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, 2020

OR

 

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, 2020 and 2019, 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.

 

 


Table of Contents

SIGNATURES

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

 

  MICROSOFT CORPORATION SAVINGS PLUS 401(K) PLAN    

Date:    June 24, 2021

 

/S/ KRISTEN ROBY DIMLOW

   
 

Kristen Roby Dimlow

   
  Member of 401(k) Administrative Committee    

Date:    June 24, 2021

 

/S/ DANIEL GOFF

   
  Daniel Goff    
  Member of 401(k) Administrative Committee    

Date:    June 24, 2021

 

/S/ ANITA MEHRA

   
  Anita Mehra    
  Member of 401(k) Administrative Committee    


Table of Contents

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, 2020 AND 2019;

NOTES TO FINANCIAL STATEMENTS; AND

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2020


Table of Contents

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, 2020 and 2019

     2  

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2020 and 2019

     3  

Notes to Financial Statements

     4  

Supplemental Schedule:

  

Supplemental Schedule of Assets (Held at End of Year) as of December 31, 2020

     10  

Exhibit:

  

Consent of Independent Registered Public Accounting Firm

  

 

 

 

NOTE:

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


Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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, 2020 and 2019, 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, 2020 and 2019, 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, 2020 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 24, 2021

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

 

1


Table of Contents

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

 

December 31,    2020      2019  

ASSETS

     

Cash

   $ 13,583,789      $ 8,677,908  

Investments held by trustee, at fair value

     38,161,818,818        27,373,465,379  

Receivables:

     

Participant loans

     172,830,176        144,559,953  

Other receivables

     15,846,052        16,109,867  

 

    

 

 

 

Total receivables

     188,676,228        160,669,820  

 

    

 

 

 

Total assets

     38,364,078,835        27,542,813,107  
     

LIABILITIES

     

Operating payables

     6,081,698        7,374,172  

Other payables

     14,518,790        6,263,552  

 

    

 

 

 

Total liabilities

     20,600,488        13,637,724  

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 38,343,478,347      $ 27,529,175,383  
  

 

 

    

 

 

 

Refer to accompanying notes.

 

2


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

Year Ended December 31,    2020      2019  

ADDITIONS

     

Net investment income:

     

Interest and dividends

   $ 61,764,620      $ 70,735,128  

Net increase in fair value of investments

     7,819,378,707        5,863,467,950  

 

    

 

 

 

Net investment income

     7,881,143,327        5,934,203,078  
  

 

 

    

 

 

 

Contributions:

     

Participant contributions

     2,080,721,878        1,655,399,823  

Employer contributions

     717,410,483        602,616,174  

 

    

 

 

 

Total contributions

     2,798,132,361        2,258,015,997  

 

    

 

 

 

Total additions

     10,679,275,688        8,192,219,075  

DEDUCTIONS

     

Benefits paid to participants

     1,357,746,762        1,040,791,512  

 

    

 

 

 

NET INCREASE IN NET ASSETS BEFORE TRANSFERS

     9,321,528,926        7,151,427,563  

Transfers in

     1,492,774,038        0  

 

    

 

 

 

NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

     10,814,302,964        7,151,427,563  

NET ASSETS AVAILABLE FOR BENEFITS

     

Beginning of year

     27,529,175,383        20,377,747,820  

 

    

 

 

 

End of year

   $ 38,343,478,347      $ 27,529,175,383  
  

 

 

    

 

 

 

Refer to accompanying notes.

 

3


Table of Contents

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; Microsoft Technology Licensing; Undead Labs (effective December 16, 2019); LinkedIn Corporation (“LinkedIn”) (effective July 1, 2020); and GitHub, Inc. (“GitHub”) (effective October 9, 2020). 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 2020 and 2019, 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 amounts earned with respect to any equity-based compensation program, award, or benefit, reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation, welfare plan benefits including health or life insurance, or severance plan payments, unused accrued vacation payments, 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 make additional catch-up contributions to the Plan on a pre-tax and/or Roth basis. During 2020 and 2019, the maximum annual 401(k) pre-tax and Roth contribution limit was $19,500 and $19,000, respectively, and the maximum annual catch-up contribution to the Plan was $6,500 and $6,000, respectively. Additionally, participants could contribute up to $27,750 for 2020 and $27,500 for 2019 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. 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.

 

4


Table of Contents

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 Internal Revenue Service (“IRS”) contribution limit (not including catch-up contributions). Participants do not receive a match on after-tax contributions.

Transfers

LinkedIn was acquired by the Company in 2016 and the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust assets merged into the Plan in July 2020. Undead Labs was acquired by the Company in 2018 and the Undead Labs 401(k) Plan assets merged into the Plan in January 2020. GitHub was acquired by the Company in 2018 and the GitHub, Inc. 401(k) Plan & Trust assets merged into the Plan in October 2020. 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, 2020.

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 investment earnings, gains and losses, 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.

Coronavirus Aid, Relief, and Economic Security (“CARES”) Act

During April 2020, the Plan implemented distribution and loan relief provisions in accordance with the CARES Act, which was enacted in March 2020. The provisions enabled participants negatively impacted by COVID-19 to take a penalty-free distribution through December 30, 2020 and suspend outstanding scheduled loan payments until 2021, increased the maximum loan limit for loans taken as a result of COVID-19 through September 22, 2020, and suspended required minimum distributions for the 2020 calendar year, including 2020 payments that would have been required to be made by April 1, 2021, unless elected otherwise.

 

5


Table of Contents

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. Hardship withdrawals are further limited to pre-tax contributions, pre-tax catch-up contributions, after-tax contributions (including earnings thereon), Roth contributions, Roth catch-up contributions, and rollover contributions (excluding acquisition rollovers). Prior to 2019, a hardship withdrawal generally resulted in a six-month suspension of contributions (other than rollover contributions) to the Plan and the sources available for a hardship withdrawal excluded earnings on pre-tax (including catch-up) and after-tax contributions.

Active participants may also generally take a withdrawal at any time from their rollover and after-tax accounts within the Plan. After reaching age 5912, 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.

Participants may also withdraw all, or any portion, of their pre-tax and Roth contributions during a leave of absence to perform qualified military service of at least 30 days, subject to a six-month suspension on future non-rollover contributions to the Plan, or if they elect a qualified reservist distribution. The distribution generally must be made in a single lump sum cash payment, except that distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash.

In-Plan Roth Conversions

Active and terminated participants may convert any Plan balances (other than outstanding loans) to a 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, including systemic market disruptions, 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.

In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic. The ongoing COVID-19 pandemic has had widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices, and there is substantial uncertainty in the nature and degree of its continued effects over time. The extent to which COVID-19 impacts the Plan going forward will depend on numerous evolving factors which cannot be reliably predicted, and management is not able to estimate the impact the pandemic may have on the Plan’s 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 due to risks and uncertainties, including uncertainty in the current economic environment due to COVID-19. The Plan has no contingent assets or liabilities for any periods presented in these financial statements.

 

6


Table of Contents

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, sold, and held during the year.

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, 2020 and 2019 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, 2020 and 2019, 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”) as a practical expedient and are not categorized in the fair value hierarchy. NAV is provided by the trustee and 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.

 

7


Table of Contents

Financial Instruments Measured at Fair Value

 

December 31, 2020    Level 1      Level 2      Total  

 

 

Mutual funds

   $ 829,296,690      $ 0      $         829,296,690  

Microsoft Common Stock

     3,341,097,553        0        3,341,097,553  

Separately managed accounts:

        

Common stock

     4,960,569,581        0        4,960,569,581  

Mutual funds

     0        1,375,842,819        1,375,842,819  

Other

     207,422,564        45,005,846        252,428,410  

Brokerage accounts

     2,336,664,367        44,184,154        2,380,848,521  

 

    

 

 

    

 

 

 

Total

   $   11,675,050,755      $ 1,465,032,819        13,140,083,574  

Common collective trusts measured at NAV

           25,021,735,244  
        

 

 

 

Total Investments

         $ 38,161,818,818  
        

 

 

 
December 31, 2019    Level 1      Level 2      Total  

 

 

Mutual funds

   $ 666,635,304      $ 0      $ 666,635,304  

Microsoft Common Stock

     2,560,666,967        0        2,560,666,967  

Separately managed accounts:

        

Common stock

     3,840,829,164        0        3,840,829,164  

Mutual funds

     0        1,059,178,206        1,059,178,206  

Other

     107,307,012        20,746,596        128,053,608  

Brokerage accounts

     1,149,314,671        32,850,889        1,182,165,560  

 

    

 

 

    

 

 

 

Total

   $   8,324,753,118      $        1,112,775,691        9,437,528,809  

Common collective trusts measured at NAV

           17,935,936,570  
        

 

 

 

Total Investments

         $ 27,373,465,379  
  

 

 

 

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, 2020 and 2019. These derivative instruments are primarily 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 Residence Loan may not exceed 15 years (or 30 years for certain acquired legacy loans) or be less than 12 months. The term of a General Loan may not exceed five years (or 15 years for certain acquired 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, 2020 was 3.25 percent to 9.00 percent, maturing at various dates through August 2044. The range of interest rates for outstanding General Loans as of December 31, 2020 was 4.25 percent to 6.50 percent, maturing at various dates through January 2026.

 

8


Table of Contents

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. 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 IRS 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. Fees paid for investment management services were included as a reduction of the return earned on each fund.

Transactions in Microsoft Common Stock also qualify as party-in-interest transactions. As of December 31, 2020 and 2019, the Plan held 15,021,570 shares of Microsoft Common Stock valued at $3,341,097,553 and 16,237,584 shares of Microsoft Common Stock valued at $2,560,666,967, respectively. During the years ended December 31, 2020 and 2019, the Plan recorded Microsoft Common Stock dividend income of $32,555,519 and $31,390,230, respectively.

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,    2020     2019  

Net assets available for benefits per the financial statements

   $ 38,343,478,347     $ 27,529,175,383  

Less: benefits payable

     (3,226,841     (2,778,561

 

   

 

 

 

Net assets per the Form 5500

   $   38,340,251,506     $   27,526,396,822  
  

 

 

   

 

 

 

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

 

 

 
Year Ended December 31,    2020      2019  

Benefits paid to participants per the financial statements

   $ 1,357,746,762      $ 1,040,791,512  

Plus: increase in benefits payable at year end

     448,280        143,136  

 

    

 

 

 

Benefits paid to participants per the Form 5500

   $     1,358,195,042      $       1,040,934,648  
  

 

 

    

 

 

 

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.

 

9


Table of Contents

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, 2020

 

 

 

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

BROKERAGE ACCOUNTS

        

BrokerageLink **

     2,380,848,521         $   2,380,848,521  

COMMON COLLECTIVE TRUSTS

        

BlackRock LifePath Index 2025

     6,633,634           88,722,199  

BlackRock LifePath Index 2030

     124,050,655           1,697,571,186  

BlackRock LifePath Index 2035

     11,429,185           159,792,577  

BlackRock LifePath Index 2040

     192,782,754           2,745,303,535  

BlackRock LifePath Index 2045

     18,048,179           260,649,996  

BlackRock LifePath Index 2050

     177,823,827           2,584,455,935  

BlackRock LifePath Index 2055

     20,153,852           293,234,516  

BlackRock LifePath Index 2060

     45,823,133           666,419,568  

BlackRock LifePath Index 2065

     1,804,571           21,556,143  

BlackRock LifePath Index Retirement

     50,287,523           654,954,754  

BlackRock Short-term Investment Fund

     970,790,527           970,790,527  

Fidelity Contrafund Pool Class 3 *

     79,530,672           2,151,304,673  

Fidelity Growth Company Pool Class 3 *

     102,996,679           4,417,527,577  

Vanguard Russell 1000 Growth Index Trust

     5,879,336           1,670,495,822  

Vanguard Russell 1000 Value Index Trust

     7,704,557           1,319,251,343  

Vanguard Russell 2000 Growth Index Trust

     6,132,557           1,407,483,241  

Vanguard S&P 500 Index Trust

     27,922,501           3,912,221,652  

EMPLOYER STOCK

        

Microsoft Common Stock *

     15,021,570           3,341,097,553  

MUTUAL FUNDS

        

PIMCO All Asset All Authority

     6,140,024           50,777,999  

PIMCO Inflation Response Multi-Asset Response

     3,469,409           30,704,272  

Vanguard Short-Term Bond Index Fund (Signal)

     68,796,175           747,814,419  

SEPARATELY MANAGED ACCOUNTS

        

Artisan Mid Cap Account

        

Currency

        

DANISH KRONE

     1,691           278  

SWISS FRANC

     110           125  

Publicly-traded Common Stock

        

ADAPTIVE BIOTECHNOLOGIES CORP

     168,436           9,959,621  

AGILENT TECHNOLOGIES INC

     204,217           24,197,672  

APTIV PLC

     257,496           33,549,154  

ARGENX SE SPONSORED ADR

     133,346           39,215,725  

ARISTA NETWORKS INC

     112,010           32,546,746  

ASCENDIS PHARMA AS SPON ADR

     286,542           47,789,475  

ATLASSIAN CORP PLC CLS A

     338,844           79,245,446  

BALL CORP

     255,120           23,772,082  

BEYOND MEAT INC

     56,399           7,049,875  

BIONTECH SE ADR

     179,643           14,644,497  

 

10


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

BOSTON BEER COMPANY CL A

     20,414           20,297,436  

BRIGHT HORIZONS FAMILY SOLUTIONS INC

     56,352           9,748,332  

BURLINGTON STORES INC

     136,016           35,574,985  

CATALENT INC

     498,786           51,908,659  

CENTENE CORP

     452,095           27,139,263  

CERIDIAN HCM HLDG INC

     335,858           35,789,028  

CHEGG INC

     477,362           43,120,109  

CHEWY INC

     167,712           15,075,632  

CHIPOTLE MEXICAN GRILL INC

     23,673           32,827,586  

CMS ENERGY CORP

     363,783           22,194,401  

COGNEX CORP

     276,358           22,187,402  

COUPA SOFTWARE INC

     99,587           33,751,030  

DATADOG INC CL A

     254,179           25,021,381  

DEXCOM INC

     137,520           50,843,894  

EVOTEC SE

     317,566           11,747,262  

EXACT SCIENCES CORP

     403,111           53,408,176  

FIDELITY NATL INFORM SVCS INC

     168,083           23,777,021  

FIRST REPUBLIC BANK

     57,572           8,459,054  

FORTIVE CORP

     588,138           41,651,933  

GENERAC HOLDINGS INC

     128,682           29,263,574  

GENMAB AS

     146,920           59,395,962  

GLOBAL PAYMENTS INC

     504,485           108,676,159  

GUIDEWIRE SOFTWARE INC

     248,955           32,047,977  

HUBSPOT INC

     154,732           61,341,954  

IDEX CORPORATION

     92,407           18,407,474  

IHS MARKIT LTD

     249,687           22,429,383  

INGERSOLL RAND INC

     680,778           31,016,246  

IPG PHOTONICS CORP

     95,772           21,432,816  

IRHYTHM TECHNOLOGIES INC

     93,733           22,234,405  

JFROG LTD

     174,332           10,953,280  

LATTICE SEMICONDUCTOR CORP

     716,350           32,823,157  

LYFT INC

     215,898           10,607,069  

MATCH GROUP INC

     366,868           55,466,773  

MSCI INC

     67,592           30,181,856  

NEW YORK TIMES CO CL A

     783,263           40,549,526  

NUANCE COMMUNICATIONS INC

     243,061           10,716,559  

OLLIES BARGAIN OUTLET HOLDINGS INC

     240,856           19,694,795  

PAGSEGURO DIGITAL LTD CL A

     593,555           33,761,408  

PELOTON INTERACTIVE INC CL A

     277,501           42,102,452  

ROKU INC CLASS A

     91,190           30,276,904  

ROPER TECHNOLOGIES INC

     51,298           22,114,055  

SAGE THERAPEUTICS INC

     148,523           12,848,725  

SAREPTA THERAPEUTICS INC

     67,639           11,531,773  

SKYWORKS SOLUTIONS INC

     205,907           31,479,062  

SVB FINL GROUP

     36,540           14,171,308  

SYNOPSYS INC

     118,260           30,657,722  

TAKE-TWO INTERACTV SOFTWR INC

     114,332           23,757,046  

TELEDYNE TECHNOLOGIES INC

     72,934           28,588,669  

TRADEWEB MARKETS INC A

     403,752           25,214,312  

 

11


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

TRIMBLE INC

     573,240           38,275,235  

TWILIO INC CLASS A

     69,548           23,541,998  

TYLER TECHNOLOGIES INC

     54,016           23,579,064  

VEEVA SYS INC CL A

     254,322           69,239,165  

VERISK ANALYTICS INC

     111,431           23,131,961  

WAYFAIR INC

     53,465           12,072,932  

WEST PHARMACEUTICAL SVCS INC

     159,584           45,211,743  

ZSCALER INC

     182,294           36,405,935  

ZYNGA INC

     6,592,987           65,072,782  

STIFS and Money Markets

        

SSBK GOVT STIF FUND

     72,586,350           72,586,350  
        

 

 

 

Artisan Mid Cap Account Total

           2,209,352,846  

DFA Small Mid Value Account

        

Currency

        

CANADIAN DOLLAR

     26           20  

Publicly-traded Common Stock

        

1 800 FLOWERS.COM INC CL A

     15,724           408,824  

AAR CORP

     16,180           586,040  

AARON’S CO INC/THE

     9,367           177,598  

ABEONA THERAPEUTICS INC

     3,400           5,338  

ABERCROMBIE & FITCH CO CL A

     35,555           723,900  

ABM INDUSTRIES INC

     25,672           971,428  

ACACIA RESEARCH—ACACIA TECH

     16,702           65,806  

ACADIA HEALTHCARE CO INC

     56,041           2,816,621  

ACCO BRANDS CORP

     41,783           353,066  

ACUITY BRANDS INC

     635           76,892  

ACUSHNET HOLDINGS CORP

     20,887           846,759  

ADAMS RESOURCES AND ENERGY INC

     330           7,953  

ADDUS HOMECARE CORP

     4,917           575,732  

ADIENT PLC

     55,952           1,945,451  

ADT INC

     95,090           746,457  

ADTALEM GLOBAL EDUCATION INC

     30,876           1,048,240  

ADTRAN INC

     27,990           413,412  

ADVANCE AUTO PARTS INC

     140           22,051  

ADVANSIX INC

     17,876           357,341  

AEGION CORP

     17,837           338,725  

AEROVIRONMENT INC

     1,998           173,626  

AGCO CORP

     22,385           2,307,670  

AGROFRESH SOLUTIONS INC

     11,792           26,768  

AH BELO CORP CL A

     9,816           14,822  

AIR LEASE CORP CL A

     65,871           2,925,990  

AIR TRANSPORT SERVICES GROUP

     23,708           743,009  

ALAMO GROUP INC

     9,114           1,257,276  

ALASKA AIR GROUP INC

     29,604           1,539,408  

ALASKA COMM SYS GROUP INC

     8,586           31,682  

ALBANY INTERNATIONAL CORP CL A

     6,339           465,409  

ALCOA CORP

     78,517           1,809,817  

ALEXION PHARMACEUTICALS INC (CVR) RT

     65,534           30,146  

 

12


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

ALICO INC

     2,977           92,347  

ALKERMES PLC

     2,241           44,708  

ALLEGHANY CORP DEL

     342           206,462  

ALLEGHENY TECHNOLOGIES INC

     51,912           870,564  

ALLEGIANCE BANCSHARES INC

     8,284           282,733  

ALLEGIANT TRAVEL CO

     770           145,715  

ALLIANCE DATA SYSTEMS CORP

     2,027           150,201  

ALLIED MOTION TECH INC

     440           22,484  

ALLSCRIPTS HLTHCARE SOLS INC

     99,935           1,443,061  

ALLY FINANCIAL INC

     86,129           3,071,360  

ALPHA & OMEGA SEMICNDTR LTD

     10,198           241,081  

ALTABANCORP

     5,299           147,948  

ALTRA INDUSTRIAL MOTION CORP

     5,612           311,073  

AMBAC FINANCIAL GROUP INC

     9,115           140,189  

AMC NETWORKS INC CL A

     10,358           370,506  

AMERCO INC

     5,148           2,336,986  

AMERESCO INC-CL A

     15,068           787,152  

AMERICAN AXLE & MFG HLDGS INC

     55,329           461,444  

AMERICAN EAGLE OUTFITTERS INC

     74,827           1,501,778  

AMERICAN EQY INVT LIFE HLD CO

     45,359           1,254,630  

AMERICAN NATIONAL GROUP INC

     9,465           909,776  

AMERICAN NATL BANKSHARES INC

     5,308           139,123  

AMERICAN OUTDOOR BRANDS INC

     5,113           87,074  

AMERICAN PUBLIC EDUCATION INC

     9,022           274,991  

AMERICAN SUPERCONDUCTOR CORP

     3,662           85,764  

AMERICAN VANGUARD CORP

     16,225           251,812  

AMERICAN WOODMARK

     6,772           635,552  

AMERICAS CAR MART INC

     1,625           178,490  

AMERIS BANCORP

     29,429           1,120,362  

AMKOR TECHNOLOGY INC

     151,542           2,285,253  

AMPCO-PITTSBURG CORP

     9,934           54,438  

AMPHASTAR PHARMACEUTICALS INC

     19,786           397,896  

AMTECH SYSTEMS INC

     11,695           74,614  

ANAPTYSBIO INC

     13,190           283,585  

ANDERSONS INC

     21,707           532,039  

ANGIODYNAMICS INC

     24,690           378,498  

ANIKA THERAPEUTICS INC

     10,867           491,840  

ANTERO MIDSTREAM CORP

     15,895           122,550  

ANTERO RES CORP

     143,033           779,530  

API GROUP CORP

     4,281           77,700  

APOGEE ENTERPRISES INC

     16,491           522,435  

APPLIED GENETIC TECHNOLOGIES CORP

     2,874           11,755  

APPLIED INDUSTRIAL TECH INC

     6,172           481,354  

APPLIED OPTOELECTRONICS INC

     2,233           19,003  

ARAMARK

     24,096           927,214  

ARC Document Solutions Inc

     4,880           7,222  

ARCBEST CORP

     11,050           471,504  

ARCH RESOURCES INC CL A

     9,676           423,519  

ARCHROCK INC

     87,718           759,638  

 

13


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

ARCOSA INC

     22,777           1,251,141  

ARDMORE SHIPPING CORP

     12,252           40,064  

ARGAN INC

     5,228           232,594  

ARGO GROUP INTL

     20,667           903,148  

ARLO TECHNOLOGIES INC

     47,925           373,336  

ARMSTRONG FLOORING INC

     11,620           44,388  

ARROW ELECTRONICS INC

     47,819           4,652,789  

ARROW FINANCIAL CORP

     6,098           182,391  

ASBURY AUTOMOTIVE GROUP INC

     4,785           697,366  

ASGN INC

     8,801           735,148  

ASHLAND GLOBAL HOLDINGS INC

     17,505           1,386,396  

ASSEMBLY BIOSCIENCES INC

     1,177           7,121  

ASSOCIATED BANC CORP

     109,698           1,870,351  

ASSURED GUARANTY LTD

     50,425           1,587,883  

ASTEC INDUSTRIES INC

     13,364           773,508  

ASTRONICS CORP

     10,213           135,118  

ASTRONICS CORP CL B

     2,236           29,677  

ASURE SOFTWARE INC

     1,348           9,571  

AT HOME GROUP INC

     20,806           321,661  

ATHENE HOLDING LTD

     74,417           3,210,349  

ATLANTIC CAPITAL BANCSHARES INC

     8,680           138,186  

ATLANTIC UN BANKSHARES CORP

     33,735           1,111,231  

ATLAS AIR WORLD

     19,932           1,087,091  

ATN INTERNATIONAL INC

     6,587           275,073  

AUTOLIV INC

     2,569           236,605  

AUTONATION INC

     58,447           4,079,016  

AVANOS MEDICAL INC

     20,869           957,470  

AVIAT NETWORKS INC

     3,009           102,757  

AVIENT CORP

     619           24,933  

AVNET INC

     66,264           2,326,529  

AWARE INC MASS

     5,120           17,920  

AXCELIS TECHNOLOGIES INC

     17,074           497,195  

AXIS CAPITAL HOLDINGS LTD

     22,581           1,137,857  

AXOS FINANCIAL INC

     20,628           774,169  

AXT INC

     24,878           238,082  

AZZ INC

     10,719           508,509  

B&G FOODS INC

     4,906           136,043  

BALLANTYNE STRONG INC

     1,527           3,075  

BANCFIRST CORP

     1,441           84,587  

BANCORP INC DEL

     38,964           531,859  

BANCORPSOUTH BANK

     19,117           524,570  

BANK MARIN BANCORP

     4,619           158,616  

BANK OF NT BUTTERFIELD&SON LTD

     2,391           74,504  

BANK OZK

     83,561           2,612,952  

BANKFINANCIAL CORP

     1,100           9,658  

BANKUNITED INC

     36,850           1,281,643  

BANKWELL FINANCIAL GROUP INC

     709           13,861  

BANNER CORP

     22,696           1,057,407  

BAR HARBOR BANKSHARES

     5,013           113,244  

 

14


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

BARNES & NOBLE EDUCATION INC

     27,282           126,861  

BARNES GROUP INC

     18,388           932,088  

BARRETT BUSINES SERVICES

     300           20,463  

BASSETT FURNITURE INDS INC

     2,530           50,802  

BAYCOM CORP

     1,926           29,217  

BBX CAP INC

     4,938           28,097  

BCB BANCORP INC

     4,648           51,453  

BEACON ROOFING SUPPLY INC

     33,637           1,351,871  

BED BATH & BEYOND INC

     49,775           884,004  

BEL FUSE INC NV CL B

     4,882           73,376  

BELDEN INC

     10,692           447,995  

BENCHMARK ELECTRONICS INC

     18,181           491,069  

BERKSHIRE HILLS BANCORP INC

     18,627           318,894  

BERRY GLOBAL GROUP INC

     1,044           58,662  

BERRY PETROLEUM CORP

     27,968           102,922  

BIG 5 SPORTING GOODS CORP

     13,448           137,304  

BIG LOTS INC

     17,202           738,482  

BIGLARI HLDGS INC CL A

     32           18,720  

BIGLARI HLDGS INC CL B

     895           99,524  

BJ’S RESTAURANTS INC

     4,483           172,551  

BLUCORA INC

     25,203           400,980  

BLUEGREEN VACATIONS HOLDING CORP CL A

     4,938           66,811  

BMC STK HLDGS INC

     35,716           1,917,235  

BOISE CASCADE CO

     18,758           896,632  

BOK FINANCIAL COMMON NEW

     8,720           597,146  

BONANZA CREEK ENERGY INC

     11,309           218,603  

BOOT BARN HOLDINGS INC

     7,611           330,013  

BORGWARNER INC

     71,237           2,752,598  

BOSTON OMAHA CORP

     2,588           71,558  

BOSTON PRIVATE FINL HLDG INC

     49,409           417,506  

BRADY CORPORATION CL A

     2,957           156,189  

BRIDGEWATER BANCSHARES INC

     2,956           36,920  

BRIGHTHOUSE FINANCIAL INC

     15,986           578,773  

BRIGHTVIEW HOLDINGS INC

     7,406           111,979  

BRISTOW GROUP INC

     3,398           89,435  

BROADWIND INC

     2,409           19,103  

BROOKDALE SENIOR LIVING INC

     73,402           325,171  

BROOKFIELD RENEWABLE CORP

     16,996           990,357  

BROOKLINE BANCORP INC

     36,144           435,174  

BROOKS AUTOMATION INC

     7,191           487,909  

BRYN MAWR BANK CORP

     12,454           381,030  

BSQUARE CORP

     6,836           10,391  

BUCKLE INC (THE)

     18,194           531,265  

BUILD A BEAR WORKSHOP INC

     9,374           40,027  

BUILDERS FIRSTSOURCE

     545           22,241  

BUNGE LIMITED

     34,898           2,288,611  

BYLINE BANCORP INC

     12,539           193,728  

C & F FINANCIAL CORP

     236           8,758  

C N A FINANCIAL CORP

     3,393           132,191  

 

15


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

C T S CORP

     5,002           171,719  

CABOT CORP

     27,019           1,212,613  

CABOT OIL & GAS CORP

     6,224           101,327  

CACI INTERNATIONAL INC

     6,392           1,593,717  

CADENCE BANCORP CL A

     56,577           928,994  

CAI INTERNATIONAL INC

     7,664           239,423  

CALAMP CORP

     2,696           26,744  

CALERES INC

     11,489           179,803  

CALIX NETWORKS INC

     20,063           597,075  

CALLAWAY GOLF CO

     16,128           387,233  

CALLON PETROLEUM CO

     10,985           144,563  

CAL-MAINE FOODS INC

     7,587           284,816  

CAMBRIDGE BANCORP

     150           10,463  

CAMDEN NATIONAL CORP

     7,364           263,484  

CAPITAL CITY BANK GROUP INC

     8,493           208,758  

CAPITOL FED FINL (2ND STEP CV)

     69,424           867,800  

CAPRI HOLDINGS LTD

     20,894           877,548  

CAPSTAR FINANCIAL HOLDINGS INC

     6,165           90,934  

CARLISLE COS INC

     11,565           1,806,222  

CARPENTER TECHNOLOGY CORP

     25,482           742,036  

CARRIAGE SERVICES INC

     8,718           273,048  

CARROLS RESTAURANT GROUP INC

     15,133           95,035  

CARS.COM INC

     31,127           351,735  

CASS INFORMATION SYSTEMS INC

     1,664           64,746  

CATALYST BIOSCIENCES INC

     8,662           54,657  

CATALYST PHARMACEUTICALS INC

     12,839           42,882  

CATHAY GENERAL BANCORP

     19,631           631,922  

CATO CORP CL A

     11,900           114,121  

CAVCO INDUSTRIES INC

     2,931           514,244  

CBIZ INC

     33,563           893,111  

CBTX INC

     6,330           161,478  

CECO ENVIRONMENTAL CORP

     16,950           117,972  

CELLDEX THERAPEUTICS INC

     4,475           78,402  

CENTENNIAL RESOURCE DEVELOPMENT INC CL A

     67,732           101,598  

CENTRAL GARDEN & PET CO

     5,212           201,235  

CENTRAL GARDEN & PET CO CL A

     17,770           645,584  

CENTRAL PACIFIC FINANCIAL CORP

     11,684           222,113  

CENTRAL VALLEY CMNTY BANCORP

     5,400           80,406  

CENTURY ALUMINUM COMPANY

     43,302           477,621  

CENTURY BANCORP INC CL A NVTG

     1,342           103,817  

CENTURY COMMUNITIES INC

     19,868           869,821  

CEVA INC

     1,021           46,456  

CF INDUSTRIES HOLDINGS INC

     69,397           2,686,358  

CHAMPIONX CORP

     22,628           346,208  

CHART INDUSTRIES INC

     20,063           2,363,221  

CHEFS WAREHOUSE INC

     8,727           224,197  

CHICAGO RIVET & MACHINE CO

     300           6,858  

CHICOS FAS INC

     55,317           87,954  

CHIMERIX INC

     17,408           84,081  

 

16


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

CHUYS HOLDINGS INC

     4,237           112,238  

CINCINNATI BELL INC

     3,412           52,135  

CINEMARK HOLDINGS INC

     6,353           110,606  

CIRCOR INTERNATIONAL INC

     7,820           300,601  

CIT GROUP INC

     30,932           1,110,459  

CITI TRENDS INC

     5,571           276,767  

CITIZENS & NORTHERN CORP

     1,333           26,447  

CITY HOLDING CO

     3,837           266,863  

CIVEO CORP

     3,574           49,679  

CIVISTA BANCSHARES INC

     5,943           104,181  

CLEAN ENERGY FUELS CORP

     105,151           826,487  

CLEAN HARBORS INC

     13,283           1,010,836  

CLEARFIELD INC

     900           22,248  

CLEARWATER PAPER CORP

     8,994           339,524  

CNB FINANCIAL CORP PA

     5,522           117,563  

CNX RESOURCES CORP

     112,834           1,218,607  

COEUR MINING INC

     52,251           540,798  

COHU INC

     17,721           676,588  

COLFAX CORP

     45,101           1,724,662  

COLUMBIA BANKING SYSTEMS INC

     22,521           808,504  

COLUMBUS MCKINNON CORP NY

     11,333           435,641  

COMERICA INC

     36,866           2,059,335  

COMFORT SYSTEMS USA INC

     6,599           347,503  

COMMERCIAL METALS CO

     48,978           1,006,008  

COMMERCIAL VEHICLE GROUP INC

     14,651           126,731  

COMMUNITY HEALTH SYS INC NEW

     22,348           166,046  

COMMUNITY TRUST BANCORP INC

     7,596           281,432  

COMPUTER PROGRAMS & SYSTEM INC

     5,580           149,767  

COMPUTER TASK GROUP INC

     7,144           43,721  

COMSCORE INC

     18,947           47,178  

COMSTOCK RESOURCES INC

     8,660           37,844  

COMTECH TELECOMMUNICATIONS NEW

     11,781           243,749  

CONCENTRIX CORP

     19,232           1,898,198  

CONCERT PHARMACEUTICALS INC

     4,340           54,858  

CONCHO RESOURCES INC

     3,956           230,833  

CONDUENT INC

     65,506           314,429  

CONMED CORP

     3,688           413,056  

CONNECTONE BANCORP INC

     14,587           288,677  

CONNS INC

     11,788           137,802  

CONSOL ENERGY INC—W/I

     15,297           110,291  

CONSOLIDATED COMM HLDGS INC

     35,042           171,355  

CONSTRUCTION PARTNERS INC CL A

     1,351           39,328  

CONSUMER PORTFOLIO SVCS INC

     8,447           35,815  

CONTAINER STORE GROUP INC

     17,424           166,225  

CONTINENTAL RES OKLA

     49,465           806,280  

COOPER STANDARD HOLDING INC

     6,673           231,353  

COOPER TIRE & RUBBER COMPANY

     23,810           964,305  

COPA HOLDINGS SA CL A

     4,970           383,833  

CORE MOLDING TECH INC

     2,250           31,680  

 

17


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

CORE-MARK HOLDING CO INC

     18,872           554,271  

COSTAMARE INC

     46,170           382,288  

COTY INC CL A

     34,609           242,955  

COVENANT LOGISTICS GROUP INC

     5,960           88,268  

COVETRUS INC

     29,559           849,526  

COWEN INC CL A

     12,173           316,376  

CPI AEROSTRUCTURES INC

     3,000           11,493  

CRA INTERNATIONAL INC

     4,523           230,356  

CRANE CO

     2,714           210,769  

CROSS COUNTRY HEALTHCARE INC

     13,126           116,428  

CROSSFIRST BANKSHARES INC

     4,448           47,816  

CTO REALTY GROWTH INC

     3,574           150,680  

CUBIC CORP

     8,311           515,614  

CULP INC

     4,391           69,685  

CUMULUS MEDIA INC

     4,974           43,373  

CURTISS WRIGHT CORPORATION

     8,876           1,032,723  

CUSHMAN & WAKEFIELD PLC

     19,099           283,238  

CUSTOMERS BANCORP INC

     12,604           229,141  

CVB FINANCIAL CORP

     8,512           165,984  

CVR ENERGY INC

     4,158           61,954  

CYBEROPTICS CORP

     4,527           102,718  

DAKTRONICS INC

     23,392           109,475  

DANA INC

     82,351           1,607,492  

DARLING INGREDIENTS INC

     71,701           4,135,714  

DAWSON GEOPHYSICAL CO

     12,650           26,818  

DEL TACO RESTAURANTS INC

     12,526           113,486  

DELEK US HOLDINGS INC

     35,404           568,942  

DESIGNER BRANDS INC

     31,955           244,456  

DEVON ENERGY CORP

     116,239           1,837,739  

DHI GROUP INC

     34,657           76,939  

DHT HOLDINGS INC

     84,571           442,306  

DIAMONDBACK ENERGY INC

     25,925           1,254,770  

DICKS SPORTING GOODS INC

     30,573           1,718,508  

DIGI INTERNATIONAL INC

     16,542           312,644  

DILLARDS INC CL A

     11,224           707,673  

DIME COMMUNITY BANCSHARES INC

     8,818           213,219  

DIME COMMUNITY BANCSHARES INC

     21,613           340,837  

DINE BRANDS GLOBAL INC

     245           14,210  

DIODES INC

     21,370           1,506,585  

DMC GLOBAL INC

     455           19,679  

DOMTAR CORP

     26,072           825,179  

DONEGAL GROUP INC CL A

     13,971           196,572  

DONNELLEY FINANCIAL SOLUTIONS INC

     26,145           443,681  

DORIAN LPG LTD

     26,954           328,569  

DOVER MOTORSPORTS INC

     4,100           9,307  

DRIL-QUIP INC

     21,113           625,367  

DSP GROUP

     8,725           144,748  

DUCOMMUN INC

     6,929           372,087  

DXC TECHNOLOGY CO

     61,286           1,578,115  

 

18


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

DXP ENTERPRISES INC

     5,128           113,995  

DYCOM INDUSTRIES INC

     15,238           1,150,774  

EAGLE BANCORP INC MD

     9,937           410,398  

EAGLE BULK SHIPPING INC

     3,053           58,007  

EARTHSTONE ENERGY INC

     6,715           35,791  

EAST WEST BANCORP INC

     461           23,377  

EASTERN CO

     1,100           26,510  

EBIX INC

     4,360           165,549  

ECHO GLOBAL LOGISTICS INC

     14,052           376,875  

ECHOSTAR CORP CL A

     25,330           536,743  

EDGEWELL PERSONAL CARE CO

     18,878           652,801  

EL POLLO LOCO HLDGS INC

     17,155           310,506  

ELECTROMED INC

     1,717           16,844  

ELEMENT SOLUTIONS INC

     129,862           2,302,453  

ELEVATE CREDIT INC

     363           1,448  

EMCOR GROUP INC

     12,559           1,148,646  

EMCORE CORP

     13,001           70,855  

EMERALD HLDG INC

     4,681           25,371  

EMPLOYERS HOLDINGS INC

     15,647           503,677  

ENANTA PHARMACEUTICALS INC

     3,582           150,802  

ENCORE CAP GROUP INC

     19,250           749,788  

ENCORE WIRE CORPORATION

     7,708           466,874  

ENDO INTERNATIONAL PLC

     10,810           77,616  

ENERPAC TOOL GROUP CORP CL A

     4,108           92,882  

ENERSYS INC

     4,995           414,885  

ENETI INC

     2,365           40,039  

ENLINK MIDSTREAM LLC

     152,476           565,686  

ENNIS INC

     8,746           156,116  

ENOVA INTL INC

     16,407           406,401  

ENPRO INDUSTRIES INC

     5,687           429,482  

ENSTAR GROUP LTD

     4,604           943,314  

ENTERCOM COMM CORP CL A

     49,265           121,685  

ENTERPRISE BANCORP INC

     55           1,405  

ENTERPRISE FINL SVCS CORP

     10,409           363,795  

ENTRAVISION COMMUN CRP CL A

     26,247           72,179  

ENVISTA HOLDINGS CORP

     39,502           1,332,402  

ENZO BIOCHEM INC

     1,503           3,788  

EPLUS INC

     5,630           495,159  

EQT CORPORATION

     149,275           1,897,285  

EQUITRANS MIDSTREAM CORP

     67,003           538,704  

EQUITY BANCSHARES INC

     5,606           121,034  

ESCALADE

     2,865           60,652  

ESCO TECHNOLOGIES INC

     8,703           898,324  

ESPEY MFG.&ELECTRIC

     272           5,145  

ESSA BANCORP INC

     3,403           51,045  

ETHAN ALLEN INTERIORS INC

     15,077           304,706  

EVEREST REINSURANCE GROUP LTD

     3,941           922,549  

EVOLENT HEALTH INC A

     30,987           496,722  

EVOLUTION PETROLEUM CORP

     7,724           22,013  

 

19


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

EXTENDED STAY AMERICA INC UNIT

     74,086           1,097,214  

EXTERRAN CORP

     19,931           88,095  

EZCORP INC CL A NON VTG

     32,610           156,202  

FABRINET

     11,175           867,068  

FARMER BROTHERS CO

     5,188           24,228  

FARMERS NATL BANC CORP

     9,794           129,966  

FB FINANCIAL CORP

     9,172           318,544  

FBL FINANCIAL GROUP INC CL A

     10,355           543,741  

FEDERAL AGRI MTG NON VTG CL C

     3,241           240,644  

FEDERAL SIGNAL CORP

     22,745           754,452  

FEDNAT HOLDING CO

     9,690           57,365  

FERRO CORP

     7,013           102,600  

FERROGLOBE PLC

     42,510           69,716  

FERROGLOBE REP&WARRANTY INS TR

     20,872           0  

FIESTA RESTAURANT GROUP INC

     8,557           97,550  

FINANCIAL INSTITUTIONS INC

     10,443           234,968  

FIRST AMERICAN FINANCIAL CORP

     2,998           154,787  

FIRST BANCORP INC ME

     3,780           96,012  

FIRST BANCORP NC

     8,344           282,278  

FIRST BANCORP PUERTO RICO

     81,501           751,439  

FIRST BANCSHARES INC MISS

     5,116           157,982  

FIRST BUSEY CORP

     24,473           527,393  

FIRST BUSINESS FIN SVCS INC

     357           6,572  

FIRST CITIZENS BANCSHARES INC CL A

     193           110,834  

FIRST COMMONWEALTH FINL CORP

     38,571           421,967  

FIRST COMMUNITY BANKSHARES INC

     10,331           222,943  

FIRST FINANCIAL BANCORP

     39,791           697,536  

FIRST FINANCIAL INDIANA

     6,324           245,687  

FIRST FINANCIAL NORTWEST INC

     4,521           51,539  

FIRST FOUNDATION INC

     23,346           466,920  

FIRST HAWAIIAN INC

     44,812           1,056,667  

FIRST HORIZON CORP

     196,934           2,512,878  

FIRST INTERNET BANCORP

     3,793           109,011  

FIRST INTST BANCSYST INC CL A

     22,129           902,199  

FIRST MERCHANTS CORP

     16,991           635,633  

FIRST MID BANCSHARES INC

     5,593           188,260  

FIRST MIDWEST BANCORP INC DEL

     42,724           680,166  

FIRST NORTHWEST BANCORP

     553           8,627  

FIRST OF LONG ISLAND CORP

     8,318           148,476  

FIRST PACTRUST BANCORP INC

     21,247           312,543  

FIRST SOLAR INC

     17,271           1,708,447  

FIRST SOURCE CORP

     8,969           361,451  

FITBIT INC CL A

     35,823           243,596  

FIVE PRIME THERAPEUTICS INC

     10,058           171,087  

FIVE STAR SENIOR LIVING INC

     4,558           31,450  

FLAGSTAR BANCORP INC

     28,024           1,142,258  

FLEX LTD

     167,551           3,012,567  

FLEXIBLE SOLUTIONS INTL INC

     4,800           11,952  

FLEXSTEEL IND

     3,153           110,260  

 

20


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

FLOTEK INDUSTRIES INC

     19,746           41,664  

FLUENT INC

     26,364           139,993  

FLUOR CORP

     30,060           480,058  

FLUSHING FINANCIAL CORP

     15,749           262,063  

FNB CORP PA

     103,018           978,671  

FONAR CORP

     2,259           39,216  

FOOT LOCKER INC

     50,727           2,051,400  

FORESTAR GROUP INC

     8,118           163,821  

FORMFACTOR INC

     19,602           843,278  

FORTITUDE GOLD CORP

     4,830           5,072  

FORUM ENERGY TECHNOLOGIES INC

     1,251           14,887  

FORWARD AIR CORP

     11,470           881,355  

FOSSIL INC

     18,053           156,520  

FOSTER L B CO CL A

     6,716           101,076  

FRANKLIN ELECTRIC CO. INC.

     5,225           361,622  

FRANK’S INTERNATIONAL NV

     59,184           162,164  

FREIGHTCAR AMERICA INC

     7,555           18,208  

FRESH DEL MONTE PRODUCE INC

     20,165           485,372  

FRIEDMAN INDS INC

     1,579           10,832  

FRP HOLDINGS INC

     3,036           138,290  

FS BANCORP INC

     1,809           99,133  

FTI CONSULTING INC

     5,825           650,769  

FULLER H B CO

     22,933           1,189,764  

FULTON FINANCIAL CORP

     101,249           1,287,887  

FUNKO INC A

     2,032           21,092  

FUTUREFUEL CORP

     23,017           292,316  

GAMESTOP CORP CL A

     28,227           531,797  

GANNETT CO INC

     49,036           164,761  

GASLOG LTD

     14,670           54,572  

GATES INDUSTRIAL CORP PLC

     23,329           297,678  

GATX CORP

     17,127           1,424,624  

GCP APPLIED TECHNOLOGIES INC

     5,009           118,463  

GENCO SHIPPING & TRADING LTD

     12,909           95,010  

GENCOR INDUSTRIES INC

     2,966           36,482  

GENESCO INC

     9,138           274,962  

GENIE ENERGY LTD B

     5,823           41,984  

GENTHERM INC

     5,077           331,122  

GENWORTH FINANCIAL INC A

     23,897           90,331  

GEOSPACE TECHNOLOGIES CORP

     7,949           68,043  

GERMAN AMERICAN BANCORP INC

     5,688           188,216  

GIBRALTAR INDUSTRIES INC

     10,725           771,557  

G-III APPAREL GROUP LTD

     18,293           434,276  

GLATFELTER CORP

     22,468           368,026  

GLOBAL INDEMNITY GROUP LLC-A

     5,753           164,478  

GLYCOMIMETICS INC

     12,969           48,763  

GMS INC

     16,402           499,933  

GOLD RESOURCE CORP

     16,907           49,199  

GOODRICH PETE CORP

     886           8,940  

GOODYEAR TIRE & RUBBER CO

     81,615           890,420  

 

21


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

GORMAN-RUPP CO

     7,132           231,433  

GP STRATEGIES CORP

     6,168           73,152  

GRAHAM CORPORATION

     172           2,611  

GRAHAM HOLDINGS CO

     1,844           983,553  

GRANITE CONSTRUCTION INC

     23,850           637,034  

GRAPHIC PACKAGING HOLDING CO

     63,465           1,075,097  

GRAY TELEVISION INC

     52,526           939,690  

GREAT LAKES DREDGE & DOCK CORP

     35,858           472,250  

GREAT SOUTHERN BANCORP INC

     8,451           413,254  

GREAT WESTERN BANCORP INC

     20,757           433,821  

GREEN BRICK PARTNERS INC

     14,096           323,644  

GREEN PLAINS INC

     18,811           247,741  

GREENBRIER COMPANIES INC

     11,210           407,820  

GREENLIGHT CAPITAL RE LTD A

     18,586           135,864  

GREIF INC CL A

     11,070           518,962  

GREIF INC CL B

     2,857           138,222  

GRIFFON CORP

     17,943           365,678  

GROUP 1 AUTOMOTIVE INC

     7,451           977,124  

GSI TECHNOLOGY INC

     4,196           31,050  

GUARANTY BANCSHARES INC

     418           12,519  

GUESS INC

     27,396           619,698  

GULF ISLAND FABRICATION INC

     8,612           26,353  

HACKETT GROUP INC

     816           11,742  

HAIN CELESTIAL GROUP INC

     2,193           88,049  

HALLMARK FIN SERVICES INC

     4,726           16,825  

HANCOCK WHITNEY CORP

     35,283           1,200,328  

HANMI FINANCIAL CORPORATION

     14,356           162,797  

HARBORONE NORTHEAST BANCORP INC

     19,946           216,614  

HARLEY-DAVIDSON INC

     33,904           1,244,277  

HARMONIC INC

     61,557           454,906  

HARSCO CORP

     10,959           197,043  

HARVARD BIOSCIENCES INC

     12,612           54,105  

HAVERTY FURNITURE COS INC

     11,023           305,006  

HAWAIIAN HLDGS INC

     18,419           326,016  

HAWKINS INC

     3,757           196,529  

HAYNES INTL INC

     8,120           193,581  

HEALTHSTREAM INC

     10,376           226,612  

HEARTLAND EXPRESS INC

     31,080           562,548  

HEARTLAND FINANCIAL USA INC

     15,890           641,479  

HECLA MINING CO

     259,286           1,680,173  

HEIDRICK & STRUGGLES INTL INC

     10,375           304,818  

HELIOS TECHNOLOGIES INC

     5,022           267,622  

HELIX ENERGY SOL GRP INC

     93,705           393,561  

HELMERICH & PAYNE INC

     47,821           1,107,534  

HEMISPHERE MEDIA GRP INC

     2,456           25,444  

HERC HOLDINGS INC

     3,851           255,745  

HERITAGE COMMERCE CORP

     20,330           180,327  

HERITAGE CRYSTAL CLEAN INC

     4,417           93,066  

HERITAGE FINANCIAL CORP WASH

     14,586           341,167  

 

22


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

HERITAGE INSURANCE HOLDINGS INC

     14,940           151,342  

HERTZ GLOBAL HOLDINGS INC

     26,078           33,380  

HIBBETT SPORTS INC

     9,873           455,935  

HILL INTL INC

     5,059           9,713  

HILLENBRAND INC

     4,252           169,230  

HILLTOP HLDGS I

     35,827           985,601  

HMS HOLDINGS CORP

     4,105           150,859  

HNI CORP

     13,650           470,379  

HOLLYFRONTIER CORP

     54,610           1,411,669  

HOME BANCORP INC

     3,300           92,367  

HOME BANCSHARES INC

     9,379           182,703  

HOMESTREET INC

     12,030           406,013  

HOMETRUST BANCSHARES INC

     4,475           86,412  

HOOKER FURNITURE CORP

     4,681           150,962  

HOPE BANCORP INC

     70,553           769,733  

HORACE MANN EDUCATORS CORP

     22,229           934,507  

HORIZON BANCORP INC INDIANA

     16,975           269,224  

HORIZON GLOBAL CORP

     4,240           36,422  

HOSTESS BRANDS INC CL A

     48,931           716,350  

HOUGHTON MIFFLIN HARCOURT CO

     35,002           116,557  

HOUSTON WIRE & CABLE CO

     3,800           10,602  

HOWARD BANCORP INC

     1,883           22,238  

HOWARD HUGHES CORP

     7,779           613,996  

HUB GROUP INC CL A

     13,746           783,522  

HUNTSMAN CORP

     102,686           2,581,526  

HURCO INC

     2,508           75,240  

HURON CONSULTING GROUP INC

     9,878           582,308  

HUTTIG BUILDING PRODUCTS INC

     1,201           4,408  

HYSTER-YALE MATERIALS HANDLING

     3,237           192,763  

ICF INTERNATIONAL INC

     8,555           635,893  

ICHOR HOLDINGS LTD

     4,063           122,479  

IES HOLDINGS INC

     1,528           70,349  

IMAX CORPORATION

     14,710           265,074  

INDEPENDENCE CONTRACT DRILLING

     414           1,217  

INDEPENDENCE HOLDING CO

     5           205  

INDEPENDENT BANK CORP MASS

     4,642           339,052  

INDEPENDENT BANK GROUP INC

     27,562           1,723,176  

INGLES MARKETS INC-CL A

     5,929           252,931  

INGREDION INC

     25,572           2,011,749  

INNOSPEC INC

     9,391           852,045  

INNOVIVA INC

     1,970           24,408  

INOGEN INC

     1,826           81,586  

INSIGHT ENTERPRISES INC

     4,856           369,493  

INSTEEL INDUSTRIES INC

     8,006           178,294  

INTEGER HOLDINGS CORP

     12,374           1,004,645  

INTERDIGITAL INC

     4,631           281,009  

INTERFACE INC

     5,400           56,700  

INTERNATIONAL BANCSHARES CORP

     35,948           1,345,893  

INTERNATIONAL GAME TECHNOLOGY PLC

     29,411           498,222  

 

23


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

INTERNATIONAL SEAWAYS INC

     12,195           199,144  

INTERPUBLIC GROUP OF COS INC

     46,888           1,102,806  

INTEST CORP

     7,530           48,869  

INTEVAC INC

     10,220           73,686  

INTREPID POTASH INC

     5,748           138,814  

INTRICON CORP

     1,396           25,268  

INVACARE CORP

     23,549           210,764  

INVESCO LTD

     240,570           4,193,135  

INVESTORS BANCORP INC

     156,137           1,648,807  

INVESTORS TITLE CO

     741           113,373  

IRIDIUM COMMUNICATIONS INC

     26,750           1,051,944  

IROBOT CORP

     731           58,692  

ITERIS INC

     2,400           13,560  

ITT INC

     6,451           496,856  

J ALEXANDERS HLDGS INC

     4,735           34,518  

J&J SNACKS FOOD CORP

     1,409           218,916  

J2 GLOBAL INC

     4,406           430,422  

JABIL INC

     52,528           2,234,016  

JANUS HENDERSON GROUP PLC

     44,423           1,444,192  

JAZZ PHARMA PLC

     4,451           734,638  

JEFFERIES FINANCIAL GROUP INC

     25,734           633,056  

JELD-WEN HOLDING INC

     15,987           405,430  

JETBLUE AIRWAYS CORP

     97,875           1,423,103  

JOHNSON OUTDOORS INC CL A

     2,147           241,817  

JONES LANG LASALLE INC

     21,686           3,217,552  

JOUNCE THERAPEUTICS INC

     12,553           87,871  

JUNIPER NETWORKS INC

     6,606           148,701  

KADANT INC

     3,339           470,732  

KAMAN CORP

     10,795           616,718  

KAR AUCTION SERVICES INC

     24,332           452,819  

KB HOME

     22,937           768,848  

KBR INC

     35,081           1,085,055  

KEARNY FINANCIAL CORP

     37,935           400,594  

KELLY SERVICES INC CL A

     18,019           370,651  

KENNAMETAL INC

     32,458           1,176,278  

KENNEDY-WILSON HOLDINGS INC

     765           13,686  

KEWAUNEE SCIENTIFIC CORP

     482           6,078  

KIMBALL ELECTRONICS INC

     12,463           199,283  

KIMBALL INTL INC CL B

     2,846           34,010  

KINGSTONE COS INC

     1,243           8,266  

KIRBY CORP

     10,841           561,889  

KLX ENERGY SVCS HLDGS INC W/I

     2,292           14,806  

KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC

     55,391           2,316,452  

KNOWLES CORP

     34,589           637,475  

KOHLS CORP

     44,918           1,827,713  

KOPPERS HLDGS INC

     2,935           91,455  

KORN FERRY

     22,802           991,887  

KOSMOS ENERGY LTD

     76,469           179,702  

KRATON CORP

     16,098           447,363  

 

24


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

KRONOS WORLDWIDE INC

     17,035           253,992  

KULICKE & SOFFA INDUSTRIES INC

     47,646           1,515,619  

KVH INDUSTRIES INC

     4,416           50,122  

LA Z BOY INC

     26,007           1,036,119  

LAKELAND BANCORP INC

     22,077           280,378  

LAKELAND INDUSTRIES INC

     3,461           94,312  

LANDEC CORP

     10,693           116,019  

LANDMARK BANCORP INC

     732           16,726  

LANDS END INC

     11,363           245,100  

LANTHEUS HLDGS INC

     995           13,423  

LAREDO PETROLEUM INC

     3,211           63,257  

LAUREATE EDUCATION INC CL A

     18,410           268,050  

LCI INDUSTRIES

     1,212           157,172  

LCNB CORPORATION

     2,003           29,424  

LEAR CORP NEW

     12,870           2,046,716  

LENDINGCLUB CORP

     19,855           209,669  

LENSAR INC

     6,017           43,623  

LGI HOMES INC

     4,632           490,297  

LIBERTY BRAVES GROUP-A

     2,230           55,460  

LIBERTY BRAVES GROUP-C

     3,415           84,965  

LIBERTY BROADBAND CORP SER A 7% PFD PERP

     670           19,162  

LIBERTY LATIN AMERICA LTD CL A

     16,937           188,509  

LIBERTY LATIN AMERICA LTD CL C

     54,771           607,410  

LIBERTY OILFIELD SERVICES INC CL A

     9,967           102,760  

LIFETIME BRANDS INC

     8,088           122,938  

LIMONEIRA CO

     3,002           49,983  

LINCOLN NATIONAL CORP

     45,947           2,311,594  

LIONS GATE ENTERMENT CORP A

     29,198           331,981  

LIONS GATE ENTERTAINMENT CORP B

     45,089           468,024  

LIQUIDITY SERVICES INC

     12,966           206,289  

LITHIA MOTORS INC CL A

     8,606           2,518,718  

LIVE OAK BANCSHARES INC

     10,208           484,472  

LIVENT CORP

     12,626           237,874  

LSB INDUSTRIES INC

     8,252           27,974  

LSI INDUSTRIES INC

     12,484           106,863  

LUMBER LIQUIDATORS HLDNGS INC

     3,076           94,556  

LUMEN TECHNOLOGIES INC

     5,042           49,160  

LUMINEX CORP

     9,177           212,172  

LUMOS PHARMA INC

     441           15,748  

LUNA INNOVATIONS INC

     4,212           41,615  

LUTHER BURBANK CORP

     4,416           43,277  

LYDALL INC

     6,978           209,549  

M D C HOLDINGS INC

     28,603           1,390,106  

M/I HOMES INC

     19,890           880,928  

MACATAWA BK CORP

     2,900           24,273  

MACQUARIE INFRASTRUCTURE CORP

     27,616           1,036,981  

MACYS INC

     113,168           1,273,140  

MADISON SQUARE GARDEN ENTERTAINMENT CORP

     1,387           145,690  

MAGELLAN HEALTH INC

     11,627           963,181  

 

25


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

MAGNITE INC

     6,816           209,319  

MAIDEN HLDGS LTD

     42,076           104,769  

MAMMOTH ENERGY SERVICES INC

     3,863           17,190  

MANITOWOC CO INC

     20,720           275,783  

MANPOWERGROUP INC

     13,879           1,251,608  

MANTECH INTL CORP CL A

     11,647           1,035,884  

MARATHON OIL CORP

     201,349           1,342,998  

MARCHEX INC

     648           1,270  

MARCUS &MILLICHAP CO INC

     12,961           482,538  

MARCUS CORP

     5,794           78,103  

MARINEMAX INC

     9,787           342,839  

MARLIN BUSINESS SERVICES CORP

     6,395           78,275  

MARRIOTT VACATIONS WORLD

     16,029           2,199,499  

MARTEN TRANSPORT LTD

     37,104           639,302  

MASONITE WORLDWIDE HOLDINGS

     7,243           712,277  

MASTEC INC

     33,166           2,261,258  

MATADOR RESOURCES COMPANY

     54,941           662,588  

MATERION CORP

     15,531           989,635  

MATRIX SERVICE CO

     12,025           132,516  

MATSON INC

     20,614           1,174,380  

MATTHEWS INTL CORP CL A

     12,057           354,476  

MAXAR TECHNOLOGIES INC

     10,655           411,176  

MCEWEN MINING INC

     24,025           23,665  

MCGRATH RENTCORP

     11,527           773,462  

MDU RESOURCES GROUP INC

     829           21,836  

MEDNAX INC

     34,488           846,336  

MERCANTILE BANK CORP

     7,694           209,046  

MERCER INTERNATIONAL INC

     32,543           333,566  

MERCHANTS BANCORP

     6,090           168,267  

MERCURY GENERAL CORP

     1,816           94,813  

MEREDITH CORP.

     12,781           245,395  

MERIDIAN BANCORP INC

     13,094           195,232  

MERIDIAN BIOSCIENCE INC

     10,515           196,525  

MERIT MEDICAL SYSTEMS INC

     3,633           201,668  

MERITAGE HOMES CORP

     15,110           1,251,410  

MESA AIR GROUP INC

     8,546           57,173  

META FINL GROUP INC

     11,590           423,730  

METHODE ELECTRONICS INC

     6,864           262,754  

METROPOLITAN BANK HOLDING CORP

     2,742           99,452  

MGIC INVESTMENT CORP

     17,021           213,614  

MGP INGREDIENTS INC

     2,817           132,568  

MIDDLEBY CORP

     20,173           2,600,703  

MIDLAND STATES BANCORP INC

     9,679           172,964  

MIDWESTONE FINANCIAL GRP INC

     5,902           144,599  

MILLER INDUSTRIES INC TENN

     6,528           248,195  

MINERALS TECHNOLOGIES INC

     20,705           1,286,195  

MISTRAS GROUP INC

     9,855           76,475  

MODINE MANUFACTURING CO

     29,400           369,264  

MODIVCARE INC

     4,493           622,865  

 

26


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

MOHAWK INDUSTRIES INC

     15,490           2,183,316  

MOLSON COORS BEVERAGE CO B

     8,292           374,715  

MONARCH CASINO & RESORT INC

     1,818           111,298  

MONITRONICS INTERNATIONAL INC

     763           9,538  

MONRO INC

     5,082           270,871  

MOOG INC CL A

     10,920           865,956  

MOSAIC CO NEW

     18,714           430,609  

MOTORCAR PARTS OF AMERICA INC

     9,150           179,523  

MOVADO GROUP INC

     1,384           23,002  

MR COOPER GROUP INC

     33,345           1,034,695  

MRC GLOBAL INC

     25,286           167,646  

MSC INDUSTRIAL DIRECT CO CL A

     15,503           1,308,298  

MTS SYSTEMS CORP

     4,538           263,930  

MUELLER INDUSTRIES INC

     18,385           645,497  

MUELLER WATER PRODUCTS INC A

     41,257           510,762  

MURPHY OIL CORP

     83,015           1,004,482  

MVB FINANCIAL CORP

     321           7,280  

MYR GROUP INC/DELAWARE

     8,699           522,810  

MYRIAD GENETICS INC

     28,015           553,997  

NABORS INDUSTRIES LTD

     2,507           145,983  

NACCO INDUSTRIES INC CL A

     1,778           46,761  

NATIONAL BK HLDGS CORP

     13,619           446,158  

NATIONAL GEN HLDGS CORP

     30,109           1,029,126  

NATIONAL HEALTHCARE CORP

     5,389           357,883  

NATIONAL PRESTO INDS

     1,581           139,808  

NATIONAL WESTERN LIFE GROUP INC- A

     1,170           241,535  

NATURAL ALTERNATIVES INTL INC

     1,498           15,609  

NATURAL GAS SERVICES GROUP

     7,953           75,394  

NATURAL GROCERS VIT GROC INC

     13,714           188,430  

NATURES SUNSHINE PRODUCTS INC

     1,481           22,141  

NATUS MEDICAL INC

     11,812           236,712  

NAUTILUS INC

     7,234           131,225  

NAVIENT CORP

     116,699           1,145,984  

NBT BANCORP INC

     14,068           451,583  

NEENAH INC

     5,271           291,592  

NELNET INC CL A

     19,721           1,404,924  

NEOPHOTONICS CO

     25,435           231,204  

NETGEAR INC

     18,897           767,785  

NETSCOUT SYSTEMS INC

     29,273           802,666  

NETWORK-1 TECHNOLOGIES INC

     4,399           16,232  

NEW HOME CO INC

     5,261           24,674  

NEW YORK COMMUNITY BANCORP INC

     174,948           1,845,701  

NEWPARK RESOURCES INC

     57,420           110,246  

NEWS CORP NEW CL A

     87,877           1,579,150  

NEWS CORP NEW CL B

     49,099           872,489  

NEWSTAR FINANCIAL INC RT CVR

     16,905           0  

NEXA RESOURCES SA

     12,990           125,224  

NEXSTAR MEDIA GROUP INC A

     18,378           2,006,694  

NEXSTAR MEDIA GROUP INC A CVR

     6,927           0  

 

27


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

NEXTGEN HEALTHCARE INC

     24,569           448,139  

NEXTIER OILFIELD SOLUTIONS INC

     60,805           209,169  

NICOLET BANKSHARES INC

     1,903           126,264  

NIELSEN HOLDINGS PLC

     96,901           2,022,324  

NL INDUSTRIES

     7,483           35,769  

NMI HOLDINGS INC

     663           15,017  

NN INC

     15,124           99,365  

NORDIC AMERICAN TANKER LTD

     38,473           113,495  

NORTHEAST BANK

     4,244           95,575  

NORTHFIELD BANCORP INC NEW

     27,408           337,941  

NORTHRIM BANCORP INC

     3,320           112,714  

NORTHWEST BANCSHARES INC

     48,326           615,673  

NORTHWEST PIPE CO

     7,287           206,222  

NOV INC

     78,836           1,082,418  

NOW INC

     39,037           280,286  

NU SKIN ENTERPRISES INC CL A

     12,294           671,621  

NUVASIVE INC

     4,302           242,332  

NV5 GLOBAL INC

     5,975           470,711  

NVENT ELECTRIC PLC

     21,616           503,437  

OCEANEERING INTERNATIONAL INC

     50,200           399,090  

OCEANFIRST FINANCIAL CORP

     18,174           338,582  

OCWEN FINANCIAL CORP

     3,179           91,905  

ODP CORP/THE

     20,441           598,921  

OFG BANCORP

     23,444           434,652  

OIL STATES INTERNATIONAL INC

     28,277           141,951  

OIL-DRI CORP OF AMERICA

     1,344           45,804  

OLD NATIONAL BANCORP (IND)

     71,865           1,190,084  

OLD REPUBLIC INTL CORP

     69,254           1,364,996  

OLD SECOND BANCORP

     9,006           90,961  

OLIN CORP

     89,971           2,209,688  

OLYMPIC STEEL INC

     4,828           64,357  

ON SEMICONDUCTOR CORP

     60,768           1,988,937  

ONEMAIN HOLDINGS INC

     49,224           2,370,628  

ONESPAN INC

     7,329           151,564  

ONESPAWORLD HOLDINGS LTD

     999           10,130  

ONTO INNOVATION INC

     11,294           537,030  

OPKO HEALTH INC

     34,593           136,642  

OPPENHEIMER HLDGS CL A NON-VTG

     4,922           154,698  

OPTION CARE HEALTH INC

     10,535           164,767  

ORASURE TECHNOLOGIES INC

     24,125           255,363  

ORBCOMM INC

     41,815           310,267  

ORIGIN BANCORP INC

     1,812           50,319  

ORION GROUP HOLDINGS INC

     19,113           94,800  

ORMAT TECHNOLOGIES INC

     3,160           285,285  

ORRSTOWN FINANCIAL SERVICES

     535           8,854  

ORTHOFIX MEDICAL INC

     3,573           153,568  

OSHKOSH CORP

     20,083           1,728,544  

OSI SYSTEMS INC

     7,403           690,108  

OVERSEAS SHIPHLDG GRP INC NEW

     28,622           61,251  

 

28


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

OWENS AND MINOR INC

     45,424           1,228,719  

OWENS CORNING INC

     20,456           1,549,747  

OWL ROCK CAPITAL CORPORATION

     6,560           83,050  

OXFORD INDUSTRIES

     6,158           403,411  

PACIFIC PREMIER BANCORP INC

     33,205           1,040,313  

PACWEST BANCORP

     58,011           1,473,479  

PAM TRANSPORTAION

     566           27,734  

PAR PACIFIC HOLDINGS INC

     9,003           125,862  

PARK AEROSPACE CORP

     9,660           129,541  

PARK NATIONAL CORP

     4,057           426,026  

PARK OHIO HLDGS CORP

     4,514           139,483  

PARKER DRILLING CO

     727           6  

PARSLEY ENERGY INC CL A

     116,740           1,657,708  

PATRICK INDUSTRIES INC

     7,042           481,321  

PATRIOT TRANSPORTATION HOLDING INC

     253           2,221  

PATTERSON COMPANIES INC

     35,604           1,054,947  

PATTERSON-UTI ENERGY INC

     95,845           504,145  

PBF ENERGY INC CL A

     58,302           413,944  

PC CONNECTION INC

     10,664           504,301  

PCSB FINANCIAL CORP

     5,453           86,921  

PDC ENERGY INC

     44,162           906,646  

PDF SOLUTIONS INC

     6,758           145,973  

PDL BIOPHARMA INC

     62,577           154,565  

PEABODY ENERGY CORP

     46,215           111,378  

PEAPACK GLADSTONE FINL CORP

     9,154           208,345  

PENN VIRGINIA CORP

     4,966           50,405  

PENNANT GROUP INC

     3,322           192,875  

PENNS WOODS BANCORP INC

     496           12,901  

PENNYMAC FINANCIAL SERVICES INC

     8,469           555,736  

PENSKE AUTOMOTIVE GROUP INC

     35,061           2,082,273  

PEOPLES BANCORP INC

     9,828           266,241  

PEOPLES UNITED FINANCIAL INC

     151,900           1,964,067  

PERDOCEO EDUCATION CORP

     14,777           186,634  

PERFICIENT INC

     14,018           667,958  

PERFORMANCE FOOD GROUP CO

     9,486           451,628  

PERRIGO CO PLC

     32,670           1,461,002  

PGT INNOVATIONS INC

     13,713           278,922  

PHOTRONIC INC

     40,976           457,292  

PHX MINERALS INC A

     4,107           9,446  

PILGRIM’S PRIDE CORP NEW

     19,479           381,983  

PINNACLE FINL PARTNERS INC

     29,810           1,919,764  

PLAYA HOTELS & RESORTS NV

     28,307           168,427  

PLAYAGS INC

     3,729           26,849  

PLEXUS CORP

     13,968           1,092,437  

POPULAR INC

     52,576           2,961,080  

POST HOLDINGS INC

     25,456           2,571,311  

POTBELLY CORP

     9,745           42,878  

POWELL INDUSTRIES INC

     6,004           177,058  

PQ GROUP HOLDINGS INC

     24,625           351,153  

 

29


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

PRA GROUP INC

     11,558           458,390  

PREFERRED BANK LOS ANGELES

     3,425           172,860  

PREFORMED LINE PRODUCTS CO

     2,316           158,507  

PREMIER FINANCIAL BANCORP

     3,118           41,438  

PREMIER FINANCIAL CORP

     19,472           447,856  

PREMIER INC

     28,042           984,274  

PRESTIGE CONSUMER HEALTHCARE INC

     22,187           773,661  

PRICESMART INC

     12,767           1,162,946  

PRIMORIS SVCS CORP

     20,102           555,016  

PROASSURANCE CORPORATION

     15,972           284,142  

PROG HOLDINGS INC

     18,735           1,009,254  

PROPETRO HOLDING CORP

     36,220           267,666  

PROSPERITY BANCSHARES INC

     8,447           585,884  

PROTECTIVE INSURANCE CORP CL B

     4,320           59,227  

PROTHENA CORP PLC

     10,886           130,741  

PROVIDENT FINANCIAL HLDGS INC

     2,348           36,887  

PROVIDENT FINANCIAL SVCS INC

     27,636           496,343  

PVH CORP

     21,789           2,045,769  

QCR HOLDINGS INC

     5,401           213,826  

QEP RESOURCES INC

     83,129           198,678  

QUAD/GRAPHICS INC CL A

     14,973           57,197  

QUANEX BUILDING PRODUCTS

     15,828           350,907  

QUANTA SVCS INC

     31,265           2,251,705  

QUINSTREET INC

     10,995           235,733  

QURATE RETAIL INC

     158,079           1,734,127  

QURATE RETAIL INC 8% PFD 03/15/2031

     4,742           469,268  

RADIAN GROUP INC

     47,110           953,978  

RADIANT LOGISTICS INC

     20,470           118,726  

RAFAEL HOLDINGS INC

     4,689           109,347  

RALPH LAUREN CORP

     10,048           1,042,380  

RAMBUS INC

     28,635           499,967  

RANGE RESOURCES CORP

     139,072           931,782  

RANPAK HOLDINGS CORP A

     2,214           29,756  

RAYONIER ADVANCED MATERIALS

     23,355           152,275  

RBB BANCORP

     7,014           107,875  

RCI HOSPITALITY HOLDINGS INC

     4,286           169,040  

RE/MAX HOLDINGS INC CL A

     4,753           172,676  

READING INTL INC CL A

     7,090           35,592  

REALNETWORKS INC

     4,000           6,240  

REALOGY HOLDINGS CORP

     40,288           528,579  

RED LION HOTEL CORP

     13,116           45,381  

RED ROBIN GOURMET BURGERS INC

     4,458           85,727  

REGAL BELOIT CORP

     13,457           1,652,654  

REGIONAL MANAGEMENT CORP

     5,394           161,065  

REGIS CORPORATION

     3,672           33,746  

REINSURANCE GROUP OF AMERICA

     21,770           2,523,143  

RELIANCE STEEL & ALUMINUM CO

     32,089           3,842,658  

RELIANT BANCORP INC

     1,185           22,065  

RENASANT CORP

     21,038           708,560  

 

30


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

RENEWABLE ENERGY GROUP INC

     24,545           1,738,277  

RENT A CTR INC

     1,475           56,478  

REPUBLIC BANCORP INC KY CL A

     6,429           231,894  

REPUBLIC FIRST BANCORP INC

     16,781           47,826  

RESIDEO TECHNOLOGIES INC

     37,686           801,204  

RESOLUTE FOREST PRODUCTS INC

     31,168           203,839  

RESOURCES CONNECTION INC

     20,239           254,404  

REV GROUP INC

     14,430           127,128  

REX AMERICAN RESOURCES CORP

     3,386           248,769  

REXNORD CORP NEW

     24,090           951,314  

RF INDUSTRIES LTD

     426           2,092  

RIBBON COMMUNICATIONS INC

     37,002           242,733  

RING ENERGY INC

     8,572           5,657  

RITE AID CORP

     25,967           411,058  

RIVERVIEW BANCORP INC

     7,537           39,645  

ROCKY BRANDS INC

     3,100           87,017  

ROGERS CORP

     6,615           1,027,243  

RPC INC

     48,331           152,243  

RUSH ENTERPRISES INC CL A

     16,882           699,252  

RYDER SYSTEM INC

     19,200           1,185,792  

RYERSON HOLDING CORP

     2,700           36,828  

S & T BANCORP

     10,077           250,313  

SAFETY INSURANCE GROUP INC

     4,701           366,208  

SAGA COMMUNICATIONS INC CL A

     232           5,573  

SAIA INC

     7,524           1,360,339  

SANDERSON FARMS INC

     9,009           1,190,990  

SANDRIDGE ENERGY INC

     9,723           30,141  

SANDY SPRING BANCORP INC

     22,347           719,350  

SANMINA CORP

     34,522           1,100,907  

SANTANDER CONSUMER USA HLDGS INC

     94,348           2,077,543  

SAVARA INC

     99           114  

SCANSOURCE INC

     8,158           215,208  

SCHNEIDER NATIONAL INC CL B

     11,292           233,744  

SCHNITZER STEEL INDS INC CL A

     16,791           535,801  

SCHOLASTIC CORP

     13,073           326,825  

SCHWEITZER-MAUDUIT INTL INC

     14,612           587,549  

SCORPIO TANKERS INC

     21,641           242,163  

SCRIPPS (EW) CO CL A

     29,048           444,144  

SEABOARD CORP

     292           885,052  

SEACOAST BANKING CORP FLORIDA

     10,949           322,448  

SEACOR HOLDINGS INC

     8,931           370,190  

SEACOR MARINE HOLDINGS INC

     8,174           22,152  

SECUREWORKS CORP

     1,889           26,862  

SELECT ENERGY SERVICES INC CL A

     29,356           120,360  

SELECT INTERIOR CONCEPTS INC

     7,810           55,842  

SELECT MEDICAL HLDGS CORP

     49,329           1,364,440  

SENECA FOODS CORP CL A

     3,741           149,266  

SENSATA TECHNOLOGIES HOLDING PLC

     42,948           2,265,078  

SENSIENT TECHNOLOGIES CORP

     6,077           448,300  

 

31


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

SFL CORP LTD

     40,334           253,298  

SHOE CARNIVAL

     5,961           233,552  

SHORE BANCSHARES INC

     890           12,994  

SIERRA BANCORP

     7,614           182,127  

SIGNET JEWELERS LTD

     20,505           559,171  

SILGAN HOLDINGS INC

     515           19,096  

SILVERBOW RESOURCES INC

     2,588           13,742  

SIMMONS 1ST NATL CORP CL A

     48,304           1,042,883  

SIMPLY GOOD FOODS CO

     13,502           423,423  

SIRIUSPOINT LTD

     32,629           310,628  

SKECHERS USA INC CL A

     2,873           103,256  

SKYLINE CHAMPION CORP

     3,397           105,103  

SKYWEST INC

     31,289           1,261,260  

SM ENERGY CO

     41,387           253,288  

SMART GLOBAL HOLDINGS INC

     4,840           182,129  

SMART SAND INC

     3,804           6,543  

SMARTFINANCIAL INC

     3,405           61,767  

SMITH & WESSON BRANDS INC

     20,454           363,059  

SMITH MICRO SOFTWARE INC

     5,100           27,642  

SNAP-ON INCORPORATED

     11,107           1,900,852  

SOLARIS OILFIELD INFRASTRUCTURE INC CL A

     10,073           81,994  

SONIC AUTOMOTIVE INC CL A

     16,269           627,495  

SONOCO PRODUCTS CO

     13,726           813,266  

SOUTH STATE CORP

     20,103           1,453,447  

SOUTHERN FIRST BANCSHARES INC

     1,143           40,405  

SOUTHERN MISSOURI BANCORP INC

     489           14,885  

SOUTHERN NATL BANCORP VA INC

     9,631           116,631  

SOUTHSIDE BANCSHARES INC

     4,699           145,810  

SOUTHWESTERN ENERGY CO

     288,741           860,448  

SP PLUS CORP

     3,465           99,896  

SPARTANNASH CO

     12,845           223,631  

SPECTRUM BRANDS HOLDINGS INC

     14,360           1,134,153  

SPIRIT AEROSYSTEM HLD INC CL A

     4,174           163,162  

SPIRIT AIRLINES INC

     25,685           627,998  

SPIRIT OF TEXAS BANCSHARES INC

     1,569           26,359  

SPOK HOLDINGS INC

     8,824           98,211  

SPORTSMANS WHSE HLDGS INC

     7,677           134,731  

SPX FLOW INC

     9,537           552,765  

ST JOE COMPANY

     1,602           68,005  

STANDARD MOTOR PRODUCTS INC

     9,341           377,937  

STANDEX INTL CORP

     5,927           459,461  

STAR EQUITY HOLDINGS INC

     460           1,651  

STATE AUTO FINANCIAL CORP

     8,484           150,506  

STEEL DYNAMICS INC

     113,128           4,171,029  

STEELCASE INC CLASS A

     30,070           407,449  

STEPAN CO

     8,285           988,566  

STERLING BANCORP INC/MI

     7,239           32,865  

STERLING BANCORP/DE

     84,770           1,524,165  

STERLING CONSTRUCTION CO INC

     11,732           218,333  

 

32


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

STEVEN MADDEN LTD

     1,172           41,395  

STEWART INFORMATION SERVICES

     13,458           650,829  

STIFEL FINANCIAL CORP

     27,096           1,367,264  

STONERIDGE INC

     13,192           398,794  

STONEX GROUP INC

     5,377           311,328  

STRATASYS LTD

     8,571           177,591  

STRATTEC SEC CORP

     2,026           100,003  

STRIDE INC

     19,602           416,150  

SUMMIT FINANCIAL GROUP INC

     490           10,819  

SUMMIT MATERIALS INC CL A

     50,128           1,006,570  

SUNCOKE ENERGY INC

     29,499           128,321  

SUPER MICRO COMPUTER INC

     7,758           245,618  

SUPERIOR GROUP OF COS INC

     3,094           71,905  

SUPERNUS PHARMACEUTICALS INC

     21,916           551,407  

SURGALIGN HOLDINGS INC

     35,996           78,831  

SURGERY PARTNERS INC

     5,703           165,444  

SYKES ENTERPRISES INC

     18,159           684,050  

SYNLOGIC INC

     7,453           16,098  

SYNNEX CORP

     19,232           1,566,254  

SYNOVUS FINANICAL CORP.

     22,312           722,239  

TALOS ENERGY INC

     17,636           145,321  

TAPESTRY INC

     24,852           772,400  

TARGA RESOURCES CORP

     20,935           552,265  

TARO PHARMACEUTICALS IND

     1,793           131,642  

TAYLOR MORRISON HOME CORP

     51,511           1,321,257  

TCF FINANCIAL CORP

     48,035           1,778,256  

TEAM INC

     13,123           143,041  

TECHNIPFMC PLC

     100,861           948,093  

TEEKAY CORP

     4,786           10,290  

TEEKAY TANKERS LTD CL A

     10,105           111,256  

TEGNA INC

     69,988           976,333  

TEJON RANCH CO

     15,508           224,091  

TELEPHONE & DATA SYSTEMS INC

     46,660           866,476  

TENNECO INC

     3,910           41,446  

TEREX CORP

     21,038           734,016  

TERRITORIAL BANCORP INC

     5,399           129,738  

TESSCO TECHNOLOGIES INC

     4,066           25,372  

TEXAS CAPITAL BANCSHARES INC

     22,159           1,318,461  

TEXTAINER GROUP HLDGS LTD

     28,685           550,178  

TEXTRON INC

     20,089           970,901  

THE SHYFT GROUP INC

     9,584           271,994  

THERMON GROUP HOLDINGS INC

     20,800           325,104  

THOR INDUSTRIES INC

     6,420           596,996  

TIDEWATER INC

     17,143           148,116  

TILLY’S INC

     8,259           67,393  

TIMBERLAND BANCORP INC

     1,619           39,277  

TIMKEN CO

     29,239           2,261,929  

TIMKENSTEEL CORP

     28,176           131,582  

TIPTREE INC

     1,590           7,982  

 

33


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

TITAN INTERNATIONAL INC

     49,577           240,944  

TITAN MACHINERY INC

     14,263           278,842  

TOLL BROTHERS INC

     78,742           3,422,915  

TOOTSIE ROLL INDUSTRIES INC

     958           28,453  

TOPBUILD CORP

     6,454           1,188,052  

TOWNE BANK

     18,466           433,582  

TOWNSQUARE MEDIA INC

     1,275           8,492  

TRANSCAT INC

     656           22,750  

TRANSOCEAN LTD

     153,936           355,592  

TRAVELCENTERS OF AMERICA INC

     3,222           105,037  

TRECORA RESOURCES

     8,867           61,980  

TREDEGAR CORP

     14,019           234,117  

TREEHOUSE FOODS INC

     11,359           482,644  

TRI POINTE HOMES INC

     79,143           1,365,217  

TRIBUNE PUBLISHING CO

     18,347           251,354  

TRICO BANCSHARES

     11,267           397,500  

TRIMAS CORP

     7,058           223,527  

TRINITY INDUSTRIES INC

     66,932           1,766,335  

TRINSEO SA

     7,116           364,410  

TRIPLE-S MANAGEMENT CORP CL B

     11,877           253,574  

TRISTATE CAPITAL HOLDINGS INC

     12,610           219,414  

TRITON INTERNATIONAL LTD

     34,484           1,672,819  

TRIUMPH BANCORP INC

     7,385           358,542  

TRONOX HOLDINGS PLC

     38,154           557,811  

TRUEBLUE INC

     16,667           311,506  

TRUECAR INC

     37,583           157,849  

TRUSTCO BANK CORP NY

     49,780           332,033  

TRUSTMARK CORP

     36,548           998,126  

TTM TECHNOLOGIES INC

     49,010           676,093  

TUTOR PERINI CORP

     20,867           270,228  

TWIN DISC INC

     4,160           32,656  

UFP INDUSTRIES INC

     27,258           1,514,182  

UFP TECHNOLOGIES INC

     2,566           119,576  

ULTRA CLEAN HOLDINGS INC

     17,389           541,667  

ULTRALIFE CORP

     1,039           6,722  

UMB FINANCIAL CORP

     3,002           207,108  

UMPQUA HOLDINGS CORP

     93,567           1,416,604  

UNIFI INC

     7,025           124,624  

UNIFIRST CORP

     2,491           527,320  

UNITED BANKSHARES INC. W VA.

     36,879           1,194,880  

UNITED COMMUNITY BANKS GA

     25,079           713,247  

UNITED FIRE GROUP INC

     9,451           237,220  

UNITED INS HLDGS CORP

     13,862           79,291  

UNITED NATURAL FOODS INC

     35,030           559,429  

UNITED STATES CELLULAR CORP

     18,660           572,675  

UNITED STATES LIME & MIN INC

     1,194           136,116  

UNITED STATES STEEL CORP

     67,269           1,128,101  

UNITED THERAPEUTICS CORP DEL

     193           29,295  

UNIVAR INC

     49,272           936,661  

 

34


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

UNIVERSAL CORP

     11,507           559,355  

UNIVERSAL ELECTRONICS INC

     5,826           305,632  

UNIVERSAL HEALTH SVCS INC CL B

     2,263           311,163  

UNIVERSAL INSURANCE HLDGS INC

     6,139           92,760  

UNIVERSAL LOGISTICS HOLDINGS INC

     4,150           85,449  

UNIVERSAL STAINLESS & ALLOY

     3,380           25,282  

UNIVERSAL TECH INST INC

     5,805           37,500  

UNIVEST FINANCIAL CORP

     13,971           287,523  

UNUM GROUP

     76,248           1,749,129  

URBAN ONE INC CL A

     1,287           5,418  

URBAN OUTFITTERS

     35,693           913,741  

US CONCRETE INC C NEW

     8,992           359,410  

US FOODS HOLDING CORP

     67,407           2,245,327  

US SILICA HOLDINGS INC

     40,497           284,289  

US XPRESS ENTERPRISES INC

     4,000           27,360  

USA TRUCK INC

     4,072           36,363  

VALLEY NATL BANCORP

     236,044           2,301,429  

VALMONT INDUSTRIES INC

     6,119           1,070,397  

VANDA PHARMACEUTICALS INC

     17,868           234,786  

VAREX IMAGING CORP

     6,090           101,581  

VECTRUS INC-WI

     4,208           209,222  

VEECO INSTRUMENT

     18,639           323,573  

VENATOR MATERIALS PLC

     26,113           86,434  

VERA BRADLEY INC

     16,309           129,820  

VERINT SYSTEMS INC

     2,633           176,885  

VERITEX HOLDINGS INC

     4,517           115,906  

VERITIV CORP

     6,302           131,019  

VERSO CORP—A

     12,873           154,733  

VIAD CORP

     8,470           306,360  

VIASAT INC

     4,612           150,582  

VIDLER WATER RESOUCES INC

     11,406           106,646  

VILLAGE SUPER MKT INC CL A NEW

     5,175           114,161  

VIRTUS INVESTMENT PARTNERS

     2,212           480,004  

VIRTUSA CORP

     4,900           250,537  

VISHAY INTERTECHNOLOGY INC

     84,426           1,748,462  

VISHAY PRECISION GROUP INC

     2,804           88,270  

VISTA OUTDOOR INC

     22,718           539,780  

VISTRA CORP

     7,540           148,236  

VOXX INTERNATIONAL CORP

     12,828           163,685  

VOYA FINANCIAL INC

     46,551           2,737,664  

VSE CORP

     4,410           169,741  

WABASH NATIONAL CORP

     21,510           370,617  

WADDELL & REED FINL INC CL A

     22,510           573,330  

WALKER & DUNLOP INC

     7,700           708,554  

WARRIOR MET COAL INC

     19,550           416,806  

WASHINGTON FEDERAL INC

     41,443           1,066,743  

WASHINGTON TR BANCORP INC

     6,890           308,672  

WATERSTONE FINANCIAL INC

     13,669           257,251  

WAYSIDE TECHNOLOGY GROUP INC

     800           15,280  

 

35


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

WEBSTER FINANCIAL

     5,023           211,719  

WEIS MARKETS INC

     13,586           649,547  

WERNER ENTERPRISES INC

     35,792           1,403,762  

WESBANCO INC

     29,937           896,913  

WESCO INTERNATIONAL INC

     21,024           1,650,384  

WESCO INTERNATIONAL INC SER A 10.625%/VAR PFD PERP

     10,713           331,460  

WEST BANCORPORATION INC

     2,296           44,313  

WESTERN NEW ENGLAND BANCORP INC

     17,057           117,523  

WESTLAKE CHEMICAL CORP

     49,256           4,019,290  

WESTROCK CO

     68,931           3,000,566  

WESTWOOD HOLDINGS GROUP INC

     1,206           17,487  

WEYCO GROUP INC

     5,177           82,004  

WHITE MOUNTAINS INS GROUP LTD

     820           820,541  

WILEY (JOHN) & SONS INC CL A

     13,000           593,580  

WILEY (JOHN) & SONS INC CL B

     876           39,586  

WILLDAN GROUP

     1,039           43,326  

WILLSCOT MOBILE MINI HOLDINGS CORP

     36,906           855,112  

WINNEBAGO INDUSTRIES INC

     12,833           769,210  

WINTRUST FINANCIAL CORP

     13,145           803,028  

WOLVERINE WORLD WIDE INC

     5,254           164,188  

WORLD ACCEPTANCE CORP

     1,489           152,206  

WORLD FUEL SERVICES CORP

     30,334           945,207  

WORTHINGTON INDUSTRIES INC

     18,843           967,400  

WPX ENERGY INC

     163,377           1,331,523  

WSFS FINANCIAL CORP

     26,145           1,173,388  

XEROX HOLDINGS CORP

     72,033           1,670,445  

XPERI HOLDING CORP

     31,815           664,934  

XPO LOGISTICS INC

     15,348           1,829,482  

YELP INC

     12,080           394,654  

ZAGG INC

     12,558           52,367  

ZIONS BANCORP

     88,538           3,846,091  

ZIX CORP

     3,600           31,068  

ZOVIO INC

     24,045           113,973  

ZUMIEZ INC

     15,897           584,692  

STIFS and Money Markets

        

FID BANK TRST ST INV FUND

     1,046,887           1,046,887  
        

 

 

 

DFA Small Mid Value Account

           624,373,569  

PIMCO Total Return Account

        

Commingled Pools

        

HIGH YIELD PORTFOLIO INSTL CL

     4,768,460           36,669,461  

PIMCO ASSET BACK SECS PORT-UNL

     10,846,561           134,822,754  

PIMCO EMMERG MKTS FD INST CL

     5,593,751           57,839,381  

PIMCO INTL PORT FUND(UNLISTED)

     12,687,801           67,752,860  

PIMCO INV GRD CORP PORT(UNLST)

     49,775,975           496,764,231  

PIMCO MTG PORT INSTL CL(UNLST)

     16,293,051           181,341,654  

PIMCO MUNI SECTR PORT INSTL CL

     2,233,515           15,813,285  

PIMCO REAL RETRN BD FD INST CL

     808,370           6,717,551  

PIMCO SHORT TM FLT NAV PORT II

     8,166,809           81,782,425  

 

36


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

PIMCO US GOVT SECTOR PORT INST

     29,167,246           296,339,218  

STIFS and Money Markets

        

SSBK GOVT STIF FUND

     393,227           393,227  
        

 

 

 

PIMCO Total Return Account

           1,376,236,047  

International Growth Account

        

Currency

        

AUSTRALIAN DOLLAR CURRENCY

     -786,092           -606,037  

BRAZILIAN REAL

     21,855           4,208  

BRITISH POUND STERLING CURRENCY

     67           91  

CANADIAN DOLLAR

     58,054           45,608  

DANISH KRONE

     2,879           473  

EURO MONETARY UNIT.

     180,213           220,157  

HONG KONG DOLLAR

     4,727           610  

HUF

     767,977           2,587  

INDIAN RUPEE

     389,921           345,621  

JAPANESE YEN

     93,444,556           904,988  

MEXICAN PESO CURRENCY

     399,553           20,079  

NEW ZEALAND DOLLAR CURRENCY

     839,958           604,350  

SINGAPORE DOLLAR CURRENCY

     -2,122           -1,606  

SOUTH KOREAN WON

     421           0  

SWEDISH KRONA CURRENCY

     430           52  

SWISS FRANC

     431           487  

TAIWAN DOLLAR

     23           1  

Forward Currency Contract

        

CURRENCY CONTRACT—USD

     -92,525,564           96  

Futures

        

BP CURRENCY FUT MAR21 BPH1

     -333           -85,331  

FTSE 100 IDX FUT MAR21 Z H1

     -436           514,867  

JPN YEN CURR FUT MAR21 JYH1

     786           -29,475  

MSCI EAFE FUT MAR21 MFSH1

     284           -244,240  

MSCI EMGMKT FUT MAR21 MESH1

     483           -50,715  

TOPIX INDX FUTR MAR21 TPH1

     276           0  

Publicly-traded Common Stock

        

ACCENTURE PLC CL A

     62,504           16,326,670  

ACCOR SA

     126,009           4,556,591  

ADIDAS AG

     46,176           16,804,810  

ADIDAS AG

     14,390           5,236,946  

ADYEN BV

     2,201           5,122,262  

AIA GROUP LTD

     1,434,200           17,574,960  

AIA GROUP LTD

     201,200           2,465,543  

AIER EYE HOSPITAL GROUP CO LTD

     61,529           706,009  

AIER EYE HOSPITAL GROUP CO LTD WT 11/18/19

     31,600           362,591  

AIRBUS SE

     56,097           6,152,704  

AIRPORTS OF THAILAND PCL-NVDR

     567,500           1,179,528  

AIRTAC INTERNATIONAL GROUP

     139,700           4,473,263  

AKZO NOBEL NV

     33,251           3,568,968  

ALCON INC

     54,106           3,596,066  

 

37


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

ALCON INC

     99,122           6,587,980  

ALIBABA GROUP HOLDING LTD SPON ADR

     77,601           18,060,081  

ALIBABA GROUP HOLDING LTD SPON ADR

     48,297           11,240,161  

ALIBABA GROUP HOLDING LTD SPON ADR

     50,843           11,832,691  

ALIBABA HEALTH INFORMATION TECHNOLOGY LTD

     448,000           1,323,349  

ALLEGION PLC

     129,609           15,083,895  

ANGLOGOLD ASHANTI LTD

     56,444           1,315,631  

AON PLC

     64,312           13,587,196  

ASIAN PAINTS LTD (DEMAT)

     76,030           2,877,100  

ASML HOLDING NV

     17,559           8,527,826  

ASSA ABLOY AB SER B

     219,404           5,400,033  

ASTRAZENECA PLC

     71,603           7,171,449  

ATLAS COPCO AB SER A

     82,120           4,203,016  

B3 SA BRASIL BOLSA BALCAO

     100,300           1,196,834  

BANK FOR FOREIGN TRADE JSC WT 10/18/21

     122,110           517,906  

BANK RAKYAT INDONESIA TBK PT

     13,327,900           3,955,683  

BUNZL PLC

     240,500           8,034,630  

BYD COMPANY LTD H

     86,000           2,254,152  

CAE INC

     547,636           15,174,108  

CANADIAN NATL RAILWAY CO

     143,630           15,790,386  

CANADIAN NATL RAILWAY CO

     42,980           4,725,133  

CANADIAN NATL RAILWAY CO

     100,618           11,052,887  

CAPGEMINI SA (FF40)

     26,752           4,144,024  

CELLNEX TELECOM SAU

     209,779           12,588,302  

CENTRE TESTING INTL GRP CO LTD WT 11/23/21

     491,500           2,061,125  

CHINA CONSTRUCTION BANK CORP H

     1,428,600           1,085,393  

CHINA INTERNATIONAL CAPITAL CORP LTD H

     972,400           2,634,058  

CHINA MERCHANTS BANK CO LTD H

     487,500           3,081,284  

CHRISTIAN HANSEN HOLDING SA

     66,326           6,819,415  

CIE FINANCIERE RICHEMONT SA A

     68,422           6,189,127  

CLICKS GROUP LTD

     80,482           1,383,830  

COMMONWEALTH BK OF AUSTRALIA

     211,335           13,378,077  

COMPASS GROUP PLC

     547,052           10,196,516  

CONTEMPORARY AMPEREX TECHNOLOGY CO LTD WT 07/08/22

     89,400           4,809,358  

COPA HOLDINGS SA CL A

     16,225           1,253,057  

COUNTRY GARDEN SERVICES HOLDINGS CO LTD

     196,000           1,326,058  

DAVIDE CAMPARI MILANO NV

     439,854           5,018,827  

DIAGEO PLC

     118,480           4,662,976  

DIAGEO PLC

     379,548           14,937,738  

DOLLARAMA INC

     107,931           4,398,979  

DR REDDYS LABS LTD (DEMAT)

     20,855           1,485,910  

DSV PANALPINA A/S

     36,524           6,114,910  

EISAI CO LTD

     37,600           2,684,492  

ESCORTS LTD (DEMAT)

     110,264           1,902,372  

ESSILORLUXOTTICA

     70,203           10,939,134  

EUROFINS SCIENTIFIC SE

     135,670           11,374,822  

FANUC CORPORATION

     35,100           8,620,754  

FERRARI NV

     24,220           5,581,845  

 

38


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

FISHER & PAYKEL HEALTHCARE CORP

     256,730           6,090,127  

FLUTTER ENTERTAINMENT PLC

     23,746           4,906,618  

FUCHS PETROLU SE (GERW) PFD

     76,995           4,368,190  

GEBERIT AG (REG)

     19,207           12,023,630  

GLOBALWAFERS CO LTD

     26,000           654,926  

GLOBANT SA

     7,218           1,570,709  

GLODON CO LTD A (HSBC) WT 12/07/21

     102,900           1,241,415  

GMO PAYMENT GATEWAY INC

     23,200           3,109,661  

GRUPO AERO CENTRO NORTE CL B

     111,800           721,325  

GRUPO FINANCIERO BANORTE SAB

     416,900           2,303,064  

GRUPO MEXICO SAB DE CV SER B

     573,700           2,425,169  

GRUPO TELEVISA (CPO) SPON ADR

     878,800           7,241,312  

HDFC BANK LTD (DEMAT)

     198,391           3,900,502  

HDFC BANK LTD SPON ADR

     161,488           11,669,123  

HEINEKEN NV

     178,426           19,883,599  

HEINEKEN NV

     53,097           5,917,072  

HINDUSTAN UNILEVER LTD

     30,760           1,008,597  

HONG KONG EXCHS & CLEARING LTD

     40,700           2,231,230  

HOUSING DEV FN CORP LTD(DEMAT)

     644,880           22,586,197  

HOUSING DEV FN CORP LTD(DEMAT)

     88,318           3,093,239  

HOWDEN JOINERY GROUP PLC

     994,540           9,378,791  

HYUNDAI MOTOR CO

     24,324           4,290,873  

IHS MARKIT LTD

     188,806           16,960,443  

INDITEX SA

     144,961           4,611,465  

INFINEON TECHNOLOGIES AG

     164,112           6,293,300  

INFOSYS LTD SPON ADR

     207,900           3,523,905  

INTERCONTINENTAL HOTELS GP PLC

     197,920           12,693,748  

INTERMEDIATE CAPITAL GROUP PLC

     249,512           5,889,244  

INTERTEK GROUP PLC

     162,950           12,585,671  

ITAU UNIBANCO HLDG SA SPON ADR

     608,700           3,706,983  

JAMES HARDIE INDUSTRES PLC CDI

     111,380           3,281,891  

JD.COM INC SPON ADR

     43,270           3,803,433  

JIANGSU HENGLI HYDRAULIC C-A (HSBC) (CWT) 04/23/20

     199,116           3,447,395  

JULIUS BAER GRUPPE AG

     95,446           5,498,414  

KASIKORNBANK PCL NVDR

     299,500           1,130,000  

KERRY GROUP PLC CL A

     111,698           16,170,020  

KEYENCE CORP

     23,800           13,368,844  

KEYENCE CORP

     9,300           5,223,960  

KEYENCE CORP

     48,400           27,187,061  

KWEICHOW A MMA(HSBC)(ELN)12/24

     4,950           1,515,329  

LG CHEMICAL LTD

     5,478           4,147,236  

LG HOUSEHOLD & HEALTHCARE LTD

     8,841           13,159,091  

LG HOUSEHOLD & HEALTHCARE LTD

     866           1,288,969  

LI NING CO LTD

     484,500           3,331,057  

LINDE PLC

     73,110           19,024,059  

LOJAS RENNER SA

     0           0  

LONDON STOCK EXCHANGE GRP PLC

     33,880           4,173,487  

LONDON STOCK EXCHANGE GRP PLC

     122,926           15,142,565  

LONGI GREEN ENERGY TECHNOLOGY WT 12/21/22

     129,400           1,827,981  

 

39


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

LONZA GROUP AG

     7,637           4,906,727  

L’OREAL SA (TEMP)

     33,904           12,872,970  

L’OREAL SA ORD

     20,677           7,850,826  

L’OREAL SA ORD

     17,366           6,593,676  

LUKOIL PJSC SPONS ADR

     39,455           2,690,831  

LULULEMON ATHLETICA INC

     11,495           4,000,605  

LVMH MOET HENNESSY LOUIS VUITTON SE

     20,171           12,589,548  

LVMH MOET HENNESSY LOUIS VUITTON SE

     26,355           16,449,236  

MAGAZINE LUIZA SA

     470,000           2,257,614  

MARUTI SUZUKI INDIA LTD (LOC)

     30,047           3,146,250  

MEDIA TEK INC

     88,300           2,346,750  

MEDIA TEK INC

     254,828           6,772,566  

MEITUAN CL B

     184,300           7,003,564  

MEITUAN CL B

     68,300           2,595,461  

MERCADOLIBRE INC

     1,832           3,069,003  

METROPOLITAN BANK & TRUST CO

     1,084,500           1,107,762  

MIDEA GROUP CO LTD A MMA(HSBC) (ELN) 05/17/2021

     110,100           1,660,601  

MONCLER SPA

     71,410           4,374,115  

MURATA MFG CO LTD

     61,296           5,532,698  

NASPERS LTD N SHS

     18,647           3,831,359  

NAVER CORP

     10,720           2,880,913  

NCSOFT CORPORATION

     833           712,532  

NESTLE SA (REG)

     158,946           18,718,751  

NESTLE SA (REG)

     61,377           7,228,246  

NESTLE SA (REG)

     195,079           22,974,061  

NETEASE INC ADR

     10,821           1,036,327  

NIO INC ADR

     28,715           1,399,569  

NOTRE DAME INTERMEDICA PARTICIPACOES SA

     107,100           1,615,304  

NOVARTIS AG (REG)

     49,604           4,686,970  

NOVO-NORDISK AS CL B

     142,513           9,980,167  

NOVO-NORDISK AS CL B

     215,922           15,120,990  

OTP BANK (REG)

     25,186           1,133,524  

PAGSEGURO DIGITAL LTD CL A

     95,147           5,411,961  

PARTNERS GROUP HOLDING AG

     4,432           5,206,461  

PETROLEO BRASILEIRO SPONS ADR

     100,600           1,129,738  

PINDUODUO INC ADR

     3,780           671,593  

PING AN HEALTHCARE AND TECHNOLOGY CO LTD

     52,400           635,360  

PING AN INSURANCE CO LTD H

     284,500           3,486,317  

PING AN INSURANCE CO LTD H

     448,480           5,495,759  

POSCO

     8,837           2,208,428  

RAIA DROGASIL SA

     0           0  

RATIONAL AG

     6,696           6,229,198  

REALTEK SEMICONDUCTOR CORP

     185,000           2,570,267  

RELIANCE INDS GDR

     66,951           3,662,220  

RELIANCE INDUSTRIES LTD(DEMAT)DEMATERIALIZED SHS

     101,127           2,748,189  

ROCHE HOLDINGS AG (GENUSSCHEINE)

     52,774           18,419,932  

ROTORK PLC

     2,055,859           8,940,211  

RYANAIR HOLDINGS PLC SPON ADR

     37,820           4,159,444  

SAMSUNG BIOLOGICS CO LTD

     1,271           964,573  

 

40


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

SAMSUNG ELECTRONICS CO LTD

     215,671           16,050,414  

SAMSUNG ELECTRONICS CO LTD

     102,930           7,660,136  

SAMSUNG ELECTRONICS CO LTD PFD

     405,993           27,454,013  

SANDS CHINA LTD

     1,083,890           4,760,618  

SANDVIK AB

     200,098           4,895,684  

SAP SE

     97,346           12,750,896  

SARTORIUS STEDIM BIOTECH

     31,715           11,282,436  

SBERBANK OF RUSSIA

     174,000           637,915  

SBERBANK SPONSORED ADR

     181,301           2,632,491  

SCHINDLER HOLDING AG PART CERT

     52,791           14,227,869  

SCHNEIDER ELECTRIC SE

     40,564           5,862,358  

SEA LTD ADR

     13,795           2,745,895  

SHANGHAI INTL AIRPORT CO LTD WT 11/21/22

     95,600           1,108,232  

SHENZHEN INOVANCE TECHNOLOGY CO LTD A MMA (HSBC)

     238,621           3,411,118  

SHIMANO INC

     52,700           12,292,669  

SHIN-ETSU CHEMICAL CO LTD

     119,400           20,860,743  

SHIN-ETSU CHEMICAL CO LTD

     26,883           4,696,812  

SHINHAN FINANCIAL GROUP CO LTD

     96,423           2,839,345  

SHOPIFY INC CL A

     4,177           4,728,155  

SILERGY CORP

     17,100           1,466,218  

SK HYNIX INC

     40,236           4,380,691  

SM INVESTMENTS CORP

     52,270           1,141,842  

SMC CORP

     6,000           3,657,934  

SMITH & NEPHEW PLC

     266,037           5,493,464  

SOFTBANK GROUP CORP

     66,880           5,219,302  

SONY CORP

     47,700           4,751,290  

SPIRAX-SARCO ENGINEERING PLC

     81,148           12,534,049  

SPOTIFY TECHNOLOGY SA

     9,766           3,072,970  

STONECO LTD CL A

     30,600           2,567,952  

SVENSKA HANDELSBANKEN SER A

     585,249           5,875,537  

TAIWAN SEMIC MFG CO LTD SP ADR

     209,012           22,790,668  

TAIWAN SEMIC MFG CO LTD SP ADR

     168,200           18,340,528  

TAIWAN SEMIC MFG CO LTD SP ADR

     260,215           28,373,844  

TAIWAN SEMICONDUCTOR MFG CO LTD

     83,000           1,565,091  

TAIWAN SEMICONDUCTOR MFG CO LTD

     730,090           13,766,951  

TAL ED GROUP ADR

     19,800           1,415,898  

TECHTRONIC INDUSTRIES CO LTD

     645,500           9,208,998  

TECHTRONIC INDUSTRIES CO LTD

     365,719           5,217,515  

TEMENOS AG

     47,467           6,629,724  

TENCENT HOLDINGS LTD

     192,200           13,982,780  

TENCENT HOLDINGS LTD

     158,730           11,547,797  

TREND MICRO INC

     196,000           11,275,386  

TURKIYE GARANTI BANKASI AS

     1,192,606           1,663,840  

UBISOFT ENTERTAINMENT SA

     49,680           4,784,924  

UNICHARM CORP

     190,300           9,016,005  

UNILEVER PLC ORD

     225,790           13,671,829  

UNITED MICROELECTRONICS CORP

     743,000           1,246,396  

VANGUARD INTL SEMICONDUCT CORP

     92,000           379,692  

VOLKSWAG PFD PERP

     28,667           5,337,907  

 

41


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

WAL MART DE MEXICO SAB DE CV V

     518,900           1,459,736  

WEG SA

     134,700           1,964,148  

WIN SEMICONDUCTORS CORP

     184,000           2,265,059  

WIWYNN CORP

     44,100           1,104,579  

WORLDLINE SA

     58,379           5,641,310  

WULIANGYE YIBIN CO LTD (JPM)(CWT) 11/16/22

     35,700           1,596,373  

WUXI BIOLOGICS (CAYMAN) INC

     220,500           2,923,901  

X5 RETAIL GROUP NV GDR REGS

     29,972           1,082,589  

YANDEX NV CL A

     20,760           1,444,481  

YANDEX NV CL A

     61,377           4,270,612  

YATSEN HOLDING LTD ADR

     158,045           2,686,765  

ZALANDO SE

     65,691           7,307,693  

ZHONGSHENG GROUP HLDGS LTD

     235,500           1,678,357  

STIFS and Money Markets

        

SSBK GOVT STIF FUND

     100,069,677           100,069,677  
        

 

 

 

International Growth Account

           1,545,808,480  

International Value Account

        

Currency

        

AUSTRALIAN DOLLAR CURRENCY

     24,681           19,028  

BRAZILIAN REAL

     451,564           24,128  

BRITISH POUND STERLING CURRENCY

     45,207           -8,538  

CANADIAN DOLLAR

     43,853           34,451  

CHILEAN PESO

     6,172,339           8,687  

DANISH KRONE

     154,190           -72,273  

EURO MONETARY UNIT.

     26,079           -73,829  

HONG KONG DOLLAR

     16,568           2,137  

INDIAN RUPEE

     0           153,812  

INDONESIAN RUPIAH CURRENCY

     0           0  

ISRAELI SHEKEL

     6           2  

JAPANESE YEN

     9,579,476           143,113  

MALAYSIAN RINGGIT

     1,300           323  

MEXICAN PESO CURRENCY

     0           0  

NEW ZEALAND DOLLAR CURRENCY

     79,343           57,087  

NORWEGIAN KRONA

     2,043,129           -389,131  

PHILIPPINE PESO

     3,724           78  

POLAND ZLOTY NEW

     1           0  

SINGAPORE DOLLAR CURRENCY

     3,677           125,442  

SOUTH AFRICAN RAND CURRENCY

     6           0  

SOUTH KOREAN WON

     388,286,797           304,555  

SWEDISH KRONA CURRENCY

     0           393,313  

SWISS FRANC

     3,908           -40,812  

TAIWAN DOLLAR

     12,985,436           437,013  

TURKISH LIRA (NEW)

     130           17  

UNITED ARAB EMIRATES DIRHAM

     120           33  

Forward Currency Contract

        

BRAZILIAN REAL

     12,768           -2  

BRITISH POUND STERLING CURRENCY

     -18,821           87  

CANADIAN DOLLAR

     1,529           -3  

 

42


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

CURRENCY CONTRACT—USD

     -31,159,196           1,255  

JAPANESE YEN

     20,529,801           89  

SOUTH KOREAN WON

     36,414,662           -90  

Futures

        

EURO STOXX 50 FUT MAR21 VGH1

     -1,083           0  

FTSE 100 IDX FUT MAR21 Z H1

     -18           21,256  

JPN YEN CURR FUT MAR21 JYH1

     -112           4,200  

MSCI EAFE FUT MAR21 MFSH1

     108           -92,880  

MSCI EMGMKT FUT MAR21 MESH1

     744           -78,120  

S&P/TSX 60 IX FUT MAR21 PTH1

     8           -8,289  

Publicly-traded Common Stock

        

3I GROUP PLC

     7,350           116,392  

3I GROUP PLC

     148,359           2,349,361  

A P MOLLER—MAERSK A/S B

     3,119           6,959,951  

A P MOLLER—MAERSK A/S B

     300           669,441  

A2A SPA

     384,833           613,286  

ABB LTD

     53,018           1,479,809  

ABB LTD

     197,991           5,526,214  

ABB LTD

     6,410           178,912  

ABN AMRO BANK NV-GDR

     3,180           31,156  

ACE HARDWARE INDONESIA TBK PT

     11,338,500           1,384,023  

ADECCO GROUP AG

     9,098           607,972  

ADMIRAL GROUP PLC

     1,703           67,676  

ADVANTECH CO LTD

     259,964           3,237,179  

AEGON NV

     13,536           53,495  

AEM HOLDINGS LTD

     320,100           835,612  

AEON FINANCIAL SERVICE CO LTD

     1,100           13,167  

AGC INC

     4,000           139,461  

AGEAS

     1,009           53,719  

AGRICULTURAL BANK OF CHINA H

     197,082           72,198  

AJANTA PHARMA LTD

     52,205           1,167,091  

AJINOMOTO CO INC

     44,100           998,341  

AKZO NOBEL NV

     21,109           2,265,717  

ALLIANZ SE (REGD)

     3,195           783,367  

ALLIANZ SE (REGD)

     24,909           6,107,317  

ALLIANZ SE (REGD)

     1,026           251,560  

ALPHA BANK SA

     996,094           1,161,145  

ALPS ALPINE CO LTD

     67,400           886,438  

ALSO HOLDING AG-REG

     681           194,615  

AMADA CO LTD

     6,600           72,421  

AMBEV SA

     1,071,800           3,229,308  

AMCOR PLC

     111,000           1,306,470  

AMP LTD (POST RECON)

     22,278           26,793  

AMUNDI SA

     46,379           3,784,815  

ANDRITZ AG

     20,439           935,850  

ANDRITZ AG

     25,600           1,172,159  

ANIMA HOLDING SPA

     87,300           414,015  

ANSELL LTD

     42,500           1,139,580  

ANTOFAGASTA PLC

     74,800           1,473,473  

 

43


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

AOZORA BANK LTD

     900           16,587  

ARCELORMITTAL SA

     152,013           3,506,142  

AREZZO INDUSTRIA E COMERCIO SA

     194,578           2,554,066  

ARISTOCRAT LEISURE LTD

     5,032           120,262  

ASAHI GROUP HOLDINGS LTD

     38,400           1,578,322  

ASKUL CORP

     26,000           969,445  

ASM INTERNATIONAL NV (NETH)

     386           84,857  

ASOS PLC

     2,220           145,205  

ASPEED TECH INC

     40,000           2,440,673  

ASR NEDERLAND NV

     33,324           1,337,332  

ASSICURAZIONI GENERALI SPA

     9,053           157,710  

ASSOCIATED BRITISH FOODS PLC

     9,773           302,574  

ASTELLAS PHARMA INC

     30,500           470,844  

ASTRAZENECA PLC

     5,770           577,898  

ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC

     2,100           79,758  

ATOS SE

     690           63,035  

AURIZON HOLDINGS LTD

     422,630           1,270,724  

AUSTAL LTD

     259,290           533,732  

AUSTRALIA & NZ BANKING GRP

     20,639           361,194  

AUTOHOME INC ADR CL A

     24,100           2,400,842  

AVAST PLC

     53,470           393,021  

AVI LTD

     369,463           1,840,904  

AVIVA PLC

     29,273           130,180  

AVIVA PLC

     440,262           1,957,894  

AVIVA PLC

     250,284           1,113,040  

AXA SA

     13,683           326,159  

B2GOLD CORPORATION

     247,300           1,385,222  

B2W CIA DIGITAL

     201,314           2,930,452  

BABCOCK INTL GROUP PLC

     281,054           1,075,771  

BAJAJ AUTO LTD

     57,998           2,734,235  

BALOISE HOLDINGS AG

     393           69,917  

BANCA MEDIOLANUM SPA

     35,536           308,229  

BANCO BILBAO VIZ ARGENTARIA SA

     47,003           231,695  

BANCO DE SABADELL SA

     41,389           17,899  

BANCO DO BRASIL SA

     4,528           33,824  

BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MUL

     16,428           16,767  

BANCO SANTANDER SA

     113,460           351,788  

BANCO SANTANDER SA

     1,860,050           5,767,174  

BANCOLOMBIA SA

     185,700           1,901,855  

BANGKOK LIFE ASSURAN LTD NVDR

     2,465,100           1,728,451  

BANK HAPOALIM LTD (REG)

     8,467           57,941  

BANK LEUMI LE-ISRAEL BM

     4,877           28,684  

BANK OF CHINA HONG KONG LTD

     26,874           81,463  

BANK OF CHINA LTD H

     564,039           192,804  

BANK OF COMMUNICATIONS H

     70,339           37,200  

BANK OF IRELAND GROUP PLC

     5,075           20,460  

BANK OF KYOTO

     500           26,004  

BANK OF MONTREAL

     4,610           350,503  

 

44


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

BANK OF MONTREAL

     1,800           136,856  

BANK OF NOVA SCOTIA

     8,434           455,856  

BANK OF QUEENSLAND LTD

     3,453           20,605  

BANK POLSKA KASA OPIEKI

     1,313           21,475  

BANKIA SA

     8,601           15,225  

BANKIA SA

     953,336           1,687,568  

BANKINTER SA

     5,483           29,633  

BARCLAYS PLC ORD

     61,902           124,166  

BARCLAYS PLC ORD

     863,553           1,732,157  

BARCLAYS PLC ORD

     94,300           189,152  

BARRICK GOLD CORP

     2,200           50,116  

BASF SE

     69,346           5,482,855  

BASF SE

     20,200           1,597,117  

BAYCURRENT CONSULTING INC

     700           122,638  

BAYER AG

     10,310           606,522  

BB SEGURIDADE PARTICIPACOES SA

     5,688           32,447  

BDO UNIBANK INC

     16,550           36,808  

BEENOS INC

     12,300           363,919  

BEIJING NEW BLDG MATL PLC A

     190,600           1,169,585  

BEIJING NEW BLDG MATL PLC A

     198,324           1,216,982  

BELLWAY PLC

     56,119           2,267,748  

BENDIGO AND ADELAIDE BANK LTD

     4,131           29,682  

BETSSON AB

     57,276           513,059  

BHP GROUP LIMITED

     2,200           71,965  

BIM BIRLESIK MAGAZALAR AS

     125,070           1,270,387  

BK BRASIL OPERACAO E ASSESSORIA A RESTAURANTES SA

     764,222           1,603,716  

BLUESCOPE STEEL LTD

     36,300           489,186  

BNK FINANCIAL GROUP INC

     2,681           13,991  

BNP PARIBAS

     7,858           413,796  

BNP PARIBAS

     25,580           1,347,023  

BOARDWALK REIT UNIT

     6,700           177,593  

BOLIDEN AB

     38,834           1,375,398  

BOLSA MEXICANA DE VALORES SA

     984,000           2,331,990  

BOOHOO GROUP PLC

     111,459           522,801  

BOUYGUES ORD

     45,860           1,885,237  

BP PLC

     1,314,822           4,581,353  

BP PLC

     193,300           673,533  

BRADESCO SA

     10,190           47,476  

BRADESCO SA PREF (BANCO BRAESCO)

     31,629           165,263  

BRAMBLES LTD

     123,000           1,005,165  

BRITISH AMERICAN TOBACCO PLC

     6,500           240,707  

BUNZL PLC

     38,152           1,274,583  

BURSA MALAYSIA BHD

     1,173,300           2,420,979  

CAIXABANK SA

     10,273           26,368  

CANADIAN IMP BK OF COMMERCE

     3,063           261,615  

CANADIAN IMP BK OF COMMERCE

     5,100           435,597  

CANADIAN NATL RESOURCES LTD

     8,300           199,463  

CAPCOM CO LTD

     8,200           532,081  

CARLSBERG AS CL B

     10,168           1,627,574  

 

45


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

CARREFOUR SA (SUPERMARCHE)

     3,920           67,188  

CATCHER TECHNOLOGY CO LTD

     221,000           1,619,739  

CATCHER TECHNOLOGY CO LTD

     191,000           1,399,865  

CATHAY FINANCIAL HLDG CO LTD

     61,049           91,768  

CENTERRA GOLD INC

     50,200           581,309  

CENTURY PACIFIC FOOD INC

     7,314,145           2,665,505  

CERVECERIAS UNIDAS SA CIA

     254,277           1,877,820  

CHANG HWA COMMERCIAL BANK

     51,244           32,726  

CHARTER HALL GROUP STAPLED

     125,840           1,427,110  

CHARTER HALL LONG WALE REIT (STAPLED)

     16,785           60,173  

CHIBA BANK LTD

     5,300           29,155  

CHINA CINDA ASSET MANAGEMENT CO LTD CL H

     80,956           15,351  

CHINA CITIC BANK CORP LTD H

     72,993           30,977  

CHINA CONSTRUCTION BANK CORP H

     590,582           448,700  

CHINA DEV FIN HOLDINGS CORP

     118,116           39,082  

CHINA EVERBRIGHT LTD

     9,290           12,439  

CHINA GALAXY SEC CO LTD H

     47,500           29,778  

CHINA HONGXING SPORTS LTD

     3,613,000           155,007  

CHINA HUARONG ASSET MANAGEMENT CO LTD

     90,000           9,984  

CHINA LIFE INS CO LTD H

     53,749           118,557  

CHINA MENGNIU DAIRY CO LTD

     718,977           4,340,321  

CHINA MERCHANTS BANK CO LTD H

     28,865           182,444  

CHINA MINSHENG BANK CORP H

     55,740           31,780  

CHINA MOBILE LIMITED

     735,500           4,193,397  

CHINA OVERSEAS PROPERTY HOLDINGS LTD

     3,375,000           1,758,799  

CHINA PACIFIC INS(GRP) CO LTD H

     19,907           77,934  

CHINA RESOURCES POWER HLDS LTD

     2,106,000           2,268,328  

CHINA TAIPING INSU HLDS CO LTD

     13,802           24,889  

CHUGOKU BANK LTD

     2,500           20,023  

CI FINANCIAL CORP

     2,181           27,038  

CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS SA

     13,168           255,135  

CIMB GROUP HOLDINGS BERHAD

     37,397           39,977  

CINEWORLD GROUP PLC

     963,998           845,009  

CITIC SECURITIES CO LTD H

     18,911           42,640  

CK HUTCHISON HOLDINGS LTD

     929,500           6,486,459  

CLICKS GROUP LTD

     182,449           3,137,080  

CNP ASSURANCES

     1,515           24,394  

CNP ASSURANCES

     56,023           902,046  

COCA COLA HBC AG

     4,360           141,724  

COCA-COLA EUROPEAN PARTNERS PLC

     29,700           1,479,951  

COMMONWEALTH BK OF AUSTRALIA

     6,113           386,969  

CONCORDIA FINANCIAL GROUP LTD

     9,900           34,804  

CONSTELLATION SOFTWARE INC

     300           389,564  

CONTINENTAL AG

     55,431           8,210,720  

CONTINENTAL AG

     511           75,692  

COVESTRO AG

     83,431           5,145,097  

COVESTRO AG

     13,325           821,738  

CREDICORP LTD

     269           44,121  

CREDIT AGRICOLE SA

     8,296           104,591  

 

46


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

CREDIT AGRICOLE SA

     8,180           103,129  

CREDIT SAISON CO LTD

     1,400           16,081  

CREDIT SUISSE GROUP AG

     17,280           222,514  

CREDIT SUISSE GROUP AG

     112,951           1,454,469  

CREDIT SUISSE GROUP AG

     161,200           2,075,771  

CSL LIMITED

     6,200           1,353,569  

CTBC FINL HLDG CO LTD

     90,909           63,717  

D&L INDUSTRIES INC

     8,658,788           1,388,435  

DAICEL CORP

     134,000           977,212  

DAI-ICHI LIFE HOLDINGS INC

     7,800           117,240  

DAIMLER AG

     30,590           2,159,628  

DAIWA HOUSE INDUSTRY CO LTD

     11,800           350,154  

DAIWA SECURITIES GROUP INC

     11,900           54,167  

DANSKE BK AS

     5,376           88,815  

DANSKE BK AS

     80,415           1,328,503  

DB INSURANCE CO LTD

     462           18,571  

DBS GROUP HOLDINGS LTD

     151,422           2,868,952  

DENSO CORP

     59,400           3,528,736  

DEUTSCHE BANK AG

     14,747           161,222  

DEUTSCHE BOERSE AG

     10,819           1,840,472  

DEUTSCHE POST AG

     29,638           1,466,394  

DEUTSCHE TELEKOM AG (REGD)

     85,900           1,569,374  

DIAGEO PLC

     9,660           380,185  

D’IETEREN SA

     8,830           731,370  

D’IETEREN SA

     7,800           646,057  

DIRECT LINE INSURANCE GRP PLC

     11,127           48,540  

DNB ASA

     7,140           139,898  

DNB ASA

     123,900           2,427,641  

DRAX GROUP PLC

     173,500           889,730  

DUNDEE PRECIOUS METALS INC

     20,900           150,236  

DUNI AB

     63,600           833,303  

EBARA CORP

     2,100           68,539  

EIFFAGE SA (FORM FOUGEROLLE)

     2,258           218,031  

ELECTRIC POWER DEVELOP CO LTD

     14,400           198,173  

ELEMENT FLEET MANAGEMENT CORP

     3,714           39,039  

EMPIRE CO LTD NON-VTG CL A

     2,900           79,261  

ENDESA SA

     65,855           1,798,097  

ENEL (ENTE NAZ ENERG ELET) SPA

     293,798           2,970,408  

ENEL (ENTE NAZ ENERG ELET) SPA

     682,949           6,904,871  

ENEL (ENTE NAZ ENERG ELET) SPA

     223,700           2,261,691  

ENEOS HOLDINGS INC

     561,500           2,014,233  

ENI SPA

     413,052           4,313,363  

ENTAIN PLC

     42,260           655,056  

EPIROC AB CL A

     7,780           141,509  

ERG SPA

     2,770           79,185  

ERICSSON (LM) TELE CO CL B

     159,666           1,894,816  

ERSTE GROUP BANK AG

     2,256           68,736  

EURAZEO SE

     260           17,628  

EURONAV NV

     23,300           187,865  

 

47


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

EVONIK INDUSTRIES AG

     13,176           429,454  

EVRAZ PLC

     124,900           805,496  

EXOR NV

     868           70,219  

EZ TEC EMPREENDIMENTOS E PARTI

     217,500           1,796,379  

FEDERAL BANK LTD

     2,134,363           1,948,711  

FINNING LTD

     3,800           80,693  

FIRST FINANCIAL HOLDING CO

     78,784           59,844  

FLOW TRADERS

     12,585           416,033  

FRASERS LOGISTICS & COMMERCIAL TRUST

     125,300           133,681  

FRESENIUS SE & CO KGAA

     26,300           1,215,776  

FUBON FINANCIAL HOLDING CO LTD

     50,431           83,881  

FUJIFILM HOLDINGS CORP

     123,400           6,498,951  

FUJITSU LTD

     9,900           1,429,078  

FUKUOKA FINANCIAL GROUP INC

     1,300           23,078  

FUKUOKA FINANCIAL GROUP INC

     48,200           855,654  

FUYAO GLASS INDUSTRY GROUP CO LTD A

     490,839           3,613,589  

G5 ENTERTAINMENT AB

     727           35,769  

GALAXY ENT GROUP LTD

     251,000           1,950,706  

GBL (GROUPE BRUXELLES LAMB) SA

     351           35,385  

GENMAB AS

     886           358,187  

GETINGE AB SER B

     10,090           235,584  

GF SECURITIES CO LTD H

     12,740           18,011  

GJENSIDIGE FORSIKRING ASA

     1,811           40,426  

GLAXOSMITHKLINE PLC

     315,748           5,794,560  

GLAXOSMITHKLINE PLC

     87,290           1,601,933  

GN STORE NORDIC LTD

     7,888           630,791  

GOODMAN GROUP STAPLED UNIT

     198,857           2,899,069  

GREAT WEST LIFECO INC

     2,323           55,388  

GREENCORE GROUP PLC

     613,600           977,549  

GRUPO AERO CENTRO NORTE CL B

     106,000           683,904  

GRUPO AEROPORT DEL SURST SAB B

     37,000           612,133  

GRUPO AEROPORTUARIO SAB CV CLB

     133,200           1,486,924  

GRUPO AEROPORTUARIO SAB CV CLB

     61,500           686,530  

GRUPO FINANCIERO BANORTE SAB

     18,376           101,514  

GRUPO FINANCIERO BANORTE SAB

     315,200           1,741,247  

GUNGHO ONLINE ENTERTAINMNT INC

     4,000           89,410  

H.U. GROUP HOLDINGS INC

     9,600           258,374  

HACHIJUNI BANK LTD

     4,000           13,287  

HAITONG SECURITIES CO LTD H

     27,073           24,201  

HANA FINANCIAL GROUP INC

     2,232           70,749  

HANG SENG BANK LTD

     5,574           96,130  

HANNOVER RUECKVERSICHERUNGS SE(REGD)

     480           76,407  

HANNOVER RUECKVERSICHERUNGS SE(REGD)

     8,800           1,400,793  

HAPVIDA PARTICIPACOES E INVESTIMENTOS SA

     1,026,000           3,014,277  

HEADHUNTER GROUP INC ADR

     57,984           1,754,016  

HEIDELBERGCEMENT AG

     280           20,941  

HEIDELBERGCEMENT AG

     15,400           1,151,757  

HERO MOTOCORP LTD

     56,852           2,420,246  

HIROGIN HOLDINGS INC

     2,600           14,605  

 

48


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

HITACHI LTD

     39,900           1,570,805  

HITACHI METALS LTD

     276,000           4,185,909  

HITACHI TRANSPORT SYSTEM CO

     21,200           630,323  

HOCHTIEF AG

     9,498           923,037  

HON HAI PRECISION IND CO LTD

     865,753           2,833,788  

HONDA MOTOR CO LTD

     178,500           4,974,420  

HONDA MOTOR CO LTD

     227,500           6,339,947  

HONDA MOTOR CO LTD

     105,500           2,940,063  

HONDA MOTOR CO LTD

     51,500           1,435,197  

HONG LEONG BANK BHD

     6,500           29,410  

HOSIDEN CORP

     10,900           104,825  

HSBC HOLDINGS PLC

     141,404           732,582  

HSBC HOLDINGS PLC

     709,843           3,677,536  

HUA NAN FINANCIAL HLDGS CO LTD

     74,130           48,133  

HUATAI SECURITIES CO LTD H

     10,617           16,708  

HULIC REIT INC

     86           128,182  

HUYA INC ADR

     74,900           1,492,757  

HYUNDAI FIRE & MARINE INS CO

     626           13,085  

HYUNDAI MOBIS

     7,200           1,690,180  

IA FINANCIAL CORP INC

     906           39,275  

IA FINANCIAL CORP INC

     3,600           156,059  

IBERDROLA SA

     64,060           915,629  

IGM FINANCIAL INC

     807           21,879  

IGO LTD RT 12/10/20

     7,721           10,595  

IIDA GROUP HOLDINGS CO LTD

     84,600           1,707,485  

IIDA GROUP HOLDINGS CO LTD

     16,200           326,965  

ILUKA RESOURCES LIMITED

     47,100           235,663  

IMERYS

     37,695           1,780,297  

IMI PLC ORD

     4,400           70,098  

INCHCAPE PLC

     144,869           1,274,827  

INDUSTRIAL & COM BK OF CHINA H

     519,580           337,118  

INDUSTRIAL BANK OF KOREA

     2,352           19,103  

INDUSTRIVARDEN AB SER C

     1,453           46,887  

INFOSYS LTD SPON ADR

     96,800           1,640,760  

ING GROEP NV

     27,289           254,733  

ING GROEP NV

     374,373           3,494,633  

INGENIA COMMUNITIES GROUP (STPLD)

     79,361           301,022  

INPEX CORP

     271,700           1,463,030  

INTERFOR CORP

     5,600           104,574  

INTERNET INITIATIVE JP INC

     2,600           51,167  

INTESA SANPAOLO SPA

     99,086           231,517  

INTESA SANPAOLO SPA

     696,900           1,628,326  

INVESTEC PLC

     4,021           10,299  

INVESTOR AB SER B

     3,301           240,405  

IPSEN PROMESSES

     1,440           119,448  

IPSOS SA

     23,800           802,477  

ISRACARD LTD

     418           1,411  

ISUZU MOTORS LTD

     166,600           1,581,212  

ISUZU MOTORS LTD

     54,700           519,161  

 

49


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

ITAU UNIBANCO HOLDING SA

     17,566           106,968  

ITAUSA (INVEST ITAU) PFD

     32,407           73,184  

JAPAN LOGISTICS FUND INC

     89           262,462  

JAPAN POST BANK CO LTD

     3,300           27,070  

JAPAN POST HOLDINGS CO LTD

     11,500           89,412  

JAZZ PHARMA PLC

     4,800           792,240  

JD SPORTS FASHION PLC

     13,600           159,943  

JOHN WOOD GROUP PLC

     1,286,923           5,459,108  

JSE LIMITED

     248,306           1,900,948  

JULIUS BAER GRUPPE AG

     1,676           96,550  

JUMBO SA

     59,794           1,038,003  

JUMBO SA

     23,800           413,160  

KALBE FARMA PT (DEMAT)

     17,519,314           1,845,451  

KAMIGUMI CO LTD

     28,600           521,561  

KASIKORNBANK PCL (FOR)

     3,900           14,715  

KASIKORNBANK PCL (LOC)

     5,100           19,242  

KB FINANCIAL GROUP INC

     2,903           115,757  

KBC GROUPE SA

     1,825           127,706  

KBC GROUPE SA

     18,947           1,325,837  

KDDI CORP

     11,400           338,506  

KDDI CORP

     45,100           1,339,176  

KIA MOTORS CORP

     36,300           2,081,137  

KINDRED GROUP PLC

     130,669           1,279,437  

KINGFISHER PLC

     1,553,408           5,744,068  

KINNEVIK AB

     1,853           93,578  

KINROSS GOLD CORP

     23,800           174,692  

KINTETSU WORLD EXPRESS INC

     8,900           211,004  

KLAB INC

     7,400           64,286  

KOH YOUNG TECHNOLOGY INC

     28,907           2,788,700  

KOHNAN SHOJI CO

     2,200           68,500  

KOMATSU LTD

     172,600           4,709,704  

KONINKLIJKE AHOLD DELHAIZE NV

     86,593           2,444,722  

KOREA INVESTMENT HLDGS CO LTD

     412           29,904  

KPN (KON) NV

     499,024           1,516,156  

KRUNG THAI BANK (LOC)

     37,600           13,935  

KS HOLDINGS CORP

     30,400           422,782  

KT & G CORP

     16,500           1,259,779  

KURITA WATER INDUSTRIES LTD

     2,000           76,413  

KYOCERA CORP

     107,200           6,567,694  

LANXESS AG

     27,700           2,123,780  

LEENO INDUSTRIAL INC

     25,677           3,184,839  

LEG IMMOBILIEN GMBH

     954           148,083  

LEGAL & GENERAL GROUP PLC ORD

     43,409           158,021  

LEGRAND SA

     8,420           750,899  

LENOVO GROUP LTD

     3,058,000           2,887,418  

LEOVEGAS AB

     40,944           173,677  

LG UPLUS CORP

     139,315           1,503,991  

LIC HOUSING FINANCE (DEMAT) DEMATERIALIZED SHS

     345,819           1,710,055  

LINDE PLC

     5,044           1,329,144  

 

50


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

LLOYDS BANKING GROUP PLC

     504,993           251,647  

LLOYDS BANKING GROUP PLC

     11,022,379           5,492,639  

LOGITECH INTL SA REG

     1,010           98,022  

LOJAS RENNER SA

     254,600           2,134,166  

LONZA GROUP AG

     2,001           1,285,631  

LOOMIS AB

     47,400           1,303,160  

M&G PLC

     304,695           824,799  

MACQUARIE GROUP LTD

     2,342           250,035  

MAGNA INTL INC

     8,782           621,688  

MAGNA INTL INC

     39,987           2,830,724  

MAIL.RU GROUP LTD GDR REGS

     63,112           1,659,846  

MALAYAN BANKING

     28,200           59,309  

MANULIFE FINANCIAL CORP

     14,054           250,077  

MANULIFE FINANCIAL CORP

     86,200           1,533,844  

MAPFRE SA

     9,879           19,225  

MARUBENI CORP

     36,600           243,197  

MCJ CO LTD

     96,800           1,038,733  

MEBUKI FINANCIAL GROUP INC

     8,800           17,301  

MEBUKI FINANCIAL GROUP INC

     43,000           84,538  

MEDIOBANCA SPA

     3,278           30,194  

MEDIOBANCA SPA

     63,800           587,677  

MEGA FINANCIAL HOLDING CO LTD

     84,937           90,053  

MERCIALYS

     14,302           126,148  

METHANEX CORP

     58,500           2,688,086  

MICHELIN CL B (REG)

     40,216           5,156,181  

MICHELIN CL B (REG)

     4,576           586,699  

MICHELIN CL B (REG)

     11,000           1,410,334  

MICRO FOCUS INTERNATIONAL PLC

     35,600           206,465  

MILLICOM INTL CELL SA SDR

     254           9,996  

MITSUBISHI ELECTRIC CORP ORD

     452,800           6,827,850  

MITSUBISHI UFJ FINL GRP INC

     84,400           372,813  

MITSUBISHI UFJ LEA&FIN CO LTD

     4,500           21,573  

MITSUI & CO LTD

     97,300           1,780,527  

MITSUI CHEMICALS INC

     8,600           251,949  

MIZUHO FINANCIAL GROUP INC

     17,120           216,788  

MIZUHO FINANCIAL GROUP INC

     65,830           833,594  

MODERN TIMES GRP MTG AB SER B

     133           2,371  

MONDI PLC

     123,966           2,914,957  

MR PRICE GROUP LIMITED

     128,332           1,490,293  

MS&AD INSURANCE GRP HLDGS INC

     3,500           106,469  

MS&AD INSURANCE GRP HLDGS INC

     28,700           873,049  

MS&AD INSURANCE GRP HLDGS INC

     3,500           106,469  

MUNICH REINSURANCE (REG)

     1,108           328,651  

MUNICH REINSURANCE (REG)

     5,700           1,690,715  

MUTHOOT FINANCE LTD

     119,326           1,977,294  

NATIONAL AUSTRALIA BANK LTD

     18,819           327,892  

NATIONAL BANK OF CANADA DTC ELIGIBLE

     2,519           141,772  

NATIONAL BANK OF CANADA DTC ELIGIBLE

     6,200           348,942  

NATIXIS

     7,448           25,377  

 

51


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

NATURGY ENERGY GROUP SA

     128,764           2,982,494  

NATWEST GROUP PLC

     26,778           61,392  

NATWEST GROUP PLC

     832,936           1,909,601  

NESTLE SA (REG)

     22,646           2,666,974  

NEW CHINA LIFE INSURANCE CO H

     6,635           25,890  

NEWCREST MINING LTD

     29,900           594,265  

NEXANS SA

     7,284           527,236  

NEXT PLC

     18,400           1,782,979  

NH FOODS LTD

     5,200           228,638  

NIEN MADE ENTERPRISE CO LTD

     219,000           2,540,079  

NIHON UNISYS LTD

     10,400           406,915  

NINE ENTERTAINMENT CO HOLDINGS LTD

     222,072           397,199  

NINETY ONE PLC

     2,010           6,300  

NINTENDO CO LTD

     5,500           3,506,513  

NIPPON ELECTRIC GLASS CO LTD

     13,300           290,589  

NIPPON TELEGRAPH & TELEPHONE

     242,300           6,207,977  

NIPPON TELEGRAPH & TELEPHONE

     31,100           796,814  

NIPPON YUSEN KABUSHIKI KAISHA

     8,900           207,039  

NISHIMATSUYA CHAIN CO LTD

     5,100           73,150  

NN GROUP NV

     2,353           102,132  

NN GROUP NV

     24,889           1,080,313  

NOMURA HOLDINGS INC

     13,800           72,839  

NOMURA HOLDINGS INC

     281,100           1,483,701  

NOMURA REAL ESTATE MASTER FUND INC

     502           717,594  

NORDEA BANK ABP

     323           2,633  

NORDEA BANK ABP

     21,579           176,302  

NORDIC ENTMT GROUP AB CL B

     133           7,413  

NORSK HYDRO AS ORD

     81,300           377,948  

NOVARTIS AG (REG)

     37,277           3,522,220  

NOVARTIS AG (REG)

     53,492           5,054,338  

NOVARTIS AG (REG)

     44,720           4,225,492  

NOVARTIS AG (REG)

     16,600           1,568,497  

NOVO-NORDISK AS CL B

     10,350           724,809  

NTT DATA CORP

     47,600           650,463  

OLD MUTUAL LTD

     55,910           45,614  

OPEN HOUSE CO LTD

     6,800           249,596  

OPEN TEXT CORPORATION

     5,500           249,918  

ORIX CORP

     9,600           147,317  

ORKLA ASA

     177,396           1,799,977  

OTP BANK (REG)

     1,023           46,041  

OVERSEA-CHINESE BKG CORP LTD

     23,663           180,122  

PANASONIC CORP

     487,600           5,621,886  

PANDORA A/S

     670           74,892  

PEOPLES INSURANCE CO GRP OF CHINA LTD H

     65,030           20,635  

PEUGEOT SA

     60,173           1,644,426  

PICC PROPERTY & CASUALTY CO H

     53,749           40,698  

PLUS500 LTD

     33,459           663,450  

POPULAR INC

     40,600           2,286,592  

POSCO

     18,694           4,671,761  

 

52


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

POSTE ITALIANE SPA

     4,656           47,324  

POWER CORP OF CANADA SUB VTG

     4,839           111,119  

POWSZECHNY ZALKAD UBEZPIEC SA

     2,069           17,922  

POYA CO LTD

     78,000           1,598,463  

PRESSANCE CORP

     8,100           139,321  

PUBLIC BANK BHD (LOC) (MLAY)

     8,600           44,042  

PUBLICIS GROUPE SA

     68,579           3,414,854  

PUBLICIS GROUPE SA

     1,490           74,194  

PUBLICIS GROUPE SA

     46,178           2,299,408  

QANTAS AIRWAYS LTD

     282,400           1,055,924  

QBE INSURANCE GROUP LTD

     10,489           68,978  

QBE INSURANCE GROUP LTD

     370,078           2,433,708  

QUALITAS CONTROLADO SAB DE CV

     643,500           3,464,639  

QUILTER PLC

     12,366           25,975  

RAIFFEISEN BANK INTERNTNL AG

     1,249           25,451  

RAKUS CO LTD

     13,400           310,424  

RANDSTAD NV

     3,380           219,837  

RECKITT BENCKISER GROUP PLC

     12,140           1,086,067  

REDROW PLC

     26,631           208,128  

RENTOKIL INITIAL PLC

     30,900           215,335  

REPSOL SA

     94,932           956,783  

RESONA HOLDINGS INC

     16,700           58,289  

RESONA HOLDINGS INC

     401,400           1,401,042  

REXEL SA

     357,601           5,633,352  

REXEL SA

     4,690           73,882  

RHEINMETALL AG ORD

     5,500           581,738  

RHI MAGNESITA NV

     26,486           1,269,859  

RIDE ON EXPRESS HOLDINGS CO LTD

     5,100           91,573  

RIO TINTO LTD

     12,400           1,088,190  

RIO TINTO PLC

     27,793           2,078,979  

RIVERSTONE HOLDINGS LTD

     84,000           70,551  

ROCHE HOLDINGS AG (GENUSSCHEINE)

     13,997           4,885,432  

ROCHE HOLDINGS AG (GENUSSCHEINE)

     11,049           3,856,479  

ROYAL BANK OF CANADA

     10,176           836,128  

ROYAL BANK OF CANADA

     12,500           1,027,084  

ROYAL DUTCH SHELL PLC CL A

     200,404           3,577,851  

ROYAL DUTCH SHELL PLC CL A

     195,572           3,491,585  

ROYAL DUTCH SHELL PLC CL A

     19,850           352,286  

ROYAL DUTCH SHELL PLC CL B

     155,009           2,669,611  

ROYAL MAIL PLC

     43,100           199,038  

ROYAL UNIBREW AS

     1,590           184,409  

SAINSBURY (J) PLC

     1,458,184           4,496,620  

SAMPO OYJ SER A

     3,238           136,749  

SAMSUNG ELECTRONICS CO LTD

     41,332           3,075,962  

SAMSUNG LIFE INSURANCE CO LTD

     561           40,771  

SAMSUNG SECURITIES CO LTD

     717           26,647  

SANKYO CO LTD GUNMA (6417)

     25,184           680,484  

SANKYU INC

     7,600           286,688  

SANLAM LTD

     344,573           1,377,589  

 

53


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

SANOFI

     20,671           1,987,390  

SANOFI

     59,978           5,766,516  

SANOFI

     19,880           1,911,340  

SANWA HOLDINGS CORP

     38,500           448,182  

SAP SE

     1,698           222,413  

SARTORIUS STEDIM BIOTECH

     1,229           437,210  

SASOL LTD

     54,900           500,358  

SBI HOLDINGS INC

     1,800           42,658  

SCHNEIDER ELECTRIC SE

     11,250           1,625,863  

SCHNEIDER ELECTRIC SE

     14,047           2,030,089  

SCHRODERS PLC (NEW) ORD

     1,028           46,911  

SCOR SE

     1,376           44,412  

SCOR SE

     27,956           902,308  

SCOUT24 AG

     1,220           99,932  

SERIA CO LTD

     13,400           491,850  

SEVEN & I HOLDINGS CO LTD

     24,200           857,564  

SHENG SIONG GROUP LTD

     619,800           726,914  

SHIMAMURA CORP

     1,400           146,976  

SHIN KONG FINCL HLDNGS CO LTD

     82,795           25,952  

SHINHAN FINANCIAL GROUP CO LTD

     3,126           92,051  

SHINHAN FINANCIAL GROUP CO LTD

     37,400           1,101,309  

SHINHAN FINANCIAL GROUP CO LTD

     28,700           845,122  

SHINSEI BANK LTD

     1,500           18,464  

SHIZUOKA BANK LTD

     3,900           28,555  

SHOPIFY INC CL A

     1,208           1,367,396  

SIAM COMMERCIAL BANK PCL (FOR)

     348,400           1,017,863  

SIAM COMMERCIAL BANK PCL (LOC)

     13,800           40,317  

SICHUAN SWELLFUN CO LTD A

     196,460           2,498,983  

SIEMENS AG (REGD)

     14,763           2,119,499  

SIGNATURE AVIATION PLC

     365,294           1,933,218  

SIGNIFY NV

     25,403           1,071,589  

SINGAPORE TELECOM LTD (SING)

     1,395,800           2,439,693  

SINOPAC HOLDINGS

     100,173           40,808  

SITC INTL HOLDINGS CO LTD

     66,000           142,515  

SK HYNIX INC

     20,350           2,215,604  

SKANDINAVISKA ENSKI BK SER A

     11,091           113,908  

SKF AB SER B

     63,100           1,636,630  

SOCIETE GENERALE SA CL A

     5,439           113,104  

SOJITZ CORPORATION

     95,300           212,280  

SOLVAY CL A

     16,000           1,893,655  

SOMPO HOLDINGS INC

     2,500           101,036  

SOMPO HOLDINGS INC

     24,000           969,948  

SONOVA HLDG AG

     3,560           924,884  

SONY CORP

     50,900           5,070,035  

SONY CORP

     13,100           1,304,862  

SONY CORP

     16,700           1,663,450  

SOUTH32

     1,009,901           1,923,100  

SPAREBANK 1 SR BK CAP CERTS

     187,000           1,984,663  

SPAREBANKEN VEST AS

     66,085           558,014  

 

54


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

SSE PLC

     357,410           7,331,373  

ST GOBAIN CIE DE

     152,819           7,000,925  

ST GOBAIN CIE DE

     15,510           710,542  

STANDARD CHARTERED PLC

     411,418           2,621,219  

STANDARD LIFE ABERDEEN PLC

     17,396           66,919  

STMICROELECTRONICS NV

     23,109           854,838  

SUBARU CORP

     39,500           789,005  

SUMITOMO CORP

     14,400           190,433  

SUMITOMO FORESTRY CO LTD

     24,200           504,836  

SUMITOMO MITSUI FINL GROUP INC

     9,400           290,225  

SUMITOMO MITSUI FINL GROUP INC

     79,500           2,454,564  

SUMITOMO MITSUI FINL GROUP INC

     37,500           1,157,813  

SUMITOMO MITSUI TR HLDGS INC

     2,400           73,844  

SUMITOMO MITSUI TR HLDGS INC

     42,100           1,295,353  

SUMITOMO MITSUI TR HLDGS INC

     42,000           1,292,276  

SUN LIFE FINANCIAL INC

     4,437           197,293  

SUN LIFE FINANCIAL INC

     1,500           66,698  

SUNCORP GROUP LTD

     9,411           70,668  

SUNDRUG CO LTD

     7,500           299,259  

SUNNY FRIEND ENVIRONMENTAL TECHNOLOGY CO LTD

     243,000           2,014,409  

SUNTORY BEVERAGE & FOOD LTD

     1,800           63,629  

SUZUKI MOTOR CORP

     17,100           791,944  

SUZUKI MOTOR CORP

     1,500           69,469  

SVENSKA HANDELSBANKEN SER A

     11,068           111,116  

SVENSKA HANDELSBANKEN SER A

     19,800           198,780  

SVENSKA HANDELSBANKEN SER A

     136,684           1,372,223  

SWEDBANK AB A

     6,542           114,594  

SWEDISH MATCH AB

     1,890           146,512  

SWISS LIFE HLDGS AG (NEW)

     246           114,594  

SWISS LIFE HLDGS AG (NEW)

     1,760           819,862  

SWISS RE LTD

     2,325           218,870  

T&D HOLDINGS INC

     4,200           49,503  

T&D HOLDINGS INC

     86,600           1,020,698  

T&D HOLDINGS INC

     93,500           1,102,024  

TAISHIN FINANCIAL HLDGS CO LTD

     90,470           42,649  

TAIWAN SEMICONDUCTOR MFG CO LTD

     432,000           8,146,013  

TAKEDA PHARMACEUTICAL CO LTD

     188,500           6,855,043  

TAMA HOME CO LTD

     19,200           273,715  

TATE & LYLE PLC

     5,900           54,412  

TAYLOR WIMPEY PLC

     1,025,575           2,325,302  

TDK CORP

     2,300           346,153  

TECAN GROUP AG

     1,436           703,645  

TECHNIPFMC PLC

     464,078           4,362,333  

TELENET GROUP HOLDING NV

     5,517           236,434  

TELENOR AS

     3,840           65,342  

TELEPERFORMANCE

     1,337           443,127  

TELIA CO AB

     1,383,975           5,712,455  

TESCO PLC

     798,197           2,525,811  

TESCO PLC

     2,000,742           6,331,138  

 

55


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

TFI INTERNATIONAL INC

     7,800           401,551  

THAI BEVERAGE PUBLIC CO LTD

     5,136,000           2,856,356  

THALES

     740           67,711  

TOKIO MARINE HOLDINGS INC

     4,800           246,752  

TOKIO MARINE HOLDINGS INC

     113,800           5,850,084  

TOKUYAMA CORP

     31,600           709,091  

TOKYO ELECTRON LTD

     2,000           743,790  

TOKYO GAS CO LTD

     4,200           96,972  

TOKYOTOKEIBA CO LTD

     12,300           557,494  

TOMY COMPANY LTD

     5,400           47,591  

TOPICUS.COM INC

     557           2,106  

TOREX GOLD RESOURCES INC

     21,000           314,942  

TORONTO-DOMINION BANK

     12,885           728,014  

TORONTO-DOMINION BANK

     22,500           1,271,270  

TORONTO-DOMINION BANK

     31,332           1,770,286  

TOURMALINE OIL CORP

     10,900           146,943  

TOYOTA MOTOR CORP

     23,000           1,772,418  

TRAVELSKY TECHNOLOGY LTD H

     1,276,000           3,077,892  

TRAVIS PERKINS PLC

     275,037           5,066,243  

TRELLEBORG AB SER B

     40,263           893,091  

TREND MICRO INC

     5,400           310,648  

TRYG AS

     1,118           35,252  

TURKIYE GARANTI BANKASI AS

     18,794           26,220  

TURKIYE HALK BANKASI

     9,912           7,414  

TURKIYE IS BANKASI AS C

     22,512           21,201  

UBS GROUP AG

     25,758           362,817  

UBS GROUP AG

     269,945           3,802,343  

UBS GROUP AG

     68,750           968,386  

UCB SA

     3,296           340,164  

UNICREDIT SPA

     14,222           132,879  

UNICREDIT SPA

     115,733           1,081,314  

UNIPOL GRUPPO SPA

     184,351           880,580  

UNIPOLSAI SPA

     10,132           26,860  

UNITED LAB INT HLDGS

     594,000           421,415  

UNITED OVERSEAS BANK (LOC)

     9,400           160,673  

UNITED OVERSEAS BANK (LOC)

     364,527           6,230,830  

UNITED OVERSEAS BANK (LOC)

     74,276           1,269,594  

V TECHNOLOGY CO LTD

     1,800           102,504  

VALMET CORP

     24,671           704,055  

VARUN BEVERAGES LTD

     173,702           2,178,098  

VIATRIS INC

     140,652           2,635,818  

VINCI SA

     16,317           1,621,803  

VIVENDI

     2,080           67,032  

VODAFONE GROUP PLC

     2,198,602           3,636,168  

VODAFONE GROUP PLC

     76,200           126,024  

VOLKSWAG PFD PERP

     23,062           4,294,234  

VOLKSWAG PFD PERP

     373           69,454  

VOLVO AB SER B

     48,010           1,130,869  

VONOVIA SE

     3,140           229,238  

 

56


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

WAREHOUSES DE PAUW SCA

     2,010           69,393  

WEICHAI POWER CO LTD H

     664,000           1,332,719  

WEST FRASER TIMBER LTD

     4,300           276,262  

WESTPAC BANKING CORP

     23,525           351,306  

WESTPORTS HOLDINGS BHD

     2,802,044           2,995,348  

WH GROUP LTD

     6,834,000           5,729,931  

WH GROUP LTD

     712,500           597,392  

WILMAR INTERNATIONAL LTD

     936,000           3,293,281  

WOORI FINANCIAL GROUP INC

     3,063           27,382  

WPP PLC NEW (UK)

     401,136           4,388,428  

WPP PLC NEW (UK)

     39,826           435,696  

X5 RETAIL GROUP NV GDR REGS

     57,730           2,085,208  

YAMADA HOLDINGS CO LTD

     55,300           293,491  

YAMAGUCHI FINANCIAL GROUP INC

     1,900           10,691  

YANDEX NV CL A

     23,754           1,652,803  

YARA INTERNATIONAL ASA

     38,500           1,598,507  

YUANTA FINL HLDG CO LTD

     91,785           67,107  

ZHEJIANG SUPOR COOKWARE CO LTD A

     175,986           2,102,923  

ZURICH INSURANCE GROUP AG

     1,071           451,845  

ZURICH INSURANCE GROUP AG

     3,187           1,344,566  

STIFS and Money Markets

        

FID BANK TRST ST INV FUND

     2,334,914           2,334,914  

SSBK GOVT STIF FUND

     31,040,206           31,040,201  
        

 

 

 

International Value Account

           833,069,868  

Investments held by trustee

           38,161,818,818  
        

 

 

 

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

 

        172,830,176  
     

 

 

 

Total Investments

         $   38,334,648,994  
        

 

 

 

 

*

Party-in-interest

 

**

Information not presented because investments are participant directed

 

57

Microsoft (NASDAQ:MSFT)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Microsoft Charts.
Microsoft (NASDAQ:MSFT)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Microsoft Charts.