UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 11-K
(Mark One)
 ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
 
 ¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-37702
AMGEN RETIREMENT AND SAVINGS PLAN
(Full title of the plan)
AMGEN INC.
(Name of issuer of the securities held)
 
One Amgen Center Drive, 91320-1799
Thousand Oaks, California (Zip Code)
(Address of principal executive offices) 





Amgen Retirement and Savings Plan
Audited Financial Statements
and Supplemental Schedule
Year Ended December 31, 2024

Contents
 
Audited Financial Statements:
Supplemental Schedule:



Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of the Amgen Retirement and Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Amgen Retirement and Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2024, (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ ERNST & YOUNG LLP

We have served as the Plan’s auditor since at least 1989, but we are unable to determine the specific year.
Los Angeles, California
June 12, 2025

1


Amgen Retirement and Savings Plan
Statements of Net Assets Available for Benefits

 December 31,
 20242023
Assets
Investments at fair value$7,032,543,261 $6,270,169,496 
Investments in fully benefit-responsive investment contracts at contract value688,059,315 638,250,657 
Notes receivable from participants35,591,211 31,248,315 
Other – principally due from broker3,433,090 4,776,528 
Total assets7,759,626,877 6,944,444,996 
Liabilities
Other – principally due to broker4,178,843 5,497,298 
Total liabilities4,178,843 5,497,298 
Net assets available for benefits$7,755,448,034 $6,938,947,698 
See accompanying notes.

2


Amgen Retirement and Savings Plan
Statement of Changes in Net Assets Available for Benefits

 Year Ended December 31,
 2024
Additions to (deductions from) net assets:
Employer contributions$268,014,992 
Participant contributions237,183,261 
Rollover contributions116,347,764 
Interest and dividend income49,639,021 
Net realized/unrealized gains688,876,587 
Interest income on notes receivable from participants2,300,919 
Benefits paid(536,100,983)
Investment and administrative fees(9,761,225)
Net increase816,500,336 
Net assets available for benefits at beginning of year6,938,947,698 
Net assets available for benefits at end of year$7,755,448,034 
See accompanying notes.
3


Amgen Retirement and Savings Plan
Notes to Financial Statements
December 31, 2024
1. Description of the Plan
The following description of the Amgen Retirement and Savings 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 was established effective April 1, 1985, and was amended and restated effective January 1, 2017. The Plan was subsequently amended, with the most recent amendment effective on or prior to December 31, 2024 adopted on December 18, 2023. The Plan was further amended on March 5, 2025, effective January 1, 2025. The Plan is a defined contribution plan covering substantially all domestic employees of Amgen Inc. (the Company or Amgen) and participating subsidiaries. The Plan is intended to qualify under sections 401(a) and 401(k) of the Internal Revenue Code of 1986 (the Code) (see Note 4, Income Tax Status) and section 407(d)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Subject to certain limitations (as defined in the Plan), participants may elect to contribute up to 30% of their eligible compensation in pre-tax contributions, Roth contributions (in accordance with the Code), after-tax contributions or a combination of these types of contributions (together, Individual Contributions). A participant’s combined pre-tax contributions and Roth contributions (exclusive of catch-up contributions discussed below) are subject to Internal Revenue Service (IRS) and Plan limits and could not exceed a maximum of $23,000 in 2024. Participant after-tax contributions are subject to IRS and Plan limitations and could not exceed a maximum of $11,500 in 2024. Unless an employee has voluntarily enrolled in the Plan or has declined to participate in the Plan within the first 30 days of employment, all newly eligible participants are automatically enrolled in the Plan, and contributions equal to 5% of their eligible compensation are withheld and contributed to the Plan as pre-tax contributions; such contributions are automatically increased by 1% per year until their contributions reach 10% of their eligible compensation. Participants may elect to adjust, cease or resume their Individual Contributions at any time.
Participants who are at least age 50 by the close of the Plan year may also elect to make certain additional Individual Contributions, referred to as catch-up contributions, that are subject to IRS and Plan limitations and could not exceed $7,500 in 2024. Catch-up contributions may be made as pre-tax contributions, Roth contributions or a combination of these types of contributions. Participants may also contribute pre-tax, Roth and after-tax amounts representing distributions from certain retirement plans qualified in the United States or certain individual retirement accounts (IRAs), referred to as rollover contributions (as defined in the Plan).
Each pay period, the Company makes a non-elective contribution for all eligible participants, whether or not they have elected to make Individual Contributions to the Plan, equal to 5% of each participant’s eligible compensation (Core Contributions) up to a maximum of $17,250 in 2024. In addition, the Company makes a contribution equal to amounts contributed by the participant as pre-tax contributions or Roth contributions, including such contributions designated as catch-up contributions, of up to 5% of eligible compensation (Matching Contributions) up to a maximum of $17,250 in 2024.
Also, the Company can, at its discretion, make a special contribution (Special Contribution) on behalf of a participant who is in his or her initial year of employment with the Company and who could not make the maximum participant contribution permitted under the Plan because in the same Plan year he or she previously made pre-tax salary deferrals under a prior unrelated employer’s qualified plan.
Participants select the investments in which their Individual Contributions, including their Core Contributions, Matching Contributions and Special Contributions, if any, (collectively, Company Contributions) are to be invested, electing among various alternatives, including Amgen common stock (Amgen stock). Participants may direct a maximum of 20% of contributions to be invested in Amgen stock. In addition, participants may transfer amounts among the investment options at any time, subject to certain limitations. Notwithstanding the foregoing, if 20% or more of the value of a participant’s Plan account is invested in Amgen stock, the Plan document provides that no transfers from other investment options can be made to invest in Amgen stock.
The accounts of participants who have not made an investment election are allocated to investments under a qualified default investment alternative, which is intended to be compliant with ERISA regulations. At any time, participants may elect to alter the investments in their accounts made under a qualified default investment alternative.
4


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
Vesting
Participants are immediately vested with respect to their Individual Contributions, Matching Contributions and Special Contributions, if any, and earnings and losses (hereafter referred to as earnings) thereon. Participants hired prior to January 1, 2020, are also immediately vested with respect to their Core Contributions and earnings thereon. Participants hired on or after January 1, 2020, vest in full with respect to their Core Contributions and earnings thereon after three years of service, as defined by the terms of the Plan, or upon reaching age 65 while employed by Amgen, if earlier. If a participant ceases to be an employee before fully vesting in their account, the non-vested Core Contributions and earnings thereon of the participant’s account is treated as a forfeiture, as defined by the terms of the Plan, on the earlier of (a) the date the participant incurs a five-year break in service, as defined by the terms of the Plan or, (b) the date the participant receives a distribution of the entire vested portion of their account.
Participant Accounts
Each participant’s account is credited with: (a) the participant’s Individual Contributions; (b) an allocation of Company Contributions; and (c) earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Plan Investments
Plan participants can invest in seven different asset classes as well as Amgen stock or can actively manage their account under a self-directed brokerage arrangement in which a wider array of investment options are available. The value of an investment in an asset class is determined by its underlying investment vehicles, which may include one or more of the following: mutual funds, collective trust funds and portfolios which are separately managed exclusively for the benefit of Plan participants and their beneficiaries (separately managed portfolios). The separately managed portfolios invest in various types of assets, including publicly traded common and preferred stocks, collective trust funds and investment contracts. The asset classes are designed to provide participants with choices among a variety of investment objectives.
Payments of Benefits
Subject to Plan limitations, upon termination of employment, including termination due to disability (as defined in the Plan) or retirement, participants may elect to receive a full or partial distribution of their account balance in: (a) a single payment in cash; (b) a single distribution in full shares of Amgen stock (with any fractional shares paid in cash); (c) a single distribution paid in a combination of cash and full shares of Amgen stock; (d) cash installments over 10 years; or (e) a rollover distribution to an eligible retirement plan.
Participants may also elect to maintain their account balance in the Plan subsequent to termination of employment, provided that their account balance is greater than $1,000.
If a participant dies before receiving the value of his or her account balance, the participant’s beneficiary may elect to receive the distribution of remaining funds from among the alternatives described above, subject to certain Plan limitations.
No withdrawals may be made from the Plan while a participant continues to be employed by the Company except in certain circumstances including, but not limited to, financial hardship, disability and attainment of age 59 1/2.
Amgen Stock Dividends
Participants that invest in Amgen stock may elect to receive distributions of cash with respect to dividends the Company pays on Amgen stock or reinvest such dividends to acquire additional shares of Amgen stock.
Notes Receivable from Participants
Subject to certain restrictions, a participant can have up to two loans outstanding at any one time from his or her Plan account with a combined maximum loan amount that may not exceed the lesser of: (a) 50% of the participant’s account balance (exclusive of amounts related to Roth contributions and earnings thereon) or (b) $50,000 less certain adjustments, as applicable (as defined in the Plan). A participant’s loan is secured by his or her Plan account balance. Loans bear interest at fixed rates which, until changed by the Company, are based on the prime rate plus one percentage point as published in The Wall Street Journal, determined as of the last day of the calendar quarter preceding origination or such other rate as may be required by law.
5


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
Loans are generally payable in installments over periods of up to five years, unless the loan is used to acquire a principal residence for which the term of the loan may be up to 20 years. Principal and interest payments are allocated to the participant’s account.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. Upon termination, participants would become fully vested in Core Contributions and receive distributions of their account balances.
Trustees and Custodians
Bank of America, N.A. is the Plan’s trustee and custodian with respect to the self-directed brokerage arrangement and the Amgen common stock fund. The Northern Trust Company, NA (Northern) is the Plan’s trustee and custodian with respect to the asset classes.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting. Benefits to participants are recorded when paid.
Fair Value Measurement
The investments of the Plan are reported at fair value, except for fully benefit-responsive investment contracts, discussed below. Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date (see Note 3, Fair Value Measurements).
Investment Income and Losses
Dividend income is recognized on the ex-dividend date, and interest income is recorded on an accrual basis. Unrealized gains and losses on investments are measured by the change in the difference between the fair value and cost of the securities held at the beginning of the year (or date purchased if acquired during the Plan year) and the end of the year. Realized gains and losses from security transactions are recorded based on the weighted-average cost of securities sold.
Fully Benefit-Responsive Investment Contracts
As of December 31, 2024 and 2023, the Plan had fully benefit-responsive investment contracts, including synthetic investment contracts. The synthetic investment contracts are composed of wrapper contracts issued by insurance companies backed by the Plan’s ownership in collective trust funds that invest in fixed income securities. Contract value is the relevant measurement attribute for synthetic investment contracts because this is the amount participants would receive if they were to initiate qualified transactions related to these investments. The issuers of the Plan’s synthetic investment contracts credit the Plan with stated rates of interest, and the issuers guarantee that all qualified participant withdrawals related to the contracts will be at contract value, except as discussed below. The crediting rates provide for realized and unrealized gains and losses on the underlying assets to be amortized over the expected duration of the underlying investments through adjustments to the future interest crediting rates rather than being reflected immediately in the net assets of the Plan.
The contract values of the Plan’s synthetic investment contracts were as follows:
December 31,
20242023
Synthetic investment contracts$688,059,315 $638,250,657 
Total fully benefit-responsive investment contracts$688,059,315 $638,250,657 
The synthetic investment contracts provide for withdrawals at other than contract value associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are made at contract value, modified by a market value adjustment as defined in the contract. Circumstances which may trigger a market value adjustment are generally defined as any
6


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
event that, in the reasonable determination of the issuer, has or will have a material adverse effect on the issuer’s interest under the contract. Such events may include, but are not limited to: (a) material amendments to the Plan’s structure or administration; (b) changes in or the creation of competing investment options; (c) complete or partial termination of the Plan; (d) removal of a specifically identifiable group of employees from coverage under the Plan; (e) a change in law, regulation, ruling, administrative position, or accounting standard applicable to the Plan; or (f) communication to Plan participants designed to influence a participant not to invest in the asset class that contains these contracts. The Company does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable.
These synthetic investment contracts are evergreen contracts with no maturity dates, but do contain termination provisions. The issuer is obligated to pay the excess contract value when the fair value of the underlying investments equals zero. In addition, if the Plan defaults in its obligations under the synthetic investment contract and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value of the underlying investments as of the date of termination.
Notes Receivable from Participants
Notes receivable from participants are carried at their unpaid balance plus accrued but unpaid interest, as applicable.
Due from/to Brokers
Purchases and sales of investments are recorded on a trade-date basis. Amounts due from and due to brokers arise from unsettled sale and purchase transactions, respectively.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements, accompanying notes and supplemental schedule. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for investment options representing varied combinations of equities (including Amgen stock), fixed income, and other investments. Investments, in general, particularly in securities, are exposed to various risks, such as interest rate, inflation, market and credit risks, among others. Market risk includes global events which could impact the value of investments, including securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investments, including securities, it is at least reasonably possible that changes in the values of the Plan’s investments, including securities, will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Plan’s financial statements.
3. Fair Value Measurements
The Plan uses various valuation approaches in determining the fair value of investments within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the investment based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the investment and are developed based on the best information available in the circumstances.
7


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
The fair value hierarchy is divided into three levels based on the source of inputs as follows:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical investments that the Plan has the ability to access
Level 2 – Valuations for which all significant inputs are observable, either directly or indirectly, other than Level 1 inputs
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement
The availability of observable inputs can vary among the various types of investments. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.
The following fair value hierarchy tables present information about each major class/category of the Plan’s investments measured at fair value:
 
Fair value measurements at December 31, 2024, using
 Quoted prices in active markets for identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Total
Amgen stock$344,055,715 $— $— $344,055,715 
Cash and cash equivalents3,466,558 — — 3,466,558 
Collective trust funds— 5,003,198,779 — 5,003,198,779 
Common and preferred stocks533,256,711 — — 533,256,711 
Debt securities— 2,979 — 2,979 
Mutual funds148,845,846 — — 148,845,846 
Self-directed brokerage accounts996,397,298 3,319,375 — 999,716,673 
Total investments at fair value$2,026,022,128 $5,006,521,133 $— $7,032,543,261 
 
Fair value measurements at December 31, 2023, using
 Quoted prices in active markets for identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Total
Amgen stock$397,307,694 $— $— $397,307,694 
Cash and cash equivalents5,271,619 — — 5,271,619 
Collective trust funds— 4,193,149,196 — 4,193,149,196 
Common and preferred stocks763,525,683 — — 763,525,683 
Debt securities— 3,008 — 3,008 
Mutual funds105,092,597 — — 105,092,597 
Self-directed brokerage accounts801,100,962 4,718,737 — 805,819,699 
Total investments at fair value$2,072,298,555 $4,197,870,941 $— $6,270,169,496 
The fair values of substantially all common stocks (including Amgen stock), preferred stocks, publicly traded mutual funds and underlying investments of self-directed brokerage accounts are valued using quoted market prices in active markets with no valuation adjustment.
8


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
Collective trust funds represent interests in pooled investment vehicles designed typically for collective investment of employee benefit trusts. The fair values of these investments are determined by reference to the net asset value per unit provided by the fund managers as the basis for current transactions.
4. Income Tax Status
The Plan received a determination letter from the IRS dated February 22, 2018, stating that, conditioned on the adoption of proposed Plan amendments submitted to the IRS on February 15, 2018, the Plan is qualified, in form, under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. There have been seven subsequent amendments to the Plan, including amendments to satisfy the conditions in the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan is currently being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. The Company has indicated that it currently intends to continue to take the necessary steps, if any, to maintain the Plan’s compliance with the applicable requirements of the Code.
5. Party-in-Interest Transactions
Parties-in-interest are certain entities defined under Department of Labor regulations, including Amgen, and other parties that provide services to the Plan, such as the trustees, custodians and investment managers. The Plan pays the trustees certain administrative and investment management fees, and the Company pays certain administrative fees on behalf of the Plan. The Plan invests in collective trust funds managed by Northern, certain of the Plan’s investment managers and other third parties and may invest in securities of entities that are parties-in-interest. The Plan also invests in shares of common stock of Amgen and receives dividends on those shares. Notes receivable from participants are also considered party-in-interest transactions. In addition, an investment manager enters into synthetic investment contracts with certain insurance companies on behalf of the Plan.

9


Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
6. Reconciliation of Financial Statements to the Form 5500
The reconciliation of net assets available for benefits per the financial statements to the Form 5500 consisted of the following:
 December 31,
 20242023
Net assets available for benefits per the financial statements$7,755,448,034 $6,938,947,698 
Adjustment to fair value for fully benefit-responsive investment contracts
(37,044,409)(42,589,104)
Amounts allocated to withdrawing participants(2,576,951)(2,426,100)
Deemed loans(405,772)(433,392)
Net assets per the Form 5500$7,715,420,902 $6,893,499,102 
The following is a reconciliation of the net investment gain per the financial statements to the Form 5500: 
 Year Ended
December 31,
2024
Interest and dividend income$49,639,021 
Net realized/unrealized gains688,876,587 
Net investment gain per the financial statements738,515,608 
Adjustment from fair value to contract value for fully benefit-responsive investment contracts:
Prior-year adjustment42,589,104 
Current-year adjustment(37,044,409)
Total net investment gain per the Form 5500$744,060,303 
The following is a reconciliation of expenses per the financial statements to the Form 5500:
 Year Ended
December 31,
2024
Benefits paid$(536,100,983)
Investment and administrative fees(9,761,225)
Total expenses per the financial statements(545,862,208)
Amounts allocated to withdrawing participants at December 31, 2023
2,426,100 
Amounts allocated to withdrawing participants at December 31, 2024
(2,576,951)
Deemed loans at December 31, 2023
433,392 
Deemed loans at December 31, 2024
(405,772)
Total expenses per the Form 5500$(545,985,439)
10

Supplemental Schedule
Amgen Retirement and Savings Plan
EIN: 95-3540776 Plan: #001
As of December 31, 2024
Schedule H, line 4i – Schedule of Assets (Held at End of Year)
Identity of IssueDescription of InvestmentCurrent Value
Amgen stock*Employer Securities 1,320,042 shares$344,055,715 
$344,055,715 
Capital Preservation Asset Class:
Galliard Intermediate Core Fund L*Collective Trust Fund 26,889,543 units388,268,871 
Galliard Short Core Fund F*Collective Trust Fund 15,803,322 units262,746,035 
Short-Term Investment Fund II*Collective Trust Fund 36,482,326 units36,482,326 
NT Collective Short Term Investment Fund*Collective Trust Fund 54,278,427 units54,278,427 
Wrapper Contracts— 
Total Capital Preservation Asset Class741,775,659 
Fixed Income Active Asset Class:
MetLife Core Plus Collective Fund*Collective Trust Fund 8,096,601 units81,613,735 
Wellington Core Bond Plus Portfolio Collective Investment Trust II*Collective Trust Fund 7,304,193 units81,149,579 
NT Collective Aggregate Bond Index Fund / Non Lending*Collective Trust Fund 203,905 units30,628,555 
Schroder Global Strategic Bond Trust Class W*Collective Trust Fund 2,345,420 units25,823,079 
Banc America Alternative Loan Trust Series 2004-6 Class 4A 15.0% Due 10-25-2048*Corporate Bond 2,275 units1,887 
GMAC Mortgage Loan Trust 2003/J10 4.75% Due 01/25/2019Corporate Bond 1,131 units1,092 
NT Collective Short Term Investment Fund*Collective Trust Fund 340 units340 
Total Fixed Income Active Asset Class219,218,267 
Fixed Income Index Asset Class:
NT Collective Aggregate Bond Index Fund / Non Lending*Collective Trust Fund 8,014,538 units1,203,863,804 
Total Fixed Income Index Asset Class1,203,863,804 
U.S. Equity Active Asset Class:
NT Collective Russell 1000 Value Index Fund / Non Lending*Collective Trust Fund 178,521 units113,885,436 
NT Collective Russell 3000 Index Fund / Non Lending*Collective Trust Fund 227,333 units21,106,461 
Amazon Inc.Common and Preferred Stock 76,247 shares16,727,829 
Nvidia CorporationCommon and Preferred Stock 111,652 shares14,993,747 
Microsoft CorporationCommon and Preferred Stock 35,065 shares14,779,898 
NT Collective Short Term Investment Fund*Collective Trust Fund 10,902,997 units10,902,997 
Facebook Inc. Class ACommon and Preferred Stock 17,128 shares10,028,615 
Apple Inc.Common and Preferred Stock 33,873 shares8,482,477 
Visa Inc. Class ACommon and Preferred Stock 25,247 shares7,979,062 
ServiceNow, Inc.Common and Preferred Stock 7,498 shares7,948,780 
SS&C Technologies Holdings Inc.Common and Preferred Stock 81,488 shares6,175,161 
Netflix, Inc.Common and Preferred Stock 5,895 shares5,254,331 
Entegris Inc.Common and Preferred Stock 50,467 shares4,999,261 
11


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Atlassian Corporation Class ACommon and Preferred Stock 19,686 shares4,791,179 
CVS Health CorporationCommon and Preferred Stock 105,737 shares4,746,534 
UnitedHealth Group Inc.Common and Preferred Stock 9,326 shares4,717,650 
Baxter International Inc.Common and Preferred Stock 160,897 shares4,691,757 
Shopify Inc. Class ACommon and Preferred Stock 43,408 shares4,615,573 
Intuit Inc.Common and Preferred Stock 7,241 shares4,550,969 
S&P Global Inc.Common and Preferred Stock 8,979 shares4,471,811 
Citigroup Inc.Common and Preferred Stock 61,883 shares4,355,944 
Aon PLCCommon and Preferred Stock 11,976 shares4,301,300 
Waste Management, Inc.Common and Preferred Stock 20,616 shares4,160,103 
Gartner Inc.Common and Preferred Stock 8,524 shares4,129,622 
Thermo Fisher Scientific Inc.Common and Preferred Stock 7,776 shares4,045,308 
Yum! Brands, Inc.Common and Preferred Stock 29,586 shares3,969,258 
Canadian Pacific Kansas City LimitedCommon and Preferred Stock 54,562 shares3,948,652 
Halozyme Therapeutics Inc.Common and Preferred Stock 82,078 shares3,924,149 
STERIS plcCommon and Preferred Stock 19,032 shares3,912,218 
Clean Harbors Inc.Common and Preferred Stock 16,934 shares3,897,191 
Danaher CorporationCommon and Preferred Stock 16,967 shares3,894,775 
Novo Nordisk A/SCommon and Preferred Stock 44,759 shares3,850,169 
Wells Fargo & Company*Common and Preferred Stock 54,547 shares3,831,381 
Capital One Financial CorporationCommon and Preferred Stock 21,446 shares3,824,251 
Dow Inc.Common and Preferred Stock 93,143 shares3,737,829 
Datadog, Inc.Common and Preferred Stock 25,946 shares3,707,424 
Fresenius Medical CareCommon and Preferred Stock 163,629 shares3,704,561 
MSCI Inc.Common and Preferred Stock 6,074 shares3,644,461 
Synopsys Inc.Common and Preferred Stock 7,292 shares3,539,245 
Amphenol Corporation Class ACommon and Preferred Stock 50,848 shares3,531,394 
Humana Inc.Common and Preferred Stock 13,894 shares3,525,047 
Waste Connections Inc.Common and Preferred Stock 20,230 shares3,471,061 
Euronet Worldwide Inc.Common and Preferred Stock 33,372 shares3,431,976 
Dollar General CorporationCommon and Preferred Stock 45,041 shares3,415,009 
Global Payments Inc.Common and Preferred Stock 30,288 shares3,394,073 
Ecolab Inc.Common and Preferred Stock 14,359 shares3,364,601 
RB Global Inc.Common and Preferred Stock 37,268 shares3,361,946 
Workday, Inc.Common and Preferred Stock 12,972 shares3,347,165 
Magna International Inc.Common and Preferred Stock 79,821 shares3,335,720 
DexCom, Inc.Common and Preferred Stock 42,688 shares3,319,846 
Merit Medical Systems Inc.Common and Preferred Stock 34,289 shares3,316,432 
Spotify Technology S.A.Common and Preferred Stock 7,394 shares3,307,928 
Alphabet Inc.Common and Preferred Stock 17,078 shares3,252,334 
MetLife Inc.*Common and Preferred Stock 39,316 shares3,219,194 
Sea LimitedCommon and Preferred Stock 29,479 shares3,127,722 
Churchill Downs Inc.Common and Preferred Stock 23,263 shares3,106,541 
Equitable Holdings Inc.Common and Preferred Stock 65,021 shares3,067,041 
Lear CorporationCommon and Preferred Stock 32,352 shares3,063,734 
Charter Communications Inc.Common and Preferred Stock 8,868 shares3,039,684 
Samsara Inc. Class ACommon and Preferred Stock 69,516 shares3,037,154 
Cognizant Technology Solutions Corporation Class ACommon and Preferred Stock 39,418 shares3,031,244 
Block, Inc.Common and Preferred Stock 34,972 shares2,972,270 
12


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Autodesk, Inc.Common and Preferred Stock 9,975 shares2,948,311 
Ametek Inc.Common and Preferred Stock 16,255 shares2,930,126 
CarGurus Inc. Class ACommon and Preferred Stock 78,733 shares2,876,904 
Trimble Inc.Common and Preferred Stock 40,642 shares2,871,764 
Bank of America Corporation*Common and Preferred Stock 65,005 shares2,856,970 
Cloudflare, Inc.Common and Preferred Stock 26,514 shares2,855,028 
American Express CompanyCommon and Preferred Stock 9,522 shares2,826,034 
BWX Technologies Inc.Common and Preferred Stock 24,242 shares2,700,316 
Intercontinental Exchange, Inc.Common and Preferred Stock 18,047 shares2,689,183 
Bio-Techne CorporationCommon and Preferred Stock 37,307 shares2,687,223 
HealthEquity Inc.Common and Preferred Stock 27,378 shares2,626,919 
J2 Global Inc.Common and Preferred Stock 47,244 shares2,567,239 
Delta Air Lines, Inc.Common and Preferred Stock 41,633 shares2,518,797 
Brown & Brown Inc.Common and Preferred Stock 24,520 shares2,501,530 
Amdocs LimitedCommon and Preferred Stock 29,190 shares2,485,237 
Alight Inc. Class ACommon and Preferred Stock 358,557 shares2,481,214 
Pfizer Inc.Common and Preferred Stock 93,060 shares2,468,882 
Bristol Myers SquibbCommon and Preferred Stock 43,459 shares2,458,041 
ASML Holding N.V.Common and Preferred Stock 3,545 shares2,456,969 
Skyworks Solutions IncCommon and Preferred Stock 27,136 shares2,406,420 
Shell plcCommon and Preferred Stock 38,214 shares2,394,107 
Voya Financial Inc.Common and Preferred Stock 34,500 shares2,374,635 
Nu Holdings LimitedCommon and Preferred Stock 229,156 shares2,374,056 
Ingredion Inc.Common and Preferred Stock 17,102 shares2,352,551 
Okta Inc.Common and Preferred Stock 29,814 shares2,349,343 
DoorDash, Inc. Class ACommon and Preferred Stock 13,674 shares2,293,814 
Tyson Foods Inc.Common and Preferred Stock 39,902 shares2,291,971 
Medtronic PLCCommon and Preferred Stock 27,901 shares2,228,732 
LKQ CorporationCommon and Preferred Stock 60,322 shares2,216,834 
Huntington Bancshares Inc.Common and Preferred Stock 135,001 shares2,196,466 
Salesforce.com Inc.Common and Preferred Stock 6,545 shares2,188,190 
AppLovin Corporation Class ACommon and Preferred Stock 6,657 shares2,155,736 
IDEX CorporationCommon and Preferred Stock 10,262 shares2,147,734 
Doximity Inc.Common and Preferred Stock 39,578 shares2,113,069 
Starbucks CorporationCommon and Preferred Stock 23,069 shares2,105,046 
Charles River Laboratories International Inc.Common and Preferred Stock 11,403 shares2,104,994 
PVH CorporationCommon and Preferred Stock 19,544 shares2,066,778 
Newell Brands Inc.Common and Preferred Stock 203,960 shares2,031,442 
Waystar Holding CorporationCommon and Preferred Stock 54,639 shares2,005,251 
TE Connectivity plcCommon and Preferred Stock 13,758 shares1,966,981 
Sensata Technologies BV HoldingCommon and Preferred Stock 71,319 shares1,954,141 
Generac Holdings Inc.Common and Preferred Stock 12,230 shares1,896,262 
Uber Technologies, Inc.Common and Preferred Stock 31,333 shares1,890,007 
Viper Energy Inc.Common and Preferred Stock 38,261 shares1,877,467 
The Cooper Companies, Inc.Common and Preferred Stock 20,410 shares1,876,291 
UGI CorporationCommon and Preferred Stock 65,112 shares1,838,112 
Dynatrace Inc.Common and Preferred Stock 33,790 shares1,836,487 
NOV Inc.Common and Preferred Stock 124,784 shares1,821,846 
Henry Schein Inc.Common and Preferred Stock 26,178 shares1,811,518 
13


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Coherent CorporationCommon and Preferred Stock 18,810 shares1,781,871 
Heico Corporation Class ACommon and Preferred Stock 9,534 shares1,774,087 
MACOM Technology Solutions Holdings Inc.Common and Preferred Stock 13,202 shares1,715,072 
First American Financial CorporationCommon and Preferred Stock 27,415 shares1,711,793 
Chewy Inc. Class ACommon and Preferred Stock 50,395 shares1,687,729 
Roblox Corporation Class ACommon and Preferred Stock 28,957 shares1,675,452 
Veracyte Inc.Common and Preferred Stock 42,230 shares1,672,308 
GlobalFoundries Inc.Common and Preferred Stock 38,926 shares1,670,315 
Remitly Global Inc.Common and Preferred Stock 73,960 shares1,669,277 
Huron Consulting Group Inc.Common and Preferred Stock 12,879 shares1,600,345 
Dolby Laboratories Inc.Common and Preferred Stock 20,268 shares1,582,931 
AerCap Holdings N.V.Common and Preferred Stock 16,495 shares1,578,572 
Cabot CorporationCommon and Preferred Stock 17,076 shares1,559,210 
Axon Enterprise, Inc.Common and Preferred Stock 2,606 shares1,548,798 
Blackbaud, Inc.Common and Preferred Stock 20,784 shares1,536,353 
UBS Group AGCommon and Preferred Stock 50,412 shares1,528,492 
Woodward Inc.Common and Preferred Stock 8,908 shares1,482,469 
Snowflake Inc. Class ACommon and Preferred Stock 9,531 shares1,471,682 
Tandem Diabetes Care Inc.Common and Preferred Stock 40,805 shares1,469,796 
Prosperity Bancshares Inc.Common and Preferred Stock 19,211 shares1,447,549 
Ultragenyx Pharmaceutical Inc.Common and Preferred Stock 33,724 shares1,418,769 
ACV Auctions Inc. Class ACommon and Preferred Stock 64,909 shares1,402,034 
Dycom Industries Inc.Common and Preferred Stock 7,774 shares1,353,142 
Curtiss Wright CorporationCommon and Preferred Stock 3,800 shares1,348,506 
Belden Inc.Common and Preferred Stock 11,970 shares1,347,942 
QuidelOrtho CorporationCommon and Preferred Stock 30,248 shares1,347,548 
National Retail Properties Inc.Common and Preferred Stock 32,862 shares1,342,413 
nCino, Inc.Common and Preferred Stock 39,576 shares1,328,962 
Copart Inc.Common and Preferred Stock 23,149 shares1,328,521 
ACI Worldwide Inc.Common and Preferred Stock 25,372 shares1,317,061 
Mid-American Apartment Communities Inc.Common and Preferred Stock 8,492 shares1,312,608 
Teleflex Inc.Common and Preferred Stock 7,364 shares1,310,645 
Itron Inc.Common and Preferred Stock 11,995 shares1,302,417 
Toro CompanyCommon and Preferred Stock 16,152 shares1,293,775 
FMC CorporationCommon and Preferred Stock 25,597 shares1,244,270 
Summit Materials Inc.Common and Preferred Stock 24,477 shares1,238,536 
Advanced Energy Industries Inc.Common and Preferred Stock 10,458 shares1,209,259 
Kirby CorporationCommon and Preferred Stock 11,215 shares1,186,547 
Alamos Gold Inc. Class ACommon and Preferred Stock 62,978 shares1,161,314 
Permian Resources CorporationCommon and Preferred Stock 80,643 shares1,159,646 
WEX Inc.Common and Preferred Stock 6,610 shares1,158,865 
Madrigal Pharmaceuticals, Inc.Common and Preferred Stock 3,721 shares1,148,189 
Chart Industrials Inc.Common and Preferred Stock 5,976 shares1,140,460 
BankUnited Inc.Common and Preferred Stock 29,724 shares1,134,565 
FTI Consulting Inc.Common and Preferred Stock 5,914 shares1,130,343 
Graco Inc.Common and Preferred Stock 13,253 shares1,117,095 
Carlisle Companies Inc.Common and Preferred Stock 3,024 shares1,115,372 
Middleby CorporationCommon and Preferred Stock 8,199 shares1,110,555 
Azekpany Inc.Common and Preferred Stock 23,310 shares1,106,526 
TKO Group Holdings Inc.Common and Preferred Stock 7,673 shares1,090,410 
John Bean Technologies CorporationCommon and Preferred Stock 8,454 shares1,074,503 
Iridium Communications Inc.Common and Preferred Stock 36,855 shares1,069,532 
14


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
IAC Inc.Common and Preferred Stock 24,687 shares1,064,997 
Rentokil Initial plcCommon and Preferred Stock 41,832 shares1,059,186 
Hexcel CorporationCommon and Preferred Stock 16,638 shares1,043,203 
Chemed CorporationCommon and Preferred Stock 1,945 shares1,030,461 
National Bank Holdings Corporation Class ACommon and Preferred Stock 23,413 shares1,008,164 
Encompass Health CorporationCommon and Preferred Stock 10,853 shares1,002,275 
Oceaneering International Inc.Common and Preferred Stock 38,171 shares995,500 
Certara Inc.Common and Preferred Stock 92,654 shares986,765 
Cimpress plcCommon and Preferred Stock 13,690 shares981,847 
JP Morgan Chase & CompanyCommon and Preferred Stock 4,083 shares978,736 
AptarGroup Inc.Common and Preferred Stock 6,221 shares977,319 
Supernus Pharmaceuticals Inc.Common and Preferred Stock 26,928 shares973,716 
Ciena CorporationCommon and Preferred Stock 11,465 shares972,347 
Range Resources CorporationCommon and Preferred Stock 26,841 shares965,739 
Globus Medical, Inc. Class ACommon and Preferred Stock 11,648 shares963,406 
Keysight Technologies Inc.Common and Preferred Stock 5,943 shares954,624 
Pool CorporationCommon and Preferred Stock 2,772 shares945,086 
ASGN Inc.Common and Preferred Stock 11,142 shares928,574 
Barnes Group Inc.Common and Preferred Stock 19,453 shares919,349 
Prestige Consumer Healthcare Inc.Common and Preferred Stock 11,711 shares914,512 
Sotera Health CompanyCommon and Preferred Stock 65,963 shares902,374 
Knowles CorporationCommon and Preferred Stock 45,024 shares897,328 
Hannon Armstrong Sustainable Infrastructure Capital Inc.Common and Preferred Stock 33,322 shares894,029 
On Semiconductor CorporationCommon and Preferred Stock 14,094 shares888,627 
Box Inc. Class ACommon and Preferred Stock 27,909 shares881,924 
KBR, Inc.Common and Preferred Stock 15,222 shares881,810 
Federal Signal CorporationCommon and Preferred Stock 9,140 shares844,445 
Omnicell Inc.Common and Preferred Stock 18,940 shares843,209 
Tenable Holdings Inc.Common and Preferred Stock 21,184 shares834,226 
WisdomTree Investments Inc.Common and Preferred Stock 79,410 shares833,805 
Markel Corporation Holding CompanyCommon and Preferred Stock 474 shares818,233 
Wolverine World Wide Inc.Common and Preferred Stock 36,775 shares816,405 
Albany International Corporation Class ACommon and Preferred Stock 9,977 shares797,861 
Applied Industrial Technologies Inc.Common and Preferred Stock 3,263 shares781,391 
Sprout Social, Inc. Class ACommon and Preferred Stock 25,047 shares769,193 
Haemonetics CorporationCommon and Preferred Stock 9,762 shares762,217 
GFL Environmental Inc.Common and Preferred Stock 16,522 shares735,890 
KB HomeCommon and Preferred Stock 10,960 shares720,291 
Sally Beauty Holdings Inc.Common and Preferred Stock 67,967 shares710,255 
Teledyne Technologies Inc.Common and Preferred Stock 1,508 shares699,908 
Acadia Healthcare Company Inc.Common and Preferred Stock 16,815 shares666,715 
SpringWorks Therapeutics Inc.Common and Preferred Stock 18,379 shares664,033 
Core & Main, Inc. Class ACommon and Preferred Stock 13,018 shares662,746 
Sportradar GroupCommon and Preferred Stock 37,259 shares646,071 
ZipRecruiter Inc. Class ACommon and Preferred Stock 87,084 shares630,488 
Consensus Cloud Solutions Inc.Common and Preferred Stock 26,157 shares624,106 
Jacobs Solutions Inc.Common and Preferred Stock 4,667 shares623,605 
SLR Investment CorporationCommon and Preferred Stock 36,915 shares596,546 
J & J Snack Foods CorporationCommon and Preferred Stock 3,824 shares593,217 
Knight-Swift Transportation Holdings Inc. Class ACommon and Preferred Stock 11,167 shares592,298 
Heartland Express Inc.Common and Preferred Stock 52,207 shares585,763 
15


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Axogen Inc.Common and Preferred Stock 35,434 shares583,952 
Carter Inc.Common and Preferred Stock 10,405 shares563,847 
Agios Pharmaceuticals Inc.Common and Preferred Stock 17,090 shares561,577 
CONMED CorporationCommon and Preferred Stock 7,934 shares543,003 
Matthews International Corporation Class ACommon and Preferred Stock 19,608 shares542,749 
United Community Bank Blairsville GeorgiaCommon and Preferred Stock 16,791 shares542,517 
Tronox Holdings PLCCommon and Preferred Stock 52,326 shares526,923 
Nasdaq Inc.Common and Preferred Stock 6,807 shares526,249 
N-Able Technologies International Inc.Common and Preferred Stock 55,065 shares514,307 
Trinet Group Inc.Common and Preferred Stock 5,655 shares513,304 
Skechers USA Inc. Class ACommon and Preferred Stock 7,556 shares508,065 
Banner CorporationCommon and Preferred Stock 7,545 shares503,780 
BRP Group Inc. Class ACommon and Preferred Stock 12,962 shares502,407 
WillScot Mobile Mini Holdings CorporationCommon and Preferred Stock 15,010 shares502,085 
Arvinas Inc.Common and Preferred Stock 26,190 shares502,062 
Eagle Materials Inc.Common and Preferred Stock 2,032 shares501,416 
Legend Biotech CorporationCommon and Preferred Stock 15,404 shares501,246 
STAG Industrial Inc.Common and Preferred Stock 14,323 shares484,404 
Crescent Energy Company Class ACommon and Preferred Stock 33,122 shares483,912 
Elastic N.V.Common and Preferred Stock 4,872 shares482,718 
Axalta Coating Systems LimitedCommon and Preferred Stock 13,877 shares474,871 
Cohen & Steers Inc.Common and Preferred Stock 5,070 shares468,164 
Matson Inc.Common and Preferred Stock 3,438 shares463,580 
TreeHouse Foods Inc.Common and Preferred Stock 13,185 shares463,189 
Wabtec CorporationCommon and Preferred Stock 2,384 shares451,983 
Align Technology Inc.Common and Preferred Stock 2,115 shares440,999 
JBG SMITH PropertiesCommon and Preferred Stock 28,050 shares431,129 
Exact Sciences CorporationCommon and Preferred Stock 7,631 shares428,786 
Fox Factory Holding CorporationCommon and Preferred Stock 14,156 shares428,502 
GXO Logistics Inc.Common and Preferred Stock 9,834 shares427,779 
Pacific Premier Bancorp Inc.Common and Preferred Stock 17,052 shares424,936 
Littelfuse Inc.Common and Preferred Stock 1,788 shares421,342 
Northern Oil & Gas Inc.Common and Preferred Stock 11,292 shares419,611 
Silgan Holdings Inc.Common and Preferred Stock 8,042 shares418,586 
Flowserve CorporationCommon and Preferred Stock 7,035 shares404,653 
First Interstate BancSystemCommon and Preferred Stock 12,177 shares395,387 
8X8 Inc.Common and Preferred Stock 146,281 shares390,570 
NorthWestern CorpCommon and Preferred Stock 6,742 shares360,427 
ALLETE Inc.Common and Preferred Stock 5,552 shares359,770 
Monro Inc.Common and Preferred Stock 14,442 shares358,162 
WSFS Financial CorporationCommon and Preferred Stock 6,655 shares353,580 
Mercury Systems Inc.Common and Preferred Stock 8,249 shares346,458 
Healthpeak OP, LLCCommon and Preferred Stock 16,916 shares342,887 
Texas Capital Bancshares Inc.Common and Preferred Stock 4,344 shares339,701 
Americold Realty Trust, Inc.Common and Preferred Stock 15,870 shares339,618 
Amentum Holdings, Inc.Common and Preferred Stock 15,523 shares326,449 
Boston Properties Inc.Common and Preferred Stock 4,078 shares303,240 
Patterson-UTI Energy Inc.Common and Preferred Stock 36,005 shares297,401 
NCR CorporationCommon and Preferred Stock 21,092 shares291,913 
Dyne Therapeutics, Inc.Common and Preferred Stock 12,003 shares282,791 
1-800-FLOWERS.COM Inc. Class ACommon and Preferred Stock 34,533 shares282,135 
16


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Sonos Inc.Common and Preferred Stock 17,904 shares269,276 
IPG Photonics CorporationCommon and Preferred Stock 3,635 shares264,337 
Rogers CorporationCommon and Preferred Stock 2,553 shares259,410 
StandardAero, Inc.Common and Preferred Stock 10,216 shares252,948 
Nevro CorporationCommon and Preferred Stock 67,978 shares252,878 
Berkshire Hills Bancorp Inc.Common and Preferred Stock 8,643 shares245,720 
Transmedics Group Inc.Common and Preferred Stock 3,605 shares224,772 
Mednax Inc.Common and Preferred Stock 16,137 shares211,717 
Nuvalent, Inc. Class ACommon and Preferred Stock 2,674 shares209,321 
Columbus McKinnon CorporationCommon and Preferred Stock 4,724 shares175,922 
Insight Enterprises, Inc.Common and Preferred Stock 1,156 shares175,828 
Designer Brands Inc. Class ACommon and Preferred Stock 32,021 shares170,992 
Herbalife Nutrition LimitedCommon and Preferred Stock 24,148 shares161,550 
eHealth Inc.Common and Preferred Stock 12,746 shares119,812 
Nu Skin Enterprises Inc. Class ACommon and Preferred Stock 12,954 shares89,253 
Safehold Inc.Common and Preferred Stock 4,652 shares85,969 
Total U.S. Equity Active Asset Class679,117,526 
U.S. Equity Index Asset Class:
NT Collective Russell 3000 Index Fund / Non Lending*Collective Trust Fund 22,328,542 units2,073,570,958 
Gaming & Leisure Properties Inc.Common and Preferred Stock 155 shares7,465 
CTO Realty Growth Inc.Common and Preferred Stock 83 shares1,636 
NT Collective Short Term Investment Fund*Collective Trust Fund 328 units328 
Total U.S. Equity Index Asset Class2,073,580,387 
International Equity Active Asset Class:
Mawer International Equity Collective Investment Trust Class B*Collective Trust Fund 14,497,735 units256,920,164 
Polaris Capital Management Collective Investment Trust International Value Collective Fund*Collective Trust Fund 20,282,037 units246,142,798 
Reliance Trust Institutional Retirement Trust GQG Partners International Equity Fund Series 11 Class C*Collective Trust Fund 11,706,978 units186,492,162 
Dodge & Cox International Stock FundMutual Fund 2,982,883 shares148,845,846 
Wilmington Trust Collective Investment Trust / Jennison International Equity Opportunities CIT Class J*Collective Trust Fund 14,454,657 units144,662,208 
NT Collective MSCI All Country World Index (ACWI) ex/US Index Fund / Non Lending*Collective Trust Fund 566,056 units127,783,078 
NT Collective Short Term Investment Fund*Collective Trust Fund 38,030 units38,030 
Total International Equity Active Asset Class1,110,884,286 
International Equity Index Asset Class:
NT Collective All Country World Index (ACWI) Ex/US Fund / Non Lending*Collective Trust Fund 1,492,119 units307,495,939 
Total International Equity Index Asset Class307,495,939 
Participant Self-Directed AccountsVarious Investments999,716,674 
999,716,674 
Notes Receivable from Participants*Interest Rate 4.25% - 9.50%35,185,439 
35,185,439 
17


Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
Identity of IssueDescription of InvestmentCurrent Value
Other:
BIF Money Fund*Cash and Cash Equivalents2,689,633 
ML Vanguard Federal Money Market Forfeiture / Settlement*Cash and Cash Equivalents715,843 
NT Collective Short Term Investment Fund*Collective Trust Fund 358,375 units358,375 
Interest-Bearing CashCash and Cash Equivalents61,082 
Exide TechnologiesCommon and Preferred Stock 35,683 shares24,978 
Total Other3,849,911 
Grand Total$7,718,743,607 
* Indicates party-in-interest

18

AMGEN RETIREMENT AND SAVINGS PLAN
INDEX TO EXHIBIT
 
  Exhibit 23.1
19

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
  
 Amgen Retirement and Savings Plan
 (Name of Plan)
Date:June 12, 2025 By: /s/ PETER H. GRIFFITH
   
Peter H. Griffith
   
Executive Vice President and
Chief Financial Officer
Amgen Inc.
20
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-23.1