11K


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

FORM 11-K



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


For the fiscal year ended December 31, 2013


OR

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


For the transition period from ______ to ______.


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


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


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





Notices and communications from the Securities and Exchange Commission
Relative to this report should be forwarded to:

Michael A. Bonarti
Corporate Vice President, General Counsel and Secretary
Automatic Data Processing, Inc.
One ADP Boulevard
Roseland, New Jersey 07068





AUTOMATIC DATA PROCESSING, INC.
RETIREMENT AND SAVINGS PLAN
TABLE OF CONTENTS
TABLE OF CONTENTS
 
 
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 
 
FINANCIAL STATEMENTS
 
 
 
 
 
Statements of Net Assets Available for Benefits as of December 31, 2013 and 2012
 
 
 
 
  Statement of Changes in Net Assets Available for Benefits
   For the Year Ended December 31, 2013
 
 
 
 
  Notes to Financial Statements as of December 31, 2013 and 2012 and
   for the Year Ended December 31, 2013
 
 
 
 
SUPPLEMENTAL SCHEDULES:
 
 
 
 
 
  Form 5500, Schedule H, Part IV, Line 4a- Schedule of Delinquent Participant
  Contributions - Year Ended December 31, 2013
 
 
 
 
  Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year)
  As of December 31, 2013
 
 
 
 
SIGNATURE
 
32
 
 
 
Exhibit 23 Consent of Independent Registered Public Accounting Firm
 
33








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





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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


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

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Automatic Data Processing, Inc. Retirement and Savings Plan as of 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 accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of delinquent participant contributions for the year ended December 31, 2013 and schedule of assets (held at end of year) as of December 31, 2013 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.




/s/ CohnReznick LLP

Roseland, New Jersey
June 23, 2014


1



AUTOMATIC DATA PROCESSING, INC.
 
 
RETIREMENT AND SAVINGS PLAN
 
 
 
 
 
 
 
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
 
DECEMBER 31, 2013 AND 2012
 
 
 
 
 
 
 
 
2013
 
2012
ASSETS
 
 
 
 
 
 
 
CASH
 $ 157
 
 $ 1,503
INVESTMENTS (Notes 3 and 4):
 
 
 
Participant directed investments, at fair value
      3,456,732,023
 
       2,732,406,153
 
 
 
 
RECEIVABLES:
 
 
 
Notes receivable from participants
          86,740,438
 
           78,072,952
Interest and dividends receivable
            4,748,961
 
             4,347,789
Broker receivable for securities sold
            2,605,196
 
             2,514,316
Participant contributions receivable
            1,053,719
 
             1,008,457
Employer contribution receivable
              434,889
 
                425,248
 
 
 
 
TOTAL RECEIVABLES
          95,583,203
 
           86,368,762
 
 
 
 
TOTAL ASSETS
      3,552,315,383
 
       2,818,776,418
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Broker payable for securities purchased
            5,052,615
 
           16,283,216
Accrued expenses
            1,973,252
 
             2,458,501
 
 
 
 
TOTAL LIABILITIES
            7,025,867
 
           18,741,717
           
 
 
 
NET ASSETS AVAILABLE FOR BENEFITS
 $ 3,545,289,516
 
 $ 2,800,034,701
 
 
 
 
See notes to financial statements.
 
 
 


2



AUTOMATIC DATA PROCESSING, INC.
 
RETIREMENT AND SAVINGS PLAN
 
 
 
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2013
2013
 
 
Contributions:
                             

Participant
 $ 213,580,155

Employer
            77,611,420

          Total contributions
           291,191,575

 
 
   Investment income:
 
   Net appreciation in fair value of investments (Note 3)
           616,990,569

   Dividend income
            29,122,634

   Interest income
              1,026,228

          Total investment income
           647,139,431

   Interest income on notes receivable from participants
              3,424,932

 
 
Benefits paid to participants
(186,761,045
)
Administrative and general expenses
             (9,740,078)

 
 
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS
745,254,815

 
 
NET ASSETS AVAILABLE FOR BENEFITS:
 
Beginning of year
        2,800,034,701

 
 
End of year
$
3,545,289,516

 
 
See notes to financial statements.
 


3



AUTOMATIC DATA PROCESSING, INC.
RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 AND 2012
AND FOR THE YEAR ENDED December 31, 2013
1.
DESCRIPTION OF PLAN
The following description of the Automatic Data Processing, Inc. Retirement and Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan is administered by a three-member committee (the “Plan Administrator”) appointed by the Board of Directors of Automatic Data Processing, Inc. (“ADP”, the “Company” or the “Plan Sponsor”). JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian of the Plan.
General-The Plan is a defined contribution plan established January 1, 1984 available to all eligible employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Contributions-
Participant Contributions-As defined in the Plan document, participating employees who are deemed non-highly compensated (employees earning less than $115,000 in 2012), can contribute up to 35% (50% beginning January 1, 2013) of their compensation, subject to the maximum deferral limits under the Internal Revenue Code (“IRC”) (and certain special limits for Puerto Rico residents participating in the Plan). Participating employees earning more than these amounts (“Highly Compensated Employees”) can only contribute up to the amount determined by the Plan Administrator annually (10% of their compensation prior to January 1, 2013 and 12% thereafter). Participants who have attained age 50 before the close of the Plan year are eligible to make additional contributions (“Catch-Up Contributions”) up to the amount of $5,500 for 2013. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“rollover contributions”). Unless employees elect otherwise, they are automatically enrolled as participants in the Plan after sixty days of employment at a deferral rate of 3% of compensation.  These contributions will be invested in the JPMorgan SmartRetirement Fund that corresponds to their estimated retirement date. Effective January 1, 2013, certain employees who were hired before January 1, 2007 and were not contributing to the Plan as of October 31, 2012, were automatically enrolled as participants in the Plan at a deferral rate of 1% of compensation. These contributions will also be invested in the JPMorgan SmartRetirement Fund that corresponds to their estimated retirement date. Effective January 1, 2014, certain participants who were contributing between 1% and 5% of their compensation to the Plan as of November 1, 2013 were automatically enrolled in the SaveSmart auto-escalation feature of the Plan on January 1, 2014.  Under the SaveSmart feature, each participant will have their contribution rate automatically increased by 1% each January until their contribution rate reaches 6%. Participant contributions during the year ended December 31, 2013 include $17,044,359 of rollover contributions.
Matching Employer Contributions-The Company contributes an amount equal to 50% of the first 6% of each participant’s salary deferral election to the Plan. Once a participant has contributed to the Plan for 60 months, the Company’s matching contribution increases to an amount equal to 70% of the first 6% of a participant’s salary deferral election. Participants must be actively employed on December 31 of a given year to receive the matching contribution for that year. Matching contributions are not made on the employee catch-up contributions.

4



Limitations-In addition, there are contribution limitations set forth in the IRC, which the Plan must satisfy.
Participant Accounts-Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and an allocation of Plan gains or losses. Account balances are valued at fair market value, and are adjusted daily to reflect the net investment income of Plan investments. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Investments -Investments in the Plan consist of various investments which include the ADP Stock Fund, separately managed accounts, commingled trusts, mutual funds, and money market funds.
The Seix Intermediate Bond Fund, the Columbia Dividend Value Fund, the Montag & Caldwell Large Cap Growth Fund, the American Century Small Cap Value Fund, the BNY Mellon Small-Cap Equity Transition Fund, and the BNY Mellon International Equity Transition Fund are separately managed accounts with underlying investments that include investments in publicly traded common stock, government bonds, corporate bonds and various other bond issues. The Northern Trust S&P 500 Index Fund, the JPMorgan SmartRetirement Income Fund, the JPMorgan SmartRetirement 2010 Fund, the JPMorgan SmartRetirement 2015 Fund, the JPMorgan SmartRetirement 2020 Fund, the JPMorgan SmartRetirement 2030 Fund, the JPMorgan SmartRetirement 2040 Fund, the Pyramis Select International Plus Commingled Pool, and the ING Small-Cap Growth Fund are commingled trusts. The Goldman Sachs Financial Square Government Fund is a money market fund.
Participants direct the investment of their contributions and matching employer contributions into the 15 various investment options offered by the Plan. Matching contributions are deposited into participants’ accounts each pay period and are made pursuant to their individual investment election on file at that time.
Vesting-Participants are immediately vested in their contributions, including salary deferral and rollover contributions. Matching Company contributions are vested as follows:
Less than two years of service from date of hire            0%
Two but less than three years of service from date of hire        50%
Three or more years of service from date of hire            100%
Payment of Benefits-In general, employee and employer contributions must remain in the Plan until the later of the attainment of age 65 or the end of employment. The employee may elect to begin taking in-service distributions anytime after the attainment of age 70. Effective January 1, 2014, participants who have not terminated employment and have attained age 59-1/2 may elect to begin taking in-service distributions.

Upon termination of service, a participant can receive a lump-sum amount equal to the value of the vested portion of his or her account. Alternatively, he or she can elect to defer payment if the total of the participant’s vested account balance is more than $1,000. The balance in the participant’s ADP Stock Fund account can be distributed as whole shares of Company common stock (“Company Stock”) or as cash equivalent to the fair market value of the Company Stock at the date of distribution. The Plan was amended to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001. Pursuant to this amendment, if the total of the participant’s vested account balance is more than $1,000 but less than or equal to $5,000 on termination of service, and the participant has not elected to receive a lump-sum amount, ADP will automatically roll over the vested account balance to an individual retirement account (“IRA”) established with The Bancorp Bank. Fees and expenses for the IRA will be charged against a participant’s account unless he or she contacts the IRA provider and requests to make payment of the fees out-of-pocket. 

5



Forfeitures-Upon termination of a participant’s employment for reasons other than death before the attainment of age 65, the participant will be entitled to receive the vested portion of their account balance. The nonvested portion of the participant’s account balance will be forfeited, and will be used to pay Plan expenses as well as to reduce the amount of future Company contributions pursuant to the Plan document. The amount of unused forfeitures as of December 31, 2013 and 2012 amounted to $2,121,531 and $2,184,463, respectively. For the year ended December 31, 2013, amounts used to pay administrative expenses amounted to $1,221,772, and the amount used to reduce employer contributions was $3,409,351.
Notes Receivable from Participants-Plan participants may borrow funds from their account up to a maximum of $50,000 or 50% of their account balances, whichever is less, subject to certain limits and conditions. Outstanding loans are secured by the participant’s interest in the Plan and bear interest at rates ranging from 4.25% to 10.5%, which are commensurate with local prevailing rates at the time funds are borrowed, as determined by the Plan Administrator. Loans are generally repaid through payroll deductions or, at the option of the participant, may be prepaid in total. Participants’ loan repayments and any interest due are paid into the participants’ account.
Employee Stock Ownership Plan Component-The Plan was amended effective January 1, 2002, to designate a portion of the Plan as an employee stock ownership plan (“ESOP Component” or “ESOP”) which was designed to comply with IRC Section 4975 (e) (7) and the regulations thereunder, and Section 407(d) (6) of ERISA. The ESOP is defined as the portion of the Plan derived from (a) account balances invested in Company Stock and (b) all contributions made to the Plan after December 31, 2001 as further defined in the Plan amendment. The principal purpose of the ESOP Component is to provide participants an ownership interest in the Company. The following includes main highlights of the ESOP Component. Participants should refer to the Plan document for more information.
Investments in Company Stock - The ESOP Component will be invested primarily in Company Stock. Purchases of Company Stock may be made in the open market or, to the extent permitted by law, directly from the Company or shareholders of the Company. All purchases of Company Stock shall be made at prices that do not exceed the fair market value of such Company Stock, as determined by the Plan custodian at the time of purchase.

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

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

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


2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies followed by the Plan:
Basis of Accounting-The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that

6



affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risk and Uncertainties-The Plan utilizes various investment instruments including U.S. Government agency securities, debt securities of companies with strong credit ratings from a variety of industries, and in various equity securities, including Company Stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
Income Recognition-Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
For the Columbia Dividend Value Fund, the Goldman Sachs Financial Square Government Fund, and the ING Small-Cap Growth Fund, management fees and operating expenses are reflected in the net asset value of the funds on a daily basis and are not reflected separately.  Management fees for the separately managed accounts and commingled trusts are accrued on a daily basis, reflected in the daily unitized price, and paid on a quarterly basis. Consequently, management fees are reflected as a reduction of investment return for such investments.
Fair Value of Investments-See Note 4 - “Fair Value Measurements.”
Fair Value of Other Financial Instruments-The carrying amount of receivables and liabilities approximates fair value.
Notes Receivable from Participants-Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document. No allowance for credit losses has been recorded at December 31, 2013 or 2012.
Payment of Benefits-Benefits payments to participants are recorded upon distribution. At December 31, 2013 and 2012, amounts allocated to accounts of individuals who had elected to withdraw but had not yet been paid totaled $1,097,354 and $39,088, respectively.
Reclassifications-Certain reclassifications of prior year amounts have been made to conform to the current year presentation.


7



3.
INVESTMENTS
 
 
 
 
 
 
 
 
 
 
 
The investments of the Plan as of December 31, 2013 and 2012 are summarized as follows:
 
 
 
 
 
 
 
 
 
 
Investments, at fair value:
2013
 
2012
 
 
 
 
 
 
 
 
    ADP Stock Fund, 5,586,734 shares and 5,664,893 shares, respectively
 $ 452,605,094

 *
 $ 325,019,168
 *
 
    Northern Trust S&P 500 Index Fund
           360,409,415

 *
           255,518,328
 *
 
    Columbia Dividend Value Fund
           332,660,982

 
           253,895,871
 
 
    ING Small-Cap Growth Fund
           291,853,208

 *
           205,038,733
 *
 
    Pyramis Select International Plus Commingled Pool
           264,516,633

 *
           216,154,505
 *
 
    Seix Intermediate Bond Fund
           258,134,964

 
           292,052,385
 
 
    Montag & Caldwell Large Cap Growth Fund
           240,945,166

 
           183,208,407
 
 
    JPMorgan SmartRetirement 2030 Fund
           235,134,753

 *
           170,528,811
 *
 
    Goldman Sachs Financial Square Government Fund
           228,449,792

 *
           225,978,241
 *
 
    JPMorgan SmartRetirement 2020 Fund
           219,712,168

 *
           174,672,892
 *
 
    American Century Small Cap Value Fund
           216,613,022

 
           151,167,378
 
 
    JPMorgan SmartRetirement 2040 Fund
           198,669,492

 *
           133,489,804
 
 
    JPMorgan SmartRetirement 2015 Fund
            82,837,561

 
            72,617,547
 
 
    JPMorgan SmartRetirement Income Fund
            45,095,317

 
            40,160,925
 
 
    JPMorgan SmartRetirement 2010 Fund
            29,094,456

 
            32,784,171
 
 
    BNY Mellon International Equity Transition Fund

 
                  61,298
 
 
    BNY Mellon Small-Cap Equity Transition Fund

 
                  57,689
 
 
Total Investments
 $ 3,456,732,023

 
 $ 2,732,406,153
 
 
 
 
 
* Investments held that represent 5% or more of the Plan’s net assets available for benefits at the end of each of the respective years. For separately managed accounts (Seix Intermediate Bond Fund, Columbia Dividend Value Fund, Montag & Caldwell Large Cap Growth Fund, American Century Small Cap Value Fund, BNY Mellon Small-Cap Equity Transition Fund, and BNY Mellon International Equity Transition Fund), underlying investments are used to make such determination.
 

3. INVESTMENTS (continued)
During the year ended December 31, 2013, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

8



Investment Earnings
2013
 
 
    ADP Stock Fund
 $ 133,227,631
    Northern Trust S&P 500 Index Fund
            85,177,101
    ING Small-Cap Growth Fund
            80,819,875
    Columbia Dividend Value Fund
            66,305,620
    American Century Small Cap Value Fund
            52,926,639
    Montag & Caldwell Large Cap Growth Fund
            49,192,003
    JPMorgan SmartRetirement 2030 Fund
            39,732,631
    Pyramis Select International Plus Commingled Pool
            36,769,366
    JPMorgan SmartRetirement 2040 Fund
            36,591,529
    JPMorgan SmartRetirement 2020 Fund
            28,484,582
    JPMorgan SmartRetirement 2015 Fund
              8,954,936
    JPMorgan SmartRetirement Income Fund
              3,937,176
    JPMorgan SmartRetirement 2010 Fund
              2,976,389
    Goldman Sachs Financial Square Government Fund
                    8,196
    BNY Mellon International Equity Transition Fund
                       200
    BNY Mellon Small-Cap Equity Transition Fund
                   (1,713)
    Seix Intermediate Bond Fund
             (8,111,592)
    Net appreciation in fair value of investments
 $ 616,990,569


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

9



4. FAIR VALUE MEASUREMENTS (continued)
Plan investments included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Plan investments included in Level 2 are valued based upon the closing price fair values of the publicly traded underlying investments.
There were no transfers in or out of Level 1 or Level 2 during the Plan years ended December 31, 2013 or 2012. The following tables present the investments of the Plan measured at fair value at December 31, 2013 and 2012. See Note 3 - “Investments” for additional disclosure related to investments.


 
As of December 31, 2013
Asset Class
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
   ADP Common Stock
 $ 454,922,643
 
 
 $ 454,922,643
   Consumer Goods
           249,453,612
 
 
            249,453,612
   Manufacturing and Industrial
           193,464,681
 
 
            193,464,681
   Financial Services
           150,183,294
 
 
            150,183,294
   Telecommunications and Other Services
            84,981,650
 
 
             84,981,650
   Energy
            65,919,628
 
 
             65,919,628
   Other
              4,871,090
 
 
               4,871,090
 
 
 
 
 
 
Mutual Funds:
 
 
 
 
 
  U.S. Equity Securities
              8,001,326
 
 
               8,001,326
 
 
 
 
 
Commingled Trusts
 
 
 
 
 
  Target Date Retirement Funds
 
         810,543,747
 
            810,543,747
  S&P 500 Index Funds
 
         360,409,415
 
            360,409,415
  Small-Cap Growth Equity Fund
 
         291,853,208
 
            291,853,208
  International Equity Fund
 
         264,516,633
 
            264,516,633
 
 
 
 
 
 
Money Markets
 
         265,208,647
 
            265,208,647
 
 
 
 
 
 
Fixed Income Securities:
 
 
 
 
 
   U.S. Government Securities
 
         148,026,604
 
            148,026,604
   Municipal Government Securities
 
            2,860,516
 
               2,860,516
   AAA Corporate Bonds
 
               813,663
 
                  813,663
   AA Corporate Bonds
 
           14,888,179
 
             14,888,179
   A Corporate Bonds
 
           23,418,508
 
             23,418,508
   Mortgage-Backed Securities
   
           60,058,931
 
             60,058,931
   Asset Backed Securities
   
            2,336,048
 
               2,336,048
 
 
 
 
 
 
Total Investments
 $ 1,211,797,924
 
 $ 2,244,934,099
 
 $ 3,456,732,023


10



4. FAIR VALUE MEASUREMENTS (continued)

 
As of December 31, 2012
Asset Class
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
   ADP Common Stock
 $ 325,284,123
 
 
 $ 325,284,123
   Consumer Goods
           179,713,932
 
 
            179,713,932
   Manufacturing and Industrial
           130,998,200
 
 
            130,998,200
   Financial Services
            99,552,911
 
 
             99,552,911
   Telecommunications and Other Services
            72,232,027
 
 
             72,232,027
   Energy
            56,907,298
 
 
             56,907,298
   Other
            10,977,070
 
 
             10,977,070
 
 
 
 
 
 
Mutual Funds:
 
 
 
 
 
  U.S. Equity Securities
              5,646,871
 
 
               5,646,871
 
 
 
 
 
Commingled Trusts
 
 
 
 
 
  Target Date Retirement Funds
 
         624,254,149
 
            624,254,149
  S&P 500 Index Funds
 
         255,518,328
 
            255,518,328
  Small-Cap Growth Equity Fund
 
         205,038,733
 
            205,038,733
  International Equity Fund
 
         216,154,505
 
            216,154,505
 
 
 
 
 
 
Money Markets
 
         272,824,577
 
            272,824,577
 
 
 
 
 
 
Fixed Income Securities:
 
 
 
 
 
   U.S. Government Securities
 
         173,072,158
 
            173,072,158
   AA Corporate Bonds
 
           14,868,569
 
             14,868,569
   A Corporate Bonds
 
           25,081,613
 
             25,081,613
   Mortgage-Backed Securities
   
           64,281,089
 
             64,281,089
 
 
 
 
 
 
Total Investments
 $ 881,312,432
 
 $ 1,851,093,721
 
 $ 2,732,406,153


11



4. FAIR VALUE MEASUREMENTS (continued)
The following table presents the investments of the Plan with a reported net asset value as of December 31, 2013 and 2012:

 
 
 
December 31, 2013
 
December 31, 2012
 
Redemption
 
Redemption
 
Fair Value
 
Fair Value
 
Frequency
 
Notice Period
 
 
 
 
 
 
 
 
Northern Trust S&P 500 Index Fund (1)
 $ 360,409,415
 
 $ 255,518,328
 
 Daily
 
 Trade date + 1
Pyramis Select International Plus
     Commingled Pool (2)
         264,516,633
 
       216,154,505
 
 Daily
 
 Trade date + 1
ING Small-Cap Growth Fund (3)
         291,853,208
 
       205,038,733
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2030 Fund (4)
         235,134,753
 
       170,528,811
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2020 Fund (4)
         219,712,168
 
       174,672,892
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2040 Fund (4)
         198,669,492
 
       133,489,804
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2015 Fund (4)
           82,837,561
 
         72,617,547
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement 2010 Fund (4)
           29,094,456
 
         32,784,171
 
 Daily
 
 Trade date + 1
JPMorgan SmartRetirement Income Fund (5)
           45,095,317
 
         40,160,925
 
 Daily
 
 Trade date + 1
Total
 $ 1,727,323,003
 
 $ 1,300,965,716
 
 
 
 
 
 
 
 
 
 
 
 
(1) The objective of this fund is to provide a rate of return consistent with the Standard & Poor's 500 Index.
 
 
(2) The objective of this fund is to provide a rate of return consistent with the MSCI ACWI ex US (Net) Index.
 
(3) The objective of this fund is to provide a rate of return consistent with the Russell 2000 Growth Index.
 
(4) The objective of these funds is to outperform custom benchmarks of domestic and international equities, fixed income and real estate investments that have risk and return characteristics designed for investors who are expecting to retire near the applicable fund's target retirement date.
 
(5) The objective of this fund is to outperform a custom benchmark of domestic and international equities, fixed income and real estate investments that have risk and return characteristics designed for investors who are retired or expecting to retire in the near term.
 

5. EXEMPT PARTY-IN-INTEREST TRANSACTIONS
At December 31, 2013 and 2012, the Plan held 5,629,534 and 5,705,738 shares, respectively, of Company Stock with a cost basis of $238,198,224 and $228,942,752, respectively. For the year ended December 31, 2013, the Plan recorded dividend income in the amount of $10,055,032 from participants’ investments in the ADP Stock Fund.
Certain Plan investments are shares of mutual funds and money market funds managed by JPMorgan. JPMorgan is the custodian of the Plan.
Certain employees and officers of the Company, who may also be participants in the Plan, perform administrative services to the Plan at no cost to the Plan.
These party-in-interest transactions are not deemed prohibited because they are covered by statutory and administrative exemptions from the IRC, the rules thereunder, and from the prohibited transactions provisions of ERISA.

12




6.
NONEXEMPT TRANSACTIONS
As reported on the supplemental schedule of delinquent participant contributions (Schedule H, Part IV, Line 4a), certain Plan contributions were not remitted to the trust within the timeframe specified by the Department of Labor's Regulation 29 (CFR 2510.3-102), thus constituting nonexempt transactions between the Plan and the Company for the year ended December 31, 2013. Total late participant contributions amounted to $2,777.  The Plan Sponsor remitted the late participant contributions to the Plan pursuant to the Voluntary Fiduciary Correction Program.

7.
PLAN TERMINATION
Although the Company has not expressed any intention to do so, it has the right under the provisions of the Plan to discontinue its contributions at any time by amending or terminating the Plan subject to the provisions of ERISA. However, upon full or partial termination of the Plan, each participant who is then an employee of the Company shall become 100% vested in his or her employer matching contribution account, and shall not be subjected to forfeiture. Furthermore, no amendment shall decrease a participant’s vested interest under the Plan at the effective date of such amendment.

8.
FEDERAL INCOME TAX STATUS
The Internal Revenue Service (“IRS”) has determined and informed the Company by letter dated November 27, 2012 that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, ADP and Plan management believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC, and that the Plan and related Trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
Generally Accepted Accounting Principles (United States of America) require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Plan Administrator believes the Plan is no longer subject to income tax examinations for years prior to 2010.

13





AUTOMATIC DATA PROCESSING, INC.
RETIREMENT AND SAVINGS PLAN
Plan Number 002
Plan Sponsor EIN 22-1467904


SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
(Schedule H, Part IV, Line 4a)
YEAR ENDED DECEMBER 31, 2013


Total That Constitute
Nonexempt Prohibited Transactions

 
 
 
 
 
 
 
 
 
 
 Total Fully
 
 
Check Here
 
 
 
Contributions
 
 
 
Corrected
Participant
 
if Late
 
 
 
Corrected
 
Contributions
 
Under VFCP
Contributions
 
Participant Loan
 
Contributions
 
 Outside Voluntary
 
Pending
 
and Prohibited
Transferred
 
Repayments
 
Not
 
Fiduciary Correction
 
Correction
 
Transaction
Late to the Plan
 
are Included
 
Corrected
 
Program (“VFCP”)
 
in VFCP
 
Exemption 2002-51
 
 
 
 
 
 
 
 
 
 
 
$
2,777

 
 
 
 
 
 
 
 
 
$
2,777

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



























See Report of Independent Registered Public Accounting Firm.


14



AUTOMATIC DATA PROCESSING, INC.
Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
ADP STOCK FUND
 
 
 
 
Common Stock
 
 
 
 
*AUTOMATIC DATA PROCESSING, INC. COMMON STOCK
 
Common Stock
               5,586,734
$
451,463,974

 
 
 
 
 
Short-Term Investment Fund
 
 
 
 
*J.P. Morgan U.S. Government Short-Term Investment Fund
 
Money Market
               1,141,120
                               1,141,120

 
 
 
 
 
TOTAL ADP STOCK FUND
 
 
 
$
452,605,094

 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND
 
 
 
 
Common Stock
 
 
 
 
AAR CORP
 
Common Stock
                    17,800
$
498,578

AEGEAN MARINE PETROLEUM NETWORK INC
 
Common Stock
                    82,600
                                  926,772

AEROPOSTALE INC
 
Common Stock
                    49,200
                                  447,228

AEROVIRONMENT INC
 
Common Stock
                    14,600
                                  425,298

AIR METHODS CORP
 
Common Stock
                    16,600
                                  968,278

ALBANY INTERNATIONAL CORP
 
Common Stock
                    15,800
                                  567,694

ALLEGHENY TECHNOLOGIES INC
 
Common Stock
                    28,600
                               1,019,018

ALTRA INDUSTRIAL INDUSTRIAL MOTION CORP
 
Common Stock
                    37,700
                               1,290,094

AMC ENTERTAINMENT HOLDINGS INC COMMON ST
 
Common Stock
                    10,638
                                  218,611

AMERICAN EAGLE OUTFITTER
 
Common Stock
                    29,200
                                  420,480

AMERICAN EQUITY INVT LIFE HLDG CO
 
Common Stock
                    19,300
                                  509,134

AMERICAN NATIONAL BANKSHARES
 
Common Stock
                    27,300
                                  716,625

AMERICAN SCIENCE & ENGINEERING INC
 
Common Stock
                    27,000
                               1,941,570

AMERICAN WOODMARK CORP
 
Common Stock
                    16,100
                                  636,433

AMN HEALTHCARE SERVICES INC
 
Common Stock
                    45,000
                                  661,500

APPLIED INDUSTRIAL TECHNOLOGIES INC
 
Common Stock
                      5,700
                                  279,813

ARDMORE SHIPPING CORP
 
Common Stock
                    59,800
                                  930,488

ARGO GROUP INTL HLDGS
 
Common Stock
                    18,300
                                  850,767

ARMADA HOFFLER PPTYS INC
 
Common Stock
                    46,700
                                  433,376

ARTESIAN RESOURCES CORP
 
Common Stock
                    22,200
                                  509,490

ASBURY AUTOMOTIVE GROUP INC
 
Common Stock
                    12,100
                                  650,254

ASPEN INSURANCE HLDGS
 
Common Stock
                    17,900
                                  739,464

ASTORIA FINANCIAL CORP
 
Common Stock
                    38,800
                                  536,604

AVG TECHNOLOGIES NV
 
Common Stock
                    27,100
                                  466,391

AVISTA CORP
 
Common Stock
                    46,431
                               1,308,890

BALDWIN & LYONS INC CLASS 'B'
 
Common Stock
                    38,900
                               1,062,748

BALLY TECHNOLOGIES INC COM STK
 
Common Stock
                      8,200
                                  643,290

BANK OF THE OZARKS
 
Common Stock
                    22,400
                               1,267,616

BANKUNITED INC
 
Common Stock
                    90,500
                               2,979,260

BARNES GROUP INC
 
Common Stock
                    14,000
                                  536,340

BERRY PLASTICS GROUP INC
 
Common Stock
                  116,400
                               2,769,156

BOISE CASCADE CO
 
Common Stock
                    27,900
                                  822,492

 
 
 
 
 
 
 
 
 
 (Continued)






15



AUTOMATIC DATA PROCESSING, INC.
Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
BOSTON PRIVATE FINANCIAL HLDGS INC
 
Common Stock
                    38,000
$
479,560

BRIGGS & STRATTON CORP
 
Common Stock
                    55,800
                               1,214,208

BRISTOW GROUP INC
 
Common Stock
                      8,600
                                  645,516

BROADSOFT INC
 
Common Stock
                    46,000
                               1,257,640

BRUNSWICK CORP
 
Common Stock
                    11,500
                                  529,690

CAL DIVE INTL INC
 
Common Stock
                  114,892
                                  230,933

CAPITOL FEDERAL FINANCIAL INC
 
Common Stock
0
0

CASTLE (A.M.) & CO
 
Common Stock
                    43,400
                                  641,018

CATAHY GENERAL BANCORP COM STK
 
Common Stock
                    15,900
                                  425,007

CAVCO INDUSTRIES INC
 
Common Stock
                    20,636
                               1,417,693

CDI CORP
 
Common Stock
                    61,401
                               1,137,760

CDW CORP
 
Common Stock
                    61,200
                               1,429,632

CEC ENTERTAINMENT INC COMMON STOCK
 
Common Stock
                    17,100
                                  757,188

CELADON GROUP
 
Common Stock
                    50,800
                                  989,584

CENTRAL GARDEN & PET CO
 
Common Stock
                    75,300
                                  508,275

CENTURY ALUMINIUM
 
Common Stock
                    43,400
                                  453,964

CHICOS FAS INC
 
Common Stock
                    39,100
                                  736,644

CLEARWATER PAPER CORPORATION
 
Common Stock
                    17,200
                                  903,000

CLUBCORP HOLDINGS INC COMMON STOCK
 
Common Stock
                    53,400
                                  947,316

CNO FINANCIAL GROUP INC
 
Common Stock
                    63,000
                               1,114,470

COMMERCE BANCSHARES INC
 
Common Stock
                    18,270
                                  820,506

COMMSCOPE HOLDINGS CO INC COMMON STOCK
 
Common Stock
                    50,200
                                  949,784

COMPASS MINERALS INTERNATIONAL INC
 
Common Stock
                    15,497
                               1,240,535

COMPUWARE CORP
 
Common Stock
                  134,900
                               1,512,229

CONNS INC
 
Common Stock
                    16,200
                               1,276,398

COVISINT CORP COMMON STOCK
 
Common Stock
                    18,600
                                  233,430

CSS INDUSTRIES INC
 
Common Stock
                      4,000
                                  114,720

CULP INC
 
Common Stock
                    56,100
                               1,147,245

CUMULUS MEDIA INC
 
Common Stock
                  183,000
                               1,414,590

CVB FINANCIAL
 
Common Stock
                    39,195
                                  669,059

CYPRESS SEMICONDUCTOR CORP
 
Common Stock
                    82,700
                                  868,350

DANA HOLDING CORP
 
Common Stock
                    43,000
                                  843,660

DEL FRISCO'S RESTAURANT GROUP INC COMMON
 
Common Stock
                    39,500
                                  931,015

DELEK US HOLDINGS INC
 
Common Stock
                    22,100
                                  760,461

DESTINATION MATERNITY CORP
 
Common Stock
                    23,900
                                  714,132

DIME COMMUNITY BANCSHARES INC
 
Common Stock
                    39,100
                                  661,572

DST SYSTEMS INC DELAWARE
 
Common Stock
                      1,500
                                  136,110

 
 
 
 
 
 
 
 
 
 (Continued)




16



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
DYNAMIC MATERIALS CORP
 
Common Stock
                    44,800
$
973,952

EL PASO ELECTRIC CO
 
Common Stock
                    43,300
                               1,520,263

EMCOR GROUP
 
Common Stock
                    15,500
                                  657,820

ENDURANCE SPECIALTY HLDGS LTD
 
Common Stock
                    18,000
                               1,056,060

ENERGY XXI (BERMUDA)
 
Common Stock
                    37,867
                               1,024,681

ENTERCOM COMMUNICATIONS
 
Common Stock
                  159,100
                               1,672,141

ENTRAVISION COMMUNICATIONS CORP
 
Common Stock
                  403,500
                               2,457,315

EVERCORE PARTNERS INC
 
Common Stock
                      6,000
                                  358,680

EVERTEC INC
 
Common Stock
                    64,300
                               1,585,638

FARO TECHNOLOGIES INC
 
Common Stock
                    11,300
                                  658,790

FIRST HORIZON NATIONAL CORP COM STK
 
Common Stock
                    97,800
                               1,139,370

FIRST INTERSTATE BANCSYSTEM INC
 
Common Stock
                    38,500
                               1,092,245

FIRST NBC BANK HLDGS CO
 
Common Stock
                    23,400
                                  755,820

FIRST NIAGARA FINANCIAL GROUP INC COM
 
Common Stock
                  112,300
                               1,192,626

FIRSTMERIT CORP
 
Common Stock
                    44,600
                                  991,458

FLIR SYSTEMS INC
 
Common Stock
                    43,095
                               1,297,159

FLUSHING FINANCIAL CORP
 
Common Stock
                    25,300
                                  523,710

FNB CORP PA
 
Common Stock
                    35,300
                                  445,486

FREIGHTCAR AMERICA INC
 
Common Stock
                    11,900
                                  316,778

FULTON FINANCIAL CORP
 
Common Stock
                    56,200
                                  735,096

GLOBAL BRASS & COPPER HLDGS INC
 
Common Stock
                    88,100
                               1,458,055

GRAFTECH INTL LTD COM
 
Common Stock
                  115,943
                               1,302,040

GRANITE CONSTRUCTION
 
Common Stock
                    32,000
                               1,119,360

GRAPHIC PACKAGING HLDG CO
 
Common Stock
                  183,000
                               1,756,800

GREAT LAKES DREDGE & DOCK CORP NEW
 
Common Stock
                    71,500
                                  657,800

GREAT PLAINS ENERGY INC
 
Common Stock
                    21,500
                                  521,160

GROUP 1 AUTOMOTIVE INC
 
Common Stock
                      7,700
                                  546,854

GULFMARK OFFSHORE INC
 
Common Stock
                    18,900
                                  890,757

HANOVER INSURANCE GROUP INC
 
Common Stock
                    11,300
                                  674,723

HARDINGE INC
 
Common Stock
                    39,700
                                  574,459

HAWKINS INC
 
Common Stock
                    17,500
                                  650,825

HAYNES INTERNATIONAL INC COM STK
 
Common Stock
                    19,400
                               1,071,656

HCC INSURANCE HLDG
 
Common Stock
                    18,100
                                  835,134

HEADWATERS INC
 
Common Stock
                    45,600
                                  446,424

HEALTHSOUTH CORP
 
Common Stock
                    12,800
                                  426,496

HEARTLAND EXPRESS INC
 
Common Stock
                    33,000
                                  647,460

HELEN OF TROY
 
Common Stock
                      8,100
                                  401,031

HERITAGE FINANCIAL CORP
 
Common Stock
                    34,900
                                  597,139

HILL-ROM HOLDINGS INC COM STK
 
Common Stock
                    10,800
                                  446,472

 
 
 
 
 
 
 
 
 
 (Continued)





17



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
HORNBECK OFFSHORE SERVICES INC
 
Common Stock
                    13,200
$
649,836

HORSEHEAD HOLDING CORPORATION
 
Common Stock
                    79,000
                               1,280,590

IDACORP INC
 
Common Stock
                      5,800
                                  300,672

IMPAX LABORATORIES INC
 
Common Stock
                      9,100
                                  228,774

INFINITY PROPERTY & CASUALTY CORP COM
 
Common Stock
                    10,700
                                  767,725

INGRAM MICRO INC
 
Common Stock
                    42,400
                                  994,704

INNOPHOS HOLDINGS INC COM
 
Common Stock
                    34,598
                               1,681,463

INTEGRA LIFESCIENCES HLDGS CORP
 
Common Stock
                      8,300
                                  395,993

INTERSIL CORP
 
Common Stock
                    53,600
                                  614,792

ITRON INC
 
Common Stock
                    16,500
                                  683,595

J & J SNACK FOODS CORP
 
Common Stock
                      4,457
                                  394,846

JETBLUE AIRWAYS CORP
 
Common Stock
                    57,300
                                  489,915

JONES ENERGY INC
 
Common Stock
                    53,400
                                  773,232

JOURNAL COMMUNICATIONS INC
 
Common Stock
                    86,000
                                  800,660

KADANT INC
 
Common Stock
                    15,605
                                  632,315

KAMAN CORP
 
Common Stock
                    18,800
                                  746,924

KAPSTONE PAPER & PACKAGING CORP
 
Common Stock
                      7,500
                                  418,950

KENNAMETAL INC CAP STK
 
Common Stock
                    20,900
                               1,088,263

KEYW HLDG CORP
 
Common Stock
                    71,700
                                  963,648

KFORCE INC
 
Common Stock
                    65,600
                               1,342,176

KRATON PERFORMANCE POLYMERS INC
 
Common Stock
                      9,100
                                  209,755

KRONOS WORLDWIDE INC COM STK
 
Common Stock
                    29,900
                                  569,595

KULICKE & SOFFA INDUSTRIES INC COM
 
Common Stock
                    41,348
                                  549,928

LACLEDE GROUP INC
 
Common Stock
                      6,400
                                  291,456

LAKELAND FINANCIAL CORP
 
Common Stock
                    20,300
                                  791,700

LIBBEY INC
 
Common Stock
                    35,400
                                  743,400

LIN MEDIA LLC CL A COM
 
Common Stock
                    31,000
                                  890,010

MANNING & NAPIER INC
 
Common Stock
                    38,125
                                  672,906

MARINEMAX INC
 
Common Stock
                    59,400
                                  955,152

MARTEN TRANSPORT
 
Common Stock
                    66,505
                               1,342,736

MB FINANCIAL INC
 
Common Stock
                    23,600
                                  757,324

MCDERMOTT INTERNATIONAL INC
 
Common Stock
                    79,800
                                  730,968

MDC HLDGS INC
 
Common Stock
                    20,800
                                  670,592

MEDIA GENERAL INC COMMON STOCK
 
Common Stock
                    41,000
                                  926,600

MENS WEARHOUSE INC
 
Common Stock
                      9,600
                                  490,368

MENTOR GRAPHICS CORP
 
Common Stock
                    54,700
                               1,316,629

MGIC INVESTMENT CORP
 
Common Stock
                    53,100
                                  448,164

MINERALS TECHNOLOGIES INC
 
Common Stock
                      7,900
                                  474,553

MKS INSTRUMENTS INC
 
Common Stock
                    29,500
                                  883,230

 
 
 
 
 
 
 
 
 
 (Continued)



18



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
MONEYGRAM INTL INC COM NEW
 
Common Stock
                    47,300
$
982,894

MOVADO GROUP INC
 
Common Stock
                    24,000
                               1,056,240

MUELLER WATER PRODUCTS INC
 
Common Stock
                    47,600
                                  446,012

MULTI-COLOR CORP
 
Common Stock
                    68,100
                               2,570,094

NANOMETRICS
 
Common Stock
                    53,200
                               1,013,460

NATIONAL BANKSHARES INC
 
Common Stock
                    21,600
                                  796,824

NATIONAL HEALTH CARE CORP
 
Common Stock
                      8,000
                                  431,280

NETSCOUT SYSTEMS INC
 
Common Stock
                    33,700
                                  997,183

NEW RESIDENTIAL INVT CORP
 
Common Stock
                    53,400
                                  356,712

NORTHWEST PIPE CO
 
Common Stock
                    20,033
                                  756,446

OFG BANCORP COMMON STOCK
 
Common Stock
                    75,100
                               1,302,234

ORBITZ WORLDWIDE INC
 
Common Stock
                    72,100
                                  517,678

ORIENT EXPRESS HOTELS LTD
 
Common Stock
                    64,300
                                  971,573

ORITANI FINANCIAL CORP
 
Common Stock
                    57,600
                                  924,480

ORTHOFIX INTL NV
 
Common Stock
                    33,500
                                  764,470

PACIFIC CONTINETAL CORP
 
Common Stock
                    36,700
                                  584,998

PARK STERLING CORP
 
Common Stock
                  106,000
                                  756,840

PBF ENERGY INC
 
Common Stock
                    14,400
                                  453,024

PENNANTPARK INVESTMENT CORP
 
Common Stock
                    44,866
                                  520,446

PENSKE AUTOMOTIVE GROUP INC
 
Common Stock
                    23,252
                               1,096,564

PHARMERICA CORPORATION
 
Common Stock
                    22,200
                                  477,300

PHH CORP
 
Common Stock
                    36,800
                                  896,080

PLATINUM UNDERWRITERS HLDGS LTD
 
Common Stock
                      7,800
                                  477,984

PNM RESOURCES INC
 
Common Stock
                    12,900
                                  311,148

POLYCOM INC
 
Common Stock
                  108,600
                               1,219,578

POPULAR INC
 
Common Stock
                    24,400
                                  701,012

PORTLAND GENERAL ELECTRIC CO COM
 
Common Stock
                    21,603
                                  652,411

PRIMERICA INC
 
Common Stock
                      7,700
                                  330,407

PRIVATEBANCORP INC
 
Common Stock
                    46,600
                               1,348,138

PROSPERITY BANCSHARES INC
 
Common Stock
                    10,400
                                  659,256

PROVIDENT FINANCIAL SERVICES INC
 
Common Stock
                    27,400
                                  529,368

QUANEX BUILDING PRODUCTS CORP COM STK
 
Common Stock
                      6,251
                                  124,520

RADIAN GROUP INC
 
Common Stock
                    21,500
                                  303,580

RED ROBIN GOURMET BURGERS INC
 
Common Stock
                      2,000
                                  147,080

REXNORD CORP
 
Common Stock
                    28,300
                                  764,383

RITE AID CORP
 
Common Stock
                  229,100
                               1,159,246

RIVERBED TECHNOLOGY
 
Common Stock
                    83,600
                               1,511,488

SCIENTIFIC GAMES CLASS 'A' COM
 
Common Stock
                    65,700
                               1,112,301

SCORPIO TANKERS INC
 
Common Stock
                    85,000
                               1,002,150

 
 
 
 
 
 
 
 
 
 (Continued)




19



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
SCRIPPS (EW) CO
 
Common Stock
                    14,800
$
321,456

SENSIENT TECHNOLOGIES CORP
 
Common Stock
                      8,400
                                  407,568

SHUTTERFLY INC COM STK
 
Common Stock
                    15,794
                                  804,388

SIGNATURE BANK COMMON
 
Common Stock
                      9,000
                                  966,780

SILICON GRAPHICS INTERNATIONAL CORP
 
Common Stock
                    59,800
                                  801,918

SMITH (A.O.) CORP
 
Common Stock
                      8,100
                                  436,914

SNYDER'S-LANCE INC COMMON STOCK
 
Common Stock
                    10,200
                                  292,944

SOLAR CAPITAL LTD
 
Common Stock
                    30,800
                                  694,540

SOTHEBYS INC LTD
 
Common Stock
                    14,200
                                  755,440

SPANSION INC
 
Common Stock
                    82,500
                               1,145,925

SPECTRUM BRANDS HLDGS INC
 
Common Stock
                    13,600
                                  959,480

SPIRIT AIRLINES INC
 
Common Stock
                    22,600
                               1,026,266

STAGE STORES INC
 
Common Stock
                    26,400
                                  586,608

STEINER LEISURE
 
Common Stock
                    27,700
                               1,362,563

STIFEL FINANCIAL CORP
 
Common Stock
                    14,200
                                  680,464

SUPERIOR INDUSTRIES INTERNATIONAL
 
Common Stock
                    34,000
                                  701,420

SUSQUEHANNA BANCHARE
 
Common Stock
                    71,300
                                  915,492

SYKES ENTERPRISES INC
 
Common Stock
                    39,800
                                  868,038

SYMETRA FINANCIAL CORP
 
Common Stock
                    32,400
                                  614,304

TCF FINANCIAL
 
Common Stock
                    33,200
                                  539,500

TETRA TECHNOLOGIES
 
Common Stock
                    52,100
                                  643,956

TEXAS CAPITAL BANCSHARES INC COMMON STOC
 
Common Stock
                    35,300
                               2,195,660

TOWER INTL INC
 
Common Stock
                    42,000
                                  898,800

TOWN SPORTS INTL INC
 
Common Stock
                    44,085
                                  650,695

TREEHOUSE FOODS INC COM STK
 
Common Stock
                      4,500
                                  310,140

TRONOX LTD COM
 
Common Stock
                    91,700
                               2,115,519

TTM TECHNOLOGIES INC
 
Common Stock
                  101,100
                                  867,438

UNITED FIRE GROUP INC
 
Common Stock
                    20,200
                                  578,932

UNS ENERGY CORP
 
Common Stock
                      5,606
                                  335,519

URS CORP
 
Common Stock
                    14,600
                                  773,654

UTAH MEDICAL PRODUCTS
 
Common Stock
                    15,000
                                  857,400

VAALCO ENERGY
 
Common Stock
                    68,200
                                  469,898

VALIDUS HOLDINGS LTD
 
Common Stock
                    11,100
                                  447,219

VALLEY NATIONAL BANCORP
 
Common Stock
                    83,500
                                  845,020

VERA BRADLEY INC
 
Common Stock
                    38,900
                                  935,156

VERIFONE SYSTEMS INC
 
Common Stock
                    51,200
                               1,373,184

VIEWPOINT FINL GP INC MD
 
Common Stock
                    54,000
                               1,482,300

VILLAGE SUPER MARKET INC
 
Common Stock
                    21,300
                                  660,513

WALTER INVESTMENT MANAGEMENT CORP
 
Common Stock
                    12,600
                                  445,536

 
 
 
 
 
 
 
 
 
 (Continued)





20



AUTOMATIC DATA PROCESSING, INC.
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
 Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
Common Stock (Con't)
 
 
 
 
WASHINGTON BANKING CO
 
Common Stock
                    33,300
$
590,409

WAUSAU PAPER CORP
 
Common Stock
                    54,800
                                  694,864

WEIS MARKETS INC
 
Common Stock
                    16,500
                                  867,240

WELLCARE HEALTH PLANS INC
 
Common Stock
                      7,200
                                  507,024

WESTERN REFINING INC
 
Common Stock
                    25,800
                               1,094,178

WGL HLDGS INC
 
Common Stock
                      8,600
                                  344,516

WILEY (JOHN) & SONS INC CLASS 'A' COM STK
 
Common Stock
                    13,900
                                  767,280

Total Common Stock
 
 
 
$
190,251,458

 
 
 
 
 
Preferred Stock
 
 
 
 
BEAZER HOMES USA INC TANGIBLE EQUITY UNI
 
Preferred Stock
                   23,500
$
879,605

UNIVERSAL CORP
 
Preferred Stock
                        384
                                  478,007

 
 
 
 
 
 
 
 
 
 
Total Preferred Stock
 
 
 
$
1,357,612

 
 
 
 
 
 
 
 
 
 
REIT
 
 
 
 
AMERICAN CAMPUS COMMUNITIES INC
 
REIT
                   24,100
$
776,261

APOLLO COMMERCIAL REAL EST FIN
 
REIT
                   38,700
                                  628,875

ASSOCIATED ESTATES REALTY CORP COM
 
REIT
                   46,300
                                  743,115

CAMPUS CREST COMMUNITIES INC
 
REIT
                 119,800
                               1,127,318

CAPSTEAD MTGE. CORP
 
REIT
                   20,000
                                  241,600

CBL & ASSOCIATES PROPERTIES INC
 
REIT
                   29,600
                                  531,616

CHATHAM LODGING TRUST
 
REIT
                   41,400
                                  846,630

CHIMERA INVESTMENT CORPORATION
 
REIT
                   76,600
                                  237,460

DIAMONDROCK HOSPIT COM
 
REIT
                 112,600
                               1,300,530

EPR PROPERTIES SBI
 
REIT
                     8,500
                                  417,860

EXCEL TRUST INC
 
REIT
                   44,299
                                  504,566

HIGHWOODS PROPERTIES INC
 
REIT
                     8,400
                                  303,828

LASALLE HOTEL PROPERTIES
 
REIT
                   36,400
                               1,123,304

MACK CALI REALTY CORP
 
REIT
                   28,500
                                  612,180

MEDICAL PROPERTIES TRUST INC
 
REIT
                   32,400
                                  395,928

MFA FINANCIAL INC COM STK
 
REIT
                   82,700
                                  583,862

PENNSYLVANIA REAL ESTATE INV TRUST SHS B
 
REIT
                   20,700
                                  392,886

PENNYMAC MORTGAGE INVESTMENT TRUST
 
REIT
                   17,500
                                  401,800

RLJ LODGING TRUST
 
REIT
                   15,000
                                  364,800

ROUSE PROPERTIES INC
 
REIT
                   34,900
                                  774,431

SABRA HEALTH CARE REIT INC
 
REIT
0
                                             8

SUMMIT HOTEL PROPERTIES INC
 
REIT
                   83,300
                                  749,700

SUNSTONE HOTEL INVESTORS INC
 
REIT
                   79,700
                               1,067,980

URSTADT BIDDLE PROPERTIES CLASS'A' COM
 
REIT
                   45,800
                                  845,010

WASHINGTON REAL ESTATE INVEST TRUST SHS
 
REIT
                   26,600
                                  621,376

 
 
 
 
 
 
 
 
 
 
Total REIT
 
 
 
$
15,592,924

 
 
 
 
 (Continued)



21



AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Description
Number
Current
Identity of Issuer, Borrower or Similar Party
 
of Investment
of Shares
 Value
 
 
 
 
 
AMERICAN CENTURY SMALL CAP VALUE FUND (Con't)
 
 
 
 
 
 
 
 
 
Cash Equivalents
 
 
 
 
Short-Term Investment Fund
 
 
 
 
*J.P. Morgan U.S. Government Short-Term Investment Fund
 
Money Market
              5,556,956
$
5,556,956

Total Cash Equivalents
 
 
 
$
5,556,956

 
 
 
 
 
Investment Companies
 
 
 
 
Mutual Funds
 
 
 
 
ISHARES TRUST RUSSELL 2000 VALUE ETF ETP
 
Mutual Funds
                   19,400
$
1,930,300

Total Investment Companies
 
 
 
$
1,930,300

 
 
 
 
 
Royalty Trust
 
 
 
 
HUGOTON ROYALTY TRUST
 
Royalty Trust
                   44,600
$
334,500

PACIFIC COAST OIL TRUST UNIT BEN INT
 
Royalty Trust
                   50,900
                            645,412

Total Royalty Trust
 
 
 
$
979,912

 
 
 
 
 
Limited Partnership
 
 
 
 
ALLIANCE RESOURCE PARTNERS LP SHS OF BEN
 
Limited Partnership
                     4,100
$
315,700

COMPASS DIVERSIFIED HLDGS SHS OF BENEFIC
 
Limited Partnership
                   32,000
                            628,160

Total Limited Partnership
 
 
 
$
943,860

 
 
 
 
 
 
 
 
 
 
TOTAL AMERICAN CENTURY SMALL CAP VALUE FUND
 
 
 
$
216,613,022

 
 
 
 
 
 
 
 
 
(Continued)

























22



AUTOMATIC DATA PROCESSING, INC.
 
      Plan Number 002
RETIREMENT AND SAVINGS PLAN
 
      Plan Sponsor EIN 22-1467904
 
 
 
 
 
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
AS OF DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
Rate of
Maturity
Par
Current
Identity of Issuer, Borrower or Similar Party
Interest
Date
Value
Value
 
 
 
 
 
SEIX INTERMEDIATE BOND FUND
 
 
 
 
 
 
 
 
 
Government Bonds
 
 
 
 
UNITED STATES OF AMERICA NOTES
2.75%
11/15/2023
$
18,603,553

$
18,199,940

UNITED STATES OF AMERICA US GOVERNMENT F
1.38%
7/31/2018
               3,387,431

                              3,361,526

UNITED STATES TREAS NTS
0.38%
3/15/2015
             30,631,312

                            30,667,350

UNITED STATES TREAS NTS
0.38%
11/15/2015
             26,015,346

                            26,040,251

UNITED STATES TREAS NTS
0.50%
6/15/2016
             23,717,897

                            23,769,825

UNITED STATES TREAS NTS
0.63%
8/31/2017
             19,876,897

                            19,561,219

UNITED STATES TREAS NTS
0.75%
2/28/2018
             19,696,683

                            19,347,837

UNITED STATES TREAS NTS
2.13%
8/15/2021
               7,669,243

                              7,078,656

Total Government Bonds
 
 
 
$
148,026,604

 
 
 
 
 
Mortgage-Backed Security Bonds
 
 
 
 
FEDERAL HOME LN MTG CORP PTN CTFS
5.50%
4/1/2038
$
436,286

$
446,552

FEDERAL HOME LN MTG CORP PTN CTFS
5.00%
7/1/2040
                  518,434

                                 522,835

FEDERAL HOME LOAN BANKS
5.00%
2/1/2034
                  816,835

                                 820,368

FEDERAL HOME LOAN MORTGAGE CORP
4.50%
6/1/2039
                  255,743

                                 249,928

FEDERAL NATIONAL MORTGAGE ASSOC
6.00%
7/1/2037
                  860,154

                                 869,287

FHLMC PC
5.00%
7/1/2033
                  388,719

                                 394,457

FHLMCGLD MORTPASS
2.50%
8/1/2027
               1,452,522

                              1,460,090

FHLMCGLD MORTPASS
2.50%
8/1/2027
               1,564,618

                              1,556,852

FHLMCGLD MORTPASS
2.00%
2/1/2028
                  723,873

                                 716,059

FHLMCGLD MORTPASS
3.50%
8/1/2035
                  420,756

                                 417,354

FHLMCGLD MORTPASS
3.50%
12/1/2032
                  370,947

                                 377,135

FHLMCGLD MORTPASS
3.50%
10/1/2031
                  694,374

                                 673,203

FHLMCGLD MORTPASS
3.00%
2/1/2027
                  618,752

                                 616,735

FHLMCGLD MORTPASS
4.50%
4/1/2035
               1,149,534

                              1,156,966

FHLMCGLD MORTPASS
4.50%
8/1/2040
                  407,527

                                 403,040

FHLMCGLD MORTPASS
4.50%
7/1/2039
               2,049,738

                              2,036,388

FHLMCGLD MORTPASS
4.00%
9/1/2025