<SEC-DOCUMENT>0000078239-16-000090.txt : 20160628
<SEC-HEADER>0000078239-16-000090.hdr.sgml : 20160628
<ACCEPTANCE-DATETIME>20160628172346
ACCESSION NUMBER:		0000078239-16-000090
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160628
FILED AS OF DATE:		20160628
DATE AS OF CHANGE:		20160628

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:			0131

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07572
		FILM NUMBER:		161736875

	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>elevenkpraip2015.htm
<DESCRIPTION>11-K PR AIP AS OF 12.31.15
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<div style="MARGIN-BOTTOM: 24pt; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">SECURITIES AND EXCHANGE COMMISSION<font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> WASHINGTON, DC 20549</div>

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<div style="MARGIN-BOTTOM: 24pt; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">FORM 11-K</div>

<div style="MARGIN-BOTTOM: 84pt; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">ANNUAL REPORT<font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>PURSUANT TO SECTION 15(d) OF THE<font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> SECURITIES EXCHANGE ACT OF 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">(Mark One):</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font>&#160; ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">For the fiscal year ended </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>&#160;&#160; December 31, 2015</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.03pt">&#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;&#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;&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="MARGIN-BOTTOM: 24pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">OR</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font>&#160; TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">For the transition period from __________ to __________</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt">Commission file number <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>&#160;&#160; 1-724&#160;&#160;&#160;&#160;</u></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A.&#160; Full title of the plan and the address of the plan, if different from that of the issuer named below:&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>PVH Corp. Associates Investment Plan For Residents Of The Commonwealth Of Puerto Rico</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">B.&#160; Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>PVH Corp., 200 Madison Avenue, New York, New York 10016</u></font></div>

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<div style="MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">SIGNATURES</div>

<div style="MARGIN-BOTTOM: 48pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">The Plan.</font>&#160; Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 194.4pt">PVH CORP.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 194.4pt">ASSOCIATES INVESTMENT PLAN FOR</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 194.4pt">RESIDENTS OF THE COMMONWEALTH</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date:&#160; June 28, 2016</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">By:&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/s/ Dana Perlman</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.12pt">&#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;&#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="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.1pt">Dana Perlman</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.1pt">Member of Plan Committee</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">ANNUAL REPORT ON FORM 11-K ITEM 4</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">RESIDENTS OF THE COMMONWEALTH</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">FINANCIAL STATEMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">December 31, 2015 and 2014</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">RESIDENTS OF THE COMMONWEALTH</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">FINANCIAL STATEMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">December 31, 2015 and 2014</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">December 31, 2015 and 2014</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Report of Independent Registered Public Accounting Firm</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Financial Statements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 18pt">Statement of Changes in Net Assets Available for Benefits</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 18pt">Schedule H, Line 4i--Schedule of Assets (Held at End of Year)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">Report of Independent Registered Public Accounting Firm</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Administrative Committee of the Plan</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PVH Associates Investment Plan for Residents</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Of the Commonwealth of Puerto Rico</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have audited the accompanying financial statements of the PVH Associates Investment Plan for Residents of the Commonwealth of Puerto Rico (the "Plan"), which comprise the statements of net assets available for benefits as of December&#160;31,&#160;2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015 and the related notes to the financial statements.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">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' 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'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's internal control.&#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2015 and 2014 and the changes in its net assets available for benefits for the year ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 6pt; BACKGROUND-COLOR: #ffffff">Report on Supplemental Information</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The supplemental schedule of assets (held at year end), has been subjected to audit procedures performed in conjunction with the audit of Plan's financial statements. The schedule of assets (held at year end) is the responsibility of the Plan's management. Our audit procedures included determining whether the schedule of assets (held at year end) reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the schedule of assets (held at year end). In forming our opinion on the schedule of assets (held at year end), we evaluated whether the schedule of assets (held at year end), including its form and content, is presented in conformity with auditing standards generally accepted in the United States of America. In our opinion, the schedule of assets (held at year end) is fairly stated, in all material respects, in relation to the financial statements as a whole.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">June 27, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">December 31, 2015 and 2014</div>

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<table id="ce23caa2430d4295b4ebb9c00bf24689" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2015</font></div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2014</font></div>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Cash</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">$&#160; &#160; &#160; &#160; 247&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">$&#160; &#160;&#160; 4,658&#160;</div>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Participant-directed investments</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">851,862&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">840,700&#160;</div>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;&#160;Receivables:</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Notes from participants</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">64,966&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">66,375&#160;</div>
</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Contributions, employer</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">1,552&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt">-&#160; &#160; &#160; &#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Contributions, employee</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,051</font>&#160;</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160; &#160; &#160; </font>&#160;</div>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 54pt">Total assets</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;921,678</font>&#160;</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;911,733</font>&#160;</div>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Other payables</div>
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<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160; &#160;&#160; </font>&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85</font>&#160;</div>
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<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 54pt">Total liabilities</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160; &#160;&#160; </font>&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 66.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net assets available for benefits</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$921,678</font>&#160;</div>
</td>
<td style="WIDTH: 16.8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 0.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$911,648</font>&#160;</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: center">The accompanying notes are an integral</div>

<div style="TEXT-ALIGN: center">part of these financial statements</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">3</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the Year Ended December 31, 2015</div>

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<table id="ae4a43db5f3242a5974c338555c3ac6c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment income:</div>
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<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 13.5pt">Net depreciation of investments</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$&#160; (73,954)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 13.5pt">Interest and dividend income</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;23,705</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total investment loss</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">(50,249)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest income on notes receivable from participants</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2,852&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Contributions:</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Employer, net of forfeitures</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">53,081&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Participants</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;106,331</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total contributions</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">159,412</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 27pt">&#160;&#160;&#160;&#160;Total additions</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">112,015&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Deductions</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Payments to participants</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;101,985</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 27pt">Total deductions</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;101,985</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net increase in net assets available for benefits</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">10,030&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net assets available for benefits at beginning of year</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;911,648</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net assets available for benefits at end of year</div>
</td>
<td style="WIDTH: 14.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$921,678</font>&#160;</div>
</td>
</tr>
</table>

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</div>

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</div>

<div><br>
</div>

<div><br>
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<div><br>
</div>

<div><br>
</div>

<div>
<div style="TEXT-ALIGN: center">The accompanying notes are an integral</div>

<div style="TEXT-ALIGN: center">part of these financial statements</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">4</div>

<div style="TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;</div>

<br>
 PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the Years Ended December 31, 2015 and 2014</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Description of the Plan</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following description of the PVH Associates Investment Plan for Residents of the Commonwealth of Puerto Rico (the "Plan")&#160;provides only general information.&#160; Participants should refer to the Plan Document for a more complete description of the Plan's provisions.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Trustee and Recordkeeper</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Plan's trustee is Banco Popular. The Plan's Directed Employee Benefit Custodian is Charles Schwab Bank (the "Custodian").&#160; The Plan's recordkeeper through October 14, 2014 is Schwab Retirement Plan Services Company.&#160; Effective October 15, 2014, the Plan's recordkeeper is Milliman, Inc.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">General</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Plan is a defined contribution plan covering salaried and hourly retail field workers of PVH Corp. (the "Company") who are residents of the Commonwealth of Puerto Rico, at least age 21 or older, and 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. The Plan is subject to the reporting and disclosure requirements of the Employer Retirement Income Security Act of 1974 ("ERISA").</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Contributions</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Each year, participants may contribute up to 10% of pre-tax annual compensation, as defined by the Plan, limited to $15,000 per annum for the 2015 and 2014 plan years.&#160; In addition, eligible participants who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions up to $1,500 for the 2015 and 2014 plan years.&#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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Participant Accounts</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Each participant's account is credited with the participant's contributions and allocations of (a)&#160;the Company's contributions and (b)&#160;Plan earnings.&#160; Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 36pt">5</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Vesting</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Amounts attributable to employee contributions and the allocated earnings thereon are immediately vested.&#160; Participants become 100% vested in Company contributions and the allocated earnings thereon after two years of service.&#160; Upon death, permanent disability, or reaching age 65, participants or their beneficiaries become 100% vested in Company contributions.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Investment Options</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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; A participant may contribute a maximum of 25% of employee contributions in PVH Corp. common stock.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Notes Receivable from Participants</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Participants may borrow from the Plan, with certain restrictions, using their vested account balance as collateral.&#160; The minimum loan amount is $1,000 and the maximum loan amount is the lesser of (i)&#160;$50,000 reduced by the participant's highest outstanding loan balance during the previous 12&#160;months, or (ii)&#160;50% of the vested value of the participant's account. Interest is fixed for the term of the loan at the prime rate plus 1%.&#160; Loan repayments are made through payroll deductions, which may be specified for a term of 1&#160;to 5&#160;years or up to 15&#160;years for the purchase of a primary residence.&#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; Participant notes receivable are measured as the unpaid principal balance plus any accrued but unpaid interest.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">At December 31, 2015, outstanding notes receivable from participants totaled $64,966, with maturity dates through 2020 at an interest rate of 4.25%.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Forfeitures</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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's future matching contributions.&#160; In 2015 and 2014, forfeitures of $1,514 and $3,434, respectively, were used to reduce the Company's matching contributions.&#160; At December 31, 2015 and 2014, forfeited non-vested accounts totaled $14 and $44, respectively.</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center">6<br>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Payment of Benefits</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Plan Termination</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.&#160; In the event of Plan termination, participants will become 100% vested in their accounts.</div>

<div><br>
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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Significant Accounting Policies<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font></font><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Basis of Accounting</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The accompanying financial statements of the Plan were prepared using the accrual basis of accounting.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Use of Estimates</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities therein, and disclosures of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Administrative Expenses</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Substantially all administrative expenses are paid by the Company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Reclassifications</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Certain amounts from the 2014 financial statements have been reclassified in order to conform with the 2015 presentation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The amount previously presented as contract value for the Stable Value Fund is now presented as fair value, eliminating the need for the adjustment from fair value to contract value for this investment.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 36pt">7</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Investments</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Investments are recorded in the accompanying financial statements at fair value.&#160; See Note 4 for additional information.&#160; Purchases and sales of securities are reflected on a settlement date basis.&#160; All assets of the Plan are held by the Custodian and are segregated from the assets of the Company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Prior to the issuance of the below accounting guidance for defined contribution plans, investments in benefit-responsive investment contracts were to be reported at fair value.&#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; The Plan invests in investment contracts through a common/collective trust.&#160; Prior to the year ended December 31, 2015, the Statements of Net Assets Available for Benefits presented the fair value of the investments in the common/collective trust 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;In July 2015, the FASB issued ASU 2015-12, a three part update which simplifies certain aspects of employee benefit plan accounting.&#160; Part I of the ASU designates contract value as the only required measure for fully benefit-responsive investment contracts and eliminates the requirement to measure them at fair value. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>The adoption of Part I eliminated the adjustment from fair value to contract value on the Statement of Net Assets Available for Benefits, which was retrospectively adjusted.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Part II of the ASU eliminates the requirements to disclose (a) individual investments that represent 5% or more of net assets available for benefits and (b) the net appreciation or depreciation of investments by general type.&#160; Part III of the ASU establishes a practical expedient to permit plans to measure investments as of a month-end date that is closest to the plan's fiscal year end when the fiscal period does not coincide with a month end.&#160; Parts I and II should be applied retrospectively for all financial statements presented, while Part III should be applied prospectively.&#160; The ASU is effective for fiscal years beginning after December 15, 2015, with earlier application permitted.&#160; The Plan has adopted Parts I and II of this ASU as of December 31, 2015. Part III is not applicable.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Recent Accounting Guidance</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In May 2015, the FASB issued ASU 2015-07, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)</font>, which amends ASC 820, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Fair Value Measurement</font>.&#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 36pt">8</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Additionally, certain disclosures are no longer required for investments that are eligible for the practical expedient but are not measured that way.&#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; 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.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Party-In-Interest Transactions</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">During the years ended December 31, 2015 and 2014, the Plan purchased 52 and 38 shares, respectively, and sold 25 and 4 shares of the Company's common stock, respectively.&#160; The Plan also received $135 and $131 during 2015 and 2014, respectively from the Company as payment of dividends on its common stock. Certain legal and accounting fees, and administrative expenses relating to the maintenance of participant eligibility records are paid by the company participating in the plan, and accordingly, are not included in the financial statements of the Plan.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Fair Value Measurements</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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; The guidance establishes a three level fair value hierarchy that prioritizes the inputs used to measure fair value.&#160; The three levels of the hierarchy are defined as follows:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Level 3 &#8211; Unobservable inputs reflecting the Plan's own assumptions about the inputs that market participant would use in pricing the asset or liability based on the best information available.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 36pt">9</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following tables set forth the financial assets of the Plan by level within the fair value hierarchy, as of December 31, 2015 and 2014:</div>

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</div>

<div>
<table id="4ae187ec318a469abeae568580746e85" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.98%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Fair Value Measurements at</div>
</td>
</tr>

<tr>
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<td style="WIDTH: 2.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.98%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">December 31, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Asset Category</div>
</td>
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<td style="WIDTH: 10.17%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Total</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Quoted Prices</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">In Active</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Markets for</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Identical Assets</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 1)</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Significant</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Observable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Inputs</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 2)</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Significant</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Unobservable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Inputs</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 3)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common collective trust funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$ 279,079</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$&#160; &#160; &#160; &#160; -&#160; &#160;&#160; &#160;</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$ 279,079</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">$&#160; &#160; &#160; &#160; &#160;&#160; -</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mutual funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">505,320</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">505,320</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">-</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PVH Corp. common stock<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160; &#160;67,463</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;&#160; 67,463</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;-&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total investments measured at fair value</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$ 851,862</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$ 572,783</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$ 279,079</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">$&#160; &#160; &#160; &#160; &#160;&#160; -</div>
</td>
</tr>
</table>

<br>
</div>

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</div>

<div><br>
</div>

<div><br>
</div>

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</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center">10<br>
</div>

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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table id="6743cb64e4a14f39801a6faf0af12119" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.98%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Fair Value Measurements at</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.98%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">December 31, 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Asset Category</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Total</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Quoted Prices</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">In Active</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Markets for</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Identical Assets</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 1)</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Significant</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Observable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Inputs</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 2)</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Significant</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Unobservable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Inputs</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Level 3)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common collective trust funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$245,500</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$&#160; &#160; &#160; &#160;&#160; -&#160; &#160; &#160;</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$245,500</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">$&#160; &#160; &#160; &#160; &#160;&#160; -</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mutual funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">481,257</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">481,257</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">-</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PVH Corp. common stock<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160; 113,943</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160; 113,943</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total investments measured at fair value</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$840,700</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$595,200</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">$245,500</div>
</td>
<td style="WIDTH: 2.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 8.1pt">$&#160; &#160; &#160; &#160; &#160;&#160; -</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="857c8118778b4fefbbbaa603c60b54b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Valued at the net asset value of the fund(s) as determined by a pricing vendor or the fund family.&#160; The Plan has no unfunded commitments related to these common collective trust funds.&#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.&#160; These funds are redeemable on a daily basis without restriction.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="113faf75696d40bb9f88e24d48ea8704" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">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.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="91c0f18a8ff745eea9f1b7261fbfa409" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">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.</td>
</tr>
</table>
</div>

<div><br>
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<div><br>
 &#160;</div>

<div style="TEXT-ALIGN: center">11<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO FINANCIAL STATEMENTS</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Risks and Uncertainties</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Plan invests in various investment securities.&#160; Investment securities are exposed to various risks such as interest rate, market and credit risks.&#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' account balances and the amount reported in the Statements of Net Assets Available for Benefits.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">6.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Income Tax Status</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Puerto Rico Department of the Treasury has determined and informed the Company by letter dated February 24, 2014 and effective January 1, 2011, that the Plan and related trust is designed in accordance with the applicable sections of the Internal Revenue Code for a New Puerto Rico ("IRC").&#160; Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification.&#160; The Plan Administrator believes that the Plan is designed and 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.</div>

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<div style="TEXT-ALIGN: center">12<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SUPPLEMENTAL SCHEDULE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">EIN: 13-1166910</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">Plan No: 014</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">PVH ASSOCIATES INVESTMENT PLAN FOR RESIDENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">OF THE COMMONWEALTH OF PUERTO RICO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SCHEDULE H, LINE 4i--SCHEDULE OF ASSETS (HELD AT END OF YEAR)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">December 31, 2015</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">(c)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 4.5pt">(b)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">Description of investment</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">(e)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 4.5pt">Identity of issuer, borrower,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">including maturity date, rate of</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">(d)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">Current</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">(a)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 4.5pt">lessor or similar party</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">interest, collateral, par or maturity value</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">Cost</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-RIGHT: 0.5pt">value</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">American Beacon Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">American Beacon Large Cap Value Fund;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">`</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">2,796.591 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">$&#160;&#160; 64,154&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimensional Fund Advisors</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">DFA U.S. Targeted Value Portfolio Institutional;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">1,005.947 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">19,867&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">American Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Europacific Growth Fund R5; 807.906 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">36,574&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fidelity Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Fidelity Balanced Fund; 850.240 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">18,042&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Hartford Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Hartford HLS Small Cap Fund; 543.657 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">13,254&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Lazard Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Lazard Funds Emerging Markets; 1,081.146 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">14,531&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Metropolitan West</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Metropolitan West Total Return Bond Fund;</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">9,558.161 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">101,508&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">T. Rowe Price</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Blue Chip Growth Fund; 682.831 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">49,423&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Virtus Mutual Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Virtus Real Estate Securities Fund I; 471.151 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">16,047&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vanguard</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Institutional Index Fund; 449.511 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">83,888&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vanguard</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Total Bond Market Index Institutional;</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">5,837.082 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">62,107&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vanguard</div>
</td>
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Total International Stock Index Institutional;</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 28.29%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">267.437 shares</div>
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<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">25,925</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Wells Fargo Funds</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Wells Fargo Stable Return Fund U;</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 28.29%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 17.1pt">5,665.429 shares</div>
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<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">279,079&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">*</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PVH Corp.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">PVH Corp. Common Stock; 916.000 shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;67,463</font>&#160;</div>
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<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 28.29%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt; TEXT-INDENT: 22.5pt">Total investments, at fair value</div>
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<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 4px double">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$ 851,862</font>&#160;</div>
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<td style="WIDTH: 47.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">*</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Notes receivable from participants</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 4.5pt">Participant notes receivable;&#160; loans maturing at various dates through 2020 and bearing interest at a rate of 4.25%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 4.5pt">**</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; MARGIN-RIGHT: 3.6pt">64,966</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 4.3pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*&#160;&#160; </font>Party-in-interest</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 4.3pt">** Cost information is not required for participant-directed investments and therefore is not included.</div>

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 &#160;</div>

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<div style="TEXT-ALIGN: center; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">15<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 4.3pt"><u>EXHIBIT INDEX</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt">23.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Consent of Independent Auditors</div>
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<DOCUMENT>
<TYPE>EX-23.1
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<FILENAME>exhibit231prconsent.htm
<DESCRIPTION>EXHIBIT 23.1 PR CONSENT OF ACCOUNTING FIRM
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><u>Exhibit 23.1</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Consent of Independent Registered Public Accounting Firm</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-125694) pertaining to the PVH Associates Investment Plan for Residents of the Commonwealth of Puerto Rico of our report dated June 27, 2016, with respect to the financial statements of the PVH Associates Investment Plan for Residents of the Commonwealth of Puerto Rico included in this Annual Report (Form 11-K) for the year ended December 31, 2015.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ SPIELMAN KOENIGSBERG &amp; PARKER, LLP</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SPIELMAN KOENIGSBERG &amp; PARKER, LLP</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">June 27, 2016</div>
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