SEC Filing | Microsoft Corporation

View:

Download DOC

Download PDF

Download XLS

11-K

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, 2016

☐	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, 2016 and 2015, 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.

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 28, 2017		/S/ KRISTEN ROBY DIMLOW
		Kristen Roby Dimlow
		Member of 401(k) Administrative Committee

Date: June 28, 2017		/S/ DANIEL GOFF
		Daniel Goff
		Member of 401(k) Administrative Committee

Date: June 28, 2017		/S/ GEORGE ZINN
		George Zinn
		Member of 401(k) Administrative Committee

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, 2016 AND 2015;

NOTES TO FINANCIAL STATEMENTS; AND

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2016

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, 2016 and 2015		2

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2016 and 2015		3

Notes to Financial Statements		4

SUPPLEMENTAL SCHEDULE:

Supplemental Schedule of Assets (Held at End of Year) as of December 31, 2016		11

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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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, 2016 and 2015, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

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, 2016 and 2015, 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.

The supplemental schedule of assets (held at end of year) as of December 31, 2016 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 28, 2017

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS




December 31,	2016		2015

ASSETS
Cash	$	6,657,057	$	5,986,815
Investments held by trustee, at fair value		15,508,498,383		13,582,604,176
Receivables:
Participant loans		114,393,990		111,386,236
Other receivables		19,576,190		8,409,201

Total receivables		133,970,180		119,795,437

Total assets	$	15,649,125,620	$	13,708,386,428


LIABILITIES
Operating payables	$	3,527,074	$	4,067,784
Other payables		11,180,525		5,812,112

Total liabilities	$	14,707,599	$	9,879,896

NET ASSETS AVAILABLE FOR BENEFITS	$	15,634,418,021	$	13,698,506,532

See accompanying notes.

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS




Year Ended December 31,	2016		2015

ADDITIONS
Net investment income:
Net increase in fair value of investments	$	1,075,665,112	$	225,815,479
Interest and dividends		44,485,313		82,857,978

Total net investment income		1,120,150,425		308,673,457


Contributions:
Participant contributions		1,097,835,646		889,619,123
Employer contributions		446,705,032		256,503,739

Total contributions		1,544,540,678		1,146,122,862

Total additions before transfers		2,664,691,103		1,454,796,319

DEDUCTIONS
Benefits paid to participants		728,779,614		862,421,212

INCREASE IN NET ASSETS BEFORE TRANSFERS		1,935,911,489		592,375,107

Net transfers in		0		573,285,181

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS		1,935,911,489		1,165,660,288

NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year		13,698,506,532		12,532,846,244

End of year	$	15,634,418,021	$	13,698,506,532

See accompanying notes.

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

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 the Employee Retirement Income Security Act of 1974. The information below summarizes certain aspects of the Plan as in effect during 2016 and 2015, 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 (“U.S. 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 Microsoft 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, all participants may contribute up to $20,000 annually on an after-tax basis. A participant’s aggregate contribution election (combined pre-tax, Roth, pre-tax catch-up, Roth catch-up and after-tax) may not exceed 75 percent of their 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.

Employer Contributions

The Company provides participants with a matching contribution on eligible pre-tax and/or Roth contributions. Beginning in January 2016, the Company increased their pre-tax matching contribution to $0.50 for every $1.00 contributed on a pre-tax and/or Roth basis (up to 50 percent of the maximum annual 401(k) pre-tax and Roth contribution limit of $18,000 for 2016). In 2015, the Company made a pre-tax matching contribution of $0.50 for every $1.00 contributed (up to a 6 percent combined pre-tax and Roth contribution rate). The maximum Company match in 2015 was 3 percent of a participant’s eligible compensation. Participants do not receive a match on catch-up or after-tax contributions.

Transfers

Nokia Corporation’s (“Nokia”) Devices and Services Business was acquired by the Company in 2014 and the Nokia Plan assets merged into the Plan during 2015. The merged amounts are included as transfers in on the statement of changes in net assets available for benefits for the year ended December 31, 2015.

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, voluntary 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 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.

After reaching age 59¹⁄₂, 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 offset by expense reimbursements. Participants are responsible for fees associated with certain transactions such as loan originations and maintenance, domestic relations order qualifications, and dividend checks. 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results could differ from these 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, 2016 and 2015 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 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. 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, 2016 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, 2016 was 3.25 percent to 4.50 percent, maturing at various dates through January 2022.

Loan repayments are made through after-tax payroll deductions. Terminated employees have 60 days to elect to continue to make loan repayments or payoff 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 results in a default of the loan, which is taxable income to the participant.

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 Internal Revenue Code (“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 shares of mutual funds 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, 2016 and 2015, the Plan held 19,376,026 shares of Microsoft Common Stock valued at $1,204,026,250 and 20,830,786 shares of Microsoft Common Stock valued at $1,155,692,023, respectively. During the years ended December 31, 2016 and 2015, the Plan recorded Microsoft Common Stock dividend income of $29,480,318 and $27,457,802, 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, actively traded 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 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, 2016 and 2015, the Plan did not hold any financial instruments categorized as Level 3.

The Plan’s 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, 2016

Level 1

Level 2

Total

Mutual funds

488,924,978

Microsoft Common Stock

1,204,026,250

Separately managed accounts:

Common stock

2,495,268,783

Mutual funds

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


December 31, 2015	Level 1		Level 2		Total


Mutual funds	$	910,285,907	$	0	$	910,285,907
Microsoft Common Stock		1,155,692,023		0		1,155,692,023
Separately managed accounts:
Common stock		2,342,094,991		0		2,342,094,991
Mutual funds		0		574,498,125		574,498,125
Other		105,479,056		7,521,130		113,000,186
Brokerage accounts		497,335,258		12,065,259		509,400,517

Total	$	5,010,887,235	$	594,084,514		5,604,971,749

Common collective trusts measured at NAV						7,977,632,427

Total Investments					$	13,582,604,176

The significance of transfers between levels is evaluated based upon the nature of the financial instrument and the size of the transfer relative to the total net assets available for benefits. No significant transfers occurred between Level 1 and Level 2 for the years ended December 31, 2016 and 2015.

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, 2016 and 2015. 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,	2016			2015

Net assets available for benefits per the financial statements	$	15,634,418,021		$	13,698,506,532
Less: benefits payable		(1,847,667	)		(2,893,690	)

Net assets per the Form 5500	$	15,632,570,354		$	13,695,612,842

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



December 31,	2016			2015

Benefits paid to participants per the financial statements	$	728,779,614		$	862,421,212
Plus: increase (decrease) in benefits payable at year end		(1,046,023	)		448,925

Benefits paid to participants per the Form 5500	$	727,733,591		$	862,870,137

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.

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, 2016

Identity of Issue, borrower, lessor, or similar party

Shares or Units

Cost **

Current Value

BROKERAGE ACCOUNTS

BrokerageLink

624,708,802

COMMON COLLECTIVE TRUSTS

BlackRock LifePath Index 2020

21,468,927

292,596,920

BlackRock LifePath Index 2030

61,048,392

886,567,214

BlackRock LifePath Index 2040

74,426,506

1,136,103,043

BlackRock LifePath Index 2050

42,229,272

669,721,577

BlackRock LifePath Index 2060

2,837,231

30,302,939

BlackRock LifePath Index Retirement

8,560,730

110,097,406

BlackRock Short-Term Investment Account

557,153,040

Fidelity Contrafund Commingled Pool*

90,081,276

1,082,776,937

Fidelity Growth Company Commingled Pool*

96,552,933

1,333,396,001

Vanguard Russell 1000 Growth Index Trust

4,647,734

544,435,559

Vanguard Russell 1000 Value Index Trust

6,916,830

872,558,163

Vanguard Russell 2000 Growth Index Trust

6,362,686

755,950,723

Vanguard S&P 500 Index Trust

13,730,813

1,676,669,609

EMPLOYER STOCK

Microsoft Common Stock *

19,376,026

1,204,026,250

MUTUAL FUNDS

PIMCO All Asset All Authority Fund (Institutional)

1,771,408

14,862,112

PIMCO Inflation Response Multi-Asset Fund (Institutional)

1,438,782

12,359,140

Vanguard Short-Term Bond Index Fund (Institutional Plus)

44,266,896

461,703,726

SEPARATELY MANAGED ACCOUNTS

Artisan Mid Cap Account

Mutual Funds

SSBK GOVT STIF FUND

30,849,936

30,849,939

Publicly-traded Common Stock

ACTIVISION BLIZZARD INC

304,927

11,010,914

ACUITY BRANDS INC

64,124

14,803,667



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ADVANCE AUTO PARTS INC		74,756			12,642,735
AMETEK INC NEW		118,744			5,770,958
ARAMARK		356,123			12,720,714
ATHENAHEALTH INC		70,008			7,362,741
ATLASSIAN CORP PLC CLS A		250,990			6,043,839
BECTON DICKINSON & CO		105,894			17,530,752
BLUE BUFFALO PET PRODUCTS INC		180,915			4,349,197
BOSTON SCIENTIFIC CORP		1,635,669			35,379,520
CBS CORP CL B		203,350			12,937,127
CIGNA CORP		158,524			21,145,516
CIMAREX ENERGY CO		97,157			13,203,636
CINTAS CORP		62,400			7,210,944
CONCHO RESOURCES INC		153,585			20,365,371
CTRIP.COM INTL LTD ADR		242,072			9,682,880
DELPHI AUTOMOTIVE PLC		186,167			12,538,347
DEXCOM INC		237,543			14,181,317
DOLLAR TREE INC		112,729			8,700,424
ELECTRONIC ARTS INC		211,506			16,658,213
ENVISION HEALTHCARE CORP		229,729			14,539,548
EXPEDIA INC		51,407			5,823,385
FIDELITY NATL INFORM SVCS INC		182,280			13,787,659
FORTUNE BRANDS HOME & SEC INC		420,668			22,488,911
GARTNER INC		110,838			11,202,397
GLOBAL PAYMENTS INC		438,276			30,420,737
GUIDEWIRE SOFTWARE INC		249,007			12,283,515
HARRIS CORP		89,886			9,210,618
HD SUPPLY HLDGS INC		317,494			13,496,670
IHS MARKIT LTD		1,139,130			40,336,593
INTERCONTINENTAL EXCHANGE INC		259,419			14,636,420
INTUIT INC		57,519			6,592,253
LKQ CORP		1,176,622			36,063,464
MIDDLEBY CORP		82,153			10,582,128
MONSTER BEVERAGE CORP		313,209			13,887,687
MOTOROLA SOLUTIONS INC		134,939			11,185,094
NEWELL BRANDS INC		240,176			10,723,858
NIELSEN HOLDINGS PLC		165,027			6,922,883
NORTHERN TRUST CORP		123,437			10,992,065
NVIDIA CORP		132,217			14,112,843
O’REILLY AUTOMOTIVE INC		18,495			5,149,193
PANERA BREAD CO CL A		22,058			4,523,875
REGENERON PHARMACEUTICALS INC		67,086			24,626,600
ROPER TECHNOLOGIES INC		59,924			10,970,886
RPM INTERNATIONAL INC		250,275			13,472,303
S&P GLOBAL INC		280,950			30,213,363
SEATTLE GENETICS INC		121,494			6,411,238



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
SMITH (AO) CORP		91,461			4,330,678
SVB FINL GROUP		97,643			16,761,397
TD AMERITRADE HOLDING CORP		203,375			8,867,150
TRACTOR SUPPLY CO.		112,287			8,512,477
ULTA BEAUTY INC		62,384			15,904,177
VANTIV INC		211,255			12,595,023
VEEVA SYS INC CL A		327,829			13,342,640
VERISK ANALYTICS INC		112,734			9,150,619
WASTE CONNECTIONS INC		290,032			22,793,615
WESTINGHOUSE AIR BRAKE TEC CRP		90,505			7,513,725
WHITEWAVE FOODS CO CL A		137,603			7,650,727
WORKDAY INC CL A		124,197			8,208,180

Artisan Mid Cap Account Total					835,375,345

DFA Small/Mid Cap Value Account
Mutual Funds
SSBK STIF FUND		1,804,977			1,804,939
Publicly-traded Common Stock
1 800 FLOWERS.COM INC CL A		15,214			162,790
AAR CORP		16,180			534,749
AARONS INC A		27,379			875,854
ABERCROMBIE & FITCH CO CL A		17,445			209,340
ABM INDUSTRIES INC		21,246			867,687
ABRAXAS PETROLEUM CORP		11,263			28,946
ACACIA RESEARCH—ACACIA TECH		1,545			10,043
ACCO BRANDS CORP		40,183			524,388
ACETO CORP		10,923			239,978
ACORDA THERAPEUTICS INC		2,330			43,804
ACTUA CORP		25,604			358,456
ACTUANT CORP CL A		15,601			404,846
ACXIOM CORP		24,768			663,782
ADAMS RESOURCES AND ENERGY INC		330			13,085
ADDUS HOMECARE CORP		7,547			264,522
ADTRAN INC		22,741			508,261
ADVANCED ENERGY INDUSTRIES INC		9,942			544,325
AECOM		43,495			1,581,478
AEGION CORP		17,837			422,737
AEROCENTURY CORP		600			5,670
AEROVIRONMENT INC		2,892			77,592
AGCO CORP		32,626			1,887,740
AGILYSYS INC		2,359			24,439
AGROFRESH SOLUTIONS INC		1,976			5,236
AH BELO CORP CL A		9,816			62,332
AIR LEASE CORP CL A		25,584			878,299
AIR METHODS CORP		6,833			217,631



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
AIR TRANSPORT SERVICES GROUP		18,097			288,828
ALAMO GROUP INC		4,956			377,152
ALASKA AIR GROUP INC		7,549			669,823
ALASKA COMM SYS GROUP INC		8,586			14,081
ALBANY INTERNATIONAL CORP CL A		13,222			612,179
ALBANY MOLECULAR RESEARCH INC		3,936			73,839
ALBEMARLE CORP		12,452			1,071,868
ALERE INC		29,171			1,136,794
ALEXANDER & BALDWIN INC		22,481			1,008,722
ALICO INC		1,964			53,323
ALLEGHANY CORP DEL		1,119			680,486
ALLEGHENY TECHNOLOGIES INC		17,881			284,844
ALLIANCE ONE INTERNATIONAL INC		3,682			70,694
ALLIED MOTION TECH INC		2,215			47,379
ALLIED WORLD ASSUR CO HLDS AG		31,894			1,713,027
ALLSCRIPTS HLTHCARE SOLS INC		18,994			193,929
ALMOST FAMILY INC		5,054			222,881
ALON USA ENERGY INC		21,397			243,498
ALPHA & OMEGA SEMICNDTR LTD		8,472			180,199
ALTRA INDUSTRIAL MOTION CORP		889			32,804
AMBAC FINANCIAL GROUP INC		9,710			218,475
AMC ENTERTAINMENT HLDS CL A		4,931			165,928
AMEDISYS INC		6,832			291,248
AMERCO INC		1,690			624,607
AMERESCO INC-CL A		6,876			37,818
AMERICAN AXLE & MFG HLDGS INC		7,365			142,145
AMERICAN EAGLE OUTFITTERS INC		38,080			577,674
AMERICAN EQY INVT LIFE HLD CO		37,134			837,000
AMERICAN FINL GROUP INC OHIO		14,239			1,254,741
AMERICAN NATIONAL INSURANCE		2,686			334,702
AMERICAN NATL BANKSHARES INC		1,108			38,558
AMERICAN PUBLIC EDUCATION INC		7,078			173,765
AMERICAN RAILCAR INDS INC		2,712			122,826
AMERICAN SUPERCONDUCTOR CORP		3,900			28,743
AMERICAN VANGUARD CORP		10,713			205,154
AMERICAS CAR MART INC		5,922			259,088
AMERIS BANCORP		7,977			347,797
AMERISAFE INC		6,121			381,644
AMKOR TECHNOLOGY INC		80,461			848,864
AMPCO-PITTSBURG CORP		2,749			46,046
AMPHASTAR PHARMACEUTICALS INC		1,442			26,562
AMTECH SYSTEMS INC		2,808			11,934
AMTRUST FINANCIAL SERVICES INC		1,633			44,712
ANALOGIC CORP		4,456			369,625
ANDERSONS INC		41,365			1,849,016



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ANGIODYNAMICS INC		22,392			377,753
ANIKA THERAPEUTICS INC		3,013			147,516
ANIXTER INTL INC		6,079			492,703
APOGEE ENTERPRISES INC		261			13,979
APOLLO EDUCATION GROUP INC CL		34,927			345,777
APPLIED INDUSTRIAL TECH INC		8,407			499,376
APTARGROUP INC		1,588			116,639
APTEVO THERAPEUTICS INC W/I		8,100			19,764
ARC DOCUMENT SOLUTIONS INC		16,500			83,820
ARCBEST CORP		11,050			305,533
ARCH CAPITAL GROUP LTD		6,791			585,995
ARCHROCK INC		26,882			354,842
ARCTIC CAT INC		8,021			120,475
ARGAN INC		5,452			384,639
ARGO GROUP INTL		17,972			1,184,355
ARMSTRONG FLOORING INC		9,906			197,228
AROTECH CORP		13,694			47,929
ARRIS INTERNATIONAL PLC		12,270			369,695
ARROW ELECTRONICS INC		38,920			2,774,996
ARROW FINANCIAL CORP		1,392			56,376
ASCENA RETAIL GROUP INC		36,591			226,498
ASCENT CAPITAL GROUP INC		5,702			92,715
ASHLAND GLOBAL HOLDINGS INC		8,500			928,965
ASPEN INSURANCE HLDGS LTD		39,531			2,174,205
ASSOCIATED BANC CORP		68,263			1,686,096
ASSURANT INC		30,887			2,868,167
ASSURED GUARANTY LTD		50,022			1,889,331
ASTEC INDUSTRIES INC		25,336			1,709,167
ASTORIA FINANCIAL CORP		39,486			736,414
ATLANTIC TELE-NETWORK INC		2,796			224,043
ATLAS AIR WORLD		34,889			1,819,461
ATWOOD OCEANICS INC		26,259			344,781
AUTONATION INC		34,484			1,677,647
AV HOMES INC		2,671			42,202
AVIAT NETWORKS INC		2,296			31,868
AVIS BUDGET GROUP		23,980			879,586
AVNET INC		56,459			2,688,013
AVX CORP		36,340			567,994
AWARE INC MASS		5,120			31,232
AXCELIS TECHNOLOGIES INC		16,562			240,977
AXIS CAPITAL HOLDINGS LTD		42,084			2,746,823
AXT INC		15,609			74,923
AZZ INC		3,400			217,260
B&G FOODS INC		3,400			148,920
BABCOCK &WILCOX ENTERPR INC		3,424			56,804



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
BALDWIN & LYONS CL B		835			21,042
BALLANTYNE STRONG INC		1,527			12,216
BANC OF CALIFORNIA INC		18,068			313,480
BANCFIRST CORP		2,900			269,845
BANCORP INC DEL		22,980			180,623
BANCORPSOUTH INC		31,852			989,005
BANK MARIN BANCORP		300			20,925
BANK MUTUAL CORP		16,199			153,081
BANKFINANCIAL CORP		1,100			16,302
BANKRATE INC		28,717			317,323
BANNER CORP		18,438			1,029,025
BAR HARBOR BANKSHARES		651			30,812
BARNES & NOBLE EDUCATION INC		25,234			289,434
BARNES & NOBLE INC		24,693			275,327
BARNES GROUP INC		25,800			1,223,436
BAZAARVOICE INC		16,700			80,995
BEACON ROOFING SUPPLY INC		10,677			491,889
BED BATH & BEYOND INC		7,842			318,699
BEL FUSE INC NV CL B		2,918			90,166
BELDEN INC		3,087			230,815
BELMOND LTD CL A		28,179			376,190
BEMIS INC		6,294			300,979
BENCHMARK ELECTRONICS INC		17,175			523,838
BENEFICIAL BANCORP INC		19,468			358,211
BERKLEY (WR) CORP		11,170			742,917
BERKSHIRE HILLS BANCORP INC		12,928			476,397
BGC PARTNERS INC CL A		1,445			14,782
BIG 5 SPORTING GOODS CORP		13,448			233,323
BIG LOTS INC		3,090			155,149
BIGLARI HLDGS INC		273			129,184
BILL BARRETT CORP		16,526			115,517
BIOSCRIP INC		3,300			3,432
BJ’S RESTAURANTS INC		595			23,384
BLACK BOX CORPORATION		9,068			138,287
BLUCORA INC		25,203			371,744
BLUE HILLS BANCORP INC		1,771			33,206
BMC STK HLDGS INC		3,462			67,509
BNC BANCORP		2,825			90,118
BOB EVANS FARMS INC		7,692			409,291
BOINGO WIRELESS INC		9,057			110,405
BOISE CASCADE CO		3,771			84,848
BOK FINANCIAL COMMON NEW		11,253			934,449
BOOT BARN HOLDINGS INC		3,726			46,650
BOSTON PRIVATE FINL HLDG INC		29,521			488,573
BRADY CORPORATION CL A		2,362			88,693



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
BRAVO BRIO RESTAURANT GROUP		3,916			14,881
BRIDGE BANCORP INC		2,847			107,901
BRIDGEPOINT EDUCATION INC		23,286			235,887
BRIGGS & STRATTON CORP		8,095			180,195
BRIGHT HORIZONS FAMILY SOL INC		2,610			182,752
BRISTOW GROUP INC		16,410			336,077
BROADRIDGE FINANCIAL SOL		964			63,913
BROADWIND ENERGY INC		2,409			9,744
BROCADE COMMUNICATIONS SYS		76,167			951,326
BROOKDALE SENIOR LIVING INC		66,739			828,898
BROOKLINE BANCORP INC		32,544			533,722
BROOKS AUTOMATION INC		14,123			241,080
BRYN MAWR BANK CORP		6,634			279,623
BSB BANCORP INC		433			12,535
BSQUARE CORP		6,836			39,991
BUILD A BEAR WORKSHOP INC		2,193			30,154
CABLE ONE INC W/I		504			313,352
CABOT CORP		10,125			511,718
CABOT MICROELECTRONICS CORP		2,401			151,671
CACI INTERNATIONAL INC		7,368			915,842
CAI INTERNATIONAL INC		5,758			49,922
CALADRIUS BIOSCIENCES INC		2,900			8,207
CALAMOS ASSET MGMT INC CL A		2,536			21,683
CALATLANTIC GROUP INC		41,847			1,423,216
CALERES INC		27,400			899,268
CALGON CARBON		9,630			163,710
CALIX NETWORKS INC		17,559			135,204
CALLAWAY GOLF CO		27,812			304,820
CALLON PETROLEUM CO		30,748			472,597
CAL-MAINE FOODS INC		8,398			370,982
CALPINE CORP		134,068			1,532,397
CAMBREX CORP		5,585			301,311
CAMDEN NATIONAL CORP		4,733			210,382
CAPITAL BANK FINL CORP SER A		10,500			412,125
CAPITAL CITY BANK GROUP INC		730			14,950
CAPITOL FED FINL (2ND STEP CV)		60,409			994,332
CARDINAL FINL CORP		4,558			149,457
CAREER EDUCATION CORP		52,664			531,380
CARLISLE COS INC		1,922			211,977
CARPENTER TECHNOLOGY CORP		22,832			825,833
CARRIAGE SERVICES INC		7,070			202,485
CARROLS RESTAURANT GROUP INC		11,924			181,841
CASCADE BANCORP		4,483			36,402
CASELLA WASTE SYS INC CL A		318			3,946
CASEY GENERAL STORES		1,875			222,900



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
CASS INFORMATION SYSTEMS INC		562			41,346
CATHAY GENERAL BANCORP		12,232			465,183
CATO CORP CL A		11,900			357,952
CAVCO INDUSTRIES INC DEL		1,604			160,159
CAVIUM INC		3,508			219,040
CBIZ INC		32,659			447,428
CDI CORP		7,805			57,757
CECO ENVIRONMENTAL CORP		10,875			151,706
CELADON GRP INC		6,138			43,887
CENTERSTATE BANKS INC		11,851			298,290
CENTRAL EUROPEAN MEDIA CL A(US		43,499			110,922
CENTRAL GARDEN & PET CO CL A		12,836			396,632
CENTRAL PACIFIC FINANCIAL CORP		13,924			437,492
CENTURY ALUMINUM COMPANY		39,444			337,641
CENTURY CASINOS INC		4,738			38,994
CENTURY COMMUNITIES INC		4,839			101,619
CF INDUSTRIES HOLDINGS INC		26,955			848,543
CHART INDUSTRIES INC		18,992			684,092
CHARTER FINANCIAL CORP		973			16,220
CHASE CORP		400			33,420
CHEFS WAREHOUSE INC		1,586			25,059
CHEMICAL FINANCIAL CORP		14,725			797,653
CHEMTURA CORP NEW		37,096			1,231,587
CHICAGO BRIDGE & IRON (NY REG)		14,045			445,929
CHICAGO RIVET & MACHINE CO		300			12,480
CHICOS FAS INC		40,927			588,940
CHIMERIX INC		14,714			67,684
CHRISTOPHER & BANKS CORP		6,800			15,912
CIBER INC		28,602			18,071
CINCINNATI FINANCIAL CORP		208			15,756
CIRCOR INTERNATIONAL INC		25,288			1,640,685
CIRRUS LOGIC INC		7,412			419,074
CIT GROUP INC		6,774			289,114
CITI TRENDS INC		70,141			1,321,456
CITIZENS & NORTHERN CORP		502			13,152
CITY HOLDING CO		1,547			104,577
CIVEO CORP		36,870			81,114
CLEAN ENERGY FUELS CORP		40,218			115,023
CLEAN HARBORS INC		8,535			474,973
CLEARWATER PAPER CORP		5,439			356,526
CLIFTON BANCORP INC		5,407			91,486
CLOUD PEAK ENERGY INC		85,400			479,094
CNB FINANCIAL CORP PA		3,006			80,380
COBIZ FINANCIAL INC		13,516			228,285
COCA COLA BOTTLING CO CONSOLID		1,300			232,505



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
COEUR MINING INC		19,985			181,664
COHERENT INC		4,869			668,928
COHU INC		12,478			173,444
COLFAX CORP		43,857			1,575,782
COLUMBIA BANKING SYSTEMS INC		20,122			899,051
COLUMBIA SPORTSWEAR CO		6,785			395,566
COLUMBUS MCKINNON CORP NY		9,770			264,181
COMERICA INC		8,860			603,455
COMFORT SYSTEMS USA INC		12,873			428,671
COMMERCEHUB INC SER A		4,351			65,309
COMMERCEHUB INC SER C		8,703			130,806
COMMERCIAL METALS CO		44,935			978,684
COMMERCIAL VEHICLE GROUP INC		18,002			99,551
COMMUNITY BANK SYSTEMS INC		13,725			848,068
COMMUNITY HEALTH SYS INC NEW		38,019			212,526
COMMUNITY TRUST BANCORP INC		4,449			220,670
COMTECH TELECOMMUNICATIONS NEW		11,781			139,605
CONMED CORP		40,589			1,792,816
CONNECTONE BANCORP INC		5,399			140,104
CONNS INC		2,532			32,030
CONSOL ENERGY INC		82,303			1,500,384
CONSOLIDATED COMM HLDGS INC		5,188			139,298
CONSOLIDATED TOMOKA LAND CO		367			19,605
CONSOLIDATED WATER CO LTD		5,400			58,590
CONSUMER PORTFOLIO SVCS INC		8,447			43,249
CONTAINER STORE GROUP INC		299			1,899
CONTANGO OIL & GAS CO		13,140			122,728
CONTROL4 CORP		5,063			51,643
CONVERGYS CORP		41,280			1,013,837
COOPER STANDARD HOLDING INC		3,525			364,415
COOPER TIRE & RUBBER COMPANY		18,907			734,537
COPA HOLDINGS SA CL A		9,509			863,702
CORE MOLDING TECH INC		2,250			38,498
CORELOGIC INC		9,228			339,867
CORE-MARK HOLDING CO INC		19,320			832,112
COVANTA HOLDING CORP		44,917			700,705
COVENANT TRANSPORT GROUP CL A		2,830			54,732
COVISINT CORP		3,847			7,309
COWEN GROUP INC A		11,500			178,250
CPI AEROSTRUCTURES INC		900			8,325
CRA INTERNATIONAL INC		4,216			154,306
CRAFT BREW ALLIANCE INC		8,617			145,627
CRAY INC		2,518			52,123
CREE INC		38,059			1,004,377
CROCS INC		16,020			109,897



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
CROSS COUNTRY HEALTHCARE INC		8,492			132,560
CRYOLIFE INC		8,994			172,235
CSG SYSTEMS INTL INC		7,285			352,594
CSW INDUSTRIALS INC W/I		2,135			78,675
CU BANCORP		257			9,201
CUBIC CORP		7,467			358,043
CULP INC		4,391			163,126
CUMULUS MEDIA INC CL A		2,441			2,490
CURTISS WRIGHT CORPORATION		9,549			939,240
CUSTOMERS BANCORP INC		5,579			199,840
CVB FINANCIAL CORP		31,386			719,681
CVR ENERGY INC		2,603			66,090
CYNOSURE INC CL A		6,771			308,758
CYPRESS SEMICONDUCTOR CORP		17,815			203,804
DAKTRONICS INC		15,099			161,559
DANA INC		18,153			344,544
DARDEN RESTAURANTS INC		6,475			470,862
DARLING INGREDIENTS INC		67,785			875,104
DATALINK CORP		5,770			64,970
DAWSON GEOPHYSICAL CO		12,048			96,866
DEAN FOODS CO		37,860			824,591
DECKERS OUTDOOR CORP		10,074			557,999
DEL FRISCOS RESTAURANT GP INC		11,081			188,377
DEL TACO RESTAURANTS INC		8,473			119,639
DELEK US HOLDINGS INC		25,660			617,636
DENBURY RESOURCES INC		34,407			126,618
DERMA SCIENCES INC		2,000			10,400
DESTINATION MATERNITY INC		396			2,047
DESTINATION XL GROUP INC		20,171			85,727
DEVRY EDUCATION GROUP INC		31,073			969,478
DHI GROUP INC		11,819			73,869
DHT HOLDINGS INC		32,911			136,252
DIAMOND OFFSHORE DRILLING		43,905			777,119
DIGI INTERNATIONAL INC		16,542			227,453
DIGIRAD CORP		4,600			23,000
DIGITALGLOBE INC		26,339			754,612
DILLARDS INC CL A		12,315			772,027
DIME COMMUNITY BANCSHARES INC		18,296			367,750
DINEEQUITY INC		2,238			172,326
DIODES INC		23,825			611,588
DIXIE GROUP INC		3,539			12,740
DMC GLOBAL INC		6,981			110,649
DOMTAR CORP		26,560			1,036,637
DONEGAL GROUP INC CL A		3,677			64,274
DORIAN LPG LTD		1,197			9,827



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
DOUGLAS DYNAMICS INC		7,244			243,761
DOVER MOTORSPORTS INC		4,100			9,430
DR HORTON INC		3,707			101,312
DRIL-QUIP INC		14,254			855,953
DSP GROUP		12,470			162,734
DSW INC CL A		23,447			531,075
DUCOMMUN INC		6,929			177,105
DYCOM INDUSTRIES INC		7,701			618,313
DYNEGY INC NEW DEL		44,348			375,184
E TRADE FINANCIAL CORP		19,773			685,134
ECHO GLOBAL LOGISTICS INC		1,217			30,486
ECHOSTAR CORP CL A		12,372			635,797
ECLIPSE RESOURCES CORP		9,286			24,794
ECOLOGY INC		1,635			80,360
EDGEWELL PERSONAL CARE CO		867			63,282
ELECTRO SCIENTIFIC INDS INC		181,581			1,074,960
ELECTROMED INC		1,717			6,662
ELECTRONICS FOR IMAGING INC		18,965			831,805
ELLIS (PERRY) INTL INC		11,890			296,180
EMC INSURANCE GROUP INC		4,025			120,790
EMCOR GROUP INC		8,781			621,344
EMCORE CORP		6,970			60,639
EMERGENT BIOSOL		16,200			532,008
EMERGENT CAPITAL INC		11,085			13,413
EMPLOYERS HOLDINGS INC		15,328			606,989
ENANTA PHARMACEUTICALS INC		2,638			88,373
ENCORE CAP GROUP INC		19,250			551,513
ENCORE WIRE CORPORATION		7,480			324,258
ENDO INTERNATIONAL PLC		40,591			668,534
ENDURANCE SPECIALTY HLDGS LTD		31,206			2,883,434
ENERGIZER HLDGS INC		3,958			176,566
ENERNOC INC		5,100			30,600
ENERSYS INC		7,983			623,472
ENGILITY HOLDINGS INC		2,281			76,870
ENLINK MIDSTREAM LLC		2,517			47,949
ENNIS INC		8,746			151,743
ENOVA INTL INC		21,010			263,676
ENPRO INDUSTRIES INC		6,287			423,492
ENSIGN GROUP INC		12,600			279,846
ENSTAR GROUP LTD		6,202			1,226,135
ENTEGRIS INC		53,610			959,619
ENTERCOM COMM CORP CL A		10,909			166,908
ENTERPRISE FINL SVCS CORP		6,777			291,411
ENVISION HEALTHCARE CORP		20,296			1,284,534
EPLUS INC		3,350			385,920



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ERA GROUP INC		5,470			92,826
ESCALADE		1,300			17,160
ESCO TECHNOLOGIES INC		3,915			221,785
ESPEY MFG.&ELECTRIC		272			6,950
ESSA BANCORP INC		3,403			53,495
ESSENDANT INC		8,755			182,980
ESTERLINE TECHNOLOGIES CORP		12,477			1,112,948
ETHAN ALLEN INTERIORS INC		5,674			209,087
EVERBANK FINANCIAL CORP		21,008			408,606
EVEREST REINSURANCE GROUP LTD		3,493			755,885
EVERI HOLDINGS INC		26,303			57,078
EVINE LIVE INC CL A		4,996			7,494
EXACTECH INC		4,565			124,625
EXAR CORP		20,663			222,747
EXLSERVICE HOLDINGS INC		3,158			159,290
EXPRESS INC		22,707			244,327
EXTERRAN CORP		13,901			332,234
EZCORP INC CL A NON VTG		103,000			1,096,950
FABRINET		6,711			270,453
FARMERS CAPITAL BANK CORP		1,003			42,176
FARMERS NATL BANC CORP		3,826			54,329
FARO TECHNOLOGIES INC		4,964			178,704
FBL FINANCIAL GROUP INC CL A		9,286			725,701
FCB FINANCIAL HLDGS INC CL A		4,581			218,514
FEDERAL AGRI MTG NON VTG CL C		3,241			185,612
FEDERAL MOGUL HLDGS CORP CL A		31,720			327,033
FEDERAL SIGNAL CORP		9,211			143,784
FEDERATED NATIONAL HOLDING CO		3,565			66,630
FERROGLOBE PLC		45,262			490,187
FERROGLOBE REP&WARRANTY INS TR		21,777			-
FIDELITY SOUTHERN CORP		9,321			220,628
FINANCIAL INSTITUTIONS INC		3,480			119,016
FINISAR CORP		35,958			1,088,449
FINISH LINE INC CL A		15,295			287,699
FIRST AMERICAN FINANCIAL CORP		14,985			548,901
FIRST BANCORP INC ME		2,185			72,324
FIRST BANCORP NC		4,180			113,445
FIRST BANCORP PUERTO RICO		24,640			162,870
FIRST BUSEY CORP		7,721			237,652
FIRST BUSINESS FIN SVCS INC		357			8,468
FIRST CITIZEN BANCSHARES INC A		920			326,600
FIRST COMMONWEALTH FINL CORP		38,571			546,937
FIRST COMMUNITY BANCSHARES INC		4,945			149,042
FIRST CONNECTICUT BANCORP		1,226			27,769
FIRST DEFIANCE FINL CORP		1,026			52,059



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
FIRST FINANCIAL BANCORP		30,024			854,183
FIRST FINANCIAL INDIANA		1,588			83,846
FIRST FINANCIAL NORTWEST INC		4,521			89,245
FIRST FOUNDATION INC		531			15,134
FIRST INTST BANCSYST INC CL A		7,088			301,594
FIRST MERCHANTS CORP		12,999			489,412
FIRST MIDWEST BANCORP INC DEL		30,670			773,804
FIRST NBC BANK HOLDING COMPANY		2,019			14,739
FIRST NORTHWEST BANCORP		553			8,627
FIRST OF LONG ISLAND CORP		901			25,724
FIRST SOLAR INC		21,920			703,413
FIRST SOURCE CORP		2,871			128,219
FIRSTCASH INC		25,693			1,207,571
FIVE STAR QUALITY CARE INC		2,230			6,021
FLAGSTAR BANCORP INC		17,690			476,569
FLEX LTD		57,358			824,234
FLEXIBLE SOLUTIONS INTL INC		4,800			6,528
FLEXSTEEL IND		2,645			163,117
FLOTEK INDUSTRIES INC		900			8,451
FLUOR CORP		3,498			183,715
FLUSHING FINANCIAL CORP		12,900			379,131
FMC TECHNOLOGIES INC		24,163			858,511
FNB CORP PA		55,686			892,647
FNFV GROUP		5,768			79,022
FORESTAR GROUP INC		39,723			528,316
FORMFACTOR INC		21,213			237,586
FORUM ENERGY TECHNOLOGIES INC		49,502			1,089,044
FORWARD AIR CORP		5,428			257,179
FOSSIL GROUP INC		6,273			162,220
FOSTER L B CO CL A		3,870			52,632
FRANKLIN ELECTRIC CO. INC.		1,855			72,160
FREDS INC CL A		18,000			334,080
FREIGHTCAR AMERICA INC		7,555			112,796
FRESH DEL MONTE PRODUCE INC		20,165			1,222,604
FRONTIER COMMUNICATIONS CORP		438,181			1,481,052
FRP HOLDINGS INC		760			28,652
FTD COS INC		12,991			309,705
FTI CONSULTING INC		18,693			842,680
FULLER H B CO		15,516			749,578
FULTON FINANCIAL CORP		71,750			1,348,900
FUTUREFUEL CORP		14,940			207,666
G & K SERVICES INC CL A		4,625			446,081
GAIA INC CL A		1,438			12,439
GAIN CAPITAL HOLDINGS INC		23,065			151,768
GAMESTOP CORP CL A		35,840			905,318



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
GANNETT CO INC NEW		44,579			432,862
GASLOG LTD		9,636			155,140
GATX CORP		7,580			466,776
GENCOR INDUSTRIES INC		2,031			31,887
GENERAL CABLE CORP DEL		21,076			401,498
GENERAL COMMUNICATIONS CL A		3,354			65,235
GENESCO INC		9,330			579,393
GENESEE & WYOMING INC CL A		19,711			1,368,141
GENTEX CORP		8,744			172,169
GENWORTH FINANCIAL INC A		23,897			91,048
GEOSPACE TECHNOLOGIES CORP		1,361			27,710
GERMAN AMERICAN BANCORP INC		2,000			105,220
GIBRALTAR INDUSTRIES INC		10,477			436,367
GIGPEAK INC		10,281			25,908
G-III APPAREL GROUP LTD		15,580			460,545
GLACIER BANCORP INC		14,688			532,146
GLATFELTER		16,763			400,468
GLOBAL EAGLE ENTERTAINMENT INC		1,935			12,500
GLOBAL INDEMNITY LTD		2,186			83,527
GLOBAL POWER EQUIPMENT GROUP		7,030			33,182
GOLD RESOURCE CORP		2,679			11,654
GOLDEN OCEAN GROUP LTD		1,900			8,949
GOLDFIELD CORP		14,468			73,787
GOODYEAR TIRE & RUBBER CO		39,706			1,225,724
GORDMANS STORES INC		2,936			2,011
GORMAN-RUPP CO		1,512			46,796
GP STRATEGIES CORP		2,995			85,657
GRAHAM CORPORATION		800			17,720
GRAHAM HOLDINGS CO		1,527			781,748
GRAND CANYON EDUCATION INC		3,700			216,265
GRANITE CONSTRUCTION INC		21,102			1,160,610
GRAPHIC PACKAGING HOLDING CO		7,993			99,753
GRAY TELEVISION INC		20,326			220,537
GREAT LAKES DREDGE & DOCK CORP		13,711			57,586
GREAT SOUTHERN BANCORP INC		5,196			283,961
GREAT WESTERN BANCORP INC		13,251			577,611
GREEN BANCORP INC		519			7,889
GREEN BRICK PARTNERS INC		1,970			19,799
GREEN DOT CORP CLASS-A		43,635			1,027,604
GREEN PLAINS INC		15,908			443,038
GREENBRIER COMPANIES INC		10,591			440,056
GREENLIGHT CAPITAL RE LTD A		15,037			342,844
GREIF INC CL A		10,414			534,342
GRIFFON CORP		8,844			231,713
GROUP 1 AUTOMOTIVE INC		9,228			719,230



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
GUARANTY BANCORP		1,792			43,366
GUESS INC		53,162			643,260
GULF ISLAND FABRICATION INC		7,026			83,609
GULFMARK OFFSHORE INC CLASS A		11,094			19,415
GULFPORT ENERGY CORP		12,747			275,845
H&E EQUIPMENT SERVICES INC		1,300			30,225
HACKETT GROUP INC		9,946			175,646
HAEMONETICS CORP MASS		12,368			497,194
HALLADOR PETROLEUM CO		1,473			13,390
HALLMARK FIN SERVICES INC		2,831			32,925
HALYARD HEALTH INC		27,145			1,003,822
HANCOCK HOLDING CO		26,241			1,130,987
HANGER INC		5,290			60,831
HANMI FINANCIAL CORPORATION		10,244			357,516
HANOVER INSURANCE GROUP INC		17,900			1,629,079
HARDINGE INC		8,519			94,391
HARMAN INTL IND INC NEW		14,862			1,652,060
HARMONIC INC		42,733			213,665
HARRIS CORP		455			46,624
HARTE-HANKS INC		22,130			33,416
HARVARD BIOSCIENCES INC		12,612			38,467
HAVERTY FURNITURE COS INC		9,000			213,300
HAWAIIAN HLDGS INC		8,775			500,175
HAWAIIAN TELCOM HOLDCO INC		5,439			134,778
HAWKINS INC		2,961			159,746
HAYNES INTL INC		6,822			293,278
HC2 HOLDINGS INC		2,403			14,250
HCI GROUP INC		3,672			144,971
HEALTHWAYS INC		13,384			304,486
HEARTLAND FINANCIAL USA INC		5,583			267,984
HECLA MINING CO		227,322			1,191,167
HEIDRICK & STRUGGLES INTL INC		7,475			180,521
HELEN OF TROY LTD		8,366			706,509
HELIX ENERGY SOL GRP INC		70,006			617,453
HELMERICH & PAYNE INC		24,617			1,905,356
HERITAGE COMMERCE CORP		3,853			55,599
HERITAGE CRYSTAL CLEAN INC		2,278			35,765
HERITAGE FINANCIAL CORP WASH		14,586			375,590
HERITAGE INSURANCE HOLDINGS IN		1,000			15,670
HERITAGE OAKS BANCORP		1,279			15,770
HHGREGG INC		12,045			17,224
HILLTOP HLDGS I		35,827			1,067,645
HMS HOLDINGS CORP		9,732			176,733
HOLLYFRONTIER CORP		33,246			1,089,139
HOMESTREET INC		9,754			308,226



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
HOMETRUST BANCSHARES INC		4,475			115,903
HOOKER FURNITURE CORP		4,681			177,644
HOPE BANCORP INC		59,965			1,312,634
HORACE MANN EDUCATORS CORP		16,151			691,263
HORIZON BANCORP INDIANA		6,576			184,128
HORIZON GLOBAL CORP		2,999			71,976
HORNBECK OFFSHORE SERVICES INC		7,548			54,497
HOUGHTON MIFFLIN HARCOURT CO		19,360			210,056
HOUSTON WIRE & CABLE CO		3,800			24,700
HRG GROUP INC		19,982			310,920
HUB GROUP INC CL A		7,494			327,863
HUDSON TECHNOLOGIES INC		1,767			14,154
HUNTINGTON BANCSHARES INC		72,563			959,283
HUNTSMAN CORP		73,385			1,400,186
HURCO INC		2,277			75,369
HURON CONSULTING GROUP INC		6,592			333,885
HYSTER-YALE MATRS		619			39,474
IAC/INTERACTIVECORP		2,302			149,147
IBERIABANK CORP		20,700			1,733,625
ICAD INC		2,800			9,058
ICF INTERNATIONAL INC		8,555			472,236
ICONIX BRAND GROUP INC		21,044			196,551
ICU MEDICAL INC		3,262			480,656
IDT CORP CL B NEW		5,318			98,596
IES HOLDINGS INC		467			8,943
II-VI INC.		25,479			755,452
ILG INC		51,022			927,070
IMPAX LABORATORIES INC		8,296			109,922
INDEPENDENT BANK CORP MASS		5,089			358,520
INDEPENDENT BANK GROUP INC		778			48,547
INFINITY PPTY & CASUALTY CORP		2,158			189,688
INGEVITY CORP		211			11,575
INGLES MARKETS INC-CL A		5,171			248,725
INGREDION INC		6,712			838,732
INNERWORKINGS INC		19,997			196,970
INNOPHOS HOLDINGS INC		4,799			250,796
INNOSPEC INC		5,066			347,021
INSEEGO CORP		13,943			34,021
INSIGHT ENTERPRISES INC		1,200			48,528
INSTEEL INDUSTRIES INC		8,006			285,334
INTEGER HOLDINGS CORP		9,363			275,740
INTEGRA LIFESCIENCES HLDS CORP		4,002			343,332
INTELIQUENT INC		19,665			450,722
INTER PARFUMS INC		4,624			151,436
INTERACTIVE BROKERS GROUP INC		9,189			335,490



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
INTERNAP CORP		16,675			25,680
INTERNATIONAL BANCSHARES CORP		29,279			1,194,583
INTERNATIONAL GAME TECHNGY PLC		52,047			1,328,239
INTERNATIONAL SPEEDW A (1/5VT)		8,700			320,160
INTERSIL CORPORATION CL A		36,327			810,092
INTEVAC INC		10,220			87,381
INTL FCSTONE INC		6,402			253,519
INTRALINKS HLDGS INC		21,063			284,772
INTRAWEST RESORTS HLDGS INC		3,802			67,866
INTREPID POTASH INC		25,443			52,921
INVACARE CORP		20,595			268,765
INVENTURE FOODS		1,096			10,796
INVESTMENT TECH GROUP INC		32,035			632,371
INVESTORS BANCORP INC NEW		107,889			1,505,052
INVESTORS TITLE CO		114			18,033
IRIDIUM COMMUNICATIONS INC		28,717			275,683
IROBOT CORP		3,481			203,464
ITRON INC		3,432			215,701
ITT INC		18,044			695,957
IXIA		2,534			40,797
IXYS CORP DEL		12,451			148,167
J ALEXANDERS HLDGS INC		1,100			11,825
J2 GLOBAL INC		3,977			325,319
JABIL CIRCUIT INC		82,807			1,960,042
JACOBS ENGINEERING GROUP INC		49,687			2,832,159
JANUS CAPITAL GROUP INC		14,276			189,443
JETBLUE AIRWAYS CORP		87,600			1,963,992
JOY GLOBAL INC		5,475			153,300
K12 INC		15,781			270,802
KADANT INC		3,704			226,685
KAMAN CORP		34,144			1,670,666
KAPSTONE PAPER & PCKGING CORP		31,138			686,593
KAR AUCTION SERVICES INC		5,304			226,056
KB HOME		12,983			205,261
KCG HOLDINGS INC CL A		21,873			289,817
KEARNY FINANCIAL CORP		30,399			472,704
KELLY SERVICES INC CL A		18,019			412,995
KEMET CORP		9,968			66,088
KEMPER CORP		21,255			941,597
KEWAUNEE SCIENTIFIC CORP		482			11,785
KEYW HOLDING CORP		4,210			49,636
KIMBALL ELECTRONICS INC		12,463			226,827
KIMBALL INTL INC CL B		11,193			196,549
KINDRED HEALTHCARE INC		28,657			224,957
KIRBY CORP		18,047			1,200,126



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
KIRKLANDS INC		7,600			117,876
KLX INC W/I		28,817			1,299,935
KMG CHEMICALS INC		5,186			201,684
KNIGHT TRANSPORTATION INC		13,978			461,973
KNOWLES CORP		28,246			471,991
KONA GRILL INC		911			11,433
KORN/FERRY INTL		21,360			628,625
KOSMOS ENERGY LTD		54,762			383,882
KRATON CORP		10,239			291,607
KRATOS DEFENSE & SEC SOLTN INC		32,839			243,009
KRONOS WORLDWIDE INC		1,000			11,940
KULICKE & SOFFA INDUSTRIES INC		92,331			1,472,679
KVH INDUSTRIES INC		800			9,440
LA QUINTA HOLDINGS INC		7,149			101,587
LA Z BOY INC		21,424			665,215
LADENBURG THALMANN FINL SVCS		8,200			20,008
LAKELAND BANCORP INC		14,345			279,728
LAKELAND FINANCIAL CORP		6,904			326,973
LANDEC CORP		5,429			74,920
LANDMARK BANCORP INC		604			16,930
LATTICE SEMICONDUCTOR CORP		28,675			211,048
LAYNE CHRISTENSEN CO		50,802			552,218
LCNB CORPORATION		2,003			46,570
LEAF GROUP LTD		5,214			34,152
LEAR CORP NEW		4,405			583,090
LEGACYTEXAS FINANCIAL GRP INC		39,845			1,715,726
LEGG MASON INC		50,411			1,507,793
LEMAITRE VASCULAR INC		2,700			68,418
LEUCADIA NATIONAL CORP		31,541			733,328
LHC GROUP INC		6,635			303,220
LIBBEY INC.		9,364			182,223
LIBERTY EXPEDIA HLDGS INC CL A		4,518			179,229
LIBERTY TAX INC CL A		790			10,586
LIBERTY TRIPADVISOR HOLDG A WI		23,007			346,255
LIBERTY VENTURES CL A		6,777			249,868
LIFEPOINT HEALTH INC		15,361			872,505
LIFETIME BRANDS INC		8,088			143,562
LIMELIGHT NETWORKS INC		3,135			7,900
LIMONEIRA CO		1,903			40,934
LINDSAY CORP		297			22,159
LIQUIDITY SERVICES INC		8,196			79,911
LITTELFUSE INC		364			55,244
LMI AEROSPACE INC		3,590			30,946
LSB INDUSTRIES INC		8,252			69,482
LSI INDUSTRIES INC		3,710			36,135



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
LUMINEX CORP		7,951			160,849
LUMOS NETWORKS CORP—WI		9,345			145,969
LYDALL INC		1,300			80,405
LYON WILLIAM HOMES CLS A		11,485			218,560
M D C HOLDINGS INC		21,822			559,953
M/I HOMES INC		19,890			500,830
MACQUARIE INFRASTRUCTURE CORP		6,166			503,762
MADISON SQUARE GARDEN CO/THE		5,020			860,980
MAGELLAN HEALTH INC		11,627			874,932
MAIDEN HLDGS LTD		32,080			559,796
MAINSOURCE FINACIAL GROUP INC		8,833			303,855
MALLINCKRODT PLC		28,176			1,403,728
MANITOWOC CO INC		58,009			346,894
MANITOWOC FOODSERVICE INC W/I		24,644			476,369
MANPOWERGROUP INC		24,701			2,195,178
MANTECH INTL CORP CL A		12,175			514,394
MARCHEX INC		12,388			32,828
MARCUS CORP		2,410			75,915
MARINEMAX INC		10,666			206,387
MARLIN BUSINESS SERVICES CORP		5,620			117,458
MARRIOTT VACATIONS WORLD		14,800			1,255,780
MARTEN TRANSPORT LTD		14,842			345,819
MARTIN MARIETTA MATERIALS INC		295			65,351
MARVELL TECHNOLOGY GROUP LTD		113,516			1,574,467
MASTEC INC		32,993			1,261,982
MATERION CORP		47,200			1,869,120
MATRIX SERVICE CO		13,883			315,144
MATSON INC		17,285			611,716
MATTHEWS INTL CORP CL A		8,707			669,133
MAXLINEAR INC CL A		19,204			418,647
MAXWELL TECHNOLOGIES INC		11,331			58,015
MB FINANCIAL INC		13,341			630,095
MBIA INC		59,618			637,913
MBT FINANCIAL CORP		4,146			47,057
MCCLATCHY COMPANY CL A		1,642			21,642
MCDERMOTT INTL INC		108,989			805,429
MCEWEN MINING INC		24,025			69,913
MCGRATH RENTCORP		8,138			318,928
MEDIA GENERAL INC		6,927			130,435
MEDICINES CO		8,085			274,405
MEDNAX INC		8,258			550,478
MEETME INC		21,560			106,291
MENTOR GRAPHICS CORP		13,771			508,012
MERCANTILE BANK CORP		4,609			173,759
MERCER INTERNATIONAL INC		13,589			144,723



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
MERCHANTS BANCSHARES INC		979			53,062
MERCURY SYSTEMS INC		59,780			1,806,552
MEREDITH CORP.		12,781			755,996
MERIDIAN BANCORP INC		8,915			168,494
MERIT MEDICAL SYSTEMS INC		16,512			437,568
MERITAGE HOMES CORP		15,110			525,828
META FINL GROUP INC		3,686			379,289
MGP INGREDIENTS INC		700			34,986
MICROSEMI CORP		6,768			365,269
MIDSOUTH BANCORP INC		1,839			25,010
MIDWESTONE FINANCIAL GRP INC		423			15,905
MILLER INDUSTRIES INC TENN		5,750			152,088
MINERALS TECHNOLOGIES INC		11,642			899,345
MISTRAS GROUP INC		3,276			84,128
MITCHAM INDUSTRIES INC		900			3,735
MKS INSTRUMENTS INC		15,463			918,502
MOBILE MINI INC		13,191			399,028
MODINE MANUFACTURING CO		18,994			283,011
MODUSLINK GLOBAL SOLUTIO INC		9,387			13,705
MOLINA HEALTHCARE INC		18,666			1,012,817
MONARCH CASINO & RESORT INC		1,818			46,868
MOOG INC CL A		11,562			759,392
MOTORCAR PARTS OF AMERICA INC		2,675			72,011
MOVADO GROUP INC		919			26,421
MRC GLOBAL INC		31,781			643,883
MSG NETWORKS INC CL A		16,485			354,428
MUELLER INDUSTRIES INC		18,621			744,095
MULTI COLOR CO.		4,330			336,008
MURPHY OIL CORP		49,802			1,550,336
MURPHY USA INC		6,332			389,228
MYERS INDUSTRIES		13,087			187,144
MYR GROUP INC/DELAWARE		8,332			313,950
NABORS INDUSTRIES LTD		109,823			1,801,097
NACCO INDUSTRIES INC CL A		141			12,768
NANOMETRICS INC		9,165			229,675
NAPCO SECURITY TECHNOLOGIES IN		4,193			35,641
NASDAQ INC		8,251			553,807
NATIONAL BK HLDGS CORP		12,758			406,853
NATIONAL GEN HLDGS CORP		14,372			359,156
NATIONAL HEALTHCARE CORP		2,894			219,336
NATIONAL PRESTO INDS		121			12,874
NATIONAL WESTN LIFE GRP INC- A		375			116,550
NATURAL ALTERNATIVES INTL INC		1,498			16,927
NATURAL GAS SERVICES GROUP		7,953			255,689
NATURES SUNSHINE PRODUCTS INC		1,481			22,215



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
NATUS MEDICAL INC		2,388			83,102
NAVIENT CORP		112,281			1,844,777
NAVIGANT CONSULTING INC		17,971			470,481
NAVIGATORS GROUP INC		6,402			753,836
NBT BANCORP INC		6,882			288,218
NCI INC CL A		900			12,555
NEENAH PAPER INC		2,297			195,704
NELNET INC CL A		36,180			1,836,135
NEOPHOTONICS CO		16,950			183,230
NETGEAR INC		37,137			2,018,396
NETSCOUT SYSTEMS INC		2,186			68,859
NEUSTAR INC CL A		7,125			237,975
NEW HOME CO INC		1,500			17,565
NEW MEDIA INVSTMNT GRP INC		22,487			359,567
NEW YORK COMMUNITY BANCORP INC		44,071			701,170
NEW YORK TIMES CO CL A		39,947			531,295
NEWFIELD EXPLORATION CO		18,913			765,977
NEWPARK RESOURCES INC		118,300			887,250
NEWS CORP NEW CL A		91,444			1,047,948
NEWS CORP NEW CL B		40,338			475,988
NEWSTAR FINANCIAL INC		2,902			26,844
NICOLET BANKSHARES INC		237			11,303
NMI HOLDINGS INC		12,264			130,612
NN INC		13,869			264,204
NOBLE CORP PLC		52,865			312,961
NORDIC AMERICAN TANKER LTD		3,668			30,811
NORTHERN OIL AND GAS INC		2,575			7,081
NORTHFIELD BANCORP INC NEW		25,298			505,201
NORTHRIM BANCORP INC		2,652			83,803
NORTHWEST BANCSHARES INC		36,612			660,114
NORTHWEST PIPE CO		6,323			108,882
NOVANTA INC		6,523			136,983
NOW INC		35,644			729,633
NRG ENERGY INC		56,643			694,443
NUTRACEUTICAL INTL CORP		3,835			134,033
NUVASIVE INC		3,555			239,465
NUVECTRA CORP		3,121			15,699
NV5 GLOBAL INC		3,142			104,943
NVE CORP		340			24,286
OASIS PETROLEUM INC		100,007			1,514,106
OCEANEERING INTERNATIONAL INC		8,983			253,410
OCEANFIRST FINANCIAL CORP		4,452			133,694
OCLARO INC		31,707			283,778
OFFICE DEPOT INC		148,803			672,590
OFG BANCORP		17,758			232,630



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
OIL STATES INTERNATIONAL INC		27,439			1,070,121
OIL-DRI CORP OF AMERICA		943			36,032
OLD LINE BANCSHARES INC		1,286			30,838
OLD NATIONAL BANCORP (IND)		57,186			1,037,926
OLD REPUBLIC INTL CORP		83,698			1,590,262
OLD SECOND BANCORP		1,055			11,658
OLIN CORP		53,906			1,380,533
OLLIES BARGAIN OUTLET HOLDINGS		4,020			114,369
OLYMPIC STEEL INC		4,828			116,982
OMEGA PROTEIN CORP		8,800			220,440
OMNICELL INC		14,235			482,567
OMNOVA SOLUTIONS INC		10,400			104,000
ON ASSIGNMENT INC		16,145			712,963
ON SEMICONDUCTOR CORP		139,236			1,776,651
ONEBEACON INSURANCE GROUP LTD		6,407			102,832
OPPENHEIMER HLDGS CL A NON-VTG		2,993			55,670
OPUS BANK		5,065			152,203
ORASURE TECHNOLOGIES INC		30,203			265,182
ORBCOMM INC		13,069			108,081
ORBITAL ATK INC		4,024			353,026
ORCHIDS PAPER PRODUCTS CO		3,740			97,913
ORION ENERGY SYSTEMS INC		3,100			6,727
ORION GROUP HOLDINGS INC		12,325			122,634
ORITANI FINL CORP NEW		20,574			385,763
ORMAT TECHNOLOGIES INC		11,998			643,333
ORRSTOWN FINANCIAL SERVICES		535			11,984
ORTHOFIX INTL NV (NASDQ)		710			25,688
OSHKOSH CORP		10,223			660,508
OSI SYSTEMS INC		4,830			367,660
OVERSTOCK.COM INC DEL		5,541			96,968
OWENS AND MINOR INC		25,627			904,377
OWENS CORNING INC		29,355			1,513,544
PACIFIC CONTINENTAL CORP		7,311			159,745
PACIFIC DRILLING SA (US)		1,489			6,045
PACIFIC ETHANOL INC		11,058			105,051
PACIFIC MERCANTILE BANCORP		3,090			22,557
PACIFIC PREMIER BANCORP INC		1,019			36,022
PACWEST BANCORP		57,875			3,150,715
PAM TRANSPORTAION		566			14,705
PANHANDLE OIL & GAS CL A		2,200			51,810
PARK ELECTROCHEMICAL CORP.		7,589			141,535
PARK NATIONAL CORP		2,772			331,698
PARK OHIO HLDGS CORP		2,716			115,702
PARK STERLING CORP		14,170			152,894
PARKER DRILLING CO		66,147			171,982



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
PARTY CITY HOLDCO INC		4,243			60,251
PATRIOT TRANSPORTATION HLD INC		253			5,895
PATTERSON-UTI ENERGY INC		84,142			2,265,103
PBF ENERGY INC CL A		32,097			894,864
PC CONNECTION INC		5,800			162,922
PCM INC		4,626			104,085
PDC ENERGY INC		3,919			284,441
PDF SOLUTIONS INC		5,547			125,085
PDL BIOPHARMA INC		2,694			5,711
PEAPACK GLADSTONE FINL CORP		3,031			93,597
PENNEY (J.C.) CO INC		87,903			730,474
PENSKE AUTOMOTIVE GROUP INC		31,207			1,617,771
PEOPLES BANCORP INC		5,539			179,796
PEOPLES UNITED FINANCIAL INC		128,259			2,483,094
PEOPLES UTAH BANCORP		888			23,843
PERCEPTRON INC		3,435			22,808
PERFICIENT INC		6,930			121,206
PHARMERICA CORP		17,800			447,670
PHH CORP		34,500			523,020
PHI INC NON VTG		6,294			113,418
PHOTRONIC INC		139,348			1,574,632
PICO HOLDINGS INC		11,406			172,801
PIER 1 IMPORTS INC		20,784			177,495
PINNACLE FINL PARTNERS INC		10,765			746,015
PINNACLE FOODS INC		12,446			665,239
PIONEER ENERGY SVCS CORP		44,100			302,085
PIPER JAFFRAY COS		25,570			1,853,825
PLEXUS CORP		13,743			742,672
POPULAR INC		29,900			1,310,218
POST HOLDINGS INC		26,282			2,112,810
POTBELLY CORP		7,000			90,300
POWELL INDUSTRIES INC		5,322			207,558
PRA GROUP INC		393			15,366
PREFERRED BANK LOS ANGELES		3,596			188,502
PREMIER FINANCIAL BANCORP		1,535			30,854
PRESTIGE BRANDS HOLDINGS INC		17,668			920,503
PRIMERICA INC		10,115			699,452
PRIMORIS SVCS CORP		1,846			42,052
PRIVATEBANCORP INC		19,915			1,079,194
PROASSURANCE CORPORATION		8,814			495,347
PROGRESS SOFTWARE CORP		11,300			360,809
PROSPERITY BANCSHARES INC		24,020			1,724,156
PROVIDENCE SERVICE CORP		1,740			66,207
PROVIDENT FINANCIAL HLDGS INC		2,348			47,477
PROVIDENT FINANCIAL SVCS INC		17,240			487,892



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
PULTEGROUP INC		140,129			2,575,571
QAD INC CL A		263			7,995
QCR HOLDINGS INC		1,310			56,723
QEP RESOURCES INC		67,163			1,236,471
QORVO INC		27,870			1,469,585
QUAD/GRAPHICS INC CL A		13,354			358,956
QUANEX BUILDING PRODUCTS		15,828			321,308
QUANTA SVCS INC		62,179			2,166,938
QUINSTREET INC		16,796			63,153
QUORUM HEALTH CORPORATION WI		9,504			69,094
RADIAN GROUP INC		58,253			1,047,389
RADISYS CORP		9,312			41,252
RAMBUS INC		10,005			137,769
RAVEN INDUSTRIES INC		2,029			51,131
RBC BEARINGS INC		1,364			126,593
RCI HOSPITALITY HOLDINGS INC		6,809			116,434
READING INTL INC CL A		5,124			85,058
REAL INDUSTRY INC		1,942			11,846
REALNETWORKS INC		4,000			19,440
REALOGY HOLDINGS CORP		34,312			882,848
RED LION HOTEL CORP		6,427			53,665
RED ROBIN GOURMET BURGERS INC		3,401			191,816
REGAL BELOIT CORP		14,084			975,317
REGIONAL MANAGEMENT CORP		3,371			88,590
REGIS CORPORATION		3,135			45,520
REINSURANCE GROUP OF AMERICA		21,582			2,715,663
RELIANCE STEEL & ALUMINUM CO		31,460			2,502,328
RENAISSANCERE HLDGS LTD		15,857			2,160,041
RENASANT CORP		8,774			370,438
RENEWABLE ENERGY GROUP INC		22,141			214,768
RENT A CTR INC		35,123			395,134
REPUBLIC BANCORP INC KY CL A		5,500			217,470
RESOLUTE FOREST PRODUCTS INC		6,968			37,279
RESOURCES CONNECTION INC		22,644			435,897
RETAILMENOT INC		11,544			107,359
REVOLUTION LTG TECHNLGIES INC		1,121			6,166
REX AMERICAN RESOURCES CORP		3,086			304,743
RICE ENERGY INC		16,143			344,653
RLI CORP		3,714			234,465
ROADRUNNER TRANSPORTATION SYST		16,191			168,224
ROCKY BRANDS INC		3,100			35,805
ROGERS CORP		6,947			533,599
ROWAN COMPANIES PLC		95,192			1,798,177
ROYAL GOLD INC		8,782			556,340
RPC INC		2,191			43,404



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
RPX CORP		26,279			283,813
RSP PERMIAN INC		25,332			1,130,314
RTI SURGICAL INC		22,608			73,476
RUBY TUESDAY INC		134,501			434,438
RUDOLPH TECHNOLOGIES INC		11,519			268,969
RUSH ENTERPRISES INC CL A		9,322			297,372
RYDER SYSTEM INC		19,200			1,429,248
S & T BANCORP		9,192			358,856
SAFETY INSURANCE GROUP INC		7,565			557,541
SAGA COMMUNICATIONS INC CL A		232			11,670
SAIA INC		2,289			101,059
SALEM MEDIA GROUP INC CL A		1,585			9,906
SANDERSON FARMS INC		10,056			947,677
SANDY SPRING BANCORP INC		10,645			425,694
SANFILIPPO (JOHN B) & SON INC.		2,117			149,016
SANMINA CORP		34,522			1,265,231
SANTANDER CONSMR USA HLDGS INC		21,731			293,369
SCANSOURCE INC		7,517			303,311
SCHNITZER STEEL INDS INC CL A		20,710			532,247
SCHOLASTIC CORP		13,073			620,837
SCHWEITZER-MAUDUIT INTL INC		3,042			138,502
SCICLONE PHARMACEUTICALS INC		16,510			178,308
SCORPIO TANKERS INC		79,067			358,174
SCRIPPS (EW) CO CL A		25,348			489,977
SEABOARD CORP		158			624,414
SEACHANGE INTL INC		23,776			54,685
SEACOAST BANKING CORP FLORIDA		10,949			241,535
SEACOR HOLDINGS INC		7,871			561,045
SEARS HOMETOWN&OUTLET STRS INC		3,370			15,839
SEASPINE HOLDINGS CORP		3,500			27,650
SEAWORLD ENTMT INC		4,467			84,560
SELECT MEDICAL HLDGS CORP		47,391			627,931
SELECTIVE INSURANCE GROUP INC		22,770			980,249
SEMGROUP CORP-CLASS A		24,945			1,041,454
SENECA FOODS CORP CL A		3,741			149,827
SENSIENT TECHNOLOGIES CORP		1,816			142,701
SEQUENTIAL BRANDS GROUP INC		1,867			8,738
SERVICE CORP INTERNATIONAL INC		9,123			259,093
SHENANDOAH TELECOM CO		12,371			337,728
SHILOH INDUSTRIES		6,300			43,533
SHIP FINANCE INTL LTD (NY)		17,328			257,321
SHOE CARNIVAL		5,961			160,828
SHORE BANCSHARES INC		890			13,573
SHORETEL INC		33,400			238,810
SHULMAN A INC		10,088			337,444



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
SHUTTERFLY INC		8,697			436,415
SIERRA BANCORP		2,200			58,498
SIGMA DESIGNS INC		11,800			70,800
SILICON LABORATORIES INC		6,737			437,905
SIMMONS 1ST NATL CORP CL A		5,091			316,406
SIMPSON MANUFACTURING CO		19,145			837,594
SINCLAIR BROADCAST GROUP CL A		1,178			39,286
SKECHERS USA INC CL A		11,787			289,724
SKYWEST INC		36,100			1,315,845
SLM CORP		43,253			476,648
SM ENERGY CO		14,455			498,408
SMART & FINAL STORES INC		6,030			85,023
SNYDERS LANCE INC		18,822			721,635
SONIC AUTOMOTIVE INC CL A		19,162			438,810
SONIC CORP		909			24,098
SONOCO PRODUCTS CO		10,390			547,553
SONUS NETWORKS INC		14,193			89,416
SOTHEBY’S		12,651			504,269
SOUTH STATE CORP		5,566			486,468
SOUTHERN NATL BANCORP VA INC		2,073			33,873
SOUTHSIDE BANCSHARES INC		2,334			87,922
SOUTHWEST BANCORP INC OKLA		7,862			227,998
SOUTHWESTERN ENERGY CO		36,230			392,009
SP PLUS CORP		7,062			198,795
SPAN-AMERICA MED SYSTEMS INC		547			9,977
SPARTAN MOTORS INC		18,431			170,487
SPARTANNASH CO		12,845			507,891
SPARTON CORP		616			14,692
SPECTRUM PHARMACEUTICAL INC		16,023			70,982
SPEEDWAY MOTORSPORTS		8,839			191,541
SPIRIT AEROSYSTEM HLD INC CL A		9,252			539,854
SPIRIT AIRLINES INC		22,792			1,318,745
SPOK HOLDINGS INC		7,718			160,149
SPX FLOW INC		22,526			722,184
ST JOE COMPANY		2,549			48,431
STAGE STORES INC		14,649			64,016
STANDARD MOTOR PRODUCTS INC		2,256			120,064
STANDEX INTL CORP		894			78,538
STAPLES INC		117,811			1,066,190
STARTEK INC		139			1,175
STATE AUTO FINANCIAL CORP		3,015			80,832
STATE BANK FINANCIAL CORP		53,298			1,431,584
STEEL DYNAMICS INC		28,092			999,513
STEELCASE INC CLASS A		10,901			195,128
STEIN MART INC		7,961			43,626



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
STEPAN CO		4,889			398,356
STERLING BANCORP/DE		39,081			914,495
STERLING CONSTRUCTION CO INC		9,363			79,211
STEWART INFORMATION SERVICES		11,338			522,455
STIFEL FINANCIAL CORP		10,047			501,848
STILLWATER MINING CO		41,596			670,112
STOCK YARDS BANCORP INC		4,650			218,318
STONEGATE BANK		2,693			112,379
STONERIDGE INC		10,529			186,258
STRATTEC SEC CORP		870			35,061
SUFFOLK BANCORP		222			9,506
SUN BANCORP INC NJ		2,410			62,660
SUNCOKE ENERGY INC		29,499			334,519
SUPER MICRO COMPUTER INC		16,015			449,221
SUPERIOR ENERGY SERVICES INC		49,114			829,044
SUPERIOR INDUSTRIES INTL		7,494			197,467
SUPERIOR UNIFORM GROUP INC		3,094			60,704
SUPREME IND INC CL A		10,087			158,366
SVB FINL GROUP		5,607			962,498
SWIFT TRANSPORTATION CO CL A		17,782			433,170
SYKES ENTERPRISES INC		17,748			512,207
SYNCHRONOSS TECHNOLOGIES INC		7,033			269,364
SYNERGY RESOURCES CORP		26,743			238,280
SYNNEX CORP		15,344			1,856,931
SYNOVUS FINANICAL CORP		12,164			499,697
TAILORED BRANDS INC		3,533			90,268
TAKE-TWO INTERACTV SOFTWR INC		5,696			280,756
TANDY LEATHER FACTORY INC		1,300			10,530
TANGOE INC		900			7,092
TARGA RESOURCES CORP		23,137			1,297,292
TAYLOR MORRISON HME COR CLS A		9,162			176,460
TCF FINANCIAL CORPORATION		55,144			1,080,271
TEAM INC		3,260			127,955
TECH DATA CORP		15,429			1,306,528
TECHTARGET INC		5,113			43,614
TEEKAY CORP		1,238			9,941
TEEKAY TANKERS LTD CL A		12,286			27,766
TEGNA INC		85,920			1,837,829
TEJON RANCH CO		1,647			41,883
TELEDYNE TECHNOLOGIES INC		7,583			932,709
TELENAV INC		11,941			84,184
TELEPHONE & DATA SYSTEMS INC		38,716			1,117,731
TEREX CORP		11,743			370,257
TERRITORIAL BANCORP INC		4,359			143,150
TESCO CORP		22,448			185,196



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
TESSCO TECHNOLOGIES INC		800			10,400
TETRA TECH INC		15,350			662,353
TETRA TECHNOLOGIES INC		83,663			419,988
TETRAPHASE PHARMACEUTICALS INC		12,928			52,100
TEXAS CAPITAL BANCSHARES INC		11,196			877,766
TEXTAINER GROUP HLDGS LTD		12,457			92,805
THE CHILDRENS PLACE INC		5,983			603,984
THERMON GROUP HOLDINGS INC		16,461			314,240
THOR INDUSTRIES INC		3,633			363,482
TIDEWATER INC		15,810			53,912
TILLY’S INC		5,779			76,225
TIME INC		48,521			866,100
TIMKENSTEEL CORP		19,017			294,383
TITAN INTERNATIONAL INC		96,112			1,077,416
TITAN MACHINERY INC		45,700			665,849
TIVO CORP		51,719			1,080,927
TOLL BROTHERS INC		70,289			2,178,959
TOMPKINS FINANCIAL CORP		700			66,178
TOOTSIE ROLL INDUSTRIES INC		853			33,907
TOPBUILD CORP		9,691			345,000
TOWER INTERNATIONAL INC		6,822			193,404
TOWNE BANK		3,180			105,735
TRANSOCEAN LTD		119,721			1,764,688
TRC COMPANIES INC		4,847			51,378
TRECORA RESOURCES		7,892			109,304
TREDEGAR CORP		9,246			221,904
TREEHOUSE FOODS INC		2,776			200,399
TREMOR VIDEO INC		4,600			11,454
TRI POINTE GROUP INC		82,154			943,128
TRICO BANCSHARES		7,386			252,453
TRIMAS CORP		15,541			365,214
TRINITY INDUSTRIES INC		56,615			1,571,632
TRIPLE-S MANAGEMENT CORP CL B		11,300			233,910
TRISTATE CAPITAL HOLDINGS INC		3,395			75,030
TRITON INTERNATIONAL LTD		16,034			253,337
TRIUMPH GROUP INC		18,043			478,140
TRONOX LTD CL A		18,832			194,158
TRUEBLUE INC		7,821			192,788
TRUSTCO BANK CORP NY		29,367			256,961
TRUSTMARK CORP		30,023			1,070,320
TTM TECHNOLOGIES INC		46,826			638,238
TUESDAY MORNING CORP		13,458			72,673
TUTOR PERINI CORP		20,867			584,276
TWIN DISC INC		4,160			60,736
UFP TECHNOLOGIES INC		847			21,556



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ULTRA CLEAN HOLDINGS INC		16,102			156,189
ULTRALIFE CORP		139			688
ULTRATECH INC		11,780			282,484
UMB FINANCIAL CORP		5,756			443,903
UMPQUA HOLDINGS CORP		78,347			1,471,357
UNIFI INC		4,376			142,789
UNIFIRST CORP		3,709			532,798
UNION BANKSHARES CORP		16,961			606,186
UNIT CORP		46,689			1,254,533
UNITED BANKSHARES INC. W VA.		7,992			369,630
UNITED CMNTY FINL CORP OHIO		10,006			89,454
UNITED COMMUNITY BANKS GA		9,156			271,201
UNITED FINL BANCORP INC NEW		20,212			367,050
UNITED FIRE GROUP INC		10,489			515,744
UNITED INS HLDGS CORP		1,740			26,344
UNITED NATURAL FOODS INC		22,084			1,053,848
UNITED RENTALS INC		14,091			1,487,728
UNITED STATES CELLULAR CORP		7,293			318,850
UNITED STATES LIME & MIN INC		320			24,240
UNITED STATES STEEL CORP		15,404			508,486
UNIVERSAL AMERICAN CORP NEW		27,822			276,829
UNIVERSAL CORP		10,301			656,689
UNIVERSAL ELECTRONICS INC		4,607			297,382
UNIVERSAL FOREST PRODUCTS INC		16,650			1,701,297
UNIVERSAL INSURANCE HLDGS INC		6,277			178,267
UNIVERSAL STAINLESS & ALLOY		1,990			26,885
UNIVERSAL TECH INST INC		5,805			16,893
UNIVEST CORP PA		8,766			270,869
USA TRUCK INC		497			4,329
USG CORP NEW		13,221			381,822
VALIDUS HOLDING		29,502			1,622,905
VALLEY NATL BANCORP		73,947			860,743
VALMONT INDUSTRIES INC		1,285			181,057
VCA INC		5,416			371,808
VECTRUS INC		4,208			100,361
VEECO INSTRUMENT		13,095			381,719
VERA BRADLEY INC		11,231			131,627
VERIFONE SYSTEMS INC		4,567			80,973
VERITEX HOLDINGS INC		886			23,665
VERITIV CORP		2,393			128,624
VERSAR		3,100			4,278
VIAD CORP		8,207			361,929
VIASAT INC		254			16,820
VIAVI SOLUTIONS INC		49,271			403,037
VILLAGE SUPER MKT INC CL A NEW		3,666			113,279



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
VISHAY INTERTECHNOLOGY INC		110,085			1,783,377
VISHAY PRECISION GROUP INC		2,304			43,546
VISTA OUTDOOR INC		16,784			619,330
VISTEON CORP		7,330			588,892
VITAMIN SHOPPE INC		5,618			133,428
VONAGE HOLDINGS CORP		10,190			69,802
VOXX INTERNATIONAL CORP		10,389			48,828
VSE CORP		4,410			171,284
VWR CORP		27,801			695,859
WABASH NATIONAL CORP		15,722			248,722
WALKER & DUNLOP INC		4,998			155,938
WASHINGTON FEDERAL INC		30,378			1,043,484
WASHINGTON TR BANCORP INC		4,140			232,047
WATERSTONE FINANCIAL INC		9,641			177,394
WATTS WATER TECH INC CL A		6,954			453,401
WAYSIDE TECHNOLOGY GROUP INC		800			14,960
WCI COMMUNITIES INC		8,992			210,862
WEATHERFORD INTERNATIONA PLC		39,421			196,711
WEIS MARKETS INC		3,798			253,858
WELLCARE HEALTH PLANS INC		9,840			1,348,867
WENDYS CO		94,629			1,279,384
WERNER ENTERPRISES INC		24,072			648,740
WESBANCO INC		15,269			657,483
WESCO AIRCRAFT HOLDINGS INC		33,456			500,167
WESCO INTERNATIONAL INC		14,131			940,418
WEST BANCORPORATION INC		1,884			46,535
WEST MARINE INC		87,334			914,387
WESTERN REFINING INC		22,330			845,191
WESTLAKE CHEMICAL CORP		8,519			476,979
WESTROCK CO		1,268			64,376
WEYCO GROUP INC		39			1,221
WHITE MOUNTAINS INS GROUP LTD		507			423,877
WHITING PETROLEUM CORP		50,271			604,257
WILEY (JOHN) & SONS INC CL A		10,049			547,671
WILEY (JOHN) & SONS INC CL B		176			9,622
WILLBROS GROUP INC		19,631			63,604
WILLDAN GROUP		2,700			60,993
WILLIAMS CLAYTON ENERGY INC		3,668			437,446
WINDSTREAM HOLDINGS INC		39,587			290,173
WINNEBAGO INDUSTRIES INC		8,371			264,942
WINTRUST FINANCIAL CORP		16,154			1,172,296
WOLVERINE WORLD WIDE INC		27,015			592,979
WOODWARD INC		4,219			291,322
WORLD FUEL SERVICES CORP		5,426			249,108
WORTHINGTON INDUSTRIES INC		1,716			81,407



Identity of Issue, borrower, lessor, or similar party	Shares or Units			Cost **	Current Value
WPX ENERGY INC		91,643				1,335,239
WSFS FINANCIAL CORP		9,900				458,865
XCERRA CORP		21,206				162,014
XO GROUP INC		5,379				104,622
XPO LOGISTICS INC		25,220				1,088,495
YADKIN FINANCIAL CORP		1,085				37,172
ZAGG INC		12,014				85,299
ZEDGE INC CL B		1,487				4,654
ZIONS BANCORP		74,583				3,210,052
ZUMIEZ INC		11,351				248,019
ZYNGA INC		339,752				873,163

DFA Small/Mid Cap Value Account						527,529,095

PIMCO Total Return Account
Mutual Funds
HIGH YIELD PORTFOLIO INSTL CL		4,414,903				33,818,155
PAPS SR FLOATNG RATE PORTFOLIO		102,140				985,652
PIMCO ASSET BACK SECS PORT-UNL		4,648,289				57,127,473
PIMCO EMMERG MKTS FD INST CL		4,287,378				43,088,145
PIMCO INTL PORT FUND(UNLISTED)		6,658,045				52,332,232
PIMCO INV GRD CORP PORT(UNLST)		10,446,534				99,242,076
PIMCO MTG PORT INSTL CL(UNLST)		13,904,901				148,226,246
PIMCO MUNI SECTR PORT INSTL CL		1,040,873				7,535,923
PIMCO REAL RETRN BD FD INST CL		6,920,985				61,804,400
PIMCO SHORT TM FLT NAV PORT II		798,701				7,994,196
PIMCO US GOVT SECTOR PORT INST		16,783,796				143,669,291

PIMCO Total Return Account						655,823,789

International Growth Account
Currency
AUSTRALIAN DOLLAR CURRENCY		40				29
BRAZILIAN REAL		42,177				12,959
BRITISH POUND STERLING CURRENCY		33				20,024
CANADIAN DOLLAR		24,865				18,519
DANISH KRONE		0				477,838
EGYPTIAN POUND		285,069				15,724
EURO MONETARY UNIT.		726,519				414,415
HONG KONG DOLLAR		639				82
INDIAN RUPEE		126				2
INDONESIAN RUPIAH CURRENCY		35,599,611				2,642
JAPANESE YEN		(957	)			(8	)
MALAYSIAN RINGGIT		29,792				6,641
SOUTH AFRICAN RAND CURRENCY		(20,132,645	)			(1,465,925	)
SOUTH KOREAN WON		113				0
TAIWAN DOLLAR		5,080,018				156,527



Identity of Issue, borrower, lessor, or similar party	Shares or Units			Cost **	Current Value
Forward Currency Contract
CURRENCY CONTRACT—USD		(2,880,156	)			(4,125	)
Futures
MINI MSCI EMG MKT MAR17 MESH7		86				(23,284	)
Mutual Funds
SSBK GOVT STIF FUND		17,794,324				17,794,319
Publicly-traded Common Stock
ABB LTD (REG) (SWIT)		113,439				2,392,880
ACTELION LTD (REGD)		16,171				3,501,626
ADIDAS AG		17,776				2,809,593
AIA GROUP LTD		1,182,600				6,672,094
AIR LIQUIDE SA		15,369				1,709,224
AIRPORTS OF THAILAND PCL-NVDR		9,500				105,644
ALIBABA GROUP HLD LTD SPON ADR		96,786				8,498,779
ALIMENTATION COUCH CL B SUBVTG		50,244				2,278,222
ALPS ELECTRIC CO LTD		114,400				2,766,155
AMADEUS IT GROUP SA		44,799				2,035,796
AMOREPACIFIC NEW		871				231,953
ANGLOGOLD ASHANTI LTD		48,699				541,039
ANHEUSER-BUSCH INBEV SA/NV		25,470				2,695,846
ARKEMA		25,330				2,478,117
ASML HOLDING NV		18,931				2,125,291
ASSA ABLOY AB SER B		216,877				4,025,410
ATLAS COPCO AB SER A		171,111				5,211,874
AUSTRALIA & NZ BANKING GRP		153,760				3,375,431
BAE SYSTEMS PLC		330,582				2,409,826
BAIDU INC SPON ADR		4,490				738,201
BANCOLOMBIA SA SPON ADR		15,940				584,679
BANK OF CHINA LTD H		1,345,000				596,660
BANK RAKYAT INDONESIA TBK PT		1,348,000				1,168,150
BEIJING ENTERPRISES HLDGS LTD		120,000				567,155
BGF RETAIL		5,768				390,822
BHARTI INFRATEL LTD		119,913				606,054
BHP BILLITON PLC		278,081				4,477,467
BID CORP LTD		160,714				2,868,775
BNP PARIBAS (FRAN)		116,360				7,416,549
BRITISH AMERICAN TOBACCO PLC		64,432				3,669,748
BROOKFIELD ASSET INC VTG CL A		104,712				3,456,543
BUNZL PLC		132,404				3,441,354
CANADIAN NATL RAILWAY CO		69,132				4,659,497
CANADIAN NATL RESOURCES LTD		109,900				3,502,492
CATCHER TECHNOLOGY CO LTD		280,000				1,932,552
CATHAY FINANCIAL HLDG CO LTD		474,000				703,964
CCR SA		186,300				913,555
CEMEX SAB DE CV SPON ADR		93,200				748,396



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
CHINA CONSTRUCTION BANK CORP H		3,165,000			2,436,656
CHINA MOBILE LIMITED		149,400			1,583,684
CHINA OVERSEAS LAND & INV LTD		736,000			1,950,455
CHINA PETROL & CHEM CORP H		1,656,000			1,174,544
CHRISTIAN HANSEN HOLDING SA		54,249			3,004,146
CIELO SA		188,900			1,618,712
CIMB GROUP HOLDINGS BERHAD		327,300			329,051
COMMERCIAL INTL BK EGYPT SAE		66,508			267,976
COMMONWEALTH BK OF AUSTRALIA		80,071			4,761,917
COMPASS GROUP PLC		194,169			3,591,801
CONSTELLATION SOFTWARE INC		5,900			2,681,047
COPA HOLDINGS SA CL A		7,360			668,509
COSAN SA INDUSTRIA E COMERCIO		31,900			373,916
CP ALL PCL NVDR		136,100			237,671
CREDICORP LTD (USA)		5,210			822,451
CTBC FIN HLD (JP)(CWT) 2/25/21		1,178,184			640,742
CTRIP.COM INTL LTD ADR		6,820			272,800
DAIKIN INDUSTRIES LTD		35,500			3,260,684
DAITO TRUST CONSTRUCTION		13,000			1,955,422
DAVIDE CAMPARI SPA MILANO		367,681			3,595,596
DEUTSCHE TELEKOM AG (REGD)		129,944			2,237,128
DIAGEO PLC		234,645			6,101,624
DSV DE SAMMENSLUT VOGN		74,321			3,306,429
EISAI CO LTD		66,100			3,793,787
ELECTROLUX AB SER B		91,350			2,269,061
EMAAR PROPERTIES		445,338			864,510
ENNOCONN CORP		23,500			298,325
ESSILOR INTERNATIONAL SA(FRAN)		35,452			4,006,146
EXPERIAN PLC		161,784			3,138,282
FANUC CORPORATION		45,100			7,646,259
FIRSTRAND LIMITED		314,944			1,219,301
FMTC INR UNREALIZED GAIN/LOSS		1			0
FOMENTO ECONO MEX(FEMSA)SP ADR		9,030			688,176
FUCHS PETROLU SE (GERW) PFD		91,108			3,824,685
FUJI HEAVY INDUSTRIES LTD		77,000			3,143,906
GALP ENERGIA SGPS SA		331,122			4,946,004
GEBERIT AG (REG)		19,154			7,678,153
GENTING MALAYSIA BHD		425,200			434,110
GERDAU SA SPON ADR		279,150			876,531
GRUPO FINANCIERO BANORTE SAB		211,200			1,042,264
HDFC BANK LTD (DEMAT)		59,483			1,157,822
HDFC BANK LTD SPON ADR		111,182			6,746,524
HEIDELBERGCEMENT AG (GERW)		30,255			2,822,682
HENGAN INTL GRP CO LTD		393,234			2,887,959
HERO MOTOCORP LTD		56,689			2,539,072



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
HEXAGON AB SER B		55,129			1,969,628
HOUSING DEV FN CORP LTD(DEMAT)		99,957			1,857,208
HOWDEN JOINERY GROUP PLC		625,940			2,960,666
HOYA CORP		40,100			1,684,972
HYPERMARCAS SA		80,800			648,694
HYUNDAI MOBIS		4,240			927,194
ICICI BANK LTD (DEMAT)		161,502			606,751
ICICI BANK LTD SPONS ADR		76,100			569,989
IG GROUP HLDGS PLC		158,384			964,446
IHS MARKIT LTD		94,772			3,355,877
INDITEX SA		165,205			5,639,676
INDOFOOD SUKSES MAKMR (DEMAT)		904,000			531,765
INFINEON TECHNOLOGIES AG		165,010			2,867,750
INNER MONG A (JPM) (CWT) 10/19		219,500			556,256
INTERCONTINENTAL HOTELS GP PLC		176,019			7,891,761
INTERTEK GROUP PLC		153,683			6,592,977
ITAU UNIBANCO HLDG SA SPON ADR		401,120			4,123,514
ITC LTD (DEMAT)		190,273			676,621
JAMES HARDIE INDUSTRES PLC CDI		157,537			2,497,694
JOHNSON MATTHEY PLC		61,892			2,427,093
JULIUS BAER GRUPPE AG		68,991			3,064,385
JUST EAT PLC		359,191			2,582,962
KASIKORNBANK PCL NVDR		176,500			875,349
KEYENCE CORP		19,000			13,037,861
KINGSPAN GROUP PLC (IREL)		88,620			2,406,775
KOC HLDG AS		143,948			563,238
KOMATSU LTD		89,200			2,020,595
KONE OYJ B		98,376			4,408,357
KONINKLIJKE PHILIPS NV		81,413			2,485,282
KOREA AEROSPACE INDUSTRIES LTD		12,605			699,550
LARGAN PREN CO LTD CWT 8/17/20		7,300			852,486
LG CHEMICAL LTD		5,191			1,122,258
LOJAS RENNER SA		89,600			637,857
LONZA GROUP AG		10,439			1,807,322
L’OREAL SA (PRIME FIDE 2018)		23,304			4,253,668
L’OREAL SA ORD		35,328			6,448,403
LUKOIL PJSC SPONS ADR		25,736			1,443,790
LUXOTTICA GROUP SPA		57,017			3,066,968
MACQUARIE GROUP LTD		44,176			2,777,352
MAGNIT PJSC (RUB)		4,179			749,352
MAKITA CORP		34,400			2,304,616
MANULIFE FINANCIAL CORP (CANA)		155,100			2,762,031
MARUTI SUZUKI INDIA LTD (LOC)		14,184			1,110,338
MATAHARI DEPARTMENT STORE TBK		425,300			477,466
METROPOLITAN BANK & TRUST CO		605,010			885,568



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
MICRO FOCUS INTERNATIONAL PLC		57,127			1,534,088
MITSUBISHI UFJ FINL GRP INC		458,900			2,827,806
MMC NORILSK NICKEL PJSC ADR		65,101			1,093,046
MOBILEYE NV		72,300			2,756,076
NASPERS LTD N SHS		11,568			1,696,477
NAVER CORP		4,433			2,845,774
NESTLE SA (REG)		111,217			7,978,397
NETEASE INC ADR		10,950			2,357,973
NIDEC CORP		31,100			2,683,581
NINTENDO CO LTD		12,600			2,645,596
NIPPON PROLOGIS INC		816			1,667,956
NITORI HOLDINGS CO LTD		20,400			2,331,927
NOVARTIS AG (REG)		84,106			6,120,254
NOVATEK PJSC GDR REGS		6,340			822,932
NOVO-NORDISK AS CL B		119,425			4,306,909
NTT DOCOMO INC		93,400			2,128,122
NXP SEMICONDUCTORS NV		18,030			1,767,120
OLYMPUS CORP		58,500			2,022,160
ONO PHARMACEUTICAL CO LTD		125,550			2,745,181
ORIX CORP		192,400			3,002,675
PADDY POWER BETFAIR PLC (EUR)		15,593			1,666,018
PANDORA A/S		24,187			3,164,430
PARK24 CO LTD		27,200			737,745
PARTNERS GROUP HOLDING AG		4,562			2,138,088
PETROLEO BRASILEIRO SPONS ADR		361,400			3,653,754
PING AN INSURANCE CO LTD H		346,000			1,731,227
POSCO		2,372			505,933
POWSZECHNA KASA OSZCZ BK SA		23,145			155,640
POWSZECHNY ZALKAD UBEZPIEC SA		102,342			812,201
PRESIDENT CHAIN(HSBC)(CWT)9/24		96,000			683,295
PTT PCL NVDR		93,100			967,678
RATIONAL AG		6,654			2,969,837
RECKITT BENCKISER GROUP PLC		31,473			2,670,895
RELX PLC		143,676			2,565,691
REXEL SA		64,042			1,054,015
RICHEMONT CIE FINANCIERE SA A		90,039			5,963,990
RIO TINTO PLC (REGD)		74,116			2,884,992
ROCHE HLDGS AG (GENUSSCHEINE)		50,448			11,523,328
ROTORK PLC		1,578,150			4,691,128
ROYAL DUTCH SHELL PLC CL A(NL)		124,634			3,409,128
RYANAIR HOLDINGS PLC SPON ADR		65,095			5,419,810
SAFRAN SA		28,227			2,032,974
SAMPO OYJ SER A		56,705			2,542,219
SAMSONITE INTERNATIONAL S.A.		709,500			2,026,620
SAMSUNG ELECTRONICS CO LTD		4,988			7,445,300



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
SANDS CHINA LTD		1,452,800			6,313,671
SAP SE		70,036			6,105,034
SBERBANK OF RUSSIA (RUS)		288,700			815,344
SBERBANK-SPONSORED ADR		92,271			1,068,037
SCHINDLER HOLDING AG PART CERT		34,462			6,078,145
SEMICONDUCTOR MFG INTL CORP		466,000			731,947
SHANGHAI INTL (JPM) CWT 11/19		172,100			657,177
SHIMANO INC		32,600			5,115,585
SHINHAN FINANCIAL GROUP CO LTD		38,967			1,460,550
SHIRE PLC		46,429			2,680,143
SIEMENS AG (REGD)		28,542			3,509,225
SINOPHARM GROUP CO LTD H		176,400			726,801
SK HYNIX INC		25,254			935,058
SKY PLC		134,964			1,648,327
SM INVESTMENTS CORP		56,370			744,410
SMC CORP		10,350			2,471,159
SMITH & NEPHEW PLC		133,143			2,003,483
SOC QUIMICA Y MIN CH PFD B ADR		26,300			753,495
SONY CORP		105,000			2,942,246
SOUTHERN COPPER CORP		24,400			779,336
SPIRAX-SARCO ENGINEERING PLC		92,820			4,786,135
ST JAMES PLACE PLC		137,773			1,721,685
SUNCOR ENERGY INC		90,170			2,948,246
SUNNY OPTICAL TEC(GROUP)CO LTD		52,000			227,661
SVENSKA HANDELSBANKEN SER A		453,076			6,295,899
TAIWAN SEMIC MFG CO LTD SP ADR		484,361			13,925,379
TATA MOTORS LTD (DEMATERIALISE		329,027			2,285,362
TELEKOMUNIKASI INDO B (DEMAT)		2,161,200			638,454
TENAGA NASIONAL BHD		183,000			567,031
TENCENT HOLDINGS LIMITED		342,300			8,373,758
TORONTO-DOMINION BANK		63,059			3,110,093
TOTAL SA (FRAN)		107,265			5,501,097
UCB SA		44,848			2,875,515
ULKER BISKUVI SANAYI AS		63,032			288,808
ULTRATECH CEMENT LTD		13,150			628,952
UNICHARM CORP		123,800			2,709,035
UNILEVER NV CVA (BEARER)		185,817			7,650,904
UPL LTD		96,485			918,640
VALEO SA		65,518			3,766,316
VINCI SA		11,403			776,618
WOLSELEY PLC		47,375			2,897,061
WORLDPAY GROUP PLC		545,262			1,813,676
WPP PLC NEW (UK)		213,094			4,769,126
YANDEX NV CL A		162,189			3,264,865
YUM CHINA HOLDINGS INC		58,913			1,538,808



Identity of Issue, borrower, lessor, or similar party	Shares or Units			Cost **	Current Value
ZALANDO SE		96,253				3,676,929
ZEE ENTERTAINMT ENT LTD(DEMAT)		136,381				909,246
ZHUZHOU CRRC TIMES ELECTRIC CO		155,000				786,543

International Growth Account						602,765,674

International Value Account
Currency
AUSTRALIAN DOLLAR CURRENCY		8,281				359,605
BRAZILIAN REAL		36,079				11,085
BRITISH POUND STERLING CURRENCY		85,298				255,331
CANADIAN DOLLAR		23,170				42,806
CHILEAN PESO		1,258,800				1,879
DANISH KRONE		4,755				673
EURO MONETARY UNIT.		420,855				237,509
HONG KONG DOLLAR		475,948				163,561
ISRAELI SHEKEL		199,705				51,844
JAPANESE YEN		698,743				(259,123	)
MALAYSIAN RINGGIT		(4	)			(1	)
NEW ZEALAND DOLLAR CURRENCY		8,850				6,148
NORWEGIAN KRONA		835,005				96,696
POLAND ZLOTY NEW		1				0
SINGAPORE DOLLAR CURRENCY		8,617				8,807
SOUTH KOREAN WON		3,055				3
SWEDISH KRONA CURRENCY		836,257				(148,641	)
SWISS FRANC		949				51,338
TAIWAN DOLLAR		12,943,691				400,020
TURKISH LIRA (NEW)		18,393				5,215
Forward Currency Contracts
CURRENCY CONTRACT—USD		(1,627	)			(46	)
JAPANESE YEN		23,579,274				(185	)
Futures
EURO STOXX 50 FUT MAR17 VGH7		(1,094	)			(184,256	)
FTSE 100 IDX FUT MAR17 Z H7		72				(2,218	)
MINI MSCI EAFE FUT MAR17 MFSH7		185				49,025
MINI MSCI EMG MKT MAR17 MESH7		692				(200,680	)
S&P/TSX 60 IX FUT MAR17 PTH7		12				(16,088	)
TOPIX INDX FUT MAR17 TPH7		47				12,064
Mutual Funds
SSBK GOVT STIF FUND		40,287,326				40,287,320
SSBK STIF FUND		980,942				980,942
Publicly-traded Common Stock
CNH INDUSTRIAL NV		64,385				559,506
3I GROUP PLC		185,563				1,609,962
ABB LTD (REG) (SWIT)		326,428				6,885,666
ABB LTD SPON ADR		25,500				537,285



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ACS ACTIVIDADES CONST Y SRV SA		1,504			47,527
ACTELION LTD (REGD)		5,814			1,258,948
AEGON NV		634,393			3,491,226
AERCAP HOLDINGS NV		17,600			732,336
AIR LIQUIDE SA		17,200			1,912,855
AIRBUS SE		47,000			3,108,981
ALLIANZ SE (REGD)		19,083			3,153,772
ALSTOM (NEW)		1,300			35,819
AMEC FOSTER WHEELER PLC		71,150			412,121
ANGLO AMER PLC (UK)		43,820			626,444
ANHEUSER-BUSCH INBEV SA/NV		9,200			973,764
ANSELL LTD		7,900			140,873
ANTOFAGASTA PLC		399,815			3,325,941
APERAM		12,790			585,186
AREZZO INDUSTRIA E COMERCIO SA		144,060			1,109,209
ARISTOCRAT LEISURE LTD		10,300			115,211
ASM INTERNATIONAL NV (NETH)		6,520			292,616
ASTELLAS PHARMA INC		254,200			3,531,069
ATOS SE		1,310			138,242
AVIVA PLC		277,213			1,661,724
BANCA POPOLARE DI MILANO		427,800			161,351
BANCO DE SABADELL SA		1,233,458			1,717,783
BANCO SANTANDER SA (SPAIN)		303,096			1,582,189
BANGKOK BANK PUBLIC CO LTD(FOR		75,000			338,433
BANK HANDLOWY W WARSZAWIE SA		66,464			1,213,288
BANK HAPOALIM LTD (REG)		23,700			140,955
BANK OF MONTREAL		19,600			1,409,729
BANK OF NOVA SCOTIA		44,200			2,461,097
BANRO CORP WT 03/31/17 144A		5,616			0
BARCLAYS PLC ORD		519,163			1,429,670
BAYER AG		54,049			5,639,970
BE SEMICOND INDUS NV (NETH)		2,840			94,589
BNP PARIBAS (FRAN)		34,660			2,209,158
BOLIDEN AB (SWED)		1,840			48,047
BOLSA MEXICANA DE VALORES SA		1,100,000			1,448,119
BOUYGUES ORD		77,150			2,764,861
BP PLC		1,141,752			7,170,557
BP PLC SPON ADR		37,800			1,412,964
BURSA MALAYSIA BHD		874,400			1,725,020
CAE INC		15,200			212,606
CALTEX AUSTRALIA LTD		50,400			1,107,866
CANADIAN IMP BK OF COMMERCE		26,400			2,154,235
CANADIAN TIR LT A PH DELIVEREY		5,700			591,248
CANON INC		211,300			5,957,078
CAPITAL POWER CORP		6,800			117,651



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
CASINO GUICHARD PERRACHON ORD		7,012			336,508
CENTAMIN PLC		375,491			640,916
CENTRAL JAPAN RAILWAY CO		5,100			839,127
CENTRICA PLC		49,200			141,944
CENTURY PACIFIC FOOD INC		1,585,637			517,255
CERVECERIAS UNIDAS SA CIA		144,704			1,511,215
CHAROEN POKPHAND FOODS (FOR)		850,200			700,780
CHEUNG KONG PROPERTY HLDGS LTD		117,000			717,435
CHINA HONGXING SPORTS LTD		3,613,000			143,457
CHINA MENGNIU DAIRY CO LTD		1,676,977			3,230,903
CHINA MOBILE LIMITED		411,450			4,361,492
CHINA SHENHUA ENERGY CO H		330,000			621,317
CHRISTIAN DIOR SE		9,450			1,982,048
CIA HERING SA		261,400			1,214,357
CK HUTCHISON HOLDINGS LTD		59,000			668,786
CNH INDUSTRIAL NV(IT)		256,030			2,227,500
COBHAM PLC		685,500			1,382,954
COCA COLA AMATIL LTD		82,000			598,854
COCA COLA HBC AG		21,070			459,610
COCA COLA WEST COMPANY LTD		26,700			787,007
COCA-COLA EUROPEAN PARTNER PLC		71,100			2,232,540
COCA-COLA ICECEK SANAYI AS		148,471			1,393,402
CONTINENTAL AG		6,675			1,290,757
COVESTRO AG		2,360			161,924
CREDIT AGRICOLE SA		156,749			1,943,722
CREDIT SUISSE GROUP AG		266,437			3,822,689
CRH PLC (UK)		126,255			4,403,386
CSR LTD		175,700			585,788
CTBC FINL HLDG CO LTD		3,328,081			1,809,938
DAI-ICHI LIFE HOLDINGS INC		83,500			1,390,297
DAIMLER AG (GERW)		46,440			3,457,152
DAIRY CREST GROUP PLC		251,813			1,922,521
DANSKE BK AS		43,275			1,312,496
DART GROUP PLC		25,400			155,263
DEUTSCHE BANK AG (GERW)		17,880			324,669
DEUTSCHE BOERSE AG-TENDER		41,204			3,363,173
DEUTSCHE POST AG		9,340			307,095
DEUTSCHE TELEKOM AG (REGD)		182,557			3,142,918
DIALOG SEMICONDUCTOR PLC (GER)		10,890			460,426
DIC CORP		10,000			303,743
DOWNER EDI LTD		81,700			359,059
ECOPETROL SA—ADR		68,300			618,115
EMBRAER S A SPON ADR		80,700			1,553,475
ENEL (ENTE NAZ ENERG ELET) SPA		1,511,698			6,664,318
ENERGIAS DE PORTUGAL SA		67,000			204,107



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ENI SPA		658,779			10,727,884
ERSTE GROUP BANK AG		90,060			2,637,856
EVRAZ PLC		144,100			393,892
FAURECIA SA		40,731			1,579,319
FIAT CHRYSLER AUTOMOBILES (IT)		501,700			4,576,112
FIRST GULF BANK		492,699			1,723,756
FISCHER (GEORG) AG (REG)		827			677,323
FOMENTO ECONO MEX(FEMSA)SP ADR		15,975			1,217,455
FORMOSA INTL HOTELS CORP		135,623			706,228
FUJI ELECTRIC CO LTD		635,500			3,295,084
FUJI MEDIA HOLDINGS INC		42,100			589,310
FUJITSU LTD		596,000			3,312,103
GAZPROM PJSC SPON ADR		316,375			1,597,694
GIANT MANUFACTURING CO LTD		315,000			1,776,179
GLAXOSMITHKLINE PLC		528,003			10,164,104
GLENCORE PLC		227,993			779,294
GN STORE NORDIC LTD		14,880			308,240
GRANITE REAL ESTATE INC		2,900			96,829
GRUPO FINANCIERO BANORTE SAB		246,800			1,217,948
GUANGDONG INVESTMENTS LTD		856,200			1,130,632
GUNMA BANK		70,800			387,696
HAIER ELECTRONICS GRP CO LTD		1,192,975			1,876,884
HANA FINANCIAL GROUP INC		45,070			1,166,645
HANG LUNG GROUP LTD		96,000			334,258
HANKOOK TIRE CO LTD/NEW		28,223			1,355,914
HELVETIA HOLDING AG		2,186			1,177,473
HITACHI LTD		438,700			2,372,264
HOKUHOKU FINANCIAL GROUP INC		23,100			398,654
HON HAI PRECISION IND CO LTD		232,942			604,345
HONDA MOTOR CO LTD		283,300			8,277,814
HONGKONG LAND HLDGS LTD		60,200			381,066
HOYA CORP		5,800			243,712
HSBC HOLDINGS PLC (UK REG)		246,661			1,996,878
HUNTING PLC		63,842			493,710
HYSAN DEVELOPMENT CO LTD		86,000			355,445
IBERDROLA SA		616,780			4,047,446
ICICI BANK LTD SPONS ADR		513,733			3,847,860
IDEMITSU KOSAN CO LTD		12,100			321,459
IHI CORPORATION		889,000			2,312,351
IIDA GROUP HOLDINGS CO LTD		30,500			578,554
IMPERIAL BRANDS PLC		121,490			5,303,983
IMPERIAL HOLDINGS LTD (SOAF)		218,673			2,904,866
INCHCAPE PLC		36,210			313,269
INDIVIOR PLC		53,800			196,390
ING GROEP NV		480,970			6,769,138



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
INPEX CORP		209,200			2,096,027
INTACT FINL CORP		800			57,260
ISHARES MSCI INDIA INDEX FND		334,206			8,960,063
ISUZU MOTORS LTD		198,200			2,511,523
ITOCHU CORP		47,100			625,448
IWG PLC		144,000			436,565
IYO BANK LTD		38,100			262,747
JAPAN AIRLINES CO LTD		12,500			365,241
JAPAN DISPLAY INC		116,100			330,792
JAPAN PETROLEUM EXPLRN CO LTD		2,100			46,699
JAPAN POST BANK CO LTD		28,400			340,922
JAPAN POST HOLDINGS CO LTD		29,600			369,509
JARDINE CYCLE & CARRIAGE LTD		29,500			839,889
JB HI-FI LTD		25,174			509,398
JERONIMO MARTINS & FILHO SGPS		160,463			2,489,754
JSE LIMITED		210,099			2,513,004
JUMBO SA		101,149			1,603,506
JUPITER FUND MANAGEMENT PLC		6,600			36,082
JX HOLDINGS INC		120,400			509,620
KALBE FARMA PT (DEMAT)		15,003,200			1,687,129
KAO CORP		16,800			796,482
KBC GROUPE SA		14,775			914,977
KERRY PROPERTIES LTD		314,000			852,370
KINGFISHER PLC		772,345			3,334,288
KLOECKNER & CO SE		4,237			53,120
KOMERCNI BANKA AS		6,700			230,985
KONINKLIJKE AHOLD DELHAIZE NV		176,749			3,726,678
KONINKLIJKE PHILIPS NV		104,540			3,191,277
KPN (KON) NV		457,079			1,353,940
KT CORP		65,357			1,591,624
LAND SECURITIES GROUP PLC		4,730			62,140
LENOVO GROUP LTD		932,000			564,885
LINDE AG		10,600			1,741,778
LLOYDS BANKING GROUP PLC		5,009,929			3,859,515
LOBLAW COS LTD		34,900			1,841,370
LONZA GROUP AG		9,796			1,695,998
LVMH MOET HENNESSY LOUIS VU SE		3,030			578,581
M DIAS BRANCO SA		78,702			2,781,060
MAGNA INTL INC SUB VTG		8,400			364,741
MANULIFE FINANCIAL CORP (CANA)		21,200			377,531
MARUBENI CORP		275,700			1,563,499
METCASH LTD		104,500			171,940
MINERAL RESOURCES LTD		9,400			82,216
MIRVAC GROUP STAPLED SECURITY		199,900			307,269
MITSUBISHI CHEMICAL HLDGS CORP		55,500			359,949



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
MITSUBISHI ELECTRIC CORP ORD		171,000			2,384,124
MITSUBISHI TANABE PHARMA CORP		20,600			404,157
MITSUBISHI UFJ FINL GRP INC		405,800			2,500,596
MITSUI CHEMICALS INC		65,000			291,979
MITSUI OSK LINES LTD		83,000			230,092
MIXI INC		16,800			613,784
MMI HOLDINGS LTD		1,222,778			2,100,325
MORINAGA MILK IND CO LTD		86,000			619,568
MS&AD INSURANCE GRP HLDGS INC		10,500			325,579
MTN GROUP LTD		159,026			1,460,949
MUNICH REINSURANCE (REG)		10,944			2,069,604
NAMPAK LTD		1,308,433			1,768,236
NATIONAL BANK OF CANADA DTC EL		5,600			227,437
NATIONAL GRID PLC		370,016			4,339,369
NATIXIS		112,250			633,337
NESTLE SA (REG)		62,500			4,483,576
NEWS CORP NEW CL A		136,200			1,560,852
NEWS CORP NEW CL B		21,485			253,523
NH FOODS LTD		23,000			620,877
NIPPON SUISAN KAISHA LTD		80,800			388,531
NIPPON TELEGRAPH & TELEPHONE		48,800			2,050,957
NIPPON TELEVISION HOLDINGS INC		5,300			96,228
NISSIN ELECTRIC CO LTD		22,700			250,550
NKT HLDG AS		8,600			607,510
NN GROUP NV		46,312			1,569,517
NOKIAN TYRES OYJ		53,203			1,983,667
NOMURA HOLDINGS INC		253,500			1,494,647
NORTHERN STAR RESOURCES LTD		152,000			397,081
NOVARTIS AG (REG)		88,465			6,437,451
NTT DOCOMO INC		44,900			1,023,048
OC OERLIKON CORP AG (REGD)		15,300			150,250
OPEN HOUSE CO LTD		14,900			354,413
ORIX CORP		65,600			1,023,781
OTP BANK (REG)		99,368			2,841,143
OZ MINERALS LTD		99,600			567,104
PERSIMMON PLC ORD		19,210			420,457
PETROFAC LTD		70,840			758,665
PEUGEOT SA		99,210			1,618,196
PHILIP MORRIS INTL INC		16,300			1,491,287
POSCO		9,150			1,951,638
POWSZECHNY ZALKAD UBEZPIEC SA		313,123			2,484,990
PUBLICIS GROUPE SA		40,376			2,785,993
QBE INSURANCE GROUP LTD		467,926			4,193,971
QUALITAS CONTROLADO SAB DE CV		530,700			750,878
RECKITT BENCKISER GROUP PLC		21,950			1,862,744



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
REGIS RESOURCES LTD		64,100			137,386
RENAULT SA ORD		21,230			1,888,609
REPSOL SA		136,100			1,922,625
RIO TINTO LTD		9,000			389,042
RIO TINTO PLC (REGD)		22,980			894,505
RIOCAN REAL ESTATE INV TR UNIT		26,900			533,532
ROCHE HLDGS AG (GENUSSCHEINE)		9,525			2,175,700
ROHM CO LTD		23,700			1,364,714
ROLLS-ROYCE HOLDINGS PLC		191,868			1,579,540
ROUND ONE CORP		79,900			553,745
ROYAL BANK OF SCOTLAND GRP PLC		697,840			1,931,600
ROYAL DUTCH SHELL PLC CL A(NL)		313,518			8,575,692
RSA INSURANCE GROUP PLC		175,732			1,269,113
RWE AG		43,239			537,766
SAGE GROUP PLC		55,900			451,237
SAIZERIYA CO LTD		17,700			397,994
SAMSUNG ELECTRONICS CO LTD		1,600			2,388,228
SANDFIRE RESOURCES NL		75,600			307,700
SANDS CHINA LTD		450,472			1,957,690
SANOFI		116,551			9,434,662
SAP SE		55,371			4,826,687
SCENTRE GROUP STAPLED UNIT		1			3
SCHNEIDER ELECTRIC SE		43,000			2,992,400
SECURITY BANK CORP		565,909			2,167,818
SEINO HOLDINGS CO LTD		14,900			165,478
SHIMAMURA CORP		4,300			536,787
SHINHAN FINANCIAL GROUP CO LTD		56,227			2,107,485
SHIRE PLC		2,010			116,028
SIEMENS AG (REGD)		20,050			2,465,138
SINGAPORE TELECOM LTD (SING)		1,191,000			3,001,864
SK HYNIX INC		60,819			2,251,893
SKF AB SER B		40,500			745,044
SMITH (DS) PLC		835,965			4,204,423
SOCIETE GENERALE SA CL A		47,135			2,319,331
SOFTWARE AG BEARER		22,345			811,138
SOMPO HOLDINGS INC		17,200			582,776
SONY CORP		71,800			2,011,936
SOUTH32		24,200			48,026
ST GOBAIN CIE DE		136,254			6,347,396
STANDARD CHARTERED PLC (UK)		217,625			1,779,782
STMICROELECTRONICS NV(SICOVAM)		147,000			1,667,319
STORA ENSO AB R 1/10 VTG(FINL)		45,570			489,766
SUBSEA 7 SA		75,138			951,042
SUMITOMO CORP		319,100			3,755,483
SUMITOMO ELECTRIC INDS LTD		30,600			441,556



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
SUMITOMO MITSUI FINL GROUP INC		52,700			2,011,055
SUMITOMO MITSUI TR HLDGS INC		6,700			239,796
SUMITOMO OSAKA CEMENT CO LTD		347,000			1,309,322
SUZUKI MOTOR CORP		9,300			327,360
SVENSKA CELLULOSA AB CL B		1,720			48,576
SWIRE PROPERTIES LTD		203,600			561,872
SWISS LIFE HLDGS AG (NEW)		11,477			3,248,229
SYNGENTA AG (SWIT)		12,167			4,809,209
TAIWAN SEMIC MFG CO LTD SP ADR		10,760			309,350
TAIWAN SEMICONDUCT MFG CO LTD		590,000			3,299,542
TAKEDA PHARMACEUTICAL CO LTD		102,200			4,227,910
TALANX AKTIENGESELLSCHAFT		37,923			1,268,247
TECHNIP SA		40,200			2,869,484
TECNICAS REUNIDAS SA		1,610			66,037
TECO ELECT & MACHINERY CO LTD		1,047,300			900,327
TELECOM ITALIA SPA		1,324,050			1,166,578
TELECOM ITALIA SPA RISP		435,700			315,085
TELEFONICA SA		507,364			4,710,557
TELENOR AS		80,243			1,198,718
TELEPERFORMANCE		3,190			320,013
TELIA CO AB (SWEDEN)		944,031			3,803,852
TESCO PLC		2,752,013			7,015,485
TEVA PHARMACEUTICAL IND ADR		65,800			2,385,250
TFI INTERNATIONAL INC		23,800			618,465
TGS NOPEC GEOPHYSICAL CO ASA		13,620			302,356
THALES		11,230			1,089,093
TIGER BRANDS LTD		61,741			1,788,472
TOFAS TURK OTOMOBIL FABRIKASI		387,954			2,710,365
TOKIO MARINE HOLDINGS INC		112,700			4,624,678
TOKYO ELECTRIC POWER CO HOLDIN		293,400			1,184,897
TOPPAN PRINTING LTD		60,000			572,920
TORONTO-DOMINION BANK		10,400			512,932
TOSHIBA PLANT SYSTEMS & SERV		12,900			169,976
TOTAL SA (FRAN)		46,765			2,398,348
TOTVS SA		248,827			1,837,896
TOYOTA MOTOR CORP		13,800			812,119
TRAVELSKY TECHNOLOGY LTD H		1,444,000			3,035,296
TRAVIS PERKINS PLC		176,757			3,162,969
TREND MICRO INC		38,900			1,382,926
TSUMURA & CO		10,100			278,263
TURK SISE VE CAM FABRIKALARI		1,408,265			1,529,291
UBS GROUP AG		181,322			2,840,112
UNICREDIT SPA		286,400			824,243
UNILEVER NV CVA (BEARER)		23,225			956,276
UNILEVER PLC ORD		85,494			3,469,070



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
UNIONE DI BANCHE ITALIANE SCPA		19,000			52,241
UNIPER AG		52,530			725,203
UNIPOL GRUPPO FINANZIARIO SPA		49,000			176,609
UNITED OVERSEAS BANK (LOC)		442,459			6,232,893
UPM KYMMENE CORP		9,230			226,770
VALLOUREC SA		248,793			1,715,392
VALMET CORP		39,290			578,193
VEDANTA RESOURCES PLC		18,700			202,689
VGI GL MEDIA PCL (FOR) WT 7/18		1,668,260			17,713
VGI GLOBAL MEDIA PCL(FOR)		12,798,439			2,002,550
VODAFONE GROUP PLC		991,063			2,440,940
VOLKSWAGEN AG PFD		18,213			2,556,575
VOPAK (KON) NV		1,960			92,586
WENDEL		1,494			179,912
WEST JAPAN RAILWAY CO		14,500			889,912
WESTON GEORGE LTD		18,100			1,531,284
WESTPORTS HOLDINGS BHD		2,517,795			2,413,401
WH GROUP LTD		1,936,000			1,565,378
WHEELOCK & CO LTD		235,000			1,322,813
WHITEHAVEN COAL LTD		78,200			147,290
WILLIS TOWERS WATSON PLC		9,539			1,166,429
WILMAR INTERNATIONAL LTD		761,200			1,887,034
WORLDPAY GROUP PLC		106,300			353,580
WPP PLC NEW (UK)		161,936			3,624,190
XL GROUP LTD		33,000			1,229,580
YANDEX NV CL A		97,778			1,968,271
YANGZIJIANG SHIPBLDG HLDGS LTD		1,085,600			610,962
YUE YUEN INDUSTRIAL HLDGS LTD		801,195			2,908,458
ZURICH INSURANCE GROUP AG		16,040			4,416,789

International Value Account					621,015,319

Investments held by trustee					15,508,498,383


*Participant Loans Interest 3.25%-9.00%, maturing through March 2044**					114,393,990

Total Investments				$	15,622,892,373

*	Party-in-interest

**	Information not presented because investments are participant-directed

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-75243, No. 333-118764, and No. 333-185757 on Form S-8 of our report dated June 28, 2017, relating to the financial statements and supplemental schedule of the Microsoft Corporation Savings Plus 401(k) Plan appearing in this Annual Report on Form 11-K of Microsoft Corporation Savings Plus 401(k) Plan for the year ended December 31, 2016.

/S/ DELOITTE & TOUCHE LLP

Seattle, Washington

June 28, 2017