Annual Report of Employee Stock Plans (11-k)

Date : 06/13/2019 @ 9:13PM
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Annual Report of Employee Stock Plans (11-k)

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

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

For the fiscal year ended December 31, 2018

 

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, 2018 and 2017, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference.

 

 


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SIGNATURES

The Plan.     Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report on Form 11-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

  M ICROSOFT  C ORPORATION  S AVINGS  P LUS  401( K ) P LAN    

Date:    June 13, 2019

 

/ S / K RISTEN R OBY D IMLOW

   
 

Kristen Roby Dimlow

   
  Member of 401(k) Administrative Committee    

Date:    June 13, 2019

 

/ S / D ANIEL G OFF

   
  Daniel Goff    
  Member of 401(k) Administrative Committee    

Date:    June 13, 2019

 

/ S / G EORGE Z INN

   
  George Zinn    
  Member of 401(k) Administrative Committee    

 


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APPENDIX 1

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM;

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017;

NOTES TO FINANCIAL STATEMENTS; AND

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2018


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MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

TABLE OF CONTENTS

 

 

 
     Page  

Report of Independent Registered Public Accounting Firm

     1  

Financial Statements:

  

Statements of Net Assets Available for Benefits as of December  31, 2018 and 2017

     2  

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2018 and 2017

     3  

Notes to Financial Statements

     4  

Supplemental Schedule:

  

Supplemental Schedule of Assets (Held at End of Year) as of December  31, 2018

     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.


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Redmond, WA

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) as of December 31, 2018 and 2017, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2018 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 / D ELOITTE  & T OUCHE LLP

Seattle, Washington

June 13, 2019

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

 

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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

 

 
December 31,    2018     2017  

ASSETS

    

Cash

   $ 9,464,025      $ 4,601,325   

Investments held by trustee, at fair value

     20,227,500,071       19,929,242,613  

Receivables:

    

Participant loans

     135,451,909       122,514,373  

Other receivables

     18,999,301       17,054,211  

 

   

 

 

 

Total receivables

     154,451,210       139,568,584  

 

   

 

 

 

Total assets

   $   20,391,415,306     $   20,073,412,522  
  

 

 

   

 

 

 

LIABILITIES

    

Operating payables

   $ 4,226,417     $ 4,369,486  

Other payables

     9,441,069       11,611,061  

 

   

 

 

 

Total liabilities

     13,667,486       15,980,547  

 

   

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 20,377,747,820     $ 20,057,431,975  
  

 

 

   

 

 

 

Refer to accompanying notes.

 

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STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

 
Year Ended December 31,    2018     2017  

ADDITIONS

    

Net investment income (loss):

    

Interest and dividends

   $ 62,411,020      $ 51,606,670   

Net increase (decrease) in fair value of investments

     (909,898,266     3,489,810,196  

 

   

 

 

 

Net investment income (loss)

     (847,487,246     3,541,416,866  
  

 

 

   

 

 

 

Contributions:

    

Participant contributions

     1,447,279,773       1,226,183,000  

Employer contributions

     541,743,766       488,630,831  

 

   

 

 

 

Total contributions

     1,989,023,539       1,714,813,831  

 

   

 

 

 

Total additions before transfers

     1,141,536,293       5,256,230,697  

DEDUCTIONS

    

Benefits paid to participants

     821,220,448       833,584,671  

 

   

 

 

 

INCREASE IN NET ASSETS BEFORE TRANSFERS

     320,315,845       4,422,646,026  

Net transfers in

     0       367,928  

 

   

 

 

 

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

     320,315,845       4,423,013,954  

NET ASSETS AVAILABLE FOR BENEFITS

    

Beginning of year

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

 

   

 

 

 

End of year

   $   20,377,747,820     $   20,057,431,975  
  

 

 

   

 

 

 

Refer to accompanying notes.

 

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NOTES TO FINANCIAL STATEMENTS

 

 

NOTE 1 — DESCRIPTION OF THE PLAN AND 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 (“ERISA”). The information below summarizes certain aspects of the Plan as in effect during 2018 and 2017, and is intended to be a summary only. Plan participants should refer to the Summary Plan Description for more complete information.

Accounting Principles

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

Eligibility

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

Eligible Compensation

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

Contributions

Participant Contributions

Participants may contribute to the Plan on a pre-tax and/or Roth basis using eligible compensation each pay period, subject to statutory and regulatory limitations. Participants reaching age 50 or older by the end of the Plan year may also elect to make additional catch-up contributions to the Plan on a pre-tax and/or Roth basis. Additionally, participants could contribute up to $27,250 for 2018 and $20,000 for 2017 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) generally may not exceed 65 percent of his or her eligible compensation per pay period. Participants may elect to suspend or reinstate their contributions at any time.

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

 

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Employer Contributions

The Company provides participants with a matching contribution on eligible pre-tax and/or Roth contributions of $0.50 for every $1.00 contributed. The matching contribution is provided for up to 50 percent of the maximum annual 401(k) pre-tax and Roth contribution limit of $18,500 and $18,000 for 2018 and 2017, respectively. Participants do not receive a match on after-tax contributions.

Transfers

The Company acquired TouchType Ltd. in 2016 and the TouchType Inc. 401k plan assets merged into the Plan during 2017. The merged assets are included as transfers in the statement of changes in net assets available for benefits for the Plan year ended December 31, 2017. There were no plan mergers for the year ended December 31, 2018.

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 have their Plan accounts invested in Microsoft Common Stock to the same extent as other participants. However, such 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 amounts they have invested in Microsoft Common Stock will automatically be reinvested in Microsoft Common Stock.

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

Participant Accounts

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

Vesting

Participants are fully vested in Plan accounts at all times.

Distributions

Active participants may take a withdrawal from the Plan in the event of a financial hardship. A hardship withdrawal is limited to the amount necessary to meet the participant’s immediate financial need, and further limited to pre-tax contributions, after-tax contributions, pre-tax catch-up contributions, and rollover contributions (excluding rollover contributions attributable to designated Roth contributions, Roth in-plan conversion amounts and earnings thereon, and acquisition rollovers). In 2017 and 2018, a hardship withdrawal generally resulted in a six-month

 

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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 59 1 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.

Effective January 1, 2019, the Plan was amended to adopt certain provisions of the Bipartisan Budget Act of 2018. With this amendment, the six-month suspension of contributions following a hardship withdrawal was eliminated, and the sources available for a hardship withdrawal were expanded to include earnings on pre-tax (including catch-up) and after-tax contributions starting in January 2019.

In-Plan Roth Conversions

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

Administrative Expenses

Plan administrative expenses are paid by the Company to the extent not paid or offset by the Plan. Participants are responsible for fees associated with certain transactions or services they utilize, such as loan originations and maintenance, domestic relations order qualifications, dividend check processing, overnight check fees, and professional management service fees. 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.

Estimates and Assumptions

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

Valuation of Investments and Income (Loss) Recognition

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. Net increase (decrease) in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

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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, 2018 and 2017 primarily consisted of unsettled trades. Other receivables also included accrued interest.

NOTE 2 — FINANCIAL INSTRUMENTS

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

 

   

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

 

   

Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be 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. These mutual funds are registered under the Investment Company Act of 1940 but are not registered under the Securities Act of 1933 and the prices are made available directly from the investment manager. 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, 2018 and 2017, the Plan did not hold any financial instruments categorized as Level 3.

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

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

 

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Financial Instruments Measured at Fair Value

 

December 31, 2018    Level 1     Level 2     Total  

 

 

Mutual funds

   $ 548,357,364      $ 0      $ 548,357,364   

Microsoft Common Stock

     1,730,325,484       0       1,730,325,484  

Separately managed accounts:

      

Common stock

     2,894,605,848       0       2,894,605,848  

Mutual funds

     0       840,503,595       840,503,595  

Other

     83,307,144       14,495,297       97,802,441  

Brokerage accounts

     826,526,476       53,526,160       880,052,636  

 

   

 

 

   

 

 

 

Total

   $   6,083,122,316     $   908,525,052       6,991,647,368  
  

 

 

   

 

 

   

Common collective trusts measured at NAV

         13,235,852,703  
      

 

 

 

Total Investments

       $   20,227,500,071  
   

 

 

 

 

December 31, 2017    Level 1     Level 2     Total  

 

 

Mutual funds

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

Microsoft Common Stock

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

Separately managed accounts:

      

Common stock

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

Mutual funds

     0       770,123,633       770,123,633  

Other

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

Brokerage accounts

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

 

   

 

 

   

 

 

 

Total

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

 

 

   

 

 

   

Common collective trusts measured at NAV

         13,026,253,235  
      

 

 

 

Total Investments

       $   19,929,242,613  
   

 

 

 

The significance of transfers between levels is evaluated based upon the nature of the financial instrument and the size of the transfer relative to total net assets available for benefits. No significant transfers occurred between Level 1 and Level 2 for the years ended December 31, 2018 and 2017.

NOTE 3 — 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, 2018 and 2017. These derivative instruments are a component of the “Other” caption of separately managed accounts in Note 2—Financial Instruments.

NOTE 4 — 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. When determining the maximum loan amount available under the Plan, outstanding loan balances under any subsidiary and affiliate Microsoft retirement plans are considered in conjunction with the Plan. Participants are limited to two loans—one Primary Residence Loan and one General Loan. The term of a Primary

 

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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, 2018 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, 2018 was 3.25 percent to 6.25 percent, maturing at various dates through January 2024.

Loan repayments are made through after-tax payroll deductions. Terminated employees generally have 60 days to elect to continue to make loan repayments or pay off the loan in full. Failure of the terminated employee to establish a loan repayment service or payoff the loan in full during this 60-day window generally results in a default of the loan, which is taxable income to the participant, with a possible 10 percent early withdrawal penalty. However, effective January 1, 2018, terminated employees who roll over their Plan account balance to an individual retirement account (“IRA”), Roth IRA, or other employer plan during this 60-day window may avoid such taxable income and 10 percent early withdrawal penalty if they pay off the outstanding loan balance to the rollover recipient IRA custodian or employer plan by the due date (including extensions) for filing their federal income tax return for the year in which the rollover occurred.

NOTE 5 — TAX STATUS

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

NOTE 6 — PARTY-IN-INTEREST TRANSACTIONS

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

Transactions in Microsoft Common Stock also qualify as party-in-interest transactions. As of December 31, 2018 and 2017, the Plan held 17,035,793 shares of Microsoft Common Stock valued at $1,730,325,484 and 17,841,741 shares of Microsoft Common Stock valued at $1,526,182,502, respectively. During the years ended December 31, 2018 and 2017, the Plan recorded Microsoft Common Stock dividend income of $29,844,171 and $29,683,123, respectively.

 

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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,    2018     2017  

Net assets available for benefits per the financial statements

   $ 20,377,747,820     $ 20,057,431,975  

Less: benefits payable

     (2,635,425     (2,060,167

 

   

 

 

 

Net assets per the Form 5500

   $   20,375,112,395     $   20,055,371,808  
  

 

 

   

 

 

 

 

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

 

 

 

 
Year Ended December 31,    2018     2017  

Benefits paid to participants per the financial statements

   $ 821,220,448     $ 833,584,671  

Plus: increase in benefits payable at year end

     575,258       212,500  

 

   

 

 

 

Benefits paid to participants per the Form 5500

   $        821,795,706     $        833,797,171  
  

 

 

   

 

 

 

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

 

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MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

EMPLOYER ID 91-1144442, PLAN 001

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2018

 

 

 

Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

BROKERAGE ACCOUNTS

        

BrokerageLink **

     N/A         $             880,052,636  

COMMON COLLECTIVE TRUSTS

        

BlackRock LifePath Index 2020

     33,391,128           336,195,238  

BlackRock LifePath Index 2030

     111,485,665           1,118,569,121  

BlackRock LifePath Index 2040

     157,715,607           1,577,061,439  

BlackRock LifePath Index 2050

     119,702,119           1,192,304,931  

BlackRock LifePath Index 2060

     18,439,869           183,557,835  

BlackRock LifePath Index Retirement

     13,324,603           133,972,224  

BlackRock Short-term Investment Fund

       696,403,812           696,403,812  

Fidelity Contrafund Pool Class 3 *

     84,534,820           1,326,351,319  

Fidelity Growth Company Pool Class 3 *

     97,229,745           1,775,415,138  

Vanguard Russell 1000 Growth Index Trust

     5,620,450           843,910,637  

Vanguard Russell 1000 Value Index Trust

     7,251,011           953,653,028  

Vanguard Russell 2000 Growth Index Trust

     6,740,336           890,465,796  

Vanguard S&P 500 Index Trust

     24,535,973           2,207,992,185  

EMPLOYER STOCK

        

Microsoft Common Stock *

     17,035,793           1,730,325,484  

MUTUAL FUNDS

        

PIMCO All Asset All Authority

     3,023,302           23,944,556  

PIMCO Inflation Response Multi-Asset Response

     2,900,985           21,960,455  

Vanguard Short-Term Bond Index Fund (Signal)

     48,734,467           502,452,353  

SEPARATELY MANAGED ACCOUNTS

        

Artisan Mid Cap Account

        

Currency

        

DANISH KRONE

     1,691           259  

Publicly-traded Common Stock

        

ABIOMED INC

     7,847           2,550,589  

ADVANCED MICRO DEVICES INC

     524,584           9,683,821  

AGILENT TECHNOLOGIES INC

     196,206           13,236,057  

ALBEMARLE CORP

     137,534           10,599,745  

ALEXION PHARMACEUTICALS INC

     142,057           13,830,670  

ALIGN TECHNOLOGY INC

     47,589           9,966,564  

APTIV PLC

     210,616           12,967,627  

ATLASSIAN CORP PLC CLS A

     535,445           47,643,896  

BOSTON SCIENTIFIC CORP

     988,975           34,950,377  

BOX INC CL A

     250,968           4,236,340  

 

11


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

BROADRIDGE FINANCIAL SOL

     86,324           8,308,685  

CANADA GOOSE HOLDINGS INC (US)

     303,066                      13,250,046  

CHIPOTLE MEXICAN GRILL INC

     12,064           5,209,115  

CINTAS CORP

     75,594           12,699,036  

COGNEX CORP

     133,933           5,179,189  

CONCHO RESOURCES INC

     65,269           6,709,001  

CREE INC

     395,053           16,898,392  

EDWARDS LIFESCIENCES CORP

     116,788           17,888,418  

EXACT SCIENCES CORP

     200,696           12,663,918  

EXPEDIA INC

     171,397           19,307,872  

FIRST REPUBLIC BANK

     232,583           20,211,463  

FLIR SYSTEMS INC

     291,375           12,686,468  

FORTIVE CORP

     123,542           8,358,852  

GARDNER DENVER HOLDINGS INC

     809,653           16,557,404  

GENMAB AS

     115,804           18,970,424  

GLOBAL PAYMENTS INC

     459,339           47,371,631  

GUIDEWIRE SOFTWARE INC

     272,199           21,838,526  

HARRIS CORP

     161,727           21,776,541  

HASBRO INC

     55,387           4,500,194  

HUBSPOT INC

     102,615           12,901,784  

IHS MARKIT LTD

     811,161           38,911,393  

INSULET CORP

     88,927           7,053,690  

LAM RESEARCH CORP

     74,510           10,146,027  

LONZA GROUP AG

     50,875           13,183,297  

LULULEMON ATHLETICA INC

     132,709           16,138,741  

MARKETAXESS HLDGS INC

     25,594           5,408,268  

MAXIM INTEGRATED PRODUCTS INC

     201,076           10,224,715  

MOTOROLA SOLUTIONS INC

     184,714           21,249,499  

NEUROCRINE BIOSCIENCES INC

     131,459           9,387,487  

NEW YORK TIMES CO CL A

     421,833           9,402,658  

OLLIES BARGAIN OUTLET HOLDINGS

     43,996           2,926,174  

PAGSEGURO DIGITAL LTD CL A

     262,711           4,920,577  

PROGRESSIVE CORP OHIO

     572,473           34,537,296  

ROKU INC CLASS A

     123,927           3,797,123  

ROPER TECHNOLOGIES INC

     90,938           24,236,796  

SAGE THERAPEUTICS INC

     21,614           2,070,405  

SERVICEMASTER GLOBAL HLDG INC

     132,749           4,877,198  

STANLEY BLACK & DECKER INC

     157,251           18,829,235  

SVB FINL GROUP

     36,985           7,024,191  

TABLEAU SOFTWARE INC CL A

     285,521           34,262,520  

TAKE-TWO INTERACTV SOFTWR INC

     173,892           17,900,442  

TD AMERITRADE HOLDING CORP

     328,460           16,081,402  

TEMENOS AG

     83,571           10,024,439  

TRADE DESK INC

     45,219           5,248,117  

 

12


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

TRANSUNION

     302,187                      17,164,222  

TREASURY WINE ESTATES LTD

     909,869           9,484,820  

TRIMBLE INC

     175,475           5,774,882  

TWITTER INC

     215,057           6,180,738  

UNDER ARMOUR INC CL A

     281,793           4,979,282  

VEEVA SYS INC CL A

     365,860           32,678,615  

WAYFAIR INC

     112,822           10,163,006  

WELLCARE HEALTH PLANS INC

     41,222           9,732,102  

WEST PHARMACEUTICAL SVCS INC

     115,243           11,297,271  

WESTINGHOUSE AIR BRAKE TEC CRP

     115,109           8,086,407  

WORLDPAY INC

     308,022           23,542,121  

ZYNGA INC

     4,010,475           15,761,167  

STIFS and Money Markets

        

SSBK GOVT STIF FUND

     30,554,597           30,554,594  
        

 

 

 

Artisan Mid Cap Account Total

           976,193,821  

DFA Small Mid Value Account

        

Publicly-traded Common Stock

        

1 800 FLOWERS.COM INC CL A

     20,105           245,884  

AAR CORP

     16,180           604,161  

AARONS INC A

     23,635           993,852  

ABERCROMBIE & FITCH CO CL A

     28,111           563,626  

ABM INDUSTRIES INC

     25,672           824,328  

ABRAXAS PETROLEUM CORP

     23,027           25,099  

ACACIA RESEARCH—ACACIA TECH

     16,702           49,772  

ACADIA HEALTHCARE CO INC

     34,608           889,772  

ACCESS NATIONAL CORP

     5,553           118,445  

ACCO BRANDS CORP

     41,783           283,289  

ACETO CORP

     12,903           10,839  

ACHILLION PHARMACEUTICALS INC

     65,534           104,199  

ACORDA THERAPEUTICS INC

     27,721           431,893  

ACTUANT CORP CL A

     15,327           321,714  

ACUITY BRANDS INC

     2,792           320,940  

ACUSHNET HOLDINGS CORP

     22,214           468,049  

ADAMS RESOURCES AND ENERGY INC

     330           12,774  

ADDUS HOMECARE CORP

     8,982           609,698  

ADIENT PLC

     21,704           326,862  

ADTALEM GLOBAL EDUCATION INC

     28,180           1,333,478  

ADTRAN INC

     37,430           401,998  

ADVANCED DISPOSAL SERVICES INC

     27,669           662,396  

ADVANCED ENERGY INDUSTRIES INC

     5,943           255,133  

ADVANSIX INC

     14,111           343,462  

ADVERUM BIOTECHNOLOGIES INC

     17,230           54,275  

AECOM

     125,890           3,336,085  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

AEGION CORP

     17,837           291,100  

AEROCENTURY CORP

     600           5,742  

AEROVIRONMENT INC

     8,095           550,055  

AGCO CORP

     29,448                        1,639,370  

AGILYSYS INC

     2,359           33,828  

AGROFRESH SOLUTIONS INC

     11,792           44,692  

AH BELO CORP CL A

     9,816           33,080  

AIR LEASE CORP CL A

     78,760           2,379,340  

AIR TRANSPORT SERVICES GROUP

     15,706           358,254  

AKORN INC

     21,700           73,563  

ALAMO GROUP INC

     9,561           739,257  

ALASKA AIR GROUP INC

     45,460           2,766,241  

ALASKA COMM SYS GROUP INC

     8,586           12,364  

ALBANY INTERNATIONAL CORP CL A

     5,324           332,377  

ALCOA CORP

     59,156           1,572,366  

ALEXANDER & BALDWIN INC

     7,934           145,827  

ALICO INC

     2,202           64,959  

ALLEGHENY TECHNOLOGIES INC

     21,351           464,811  

ALLEGIANCE BANCSHARES INC

     4,164           134,789  

ALLEGIANT TRAVEL CO

     1,070           107,235  

ALLSCRIPTS HLTHCARE SOLS INC

     136,498           1,315,841  

ALPHA & OMEGA SEMICNDTR LTD

     10,198           103,918  

ALTA MESA RESOURCES INC A

     28,631           28,631  

AMAG PHARMACEUTICALS INC

     3,540           53,773  

AMBAC FINANCIAL GROUP INC

     9,115           157,143  

AMC ENTERTAINMENT HLDS CL A

     17,168           210,823  

AMERCO INC

     7,436           2,439,826  

AMERESCO INC-CL A

     12,085           170,399  

AMERICAN AXLE & MFG HLDGS INC

     75,815           841,547  

AMERICAN EAGLE OUTFITTERS INC

     70,384           1,360,523  

AMERICAN EQY INVT LIFE HLD CO

     43,231           1,207,874  

AMERICAN NATIONAL INSURANCE

     6,979           888,008  

AMERICAN NATL BANKSHARES INC

     5,308           155,577  

AMERICAN OUTDOOR BRANDS CORP

     12,687           163,155  

AMERICAN PUBLIC EDUCATION INC

     12,805           364,430  

AMERICAN SOFTWARE INC CL A

     1,623           16,960  

AMERICAN SUPERCONDUCTOR CORP

     3,900           43,485  

AMERICAN VANGUARD CORP

     15,525           235,825  

AMERICAN WOODMARK

     6,185           344,381  

AMERICAS CAR MART INC

     5,142           372,538  

AMERIS BANCORP

     9,019           285,632  

AMERISAFE INC

     3,114           176,533  

AMKOR TECHNOLOGY INC

     154,442           1,013,140  

AMNEAL PHARMACEUTICALS INC

     2,344           31,714  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

AMPCO-PITTSBURG CORP

     9,934           30,795  

AMPHASTAR PHARMACEUTICALS INC

     18,944           376,986  

AMTECH SYSTEMS INC

     11,695           52,978  

ANDERSONS INC

     21,707           648,822  

ANGIODYNAMICS INC

     22,392           450,751  

ANIKA THERAPEUTICS INC

     10,235           343,998  

ANIXTER INTL INC

     16,856           915,449  

ANTERO RES CORP

     143,033                        1,343,080  

APOGEE ENTERPRISES INC

     15,464           461,600  

APPLIED GENETIC TECHNO CORP

     2,874           7,156  

APPLIED INDUSTRIAL TECH INC

     1,401           75,570  

APPLIED OPTOELECTRONICS INC

     2,233           34,455  

APTEVO THERAPEUTICS INC W/I

     15,529           19,722  

AQUAVENTURE HOLDINGS LTD

     1,166           22,026  

ARAVIVE INC

     2,397           8,437  

ARC DOCUMENT SOLUTIONS INC

     26,612           54,555  

ARCBEST CORP

     11,050           378,573  

ARCH COAL INC CL A

     9,676           803,011  

ARCHROCK INC

     35,558           266,329  

ARCOSA INC

     22,777           630,695  

ARDELYX INC

     19,663           35,197  

ARDMORE SHIPPING CORP

     7,598           35,483  

ARGAN INC

     7,932           300,147  

ARGO GROUP INTL

     20,667           1,389,856  

ARMSTRONG FLOORING INC

     13,129           155,447  

AROTECH CORP

     13,694           35,878  

ARRIS INTERNATIONAL PLC

     67,900           2,075,703  

ARROW ELECTRONICS INC

     65,258           4,499,539  

ARROW FINANCIAL CORP

     6,575           210,532  

ASBURY AUTOMOTIVE GROUP INC

     1,634           108,922  

ASCENA RETAIL GROUP INC

     103,961           260,942  

ASCENT CAPITAL GROUP INC

     7,319           2,854  

ASGN INC

     8,936           487,012  

ASHLAND GLOBAL HOLDINGS INC

     24,772           1,757,821  

ASPEN INSURANCE HLDGS LTD

     39,531           1,659,907  

ASSERTIO THERAPEUTICS INC

     27,004           97,484  

ASSOCIATED BANC CORP

     121,791           2,410,244  

ASSURANT INC

     41,993           3,755,854  

ASSURED GUARANTY LTD

     52,711           2,017,777  

ASTEC INDUSTRIES INC

     13,364           403,459  

ASTRONICS CORP

     10,213           310,986  

ASTRONICS CORP CL B

     2,236           67,997  

ASURE SOFTWARE INC

     1,348           6,848  

AT HOME GROUP INC

     5,503           102,686  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

ATHENE HOLDING LTD

     16,831           670,379  

ATLANTIC CAPITAL BANCSHARES IN

     5,980           97,893  

ATLAS AIR WORLD

     19,932           840,931  

ATLAS FINANCIAL HOLDINGS INC

     5,380           43,524  

ATN INTERNATIONAL INC

     5,868           419,738  

AUTONATION INC

     56,916           2,031,901  

AVANOS MEDICAL INC

     20,990           940,142  

AVIAT NETWORKS INC

     2,296           30,422  

AVNET INC

     86,446                        3,120,701  

AVX CORP

     47,969           731,527  

AWARE INC MASS

     5,120           18,483  

AXCELIS TECHNOLOGIES INC

     16,091           286,420  

AXIS CAPITAL HOLDINGS LTD

     17,045           880,204  

AXOS FINANCIAL INC

     6,777           170,645  

AXT INC

     24,878           108,219  

AZZ INC

     8,391           338,661  

B&G FOODS INC

     4,906           141,832  

BALLANTYNE STRONG INC

     1,527           1,756  

BANC OF CALIFORNIA INC

     18,068           240,485  

BANCFIRST CORP

     7,876           393,012  

BANCORP INC DEL

     44,441           353,750  

BANCORPSOUTH BANK

     17,762           464,299  

BANK MARIN BANCORP

     3,092           127,514  

BANK OZK

     35,129           801,995  

BANKFINANCIAL CORP

     1,100           16,445  

BANKUNITED INC

     17,726           530,716  

BANNER CORP

     20,197           1,080,136  

BAR HARBOR BANKSHARES

     4,120           92,412  

BARNES & NOBLE EDUCATION INC

     27,282           109,401  

BARNES & NOBLE INC

     38,081           269,994  

BARNES GROUP INC

     13,780           738,884  

BASIC ENERGY SERVICES INC

     11,264           43,254  

BASSETT FURNITURE INDS INC

     2,530           50,701  

BAYCOM CORP

     797           18,403  

BBX CAPITAL CORP A

     9,077           52,011  

BCB BANCORP INC

     2,239           23,442  

BEACON ROOFING SUPPLY INC

     17,022           539,938  

BED BATH & BEYOND INC

     48,630           550,492  

BEL FUSE INC NV CL B

     4,882           89,926  

BELDEN INC

     12,698           530,395  

BELMOND LTD CL A

     29,035           726,746  

BENCHMARK ELECTRONICS INC

     17,175           363,767  

BENEFICIAL BANCORP INC

     24,108           344,503  

BERKSHIRE HILLS BANCORP INC

     17,494           471,813  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

BIG 5 SPORTING GOODS CORP

     13,448           34,830  

BIG LOTS INC

     11,770           340,388  

BIGLARI HLDGS INC CL A

     32           18,805  

BIGLARI HLDGS INC CL B

     458           52,020  

BJ’S RESTAURANTS INC

     2,502           126,526  

BLACK BOX CORPORATION

     14,093           15,220  

BLUCORA INC

     25,203                           671,408  

BLUE HILLS BANCORP INC

     7,702           164,361  

BMC STK HLDGS INC

     33,431           517,512  

BOISE CASCADE CO

     14,835           353,815  

BOJANGLES INC

     8,714           140,121  

BOK FINANCIAL COMMON NEW

     4,513           330,938  

BONANZA CREEK ENERGY INC

     7,851           162,280  

BOOT BARN HOLDINGS INC

     7,611           129,615  

BORGWARNER INC

     26,522           921,374  

BOSTON PRIVATE FINL HLDG INC

     49,409           522,253  

BOYD GAMING CORP

     4,249           88,294  

BRADY CORPORATION CL A

     12,369           537,557  

BRIDGE BANCORP INC

     5,768           147,026  

BRIDGEPOINT EDUCATION INC

     24,045           168,555  

BRIGGS & STRATTON CORP

     11,655           152,447  

BRISTOW GROUP INC

     19,292           46,880  

BROADWIND ENERGY INC

     2,409           3,132  

BROOKDALE SENIOR LIVING INC

     73,402           491,793  

BROOKLINE BANCORP INC

     32,544           449,758  

BROOKS AUTOMATION INC

     25,884           677,643  

BRYN MAWR BANK CORP

     10,614           365,122  

BSB BANCORP INC

     433           12,150  

BSQUARE CORP

     6,836           10,596  

BUILD A BEAR WORKSHOP INC

     9,374           37,027  

C & F FINANCIAL CORP

     236           12,558  

C T S CORP

     4,030           104,337  

C&J ENERGY SERVICES INC

     13,324           179,874  

CACI INTERNATIONAL INC

     7,368           1,061,213  

CADENCE BANCORP CL A

     17,811           298,869  

CAI INTERNATIONAL INC

     9,925           230,558  

CALERES INC

     20,269           564,086  

CALITHERA BIOSCIENCES INC

     7,881           31,603  

CALIX NETWORKS INC

     20,063           195,614  

CALLAWAY GOLF CO

     28,808           440,762  

CALLON PETROLEUM CO

     70,269           456,046  

CAL-MAINE FOODS INC

     7,223           305,533  

CAMBREX CORP

     2,839           107,201  

CAMDEN NATIONAL CORP

     7,364           264,883  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

CANNAE HOLDINGS INC

     12,860           220,163  

CAPITAL CITY BANK GROUP INC

     7,893           183,197  

CAPITOL FED FINL (2ND STEP CV)

     69,424                           886,544  

CARBO CERAMICS INC

     1,684           5,860  

CARDTRONICS PLC

     6,247           162,422  

CAREER EDUCATION CORP

     13,510           154,284  

CARLISLE COS INC

     1,922           193,199  

CAROLINA FINANCIAL CORP

     3,671           108,625  

CARPENTER TECHNOLOGY CORP

     25,482           907,414  

CARRIAGE SERVICES INC

     8,718           135,129  

CARROLS RESTAURANT GROUP INC

     10,511           103,428  

CARS.COM INC

     28,640           615,760  

CASEY GENERAL STORES

     4,478           573,811  

CATALYST BIOSCIENCES INC

     2,041           16,103  

CATO CORP CL A

     11,900           169,813  

CAVCO INDUSTRIES INC

     2,823           368,063  

CBIZ INC

     32,659           643,382  

CECO ENVIRONMENTAL CORP

     16,950           114,413  

CELADON GRP INC

     11,160           9,263  

CELLDEX THERAPEUTICS INC

     37,896           7,500  

CENTENNIAL RESOURCE DEV INC A

     47,728           525,963  

CENTERSTATE BANKS CORPORATION

     12,631           265,756  

CENTRAL GARDEN & PET CO

     4,347           149,754  

CENTRAL GARDEN & PET CO CL A

     15,468           483,375  

CENTRAL PACIFIC FINANCIAL CORP

     12,818           312,118  

CENTRAL VALLEY CMNTY BANCORP

     3,234           61,026  

CENTURY ALUMINUM COMPANY

     30,146           220,367  

CENTURY BANCORP INC CL A NVTG

     842           57,029  

CENTURY CASINOS INC

     4,738           35,014  

CENTURY COMMUNITIES INC

     11,017           190,153  

CEVA INC

     1,021           22,554  

CHART INDUSTRIES INC

     21,237           1,381,042  

CHEFS WAREHOUSE INC

     10,361           331,345  

CHEMICAL FINANCIAL CORP

     20,997           768,700  

CHICAGO RIVET & MACHINE CO

     300           9,450  

CHICOS FAS INC

     55,317           310,882  

CHIMERIX INC

     23,842           61,274  

CHUYS HOLDINGS INC

     4,237           75,164  

CIMAREX ENERGY CO

     25,014           1,542,113  

CINCINNATI BELL INC

     3,412           26,545  

CINEMARK HOLDINGS INC

     6,886           246,519  

CIRCOR INTERNATIONAL INC

     15,023           319,990  

CIRRUS LOGIC INC

     6,355           210,859  

CIT GROUP INC

     30,074           1,150,932  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

CITI TRENDS INC

     7,437           151,640  

CITIZENS & NORTHERN CORP

     1,167           30,844  

CITY HOLDING CO

     2,652           179,249  

CIVEO CORP

     42,900           61,347  

CIVISTA BANCSHARES INC

     1,509           26,287  

CIVITAS SOLUTIONS INC

     4,275           74,855  

CLEAN ENERGY FUELS CORP

     76,434           131,466  

CLEAN HARBORS INC

     14,279           704,669  

CLEARFIELD INC

     900           8,928  

CLEARWATER PAPER CORP

     7,361           179,388  

CLOUD PEAK ENERGY INC

     62,325           22,830  

CNB FINANCIAL CORP PA

     4,054           93,039  

CNX RESOURCES CORP

     112,834                        1,288,564  

COEUR MINING INC

     38,896           173,865  

COHERENT INC

     1,706           180,341  

COHU INC

     17,721           284,776  

COLFAX CORP

     44,485           929,737  

COLUMBIA BANKING SYSTEMS INC

     19,923           723,006  

COLUMBUS MCKINNON CORP NY

     9,770           294,468  

COMMERCIAL METALS CO

     44,935           719,859  

COMMERCIAL VEHICLE GROUP INC

     14,651           83,511  

COMMSCOPE HOLDING CO INC

     12,385           202,990  

COMMUNITY BANK SYSTEMS INC

     14,391           838,995  

COMMUNITY HEALTH SYS INC NEW

     29,982           84,549  

COMMUNITY TRUST BANCORP INC

     7,596           300,878  

COMPUTER TASK GROUP INC

     7,144           29,148  

COMTECH TELECOMMUNICATIONS NEW

     11,781           286,750  

CONCERT PHARMACEUTICALS INC

     3,077           38,616  

CONDUENT INC

     54,399           578,261  

CONMED CORP

     10,915           700,743  

CONNECTONE BANCORP INC

     12,075           223,025  

CONNS INC

     6,097           114,989  

CONSOL ENERGY INC—W/I

     14,104           447,238  

CONSOLIDATED COMM HLDGS INC

     20,864           206,136  

CONSOLIDATED TOMOKA LAND CO

     1,749           91,823  

CONSUMER PORTFOLIO SVCS INC

     8,447           25,425  

CONTAINER STORE GROUP INC

     299           1,426  

CONTANGO OIL & GAS CO

     17,582           57,142  

CONTROL4 CORP

     6,963           122,549  

COOPER STANDARD HOLDING INC

     6,673           414,527  

COOPER TIRE & RUBBER COMPANY

     23,810           769,777  

COPA HOLDINGS SA CL A

     4,889           384,813  

CORE MOLDING TECH INC

     2,250           15,998  

CORE-MARK HOLDING CO INC

     12,927           300,553  

 

19


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

COREPOINT LODGING INC

     1,235           15,129  

COSTAMARE INC

     24,782           108,793  

COTY INC CL A

     174,816                        1,146,793  

COVENANT TRANSPORT GROUP CL A

     5,960           114,432  

COWEN INC

     12,173           162,388  

CPI AEROSTRUCTURES INC

     3,000           19,110  

CRA INTERNATIONAL INC

     4,216           179,391  

CRAFT BREW ALLIANCE INC

     12,121           173,452  

CRAY INC

     12,776           275,834  

CREE INC

     16,453           703,777  

CROCS INC

     7,676           199,422  

CROSS COUNTRY HEALTHCARE INC

     13,126           96,214  

CRYOLIFE INC

     8,691           246,651  

CSS INDUSTRIES INC

     3,889           34,884  

CSW INDUSTRIALS INC W/I

     3,442           166,421  

CUBIC CORP

     7,967           428,147  

CULP INC

     4,391           82,990  

CUSTOMERS BANCORP INC

     11,904           216,653  

CVB FINANCIAL CORP

     9,879           199,852  

CYBEROPTICS CORP

     4,223           74,451  

DAKTRONICS INC

     23,392           173,101  

DANA INC

     12,901           175,841  

DARLING INGREDIENTS INC

     70,257           1,351,745  

DATA I O CORP

     1,500           7,500  

DAWSON GEOPHYSICAL CO

     12,650           42,757  

DEAN FOODS CO

     37,860           144,247  

DECKERS OUTDOOR CORP

     8,747           1,119,179  

DEL FRISCOS RESTAURANT GP INC

     11,081           79,229  

DEL TACO RESTAURANTS INC

     15,658           156,423  

DELEK US HOLDINGS INC

     32,030           1,041,295  

DELUXE CORP

     3,009           115,666  

DENBURY RESOURCES INC

     169,885           290,503  

DESTINATION MATERNITY INC

     2,888           8,202  

DESTINATION XL GROUP INC

     20,171           43,771  

DHI GROUP INC

     34,657           52,679  

DHT HOLDINGS INC

     39,179           153,582  

DIAMOND OFFSHORE DRILLING

     43,905           414,463  

DICKS SPORTING GOODS INC

     30,043           937,342  

DIGI INTERNATIONAL INC

     16,542           166,909  

DIGIRAD CORP

     4,600           2,622  

DILLARDS INC CL A

     12,315           742,718  

DIME COMMUNITY BANCSHARES INC

     21,613           366,989  

DINE BRANDS GLOBAL INC

     1,415           95,286  

DIODES INC

     23,825           768,595  

 

20


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

DIPLOMAT PHARMACY INC

     9,637           129,714  

DIXIE GROUP INC

     3,539           2,488  

DMC GLOBAL INC

     3,401           119,443  

DOMTAR CORP

     26,560                           933,053  

DONEGAL GROUP INC CL A

     13,971           190,634  

DORIAN LPG LTD

     15,775           91,968  

DOUGLAS DYNAMICS INC

     1,730           62,090  

DOVER MOTORSPORTS INC

     4,100           7,708  

DRIL-QUIP INC

     21,482           645,104  

DSP GROUP

     11,328           126,874  

DSW INC CL A

     31,955           789,289  

DUCOMMUN INC

     6,929           251,661  

DXP ENTERPRISES INC

     4,428           123,276  

DYCOM INDUSTRIES INC

     1,987           107,377  

EAGLE BANCORP INC MD

     9,153           445,843  

EAGLE BULK SHIPPING INC

     13,074           60,271  

EARTHSTONE ENERGY INC

     2,637           11,919  

EASTERN CO

     1,100           26,598  

ECHO GLOBAL LOGISTICS INC

     14,052           285,677  

ECHOSTAR CORP CL A

     25,330           930,118  

ECLIPSE RESOURCES CORP

     26,210           27,521  

EDGEWELL PERSONAL CARE CO

     17,015           635,510  

EHEALTH INC

     1,048           40,264  

EL POLLO LOCO HLDGS INC

     9,480           143,812  

ELECTRO SCIENTIFIC INDS INC

     19,743           591,500  

ELECTROMED INC

     1,717           8,740  

ELECTRONICS FOR IMAGING INC

     22,132           548,874  

ELEMENT SOLUTIONS INC

     85,185           879,961  

ELLIE MAE INC

     5,147           323,386  

EMC INSURANCE GROUP INC

     7,803           248,526  

EMCOR GROUP INC

     7,315           436,632  

EMCORE CORP

     13,001           54,604  

EMERALD EXPOSITIONS EVENTS INC

     3,178           39,217  

EMERGENT BIOSOL

     10,533           624,396  

EMPLOYERS HOLDINGS INC

     15,647           656,705  

ENCORE CAP GROUP INC

     19,250           452,375  

ENCORE WIRE CORPORATION

     7,480           375,346  

ENDO INTERNATIONAL PLC

     47,059           343,531  

ENERSYS INC

     2,949           228,872  

ENGILITY HOLDINGS INC

     15,047           428,238  

ENLINK MIDSTREAM LLC

     43,187           409,845  

ENNIS INC

     8,746           168,361  

ENOVA INTL INC

     22,523           438,298  

ENPRO INDUSTRIES INC

     3,752           225,495  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

ENSCO PLC CL A

     138,144           491,793  

ENSIGN GROUP INC

     8,977           348,218  

ENSTAR GROUP LTD

     4,554           763,114  

ENTEGRA FINANCIAL CORP

     890           18,468  

ENTERCOM COMM CORP CL A

     30,954           176,747  

ENTERPRISE FINL SVCS CORP

     5,072           190,859  

ENTRAVISION COMMUN CRP CL A

     26,247           76,379  

EPLUS INC

     5,337           379,834  

EQUITY BANCSHARES INC

     3,160           111,390  

ERA GROUP INC

     10,194           89,096  

ESCALADE

     1,300           14,885  

ESCO TECHNOLOGIES INC

     8,703           573,963  

ESPEY MFG.&ELECTRIC

     272           6,778  

ESSA BANCORP INC

     3,403           53,121  

ESSENDANT INC

     17,881           224,943  

ESTERLINE TECHNOLOGIES CORP

     12,477                        1,515,332  

ETHAN ALLEN INTERIORS INC

     11,916           209,602  

EVINE LIVE INC CL A

     4,996           1,993  

EVOLENT HEALTH INC A

     15,963           318,462  

EXLSERVICE HOLDINGS INC

     3,635           191,274  

EXPERI CORP

     7,103           130,624  

EXPRESS INC

     35,565           181,737  

EXTENDED STAY AMERICA INC UNIT

     63,262           980,561  

EXTERRAN CORP

     13,901           246,048  

EXTRACTION OIL & GAS INC

     30,456           130,656  

EZCORP INC CL A NON VTG

     40,315           311,635  

FABRINET

     11,175           573,389  

FARMER BROTHERS CO

     4,653           108,554  

FARMERS NATL BANC CORP

     7,317           93,219  

FARO TECHNOLOGIES INC

     6,875           279,400  

FB FINANCIAL CORP

     408           14,288  

FBL FINANCIAL GROUP INC CL A

     10,355           679,806  

FCB FINANCIAL HLDGS INC CL A

     12,046           404,505  

FEDERAL AGRI MTG NON VTG CL C

     3,241           195,886  

FEDERAL SIGNAL CORP

     19,835           394,717  

FEDNAT HOLDING CO

     9,690           193,025  

FERROGLOBE PLC

     42,510           67,591  

FERROGLOBE REP&WARRANTY INS TR

     20,872           0  

FIDELITY SOUTHERN CORP

     13,459           350,203  

FIESTA RESTAURANT GROUP INC

     8,557           132,719  

FINANCIAL INSTITUTIONS INC

     9,443           242,685  

FINISAR CORP

     36,346           785,074  

FINJAN HOLDINGS INC

     4,000           10,040  

FIRST AMERICAN FINANCIAL CORP

     31,912           1,424,552  

 

22


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

FIRST BANCORP INC ME

     3,780           99,414  

FIRST BANCORP NC

     7,891           257,720  

FIRST BANCORP PUERTO RICO

     75,087           645,748  

FIRST BANCSHARES INC MISS

     2,414           73,024  

FIRST BUSEY CORP

     8,553           209,891  

FIRST BUSINESS FIN SVCS INC

     357           6,965  

FIRST CITIZENS BANCSHARES INC

     1,189           448,312  

FIRST COMMONWEALTH FINL CORP

     38,571           465,938  

FIRST COMMUNITY BANKSHARES, IN

     8,770           276,080  

FIRST DEFIANCE FINL CORP

     9,768           239,414  

FIRST FINANCIAL BANCORP

     39,791                           943,843  

FIRST FINANCIAL INDIANA

     1,588           63,758  

FIRST FINANCIAL NORTWEST INC

     4,521           69,940  

FIRST FOUNDATION INC

     10,388           133,590  

FIRST HAWAIIAN INC

     12,312           277,143  

FIRST HORIZON NATIONAL CORP

     45,602           600,122  

FIRST INTERNET BANCORP

     2,793           57,089  

FIRST INTST BANCSYST INC CL A

     14,392           526,172  

FIRST MERCHANTS CORP

     12,999           445,476  

FIRST MID ILL BANCSHARES INC

     2,088           66,649  

FIRST MIDWEST BANCORP INC DEL

     42,724           846,362  

FIRST NORTHWEST BANCORP

     553           8,201  

FIRST OF LONG ISLAND CORP

     7,177           143,181  

FIRST SOLAR INC

     16,996           721,565  

FIRST SOURCE CORP

     6,543           263,945  

FITBIT INC CL A

     20,721           102,983  

FIVE PRIME THERAPEUTICS INC

     9,149           85,086  

FIVE STAR SENIOR LIVING INC

     2,229           1,037  

FLAGSTAR BANCORP INC

     20,336           536,870  

FLEX LTD

     104,927           798,494  

FLEXIBLE SOLUTIONS INTL INC

     4,800           6,480  

FLEXSTEEL IND

     3,153           69,618  

FLOTEK INDUSTRIES INC

     27,543           30,022  

FLUSHING FINANCIAL CORP

     14,849           319,699  

FNB CORP PA

     103,018           1,013,697  

FONAR CORP

     2,259           45,722  

FOOT LOCKER INC

     38,220           2,033,304  

FORESTAR GROUP INC

     4,358           60,358  

FORMFACTOR INC

     23,258           327,705  

FORUM ENERGY TECHNOLOGIES INC

     48,348           199,677  

FORWARD AIR CORP

     3,912           214,573  

FOSSIL GROUP INC

     10,522           165,511  

FOSTER L B CO CL A

     6,716           106,784  

FRANCESCA’S HOLDINGS CORP

     15,964           15,498  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

FRANKLIN ELECTRIC CO. INC.

     11,668           500,324  

FRANKLIN FINANCIAL NETWORK INC

     6,007           158,405  

FRANK’S INTERNATIONAL NV

     12,493           65,213  

FREDS INC CL A

     18,000           34,020  

FREIGHTCAR AMERICA INC

     7,555           50,543  

FRESH DEL MONTE PRODUCE INC

     20,165           570,065  

FRIEDMAN INDS INC

     1,579           11,132  

FRONTIER COMMUNICATIONS CORP

     29,212           69,525  

FRP HOLDINGS INC

     1,592           73,248  

FS BANCORP INC

     627           26,886  

FTD COS INC

     15,098           22,345  

FTI CONSULTING INC

     17,092                        1,139,011  

FUELCELL ENERGY INC

     9,790           5,389  

FULLER H B CO

     16,316           696,204  

FULTON FINANCIAL CORP

     69,784           1,080,256  

FUTUREFUEL CORP

     16,917           268,304  

GAIN CAPITAL HOLDINGS INC

     23,065           142,080  

GAMCO INVESTORS INC

     416           7,026  

GAMESTOP CORP CL A

     41,371           522,102  

GANNETT CO INC NEW

     44,579           380,259  

GASLOG LTD

     14,670           241,468  

GATX CORP

     14,535           1,029,223  

GCI LIBERTY INC CL A

     2,113           86,971  

GCI LIBERTY SR A 5% PFD PERP

     670           16,234  

GENCO SHIPPING & TRADING LTD

     5,405           42,645  

GENCOR INDUSTRIES INC

     2,966           32,537  

GENESCO INC

     11,758           520,879  

GENESEE & WYOMING INC CL A

     27,390           2,027,408  

GENTEX CORP

     44,654           902,457  

GENTHERM INC

     8,717           348,506  

GENWORTH FINANCIAL INC A

     23,897           111,360  

GEOSPACE TECHNOLOGIES CORP

     7,949           81,954  

GERMAN AMERICAN BANCORP INC

     5,325           147,875  

GIBRALTAR INDUSTRIES INC

     10,725           381,703  

G-III APPAREL GROUP LTD

     18,293           510,192  

GLATFELTER

     20,475           199,836  

GLOBAL EAGLE ENTERTAINMENT INC

     1,935           4,315  

GLOBAL INDEMNITY LTD

     5,753           208,431  

GMS INC

     5,426           80,630  

GOLD RESOURCE CORP

     2,679           10,716  

GOLDEN OCEAN GROUP LTD

     1,900           11,704  

GOLDFIELD CORP

     18,894           42,700  

GOODRICH PETROLEUM CORP

     886           11,961  

GOODYEAR TIRE & RUBBER CO

     61,894           1,263,257  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

GORMAN-RUPP CO

     5,829           188,918  

GP STRATEGIES CORP

     6,168           77,778  

GRAHAM CORPORATION

     3,138           71,672  

GRAHAM HOLDINGS CO

     1,844                        1,181,230  

GRANITE CONSTRUCTION INC

     23,850           960,678  

GRAPHIC PACKAGING HOLDING CO

     2,427           25,823  

GRAY TELEVISION INC

     27,725           408,667  

GREAT LAKES DREDGE & DOCK CORP

     28,458           188,392  

GREAT SOUTHERN BANCORP INC

     7,626           351,025  

GREAT WESTERN BANCORP INC

     18,056           564,250  

GREEN BANCORP INC

     8,200           140,548  

GREEN BRICK PARTNERS INC

     4,940           35,766  

GREEN DOT CORP CLASS-A

     3,683           292,872  

GREEN PLAINS INC

     17,085           223,984  

GREENBRIER COMPANIES INC

     10,773           425,964  

GREENLIGHT CAPITAL RE LTD A

     15,550           134,041  

GREIF INC CL A

     10,414           386,464  

GREIF INC CL B

     2,044           90,754  

GRIFFON CORP

     10,897           113,874  

GROUP 1 AUTOMOTIVE INC

     7,451           392,817  

GSI TECHNOLOGY INC

     4,196           21,567  

GUARANTY BANCORP

     3,220           66,815  

GUARANTY BANCSHARES INC

     187           5,576  

GUESS INC

     53,162           1,104,175  

GULF ISLAND FABRICATION INC

     8,612           62,179  

GULFPORT ENERGY CORP

     61,032           399,760  

HABIT RESTAURANTS INC CL A

     3,310           34,755  

HAEMONETICS CORP MASS

     8,180           818,409  

HALCON RESOURCES CORP

     45,125           76,713  

HALLADOR PETROLEUM CO

     1,473           7,468  

HALLMARK FIN SERVICES INC

     2,831           30,263  

HANCOCK WHITNEY CORP

     32,326           1,120,096  

HANMI FINANCIAL CORPORATION

     10,647           209,746  

HANOVER INSURANCE GROUP INC

     9,270           1,082,458  

HARBORONE BANCORP INC

     2,658           42,236  

HARMONIC INC

     61,557           290,549  

HARTE-HANKS INC

     2,213           5,355  

HARVARD BIOSCIENCES INC

     12,612           40,106  

HAVERTY FURNITURE COS INC

     9,000           169,020  

HAWAIIAN HLDGS INC

     15,456           408,193  

HAWKINS INC

     3,526           144,390  

HAYNES INTL INC

     6,822           180,101  

HCI GROUP INC

     3,879           197,092  

HEALTHSTREAM INC

     5,224           126,160  

 

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Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

HEARTLAND EXPRESS INC

     17,915           327,845  

HEARTLAND FINANCIAL USA INC

     6,927           304,442  

HECLA MINING CO

     259,286           611,915  

HEIDRICK & STRUGGLES INTL INC

     8,975           279,930  

HELEN OF TROY LTD

     7,986                        1,047,603  

HELIX ENERGY SOL GRP INC

     100,803           545,344  

HELMERICH & PAYNE INC

     19,095           915,414  

HEMISPHERE MEDIA GRP INC

     2,456           29,816  

HERC HOLDINGS INC

     1,543           40,103  

HERITAGE COMMERCE CORP

     18,977           215,199  

HERITAGE CRYSTAL CLEAN INC

     3,917           90,130  

HERITAGE FINANCIAL CORP WASH

     14,586           433,496  

HERITAGE INSURANCE HOLDINGS IN

     6,067           89,306  

HERTZ GLOBAL HOLDINGS INC

     26,095           356,197  

HIBBETT SPORTS INC

     9,873           141,184  

HIGHPOINT RESOURCES CORP

     51,730           128,808  

HILL INTL INC

     5,059           15,582  

HILLTOP HLDGS I

     35,827           638,795  

HINGHAM INSTITUTION FOR SAVING

     104           20,565  

HMS HOLDINGS CORP

     11,335           318,854  

HOME BANCORP INC

     1,037           36,710  

HOME BANCSHARES INC

     9,379           153,253  

HOMESTREET INC

     12,030           255,397  

HOMETRUST BANCSHARES INC

     4,475           117,156  

HOOKER FURNITURE CORP

     4,681           123,298  

HOPE BANCORP INC

     70,553           836,759  

HORACE MANN EDUCATORS CORP

     16,151           604,855  

HORIZON BANCORP INC INDIANA

     12,424           196,051  

HORIZON GLOBAL CORP

     8,142           11,643  

HORIZON PHARMA PLC

     7,629           149,071  

HORNBECK OFFSHORE SERVICES INC

     7,548           10,869  

HOSTESS BRANDS INC CL A

     22,100           241,774  

HOUGHTON MIFFLIN HARCOURT CO

     24,433           216,476  

HOUSTON WIRE & CABLE CO

     3,800           19,228  

HOWARD BANCORP INC

     1,304           18,647  

HOWARD HUGHES CORP

     5,322           519,534  

HUB GROUP INC CL A

     8,173           302,973  

HUDSON TECHNOLOGIES INC

     17,316           15,411  

HUNTSMAN CORP

     56,722           1,094,167  

HURCO INC

     2,508           89,536  

HURON CONSULTING GROUP INC

     9,878           506,840  

HUTTIG BUILDING PRODUCTS INC

     4,166           7,499  

HYSTER-YALE MATRS

     3,237           200,565  

IBERIABANK CORP

     20,700           1,330,596  

 

26


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

ICF INTERNATIONAL INC

     8,555           554,193  

ICHOR HOLDINGS LTD

     4,063           66,227  

IES HOLDINGS INC

     467           7,262  

II-VI INC.

     25,776           836,689  

IMAX CORP

     14,710                           276,695  

IMMUNE DESIGN CORP

     3,388           4,404  

INDEPENDENCE CONTRACT DRILLING

     5,182           16,168  

INDEPENDENT BANK CORP MASS

     6,697           470,866  

INDEPENDENT BANK GROUP INC

     7,407           339,018  

INFINERA CORP

     33,979           135,576  

INGLES MARKETS INC-CL A

     5,628           153,194  

INGREDION INC

     24,767           2,263,704  

INNERWORKINGS INC

     23,848           89,192  

INNOPHOS HOLDINGS INC

     7,296           178,971  

INNOSPEC INC

     8,663           535,027  

INOVALON HOLDINGS INC CL A

     4,377           62,066  

INSIGHT ENTERPRISES INC

     1,200           48,900  

INSTEEL INDUSTRIES INC

     8,006           194,386  

INTEGER HOLDINGS CORP

     12,374           943,641  

INTER PARFUMS INC

     4,965           325,555  

INTERNATIONAL BANCSHARES CORP

     32,952           1,133,549  

INTERNATIONAL GAME TECHNGY PLC

     32,066           469,126  

INTERNATIONAL SEAWAYS INC

     9,865           166,127  

INTEST CORP

     7,530           46,159  

INTEVAC INC

     10,220           53,451  

INTL FCSTONE INC

     6,402           234,185  

INTRA-CELLULAR THERAPIES INC

     3,875           44,136  

INTREPID POTASH INC

     43,981           114,351  

INVACARE CORP

     23,549           101,261  

INVESCO LTD

     15,534           260,039  

INVESTMENT TECH GROUP INC

     25,753           778,771  

INVESTORS BANCORP INC NEW

     126,242           1,312,917  

INVESTORS TITLE CO

     623           110,072  

IRIDIUM COMMUNICATIONS INC

     34,395           634,588  

ITT INC

     26,821           1,294,650  

J ALEXANDERS HLDGS INC

     3,098           25,497  

JABIL INC

     82,807           2,052,786  

JACOBS ENGINEERING GROUP INC

     17,723           1,036,087  

JAMES RIVER GROUP HOLDINGS LTD

     5,097           186,244  

JANUS HENDERSON GROUP PLC

     69,067           1,431,068  

JELD-WEN HOLDING INC

     1,552           22,054  

JETBLUE AIRWAYS CORP

     150,578           2,418,283  

JOHNSON OUTDOORS INC CL A

     916           53,806  

JONES LANG LASALLE INC

     819           103,685  

 

27


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

K12 INC

     18,779           465,531  

KADANT INC

     3,339           271,995  

KAMAN CORP

     10,795           605,492  

KB HOME

     13,583           259,435  

KBR INC

     45,925           697,142  

KEANE GROUP INC

     10,017           81,939  

KEARNY FINANCIAL CORP

     41,957           537,889  

KELLY SERVICES INC CL A

     18,019           369,029  

KEMET CORP

     9,968           174,839  

KEMPER CORP

     24,370                        1,617,681  

KENNAMETAL INC

     26,522           882,652  

KENNEDY-WILSON HOLDINGS INC

     6,856           124,574  

KEWAUNEE SCIENTIFIC CORP

     482           16,022  

KEYW HOLDING CORP

     15,256           102,063  

KIMBALL ELECTRONICS INC

     12,463           193,052  

KIMBALL INTL INC CL B

     1,756           24,918  

KINGSTONE COS INC

     1,243           21,989  

KIRBY CORP

     24,109           1,623,982  

KIRKLANDS INC

     12,594           120,021  

KLX ENERGY SVCS HLDGS INC W/I

     11,526           270,285  

KNIGHT-SWIFT TRANP HOLDG CL A

     33,063           828,889  

KNOWLES CORP

     31,919           424,842  

KORN FERRY

     22,802           901,591  

KOSMOS ENERGY LTD

     50,571           205,824  

KRATON CORP

     12,298           268,588  

KRONOS WORLDWIDE INC

     3,131           36,069  

KULICKE & SOFFA INDUSTRIES INC

     52,425           1,062,655  

KVH INDUSTRIES INC

     4,416           45,441  

LA Z BOY INC

     23,367           647,500  

LAKELAND BANCORP INC

     14,913           220,862  

LAKELAND INDUSTRIES INC

     3,461           36,133  

LANDEC CORP

     8,714           103,174  

LANDMARK BANCORP INC

     665           15,232  

LAREDO PETROLEUM INC

     72,604           262,826  

LAUREATE EDUCATION INC CL A

     6,725           102,489  

LCI INDUSTRIES

     6,364           425,115  

LCNB CORPORATION

     2,003           30,345  

LEAF GROUP LTD

     2,170           14,865  

LEAR CORP NEW

     930           114,260  

LEGACYTEXAS FINANCIAL GRP INC

     37,501           1,203,407  

LEGG MASON INC

     50,411           1,285,985  

LENDINGCLUB CORP

     55,381           145,652  

LHC GROUP INC

     16,424           1,541,885  

LIBBEY INC.

     10,581           41,054  

 

28


Table of Contents
Identity of Issue, Borrower, Lessor, or Similar Party    Shares or Units      Cost **      Current Value  

LIBERTY EXPEDIA HLDGS INC CL A

     16,796           656,892  

LIBERTY LATIN AMERICA LTD CL A

     16,937           245,248  

LIBERTY LATIN AMERICA LTD CL C

     37,903           552,247  

LIBERTY TAX INC CL A

     2,227           26,123  

LIBERTY TRIPADVISOR HOLDG A WI

     26,810           426,011  

LIFETIME BRANDS INC

     8,088           81,123  

LIGHTPATH TECHNOLOGIES CL A

     11,419           17,014  

LIMELIGHT NETWORKS INC

     5,735           13,420  

LIMONEIRA CO

     2,703           52,844  

LIONS GATE ENT CORP A

     25,596           412,096  

LIONS GATE ENT CORP B

     39,553           588,549  

LIQUIDITY SERVICES INC

     15,135           93,383  

LITHIA MOTORS INC CL A

     6,880           525,150  

LIVANOVA PLC

     2,210           202,149  

LIVE OAK BANCSHARES INC

     4,217           62,454  

LIVERAMP HOLDINGS INC

     63,181                        2,440,682  

LOGMEIN INC

     9,723           793,105  

LONESTAR RESOURCES US INC A

     3,829           13,976  

LOUISIANA PACIFIC CORP

     48,208           1,071,182  

LSB INDUSTRIES INC

     8,252           45,551  

LSC COMMUNICATIONS INC

     10,190           71,330  

LSI INDUSTRIES INC

     12,484           39,574  

LUMENTUM HOLDINGS INC

     5,180           217,612  

LUMINEX CORP

     9,177           212,080  

LUNA INNOVATIONS INC

     4,212           14,110  

LUXOFT HOLDING INC—CL A

     411           12,503  

LYDALL INC

     2,138           43,423  

LYON WILLIAM HOMES CLS A

     11,485           122,775  

M D C HOLDINGS INC

     23,567           662,468  

M/I HOMES INC

     19,890           418,088  

MACOM TECHNOLOGY SOLN HLDS INC

     4,960           71,970  

MACQUARIE INFRASTRUCTURE CORP

     19,969           730,067  

MAGELLAN HEALTH INC