at December 31</font></div>
</td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" width="17%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 27.05pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$&#160;&#160;&#160;50,241&#160;</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The amount of total gains is reported within Investment income in the Statement of Changes in Net Assets Available for Benefits.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">11</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Level 3 &#8211; Unobservable Inputs</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following table presents quantitative information about unobservable inputs used in recurring Level 3 fair value measurements:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="87%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="28%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fair Value at</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">12/31/2014</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Valuation Technique</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Unobservable Inputs</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Discount Rate</font></div>
</td>
</tr><tr>
<td valign="top" width="28%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Guaranteed Investment Contract</font></div>
</td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$1,869,097&#160;&#160;&#160;</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Discounted cash flow</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="11%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Discount rate equal to a margin added to the 7 year treasury rate</font></div>
</td>
<td valign="top" width="7%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.58%&#160;&#160;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -7.2pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The unobservable inputs used in the fair value measurement of the Plan&#8217;s guaranteed investment contract include the discount rate and a margin that may be influenced by market conditions.&#160;&#160;Significant increases (decreases) in any of these inputs in isolation could result in a significantly lower (higher) fair value measurement.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Investments</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2014, the Plan&#8217;s investments (including gains and losses on investments purchased and sold, as well as held during the year) appreciated in fair value by $1,979,069 as follows:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="79%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="81%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Mutual funds</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$ 6,426,841&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="81%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp. common stock</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(4,576,392)&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="81%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Guaranteed investment contract</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(90,568)</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="81%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Common collective trust funds</font></div>
</td>
<td align="right" valign="top" width="4%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;219,188 </font></font></div>
</td>
</tr><tr>
<td valign="top" width="81%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="81%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="4%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$&#160;&#160;1,979,069 </font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Investments that represent 5% or more of the fair value of the Plan&#8217;s net assets at the end of the plan year are as follows:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="78%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="80%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">2014</font></font></div>
</td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">2013</font></font></div>
</td>
</tr><tr>
<td valign="top" width="80%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Beacon Large Cap Value Fund</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$43,434,680&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$51,744,252&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Europacific Growth Fund R5</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,957,133&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fidelity Balanced Fund</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">45,433,800&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,844,073&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Mainstay Large Cap Growth</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">48,128,894&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Metropolitan West Total Return Bond Fund</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">37,158,990&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">40,449,904&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp. Common Stock</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">66,817,841&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">75,641,538&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">T. Rowe Price Blue Chip Growth</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">43,895,191&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Thornburg International Value Fund</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">41,893,534&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Vanguard Institutional Index</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">72,853,007&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="80%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Wells Fargo Stable Return Fund U</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,650,995&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">44,698,679&#160;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">12</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Investment Contract with Insurance Company</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As a result of the merger (see note 10) with the Warnaco Group Inc., Employee Savings Plan, the Plan has a fully benefit-responsive GIC with MetLife Insurance Company (&#8220;MetLife&#8221;). MetLife maintains the contributions in a general account, which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. This GIC is included in the financial statements at fair value and then adjusted to contract value as reported to the Plan by MetLife. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Limitations on the Ability of the GIC to Transact at Contract Value:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Certain events limit the ability of the Plan to transact at contract value with MetLife. Such events include (1) premature termination of the contracts by the Plan; (2) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan); (3) plant closings and layoffs; (4) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan; (5) early retirement incentives or (6) the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. Plan management believes that the occurrence of any such value event that would cause the Plan to transact at less than contract value is not probable. MetLife may not terminate the contract at any amount less than contract value.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Average Yields</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>MetLife is contractually obligated to pay the principal and specified interest rate that is guaranteed to the Plan. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than 0%. Such interest rates are reviewed on an annual basis for resetting. The crediting interest rate for 2014 was 3.50%.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="95%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="82%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="3" valign="top" width="18%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">December 31, 2014</font></font></div>
</td>
</tr><tr>
<td colspan="2" valign="top" width="88%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" colspan="2" valign="top" width="88%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Average yields:</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" colspan="2" valign="top" width="88%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>Based on annualized earnings<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font></font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.55%</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" colspan="2" valign="top" width="88%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>Based on interest rate credited to participants<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 2.75pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.56%</font></div>
</td>
<td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;</font>Computed by dividing the annual actual aggregate earnings of the contract by the fair value of the outstanding investments on the last day of the Plan Year.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Computed by dividing the annual actual earnings credited to participants by the fair value of the outstanding investments on the last day of the Plan Year.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Plan considers the credit and other risks associated with the MetLife investment contract to be minimal, and therefore has not provided any reserves against contract value.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">13</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Effective January 1, 2004, the MetLife investment contract no longer accepts new contributions from participants. Contributions that were already invested in the MetLife investment contract prior to January 1, 2004 will remain in the fund until the earlier of: a) the date a participant elects to transfer their contribution to another fund; b) the date the Plan no longer permits contributions to remain in the fund; or (c) the date the participant withdraws their contribution from the Plan.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Risks and Uncertainties</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Plan invests in various investment securities.&#160;&#160;Investment securities are exposed to various risks such as interest rate, market and credit risks.&#160;&#160;Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants&#8217; account balances and the amount reported in the Statements of Net Assets Available for Benefits.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income Tax Status</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The IRS has determined and informed the Company by a letter dated May 24, 2012, that the Plan and related trust are designed in accordance with the applicable sections of the Internal Revenue Code (&#8220;IRC&#8221;) and, therefore, the related trust is exempt from taxation.&#160;&#160;Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification.&#160;&#160;The Plan Administrator believes that the Plan is currently designed and is currently being operated in compliance with the applicable requirements of the IRC and therefore believes that the Plan is qualified and the related trust is tax-exempt.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reconciliation of Financial Statements to Form 5500</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2014 and 2013:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="77%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="70%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td rowspan="2" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">2014</font></font></div>
</td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">2013</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net assets available for benefits per the financial</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;statements</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="11%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$ 522,723,559 &#160;</font></div>
</td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="11%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$ 505,296,859</font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Amounts allocated to withdrawing participants</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12,904)&#160;</font></div>
</td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(18,226)</font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Adjustment from fair value to contract value for</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;fully benefit-responsive investment contracts</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;929,066</font></font></div>
</td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;355,107</font></font></div>
</td>
</tr><tr>
<td valign="middle" width="70%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="70%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net assets available for benefits per the Form 5500</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$ 523,639,721</font></font></div>
</td>
<td valign="middle" width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.1pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$ 505,633,740</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">14</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOTES TO FINANCIAL STATEMENTS</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2014:</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="64%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="49%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">2014</font></font></div>
</td>
</tr><tr>
<td valign="middle" width="49%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Benefits paid to participants per the financial statements</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="middle" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$50,895,468&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Add: Amounts allocated to withdrawing participants at</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;December 31, 2014</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">12,904&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less: Amount allocated to withdrawing participants at</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;December 31, 2013</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(18,226)</font></font></div>
</td>
</tr><tr>
<td align="left" valign="middle" width="49%">
<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Benefits paid to participants per the Form 5500</font></div>
</td>
<td valign="middle" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$50,890,146</font></font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2014, but not yet paid as of that date.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Asset Transfers</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On December 31, 2013, the Warnaco Group, Inc. Employee Savings Plan (&#8220;Warnaco&#8221;) was merged into the Plan. As the physical transfer of net assets occurred in 2014, the transfer is shown as a receivable on the Statement of Net Assets Available for Benefits for the Year Ended December 31, 2013.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">15</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">SUPPLEMENTAL SCHEDULE</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">EIN: 13-1166910</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Plan No: 007</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">PVH ASSOCIATES INVESTMENT PLAN</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">SCHEDULE H, LINE 4i--SCHEDULE OF ASSETS (HELD AT END OF YEAR)</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">December 31, 2014</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="65%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(c)</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)</font></div>
</td>
<td valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Description of investment</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(e)</font></div>
</td>
</tr><tr>
<td valign="top" width="5%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">(a)</font></font></div>
</td>
<td valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Identity of issuer, borrower,</font></div>
</td>
<td valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">including maturity date, rate of</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(d)</font></div>
</td>
<td colspan="2" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Current</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">lessor or similar party</font></font></div>
</td>
<td valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">interest, collateral, par or maturity value</font></font></div>
</td>
<td valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">Cost</font></font></div>
</td>
<td colspan="2" valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">value</font></font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Beacon Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Beacon Large Cap Value Fund;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>1,581,167.816 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$43,434,680</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Dimensional Fund Advisors</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">DFA U.S. Targeted Value Portfolio</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Institutional; 1,125,890.917 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">24,938,484</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Europacific Growth Fund R5;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>743,136.331 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,957,133</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fidelity Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fidelity Balanced Fund;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>1,995,335.978 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">45,433,800</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Hartford Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Hartford HLS Small Cap Growth Fund IB;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>784,114.821 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">21,516,111</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Lazard Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Lazard Funds Emerging Markets Portfolio</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Institutional; 559,740.964 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,621,947</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Metlife</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Metlife, Inc. Guaranteed Investment Contract; 181,912.531 shares</font></div>
</td>
<td valign="bottom" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,869,097</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Metropolitan West</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Metropolitan West Total Return Bond M</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Fund; 3,405,956.902 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">37,158,990</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Prudential</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Jennison Mid Cap Growth Z; 209,711.491</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,394,751</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">T. Rowe Price</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Blue Chip Growth; 652,522.544 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">43,895,191</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Vanguard</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Institutional Index Fund; 386,139.856 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">72,853,007</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Vanguard</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total Bond Market Index Admiral;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>1,797,636.089 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">19,540,304</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Vanguard</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total International Stock Index Admiral;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>635,702.547 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">16,528,266</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Virtus Mutual Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Virtus Real Estate Securities Fund I;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>228,278.551 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,165,384</font></div>
</td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Wells Fargo Funds</font></div>
</td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Wells Fargo Stable Value Class U;</font></div>
</td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>1,164,939.245 shares</font></div>
</td>
<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
</td>
<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,650,995</font></div>
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<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">*</font></div>
</td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp.</font></div>
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<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">PVH Corp. Common Stock;</font></div>
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<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>521,322.000 shares</font></div>
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<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
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<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">&#160;&#160;&#160;66,817,841</font></font></div>
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<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total investments, at fair value</font></div>
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<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">$512,775,981</font></font></div>
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<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">*</font></div>
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<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Notes receivable from</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Participant notes receivable maturing at</font></div>
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<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="26%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;participants</font></div>
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<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>various dates through 2029 and bearing</font></div>
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<td valign="top" width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>interest at rates from 4.25% to 9.25%</font></div>
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<td valign="top" width="23%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">**</font></div>
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<td align="right" valign="top" width="10%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -0.9pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$&#160;&#160;&#160;9,458,633</font></div>
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<td valign="top" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">* Party-in-interest</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">** Cost information is not required for participant-directed investments and therefore is not included.</font></div>

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<TYPE>EX-23.1
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<DESCRIPTION>EXHIBIT 23.1 CONSENT OF AUDITORS
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-158327) pertaining to the PVH Associates Investment Plan of our report dated June 26, 2015, with respect to the financial statements of the PVH Associates Investment Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2014.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">/s/ SPIELMAN KOENIGSBERG &amp; PARKER, LLP</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">June 26, 2015</font></div>

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