form11-k_2013.htm
 
                  
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 11-K
 

 
(Mark One)
   
  x  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the calendar year ended December 31, 2013
   
 
OR
   
  o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the transition period from ____________ to ____________
   
   
 
Commission File Number: 1-4423
   
   
 A. Full title of the plan and address of the plan, if different from that of the issuer named below:
   
   
 
HEWLETT-PACKARD COMPANY 401(k) PLAN
   
   
 B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
   
   
 
HEWLETT-PACKARD COMPANY
3000 HANOVER STREET
PALO ALTO, CALIFORNIA 94304
 
 
 
 
 
 
 

 
 
 

Hewlett-Packard Company 401(k) Plan
 
Financial Statements and Supplemental Schedule
 
December 31, 2013 and 2012, and
For the Year Ended December 31, 2013
 
 
 
Contents
 
 
Report of Independent Registered Public Accounting Firm
1
  
     
Audited Financial Statements:
    
     
Statements of Net Assets Available for Benefits    
2
  
Statement of Changes in Net Assets Available for Benefits
3
  
Notes to Financial Statements
4
  
     
Supplemental Schedule:
    
     
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
23
  
     
Signature
84
  
     
Exhibit Index:
    
     
Exhibit 23.1 – Consent of Independent Registered Public Accounting Firm
 
  

 
 
 
 

 
Report of Independent Registered Public Accounting Firm
 
 
Plan Administrator
Hewlett-Packard Company 401(k) Plan
 
 
We have audited the accompanying statements of net assets available for benefits of Hewlett-Packard Company 401(k) Plan as of December 31, 2013 and 2012, and the related statement of changes in net assets available for benefits for the year ended December 31, 2013. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Hewlett-Packard Company 401(k) Plan at December 31, 2013 and 2012, and the changes in its net assets available for benefits for the year ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.
 
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2013, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
 
 
   /s/ ERNST & YOUNG LLP
                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                   
San Jose, California
June 27, 2014

 
 
1
 
 
 
Hewlett-Packard Company 401(k) Plan
 
Statements of Net Assets Available for Benefits
 
   
December 31,
   
2013
  
2012
Assets
            
Cash
   $ 4,858,849     $ 1,331,574  
Investments, at fair value
     16,569,462,156       14,378,110,605  
                 
Receivables:
                
Notes receivable from participants
     232,775,862       231,305,214  
Due from broker for securities sold
     49,588,607       52,601,724  
Employer contributions
     34,065,631       33,307,290  
Participant contributions
     17,698,111       –  
Interest, dividends, and other receivables
     29,115,422       24,687,770  
                 
Total receivables
     363,243,633       341,901,998  
                 
Total assets
     16,937,564,638       14,721,344,177  
                 
Liabilities
                
Due to broker for securities purchased
     99,758,061       102,852,757  
Administrative expenses and other payables
     8,903,323       8,642,165  
                 
Total liabilities
     108,661,384       111,494,922  
                 
Net assets available for benefits
   $ 16,828,903,254     $ 14,609,849,255  
 
See accompanying notes.

 
2
 

Hewlett-Packard Company 401(k) Plan
 
Statement of Changes in Net Assets Available for Benefits
 
Year Ended December 31, 2013
 
Additions
      
Investment income:
      
Net realized and unrealized appreciation in fair value of investments
   $ 2,686,434,745  
Interest and dividends
     257,718,984  
         
Total investment income
     2,944,153,729  
         
Contributions:
        
Participants
     595,638,815  
Employer
     237,299,764  
Rollovers
     92,551,764  
         
Total contributions
     925,490,343  
         
Interest income on notes receivable from participants
     10,324,045  
         
Total additions
     3,879,968,117  
         
Deductions
        
Benefits paid directly to participants
     1,622,977,973  
Investment management fees
     31,914,217  
Administrative expenses
     6,021,928  
         
Total deductions
     1,660,914,118  
         
Net increase
     2,219,053,999  
         
Net assets available for benefits:
        
Beginning of year
     14,609,849,255  
         
End of year
   $ 16,828,903,254  
 
See accompanying notes.
 

 
3
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements
 
 December 31, 2013
 
1.    Description of the Plan
 
The following brief description of the Hewlett-Packard Company 401(k) Plan (the Plan) provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
 
General
 
The Plan is a defined contribution plan covering employees of Hewlett-Packard Company (the Company, Employer, or HP) and designated domestic subsidiaries who are on the U.S. payroll and who are employed as regular full-time or regular part-time or limited-term employees. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
 
Effective January 2, 2013, the trustee for the Plan changed from Fidelity Management Trust Company (Fidelity) to the Bank of New York Mellon (BNYM). As a result of the change in trustee, the assets of the Plan transferred from Fidelity to BNYM.
 
Assets of the Plan are invested in a five-tier investment structure. Tier 1 includes ten Birth Date Funds and the Conservative Portfolio. The Birth Date Funds’ investment strategy is designed to become more conservative as participants grow older. The Conservative Portfolio’s investment strategy is designed for a participant who has a low tolerance for risk and/or a shorter time horizon for investing. Tier 2 includes six actively-managed institutional funds from the main asset classes – stocks, bonds, and short-term investments. Tier 3 includes four index funds that seek to mirror a specific market index by investing in similar equities and bonds that the index fund is benchmarked against. Tier 4 includes seven funds in the secondary or specialty asset classes, such as real-return income, commodities, and real estate, including the HP Stock Fund. Tier 5 is a self-directed Mutual Fund Brokerage Window that offers more than 8,500 brand-name mutual funds through an affiliate of Fidelity. All investments are participant-directed.
 
The Plan includes an employee stock ownership plan feature (the ESOP) within the meaning of Internal Revenue Code of 1986, as amended (the Code), Section 4975(e)(7). The ESOP is maintained as part of the Plan and is designed to invest primarily in the Company’s common stock. The purpose of the ESOP is to permit eligible participants the option of having dividends on the Company’s common stock re-invested in the Plan or paid directly to them in cash.
 
 
 
4
 

Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 

1.    Description of the Plan (continued)
 
If a participant’s account currently has more than 20% invested in the HP Stock Fund, the participant will not be forced to reduce his or her holdings; however, the investment election for ongoing contributions and loan repayments will be limited to a maximum of 20% in the HP Stock Fund, and any percentage above the 20% limit for ongoing contributions will automatically be directed to the appropriate Birth Date Fund based generally on the year the participant was born. In addition, future requested exchanges into the HP Stock Fund will be blocked if the requested change will cause the participant to exceed the 20% limit or if the participant is already at or above the 20% limit. Finally, if the participant chooses to rebalance his or her portfolio, the respective holdings in the HP Stock Fund will be limited to a maximum of 20% regardless of the current investments in the HP Stock Fund.
 
Contributions
 
As soon as administratively feasible, employees are automatically enrolled in the Plan at a 3% contribution rate in the Birth Date Fund based generally on the year the employee was born.
 
Participants may annually contribute, up to 50% of their eligible compensation, as defined by the Plan. Contributions are subject to annual limits specified under the Code. The annual limit was $17,500 for 2013. Participants who are age 50 or older by the end of the plan year can contribute an additional $5,500 above the annual limit. Contributions can be made as whole or fractional percentages of earnings. Employees can choose pretax contributions, after-tax Roth 401(k) contributions, or a combination of the two. Both types of contributions are eligible for the Company matching contributions. Catch-up contributions are not eligible for the Company matching contributions.
 
The Plan also accepts rollover contributions of amounts representing distributions from other qualified defined benefit or defined contribution plans, including amounts from a Roth deferred account, as described in Section 402A(e)(1), to the extent the rollover is permitted under Code Section 402(c) of the Code.
 
The Company matching contribution is a fixed contribution equal to 100% of the first 4% of eligible earnings a participant contributes each pay period. The Company matching contribution is funded after the end of the fiscal quarter.
 
 
 
5
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
1.    Description of the Plan (continued)
 
Prior to January 2013, former employees of Autonomy Corporation plc (Autonomy), who began participating in the Plan in November 2011 following the Company’s October 2011 acquisition of Autonomy, are eligible for matching contributions of 50% of the first 6% of eligible earnings contributed each pay period, not to exceed $1,000 for any calendar year. Effective January 2013, former Autonomy employees receive the same Company matching contributions as other HP employees.
 
Once former employees of Palm, Inc. (Palm) were integrated into the Plan during a phased-in approach, they became eligible to receive the same Company matching contributions on their integration date in 2013. All former Palm employees were phased-in by April 2013. Prior to this timeframe, employees of Palm, who began participating in the Plan in August 2010 following the Company’s July 2010 acquisition of Palm, were eligible for matching contributions of 50% of the first 6% of eligible earnings contributed each pay period.
 
In order to receive a Company matching contribution for a fiscal quarter, a participant must be employed on the last day of such fiscal quarter or have terminated employment during such fiscal quarter as a result of such participant’s death, termination under a Company-approved severance program, or in connection with a sale or divestiture by the Company of the business unit in which the participant was employed. Effective for matching contributions made on or after May 23, 2012, a participant who was terminated under the 2012 U.S. Enhanced Early Retirement Program, a Company-approved severance program, which was also eligible for a matching Company contribution for the fiscal quarter in which the participant terminated.
 
Vesting
 
Participants are fully vested at all times with regard to their contributions and earnings thereon.
 

 
6
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 

 
1.    Description of the Plan (continued)
 
All employees first hired by the Company after December 31, 2005, are subject to a three-year cliff vesting schedule with regard to Company matching contributions, and earnings thereon, after which time they will become 100% vested in their Company matching contributions, and earnings thereon. In addition, a participant becomes 100% vested in their Company matching contributions, and earnings thereon, at attainment of age 65, death before termination of employment, or becoming eligible for disability benefits under the Company’s long-term disability program. Participants are also fully vested in their Company matching contributions, and earnings thereon, if they terminate employment in connection with a sale or divestiture by the Company of the business unit in which the participant had been employed. Additionally, effective May 23, 2012, participants were fully vested in their Company matching contributions, and earnings thereon, if they terminated employment under the 2012 U.S. Enhanced Early Retirement Program.
 
Prior to January 2013, participants who were employees of Autonomy were subject to a four-year graded vesting schedule, with their Company matching contributions becoming 25% vested after one full year of service, 50% vested after two full years of service, 75% vested after three full years of service, and 100% vested after four years of service, taking into consideration years of service prior to the acquisition of Autonomy. Effective January 2013, subsequent Company matching contributions received by former employees of Autonomy are subject to the same vesting schedule as other HP employees.
 
Participants who were employees of Palm were subject to a three-year graded vesting schedule, with their Company matching contributions becoming 33% vested after one full year of service, 66% vested after two full years of service, and 100% vested after three years of service, taking into consideration years of service prior to the acquisition of Palm. Former employees of Palm were integrated into HP benefits in a phased-in approach. Effective with their integration, their subsequent Company match contributions are subject to the same vesting schedule as other HP employees.
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions, applicable Company matching contributions, and plan earnings, and is charged with an allocation of administrative expenses. Plan earnings are allocated to each participant’s account based on the ratio of the participant’s account balance and share of net earnings or losses of their respective elected investment options. Allocations are determined in accordance with the provisions of the plan document. The benefit to which a participant is entitled is the benefit that can be provided from the vested portion of the participant’s account.
 

 
7
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 

 
1.    Description of the Plan (continued)
 
Notes Receivable From Participants
 
The Plan offers two types of loans, which are general-purpose loans and primary residence loans. The repayment period for a general-purpose loan may not exceed five years, and the repayment period for a primary residence loan may not exceed 15 years.
 
Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balances. Loans are secured by the participant’s vested account and bear interest at a fixed rate equal to the prevailing prime rate plus 1%. Principal and interest are paid ratably through payroll deductions. Participant loans are classified as notes receivable from participants on the Statements of Net Assets Available for Benefits and are valued at their unpaid principal balance, plus accrued but unpaid interest. Participants can continue to repay their loans post-termination, as long as they have not taken a distribution from their account.
 
Forfeitures
 
If a participant terminates employment before becoming fully vested in their Company matching contributions, the nonvested Company matching contributions (and earnings thereon) are forfeited at the earlier of the date the participant receives a distribution or incurs a five-year break-in-service. Forfeited balances are restored if the participant returns to an eligible status within five years of termination and repays any amount previously distributed. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company matching contributions, restore previously forfeited balances, or pay eligible Plan expenses.
 
Unallocated forfeiture balances as of December 31, 2013 and 2012, were approximately $4,000,000 and $3,500,000, respectively, and forfeitures used to reduce Company matching contributions for 2013 were approximately $14,600,000.
 
Payment of Benefits
 
On termination, death, or retirement, participants may elect to receive a lump-sum amount equal to the vested value of their accounts. Lump-sum payments may be made in cash or shares of stock for distribution from the HP Stock Fund. Hardship withdrawals and in-service withdrawals are permitted if certain criteria are met. Participants may also, at any time, withdraw all or part of their rollover accounts.
 
 
 
8
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
1.    Description of the Plan (continued)
 
Administrative Expenses and Investment Management Fees
 
Certain expenses of the Plan for administrative services are paid directly by the Plan, except to the extent the Company chooses to pay such expenses. Each participant is charged a fixed amount of $34 per year for recordkeeping services. Certain investment management fees related to investment options are paid directly to the Plan’s investment managers and are reported separately on the Statement of Changes in Net Assets Available for Benefits.
 
Plan Termination
 
Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.
 
2.    Summary of Significant Accounting Policies
 
Basis of Accounting
 
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).
 
Use of Estimates
 
The preparation of the financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.
 
Investment Valuation and Income Recognition
 
The Plan’s investments are stated at fair value. See Note 4 for discussion on fair value measurements.
 
In the normal course of business, the Plan may enter into derivative contracts (derivatives). Derivatives are either exchange-traded or over-the-counter (OTC) contracts. Exchange-traded derivatives are standard contracts traded on a regulated exchange. OTC contracts are private contracts negotiated between counterparties. The Plan has entered into derivatives that include foreign currency forward contracts, option contracts, futures contracts, and swaps contracts. See Note 5 for discussion of the Plan’s use of derivatives.
 

 
9
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
2.    Summary of Significant Accounting Policies (continued)
 
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the fair value of investments includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
 
Securities Financing
 
Repurchase agreements are recorded as collateralized financing transactions. The Plan receives collateral with a market value equal to or in excess of the principal amount loaned under the resale agreements. On a daily basis, the Plan manages its risk by calculating the market value of each position and comparing it to the contract amounts, with any difference to be settled by the counterparty. Repurchase agreements are presented gross in the Plan’s Statements of Net Assets Available for Benefits.
 
Benefit Payments
 
Benefit payments are recorded when paid.
 
Reclassifications
 
Certain prior-year amounts have been reclassified to conform to the current-year presentation. During 2013, certain industry classifications used to categorize the Plan’s investments by nature and risk changed as a result of the change in trustee. Therefore, certain reclassifications in short-term investments, common and preferred stock, corporate debt, and U.S. Government securities have been made within Note 4 – “Fair Value Measurements.” Additionally, an investment which was reported as a common collective trust as of December 31, 2012, has been reclassified as a partnership.
 

 
10
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
  
3.    Investments
 
The fair value of individual investments that represent 5% or more of the fair value of the Plan’s net assets were as follows:
 
     
December 31,
    
     
2013
    
2012
  
                 
 
Vanguard Primecap Adm Fund
   $ 995,731,119     $ 791,309,708    
 
Blackrock Russell 1000 Index Fund
     1,814,207,474       1,412,553,246    

For the year ended December 31, 2013, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated (depreciated) in fair value as follows:
 
 
Mutual funds
   $ 365,874,442    
 
Common collective trust funds
     694,131,914    
 
Partnership interest
     1,963,195    
 
Exchange-traded funds
     634,750    
 
HP Common Stock
     279,844,862    
 
Common and preferred stock
     1,452,087,324    
 
Corporate debt
     (28,759,153 )  
 
Foreign obligations
     (1,522,432 )  
 
U.S. government securities
     (76,909,416 )  
 
Derivatives
     (910,741 )  
 
Total net realized and unrealized change in fair value of investments
   $ 2,686,434,745    

4.    Fair Value Measurements
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.
 
 
 
11
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
4.    Fair Value Measurements (continued)
 
Fair Value Hierarchy
 
Valuation techniques used by the Plan are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Plan’s assumptions about market participant assumptions based on the best information available. Assets and liabilities are classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
 
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
 
Level 2 – Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
Level 3 – Unobservable inputs for the asset or liability.
 
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.
 
Valuation Techniques
 
The following is a description of the valuation techniques used to measure fair value. There were no changes in the techniques used to measure fair value in the year ended December 31, 2013.
 
Common collective trusts, open-ended mutual funds, money market funds, and partnership interest: Valued at the net asset value (NAV) established by the funds’ sponsor on the last business day of the plan year, based on the fair value of the assets underlying the funds. There are no redemption restrictions or future commitments on these investments.
 
Close-ended mutual funds, exchange-traded funds, and common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.
 
Corporate debt, U.S. government securities, and foreign obligations: Valued using quoted market prices that are traded in less active markets or quoted market prices for similar instruments.
 
 
 
12
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
4.    Fair Value Measurements (continued)
 
Derivative instruments: Listed derivatives, such as futures and exchange-traded options, are valued at the closing prices reported on the active market on which the derivative trades. OTC derivative contracts are privately negotiated contracts with counterparties, including forwards, credit default swaps, and total return swaps. The fair value for OTC derivative contracts is estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to present fair value using market-based observable inputs, including spot and forward prices for foreign currencies, commodities, equities and interest rates, volatility of the underlying, credit spreads, interest rate curves and the credit risk of the Plan and the counterparty.
 
Repurchase agreements: Valued at contract value plus accrued interest, as specified in the respective agreements.
 
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to estimate fair value could result in a different fair value measurement at the reporting date.
 
The Plan does not hold any assets or liabilities classified as Level 3 as of December 31, 2013 and 2012. The Plan does not hold any assets or liabilities that are measured on a nonrecurring basis as of December 31, 2013 and 2012.
 

 
13
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
  
 
4.    Fair Value Measurements (continued)
 
The following tables set forth the Plan’s assets and liabilities at fair value as of December 31, 2013 and 2012, by level, within the fair value hierarchy:
 
     
As of December 31, 2013
  
     
Level 1
  
Level 2
  
Total
  
 
Assets
                    
 
Mutual funds:
                    
 
Growth funds
   $ 1,523,863,755     $ 46,438,288     $ 1,570,302,043    
 
Fixed-income funds
     332,190,087       346,655,176       678,845,263    
 
Other funds
     85,232,628       –       85,232,628    
 
Total mutual funds
     1,941,286,470       393,093,464       2,334,379,934    
                             
 
Self-directed brokerage accounts:
                          
 
Mutual funds:
                          
 
Index funds
     32,814,824       –       32,814,824    
 
Growth funds
     121,380,963       –       121,380,963    
 
Fixed-income funds
     126,321,159       –       126,321,159    
 
Value funds
     60,265,104       –       60,265,104    
 
Industry-specific funds
     45,002,247       –       45,002,247    
 
Other funds
     30,217,558       –       30,217,558    
 
Total self-directed brokerage accounts
     416,001,855       –       416,001,855    
                             
 
Common collective trusts:
                          
 
Index funds
     –       3,411,678,026       3,411,678,026    
 
Growth funds
     –       463,045,468       463,045,468    
 
Total common collective trusts
     –       3,874,723,494       3,874,723,494    
                             
 
Partnership interest – Energy
     –       88,443,113       88,443,113    
                             
 
Exchange-traded funds – Growth funds
     40,551,565       –       40,551,565    
                             
 
HP common stock
     523,810,222       –       523,810,222    
                             
 
Repurchase agreements
     –       50,700,000       50,700,000    
                             
 
Short-term investments
     –       782,798,953       782,798,953    


 
14
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
4.    Fair Value Measurements (continued)
 
     
As of December 31, 2013
  
     
Level 1
  
Level 2
  
Total
  
 
Common and preferred stocks:
                    
 
Basic materials
   $ 193,335,715     $ –     $ 193,335,715    
 
Communications
     812,793,291       –       812,793,291    
 
Consumer goods
     1,767,137,201       –       1,767,137,201    
 
Diversified
     13,784,762       –       13,784,762    
 
Energy
     422,746,802       –       422,746,802    
 
Financial
     1,442,857,173       –       1,442,857,173    
 
Industrial
     738,274,517       –       738,274,517    
 
Technology
     501,683,378       –       501,683,378    
 
Utilities
     89,878,234       –       89,878,234    
 
Total common and preferred stocks
     5,982,491,073       –       5,982,491,073    
                             
 
Corporate debt:
                          
 
Basic materials
     –       41,326,753       41,326,753    
 
Communications
     –       185,786,466       185,786,466    
 
Consumer goods
     –       199,577,750       199,577,750    
 
Energy
     –       116,085,214       116,085,214    
 
Financial
     –       310,359,382       310,359,382    
 
Industrial
     –       85,665,347       85,665,347    
 
Technology
     –       33,698,583       33,698,583    
 
Utilities
     –       19,434,171       19,434,171    
 
Total corporate debt
     –       991,933,666       991,933,666    
                             
 
Foreign obligations
     –       28,070,651       28,070,651    
                             
 
U.S. government securities:
                          
 
Federal
     –       1,412,017,122       1,412,017,122    
 
Municipal
     –       44,321,695       44,321,695    
 
Total U.S. government securities
     –       1,456,338,817       1,456,338,817    
                             
 
Derivative assets
     1,926,015       2,653,218       4,579,233    
 
Total assets
   $ 8,906,067,200     $ 7,668,755,376     $ 16,574,822,576    
                             
 
Liabilities
                          
 
Derivative liabilities
   $ 2,281,919     $ 3,078,501     $ 5,360,420    
 
Total liabilities
   $ 2,218,919     $ 3,078,501     $ 5,360,420    

 
15
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
4.    Fair Value Measurements (continued)
 
     
As of December 31, 2012
  
     
Level 1
  
Level 2
  
Total
  
 
Assets
                    
 
Mutual funds:
                    
 
Growth funds
   $ 1,379,900,602     $ 48,860,262     $ 1,428,760,864    
 
Fixed-income funds
     768,264,035       367,753,165       1,136,017,200    
 
Other funds
     74,759,010       –       74,759,010    
 
Total mutual funds
     2,222,923,647       416,613,427       2,639,537,074    
                             
 
Self-directed brokerage accounts:
                          
 
Mutual funds:
                          
 
Index funds
     21,147,249       –       21,147,249    
 
Growth funds
     87,158,551       –       87,158,551    
 
Fixed-income funds
     128,968,357       –       128,968,357    
 
Value funds
     43,701,578       –       43,701,578    
 
Industry-specific funds
     23,671,745       –       23,671,745    
 
Other funds
     24,920,257       –       24,920,257    
 
Total self-directed brokerage accounts
     329,567,737       –       329,567,737    
                             
 
Common collective trusts:
                          
 
Index funds
     –       2,759,473,097       2,759,473,097    
 
Growth funds
     –       473,009,996       473,009,996    
 
Total common collective trusts
     –       3,232,483,093       3,232,483,093    
                             
 
Partnership interest – Energy
     –       75,235,189       75,235,189    
                             
 
HP common stock
     297,897,889       –       297,897,889    
                             
 
Repurchase agreements
     –       123,700,000       123,700,000    
                             
 
Money market funds
     –       1,125,693       1,125,693    
                             
 
Short-term investments
     –       582,113,192       582,113,192    

 
 
16
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
4.    Fair Value Measurements (continued)
 
     
As of December 31, 2012
  
     
Level 1
  
Level 2
  
Total
  
 
Common and preferred stocks:
                    
 
Basic materials
   $ 167,321,954     $ –     $ 167,321,954    
 
Communications
     533,057,769       –       533,057,769    
 
Consumer goods
     1,328,526,375       –       1,328,526,375    
 
Diversified
     11,733,070       –       11,733,070    
 
Energy
     327,426,704       –       327,426,704    
 
Financial
     1,216,465,673       –       1,216,465,673    
 
Industrial
     560,182,748       –       560,182,748    
 
Technology
     460,367,259       –       460,367,259    
 
Utilities
     64,263,201       –       64,263,201    
 
Total common and preferred stocks
     4,669,344,753       –       4,669,344,753    
                             
 
Corporate debt:
                          
 
Basic materials
     –       28,558,232       28,558,232    
 
Communications
     –       104,699,042       104,699,042    
 
Consumer goods
     –       82,708,035       82,708,035    
 
Energy
     –       50,828,728       50,828,728    
 
Financial
     –       439,769,482       439,769,482    
 
Industrial
     –       58,171,836       58,171,836    
 
Technology
     –       23,180,291       23,180,291    
 
Utilities
     –       11,334,335       11,334,335    
 
Total corporate debt
     –       799,249,981       799,249,981    
                             
 
Foreign obligations
     –       26,957,038       26,957,038    
                             
 
U.S. government securities:
                          
 
Federal
     –       1,518,758,402       1,518,758,402    
 
Municipal
     –       84,332,071       84,332,071    
 
Total U.S. government securities
     –       1,603,090,473       1,603,090,473    
                             
 
Derivative assets
     90,185       1,152,243       1,242,428    
 
Total assets measured at fair value
   $ 7,519,824,211     $ 6,861,720,329     $ 14,381,544,540    
                             
 
Liabilities
                          
 
Derivative liabilities
   $ 348,539     $ 3,085,396     $ 3,433,935    
 
Total liabilities measured at fair value
   $ 348,539     $ 3,085,396     $ 3,433,935    

 
 
17
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
4.    Fair Value Measurements (continued)
 
Transfers Between Levels
 
The availability of observable market data is monitored to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions, changes in observability of significant inputs, or changes in model-based valuation techniques may require the transfer of an asset or liability between levels of the fair value hierarchy. In such instances, the transfer is reported at the beginning of the reporting period. For the year ended December 31, 2013, there were no transfers between levels.
 
5.    Derivative Financial Instruments
 
The Plan may enter into derivatives to implement the Plan’s asset allocation and investment strategies. All derivatives are included in investments on the Statements of Net Assets Available for Benefits. Certain risks may arise upon entering into a derivative, including, but not limited to, the risk of nonperformance by the Plan or the counterparty. If the derivatives are used to hedge a position, or exposure of the Plan, while the derivative is outstanding, the Plan gives up a portion of the opportunity to profit from favorable market movements in the hedged item or limits a portion of the exposure to losses from unfavorable market movements in the underlying.
 
Foreign currency forward contracts may be utilized to hedge a portion of the currency exposure resulting from investments denominated in foreign currencies.
 
Futures contracts may be used to increase or decrease the exposure to a position.
 
Swap agreements may be used to exchange or swap investment cash flows, assets, or market-linked returns at specified future intervals with counterparties. Interest rate and credit default swap agreements may be used to manage exposure to interest rate risk and credit risk.
 
Option contacts may be utilized to hedge exposure to interest rate or market risks.
 

 
18
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
5.    Derivative Financial Instruments (continued)
 
The fair value and gross notional amounts of derivative instruments included in the Statements of Net Assets Available for Benefits, were as follows:
 
     
December 31, 2013
  
     
Assets
  
Liabilities
  
Notional
  
                       
 
Forward contracts
   $ 2,438,354     $ 1,570,478     $ 438,282,397    
 
Futures contracts
     1,510,462       2,281,919       1,661,300,000    
 
Interest rate swaps
     430,237       –       15,114,529    
 
Credit default swaps
     170,680       1,037,794       22,793,000    
 
Option contracts
     29,500       470,229       1,375,800,000    
      $ 4,579,233     $ 5,360,420     $ 3,513,289,926    

     
December 31, 2012
  
     
Assets
  
Liabilities
  
Notional
  
                       
 
Forward contracts
   $ 1,084,896     $ 3,022,176     $ 319,816,791    
 
Futures contracts
     –       39,757       2,252,257    
 
Interest rate swaps
     67,347       63,220       23,016,042    
 
Credit default swaps
     55,468       201,399       24,893,000    
 
Option contracts
     34,717       107,383       123,200,000    
      $ 1,242,428     $ 3,433,935     $ 493,178,090    

The effects of derivatives on the net realized and unrealized appreciation (depreciation) for the year ended December 31, 2013, were as follows:
 
 
Forward contracts
   $ (189,360 )  
 
Futures contracts
     608,886    
 
Interest rate swaps
     (804,066 )  
 
Credit default swaps
     (712,004 )  
 
Option contracts
     185,803    
 
Total
   $ (910,741 )  


 
19
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
6.    Master Netting Agreements
 
The Plan has executed master netting agreements to mitigate credit exposure to counterparties by permitting the Plan to net certain amounts due from the Plan to a counterparty against amounts due to the Plan from the same counterparty under certain conditions.
 
As of December 31, 2013 and 2012, information related to the potential effect of the Plan’s master netting agreements, included in the Statements of Net Assets Available for Benefits, was as follows:
 
     
Gross
  
Gross
        
Gross Amounts Not Offset
        
     
Amount
  
Amount
  
Net Amount
  
Financial
  
Financial
  
Net
  
     
Recognized
  
Offset
  
Presented
  
Instruments
  
Collateral
  
Amount
  
 
December 31, 2013
                                      
 
Derivative assets
   $ 4,579,233     $ –     $ 4,579,233     $ 1,785,015     $ –     $ 2,794,218    
 
Derivative liabilities
     5,360,420       –       5,360,420       1,785,015       1,258,000       2,317,405    
 
Repurchase agreements
     50,700,000       –       50,700,000       –       –       50,700,000    
                                                     
 
December 31, 2012
                                                  
 
Derivative assets
     1,242,428       –       1,242,428       820,513       60,000       361,915    
 
Derivative liabilities
     3,433,935       –       3,433,935       820,513       6,000       2,607,422    
 
Repurchase agreements
     123,700,000       –       123,700,000       –       –       123,700,000    
 
7.  Income Tax Status
 
The Plan has received a determination letter from the Internal Revenue Service (IRS) dated October 24, 2009, stating that the Plan is qualified under Section 401(a) of the Code, and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated. The Plan has also applied for, but has not yet received an updated determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan sponsor has indicated that it will take the necessary steps, if any, to maintain the tax qualified status of the Plan.
 

 
20
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
 
 
7.    Income Tax Status (continued)
 
Plan management evaluates any uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2010.
 
8.    Related-Party Transactions
 
The Plan engages in certain transactions involving the Company, BNYM (the trustee), and affiliates of Fidelity, which are parties-in-interest under the provisions of ERISA. These transactions involve the purchase and sale of the Company’s common stock and debt, the payment of trustee fees to BNYM, and investments in money market and mutual funds and a self-directed brokerage feature managed by affiliates of Fidelity.
 
At December 31, 2013 and 2012, the Plan held 18,720,880 and 20,905,115 shares, respectively, of common stock of the Company, with a fair value of $523,810,222 and $297,897,889, respectively. During 2013, the Plan made purchases of $8,180,917 and sales of $49,070,824 of the Company’s common stock. During the year ended December 31, 2013, the Plan recorded dividend income of $11,024,529 from the Company’s common stock. Additionally, as of December 31, 2013 and 2012, the Plan held $3,709,375 and $8,408,654, respectively, of the Company’s corporate debt. During the year ended December 31, 2013, the Plan recorded interest income of $183,201 from the Company’s corporate debt. Trustee and recordkeeping fees paid to BNYM and affiliates of Fidelity were not significant for the year ended December 31, 2013. As of December 31, 2013 and 2012, the Plan held investments issued by affiliates of Fidelity totaling $145,749,645 and $167,941,769, respectively.
 

 
21
 
 
Hewlett-Packard Company 401(k) Plan
 
Notes to Financial Statements (continued)
  
 
9.    Risk and Uncertainties
 
Investment securities are exposed to various risks, such as interest rate, market risks, and credit risks. Due to the level of risk associated with certain investment securities held by the Plan, it is at least reasonably possible that changes in fair value may occur and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
 
10.  Reconciliation of Financial Statements to the Form 5500
 
A reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2013 and 2012, was as follows:
 
     
December 31,
  
     
2013
  
2012
  
 
Net assets available for benefits per the financial statements
   $ 16,828,903,254     $ 14,609,849,255    
 
Benefits payable to participants at year-end
     (4,421,513 )     –    
 
Net assets available for benefits per Form 5500
   $ 16,824,481,741     $ 14,609,849,255    

A reconciliation of benefits paid to participants per the financial statements to benefits paid to participants per the Form 5500 for the year ended December 31, 2013, was as follows:
 
 
Benefits paid to participants per financial statements
   $ 1,622,977,973    
 
Benefits payable to participants at December 31, 2013
     4,421,513    
 
Total benefits paid to participants per the Form 5500
   $ 1,627,399,486    
 
 
 
22
 
 
Hewlett-Packard Company 401(k) Plan
EIN #94-1081436     Plan #004
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2013
 
      (c)    
   
(b)
 Description of Investment, Including
(e)
   
Identity of  Issue, Borrower,
 Maturity Date, Rate of Interest, Collateral,
Current
(a)
Lessor, or Similar Party
  
and Par or Maturity Value
  
Value
                   
Short-term investments
              
   
VANGUARD PRIME MONEY MARKET FUND
     481,352,512  
shares
   $ 481,352,512  
   
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
 301,446,441  
shares
     301,446,441  
   
Total short-term investments
             $ 782,798,953  
                       
Mutual funds
                  
   
DODGE & COX INTERNATIONAL STOCK FUND
     12,270,740  
shares
   $ 528,132,636  
   
HIGH YIELD PORTFOLIO INSTITUTIONAL CL
     1,007,637  
shares
     7,728,574  
   
HIGHBRIDGE DYNAMIC COMM STRATEGIC FUND R5
     7,241,515  
shares
     85,232,628  
   
PIMCO ASSET BACK SECS PORTFOLIO (UNLISTED)
     3,377,324  
shares
     40,460,336  
   
PIMCO EMERGING MARKETS FUND INSTITUTIONAL CL
     1,585,666  
shares
     15,761,519  
   
PIMCO INTERNATIONAL PORTFOLIO FUND (UNLISTED)
     6,742,147  
shares
     30,676,769  
   
PIMCO INVESTMENT GRADE CORP PORTFOLIO (UNLISTED)
 6,308,173  
shares
     66,172,733  
   
PIMCO MTG PORTFOLIO INSTITUTIONAL CL (UNLISTED)
     9,671,540  
shares
     101,551,174  
   
PIMCO MUNI SECTR PORTFOLIO INSTITUTIONAL CL
     486,168  
shares
     3,801,835  
   
PIMCO REAL RETURN BOND PORTFOLIO FUND INSTITUTIONAL CL
 5,452,708  
shares
     48,201,936  
   
PIMCO REAL RETURN PORTFOLIO FUND I CL
     30,281,685  
shares
     332,190,087  
   
PIMCO SHORT TERM PORTFOLIO INSTITUTIONAL CL
 2,227,947  
shares
     21,232,331  
   
PIMCO US GOVERNMENT SECTOR PORTFOLIO INSTITUTIONAL
 6,602,326  
shares
     57,506,257  
   
VANGUARD PRIMECAP ADMIRAL
     10,401,453  
shares
     995,731,119  
   
Total mutual funds
             $ 2,334,379,934  
                       
Exchange-traded funds
                  
   
ISHARES MSCI EAFE ETF
     62,857  
shares
   $ 4,215,190  
   
ISHARES MSCI EMERGING MARKETS ETF
     28,696  
shares
     1,198,632  
   
ISHARES RUSSELL 2000 GROWTH ETF
     259,300  
shares
     35,137,743  
   
Total exchange-traded funds
             $ 40,551,565  
                       
Company common stock
                  
  *  
HEWLETT-PACKARD COMPANY
     18,720,880  
shares
   $ 523,810,222  
                         
Common stock
                  
     
3D SYSTEMS CORP
     13,300  
shares
   $ 1,235,969  
     
3M CO
     88,500  
shares
     12,412,125  
     
51JOB INC
     5,930  
shares
     461,947  
     
A P MOLLER - MAERSK
     162  
shares
     1,760,902  
     
AALBERTS INDUSTRIES
     8,588  
shares
     274,249  
     
ABB LTD CHF
     185,404  
shares
     4,894,907  
     
ABBOTT LABORATORIES
     287,755  
shares
     11,029,649  
     
ABCAM
     19,519  
shares
     158,732  
     
ABC-MART INC NPV
     13,100  
shares
     572,708  
     
ABERDEEN ASSET MANAGEMENT PLC
     244,902  
shares
     2,028,095  
     
ABIOMED INC
     144,268  
shares
     3,857,726  
     
ABRIL EDUCACAO SA
     17,900  
shares
     253,411  
     
ACADIA REALTY TRUST
     16,669  
shares
     413,891  
     
ACCIONA SA
     9,698  
shares
     558,121  
     
ACE LIMITED
     38,741  
shares
     4,010,856  
     
ACI WORLDWIDE INC
     112,750  
shares
     7,328,750  
     
ACTELION
     24,925  
shares
     2,111,766  
 
 
23
 
 
Hewlett-Packard Company 401(k) Plan
EIN #94-1081436     Plan #004
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)
 
      (c)    
   
(b)
 Description of Investment, Including
(e)
   
Identity of  Issue, Borrower,
 Maturity Date, Rate of Interest, Collateral,
Current
(a)
Lessor, or Similar Party
  
and Par or Maturity Value
  
Value
 
Common stock (continued)              
 
ACTIVIA PROPERTIES INC
     132  
shares
   $ 1,041,130  
 
ADASTRIA HOLDINGS CO LTD
     2,020  
shares
     73,128  
 
ADECCO SA
     4,137  
shares
     328,411  
 
ADMIRAL GROUP ORD
     12,587  
shares
     273,099  
 
ADOBE SYSTEMS INC
     422,973  
shares
     25,327,623  
 
ADT CORP
     287,773  
shares
     11,646,173  
 
ADVANCED INFO SERVICES PUBLIC CO
     65,600  
shares
     398,271  
 
ADVANTECH
     136,000  
shares
     942,305  
 
ADVANTEST
     37,200  
shares
     462,589  
 
ADVISORY BOARD CO
     120,225  
shares
     7,654,726  
 
AEGON NV
     700,871  
shares
     6,644,257  
 
AEGON NV
     176,792  
shares
     1,671,656  
 
AEON FINANCIAL SERVICE CO LTD
     68,900  
shares
     1,848,608  
 
AEON THANA SINSA
     19,900  
shares
     56,926  
 
AERCAP HOLDINGS
     704,600  
shares
     27,021,410  
 
AES CORP
     480,000  
shares
     6,964,800  
 
AFFILIATED MANAGERS GROUP INC
     27,010  
shares
     5,857,929  
 
AFLAC INC
     58,373  
shares
     3,899,316  
 
AGCO CORP
     165,600  
shares
     9,801,864  
 
AGEAS
     40,159  
shares
     1,712,683  
 
AGGREKO ORD
     231,333  
shares
     6,547,953  
 
AGILE PROPERTY HLD
     132,000  
shares
     141,470  
 
AIA GROUP LTD
     3,187,800  
shares
     15,992,961  
 
AIR FRANCE-KLM
     1,065,700  
shares
     11,160,543  
 
AIR.WATER INC
     14,000  
shares
     189,677  
 
AIRBUS GROUP NV
     41,498  
shares
     3,191,337  
 
AISIN SEIKI CO
     30,700  
shares
     1,247,219  
 
AIXTRON SE
     138,705  
shares
     2,009,717  
 
AJISEN (CHINA) HOLDINGS LTD
     461,963  
shares
     477,826  
 
ALCATEL LUCENT
     291,231  
shares
     1,307,441  
 
ALEXANDRIA REAL ESTATE EQUITIES
     14,770  
shares
     939,667  
 
ALEXION PHARMACEUTICALS INC
     95,624  
shares
     12,723,729  
 
ALFA LAVAL AB
     208,742  
shares
     5,362,693  
 
ALIGN TECHNOLOGY INC
     61,000  
shares
     3,486,150  
 
ALIMENTATION COUCHE-TARD INC
     9,653  
shares
     725,724  
 
ALL AMERICA LATINA LOGISTICA
     78,100  
shares
     217,161  
 
ALLEGIANT TRAVEL CO
     44,451  
shares
     4,686,913  
 
ALLEGION PLC
     20,133  
shares
     889,677  
 
ALLERGAN INC
     238,183  
shares
     26,457,368  
 
ALLIANZ SE
     33,223  
shares
     5,967,375  
 
ALLSCRIPTS HEALTHCARE SOLUTION
     466,300  
shares
     7,208,998  
 
ALLSTATE CORP
     177,597  
shares
     9,686,140  
 
ALNYLAM PHARMACEUTICALS INC
     61,000  
shares
     3,924,130  
 
ALS LTD
     94,291  
shares
     743,189  
 
ALSTRIA OFFICE REIT
     15,953  
shares
     201,183  
 
ALTAREA
     462  
shares
     81,486  
 
ALUPAR INVESTIMENTO
     40,000  
shares
     275,511  
 
AMADA
     66,000  
shares
     582,104  
 
AMADEUS FIRE AG
     8,260  
shares
     621,450  
 
AMADEUS IT HLD SA
     123,583  
shares
     5,296,908  
 
AMAZON.COM INC
     71,979  
shares
     28,704,505  
 
AMDOCS LTD COM
     190,000  
shares
     7,835,600  
 
 
24
 
Hewlett-Packard Company 401(k) Plan
EIN #94-1081436     Plan #004
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)
 
      (c)    
   
(b)
 Description of Investment, Including
(e)
   
Identity of  Issue, Borrower,
 Maturity Date, Rate of Interest, Collateral,
Current
(a)
Lessor, or Similar Party
  
and Par or Maturity Value
  
Value
 
Common stock (continued)              
 
AMEC ORD
     44,565  
shares
   $ 803,061  
 
AMERICAN AXLE & MANUFACTURING
     133,500  
shares
     2,730,075  
 
AMERICAN CAMPUS COMMUNITIES
     231,140  
shares
     7,445,019  
 
AMERICAN EXPRESS CO
     154,548  
shares
     14,022,140  
 
AMERICAN FINANCIAL GROUP INC
     84,500  
shares
     4,877,340  
 
AMERICAN HOMES 4 RENT
     21,900  
shares
     354,780  
 
AMERICAN INTERNATIONAL GROUP I
     285,900  
shares
     14,595,195  
 
AMERICAN NATIONAL INSURANCE CO
     47,745  
shares
     5,468,712  
 
AMERICAN TOWER CORP
     113,006  
shares
     9,020,139  
 
AMERIPRISE FINANCIAL INC
     50,000  
shares
     5,752,500  
 
AMGEN INC
     57,800  
shares
     6,598,448  
 
AMLIN ORD
     90,513  
shares
     687,947  
 
AMTRUST FINANCIAL SERVICES INC
     68,365  
shares
     2,234,852  
 
ANADARKO PETROLEUM CORP
     64,667  
shares
     5,129,386  
 
ANHANGUERA EDUCACIONAL
     88,800  
shares
     560,822  
 
ANN INC
     78,100  
shares
     2,855,336  
 
ANNIE'S INC
     107,400  
shares
     4,622,496  
 
ANSELL LTD NPV
     37,328  
shares
     690,285  
 
AOL INC
     50,000  
shares
     2,331,000  
 
AON CORP
     206,400  
shares
     17,314,896  
 
AP MOLLER MAERSK
     112  
shares
     1,156,388  
 
APACHE CORP
     194,200  
shares
     16,689,548  
 
APARTMENT INVESTMENT & MANAGEMENT
     4,729  
shares
     122,528  
 
APOLLO GLOBAL MANAGEMENT LLC
     250,550  
shares
     7,919,886  
 
APPLE INC
     76,051  
shares
     42,672,977  
 
ARCA CONTINENTAL
     44,528  
shares
     277,596  
 
ARCELIK
     20,420  
shares
     115,477  
 
ARCH CAPITAL GROUP LTD
     96,390  
shares
     5,753,519  
 
ARCOS DORADOS HOLDINGS INC
     23,671  
shares
     286,893  
 
ARM HOLDINGS ORD
     831,000  
shares
     15,126,018  
 
ARM HOLDINGS PLC
     132,052  
shares
     7,228,526  
 
ARRIS GROUP INC
     188,900  
shares
     4,602,549  
 
ARROW ELECTRONICS INC
     65,300  
shares
     3,542,525  
 
ARYZTA AG
     18,797  
shares
     1,445,679  
 
ASAHI GLASS CO
     98,000  
shares
     609,790  
 
ASAHI KASEI CORP
     33,000  
shares
     258,713  
 
ASBURY AUTOMOTIVE GROUP INC
     34,600  
shares
     1,859,404  
 
ASCENDAS INDIA TRUST UNITS NPV
     1,192,000  
shares
     641,977  
 
ASCENDAS REAL ESTATE INV TRUST
     541,300  
shares
     943,181  
 
ASHFORD HOSPITALITY PRIME INC
     6,358  
shares
     115,716  
 
ASHFORD HOSPITALITY TRUST INC
     31,790  
shares
     263,221  
 
ASM INTERNATIONAL
     12,516  
shares
     413,052  
 
ASPEN TECHNOLOGY INC
     151,300  
shares
     6,324,340  
 
ASSA ABLOY SER B
     8,338  
shares
     441,138  
 
ASSOCIATED BRITISH FOODS PLC
     8,162  
shares
     330,523  
 
ASSURED GUARANTY LTD
     117,400  
shares
     2,769,466  
 
ASTELLAS PHARMA INC
     43,900  
shares
     2,602,131  
 
ASTRAZENECA ORD
     27,924  
shares
     1,653,175  
 
ASTRAZENECA PLC
     91,772  
shares
     5,448,504  
 
ASTRO MALAYSIA HLD
     1,212,841  
shares
     1,110,830  
 
ASUSTEK COMPUTER INC
     65,000  
shares
     584,495  
 
ASYA KATILIM BANKASI
     412,574  
shares
     278,442  
 
 
25
 
 
Hewlett-Packard Company 401(k) Plan
EIN #94-1081436     Plan #004
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)
 
      (c)    
   
(b)
 Description of Investment, Including
(e)
   
Identity of  Issue, Borrower,
 Maturity Date, Rate of Interest, Collateral,
Current
(a)
Lessor, or Similar Party
  
and Par or Maturity Value
  
Value
 
Common stock (continued)              
 
AT&T INC
     404,197  
shares
   $ 14,211,567  
 
ATHENA HEALTH INC
     15,466  
shares
     2,080,177  
 
ATLAS COP
     653,240  
shares
     18,134,820  
 
ATMEL CORP
     358,600  
shares
     2,807,838  
 
ATOS
     10,006  
shares
     907,097  
 
ATRIUM EUROPEAN REAL ESTATE
     50,638  
shares
     291,666  
 
ATRIUM LJUNGBERG
     17,708  
shares
     242,628  
 
AUCKLAND INTERNATIONAL AIRPORT
     92,675  
shares
     269,255  
 
AUSTBROKERS HOLDINGS LIMITED
     14,014  
shares
     150,452  
 
AUTOGRILL SPA
     52,861  
shares
     447,236  
 
AVALONBAY COMMUNITIES INC
     64,460  
shares
     7,621,106  
 
AVEVA GROUP
     4,645  
shares
     166,483  
 
AVIS BUDGET GROUP INC
     265,000  
shares
     10,711,300  
 
AVON PRODUCTS INC
     217,500  
shares
     3,745,350  
 
AXA
     89,601  
shares
     2,495,242  
 
B/E AEROSPACE INC
     38,300