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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 11-K

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

(Mark One):
x     ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED EFFECTIVE OCTOBER 7, 1996]
For the fiscal year ended December 31, 2004

OR

o     TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________

Commission File Number 1-10269

ALLERGAN, INC.
SAVINGS AND INVESTMENT PLAN

(Full title of the plan)

ALLERGAN, INC.
2525 Dupont Drive
Irvine, California 92612

(Name of issuer of the securities held
pursuant to the plan and the address of its
principal executive office)

 


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4. ERISA Financial Statements and Schedule and Exhibits:

  (a)   Financial Statements and Schedule:
 
      Report of Independent Registered Public Accounting Firm of Lesley, Thomas, Schwarz & Postma, Inc., dated June 3, 2005, on the Statement of Net Assets Available for Benefits as of December 31, 2004 and 2003 and the related Statement of Changes in Net Assets Available for Benefits for the Years Then Ended — Allergan, Inc. Savings and Investment Plan.
 
      Statements of Net Assets Available for Plan Benefits as of December 31, 2004 and 2003 — Allergan, Inc. Savings and Investment Plan.
 
      Statement of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 2004 and 2003 — Allergan, Inc. Savings and Investment Plan.
 
      Notes to Financial Statements — Allergan, Inc. Savings and Investment Plan.
 
      Schedule H, Line 4i — Schedule of Assets (Held at End of Year) — December 31, 2004 — Allergan, Inc. Savings and Investment Plan.
 
  (b)   Exhibits
 
      Exhibit 23 — Consent of Lesley, Thomas, Schwarz & Postma, Inc.

SIGNATURES

     The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized.

ALLERGAN, INC. SAVINGS
AND INVESTMENT PLAN

               
Date:
  June 21, 2005   BY:   /s/ Eric K. Brandt
 
           
 
          Eric K. Brandt
 
          Allergan, Inc. Corporate Benefits
 
          Committee (formerly known as
 
          Management Plan Committee)

 


ALLERGAN, INC.
SAVINGS AND INVESTMENT PLAN

INDEX TO FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE

         
    Page  
    1  
    2  
    3  
    4  
       
    12  
 EXHIBIT 23

All other schedules are omitted because they are not required or applicable pursuant to ERISA and Department of Labor regulations.


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Report of Independent Registered Public Accounting Firm

     To the Corporate Benefits Committee of Allergan, Inc.

          We have audited the accompanying statements of net assets available for benefits of the Allergan, Inc. Savings and Investment Plan as of December 31, 2004 and 2003, 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 audits 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 Allergan, Inc. Savings and Investment Plan as of December 31, 2004 and 2003, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

          Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Schedule H, line 4i — Schedule of Assets (Held at End of Year) at December 31, 2004 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 audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Lesley, Thomas, Schwarz & Postma, Inc.

Lesley, Thomas, Schwarz & Postma, Inc.
Newport Beach, California

June 3, 2005

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ALLERGAN, INC. SAVINGS AND INVESTMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

                 
    December 31,  
    2004     2003  
ASSETS
               
Investments at fair value (Note 3)
               
 
Total investments
  $ 309,559,326     $ 263,015,279  
 
           
 
               
Receivables
               
Participant contributions
    2,345       4,007  
Employer contributions
    4,070,789       3,115,689  
Accrued interest and dividends
          117,239  
 
           
 
               
Total receivables
    4,073,134       3,236,935  
 
           
 
               
Total assets
    313,632,460       266,252,214  
 
           
 
               
LIABILITY
           
 
           
 
               
NET ASSETS AVAILABLE FOR BENEFITS
  $ 313,632,460     $ 266,252,214  
 
           

See the accompanying notes to these financial statements

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ALLERGAN, INC. SAVINGS AND INVESTMENT PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

                 
    Years Ended December 31,  
    2004     2003  
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
               
Investment income
               
Net appreciation in fair value of investments (Note 3)
  $ 26,935,031     $ 52,274,309  
Interest
    235,411       239,939  
Dividends
    3,371,366       3,357,669  
 
           
 
               
 
    30,541,808       55,871,917  
 
           
Contributions
               
Employer — match
    7,159,573       7,249,216  
Employer — retirement
    3,738,248       2,665,003  
Participant — before tax
    15,725,428       13,941,861  
Participant — after tax
    773,910       848,705  
Rollovers
    3,230,454       1,839,624  
 
           
 
               
 
    30,627,613       26,544,409  
 
           
 
               
Total additions to net assets
    61,169,421       82,416,326  
 
           
 
               
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
               
Benefits paid to participants
    13,768,612       12,534,420  
Administrative expenses
    20,563       17,244  
 
           
 
               
Total deductions from net assets
    13,789,175       12,551,664  
 
           
 
               
NET INCREASE
    47,380,246       69,864,662  
 
               
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year
    266,252,214       196,387,552  
 
           
 
               
NET ASSETS AVAILABLE FOR BENEFITS, end of year
  $ 313,632,460     $ 266,252,214  
 
           

See the accompanying notes to these financial statements

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ALLERGAN, INC. SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003

NOTE 1 — DESCRIPTION OF THE PLAN

          The following description of the Allergan, Inc. Savings and Investment Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

          General – The Plan, established on July 26, 1989, is a defined contribution plan sponsored by Allergan, Inc. (the “Company”). The Plan provides for immediate eligibility into the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and is qualified under the Internal Revenue Code (the “Code”). The administrator for the Plan is the Allergan, Inc. Corporate Benefits Committee. The trustee for the Plan is JPMorgan Chase Bank.

          Employee Contributions – The Company’s eligible United States employees may contribute a portion of their defined compensation, either before tax, after tax, or a combination thereof, subject to the limitations as defined by the Code.

          The Company’s eligible Puerto Rico employees may contribute a portion of their defined compensation, either before tax, after tax, or a combination thereof, subject to the limitations as defined by the Puerto Rico Internal Revenue Code.

          Effective December 31, 2004, Participant contributions may be invested in the Allergan, Inc. Common Stock Fund, American Century Stable Asset Fund, Western Asset Core Plus Bond Portfolio, Dodge & Cox Balanced Fund, Hotchkis and Wiley Large Cap Value Fund, American Century Income and Growth Fund, Barclays Global Inv S&P 500 Equity Index Fund, American Century Ultra Fund, American Century Small Cap Value Fund, Artisan Small Cap Fund, American Funds New Perspective Fund, American Funds EuroPacific Growth Fund, or any combination of the twelve (12) funds at the participant’s discretion. Additionally, certain assets are invested in the Advanced Medical Optics, Inc. Common Stock Fund, although new allocations are not permitted and have not been made to that fund since June 29, 2002. Employer matching contributions are made in Allergan, Inc. common stock which is invested in the Allergan, Inc. Common Stock Fund. Participants who are over 55 can, however, elect to direct their employer matching contributions into any of the twelve investment funds. All participants can elect at any time to diversify their employer matching contributions in the Allergan stock fund into any of the other eleven investment funds, subject to the Company’s insider trading policy.

          Prior to December 31, 2004, the Plan offered ten (10) investment funds. Participants contributions could be invested in the Allergan, Inc. Common Stock Fund, American Century Stable Asset Fund, Dodge & Cox Balanced Fund, American Century Income and Growth Fund, Barclays S&P 500 Fund, American Century Ultra Fund, American Funds New Perspective A Fund, American Century Small Cap Value Fund, American Century International Growth Fund, and Franklin Small-Mid Cap Growth A Fund, or any combination of the ten funds at the participant’s discretion.

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NOTE 1 — DESCRIPTION OF THE PLAN (CONTINUED)

          Certain limitations imposed by the Code may have the effect of reducing the level of contributions initially selected by participants who fall within the classification of “highly compensated employees” as defined in the Code.

          Employer Matching Contributions – The Company contributed an amount equal to 100% of each employee’s contribution up to 4% of defined compensation for the years ended December 31, 2004 and 2003.

          Employer Retirement Contributions – Effective January 1, 2003, the Company makes an annual contribution equal to 5% of each participant’s defined compensation if they are enrolled in the Retirement Contribution Feature of the Plan, have completed at least six months of service, and are employed on the last business day of the year.

          Investment Options – Participants have the right to elect investment options upon enrollment or re-enrollment into the Plan. Additionally, participants may elect to change their investment options and transfer their account balances among the different investment funds at any time, subject to the Company’s insider trading policy.

          Participant Accounts – Each participant’s account is credited for the participant’s contributions, employer match and employer retirement contributions and allocations of fund earnings and charged with an allocation of administrative expenses and fund losses. The earnings and losses of each of the funds are allocated daily to the individual accounts of participants based on their relative interest in the fair value of the assets held in each fund, except for dividends and unrealized appreciation (depreciation) on the common stock of Allergan, Inc., which is allocated based upon the number of shares held in the individual accounts of participants.

          Participant Loans Receivable – Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or fifty percent (50%) of their vested account balance excluding retirement contributions. Loan terms range from one (1) to five (5) years or, for the purchase of a primary residence, up to fifteen (15) years. The loans are secured by the balance in the participant’s account and bear interest at prime plus one percent (1%) as determined on the date of the loan application. The interest rate is fixed for the term of the loan. Principal and interest is paid through payroll deductions each pay period.

          Vesting and ForfeituresParticipant contributions are fully vested at all times. Participants forfeit their share of employer matching contributions if they terminate their employment before completing three years of service with the Company. Employer retirement contributions vest on a graduated basis. After completing one year of service, the participant is twenty percent (20%) vested, and vesting increases twenty percent (20%) each year thereafter until fully vested at the end of the fifth (5th) year of service. Forfeitures are used by the Company to offset future employer contribution requirements and to reinstate rehired employee accounts. During the plan years ended December 31, 2004 and 2003, $536,134 and $386,564, respectively, of forfeitures were used to offset contributions. At December 31, 2004 and 2003, unutilized forfeitures totaled $110,927 and $76,513, respectively.

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NOTE 1 — DESCRIPTION OF THE PLAN (CONTINUED)

          Payment of Benefits – Participants may withdraw their employee “after-tax” and rollover contributions at any time. Vested employer matching contributions can also be withdrawn at any time providing they were credited at least 2 years prior to withdrawal or in the case of a financial hardship. Withdrawals of employee “after-tax” contributions and employer matching contributions during employment may cause the participant to become ineligible to receive certain employer matching contributions and be suspended from contributing to the Plan for a period of six months following the withdrawal.

          Prior to age 59-1/2, employee “before-tax” contributions may be withdrawn in the event of financial hardship, after the withdrawal of the value of employee “after-tax” contributions and employer matching contributions. Hardship withdrawals cause the employee to become ineligible to contribute to the Plan for a period of six (6) months following the withdrawal for US employees and twelve (12) months for Puerto Rico employees. Hardship withdrawals of employer retirement contributions are not permitted.

          Participants become entitled to payment of the total value of their accounts at the time of termination (if fully vested), attainment of age 59-1/2 (if fully vested), permanent and total disability, or death. Under certain circumstances set forth in the Plan, the participant may elect to receive the distribution in a lump sum (in cash or in cash and common stock of Allergan, Inc. or Advanced Medical Optics) or may elect partial distributions. If the participant’s account value is $5,000 or more, withdrawals may be postponed until as late as attaining age 70-1/2. After death, payment is in the form of a lump sum to the designated beneficiary.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

          Basis of Accounting – The accompanying financial statements have been prepared on the accrual basis of accounting. The net assets of the Plan are allocated entirely to individual participants’ accounts.

          Accounting EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

          Investment Valuation and Income RecognitionInvestments are stated at fair value. The fair value of Allergan, Inc. and Advanced Medical Optics, Inc. common stock is based upon quotations obtained from the New York Stock Exchange. The fair values of the Western Asset Core Plus Bond Portfolio, Dodge & Cox Balanced Fund, Hotchkis and Wiley Large Cap Value Fund, American Century Income and Growth Fund, Barclays Global Inv S&P 500 Equity Index Fund, American Century Ultra Fund, American Century Small Cap Value Fund, Artisan Small Cap Value Fund, American Funds New Perspective Fund, American Century International Growth Fund, American Funds EuroPacific Growth Fund, and Franklin Small-Mid Cap Growth A Fund are based upon quotations of each fund’s net asset value obtained from the National Association of Security Dealers Automated Quotations (NASDAQ). The fair value of the American Century Stable Asset Fund is based upon the net asset value reported by the fund. Participant loans are valued at cost which approximates fair value.

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NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

          Purchases and sales of investments are reflected on the trade-date basis. Dividend income is recorded on the ex-dividend date.

          The Plan presents, in the statements of changes in net assets available for plan benefits, the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

          Interest Bearing Cash and Cash Equivalents – Interest bearing cash and cash equivalents represent amounts invested in JPMorgan Chase Bank, which consists of highly liquid short-term investments.

          Contribution Funding – The participant deferrals and employer matching contributions are funded on a consistent basis following the issuance of each Company payroll. Employer retirement contributions are funded on an annual basis.

          Non-Discrimination for Employee and Employer Contributions – The Plan, as required by the Code, performs annual tests between highly compensated participants versus non-highly compensated participants to ensure that highly compensated participants are not disproportionately favored under the Plan. If the Plan fails the tests, it must refund some of the excess deferral contributions. Excess deferral contributions which are refunded within two and one-half (2 1/2) months of the Plan year end are accrued as a liability to the Plan. Excess deferral contributions which are not refunded within two and one-half (2 1/2) months of the Plan year end are recorded as a distribution in the Plan year in which the refund is paid.

          Non-Distributed Benefits – The Plan does not accrue non-distributed benefits related to participants who have withdrawn from the Plan, but recognizes such benefits as a deduction from net assets in the period in which such benefits were paid.

          Continuation of the PlanThe Company anticipates and believes the Plan will continue without interruption, but reserves the right to discontinue the Plan. If the Plan is terminated by the Company, the accounts of all affected participants shall become 100% vested and non-forfeitable without regard to the years of service of such participants.

          Administrative ExpensesExpenses incurred in the administration and operation of the Plan are paid by the Plan. Certain administrative expenses of the Plan are paid by the Company.

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NOTE 3 – INVESTMENTS

Fair value of investments

The following table presents the fair value of investments. Investments that represent five percent (5%) or more of the Plan’s net assets at December 31, 2004 and 2003 are separately identified.

                 
    December 31, 2004  
    Number of shares,        
    units or principal        
    amounts     Fair Value  
PARTICIPANT DIRECTED INVESTMENTS
               
At fair value as determined by quoted market prices
               
Common Stock:
               
Allergan, Inc.*
    1,252,161     $ 101,512,684  
Advanced Medical Optics, Inc.
    214,166       8,810,799  
 
             
 
               
Total common stock
            110,323,483  
 
             
Mutual Funds:
               
Dodge & Cox Balanced Fund*
    505,785       40,141,343  
American Century Income and Growth Fund*
    1,254,085       38,475,338  
Barclays Global Inv S&P 500 Equity Index Fund
    172,185       6,195,219  
American Century Ultra Fund*
    753,882       22,473,224  
American Funds New Perspective Fund*
    851,117       23,584,442  
American Funds EuroPacific Growth Fund
    142,034       5,059,239  
Artisan Small Cap Fund
    506,836       8,494,577  
American Century Small Cap Value Fund
    1,218,122       12,400,487  
 
             
 
               
Total mutual funds
            156,823,869  
 
             
 
               
At fair value as reported by the fund:
               
Common/Collective Trusts:
               
American Century Stable Asset Fund*
    38,228,840       38,228,840  
 
               
Investments at estimated fair value
               
Participant loans
            4,179,879  
Interest bearing cash and cash equivalents
            3,255  
 
             
 
               
Total investments
          $ 309,559,326  
 
             

* Investments that represent five percent (5%) or more of the Plan’s net assets.

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NOTE 3 – INVESTMENTS (CONTINUED)

                 
    December 31, 2003  
    Number of shares,        
    units or principal        
    amounts     Fair Value  
PARTICIPANT DIRECTED INVESTMENTS
               
At fair value as determined by quoted market prices
               
Common Stock:
               
Allergan, Inc.*
    1,290,508     $ 99,123,010  
Advanced Medical Optics, Inc.
    237,387       4,664,629  
 
             
 
               
Total common stock
            103,787,639  
 
             
 
               
Mutual Funds:
               
Dodge & Cox Balanced Fund*
    391,991       28,631,016  
American Century Income and Growth Fund*
    1,229,182       34,048,338  
Barclays S&P 500 Fund
    117,077       3,806,185  
American Century Ultra Fund*
    754,517       19,921,322  
American Funds New Perspective A Fund*
    738,753       18,092,064  
American Century International Growth Fund
    346,524       2,751,398  
Franklin Small-Mid Cap Growth A Fund
    209,662       6,335,981  
American Century Small Cap Value Fund
    736,956       6,765,259  
 
             
 
               
Total mutual funds
            120,351,563  
 
             
 
               
At fair value as reported by the fund:
               
Common/Collective Trusts:
               
American Century Stable Asset Fund*
    35,267,264       35,267,264  
 
               
Investments at estimated fair value
               
Participant loans
            3,587,932  
Interest bearing cash and cash equivalents
            20,881  
 
             
 
               
Total investments
          $ 263,015,279  
 
             

* Investments that represent five percent (5%) or more of the Plan’s net assets.

          The Plan’s investments (including gains and losses on investments bought and sold, as well as held) appreciated in value during the years ended December 31, 2004 and 2003. A summary of the change in fair value of investments is as follows:

                 
    2004     2003  
Common stock
  $ 10,989,947     $ 28,395,986  
Mutual funds
    15,945,084       26,878,323  
 
           
 
               
 
  $ 26,935,031     $ 55,274,309  
 
           

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NOTE 4 – INCOME TAX STATUS

          The Plan obtained its latest determination letter on July 22, 2002, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of Internal Revenue Code and constitutes a qualified trust under Section 401(a) of the Internal Revenue Code and is therefore exempt from federal income taxes under provisions of Section 501(a).

NOTE 5 – RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS

          The Plan allows participants to purchase employer securities. As of December 31, 2004 and 2003, the Plan held 1,252,161 and 1,290,508 shares, respectively, of Allergan, Inc. common stock.

          Certain Plan investments are invested in mutual funds that are managed by an affiliate of JPMorgan Chase Bank, the custodian, and therefore, these transactions qualify as party-in-interest transactions for which there is a statutory exemption.

NOTE 6 — RISKS AND UNCERTAINTIES

          The Plan provides for various investment options in mutual funds, common and collective trusts, common stock and cash and cash equivalents. Investment securities are exposed to various risks such as interest rate, market, and credit. Due to the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the various risk factors, in the near term, could materially affect participants’ account balances and the amounts reported in the financial statements.

NOTE 7 — CONCENTRATIONS

          Investments in the common stock of Allergan, Inc. comprised approximately 33% and 38% of the Plan’s total investments as of December 31, 2004 and 2003, respectively.

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SUPPLEMENTAL SCHEDULE

 


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ALLERGAN, INC. SAVINGS AND INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE
DECEMBER 31, 2004
FEIN: 95-1622442
PLAN NUMBER: 002

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS
(HELD AT END OF YEAR)

                       
        (c) Description of              
        Investment Including              
        Maturity Date, Rate of              
    (b) Identity of Issue, Borrower,   Interest, Collateral,           (e) Current  
(a)   Lessor or Similar Party   Par or Maturity Value   (d) Cost     Value  
*
  Allergan, Inc.   Common Stock, 1,252,161 shares     **      $ 101,512,684  
 
                       
 
  Advanced Medical Optics, Inc.   Common Stock, 214,166 shares     **        8,810,799  
 
                       
*
  American Century Stable Asset Fund   Common/Collective Trust, 38,228,840 shares     **        38,228,840  
 
                       
 
  Dodge & Cox Balanced Fund   Mutual Fund, 505,785 shares     **        40,141,343  
 
                       
*
  American Century Income and Growth Fund   Mutual Fund, 1,254,085 shares     **        38,475,338  
 
                       
 
  Barclays Global Inv S&P 500 Equity Index Fund   Mutual Fund, 172,185 shares     **        6,195,219  
 
                       
*
  American Century Ultra Fund   Mutual Fund, 753,882 shares     **        22,473,224  
 
                       
 
  American Funds New Perspective Fund   Mutual Fund, 851,117 shares     **        23,584,442  
 
                       
 
  American Funds EuroPacific Growth Fund   Mutual Fund, 142,034 shares     **        5,059,239  
 
                       
 
  Artisan Small Cap Fund   Mutual Fund, 506,836 shares     **        8,494,577  
 
                       
*
  American Century Small Cap Value Fund   Mutual Fund, 1,218,122 shares     **        12,400,487  
 
                       
*
  Participants loans   Interest rates ranging from 5% to 10.5%   $ 0       4,179,879  
 
                       
*
  JPMorgan Chase Bank   Money Market, 3,255 units     **        3,255  
 
                   
 
          $ 0     $ 309,559,326  
 
                   

* Party-in interest
** Historical cost information is not required for participant directed investment funds

See Report of Independent Registered Public Accounting Firm and
the accompanying notes to the financial statements

12


Table of Contents

I.     Exhibit Index

     
Exhibits   Description
Exhibit 23
  Consent of Lesley, Thomas, Schwarz & Postma, Inc.