11-K
Table of Contents

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

 

 

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

For the fiscal year ended December 31, 2017

 

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

For the Transition Period From                  to                 

Commission File Number 001-37845

 

 

 

A.

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

MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

 

B.

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

Microsoft Corporation

One Microsoft Way

Redmond, Washington 98052-6399

REQUIRED INFORMATION

The Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Therefore, in lieu of the required information outlined as Items 1-3 of the Form 11-K, the statements of net assets available for benefits and the related statements of changes in net assets available for benefits as of and for the years ended December 31, 2017 and 2016, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference.

 

 


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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 on Form 11-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MICROSOFT CORPORATION SAVINGS PLUS 401(K) PLAN  

Date:    June 14, 2018

 

/S/ KRISTEN ROBY DIMLOW

 
 

Kristen Roby Dimlow

 
  Member of 401(k) Administrative Committee  

Date:    June 14, 2018

 

/S/ DANIEL GOFF

 
  Daniel Goff  
  Member of 401(k) Administrative Committee  

Date:    June 14, 2018

 

/S/ GEORGE ZINN

 
  George Zinn  
  Member of 401(k) Administrative Committee  


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APPENDIX 1

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM;

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016;

NOTES TO FINANCIAL STATEMENTS; AND

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2017


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MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

TABLE OF CONTENTS

 

 

 
     Page  

Report of Independent Registered Public Accounting Firm

     1  

Financial Statements:

  

Statements of Net Assets Available for Benefits as of December  31, 2017 and 2016

     2  

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2017 and 2016

     3  

Notes to Financial Statements

     4  

Supplemental Schedule:

  

Supplemental Schedule of Assets (Held at End of Year) as of December 31, 2017

     10  

Exhibit:

  

Consent of Independent Registered Public Accounting Firm

  

 

 

 

NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Administrators of the Microsoft Corporation Savings Plus 401(k) Plan

Redmond, WA

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) as of December 31, 2017 and 2016, and the related statements of changes in net assets available for benefits for the years then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2017 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 compliance 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, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ DELOITTE & TOUCHE LLP

Seattle, Washington

June 14, 2018

We have served as the auditor of the Plan since 1987.

 

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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

 

 
December 31,    2017     2016  

ASSETS

    

Cash

   $ 4,601,325      $ 6,657,057   

Investments held by trustee, at fair value

     19,929,242,613       15,508,498,383  

Receivables:

    

Participant loans

     122,514,373       114,393,990  

Other receivables

     17,054,211       19,576,190  

 

   

 

 

 

Total receivables

     139,568,584       133,970,180  

 

   

 

 

 

Total assets

   $   20,073,412,522     $   15,649,125,620  
  

 

 

   

 

 

 

LIABILITIES

    

Operating payables

   $ 4,369,486     $ 3,527,074  

Other payables

     11,611,061       11,180,525  

 

   

 

 

 

Total liabilities

   $ 15,980,547     $ 14,707,599  

 

   

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 20,057,431,975     $ 15,634,418,021  
  

 

 

   

 

 

 

Refer to accompanying notes.

 

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STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

 
Year Ended December 31,    2017     2016  

ADDITIONS

    

Net investment income:

    

Net increase in fair value of investments

   $ 3,489,810,196      $ 1,075,665,112   

Interest and dividends

     51,606,670       44,485,313  

 

   

 

 

 

Total net investment income

     3,541,416,866       1,120,150,425  
  

 

 

   

 

 

 

Contributions:

    

Participant contributions

     1,226,183,000       1,097,835,646  

Employer contributions

     488,630,831       446,705,032  

 

   

 

 

 

Total contributions

     1,714,813,831       1,544,540,678  

 

   

 

 

 

Total additions before transfers

     5,256,230,697       2,664,691,103  

DEDUCTIONS

    

Benefits paid to participants

     833,584,671       728,779,614  

 

   

 

 

 

INCREASE IN NET ASSETS BEFORE TRANSFERS

     4,422,646,026       1,935,911,489  

Net transfers in

     367,928       0  

 

   

 

 

 

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

     4,423,013,954       1,935,911,489  

NET ASSETS AVAILABLE FOR BENEFITS

    

Beginning of year

     15,634,418,021       13,698,506,532  

 

   

 

 

 

End of year

   $   20,057,431,975     $   15,634,418,021  
  

 

 

   

 

 

 

Refer to accompanying notes.

 

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NOTES TO FINANCIAL STATEMENTS

 

 

NOTE 1 — DESCRIPTION OF THE PLAN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Plan Description

The Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”), a defined contribution plan, is sponsored by Microsoft Corporation (the “Company” or “Microsoft”). Participating employers included in the Plan are Microsoft Corporation; MOL Corporation; Vexcel Corporation; Microsoft Online, Inc; Microsoft Payments, Inc; Microsoft Open Technologies, Inc; and Microsoft Technology Licensing. These entities represent Microsoft or wholly owned subsidiaries of Microsoft. The Plan year is January 1 through December 31. The Plan is administered by the 401(k) Administrative Committee (the “Plan Administrator”) and subject to the provisions of ERISA. The information below summarizes certain aspects of the Plan as in effect during 2017 and 2016, and is intended to be a summary only. Plan participants should refer to the Summary Plan Description for more complete information.

Accounting Principles

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Eligibility

Regular and retail services employees of participating employers who are on U.S. payroll and have reached age 18 may enroll in the Plan at any time.    

Eligible Compensation

Eligible compensation includes wages, salary, bonuses, commissions, and overtime. Compensation does not include, for example, items such as stock awards, amounts realized on the exercise of stock options, reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation, welfare plan benefits including health or life insurance, or bonuses or expense allowances which are not based upon performance as an employee.

Contributions

Participant Contributions

Participants may contribute to the Plan on a pre-tax and/or Roth basis using eligible compensation each pay period, subject to regulatory limitations. Participants reaching age 50 or older by the end of the Plan year may also elect to make additional catch-up contributions to the Plan on a pre-tax and/or Roth basis. Additionally, participants may contribute up to $20,000 annually on an after-tax basis for 2017 and 2016. A participant’s aggregate contribution election (combined pre-tax, Roth, pre-tax catch-up, Roth catch-up, and after-tax) may not exceed 65 percent of his or her eligible compensation per pay period. Participants may elect to suspend their contributions at any time and may elect to reinstate their contributions at any subsequent entry date.

Participants may also choose to make rollover contributions to the Plan of amounts received from an eligible employer plan maintained by another company, including direct rollovers from such plans. Effective April 17, 2017, participants may also make rollover contributions to the plan from an individual retirement account or annuity described in Internal Revenue Code (“IRC”) Section 408(a) or 408(b) that is eligible to be rolled over and would otherwise be includible in gross income.

 

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Employer Contributions

The Company provides participants with a matching contribution on eligible pre-tax and/or Roth contributions of $0.50 for every $1.00 contributed. The matching contribution is provided for up to 50 percent of the maximum annual 401(k) pre-tax and Roth contribution limit of $18,000 for 2017 and 2016. Participants do not receive a match on after-tax contributions.

Transfers

The Company acquired TouchType Ltd. in 2016 and the TouchType Inc. 401k plan assets merged into the Plan during 2017. The merged assets are included as transfers in the statement of changes in net assets available for benefits for the Plan year ended December 31, 2017.

Employee Stock Ownership Plan Feature

The Plan includes an Employee Stock Ownership Plan (“ESOP”) feature for the portion of the Plan designed to invest primarily in Microsoft Common Stock. The ESOP feature allows participants to either reinvest their cash dividends earned on Microsoft Common Stock or receive those dividends in cash. Amounts invested in Microsoft Common Stock are treated as being held through the ESOP, provided that at the time such amounts were received by the Plan (e.g., through contributions or transfers), the participants whose Plan accounts received such assets were employed by Microsoft or a corporation that is part of the same controlled group of corporations as Microsoft.

Participants who are not employed by an employer established as a corporation that is part of the same controlled group of corporations as Microsoft may not participate in the ESOP, but may invest their contributions and earnings in Microsoft Common Stock. Participants that are not eligible to participate in the ESOP feature are not eligible to receive dividends on Microsoft Common Stock in cash paid directly to them. Instead, dividends paid on contributions invested in Microsoft Common Stock and the earnings that accumulate on those contributions will automatically be reinvested in Microsoft Common Stock.

Effective January 1, 2016, the investment of new contributions or transfer of existing account holdings into Microsoft Common Stock within the Plan was discontinued. Participant accounts with existing Microsoft Common Stock can retain those holdings, and dividends on Microsoft Common Stock can continue to be reinvested or received in cash.

Participant Accounts

Each participant’s account is credited with (a) participant contributions and employer contributions, and (b) the allocation of Plan earnings and expenses, based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. All amounts in participant accounts are participant-directed. Participants may invest in various instruments including mutual funds, common collective trusts, and separately managed accounts. Participants also have the option to direct their investments through a brokerage account.

Vesting

Participants are fully vested in Plan accounts at all times.

Distributions

Active participants may take a withdrawal from the Plan in the event of a financial hardship. A hardship withdrawal is limited to the amount necessary to meet the participant’s immediate financial need, and further limited to pre-tax contributions, after-tax contributions, pre-tax catch-up contributions, and rollover contributions (excluding rollover contributions attributable to designated Roth contributions, Roth in-plan conversion amounts and earnings thereon, and acquisition rollovers). A hardship withdrawal will generally result in a six-month suspension of contributions (other than rollover contributions) to the Plan. Active participants may also take a withdrawal from their rollover and after-tax account types within the Plan without meeting one of the hardship criteria.

 

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After reaching age 59 12, active participants may withdraw all, or any portion, of the balance in their accounts. Distributions, in full or any portion, may also occur if the participant terminates employment, retires, becomes permanently disabled, or dies. Distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash. Distributions may be made in installments.

In-Plan Roth Conversions

Active participants may convert their Plan distribution-eligible balances to their Roth account within the Plan.

Administrative Expenses

Plan administrative expenses are paid by the Company to the extent not paid or offset by the Plan. Participants are responsible for fees associated with certain transactions such as loan originations and maintenance, domestic relations order qualifications, and dividend check processing. Participants also pay commission charges to Fidelity for buying and selling Microsoft Common Stock within the Plan.

Plan Amendment and Termination

The Company has the right to amend or terminate the Plan. If the Plan is terminated, all account balances will be distributed in the form and manner determined by the Plan Administrator.

Risks and Uncertainties

The Plan utilizes various investment instruments, including common stock, mutual funds, common collective trusts, and separately managed accounts. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results and outcomes may differ from management’s estimates and assumptions. The Plan has no contingent assets or liabilities for any periods presented in these financial statements.

Valuation of Investments

Investments are recorded at fair value. Security transactions are accounted for as of the trade date. Dividend income is recorded on the ex-dividend date, and interest income is recorded as earned.

Participant Loans

Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, and participant loans deemed distributed due to default are included in benefits paid to participants on the statements of changes in net assets available for benefits.

Other Receivables and Payables

Other receivables and payables as of December 31, 2017 and 2016 primarily consist of unsettled trades. Other receivables also include accrued interest.

NOTE 2 — PARTICIPANT LOANS

Participant loans are available in $100 increments ranging from $1,000 to $50,000. The maximum loan amount is the lesser of (a) 50 percent of the vested account balance, reduced by the current outstanding balance of all other

 

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loans from the Plan; or (b) $50,000, reduced by: (1) the current outstanding balance of all other loans from the Plan, and (2) the excess (if any) of all Plan loans during the previous 12 months over the current outstanding balance of Plan loans. When determining the maximum loan amount available under the Plan, outstanding loan balances under any subsidiary and affiliate Microsoft retirement plans are considered in conjunction with the Plan. Participants are limited to two loans – one Primary Residence Loan and one General Loan. The term of a Primary Residence Loan may not exceed 15 years (or 30 years for Nokia Plan legacy loans) or be less than 12 months. The term of a General Loan may not exceed five years (or 15 years for Nokia Plan legacy loans) or be less than 12 months.

The interest rate for participant loans is 1 percent plus the prime rate on corporate loans. The range of interest rates for outstanding Primary Residence Loans as of December 31, 2017 was 3.25 percent to 9.00 percent, maturing at various dates through March 2044. The range of interest rates for outstanding General Loans as of December 31, 2017 was 3.25 percent to 5.25 percent, maturing at various dates through January 2023.

Loan repayments are made through after-tax payroll deductions. Terminated employees generally have 60 days to elect to continue to make loan repayments or pay off the loan in full. Failure of the terminated employee to establish a loan repayment service or payoff the loan in full during this 60-day window generally results in a default of the loan, which is taxable income to the participant, with a possible 10 percent early withdrawal penalty.

NOTE 3 — TAX STATUS

The Internal Revenue Service has determined and informed the Plan by a letter dated August 21, 2014, that the Plan is qualified as a tax-exempt plan under the appropriate sections of the IRC. The determination letter covered Plan amendments adopted from September 17, 2010 through August 5, 2014, and the trust agreement with Fidelity adopted on July 19, 2013. The Plan has been amended since receiving the determination letter; however, the Plan Administrator believes that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC. Therefore, the Plan is tax-exempt as of the financial statement date and no provision for income taxes has been recorded in the financial statements.

NOTE 4 — PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments include common collective trusts that are managed by affiliates of Fidelity. Fidelity is the trustee and third-party administrator as defined by the Plan; therefore, these transactions qualify as party-in-interest transactions.

Transactions in Microsoft Common Stock also qualify as party-in-interest transactions. As of December 31, 2017 and 2016, the Plan held 17,841,741 shares of Microsoft Common Stock valued at $1,526,182,502 and 19,376,026 shares of Microsoft Common Stock valued at $1,204,026,250, respectively. During the years ended December 31, 2017 and 2016, the Plan recorded Microsoft Common Stock dividend income of $29,683,123 and $29,480,318, respectively.

NOTE 5 — FINANCIAL INSTRUMENTS

The Plan accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Plan categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

 

   

Level 1—inputs are based upon unadjusted quoted prices for identical instruments in active markets. The Plan’s Level 1 non-derivative investments primarily include domestic and international equities, mutual funds, and U.S. government securities. The Plan’s Level 1 derivative assets include those actively traded on exchanges.

 

   

Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be

 

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corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies and commodities. The Plan’s Level 2 non-derivative investments consist primarily of mutual funds in the Plan’s separately managed accounts. The Plan’s Level 2 derivative assets and liabilities primarily include certain over-the-counter option and currency contracts.

 

   

Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. As of December 31, 2017 and 2016, the Plan did not hold any financial instruments categorized as Level 3.

Mutual funds are valued at the closing price as reported by the fund. Common stocks are valued at the closing price reported on the active markets on which the individual securities are traded.

Common collective trusts are valued using the Net Asset Value (“NAV”) provided by the trustee in order to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. In the event the Plan were to initiate a full redemption of a common collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the common collective trust in order to ensure that securities liquidations will be carried out in an orderly business manner. The common collective trusts have no unfunded commitments, other redemption restrictions, or redemption notice periods. The portfolios are comprised of a mix of stocks, bonds, commodities, and cash.

Financial Instruments Measured at Fair Value

 

December 31, 2017    Level 1     Level 2     Total  

 

 

Mutual funds

   $ 518,153,347        0      $ 518,153,347   

Microsoft Common Stock

     1,526,182,502       0       1,526,182,502  

Separately managed accounts:

         0  

Common stock

     3,071,524,082       0       3,071,524,082  

Mutual funds

     0       770,123,633       770,123,633  

Other

     180,535,880       19,112,205       199,648,085  

Brokerage accounts

     790,232,921       27,124,808       817,357,729  

 

   

 

 

   

 

 

 

Total

   $   6,086,628,732     $   816,360,646       6,902,989,378  
  

 

 

   

 

 

   

Common collective trusts measured at NAV

         13,026,253,235  
      

 

 

 

Total Investments

       $   19,929,242,613  
   

 

 

 

 

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December 31, 2016    Level 1     Level 2     Total  

 

 

Mutual funds

   $ 488,924,978      $ 0      $ 488,924,978   

Microsoft Common Stock

     1,204,026,250       0       1,204,026,250  

Separately managed accounts:

      

Common stock

     2,495,268,783       0       2,495,268,783  

Mutual funds

     0       655,823,789       655,823,789  

Other

     84,720,553       6,696,097       91,416,650  

Brokerage accounts

     611,586,661       13,122,141       624,708,802  

 

   

 

 

   

 

 

 

Total

   $   4,884,527,225     $   675,642,027       5,560,169,252  
  

 

 

   

 

 

   

Common collective trusts measured at NAV

         9,948,329,131  
      

 

 

 

Total Investments

       $   15,508,498,383  
   

 

 

 

The significance of transfers between levels is evaluated based upon the nature of the financial instrument and the size of the transfer relative to total net assets available for benefits. No significant transfers occurred between Level 1 and Level 2 for the years ended December 31, 2017 and 2016.

NOTE 6 — DERIVATIVES

Investment managers acting under the Plan use derivative instruments to manage risks related to foreign currencies and interest rates, to enhance investment returns for the Plan, and to facilitate Plan portfolio diversification. The Plan’s derivatives consisted of over-the-counter foreign exchange forward contracts and exchange-traded futures contracts, as well as put and call options, for which no hedge accounting treatment is applied. The related notional amounts, gross fair values, and amounts recognized in earnings were immaterial as of and for the years ended December 31, 2017 and 2016. These derivative instruments are a component of the “Other” caption of separately managed accounts in Note 5—Financial Instruments.

NOTE 7 — RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to net assets per the Form 5500, which is the annual return/report for the Plan:

 

December 31,    2017     2016  

Net assets available for benefits per the financial statements

   $ 20,057,431,975     $ 15,634,418,021  

Less: benefits payable

     (2,060,167     (1,847,667
  

 

 

   

 

 

 

Net assets per the Form 5500

   $   20,055,371,808     $   15,632,570,354  
  

 

 

   

 

 

 

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:

 

Year Ended December 31,    2017      2016  

Benefits paid to participants per the financial statements

   $ 833,584,671      $ 728,779,614  

Plus: increase (decrease) in benefits payable at year end

     212,500        (1,046,023
  

 

 

    

 

 

 

Benefits paid to participants per the Form 5500

   $        833,797,171      $        727,733,591  
  

 

 

    

 

 

 

Benefits payable are recorded on the Form 5500 for payments to participants who requested payment by December 31, but had not been paid as of that date.

 

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MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

EMPLOYER ID 91-1144442, PLAN 001

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2017

 

 

 

Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

BROKERAGE ACCOUNTS

       

BrokerageLink **

       817,357,729        $ 817,357,729  

COMMON COLLECTIVE TRUSTS

       

BlackRock LifePath Index 2020

     22,590,044          344,138,354  

BlackRock LifePath Index 2030

     67,335,086          1,132,708,262  

BlackRock LifePath Index 2040

     85,504,328          1,558,101,941  

BlackRock LifePath Index 2050

     55,170,366          1,057,280,535  

BlackRock LifePath Index 2060

     8,139,476          104,991,131  

BlackRock LifePath Index Retirement

     9,577,539          135,709,853  

BlackRock Short-term Investment Fund

     542,721,713          542,721,713  

Fidelity Contrafund Pool Class 2 *

     86,553,664          1,383,127,549  

Fidelity Growth Company Pool Class 2 *

     97,211,962          1,850,915,760  

Vanguard Russell 1000 Growth Index Trust

     4,989,447          760,790,873  

Vanguard Russell 1000 Value Index Trust

     7,061,331          1,012,453,693  

Vanguard Russell 2000 Growth Index Trust

     6,568,037          954,992,604  

Vanguard S&P 500 Index Trust

     14,712,391          2,188,320,967  

EMPLOYER STOCK

       

Microsoft Common Stock *

     17,841,741          1,526,182,502  

MUTUAL FUNDS

       

PIMCO All Asset All Authority

     2,215,279          19,760,292  

PIMCO Inflation Response Multi-Asset Response

     1,641,198                       14,360,485  

Vanguard Short-Term Bond Index Fund (Signal)

     46,631,269          484,032,570  

SEPARATELY MANAGED ACCOUNTS

       

Artisan Mid Cap Account

       

Forward Currency Contract

       

CURRENCY CONTRACT—USD

     (227,403        (385

Publicly-traded Common Stock

       

ACTIVISION BLIZZARD INC

     80,662          5,107,518  

ALBEMARLE CORP

     72,768          9,306,300  

ALEXION PHARMACEUTICALS INC

     44,476          5,318,885  

APTIV PLC

     221,176          18,762,360  

ATLASSIAN CORP PLC CLS A

     477,082          21,716,773  

BECTON DICKINSON & CO

     102,323          21,903,261  

BOSTON SCIENTIFIC CORP

     1,040,267          25,788,219  

 

10


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

BOX INC CL A    

     455,092           9,611,543   

BWX TECHNOLOGIES INC

     235,905          14,269,893  

CBOE GLOBAL MARKETS INC

     128,678          16,031,992  

CBS CORP CL B

     290,304          17,127,936  

CIGNA CORP

     140,734          28,581,668  

CINTAS CORP

     121,899          18,995,521  

COHERENT INC

     24,663          6,960,392  

CONCHO RESOURCES INC

     160,835                     24,160,634  

DELPHI TECHNOLOGIES PLC

     89,229          4,681,846  

DENTSPLY SIRONA INC

     95,740          6,302,564  

DEXCOM INC

     99,340          5,701,123  

DIAMONDBACK ENERGY INC

     151,711          19,153,514  

DISCOVER FIN SVCS

     147,205          11,323,009  

EDWARDS LIFESCIENCES CORP

     148,684          16,758,174  

EXPEDIA INC

     99,813          11,954,603  

FIDELITY NATL INFORM SVCS INC

     141,880          13,349,489  

FIRST REPUBLIC BANK

     188,706          16,349,488  

FORTUNE BRANDS HOME & SEC INC

     294,614          20,163,382  

GARDNER DENVER HOLDINGS INC

     433,748          14,717,070  

GARTNER INC

     144,470          17,791,481  

GENMAB AS

     82,494          13,680,972  

GLOBAL PAYMENTS INC

     444,364          44,543,047  

GUIDEWIRE SOFTWARE INC

     265,147          19,689,816  

HARRIS CORP

     128,526          18,205,708  

HUBSPOT INC

     55,669          4,921,140  

IHS MARKIT LTD

     789,889          35,663,488  

LKQ CORP

     1,145,618          46,592,284  

MATCH GROUP INC

     203,043          6,357,276  

MAXIM INTEGRATED PRODUCTS INC

     226,291          11,830,493  

MONSTER BEVERAGE CORP

     280,389          17,745,820  

MOTOROLA SOLUTIONS INC

     159,701          14,427,388  

NEUROCRINE BIOSCIENCES INC

     65,215          5,060,032  

PROGRESSIVE CORP OHIO

     606,840          34,177,229  

PROOFPOINT INC

     177,068          15,725,409  

REGENERON PHARMACEUTICALS INC

     26,560          9,985,498  

ROPER TECHNOLOGIES INC

     74,524          19,301,716  

S&P GLOBAL INC

     196,640          33,310,816  

SEALED AIR CORP

     86,716          4,275,099  

SKECHERS USA INC CL A

     131,649          4,981,598  

SMITH (AO) CORP

     136,508          8,365,210  

STANLEY BLACK & DECKER INC

     29,181          4,951,724  

SVB FINL GROUP

     64,537          15,086,814  

TABLEAU SOFTWARE INC CL A

     305,097          21,112,712  

TD AMERITRADE HOLDING CORP

     252,923          12,931,953  

TRANSUNION

     275,105          15,119,771  

TREASURY WINE ESTATES LTD

     1,233,492          15,360,417  

VANTIV INC

     232,774          17,120,528  

VEEVA SYS INC CL A

     354,810          19,613,897  

WASTE CONNECTIONS INC (US)

     272,427          19,325,971  

 

11


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

WAYFAIR INC    

     98,294           7,890,059   

WEST PHARMACEUTICAL SVCS INC

     75,422          7,441,889  

WESTINGHOUSE AIR BRAKE TEC CRP

     160,466          13,066,746  

WORKDAY INC CL A

     77,463          7,881,086  

ZALANDO SE

     169,282          8,960,330  

ZYNGA INC

     774,475          3,097,900  

STIFS and Money Markets

       

SSBK GOVT STIF FUND

     23,782,576          23,782,575  
       

 

 

 

Artisan Mid Cap Account Total

          983,472,664  

DFA Small Mid Value Account

       

Currency

       

CANADIAN DOLLAR

     2,242          1,783  

Publicly-traded Common Stock

       

1 800 FLOWERS.COM INC CL A

     20,105          215,124  

AAR CORP

     16,180          635,712  

AARONS INC A

     27,379                       1,091,053  

ABERCROMBIE & FITCH CO CL A

     28,111          489,975  

ABM INDUSTRIES INC

     25,672          968,348  

ACACIA RESEARCH—ACACIA TECH

     12,653          51,245  

ACADIA HEALTHCARE CO INC

     31,984          1,043,638  

ACCESS NATIONAL CORP

     1,141          31,765  

ACCO BRANDS CORP

     41,783          509,753  

ACETO CORP

     12,903          133,288  

ACHILLION PHARMACEUTICALS INC

     47,925          138,024  

ACORDA THERAPEUTICS INC

     25,629          549,742  

ACTUA CORP

     28,871          450,388  

ACTUANT CORP CL A

     17,553          444,091  

ACUSHNET HOLDINGS CORP

     2,968          62,565  

ACXIOM CORP

     56,949          1,569,514  

ADAMS RESOURCES AND ENERGY INC

     330          14,355  

ADDUS HOMECARE CORP

     10,753          374,204  

ADIENT PLC

     8,589          675,954  

ADTALEM GLOBAL EDUCATION INC

     32,464          1,365,111  

ADTRAN INC

     45,467          879,786  

ADVANCE AUTO PARTS INC

     10,297          1,026,508  

ADVERUM BIOTECHNOLOGIES INC

     8,912          31,192  

AECOM

     125,764          4,672,133  

AEGION CORP

     17,837          453,595  

AEROCENTURY CORP

     600          9,144  

AEROVIRONMENT INC

     10,052          564,520  

AGCO CORP

     32,179          2,298,546  

AGILYSYS INC

     2,359          28,969  

AGROFRESH SOLUTIONS INC

     10,193          75,428  

AH BELO CORP CL A

     9,816          47,117  

AIR LEASE CORP CL A

     87,600          4,212,684  

AIR TRANSPORT SERVICES GROUP

     24,722          572,067  

ALAMO GROUP INC

     10,921          1,232,653  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ALASKA AIR GROUP INC    

     5,016           368,726   

ALASKA COMM SYS GROUP INC

     8,586          23,010  

ALBANY INTERNATIONAL CORP CL A

     16,983          1,043,605  

ALCOA CORP

     26,365                       1,420,283  

ALEXANDER & BALDWIN INC

     17,760          492,662  

ALICO INC

     1,964          57,938  

ALLEGHENY TECHNOLOGIES INC

     26,905          649,487  

ALLEGIANCE BANCSHARES INC

     2,750          103,538  

ALLIANCE ONE INTERNATIONAL INC

     6,107          80,918  

ALLIED MOTION TECH INC

     915          30,277  

ALLSCRIPTS HLTHCARE SOLS INC

     145,967          2,123,820  

ALMOST FAMILY INC

     12,943          716,395  

ALPHA & OMEGA SEMICNDTR LTD

     10,198          166,839  

AMAG PHARMACEUTICALS INC

     478          6,334  

AMBAC FINANCIAL GROUP INC

     9,710          155,166  

AMC ENTERTAINMENT HLDS CL A

     17,168          259,237  

AMERCO INC

     6,559          2,478,712  

AMERESCO INC-CL A

     6,876          59,134  

AMERICAN AXLE & MFG HLDGS INC

     64,142          1,092,338  

AMERICAN EAGLE OUTFITTERS INC

     160,414          3,015,783  

AMERICAN EQY INVT LIFE HLD CO

     41,271          1,268,258  

AMERICAN NATIONAL INSURANCE

     4,319          553,912  

AMERICAN NATL BANKSHARES INC

     3,317          127,041  

AMERICAN PUBLIC EDUCATION INC

     8,281          207,439  

AMERICAN RAILCAR INDS INC

     2,712          112,928  

AMERICAN SOFTWARE INC CL A

     1,623          18,875  

AMERICAN SUPERCONDUCTOR CORP

     3,900          14,157  

AMERICAN VANGUARD CORP

     13,930          273,725  

AMERICAS CAR MART INC

     6,477          289,198  

AMERIS BANCORP

     5,793          279,223  

AMERISAFE INC

     1,363          83,961  

AMKOR TECHNOLOGY INC

     146,038          1,467,682  

AMPCO-PITTSBURG CORP

     5,574          69,118  

AMPHASTAR PHARMACEUTICALS INC

     41,793          804,097  

AMTECH SYSTEMS INC

     6,260          63,038  

AMTRUST FINANCIAL SERVICES INC

     44,557          448,689  

ANALOGIC CORP

     5,289          442,954  

ANDERSONS INC

     24,603          766,383  

ANGIODYNAMICS INC

     22,392          372,379  

ANI PHARMACEUTICALS INC

     1,466          94,484  

ANIKA THERAPEUTICS INC

     6,766          364,755  

ANIXTER INTL INC

     16,097          1,223,372  

ANTERO RES CORP

     130,836          2,485,884  

APOGEE ENTERPRISES INC

     10,284          470,287  

APPLIED GENETIC TECHNO CORP

     2,874          10,346  

APPLIED INDUSTRIAL TECH INC

     1,401          95,408  

APPLIED OPTOELECTRONICS INC

     2,233          84,452  

APTEVO THERAPEUTICS INC W/I

     15,529          65,843  

ARC DOCUMENT SOLUTIONS INC

     26,612          67,861  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ARCBEST CORP    

     11,050           395,038   

ARCH COAL INC CL A

     7,044          656,219  

ARCHROCK INC

     33,044          346,962  

ARDELYX INC

     6,044          39,890  

ARDMORE SHIPPING CORP

     4,869          38,952  

ARGAN INC

     5,732          257,940  

ARGO GROUP INTL

     17,972          1,107,974  

ARMSTRONG FLOORING INC

     10,516          177,931  

AROTECH CORP

     13,694          48,614  

ARRIS INTERNATIONAL PLC

     67,900                       1,744,351  

ARROW ELECTRONICS INC

     76,029          6,113,492  

ARROW FINANCIAL CORP

     5,938          201,595  

ASCENA RETAIL GROUP INC

     98,994          232,636  

ASCENT CAPITAL GROUP INC

     7,319          84,095  

ASHLAND GLOBAL HOLDINGS INC

     22,816          1,624,499  

ASPEN INSURANCE HLDGS LTD

     39,531          1,604,959  

ASSOCIATED BANC CORP

     113,900          2,893,060  

ASSURANT INC

     42,395          4,275,112  

ASSURED GUARANTY LTD

     52,711          1,785,322  

ASTEC INDUSTRIES INC

     21,286          1,245,231  

ASTRONICS CORP

     19,804          821,272  

ASURE SOFTWARE INC

     4,646          65,602  

AT HOME GROUP INC

     596          18,112  

ATLANTIC CAPITAL BANCSHARES IN

     4,798          84,445  

ATLANTIC TELE-NETWORK INC

     5,468          302,162  

ATLAS AIR WORLD

     21,523          1,262,324  

ATLAS FINANCIAL HOLDINGS INC

     1,624          33,373  

AUTONATION INC

     56,916          2,921,498  

AV HOMES INC

     5,318          88,545  

AVIAT NETWORKS INC

     2,296          34,830  

AVNET INC

     104,478          4,139,418  

AVX CORP

     38,175          660,428  

AWARE INC MASS

     5,120          23,040  

AXCELIS TECHNOLOGIES INC

     16,562          475,329  

AXIS CAPITAL HOLDINGS LTD

     32,912          1,654,157  

AXT INC

     24,878          216,439  

AZZ INC

     7,958          406,654  

B&G FOODS INC

     6,144          215,962  

BABCOCK &WILCOX ENTERPR INC

     26,385          149,867  

BALDWIN & LYONS CL B

     2,710          64,905  

BALLANTYNE STRONG INC

     1,527          7,101  

BANC OF CALIFORNIA INC

     18,068          373,104  

BANCFIRST CORP

     7,276          372,167  

BANCORP INC DEL

     44,441          439,077  

BANCORPSOUTH BANK

     25,103          789,489  

BANK MARIN BANCORP

     1,168          79,424  

BANK MUTUAL CORP

     18,700          199,155  

BANKFINANCIAL CORP

     1,100          16,874  

BANKUNITED INC

     13,967          568,736  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

BANNER CORP    

     20,197           1,113,259   

BAR HARBOR BANKSHARES

     976          26,362  

BARNES & NOBLE EDUCATION INC

     25,234          207,928  

BARNES & NOBLE INC

     29,645          198,622  

BARNES GROUP INC

     20,169                       1,276,093  

BASIC ENERGY SERVICES INC

     9,644          226,345  

BASSETT FURNITURE INDS INC

     1,148          43,165  

BBX CAPITAL CORP A

     3,342          26,636  

BCB BANCORP INC

     1,000          14,500  

BEACON ROOFING SUPPLY INC

     14,531          926,497  

BED BATH & BEYOND INC

     45,379          997,884  

BEL FUSE INC NV CL B

     4,882          122,904  

BELDEN INC

     3,357          259,060  

BELMOND LTD CL A

     29,035          355,679  

BEMIS INC

     872          41,673  

BENCHMARK ELECTRONICS INC

     17,175          499,793  

BENEFICIAL BANCORP INC

     24,108          396,577  

BERKSHIRE HILLS BANCORP INC

     16,960          620,736  

BIG 5 SPORTING GOODS CORP

     13,448          102,205  

BIGLARI HLDGS INC

     322          133,437  

BILL BARRETT CORP

     51,730          265,375  

BIOSCRIP INC

     3,300          9,603  

BJ’S RESTAURANTS INC

     3,776          137,446  

BLACK BOX CORPORATION

     14,093          50,030  

BLACKHAWK NETWORK HLDG INC

     25,904          923,478  

BLUCORA INC

     25,203          556,986  

BLUE HILLS BANCORP INC

     5,434          109,223  

BMC STK HLDGS INC

     33,431          845,804  

BOB EVANS FARMS INC

     2,417          190,508  

BOISE CASCADE CO

     8,215          327,779  

BOJANGLES INC

     4,388          51,778  

BOK FINANCIAL COMMON NEW

     7,499          692,308  

BONANZA CREEK ENERGY INC

     3,138          86,577  

BOOT BARN HOLDINGS INC

     7,611          126,419  

BOSTON PRIVATE FINL HLDG INC

     49,409          763,369  

BOYD GAMING CORP

     6,157          215,803  

BRADY CORPORATION CL A

     3,452          130,831  

BRIDGE BANCORP INC

     4,859          170,065  

BRIDGEPOINT EDUCATION INC

     24,045          199,574  

BRIGGS & STRATTON CORP

     8,095          205,370  

BRISTOW GROUP INC

     18,590          250,407  

BROADWIND ENERGY INC

     2,409          6,552  

BROOKDALE SENIOR LIVING INC

     73,402          711,999  

BROOKLINE BANCORP INC

     32,544          510,941  

BROOKS AUTOMATION INC

     31,177          743,571  

BRYN MAWR BANK CORP

     10,614          469,139  

BSB BANCORP INC

     433          12,665  

BSQUARE CORP

     6,836          31,787  

BUILD A BEAR WORKSHOP INC

     9,374          86,241  

 

15


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

C & F FINANCIAL CORP    

     236           13,688   

C T S CORP

     4,030          103,773  

CABOT CORP

     10,516          647,680  

CACI INTERNATIONAL INC

     7,368          975,155  

CAI INTERNATIONAL INC

     9,925          281,076  

CALATLANTIC GROUP INC

     58,229          3,283,533  

CALERES INC

     27,400          917,352  

CALGON CARBON

     12,535          266,996  

CALIX NETWORKS INC

     25,150          149,643  

CALLAWAY GOLF CO

     27,812          387,421  

CALLON PETROLEUM CO

     67,714          822,725  

CALPINE CORP

     141,773                       2,145,025  

CAMBREX CORP

     2,364          113,472  

CAMDEN NATIONAL CORP

     7,364          310,245  

CANNAE HOLDINGS INC

     8,675          147,735  

CAPITAL CITY BANK GROUP INC

     3,643          83,570  

CAPITOL FED FINL (2ND STEP CV)

     69,424          930,976  

CARBO CERAMICS INC

     1,684          17,143  

CARDTRONICS PLC

     11,952          221,351  

CAREER EDUCATION CORP

     13,575          163,986  

CARLISLE COS INC

     1,922          218,435  

CAROLINA FINANCIAL CORP

     3,373          125,307  

CARPENTER TECHNOLOGY CORP

     25,482          1,299,327  

CARRIAGE SERVICES INC

     8,718          224,140  

CARRIZO OIL & GAS INC

     1,316          28,004  

CARROLS RESTAURANT GROUP INC

     10,511          127,709  

CARS.COM INC

     28,640          825,978  

CASCADIAN THERAPEUTICS INC

     16,063          59,433  

CATO CORP CL A

     11,900          189,448  

CAVCO INDUSTRIES INC

     2,823          430,790  

CBIZ INC

     32,659          504,582  

CECO ENVIRONMENTAL CORP

     14,510          74,436  

CELADON GRP INC

     11,160          71,424  

CELLDEX THERAPEUTICS INC

     25,205          71,582  

CENTERSTATE BANKS CORPORATION

     6,101          156,979  

CENTRAL EUROPEAN MEDIA CL A(US

     10,746          49,969  

CENTRAL GARDEN & PET CO

     1,701          66,203  

CENTRAL GARDEN & PET CO CL A

     12,836          484,046  

CENTRAL PACIFIC FINANCIAL CORP

     13,924          415,353  

CENTRAL VALLEY CMNTY BANCORP

     1,137          22,945  

CENTURY ALUMINUM COMPANY

     39,444          774,680  

CENTURY BANCORP INC CL A NVTG

     842          65,887  

CENTURY CASINOS INC

     4,738          43,258  

CENTURY COMMUNITIES INC

     6,137          190,861  

CF INDUSTRIES HOLDINGS INC

     539          22,929  

CHART INDUSTRIES INC

     21,237          995,166  

CHARTER FINANCIAL CORP

     2,128          37,325  

CHEFS WAREHOUSE INC

     10,361          212,401  

CHEMICAL FINANCIAL CORP

     18,335          980,372  

 

16


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

CHICAGO BRIDGE & IRON (NY REG)    

     9,185           148,246   

CHICAGO RIVET & MACHINE CO

     300          9,540  

CHICOS FAS INC

     55,317          487,896  

CHIMERIX INC

     23,842          110,388  

CHRISTOPHER & BANKS CORP

     6,800          8,636  

CHUY’S HOLDINGS INC

     4,237          118,848  

CIRCOR INTERNATIONAL INC

     15,023          731,320  

CIRRUS LOGIC INC

     1,445          74,938  

CIT GROUP INC

     13,328          656,137  

CITI TRENDS INC

     7,437          196,783  

CITIZENS & NORTHERN CORP

     1,167          28,008  

CITY HOLDING CO

     1,547          104,376  

CIVEO CORP

     42,900          117,117  

CLEAN ENERGY FUELS CORP

     46,773          94,949  

CLEAN HARBORS INC

     8,535          462,597  

CLEARFIELD INC

     900          11,025  

CLEARWATER PAPER CORP

     7,361          334,189  

CLIFTON BANCORP INC

     9,705          165,956  

CLOUD PEAK ENERGY INC

     62,325          277,346  

CNB FINANCIAL CORP PA

     3,506          91,997  

CNX RESOURCES CORP

     112,834                       1,650,761  

COBIZ FINANCIAL INC

     4,773          95,412  

COEUR MINING INC

     26,663          199,973  

COHERENT INC

     1,557          439,417  

COHU INC

     12,478          273,892  

COLFAX CORP

     54,937          2,176,604  

COLUMBIA BANKING SYSTEMS INC

     24,822          1,078,268  

COLUMBIA SPORTSWEAR CO

     6,785          487,706  

COLUMBUS MCKINNON CORP NY

     9,770          390,605  

COMMERCEHUB INC SER C

     1,579          32,512  

COMMERCIAL METALS CO

     44,935          958,014  

COMMERCIAL VEHICLE GROUP INC

     14,651          156,619  

COMMUNITY BANK SYSTEMS INC

     14,391          773,516  

COMMUNITY HEALTH SYS INC NEW

     43,179          183,943  

COMMUNITY TRUST BANCORP INC

     4,449          209,548  

COMTECH TELECOMMUNICATIONS NEW

     11,781          260,596  

CONMED CORP

     23,144          1,179,650  

CONNECTONE BANCORP INC

     11,050          284,538  

CONNS INC

     2,532          90,013  

CONSOL ENERGY INC—W/I

     14,104          557,249  

CONSOLIDATED COMM HLDGS INC

     16,380          199,672  

CONSOLIDATED TOMOKA LAND CO

     1,400          88,900  

CONSOLIDATED WATER CO LTD

     6,600          83,160  

CONSUMER PORTFOLIO SVCS INC

     8,447          35,055  

CONTAINER STORE GROUP INC

     299          1,417  

CONTANGO OIL & GAS CO

     17,582          82,811  

CONTROL4 CORP

     8,150          242,544  

CONVERGYS CORP

     41,280          970,080  

COOPER STANDARD HOLDING INC

     5,426          664,685  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

COOPER TIRE & RUBBER COMPANY    

     23,810           841,684   

COPA HOLDINGS SA CL A

     9,080          1,217,265  

CORE MOLDING TECH INC

     2,250          48,825  

CORE-MARK HOLDING CO INC

     12,927          408,235  

COSTAMARE INC

     15,278          88,154  

COVENANT TRANSPORT GROUP CL A

     4,893          140,576  

COWEN INC

     12,173          166,161  

CPI AEROSTRUCTURES INC

     3,000          26,850  

CRA INTERNATIONAL INC

     4,216          189,509  

CRAFT BREW ALLIANCE INC

     12,121          232,723  

CRAY INC

     15,149          366,606  

CREE INC

     42,846                       1,591,300  

CROCS INC

     24,275          306,836  

CROSS COUNTRY HEALTHCARE INC

     11,144          142,197  

CRYOLIFE INC

     14,259          273,060  

CSS INDUSTRIES INC

     1,967          54,742  

CSW INDUSTRIALS INC W/I

     2,975          136,701  

CUBIC CORP

     7,967          469,655  

CULP INC

     4,391          147,099  

CURTISS WRIGHT CORPORATION

     7,116          867,085  

CUSTOMERS BANCORP INC

     11,904          309,385  

CVR ENERGY INC

     2,603          96,936  

CYBEROPTICS CORP

     3,004          45,060  

DAKTRONICS INC

     23,392          213,569  

DANA INC

     19,414          621,442  

DARLING INGREDIENTS INC

     70,257          1,273,759  

DAWSON GEOPHYSICAL CO

     12,048          59,879  

DEAN FOODS CO

     37,860          437,662  

DECKERS OUTDOOR CORP

     10,074          808,439  

DEL FRISCOS RESTAURANT GP INC

     11,081          168,985  

DEL TACO RESTAURANTS INC

     14,080          170,650  

DELEK US HOLDINGS INC

     36,444          1,273,353  

DENBURY RESOURCES INC

     50,165          110,865  

DEPOMED INC

     27,004          217,382  

DESTINATION MATERNITY INC

     396          1,176  

DESTINATION XL GROUP INC

     20,171          44,376  

DHI GROUP INC

     34,657          65,848  

DHT HOLDINGS INC

     32,911          118,150  

DIAMOND OFFSHORE DRILLING

     43,905          816,194  

DICKS SPORTING GOODS INC

     22,261          639,781  

DIGI INTERNATIONAL INC

     16,542          157,976  

DIGIRAD CORP

     4,600          11,845  

DILLARDS INC CL A

     12,315          739,516  

DIME COMMUNITY BANCSHARES INC

     19,100          400,145  

DINEEQUITY INC

     2,488          126,216  

DIODES INC

     23,825          683,063  

DIXIE GROUP INC

     3,539          13,625  

DMC GLOBAL INC

     9,819          245,966  

DOMTAR CORP

     26,560          1,315,251  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

DONEGAL GROUP INC CL A    

     10,350           179,055   

DORIAN LPG LTD

     12,900          106,038  

DOUGLAS DYNAMICS INC

     2,919          110,338  

DOVER MOTORSPORTS INC

     4,100          7,995  

DRIL-QUIP INC

     21,482                       1,024,691  

DRIVE SHACK INC

     10,911          60,338  

DSP GROUP

     12,470          155,875  

DST SYSTEMS INC

     1,328          82,429  

DSW INC CL A

     31,955          684,157  

DUCOMMUN INC

     6,929          197,130  

DXP ENTERPRISES INC

     4,428          130,936  

DYNEGY INC NEW DEL

     55,130          653,291  

EAGLE BANCORP INC MD

     3,026          175,205  

EAGLE BULK SHIPPING INC

     1,950          8,736  

EASTERN CO

     1,100          28,765  

ECHO GLOBAL LOGISTICS INC

     14,052          393,456  

ECHOSTAR CORP CL A

     25,330          1,517,267  

ECLIPSE RESOURCES CORP

     26,210          62,904  

EDGEWELL PERSONAL CARE CO

     5,913          351,173  

EL POLLO LOCO HLDGS INC

     4,528          44,827  

ELECTRO SCIENTIFIC INDS INC

     125,891          2,697,844  

ELECTROMED INC

     1,717          10,422  

ELECTRONICS FOR IMAGING INC

     22,132          653,558  

ELLIS (PERRY) INTL INC

     11,890          297,726  

EMC INSURANCE GROUP INC

     7,097          203,613  

EMCOR GROUP INC

     8,781          717,847  

EMCORE CORP

     6,970          44,957  

EMERGENT BIOSOL

     16,558          769,450  

EMPLOYERS HOLDINGS INC

     15,647          694,727  

ENCORE CAP GROUP INC

     19,250          810,425  

ENCORE WIRE CORPORATION

     7,480          363,902  

ENDO INTERNATIONAL PLC

     78,540          608,685  

ENERSYS INC

     7,793          542,627  

ENGILITY HOLDINGS INC

     15,047          426,883  

ENLINK MIDSTREAM LLC

     11,635          204,776  

ENNIS INC

     8,746          181,480  

ENOVA INTL INC

     22,523          342,350  

ENSCO PLC CL A

     119,781          707,906  

ENSIGN GROUP INC

     13,148          291,886  

ENSTAR GROUP LTD

     6,202          1,245,052  

ENTEGRIS INC

     20,005          609,152  

ENTERCOM COMM CORP CL A

     10,909          117,817  

ENTERPRISE FINL SVCS CORP

     4,182          188,817  

ENTRAVISION COMMUN CRP CL A

     10,268          73,416  

ENVISION HEALTHCARE CORP

     38,064          1,315,492  

EPLUS INC

     6,700          503,840  

EQUITY BANCSHARES INC

     2,580          91,358  

ERA GROUP INC

     8,840          95,030  

ESCALADE

     1,300          15,990  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ESCO TECHNOLOGIES INC    

     6,262           377,286   

ESPEY MFG.&ELECTRIC

     272          6,518  

ESSA BANCORP INC

     3,403          53,325  

ESSENDANT INC

     17,881          165,757  

ESTERLINE TECHNOLOGIES CORP

     12,477          932,032  

ETHAN ALLEN INTERIORS INC

     5,674          162,276  

EVINE LIVE INC CL A

     4,996          6,994  

EVOLENT HEALTH INC A

     10,643          130,909  

EXACTECH INC

     5,654          279,590  

EXLSERVICE HOLDINGS INC

     3,635          219,372  

EXPERI CORP

     4,023          98,161  

EXPRESS INC

     40,339          409,441  

EXTERRAN CORP

     13,901          437,047  

EZCORP INC CL A NON VTG

     42,616          519,915  

FABRINET

     11,175          320,723  

FARMER BROTHERS CO

     4,653          149,594  

FARMERS CAPITAL BANK CORP

     2,025          77,963  

FARMERS NATL BANC CORP

     6,028          88,913  

FARO TECHNOLOGIES INC

     6,875          323,125  

FBL FINANCIAL GROUP INC CL A

     10,355          721,226  

FCB FINANCIAL HLDGS INC CL A

     4,581          232,715  

FEDERAL AGRI MTG NON VTG CL C

     3,241          253,576  

FEDERAL SIGNAL CORP

     13,036          261,893  

FEDERATED NATIONAL HOLDING CO

     7,036          116,587  

FERROGLOBE REP&WARRANTY INS TR

     20,872          0  

FIDELITY SOUTHERN CORP

     12,992          283,226  

FIESTA RESTAURANT GROUP INC

     8,557          162,583  

FINANCIAL ENGINES INC

     2,155          65,297  

FINANCIAL INSTITUTIONS INC

     6,581          204,669  

FINISAR CORP

     36,346          739,641  

FINISH LINE INC CL A

     20,455          297,211  

FIRST AMERICAN FINANCIAL CORP

     16,223          909,137  

FIRST BANCORP INC ME

     3,780          102,929  

FIRST BANCORP NC

     7,891          278,631  

FIRST BANCORP PUERTO RICO

     63,954          326,165  

FIRST BUSEY CORP

     7,721          231,167  

FIRST BUSINESS FIN SVCS INC

     357          7,897  

FIRST CITIZEN BANCSHARES INC A

     2,503                       1,008,709  

FIRST COMMONWEALTH FINL CORP

     38,571          552,337  

FIRST COMMUNITY BANCSHARES INC

     7,021          201,713  

FIRST CONNECTICUT BANCORP

     3,428          89,642  

FIRST DEFIANCE FINL CORP

     4,084          212,245  

FIRST FINANCIAL BANCORP

     30,024          791,132  

FIRST FINANCIAL INDIANA

     1,588          72,016  

FIRST FINANCIAL NORTWEST INC

     4,521          70,121  

FIRST FOUNDATION INC

     5,742          106,457  

FIRST HORIZON NATIONAL CORP

     15,121          302,269  

FIRST INTERNET BANCORP

     632          24,111  

FIRST INTST BANCSYST INC CL A

     14,392          576,400  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

FIRST MERCHANTS CORP    

     12,999           546,738   

FIRST MID ILL BANCSHARES INC

     1,258          48,483  

FIRST MIDWEST BANCORP INC DEL

     42,724                       1,025,803  

FIRST NORTHWEST BANCORP

     553          9,014  

FIRST OF LONG ISLAND CORP

     1,955          55,718  

FIRST SOURCE CORP

     3,793          187,564  

FIRSTCASH INC

     25,693          1,732,993  

FITBIT INC CL A

     37,097          211,824  

FIVE STAR SENIOR LIVING INC

     2,229          3,344  

FLAGSTAR BANCORP INC

     19,714          737,698  

FLEXIBLE SOLUTIONS INTL INC

     4,800          8,736  

FLEXSTEEL IND

     2,911          136,177  

FLOTEK INDUSTRIES INC

     13,270          61,838  

FLUSHING FINANCIAL CORP

     12,900          354,750  

FNB CORP PA

     60,745          839,496  

FOGO DE CHAO INC

     1,709          19,824  

FONAR CORP

     434          10,568  

FOOT LOCKER INC

     22,250          1,043,080  

FORESTAR GROUP INC

     4,358          95,876  

FORMFACTOR INC

     23,258          363,988  

FORUM ENERGY TECHNOLOGIES INC

     48,348          751,811  

FORWARD AIR CORP

     5,428          311,784  

FOSSIL GROUP INC

     10,522          81,756  

FOSTER L B CO CL A

     6,716          182,339  

FRANCESCA’S HOLDINGS CORP

     7,385          53,984  

FRANKLIN ELECTRIC CO. INC.

     2,667          122,415  

FRANKLIN FINANCIAL NETWORK INC

     4,328          147,585  

FRANK’S INTERNATIONAL NV

     9,240          61,446  

FREDS INC CL A

     18,000          72,900  

FREIGHTCAR AMERICA INC

     7,555          129,039  

FRESH DEL MONTE PRODUCE INC

     20,165          961,266  

FRONTIER COMMUNICATIONS CORP

     29,212          197,473  

FRP HOLDINGS INC

     760          33,630  

FS BANCORP INC

     408          22,265  

FTD COS INC

     12,991          93,405  

FTI CONSULTING INC

     17,092          734,272  

FUELCELL ENERGY INC

     9,790          16,643  

FULLER H B CO

     16,316          878,943  

FULTON FINANCIAL CORP

     69,784          1,249,134  

FUTUREFUEL CORP

     14,940          210,505  

GAIN CAPITAL HOLDINGS INC

     23,065          230,650  

GAMESTOP CORP CL A

     41,371          742,609  

GANNETT CO INC NEW

     44,579          516,671  

GASLOG LTD

     11,735          261,104  

GATX CORP

     7,580          471,173  

GENCOR INDUSTRIES INC

     2,966          49,087  

GENERAL CABLE CORP DEL

     3,777          111,799  

GENERAL COMMUNICATIONS CL A

     3,354          130,873  

GENESCO INC

     9,330          303,225  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

GENESEE & WYOMING INC CL A    

     27,390           2,156,415   

GENTEX CORP

     41,004          859,034  

GENTHERM INC

     2,317          73,565  

GENWORTH FINANCIAL INC A

     23,897          74,320  

GEOSPACE TECHNOLOGIES CORP

     5,189          67,301  

GERMAN AMERICAN BANCORP INC

     3,000          105,990  

GIBRALTAR INDUSTRIES INC

     10,725          353,925  

G-III APPAREL GROUP LTD

     18,293          674,829  

GLATFELTER

     16,763          359,399  

GLOBAL EAGLE ENTERTAINMENT INC

     1,935          4,431  

GLOBAL INDEMNITY LTD

     4,180          175,644  

GMS INC

     1,604          60,375  

GOLD RESOURCE CORP

     2,679          11,788  

GOLDEN OCEAN GROUP LTD

     1,900          15,485  

GOLDFIELD CORP

     18,894          92,581  

GOODYEAR TIRE & RUBBER CO

     33,962                       1,097,312  

GORMAN-RUPP CO

     5,829          181,923  

GP STRATEGIES CORP

     5,344          123,981  

GRAHAM CORPORATION

     2,366          49,520  

GRAHAM HOLDINGS CO

     1,844          1,029,597  

GRANITE CONSTRUCTION INC

     21,102          1,338,500  

GRAY TELEVISION INC

     20,326          340,461  

GREAT LAKES DREDGE & DOCK CORP

     28,458          153,673  

GREAT SOUTHERN BANCORP INC

     6,087          314,394  

GREAT WESTERN BANCORP INC

     18,056          718,629  

GREEN BANCORP INC

     7,551          153,285  

GREEN BRICK PARTNERS INC

     3,070          34,691  

GREEN DOT CORP CLASS-A

     19,960          1,202,790  

GREEN PLAINS INC

     15,908          268,050  

GREENBRIER COMPANIES INC

     10,591          564,500  

GREENHILL & CO INC

     4,280          83,460  

GREENLIGHT CAPITAL RE LTD A

     15,037          302,244  

GREIF INC CL A

     10,414          630,880  

GREIF INC CL B

     369          25,590  

GRIFFON CORP

     10,897          221,754  

GROUP 1 AUTOMOTIVE INC

     9,228          654,911  

GSI TECHNOLOGY INC

     4,196          33,400  

GUARANTY BANCORP

     3,220          89,033  

GUESS INC

     53,162          897,375  

GULF ISLAND FABRICATION INC

     8,612          115,616  

GULFPORT ENERGY CORP

     45,592          581,754  

HAEMONETICS CORP MASS

     11,885          690,281  

HALCON RESOURCES CORP

     20,616          156,063  

HALLADOR PETROLEUM CO

     1,473          8,971  

HALLMARK FIN SERVICES INC

     2,831          29,527  

HALYARD HEALTH INC

     27,145          1,253,556  

HAMILTON BEACH BRD HLDGS CLS A

     141          3,622  

HAMILTON BEACH BRD HLDGS CLS B

     141          3,622  

HANCOCK HOLDING CO

     34,623          1,713,839  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

HANMI FINANCIAL CORPORATION    

     10,244           310,905   

HANOVER INSURANCE GROUP INC

     17,900          1,934,632  

HARDINGE INC

     8,519          148,401  

HARMONIC INC

     68,795          288,939  

HARTE-HANKS INC

     22,130          20,995  

HARVARD BIOSCIENCES INC

     12,612          41,620  

HAVERTY FURNITURE COS INC

     9,000          203,850  

HAWAIIAN HLDGS INC

     7,818          311,547  

HAWAIIAN TELCOM HOLDCO INC

     5,439          167,848  

HAWKINS INC

     2,961          104,227  

HAYNES INTL INC

     6,822          218,645  

HCI GROUP INC

     8,401          251,190  

HEALTHSTREAM INC

     5,224          120,988  

HEARTLAND FINANCIAL USA INC

     5,583          299,528  

HECLA MINING CO

     259,286          1,029,365  

HEIDRICK & STRUGGLES INTL INC

     8,975          220,336  

HELEN OF TROY LTD

     8,932          860,598  

HELIX ENERGY SOL GRP INC

     100,803          760,055  

HELMERICH & PAYNE INC

     33,170                       2,144,109  

HEMISPHERE MEDIA GRP INC

     2,456          28,367  

HERITAGE COMMERCE CORP

     18,977          290,728  

HERITAGE CRYSTAL CLEAN INC

     2,983          64,880  

HERITAGE FINANCIAL CORP WASH

     14,586          449,249  

HERITAGE INSURANCE HOLDINGS IN

     6,067          109,327  

HERTZ GLOBAL HOLDINGS INC

     20,632          455,967  

HIBBETT SPORTS INC

     6,988          142,555  

HILL INTL INC

     5,059          27,572  

HILLTOP HLDGS I

     35,827          907,498  

HINGHAM INSTITUTION FOR SAVING

     104          21,528  

HMS HOLDINGS CORP

     9,732          164,957  

HOLLYFRONTIER CORP

     80,167          4,106,154  

HOME BANCSHARES INC

     13,535          314,689  

HOMESTREET INC

     12,030          348,269  

HOMETRUST BANCSHARES INC

     4,475          115,231  

HOOKER FURNITURE CORP

     4,681          198,708  

HOPE BANCORP INC

     70,553          1,287,592  

HORACE MANN EDUCATORS CORP

     16,151          712,259  

HORIZON BANCORP INDIANA

     6,576          182,813  

HORIZON GLOBAL CORP

     5,456          76,493  

HORIZON PHARMA PLC

     52,930          772,778  

HORNBECK OFFSHORE SERVICES INC

     7,548          23,474  

HOSTESS BRANDS INC CL A

     10,131          150,040  

HOUGHTON MIFFLIN HARCOURT CO

     17,809          165,624  

HOUSTON WIRE & CABLE CO

     3,800          27,360  

HUB GROUP INC CL A

     8,173          391,487  

HUDSON TECHNOLOGIES INC

     8,144          49,434  

HUNTSMAN CORP

     24,115          802,788  

HURCO INC

     2,277          96,089  

HURON CONSULTING GROUP INC

     9,263          374,688  

 

23


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

HUTTIG BUILDING PRODUCTS INC    

     4,166           27,704   

HYSTER-YALE MATRS

     1,158          98,615  

IAC/INTERACTIVECORP

     975          119,223  

IBERIABANK CORP

     20,700          1,604,250  

ICF INTERNATIONAL INC

     8,555          449,138  

ICONIX BRAND GROUP INC

     31,626          40,798  

IDT CORP CL B NEW

     6,794          72,016  

IES HOLDINGS INC

     467          8,056  

II-VI INC.

     25,776          1,210,183  

ILG INC

     51,022                       1,453,107  

IMAX CORP

     3,334          77,182  

IMPAX LABORATORIES INC

     2,344          39,028  

INC RESEARCH HOLDINGS INC-A

     9,457          412,325  

INDEPENDENT BANK CORP MASS

     5,089          355,467  

INDEPENDENT BANK GROUP INC

     3,846          259,990  

INFINERA CORP

     36,401          230,418  

INFINITY PPTY & CASUALTY CORP

     2,387          253,022  

INGLES MARKETS INC-CL A

     5,628          194,729  

INNERWORKINGS INC

     23,848          239,195  

INNOPHOS HOLDINGS INC

     6,089          284,539  

INNOSPEC INC

     7,739          546,373  

INOVALON HOLDINGS INC CL A

     4,377          65,655  

INSEEGO CORP

     6,241          10,048  

INSIGHT ENTERPRISES INC

     1,200          45,948  

INSTEEL INDUSTRIES INC

     8,006          226,730  

INTEGER HOLDINGS CORP

     12,374          560,542  

INTER PARFUMS INC

     4,965          215,729  

INTERNAP CORP

     1,174          18,444  

INTERNATIONAL BANCSHARES CORP

     32,952          1,308,194  

INTERNATIONAL GAME TECHNGY PLC

     67,476          1,788,789  

INTERNATIONAL SEAWAYS INC

     6,658          122,907  

INTEST CORP

     4,529          39,176  

INTEVAC INC

     10,220          70,007  

INTL FCSTONE INC

     6,402          272,277  

INTRA-CELLULAR THERAPIES INC

     9,938          143,902  

INTREPID POTASH INC

     35,610          169,504  

INVACARE CORP

     23,549          396,801  

INVESTMENT TECH GROUP INC

     32,035          616,674  

INVESTORS BANCORP INC NEW

     126,242          1,752,239  

INVESTORS TITLE CO

     510          101,159  

IRIDIUM COMMUNICATIONS INC

     28,717          338,861  

ITT INC

     18,044          963,008  

IXYS CORP DEL

     13,551          324,546  

J ALEXANDERS HLDGS INC

     1,100          10,670  

JABIL INC

     82,807          2,173,684  

JACOBS ENGINEERING GROUP INC

     54,093          3,567,974  

JANUS HENDERSON GROUP PLC

     6,736          257,719  

JETBLUE AIRWAYS CORP

     150,578          3,363,913  

JOHNSON OUTDOORS INC CL A

     453          28,127  

 

24


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

JONES LANG LASALLE INC    

     819           121,974   

K12 INC

     17,599          279,824  

KADANT INC

     3,704          371,882  

KAMAN CORP

     23,213          1,365,853  

KAPSTONE PAPER & PCKGING CORP

     36,265          822,853  

KB HOME

     12,983          414,807  

KBR INC

     35,933          712,551  

KEARNY FINANCIAL CORP

     30,399          439,266  

KELLY SERVICES INC CL A

     18,019          491,378  

KEMET CORP

     9,968          150,118  

KEMPER CORP

     22,165          1,527,169  

KENNEDY-WILSON HOLDINGS INC

     19,736          342,420  

KEWAUNEE SCIENTIFIC CORP

     482          13,978  

KEYW HOLDING CORP

     12,408          72,835  

KIMBALL ELECTRONICS INC

     12,463          227,450  

KINDRED HEALTHCARE INC

     54,258          526,303  

KIRBY CORP

     24,109          1,610,481  

KIRKLANDS INC

     9,072          108,546  

KLX INC

     28,817          1,966,760  

KNIGHT-SWIFT TRANP HOLDG CL A

     5,077          221,966  

KNOWLES CORP

     31,919          467,933  

KOHLS CORP

     60,969          3,306,349  

KONA GRILL INC

     911          1,594  

KORN/FERRY INTL

     22,802          943,547  

KOSMOS ENERGY LTD

     3,443          23,585  

KRATON CORP

     10,239          493,213  

KRONOS WORLDWIDE INC

     1,000          25,770  

KULICKE & SOFFA INDUSTRIES INC

     60,333                       1,468,204  

KVH INDUSTRIES INC

     4,416          45,706  

LA QUINTA HOLDINGS INC

     25,422          469,290  

LA Z BOY INC

     23,367          729,050  

LAKELAND BANCORP INC

     14,345          276,141  

LAKELAND INDUSTRIES INC

     2,557          37,204  

LANDEC CORP

     8,714          109,796  

LANDMARK BANCORP INC

     634          18,386  

LATTICE SEMICONDUCTOR CORP

     23,887          138,067  

LAYNE CHRISTENSEN CO

     10,179          127,746  

LCNB CORPORATION

     2,003          40,961  

LEAF GROUP LTD

     5,214          51,619  

LEGACYTEXAS FINANCIAL GRP INC

     39,845          1,681,857  

LEGG MASON INC

     50,411          2,116,254  

LENDINGCLUB CORP

     37,821          156,201  

LHC GROUP INC

     7,235          443,144  

LIBBEY INC.

     10,581          79,569  

LIBERTY EXPEDIA HLDGS INC CL A

     8,844          392,055  

LIBERTY TAX INC CL A

     790          8,690  

LIBERTY TRIPADVISOR HOLDG A WI

     23,752          223,863  

LIFEPOINT HEALTH INC

     16,234          808,453  

LIFETIME BRANDS INC

     8,088          133,452  

 

25


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

LIGHTPATH TECHNOLOGIES CL A    

     11,419           25,350   

LIMELIGHT NETWORKS INC

     3,135          13,825  

LIMONEIRA CO

     2,703          60,547  

LIQUIDITY SERVICES INC

     12,535          60,795  

LITHIA MOTORS INC CL A

     5,631          639,625  

LIVANOVA PLC

     9,854          787,532  

LSB INDUSTRIES INC

     8,252          72,288  

LSC COMMUNICATIONS INC

     5,553          84,128  

LSI INDUSTRIES INC

     12,484          85,890  

LUMINEX CORP

     9,177          180,787  

LYDALL INC

     1,300          65,975  

LYON WILLIAM HOMES CLS A

     11,485          333,984  

M D C HOLDINGS INC

     23,568          751,348  

M/I HOMES INC

     19,890          684,216  

MACQUARIE INFRASTRUCTURE CORP

     2,092          134,306  

MACYS INC

     108,051          2,721,805  

MAGELLAN HEALTH INC

     11,627                       1,122,587  

MAIDEN HLDGS LTD

     35,142          231,937  

MAINSOURCE FINACIAL GROUP INC

     8,833          320,726  

MALLINCKRODT PLC

     35,147          792,916  

MANITOWOC CO INC

     20,720          815,125  

MANPOWERGROUP INC

     14,538          1,833,387  

MANTECH INTL CORP CL A

     12,175          611,063  

MARCHEX INC

     12,388          40,013  

MARCUS CORP

     3,304          90,364  

MARINEMAX INC

     11,985          226,517  

MARLIN BUSINESS SERVICES CORP

     6,395          143,248  

MARRIOTT VACATIONS WORLD

     13,954          1,886,720  

MARTEN TRANSPORT LTD

     24,736          502,141  

MASONITE INTERNATIONAL CORP

     820          60,803  

MASTEC INC

     32,993          1,615,007  

MATERION CORP

     16,597          806,614  

MATRIX SERVICE CO

     13,883          247,117  

MATSON INC

     16,984          506,803  

MATTHEWS INTL CORP CL A

     5,191          274,085  

MAXAR TECHNOLOGIES LTD(US)

     6,059          389,715  

MB FINANCIAL INC

     20,038          892,092  

MBIA INC

     47,390          346,895  

MBT FINANCIAL CORP

     5,110          54,166  

MCCLATCHY COMPANY CL A

     1,642          14,663  

MCDERMOTT INTL INC

     114,935          756,272  

MCEWEN MINING INC

     24,025          54,777  

MCGRATH RENTCORP

     8,138          382,323  

MEDNAX INC

     20,401          1,090,229  

MEET GROUP INC/THE

     38,186          107,685  

MELINTA THERAPEUTICS INC

     4,779          75,508  

MERCANTILE BANK CORP

     4,609          163,020  

MERCER INTERNATIONAL INC

     20,759          296,854  

MERCURY SYSTEMS INC

     12,763          655,380  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

MEREDITH CORP.

     12,781           844,185   

MERIDIAN BANCORP INC

     8,915          183,649  

MERIT MEDICAL SYSTEMS INC

     17,650          762,480  

MERITAGE HOMES CORP

     15,110          773,632  

MERRIMACK PHARMACEUTICALS INC

     5,041          51,670  

META FINL GROUP INC

     3,686          341,508  

METHODE ELECTRONICS INC

     2,160          86,616  

MICROSEMI CORP

     2,909          150,250  

MICROSTRATEGY INC CL A

     287          37,683  

MIDLAND STATES BANCORP INC

     3,858          125,308  

MIDSOUTH BANCORP INC

     5,159          68,357  

MIDWESTONE FINANCIAL GRP INC

     1,788          59,952  

MILACRON HOLDINGS CORP

     2,718          52,023  

MILLER INDUSTRIES INC TENN

     5,750          148,350  

MINERALS TECHNOLOGIES INC

     11,642          801,552  

MINERVA NEUROSCIENCES INC

     1,500          9,075  

MIRATI THERAPEUTICS INC

     5,073          92,582  

MISTRAS GROUP INC

     8,277          194,261  

MITCHAM INDUSTRIES INC

     900          2,853  

MKS INSTRUMENTS INC

     13,771                       1,301,360  

MOBILE MINI INC

     13,191          455,090  

MODINE MANUFACTURING CO

     18,994          383,679  

MODUSLINK GLOBAL SOLUTIO INC

     9,387          23,374  

MOLINA HEALTHCARE INC

     9,341          716,268  

MONARCH CASINO & RESORT INC

     1,818          81,483  

MONOTYPE IMAGING HLDGS INC

     6,340          152,794  

MONRO INC

     1,183          67,372  

MOOG INC CL A

     12,006          1,042,721  

MOSAIC CO NEW

     82,228          2,109,970  

MOTORCAR PARTS OF AMERICA INC

     8,082          201,969  

MOVADO GROUP INC

     919          29,592  

MRC GLOBAL INC

     6,594          111,570  

MTS SYSTEMS CORP

     3,325          178,553  

MURPHY OIL CORP

     83,015          2,577,616  

MYERS INDUSTRIES

     4,483          87,419  

MYR GROUP INC/DELAWARE

     8,332          297,702  

MYRIAD GENETICS INC

     4,657          159,945  

NABORS INDUSTRIES LTD

     125,388          856,400  

NACCO INDUSTRIES INC CL A

     141          5,309  

NANOMETRICS INC

     11,515          286,954  

NAPCO SECURITY TECHNOLOGIES IN

     4,193          36,689  

NATIONAL BK HLDGS CORP

     12,758          413,742  

NATIONAL COMMERCE CORP

     2,846          114,552  

NATIONAL GEN HLDGS CORP

     21,050          413,422  

NATIONAL HEALTHCARE CORP

     2,894          176,360  

NATIONAL PRESTO INDS

     1,194          118,743  

NATIONAL WESTN LIFE GRP INC- A

     645          213,508  

NATIONSTAR MORTGAGE HLDGS INC

     5,737          106,135  

NATURAL ALTERNATIVES INTL INC

     1,498          15,467  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

NATURAL GAS SERVICES GROUP

     7,953           208,369   

NATURAL GROCERS VIT GROC INC

     7,206          64,350  

NATURES SUNSHINE PRODUCTS INC

     1,481          17,106  

NATUS MEDICAL INC

     5,305          202,651  

NAUTILUS INC

     6,485          86,575  

NAVIENT CORP

     116,699                       1,554,431  

NAVIGANT CONSULTING INC

     17,971          348,817  

NAVIGATORS GROUP INC

     13,339          649,609  

NBT BANCORP INC

     6,882          253,258  

NELNET INC CL A

     26,041          1,426,526  

NEOPHOTONICS CO

     25,435          167,362  

NETGEAR INC

     28,237          1,658,924  

NETSCOUT SYSTEMS INC

     20,766          632,325  

NETWORK-1 TECHNOLOGIES INC

     4,399          10,558  

NEUROTROPE INC

     1,742          12,264  

NEW HOME CO INC

     3,472          43,504  

NEW MEDIA INVSTMNT GRP INC

     22,487          377,332  

NEW YORK COMMUNITY BANCORP INC

     124,294          1,618,308  

NEW YORK TIMES CO CL A

     24,482          452,917  

NEWPARK RESOURCES INC

     73,777          634,482  

NEWS CORP NEW CL A

     30,658          496,966  

NEWS CORP NEW CL B

     11,651          193,407  

NEWSTAR FINANCIAL INC RT CVR

     16,905          9,129  

NEXEO SOLUTIONS INC

     1,864          16,962  

NEXSTAR MEDIA GROUP INC A

     10,366          810,621  

NEXSTAR MEDIA GROUP INC A CVR

     6,927          0  

NICOLET BANKSHARES INC

     723          39,577  

NL INDUSTRIES

     6,410          91,343  

NMI HOLDINGS INC

     16,614          282,438  

NN INC

     13,869          382,784  

NOBLE CORP PLC

     105,580          477,222  

NORDIC AMERICAN OFFSHORE LTD

     150          180  

NORTHEAST BANCORP (NEW)

     1,048          24,261  

NORTHFIELD BANCORP INC NEW

     25,298          432,090  

NORTHRIM BANCORP INC

     3,320          112,382  

NORTHWEST BANCSHARES INC

     44,326          741,574  

NORTHWEST PIPE CO

     7,987          152,871  

NOVANTA INC

     6,523          326,150  

NOW INC

     39,037          430,578  

NRG ENERGY INC

     42,064          1,197,983  

NUVECTRA CORP

     6,722          52,163  

NV5 GLOBAL INC

     3,415          184,922  

OASIS PETROLEUM INC

     112,181          943,442  

OCEANEERING INTERNATIONAL INC

     42,100          889,994  

OCEANFIRST FINANCIAL CORP

     4,452          116,865  

OCWEN FINANCIAL CORP

     40,198          125,820  

OFFICE DEPOT INC

     191,074          676,402  

OFG BANCORP

     23,444          220,374  

OIL STATES INTERNATIONAL INC

     28,277          800,239  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

OIL-DRI CORP OF AMERICA

     943           39,135   

OLD LINE BANCSHARES INC

     2,056          60,529  

OLD NATIONAL BANCORP (IND)

     66,833          1,166,236  

OLD REPUBLIC INTL CORP

     98,598                       2,108,025  

OLD SECOND BANCORP

     6,754          92,192  

OLIN CORP

     37,644          1,339,374  

OLYMPIC STEEL INC

     4,828          103,754  

ON ASSIGNMENT INC

     16,612          1,067,653  

ON DECK CAPITAL INC

     14,601          83,810  

ON SEMICONDUCTOR CORP

     2,652          55,533  

ONEMAIN HOLDINGS INC

     11,084          288,073  

OPHTHOTECH CORP

     1,798          5,610  

OPPENHEIMER HLDGS CL A NON-VTG

     3,813          102,188  

OPUS BANK

     7,331          200,136  

ORASURE TECHNOLOGIES INC

     19,166          361,471  

ORBCOMM INC

     23,277          236,960  

ORBITAL ATK INC

     4,024          529,156  

ORCHIDS PAPER PRODUCTS CO

     3,740          47,872  

ORION GROUP HOLDINGS INC

     12,325          96,505  

ORITANI FINL CORP NEW

     22,182          363,785  

ORMAT TECHNOLOGIES INC

     11,998          767,392  

ORRSTOWN FINANCIAL SERVICES

     535          13,509  

ORTHOFIX INTL NV (NASDQ)

     4,995          273,227  

OSHKOSH CORP

     10,223          929,168  

OSI SYSTEMS INC

     6,047          389,306  

OTONOMY INC

     12,660          70,263  

OVERSEAS SHIPHLDG GRP INC NEW

     17,881          48,994  

OVERSTOCK.COM INC DEL

     11,201          715,744  

OWENS AND MINOR INC

     26,420          498,810  

OWENS CORNING INC

     39,232          3,606,990  

OXFORD INDUSTRIES

     2,198          165,268  

PACIFIC ETHANOL INC

     15,140          68,887  

PACIFIC PREMIER BANCORP INC

     1,942          77,680  

PACWEST BANCORP

     58,011          2,923,754  

PAIN THERAPEUTICS INC

     1,200          4,800  

PAM TRANSPORTAION

     566          19,685  

PANHANDLE OIL & GAS CL A

     2,700          55,485  

PAR PACIFIC HOLDINGS INC

     1,362          26,259  

PARAGON COMMERCIAL CORP

     184          9,791  

PARK ELECTROCHEMICAL CORP.

     11,980          235,407  

PARK NATIONAL CORP

     2,772          288,288  

PARK OHIO HLDGS CORP

     4,514          207,418  

PARKER DRILLING CO

     66,147          66,147  

PARSLEY ENERGY INC CL A

     8,633          254,156  

PARTY CITY HOLDCO INC

     4,243          59,190  

PATRIOT TRANSPORTATION HLD INC

     253          4,450  

PATTERSON-UTI ENERGY INC

     34,923          803,578  

PBF ENERGY INC CL A

     58,302          2,066,806  

PC CONNECTION INC

     7,789          204,150  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

PCM INC

     5,851           57,925   

PDC ENERGY INC

     30,211          1,557,075  

PDF SOLUTIONS INC

     5,547          87,088  

PDL BIOPHARMA INC

     53,732          147,226  

PEABODY ENERGY CORP

     333          13,110  

PEAPACK GLADSTONE FINL CORP

     5,522          193,380  

PENN VIRGINIA CORP

     2,507          98,049  

PENNEY (J.C.) CO INC

     87,903          277,773  

PENNS WOODS BANCORP INC

     331          15,418  

PENSKE AUTOMOTIVE GROUP INC

     31,207                       1,493,255  

PEOPLES BANCORP INC

     6,942          226,448  

PEOPLES UNITED FINANCIAL INC

     134,584          2,516,721  

PEOPLES UTAH BANCORP

     2,565          77,720  

PERCEPTRON INC

     2,177          21,226  

PERFICIENT INC

     15,338          292,496  

PERFORMANCE FOOD GROUP CO

     5,406          178,939  

PFENEX INC

     2,500          6,650  

PHH CORP

     40,610          418,283  

PHI INC NON VTG

     6,294          72,822  

PHOTRONIC INC

     58,964          502,668  

PICO HOLDINGS INC

     11,406          145,997  

PIER 1 IMPORTS INC

     71,962          297,923  

PINNACLE FINL PARTNERS INC

     10,687          708,548  

PIONEER ENERGY SVCS CORP

     51,512          157,112  

PIPER JAFFRAY COS

     14,184          1,223,370  

PLATFORM SPECIALTY PRDCTS CORP

     75,863          752,561  

PLEXUS CORP

     13,968          848,137  

POPULAR INC

     36,145          1,282,786  

POST HOLDINGS INC

     23,539          1,864,995  

POTBELLY CORP

     9,645          118,634  

POWELL INDUSTRIES INC

     5,322          152,475  

PRA GROUP INC

     14,475          480,570  

PREFORMED LINE PRODUCTS CO

     1,451          103,094  

PREMIER FINANCIAL BANCORP

     1,535          30,823  

PRESTIGE BRANDS HOLDINGS INC

     9,964          442,501  

PRIMORIS SVCS CORP

     9,966          270,976  

PROSPERITY BANCSHARES INC

     28,305          1,983,331  

PROVIDENCE SERVICE CORP

     4,493          266,615  

PROVIDENT FINANCIAL HLDGS INC

     2,348          43,203  

PROVIDENT FINANCIAL SVCS INC

     26,149          705,239  

PULTEGROUP INC

     103,301          3,434,758  

QCR HOLDINGS INC

     2,373          101,683  

QEP RESOURCES INC

     58,781          562,534  

QORVO INC

     4,757          316,816  

QUAD/GRAPHICS INC CL A

     8,354          188,800  

QUANEX BUILDING PRODUCTS

     15,828          370,375  

QUANTA SVCS INC

     66,742          2,610,280  

QUINSTREET INC

     16,796          140,750  

QUORUM HEALTH CORPORATION WI

     14,299          89,226  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

RADIAN GROUP INC

     58,253           1,200,594   

RADIANT LOGISTICS INC

     12,591          57,919  

RALPH LAUREN CORP

     6,729          697,730  

RAMBUS INC

     23,857          339,247  

RANGE RESOURCES CORP

     68,037                       1,160,711  

RAVEN INDUSTRIES INC

     2,029          69,696  

RCI HOSPITALITY HOLDINGS INC

     6,809          190,516  

RE/MAX HOLDINGS INC CL A

     1,468          71,198  

READING INTL INC CL A

     7,090          118,403  

REALNETWORKS INC

     4,000          13,680  

REALOGY HOLDINGS CORP

     34,312          909,268  

RED LION HOTEL CORP

     6,427          63,306  

RED ROBIN GOURMET BURGERS INC

     7,300          411,720  

REGAL BELOIT CORP

     17,561          1,345,173  

REGIONAL MANAGEMENT CORP

     4,821          126,841  

REGIS CORPORATION

     14,731          226,268  

RELIANCE STEEL & ALUMINUM CO

     33,125          2,841,794  

RENAISSANCERE HLDGS LTD

     11,027          1,384,881  

RENASANT CORP

     15,636          639,356  

RENEWABLE ENERGY GROUP INC

     25,923          305,891  

REPUBLIC BANCORP INC KY CL A

     5,500          209,110  

RESOLUTE FOREST PRODUCTS INC

     17,509          193,474  

RESOURCES CONNECTION INC

     22,644          349,850  

REVOLUTION LTG TECHNLGIES INC

     1,121          3,688  

REX AMERICAN RESOURCES CORP

     3,086          255,490  

REXNORD CORP NEW

     23,580          613,552  

RIBBON COMMUNICATIONS INC

     21,175          163,683  

RIGNET INC

     2,139          31,978  

RING ENERGY INC

     12,680          176,252  

RIVERVIEW BANCORP INC

     7,537          65,346  

ROADRUNNER TRANSPORTATION SYST

     16,191          124,833  

ROCKY BRANDS INC

     3,100          58,590  

ROGERS CORP

     7,116          1,152,223  

ROWAN COMPANIES PLC A

     95,192          1,490,707  

RPX CORP

     26,279          353,190  

RSP PERMIAN INC

     50,845          2,068,375  

RTI SURGICAL INC

     22,608          92,693  

RUBICON PROJECT INC

     11,218          20,978  

RUDOLPH TECHNOLOGIES INC

     15,151          362,109  

RUSH ENTERPRISES INC CL A

     9,684          492,044  

RYDER SYSTEM INC

     19,200          1,616,064  

S & T BANCORP

     10,077          401,165  

SAFETY INSURANCE GROUP INC

     7,565          608,226  

SAGA COMMUNICATIONS INC CL A

     232          9,384  

SAIA INC

     3,140          222,155  

SALEM MEDIA GROUP INC CL A

     1,585          7,133  

SANDERSON FARMS INC

     10,826          1,502,432  

SANDRIDGE ENERGY INC

     5,978          125,956  

SANDY SPRING BANCORP INC

     10,645          415,368  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

SANFILIPPO (JOHN B) & SON INC.

     2,117           133,900   

SANMINA CORP

     34,522          1,139,226  

SANTANDER CONSMR USA HLDGS INC

     81,392          1,515,519  

SAPIENS INTL CORP NV

     2,906          33,477  

SCANSOURCE INC

     7,758          277,736  

SCHNITZER STEEL INDS INC CL A

     20,710          693,785  

SCHOLASTIC CORP

     13,073          524,358  

SCHWEITZER-MAUDUIT INTL INC

     6,521          295,793  

SCORPIO TANKERS INC

     85,678          261,318  

SCRIPPS (EW) CO CL A

     25,348          396,189  

SEABOARD CORP

     302                       1,331,820  

SEACHANGE INTL INC

     23,776          93,440  

SEACOAST BANKING CORP FLORIDA

     10,949          276,024  

SEACOR HOLDINGS INC

     8,531          394,303  

SEACOR MARINE HOLDINGS INC

     7,913          92,582  

SEARS HOMETOWN&OUTLET STRS INC

     3,370          8,762  

SEASPINE HOLDINGS CORP

     3,500          35,420  

SECUREWORKS CORP

     1,000          8,870  

SELECT MEDICAL HLDGS CORP

     49,674          876,746  

SELECTIVE INSURANCE GROUP INC

     22,560          1,324,272  

SEMGROUP CORP-CLASS A

     23,787          718,367  

SENECA FOODS CORP CL A

     3,741          115,036  

SEQUENTIAL BRANDS GROUP INC

     1,867          3,323  

SHILOH INDUSTRIES

     8,399          68,872  

SHIP FINANCE INTL LTD (NY)

     17,328          268,584  

SHOE CARNIVAL

     5,961          159,457  

SHORE BANCSHARES INC

     890          14,863  

SHUTTERFLY INC

     7,354          365,862  

SIERRA BANCORP

     5,814          154,420  

SIGMA DESIGNS INC

     13,954          96,980  

SIGNET JEWELERS LTD (US)

     17,678          999,691  

SILVERBOW RESOURCES INC

     719          21,369  

SIMMONS 1ST NATL CORP CL A

     11,086          633,011  

SIMPSON MANUFACTURING CO

     19,145          1,099,114  

SINCLAIR BROADCAST GROUP CL A

     8,020          303,557  

SKECHERS USA INC CL A

     11,787          446,020  

SKYLINE CORP

     497          6,386  

SKYWEST INC

     36,100          1,916,910  

SM ENERGY CO

     36,215          799,627  

SMART & FINAL STORES INC

     14,159          121,059  

SNYDERS LANCE INC

     3,518          176,181  

SOLAREDGE TECHNOLOGIES INC

     1,990          74,725  

SONIC AUTOMOTIVE INC CL A

     16,269          300,163  

SONOCO PRODUCTS CO

     2,947          156,604  

SOUTH STATE CORP

     7,315          637,502  

SOUTHERN MISSOURI BANCORP INC

     489          18,382  

SOUTHERN NATL BANCORP VA INC

     2,986          47,866  

SOUTHSIDE BANCSHARES INC

     3,356          113,030  

SP PLUS CORP

     8,185          303,664  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

SPARTAN MOTORS INC

     19,667           309,755   

SPARTANNASH CO

     12,845          342,705  

SPARTON CORP

     616          14,205  

SPECTRUM PHARMACEUTICAL INC

     14,221          269,488  

SPEEDWAY MOTORSPORTS

     12,734          240,291  

SPIRIT AIRLINES INC

     22,792          1,022,221  

SPOK HOLDINGS INC

     8,824          138,096  

SPX FLOW INC

     1,997          94,957  

SRC ENERGY INC

     51,225          436,949  

STAGE STORES INC

     14,649          24,610  

STANDARD MOTOR PRODUCTS INC

     5,687          255,403  

STANDEX INTL CORP

     894          91,054  

STARTEK INC

     139          1,386  

STATE AUTO FINANCIAL CORP

     7,384          215,022  

STATE BANK FINANCIAL CORP

     35,833                       1,069,257  

STEELCASE INC CLASS A

     22,876          347,715  

STEIN MART INC

     7,961          9,235  

STEPAN CO

     6,742          532,416  

STERLING BANCORP/DE

     37,729          928,133  

STERLING CONSTRUCTION CO INC

     11,732          190,997  

STEVEN MADDEN LTD

     1,043          48,708  

STEWART INFORMATION SERVICES

     11,338          479,597  

STIFEL FINANCIAL CORP

     12,889          767,669  

STONE ENERGY CORP

     1,753          56,376  

STONERIDGE INC

     9,029          206,403  

STRATASYS LTD

     8,571          171,077  

STRATTEC SEC CORP

     2,026          88,232  

SUN BANCORP INC NJ

     5,233          127,162  

SUNCOKE ENERGY INC

     29,499          353,693  

SUNRUN INC

     2,899          17,104  

SUPER MICRO COMPUTER INC

     18,589          388,975  

SUPERIOR ENERGY SERVICES INC

     73,058          703,549  

SUPERIOR INDUSTRIES INTL

     8,148          120,998  

SUPERIOR UNIFORM GROUP INC

     3,094          82,641  

SUPERVALU INC

     11,558          249,653  

SURGERY PARTNERS INC

     3,499          42,338  

SURMODICS INC

     1,419          39,732  

SYKES ENTERPRISES INC

     18,159          571,101  

SYNAPTICS INC

     7,837          313,010  

SYNCHRONOSS TECHNOLOGIES INC

     13,591          121,504  

SYNNEX CORP

     15,344          2,086,017  

TAKE-TWO INTERACTV SOFTWR INC

     1,309          143,702  

TANDY LEATHER FACTORY INC

     1,300          10,010  

TARO PHARMACEUTICALS IND

     1,200          125,652  

TAYLOR MORRISON HME COR CLS A

     23,908          585,029  

TCF FINANCIAL CORPORATION

     55,144          1,130,452  

TEAM INC

     10,953          163,200  

TECH DATA CORP

     19,415          1,902,088  

TECHTARGET INC

     6,082          84,661  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

TEEKAY CORP

     1,238           11,538   

TEEKAY TANKERS LTD CL A

     24,967          34,954  

TEGNA INC

     85,920          1,209,754  

TEJON RANCH CO

     11,076          229,938  

TELARIA INC

     4,600          18,538  

TELEDYNE TECHNOLOGIES INC

     3,461          626,960  

TELENAV INC

     7,741          42,576  

TELEPHONE & DATA SYSTEMS INC

     43,409          1,206,770  

TEREX CORP

     5,214          251,419  

TERRITORIAL BANCORP INC

     4,359          134,562  

TESSCO TECHNOLOGIES INC

     800          16,120  

TETRA TECH INC

     21,061          1,014,087  

TETRA TECHNOLOGIES INC

     62,002          264,749  

TEXTAINER GROUP HLDGS LTD

     12,457          267,826  

THERMON GROUP HOLDINGS INC

     20,800          492,336  

THIRD POINT REINSURANCE LTD

     11,324          165,897  

TILE SHOP HLDGS INC

     6,634          63,686  

TILLY’S INC

     8,259          121,903  

TIMBERLAND BANCORP INC

     1,273          33,798  

TIME INC

     48,521          895,212  

TIMKENSTEEL CORP

     35,092          533,047  

TITAN INTERNATIONAL INC

     50,477          650,144  

TITAN MACHINERY INC

     18,134          383,897  

TIVITY HEALTH INC

     11,990          438,235  

TIVO CORP

     54,314          847,298  

TOLL BROTHERS INC

     100,713                       4,836,238  

TOMPKINS FINANCIAL CORP

     700          56,945  

TOOTSIE ROLL INDUSTRIES INC

     878          31,959  

TOPBUILD CORP

     9,691          733,996  

TOWER INTERNATIONAL INC

     9,726          297,129  

TOWNE BANK

     4,016          123,492  

TOWNSQUARE MEDIA INC

     1,275          9,792  

TRANSOCEAN LTD

     68,240          728,803  

TRAVELCENTERS OF AMERICA LLC

     2,335          9,574  

TRECORA RESOURCES

     7,892          106,542  

TREDEGAR CORP

     9,636          185,011  

TREEHOUSE FOODS INC

     8,075          399,390  

TRI POINTE GROUP INC

     86,394          1,548,180  

TRIBUNE MEDIA CO CL A

     3,467          147,243  

TRICO BANCSHARES

     7,386          279,634  

TRIMAS CORP

     3,047          81,507  

TRINITY INDUSTRIES INC

     68,332          2,559,717  

TRIPLE-S MANAGEMENT CORP CL B

     11,300          280,805  

TRISTATE CAPITAL HOLDINGS INC

     8,607          197,961  

TRITON INTERNATIONAL LTD

     16,605          621,857  

TRIUMPH BANCORP INC

     3,804          119,826  

TRIUMPH GROUP INC

     18,483          502,738  

TRONOX LTD CL A

     21,122          433,212  

TRUEBLUE INC

     12,270          337,425  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

TRUSTCO BANK CORP NY

     39,780           365,976   

TRUSTMARK CORP

     35,627          1,135,076  

TTM TECHNOLOGIES INC

     46,826          733,763  

TUESDAY MORNING CORP

     24,371          67,020  

TUTOR PERINI CORP

     20,867          528,978  

TWIN DISC INC

     4,160          110,531  

UFP TECHNOLOGIES INC

     847          23,547  

ULTRA CLEAN HOLDINGS INC

     17,389          401,512  

ULTRALIFE CORP

     139          910  

UMPQUA HOLDINGS CORP

     93,567          1,946,194  

UNIFI INC

     6,134          220,027  

UNIFIRST CORP

     3,645          601,061  

UNION BANKSHARES CORP

     16,961          613,479  

UNIT CORP

     46,689          1,027,158  

UNITED BANKSHARES INC. W VA.

     27,664          961,324  

UNITED CMNTY FINL CORP OHIO

     24,733          225,812  

UNITED COMMUNITY BANKS GA

     9,156          257,650  

UNITED FINL BANCORP INC NEW

     20,866          368,076  

UNITED FIRE GROUP INC

     10,489          478,089  

UNITED INS HLDGS CORP

     5,261          90,752  

UNITED NATURAL FOODS INC

     22,702          1,118,528  

UNITED STATES CELLULAR CORP

     10,496          394,964  

UNITED STATES LIME & MIN INC

     1,194          92,057  

UNITED STATES STEEL CORP

     55,220          1,943,192  

UNITED THERAPEUTICS CORP DEL

     6,240          923,208  

UNIVERSAL CORP

     11,207          588,368  

UNIVERSAL ELECTRONICS INC

     2,100          99,225  

UNIVERSAL FOREST PRODUCTS INC

     49,950                       1,879,119  

UNIVERSAL INSURANCE HLDGS INC

     3,482          95,233  

UNIVERSAL STAINLESS & ALLOY

     3,380          72,400  

UNIVERSAL TECH INST INC

     5,805          13,932  

UNIVEST CORP PA

     8,766          245,886  

URBAN OUTFITTERS

     28,837          1,011,025  

US FOODS HOLDING CORP

     10,298          328,815  

US SILICA HOLDINGS INC

     12,468          405,958  

USA TRUCK INC

     2,797          50,710  

USG CORP NEW

     13,221          509,802  

VALIDUS HOLDING

     32,332          1,517,017  

VALLEY NATL BANCORP

     91,164          1,022,860  

VALMONT INDUSTRIES INC

     269          44,614  

VASCO DATA SECURITY INTL INC

     7,947          110,463  

VECTRUS INC

     4,208          129,817  

VEECO INSTRUMENT

     17,051          253,207  

VERA BRADLEY INC

     16,309          198,644  

VERASTEM INC

     7,522          23,093  

VERIFONE SYSTEMS INC

     29,231          517,681  

VERINT SYSTEMS INC

     13,027          545,180  

VERITEX HOLDINGS INC

     4,892          134,970  

VERITIV CORP

     4,500          130,050  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

VERSARTIS INC

     14,387           31,651   

VERSO CORP

     6,102          107,212  

VIAD CORP

     8,470          469,238  

VILLAGE SUPER MKT INC CL A NEW

     4,109          94,219  

VIRTUS INVESTMENT PARTNERS

     1,612          185,461  

VIRTUSA CORP

     7,916          348,937  

VISHAY INTERTECHNOLOGY INC

     96,523          2,002,852  

VISHAY PRECISION GROUP INC

     2,304          57,946  

VISTA OUTDOOR INC

     22,718          331,001  

VISTRA ENERGY CORP

     4,911          89,970  

VITAMIN SHOPPE INC

     15,287          67,263  

VOXX INTERNATIONAL CORP

     12,828          71,837  

VSE CORP

     4,410          213,576  

WABASH NATIONAL CORP

     21,510          466,767  

WADDELL & REED FINL INC CL A

     7,278          162,591  

WALKER & DUNLOP INC

     4,998          237,405  

WASHINGTON FEDERAL INC

     30,378          1,040,447  

WASHINGTON TR BANCORP INC

     3,372          179,559  

WASHINGTONFIRST BANKSHARE INC

     700          23,982  

WATERSTONE FINANCIAL INC

     11,312          192,870  

WATTS WATER TECH INC CL A

     6,954          528,156  

WAYSIDE TECHNOLOGY GROUP INC

     800          13,360  

WEIS MARKETS INC

     6,256          258,936  

WERNER ENTERPRISES INC

     30,372                       1,173,878  

WESBANCO INC

     17,940          729,261  

WESCO AIRCRAFT HOLDINGS INC

     33,456          247,574  

WESCO INTERNATIONAL INC

     21,373          1,456,570  

WEST BANCORPORATION INC

     1,884          47,383  

WESTERN NEW ENGLAND BANCORP IN

     13,420          146,278  

WEYCO GROUP INC

     39          1,159  

WHITE MOUNTAINS INS GROUP LTD

     764          650,378  

WHITING PETROLEUM CORP

     23,698          627,523  

WILEY (JOHN) & SONS INC CL A

     9,295          611,146  

WILEY (JOHN) & SONS INC CL B

     176          11,574  

WILLBROS GROUP INC

     29,820          42,344  

WINDSTREAM HOLDINGS INC

     33,087          61,211  

WINNEBAGO INDUSTRIES INC

     12,833          713,515  

WINTRUST FINANCIAL CORP

     14,653          1,206,968  

WOLVERINE WORLD WIDE INC

     37,794          1,204,873  

WORLD ACCEPTANCE CORP

     3,750          302,700  

WORLD FUEL SERVICES CORP

     15,794          444,443  

WPX ENERGY INC

     55,494          780,801  

WSFS FINANCIAL CORP

     9,900          473,715  

XCERRA CORP

     24,864          243,419  

XEROX CORP

     23,932          697,618  

XG TECHNOLOGY INC

     9,604          15,558  

XO GROUP INC

     7,572          139,779  

XPLORE TECHNOLOGIES CORP

     3,315          9,381  

XPO LOGISTICS INC

     25,220          2,309,900  

 

36


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

YUME INC

     3,945          18,857  

ZAFGEN INC

     9,985          46,131  

ZAGG INC

     8,671          159,980  

ZEDGE INC CL B

     1,487          4,088  

ZOES KITCHEN INC

     951          15,901  

ZOGENIX INC

     2,786          111,579  

ZUMIEZ INC

     21,360          444,822  

ZYNGA INC

     332,069          1,328,276  

STIFS and Money Markets

       

SSBK STIF FUND

     2,277,204          2,277,204  
       

 

 

 

DFA Small Mid Value Account

          568,248,643  

PIMCO Total Return Account

       

Mutual Funds

       

HIGH YIELD PORTFOLIO INSTL CL

     3,358,047                     26,931,534  

PIMCO ASSET BACK SECS PORT-UNL

     5,330,956          67,276,668  

PIMCO EMMERG MKTS FD INST CL

     4,748,361          48,148,379  

PIMCO INTL PORT FUND(UNLISTED)

     8,036,885          60,999,959  

PIMCO INV GRD CORP PORT(UNLST)

     11,692,026          110,606,565  

PIMCO MTG PORT INSTL CL(UNLST)

     13,273,490          143,884,636  

PIMCO MUNI SECTR PORT INSTL CL

     1,210,067          8,688,279  

PIMCO REAL RETRN BD FD INST CL

     314,047          2,838,981  

PIMCO SHORT TM FLT NAV PORT II

     7,271,635          72,767,256  

PIMCO US GOVT SECTOR PORT INST

     25,266,906          227,907,493  

STIFS and Money Markets

       

SSBK GOVT STIF FUND

     805,471          805,471  
       

 

 

 

PIMCO Total Return Account

          770,855,221  

International Growth Account

       

Currency

       

AUSTRALIAN DOLLAR CURRENCY

     40          31  

BRAZILIAN REAL

     6,268          1,890  

BRITISH POUND STERLING CURRENCY

     30          40  

CANADIAN DOLLAR

     63,627          50,618  

DANISH KRONE

     791          127  

EURO MONETARY UNIT.

     740          888  

HONG KONG DOLLAR

     739          95  

INDIAN RUPEE

     110,179,696          1,725,872  

SOUTH AFRICAN RAND CURRENCY

     493          40  

SOUTH KOREAN WON

     118          0  

SWEDISH KRONA CURRENCY

     430          52  

SWISS FRANC

     36          37  

Forward Currency Contract

       

CURRENCY CONTRACT—EUR

     (11,768        274  

CURRENCY CONTRACT—USD

     (80,993,575        (1,050

JAPANESE YEN

     23,040,821          381  

Futures

       

MINI MSCI EMG FUT MAR18 MESH8

     289          80,920  

 

37


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

Publicly-traded Common Stock

       

ABB LTD (REG) (SWIT)

     161,528           4,329,736   

ADIDAS AG

     14,797          2,967,611  

ADVANTEST CORP

     160,513          2,978,768  

AIA GROUP LTD

     1,341,400          11,443,239  

AIER EYE HOSPITAL GROUP CO LTD

     94,200          445,907  

ALIBABA GROUP HLD LTD SPON ADR

     102,274          17,635,106  

ALPS ELECTRIC CO LTD

     96,900          2,769,186  

AMADEUS IT GROUP SA

     40,275          2,904,753  

AMERICA MOVIL SPON ADR SER L

     79,200          1,358,280  

ANHUI CONCH CEMENT WT 4/12/21

     122,800          553,545  

ARKEMA

     25,330          3,086,328  

ASML HOLDING NV

     16,441          2,863,335  

ASSA ABLOY AB SER B

     175,080          3,636,873  

ASTRAZENECA PLC (UK)

     54,323          3,755,956  

ATLAS COPCO AB SER A

     200,013          8,636,321  

BANCO MACRO SA SPON ADR

     7,020          813,478  

BANCO SANTANDER SA (SPAIN)

     637,461          4,190,655  

BANK OF CHINA LTD H

     2,549,000          1,252,828  

BANK RAKYAT INDONESIA TBK PT

     6,740,000          1,808,262  

BHP BILLITON PLC

     410,827          8,444,974  

BID CORP LTD

     80,357          1,954,872  

BIDVEST GROUP LTD

     57,620          1,015,667  

BNP PARIBAS (FRAN)

     116,360          8,691,006  

BRILLIANCE CH AUTO HLDG LTD

     258,000          690,171  

BRITISH AMERICAN TOBACCO PLC

     69,205          4,688,675  

BROOKFIELD ASSET INC VTG CL A

     96,448          4,199,346  

BUNZL PLC

     132,404          3,704,016  

CANADIAN NATL RAILWAY CO

     59,089                       4,872,375  

CANADIAN NATL RAILWAY(FIL USD)

     79,820          6,585,150  

CATCHER TECHNOLOGY CO LTD

     338,000          3,736,947  

CATHAY FINANCIAL HLDG CO LTD

     483,000          871,018  

CCR SA

     204,900          997,599  

CELLNEX TELECOM SAU

     134,128          3,435,930  

CHINA CONSTRUCTION BANK CORP H

     3,165,000          2,916,733  

CHINA LODGING GROUP ADR

     7,510          1,084,669  

CHINA MERCHANTS BANK CO LTD H

     951,000          3,785,571  

CHINA MOBILE LIMITED

     88,500          897,704  

CHINA MOLYBDENUM CO LTD H

     987,000          634,178  

CHINA OVERSEAS LAND & INV LTD

     340,000          1,094,479  

CHINA PETROL & CHEM CORP H

     1,516,000          1,111,845  

CHRISTIAN HANSEN HOLDING SA

     50,245          4,712,974  

CIMB GROUP HOLDINGS BERHAD

     713,300          1,152,701  

COMMERCIAL INTL BK EGY GDR EC

     29,164          126,718  

COMMERCIAL INTL BK EGYPT SAE

     66,508          290,645  

COMMONWEALTH BK OF AUSTRALIA

     140,674          8,818,190  

COMPASS GROUP PLC

     186,700          4,033,168  

CONSTELLATION SOFTWARE INC

     5,900          3,576,705  

COPA HOLDINGS SA CL A

     4,600          616,676  

 

38


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

CREDICORP LTD (USA)

     3,500           726,005   

CSL LIMITED

     38,412          4,234,897  

CSPC PHARMACEUTICAL GROUP LTD

     400,000          807,900  

CTBC FIN HLD (JP)(CWT) 2/25/21

     956,184          660,726  

CTRIP.COM INTL LTD ADR

     18,700          824,670  

DAIKIN INDUSTRIES LTD

     39,500          4,674,795  

DAVIDE CAMPARI SPA MILANO

     511,734          3,957,256  

DEUTSCHE BANK AG (GERW)

     170,069          3,239,409  

DIAGEO PLC

     385,368          14,178,300  

DSV DE SAMMENSLUT VOGN

     52,749          4,153,813  

EISAI CO LTD

     55,900          3,183,088  

EMAAR PROPERTIES

     473,641          894,988  

ENCANA CORP

     328,800          4,386,616  

ESSILOR INTERNATIONAL SA(FRAN)

     40,597          5,599,250  

EXPERIAN PLC

     161,784          3,573,558  

FANUC CORPORATION

     62,500          15,009,984  

FERGUSON PLC

     36,086          2,596,857  

FIBRIA CELULOSE SA

     38,300          552,487  

FINECOBANK SPA

     279,916          2,866,541  

FIRST QUANTUM MINERALS INC

     253,800          3,555,623  

FIRSTRAND LIMITED

     347,036          1,886,294  

FOMENTO ECONO MEX(FEMSA)SP ADR

     8,350          784,065  

FUCHS PETROLU SE (GERW) PFD

     91,108          4,837,230  

GALAXY ENT GROUP LTD

     340,000          2,728,582  

GALP ENERGIA SGPS SA

     201,026          3,696,406  

GEBERIT AG (REG)

     19,154          8,434,482  

GENMAB AS

     15,262          2,531,081  

GENTING MALAYSIA BHD

     495,100          688,760  

GERDAU SA SPON ADR

     216,900          806,868  

GREE ELE (MACQ) (CWT) 10/25/19

     87,200          585,653  

GRUPO FINANCIERO BANORTE SAB

     201,000          1,102,293  

GUDANG GARAM PT(DEMAT)

     104,100          642,976  

HANGZHOU HIK-V DIG WT 4/16/20

     231,100          1,385,183  

HANS LASER (JPM)(CWT) 7/27/18

     127,900          971,047  

HDFC BANK LTD (DEMAT)

     59,483                       1,758,568  

HDFC BANK LTD SPON ADR

     115,548          11,747,765  

HEIDELBERGCEMENT AG (GERW)

     33,447          3,621,857  

HENGAN INTL GRP CO LTD

     418,914          4,651,413  

HERO MOTOCORP LTD

     44,138          2,616,995  

HEXAGON AB SER B

     55,905          2,800,327  

HON HAI PRECISION IND CO LTD

     289,000          927,387  

HON HAI PRECISION WT 04/06/18

     97,600          313,194  

HOUSING DEV FN CORP LTD(DEMAT)

     99,957          2,678,046  

HOWDEN JOINERY GROUP PLC

     625,940          3,944,987  

HYPERA SA

     61,900          671,792  

HYUNDAI MOBIS

     3,125          769,996  

ICICI BANK LTD (DEMAT)

     177,652          873,790  

ICICI BANK LTD SPONS ADR

     95,480          929,020  

IHS MARKIT LTD

     137,360          6,201,804  

 

39


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

INDITEX SA

     91,249           3,179,995   

INFINEON TECHNOLOGIES AG

     331,884          9,093,149  

ING GROEP NV

     146,110          2,686,627  

INTERCONTINENTAL HOTELS GP PLC

     168,528          10,737,522  

INTERTEK GROUP PLC

     137,514          9,635,989  

ITAU UNIBANCO HLDG SA SPON ADR

     187,900          2,442,700  

ITC LTD (DEMAT)

     213,198          879,141  

JD.COM INC SPON ADR

     18,790          778,282  

JULIUS BAER GRUPPE AG

     69,997          4,281,206  

JUST EAT PLC

     409,638          4,319,498  

KASIKORNBANK PCL NVDR

     176,500          1,256,459  

KBC GROUPE SA

     42,393          3,617,027  

KEYENCE CORP

     35,700          19,998,970  

KINGSPAN GROUP PLC (IREL)

     88,620          3,870,969  

KOC HLDG AS

     116,569          568,314  

KOMATSU LTD

     216,300          7,828,457  

KONINKLIJKE PHILIPS NV

     95,126          3,599,879  

KWEICHOW MOU(JPM) CWT 11/19/19

     11,520          1,234,903  

LARGAN PREN CO LTD CWT 8/17/20

     5,350          724,947  

LG CHEMICAL LTD

     3,800          1,441,855  

LOJAS RENNER SA

     89,730          960,031  

LONDON STOCK EXCHANGE GRP PLC

     96,826          4,958,575  

LONZA GROUP AG

     15,617          4,219,771  

L’OREAL SA (PRIME FIDE 2018)

     23,304          5,171,443  

L’OREAL SA ORD

     35,328          7,839,716  

LUKOIL PJSC SPONS ADR

     24,375          1,394,738  

LVMH MOET HENNESSY LOUIS VU SE

     18,236          5,369,466  

MACQUARIE GROUP LTD

     44,176          3,434,079  

MANULIFE FINANCIAL CORP (CANA)

     137,700          2,872,310  

MARUTI SUZUKI INDIA LTD (LOC)

     12,411          1,891,501  

MELCO RESORTS & ENTERTAINM ADR

     157,300          4,567,992  

METROPOLITAN BANK & TRUST CO

     576,660          1,169,127  

MICHELIN CL B (REG)

     17,851          2,560,584  

MICRO FOCUS INTERNATIONAL PLC

     52,916          1,802,546  

MITSUBISHI UFJ FINL GRP INC

     458,900          3,365,742  

MONCLER SPA

     77,459                       2,423,854  

NASPERS LTD N SHS

     12,545          3,499,115  

NATIONAL BANK OF GREECE SA

     638,374          244,339  

NAVER CORP

     977          796,337  

NCSOFT CORPORATION

     1,138          477,110  

NESTLE SA (REG)

     116,051          9,980,064  

NETEASE INC ADR

     12,081          4,168,791  

NEW ORIENTAL ED & TECH G-ADR

     20,600          1,936,400  

NIDEC CORP

     27,200          3,816,570  

NINTENDO CO LTD

     11,500          4,203,994  

NIPPON PROLOGIS INC

     976          2,064,174  

NITORI HOLDINGS CO LTD

     20,400          2,908,596  

NOVARTIS AG (REG)

     65,996          5,580,656  

NOVO-NORDISK AS CL B

     229,278          12,360,548  

 

40


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ONO PHARMACEUTICAL CO LTD

     145,450           3,389,853   

ORIX CORP

     229,700          3,882,526  

ORSTED A/S

     35,013          1,911,277  

PARK24 CO LTD

     27,200          651,062  

PARTNERS GROUP HOLDING AG

     4,562          3,127,319  

PETROLEO BRASILEIRO SPONS ADR

     152,300          1,567,167  

PING AN INSURANCE CO LTD H

     682,000          7,101,211  

POSCO

     3,307          1,030,170  

POWSZECHNA KASA OSZCZ BK SA

     88,619          1,128,056  

POWSZECHNY ZALKAD UBEZPIEC SA

     46,663          565,165  

PRESIDENT CHAIN(HSBC)(CWT)9/24

     60,000          574,376  

PTT PCL NVDR

     85,100          1,148,941  

RATIONAL AG

     7,137          4,600,221  

RELIANCE INDUSTRIES LTD(DEMAT)

     89,143          1,286,108  

RELX PLC

     143,676          3,373,384  

RICHEMONT CIE FINANCIERE SA A

     94,892          8,598,659  

ROCHE HLDGS AG (GENUSSCHEINE)

     47,063          11,905,208  

ROTORK PLC

     1,665,697          6,002,423  

ROYAL DUTCH SHELL PLC CL A(NL)

     124,634          4,155,027  

RYANAIR HOLDINGS PLC SPON ADR

     22,695          2,364,592  

SAFRAN SA

     58,945          6,075,998  

SAMPO OYJ SER A

     56,705          3,116,117  

SAMSUNG ELECTRONICS CO LTD

     4,885          11,661,300  

SANDS CHINA LTD

     1,080,000          5,577,734  

SAP SE

     99,961                     11,208,225  

SBERBANK OF RUSSIA (RUS)

     288,700          1,128,247  

SBERBANK-SPONSORED ADR

     79,304          1,342,617  

SCHINDLER HOLDING AG PART CERT

     34,462          7,932,502  

SHANGHAI INTL (JPM) CWT 11/19

     181,000          1,252,074  

SHIMANO INC

     40,300          5,669,004  

SHINHAN FINANCIAL GROUP CO LTD

     39,441          1,825,399  

SK HYNIX INC

     9,479          679,371  

SM INVESTMENTS CORP

     46,010          910,734  

SMC CORP

     9,150          3,766,381  

SOC QUIMICA Y MIN CH PFD B ADR

     17,320          1,028,288  

SONY CORP

     88,400          3,987,905  

SOUTHERN COPPER CORP

     15,300          725,985  

SPIRAX-SARCO ENGINEERING PLC

     85,181          6,463,401  

ST JAMES PLACE PLC

     137,773          2,280,534  

SUNCOR ENERGY INC

     90,170          3,310,537  

SUNNY OPTICAL TEC(GROUP)CO LTD

     306,922          3,924,497  

SUZUKI MOTOR CORP

     37,400          2,168,818  

SVENSKA HANDELSBANKEN SER A

     453,076          6,197,063  

TAIWAN SEMIC MFG CO LTD SP ADR

     437,667          17,353,497  

TEMENOS GROUP AG

     25,023          3,209,888  

TENARIS SA (ITALY)

     97,919          1,546,144  

TENCENT HOLDINGS LTD

     360,600          18,738,821  

TIM PARTICIPACOES SA SPON ADR

     37,900          731,849  

TORONTO-DOMINION BANK

     63,059          3,694,746  

 

41


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

TOTAL SA (FRAN)

     108,449           5,991,492   

TOTAL SA RT

     108,449          80,676  

TURKIYE GARANTI BANKASI AS

     139,085          393,349  

ULKER BISKUVI SANAYI AS

     88,781          460,710  

ULTRATECH CEMENT LTD

     15,809          1,069,931  

UNICHARM CORP

     166,400          4,326,326  

UNICREDIT SPA

     184,125          3,441,971  

UNILEVER NV CVA (BEARER)

     298,393          16,811,150  

UPL LTD

     39,620          473,342  

VAKRANGEE LTD

     54,253          357,140  

VALEO SA

     65,518          4,895,155  

VOLKSWAGEN AG PFD

     22,522          4,497,982  

WEIBO CORP SPON ADR

     27,097          2,803,456  

WIN SEMICONDUCTORS CORP

     54,000          515,118  

YANDEX NV CL A

     139,149          4,557,130  

YPF SA CL D SPONSORED ADR

     37,190          852,023  

YUM CHINA HOLDINGS INC

     87,965          3,520,359  

ZALANDO SE

     87,454          4,629,061  

ZHUZHOU CRRC TIMES ELECTRIC CO

     130,500          849,360  

STIFS and Money Markets

       

SSBK GOVT STIF FUND

     47,243,564          47,243,564  
       

 

 

 

International Growth Account

          835,149,482  

International Value Account

       

Currency

       

AUSTRALIAN DOLLAR CURRENCY

     266,489          207,928  

BRAZILIAN REAL

     2,808          846  

BRITISH POUND STERLING CURRENCY

     150,022          202,552  

CANADIAN DOLLAR

     370,820          295,004  

CHILEAN PESO

     1,258,800          2,046  

CHINESE RENMINBI

     290,395          44,631  

COLUMBIAN PESO

     12,664,080          4,243  

DANISH KRONE

     7,742          1,248  

EURO MONETARY UNIT.

     110,608          132,713  

HONG KONG DOLLAR

     1,756,323          175,285  

INDIAN RUPEE

     96,129,873                       1,505,794  

ISRAELI SHEKEL

     996,619          286,414  

JAPANESE YEN

     8,658,819          76,848  

MALAYSIAN RINGGIT

     10,060          2,486  

MEXICAN PESO CURRENCY

     17,058          868  

NEW ZEALAND DOLLAR CURRENCY

     8,850          6,272  

NORWEGIAN KRONA

     2,611,615          318,078  

PHILIPPINE PESO

     57,250          112  

SINGAPORE DOLLAR CURRENCY

     43,157          32,268  

SOUTH KOREAN WON

     3,716          3  

SWEDISH KRONA CURRENCY

     73,008          8,900  

SWISS FRANC

     1,322          1,357  

TAIWAN DOLLAR

     375,762          12,666  

 

42


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

TURKISH LIRA (NEW)

     18,521          4,886  

UNITED ARAB EMIRATES DIRHAM

     94          26  

Forward Currency Contract

       

AUSTRALIAN DOLLAR CURRENCY

     3,941          (14

BRITISH POUND STERLING CURRENCY

     (14,501        (66

CURRENCY CONTRACT—EUR

     (68,590        158  

CURRENCY CONTRACT—USD

     6,059          26  

JAPANESE YEN

     76,703,833          1,656  

MALAYSIAN RINGGIT

     46,653          86  

Futures

       

AUDUSD CRNCY FUT MAR18 ADH8

     100          15,000  

C$ CURRENCY FUT MAR18 CDH8

     309          71,070  

EURO FX CURR FUT MAR18 ECH8

     (313        (266,050

EURO STOXX 50 FUT MAR18 VGH8

     (970        174,578  

FTSE 100 IDX FUT MAR18 Z H8

     (17        (16,526

MINI MSCI EAFE FUT MAR18 MFSH8

     428          36,380  

MINI MSCI EMG FUT MAR18 MESH8

     857          239,960  

S&P/TSX 60 IX FUT MAR18 PTH8

     27          859  

TOPIX INDX FUTR MAR18 TPH8

     53          (14,111

Publicly-traded Common Stock

       

3I GROUP PLC

     223,880                       2,761,251  

ABB LTD (REG) (SWIT)

     278,465          7,464,217  

ABCAM PLC

     13,920          198,278  

ABN AMRO GROUP NV-GDR

     4,793          154,699  

ADECCO GROUP AG

     15,870          1,214,130  

ADMIRAL GROUP PLC

     2,567          69,386  

AECI LTD

     191,816          1,550,341  

AEGON NV

     20,400          130,095  

AEON FINANCIAL SERVICE CO LTD

     1,700          39,590  

AGEAS (BELG)

     9,471          462,676  

AGL ENERGY LTD

     76,300          1,450,226  

AGRICULTURAL BANK OF CHINA H

     297,000          138,372  

AKATSUKI INC

     5,000          294,209  

AKER BP ASA

     2,870          70,574  

ALFRESA HOLDINGS CORP

     31,200          732,961  

ALLIANZ SE (REGD)

     26,366          6,058,149  

AMP LTD (POST RECON)

     33,573          135,954  

ANDRITZ AG

     40,300          2,276,746  

ANHEUSER-BUSCH INBEV SA/NV

     9,200          1,028,027  

ANTOFAGASTA PLC

     66,353          900,344  

AOZORA BANK LTD

     1,500          58,376  

AREZZO INDUSTRIA E COMERCIO SA

     239,078          3,942,470  

ARISTOCRAT LEISURE LTD

     133,600          2,470,521  

ASAHI GLASS CO LTD

     8,200          355,145  

ASAHI GROUP HOLDINGS LTD

     39,500          1,959,663  

ASR NEDERLAND NV

     41,380          1,703,236  

ASSICURAZIONI GENERALI SPA

     13,643          248,817  

ASTELLAS PHARMA INC

     105,400          1,344,218  

ASTM SPA

     7,770          225,892  

 

43


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ATLAS COPCO AB SER B

     3,460           132,696   

AURELIUS EQUITY OPP SE&CO KGAA

     8,510          581,603  

AUSTRALIA & NZ BANKING GRP

     31,103          697,466  

AVIVA PLC

     321,327          2,197,398  

AXA SA

     20,621          611,996  

BABCOCK INTL GROUP PLC

     216,700          2,064,134  

BALKRISHNA INDUSTRIES LTD

     150,224          2,809,994  

BALOISE HOLDINGS AG

     593          92,317  

BANCO BILBAO VIZ ARGENTARIA SA

     87,034          742,690  

BANCO DE SABADELL SA

     61,447          122,092  

BANCO DO BRASIL SA

     6,824          65,461  

BANCO SANTANDER SA (SPAIN)

     546,079          3,589,911  

BANCOLOMBIA SA

     109,939          1,104,385  

BANGKOK LIFE ASSURAN LTD NVDR

     2,325,400          2,515,199  

BANK HANDLOWY W WARSZAWIE SA

     72,426          1,703,627  

BANK HAPOALIM LTD (REG)

     12,760          93,839  

BANK LEUMI LE-ISRAEL BM

     199,662          1,203,257  

BANK OF CHINA HONG KONG LTD

     40,500          205,277  

BANK OF CHINA LTD H

     850,000          417,773  

BANK OF COMMUNICATIONS H

     106,000          78,691  

BANK OF IRELAND GROUP PLC

     54,340          462,593  

BANK OF KYOTO

     800          41,677  

BANK OF MONTREAL

     6,948          556,006  

BANK OF NOVA SCOTIA

     43,210                       2,788,540  

BANK OF QUEENSLAND LTD

     5,204          51,649  

BANK POLSKA KASA OPIEKI

     1,979          73,624  

BANKIA SA

     319,178          1,526,884  

BANKINTER SA

     8,264          78,373  

BARCLAYS PLC ORD

     709,878          1,946,595  

BARRATT DEVELOPMENTS PLC

     100,000          874,222  

BASF SE

     21,640          2,382,007  

BAYER AG

     7,432          927,398  

BB SEGURIDADE PARTICIPACOES SA

     8,572          73,623  

BBA AVIATION PLC

     295,900          1,397,084  

BDO UNIBANK INC

     24,950          81,812  

BE SEMICOND INDUS NV (NETH)

     10,860          910,953  

BEIERSDORF AG

     2,970          348,872  

BELLWAY PLC

     42,800          2,058,930  

BENDIGO AND ADELAIDE BANK LTD

     6,226          56,691  

BHP BILLITON PL ADR (UK)

     55,000          2,216,500  

BLUESCOPE STEEL LTD

     42,300          507,280  

BNK FINANCIAL GROUP INC

     4,041          35,663  

BNP PARIBAS (FRAN)

     24,793          1,851,806  

BOLSA MEXICANA DE VALORES SA

     1,198,700          2,063,623  

BOUYGUES ORD

     64,584          3,356,140  

BP PLC

     1,108,447          7,822,570  

BRADESCO SA

     10,577          102,227  

BRADESCO SA PREF

     32,829          335,010  

BRITISH LAND CO PLC

     62,700          585,385  

 

44


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

BRP INC

     25,300           936,120   

BURSA MALAYSIA BHD

     952,800          2,382,589  

CAIXABANK SA

     15,482          72,242  

CALTEX AUSTRALIA LTD

     3,400          90,330  

CANADIAN IMP BK OF COMMERCE

     13,016          1,268,879  

CANON INC

     84,500          3,149,767  

CARNIVAL PLC

     31,030          2,049,511  

CASINO GUICHARD PERRACHON ORD

     3,270          198,373  

CATHAY FINANCIAL HLDG CO LTD

     92,000          165,908  

CENTURY PACIFIC FOOD INC

     7,033,719          2,275,452  

CERVECERIAS UNIDAS SA CIA

     128,481          1,922,831  

CHANG HWA COMMERCIAL BANK

     70,000          39,050  

CHIBA BANK LTD

     8,000          66,599  

CHINA CINDA ASSET MGT CO LTD H

     122,000          44,660  

CHINA CITIC BANK CORP LTD H

     110,000          68,989  

CHINA CONSTRUCTION BANK CORP H

     890,000          820,187  

CHINA DEV FIN HOLDINGS CORP

     178,000          60,899  

CHINA EVERBRIGHT LTD

     14,000          31,323  

CHINA GALAXY SEC CO LTD H

     47,500          35,019  

CHINA HONGXING SPORTS LTD

     3,613,000          155,331  

CHINA HUARONG ASSET MANAGEMENT

     90,000          42,507  

CHINA LIFE INS CO LTD H

     81,000          254,523  

CHINA MENGNIU DAIRY CO LTD

     1,393,977                       4,148,290  

CHINA MERCHANTS BANK CO LTD H

     43,500          173,157  

CHINA MINSHENG BANK CORP H

     70,000          70,154  

CHINA MOBILE LIMITED

     654,450          6,638,443  

CHINA PACIFIC INS(GRP)CO LTD H

     30,000          144,186  

CHINA TAIPING INSU HLDS CO LTD

     20,800          78,005  

CHONG QING CHANGAN AUTO CO A

     290,963          563,444  

CHONG QING CHNGAN AUTO CO CL B

     467,600          514,711  

CHUGOKU BANK LTD

     2,500          33,437  

CI FINANCIAL CORP

     40,987          970,710  

CIA HERING SA

     284,800          2,199,685  

CIMB GROUP HOLDINGS BERHAD

     54,800          88,557  

CITIC SECURITIES CO LTD H

     28,500          58,803  

CK ASSET HOLDINGS LTD

     167,000          1,459,915  

CK HUTCHISON HOLDINGS LTD

     386,000          4,846,708  

CNP ASSURANCES

     2,284          52,768  

COCA COLA HBC AG

     54,461          1,779,439  

COCA-COLA ICECEK SANAYI AS

     161,790          1,460,613  

COMMERZBANK AG

     79,500          1,192,828  

COMMONWEALTH BK OF AUSTRALIA

     9,213          577,520  

COMPAL ELECTRONICS INC

     1,015,000          728,739  

CONCORDIA FINANCIAL GROUP LTD

     15,000          90,526  

CONTAINER CORP OF INDIA(DEMAT)

     123,500          2,668,385  

CONTINENTAL AG

     9,492          2,563,089  

COVESTRO AG

     28,332          2,924,517  

CREDICORP LTD (USA)

     406          84,217  

CREDIT AGRICOLE SA

     152,861          2,531,062  

 

45


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

CREDIT SAISON CO LTD

     2,200           40,027   

CREDIT SUISSE GROUP AG

     159,040          2,839,854  

CTBC FINL HLDG CO LTD

     3,764,081          2,600,993  

CTBC FINL HLDG CO LTD PREF

     49,677          100,469  

D&L INDUSTRIES INC

     9,589,788          2,120,646  

DAI NIPPON PRINTING CO LTD

     12,300          274,328  

DAI-ICHI LIFE HOLDINGS INC

     95,300          1,965,629  

DAIMLER AG (GERW)

     73,894          6,277,250  

DAIWA SECURITIES GROUP INC

     18,000          112,928  

DANSKE BK AS

     129,970          5,060,801  

DB INSURANCE CO LTD

     697          46,494  

DERICHEBOURG

     85,092          930,314  

DEUTSCHE BANK AG (GERW)

     22,224          423,314  

DEUTSCHE BOERSE AG

     18,125          2,105,137  

DEUTSCHE TELEKOM AG (REGD)

     299,995          5,325,446  

DEUTZ AG

     12,100          110,033  

DFDS AS

     8,644          461,546  

DIALOG SEMICONDUCTOR PLC (GER)

     18,860          587,227  

DIP CORP

     5,700          147,312  

DIRECT LINE INSURANCE GRP PLC

     16,769          86,419  

DNB ASA

     133,961                       2,481,605  

DNO ASA CL A

     110,234          127,545  

DUNI AB

     49,300          728,703  

EBARA CORP

     1,900          72,425  

ELEMENT FLEET MANAGEMENT CORP

     5,597          42,300  

EMPIRE CO LTD NON-VTG CL A

     71,000          1,383,286  

ENCE ENERGIA Y CELULOSA SA

     42,516          280,571  

ENEL (ENTE NAZ ENERG ELET) SPA

     1,997,020          12,292,118  

ENGIE

     83,940          1,443,755  

ENI SPA

     556,917          9,221,393  

ERICSSON (LM) TELE CO CL B

     508,312          3,336,861  

ERSTE GROUP BANK AG

     3,400          147,290  

EURAZEO SE

     357          32,983  

EVRAZ PLC

     204,200          937,382  

EXOR NV

     14,039          860,764  

FAURECIA SA

     3,840          300,082  

FEDERAL BANK LTD

     2,307,000          3,920,888  

FIAT CHRYSLER AUTOMOBILES (IT)

     148,750          2,661,102  

FIAT CHRYSLER AUTOMOBILES NV

     18,900          337,176  

FIRST FINANCIAL HOLDING CO

     113,000          74,465  

FISCHER (GEORG) AG (REG)

     568          750,766  

FREENET AG

     52,900          1,956,209  

FUBON FINANCIAL HOLDING CO LTD

     76,000          129,882  

FUJIFILM HOLDINGS CORP

     22,500          919,570  

FUJITSU LTD

     620,000          4,416,898  

FUKUOKA FINANCIAL GROUP INC

     10,000          56,179  

FUYAO GLASS IND GROUP CO LTD A

     476,910          2,125,578  

GAZPROM PJSC SPON ADR

     316,375          1,395,214  

GBL (GROUPE BRUXELLES LAMB) SA

     529          57,119  

 

46


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

GENOMMA LAB INTERNACIONAL SA

     1,380,730           1,440,945   

GENTING SINGAPORE PLC(SGD)

     310,500          304,127  

GENWORTH MI CANADA INC

     2,000          69,212  

GF SECURITIES CO LTD H

     19,200          38,632  

GJENSIDIGE FORSIKRING ASA

     2,730          51,504  

GLAXOSMITHKLINE PLC

     315,880          5,640,269  

GN STORE NORDIC LTD

     17,890          578,101  

GREAT WEST LIFECO INC

     3,501          97,761  

GREENCORE GROUP PLC (UK)

     793,800          2,461,808  

GRIEG SEAFOOD ASA

     100,000          879,960  

GRUMA SAB CL B

     110,494          1,400,949  

GRUPO FIN SANTANDR MEXICO SAB

     24,757          36,174  

GRUPO FINANCIERO BANORTE SAB

     296,593          1,626,529  

H LUNDBECK AS

     2,180          110,674  

H2O RETAILING CORP

     45,000          942,134  

HACHIJUNI BANK LTD

     6,100          35,027  

HAIER ELECTRONICS GRP CO LTD

     1,299,975          3,560,732  

HAITONG SECURITIES CO LTD H

     40,800          59,219  

HANA FINANCIAL GROUP INC

     48,435          2,259,808  

HANG SENG BANK LTD

     8,400          208,579  

HANNOVER RUECKVERSICHERUNGS SE

     17,924                       2,255,991  

HASEKO CORP

     10,700          166,281  

HAZAMA ANDO CORP

     8,300          64,971  

HERO MOTOCORP LTD

     38,250          2,267,888  

HIROSHIMA BANK

     4,000          34,826  

HITACHI LTD

     415,000          3,233,446  

HOKUHOKU FINANCIAL GROUP INC

     26,200          409,713  

HON HAI PRECISION IND CO LTD

     232,942          747,500  

HONDA MOTOR CO LTD

     325,600          11,160,126  

HONG LEONG BANK BHD

     9,800          41,166  

HONGKONG LAND HLDGS LTD

     122,600          863,104  

HOYA CORP

     52,400          2,617,326  

HSBC HOLDINGS PLC (UK REG)

     456,856          4,730,424  

HUA NAN FINANCIAL HLDGS CO LTD

     96,000          54,202  

HUATAI SECURITIES CO LTD H

     16,000          31,865  

HYSAN DEVELOPMENT CO LTD

     201,000          1,066,378  

HYUNDAI FIRE & MARINE INS CO

     944          41,567  

HYUNDAI MOBIS

     7,000          1,724,792  

IBERDROLA SA

     709,695          5,500,868  

IGM FINANCIAL INC

     1,217          42,745  

IIDA GROUP HOLDINGS CO LTD

     30,500          575,216  

IMERYS

     21,900          2,063,773  

IMPERIAL BRANDS PLC

     21,225          907,279  

IMPERIAL HOLDINGS LTD (SOAF)

     186,073          3,942,386  

INDUSTRIAL & COM BK OF CHINA H

     783,000          630,381  

INDUSTRIAL ALLIANCE INSURANCE

     1,366          65,007  

INDUSTRIAL BANK OF KOREA

     3,545          54,634  

INDUSTRIVARDEN AB SER C

     2,190          54,062  

INFOSYS LTD SPON ADR

     128,500          2,084,270  

 

47


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ING GROEP NV

     195,140           3,588,176   

INPEX CORP

     400,300          5,005,748  

INTERFOR CORP

     6,200          104,172  

INTERNATIONAL CONS AIRLNS (SP)

     75,200          652,895  

INTERNATIONAL CONS AIRLNS CDI

     45,300          398,163  

INTESA SANPAOLO SPA

     135,567          450,568  

INTESA SANPAOLO SPA N/C RISP

     13,226          42,212  

INVESTA OFFICE FUND STPL UNITS

     123,200          437,377  

INVESTEC PLC (UK)

     6,060          43,773  

INVESTOR AB SER B

     4,976          226,929  

IPSOS SA

     18,600          685,138  

ISUZU MOTORS LTD

     293,100          4,908,628  

ITAU UNIBANCO HOLDING SA

     17,649          226,552  

ITAUSA (INVEST ITAU) PFD

     44,399          144,824  

ITOCHU CORP

     47,100          879,089  

JAFCO CO LTD

     16,800          973,632  

JAPAN POST BANK CO LTD

     5,100          66,401  

JAPAN POST HOLDINGS CO LTD

     81,500          934,529  

JD SPORTS FASHION PLC

     135,025          612,906  

JOHN WOOD GROUP PLC

     110,873          973,019  

JSE LIMITED

     277,405                       3,449,261  

JULIUS BAER GRUPPE AG

     11,167          683,004  

JUMBO SA

     110,223          1,970,541  

JXTG HOLDINGS INC

     253,700          1,636,919  

KAJIMA CORP

     88,000          846,612  

KALBE FARMA PT (DEMAT)

     16,349,114          2,036,484  

KANSAI ELECTRIC POWER CO INC

     171,000          2,094,342  

KASIKORNBANK PCL (FOR)

     6,000          44,001  

KASIKORNBANK PCL (LOC)

     7,800          57,202  

KB FINANCIAL GROUP INC

     4,376          259,926  

KBC GROUPE SA

     17,526          1,495,342  

KDDI CORP

     81,600          2,031,038  

KERRY PROPERTIES LTD

     286,500          1,288,963  

KIA MOTORS CORP

     58,000          1,820,354  

KINGFISHER PLC

     1,260,138          5,745,544  

KINNEVIK AB

     2,793          94,415  

KOBE BUSSAN CO LTD

     2,600          99,685  

KONE OYJ B

     39,000          2,095,442  

KONINKLIJKE AHOLD DELHAIZE NV

     286,854          6,310,573  

KOREA INVESTMENT HLDGS CO LTD

     622          40,209  

KPN (KON) NV

     558,327          1,948,094  

KRUNG THAI BANK (LOC)

     56,700          33,404  

KT CORP

     65,357          1,852,254  

LANXESS AG

     29,700          2,362,280  

LEGAL & GENERAL GROUP PLC ORD

     65,418          241,390  

LENOVO GROUP LTD

     3,544,000          2,000,428  

LG UPLUS CORP

     135,800          1,781,192  

LIC HOUSING FINANCE (DEMAT)

     258,584          2,282,457  

LINDE AG (TENDER SHARES)

     8,600          2,008,537  

 

48


Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

LLOYDS BANKING GROUP PLC

     7,750,945           7,122,437   

LONZA GROUP AG

     9,948          2,687,986  

LOOMIS AB B

     31,800          1,335,871  

LUFTHANSA AG (REGD)

     76,920          2,835,224  

M DIAS BRANCO SA

     257,306          4,041,374  

MACQUARIE GROUP LTD

     3,530          274,409  

MAGNA INTL INC

     42,000          2,380,334  

MAHANAGAR GAS LTD

     89,150          1,528,425  

MAIL.RU GROUP LTD GDR REGS

     64,339          1,859,397  

MAKINO MILLING MACHINE CO LTD

     7,000          70,885  

MALAYAN BANKING (MLAY)

     42,600          103,158  

MANULIFE FINANCIAL CORP (CANA)

     21,180          441,798  

MAPFRE SA

     14,888          47,838  

MAPLE LEAF FOODS INC

     29,000          826,396  

MARTINREA INTERNATIONAL INC

     5,800          74,011  

MARUBENI CORP

     185,200          1,341,395  

MEBUKI FINANCIAL GROUP INC

     13,400          56,728  

MEDIOBANCA SPA

     4,940          56,072  

MEGA FINANCIAL HOLDING CO LTD

     128,000          103,765  

MEGMILK SNOW BRAND CO LTD

     18,600          550,530  

METCASH LTD

     363,000          883,680  

METHANEX CORP

     37,000          2,241,782  

MICHELIN CL B (REG)

     13,800          1,979,501  

MINDTREE LIMITED

     285,500          2,738,725  

MITSUBISHI CHEMICAL HLDGS CORP

     134,400                       1,474,911  

MITSUBISHI ELECTRIC CORP ORD

     226,600          3,763,762  

MITSUBISHI UFJ FINL GRP INC

     536,100          3,931,955  

MITSUBISHI UFJ LEA&FIN CO LTD

     6,800          40,495  

MITSUI CHEMICALS INC

     7,600          244,509  

MIXI INC

     61,700          2,770,819  

MIZUHO FINANCIAL GROUP INC

     258,000          468,487  

MORINAGA MILK IND CO LTD

     20,800          941,469  

MS&AD INSURANCE GRP HLDGS INC

     5,300          179,403  

MUNICH REINSURANCE (REG)

     16,463          3,570,378  

MUTHOOT FINANCE LTD

     232,633          1,729,625  

MYLAN NV

     113,045          4,782,934  

NAMPAK LTD

     1,425,810          1,869,197  

NATIONAL AUSTRALIA BANK LTD

     28,360          654,322  

NATIONAL BANK OF CANADA DTC EL

     24,997          1,247,265  

NATIONAL GRID PLC

     258,257          3,051,348  

NATIXIS

     90,327          714,867  

NESTLE SA (REG)

     7,910          680,238  

NEW CHINA LIFE INSURANCE CO H

     10,000          68,349  

NEW FLYER INDUSTRIES INC

     4,800          206,205  

NEWS CORP NEW CL A

     136,200          2,207,802  

NEWS CORP NEW CL B

     21,485          356,651  

NEXON CO LTD

     58,700          1,708,773  

NIPPON ELECTRIC GLASS CO LTD

     17,500          667,850  

NIPPON SUISAN KAISHA LTD

     147,200          769,477  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

NIPPON TELEGRAPH & TELEPHONE

     27,500           1,293,787   

NISSHINBO HOLDINGS INC

     34,500          467,553  

NN GROUP NV

     53,228          2,306,826  

NOKIAN TYRES OYJ

     57,976          2,629,463  

NOMURA HOLDINGS INC

     110,100          649,900  

NORBORD INC

     14,600          494,216  

NORDEA BANK AB

     32,520          393,660  

NOVARTIS AG (REG)

     108,730          9,194,265  

OBAYASHI CORP

     17,200          208,217  

OIL SEARCH LTD

     10,478          63,687  

OKUMA CORP

     1,200          79,769  

OLD MUTUAL PLC (UK)

     55,910          174,903  

OMV AG (AUSH100)

     32,797          2,078,939  

OPEN HOUSE CO LTD

     2,100          112,944  

ORIFLAME HOLDING AG

     1,690          69,696  

ORIX CORP

     184,700          3,121,909  

OTP BANK (REG)

     109,824          4,546,359  

OUTOKUMPU OY CL A

     33,400          310,180  

OVERSEA-CHINESE BKG CORP LTD

     34,100          315,899  

PARGESA HOLDINGS SA

     3,370          292,232  

PENTA OCEAN CONSTRUCTION CO

     75,600          563,603  

PEOPLES INSURANCE GRP OF CH H

     98,000          48,292  

PERSIMMON PLC ORD

     54,030                       1,997,333  

PEUGEOT SA

     75,390          1,533,693  

PICC PROPERTY & CASUALTY CO H

     54,000          103,814  

PLUS500 LTD

     33,120          406,254  

POLA ORBIS HOLDINGS INC

     36,400          1,277,675  

POPULAR INC

     56,600          2,008,734  

POSCO

     9,150          2,850,334  

POSTE ITALIANE SPA

     7,018          52,839  

POWER CORP OF CANADA SUB VTG

     4,129          106,329  

POWER FINANCIAL CORP

     3,014          82,819  

POWSZECHNY ZALKAD UBEZPIEC SA

     344,332          4,170,424  

PUBLIC BANK BHD (LOC) (MLAY)

     13,000          66,751  

PUBLICIS GROUPE SA

     48,927          3,325,642  

QANTAS AIRWAYS LTD

     395,500          1,555,288  

QBE INSURANCE GROUP LTD

     423,759          3,531,213  

QUALITAS CONTROLADO SAB DE CV

     712,700          1,323,003  

RAIFFEISEN BANK INTERNTNL AG

     1,883          68,231  

REDROW PLC

     109,339          966,199  

RENAULT SA ORD

     7,760          781,272  

REPSOL SA

     141,791          2,508,536  

RESONA HOLDINGS INC

     25,200          150,540  

REXEL SA

     171,850          3,117,657  

RHEINMETALL AG ORD

     2,378          302,016  

RIO TINTO PLC (REGD)

     46,730          2,487,107  

ROCHE HLDGS AG (GENUSSCHEINE)

     13,183          3,334,814  

ROUND ONE CORP

     10,900          183,416  

ROYAL BANK OF CANADA

     39,236          3,204,117  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

ROYAL BANK OF SCOTLAND GRP PLC

     738,195           2,770,754   

ROYAL DUTCH SHELL PLC CL A(NL)

     362,976          12,100,833  

ROYAL DUTCH SHELL PLC CL A(UK)

     42,260          1,415,022  

ROYAL UNIBREW AS

     14,696          880,618  

SAINSBURY (J) PLC

     936,445          3,052,120  

SALMAR ASA

     28,796          865,570  

SAMPO OYJ SER A

     4,880          268,171  

SAMSUNG ELECTRONICS CO LTD

     855          2,041,026  

SAMSUNG LIFE INSURANCE CO LTD

     846          98,679  

SAMSUNG SECURITIES CO LTD

     1,081          37,067  

SANDFIRE RESOURCES NL

     161,700          871,810  

SANDS CHINA LTD

     490,872          2,535,142  

SANDVIK AB

     34,950          612,246  

SANLAM LTD

     419,679          2,951,067  

SANOFI

     76,977          6,636,127  

SANTOS LTD

     160,100          680,803  

SAP SE

     40,585          4,550,633  

SAS AB

     37,900          98,410  

SASOL LTD

     64,000                       2,214,873  

SBERBANK-SPONSORED ADR

     61,300          1,037,809  

SBI HOLDINGS INC

     2,800          58,547  

SCENTRE GROUP STAPLED UNIT

     1          3  

SCHNEIDER ELECTRIC SE

     43,000          3,655,919  

SCHRODERS PLC (NEW) ORD

     1,550          73,580  

SCOR SE

     2,075          83,517  

SECURITY BANK CORP

     616,679          3,099,763  

SEINO HOLDINGS CO LTD

     12,000          190,637  

SEVEN & I HOLDINGS CO LTD

     3,300          137,155  

SEVENTY SEVENTH BANK

     12,800          323,309  

SHIN KONG FINCL HLDNGS CO LTD

     123,000          43,533  

SHINHAN FINANCIAL GROUP CO LTD

     4,712          218,080  

SHINSEI BANK LTD

     2,400          41,514  

SHIONOGI & CO LTD

     13,700          741,326  

SHIRE PLC

     20,430          1,075,759  

SHIZUOKA BANK LTD

     6,000          61,984  

SIAM COMMERCIAL BANK PCL (FOR)

     478,100          2,200,522  

SIAM COMMERCIAL BANK PCL (LOC)

     20,900          96,195  

SIEMENS AG (REGD)

     20,050          2,794,220  

SILTRONIC AG

     10,012          1,457,165  

SINGAPORE TELECOM LTD (SING)

     1,338,200          3,572,002  

SINOPAC HOLDINGS

     148,000          48,241  

SK HYNIX INC

     51,656          3,702,245  

SKANDINAVISKA ENSKI BK SER A

     16,714          196,213  

SMITH & NEPHEW PLC

     5,330          92,688  

SOCIETE GENERALE SA CL A

     35,152          1,815,725  

SOLVAY CL A

     14,300          1,988,595  

SOMPO HOLDINGS INC

     36,600          1,417,550  

SONY CORP

     86,700          3,911,215  

SONY FINANCIAL HOLDINGS INC

     2,500          44,287  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

SPAREBANK 1 SR BK CAP CERTS

     143,200           1,517,356   

SSP GROUP LTD

     32,600          300,622  

ST GOBAIN CIE DE

     86,757          4,786,306  

STANDARD CHARTERED PLC (UK)

     473,078          4,982,704  

STANDARD LIFE ABERDEEN PLC

     29,963          176,625  

STANTEC INC

     27,700          774,807  

STAR ENTERTAINMENT GRP LTD/THE

     26,800          127,137  

STMICROELECTRONICS NV (ITAL)

     71,490          1,561,146  

STMICROELECTRONICS NV(SICOVAM)

     32,370          707,067  

STORA ENSO AB R 1/10 VTG(FINL)

     21,516          341,287  

SUMITOMO BAKELITE CO LTD

     8,000          67,309  

SUMITOMO HEAVY INDUSTRIES LTD

     23,200          982,152  

SUMITOMO MITSUI FINL GROUP INC

     67,000          2,894,662  

SUMITOMO MITSUI TR HLDGS INC

     3,700          146,884  

SUN LIFE FINANCIAL INC

     6,687          275,992  

SUNCORP GROUP LTD

     14,608          157,975  

SVENSKA HANDELSBANKEN SER A

     181,380          2,480,871  

SWEDBANK AB A

     9,859          237,849  

SWIRE PACIFIC LTD CL A

     25,000          231,510  

SWISS LIFE HLDGS AG (NEW)

     371          131,351  

SWISS RE LTD

     8,565          802,049  

SYMRISE AG

     23,600          2,028,025  

T&D HOLDINGS INC

     6,400          109,455  

TAISHIN FINANCIAL HLDGS CO LTD

     125,000          58,356  

TAIWAN SEMICONDUCT MFG CO LTD

     768,000          5,941,147  

TAKASHIMAYA CO LTD

     30,000          315,775  

TAKEDA PHARMACEUTICAL CO LTD

     124,000          7,044,367  

TAYLOR WIMPEY PLC

     1,447,700          4,034,319  

TELECOM ITALIA SPA

     1,324,050          1,144,631  

TELECOM ITALIA SPA RISP

     246,828          176,509  

TELEFONICA SA

     739,614          7,210,335  

TELENOR AS

     3,610          77,339  

TELIA CO AB (SWEDEN)

     1,349,242          6,011,727  

TESCO PLC

     3,404,511          9,618,387  

TEVA PHARMACEUTICAL IND ADR

     108,400          2,054,180  

THE STARS GROUP INC

     43,900          1,021,539  

TIGER BRANDS LTD

     67,280          2,501,418  

TOFAS TURK OTOMOBIL FABRIKASI

     308,229          2,685,060  

TOHO ZINC CO LTD

     6,600          358,482  

TOKIO MARINE HOLDINGS INC

     136,500          6,228,059  

TOKYO ELECTRIC POWER CO HOLDIN

     420,600          1,664,856  

TOKYO ELECTRON LTD

     400          72,421  

TOMY COMPANY LTD

     33,000          448,689  

TOPPAN PRINTING LTD

     132,000          1,193,770  

TORONTO-DOMINION BANK

     84,619          4,957,987  

TOTAL SA (FRAN)

     70,920          3,918,124  

TOTAL SA RT

     70,920          52,758  

TOTVS SA

     271,127                       2,443,094  

TOYOTA MOTOR CORP

     13,800          883,420  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units     Cost **      Current Value  

TRAVELSKY TECHNOLOGY LTD H

     1,314,000           3,943,926   

TRAVIS PERKINS PLC

     176,757          3,739,621  

TRYG AS

     1,686          42,172  

TUI AG (GB)

     19,140          397,965  

TURKIYE GARANTI BANKASI AS

     28,323          80,101  

TURKIYE HALK BANKASI

     9,912          28,189  

TURKIYE IS BANKASI AS C

     22,512          41,395  

UBS GROUP AG

     181,523          3,341,908  

UCB SA

     28,639          2,274,111  

ULVAC INC

     900          56,712  

UNICREDIT SPA

     96,389          1,801,863  

UNILEVER NV CVA (BEARER)

     8,230          463,670  

UNILEVER PLC ORD

     9,570          533,053  

UNIPOLSAI SPA

     15,270          35,672  

UNITED ARROWS LTD

     4,000          162,414  

UNITED OVERSEAS BANK (LOC)

     447,327          8,846,536  

UPM KYMMENE CORP

     43,240          1,344,250  

VALLOUREC SA

     248,793          1,503,019  

VALMET CORP

     46,270          912,700  

VINCI SA

     19,600          2,002,478  

VODAFONE GROUP PLC

     991,063          3,144,497  

VOLKSWAGEN AG PFD

     21,790          4,351,791  

VOLVO AB SER B

     150,770          2,806,571  

WEST FRASER TIMBER LTD

     9,200          567,736  

WEST JAPAN RAILWAY CO

     14,500          1,058,722  

WESTPAC BANKING CORP

     35,452          867,186  

WESTPORTS HOLDINGS BHD

     3,249,454          2,970,838  

WH GROUP LTD

     2,145,500          2,422,075  

WHARF HOLDINGS LTD

     43,000          148,601  

WHEELOCK & CO LTD

     185,000          1,321,285  

WHITEHAVEN COAL LTD

     287,400          1,000,128  

WILLIS TOWERS WATSON PLC

     9,539          1,437,432  

WILMAR INTERNATIONAL LTD

     761,200          1,758,651  

WOORI BANK

     4,617          68,128  

WORLEYPARSONS LTD

     86,500          968,505  

WPP PLC NEW (UK)

     197,490          3,575,657  

X5 RETAIL GROUP NV GDR REGS

     50,809          1,919,056  

XL GROUP LTD

     33,000          1,160,280  

YAMAGUCHI FINANCIAL GROUP INC

     3,000          35,651  

YA-MAN LTD

     9,400          158,342  

YANDEX NV CL A

     106,550          3,489,513  

YANGZIJIANG SHIPBLDG HLDGS LTD

     241,100          264,995  

YARA INTERNATIONAL ASA

     50,500          2,316,926  

YUANTA FINL HLDG CO LTD

     133,000          61,867  

YUE YUEN INDUSTRIAL HLDGS LTD

     873,195          3,431,153  

ZURICH INSURANCE GROUP AG

     18,114          5,513,482  

STIFS and Money Markets

       

SSBK GOVT STIF FUND

     105,046,328                   105,046,325  

SSBK STIF FUND

     1,132,508          1,132,508  

 

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Table of Contents
Identity of Issue, borrower, lessor, or similar party    Shares or Units      Cost **      Current Value  

International Value Account

           883,569,790   

Investments held by trustee

           19,929,242,613  
        

 

 

 

Participant Loans* Interest 3.25%-9.00%, maturing through March 2044

           122,514,373  
        

 

 

 

Total Investments

         $   20,051,756,986  
        

 

 

 

 

*

Party-in-interest

 

**

Information not presented because investments are participant directed

See accompanying Report of Independent Registered Public Accounting Firm.

 

54