Edgar Filing: MICROSOFT CORP

11-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

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

For the fiscal year ended December 31, 2017

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

For the Transition Period From to

Commission File Number 001-37845

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

MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

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

Microsoft Corporation

One Microsoft Way

Redmond, Washington 98052-6399

REQUIRED INFORMATION

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

SIGNATURES

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


		MICROSOFT CORPORATION SAVINGS PLUS 401(K) PLAN

Date: June 14, 2018		/S/ KRISTEN ROBY DIMLOW
		Kristen Roby Dimlow
		Member of 401(k) Administrative Committee

Date: June 14, 2018		/S/ DANIEL GOFF
		Daniel Goff
		Member of 401(k) Administrative Committee

Date: June 14, 2018		/S/ GEORGE ZINN
		George Zinn
		Member of 401(k) Administrative Committee

APPENDIX 1

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM;

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

NOTES TO FINANCIAL STATEMENTS; AND

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

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

TABLE OF CONTENTS




	Page

Report of Independent Registered Public Accounting Firm		1

Financial Statements:

Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016		2

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2017 and 2016		3

Notes to Financial Statements		4

Supplemental Schedule:

Supplemental Schedule of Assets (Held at End of Year) as of December 31, 2017		10

Exhibit:

Consent of Independent Registered Public Accounting Firm

NOTE:

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Redmond, WA

Opinion on the Financial Statements

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

Basis for Opinion

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

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

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2017 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ DELOITTE & TOUCHE LLP

Seattle, Washington

June 14, 2018

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

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS




December 31,	2017		2016

ASSETS
Cash	$	4,601,325	$	6,657,057
Investments held by trustee, at fair value		19,929,242,613		15,508,498,383
Receivables:
Participant loans		122,514,373		114,393,990
Other receivables		17,054,211		19,576,190

Total receivables		139,568,584		133,970,180

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


LIABILITIES
Operating payables	$	4,369,486	$	3,527,074
Other payables		11,611,061		11,180,525

Total liabilities	$	15,980,547	$	14,707,599

NET ASSETS AVAILABLE FOR BENEFITS	$	20,057,431,975	$	15,634,418,021

Refer to accompanying notes.

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS




Year Ended December 31,	2017		2016

ADDITIONS
Net investment income:
Net increase in fair value of investments	$	3,489,810,196	$	1,075,665,112
Interest and dividends		51,606,670		44,485,313

Total net investment income		3,541,416,866		1,120,150,425


Contributions:
Participant contributions		1,226,183,000		1,097,835,646
Employer contributions		488,630,831		446,705,032

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

Total additions before transfers		5,256,230,697		2,664,691,103

DEDUCTIONS
Benefits paid to participants		833,584,671		728,779,614

INCREASE IN NET ASSETS BEFORE TRANSFERS		4,422,646,026		1,935,911,489

Net transfers in		367,928		0

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS		4,423,013,954		1,935,911,489

NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year		15,634,418,021		13,698,506,532

End of year	$	20,057,431,975	$	15,634,418,021

Refer to accompanying notes.

NOTES TO FINANCIAL STATEMENTS

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

Plan Description

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

Accounting Principles

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

Eligibility

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

Eligible Compensation

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

Contributions

Participant Contributions

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

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

Employer Contributions

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

Transfers

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

Employee Stock Ownership Plan Feature

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

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

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

Participant Accounts

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

Vesting

Participants are fully vested in Plan accounts at all times.

Distributions

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

After reaching age 59¹⁄₂, active participants may withdraw all, or any portion, of the balance in their accounts. Distributions, in full or any portion, may also occur if the participant terminates employment, retires, becomes permanently disabled, or dies. Distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash. Distributions may be made in installments.

In-Plan Roth Conversions

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

Administrative Expenses

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

Plan Amendment and Termination

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

Risks and Uncertainties

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

Use of Estimates

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

Valuation of Investments

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

Participant Loans

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

Other Receivables and Payables

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

NOTE 2 — PARTICIPANT LOANS

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

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

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

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

NOTE 3 — TAX STATUS

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

NOTE 4 — PARTY-IN-INTEREST TRANSACTIONS

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

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

NOTE 5 — FINANCIAL INSTRUMENTS

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

•

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

•

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

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

•

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

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

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

Financial Instruments Measured at Fair Value

December 31, 2017

Level 1

Level 2

Total

Mutual funds

518,153,347

Microsoft Common Stock

1,526,182,502

Separately managed accounts:

Common stock

3,071,524,082

Mutual funds

770,123,633

Other

180,535,880

19,112,205

199,648,085

Brokerage accounts

790,232,921

27,124,808

817,357,729

Total

6,086,628,732

816,360,646

6,902,989,378

Common collective trusts measured at NAV

13,026,253,235

Total Investments

19,929,242,613


December 31, 2016	Level 1		Level 2		Total


Mutual funds	$	488,924,978	$	0	$	488,924,978
Microsoft Common Stock		1,204,026,250		0		1,204,026,250
Separately managed accounts:
Common stock		2,495,268,783		0		2,495,268,783
Mutual funds		0		655,823,789		655,823,789
Other		84,720,553		6,696,097		91,416,650
Brokerage accounts		611,586,661		13,122,141		624,708,802

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

Common collective trusts measured at NAV						9,948,329,131

Total Investments					$	15,508,498,383

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

NOTE 6 — DERIVATIVES

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

NOTE 7 — RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

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



December 31,	2017			2016

Net assets available for benefits per the financial statements	$	20,057,431,975		$	15,634,418,021
Less: benefits payable		(2,060,167	)		(1,847,667	)

Net assets per the Form 5500	$	20,055,371,808		$	15,632,570,354

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



Year Ended December 31,	2017		2016

Benefits paid to participants per the financial statements	$	833,584,671	$	728,779,614
Plus: increase (decrease) in benefits payable at year end		212,500		(1,046,023	)

Benefits paid to participants per the Form 5500	$	833,797,171	$	727,733,591

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

MICROSOFT CORPORATION

SAVINGS PLUS 401(k) PLAN

EMPLOYER ID 91-1144442, PLAN 001

SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2017



Identity of Issue, borrower, lessor, or similar party	Shares or Units			Cost **	Current Value
BROKERAGE ACCOUNTS
BrokerageLink **		817,357,729			$	817,357,729

COMMON COLLECTIVE TRUSTS
BlackRock LifePath Index 2020		22,590,044				344,138,354
BlackRock LifePath Index 2030		67,335,086				1,132,708,262
BlackRock LifePath Index 2040		85,504,328				1,558,101,941
BlackRock LifePath Index 2050		55,170,366				1,057,280,535
BlackRock LifePath Index 2060		8,139,476				104,991,131
BlackRock LifePath Index Retirement		9,577,539				135,709,853
BlackRock Short-term Investment Fund		542,721,713				542,721,713
Fidelity Contrafund Pool Class 2 *		86,553,664				1,383,127,549
Fidelity Growth Company Pool Class 2 *		97,211,962				1,850,915,760
Vanguard Russell 1000 Growth Index Trust		4,989,447				760,790,873
Vanguard Russell 1000 Value Index Trust		7,061,331				1,012,453,693
Vanguard Russell 2000 Growth Index Trust		6,568,037				954,992,604
Vanguard S&P 500 Index Trust		14,712,391				2,188,320,967

EMPLOYER STOCK
Microsoft Common Stock *		17,841,741				1,526,182,502

MUTUAL FUNDS
PIMCO All Asset All Authority		2,215,279				19,760,292
PIMCO Inflation Response Multi-Asset Response		1,641,198				14,360,485
Vanguard Short-Term Bond Index Fund (Signal)		46,631,269				484,032,570

SEPARATELY MANAGED ACCOUNTS
Artisan Mid Cap Account
Forward Currency Contract
CURRENCY CONTRACT—USD		(227,403	)			(385	)
Publicly-traded Common Stock
ACTIVISION BLIZZARD INC		80,662				5,107,518
ALBEMARLE CORP		72,768				9,306,300
ALEXION PHARMACEUTICALS INC		44,476				5,318,885
APTIV PLC		221,176				18,762,360
ATLASSIAN CORP PLC CLS A		477,082				21,716,773
BECTON DICKINSON & CO		102,323				21,903,261
BOSTON SCIENTIFIC CORP		1,040,267				25,788,219



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
BOX INC CL A		455,092			9,611,543
BWX TECHNOLOGIES INC		235,905			14,269,893
CBOE GLOBAL MARKETS INC		128,678			16,031,992
CBS CORP CL B		290,304			17,127,936
CIGNA CORP		140,734			28,581,668
CINTAS CORP		121,899			18,995,521
COHERENT INC		24,663			6,960,392
CONCHO RESOURCES INC		160,835			24,160,634
DELPHI TECHNOLOGIES PLC		89,229			4,681,846
DENTSPLY SIRONA INC		95,740			6,302,564
DEXCOM INC		99,340			5,701,123
DIAMONDBACK ENERGY INC		151,711			19,153,514
DISCOVER FIN SVCS		147,205			11,323,009
EDWARDS LIFESCIENCES CORP		148,684			16,758,174
EXPEDIA INC		99,813			11,954,603
FIDELITY NATL INFORM SVCS INC		141,880			13,349,489
FIRST REPUBLIC BANK		188,706			16,349,488
FORTUNE BRANDS HOME & SEC INC		294,614			20,163,382
GARDNER DENVER HOLDINGS INC		433,748			14,717,070
GARTNER INC		144,470			17,791,481
GENMAB AS		82,494			13,680,972
GLOBAL PAYMENTS INC		444,364			44,543,047
GUIDEWIRE SOFTWARE INC		265,147			19,689,816
HARRIS CORP		128,526			18,205,708
HUBSPOT INC		55,669			4,921,140
IHS MARKIT LTD		789,889			35,663,488
LKQ CORP		1,145,618			46,592,284
MATCH GROUP INC		203,043			6,357,276
MAXIM INTEGRATED PRODUCTS INC		226,291			11,830,493
MONSTER BEVERAGE CORP		280,389			17,745,820
MOTOROLA SOLUTIONS INC		159,701			14,427,388
NEUROCRINE BIOSCIENCES INC		65,215			5,060,032
PROGRESSIVE CORP OHIO		606,840			34,177,229
PROOFPOINT INC		177,068			15,725,409
REGENERON PHARMACEUTICALS INC		26,560			9,985,498
ROPER TECHNOLOGIES INC		74,524			19,301,716
S&P GLOBAL INC		196,640			33,310,816
SEALED AIR CORP		86,716			4,275,099
SKECHERS USA INC CL A		131,649			4,981,598
SMITH (AO) CORP		136,508			8,365,210
STANLEY BLACK & DECKER INC		29,181			4,951,724
SVB FINL GROUP		64,537			15,086,814
TABLEAU SOFTWARE INC CL A		305,097			21,112,712
TD AMERITRADE HOLDING CORP		252,923			12,931,953
TRANSUNION		275,105			15,119,771
TREASURY WINE ESTATES LTD		1,233,492			15,360,417
VANTIV INC		232,774			17,120,528
VEEVA SYS INC CL A		354,810			19,613,897
WASTE CONNECTIONS INC (US)		272,427			19,325,971



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
WAYFAIR INC		98,294			7,890,059
WEST PHARMACEUTICAL SVCS INC		75,422			7,441,889
WESTINGHOUSE AIR BRAKE TEC CRP		160,466			13,066,746
WORKDAY INC CL A		77,463			7,881,086
ZALANDO SE		169,282			8,960,330
ZYNGA INC		774,475			3,097,900
STIFS and Money Markets
SSBK GOVT STIF FUND		23,782,576			23,782,575

Artisan Mid Cap Account Total					983,472,664

DFA Small Mid Value Account
Currency
CANADIAN DOLLAR		2,242			1,783
Publicly-traded Common Stock
1 800 FLOWERS.COM INC CL A		20,105			215,124
AAR CORP		16,180			635,712
AARONS INC A		27,379			1,091,053
ABERCROMBIE & FITCH CO CL A		28,111			489,975
ABM INDUSTRIES INC		25,672			968,348
ACACIA RESEARCH—ACACIA TECH		12,653			51,245
ACADIA HEALTHCARE CO INC		31,984			1,043,638
ACCESS NATIONAL CORP		1,141			31,765
ACCO BRANDS CORP		41,783			509,753
ACETO CORP		12,903			133,288
ACHILLION PHARMACEUTICALS INC		47,925			138,024
ACORDA THERAPEUTICS INC		25,629			549,742
ACTUA CORP		28,871			450,388
ACTUANT CORP CL A		17,553			444,091
ACUSHNET HOLDINGS CORP		2,968			62,565
ACXIOM CORP		56,949			1,569,514
ADAMS RESOURCES AND ENERGY INC		330			14,355
ADDUS HOMECARE CORP		10,753			374,204
ADIENT PLC		8,589			675,954
ADTALEM GLOBAL EDUCATION INC		32,464			1,365,111
ADTRAN INC		45,467			879,786
ADVANCE AUTO PARTS INC		10,297			1,026,508
ADVERUM BIOTECHNOLOGIES INC		8,912			31,192
AECOM		125,764			4,672,133
AEGION CORP		17,837			453,595
AEROCENTURY CORP		600			9,144
AEROVIRONMENT INC		10,052			564,520
AGCO CORP		32,179			2,298,546
AGILYSYS INC		2,359			28,969
AGROFRESH SOLUTIONS INC		10,193			75,428
AH BELO CORP CL A		9,816			47,117
AIR LEASE CORP CL A		87,600			4,212,684
AIR TRANSPORT SERVICES GROUP		24,722			572,067
ALAMO GROUP INC		10,921			1,232,653



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ALASKA AIR GROUP INC		5,016			368,726
ALASKA COMM SYS GROUP INC		8,586			23,010
ALBANY INTERNATIONAL CORP CL A		16,983			1,043,605
ALCOA CORP		26,365			1,420,283
ALEXANDER & BALDWIN INC		17,760			492,662
ALICO INC		1,964			57,938
ALLEGHENY TECHNOLOGIES INC		26,905			649,487
ALLEGIANCE BANCSHARES INC		2,750			103,538
ALLIANCE ONE INTERNATIONAL INC		6,107			80,918
ALLIED MOTION TECH INC		915			30,277
ALLSCRIPTS HLTHCARE SOLS INC		145,967			2,123,820
ALMOST FAMILY INC		12,943			716,395
ALPHA & OMEGA SEMICNDTR LTD		10,198			166,839
AMAG PHARMACEUTICALS INC		478			6,334
AMBAC FINANCIAL GROUP INC		9,710			155,166
AMC ENTERTAINMENT HLDS CL A		17,168			259,237
AMERCO INC		6,559			2,478,712
AMERESCO INC-CL A		6,876			59,134
AMERICAN AXLE & MFG HLDGS INC		64,142			1,092,338
AMERICAN EAGLE OUTFITTERS INC		160,414			3,015,783
AMERICAN EQY INVT LIFE HLD CO		41,271			1,268,258
AMERICAN NATIONAL INSURANCE		4,319			553,912
AMERICAN NATL BANKSHARES INC		3,317			127,041
AMERICAN PUBLIC EDUCATION INC		8,281			207,439
AMERICAN RAILCAR INDS INC		2,712			112,928
AMERICAN SOFTWARE INC CL A		1,623			18,875
AMERICAN SUPERCONDUCTOR CORP		3,900			14,157
AMERICAN VANGUARD CORP		13,930			273,725
AMERICAS CAR MART INC		6,477			289,198
AMERIS BANCORP		5,793			279,223
AMERISAFE INC		1,363			83,961
AMKOR TECHNOLOGY INC		146,038			1,467,682
AMPCO-PITTSBURG CORP		5,574			69,118
AMPHASTAR PHARMACEUTICALS INC		41,793			804,097
AMTECH SYSTEMS INC		6,260			63,038
AMTRUST FINANCIAL SERVICES INC		44,557			448,689
ANALOGIC CORP		5,289			442,954
ANDERSONS INC		24,603			766,383
ANGIODYNAMICS INC		22,392			372,379
ANI PHARMACEUTICALS INC		1,466			94,484
ANIKA THERAPEUTICS INC		6,766			364,755
ANIXTER INTL INC		16,097			1,223,372
ANTERO RES CORP		130,836			2,485,884
APOGEE ENTERPRISES INC		10,284			470,287
APPLIED GENETIC TECHNO CORP		2,874			10,346
APPLIED INDUSTRIAL TECH INC		1,401			95,408
APPLIED OPTOELECTRONICS INC		2,233			84,452
APTEVO THERAPEUTICS INC W/I		15,529			65,843
ARC DOCUMENT SOLUTIONS INC		26,612			67,861



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ARCBEST CORP		11,050			395,038
ARCH COAL INC CL A		7,044			656,219
ARCHROCK INC		33,044			346,962
ARDELYX INC		6,044			39,890
ARDMORE SHIPPING CORP		4,869			38,952
ARGAN INC		5,732			257,940
ARGO GROUP INTL		17,972			1,107,974
ARMSTRONG FLOORING INC		10,516			177,931
AROTECH CORP		13,694			48,614
ARRIS INTERNATIONAL PLC		67,900			1,744,351
ARROW ELECTRONICS INC		76,029			6,113,492
ARROW FINANCIAL CORP		5,938			201,595
ASCENA RETAIL GROUP INC		98,994			232,636
ASCENT CAPITAL GROUP INC		7,319			84,095
ASHLAND GLOBAL HOLDINGS INC		22,816			1,624,499
ASPEN INSURANCE HLDGS LTD		39,531			1,604,959
ASSOCIATED BANC CORP		113,900			2,893,060
ASSURANT INC		42,395			4,275,112
ASSURED GUARANTY LTD		52,711			1,785,322
ASTEC INDUSTRIES INC		21,286			1,245,231
ASTRONICS CORP		19,804			821,272
ASURE SOFTWARE INC		4,646			65,602
AT HOME GROUP INC		596			18,112
ATLANTIC CAPITAL BANCSHARES IN		4,798			84,445
ATLANTIC TELE-NETWORK INC		5,468			302,162
ATLAS AIR WORLD		21,523			1,262,324
ATLAS FINANCIAL HOLDINGS INC		1,624			33,373
AUTONATION INC		56,916			2,921,498
AV HOMES INC		5,318			88,545
AVIAT NETWORKS INC		2,296			34,830
AVNET INC		104,478			4,139,418
AVX CORP		38,175			660,428
AWARE INC MASS		5,120			23,040
AXCELIS TECHNOLOGIES INC		16,562			475,329
AXIS CAPITAL HOLDINGS LTD		32,912			1,654,157
AXT INC		24,878			216,439
AZZ INC		7,958			406,654
B&G FOODS INC		6,144			215,962
BABCOCK &WILCOX ENTERPR INC		26,385			149,867
BALDWIN & LYONS CL B		2,710			64,905
BALLANTYNE STRONG INC		1,527			7,101
BANC OF CALIFORNIA INC		18,068			373,104
BANCFIRST CORP		7,276			372,167
BANCORP INC DEL		44,441			439,077
BANCORPSOUTH BANK		25,103			789,489
BANK MARIN BANCORP		1,168			79,424
BANK MUTUAL CORP		18,700			199,155
BANKFINANCIAL CORP		1,100			16,874
BANKUNITED INC		13,967			568,736



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
BANNER CORP		20,197			1,113,259
BAR HARBOR BANKSHARES		976			26,362
BARNES & NOBLE EDUCATION INC		25,234			207,928
BARNES & NOBLE INC		29,645			198,622
BARNES GROUP INC		20,169			1,276,093
BASIC ENERGY SERVICES INC		9,644			226,345
BASSETT FURNITURE INDS INC		1,148			43,165
BBX CAPITAL CORP A		3,342			26,636
BCB BANCORP INC		1,000			14,500
BEACON ROOFING SUPPLY INC		14,531			926,497
BED BATH & BEYOND INC		45,379			997,884
BEL FUSE INC NV CL B		4,882			122,904
BELDEN INC		3,357			259,060
BELMOND LTD CL A		29,035			355,679
BEMIS INC		872			41,673
BENCHMARK ELECTRONICS INC		17,175			499,793
BENEFICIAL BANCORP INC		24,108			396,577
BERKSHIRE HILLS BANCORP INC		16,960			620,736
BIG 5 SPORTING GOODS CORP		13,448			102,205
BIGLARI HLDGS INC		322			133,437
BILL BARRETT CORP		51,730			265,375
BIOSCRIP INC		3,300			9,603
BJ’S RESTAURANTS INC		3,776			137,446
BLACK BOX CORPORATION		14,093			50,030
BLACKHAWK NETWORK HLDG INC		25,904			923,478
BLUCORA INC		25,203			556,986
BLUE HILLS BANCORP INC		5,434			109,223
BMC STK HLDGS INC		33,431			845,804
BOB EVANS FARMS INC		2,417			190,508
BOISE CASCADE CO		8,215			327,779
BOJANGLES INC		4,388			51,778
BOK FINANCIAL COMMON NEW		7,499			692,308
BONANZA CREEK ENERGY INC		3,138			86,577
BOOT BARN HOLDINGS INC		7,611			126,419
BOSTON PRIVATE FINL HLDG INC		49,409			763,369
BOYD GAMING CORP		6,157			215,803
BRADY CORPORATION CL A		3,452			130,831
BRIDGE BANCORP INC		4,859			170,065
BRIDGEPOINT EDUCATION INC		24,045			199,574
BRIGGS & STRATTON CORP		8,095			205,370
BRISTOW GROUP INC		18,590			250,407
BROADWIND ENERGY INC		2,409			6,552
BROOKDALE SENIOR LIVING INC		73,402			711,999
BROOKLINE BANCORP INC		32,544			510,941
BROOKS AUTOMATION INC		31,177			743,571
BRYN MAWR BANK CORP		10,614			469,139
BSB BANCORP INC		433			12,665
BSQUARE CORP		6,836			31,787
BUILD A BEAR WORKSHOP INC		9,374			86,241



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
C & F FINANCIAL CORP		236			13,688
C T S CORP		4,030			103,773
CABOT CORP		10,516			647,680
CACI INTERNATIONAL INC		7,368			975,155
CAI INTERNATIONAL INC		9,925			281,076
CALATLANTIC GROUP INC		58,229			3,283,533
CALERES INC		27,400			917,352
CALGON CARBON		12,535			266,996
CALIX NETWORKS INC		25,150			149,643
CALLAWAY GOLF CO		27,812			387,421
CALLON PETROLEUM CO		67,714			822,725
CALPINE CORP		141,773			2,145,025
CAMBREX CORP		2,364			113,472
CAMDEN NATIONAL CORP		7,364			310,245
CANNAE HOLDINGS INC		8,675			147,735
CAPITAL CITY BANK GROUP INC		3,643			83,570
CAPITOL FED FINL (2ND STEP CV)		69,424			930,976
CARBO CERAMICS INC		1,684			17,143
CARDTRONICS PLC		11,952			221,351
CAREER EDUCATION CORP		13,575			163,986
CARLISLE COS INC		1,922			218,435
CAROLINA FINANCIAL CORP		3,373			125,307
CARPENTER TECHNOLOGY CORP		25,482			1,299,327
CARRIAGE SERVICES INC		8,718			224,140
CARRIZO OIL & GAS INC		1,316			28,004
CARROLS RESTAURANT GROUP INC		10,511			127,709
CARS.COM INC		28,640			825,978
CASCADIAN THERAPEUTICS INC		16,063			59,433
CATO CORP CL A		11,900			189,448
CAVCO INDUSTRIES INC		2,823			430,790
CBIZ INC		32,659			504,582
CECO ENVIRONMENTAL CORP		14,510			74,436
CELADON GRP INC		11,160			71,424
CELLDEX THERAPEUTICS INC		25,205			71,582
CENTERSTATE BANKS CORPORATION		6,101			156,979
CENTRAL EUROPEAN MEDIA CL A(US		10,746			49,969
CENTRAL GARDEN & PET CO		1,701			66,203
CENTRAL GARDEN & PET CO CL A		12,836			484,046
CENTRAL PACIFIC FINANCIAL CORP		13,924			415,353
CENTRAL VALLEY CMNTY BANCORP		1,137			22,945
CENTURY ALUMINUM COMPANY		39,444			774,680
CENTURY BANCORP INC CL A NVTG		842			65,887
CENTURY CASINOS INC		4,738			43,258
CENTURY COMMUNITIES INC		6,137			190,861
CF INDUSTRIES HOLDINGS INC		539			22,929
CHART INDUSTRIES INC		21,237			995,166
CHARTER FINANCIAL CORP		2,128			37,325
CHEFS WAREHOUSE INC		10,361			212,401
CHEMICAL FINANCIAL CORP		18,335			980,372



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
CHICAGO BRIDGE & IRON (NY REG)		9,185			148,246
CHICAGO RIVET & MACHINE CO		300			9,540
CHICOS FAS INC		55,317			487,896
CHIMERIX INC		23,842			110,388
CHRISTOPHER & BANKS CORP		6,800			8,636
CHUY’S HOLDINGS INC		4,237			118,848
CIRCOR INTERNATIONAL INC		15,023			731,320
CIRRUS LOGIC INC		1,445			74,938
CIT GROUP INC		13,328			656,137
CITI TRENDS INC		7,437			196,783
CITIZENS & NORTHERN CORP		1,167			28,008
CITY HOLDING CO		1,547			104,376
CIVEO CORP		42,900			117,117
CLEAN ENERGY FUELS CORP		46,773			94,949
CLEAN HARBORS INC		8,535			462,597
CLEARFIELD INC		900			11,025
CLEARWATER PAPER CORP		7,361			334,189
CLIFTON BANCORP INC		9,705			165,956
CLOUD PEAK ENERGY INC		62,325			277,346
CNB FINANCIAL CORP PA		3,506			91,997
CNX RESOURCES CORP		112,834			1,650,761
COBIZ FINANCIAL INC		4,773			95,412
COEUR MINING INC		26,663			199,973
COHERENT INC		1,557			439,417
COHU INC		12,478			273,892
COLFAX CORP		54,937			2,176,604
COLUMBIA BANKING SYSTEMS INC		24,822			1,078,268
COLUMBIA SPORTSWEAR CO		6,785			487,706
COLUMBUS MCKINNON CORP NY		9,770			390,605
COMMERCEHUB INC SER C		1,579			32,512
COMMERCIAL METALS CO		44,935			958,014
COMMERCIAL VEHICLE GROUP INC		14,651			156,619
COMMUNITY BANK SYSTEMS INC		14,391			773,516
COMMUNITY HEALTH SYS INC NEW		43,179			183,943
COMMUNITY TRUST BANCORP INC		4,449			209,548
COMTECH TELECOMMUNICATIONS NEW		11,781			260,596
CONMED CORP		23,144			1,179,650
CONNECTONE BANCORP INC		11,050			284,538
CONNS INC		2,532			90,013
CONSOL ENERGY INC—W/I		14,104			557,249
CONSOLIDATED COMM HLDGS INC		16,380			199,672
CONSOLIDATED TOMOKA LAND CO		1,400			88,900
CONSOLIDATED WATER CO LTD		6,600			83,160
CONSUMER PORTFOLIO SVCS INC		8,447			35,055
CONTAINER STORE GROUP INC		299			1,417
CONTANGO OIL & GAS CO		17,582			82,811
CONTROL4 CORP		8,150			242,544
CONVERGYS CORP		41,280			970,080
COOPER STANDARD HOLDING INC		5,426			664,685



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
COOPER TIRE & RUBBER COMPANY		23,810			841,684
COPA HOLDINGS SA CL A		9,080			1,217,265
CORE MOLDING TECH INC		2,250			48,825
CORE-MARK HOLDING CO INC		12,927			408,235
COSTAMARE INC		15,278			88,154
COVENANT TRANSPORT GROUP CL A		4,893			140,576
COWEN INC		12,173			166,161
CPI AEROSTRUCTURES INC		3,000			26,850
CRA INTERNATIONAL INC		4,216			189,509
CRAFT BREW ALLIANCE INC		12,121			232,723
CRAY INC		15,149			366,606
CREE INC		42,846			1,591,300
CROCS INC		24,275			306,836
CROSS COUNTRY HEALTHCARE INC		11,144			142,197
CRYOLIFE INC		14,259			273,060
CSS INDUSTRIES INC		1,967			54,742
CSW INDUSTRIALS INC W/I		2,975			136,701
CUBIC CORP		7,967			469,655
CULP INC		4,391			147,099
CURTISS WRIGHT CORPORATION		7,116			867,085
CUSTOMERS BANCORP INC		11,904			309,385
CVR ENERGY INC		2,603			96,936
CYBEROPTICS CORP		3,004			45,060
DAKTRONICS INC		23,392			213,569
DANA INC		19,414			621,442
DARLING INGREDIENTS INC		70,257			1,273,759
DAWSON GEOPHYSICAL CO		12,048			59,879
DEAN FOODS CO		37,860			437,662
DECKERS OUTDOOR CORP		10,074			808,439
DEL FRISCOS RESTAURANT GP INC		11,081			168,985
DEL TACO RESTAURANTS INC		14,080			170,650
DELEK US HOLDINGS INC		36,444			1,273,353
DENBURY RESOURCES INC		50,165			110,865
DEPOMED INC		27,004			217,382
DESTINATION MATERNITY INC		396			1,176
DESTINATION XL GROUP INC		20,171			44,376
DHI GROUP INC		34,657			65,848
DHT HOLDINGS INC		32,911			118,150
DIAMOND OFFSHORE DRILLING		43,905			816,194
DICKS SPORTING GOODS INC		22,261			639,781
DIGI INTERNATIONAL INC		16,542			157,976
DIGIRAD CORP		4,600			11,845
DILLARDS INC CL A		12,315			739,516
DIME COMMUNITY BANCSHARES INC		19,100			400,145
DINEEQUITY INC		2,488			126,216
DIODES INC		23,825			683,063
DIXIE GROUP INC		3,539			13,625
DMC GLOBAL INC		9,819			245,966
DOMTAR CORP		26,560			1,315,251



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
DONEGAL GROUP INC CL A		10,350			179,055
DORIAN LPG LTD		12,900			106,038
DOUGLAS DYNAMICS INC		2,919			110,338
DOVER MOTORSPORTS INC		4,100			7,995
DRIL-QUIP INC		21,482			1,024,691
DRIVE SHACK INC		10,911			60,338
DSP GROUP		12,470			155,875
DST SYSTEMS INC		1,328			82,429
DSW INC CL A		31,955			684,157
DUCOMMUN INC		6,929			197,130
DXP ENTERPRISES INC		4,428			130,936
DYNEGY INC NEW DEL		55,130			653,291
EAGLE BANCORP INC MD		3,026			175,205
EAGLE BULK SHIPPING INC		1,950			8,736
EASTERN CO		1,100			28,765
ECHO GLOBAL LOGISTICS INC		14,052			393,456
ECHOSTAR CORP CL A		25,330			1,517,267
ECLIPSE RESOURCES CORP		26,210			62,904
EDGEWELL PERSONAL CARE CO		5,913			351,173
EL POLLO LOCO HLDGS INC		4,528			44,827
ELECTRO SCIENTIFIC INDS INC		125,891			2,697,844
ELECTROMED INC		1,717			10,422
ELECTRONICS FOR IMAGING INC		22,132			653,558
ELLIS (PERRY) INTL INC		11,890			297,726
EMC INSURANCE GROUP INC		7,097			203,613
EMCOR GROUP INC		8,781			717,847
EMCORE CORP		6,970			44,957
EMERGENT BIOSOL		16,558			769,450
EMPLOYERS HOLDINGS INC		15,647			694,727
ENCORE CAP GROUP INC		19,250			810,425
ENCORE WIRE CORPORATION		7,480			363,902
ENDO INTERNATIONAL PLC		78,540			608,685
ENERSYS INC		7,793			542,627
ENGILITY HOLDINGS INC		15,047			426,883
ENLINK MIDSTREAM LLC		11,635			204,776
ENNIS INC		8,746			181,480
ENOVA INTL INC		22,523			342,350
ENSCO PLC CL A		119,781			707,906
ENSIGN GROUP INC		13,148			291,886
ENSTAR GROUP LTD		6,202			1,245,052
ENTEGRIS INC		20,005			609,152
ENTERCOM COMM CORP CL A		10,909			117,817
ENTERPRISE FINL SVCS CORP		4,182			188,817
ENTRAVISION COMMUN CRP CL A		10,268			73,416
ENVISION HEALTHCARE CORP		38,064			1,315,492
EPLUS INC		6,700			503,840
EQUITY BANCSHARES INC		2,580			91,358
ERA GROUP INC		8,840			95,030
ESCALADE		1,300			15,990



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
ESCO TECHNOLOGIES INC		6,262			377,286
ESPEY MFG.&ELECTRIC		272			6,518
ESSA BANCORP INC		3,403			53,325
ESSENDANT INC		17,881			165,757
ESTERLINE TECHNOLOGIES CORP		12,477			932,032
ETHAN ALLEN INTERIORS INC		5,674			162,276
EVINE LIVE INC CL A		4,996			6,994
EVOLENT HEALTH INC A		10,643			130,909
EXACTECH INC		5,654			279,590
EXLSERVICE HOLDINGS INC		3,635			219,372
EXPERI CORP		4,023			98,161
EXPRESS INC		40,339			409,441
EXTERRAN CORP		13,901			437,047
EZCORP INC CL A NON VTG		42,616			519,915
FABRINET		11,175			320,723
FARMER BROTHERS CO		4,653			149,594
FARMERS CAPITAL BANK CORP		2,025			77,963
FARMERS NATL BANC CORP		6,028			88,913
FARO TECHNOLOGIES INC		6,875			323,125
FBL FINANCIAL GROUP INC CL A		10,355			721,226
FCB FINANCIAL HLDGS INC CL A		4,581			232,715
FEDERAL AGRI MTG NON VTG CL C		3,241			253,576
FEDERAL SIGNAL CORP		13,036			261,893
FEDERATED NATIONAL HOLDING CO		7,036			116,587
FERROGLOBE REP&WARRANTY INS TR		20,872			0
FIDELITY SOUTHERN CORP		12,992			283,226
FIESTA RESTAURANT GROUP INC		8,557			162,583
FINANCIAL ENGINES INC		2,155			65,297
FINANCIAL INSTITUTIONS INC		6,581			204,669
FINISAR CORP		36,346			739,641
FINISH LINE INC CL A		20,455			297,211
FIRST AMERICAN FINANCIAL CORP		16,223			909,137
FIRST BANCORP INC ME		3,780			102,929
FIRST BANCORP NC		7,891			278,631
FIRST BANCORP PUERTO RICO		63,954			326,165
FIRST BUSEY CORP		7,721			231,167
FIRST BUSINESS FIN SVCS INC		357			7,897
FIRST CITIZEN BANCSHARES INC A		2,503			1,008,709
FIRST COMMONWEALTH FINL CORP		38,571			552,337
FIRST COMMUNITY BANCSHARES INC		7,021			201,713
FIRST CONNECTICUT BANCORP		3,428			89,642
FIRST DEFIANCE FINL CORP		4,084			212,245
FIRST FINANCIAL BANCORP		30,024			791,132
FIRST FINANCIAL INDIANA		1,588			72,016
FIRST FINANCIAL NORTWEST INC		4,521			70,121
FIRST FOUNDATION INC		5,742			106,457
FIRST HORIZON NATIONAL CORP		15,121			302,269
FIRST INTERNET BANCORP		632			24,111
FIRST INTST BANCSYST INC CL A		14,392			576,400



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
FIRST MERCHANTS CORP		12,999			546,738
FIRST MID ILL BANCSHARES INC		1,258			48,483
FIRST MIDWEST BANCORP INC DEL		42,724			1,025,803
FIRST NORTHWEST BANCORP		553			9,014
FIRST OF LONG ISLAND CORP		1,955			55,718
FIRST SOURCE CORP		3,793			187,564
FIRSTCASH INC		25,693			1,732,993
FITBIT INC CL A		37,097			211,824
FIVE STAR SENIOR LIVING INC		2,229			3,344
FLAGSTAR BANCORP INC		19,714			737,698
FLEXIBLE SOLUTIONS INTL INC		4,800			8,736
FLEXSTEEL IND		2,911			136,177
FLOTEK INDUSTRIES INC		13,270			61,838
FLUSHING FINANCIAL CORP		12,900			354,750
FNB CORP PA		60,745			839,496
FOGO DE CHAO INC		1,709			19,824
FONAR CORP		434			10,568
FOOT LOCKER INC		22,250			1,043,080
FORESTAR GROUP INC		4,358			95,876
FORMFACTOR INC		23,258			363,988
FORUM ENERGY TECHNOLOGIES INC		48,348			751,811
FORWARD AIR CORP		5,428			311,784
FOSSIL GROUP INC		10,522			81,756
FOSTER L B CO CL A		6,716			182,339
FRANCESCA’S HOLDINGS CORP		7,385			53,984
FRANKLIN ELECTRIC CO. INC.		2,667			122,415
FRANKLIN FINANCIAL NETWORK INC		4,328			147,585
FRANK’S INTERNATIONAL NV		9,240			61,446
FREDS INC CL A		18,000			72,900
FREIGHTCAR AMERICA INC		7,555			129,039
FRESH DEL MONTE PRODUCE INC		20,165			961,266
FRONTIER COMMUNICATIONS CORP		29,212			197,473
FRP HOLDINGS INC		760			33,630
FS BANCORP INC		408			22,265
FTD COS INC		12,991			93,405
FTI CONSULTING INC		17,092			734,272
FUELCELL ENERGY INC		9,790			16,643
FULLER H B CO		16,316			878,943
FULTON FINANCIAL CORP		69,784			1,249,134
FUTUREFUEL CORP		14,940			210,505
GAIN CAPITAL HOLDINGS INC		23,065			230,650
GAMESTOP CORP CL A		41,371			742,609
GANNETT CO INC NEW		44,579			516,671
GASLOG LTD		11,735			261,104
GATX CORP		7,580			471,173
GENCOR INDUSTRIES INC		2,966			49,087
GENERAL CABLE CORP DEL		3,777			111,799
GENERAL COMMUNICATIONS CL A		3,354			130,873
GENESCO INC		9,330			303,225



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
GENESEE & WYOMING INC CL A		27,390			2,156,415
GENTEX CORP		41,004			859,034
GENTHERM INC		2,317			73,565
GENWORTH FINANCIAL INC A		23,897			74,320
GEOSPACE TECHNOLOGIES CORP		5,189			67,301
GERMAN AMERICAN BANCORP INC		3,000			105,990
GIBRALTAR INDUSTRIES INC		10,725			353,925
G-III APPAREL GROUP LTD		18,293			674,829
GLATFELTER		16,763			359,399
GLOBAL EAGLE ENTERTAINMENT INC		1,935			4,431
GLOBAL INDEMNITY LTD		4,180			175,644
GMS INC		1,604			60,375
GOLD RESOURCE CORP		2,679			11,788
GOLDEN OCEAN GROUP LTD		1,900			15,485
GOLDFIELD CORP		18,894			92,581
GOODYEAR TIRE & RUBBER CO		33,962			1,097,312
GORMAN-RUPP CO		5,829			181,923
GP STRATEGIES CORP		5,344			123,981
GRAHAM CORPORATION		2,366			49,520
GRAHAM HOLDINGS CO		1,844			1,029,597
GRANITE CONSTRUCTION INC		21,102			1,338,500
GRAY TELEVISION INC		20,326			340,461
GREAT LAKES DREDGE & DOCK CORP		28,458			153,673
GREAT SOUTHERN BANCORP INC		6,087			314,394
GREAT WESTERN BANCORP INC		18,056			718,629
GREEN BANCORP INC		7,551			153,285
GREEN BRICK PARTNERS INC		3,070			34,691
GREEN DOT CORP CLASS-A		19,960			1,202,790
GREEN PLAINS INC		15,908			268,050
GREENBRIER COMPANIES INC		10,591			564,500
GREENHILL & CO INC		4,280			83,460
GREENLIGHT CAPITAL RE LTD A		15,037			302,244
GREIF INC CL A		10,414			630,880
GREIF INC CL B		369			25,590
GRIFFON CORP		10,897			221,754
GROUP 1 AUTOMOTIVE INC		9,228			654,911
GSI TECHNOLOGY INC		4,196			33,400
GUARANTY BANCORP		3,220			89,033
GUESS INC		53,162			897,375
GULF ISLAND FABRICATION INC		8,612			115,616
GULFPORT ENERGY CORP		45,592			581,754
HAEMONETICS CORP MASS		11,885			690,281
HALCON RESOURCES CORP		20,616			156,063
HALLADOR PETROLEUM CO		1,473			8,971
HALLMARK FIN SERVICES INC		2,831			29,527
HALYARD HEALTH INC		27,145			1,253,556
HAMILTON BEACH BRD HLDGS CLS A		141			3,622
HAMILTON BEACH BRD HLDGS CLS B		141			3,622
HANCOCK HOLDING CO		34,623			1,713,839



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
HANMI FINANCIAL CORPORATION		10,244			310,905
HANOVER INSURANCE GROUP INC		17,900			1,934,632
HARDINGE INC		8,519			148,401
HARMONIC INC		68,795			288,939
HARTE-HANKS INC		22,130			20,995
HARVARD BIOSCIENCES INC		12,612			41,620
HAVERTY FURNITURE COS INC		9,000			203,850
HAWAIIAN HLDGS INC		7,818			311,547
HAWAIIAN TELCOM HOLDCO INC		5,439			167,848
HAWKINS INC		2,961			104,227
HAYNES INTL INC		6,822			218,645
HCI GROUP INC		8,401			251,190
HEALTHSTREAM INC		5,224			120,988
HEARTLAND FINANCIAL USA INC		5,583			299,528
HECLA MINING CO		259,286			1,029,365
HEIDRICK & STRUGGLES INTL INC		8,975			220,336
HELEN OF TROY LTD		8,932			860,598
HELIX ENERGY SOL GRP INC		100,803			760,055
HELMERICH & PAYNE INC		33,170			2,144,109
HEMISPHERE MEDIA GRP INC		2,456			28,367
HERITAGE COMMERCE CORP		18,977			290,728
HERITAGE CRYSTAL CLEAN INC		2,983			64,880
HERITAGE FINANCIAL CORP WASH		14,586			449,249
HERITAGE INSURANCE HOLDINGS IN		6,067			109,327
HERTZ GLOBAL HOLDINGS INC		20,632			455,967
HIBBETT SPORTS INC		6,988			142,555
HILL INTL INC		5,059			27,572
HILLTOP HLDGS I		35,827			907,498
HINGHAM INSTITUTION FOR SAVING		104			21,528
HMS HOLDINGS CORP		9,732			164,957
HOLLYFRONTIER CORP		80,167			4,106,154
HOME BANCSHARES INC		13,535			314,689
HOMESTREET INC		12,030			348,269
HOMETRUST BANCSHARES INC		4,475			115,231
HOOKER FURNITURE CORP		4,681			198,708
HOPE BANCORP INC		70,553			1,287,592
HORACE MANN EDUCATORS CORP		16,151			712,259
HORIZON BANCORP INDIANA		6,576			182,813
HORIZON GLOBAL CORP		5,456			76,493
HORIZON PHARMA PLC		52,930			772,778
HORNBECK OFFSHORE SERVICES INC		7,548			23,474
HOSTESS BRANDS INC CL A		10,131			150,040
HOUGHTON MIFFLIN HARCOURT CO		17,809			165,624
HOUSTON WIRE & CABLE CO		3,800			27,360
HUB GROUP INC CL A		8,173			391,487
HUDSON TECHNOLOGIES INC		8,144			49,434
HUNTSMAN CORP		24,115			802,788
HURCO INC		2,277			96,089
HURON CONSULTING GROUP INC		9,263			374,688



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
HUTTIG BUILDING PRODUCTS INC		4,166			27,704
HYSTER-YALE MATRS		1,158			98,615
IAC/INTERACTIVECORP		975			119,223
IBERIABANK CORP		20,700			1,604,250
ICF INTERNATIONAL INC		8,555			449,138
ICONIX BRAND GROUP INC		31,626			40,798
IDT CORP CL B NEW		6,794			72,016
IES HOLDINGS INC		467			8,056
II-VI INC.		25,776			1,210,183
ILG INC		51,022			1,453,107
IMAX CORP		3,334			77,182
IMPAX LABORATORIES INC		2,344			39,028
INC RESEARCH HOLDINGS INC-A		9,457			412,325
INDEPENDENT BANK CORP MASS		5,089			355,467
INDEPENDENT BANK GROUP INC		3,846			259,990
INFINERA CORP		36,401			230,418
INFINITY PPTY & CASUALTY CORP		2,387			253,022
INGLES MARKETS INC-CL A		5,628			194,729
INNERWORKINGS INC		23,848			239,195
INNOPHOS HOLDINGS INC		6,089			284,539
INNOSPEC INC		7,739			546,373
INOVALON HOLDINGS INC CL A		4,377			65,655
INSEEGO CORP		6,241			10,048
INSIGHT ENTERPRISES INC		1,200			45,948
INSTEEL INDUSTRIES INC		8,006			226,730
INTEGER HOLDINGS CORP		12,374			560,542
INTER PARFUMS INC		4,965			215,729
INTERNAP CORP		1,174			18,444
INTERNATIONAL BANCSHARES CORP		32,952			1,308,194
INTERNATIONAL GAME TECHNGY PLC		67,476			1,788,789
INTERNATIONAL SEAWAYS INC		6,658			122,907
INTEST CORP		4,529			39,176
INTEVAC INC		10,220			70,007
INTL FCSTONE INC		6,402			272,277
INTRA-CELLULAR THERAPIES INC		9,938			143,902
INTREPID POTASH INC		35,610			169,504
INVACARE CORP		23,549			396,801
INVESTMENT TECH GROUP INC		32,035			616,674
INVESTORS BANCORP INC NEW		126,242			1,752,239
INVESTORS TITLE CO		510			101,159
IRIDIUM COMMUNICATIONS INC		28,717			338,861
ITT INC		18,044			963,008
IXYS CORP DEL		13,551			324,546
J ALEXANDERS HLDGS INC		1,100			10,670
JABIL INC		82,807			2,173,684
JACOBS ENGINEERING GROUP INC		54,093			3,567,974
JANUS HENDERSON GROUP PLC		6,736			257,719
JETBLUE AIRWAYS CORP		150,578			3,363,913
JOHNSON OUTDOORS INC CL A		453			28,127



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
JONES LANG LASALLE INC		819			121,974
K12 INC		17,599			279,824
KADANT INC		3,704			371,882
KAMAN CORP		23,213			1,365,853
KAPSTONE PAPER & PCKGING CORP		36,265			822,853
KB HOME		12,983			414,807
KBR INC		35,933			712,551
KEARNY FINANCIAL CORP		30,399			439,266
KELLY SERVICES INC CL A		18,019			491,378
KEMET CORP		9,968			150,118
KEMPER CORP		22,165			1,527,169
KENNEDY-WILSON HOLDINGS INC		19,736			342,420
KEWAUNEE SCIENTIFIC CORP		482			13,978
KEYW HOLDING CORP		12,408			72,835
KIMBALL ELECTRONICS INC		12,463			227,450
KINDRED HEALTHCARE INC		54,258			526,303
KIRBY CORP		24,109			1,610,481
KIRKLANDS INC		9,072			108,546
KLX INC		28,817			1,966,760
KNIGHT-SWIFT TRANP HOLDG CL A		5,077			221,966
KNOWLES CORP		31,919			467,933
KOHLS CORP		60,969			3,306,349
KONA GRILL INC		911			1,594
KORN/FERRY INTL		22,802			943,547
KOSMOS ENERGY LTD		3,443			23,585
KRATON CORP		10,239			493,213
KRONOS WORLDWIDE INC		1,000			25,770
KULICKE & SOFFA INDUSTRIES INC		60,333			1,468,204
KVH INDUSTRIES INC		4,416			45,706
LA QUINTA HOLDINGS INC		25,422			469,290
LA Z BOY INC		23,367			729,050
LAKELAND BANCORP INC		14,345			276,141
LAKELAND INDUSTRIES INC		2,557			37,204
LANDEC CORP		8,714			109,796
LANDMARK BANCORP INC		634			18,386
LATTICE SEMICONDUCTOR CORP		23,887			138,067
LAYNE CHRISTENSEN CO		10,179			127,746
LCNB CORPORATION		2,003			40,961
LEAF GROUP LTD		5,214			51,619
LEGACYTEXAS FINANCIAL GRP INC		39,845			1,681,857
LEGG MASON INC		50,411			2,116,254
LENDINGCLUB CORP		37,821			156,201
LHC GROUP INC		7,235			443,144
LIBBEY INC.		10,581			79,569
LIBERTY EXPEDIA HLDGS INC CL A		8,844			392,055
LIBERTY TAX INC CL A		790			8,690
LIBERTY TRIPADVISOR HOLDG A WI		23,752			223,863
LIFEPOINT HEALTH INC		16,234			808,453
LIFETIME BRANDS INC		8,088			133,452



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
LIGHTPATH TECHNOLOGIES CL A		11,419			25,350
LIMELIGHT NETWORKS INC		3,135			13,825
LIMONEIRA CO		2,703			60,547
LIQUIDITY SERVICES INC		12,535			60,795
LITHIA MOTORS INC CL A		5,631			639,625
LIVANOVA PLC		9,854			787,532
LSB INDUSTRIES INC		8,252			72,288
LSC COMMUNICATIONS INC		5,553			84,128
LSI INDUSTRIES INC		12,484			85,890
LUMINEX CORP		9,177			180,787
LYDALL INC		1,300			65,975
LYON WILLIAM HOMES CLS A		11,485			333,984
M D C HOLDINGS INC		23,568			751,348
M/I HOMES INC		19,890			684,216
MACQUARIE INFRASTRUCTURE CORP		2,092			134,306
MACYS INC		108,051			2,721,805
MAGELLAN HEALTH INC		11,627			1,122,587
MAIDEN HLDGS LTD		35,142			231,937
MAINSOURCE FINACIAL GROUP INC		8,833			320,726
MALLINCKRODT PLC		35,147			792,916
MANITOWOC CO INC		20,720			815,125
MANPOWERGROUP INC		14,538			1,833,387
MANTECH INTL CORP CL A		12,175			611,063
MARCHEX INC		12,388			40,013
MARCUS CORP		3,304			90,364
MARINEMAX INC		11,985			226,517
MARLIN BUSINESS SERVICES CORP		6,395			143,248
MARRIOTT VACATIONS WORLD		13,954			1,886,720
MARTEN TRANSPORT LTD		24,736			502,141
MASONITE INTERNATIONAL CORP		820			60,803
MASTEC INC		32,993			1,615,007
MATERION CORP		16,597			806,614
MATRIX SERVICE CO		13,883			247,117
MATSON INC		16,984			506,803
MATTHEWS INTL CORP CL A		5,191			274,085
MAXAR TECHNOLOGIES LTD(US)		6,059			389,715
MB FINANCIAL INC		20,038			892,092
MBIA INC		47,390			346,895
MBT FINANCIAL CORP		5,110			54,166
MCCLATCHY COMPANY CL A		1,642			14,663
MCDERMOTT INTL INC		114,935			756,272
MCEWEN MINING INC		24,025			54,777
MCGRATH RENTCORP		8,138			382,323
MEDNAX INC		20,401			1,090,229
MEET GROUP INC/THE		38,186			107,685
MELINTA THERAPEUTICS INC		4,779			75,508
MERCANTILE BANK CORP		4,609			163,020
MERCER INTERNATIONAL INC		20,759			296,854
MERCURY SYSTEMS INC		12,763			655,380



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
MEREDITH CORP.		12,781			844,185
MERIDIAN BANCORP INC		8,915			183,649
MERIT MEDICAL SYSTEMS INC		17,650			762,480
MERITAGE HOMES CORP		15,110			773,632
MERRIMACK PHARMACEUTICALS INC		5,041			51,670
META FINL GROUP INC		3,686			341,508
METHODE ELECTRONICS INC		2,160			86,616
MICROSEMI CORP		2,909			150,250
MICROSTRATEGY INC CL A		287			37,683
MIDLAND STATES BANCORP INC		3,858			125,308
MIDSOUTH BANCORP INC		5,159			68,357
MIDWESTONE FINANCIAL GRP INC		1,788			59,952
MILACRON HOLDINGS CORP		2,718			52,023
MILLER INDUSTRIES INC TENN		5,750			148,350
MINERALS TECHNOLOGIES INC		11,642			801,552
MINERVA NEUROSCIENCES INC		1,500			9,075
MIRATI THERAPEUTICS INC		5,073			92,582
MISTRAS GROUP INC		8,277			194,261
MITCHAM INDUSTRIES INC		900			2,853
MKS INSTRUMENTS INC		13,771			1,301,360
MOBILE MINI INC		13,191			455,090
MODINE MANUFACTURING CO		18,994			383,679
MODUSLINK GLOBAL SOLUTIO INC		9,387			23,374
MOLINA HEALTHCARE INC		9,341			716,268
MONARCH CASINO & RESORT INC		1,818			81,483
MONOTYPE IMAGING HLDGS INC		6,340			152,794
MONRO INC		1,183			67,372
MOOG INC CL A		12,006			1,042,721
MOSAIC CO NEW		82,228			2,109,970
MOTORCAR PARTS OF AMERICA INC		8,082			201,969
MOVADO GROUP INC		919			29,592
MRC GLOBAL INC		6,594			111,570
MTS SYSTEMS CORP		3,325			178,553
MURPHY OIL CORP		83,015			2,577,616
MYERS INDUSTRIES		4,483			87,419
MYR GROUP INC/DELAWARE		8,332			297,702
MYRIAD GENETICS INC		4,657			159,945
NABORS INDUSTRIES LTD		125,388			856,400
NACCO INDUSTRIES INC CL A		141			5,309
NANOMETRICS INC		11,515			286,954
NAPCO SECURITY TECHNOLOGIES IN		4,193			36,689
NATIONAL BK HLDGS CORP		12,758			413,742
NATIONAL COMMERCE CORP		2,846			114,552
NATIONAL GEN HLDGS CORP		21,050			413,422
NATIONAL HEALTHCARE CORP		2,894			176,360
NATIONAL PRESTO INDS		1,194			118,743
NATIONAL WESTN LIFE GRP INC- A		645			213,508
NATIONSTAR MORTGAGE HLDGS INC		5,737			106,135
NATURAL ALTERNATIVES INTL INC		1,498			15,467



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
NATURAL GAS SERVICES GROUP		7,953			208,369
NATURAL GROCERS VIT GROC INC		7,206			64,350
NATURES SUNSHINE PRODUCTS INC		1,481			17,106
NATUS MEDICAL INC		5,305			202,651
NAUTILUS INC		6,485			86,575
NAVIENT CORP		116,699			1,554,431
NAVIGANT CONSULTING INC		17,971			348,817
NAVIGATORS GROUP INC		13,339			649,609
NBT BANCORP INC		6,882			253,258
NELNET INC CL A		26,041			1,426,526
NEOPHOTONICS CO		25,435			167,362
NETGEAR INC		28,237			1,658,924
NETSCOUT SYSTEMS INC		20,766			632,325
NETWORK-1 TECHNOLOGIES INC		4,399			10,558
NEUROTROPE INC		1,742			12,264
NEW HOME CO INC		3,472			43,504
NEW MEDIA INVSTMNT GRP INC		22,487			377,332
NEW YORK COMMUNITY BANCORP INC		124,294			1,618,308
NEW YORK TIMES CO CL A		24,482			452,917
NEWPARK RESOURCES INC		73,777			634,482
NEWS CORP NEW CL A		30,658			496,966
NEWS CORP NEW CL B		11,651			193,407
NEWSTAR FINANCIAL INC RT CVR		16,905			9,129
NEXEO SOLUTIONS INC		1,864			16,962
NEXSTAR MEDIA GROUP INC A		10,366			810,621
NEXSTAR MEDIA GROUP INC A CVR		6,927			0
NICOLET BANKSHARES INC		723			39,577
NL INDUSTRIES		6,410			91,343
NMI HOLDINGS INC		16,614			282,438
NN INC		13,869			382,784
NOBLE CORP PLC		105,580			477,222
NORDIC AMERICAN OFFSHORE LTD		150			180
NORTHEAST BANCORP (NEW)		1,048			24,261
NORTHFIELD BANCORP INC NEW		25,298			432,090
NORTHRIM BANCORP INC		3,320			112,382
NORTHWEST BANCSHARES INC		44,326			741,574
NORTHWEST PIPE CO		7,987			152,871
NOVANTA INC		6,523			326,150
NOW INC		39,037			430,578
NRG ENERGY INC		42,064			1,197,983
NUVECTRA CORP		6,722			52,163
NV5 GLOBAL INC		3,415			184,922
OASIS PETROLEUM INC		112,181			943,442
OCEANEERING INTERNATIONAL INC		42,100			889,994
OCEANFIRST FINANCIAL CORP		4,452			116,865
OCWEN FINANCIAL CORP		40,198			125,820
OFFICE DEPOT INC		191,074			676,402
OFG BANCORP		23,444			220,374
OIL STATES INTERNATIONAL INC		28,277			800,239



Identity of Issue, borrower, lessor, or similar party	Shares or Units		Cost **	Current Value
OIL-DRI CORP OF AMERICA		943			39,135
OLD LINE BANCSHARES INC		2,056			60,529
OLD NATIONAL BANCORP (IND)		66,833			1,166,236
OLD REPUBLIC INTL CORP		98,598			2,108,025
OLD SECOND BANCORP		6,754			92,192
OLIN CORP		37,644			1,339,374
OLYMPIC STEEL INC		4,828			103,754
ON ASSIGNMENT INC		16,612			1,067,653
ON DECK CAPITAL INC		14,601			83,810
ON SEMICONDUCTOR CORP		2,652			55,533
ONEMAIN HOLDINGS INC		11,084			288,073
OPHTHOTECH CORP		1,798			5,610
OPPENHEIMER HLDGS CL A NON-VTG		3,813			102,188
OPUS BANK		7,331			200,136
ORASURE TECHNOLOGIES INC		19,166			361,471
ORBCOMM INC		23,277			236,960
ORBITAL ATK INC		4,024			529,156
ORCHIDS PAPER PRODUCTS CO		3,740			47,872
ORION GROUP HOLDINGS INC		12,325			96,505
ORITANI FINL CORP NEW		22,182			363,785
ORMAT TECHNOLOGIES INC		11,998			767,392
ORRSTOWN FINANCIAL SERVICES		535			13,509
ORTHOFIX INTL NV (NASDQ)		4,995			273,227
OSHKOSH CORP		10,223			929,168
OSI SYSTEMS INC		6,047			389,306
OTONOMY INC		12,660			70,263
OVERSEAS SHIPHLDG GRP INC NEW		17,881			48,994
OVERSTOCK.COM INC DEL		11,201			715,744
OWENS AND MINOR INC		26,420			498,810
OWENS CORNING INC		39,232			3,606,990
OXFORD INDUSTRIES		2,198			165,268
PACIFIC ETHANOL INC		15,140			68,887
PACIFIC PREMIER BANCORP INC		1,942			77,680
PACWEST BANCORP		58,011			2,923,754
PAIN THERAPEUTICS INC		1,200			4,800
PAM TRANSPORTAION		566			19,685
PANHANDLE OIL & GAS CL A		2,700			55,485
PAR PACIFIC HOLDINGS INC		1,362			26,259
PARAGON COMMERCIAL CORP		184			9,791
PARK ELECTROCHEMICAL CORP.		11,980			235,407
PARK NATIONAL CORP		2,772			288,288
PARK OHIO HLDGS CORP		4,514			207,418
PARKER DRILLING CO		66,147			66,147

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents