Edgar Filing: BAXTER INTERNATIONAL INC

Form 11-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 11-K

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

For the year ended December 31, 2011

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

For the transition period from to

Commission file number 1-4448

A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

Baxter Healthcare of Puerto Rico Savings and Investment Plan

B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Baxter International Inc.

One Baxter Parkway

Deerfield, IL 60015

(847) 948-2000

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Financial Statements and Supplemental Schedule

December 31, 2011 and 2010

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Index

December 31, 2011 and 2010


	Page(s)

Report of Independent Registered Public Accounting Firm		1

Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010		2

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2011 and 2010		3

Notes to Financial Statements		4-14

Supplemental Information

Schedule H, Line 4i: Schedule of Assets (Held at End of Year) as of December 31, 2011		16-40

Report of Independent Registered Public Accounting Firm

To the Participants and Administrative Committee of

the Baxter Healthcare of Puerto Rico Savings and Investment Plan

Deerfield, Illinois

We have audited the accompanying statements of net assets available for benefits of the Baxter Healthcare of Puerto Rico Savings and Investment Plan (“the Plan”) as of December 31, 2011 and 2010, and the related statements of changes in net assets available for benefits for the years then ended. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2011 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2011 financial statements taken as a whole.

/s/ Crowe Horwath LLP

Oak Brook, Illinois

June 27, 2012

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Statements of Net Assets Available for Benefits

December 31, 2011 and 2010 (in thousands)


	2011			2010
Assets
Investments
Cash and cash equivalents	$	1,072		$	616
Common stock (including securities on loan of $13 in 2011 and $79 in 2010)		8,323			8,543
U.S. government and government agency issues (including securities on loan of $64 in 2011 and $53 in 2010)		263			233
Corporate and other obligations (including securities on loan of $85 in 2011 and $35 in 2010)		483			554
Commingled funds		7,171			7,485
Registered investment companies		1,531			1,059
Synthetic guaranteed investment contracts (including securities on loan of $4,995 in 2010)		18,224			16,877
Collateral held on loaned securities		166			5,198

Total investments at fair value		37,233			40,565

Receivables
Notes receivables from participants		3,568			3,591
Sponsor contributions		275			199
Accrued interest and dividends		49			46
Due from brokers for securities sold		—			8

		3,892			3,844

Total assets		41,125			44,409

Liabilities
Accounts payable		277			215
Collateral to be paid on loaned securities		166			5,255

Total liabilities		443			5,470


Net assets available for benefits, reflecting investments at fair value		40,682			38,939
Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(1,480	)		(1,156	)

Net assets available for benefits	$	39,202		$	37,783

The accompanying notes are an integral part of these financial statements.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2011 and 2010 (in thousands)


	2011			2010
Additions (reductions) to net assets attributed to
Investment income
Net (depreciation) appreciation in fair value of investments	$	(524	)	$	473
Interest		690			725
Dividends		227			195

Net investment income		393			1,393


Participant loan interest		160			196

Contributions
Sponsor		1,595			1,466
Participant		2,845			2,722

		4,440			4,188

Net additions		4,993			5,777


Deductions from net assets attributed to
Benefits paid		3,215			3,761
Plan expenses		359			350

Total deductions		3,574			4,111

Net increase		1,419			1,666
Net assets available for benefits
Beginning of year		37,783			36,117

End of year	$	39,202		$	37,783

The accompanying notes are an integral part of these financial statements.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

1.	General Description of the Plan

The following description of the Baxter Healthcare of Puerto Rico Savings and Investment Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document and summary plan description for more complete information. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

The Plan is a defined contribution plan which became effective on January 1, 1998. The Plan was created for the purpose of providing retirement benefits to employees of Baxter Healthcare S.A. (Puerto Rico Branch), and Baxter Sales and Distribution Corporation (collectively, the Sponsor or the Company), subsidiaries of Baxter International Inc. (Baxter) and to encourage and assist employees in adopting a regular savings program by means of payroll deductions through a plan that qualifies under the applicable laws of the Commonwealth of Puerto Rico and the United States Internal Revenue Code. Plan participants may authorize the Company to make payroll deductions under the Plan ranging from 1% to 50% of their pre-tax monthly compensation in both 2011 and 2010, limited to a maximum of $10,000 and $9,000 a year in 2011 and 2010, respectively. Newly hired employees are deemed to have elected to contribute 3% of compensation unless they make a contrary election. The Company matches a participant’s savings contributions at the rate of 50 cents for each dollar of a participant’s pre-tax contribution, up to a maximum of 6% of a participant’s compensation. The Company also contributes an additional non-matching 3% of compensation for employees that are not eligible to participate in the Company’s Puerto Rico defined benefit pension plan, which includes all new employees hired on or after January 1, 2008. The Company may make additional discretionary contributions in such amounts as the Company may determine. Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company’s matching and discretionary contributions plus actual earnings thereon is based on years of service. The contributions vest in accordance with the following vesting schedule:


Years of Service	Vesting %
1		20%
2		40%
3		60%
4		80%
5 or more		100%

Employees are fully vested in the Company’s matching contributions account, regardless of years of service with the Company, upon attaining age 65, upon becoming disabled in accordance with the provisions of the Plan or upon dying while employed by the Company. The Company’s additional non-matching contribution becomes fully vested after three years of service. Forfeitures of nonvested accounts are used to reduce future Company contributions.

Participants may borrow from their vested accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account and bear interest at the prime rate at the last day of the month prior to loan request, plus one percent. These loans are reported at their unpaid principal balance plus any accrued but unpaid interest, with no allowance for credit losses, as repayments of principal and interest are received through payroll deductions and the notes are collateralized by the participant’s account balances.

Plan participants can not request withdrawals from the Plan unless they are at least 59¹/2 years old or incur a financial hardship. On termination of service due to retirement or other reasons, a participant may elect to receive either a lump sum amount equal to their entire vested account balance or installment payments. In the case of a participant termination because of death or disability, the entire vested amount is paid to the person or persons legally entitled thereto.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

Each participant’s account is credited with the participant’s contribution and an allocation of the Company’s contributions and Plan earnings, and is charged with his or her withdrawals and an allocation of Plan-related expenses. Allocations are based on participant earnings or account balances, as defined in the Plan document. The net income of the Plan is posted to the participant’s accounts on a daily basis. Each participant directs the investment of his or her account to any of the investment options available under the Plan.

Upon enrollment in the Plan, a participant may direct contributions into any of 17 investment options: Stable Income Fund, Baxter Common Stock Fund, Composite Fund, General Equity Fund, S&P 500 Flagship Fund, International EAFE Equity Index Fund, Small Cap Fund and ten different Target Retirement Funds. However, non-matching contributions may not be invested in the Baxter Common Stock Fund. In addition, certain participants maintain shares in Edwards Lifesciences Corporation. These shares were placed into the Edwards Lifesciences Common Stock Fund in connection with Baxter’s 2000 spin-off of its cardiovascular business. Participants are not able to make contributions or transfer existing account balances to the Edwards Lifesciences Common Stock Fund, but may make transfers out of these funds at any time.

2.	Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting. Accordingly, investment income is recognized when earned and expenses are recognized when incurred.

New Accounting Standards

In January 2010, the Financial Accounting Standards Board issued a new accounting standard effective for reporting periods beginning after December 15, 2010, which required an entity to separately present information related to purchases, sales, issuances and settlements in the reconciliation of fair value measurements classified as Level 3. The plan did not have any activity related to purchases, sales, issuances or settlements for fair value measurements classified as Level 3.

Valuation of Investments and Collateral

The fair value of Plan investments and collateral is determined as follows:


Cash and cash equivalents		These largely consist of a short-term investment fund and a money market fund, the fair value of which is based on the net asset value. The investment objectives for these funds are to provide safety for principal, daily liquidity and a competitive yield by investing in high quality instruments.

Common stock		Value based on closing prices on the valuation date in an active market on national securities exchanges.

U.S. government and government agency issues		Value based on reputable pricing vendors that typically use pricing matrices or models.

Corporate and other obligations		Value based on reputable pricing vendors that typically use pricing matrices or models.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010


Commingled funds		Value based on net asset values reported by the fund managers as of the Plan’s financial statement dates and recent transaction prices. The investment objectives of these funds are to track the performances of the S&P 500 (S&P 500 Flagship Fund); Europe, Australasia and the Far East (EAFE) (International EAFE Equity Index Fund); or Russell 2000 (Small Cap Fund) indexes. The underlying investments vary, with some holding diversified portfolios of domestic stocks and government agency bonds, and others holding collective investment funds. Each fund provides for daily redemptions by the Plan at reported net asset values per share, with no advance notice requirement. Refer to Note 6 for amounts invested in each of these funds.

Registered investment companies		Value based on the last reported sale price from a national security exchange on the valuation date.

Synthetic guaranteed investment contracts		Value based on the fair value of the underlying securities in the contract on the valuation date plus the fair value of wrapper contracts, which is calculated using a replacement cost approach. The underlying securities are valued based upon the methodologies described above. See below for more information.

Collateral held on loaned securities		Value based upon the net asset value per unit of the short-term investment funds where the collateral is invested. Refer to Note 7 for more information on the securities lending program.

Collateral to be paid on loaned securities		Value based on the fair value of the underlying securities loaned on the valuation date, plus an incremental margin.

Income Recognition

Plan investment return includes dividend and interest income, gains and losses on sales of investments and unrealized depreciation or appreciation of investments. Purchases and sales of investments are recorded on a trade date basis. Dividends are recorded on the ex-dividend date. Interest is earned on an accrual basis.

The financial statements reflect the net depreciation or appreciation in the fair value of the Plan’s investments. This net depreciation or appreciation consists of realized gains and losses calculated as the difference between proceeds from a sales transaction and cost determined on a moving average basis, and unrealized gains and losses calculated as the change in the fair value between beginning of the year (or purchase date if later) and the end of the year.

Synthetic Guaranteed Investment Contracts

The Plan holds synthetic guaranteed investment contracts (GICs) as part of the Stable Income Fund. The synthetic GICs provide for a fixed return on principal over a specified time through fully benefit-responsive contracts issued by Aegon Institutional Markets and Bank of America N.A. The portfolio of assets, overall of investment grade, underlying the synthetic GICs primarily includes cash and cash equivalents, U.S. government and government agency issues and corporate and other obligations.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

The fair value of the synthetic GICs equals the total of the fair value of the underlying assets plus the fair value of the wrapper contracts. The fair value of the wrapper contracts is computed using a replacement cost approach that incorporates a comparison of the current fee rate on similar wrapper contracts to the fee being paid by the Plan. Using this approach, the fair value of the wrapper contracts were a loss of $8,404 and a gain of $38,076 at December 31, 2011 and 2010, respectively.

While Plan investments are presented at fair value in the Statement of Net Assets Available for Benefits, any material difference between the fair value of the Plan’s direct and indirect interests in fully benefit-responsive investment contracts and their contract value is presented as an adjustment line in the Statements of Net Assets Available for Benefits, because contract value is the relevant measurement attribute for that portion of the Plan’s net assets available for benefits. Contract value represents contributions, plus earnings, less participant withdrawals and administrative expenses. The wrapper contracts used by the Plan are fully benefit-responsive because the wrapper contract issuers are contractually obligated to make up any shortfall in the event that the underlying asset portfolio has been liquidated and is inadequate to cover participant withdrawals and transfers at contract value. There are currently no reserves against contract values for credit risk of the contract issuers or any other risk. The contract value for the synthetic GICs was $16.7 million and $15.7 million at December 31, 2011 and 2010, respectively.

The crediting interest rate, which is reset quarterly, can never fall below zero. The crediting rate formula smoothes the impact of interest rate changes on participant returns by amortizing any difference between market value and book value over a period of years equal to the duration of the portfolio benchmark. The average yield on the synthetic GICs was approximately 2.9% and 3.5% at December 31, 2011 and 2010, respectively. The average interest rate credited to participants on the synthetic GICs was approximately 3.7% and 4.1% for the years ended December 31, 2011 and 2010. The credit ratings for Aegon Institutional Markets were AA- at both December 31, 2011 and 2010, and the credit ratings for Bank of America N.A. were A and A+ at December 31, 2011 and 2010, respectively.

Events that lead to market value withdrawals that exceed 20 percent of the contract value would limit the ability of the Plan to transact at contract value with participants. These events include restructurings, early retirement plans, divestitures, bankruptcies, or legal, tax or regulatory changes. The Plan sponsor believes that the occurrence of any such event is remote.

The wrapper providers can only terminate at a value different than contract value under an event of default (that was not remedied) such as failure to follow the terms of the contract. If a wrapper provider would like to exit the contract for another reason, the Plan can maintain the contract through an extended termination process designed to ensure continued benefit-responsive treatment for withdrawals.

Payment of Benefits

Benefits are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.

Other

Due from or due to brokers for securities sold or purchased, respectively, represent the net cash value of security trades initiated but not yet settled at each respective year-end.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

Risks and Uncertainties

The Plan provides for various investment options which invest in any combination of registered investment companies, U.S. government and government agency issues, corporate and other obligations, common stock, commingled funds, synthetic guaranteed investment contracts and short-term investments. Investment securities are exposed to various risks, such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits. Individual participants’ accounts bear the risk of loss resulting from fluctuations in investment values.

Investments underlying the Plan’s synthetic GICs include securities with contractual cash flows, such as asset-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities, including securities backed by subprime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate values, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

3.	Eligibility Requirements

Employees become eligible to participate in the Plan as of the first day of the month following the completion of thirty days of employment. Eligible employees are those who meet the following requirements:

Puerto Rico employees of the Puerto Rico Branch, or the Company, both subsidiaries of Baxter;

Puerto Rico employees not covered by a collective bargaining agreement unless the agreement provides for coverage under the Plan; and

Puerto Rico employees who are not leased employees.

4.	Administration of the Plan

Banco Popular de Puerto Rico (the Trustee) and State Street Bank and Trust Company (the Custodian) serve as trustee and custodian, respectively, for the Plan. ING Institutional Plan Services, LLC serves as recordkeeper for the Plan.

The Administrative Committee administers the Plan. The Investment Committee has authority, responsibility and control over the management of the assets of the Plan. Members of both committees are appointed by the Board of Directors of Baxter and are employees of Baxter.

Substantially all investment manager, trustee and administrative fees incurred in the administration of the Plan were paid from the assets of the Plan.

5.	Fair Value of Measurements

The fair value hierarchy under the accounting standard for fair value measurements consists of the following three levels:

•

Level 1 - Quoted prices in active markets that the Plan has the ability to access for identical assets or liabilities;

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

•

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market; and

•

Level 3 - Valuations using significant inputs that are unobservable in the market and include the use of judgment by the Plan’s management about the assumptions market participants would use in pricing the asset or liability.

The following tables summarize the bases used to measure the Plan’s financial instruments and liabilities that are carried at fair value on a recurring basis.


				Basis of Fair Value Measurement
(in thousands)	Balance at December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	$	1,072		$	—	$	1,072	$	—
Common stock:
Healthcare		4,498			4,498		—		—
Consumer products		1,246			1,246		—		—
Information technology		1,070			1,070		—		—
Financial services		487			487		—		—
Industrial services and materials		460			460		—		—
Energy		370			370		—		—
Other		192			192		—		—

Total common stock		8,323			8,323		—		—

U.S. government and government agency issues		263			—		263		—
Corporate and other obligations		483			—		483		—
Commingled funds		7,171			—		7,171		—
Registered investment companies:
Target retirement funds		1,501			1,501		—		—
Other		30			30		—		—

Total registered investment companies		1,531			1,531		—		—

Synthetic guaranteed investment contracts:
Corporate and other obligations		6,309			—		6,309		—
U.S. government and government agency issues		11,351			—		11,351		—
Cash and cash equivalents		572			—		572		—
Wrapper contracts		(8	)		—		—		(8	)

Total synthetic guaranteed investment contracts		18,224			—		18,232		(8	)

Collateral held on loaned securities		166			—		166		—

Total assets	$	37,233		$	9,854	$	27,387	$	(8	)

Liability
Collateral to be paid on loaned securities	$	166		$	14	$	152	$	—

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010


			Basis of Fair Value Measurement
(in thousands)	Balance at December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	$	616	$	—	$	616	$	—
Common stock:
Healthcare		4,399		4,399		—		—
Consumer products		1,012		1,012		—		—
Information technology		967		967		—		—
Financial services		691		691		—		—
Industrial services and materials		735		735		—		—
Energy		597		597		—		—
Other		142		142		—		—

Total common stock		8,543		8,543		—		—

U.S. government and government agency issues		233		—		233		—
Corporate and other obligations		554		—		554		—
Commingled funds		7,485		—		7,485		—
Registered investment companies ⁽¹⁾		1,059		1,059		—		—
Synthetic guaranteed investment contracts:
Corporate and other obligations		6,167		—		6,167		—
U.S. government and government agency issues		10,180		—		10,180		—
Cash and cash equivalents		492		—		492		—
Wrapper contracts		38		—		—		38

Total synthetic guaranteed investment contracts		16,877		—		16,839		38

Collateral held on loaned securities		5,198		—		5,198		—

Total assets	$	40,565	$	9,602	$	30,925	$	38

Liability
Collateral to be paid on loaned securities	$	5,255	$	139	$	5,116	$	—

⁽¹⁾

Comprised entirely of Target retirement funds

There were no transfers from Level 1 to Level 2 investments in 2011 or 2010.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

The following table sets forth a summary of changes in the fair values of the Plan’s level 3 financial instruments.


(in thousands)	Wrapper Contracts
Balance at December 31, 2009	$	37
Unrealized gains (relating to assets held at end of year)		1

Balance at December 31, 2010		38

Unrealized losses (relating to assets held at end of year)		(46	)

Balance at December 31, 2011	$	(8	)

The net unrealized gains or losses from the wrapper contracts are excluded from the net (depreciation) appreciation reported for the Plan, but are instead reflected in the change in adjustment from fair value to contract value for fully benefit responsive contracts reported on the statements of net assets available for benefits.

See Valuation of Investments and Collateral in Note 2 above for a discussion of the methodologies used to determine the fair values of the Plan’s investments and collateral. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

6.	Investments

Investments representing five percent or more of the Plan’s net assets available for benefits at December 31, 2011 and 2010 are summarized as follows:


(values in thousands, except per share)	2011		2010
Baxter common stock, 115,534 shares and 113,065 shares at December 31, 2011 and 2010, respectively	$	5,717	$	5,723
State Street Global Advisors (SSgA) S&P 500 Flagship Fund		4,005		3,961
Baxter International Savings Trust Separate Account (Collateral held on loaned securities)		*		4,872

Does not meet 5% threshold.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

Investments as of December 31, 2011 and 2010 are segregated into various investment fund options as follows:


(in thousands)	2011			2010
Cash (available for investment)	$	150		$	113
Stable Income Fund		18,995			17,172
Baxter Common Stock Fund		5,775			5,822
Composite Fund		1,693			1,755
General Equity Fund		1,703			1,862
SSgA S&P 500 Flagship Fund		4,008			3,966
SSgA International EAFE Equity Index Fund		1,712			1,831
Edwards Lifesciences Common Stock Fund		74			92
SSgA Small Cap Fund		1,457			1,695
Target Retirement Funds		1,500			1,059
Collateral held on loaned securities		166			5,198

Total investments at fair value		37,233			40,565
Adjustment from fair value to contract value for Stable Income Fund		(1,480	)		(1,156	)

Total investments	$	35,753		$	39,409

Net (depreciation) appreciation in fair value for each significant class of investment, which includes realized and unrealized gains and losses, is as follows:


(in thousands)	2011			2010
Baxter common stock	$	(128	)	$	(892	)
Other common stock		(214	)		287
U.S. government and government agency issues		2			2
Corporate and other obligations		30			29
Commingled funds		(185	)		944
Registered investment companies		(51	)		88
Collateral held on loaned securities		22			15

	$	(524	)	$	473

7.	Securities Lending Transactions

The Plan participates in a securities lending program with the Custodian. The program allows the Custodian to loan securities, which are assets of the Plan, to approved brokers (the Borrowers).

The Custodian requires the Borrowers, pursuant to a security loan agreement, to deliver collateral to secure each loan in an amount that is at least equal to the fair value of the securities loaned. The Plan bears the risk of loss with respect to any unfavorable change in fair value of the invested cash collateral. However, the Borrower bears the risk of loss related to the decrease in the fair value of the non-cash collateral and, therefore, would have to deliver additional securities to maintain the required collateral. In the event of default by the Borrower, the Custodian shall indemnify the Plan by purchasing replacement securities equal to the number of unreturned loaned securities, or, if replacement securities are not able to be purchased, the Custodian shall credit the Plan for the market value of the unreturned securities. In each case, the Custodian would apply the proceeds from the collateral for such a loan to make the Plan whole.

The fair value of the investment of cash collateral received pursuant to securities lending transactions is reflected on the Statements of Net Assets Available for Benefits as an asset and the obligation to return the amount received is reflected as a liability.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

As of December 31, 2010, the Plan had securities on loan with a fair market value of $5.2 million, with cash collateral received of $5.3 million, which was reflected at its fair value of $5.2 million. During 2010, $4.9 million was redeemed from the State Street Quality D Short-Term Investment Fund and held in a separate fund (Baxter International Savings Trust Separate Account) for liquidation due to an agreement between the Plan and the Trustee to terminate the securities lending program for the securities within the Stable Income Fund. As of December 31, 2010, the net asset value of the Baxter International Savings Trust Separate Account was $0.9929. As a result of the liquidation of this fund in 2011, a realized gain of $22,385 is reflected in the 2011 Statement of Changes in Net Assets Available for Benefits. As of December 31, 2011, the Plan had securities on loan with a fair market value of $162,449 with cash collateral received of $165,642, which was invested in the State Street Quality D Short-Term Investment Fund. Investments underlying this fund primarily consisted of cash and cash equivalents and asset-backed securities and as of December 31, 2011, the net asset value of this fund was approximately $1.00 per unit. As of December 31, 2011 the cash collateral received is reflected at its fair value of $165,642 in the 2011 Statements of Net Assets Available for Benefits.

Non-cash collateral of $24,048 and $78,112 received for securities on loan at December 31, 2011 and 2010, respectively, consisted of U.S. government and government agency issues held by the Custodian on behalf of the Plan. Non-cash collateral is not included with the collateral balance on the 2011 and 2010 Statement of Net Assets Available for Benefits because it may not be sold or repledged. A portion of the income generated upon investment of cash collateral is remitted to the Borrowers, and the remainder is allocated between the Plan and the Custodian in its capacity as a security agent. Securities lending income allocated to the Plan amounted to $688 and $8,679 for 2011 and 2010, respectively. Securities lending income is classified as interest income in the Statements of Changes in Net Assets Available for Benefits.

8.	Plan Termination

Although it has not expressed any intent to do so, the Plan sponsor has the right under the Plan to reduce, suspend or discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event the Plan terminates, the interest of each participating employee in the Plan shall become fully vested and such termination of the Plan would not reduce the interest of any participating employee or their beneficiaries accrued under the Plan up to the date of such termination.

9.	Tax Status of the Plan

The Puerto Rico Treasury Department has determined and informed the Plan sponsor that the Plan and the related trust are designed in accordance with applicable sections entitling exemption from income taxes. The Plan sponsor has also obtained a favorable determination letter dated October 22, 2011, from the Internal Revenue Service (IRS) stating that the Plan is in compliance with IRS regulations.

10.

Related Parties

Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.

At December 31, 2011 and 2010, the Plan held units of participation in certain commingled funds and short-term investment funds of State Street Bank and Trust Company, the Plan’s Custodian; shares of common stock and bonds of Baxter, the Plan sponsor’s parent; loans with participants; units of registered investment companies managed by Pacific Investment Management Company, an investment manager for the Plan; shares of common stock, bonds, and interest rate wrapper contracts of Bank of America, issuer of the Plan’s fully benefit-responsive contracts; and interest rate wrapper contracts of Aegon Institutional Markets, issuer of the Plan’s fully benefit-responsive contracts. These transactions are allowable party-in-interest transactions under ERISA and the regulations promulgated thereunder.

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Notes to Financial Statements

December 31, 2011 and 2010

Fees paid by the Plan for investment management, recordkeeping and consulting services, also qualify as party-in-interest transactions and are included in Plan expenses in the accompanying financial statements. The Company pays certain expenses for the administration of the Plan. These transactions are exempt from the party-in interest transaction prohibitions of ERISA.

SUPPLEMENTAL SCHEDULE

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Cash and Cash Equivalents:

*	State Street Bank & Trust Co	Short-Term Investment Fund		—		1,072,293

	Cash and cash equivalents				$	1,072,293

**	Common Stock:
	Abbott Laboratories	Common Stock		—		13,595
	ACE Ltd	Common Stock		—		18,225
	AES Corp	Common Stock		—		14,070
	Agilent Technologies	Common Stock		—		21,662
	Alexion Pharmaceuticals	Common Stock		—		11,428
	Allergan Inc	Common Stock		—		26,707
	Amazon.com Inc	Common Stock		—		53,566
	American Express Co	Common Stock		—		23,778
	American Tower Corp	Common Stock		—		28,510
	Anadarko Petroleum	Common Stock		—		8,808
	Apple Inc	Common Stock		—		75,888
	Applied Materials Inc	Common Stock		—		9,892
	Applied Materials Inc	Common Stock		—		12,688
	Archer Daniels Midland Co	Common Stock		—		13,000
	ARM Holdings Plc	Common Stock		—		6,021
	Avago Technologies	Common Stock		—		12,105
	Baidu Inc	Common Stock		—		25,149
*	Bank of America Corp	Common Stock		—		8,731
	Barrick Gold Corp	Common Stock		—		4,157
*	Baxter International Inc	Common Stock		—		5,716,619
	BB&T Corp	Common Stock		—		14,286
	BCE Inc	Common Stock		—		20,402
	Bed Bath & Beyond Inc	Common Stock		—		11,302
	Blackrock Inc	Common Stock		—		13,575
	BMW	Common Stock		—		11,206
	Boeing Co	Common Stock		—		23,863
	Borg Warner Inc	Common Stock		—		17,106
	Bristol Myers Squibb	Common Stock		—		18,606
	Burberry Group	Common Stock		—		11,663
	Capital One Financial Corp	Common Stock		—		12,679
	Celegene Corp	Common Stock		—		28,929
	Charles Schwab Corp	Common Stock		—		11,448
	Chevron Corp	Common Stock		—		2,765
	Chipotle Mexican Grill Inc	Common Stock		—		20,553
	Cintas Corp	Common Stock		—		5,176
	Cisco Systems	Common Stock		—		24,775
	Citigroup Inc	Common Stock		—		13,199
	Coach Inc	Common Stock		—		18,758
	Coca Cola Co	Common Stock		—		11,757
	Cognizant Tech Solutions	Common Stock		—		14,087
	Comcast Corp	Common Stock		—		13,185
	Concho Resources	Common Stock		—		16,488

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Costco Wholesale Corp	Common Stock		—		30,040
	Covidien Plc	Common Stock		—		10,937
	Credit Suisse Group	Common Stock		—		9,764
	CVS Caremark Corp	Common Stock		—		14,839
	Delta Airlines Inc	Common Stock		—		8,694
	Devon Energy Corp	Common Stock		—		12,817
	Dunkin Brands Group	Common Stock		—		7,443
	Dupont	Common Stock		—		9,327
	Edwards Lifesciences Corp	Common Stock		—		73,366
	EMC Corp	Common Stock		—		29,893
	EOG Resources Inc	Common Stock		—		16,545
	Estee Lauder Companies	Common Stock		—		23,940
	Exelon Corp	Common Stock		—		12,531
	Express Scripts Inc	Common Stock		—		22,258
	Exxon Mobil Corp	Common Stock		—		32,686
	Flextronics Ltd	Common Stock		—		10,722
	General Electric Co	Common Stock		—		14,355
	General Motors Co	Common Stock		—		9,998
	Goldman Sachs Group	Common Stock		—		6,521
	Google Inc	Common Stock		—		51,175
	Harley Davidson Inc	Common Stock		—		15,440
	Honeywell International Inc	Common Stock		—		24,277
	IBM	Common Stock		—		39,416
	Illumina Inc	Common Stock		—		7,775
	Invesco Ltd	Common Stock		—		14,280
	Johnson & Johnson	Common Stock		—		14,468
	Johnson & Johnson	Common Stock		—		21,247
	Johnson Controls	Common Stock		—		18,536
	JPMorgan Chase & Co	Common Stock		—		27,654
	Life Technologies Corp	Common Stock		—		12,371
	Linkedin Corp	Common Stock		—		8,073
	Lowes Cos	Common Stock		—		7,343
	Lowes Cos Inc	Common Stock		—		13,101
	Lululemon Athletica	Common Stock		—		13,852
	LVMH Moet Hennessy	Common Stock		—		4,312
	LyonDellBasell	Common Stock		—		3,378
	Marathon Oil Corp	Common Stock		—		6,705
	Marathon Petroleum Corp	Common Stock		—		2,435
	Marsh & McLennan Cos	Common Stock		—		12,652
	Mastercard Inc	Common Stock		—		40,292
	McDonalds Corp	Common Stock		—		24,864
	Mead Johnson Nutrition Co	Common Stock		—		18,196
	Merck & Co Inc	Common Stock		—		17,660
	MetLife Inc	Common Stock		—		11,534
	MetLife Inc	Common Stock		—		18,451
	Microsoft Corp	Common Stock		—		14,028
	Microsoft Corp	Common Stock		—		31,226
	Monsanto Co	Common Stock		—		12,452
	Monsanto Co	Common Stock		—		28,885

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Morgan Stanley	Common Stock		—		11,243
	National Oilwell	Common Stock		—		13,833
	Nike Inc	Common Stock		—		30,174
	Novartis AG	Common Stock		—		6,255
	Novartis AG	Common Stock		—		11,265
	Novo Nordisk	Common Stock		—		23,821
	Occidental Petroleum	Common Stock		—		14,363
	Occidental Petroleum Corp	Common Stock		—		16,934
	Oracle Corp	Common Stock		—		25,607
	Owens Illinois Inc	Common Stock		—		5,646
	Owens Illinois Inc	Common Stock		—		9,535
	Pepisco Inc	Common Stock		—		13,074
	Pfizer Inc	Common Stock		—		13,630
	Pfizer Inc	Common Stock		—		32,295
	Precision Castparts Corp	Common Stock		—		38,575
	Priceline.com Inc	Common Stock		—		15,255
	Procter & Gamble Co	Common Stock		—		10,806
	Proctor & Gamble Co	Common Stock		—		28,105
	Public Service Enterprise	Common Stock		—		4,709
	Qualcomm Inc	Common Stock		—		24,070
	Ralph Lauren Corp	Common Stock		—		26,833
	Red Hat Inc	Common Stock		—		14,156
	Roper Industries	Common Stock		—		3,951
	Salesforce.com Inc	Common Stock		—		23,478
	Sanofi ADR	Common Stock		—		11,573
	Sanofi ADR	Common Stock		—		18,287
	Schlumberger Ltd	Common Stock		—		23,789
	Shire Plc	Common Stock		—		35,101
	Southwest Airlines Co	Common Stock		—		11,497
	Southwestern Energy Co	Common Stock		—		5,406
	Stanley Black & Decker	Common Stock		—		4,862
	Starbucks Corp	Common Stock		—		36,098
*	State Street Corp	Common Stock		—		13,547
	Sunoco Inc	Common Stock		—		16,116
	Symantec Corp	Common Stock		—		9,668
	Sysco Corp	Common Stock		—		9,254
	Tencent Holdings Ltd	Common Stock		—		7,523
	Texas Instruments	Common Stock		—		13,935
	Texas Instruments	Common Stock		—		20,762
	Tiffany & Co	Common Stock		—		16,901
	Time Warner Inc	Common Stock		—		15,947
	Time Warner Inc	Common Stock		—		29,665
	Ultra Petroleum Corp	Common Stock		—		3,528
	Union Pacific Corp	Common Stock		—		21,490
	United Technologies Corp	Common Stock		—		14,596
	UnitedHealth Group	Common Stock		—		1,715
	UnitedHealth Group	Common Stock		—		13,846
	US Bancorp	Common Stock		—		5,167
	Valeant Pharmaceuticals	Common Stock		—		7,789

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Vertex Pharmaceuticals	Common Stock		—		11,704
	Viacom Inc	Common Stock		—		21,299
	Visa Inc	Common Stock		—		14,974
	Visa Inc	Common Stock		—		15,185
	VMWare Inc	Common Stock		—		25,645
	Vodafone Inc	Common Stock		—		26,007
	WalMart Stores Inc	Common Stock		—		12,859
	Walt Disney	Common Stock		—		15,485
	Weatherford Intl Ltd	Common Stock		—		11,964
	Wells Fargo & Co	Common Stock		—		23,155
	Whole Foods Market Inc	Common Stock		—		23,634
	Youku.com Inc	Common Stock		—		2,728

	Common Stock				$	8,323,475


**	U.S. Government and Government Agency Issues:

	Fed HM LN Pool A58677	5.5% 01 Mar 2037		—		6,354
	Fed HM LN Pool C48827	6.0% 01 Mar 2031		—		124
	Fed HM LN Pool C91370	4.5% 01 May 2031		—		6,206
	Fed HM LN Pool G12334	5.0% 01 Sep 2021		—		2,393
	Federal Home LN	5.0% 15 Jan 2030		—		757
	FNMA Pool 256398	6.0% 01 Sep 2021		—		512
	FNMA Pool 323887	6.0% 01 Dec 2013		—		204
	FNMA Pool 581043	6.0% 01 May 2016		—		212
	FNMA Pool 615005	6.0% 01 Dec 2016		—		324
	FNMA Pool 694448	5.5% 01 Apr 2033		—		3,840
	FNMA Pool 725690	6.0% 01 Aug 2034		—		2,947
	FNMA Pool 745418	5.5% 01 Apr 2036		—		1,724
	FNMA Pool 748115	6.0% 01 Oct 2033		—		1,062
	FNMA Pool 815316	5.5% 01 May 2035		—		4,947
	FNMA Pool 822979	5.5% 01 Apr 2035		—		4,718
	FNMA Pool 885504	6.0% 01 Jun 2021		—		1,686
	FNMA Pool 888102	5.5% 01 May 2036		—		273
	FNMA Pool 902793	6.5% 01 Nov 2036		—		2,373
	FNMA Pool AH2899	4.5% 01 Jan 2041		—		6,514
	FNMA Pool AH3765	4.0% 01 Jan 2041		—		15,382
	FNMA Pool AH9374	4.5% 01 Apr 2041		—		7,759
	FNMA Pool AL0920	5.0% 01 Jul 2037		—		9,712
	FNMA Pool MA0734	4.5% 01 May 2031		—		6,129
	FNMA Pool MA0918	4.0% 01 Dec 2041		—		16,084
	Mexico St	8.0% 17 Dec 2015		—		1,301
	TSY Infl IX N/B	0.625% 15 Jul 2021		—		22,656
	US Treasury N/B	4.5% 15 Aug 2039		—		4,005
	US Treasury N/B	3.125% 15 Nov 2041		—		5,785
	US Treasury N/B	3.125% 15 May 2021		—		5,835
	US Treasury N/B	4.375% 15 May 2040		—		6,865
	US Treasury N/B	1.125% 15 Jan 2012		—		8,435
	US Treasury N/B	3.375% 15 Nov 2019		—		9,409

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	US Treasury N/B	4.375% 05 May 2041		—		10,909
	US Treasury N/B	1.0% 31 Dec 2011		—		15,142
	US Treasury N/B	0.875% 29 Feb 2012		—		15,281
	US Treasury N/B	0.375% 30 Sep 2012		—		17,670
	US Treasury N/B	1.375% 15 Sep 2012		—		37,259

	U.S. Government and Government Agency Issues				$	262,788


**	Corporate and Other Obligations:

	AES Corp	7.75% Oct 15 2015		—		1,937
	Agilent Technologies Inc	6.5% 01 Nov 2017		—		3,232
	Albertson’s Inc	6.625% 01 Jun 2028		—		212
	Alcoa Inc	5.95% 01 Feb 2037		—		1,689
	Alcoa Inc	5.87% 23 Feb 2022		—		3,888
	Ally Financial Inc	6.25% 01 Dec 2017		—		3,952
	Ally Financial Inc	6.75% 01 Dec 2014		—		4,177
	Alta Wind Holdings	7.0% 30 Jun 2035		—		2,405
	Altria Group Inc	4.75% 05 May 2021		—		654
	Altria Group Inc	9.25% 06 Aug 2019		—		877
	Altria Group Inc	9.95% 10 Nov 2038		—		4,967
	American Express Credit	2.8% 19 Sep 2016		—		4,356
	American Movil SAB	2.375% 08 Sep 2016		—		3,553
	American Tower Corp	4.625% 01 Apr 2015		—		1,782
	American Tower Corp	4.5% 15 Jan 2018		—		2,537
	Amgen Inc	2.5% 15 Nov 2016		—		5,829
	Anheuser Busch Cos	4.95% 15 Jan 2014		—		256
	Anheuser Busch Cos	6.5% 01 May 2042		—		794
	Anheuser Busch InBev	4.125% 15 Jan 2015		—		6,978
	ArcelorMittal	5.5% 01 Mar 2021		—		3,434
	ArcelorMittal	3.75% 05 Aug 2015		—		4,371
	Aristotle Holding Inc	4.75% 15 Nov 2021		—		3,932
	Associates Corp	6.95% 01 Nov 2018		—		4,517
	AT&T Corp	6.5% 15 Mar 2029		—		284
	AT&T Inc	4.45% 15 May 2021		—		5,283
	Baker Hughes Inc	3.2% 15 Aug 2021		—		4,233
*	Bank of America	5.625% 01 Jul 2020		—		1,865
*	Bank of America Coml Mtg	1.0% 10 Apr 2049		—		1,904
	Barrick NA	4.4% 30 May 2021		—		4,180
*	Baxter International Inc	1.85% 15 Jan 2017		—		814
	Bear Stearns Coml Mtg	1.0% 11 Jun 2040		—		2,275
	Bemis Company Inc	5.65% 01 Aug 2014		—		694
	BG Energy Capital	4.0% 15 Oct 2021		—		3,672
	Biomed Realty LP	6.125% 15 Apr 2020		—		1,122
	Bottling Group LLC	5.125% 15 Jan 2019		—		1,108
	BP Capital Markets Plc	4.5% 01 Oct 2020		—		5,428
	Brocade Communications	6.875% 51 Jan 2020		—		569
	Brocade Communications	6.625% 15 Jan 2018		—		1,729
	Bunge Limited Finance	4.1% 15 Mar 2016		—		922

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Camden PPTY Tr	5.375% 15 Dec 2013		—		310
	Camden PPTY Tr	5.0% 15 Jun 2015		—		315
	Cameron Intl Corp	6.375% 15 Jul 2018		—		155
	Cameron Intl Corp	7.0% 15 Jul 2038		—		577
	Canadian Pacific RR Co	7.25% 15 May 2019		—		1,184
	Capital One Financial Co	2.125% 15 Jul 2014		—		4,338
	Case New Holland Inc	7.75% 01 Sep 2013		—		757
	CBS Corp	5.75% 15 Apr 2020		—		1,669
	CC Holdings GS	7.75% 01 May 2017		—		2,175
	CF Industries Holdings	6.875% 01 May 2018		—		1,020
	Chevron Phillips Chemical	7.0% 15 Jun 2014		—		2,227
	Cincinnati Bell Inc	8.75% 15 Mar 2018		—		1,820
	Citigroup Commercial Mortgage	5.431% 15 Oct 2049		—		660
	Citigroup/Deutsche Bank	5.322% 11 Dec 2049		—		6,928
	Colorado Intst Gas Co	6.8% 15 Nov 2015		—		204
	Colorado Intst Gas Co	5.95% 15 Mar 2015		—		269
	Comcast Corp	5.65% 15 Jun 2035		—		1,194
	Comcast Corp	6.45% 15 Mar 2037		—		1,368
	Comcast Corp	6.4% 01 Mar 2029		—		2,332
	Comcast Corp	6.4% 15 May 2038		—		2,711
	Commerical Mortgage Passthru	1.0% 10 Dec 2049		—		663
	Contl Airlines	5.983% 19 Oct 2023		—		3,448
	Corning Inc	6.85% 01 Mar 2029		—		219
	Corning Inc	7.25% 15 Aug 2036		—		860
	Covidien Intl Finance SA	6.0% 15 Oct 2017		—		3,265
	Credit Suisse Coml Mtg	1.0% 15 Jan 2049		—		1,509
	Crown Castle Towers LLC	3.214% 15 Aug 2035		—		1,201
	CSC Hldgs Inc	7.875% 15 Feb 2018		—		2,039
	Delta Air Lines	6.821% 10 Feb 2024		—		2,625
	DirecTV Holdings	5.0% 01 Mar 2021		—		5,338
	Dow Chemical Co	4.25% 15 Nov 2020		—		2,592
	Duke Energy Co	6.25% 15 Jan 2012		—		357
	Eastman Chemical Co	4.5% 15 Jan 2021		—		2,632
	Echostar DBS Corp	7.0% 01 Oct 2013		—		3,423
	Ecolab Inc	4.35% 08 Dec 2021		—		1,332
	Embarq Corp	7.995% 01 Jun 2036		—		7,753
	Enel Fin Intl	6.25% 15 Sep 2017		—		3,774
	Ensco Plc	4.7% 15 Mar 2021		—		5,442
	EQT Corp	8.125% 01 Jun 2019		—		1,170
	Equifax Inc	7.0% 01 Jul 2037		—		2,079
	ERAC USA Fin Co	7.0% 15 Oct 2017		—		143
	ERAC USA Fin Co	6.375% 15 Oct 2017		—		7,342
	ERP Oper Ltd Partnership	5.75% 15 Jun 2017		—		461
	Expedia Inc	5.95% 15 Aug 2020		—		539
	Express Scripts Inc	7.25% 15 Jun 2019		—		425
	Express Scripts Inc	3.125% 15 May 2016		—		3,224
	Fidelity National Inform	7.875% 15 Jul 2020		—		577
	Florida Gas Transmission Co	7.9% 15 May 2019		—		667
	Ford Motor Company	7.0% 15 Apr 2015		—		1,700

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Ford Motor Company	7.45% 16 Jul 2031		—		3,420
	Ford Motor Company	5.75% 01 Feb 2021		—		3,713
	Frontier Communications	7.875% 15 Jan 2027		—		2,927
	General Elec Cap Corp	2.95% 09 May 2016		—		2,321
	General Elec Cap Corp	3.75% 14 Nov 2014		—		5,320
	Georgia Pac Corp	7.375% 01 Dec 2025		—		1,904
	Georgia Pac Corp	7.25% 01 Jun 2028		—		2,651
	Georgia Pac Corp	7.75% 15 Nov 2029		—		2,765
	Georgia Pac Corp	8.875% 15 May 2031		—		82
	Gilead Sciences Inc	5.65% 01 Dec 2041		—		1,381
	Greenwich Capital Commercial	1.0% 10 Jul 2038		—		659
	Greenwich Capital Commercial	5.736% 10 Dec 2049		—		2,946
	GS Mortgage Securities	1.0% 10 Aug 2045		—		5,933
	Hasbro Inc	6.125% 15 May 2014		—		777
	Hasbro Inc	6.3% 15 Sep 2017		—		1,297
	Hewlett Packard Co	4.375% 15 Sep 2021		—		2,267
	Hewlett Packard Co	4.65% 09 Dec 2021		—		3,258
	Home Depot Inc	5.4% 01 Mar 2016		—		343
	Hospira Inc	6.05% 30 Mar 2017		—		1,442
	Incitec Pivot Fin LLC	6.0% 10 Dec 2019		—		1,298
	Ingersoll Rand Global Hldg	6.875% 15 Aug 2018		—		1,510
	Intel Corp	1.95% 01 Oct 2016		—		4,456
	International Paper Co	4.75% 15 Feb 2022		—		3,219
	International Paper Co	7.95% 15 Jun 2018		—		3,253
	Ipalco Enterprises Inc	5.0% 01 May 2018		—		407
	Jabil Circuit Inc	5.625% 15 Dec 2020		—		1,390
	John Deere Capital Corp	1.85% 15 Sep 2016		—		3,114
	JP Morgan Chase Coml Mtg	1.0% 12 Feb 2049		—		834
	JP Morgan Chase Coml Mtg	5.44% 12 Jun 2047		—		1,590
	JP Morgan Chase Coml Mtg	1.0% 15 Jun 2049		—		2,524
	JPMorgan Chase & Co	4.625% 10 May 2021		—		860
	JPMorgan Chase & Co	3.7% 20 Jan 2015		—		6,834
	KLA Tencor Corp	6.9% 01 May 2018		—		2,602
	Kraft Foods Inc	6.5% 01 Nov 2031		—		960
	Kraft Foods Inc	6.5% 11 Aug 2017		—		1,837
	Kraft Foods Inc	2.625% 08 May 2013		—		4,671
	Lear Corp	8.125% 15 Mar 2020		—		523
	Lear Corp	7.875% 15 Mar 2018		—		1,607
	Life Technologies Corp	4.4% 01 Mar 2015		—		1,419
	McDonalds Corp Medium Note	5.0% 01 Feb 2019		—		846
	McKesson Corp	6.5% 15 Feb 2014		—		1,314
	Merrill Lynch & Co Inc	5.0% 15 Jan 2015		—		744
	Merrill Lynch & Co Inc	6.4% 28 Aug 2017		—		4,082
	ML CFC Coml Mtg	1.0% 12 Mar 2051		—		312
	ML CFC Coml Mtg	1.0% 12 Dec 2049		—		2,237
	Morgan Stanley	5.375% 15 Oct 2015		—		754
	Morgan Stanley	5.55% 27 Apr 2017		—		2,865
	Morgan Stanley	5.5% 24 Jul 2020		—		3,131
	Nabors Industries	6.15% 15 Feb 2018		—		199

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Nabors Industries	9.25% 15 Feb 2019		—		6,887
	NewField Exploration Co	5.75% 30 Jan 2022		—		2,886
	Newmont Mining Corp	5.875% 01 Apr 2035		—		1,546
	News America Inc	6.15% 01 Mar 2037		—		3,700
	Nextera Energy Capital	4.5% 01 Jun 2021		—		3,859
	NGN 2010 R3	1.0% 08 Dec 2020		—		11,862
	NiSource Finance Corp	5.45% 15 Sep 2020		—		1,513
	NiSource Finance Corp	6.125% 01 Mar 2022		—		1,914
	Norfolk Southern Corp	5.75% 15 Jan 2016		—		3,781
	Occidental Petroleum	1.75% 15 Feb 2017		—		4,631
	Omnicare Inc	7.75% 01 Jun 2020		—		1,977
	Oneok Partners LP	8.625% 01 Mar 2019		—		3,354
	Oracle Corp	5.0% 08 Jul 2019		—		5,391
	Owens Corning New	7.0% 01 Dec 2036		—		1,214
	Pepisco Inc	0.8% 25 Aug 2014		—		3,916
	Petrobras Intl Fin	5.875% 01 Mar 2018		—		6,173
	PNC Funding Corp	3.625% 08 Feb 2015		—		6,050
	Pride International Inc	8.5% 15 Jun 2019		—		1,177
	Procter & Gamble Co	1.45% 15 Aug 2016		—		3,605
	QEP Resources Inc	6.875% 01 Mar 2021		—		2,111
	Quest Diagnostics Inc	4.75% 30 Jan 2020		—		1,445
	Reynolds Amern Inc	7.25% 15 Jun 2037		—		4,133
	Reynolds Group	6.875% 15 Feb 2021		—		1,182
	Rowan Companies Inc	5.0% 01 Sep 2017		—		1,497
	RPM International Inc	6.125% 15 Oct 2019		—		2,943
	RR Donnelley & Sons	7.25% 15 May 2018		—		4,550
	Schlumberger Investment	1.95% 14 Sep 2016		—		1,141
	Schlumberger Norge	1.95% 14 Sep 2016		—		2,163
	Snap On Inc	4.25% 15 Jan 2018		—		1,469
	Southern Nat Gas	7.35% 15 Feb 2031		—		2,653
	Sprint Capital Corp	6.875% 15 Nov 2028		—		2,416
	Talisman Energy Inc	7.75% 01 Jun 2019		—		439
	Talisman Energy Inc	5.85% 01 Feb 2037		—		869
	Talisman Energy Inc	6.25% 01 Feb 2038		—		2,144
	Textron Inc	4.625% 21 Sep 2016		—		3,688
	Time Warner Cable Inc	5.85% 01 May 2017		—		1,217
	Time Warner Cable Inc	6.55% 01 May 2037		—		2,026
	Time Warner Cable Inc	6.625% 15 May 2029		—		5,110
	Treehouse Foods Inc	7.75% 01 Mar 2018		—		2,250
	Tyco International	4.125% 15 Oct 2014		—		1,835
	United Health Group Inc	6.0% 15 Feb 2018		—		3,812
	United Parcel Service	3.875% 01 Apr 2014		—		2,851
	Unum Group	5.625% 15 Sep 2020		—		1,712
	US Steel Corp	7.375% 01 Apr 2020		—		1,563
	US Steel Corp	6.65% 01 Jun 2037		—		2,733
	USG Corp	9.75% 15 Jan 2018		—		1,606
	Vale Overseas Limited	6.875% 21 Nov 2036		—		2,299
	Valero Energy Corp	6.625% 15 Jun 2037		—		3,311
	Votorantim Cimentos SA	7.25% 05 Apr 2041		—		2,298

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	WAMU Mortgage Pass Thru	1.0% 25 Mar 2035		—		918
	Waste Management Inc	6.375% 11 Mar 2015		—		1,490
	WellPoint Inc	6.0% 15 Feb 2014		—		3,495
	Wells Fargo & Company	4.6% 01 Apr 2021		—		5,470
	Wells Fargo Mtg Bkd	1.0% 25 Oct 2035		—		4,280
	Western Union Co	5.93% 01 Oct 2016		—		2,141
	Willis North America Inc	7.0% 29 Sep 2019		—		476
	Windstream Corp	8.125% 01 Sep 2018		—		827
	Wyndham Worldwide	7.375% 01 Mar 2020		—		4,473
	Xerox Corp	6.4% 15 Mar 2016		—		2,153

	Corporate and Other Obligations				$	482,846


Synthetic Guaranteed Investment Contracts:

	Cash & Cash Equivalents

	Australian Dollar	Cash				411
	Lehman Bankruptcy	Cash Collateral		—		(768	)
*	State Street Bank & Trust Co	Short-Term Investment Fund		—		13,888
*	State Street Bank & Trust Co	Short-Term Investment Fund		—		86,462
*	State Street Bank & Trust Co	Short-Term Investment Fund		—		434,653
*	State Street Bank & Trust Co	Short-Term Investment Fund		—		37,338

						571,984

	U.S. Government and Government Agency Issues

	Australian Government	4.75% 15 Jun 2016		—		18,208
	Australian Government	5.25% 15 Mar 2019		—		38,134
	Australian Government	6.0% 15 Feb 2017		—		63,487
	California St	5.75% 01 Mar 2017		—		10,978
	California St	5.0% 01 Nov 2037		—		12,198
	Fannie Mae	1.0% 18 Oct 2012		—		14,362
	Fannie Mae	1.0% 17 Sep 2012		—		44,519
	Fannie Mae	2.625% 20 Nov 2014		—		157,496
	Fed HM LN PC Pool 1J1214	4.0% 01 Mar 2025		—		623
	Fed HM LN PC Pool A34902	5.5% 01 May 2035		—		13,790
	Fed HM LN PC Pool B12817	4.0% 01 Mar 2014		—		106
	Fed HM LN PC Pool B14039	4.0% 01 May 2014		—		320
	Fed HM LN PC Pool B17493	4.0% 01 Dec 2014		—		19,362
	Fed HM LN PC Pool E01343	5.0% 01 Apr 2018		—		37,378
	Fed HM LN PC Pool E01377	4.5% 01 May 2018		—		7,339
	Fed HM LN PC Pool E02697	4.0% 01 Jun 2025		—		1,319
	Fed HM LN PC Pool E02783	4.0% 01 Sep 2025		—		1,327
	Fed HM LN PC Pool E02883	4.0% 01 Apr 2026		—		16,974
	Fed HM LN PC Pool E99842	4.0% 01 Oct 2013		—		381
	Fed HM LN PC Pool G01843	6.0% 01 Jun 2035		—		27,168
	Fed HM LN PC Pool G01890	4.0% 01 Nov 2013		—		12,499

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Fed HM LN PC Pool G08084	4.0% 01 Apr 2026		—		24,051
	Fed HM LN PC Pool G11542	4.0% 01 Apr 2014		—		18,872
	Fed HM LN PC Pool G12743	5.5% 01 Aug 2022		—		7,293
	Fed HM LN PC Pool G14093	4.5% 01 Oct 2035		—		18,461
	Fed HM LN PC Pool G18268	5.0% 01 Aug 2023		—		25,841
	Fed HM LN PC Pool G18385	1.0% 01 Sep 2035		—		1,597
	Fed HM LN PC Pool J11872	4.0% 01 Mar 2026		—		1,319
	Fed HM LN PC Pool J14641	4.0% 01 Mar 2025		—		18,625
	Fed HM LN PC Pool J15157	4.0% 01 Apr 2026		—		745
	Fed HM LN PC Pool Q00628	4.5% 01 May 2041		—		12,875
	Fed HM LN PC Pool Q01947	4.5% 01 Jul 2042		—		50,696
	Fed HM LN PC Pool Q03572	4.0% 01 Sep 2041		—		113,214
	Fed HM LN PC Pool Q03681	4.0% 01 Oct 2041		—		98,535
	Fed HM LN PC Pool Q03780	4.0% 01 Oct 2017		—		1,349
	Fed HM LN Pool 1N1417	1.0% 01 Feb 2037		—		3,275
	Fed HM LN Pool 1Q0669	1.0% 01 Nov 2037		—		2,716
	Fed HM LN Pool 1Q1159	1.0% 01 May 2038		—		25,835
	Fed HM LN Pool A89385	4.5% 01 Oct 2039		—		125,640
	Fed HM LN Pool G03205	5.5% 01 Jul 2035		—		5,316
	Fed HM LN Pool G04731	5.5% 01 Apr 2038		—		57,565
	Federal Farm Credit Bank	1.0% 29 Sep 2014		—		20,577
	Federal Farm Credit Bank	1.0% 12 Oct 2012		—		28,722
	Federal Farm Credit Bank	1.0% 26 Jun 2013		—		59,888
	Federal Farm Credit Bank	1.0% 13 Nov 2012		—		64,623
	Federal Farm Credit Bank	1.0% 20 Sep 2012		—		71,805
	Federal Farm Credit Bank	1.0% 26 Apr 2013		—		127,176
	Federal Home Loan Bank	3.625% 18 Oct 2013		—		190,560
	Federal Natl Mtg Assn	1.0% 25 May 2030		—		27,770
	Federal Natl Mtg Assn	3.0% Dec 2099		—		196,954
	FHLMC TBA	4.0% 31 Dec 2099		—		(100,375	)
	FHLMC TBA	3.5% 01 Dec 2099		—		—
	FHLMC TBA	4.5% 01 Dec 2099		—		25,337
	FICO Strip	0.01% 06 Oct 2015		—		4,604
	FICO Strip	0.01% 07 Mar 2019		—		6,885
	FICO Strip	0.01% 07 Mar 2019		—		7,347
	FICO Strip	0.01% 26 Sep 2019		—		8,628
	FICO Strip	0.01% 08 Aug 2015		—		10,158
	FICO Strip	0.01% 26 Sep 2014		—		17,015
	FICO Strip	0.01% 11 May 2013		—		19,100
	FICO Strip	0.01% 27 Dec 2012		—		44,000
	FICO Strip	0.01% 03 Feb 2017		—		64,092
	FICO Strip	0.01% 30 Nov 2017		—		65,552
	Financing Corp	9.8% 06 Apr 2018		—		8,577
	Financing Corp	0.01% 27 Dec 2018		—		12,476
	FNMA Pool 254088	5.5% 01 Dec 2016		—		1,106
	FNMA Pool 254140	5.5% 01 Jan 2017		—		3,186
	FNMA Pool 254693	5.5% 01 Apr 2033		—		10,342
	FNMA Pool 254722	5.5% 01 May 2018		—		9,154
	FNMA Pool 255364	6.0% 01 Sep 2034		—		9,133

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	FNMA Pool 255765	5.0% 01 Jul 2020		—		2,302
	FNMA Pool 256101	5.5% 01 Feb 2036		—		29,540
	FNMA Pool 256925	6.0% 01 Oct 2037		—		28,860
	FNMA Pool 323348	8.5% 01 Jun 2012		—		—
	FNMA Pool 545904	5.5% 01 Sep 2017		—		5,706
	FNMA Pool 555541	1.0% 01 Apr 2033		—		1,535
	FNMA Pool 722999	5.0% 01 Jul 2018		—		19,615
	FNMA Pool 725027	5.0% 01 Nov 2033		—		5,522
	FNMA Pool 725222	5.5% 01 Feb 2034		—		12,826
	FNMA Pool 725423	5.5% 01 May 2034		—		9,415
	FNMA Pool 725424	5.5% 01 Apr 2034		—		4,615
	FNMA Pool 725690	6.0% 01 Aug 2034		—		3,566
	FNMA Pool 725946	5.5% 01 Nov 2034		—		12,217
	FNMA Pool 735141	5.5% 01 Jan 2035		—		18,008
	FNMA Pool 735224	5.5% 01 Feb 2035		—		23,478
	FNMA Pool 735592	5.0% 01 May 2034		—		24,346
	FNMA Pool 735667	5.0% 01 Jul 2035		—		84,446
	FNMA Pool 743132	5.0% 01 Oct 2018		—		19,500
	FNMA Pool 745275	5.0% 01 Feb 2036		—		42,508
	FNMA Pool 745275	5.0% 01 Feb 2036		—		81,133
	FNMA Pool 745327	6.0% 01 Mar 2036		—		6,447
	FNMA Pool 756363	1.0% 01 Dec 2033		—		4,123
	FNMA Pool 770946	5.0% 01 Apr 2034		—		16,172
	FNMA Pool 77691	5.0% 01 Apr 2034		—		18,121
	FNMA Pool 831540	6.0% 01 Jun 2036		—		22,183
	FNMA Pool 837220	4.5% 01 Aug 2020		—		42,776
	FNMA Pool 841068	4.5% 01 Feb 2039		—		9,859
	FNMA Pool 844444	5.0% 01 Dec 2035		—		31,374
	FNMA Pool 848647	5.5% 01 Jan 2036		—		18,246
	FNMA Pool 871117	5.5% 01 Dec 2036		—		24,400
	FNMA Pool 871288	6.0% 01 May 2036		—		11,068
	FNMA Pool 880611	5.5% 01 Apr 2036		—		22,714
	FNMA Pool 880626	5.5% 01 Apr 2036		—		40,457
	FNMA Pool 881655	1.0% 01 Mar 2036		—		2,662
	FNMA Pool 888340	5.0% 01 Aug 2036		—		21,348
	FNMA Pool 888521	1.0% 01 Mar 2034		—		7,009
	FNMA Pool 888789	5.0% 01 Jul 2036		—		6,439
	FNMA Pool 889004	1.0% 01 Aug 2037		—		13,128
	FNMA Pool 889040	5.0% 01 Jun 2037		—		13,945
	FNMA Pool 889190	6.0% 01 Mar 2038		—		2,074
	FNMA Pool 889361	6.0% 01 Mar 2038		—		16,003
	FNMA Pool 889369	6.0% 01 Feb 2038		—		20,655
	FNMA Pool 889544	5.5% 01 May 2038		—		16,134
	FNMA Pool 889579	6.0% 01 May 2038		—		22,102
	FNMA Pool 889750	6.0% 01 May 2038		—		6,656
	FNMA Pool 902397	1.0% 01 Nov 2036		—		2,517
	FNMA Pool 930612	4.0% 01 May 2024		—		6,824
	FNMA Pool 931252	3.5% 01 Dec 2040		—		534
	FNMA Pool 931745	5.0% 01 Aug 2024		—		94,732

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	FNMA Pool 932847	4.0% 01 Apr 2024		—		24,525
	FNMA Pool 986148	5.5% 01 Jan 2038		—		61,864
	FNMA Pool 995018	5.5% 01 Jun 2038		—		47,868
	FNMA Pool 995051	6.0% 01 Mar 2037		—		41,989
	FNMA Pool AA2549	4.0% 01 Apr 2039		—		20,008
	FNMA Pool AA4302	4.5% 01 Apr 2039		—		12,467
	FNMA Pool AA5780	4.5% 01 Jul 2040		—		22,870
	FNMA Pool AA6450	4.5% 01 Sep 2040		—		56,317
	FNMA Pool AB1250	3.5% 01 Oct 2025		—		16,910
	FNMA Pool AB1600	4.0% 01 Oct 2025		—		23,190
	FNMA Pool AB1609	3.5% 01 Dec 2040		—		140,857
	FNMA Pool AB1949	4.0% 01 Mar 2039		—		11,931
	FNMA Pool AD1593	3.5% 01 Nov 2041		—		900
	FNMA Pool AD1910	4.0% 01 Sep 2040		—		24,568
	FNMA Pool AD5026	4.0% 01 Sep 2025		—		6,569
	FNMA Pool AD8265	4.5% 01 Sep 2040		—		2,308
	FNMA Pool AD8529	4.5% 01 Aug 2040		—		24,975
	FNMA Pool AD9843	3.5% 01 Dec 2025		—		2,149
	FNMA Pool AE0061	6.0% 01 Feb 2040		—		10,481
	FNMA Pool AE0349	6.0% 01 Apr 2040		—		36,188
	FNMA Pool AE0368	4.5% 01 Dec 2040		—		22,194
	FNMA Pool AE0480	6.0% 01 Jul 2039		—		4,639
	FNMA Pool AE0824	3.5% 01 Feb 2041		—		4,996
	FNMA Pool AE0828	3.5% 01 Mar 2041		—		23,808
	FNMA Pool AE0898	1.0% 01 Oct 2039		—		21,463
	FNMA Pool AE0981	3.5% 01 Oct 2025		—		23,526
	FNMA Pool AE1016	4.0% 01 Aug 2025		—		23,103
	FNMA Pool AE1332	4.0% 01 Oct 2040		—		6,106
	FNMA Pool AE1807	3.5% 01 Sep 2040		—		25,701
	FNMA Pool AE2570	3.5% 01 Jan 2026		—		2,284
	FNMA Pool AE3771	3.5% 01 Sep 2040		—		697
	FNMA Pool AE4287	4.0% 01 Sep 2040		—		736
	FNMA Pool AE4705	3.5% 01 Oct 2025		—		7,885
	FNMA Pool AE4877	3.5% 01 Nov 2040		—		9,980
	FNMA Pool AE8392	3.5% 01 Nov 2040		—		48,239
	FNMA Pool AE8394	4.5% 01 Nov 2040		—		7,791
	FNMA Pool AE8442	3.5% 01 Dec 2025		—		10,367
	FNMA Pool AE9449	10.7% 06 Oct 2017		—		21,988
	FNMA Pool AH1105	3.5% 01 Dec 2025		—		14,125
	FNMA Pool AH1318	3.5% 01 Jan 2026		—		2,101
	FNMA Pool AH1882	3.5% 01 Jan 2027		—		532
	FNMA Pool AH2680	3.5% 01 Jan 2041		—		2,264
	FNMA Pool AH2815	3.5% 01 Mar 2026		—		57,522
	FNMA Pool AH2857	3.5% 01 Jan 2026		—		7,064
	FNMA Pool AH5463	4.5% 01 Jul 2041		—		1,934
	FNMA Pool AH6737	4.0% 01 Feb 2026		—		24,490
	FNMA Pool AH8702	3.5% 01 May 2026		—		7,756
	FNMA Pool AH9523	4.5% 01 Aug 2041		—		20,849
	FNMA Pool AH9706	3.5% 01 Jan 2026		—		23,071

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	FNMA Pool AI0344	3.5% 01 Oct 2041		—		2,623
	FNMA Pool AI0477	3.5% 01 Sep 2041		—		4,628
	FNMA Pool AI0828	3.5% 01 Oct 2041		—		21,471
	FNMA Pool AI2897	4.5% 01 May 2041		—		3,605
	FNMA Pool AI3654	4.5% 01 May 2042		—		20,187
	FNMA Pool AL0270	1.0% 01 Aug 2038		—		20,112
	FNMA Pool AL030	4.5% 01 Jun 2026		—		75,694
	FNMA Pool AL0920	5.0% 01 Jul 2037		—		54,051
	FNMA Pool AL0921	4.5% 01 Jun 2038		—		85,029
	FNMA Pool MA0006	4.0% 01 Feb 2026		—		6,150
	FNMA Pool MA0614	4.0% 01 Jan 2041		—		32,901
	FNMA Pool MA0649	4.5% 01 Jun 2041		—		5,894
	FNMA Pool MA0694	4.5% 01 Jun 2041		—		6,623
	FNMA Pool MA0755	3.5% 01 Oct 2041		—		9,469
	FNMA Pool MA0914	4.5% 01 Feb 2040		—		19,449
	FNMA Pool MA0932	3.5% 01 Dec 2041		—		70,221
	FNMA TBA	3.5% 01 Dec 2099		—		(98,372	)
	FNMA TBA	4.0% 01 Dec 2099		—		(75,360	)
	FNMA TBA	3.5% 01 Dec 2099		—		(50,008	)
	FNMA TBA	4.0% 01 Dec 2099		—		50,240
	FNMA TBA	4.5% 01 Dec 2099		—		76,335
	FNMA TBA	4.0% 01 Dec 2099		—		43,960
	FNMA TBA Single Fam	6.0% 01 Dec 2099		—		—
	FNMA TBA Single Fam	4.5% 01 Dec 2099		—		29,109
	FNMA TBA Single Fam	4.0% 01 Dec 2099		—		173,453
	Freddie Mac	1.0% 15 Dec 2029		—		847
	Freddie Mac	5.5% 18 Jul 2016		—		10,836
	Freddie Mac	4.875% 13 Jun 2018		—		105,457
	Freddie Mac	3.75% 27 Mar 2019		—		114,786
	GNMA II TBA	4.0% 01 Dec 2099		—		45,013
	Illinois St	4.421% 01 Jan 2015		—		6,467
	Illinois St	4.421% 01 Jan 2015		—		12,437
	Illinois St	4.95% 01 Jun 2023		—		40,142
	Illinois St	3.321% 01 Jan 2015		—		53,787
	Irvine Ranch CA	2.605% 15 Mar 2014		—		34,792
	Japan Treasury Disc Bill	0.01% 20 Feb 2012		—		80,797
	Kentucky ST Property	5.373% 01 Nov 2025		—		8,083
	New York City Transitional	5.075% 01 Nov 2025		—		2,714
	New York City Transitional	4.725% 01 Nov 2023		—		2,797
	New York City Transitional	4.905% 01 Nov 2024		—		2,834
	North Carolina State Education	1.0% 25 Jul 2025		—		33,101
	Overseas Private Inv Corp	0.01% 12 Jul 2016		—		83,515
	Province of Ontario	4.1% 16 Jun 2014		—		21,456
	Province of Ontario	4.5% 03 Feb 2015		—		31,510
	Province of Quebec	4.6% 26 May 2015		—		31,667
	Republic of Poland	6.375% 15 Jul 2019		—		1,059
	Republic of Poland	3.875% 16 Jul 2015		—		10,485
	Resolution Funding Strip	0.01% 15 Jan 2014		—		8,959
	Resolution Funding Strip	0.01% 15 Apr 2015		—		20,191

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Resolution Funding Strip	0.01% 15 Jan 2017		—	22,550
	RFSCP Strip Principal	0.01% 15 Jul 2020		—	85,609
	Russian Foreign Bond	1.0% 31 Mar 2030		—	5,074
	Small Business Administration	7.06% 01 Nov 2019		—	1,980
	Small Business Administration	7.19% 01 Dec 2019		—	3,845
	Small Business Administration	5.68% 01 Jun 2028		—	21,208
	South Carolina St Public Svc	1.0% 02 Jun 2014		—	35,912
	State of Qatar	4.5% 20 Jan 2022		—	6,897
	Tobacco Settlement	5.875% 15 May 2039		—	7,190
	Treasury Bill	0.01% 12 Jan 2012		—	89,674
	Treasury INFL IX N/B	1.25% 15 Jul 2020		—	—
	Treasury INFL IX N/B	0.625% 15 Jul 2021		—	17,991
	Treasury INFL IX N/B	1.125% 15 Jan 2021		—	88,337
	United States Treasury Bills	0.042% Jun 21 2012		—	43,037
	US Treasury N/B	1.375% 30 Nov 2015		—	370
	US Treasury N/B	2.5% 30 Apr 2015		—	2,935
	US Treasury N/B	6.125% 15 Nov 2027		—	3,554
	US Treasury N/B	7.875% 15 Feb 2021		—	3,649
	US Treasury N/B	6.25% 15 Aug 2023		—	6,845
	US Treasury N/B	1.875% 30 Sep 2017		—	7,501
	US Treasury N/B	2.125% 15 Aug 2021		—	13,612
	US Treasury N/B	1.375% 31 Dec 2018		—	14,375
	US Treasury N/B	3.75% 15 Aug 2041		—	16,874
	US Treasury N/B	2.75% 15 Feb 2019		—	20,952
	US Treasury N/B	3.125% 15 Nov 2041		—	23,424
	US Treasury N/B	2.25% 31 Jul 2018		—	30,521
	US Treasury N/B	2.375% 31 Mar 2016		—	30,729
	US Treasury N/B	2.625% 15 Nov 2020		—	30,893
	US Treasury N/B	1.375% 15 Feb 2013		—	31,138
	US Treasury N/B	2.375% 31 Jul 2017		—	36,495
	US Treasury N/B	1.875% 31 Aug 2017		—	40,045
	US Treasury N/B	3.375% 15 Nov 2019		—	46,340
	US Treasury N/B	1.0% 30 Sep 2016		—	48,319
	US Treasury N/B	2.0% 15 Nov 2021		—	50,669
	US Treasury N/B	1.0% 30 Apr 2012		—	63,328
	US Treasury N/B	2.625% 15 Aug 202		—	67,056
	US Treasury N/B	3.625% 15 Feb 2021		—	88,843
	US Treasury N/B	1.875% 30 Jun 2015		—	89,702
	US Treasury N/B	1.75% 15 Apr 2013		—	94,502
	US Treasury N/B	0.875% 30 Nov 2016		—	115,612
	US Treasury N/B	2.0% 15 Nov 2021		—	118,510
	US Treasury N/B	2.625% 29 Feb 2016		—	121,230
	US Treasury N/B	2.125% 31 Dec 2015		—	124,404
	US Treasury N/B	1.125% 15 Aug 2021		—	134,892
	US Treasury N/B	1.75% 15 Apr 2013		—	168,640
	US Treasury N/B	1.375% 15 Sep 2012		—	172,602
	US Treasury N/B	1.5% 30 Jun 2016		—	249,768
	US Treasury N/B	3.625% 15 Feb 2020		—	313,528
	US Treasury N/B	2.625% 15 Aug 2020		—	348,431

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	US Treasury N/B	2.625% 29 Feb 2016		—		361,879
	US Treasury N/B	3.625% 15 May 2013		—		409,998
	US Treasury N/B	2.125% 31 May 2015		—		1,016,872
	US Treasury NTS	1.875% 15 Jul 2013		—		138,578
	US Treasury NTS	2.625% 15 Nov 2020		—		270,653
	WI Treasury Sec	1.0% 31 Aug 2016		—		550,577

						11,351,510

	Corporate and Other Obligations

	ACE Ina Hldg Inc	5.6% 15 May 2015		—		4,935
	Agilent Technologies	6.5% 01 Nov 2017		—		13,985
	Agilent Technologies	5.0% 15 Jul 2020		—		1,928
	Alcoa Inc	6.15% 15 Aug 2020		—		8,944
	Allied World Assurance	7.5% 01 Aug 2016		—		4,453
	Allstate Corp	5.0% 15 Aug 2014		—		11,613
	Ally Auto Receivables Trust	0.8% 16 Jun 2014		—		15,773
	Altria Group Inc	4.75% 05 May 2021		—		23,565
	Altria Group Inc	9.25% 06 Aug 2019		—		10,596
	Ameren Corporation	8.875% 15 May 2014		—		5,627
	America Movil SAB	3.625% 30 Mar 2015		—		17,916
	American Express	1.0% 17 Apr 2017		—		23,316
	American Express Bank	5.55% 17 Oct 2012		—		9,884
	American Express Bank	5.5% 16 Apr 2013		—		6,249
	American Express Centurion Bank	5.55% 17 Oct 2012		—		14,174
	American Express Co	5.5% 12 Sep 2016		—		9,357
	American Express Co	6.15% 28 Aug 2017		—		14,905
	American Express Cr Corp	7.3% 20 Aug 2013		—		11,808
	American Intl Group	3.65% 15 Jan 2014		—		12,541
	American Intl Group	4.875% 15 Sep 2016		—		9,052
	American Tower Corp	5.05% 01 Sep 2020		—		9,223
	Americredit Auto Receivables	1.39% 08 Sep 2015		—		10,037
	Americredit Auto Receivables	1.55% 08 Jul 2016		—		21,863
	Americredit Automobile	1.39% 08 Sep 2015		—		10,754
	Americredit Automobile Receivables	0.92% 09 Mar 2015		—		8,358
	Americredit Automobile Receivables	1.19% 08 Aug 2015		—		5,625
	Ameriprise Financial Inc	5.3% 15 Mar 2020		—		6,176
	Amgen Inc	2.5% 15 Nov 2016		—		33,517
	Amgen Inc	3.875% 15 Nov 2021		—		16,771
	Anadarko Petroleum Corp	5.95% 15 Sep 2016		—		2,087
	Anglogold Holdings Plc	5.375% 15 Apr 2020		—		7,365
	Anheuser Busch Cos	5.05% 15 Oct 2016		—		38,130
	Aon Corp	3.5% 30 Sep 2015		—		11,901
	ArcelorMittal	5.5% 01 Mar 2021		—		12,951
	ArcelorMittal	6.125% 01 Jun 2018		—		4,274
	ArcelorMittal	6.5% 15 Apr 2014		—		5,056
	Asciano Finance	3.125% 23 Sep 2015		—		11,216
	AT&T Inc	5.8% 15 Feb 2019		—		41,481

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	AT&T Inc	5.8% 15 Feb 2019		—		11,569
	AT&T Inc	5.625% 15 Jun 2016		—		11,247
	Autozone Inc	5.75% 15 Jan 2015		—		13,500
	Banc of America Commerical Mtg	5.414% 10 Sep 2047		—		43,540
	Banc of America Funding Corp	1.0% 25 May 2035		—		4,983
*	Bank Amer NA	6.1% 15 Jun 2017		—		7,200
*	Bank of America	5.75% 01 Dec 2017		—		24,845
*	Bank of America	1.0% 30 Jan 2014		—		41,020
*	Bank of America Corp	5.65% 01 May 2018		—		21,302
*	Bank of America Corp	3.75% 12 Jul 2016		—		6,753
*	Bank of America Corp	5.65% 01 May 2018		—		3,076
*	Bank of America Corp	7.625% 01 Jun 2019		—		4,204
*	Bank of America Corp	5.625% 01 Jul 2020		—		18,665
*	Bank of America Corp	7.375% 15 May 2014		—		11,901
*	Bank of America Corp	3.75% 12 Jul 2016		—		9,853
*	Bank of America Corp	5.42% 15 Mar 2017		—		6,472
*	Bank of America Corp	5.49% 15 Mar 2019		—		18,550
	Barclays Bank Plc	2.375% 13 Jan 2014		—		39,789
*	Baxter International Inc	1.85% 15 Jan 2017		—		5,302
	BayView Fincl Secs Co	5.208% 28 Apr 2039		—		6,847
	Beam Inc	5.375% 15 Jan 2016		—		840
	Bear Stearns Coml Mth Secs	5.533% 21 Oct 2041		—		5,016
	Bear Stearns Coml Mth Secs	1.0% 13 Aug 2038		—		2,654
	Bear Stearns Coml Mth Secs	1.0% 11 Sep 2038		—		5,138
	Bear Stearns Commercial Mortgage	1.0% 11 Sep 2038		—		6,802
	Bear Stearns Commercial Mtg	5.54% 11 Sep 2041		—		18,236
	Bear Stearns Commercial Mtg	1.0% 11 Jun 2040		—		26,573
	Bear Stearns Cos	5.3% 30 Oct 2015		—		20,573
	Bear Stearns Cos	6.4% 02 Oct 2017		—		26,716
	Bear Stearns Cos	7.25% 01 Feb 2018		—		21,166
	Bear Stearns Cos	5.55% 22 Jan 2017		—		8,469
	Bears Sterns Adjustable Rate	1.0% 25 Aug 2033		—		2,893
	Berkshire Hathaway Fin Corp	5.4% 15 May 2018		—		16,175
	BHP Billiton Finance	7.25% 01 Mar 2016		—		6,933
	BMW Vehicle Lease Trust	0.64% 22 Apr 2013		—		18,287
	Boeing Capital Corp	2.125% 15 Aug 2016		—		23,573
	Boeing Co	5.125% 15 Feb 2013		—		11,407
	Boston PPTYS Ltd	6.25% 15 Jan 2013		—		1,814
	Boston PPTYS Ltd	5.0% 01 Jun 2015		—		4,403
	Boston PPTYS Ltd	5.625% 15 Apr 2015		—		3,429
	BP Capital Markets	3.125% 01 Oct 2015		—		22,041
	BP Capital Markets	3.125% 01 Oct 2015		—		25,047
	BP Capital Markets	4.5% 01 Oct 2020		—		18,436
	BPCE SA	1.0% 07 Feb 2014		—		25,032
	Bunge Limited	5.875% 15 May 2013		—		2,862
	Bunge Limited	8.5% 15 Jun 2019		—		7,306
	Burlington North Santa Fe	7.0% 01 Feb 2014		—		7,904
	Cameron Intl Corp	1.0% 02 Jun 2014		—		23,168
	Canadian Natl Railway	1.45% 15 Dec 2016		—		22,602

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Canadian Pacific RR	6.5% 15 May 2018		—		1,655
	Capital One Bank	8.8% 15 Jul 2019		—		13,952
	Capital One Financial	5.25% 21 Feb 2017		—		9,571
	Capital One Financial	7.375% 23 May 2014		—		15,370
	Capital One Financial	2.125% 15 Jul 2014		—		22,898
	Capital One Multi Asset	1.0% 15 Mar 2017		—		13,711
	Carmax Auto Owner Trust	2.82% 15 Dec 2014		—		5,283
	Carmax Auto Owner Trust	1.410% 16 Feb 2016		—		22,631
	Carmax Auto Trust	1.29% 15 Sep 2015		—		20,791
	Carolina Power & Light	6.5% 15 Jul 2012		—		15,762
	CBS Corp	8.875% 15 May 2019		—		5,221
	Cellco Part/Veri Wireless	5.55% 01 Feb 2014		—		9,613
	Centerpoint Energy	4.5% 15 Jan 2020		—		2,533
	Chase Issuance Trust	1.0% 16 Jun 2014		—		30,873
	Cincinnati Finl Corp	6.125% 01 Nov 2034		—		2,975
	Cincinnati Finl Corp	6.920% 15 May 2028		—		17,170
	Citibank Omni Master Trust	1.0% 15 Aug 2018		—		20,820
	Citifinancial Mortgage Security	1.0% 25 Jan 2033		—		1,667
	Citigroup Inc	6.125% 21 Nov 2017		—		66,354
	Citigroup Inc	5.5% 11 Apr 2013		—		4,883
	Citigroup Inc	6.01% 15 Jan 2015		—		21,360
	Citigroup Inc	5.3% 07 Jan 2016		—		6,943
	Citigroup Inc	6.5% 19 Aug 2020		—		6,970
	Citigroup Inc	5.375% 09 Aug 2020		—		4,844
	Citigroup Inc	5.85% 02 Jul 2013		—		19,543
	Citigroup Inc	5.5% 11 Apr 2013		—		12,451
	Citigroup Inc	5.375% 09 Aug 2020		—		10,573
	Citigroup Inc	4.5% 14 Jan 2022		—		9,662
	Citigroup Mortgage Loan Trust	1.0% 25 May 2037		—		289
	Citigroup/Deutsche Bank Comm	5.322% 11 Dec 2049		—		35,509
	Citigroup/Deutsche Bank Comm	5.431% 15 Oct 2049		—		6,109
	Cleveland Elec Illum Co	5.7% 01 Apr 2017		—		10,522
	Clorox Company	5.95% 15 Oct 2017		—		13,132
	CNH 2010 A	2.49% 15 Jan 2016		—		31,064
	CNH 2010 B	1.74% 17 Jan 2017		—		25,251
	Coca Cola Co	3.3% 01 Sep 2021		—		35,254
	Comcast Corp	4.95% 15 Jun 2016		—		17,082
	Comcast Corp	5.85% 15 Nov 2015		—		25,574
	Comcast Corp	5.15% 01 Mar 2020		—		13,597
	Comcast Corp	4.95% 15 Jun 2016		—		4,370
	Comcast Corp	6.5% 15 Jan 2017		—		4,922
	Comcast Corp	6.3% 15 Nov 2017		—		13,294
	Comcast Corp	5.15% 01 Mar 2020		—		11,150
	Consolidated Edison Co	5.3% 01 Dec 2016		—		22,323
	Constellation Energy	5.15% 01 Dec 2020		—		10,106
	Consumers Energy Co	5.375% 15 Apr 2013		—		7,800
	Countrywide Alternative Loan	1.0% 25 Dec 2035		—		1,504
	Countrywide Asset Backed	1.0% 25 Feb 2035		—		5,939
	Countrywide Finl Corp	6.25% 15 May 2016		—		1,645

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Coventry Health Care Inc	6.125% 15 Jan 2015		—		785
	Coventry Health Care Inc	5.95% 15 Mar 2017		—		2,282
	Coventry Health Care Inc	6.3% 15 Aug 2014		—		6,765
	Cox Communications	5.45% 15 Dec 2014		—		25,881
	Credit Based Asset Servicing	1.0% 25 Jan 2033		—		4,194
	Credit Suisse Mortgage	1.0% 15 Jun 2038		—		15,427
	Credit Suisse Mortgage	5.467 15 Sep 2039		—		19,328
	Credit Suisse Mortgage Capital	5.467% 15 Sep 2039		—		34,587
	CS First Boston Mortgage	1.0% 15 Jan 2037		—		8,016
	CS First Boston Mortgage	1.0% 15 Feb 2038		—		7,724
	CVS Caremark	6.6% 15 Mar 2019		—		14,720
	CVS Pass Thru Trust	6.036% 10 Dec 2028		—		11,067
	Delta Airlines	7.75% 17 Dec 2019		—		17,139
	Deutsche Bank AG	5.375% 12 Oct 2012		—		9,514
	Diageo Capital Plc	4.828% 15 Jul 2020		—		29,340
	Diageo Capital Plc	7.375% 15 Jan 2014		—		8,367
	Directv Holdings	4.75% 01 Oct 2014		—		3,745
	Directv Holdings	4.6% 15 Feb 2021		—		6,216
	Discover Card Master Trust	1.0% 15 Dec 2014		—		3,849
	Discover Card Master Trust	1.0% 17 Feb 2015		—		4,217
	Discover Card Master Trust	1.0% 15 Sep 2015		—		3,707
	Discover Financial Svc	10.25% 15 Jul 2019		—		11,630
	Discover Card	1.0% 16 Oct 2014		—		14,226
	Dominion Res Inc	5.7% 17 Sep 2012		—		10,875
	Dominion Resources	1.95% 15 Aug 2016		—		22,589
	Dow Chemical Co	8.55% 15 May 2019		—		7,477
	Dow Chemical Co	2.5% 15 Feb 2016		—		10,928
	Dow Chemical Co	4.125% 15 Nov 2021		—		22,443
	Duke Cap LLC	5.668% 15 Aug 2014		—		17,667
	Duke Energy	5.65% 15 Jun 2013		—		20,758
	Duke Energy	5.1% 15 Apr 2018		—		13,924
	Duke Realty LP	8.25% 15 Aug 2019		—		7,868
	Duke Realty LP	6.75% 15 Mar 2020		—		787
	Ecolab Inc	4.35% 08 Dec 2021		—		4,597
	Ecolab Inc	4.35% 08 Dec 2021		—		4,341
	Embarq Corp	7.995% 01 Jun 2036		—		15,734
	Energy Transfer Partners	6.0% 01 Jul 2013		—		16,992
	Energy Transfer Partners	6.7% 01 Jul 2018		—		13,053
	Enterprise Prods	5.6% 15 Oct 2014		—		12,576
	Ensco Plc	3.25% 15 Mar 2106		—		21,467
	EQT Corp	8.125% 01 Jun 2019		—		5,890
	EQT Corp	8.125% 01 Jun 2019		—		14,866
	ERAC USA Finance	2.25% 10 Jan 2014		—		40,484
	ERAC USA Finance	2.25% 10 Jan 2014		—		22,742
	ERP Operating LP	5.75% 15 Jun 2017		—		4,905
	ERP Operating LP	5.5% 01 Oct 2012		—		11,034
	ERP Operating LP	5.25% 15 Sep 2014		—		10,561
	ESA 2010 ESHA	2.95% 05 Nov 2027		—		6,104
	Exelon Generation Co	4.0% 01 Oct 2020		—		10,816

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Expedia Inc	5.95% 15 Aug 2020		—		2,773
	Express Scripts Inc	6.25% 15 Jun 2014		—		2,476
	Express Scripts Inc	3.125% 15 May 2016		—		22,122
	Federal Realty Invs Trust	5.4% 01 Dec 2013		—		16,258
	Federal Realty Invs Trust	5.65% 01 Jun 2016		—		7,231
	Federal Realty Invs Trust	6.0% 15 Jul 2012		—		3,041
	FHLMC Multifamily Structured	3.154% 25 Feb 2018		—		35,004
	FHLMC Multifamily Structured	3.23% 25 Jul 2021		—		93,301
	FHLMC Multifamily Structured	2.412% 25 Aug 2018		—		29,131
	FHLMC Multifamily Structured	2.746% 25 Dec 2019		—		23,926
	Ford Credit Auto	4.2% 15 Feb 2017		—		33,411
	Ford Credit Auto Lease Trust	0.74% 15 Sep 2013		—		17,082
	Ford Credit Auto Lease Trust	0.68% 15 Jan 2014		—		16,024
	Ford Credit Auto Lease Trust	0.82% 15 Jan 2014		—		7,142
	Gazprom	6.212% 22 Nov 2016		—		7,574
	GE Equipment Mid Ticket LLC	1.0% 24 Aug 2015		—		4,856
	General Elec Cap Corp	1.0% 07 Jan 2014		—		23,561
	General Elec Cap Corp	5.5% 08 Jan 2020		—		27,758
	General Elec Cap Corp	5.5% 08 Jan 2020		—		60,121
	General Elec Cap Corp	4.375% 16 Sep 2020		—		10,874
	General Elec Cap Corp	1.0% 07 Apr 2014		—		16,010
	General Elec Cap Corp	4.65% 17 Oct 2021		—		22,337
	General Elec Cap Corp	4.8% 01 May 2013		—		30,917
	General Mills Inc	5.25% 15 Aug 2013		—		4,344
	Genworth Financial Inc	6.515% 22 May 2018		—		6,189
	Gilead Sciences Inc	4.4% 01 Dec 2021		—		9,873
	Goldman Sachs Group	6.75% 01 Oct 2037		—		4,450
	Goldman Sachs Group	6.25% 01 Sep 2017		—		22,500
	Goldman Sachs Group	7.5% 15 Feb 2019		—		10,564
	Goldman Sachs Group	6.0% 15 Jun 2020		—		7,594
	Goldman Sachs Group	5.25% 27 Jul 2021		—		3,663
	Goldman Sachs Group	5.25% 27 Jul 2021		—		17,263
	Greenwich Capital Commercial	5.444% 10 Mar 2039		—		29,248
	GS Mortgage Securities Corp	4.751% 10 Jul 2039		—		19,146
	GS Mortgage Securities Corp	1.0% 06 Mar 2020		—		3,706
	GS Mortgage Securities Corp	1.0% 10 Aug 2038		—		9,346
	Guardian Life Insurance	7.375% 30 Sep 2039		—		5,936
	H.J. Heinz Co	6.0% 15 Mar 2012		—		7,965
	Hanover Ins Group	7.625% 15 Oct 2025		—		3,675
	Hartford Finl Svcs	4.0% 30 Mar 2015		—		1,922
	Hartford Finl Svcs	5.5% 30 Mar 2020		—		5,801
	HCP Inc	5.375% 01 Feb 2021		—		8,348
	Healthcare Realty Trust	5.125% 01 Apr 2014		—		4,342
	Healthcare Realty Trust	5.125% 01 Apr 2014		—		7,972
	Hess Corp	7.0% 15 Feb 2014		—		5,176
	Hess Corp	8.125% 15 Feb 2019		—		10,590
	Hewlett Packard Co	1.0% 24 May 2013		—		42,620
	Hewlett Packard Co	1.0% 30 May 2014		—		21,271
	Hewlett Packard Co	3.3% 09 Dec 2016		—		11,476

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Hewlett Packard Co	4.65% 09 Dec 2021		—		5,525
	HOLCIM US Finance	6.0% 30 Dec 2019		—		9,980
	Humana Inc	7.2% 15 Jun 2018		—		12,134
	Huntington Auto Trust	1.01% 15 Jan 2016		—		7,271
	Hyundai Auto Lease Securitization	0.69% 15 Nov 2013		—		8,045
	Hyundai Auto Receivables	1.65% 15 Feb 2017		—		17,846
	Hyundai Capital Services	4.375% 27 Jul 2016		—		12,194
	Intel Corp	1.95% 01 Oct 2016		—		11,308
	International Paper Co	4.75% 15 Feb 2022		—		10,040
	INTL BK Recon & Develop	9.25% 15 Jul 2017		—		4,197
	Intl Paper Co	5.3% 01 Apr 2015		—		7,759
	Intl Paper Co	7.95% 15 Jun 2018		—		6,113
	Invesco Inc	5.375% 15 Dec 2014		—		3,999
	IRO USD 10Y Swaption	10 Jul 2012		—		—
	John Deere Corp	3.15% 15 Oct 2021		—		22,909
	John Deere Owner Trust	0.64% 16 Jun 2014		—		13,144
	JPMorgan Chase Coml Mtg	4.302% 15 Jan 2038		—		1,624
	JPMorgan Chase Coml Mtg	5.198% 15 Dec 2044		—		10,227
	JPMorgan Chase Coml Mtg	1.0% 12 Dec 2044		—		3,812
	JPMorgan Chase & Co	3.7% 20 Jan 2015		—		32,231
	JPMorgan Chase & Co	3.45% 01 Mar 2016		—		12,147
	JPMorgan Chase & Co	6.0% 15 Jan 2018		—		23,745
	JPMorgan Chase & Co	4.75% 01 May 2013		—		8,875
	JPMorgan Chase & Co	4.4% 22 Jul 2020		—		6,960
	JPMorgan Chase & Co	4.35% 15 Aug 2021		—		3,743
	JPMorgan Chase & Co	5.75% 02 Jan 2013		—		12,899
	JPMorgan Chase & Co	5.125% 15 Sep 2014		—		16,261
	JPMorgan Chase & Co	6.0% 15 Jan 2018		—		22,144
	JPMorgan Chase & Co	4.35% 15 Aug 2021		—		4,830
	JPMorgan Chase Bank	6.0% 01 Oct 2017		—		10,289
	JPMorgan Chase Commercial Mortgage	5.42% 15 Jan 2049		—		35,158
	JPMorgan Chase Commercial Mortgage	1.0% 12 Dec 2044		—		6,111
	JPMorgan Chase Commercial Mortgage	1.0% 12 Jun 2043		—		17,976
	JPMorgan Chase Commercial Mortgage	5.552% 12 May 2045		—		13,780
	Kazmunaygas National	7.0% 05 May 2020		—		5,184
	Kellogg Co	5.125% 03 Dec 2012		—		16,527
	Kinder Morgan Energy	6.85% 15 Feb 2020		—		17,433
	Kinder Morgan Energy	5.3% 15 Sep 2020		—		10,938
	Kinder Morgan Energy	4.15% 01 Mar 20222		—		4,646
	Korea National Oil Corp	4.0% 27 Oct 2016		—		5,157
	Kraft Foods Inc	6.0% 11 Feb 2013		—		3,023
	Kraft Foods Inc	6.5% 11 Aug 2017		—		7,112
	Kraft Foods Inc	6.125% 01 Feb 2018		—		23,966
	Kroger Co	6.4% 15 Aug 2017		—		3,271
	L3 Communications Corp	3.95% 15 Nov 2016		—		16,533
	LB UBS Commercial Mortgage	5.3% 15 Nov 2038		—		9,859
	LB UBS Commercial Mortgage	4.647% 15 Jul 2030		—		7,635
	LB UBS Commercial Mortgage	1.0% 15 Jun 2029		—		4,741
	LB UBS Commercial Mortgage	1.0% 15 Jun 2038		—		18,907

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Liberty PPTY Ltd	5.5% 15 Dec 2016		—		1,810
	Liberty PPTY Ltd	6.625% 01 Oct 2017		—		1,082
	Lincoln National Corp	4.3% 15 Jun 2015		—		3,467
	Lincoln National Corp	8.75% 01 Jul 2019		—		2,967
	Lincoln National Corp	6.25% 15 Feb 2020		—		10,306
	Lloyds TSB Bank	1.0% 24 Jan 2014		—		38,456
	Lloyds TSB Bank	4.375% 12 Jan 2015		—		10,244
	LSI Open Position	0.01% 31 Dec 2060		—		599
	Mack Cali Rlty LP	5.125% 15 Jan 2015		—		5,017
	Mack Cali Rlty LP	5.25% 15 Jan 2012		—		4,786
	MacQuarie Group Ltd	4.875% 10 Aug 2017		—		10,825
	Manufacturers & Traders Tr	1.0% 28 Dec 2020		—		5,944
	Marathon Petroleum Corp	5.125% 01 Mar 2021		—		2,548
	Marathon Petroleum Corp	3.5% 01 Mar 2016		—		1,460
	Markel Corp	7.125% 30 Sep 2019		—		5,303
	McKesson Corp	3.25% 01 Mar 2016		—		26,193
	McKesson Corp	6.5% 15 Feb 2014		—		6,351
	Merecedes Benz Auto Lease Trust	0.79% 15 Apr 2013		—		15,329
	Merill Lynch Mortgage	1.0% 25 Aug 2036		—		2,838
	Merill Lynch Mortgage	4.96 12 Jul 2038		—		22,386
	Merill Lynch/Countrywide Mortgage	1.0% 12 Jun 2046		—		10,143
	Merill Lynch/Countrywide Mortgage	1.0% 12 Jul 2042		—		23,135
	Merill Lynch/Countrywide Mortgage	5.7% 12 Sep 2049		—		18,834
	Merrill Lynch & Co	6.875% 25 Apr 2018		—		28,292
	Merrill Lynch & Co	6.4% 28 Aug 2017		—		7,641
	Merrill Lynch & Co	6.875% 25 Apr 2018		—		3,537
	Merrill Lynch & Co	6.05% 16 May 2016		—		9,128
	Merrill Lynch/Countrywide Comm	1.0% 12 Mar 2051		—		28,296
	Merrill Lynch/Countrywide Comm	1.0% 12 Feb 2039		—		72,347
	MetLife Inc	4.75% 08 Feb 2021		—		22,894
	MetLife Inc	7.171% 15 Feb 2019		—		3,538
	MetLife Inc	5.0% 15 Jun 2015		—		17,193
	MetLife Inc	6.75% 01 Jun 2016		—		8,402
	Mid State Trust	8.33% 01 Apr 2030		—		7,312
	Morgan Stanley	6.25% 28 Aug 2017		—		2,340
	Morgan Stanley	6.625% 01 Apr 2018		—		30,697
	Morgan Stanley	1.0% 15 Oct 2015		—		28,144
	Morgan Stanley	3.45% 02 Nov 2015		—		14,861
	Morgan Stanley	1.0% 29 Apr 2013		—		15,775
	Morgan Stanley	5.95% 28 Dec 2017		—		3,304
	Morgan Stanley	6.625% 01 Apr 2018		—		24,557
	Morgan Stanley	5.45% 09 Jan 2017		—		7,137
	Morgan Stanley	5.5% 24 Jul 2020		—		10,871
	Morgan Stanley	5.95% 28 Dec 2017		—		15,834
	Morgan Stanley	5.5% 28 Jul 2021		—		7,960
	Morgan Stanley	5.55% 27 Apr 2017		—		4,730
	Morgan Stanley Capital I	1.0% 11 Jun 2042		—		14,437
	Morgan Stanley Capital I	4.89% 12 Jun 2047		—		32,464
	Morgan Stanley Capital I	4.989% 13 Aug 2042		—		27,329

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Morgan Stanley Capital I	1.0% 12 Aug 2041		—		7,025
	Morgan Stanley Capital I	5.325% 15 Dec 2043		—		6,035
	Nabors Industries Inc	9.25% 15 Jan 2019		—		8,994
	National Grid Plc	6.3% 01 Aug 2016		—		13,720
	NBC Universal	3.65% 30 Apr 2015		—		10,222
	NBC Universal	4.375% 01 Apr 2021		—		12,618
	NCUA Guaranteed Notes	1.0% 07 Oct 2020		—		28,091
	NCUA Guaranteed Notes	1.0% 08 Dec 2020		—		81,387
	NCUA Guaranteed Notes	2.9% 29 Oct 2020		—		17,926
	Nevada PWR Co	6.5% 01 Aug 2018		—		7,209
	New York Life Global	3.0% 04 May 2015		—		12,021
	News America Inc	9.25% 01 Feb 2013		—		6,053
	News America Inc	7.7% 30 Oct 2025		—		11,423
	News America Inc	6.65% 15 Nov 2037		—		10,701
	Niagara Mohawk power	3.553% 01 Oct 2014		—		9,420
	NiSource Finance Corp	5.25% 15 Sep 2017		—		9,239
	NiSource Finance Corp	6.8% 15 Jan 2019		—		10,363
	Nissan Auto Receivables	5.05% 17 Nov 2014		—		3,754
	Noble Energy	8.25% 01 Mar 2019		—		10,790
	Noble Holding Intl	4.9% 01 Aug 2020		—		937
	Nordea Bank AB	4.875% 14 Jan 2021		—		29,330
	Nordea Bank AB	1.0% 14 Jan 2014		—		18,522
	Norfolk Southern Corp	5.75% 01 Apr 2018		—		5,497
	Occidental Petroleum	1.75% 15 Feb 2017		—		23,373
	Orange & Rockland Utility	2.5% 15 Aug 2015		—		41,589
	Orix Corp	4.71% 27 Apr 2015		—		7,980
	Owens Corning Inc	6.5% 01 Dec 2016		—		5,455
	Packaging Corp of America	5.75% 01 Aug 2013		—		882
	Penarth Master	1.0% 18 Dec 2014		—		25,140
	Petrobras Intl	5.75% 20 Jan 2020		—		9,212
	Petronas Capital Ltd	5.25% 12 Aug 2019		—		10,592
	Plains All Amer Pipeline	5.75% 15 Jan 2020		—		11,476
	Principal Financial Group	7.875% 15 May 2014		—		6,532
	Principal Financial Group	7.875% 15 May 2014		—		21,996
	Prudential Financial	5.375% 21 Jun 2020		—		30,583
	Questar Corp	2.75% 01 Feb 2016		—		13,439
	Rabobank Nederland	4.5% 11 Jan 2021		—		24,842
	Raytheon Co	3.125% 15 Oct 2020		—		23,015
	Reed Elsevier Capital	8.625% 15 Jan 2019		—		11,670
	Regency Centers LP	5.25% 01 Aug 2015		—		1,554
	Regency Centers LP	5.875% 15 Jun 2017		—		3,776
	Renaissance Home Equity	1.0% 25 Nov 2034		—		5,007
	Republic Services Inc	5.0% 01 Mar 2020		—		9,558
	Republic Services Inc	3.8% 15 May 2018		—		322
	Residential Asset Securities	1.0% 25 May 2033		—		190
	Rio Tinto Fin USA Ltd	6.5% 15 Jul 2018		—		16,285
	Rowan Companies Inc	5.0% 01 Sep 2017		—		8,920
	Royal Bank of Canada	1.45% 30 Oct 2014		—		22,475
	Royal BK Scotland Plc	2.625% 11 May 2012		—		18,773

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	Royal BK Scotland Plc	5.0% 01 Oct 2014		—		7,106
	RSHB Cap SA	7.75% 29 May 2018		—		9,296
	Ryder System Inc	7.2% 01 Sep 2015		—		4,211
	Santander Drive Auto Receivable	1.37% 16 Mar 2013		—		6,357
	Santander Holdings	4.625% 19 Apr 216		—		2,985
	Saxon Assets	1.0% 25 Aug 2032		—		19
	SCSLC 2010	1.0% 25 Jul 2025		—		51,869
	Sempra Energy	6.5% 01 Jun 2016		—		8,229
	Simon Property Group	4.2% 01 Feb 2015		—		16,356
	SLH Open Position	0.01% 31 Dec 2060		—		61
	SLM Corp	5.0% 01 Oct 2013		—		2,391
	SLM Corp	8.45% 15 Jun 2018		—		9,852
	SLM Corp	5.125% 27 Aug 2012		—		4,326
	SLM Corp	5.375% 15 Jan 2013		—		3,612
	Smart Trust	1.22% 14 Nov 2013		—		15,151
	Snap On Inc	4.25% 15 Jan 2018		—		8,232
	Societe Generale	2.5% 15 Jan 2014		—		5,314
	Southern Cal Edison	5.75% 15 Mar 2014		—		11,458
	Southern Cal Edison	5.75% 15 Mar 2014		—		17,912
	Southern Co	1.95% 01 Sep 2016		—		22,690
	Southwest Airlines Co	5.25% 01 Oct 2014		—		4,721
	Southwest Airlines Co	5.75% 15 Dec 2016		—		3,979
	Southwestern Elec Power	5.875% 01 Mar 2018		—		21,201
	Spectra Energy Capital	8.0% 01 Oct 2019		—		10,532
	SPI Electricity	6.15% 15 Nov 2013		—		6,345
	Staples Inc	9.75% 15 Jan 2014		—		7,520
	Stryker Corp	2.0% 30 Sep 2016		—		23,003
	SWPC831N2	1.0% 20 Sep 2012		—		(179	)
	Taqa Abu Dhabi Natl Energy	4.125% 13 Mar 2017		—		6,353
	Teck Resources Limited	4.5% 15 Jan 2021		—		16,482
	Teco Finance Inc	4.0% 15 Mar 2016		—		12,323
	Telecom Italia Capital	6.175% 18 Jun 2014		—		7,475
	Thomson Reuters Corp	5.95% 15 Jul 2013		—		17,453
	Time Warner Cable Inc	8.25% 14 Feb 2014		—		16,981
	Time Warner Cable Inc	4.0% 01 Sep 2021		—		22,742
	Time Warner Cable Inc	7.5% 01 Apr 2014		—		9,103
	Time Warner Cable Inc	5.0% 01 Feb 2020		—		8,253
	Time Warner Cable Inc	5.85% 01 May 2017		—		4,902
	Time Warner Cable Inc	6.75% 01 Jul 2018		—		17,922
	Time Warner Cable Inc	4.0% 01 Sep 2021		—		10,887
	Time Warner Inc	4.7% 15 Jan 2021		—		12,745
	Time Warner Inc	4.7% 15 Jan 2021		—		10,943
	Total Capital SA	3.0% 24 Jun 2015		—		35,383
	Toyota Motor Credit Corp	2.0% 15 Sep 2016		—		22,702
	Trans Canada Pipelines	3.4% 01 Jun 2105		—		7,345
	Travelers Cos	5.75% 15 Dec 2017		—		10,328
	Tyco International	4.125% 15 Oct 2014		—		8,665
	UBS AG	5.875% 20 Dec 2017		—		12,447
	UBS AG	1.0% 28 Jan 2014		—		13,972

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	UBS AG	2.25% 28 Jan 2014		—		9,308
	UBS AG	5.875% 15 Jul 2016		—		12,742
	UFJ Finance Aruba	6.75% 15 Jul 2013		—		3,961
	Unicredito Luxem Fin	6.0% 31 Oct 2017		—		4,139
	Union Bank	5.95% 11 May 2016		—		7,505
	Union Bank	1.0% 06 Jun 2014		—		16,493
	Union Electric Co	6.7% 01 Feb 2019		—		1,162
	Union Pac Corp	5.45% 31 Jan 2013		—		11,413
	UnitedHealth Group	6.0% 15 Feb 2018		—		8,530
	Unum Group	5.625% 15 Sep 220		—		9,357
	US Bancorp	2.2% 15 Nov 2016		—		22,936
	US Cellular Corp	6.7% 15 Dec 2033		—		9,724
	Valero Energy Corp	6.125% 01 Feb 2020		—		10,108
	Verizon Communications	1.95% 28 Mar 2014		—		32,339
	Verizon Communications	6.35% 1 Apr 2019		—		5,391
	Verizon Communications	2.0% 01 Nov 2016		—		14,508
	Viacom Inc	5.625% 15 Sep 2019		—		13,020
	Virgin Media	5.25% 15 Jan 2021		—		5,194
	Virginia Elec & Pwr Co	5.1% 30 Nov 2012		—		7,452
	Vodafone Group	5.35% 27 Feb 2012		—		15,288
	Wachovia Bank	4.8% 01 Nov 2014		—		10,051
	Wachovia Bank	1.0% 15 Mar 2016		—		6,422
	Wachovia Corp	5.5% 01 May 2013		—		45,415
	Wachovia Corp	5.5% 01 May 2013		—		8,452
	Wachovia Corp	4.875% 15 Feb 2014		—		2,744
	WAMU Mortgage Pass Thru	1.0% 25 Oct 2045		—		543
	Waste Mgmt Inc	7.375% 15 May 2029		—		1,520
	Waste Mgmt Inc	4.75% 30 Jun 2020		—		11,018
	Weatherford Bermuda	6.0% 15 Mar 2018		—		585
	WellPoint Inc	6.0% 15 Feb 2014		—		18,636
	WellPoint Inc	4.35% 15 Aug 2020		—		22,345
	Wells Fargo & Company	3.625% 15 Apr 2015		—		11,891
	Wells Fargo & Company	4.95% 16 Oct 2013		—		7,530
	Wells Fargo & Company	5.625% 11 Dec 2017		—		10,355
	Wells Fargo Bk	4.75% 09 Feb 2015		—		12,474
	WF RBS Commercial Mortgage	3.24% 15 Mar 2044		—		19,090
	WF RBS Commercial Mortgage	1.0% 15 Nov 2044		—		28,690
	Willis North America Inc	7.0% 29 Sep 2019		—		2,130
	Willis North America Inc	6.2% 28 Mar 2017		—		8,282
	Willis North America Inc	7.0% 29 Sep 2019		—		4,925
	World Omni Auto Trust	1.11% 15 May 2015		—		19,787
	WPP Finance	4.75% 21 Nov 2021		—		4,605
	Xerox Corp	5.5% 15 May 2012		—		3,039
	Xerox Corp	5.65% 15 May 2013		—		4,519
	Xerox Corp	8.25% 15 May 2014		—		5,936
	Xerox Corp	1.0% 16 May 2014		—		9,425
	Xerox Corp	8.25% 15 May 2014		—		8,365
	XL Group Plc	5.25% 15 Sep 2014		—		8,472

Baxter Healthcare of Puerto Rico

Savings and Investment Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number: 66-0678126 and Plan Number 024

December 31, 2011


Identity of Issue		Description of Investment	Cost ⁽¹⁾		Current Value
	XTO Energy	4.9% 01 Feb 2014		—		18,043

						6,309,126

	Benefit Responsive Interest Rate Wrapper Contracts
*	Aegon Institutional Markets	Open Ended Maturity		—		(4,197	)
*	Bank of America NT & SA	Open Ended Maturity		—		(4,207	)

						(8,404	)

	Synthetic Guaranteed Investment Contracts (contract value equals $16,744,014)				$	18,224,216


Commingled Investments:

*	Daily EAFE Fund	Commingled Investments		—		1,710,036
*	S&P 500 Flagship Fund	Commingled Investments		—		4,005,160
*	US Small CAP Index Futures FD CMT4	Commingled Investments		—		1,455,870

	Commingled Investments				$	7,171,066


Registered Investment Companies:

	Ishares Russell 1000 Growth	Registered Investment Company		—		30,182
	Target Retirement 2010 Fd	Registered Investment Company		—		96,081
	Target Retirement 2015 Fd	Registered Investment Company		—		131,123
	Target Retirement 2020 Fd	Registered Investment Company		—		159,544
	Target Retirement 2025 Fd	Registered Investment Company		—		116,022
	Target Retirement 2030 Fd	Registered Investment Company		—		229,926
	Target Retirement 2035 Fd	Registered Investment Company		—		188,640
	Target Retirement 2040 Fd	Registered Investment Company		—		185,727
	Target Retirement 2045 Fd	Registered Investment Company		—		162,927
	Target Retirement 2050 Fd	Registered Investment Company		—		127,674
	Vanguard Chester Fds	Registered Investment Company		—		102,697

	Registered Investment Companies			—	$	1,530,543


*	Notes Receivables from Participants	Interest rates ranges from 4.25% to 9.25%			$	3,568,452


	Collateral Held on Loaned Securities
	* Quality D Short-term Investment Fund			—	$	165,642

	Total Investments and Notes Receivables from Participants			—	$	40,801,321

*	Party-in-interest

**	These investments include securities that were loaned to brokers under the securities lending program with the Trustee.

(1)	Cost information not required for participant-directed investments.

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.


	BAXTER HEALTHCARE of PUERTO RICO SAVINGS AND INVESTMENT PLAN

Date: June 27, 2012	By:	/s/ Robert J. Hombach
		Robert J. Hombach
		Member of the Administrative Committee