Annual Report of Employee Stock Plans (11-k)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

REPURCHASE SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934



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

For the fiscal year ended December 31, 2014.



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

For the transition period from______ to ______

Commission File Number 1-13699

RAYTHEON SAVINGS AND INVESTMENT PLAN

(Full title of the plan)

RAYTHEON COMPANY

(Name of issuer of the securities held pursuant to the plan)

870 WINTER STREET, WALTHAM, MASSACHUSETTS 02451

(Address of issuer’s principal executive offices)

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Raytheon Savings and Investment Plan

Financial Statements and Supplemental Schedule

To Accompany 2014 Form 5500

Annual Report of Employee Benefit Plan

Under Employee Retirement Income Security Act of 1974

December 31, 2014 and 2013

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Raytheon Savings and Investment Plan

Table of Contents to Financial Statements and Supplemental Schedule

December 31, 2014 and 2013



	Page(s)
Report of Independent Registered Public Accounting Firm	2

Financial Statements

Statements of Net Assets Available for Benefits	3

Statement of Changes in Net Assets Available for Benefits	4

Notes to Financial Statements	5

Supplemental Schedule*

Schedule H, Line 4i- Schedule of Assets (Held at End of Year)	17

Signatures	47

Exhibit Index	48

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

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Report of Independent Registered Public Accounting Firm

To the Administrator of the Raytheon Savings and Investment Plan:

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Raytheon Savings and Investment Plan (the “Plan”) at December 31, 2014 and December 31, 2013, and the changes in net assets available for benefits for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. 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 of these statements 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

The supplemental schedule of assets (held at end of year) at December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of assets (held at end of year) is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 22, 2015

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Raytheon Savings and Investment Plan

Statements of Net Assets Available for Benefits

December 31, 2014 and 2013



	2014			2013
Assets
Investments
At fair value (Notes 2, 3, and 4)
Investment contracts	$	1,766,771,526		$	1,959,457,179
Registered investment companies	6,243,914,476			6,184,832,345
Common collective trusts	5,538,951,811			4,952,633,911
Raytheon Company common stock	1,396,017,465			1,355,553,494
Total investments	14,945,655,278			14,452,476,929
Receivables
Receivables for securities sold	5,018,590			4,134,267
Notes receivable from participants	229,201,216			238,572,568
Accrued investment income and other receivables	13,223,688			23,231,610
Total receivables	247,443,494			265,938,445

Total assets	15,193,098,772			14,718,415,374
Liabilities
Due to Trustee	—			49,268,562
Payable for securities purchased	10,035,167			9,254,635
Accrued investment expenses and other payables	2,942,451			7,415,976
Total liabilities	12,977,618			65,939,173

Net Assets available for benefits at fair value	15,180,121,154			14,652,476,201

Adjustment from fair value to contract value for interest in fully benefit-responsive investment contracts	(46,704,341		)	(51,326,695		)
Net assets available for benefits	$	15,133,416,813		$	14,601,149,506

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

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Raytheon Savings and Investment Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2014



	2014
Additions to net assets attributable to:

Net appreciation of investments (Notes 2, 3 and 4)	$	806,926,888
Interest and dividends	282,178,249
Interest income on notes receivable from participants (Note 2)	7,818,913
Other revenue (Note 7)	170,149

Contributions and deferrals
Employee deferrals	583,472,147
Employer contributions	274,532,751
	858,004,898
Total additions	1,955,099,097

Deductions from net assets attributable to:

Distributions to participants	1,441,283,296
Administrative expenses	9,462,863
Total deductions	1,450,746,159

Increase in net assets prior to plan mergers	504,352,938
Transfers in from affiliate benefit plans (Note 1)	27,914,369
Increase in net assets available for benefits	532,267,307
Net assets, beginning of year	14,601,149,506
Net assets, end of year	$	15,133,416,813

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

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

1. Description of Plan

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

General

The Plan is a defined contribution plan covering the majority of employees of Raytheon Company (the “Company” or the “Plan Sponsor”). Most employees are immediately eligible to enroll in the Plan on the first day of service. The purpose of the Plan is to provide participants with a tax-effective means of meeting both short-term and long-term investment objectives. The portion of the Plan that is invested in Raytheon Company common stock is an employee stock ownership plan (“ESOP”) that is intended to constitute a stock bonus plan as defined in the Internal Revenue Code of 1986 (the “Code”) and that includes a cash or deferred arrangement. The remaining portion of the Plan is a profit-sharing plan that includes a cash or deferred arrangement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

The Plan's investments are held in the Raytheon Savings and Investment Plan Trust (the “Trust”).

Raytheon Applied Signal Technology, Inc. is a wholly-owned subsidiary of the Plan Sponsor. The net assets of the Applied Signal Technology Services 401(k) Plan, amounting to $27,914,369, were merged into the Plan on March 25, 2014. Raytheon Applied Signal Technology, Inc.’s employees became eligible to participate in the Plan on that date.

Contributions and Deferrals

Eligible employees may contribute to the Plan up to 50% of their compensation, as defined in the Plan document. The Code limits eligible compensation the Plan may take into account to $260,000 for the 2014 plan year. Employee contributions, including rollovers, are invested based on participant investment elections. For 2014, the annual employee pretax elective deferral contributions for a participant cannot exceed $17,500, except for catch-up contributions. Participants also may make after tax contributions, but total employee (pretax and after tax) contributions and employer contributions may not exceed $52,000 for the 2014 plan year, except for catch-up contributions. A participant who is eligible to make elective pretax contributions and is at least age 50 by the end of 2014 may make pretax catch-up contributions up to $5,500. Participants may also make after tax Roth 401(k) contributions, which are aggregated with pretax contributions for purposes of the limits on contributions.

For most employees hired after December 31, 2009, for the first five consecutive years of service, the Company matches 100% of the first 3% of eligible compensation that a participant contributes to the Plan each pay period. After the first five consecutive years of service, the Company matches 100% of the first 4% of eligible compensation. For most employees hired before January 1, 2010, the Company matches 100% of the first 4% of eligible compensation that a participant contributes to the Plan each pay period. Matching Company contributions are made in cash and are invested based on the investment allocation elected by each participant.

Eligible employees hired or rehired on or after January 1, 2007 participate in the Retirement Income Savings Program (“RISP”) (subject to the terms of any applicable collective bargaining agreements), in addition to having the right to participate in the other features of the Plan. Most employees hired after December 31, 2009 have a one-year waiting period for participation in RISP. Under RISP, the Company contributes a percentage of each RISP-eligible participant's compensation to the participant's RISP account in the Plan. The percentage contribution varies according to a schedule based on the participant's age at the most recent date of hire, years of service since the most recent date of hire and whether the participant was hired after December 31, 2009.

Participants may invest contributions in increments of 1% in any combination of investment options available, subject to percentage limitations applicable to some funds. The investment options range from investments with an emphasis on preservation of capital to equity investments with an emphasis on capital gains. The underlying investments include investment contracts, registered investment companies, common collective trusts, Raytheon Company common stock, fixed income securities and other investments including a self-directed brokerage account.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

Participant Accounts

Each participant account is credited with the participant's contributions, the Company's contributions and an allocation of Plan earnings (losses). Plan earnings (losses) are allocated based on account balances by investment option. Expenses payable by the Plan are charged to participant accounts or paid from the forfeiture account.

Participants are not permitted to make a direct exchange from the Raytheon Fixed Income Fund (the “Fixed Income Fund”), a stable value fund specifically managed for the Plan, into a "competing" fund (such as a money market fund). Investors who wish to move money from the Fixed Income Fund to a "competing" fund must first make an exchange from the Fixed Income Fund to a non-competing fund for 90 days. After 90 days, participants may exchange from a non-competing fund into a competing fund.

Vesting

With the exception of RISP participants and certain union groups, all employee and most employer contributions including ESOP contributions and earnings (losses) thereon are immediately 100% vested for each participant who performs an hour of service on or after January 1, 1999. Most RISP participants become 100% vested in the employer RISP contributions after three years of service. Forfeitures of the non-vested portions of terminated participants' accounts are available to reduce Company contributions and pay administrative expenses. At December 31, 2014 and 2013, unallocated Plan forfeitures were $148,362 and $118,856, respectively. During 2014, the total amount of forfeitures were $2,377,447.

Notes Receivable from Participants

A participant may borrow a portion of the balance in the participant's account, other than the RISP account, subject to certain restrictions. The maximum amount of a loan is the lesser of one-half of the participant's vested account balance or $50,000, minus the participant's highest outstanding loan balance over the previous 12 months. The minimum loan is $500. Loans are secured by the balance in the participant's account and bear interest equal to the prime rate published in The Wall Street Journal on the last business day of the calendar quarter preceding the calendar quarter in which the loan is made. Loans must be repaid over a period of up to five years, except that if the loan is used to acquire the participant's principal residence, the repayment period may extend up to 15 years. Loan payments and interest payments are credited to the participant's account in the investment options according to the participant's current investment election. As of December 31, 2014 and 2013, the interest rates on the outstanding loans ranged from 3.25% to 10.00%.

Payment of Benefits

A participant may make certain in-service withdrawals including all or a portion of participant after tax contributions and related earnings at any time and all or a portion of participant contributions, employer contributions and related earnings upon attainment of age 59 1/2. For reasons of financial hardship, a participant may withdraw all or a portion of participant pretax contributions and related earnings subject to a reduction in the maximum participant pretax contribution rate for the next six months. Participants who have participated in the Plan for five years or more may take withdrawals of their company matching contributions. On termination of employment, a participant will receive a lump-sum distribution unless the vested account is valued in excess of $1,000, and the participant elects to defer distribution. Otherwise, a terminated participant may defer the distribution until April 1 of the year following the year in which the participant reaches age 70 1/2.

Participants who have investments in the Raytheon Stock Fund which is primarily comprised of Raytheon Company common stock may elect to reinvest dividends within the Plan or, if vested, receive dividends in cash. Any dividends received in cash by participants will be subject to taxes in the year of receipt. Of the $24,846,997 in dividends earned by the Plan, $949,274 was received in cash by participants who elected the cash payment option.

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

to fully benefit-responsive wrap contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in benefit-responsive wrap contracts through the Fixed Income Fund. As required, the statements of net assets available for benefits presents the fair value of the fully benefit-responsive wrap contracts in the Fixed Income Fund and the adjustment from fair value to contract value relating to the wrap contracts. The statement of changes in net assets available for benefits is prepared on a contract value basis.

Use of Estimates

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

Investment Valuation and Income Recognition

Plan investments are stated at fair value including the Plan's benefit-responsive wrap contracts. See Note 4 for discussion of fair value measurements.

Security transactions are recorded on the trade date. Payables and receivables for outstanding purchases and sales represent trades which have occurred but have not yet settled and are recorded on the statements of net assets available for benefits.

Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on an accrual basis.

The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, excluding fully benefit-responsive investment contracts, which consists of the realized gains (losses) and the unrealized appreciation (depreciation) on those investments.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. No allowance for credit losses have been recorded as of December 31, 2014 or 2013. Delinquent participant loans are classified as distributions based upon the terms of the plan document.

Payment of Benefits

Benefits are recorded when paid.

Administrative Expenses

Expenses of administering the Plan such as loan processing, legal fees and other administrative fees are charged directly or indirectly to participant accounts. Those expenses of administering the Plan that are not charged to participant accounts are paid by the forfeiture account or by the Company. For 2014, the Company paid administrative expenses of $81,909. These expenses were generally related to the merger of acquired plans. Expenses paid by the Company are excluded from these financial statements.

Subsequent Events

The Plan has evaluated subsequent events through the time of filing this Form 11-K with the Securities and Exchange Commission.

Accounting Standards

In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-07 "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." For all investments for which fair value is measured using the net asset value per share practical expedient, ASU 2015-07 removes the requirement to make certain disclosures and to categorize them within the fair value hierarchy. These disclosure changes are required for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. Management is currently evaluating the impact ASU 2015-07 will have on the Plan's financial statements and disclosures.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

3. Investments

The following presents investments that represent 5% or more of the Plan's net assets:



	2014		2013
Northern Trust Collective S&P 500 Index Fund - DC - Non-Lending	$	2,422,067,787	$	2,198,159,980
Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	2,111,792,512		1,897,894,064
Janus Balanced N Fund	1,466,880,945		1,429,408,350
Raytheon Common Stock	1,396,017,465		1,355,553,494
Northern Trust ACWI ex-US Fund - DC Non-Lending	1,121,854,639		1,063,520,059
Northern Trust Collective Aggregate Bond Index Fund - DC - Non-Lending ^(a)	925,008,573		555,089,875
Fidelity Institutional Money Market Fund - Government Portfolio ^(a)	856,645,080		—
Fidelity Institutional Money Market Fund - Money Market Portfolio ^(b)	—		989,015,929
Nothern Trust Collective Russell 2000 Index Fund- DC Non-Lending	782,408,803		837,236,534

^(a) Investment did not represent more than 5% of the Plan's net assets in 2013.
^(b) Investment did not represent more than 5% of the Plan's net assets in 2014.

During the year ended December 31, 2014 the net appreciation in value of the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) was as follows:



Registered investment companies	$	233,483,526
Common collective trusts	335,413,319
Raytheon Company common stock	238,030,043
	$	806,926,888

4. Fair Value Measurements

The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The accounting standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required as well as the assets and liabilities that we value using those levels of inputs.



Level 1:	Quoted prices in active markets for identical assets or liabilities.
Level 2:	Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or that we corroborate with observable market data for substantially the full term of the related assets or liabilities.
Level 3:	Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

Following is a description of valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2014 and 2013.

A Synthetic Guaranteed Investment Contract (“Synthetic GIC”) is an investment contract comprised of third party issued benefit-responsive wrap contracts ("Wrap Contracts") and represents individual assets, usually a portfolio of high quality fixed income securities placed in a trust, with ownership by the Plan and insurance issued by the wrap contract providers to guarantee participant transactions are executed at contract value subject to certain provisions ("Wrapper"). The individual assets of the

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

Synthetic GIC are valued at fair value. The fair value of the Wrapper is determined using a discounted cash flow model which considers recent rebids as determined by recognized dealers, discount rate and the duration of the underlying portfolio.

Investments in registered investment companies and common collective trusts are valued at the closing net asset value reported on the last business day of the year. Investments in securities (common stocks) traded on a national securities exchange are valued at the exchange traded close. Investments in fixed income securities (U.S. government, domestic and foreign bonds) and convertible securities are valued by a pricing service which determines valuations for normal institutional-size trading units of such securities using methods based upon market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Futures contracts are valued at the last settlement price at the end of each day on the exchange upon which they are traded.

The Plan invests in common collective trusts ("CCT") which are valued at the net asset value ("NAV") of the CCT. The NAV, as provided by the investment manager or custodian, is net of fees and is based on the fair value of the underlying investments held by the CCT less its liabilities. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the CCT, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

The following tables set forth the investment assets of the Plan that were measured at fair value on a recurring basis by level within the fair value hierarchy. We classify assets measured at fair value in their entirety based on the lowest level of input that is significant to their fair value measurement.



	Fair Value of Investment Assets as of 12/31/2014
	Level 1			Level 2		Level 3		Total
Investment contracts - Assets
Fixed income
US government and agencies	$	730,024,267		$	67,333,140	$	—	$	797,357,407
Corporate debt	—			504,033,384		—		504,033,384
Mortgage backed securities	—			318,582,084		—		318,582,084
Asset backed securities	—			135,369,897		—		135,369,897
Common collective trust	—			9,197,938		—		9,197,938
Other fixed income investments	—			2,156,429		—		2,156,429
Wrapper	—			—		158,326		158,326
Investment contracts - Liabilities
Futures contracts	(83,939		)	—		—		(83,939		)
Total investment contracts	729,940,328			1,036,672,872		158,326		1,766,771,526

Registered investment companies
Target date mutual funds	9,509,825			—		—		9,509,825
Fixed income based mutual funds	534,944,686			—		—		534,944,686
Equity based mutual funds	4,757,399,262			—		—		4,757,399,262
Money market funds	942,060,703			—		—		942,060,703
Total registered investment companies	6,243,914,476			—		—		6,243,914,476

Common collective trusts
Fixed income based funds	—			925,008,573		—		925,008,573
Equity based funds	—			4,613,943,238		—		4,613,943,238
Total common collective trusts	—			5,538,951,811		—		5,538,951,811

Raytheon Company common stock	1,396,017,465			—		—		1,396,017,465
Total Investments	$	8,369,872,269		$	6,575,624,683	$	158,326	$	14,945,655,278

As of December 31, 2014, there were no transfers between levels.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013



	Fair Value of Investment Assets as of 12/31/2013
	Level 1		Level 2		Level 3		Total
Investment contracts
Fixed income
US government and agencies	$	729,115,482	$	95,346,729	$	—	$	824,462,211
Corporate debt	—		547,963,241		—		547,963,241
Mortgage backed securities	—		370,769,849		—		370,769,849
Asset backed securities	—		137,241,404		—		137,241,404
Common collective trust	—		69,570,782		—		69,570,782
Other fixed income investments	—		9,147,279		—		9,147,279
Futures contracts	128,810		—		—		128,810
Wrapper	—		—		173,603		173,603
Total investment contracts	729,244,292		1,230,039,284		173,603		1,959,457,179

Registered investment companies
Target date mutual funds	7,632,081		—		—		7,632,081
Fixed income based mutual funds	708,939,689		—		—		708,939,689
Equity based mutual funds	4,380,445,288		—		—		4,380,445,288
Money market funds	1,087,815,287		—		—		1,087,815,287
Total registered investment companies	6,184,832,345		—		—		6,184,832,345

Common collective trusts
Fixed income based funds	—		555,089,875		—		555,089,875
Equity based funds	—		4,397,544,036		—		4,397,544,036
Total common collective trusts	—		4,952,633,911		—		4,952,633,911

Raytheon Company common stock	1,355,553,494		—		—		1,355,553,494
Total Investments	$	8,269,630,131	$	6,182,673,195	$	173,603	$	14,452,476,929

As of December 31, 2013, there were no transfers between levels.

Level 3 Gains and Losses

The tables below summarize changes in the fair value of the Plan's Level 3 investment assets. The depreciation of the fair value of the wrap contracts is not included on the Statement of Changes in Net Assets Available for Benefits, nor does it affect participant balances or transactions, as the investment contracts are transacted at and carried at contract value on the Statements of Net Assets Available for Benefits.



	Level 3 investment Assets - 12/31/2014
	Balance, beginning of year		Realized gains (losses)		Unrealized appreciation (depreciation)			Purchases		Sales		Transfers in (out) of level 3		Balance, end of year
Investment contracts
Wrapper	$	173,603	$	—	$	(15,277	)	$	—	$	—	$	—	$	158,326
Total	$	173,603	$	—	$	(15,277	)	$	—	$	—	$	—	$	158,326

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

Unrealized depreciation of $15,277 relates to investment assets held by the Plan at December 31, 2014.



	Level 3 investment Assets - 12/31/2013
	Balance, beginning of year		Realized gains (losses)		Unrealized appreciation (depreciation)			Purchases		Sales		Transfers in (out) of level 3		Balance, end of year
Investment contracts
Wrapper	$	1,929,349	$	—	$	(1,755,746	)	$	—	$	—	$	—	$	173,603
Total	$	1,929,349	$	—	$	(1,755,746	)	$	—	$	—	$	—	$	173,603

Unrealized depreciation of $1,755,746 relates to investment assets held by the Plan at December 31, 2013.

5. Investment Contracts

For the plan year ended December 31, 2014 and 2013, the Plan included the Fixed Income Fund, which holds four Wrap Contracts issued by American General Life Insurance Company, JP Morgan Chase Bank, Prudential Insurance Company of America and State Street Bank and Trust Company (collectively the “Wrap Contract Providers”).

A Synthetic GIC is designed to decrease volatility by providing the Fixed Income Fund with the ability to execute certain participant transactions at contract value through the use of Wrap Contracts. Under the Wrap Contracts, there is no immediate recognition of gains and losses on the Fixed Income Fund's investments. Instead gains and losses are recognized over time by periodically adjusting the interest rates credited to the Fixed Income Fund. This allows the Fixed Income Fund to credit a fixed interest rate for stated periods of time on investments that are subject to the Wrap Contracts. Individual assets wrapped by the Wrap Contracts are valued based on the policy discussed in Notes 2 and 4.

Income from the Synthetic GIC is reported net of administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value with certain restrictions related to the transfer of funds into a competing investment option. The Plan considers such factors as the benefit responsiveness of the investment contracts, the ability of the parties to the contracts to perform in accordance with the terms of the contracts and the likelihood of default by an issuer of an investment security in evaluating the components of the Synthetic GIC.

The Synthetic GIC accrues interest using a formula embedded in the Wrap Contracts called the “crediting rate.” The Synthetic GIC uses the crediting rate formula to convert market value changes in the wrapped assets into income distributions in order to minimize the difference between the market and contract value of the wrapped assets over time. Using the crediting rate formula, an estimated future market value is calculated by compounding the Fixed Income Fund's current market value at the Fixed Income Fund's current yield to maturity for a period equal to the Fixed Income Fund's duration. The crediting rate is the discount rate that equates estimated future market value with the Fixed Income Fund's current contract value. The crediting rate is most impacted by the change in the annual effective yield to maturity of the underlying securities, but is also affected by the differential between the contract value and the market value of the wrapped investments. The difference is amortized over the duration of the investments. The magnitude of the impact of the contract value and the market value differential to the crediting rate is affected by the length of time between the reset period and the duration of the investments. Crediting rates are reset monthly. The Wrap Contracts provide a guarantee that the crediting rate will not fall below 0%. Events disqualifying an underlying investment from being wrapped include but are not limited to bankruptcy of the security issuer or the default or restricted liquidity of the security issuer.

The crediting rate, and hence the Fixed Income Fund's return, may be affected by many factors, including purchases and redemptions by participants. The precise impact on the Fixed Income Fund depends on whether the market value of the wrapped assets is higher or lower than the contract value of those assets. If the Fixed Income Fund experiences significant redemptions when the market value is below the contract value, the Fixed Income Fund's yield may be reduced significantly, to a level that is not competitive with other investment options. This may result in additional redemptions, which would tend to lower the crediting rate further. If redemptions continued, the Fixed Income Fund's yield could be reduced to zero. If

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

redemptions continued thereafter, the Fixed Income Fund might have insufficient assets to meet redemption requests, at which point the Fixed Income Fund would require payments from the Wrap Contract Providers to pay further participant redemptions.

The Fixed Income Fund and the Wrap Contracts purchased by the Fixed Income Fund are designed to pay all participant-initiated transactions at contract value. Participant-initiated transactions are those transactions allowed by the Plan (typically this would include withdrawals for benefits, loans, or transfers to non-competing investment options within the Plan). However, the Wrap Contracts limit the ability of the Fixed Income Fund to transact at contract value upon the occurrence of certain events. At this time, management believes the occurrence of any of these events is not probable. These events include:

1. The Plan's failure to qualify under Section 401(a) or Section 401(k) of the Code.

2. The establishment of a defined contribution plan that competes with the Plan for employee contributions.

3. Any substantive modification of the Plan or the administration of the Plan that is not consented to by the

Wrap Contract Provider.

4. Complete or partial termination of the Plan.

5. Any known change in law, regulation or administrative ruling applicable to the Plan that could have a material

adverse effect on the Fixed Income Fund's cash flow.

6. Any communication given to participants by the Plan Sponsor or any other plan fiduciary that is designed to

induce or influence participants not to invest in the Fixed Income Fund or to transfer assets out of the Fixed

Income Fund.

7. Exclusion of a material group of previously eligible employees from eligibility in the Plan.

8. Any material early retirement program, group termination, group layoff, facility closing, or similar program.

9. Any transfer of assets from the Fixed Income Fund directly to a competing option.

10. Bankruptcy of the Plan Sponsor or other Plan Sponsor events which cause a significant withdrawal from the

Plan.

A Wrap Contract Provider may terminate a Wrap Contract at any time. In the event that the market value of the Fixed Income Fund's wrapped assets is below their contract value at the time of such termination, the Trustee may elect to keep the Wrap Contract in place until such time as the market value of the Fixed Income Fund's wrapped assets is equal to their contract value. A Wrap Contract Provider may also terminate a Wrap Contract if FMTC's investment management authority over the Fixed Income Fund is limited or terminated as well as if all of the terms of the Wrap Contract fail to be met. In the event that the market value of the Fixed Income Fund's wrapped assets is below their contract value at the time of such termination, the terminating Wrap Contract Provider would not be required to make a payment to the Fixed Income Fund.

Wrap Contracts generally impose conditions on both the Plan and the Wrap Contract Provider. If an event of default occurs and is not cured, the non-defaulting party may terminate the Wrap Contract. The following may cause the Plan to be in default: a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the Plan agreement. The Wrap Contract Provider may be in default if it breaches a material obligation under the Wrap Contract; makes a material misrepresentation; has a decline in its long term credit rating below a threshold set forth in the Wrap Contract; is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. The Wrap Contract Providers' ability to meet their contractual obligations under the respective Wrap Contracts may be affected by future economic and regulatory developments in the insurance and banking industries. If, in the event of default of a Wrap Contract Provider, the Plan was unable to obtain a replacement Wrap Contract, withdrawing participants may experience losses if the value of the Fixed Income Fund's assets no longer covered by the Wrap Contract is below contract value. The Plan may seek to add additional issuers over time to diversify the Plan's exposure to such risk, but there is no assurance that the Plan will be able to do so. The combination of the default of a Wrap Contract Provider and an inability to obtain a replacement Wrap Contract could render the Plan unable to achieve its objective of maintaining a stable contract value. The terms of a Wrap Contract generally provide for settlement of payments only upon termination of the Wrap Contract or total liquidation of the wrapped investments. Generally, payments will be made pro-rata, based on the percentage of investments covered by each Wrap Contract Provider. Wrap Contract termination occurs whenever the contract value or market value of the wrapped investments reaches zero or upon certain events of default. If the Wrap Contract terminates due to the default of the Wrap Contract Provider (other than a default occurring because of a decline in its rating), the Wrap Contract Provider will generally be required to pay to the Plan the excess, if any, of contract value over market value on the date of termination. If a Wrap Contract terminates due

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

to a decline in the ratings of the Wrap Contract Provider, the Wrap Contract Provider may be required to pay to the Plan the cost of acquiring a replacement contract (i.e. replacement cost) within the meaning of the Wrap Contract. If the Wrap Contract terminates when the market value equals zero, the Wrap Contract Provider will pay the excess of contract value over market value to the Plan to the extent necessary for the Plan to satisfy participant initiated withdrawal requests. Wrap Contract termination also may occur by either party upon election and notice.

The Wrap Contract Provider may elect to terminate the Wrap Contract for no reason by giving certain notice to the Trustee. If, at any time, prior to dates agreed to in each Wrap Contract for the receipt of such notice, the Trustee objects to such election, the Trustee shall be deemed to have made an immunization election and the immunization provisions of the Wrap Contract apply. The immunization provision results in the wrapped portion of the Fixed Income Fund being managed according to more conservative immunization investment guidelines provided for in the Wrap Contract and the contract can terminate in segments over a period of time. In the event a Wrap Contract Provider sought to terminate its Wrap Contract or immunize its portion of the Fixed Income Fund, the Fund can seek to replace that Wrap Contract Provider with another financial institution.

Plans investing in Wrap Contracts and fixed income securities are subject to a number of risks, including credit risk of underlying investments, risk associated with prepayment of collateralized mortgage obligations, risk that third parties will not perform under the Wrap Contracts, risk associated with interest rate fluctuations, and risk of losses caused by liquidation of contracts or investments to meet withdrawal demands.

The fair value of the Fixed Income Fund's Synthetic GIC exceeded the contract value by $46,704,341 and $51,326,695, at December 31, 2014 and December 31, 2013 respectively. The crediting rates are adjusted monthly to reflect the experience and anticipated yields to be earned on such investments, based on their book value. The average yield and crediting interest rates were as follows:



	December 31, 2014	December 31, 2013
Average annual yield	2.24%	2.33%
Crediting interest rate	2.30%	2.30%

6. Futures contracts

A futures contract is a contractual agreement to make or take delivery of a standardized quantity of a specified grade or type of commodity or financial instrument at a specified future date in accordance with terms specified by a regulated futures exchange.

As described in Note 5, the Synthetic GICs represent individual assets placed in a trust, with ownership by the Plan. As of December 31, 2014 and 2013, the Synthetic GICs contained futures contracts. The Plan uses fixed income futures contracts to manage exposure to the market. Buying futures contracts tends to increase the Plan's exposure to the underlying instrument. Selling futures contracts tends to decrease the Plan's exposure to the underlying instrument held, or hedge the fair value of other fund investments.

Upon entering into a futures contract, the Plan is required to deposit either in cash or securities an amount equal to a certain percentage of the nominal value of the contract (“initial margin”) with the broker. The Plan does not employ leverage in its use of futures, thus cash balances are maintained at a level at least equal to the contract value of the futures. Pursuant to the futures contract, the Plan agrees to receive from, or pay to, the broker an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin” which are settled daily and are included in net appreciation (depreciation) of investments. In addition, the Plan pledges collateral, generally U.S. government bonds, for open fixed income futures positions.

Futures contracts involve, to varying degrees, credit and market risks. The Fund enters into futures contracts on exchanges where the exchange acts as the counterparty to the transaction. Thus, credit risk on such transactions is limited to the failure of the exchange. The daily settlement on the futures contracts serves to greatly reduce credit risk. Losses in value may arise from changes in the value of the underlying instrument or if there is an illiquid secondary market for the contracts. In addition, there is the risk that there may not be an exact correlation between a futures contract and the underlying index or security.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

A summary of open fixed income futures is presented below as of December 31, 2014 and 2013.



	Long Contracts			Short Contracts
	2014			2014
	Number of Contracts	Aggregate Face Value		Number of Contracts	Aggregate Face Value

US 2 Year Treasury Note	564	$	123,286,875	—	$	—
US 5 Year Treasury Note	—	—		242	28,780,984
US 10 Year Treasury Note	—	—		281	35,629,922
US Ultra Bond (CBT)	25	4,129,688		—	—
US Long Bond (CBT)	—	—		70	10,119,375
	589	$	127,416,563	593	$	74,530,281



	Long Contracts			Short Contracts
	2013			2013
	Number of Contracts	Aggregate Face Value		Number of Contracts	Aggregate Face Value

US 5 Year Treasury Note	639	$	76,240,688	—	$	—
US 10 Year Treasury Note	—	—		130	15,996,094
US Ultra Bond (CBT)	—	—		93	12,671,250
US Long Bond (CBT)	—	—		198	25,405,875
Euro Dollar 90 Day	161	39,422,863		161	39,899,825
	800	$	115,663,551	582	$	93,973,044

The average number of futures contracts held during the years ended December 31, 2014 and December 31, 2013 was 1070 and 785 contracts, respectively, based on a quarterly average.

7. Certain Transactions Involving Parties-In-Interest

The Trustee of the Plan, FMTC, is a party-in-interest with respect to the Plan. Certain Plan transactions involve FMTC or its affiliates. For example, certain Plan investments are shares of registered investment companies managed by affiliates of FMTC. The Plan also pays fees to the Trustee. In addition, the Plan has a revenue sharing agreement with the Trustee whereby certain revenue received by the Trustee from sponsors of some Plan investment options is paid to the Trust. For the year ended December 31, 2014, $170,149 in such revenue sharing was allocated to participant accounts.

Subject to the terms of the Plan document, the Plan makes certain loans to participants who are employees of the Company, and who are therefore parties in interest with respect to the Plan.

The Plan Sponsor, Raytheon Company, is a party in interest with respect to the Plan. In accordance with the provisions of the Plan, the Trustee acts as the Plan's agent for purchases and sales of shares of Raytheon Company common stock. Purchases amounted to $26,064,271 and sales amounted to $194,662,744 for the year ended December 31, 2014. Dividend income from shares of Raytheon Company common stock amounted to $23,897,723 for the year ended December 31, 2014.

All of these transactions either fall outside the scope of, or are exempt from, ERISA's prohibited transaction rules.

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Raytheon Savings and Investment Plan

Notes to Financial Statements

December 31, 2014 and 2013

8. Plan Termination

Although it has not expressed any intention to do so, the Company reserves the right under the Plan at any time to discontinue its contributions and to terminate the Plan subject to the provisions of ERISA. Upon termination of the Plan, all participants become fully vested in their accounts. In the event of Plan termination, after payment of all expenses and adjustment of accounts to reflect such expenses, fund losses or profits, and reallocations, each participant shall be entitled to receive all amounts then in his or her account.

9. Federal Income Tax Status

The Internal Revenue Service (the “IRS”) has determined and informed the Company by letter dated June 25, 2012, that the design of the Plan meets the requirements for qualification under Code section 401(a), on which the tax exemption of the Trust under Code section 501(a) is based. The Plan has been amended since receiving the determination letter. The Plan administrator and the Company's benefits counsel believe that the current design and operation of the Plan are consistent with preservation of the qualification of the Plan and exemption of the Trust in the context of applicable IRS procedures.

The Plan follows the provisions of uncertain tax positions that provide criteria for the recognition, measurement, presentations and disclosure of uncertain tax positions. The Plan may from time to time hold investments that give rise to certain tax liabilities. Based upon management's assessment, the Plan has not recognized any tax liabilities at December 31, 2014 and 2013, respectively. The Plan is subject to examinations by taxing jurisdictions. On March 21, 2014, the IRS informed the Company that it completed its examinations of the Plan for 2009, 2010 and 2011 and accepted the Plan's Form 5500s as filed. The Plan administrator believes the Plan is no longer subject to federal tax examination for years prior to 2012.

10. Risks and Uncertainties

The Plan provides for various investment options. These investment options are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment options of the Plan, it is reasonably possible that changes in the values of investment securities will occur and such change could materially affect participants' account balances and the Plan's financial statements.

Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with the Plan. The Plan minimizes concentrations of counterparty credit risk by undertaking transactions with multiple counterparties. The Plan's investment fiduciary has a credit policy in place and the exposure to counterparty credit risk, as well as the creditworthiness of these counterparties, is monitored on an ongoing basis.

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal		Current Value
Investment Contracts
	ABN Amro Bk	2.5% 10/18 144A	$	2,645,000	$	2,671,492
	ANZ Natl Intl	1.12% 3/16 144A	3,320,000		3,331,783
	AT&T Inc	3.875% 8/15/21	635,000		664,405
	AT&T Inc	1.6% 2/15/17	1,775,000		1,778,728
	AT&T Inc	1.4% 12/01/17	520,000		514,822
	AT&T Inc	3ML+91 11/27/18	1,590,000		1,615,551
	AT&T Inc	2.3% 3/11/19	135,000		134,858
	Abbvie Inc	2% 11/6/18 WI	2,680,000		2,671,009
	Aetna Inc	4.125% 6/01/21	250,000		268,547
	Agrium Inc	3.15% 10/01/22	250,000		244,042
	Allied Wrld As	7.5% 8/01/16	1,350,000		1,474,083
	Allya	2012-2 A3 0.74% 4/16	19,650		19,655
	Allya	2012-4 A3 0.59% 1/17	179,160		179,142
	Allyl	2013-SN1 A3 .72% 05/16	406,454		406,591
	Allya	2013-2 A3 0.79% 01/18	4,400,000		4,396,247
	Allyl	2014-SN1 A3 .75% 02/17	500,000		499,124
	Altria Group Inc	9.7% 11/10/18	883,000		1,121,240
	Altria Group Inc	9.25% 8/6/19	40,000		51,410
	Altria Group Inc	2.85% 8/09/22	520,000		505,282
	American Exp Co	2.65% 12/2/22	2,012,000		1,973,331
	American Express	1.55% 5/22/18	230,000		227,813
	Amxca	2013-3 A .98% 05/19	6,342,000		6,339,812
	Amxca	2014-2 A 1.26% 1/20	2,500,000		2,494,010
	Amxca	2014-4 A 1.43% 06/20	990,000		988,070
	American Ex Crd	2.125% 3/18/19	1,790,000		1,787,754
	American Honda Fin	2.125 10/18	450,000		452,738
	AIG Intl Grp	4.875% 6/01/22	600,000		674,006
	American Intl Group	2.3% 7/19	1,955,000		1,956,990
	Amer Intl Grp Glb	5.6% 10/18/16	300,000		322,460
	American Intl	5.85% 1/16/18	500,000		559,050
	Amgen Inc	4.1% 6/15/21	2,255,000		2,420,111
	Anadarko Pete	6.95% 6/15/19	995,000		1,162,509
	Anadarko Petro	6.375% 9/15/17	500,000		555,939
	Anglo Amer cap	4.125 4/21 144A	250,000		250,840
	Anheuser Busch	2.5% 7/15/22	3,208,000		3,117,797
	AB Inbev Fin	2.15% 2/1/19	1,130,000		1,134,555
	Aon Corp	3.125% 5/27/16	1,800,000		1,847,428
	Apple Inc	1% 5/3/18	6,023,000		5,927,770
	Apple Inc	2.85% 5/6/21	1,255,000		1,283,814

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Atmos Energy	6.35 6/15/17	126,000	140,731
	Australia & Nz	1.875% 10/06/17	430,000	433,928
	Australia & Nz	1.45% 5/15/18	460,000	454,098
	Anz Ny Bran	1.25% 1/10/17	680,000	680,246
	Aust & Nz Bkg Ny	2.25% 6/13/19	650,000	653,114
	Avalonbay Comm	3.625% 10/1/20	209,000	217,379
	Axis Specialty	5.875% 6/1/20	2,150,000	2,435,477
	BACCT	2014-A3 A 1ML+29 01/20	9,000,000	8,998,380
	BB&T Corporation	6.85% 4/19	9,000	10,677
	BB&T Corp	2.25% 02/01/19	1,140,000	1,142,334
	Bhp Billiton Fn Ltd	3.85 9/23	1,390,000	1,463,316
	Bp Cap Markets	3.125% 10/1/15	1,500,000	1,527,075
	Bp Cap Mkts	3.561% 11/01/2021	665,000	679,425
	Bp Capital Mkts	1.375% 11/6/17	450,000	445,128
	Bpcm	1.375% 5/10/18	450,000	442,051
	Bnp Pariba	2.45% 03/17/19	451,000	457,014
	Bpce Sa	2.5% 12/10/18	1,100,000	1,114,996
	Bpce Sa	1.625% 2/10/17	450,000	450,936
	Bpce Sa	2.5% 7/15/19	1,300,000	1,305,121
	Bmwlt	2014-1 A3 .73% 02/17	818,000	817,252
	Heathrow Fdg Ltd	2.5 6/15 144A	1,260,000	1,260,772
	BACM	2006-1 A1A CSTR 9/45	3,077,035	3,177,014
	BACM	2005-2 A5 CSTR 7/43	1,170,059	1,174,704
	BACM	2006-2 A4 CSTR 5/45	3,000,000	3,123,576
	BACM	2006-2 A1A CSTR 5/45	2,231,771	2,350,552
	BACM	2006-4 A4 5.634 7/46	406,961	425,793
	BACM	2006-4 A1A CSTR 7/46	1,021,169	1,081,148
	BACM	2007-4 A4 CSTR 2/51	2,954,732	3,220,903
	Bk Of Amer Glb	5.625 10/16 MTN	45,000	48,203
	Bank Of America	6% 9/01/17	2,225,000	2,453,568
	Bank Amer Na	1.25% 02/14/17	450,000	448,991
	Bank Amer	5.65% 5/01/18	4,525,000	5,027,153
	Bank Of America	3.75% 7/12/16	265,000	274,541
	Bank Of America Cor	5.7% 1/22	640,000	741,400
	Bank Of America Crp Mtn	2 1/18	450,000	449,658
	Bank Amer Fdg C	3.3% 01/11/23	1,700,000	1,700,131
	Bank Amer Fdg Crp	2.6% 1/15/19	6,875,000	6,928,460
	Bank America Corp	2.65% 4/1/19	890,000	896,528
	Bank Amer Fdg C	4.2% 08/26/24	1,260,000	1,283,594
	BAAT	2012-1 A3 0.78% 6/16	146,276	146,295

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	BAAT	2012-1 A4 1.03 12/16	470,000	471,089
	Bank Of Ny	5.45% 5/15/19	86,000	97,498
	Bank Nova Scotia	2.55% 1/12/17	27,000	27,691
	Bank T-M Ufj	1.65% 2/26/18 144	470,000	463,793
	Bank T-M Ufj	2.7% 9/9/18 144A	450,000	457,797
	Bk Tk-Mtltd	3.75% 3/10/24 144A	1,290,000	1,336,230
	Barclays Plc	2.75% 11/8/19	334,000	331,959
	Barclays Glb Mtn	5% 9/22/16	5,500,000	5,862,318
	Barclays Bnk Plc	2.5% 02/20/19	1,900,000	1,925,243
	Barclays Bk	6.05% 12/4/17 144A	1,855,000	2,042,683
	Baxter Intl Glbl	4.625 3/15/15	18,000	18,148
	Bayer Us Fin	3% 10/8/21 144A	1,115,000	1,124,065
	BSCMS	05-T18 A4 4.933% 2/42	114,025	114,031
	BSCMS	05-PWR8 A4 4.674% 6/41	349,073	350,676
	BSCMS	2004-PWR4 A3 CSTR 6/41	6,318	6,316
	BSCMS	2006-T22 A1A CSTR 4/38	702,602	733,450
	BSCMS	06-PW12 A1A CSTR 9/38	547,422	575,307
	BSCMS	2006-PW13 A4 5.54%0 9/41	2,610,363	2,745,125
	BSCMS	2006-PW13 A1A 5.533 9/41	686,941	728,552
	BSCMS	2006-PW14 A4 5.201 12/38	3,515,000	3,724,979
	BSCMS	2006-PW14 A1A 5.189	317,272	336,442
	BSCMS	2007-T26 A4 CSTR 1/45	2,951,357	3,161,178
	Bear	7.25% 2/01/18	1,350,000	1,555,943
	Becton Dickinso	1.75% 11/8/16	1,170,000	1,178,968
	Becton Dickinso	2.675% 12/19	670,000	678,811
	Berkley Wr Corpmtn	7.375% 9/19	700,000	828,544
	Berkley Wr Corp	5.375% 9/15/20	1,300,000	1,447,388
	BMWOT	2014-A A3 0.97% 11/18	1,535,000	1,533,336
	Branch Banking Frn	9/13/16	2,178,000	2,170,556
	British Sky	BR 3.75% 9/24 144A	800,000	804,899
	British Telecom Plc	2.35% 2/19	1,074,000	1,072,458
	Burlington North San	4.1% 6/21	2,000,000	2,169,238
	CBS Corp	4.3% 2/15/21	770,000	829,087
	CDP Finl Inc	3.15% 07/24 144A	1,765,000	1,799,511
	CD	2005-CD1 A4 CSTR 7/44	5,515,356	5,604,473
	CD	06-CD2 A4 CSTR 1/46	3,000,000	3,084,645
	CD	06-CD2 A1B CSTR 1/46	1,133,061	1,170,085
	CD	2007-CD5 A1A 5.8% 11/44	763,015	827,376
	Cigna Mtn	5.125% 6/15/20	1,350,000	1,504,467
	Cigna	4% 2/15/22	1,670,000	1,759,711

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Comm 2014-UBS4 A2	2.963% 08/47	4,580,000	4,702,048
	Comm 2014-UBS3 A2	2.844% 6/47	3,200,000	3,291,798
	Comm	2012-LC4 A1 1.156% 12/44	304,998	306,208
	Comm	2012-CR5 A1 0.673% 12/45	608,509	606,257
	Comm	2012-CR1 A1 1.116% 5/45	7,795	7,797
	Comm	2012-CR1 A2 2.35% 5/45	360,000	365,485
	Comm	2012-CR2 A1 .824% 08/45	114,942	114,714
	Comm	2013-CR9 A1 1.3440% 7/45	149,577	150,448
	Comm	2014-CR17 A2 3.012% 05/47	630,000	651,777
	CVS Caremark	2.25% 12/5/18	355,000	358,178
	Cameron Intl Crp	4.5% 6/01/21	1,490,000	1,576,897
	Capital One Fin	6.75% 9/15/17	18,000	20,308
	Capital One Fin	2.45% 04/24/19	1,520,000	1,516,518
	Capital One Fin	3.75% 04/24/24	860,000	878,575
	Comet	2013-A1 A1 .63% 11/18	815,000	814,359
	Comet	2013-A3 A3 .96% 9/19	1,296,000	1,291,227
	Comet	2014-A2 A2 1.26% 01/20	890,000	888,915
	Capital One Bk	3.375% 2/15/23	2,710,000	2,694,935
	Capital One Bk	2.25% 2/13/19	910,000	903,410
	Capital One Bk	2.95% 07/23/21	965,000	958,962
	Carmx	2012-1 A3 0.89% 9/16	260,004	260,213
	Carmx	2013-3 A3 .97% 11/15/16	3,656,000	3,663,711
	Carmx	2013-4 A2 .7% 11/16	123,542	123,561
	Carmx	2014-1 A2 .47% 02/17	186,496	186,458
	Carmx	2014-4 A3 1.25% 11/19	3,377,000	3,367,740
	Carnival Corp	1.2% 2/5/16	910,000	909,625
	Celgene Corp	1.9% 8/15/17	720,000	722,587
	CHAIT	2006-A2 A2 5.16 4/18	2,000,000	2,098,024
	CHAIT	July 2, 2002	1,000,000	994,418
	CHAIT	2012-A8 A8 0.54% 10/17	3,000,000	2,998,518
	CHAIT	13-A6 A6 1193476+.42% 07	3,797,000	3,803,049
	CHAIT	2013-A8 A8 1.01% 10/18	450,000	449,991
	CHAIT	2014-A1 A 1.15% 01/19	1,500,000	1,499,264
	CHAIT	2014-A7 A 1.38% 11/19	993,000	989,054
	Chevron Corp Ne	1.104% 12/5/17	854,000	849,756
	CCART	14-BA A2 0.69% 09/17	3,500,000	3,502,485
	Cisco Systems	5.5% 2/22/16	14,000	14,773
	Cisco Systems Inc	2.125% 3/19	900,000	904,235
	Citigroup Inc Mtn	8.5% 5/22/19	2,500,000	3,115,168
	Citigroup Inc	4.5% 1/14/22	755,000	825,032

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Citigroup Inc	3.375% 3/01/23	520,000	524,650
	Citigroup Inc	3.875% 10/25/23	1,110,000	1,153,736
	Citigroup Inc	2.55% 04/08/19	1,100,000	1,107,235
	Citigroup Inc	1.55% 08/14/17	600,000	598,348
	CCCIT	2006-A7 A7 3ML+6 12/18	3,900,000	3,887,189
	CCCIT	2008-A6 A6 1ML+120 5/17	1,500,000	1,505,828
	CCCIT	13-A2 A2 1193476+.28% 05	1,600,000	1,597,486
	CCCIT	13-A3 A3 1.11% 7/23/18	1,940,000	1,945,298
	CCCIT	2013-A6 A6 1.32% 09/18	4,252,000	4,275,573
	CCCIT	2014 A2 1.02% 02/19	6,600,000	6,574,623
	CCCIT	2014-A4 A4 1.23% 04/19	880,000	878,621
	CGCMT	2006-C5 A4 5.431% 10/49	370,000	391,802
	CGCMT	2006-C5 A1A 5.425 10/49	917,184	972,540
	CGCMT	13-GC11 A1 0.672% 12/17	254,820	253,730
	CGCMT	13-GC17 A2 2.962% 11/46	3,800,000	3,917,747
	Citizens Bk Mtn	2014-GC21 A3 3.493% 5/47	2,620,000	2,722,856
	Citizens Bk Mtn	2.45% 12/04/19	590,000	586,852
	Cleveland Elec	7.88% 11/01/17	14,000	16,271
	Coca-Cola Co	1.8% 9/01/16 WI	1,735,000	1,764,391
	Colgate-Palm Mtn	1.375% 11/15	270,000	271,937
	Colgate-Palmolive	0.9% 5/1/18	596,000	582,412
	Comcast Corp	5.9% 3/15/16	495,000	524,893
	Comcast Corp Glb	5.875% 2/15/18	1,834,000	2,063,476
	Comerica Inc	2.125% 05/23/19	267,000	265,214
	Comm	2006-C8 A4 5.306% 12/46	2,406,579	2,549,352
	Comm	2006-C8 A1A 5.292 12/46	665,402	710,961
	Comm	2006-C7 A4 CSTR 6/46	3,399,674	3,563,382
	Comm	2006-C7 A1A CSTR 6/46	1,008,545	1,059,669
	Comm	2013-LC6 A1 .7240% 1/46	182,102	181,149
	GCCFC	2007-GG9 A2 5.381% 3/39	83,714	83,950
	Commonwealth NY	2.5% 09/20/18	1,985,000	2,018,745
	Commonwealth NY	2.25% 03/13/19	2,004,000	2,013,339
	Commonwealth Edi	3.4% 9/01/21	1,615,000	1,683,759
	Comwlth Edison	2.15% 01/15/19	177,000	178,322
	Rabobnk Nedrld Mtn	2.125% 10/15	985,000	996,816
	Rabobank	3.375% 1/19/17	39,000	40,686
	Coventry Health	5.95% 3/15/17	1,000,000	1,093,787
	Coventry Hlth	5.45% 6/15/21	300,000	344,672
	Credit Suisse Fb	4.875 1/15/15	90,000	90,152
	Credit Suis Fb Usa	5.125 8/15	79,000	81,102

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	CSMC	2007-C2 A2 CSTR 1/49	8,184	8,124
	Credit Suisse Ny	1.375 5/17	3,140,000	3,131,908
	Credit Suisse Ny	2.3% 5/19	2,280,000	2,276,085
	CSFB	2005-C5 A4 5.1% 8/38	2,221,045	2,250,528
	CSFB	05-C5 AM CSTR 8/38	1,200,000	1,224,713
	CSMC	2006-C1 A4 CSTR 2/39	1,600,000	1,646,112
	Cummins Inc	3.65% 10/01/23	535,000	562,772
	DBUBS	2011-LC3A A1 2.238% 8/44	42,937	43,295
	DCP Midstream	9.75% 3/15/19 144	1,475,000	1,844,939
	DCP Midstream Op	2.7% 4/01/19	920,000	900,583
	Daimler Fin Llc	2.3% 1/15 144A	1,270,000	1,270,471
	Daimler Fina Na	1.65% 4/15 144	150,000	150,335
	Daimler Fn Na	1.875% 1/18 144A	950,000	953,301
	Dayton Pow &Lgt	1.875% 9/16	1,025,000	1,036,597
	John Deere Cap	2.25% 6/07/16	2,850,000	2,913,854
	John Deere Cap	3.9% 7/12/21	500,000	541,889
	John Deere Cap Mtn	3.15% 10/21	850,000	881,322
	Deutsche Bank Ag	2.5% 2/13/19	1,663,000	1,683,362
	Devon Energy Co	3.25% 5/15/22	1,000,000	982,357
	Devon Energy Co	2.25% 12/15/18	459,000	457,346
	Directv Holdgs LLC	3.125% 2/16	1,400,000	1,432,025
	Directv Hldgs	3.5% 3/01/16	1,700,000	1,744,656
	Directv Hldgs	3.8% 3/15/22	590,000	600,248
	Discover Bk	2% 02/21/18	3,675,000	3,665,423
	DCENT	2012-A1 A1 0.81% 8/17	1,744,000	1,744,820
	DCENT	2012-A5 A5 1ML+20 1/18	2,900,000	2,899,527
	DCENT	2013-A2 A2 .69% 07/18	3,925,000	3,920,082
	DCENT	2013-A5 A5 1.04% 04/19	2,460,000	2,457,577
	DCENT	2014-A3 A3 1.22% 10/19	1,880,000	1,876,793
	DCENT	2014-A5 A 1.39% 04/20	2,630,000	2,624,509
	Dominion Gas Hldgs	2.5% 12/19	1,200,000	1,202,977
	Dow Chemical	3% 11/15/22	1,425,000	1,392,313
	Dr Pepper Snapp	2.9% 1/15/16	685,000	698,916
	Duke Energy Cor	2.15% 11/15/16	47,000	47,882
	Duke Energy Cor	1.625% 8/15/17	855,000	855,630
	Duke Energy Cor	2.1% 06/15/18	364,000	367,358
	Duke Energy Car	1.75% 12/15/16	555,000	563,177
	Erp Operat Lp	4.625% 12/15/21	15,000	16,410
	Erp Operating Lp	2.375% 7/19	286,000	284,778
	Erac USA Llc	3.3% 10/22 144A	745,000	738,723

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal		Current Value
	Erac USA Fin	2.8% 11/1/18 144A	220,000		224,717
	Erac USA Fin	3.85% 11/24 144A	225,000		228,183
	Ecolab Inc	4.35% 12/8/21	770,000		838,984
	El Paso Nat	5.95% 4/15/17	1,860,000		2,000,281
	Enlink Midstrm Lp	2.7% 4/1/19	660,000		649,929
	Enterprise Prdcts	3.9% 2/15/24	1,335,000		1,359,681
	Enterprise Prd	2.55% 10/15/19	620,000		613,758
	Enterprise Prd	3.75% 02/15/25	615,000		617,342
	Express Scrip Hd	2.25% 6/15/19	760,000		751,862
	Fpl Group	7.875% 12/15	11,000		11,705
	FHLG	6.00% 8/26 #G00587	47,182		52,872
	FHLG	8.50% 7/28 #G00981	125,607		149,993
	FHLG	5.50% 3/34 #G01665	143,821		161,895
	FHLG	15YR 5.0% 4/20 #G11682	544,236		579,251
	FHLG	15YR 5.50% 2/20 #G11728	1,745,522		1,873,600
	FHLG	15YR 6.50% 4/18 #G11452	42,522		44,502
	FHLG	April 15, 2050	55,633		58,586
	FHLG	10.00% 10/30 #G20027	353,076		400,385
	FHLG	15YR 5.00% 5/18 #P10034	94,863		97,733
	FHLG	20YR 6.00% 9/27 #G30357	264,303		299,362
	FHLG	20YR 5.50% 7/28 #G30564	538,285	601,085
	FHLG	6.50% 5/22 #D95395	33,649		37,506
	FHLG	15YR 6.50% 4/16 #E83211	2,002		2,059
	FHLG	June 15, 2000	71,996		75,096
	FHLG	15YR 6.50% 6/17 #E90325	42,144		44,449
	FHLG	15YR 6.00% 7/17 #E90474	53,395		56,117
	FHLG	15YR 5.00% 12/17 #E93561	55,424		57,960
	FHLG	15YR 4.00% 6/18 #E96973	78,684		83,249
	FHLG	15YR 4.50% 8/18 #E98688	222,461		234,047
	FHLG	15YR 4.50% 10/18 #E99833	249,697		262,948
	FHLG	15YR 4.50% 9/18 #E99205	180,952		190,553
	FHLG	15YR 5.00% 10/18 #E99955	32,536		34,255
	FHLG	4.50% 6/23 #A45156	372,123		403,477
	FHLG	6.00% 9/37 #G03282	280,137		315,629
	FHLG	5.50% 12/37 #G03696	462,382		517,020
	FHLG	6.00% 1/38 #G03781	543,534		612,562
	FHLG	5.50% 12/37 #G03865	222,845		249,178
	FHLG	5.50% 7/39 #G05546	485,335		542,079
	FHLG	25YR 5.50% 7/35 #G05815	97,716		109,996
	FHLG	15YR 5.00% 10/23 #G13276	345,079		373,145

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FHLG	15YR 5.00% 12/18 #G13293	92,898	97,836
	FHLG	15YR 6.00% 11/23 #G13368	130,703	142,473
	FHLG	15YR 6.50% 7/21 #G12934	61,974	66,780
	FHLG	15YR 5.00% 3/19 #G13052	322,321	339,455
	FHLG	5.50% 1/24 #G13432	547,062	596,841
	FHLG	15YR 5.50% 12/21 #G13481	325,009	352,866
	FHLG	15YR 4.00% 7/24 #G13596	262,355	280,362
	FHLG	15YR 5.00% 4/20 #G13598	328,464	346,433
	FHLG	15YR 6.00% 1/24 #G13647	530,301	578,090
	FHLG	15YR 6.00% 1/24 #G13982	502,052	548,306
	FHLG	15YR 5.50% 12/24 #G14015	2,923,899	3,180,121
	FHLG	15YR 4.00% 9/25 #G14376	217,104	232,005
	FHLG	15YR 3.50% 10/26 #G14450	2,432,850	2,584,713
	FHLG	15YR 2.5% 06/23#G14775	296,299	307,873
	FHLG	15YR 4.00% 6/24 #G18312	320,159	342,134
	FHLG	6.50% 10/26 #C90995	230,355	261,621
	FHLG	6.50% 8/26 #C90985	41,693	47,457
	FHLG	15YR 6.00% 4/20 #J02203	30,098	32,088
	FHLG	15YR 6.50% 1/20 #J02204	55,672	60,000
	FHLG	15YR 4.50% 9/24 #J10826	466,332	501,764
	FHLG	10YR 3.00% 8/21 #J16393	209,084	217,774
	FHLG	10YR 3.00% 8/21 #J16442	184,222	191,878
	FHLM ARM	2.98% 8/41 #1B8533	152,701	158,931
	FHLM ARM	3.07% 9/41 #1B8608	89,211	93,280
	FHLM ARM	3.717% 05/41#1B8124	66,638	70,390
	FHLM ARM	3.224% 4/41#1B8179	51,006	53,523
	FHLM ARM	3.464% 5/1/41#1B8304	54,792	57,691
	FHLM ARM	3.627% 6/1/41#1B8372	79,359	83,739
	FHLM ARM	3.283 6/1/41	50,679	52,954
	FHLM ARM	3.242% 9/1/41#1B8659	47,487	49,710
	FHR	192 I 9% 2/22	112,720	127,578
	FHLG	4.00% 12/40 #C03565	143,284	153,099
	FHLG	6.00% 8/28 #C13910	55,562	63,244
	FHLG	4.00% 4/39 #A85531	184,132	196,976
	FHLG	4.00% 1/41 #A96478	704,708	752,984
	FHLG	15YR 6.00% 10/16 #E01054	30,291	31,433
	FHLG	15YR 5.50% 3/17 #E01136	10,923	11,369
	FHLG	15YR 5.00% 12/17 #E01280	32,891	34,396
	FHLG	15YR 6.50% 10/17 #E01254	8,518	9,002
	FHLG	15YR 5.50% 11/18 #E01497	116,138	123,693

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FHLG	15YR 4.00% 9/25 #E02787	273,479	294,130
	FHLG	15YR 4.00% 4/26 #E02867	140,128	150,315
	FHLG	15YR 4.50% 11/18 #B10931	152,156	160,374
	FHLG	15YR 5.50% 11/18 #B10916	216,112	230,169
	FHLG	15YR 4.50% 10/18 #B12459	38,115	40,173
	FHLG	15YR 4.50% 4/19 #B13051	36,741	38,794
	FHLG	15YR 4.50% 6/19 #B14961	106,537	112,757
	FHLM AR	12M+187.9 10/42#849255	422,270	443,993
	FHLG	15YR 2.5% 09/22#J20415	157,506	161,887
	FHLB	0.875% 05/24/17	565,000	564,169
	FHLB	0.5% 09/28/16	6,745,000	6,728,960
	FHLB	0.62% 11/23/16	2,270,000	2,268,005
	FHLG	6.50% 9/23 #Z40030	3,224,113	3,613,469
	FHLG	6.50% 5/24 #Z40034	3,424,520	3,844,231
	FHLG	5.50% 5/34 #Z40042	1,073,856	1,206,527
	FHLG	6.50% 8/21 #C90473	339,529	376,897
	FHR	2344 ZJ 6.5 8/31	8,228	9,550
	FHR	2420 MZ 6.5% 2/32	711,541	824,496
	FHR	2399 OH 6.5 1/32	72,472	84,105
	FHR	2425 OB 6 3/17	22,533	23,476
	FHR	1584 L 6.5 9/23	109,644	122,802
	FHR	1577 PK 6.5 9/23	38,784	42,620
	FHR	1617 PM 6.5 11/23	88,422	99,208
	FHR	1837 Z 6.5 4/26	69,355	77,923
	FHR	1835 D 6 4/26	86,670	93,825
	FHR	2068 B 10% 11/22	16,197	18,386
	FHR	2075 PH 6.5 8/28	64,812	72,201
	FHR	2208 PG 7% 1/30	115,175	133,778
	FHR	2262 Z 7.5% 10/30	56,153	66,848
	FHR	2363 PF 6% 9/16	12,760	13,132
	FHR	2356 GD 6% 9/16	11,762	12,180
	FHR	2355 BP 6 9/16	14,333	14,804
	FNR	1992-205 Z 7 11/22	109,503	123,036
	FNR	G93-3 K 7% 2/23	46,586	52,309
	FNR	1993-250 Z 7 12/23	46,834	47,292
	FNR	1994-40 Z 6.5 3/24	247,876	270,373
	FNR	1997-46 PL 6% 7/27	332,313	367,178
	FNR	2001-7 PF 7% 3/31	5,836	6,816
	FNMA	.875% 2/8/18	2,019,000	1,996,036
	FNMA	0.875% 05/21/18	1,370,000	1,347,340

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FNMA	1.875% 09/18/18	3,531,000	3,588,672
	FNMA	1.625% 11/27/18	8,567,000	8,627,980
	FNMA	1.875% 2/19/19	745,000	756,305
	FNMA	1.75% 06/20/19	7,870,000	7,908,783
	FNMA	1.75% 11/26/19	8,240,000	8,244,557
	FNR	2011-88 AB 2.5% 9/26	146,178	149,618
	FNR	2012-15 FP 1ML+38 6/40	579,917	582,514
	FNR	2012-94 E 3% 6/22	680,770	703,679
	FNR	2013-9 FA 1ML+35 03/42	808,264	811,998
	FNR	2013-16 GP 3% 03/33	1,333,694	1,382,592
	FNR	2013-72 KE 3.5% 02/43	2,501,730	2,634,364
	FNA	2014-M9 AB2 3.055% 07/24	3,760,000	3,828,981
	FNMA	20YR 6.50% 7/18 #251825	56,595	60,615
	FNMA	20YR 6.50% 11/18 #252104	53,802	57,951
	FNMA	20YR 6.50% 3/19 #252348	38,302	41,474
	FNMA	15YR 5.50% 4/18 #254686	111,060	117,262
	FNMA	20YR 5.00% 5/23 #254762	279,617	308,739
	FNMA	20YR 5.50% 6/23 #254764	184,042	205,661
	FNMA	5.50% 6/33 #254767	1,234,203	1,387,148
	FNMA	20YR 6.00% 9/21 #253999	36,519	41,324
	FNMA	6.50% 10/21 #254044	5,484	6,103
	FNMA	15YR 7.00% 5/17 #254353	8,042	8,435
	FNMA	20YR 6.00% 11/22 #254544	51,844	58,666
	FNMA	20YR 5.00% 3/25 #255667	799,198	882,433
	FNMA	20YR 5.50% 9/23 #254916	303,997	339,706
	FNMA	15YR 4.00% 9/18 #254919	66,948	70,991
	FNMA	15YR 4.50% 11/18 #254952	826,975	871,398
	FNMA	15YR 4.50% 12/18 #255031	815,825	859,647
	FNMA	5.00% 8/25 #255810	828,784	915,100
	FNMA	6.00% 7/27 #256803	371,376	420,387
	FNMA	20YR 6.00% 10/27 #256928	236,791	268,316
	FNMA	20YR 6.00% 1/28 #257048	178,217	202,106
	FNMA	6.00% 2/28 #257076	182,927	207,396
	FNMA	5.50% 11/34 #310105	762,246	856,518
	FHR	3728 EA 3.5% 9/20	880,835	888,932
	FHR	3763 QA 4% 4/34	242,604	253,961
	FHR	3803 EN 3.5% 2/24	2,252,174	2,384,483
	FHR	3820 DA 4% 11/35	255,502	272,126
	FHR	2011-3844 PJ 5% 01/40	1,173,833	1,264,476
	FHR	2011-3893 MV 4% 04/33	2,066,101	2,088,578

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FHR	2011-3938 BE 2% 10/21	500,234	508,411
	FHR	3943 EF 1ML+25 2/26	310,918	311,450
	FHR	2012-4026 HA 3.5% 12/39	4,527,874	4,756,206
	FHR	2012-4049 CA 3% 05/27	1,779,159	1,844,518
	FHR	4046 LA 3% 11/2026	1,343,639	1,396,700
	FHR Ser	4221 CLS GA 1.4% 7/23	1,003,987	1,000,928
	FHR	2013-4281 BA 1.25% 11/33	3,475,444	3,480,915
	FHLMC	2.375% 1/13/22	3,645,000	3,682,522
	FHLMC	1.25% 5/12/17	272,000	274,087
	FHLMC	1% 9/29/17	2,658,000	2,652,596
	FHLMC	.75% 1/12/18	5,271,000	5,195,772
	FHLMC	0.875% 02/22/17	876,000	877,467
	FHR	2010-3736 QB 4% 05/37	4,265,000	4,435,144
	FNMA	7-YR 3.18% 12/17 #466897	1,000,000	1,024,005
	FNMA	15YR 8.00% 9/15 #535460	2,267	2,291
	FNMA	20YR 6.50% 12/21 #545419	1,982	2,204
	FNMA	6.50% 7/32 #545759	35,694	41,520
	FNMA	6.50% 7/32 #545762	18,183	21,151
	FNMA	15YR 6.00% 3/18 #555390	18,504	19,432
	FNMA	15YR 6.50% 6/15 #555720	18	18
	FNMA	15YR 6.00% 6/16 #583745	3,442	3,539
	FNMA	15YR 5.50% 12/16 #611007	5,747	5,970
	FNMA	15YR 5.50% 10/16 #612660	19,300	19,955
	FNMA	15YR 6.50% 3/17 #627139	8,233	8,614
	FNMA	15YR 5.50% 2/17 #634197	89,896	93,657
	FNMA	15YR 7.00% 3/17 #636917	11,794	12,389
	FNMA	15YR 7.00% 5/17 #638774	36,786	38,706
	FNMA	20YR 4.50% 5/26 #AH0473	121,805	132,862
	FNMA Arm	2.69% 9/41 #AH5260	262,869	274,312
	FNMA Arm	3.228% 7/41#AI3469	72,624	76,306
	FNMA Arm	3.01% 8/41 #AI4358	52,750	54,904
	FNMA Arm	3.545% 07/41#AI6050	74,153	78,156
	FNMA Arm	3.365% 10/41#AI6819	39,032	41,044
	FNMA Arm	3.37% 9/41 #AI8935	79,286	84,984
	FNMA Arm	09/41#AI9813	47,364	49,438
	FNMA Arm	10/41#AJ3399	31,739	33,204
	FNMA	15YR 5.50% 9/23 #AL0229	525,910	569,422
	FNMA	15YR 5.50% 5/21 #AL0230	626,869	670,118
	FNMA	5.50% 1/38 #AL0662	467,249	525,785
	FNMA	15YR 3.50% 5/27 #AL1741	398,004	422,227

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FNMA	15YR 3.50% 3/27 #AL1746	923,334	982,125
	FNMA	15YR 3.50% 5/27 #AL1751	216,310	229,475
	FNMA	15YR 3.50% 1/26 #AL1168	211,458	224,856
	FNMA	20YR 6.00% #AL1318	736,156	833,036
	FNMA	20YR 5.5% 12/33 #AL4500	380,791	425,520
	FNMA Arm	06/42#AO2244	76,894	79,345
	FNMA	15YR 6.00% 5/17 #644987	22,154	23,230
	FNMA	6.00% 4/25 #660719	111,879	125,121
	FNMA	15YR 5.00% 3/18 #667792	42,410	44,538
	FNMA	15YR 7.00% 7/17 #667070	75,934	80,220
	FNMA	15YR 6.00% 11/17 #668811	10,351	10,870
	FNMA	15YR 5.50% 11/17 #670452	72,039	75,704
	FNMA	15YR 5.50% 1/18 #680143	8,306	8,739
	FNMA	15YR 5.50% 2/18 #681383	68,034	71,407
	FNR	2001-44 PD 7% 9/31	13,993	16,332
	FNR	2001-71 MB 6 12/16	39,348	40,713
	FNR	02-58 HC 5.5% 9/17	35,533	36,884
	FHR	2474 NR 6.5 7/32	55,967	64,805
	FHR	2484 LZ 6.5 7/32	101,655	117,660
	FHR	2475 FB 1ML+100 2/32	392,578	403,899
	FHR	2481 FB 1ML+100 2/32	395,082	406,476
	FNW	2003-W4 2A 6.5% 10/42	17,350	19,308
	FNR	2003-32 UN 4% 1/33	1,879,801	1,922,110
	FNR	03-66 PA 3.5 2/33	471,644	488,368
	FNR	2003-57 NK 5 6/18	19,913	20,925
	FNR	2003-74 PG 4.5% 8/18	88,826	92,784
	FHR	2527 TB 6% 11/32	32,569	36,302
	FHR	2558 BD 5% 1/18	1,010,380	1,058,791
	FSPC	T-54 2A 6% 2/43	102,600	115,959
	FSPC	T-54 3A 7% 2/43	47,545	54,595
	FHR	2590 BY 5% 3/18	1,282,444	1,345,371
	FNR	2004-2 QL 4% 2/19	1,201,725	1,254,460
	FNW	2004-W1 1A6 5.04% 11/43	279,762	285,101
	FHR	2650 QN 4.5 1/33	67,949	70,001
	FNR	04-33 MW 4.5% 1/30	19,588	19,803
	FNR	2004-82 HJ 5.5% 9/32	618,446	634,180
	FNR	2004-95 AN 5.5% 1/25	7	7
	FNR	2004-91 AR 5.50% 4/33	2,397,539	2,517,851
	FNR	2005-90 FC 1ML+25 10/35	182,372	183,056
	FHR	2662 DG 5% 10/22	45,459	45,694

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FHR	2672 NH 0 9/18	196,499	204,941
	FNR	2005-106 UF 1ML+30 11/35	176,915	177,900
	FHR	2780 JG 4.5 4/19	8,432	8,622
	FHR	2810 PD 6% 6/33	9,042	9,109
	FNR	2006-41 MC 5.5% 7/35	132,373	138,150
	FHR	2872 JG 4.5% 10/19	657,964	693,562
	FHR	3117 JF 1ML+30 2/36	184,951	185,781
	FNR	2006-90 BE 6% 4/35	342,175	351,370
	FNR	2007-114 A6 1ML+20 10/37	500,000	492,716
	FNR	2007-77 MH 6 12/36	125,204	133,847
	FNR	2008-29 BG 4.7% 12/35	66,412	68,820
	FNR	2008-29 CA 4.5% 9/35	1,584,785	1,646,951
	FNR	2009-10 AB 3/24	91,103	97,409
	FHR	3397 FC .8613% 12/37	1,943,579	1,957,472
	FNR	2011-5 PA 4% 10/25	59,817	61,639
	FNR	2011-23 AB 2.75% 6/25/20	112,673	115,368
	FNR	2011-40 DK 4% 11/25/37	508,803	512,062
	FNR	2010-12 AY 4% 10/23	95,399	96,158
	FHR	3564 JA 4 1/18	191,002	199,034
	FNR	2010-31 AP 4.5% 02/40	1,996,757	2,098,355
	FNR	2010-123 DL 3.5% 11/25	127,038	131,075
	FHR	2010-3747 HK 2.5% 07/37	4,176,049	4,266,010
	FHR	2010-3747 HM 3% 07/37	3,652,420	3,763,207
	FHR	3741 HD 3% 11/15/39	235,103	242,291
	FNR	2010-135 DE 2.25% 4/24	194,588	198,805
	FNR	2010-143 B 3.5% 12/25	222,289	230,500
	FHR	3636 KE 5% 12/36	20,708	20,741
	FNMA	15YR 4.00% 9/18 #682450	14,306	15,170
	FNMA	8.00% 6/27 #695533	12,005	14,313
	FNMA	6.00% 3/33 #695584	15,841	18,127
	FNMA	15YR 4.50% 5/18 #697602	68,254	71,776
	FNMA	15YR 5.00% 5/18 #707298	440,129	463,706
	FNMA	15YR 5.00% 6/18 #709848	52,962	55,833
	FNMA	15YR 5.00% 6/18 #709877	47,737	50,288
	FNMA	15YR 4.50% 6/18 #710238	33,815	35,560
	FNMA	15YR 4.50% 7/18 #720393	73,494	77,287
	FNMA	15YR 4.50% 5/19 #725445	30,300	32,008
	FNMA	15YR 4.50% 4/19 #725352	236,581	249,918
	FNMA	15YR 5.50% 4/19 #725528	71,006	75,304
	FNMA	15YR 5.50% 9/19 #725793	13,820	14,717

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FNMA	15YR 5.50% 9/19 #725796	19,359	20,750
	FNMA	15YR 4.00% 7/18 #726128	24,819	26,318
	FNMA	15YR 4.50% 8/18 #727466	45,719	48,078
	FNMA	15YR 4.50% 8/18 #733772	138,540	145,850
	FNMA	15YR 4.50% 12/19 #735290	55,930	59,173
	FNMA	6.50% 11/22 #735137	149,323	163,471
	FNMA	6.50% 12/32 #735415	18,284	21,262
	FNMA	15YR 5.50% 3/20 #735521	26,780	28,574
	FNMA	15YR 4.00% 12/18 #735522	235,151	249,353
	FNMA	15YR 4.50% 10/20 #735926	10,702	11,423
	FNMA	15YR 5.00% 11/18 #740462	37,926	40,056
	FNMA	15YR 4.50% 3/19 #742078	129,630	137,040
	FNMA	6.50% 7/35 #745092	19,265	22,376
	FNMA	20YR 6.00% 4/24 #745407	109,652	124,083
	FNMA	15YR 5.00% 11/18 #749596	116,230	122,874
	FNMA	6.00% 9/33 #752786	25,925	28,683
	FNMA	15YR 4.50% 3/19 #758528	122,167	129,068
	FNMA	15YR 5.00% 4/19 #761326	85,866	91,006
	FNMA	15YR 4.00% 6/19 #773153	72,021	76,370
	FNMA	15YR 4.00% 7/19 #773445	150,283	159,360
	FNMA	15YR 4.50% 4/19 #774267	40,002	42,321
	FNMA	15YR 4.50% 4/19 #775768	69,333	73,563
	FNMA	15YR 4.50% 5/19 #780233	224,801	237,268
	FNMA	15YR 4.50% 7/19 #788390	8,162	8,642
	FNMA	15YR 5.50% 10/19 #795064	18,403	19,777
	FNMA	15YR 4.50% 10/19 #796680	226,955	241,145
	FNMA	15YR 5.00% 12/19 #803919	181,189	193,202
	FNMA	15YR 4.50% 2/20 #809744	6,257	6,666
	FNMA	15YR 4.50% 11/20 #813915	10,020	10,721
	FNMA	15YR 4.50% 10/20 #836381	35,568	38,056
	FNMA	15YR 4.50% 7/21 #845515	6,709	7,212
	FNMA	15YR 4.50% 1/21 #852735	1,268	1,358
	FNMA	20YRS 6.00% 4/27 #888281	239,199	270,977
	FNMA	6.50% 8/36 #888034	26,171	30,427
	FNMA	15YR 5.00% 12/21 #888436	455,210	485,412
	FNMA	4.50% 6/37 #888485	254,172	277,563
	FNMA	6.50% 8/36 #888544	98,203	113,887
	FNMA	15YR 5.00% 12/18 #888681	283,593	298,755
	FNMA	15YR 4.50% 12/18 #888889	318,707	335,153
	FNMA	7.50% 11/37 #888892	235,318	274,344

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	FNMA	15YR 6.50% 1/23 #889111	392,520	434,795
	FNMA	15YR 4.50% 3/21 #890081	420,787	444,500
	FNMA	15YR 4.50% 11/19 #889395	3,836	4,055
	FNMA	15YR 6.00% 2/23 #889634	591,818	648,539
	FNMA	5.50% 2/37 #904918	167,443	186,275
	FNMA	7.00% 12/36 #907742	31,657	35,319
	FNMA	20 YR 5.50% 1/24 #925847	495,238	553,411
	FNMA	20YR 6% 11/27#928866	517,092	586,639
	FNMA	15YR 4.50% 7/21 #932885	424,337	451,193
	FNMA	15YR 6.00% 6/22 #944357	196,358	215,371
	FNMA	20YR 5.50% 7/27 #986156	497,837	556,316
	FNMA	7.50% 11/38 #995504	173,493	201,459
	FNMA	15YR 4.50% 12/20 #995320	1,014,020	1,078,887
	FNMA	15YR 5.00% 12/20 #995324	670,172	716,598
	FNMA	15YR 6.00% 1/24 #995425	360,280	396,142
	FNMA	15YR 4.50% 12/20 #995465	172,452	184,182
	FNMA	15YR 6.50% 2/24 #995658	104,486	116,376
	FNMA	8.00% 11/37 #995783	32,672	37,319
	FNMA	20 YR 5.00% 1/25 #995884	228,418	252,207
	FNMA	10YR 2.5% 10/22#AB6544	214,697	220,937
	FNMA	10YR 2.5% 10/22#AB6730	170,821	175,786
	FNMA	10YR 2.5% 05/23 #MA1431	476,013	489,848
	FNMA	20YR 5.% 8/26 #AD0787	755,308	833,972
	FNMA	10YR 6.50% 12/37 #AD0070	204,546	230,753
	FNMA	6.50% 9/28 #AD0329	190,921	216,815
	FNMA	6.50% 12/35 #AD0723	108,497	126,128
	FNMA	20YR 5.50% 4/29 #AD0912	259,951	290,486
	FNMA	15YR 5.50% 3/24 #AE0467	129,535	141,494
	FNMA	15YR 6.00% 3/24 #AE0745	267,601	293,248
	FNMA	6.50% 8/36 #AE0746	84,099	95,793
	FNMA Arm	11/40#AE6806	42,565	44,648
	Fifth Third Ban	3.625% 1/25/16	1,150,000	1,178,550
	Fifth Thrd Banc	1.45% 02/28/18	2,620,000	2,590,832
	Fifth Third Ban	2.375% 4/25/19	250,000	251,138
	Fitat Auto	14-3 A3 .96% 03/19	1,370,000	1,364,401
	FICO	5/11/18	440,000	418,376
	FICO Prin	0% 10/06/17	1,490,000	1,437,458
	FICO	10/6/17	2,035,000	1,967,558
	Fiserv Inc Mtn	3.125% 10/01/15	1,700,000	1,729,478
	Fordo	2012-B A3 0.72% 12/15/16	337,636	337,809

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Fordo	2013-C A2 0.55% 4/16	261,310	261,311
	Fordl	2014-A A3 .68% 04/17	432,000	431,608
	Fordo	2014-C A3 1.06% 05/19	2,060,000	2,054,051
	Ford Mtr Cr Llc	4.25% 9/20/22	1,475,000	1,565,071
	Ford Mtr Cr	2.875% 10/01/18	1,500,000	1,526,318
	Ford Mtr Cr Llc	2.375% 1/16/18	1,680,000	1,689,736
	Forest Labs	4.875 2/15/21 144A	840,000	900,664
	Freeport Mcmor	4% 11/21	1,475,000	1,461,433
	GEMNT	2012-5 A 0.95% 6/15/18	1,163,000	1,164,862
	GMACC	2004-C2 A4 5.301% 8/38	3,247	3,252
	GMACC	2006-C1 A4 5.238% 1/45	2,498,340	2,542,556
	GSMS	2012-GC6 A1 1.282% 1/45	57,058	57,262
	GSMS	2013-GC10 A1 .696% 2/46	45,221	45,049
	GSMS	2013-GC10 A2 1.84% 2/46	170,000	170,234
	GSMS	2013-GC12 A1 VAR 06/46	256,236	254,032
	GNMA	15YR 6.50% 5/17 #569432	44,857	46,989
	GNMA	20YR 6.50% 4/23 #593677	19,786	22,195
	GNII II	6.50% 9/29 #002808	316,790	365,473
	GNII II	5.50% 7/38 #004187	46,952	50,792
	GNII II	6.00% 11/38 #004285	82,432	91,083
	GNMA	7.00% 8/28 #416611	28,920	33,622
	GNMA	7.00% 8/28 #458917	6,968	8,084
	GNMA	7.00% 7/28 #462643	101,627	118,550
	GNMA	7.00% 2/28 #462548	1,995	2,300
	GNMA	7.00% 10/28 #481353	104,226	121,830
	GNMA	4.50% 3/41 #738108	2,643,508	2,920,660
	GNMA	15YR 7.00% 2/15 #515099	413	412
	GNMA	6.50% 1/23 #530795	129,444	145,205
	GNMA	7.00% 5/32 #552576	19,768	23,250
	GNMA	8.00% 11/29 #186997	4,000	4,747
	GNMA	15YR 4.50% 12/18 #781681	245,259	257,855
	GNMA	15YR 8.00% 1/16 #781570	726	738
	GSMS	2006-GG6 A4 CSTR 4/38	504,000	517,186
	GSMS	2006-GG6 A1A CSTR 4/38	381,532	395,670
	GNMA	30YR 5.5% 11/35#783799	306,805	348,660
	GNMA	30YR 5.5% 06/35#783800	148,174	168,628
	GSMS	2006-GG8 A4 CSTR 11/39	2,476,178	2,621,441
	GSMS	2006-GG8 A1A 5.547 11/39	395,535	421,131
	GNMA	15YR 6.50% 6/20 #641437	55,612	60,773
	GECMC	2006-C1 A4 CSTR 3/44	3,441,188	3,526,230

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	GECMC	2006-C1 A1A CSTR 3/44	401,182	417,009
	General Elec Co	3.375% 3/11/24	786,000	811,976
	Gecap	5.3% 2/11/21	1,640,000	1,872,859
	Gecap	5.625% 5/01/18	495,000	556,990
	General Elec Cap	4.625% 1/7/21	390,000	434,690
	General Elec Cap	4.65% 10/17/21	160,000	180,341
	General Elec Cap	2.3% 4/27/17	160,000	163,890
	General Elec Cap	1.6% 11/20/17	250,000	251,555
	General Elec Cap	3.1% 1/9/23	2,265,000	2,293,301
	General Elec Cap Co	1.625 4/18	710,000	711,086
	General Ele Cap Cr	1.5 7/12/16	475,000	480,025
	General Elec Cap	2.3% 1/14/19	700,000	711,171
	Gilead Sciences	3.05% 12/01/16	2,250,000	2,335,399
	Goldman Sachs Glb	7.5% 2/15/19	163,000	193,882
	Goldman Sachs Mtn	3.7% 8/1/15	1,106,000	1,123,950
	Goldman Sach Frn	3ML+110 11/18	170,000	171,666
	Goldman Sach Grp	3.85% 07/08/24	740,000	758,943
	Goldman Sachs	5.35% 1/15/16	2,359,000	2,462,051
	Goldman Sachs	5.625% 1/15/17	1,200,000	1,287,184
	Goldman Sachs	5.95% 1/18/18	665,000	738,794
	Gsinc	5.25% 7/27/21	2,420,000	2,731,362
	Goldman sachs gp	5.75% 1/24/22	1,580,000	1,827,723
	Goldman Sach Grp	3.3% 5/03/15	300,000	302,451
	Gsinc	2.375% 1/22/18	4,480,000	4,525,244
	Goldman sachs gp	2.625% 1/19	1,060,000	1,066,472
	Gsinc	2.9% 07/19/18	680,000	697,598
	GNR	2009-65 GL 4.5% 05/38	1,055,833	1,119,314
	GNR	2002-33 ZD 6% 5/32	671,143	762,975
	GNR	2009-45 PB 4.5% 7/33	143,840	144,738
	GNR	2008-47 PC 5% 11/16/37	2,203,508	2,377,986
	GNR	2009-79 PC 4.5% 08/36	3,000,000	3,170,973
	GNR	2009-93 PB 3% 12/38	160,918	164,846
	GNR	2009-127 PL 4.25% 10/38	1,057,844	1,118,768
	GNR	2010-47 CN 4.5% 8/38	775,846	820,953
	GNR	2010-99 PT 3.5% 8/33	9,887	9,891
	GNR	2010-61 HD 3.5% 11/38	2,156,796	2,250,634
	GNR	2010-73 CB 4.40% 8/35	2,186,003	2,341,335
	GNR	2010-73 GA 4.5% 9/36	2,116,607	2,286,637
	GNR	2010-68 LA 4.5% 3/38	2,145,469	2,265,090
	GNR	2010-112 PM 3.25% 9/33	8,414	8,418

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	GNR	2010-120 FB 1ML+30 9/35	160,457	160,746
	GNR	2010-162 PQ 4.5% 06/39	746,124	799,938
	GNR	2011-66 NJ 3% 11/38	1,144,900	1,176,533
	CFGNR	2011-150 D 3% 4/37	41,268	41,907
	GNR	2012-113 FJ 1ML+25 1/42	308,820	308,901
	GNR	13-41 PA 2.5% 04/40	526,473	539,593
	GNR	2000-9 ZJ 8.5 2/30	106,399	126,122
	SSBK Stif Fund	0	9,197,938	9,197,938
	HCP Inc	6.7 1/30/18	2,060,000	2,345,990
	HSBC Holdings Plc	5.1% 4/05/21	360,000	406,943
	HSBC Hldngs Plc	4.875% 1/22	675,000	752,388
	HSBC USA Inc	1.625% 1/16/18	377,000	375,548
	HSBC USA Inc	2.625% 09/24/18	1,848,000	1,895,453
	HSBC Finance Co	5% 6/30/15	400,000	408,101
	HSBC USA Inc	2.25% 06/23/19	659,000	657,992
	Harley David	2.7% 3/15/17 144A	350,000	358,650
	Hartford Finl Svcs	5.125% 4/22	570,000	640,730
	Heineken Nv	1.4% 10/1/17 144A	220,000	218,748
	Hewlett-Packard Co	2.6% 9/17	1,090,000	1,110,541
	Hewlett Packard	2.75% 1/14/19	1,000,000	1,001,278
	Harot	2013-3 A3 0.77% 05/17	2,600,000	2,602,239
	Harot	2012-1 A3 0.77% 1/16	176,555	176,635
	Harot	2012-1 A4 0.97% 4/18	131,000	131,211
	Harot	2014-4 A3 0.99% 09/18	2,485,000	2,478,922
	HSBC Bank	3.1% 5/24/16 144A	880,000	908,785
	HSBC	1.5% 05/15/18 144A	930,000	919,940
	HSBC Bank	3ML+64 5/18 144A	2,140,000	2,148,547
	Hunt	2012-1 A3 0.81% 9/16	98,481	98,547
	Huntington Banc	2.6% 8/02/18	1,225,000	1,239,891
	Hart	2013-C A3 1.01% 02/18	4,200,000	4,212,075
	Hart	2014-A A2 .74% 01/17	192,601	192,557
	Hart	2014-B A3 .90% 12/18	3,800,000	3,789,782
	Hyundai Cap	1.875% 8/9/16 144A	119,000	119,854
	Hyundai Cap Ame	2.55 2/19 144A	890,000	890,122
	IL Sales Tax	1.56% 06/15/17	2,150,000	2,156,429
	Ingsll-Rand Glb	2.875% 1/15/19	160,000	162,524
	Intercont Exch	2.5% 10/15/18	318,000	323,794
	Intl Paper Co	4.75% 2/15/22	2,250,000	2,454,732
	Intesa Sanpaolo Spa	3.12% 1/16	950,000	965,169
	JPMorgan Chase	4.95% 3/25/20	650,000	718,058

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal		Current Value
	JPMC Co	4.25% 10/15/20	2,050,000		2,203,955
	JPMC Co	4.625% 5/10/21	1,400,000		1,540,834
	JPMorgan Chase	3.2% 1/25/23	1,000,000		1,000,422
	JPMC Co	2.35% 01/28/19	820,000		825,350
	JPMC Co	3.625% 05/13/24	1,340,000		1,371,628
	JPMCC	06-CB14 A4 CSTR 12/44	2,600,429		2,658,702
	JPMCC	2006-LDP7 A4 CSTR 4/45	532,000		555,498
	JPMCC	2006-LDP7 A1A CSTR 4/45	852,696		901,112
	JPMCC	2006-CB16 A1A 5.546 5/45	1,440,894		1,526,071
	JPMCC	2007-LD11 A2 CSTR 6/49	5,821		5,809
	JPMCC	2012-C6 A2 2.2058% 5/45	420,000		427,766
	JPMCC	2013-C10 .7302% 12/15/47	198,194		196,580
	JPM T	13-C16 A2 3.07% 12/46	3,500,000		3,621,525
	Jefferies Grp	6.875 4/15/21	985,000		1,119,709
	JPMC Co	2.2% 10/22/19	2,285,000		2,265,296
	US 5YR Note(Cbt)	FUT MAR15 FVH5	(242	)	(37,813	)
	US 2YR Note	FUT MAR15 TUH5	564		26,438
	US 10YRNT (Cbt	FUT MAR15 TYH5	(281	)	(61,469	)
	US Long Bond	FUT MAR15 USH5	(70	)	(19,688	)
	US Ultra(CBT)	FUT MAR15 WNH5	25		8,594
	Keycorp Mtn	5.1% 3/24/21	435,000		490,940
	Keybank Natl	1.65% 2/1/18	1,384,000		1,378,795
	Key Bank Na	2.5% 12/15/19	1,337,000		1,342,476
	Kinder Morgan En	2.65 2/1/19	207,000		203,960
	Kinder Mrgn Inc	2% 12/01/17	146,000		145,108
	Kinder Morgan Ic	3.05% 12/1/19	1,258,000		1,247,999
	Kfw (Ungtd)	2.75% 10/01/20	2,755,000		2,872,272
	Kraft Foods	5.375% 02/20 WI	523,000		593,560
	Kraft Foods Grp	3.5 6/22 WI	980,000		1,004,218
	Kroger Co	2.3% 1/15/19	350,000		349,917
	Kroger Co	3.3% 01/15/21	1,780,000		1,806,330
	LBUBS	2006-C6 A4 5.372% 9/39	4,239,000		4,481,149
	LBUBS	2006-C6 A1A CSTR 9/39	761,376		804,823
	Laboratory Corp	3.75% 8/23/22	140,000		143,231
	LBUBS	2005-C5 A4 4.954% 9/30	2,013,570		2,023,618
	LBUBS	2006-C1 A4 5.156 2/31	2,246,459		2,300,758
	Lbubs 2007-C7 A3 5.886% 9/45	2007-C7 A3 5.886% 9/45	363,003		398,814
	Liberty Mutual	5% 6/1/21 144A	390,000		424,828
	Liberty Mutual	4.95% 5/22 144A	930,000		1,006,138
	Lincoln National	6.25% 2/15/20	1,350,000		1,566,402

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Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Lincoln Nationa	4.2% 3/15/22	515,000	547,020
	Lloyds Tsb(Ungt	6.375% 1/21/21	1,800,000	2,163,595
	Lorillard Tobc Co	3.5% 8/04/16	355,000	365,550
	Lorillard Tobacco	2.3% 8/21/17	525,000	528,388
	Lyondellbas Inds	5% 4/15/19	2,000,000	2,181,528
	Manu&Trd Nt Prg 2.3% 1/30/19	2.3% 1/30/19	450,000	451,946
	MLCFC	2006-4 A3 CSTR 12/49	1,985,432	2,101,582
	MLCFC	2007-7 ASB 5.745% 6/50	384,094	386,451
	Mack Cali Rlty Lp	2.5% 12/15/17	400,000	401,627
	Macys Retail	3.875% 1/15/22	270,000	280,630
	Manitoba (Prov)	1.125% 6/1/18	730,000	721,969
	Markel Corp	7.125% 9/30/19	1,300,000	1,542,986
	Marshmclen	2.55% 10/15/18	471,000	478,963
	Marriott Intl	3% 3/01/19	2,440,000	2,504,728
	Martin Mariet Frn	3ML+110 6/17	630,000	636,907
	Massmutual Glb	3.125% 4/16 144A	1,090,000	1,122,736
	Massmutual Glbl	2% 4/5/17 144A	890,000	902,593
	Massmutual Gbl	2.1 8/2/18 144A	750,000	757,072
	Massmutual Glb	2.35% 4/19 144A	890,000	895,527
	Mastercard Inc	2% 04/01/19	247,000	245,641
	Mckesson Co	2.284% 03/15/2019	614,000	612,718
	Mckesson Corp	4.75% 3/1/21	425,000	469,912
	Medtronic Plc	2.5% 03/20 144A	790,000	792,072
	Medtronic Plc	3.5%3/15/25 144A	5,515,000	5,641,680
	MBALT	2014-A A3 .68% 12/16	660,000	659,969
	MBALT	2013-1 A2 .5% 03/16	622,639	622,697
	Merrill Lyn Co	6.4% 8/28/17	161,000	179,393
	Merrill Lyn	6.875% 4/25/18	342,000	392,814
	MLMT	05-CIP1 A4 5.047% 7/38	3,270,000	3,297,772
	MLMT	05-CKI1 A1A CSTR 11/37	203,187	208,717
	MLMT	2005-CKI1 A6 CSTR 11/37	1,977,625	2,015,166
	MLMT	05-LC1 AM CSTR 1/44	1,000,000	1,035,438
	MLMT	2006-C2 A1A CSTR 8/43	656,948	695,033
	MLMT	2006-C1 A4 CSTR 5/39	2,940,000	3,066,890
	Met Life Glb Fn	7.717% 2/15/19	2,500,000	3,029,433
	Metlife Inc	6.75% 6/1/16	117,000	126,164
	Metlife Inc Step	12/15/2017	184,000	184,621
	Met Life Glbl	1.5 1/18 144A	2,190,000	2,176,354
	Met Life Glb	2.3% 4/10/19 144A	2,980,000	2,991,276
	Microsoft Corp	.875% 11/15/17	138,000	136,635

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Mitsubishi	2.45% 10/16/19 144A	1,575,000	1,574,537
	MLCFC	2006-2 A4 CSTR 6/46	4,191,504	4,398,443
	MLCFC	2006-3 A4 CSTR 7/46	4,299,329	4,528,758
	Mizuho Corp Bk	1.55% 10/17 144A	1,140,000	1,129,289
	Mizuho Bk Ltd	2.45 4/19 144A	1,835,000	1,823,061
	Monsanto Co	2.75% 7/15/21	1,780,000	1,774,311
	MSBAM	2014-C14 A2 2.916% 1/47	750,000	773,278
	Morgan Stanley	2.125% 4/25/18	360,000	360,239
	Morgan Stanley	5.45% 1/09/17	650,000	698,352
	MSC	2005-HQ7 A4 CSTR 11/42	2,660,558	2,702,507
	MSC	2006-HQ8 A4 CSTR 3/44	4,530,271	4,643,981
	MSC	2006-IQ11 A1A CSTR 10/42	762,771	798,071
	Morgan Stanley	3.75% 2/25/23	1,410,000	1,446,408
	Morgan Stanley	2.5% 01/24/19	1,330,000	1,331,206
	Morgan Stanley	3.875% 4/29/24	3,000,000	3,078,108
	Morgan Stanley	5.75% 1/25/21	3,070,000	3,524,210
	Morgan Stanley	5.5% 7/28/21	965,000	1,095,160
	Morgan Stanley Glb	6% 4/28/15	1,440,000	1,463,378
	Morgan Stanle Mtn	5.5% 1/26/20	1,360,000	1,530,175
	MSC	2006-HQ9 A4 CSTR 7/44	535,595	562,261
	MSC	2007-HQ11 A31 CSTR 2/44	387,397	389,734
	MSC	2007-IQ13 A1A 5.312% 3/44	260,946	279,628
	MSC	2007-T27 A1A CSTR 6/42	787,733	852,892
	MSC	2011-C3 A3 4.054% 7/49	59,000	62,681
	MSBAM	2012-C5 A1 .916% 8/45	259,626	259,459
	MSBAM	2012-C5 A2 1.972% 8/45	710,000	717,795
	Morgan Stanley	1.875% 01/05/18	350,000	349,151
	Mosaic Co New	4.25% 11/15/23	2,275,000	2,400,569
	Mylan Inc	1.8% 6/24/16	325,000	327,035
	Nyse Euronext	2% 10/05/17	950,000	958,165
	Nabors Ind Mtn	6.15% 2/15/18	925,000	963,449
	Nabors Ind Inc	4.625% 9/15/21	1,000,000	939,542
	Natl Aust Bk	3.75% 3/02/15 144A	1,085,000	1,090,399
	Natl Aust Bk	2.25% 07/19 144A	2,025,000	2,024,119
	National Bk Can	1.45% 11/7/17	2,655,000	2,632,804
	Nationwide Mtn	4.65% 2/15 144A	2,410,000	2,423,279
	New York Life	3% 5/4/15 144A	94,000	94,823
	NY Life Glb	2.45% 7/14/16 144A	2,000,000	2,047,824
	New York Life	1.3% 10/17 144A	1,070,000	1,064,753
	NY Life Glb	0.8% 2/12/16 144A	3,270,000	3,276,164

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	News Amer Inc	6.9% 3/1/19	925,000	1,090,716
	Nippon Teleg&Telep	1.4%7/18/17	36,000	35,897
	Narot	2011-B A3 0.87% 2/16	201,299	201,402
	Nissan	12-A A3 ABS 0.73% 5/16	23,762	23,777
	Narot	2012-A A4 1% 7/18	2,043,000	2,049,147
	Narot	2013-B A2 .52% 04/16	451,721	451,754
	Narot	2013-B A3 0.84% 11/17	685,000	685,658
	Nalt	2014-A A3 .80% 02/17	481,000	480,678
	Noble Enrgy Inc	4.15% 12/15/21	1,605,000	1,636,620
	Noble Energy Inc	3.9% 11/15/24	460,000	454,640
	Noble Hldg Intl	2.5% 3/15/17	325,000	310,925
	Nomura Hldngs Inc	2.0% 9/13/16	650,000	655,415
	Nomura Holdings	2.75% 03/19/19	975,000	985,679
	Nordea Bk Ab	2.375% 4/4/19 144	660,000	665,822
	Ndass	3.125 03/17 SNR	1,705,000	1,766,440
	Nordea Bk Ag	.875% 5/16 144A	690,000	689,534
	Norfolks South	3.25% 12/01/21	20,000	20,472
	Novartis Cap Co	2.9% 4/24/15	1,040,000	1,048,068
	Novartis Cap Crp	2.4% 9/21/22	715,000	708,324
	Oneok Partners Lp	2% 10/01/17	160,000	159,118
	Oneok Partners	3.375% 10/01/22	1,145,000	1,059,883
	Oneok Partners	3.2% 09/15/18	535,000	542,237
	Ontario Prov	1.875% 9/15/15	2,600,000	2,626,707
	Oracle Corp	2.8% 7/8/21	4,725,000	4,783,765
	Pg&E Corp	2.4% 03/01/19	67,000	67,101
	Pnc Funding Corp	5.25 11/15/15	69,000	71,521
	Pnc Funding Corp	5.625 2/1/17	20,000	21,586
	Pnc Fund Corp	4.375% 8/11/20	1,200,000	1,309,583
	Pnc Bk Na	6.875% 4/01/18	250,000	287,976
	Pnc Bk Na Pitts	2.95% 01/30/23	1,040,000	1,016,278
	Pnc Financial	3.8% 7/25/23	460,000	474,167
	Pnc Bank Na	1.15% 11/01/16	450,000	450,722
	Ppl Cap Fd Inc	3.5% 12/01/22	405,000	410,195
	Pnc Bk Pitt Mtn	2.2% 01/28/19	450,000	450,237
	Pnc Bank Na	2.25% 7/2/19	2,530,000	2,526,114
	Pseg Pwr Llc	2.75% 9/15/16	315,000	322,905
	Penske Trk Ls	3.125% 5/15 144A	570,000	574,648
	Penske Truck	2.5% 3/15/16 144A	1,060,000	1,074,788
	People's United	3.65% 12/06/22	995,000	1,003,045
	People's United Bk	4% 7/15/24	405,000	410,221

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Philip Morris	1.125% 8/21/17	210,000	209,130
	Philip Mors Int	2.5% 8/22/22	1,045,000	1,021,202
	Philip Mors Int	1.875% 1/15/19	450,000	447,270
	Phillips	66 2.95% 5/1/17	375,000	387,317
	Pt Holdings Co Inc (Unlist)	0	525	—
	Pricoa Glbl F	1.6% 5/18 144A	460,000	453,726
	Principal Fin	3.3% 9/15/22	460,000	459,866
	Procter & Gamble	1.6% 11/15/18	834,000	831,939
	Pub Svc Oklahoma	5.15 12/1/19	27,000	30,180
	Realty Inc Corp	5.5% 11/15/15	1,000,000	1,038,243
	RFCO Sp	10/15/20	630,000	556,945
	Reynolds Amern	6.75% 6/15/17	1,000,000	1,114,001
	Rio Tinto Fin Usa Ltd	2.5% 5/16	2,115,000	2,155,339
	Rio Tinto Fin	1.625% 8/21/17	430,000	429,852
	Roper Industries	1.85% 11/15/17	650,000	650,839
	Roper Industries	2.05% 10/1/18	609,000	603,973
	Royal Bk Cda Gmtn	2.625% 12/15	1,000,000	1,018,376
	Royal Bk Cda	2.2% 7/27/18	500,000	505,550
	Royal Bk Can Gl	.85% 03/08/16	4,920,000	4,922,755
	Royal Bk Can Gl	1.5% 01/14/18	860,000	855,294
	Royal Bk Canada	2.3% 7/20/16	159,000	162,305
	Royal Bank Can	1.45% 09/09/16	363,000	365,667
	Royal Bank Of Can	1.2% 1/23/17	497,000	496,664
	Royal Bk Of Cda	2.15% 03/15/19	450,000	452,084
	RBS	4.875% 3/16/15	1,000,000	1,007,690
	Royal Bank Cana	1.2% 9/19/2017	177,000	176,002
	Ses Gbl Amer	2.5% 3/19 144A	675,000	671,608
	SLMA	04-6 A5 .4731% 4/20	36,369	36,312
	SLMA	08-1 A2 @LIBUS3+35 10/16	46,772	46,772
	SLMA	2007-6 A2 3ML+25 1/19	91,034	91,034
	SLCLT	08-2 A2 @LIBUS3+45 6/17	1,457	1,457
	SLMA	08-6 A2 @LIBUS3+55 10/17	98,240	98,350
	SLMA	2012-7 A2 1ML+28 9/19	861,000	859,766
	SLMA	2013-1 A2 1ML+25 9/19	1,180,000	1,177,592
	Sabmiller Hl	2.45% 1/15/17 144	900,000	918,290
	Sabmiller Hldg	2.2 8/1/18 144A	450,000	451,211
	San Diego G&E	3% 8/15/21	500,000	512,575
	Schlumberger	1.95% 9/16 144A	1,050,000	1,069,108
	Siemens Fin	5.75% 10/17/16 144	200,000	216,236
	Simon Property	6.1% 5/01/16	22,000	23,234

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Simon Property	6.125% 5/30/18	130,000	147,952
	Simon Property	2.8% 1/30/17	135,000	139,023
	Simon Property	3.375% 3/15/22	170,000	175,002
	Simon Property	2.2% 02/01/19	437,000	439,302
	Skandinaviska	2.375 11/18 144A	1,505,000	1,522,133
	Se Banken	2.375% 3/25/19 144A	3,075,000	3,094,926
	Southwstrn Bell	7% 7/01/15	94,000	96,514
	Stifel Fin 4.25% 07/18/24	4.25% 07/18/24	1,680,000	1,689,956
	Stryker Corp	2% 9/30/16	1,085,000	1,102,720
	Sumitomo Bkg	2.45% 1/10/19	1,235,000	1,240,591
	Sumitomo Bkg 2.25% 07/11/19	2.25% 07/11/19	785,000	777,539
	Suntrust	2.35% 11/01/18	2,080,000	2,092,777
	Suntrust Bank Inc	2.5 5/1/19	440,000	442,890
	Svenska Ha Ab P	3.125% 7/12/16	1,080,000	1,115,813
	Svenska Ha Ab P	2.875% 4/04/17	2,445,000	2,527,230
	Swedbank Ab	2.125 9/29/17 144A	2,455,000	2,483,473
	Swiss Re Tres	2.875% 12/22 144A	580,000	569,294
	Synchrony Fin	3.75% 08/15/21	640,000	653,753
	Tjx Cos Inc	2.75% 6/15/21	411,000	413,570
	Thermo Fisher	2.4% 02/01/19	81,000	81,121
	Thomson Reuter Crp	1.3 2/23/17	154,000	153,201
	Time Warner Inc	3.15% 7/15/15	335,000	339,710
	Time Warner Inc	4.75% 3/29/21	490,000	534,775
	Time Warnr Inc	4% 1/15/22	15,000	15,679
	Time Warner Cab	5.85% 5/1/17W/I	741,000	808,886
	Time Warner Cab	8.75% 2/14/19	1,600,000	1,980,565
	Toronto Domini	2.375% 10/19/16	1,735,000	1,775,672
	Toronto Dom	1.4% 4/30/18	1,160,000	1,152,733
	Toronto Domini	2.625% 09/10/18	1,930,000	1,979,030
	Total Cap	3% 6/24/15	2,885,000	2,918,682
	Total Cap	2.3% 3/15/16	55,000	55,993
	Total Capital Sa	4.125% 1/28/21	1,150,000	1,238,119
	Total Cap Cda L	1.45% 01/15/18	451,000	447,815
	Total Capital Sa	1.5% 2/17/17	514,000	517,442
	Total Cap Intl	2.875% 2/17/22	13,000	12,869
	Total Cap Intl	1.55% 6/28/17	1,670,000	1,675,807
	Total Cap Intl	2.125% 01/10/19	1,400,000	1,404,553
	Total Cap Intl	2.75% 06/19/21	430,000	431,608
	TAOT	2014-C A3 .93% 07/18	1,440,000	1,439,700
	Toyota Mtr Cr	2.05% 1/12/17	32,000	32,599

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Toyota Motor Cr	2% 10/24/18	450,000	454,344
	TAOT	2013-B A3 1.15% 07/17	4,200,000	4,207,871
	Travelers Cos Inc	5.8% 5/15/18	35,000	39,526
	Ubs Ag Stam 2.375% 8/14/19	2.375% 8/14/19	1,885,000	1,884,889
	Ubsbb	2012-C2 A1 1.006% 5/63	232,126	232,161
	Ubscm	2012-C1 A1 1.032% 5/45	95,794	96,054
	Ubscm	2012-C1 A2 2.180% 5/45	360,000	365,763
	Ubsbb	2012-C4 A1 .6728% 12/45	177,204	176,232
	Us Bank Na	1.1% 01/30/17	910,000	909,291
	Ubsbb	2013-C6 A1 .805% 4/46	217,492	215,994
	Union Pacific	4.875% 1/15/15	33,000	33,039
	Union Pac Corp	5.65 5/1/17	18,000	19,593
	Ual Pass Thru Etc	9.75% 1/17	161,890	179,698
	Udr Inc Mtn	4.25% 6/01/18	402,000	430,153
	United Parcel S	5.125% 4/1/19	2,100,000	2,359,356
	Us Bancorp Mtn	1.95% 11/15/18	460,000	461,399
	Us Bancorp Med	2.95% 7/15/22	775,000	763,975
	Vende	1994-1 2ZB 6.5% 2/24	359,671	391,987
	Ustbill	0% 01/08/15	200,000	200,000
	USTB	3% 11/15/44	840,000	882,788
	USTN	1.25% 11/30/18	47,125,000	46,771,563
	UST Notes	0.625% 12/15/16	10,532,000	10,525,007
	USTN	1.5% 12/31/18	34,060,000	34,107,888
	USTN	.75% 01/15/17	1,565,000	1,566,100
	USTN	1.5% 01/31/19	33,640,000	33,650,496
	USTN	2.125% 01/31/21	20,510,000	20,804,831
	USTN	.625% 02/15/17	11,240,000	11,208,393
	USTN	2.25% 03/31/21	2,565,000	2,617,903
	USTN	TII .125% 04/15/19	8,190,000	8,219,427
	USTN	1.625% 04/30/19	2,992,000	3,001,817
	USTN	0.5% 08/31/16	15,185,000	15,173,733
	USTN	0.5% 09/30/16	1,725,000	1,722,507
	USTN	0.875% 10/15/17	3,353,000	3,339,115
	USTN	1.5% 10/31/19	6,365,000	6,323,729
	USTN	.875% 11/15/17	10,000,000	9,947,660
	USTN	2.25% 11/15/24	365,000	367,452
	UST Notes	1.5% 11/30/19	1,890,000	1,877,598
	USTN	1% 12/15/17	7,447,000	7,430,125
	USTN	1.625% 12/31/19	1,690,000	1,687,492
	USTN	3.5% 2/15/18	24,200,000	25,922,362

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	USTN	3.125% 5/15/19	7,850,000	8,368,226
	USTN	3.25% 12/31/16	650,000	682,551
	USTN	1.875% 9/30/17	1,835,000	1,876,860
	USTN	2.375% 5/31/18	16,535,000	17,134,394
	USTN	1.50% 8/31/18	16,385,000	16,460,518
	USTN	1% 8/31/16	—	—
	USTN	1.375% 9/30/18	16,904,000	16,882,870
	USTN	1% 9/30/16	10,925,000	11,003,092
	USTN	1% 10/31/16	13,989,000	14,087,902
	USTN	.875% 11/30/16	49,765,000	49,976,899
	USTN	.875% 12/31/16	5,970,000	5,990,991
	USTN	.875% 1/31/17	48,676,000	48,816,722
	USTN	1.375% 2/28/19	6,314,000	6,277,006
	USTN	1% 3/31/17	745,000	748,143
	USTN	.875% 4/30/17	14,022,000	14,036,246
	USTN	.750% 6/30/17	970,000	966,060
	USTN	.5% 7/31/17	35,755,000	35,341,601
	USTN	.625% 8/31/17	1,485,000	1,470,266
	USTN	.625% 11/30/17	1,610,000	1,588,618
	USTN	.75% 12/31/17	7,420,000	7,338,840
	UST Notes	.875% 1/31/18	14,305,000	14,184,294
	US T-Note	0.75% 2/28/2018	36,470,000	35,960,004
	UST Notes	0.75% 03/31/2018	12,170,000	11,979,844
	US T Note	.625% 4/30/2018	33,755,000	33,066,702
	USTN	1.375% 06/30/18	58,415,000	58,529,085
	USTN	1.375% 07/31/18	8,385,000	8,392,203
	USTN Notes	.875% 09/15/16	7,445,000	7,481,935
	UST Notes	1.25% 10/31/18	16,415,000	16,307,285
	USTN	.625% 11/15/16	4,405,000	4,404,313
	USTN	2.25% 04/30/21	1,870,000	1,907,983
	UST Notes	0.875% 05/15/2017	396,000	396,093
	UST Notes	1.5% 05/31/19	2,385,000	2,379,224
	UST Notes	1.625% 06/30/2019	27,670,000	27,739,175
	USTN	0.875% 7/15/17	5,150,000	5,142,357
	USTCOUP	11/15/2016	3,030,000	2,993,146
	USTCOUP	8/15/17	360,000	350,731
	USTCOUP	11/15/2017	675,000	653,657
	Unitedhealth Inc Mtn	4.7% 2/21	2,150,000	2,419,745
	Unitedhelth Gr	2.875% 12/15/21	400,000	404,551
	Ventas Rlty Lp/Cap	2% 2/15/18	320,000	320,308

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	Ventas Rlty	1.55% 09/26/16	195,000	195,834
	Verizon Com	3.5% 11/01/21	995,000	1,017,183
	Verizon Comm	1.1% 11/01/17	430,000	423,530
	Verizon Com	3.65% 09/14/18	900,000	951,054
	Verizon Comm	5.15% 09/15/23	8,360,000	9,231,388
	Verizon Com	3.45% 03/15/21	2,660,000	2,718,629
	Verizon Comm Inc	1.35% 6/9/17	500,000	497,874
	Viacom Inc New	2.5% 12/15/16	1,970,000	2,013,399
	Viacom Inc New	3.875% 12/15/21	15,000	15,527
	Viacom Inc	2.5% 09/01/18	350,000	353,095
	Virginia El&Pwr	2.95% 1/15/22	340,000	343,364
	Vodafone Grp Plc	1.25% 9/26/17	710,000	701,005
	Vodafone Grp Plc	1.5% 2/19/18	470,000	461,611
	Volkswagen gr	2.125% 5/19 144A	1,165,000	1,158,886
	Volkswagen	2.375% 3/22/17 144A	410,000	417,642
	Volkswagen	2.125% 11/18 144A	600,000	598,859
	Valet	2013-1 A3 .56% 8/17	689,707	689,077
	Valet	2013-2 A3 0.7% 04/18	910,000	907,287
	VWALT	2014-A A3 .80% 4/20/17	679,000	676,834
	Valet	2014-1 A3 .91% 10/22/18	584,000	581,335
	Valet	2014-2 A3 .95% 04/19	2,385,000	2,371,322
	WFRBS	13-C14 A1 .836% 6/15/46	166,086	165,336
	WFRBS	2013-C14 A2 2.133% 6/46	190,000	191,469
	WFRBS	2011-C5 A1 1.456% 11/44	51,231	51,505
	WFRBS	2012-C6 A1 1.081% 4/45	65,313	65,496
	WFRBS	2012-C8 A1 .864% 8/45	159,602	159,506
	WFRBS	2012-C8 A2 1.881% 8/45	400,000	403,489
	WFRBS	2013-C11 A1 .799% 03/45	101,351	101,081
	WFRBS	13-C13 A1 0.778% 5/45	155,979	155,328
	WBCMT	05-C21 A4 5.274% 10/44	2,812,491	2,864,970
	WBCMT	2004-C11 A5 5.215 1/41	34,400	34,393
	WBCMT	2006-C23 A4 5.418% 1/45	1,879,347	1,927,903
	WBCMT	06-C23 A1A CSTR 1/45	751,733	780,723
	WBCMT	2006-C23 A5 CSTR 1/45	760,000	787,358
	WBCMT	06-C24 A1A CSTR 3/45	665,799	693,903
	Wachovia Bk Na Bn	6% 11/15/17	300,000	336,298
	WBCMT	2006-C25 A4 CSTR 5/43	2,165,776	2,246,255
	WBCMT	2006-C25 A5 CSTR 5/43	1,875,000	1,963,382
	WBCMT	2006-C25 A1A CSTR 5/43	3,237,929	3,374,249
	Wachovia Corp Mtn	5.75% 2/1/18	2,000,000	2,239,560

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
	WBCMT	2006-C27 A3 CSTR 7/45	255,125	267,212
	WBCMT	2006-C26 A1A CSTR 6/45	512,214	542,355
	WBCMT	2006-C28 A4 5.572% 10/48	3,510,168	3,709,745
	WBCMT	2006-C28 A1A CSTR 10/48	2,599,369	2,748,508
	WBCMT	2006-C29 A1A 5.297 11/48	989,351	1,055,233
	WBCMT	2007-C31A A2 5.421% 4/47	44,598	44,568
	Walmart	2.875% 4/01/15	2,100,000	2,112,104
	Wal Mart Stores	1.125% 4/18	1,500,000	1,482,798
	Wal-Mart Stores	3.3% 04/22/24	440,000	454,307
	Walgreens boots	3.3% 11/18/21	1,095,000	1,102,618
	Watson Pharma Inc	3.25% 10/1/22	700,000	681,534
	Weatherford Int Mtn	5.125% 9/20	2,300,000	2,259,656
	Wellpoint inc	1.875% 1/15/18	226,000	225,954
	Wellpoint inc	2.3% 07/15/18	327,000	328,810
	Wells Fargo&Com	3.676% 6/15/16	1,500,000	1,556,294
	Wells Fargo	1.5% 01/18	930,000	924,911
	Wells Fargo Co	4.125% 8/15/23	2,165,000	2,272,343
	Wells Fargo	3% 01/22/21	844,000	859,859
	Wells Fargo Bk Glb	4.75 2/9/15	315,000	316,260
	WFCM	2013-LC12 A1 1.676% 7/46	664,876	665,148
	Western Gas Part	4% 7/01/22	395,000	400,373
	Western Union Co	2.875 12/17	682,000	697,353
	Westpac Banking	4.2% 2/27/15	1,070,000	1,075,392
	Westpac Banking Crp	2% 8/14/17	772,000	782,255
	WPACBKG	1.6% 1/12/18	1,000,000	999,938
	Westpac Banking	July 3, 1974	2,620,000	2,642,131
	Westpac Bank Corp	1.2% 5/19/17	1,720,000	1,712,475
	Williams Partnr	5.25% 3/15/20	1,450,000	1,574,016
	Wols	January 3, 2013	840,000	843,086
	WOART	2013-B A3 .83% 08/18	4,300,000	4,297,227
	Wrap Contracts	WRAP CONTRACTS	—	158,326
	WOART	January 3, 2014	1,820,000	1,809,941
	Wrigley (Wm.) J	October 2, 2017	340,000	342,478
	Wyndham Worldwide	2.5% 3/18	390,000	389,333
	Xerox Corp	2.95% 3/15/17	270,000	277,443
	Xerox Corp	2.75% 03/15/19	554,000	555,382
	Xstrata Can Fin	3.6% 1/17 144A	2,000,000	2,062,456
	Xstrata Fn Cda	2.45 10/17 144A	1,555,000	1,573,318
	Xylem Inc	3.55% 9/20/16	1,175,000	1,221,374
	Xylem Inc	4.875% 10/01/21	400,000	432,136

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party		Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value

Total Investment Contracts				1,766,771,526

Registered Investment Companies
	Fidelity Institutional Money Market – Government Portfolio	Money Market Fund	856,645,080	856,645,080
	Fidelity Prime Money Market	Money Market Fund	20,170,579	20,170,579
	Janus Balanced N Fund	Equity Based Fund	47,968,638	1,466,880,945
	Oppenheimer Developing Markets Fund	Equity Based Fund	3,781,325	132,573,271
	Pimco Total Return Institutional Fund	Fixed Income Based Fund	47,066,729	501,731,330
	Principal Diversified Real Asset Fund	Equity Based Fund	1,729,745	20,878,025
	T. Rowe Price Institutional Small-Cap Stock Fund	Equity Based Fund	26,812,749	549,125,092
	Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	Equity Based Fund	45,133,416	2,111,792,512
	Vanguard REIT Index Inst	Equity Based Fund	6,171,413	109,666,007
	Brokerage Link	Various	—	474,451,635
Total Registered Investment Companies				6,243,914,476

Common Collective Trusts
	Harris Associates Oakmark Global Collective Fund	Equity Based Funds	19,341,763	287,612,009
	Northern Trust Collective Aggregate Bond Index Fund - DC – Non-Lending	Fixed Income Based Funds	9,132,279	925,008,573
	Northern Trust ACWI ex-US Fund - DC NonLending(a)	Equity Based Funds	11,567,897	1,121,854,639
	Northern Trust Collective Russell 2000 Index Fund - DC - Non-Lending	Equity Based Funds	7,026,572	782,408,803
	Northern Trust Collective S&P 500 Index Fund - DC - Non-Lending	Equity Based Funds	22,780,924	2,422,067,787
Total Common Collective Trusts				5,538,951,811

Raytheon Company Common Stock
	* Raytheon Company	Raytheon Common Stock	12,905,773	1,396,017,465
Total Raytheon Company Common Stock				1,396,017,465

Total Investments				14,945,655,278

	* Participant Loans	3.25% - 10.00%		229,201,216

	Adjustment from fair value to contract value for interest in fully benefit-responsive investment contracts			(46,704,341	)

Table of Contents

Raytheon Savings and Investment Plan

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



Identity of Issue, borrower, lessor, or similar party	Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Shares/Units/ Principal	Current Value
Total Investments at Contract Value Including Participant Loans			$	15,128,152,153

*Party in interest

Table of Contents

SIGNATURES

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

Date: June 22, 2015



RAYTHEON SAVINGS AND INVESTMENT PLAN

By:	/s/ Michael J. Wood
	Michael J. Wood
	Vice President, Controller and Chief Accounting Officer
	Principal Accounting Officer

Table of Contents

EXHIBIT INDEX



23.1			Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (File Nos. 333-186221; 333-71974; 333-58474; 333-82529; and 333-44321) and Form S-8 (File Nos. 333-124690; 333-56117; 333-52536; 333-64168; 333-45629; and 333-168415) of Raytheon Company of our report dated June 22, 2015, relating to the financial statements of the Raytheon Savings and Investment Plan, which appears in this Form 11-K.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 22, 2015

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