11-K
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

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

For the fiscal year ended December 31, 2014

 

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

For the Transition Period From              to             

 

 

Commission File Number 0-14278

 

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, 2014 and 2013, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference.


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SIGNATURES

The Plan. Pursuant to the requirements of the Securities and 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 24, 2015    

/s/ J. Ritchie

    J. Ritchie
    Member of 401(k) Administrative Committee
Date: June 24, 2015    

/s/ William J. Sample

    William J. Sample
    Member of 401(k) Administrative Committee
Date: June 24, 2015    

/s/ George Zinn

    George Zinn
    Member of 401(k) Administrative Committee

 

 


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APPENDIX 1

MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM;

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013;

NOTES TO FINANCIAL STATEMENTS; AND

SUPPLEMENTAL SCHEDULE OF ASSETS HELD AT END OF YEAR AS OF DECEMBER 31, 2014


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MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

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     Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   1

FINANCIAL STATEMENTS:

  

Statements of Net Assets Available for Benefits as of December 31, 2014 and 2013

   2

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2014 and 2013

   3

Notes to Financial Statements

   4

SUPPLEMENTAL SCHEDULE:

  

Supplemental Schedule of Assets Held at End of Year as of December 31, 2014

   13

EXHIBITS:

  

Consent of Independent Registered Public Accounting Firm

  


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Redmond, WA

We have audited the accompanying statements of net assets available for benefits of Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The supplemental schedule of assets held at end of year as of December 31, 2014, 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, 2015

 

 

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MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

December 31,    2014      2013  

ASSETS

     

Cash

   $ 5,672,423       $ 11,514,706   

Investments held by trustee, at fair value

     12,417,632,077         11,142,764,257   

Receivables:

     

Participant loans

     103,400,059         99,135,026   

Other receivables

     15,678,861         9,712,160   
  

 

 

    

 

 

 

Total receivables

     119,078,920         108,847,186   
  

 

 

    

 

 

 

Total assets

   $ 12,542,383,420       $ 11,263,126,149   

LIABILITIES

     

Operating payables

   $ 3,287,926       $ 2,045,169   

Other payables

     6,249,250         6,239,850   
  

 

 

    

 

 

 

Total liabilities

     9,537,176         8,285,019   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 12,532,846,244       $ 11,254,841,130   
  

 

 

    

 

 

 

See accompanying notes.

 

 

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MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

Year Ended December 31,    2014      2013  

ADDITIONS

     

Net investment income:

     

Interest and dividends

   $ 81,791,572       $ 67,642,828   

Net increase in fair value of investments

     845,412,137         2,152,942,701   
  

 

 

    

 

 

 

Net investment income

     927,203,709         2,220,585,529   

Contributions and transfers in:

     

Participant contributions

     810,491,649         732,357,141   

Employer contributions

     249,160,178         227,489,525   

Transfers in

     9,174,105         5,302,979   
  

 

 

    

 

 

 

Contributions and transfers in

     1,068,825,932         965,149,645   
  

 

 

    

 

 

 

Total additions

     1,996,029,641         3,185,735,174   

DEDUCTIONS

     

Benefits paid to participants

     718,024,527         629,548,820   
  

 

 

    

 

 

 

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

     1,278,005,114         2,556,186,354   

NET ASSETS AVAILABLE FOR BENEFITS

     

Beginning of year

     11,254,841,130         8,698,654,776   
  

 

 

    

 

 

 

End of year

   $ 12,532,846,244       $ 11,254,841,130   
  

 

 

    

 

 

 

See accompanying notes.

 

 

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MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

 

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

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; Microsoft Licensing, GP; MOL Corporation; Vexcel Corporation; Microsoft Online, Inc; Microsoft Payments, Inc; Microsoft Open Technologies, Inc; and Twisted Pixel Games. These entities represent Microsoft or wholly owned subsidiaries of Microsoft. Microsoft Licensing, GP was removed as a participating employer from the Plan as of August 1, 2014. The Plan year is January 1 through December 31. The Plan is administered by the 401(k) Administrative Committee and subject to the provisions of the Employee Retirement Income Security Act of 1974. The information below summarizes certain aspects of the Plan, and is intended to be a summary only. Plan participants should refer to the Plan Document for more complete information.

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

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

Eligible Compensation: Eligible compensation includes wages, salary, bonuses, commissions, and overtime. Compensation does not include, for example, items such as stock awards, any amounts realized on the exercise of Microsoft stock options, reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation, welfare plan benefits including health or life insurance, or any 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 basis 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 basis and/or Roth basis. Additionally, all participants may contribute up to $20,000 annually on an after-tax basis. A participant’s aggregate contribution election (combined pre-tax, Roth, after-tax, pre-tax catch-up and Roth catch-up) may not exceed 75% of their eligible compensation per pay period. Participant contributions may be suspended at any time and reinstated at any subsequent entry date.

Participants may also choose to make rollover contributions to the Plan of amounts received from an eligible employer plan maintained by another company, including direct rollovers from such plans.

Employer Contributions

The Company makes a pre-tax matching contribution of $0.50 for every $1.00 contributed (up to a 6 percent combined pre-tax and Roth contribution rate). Participants are matched only on pre-tax and Roth contributions and do not receive a match on after-tax contributions or catch-up contributions. The maximum Company match is 3 percent of the participant’s eligible compensation, subject to regulatory limitations.

 

 

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Yammer, Inc. (“Yammer”) was acquired by the Company in 2012 and the Yammer plan assets merged into the Plan during 2013. The merged amounts are included as transfers in on the statements of changes in net assets available for benefits for 2013.

ESOP 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. Employees 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.

Participant Accounts: Each participant’s account is credited with the allocation of (a) the participant elective deferrals (i.e. participant contributions) and the Company’s matching contribution (i.e. employer contributions) and (b) Plan earnings and expenses. Allocations are based on participant earnings or account balances, as defined. All amounts in participant accounts are participant-directed. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting: Participants are fully vested in all 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 following participant account types: pre-tax and after-tax rollover accounts, after-tax accounts, pre-tax contributions, and pre-tax catch-up contributions. A hardship withdrawal will result in a six-month suspension of contributions to the Plan. Active participants may also take a withdrawal from their rollover and after-tax account types within the Plan without meeting one of the hardship criteria. After reaching age 59 1/2, active participants may withdraw all, or any portion, of the balance in their accounts. Distributions, in full or any portion, may also occur if the participant terminates employment, retires, becomes permanently disabled, or dies. Distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash.

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 currently paid by the Company to the extent not offset by expense reimbursements. Certain PIMCO mutual fund investments offered in the Plan pay reimbursements back to Fidelity Management Trust Company (“Fidelity”), the Plan trustee. These reimbursements are used by the trustee to pay for Plan administrative expenses.

 

 

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Participants are responsible for fees associated with certain transactions such as loan originations and maintenance, Domestic Relations Order qualifications, and dividend checks. Participants also pay commission charges to Fidelity for buying and selling Microsoft Common Stock within the Plan.

Plan Amendment and Termination: Although it has not expressed an interest to do so, the Company has the right to modify, amend, suspend, or terminate the Plan at any time and for any reason. 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, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results could differ from these estimates. 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 at December 31, 2014 and 2013 consist primarily of unsettled trades and accrued interest. Other payables at December 31, 2014 and 2013 consist primarily of unsettled trades.

Recent Accounting Guidance Not Yet Adopted: In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent). Under this ASU, investments for which the practical expedient is used to measure fair value at NAV must be removed from the fair value hierarchy. Instead, those investments must be included as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. Further, the ASU requires entities to provide certain disclosures only for investments for which they elect to use the NAV practical expedient to determine fair value. Plan management is currently evaluating the impact of ASU No. 2015-07, which will be effective for the Plan beginning January 1, 2016.

NOTE 2: INVESTMENTS

All contributions to the Plan are held and invested by Fidelity. Participants are responsible for deciding in which of the investment options their Plan assets will be invested and can choose any of the investments offered. Full descriptions of the investments can be found in the prospectus (for mutual funds and Microsoft Common Stock) or the investment fact sheet (for all investments except Microsoft Common Stock).

The balances of investments held by the trustee, other than separately managed accounts, which represented 5 percent or more of net assets available for benefits as of either December 31, 2014 or 2013, were as follows:

 

December 31,    2014      2013  

Fidelity Growth Company Pool

   $ 1,215,054,486       $ 0   

Fidelity Growth Company Units (a)

     0         1,136,108,553   

Vanguard Institutional Index Fund Plus

     1,182,292,434         942,205,806   

Fidelity Contrafund Pool

     1,081,016,516         0   

Fidelity Contrafund Units (a)

     0         1,067,829,315   

Microsoft Common Stock

     1,003,015,044         844,237,956   

BlackRock LifePath Index 2040

     750,564,971         616,767,055   

BlackRock LifePath Index 2030

     667,810,209         592,702,146   

Vanguard Value Index Fund Institutional

     652,532,096         *   

Vanguard Small-Cap Growth Index Fund

     637,103,769         610,536,115   

 

 

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(a) On March 14, 2014, the Plan replaced the Fidelity Growth Company Units and Fidelity Contrafund Units (unitized accounts) with the Fidelity Growth Company Pool and Fidelity Contrafund Pool, respectively, which are collective trust investments.

 

* Balance was less than 5 percent of the Plan’s net assets available for benefits.

During 2014 and 2013, net appreciation in the fair value of investments was as follows:

 

Year Ended December 31,    2014      2013  

Collective trusts (a)

   $ 294,004,438       $ 210,956,769   

Mutual funds

     228,450,142         523,750,813   

Microsoft Common Stock

     200,223,671         259,882,315   

Unitized accounts (a)

     68,934,300         598,113,467   

Separately managed accounts

     37,753,823         521,465,516   

Brokerage accounts

     16,045,763         38,773,821   
  

 

 

    

 

 

 

Total net appreciation in fair value of investments

   $ 845,412,137       $ 2,152,942,701   
  

 

 

    

 

 

 

 

(a) On March 14, 2014, the Plan replaced the Fidelity Growth Company Units and Fidelity Contrafund Units (unitized accounts) with the Fidelity Growth Company Pool and Fidelity Contrafund Pool, respectively, which are collective trust investments.

NOTE 3: PARTICIPANT LOANS

Participant loans are available in $100 increments ranging from $1,000 to $49,500. The maximum loan amount is the lesser of (a) 50 percent of the vested account balance, reduced by the current outstanding balance of all other loans from the Plan; or (b) $50,000, reduced by: (1) the current outstanding balance of all other loans from the Plan, and (2) the excess (if any) of all Plan loans during the previous 12 months over the current outstanding balance of Plan loans. Participants are limited to two loans – one Primary Residence Loan and one General Loan. The term of a Primary Residence Loan may not exceed 15 years or be less than 12 months from the first payment date. The term of a General Loan may not exceed five years or be less than 12 months from the first payment date.

The interest rate for 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, 2014 was 4.25 percent to 9.44 percent, maturing at various dates through February 2030. The range of interest rates for outstanding General Loans as of December 31, 2014 was 4.25 percent to 9.25 percent, maturing at various dates through January 2020.

Loan repayments are made through after-tax payroll deductions. Employees who are terminated have 60 days to elect to continue to make loan repayments or payoff the loan in full. Failure of the employee to establish a loan repayment service or payoff the loan in full during this 60-day window results in a default of the loan, which is taxable income to the participant.

 

 

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NOTE 4: TAX STATUS

The Internal Revenue Service (“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 Internal Revenue Code (“IRC”). The determination letter covered Plan amendments adopted from September 17, 2010 through August 5, 2014, and the trust agreement with Fidelity adopted on July 19, 2013. The Plan has been amended since receiving the determination letter; however, the Plan administrator believes that the Plan is designed and currently being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan is tax-exempt as of the financial statement date and, accordingly, no provision for income taxes has been recorded in the Plan financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. As the Plan is tax-exempt, the Plan administrator has concluded that as of December 31, 2014 and 2013, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. We continue to be subject to examination by the IRS for tax years 2005 to 2014.

NOTE 5: PARTY-IN-INTEREST TRANSACTIONS

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

Transactions in Microsoft Common Stock also qualify as party-in-interest transactions. At December 31, 2014 and 2013, the Plan held 21,593,435 shares of Microsoft Common Stock valued at $1,003,015,044 and 22,567,173 shares of Microsoft Common Stock valued at $844,237,956, respectively. During the years ended December 31, 2014 and 2013, the Plan recorded Microsoft Common Stock dividend income of $25,293,650 and $22,997,850, respectively.

NOTE 6: 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 traded in active markets. Our Level 1 non-derivative investments primarily include U.S. government securities, domestic and international equities, and actively traded mutual funds. Our Level 1 derivative assets include those actively traded on exchanges.

 

   

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

 

 

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corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies and commodities. Our collective trusts are valued using the net asset value provided by the trustee in order to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the collective trust in order to ensure that securities liquidations will be carried out in an orderly business manner. The collective trust has no unfunded commitments, other redemption restrictions, nor redemption notice period. The objective of the Blackrock LifePath Portfolios is to provide income and moderate long-term growth of capital. Portfolios are comprised of a mix of stocks, bonds, commodities and cash and gradually become more conservative as the target year approaches. Our Level 2 non-derivative investments consist primarily of collective trusts, and mutual funds in our separately managed accounts. Our Level 2 derivative assets and liabilities primarily include certain over-the-counter futures 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. At December 31, 2014 and 2013, the Plan did not hold any financial instruments in Level 3.

 

 

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Financial Instruments Measured at Fair Value

 

December 31, 2014    Level 1      Level 2      Total  

Mutual funds

        

Fidelity Institutional Money Market Fund

   $ 425,857,163       $ 0       $ 425,857,163   

PIMCO Inflation Response Multi-Asset Response (primarily bond-based)

     11,450,944         0         11,450,944   

PIMCO All Asset All Authority

     7,573,435         0         7,573,435   

Vanguard Growth Index Fund (primarily equity-based)

     418,428,220         0         418,428,220   

Vanguard Institutional Index Fund Plus (primarily equity-based)

     1,182,292,434         0         1,182,292,434   

Vanguard Short-Term Bond Index Fund (primarily bond-based)

     345,247,284         0         345,247,284   

Vanguard Small-Cap Growth Index Fund (primarily equity-based)

     637,103,769         0         637,103,769   

Vanguard Value Index Fund Institutional (primarily equity-based)

     652,532,096         0         652,532,096   

Microsoft Common Stock

     1,003,015,044         0         1,003,015,044   

Collective trusts

        

Fidelity Contrafund Pool

     0         1,081,016,516         1,081,016,516   

Fidelity Growth Company Pool

     0         1,215,054,486         1,215,054,486   

LifePath Funds

     0         2,057,072,463         2,057,072,463   

Separately managed accounts

        

Artisan Mid Cap Account

        

Common stock

     836,582,075         0         836,582,075   

Other

     35,702,976         0         35,702,976   

PIMCO Total Return Account

        

Mutual funds

     313,584         538,385,292         538,698,876   

Russell International Growth Account

        

Common stock

     581,811,496         0         581,811,496   

Other

     19,611,794         2,888,218         22,500,012   

Russell International Value Account

        

Common stock

     490,910,799         0         490,910,799   

Other

     11,345,536         96,993         11,442,529   

DFA Small/Mid Cap Value Account

        

Common stock

     428,587,960         0         428,587,960   

Other

     1,654,740         0         1,654,740   

Brokerage accounts

        

Mutual funds

     81,499,410         0         81,499,410   

Certificates of deposit

     0         2,431,624         2,431,624   

U.S Government notes and bonds

     1,034,045         48,303         1,082,348   

Corporate notes and bonds

     0         1,568,048         1,568,048   

Common & preferred stock

     237,281,295         690,963         237,972,258   

Cash

     99,498,420         0         99,498,420   

Options & rights/warrants

     0         9,044,652         9,044,652   
  

 

 

    

 

 

    

 

 

 

Total

   $ 7,509,334,519       $ 4,908,297,558       $ 12,417,632,077   
  

 

 

    

 

 

    

 

 

 

 

 

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December 31, 2013    Level 1      Level 2     Total  

Mutual funds

       

Fidelity Institutional Money Market Fund

   $ 438,521,103       $ 0      $ 438,521,103   

PIMCO Inflation Response Multi-Asset Fund (primarily bond-based)

     9,648,113         0        9,648,113   

PIMCO All Asset All Authority

     3,104,983         0        3,104,983   

Vanguard Growth Index Fund (primarily equity-based)

     292,198,374         0        292,198,374   

Vanguard Institutional Index Fund Plus (primarily equity-based)

     942,205,806         0        942,205,806   

Vanguard Short-Term Bond Index Fund (primarily bond-based)

     303,584,442         0        303,584,442   

Vanguard Small-Cap Growth Index Fund (primarily equity-based)

     610,536,115         0        610,536,115   

Vanguard Value Index Fund (primarily equity-based)

     503,653,775         0        503,653,775   

Microsoft Common Stock

     844,237,956         0        844,237,956   

Collective trusts – LifePath Funds

     0         1,711,617,668        1,711,617,668   

Unitized accounts

       

Fidelity Contrafund Units

     1,067,829,315         0        1,067,829,315   

Fidelity Growth Company Units

     1,136,108,553         0        1,136,108,553   

Separately managed accounts

       

Artisan Mid Cap Account

       

Common stock

     827,238,489         0        827,238,489   

Other

     30,636,874         0        30,636,874   

PIMCO Total Return Account

       

Mutual funds

     129,498         509,071,511        509,201,009   

Russell International Growth Account

       

Common stock

     613,731,738         0        613,731,738   

Other

     33,611,044         (8,942     33,602,102   

Russell International Value Account

       

Common stock

     436,128,387         0        436,128,387   

Other

     20,774,933         1,681,611        22,456,544   

DFA Small/Mid Cap Value Account

       

Common stock

     439,574,256         0        439,574,256   

Other

     1,794,975         0        1,794,975   

Brokerage accounts

       

Mutual funds

     68,603,668         6,371,600        74,975,268   

Certificates of deposit

     0         2,177,715        2,177,715   

U.S Government notes and bonds

     760,153         97,704        857,857   

Corporate notes and bonds

     0         1,424,764        1,424,764   

Common & preferred stock

     191,673,697         451,907        192,125,604   

Cash

     91,294,405         0        91,294,405   

Options & rights/warrants

     0         2,298,067        2,298,067   
  

 

 

    

 

 

   

 

 

 

Total

   $ 8,907,580,652       $ 2,235,183,605      $ 11,142,764,257   
  

 

 

    

 

 

   

 

 

 

No significant transfers occurred between Level 1 and Level 2 for the years ended December 31, 2014 and 2013.

NOTE 7: 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. Our Plan derivatives consist 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

 

 

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applied. The related notional amounts, gross fair values, and amounts recognized in earnings were immaterial as of and for the years ended December 31, 2014 and 2013. These derivative instruments are a component of the “Other” caption of separately managed accounts in Note 6: Financial Instruments.

NOTE 8: 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 Microsoft Corporation Savings Plus 401(k) Plan:

 

December 31,    2014     2013  

Net assets available for benefits per the financial statements

   $ 12,532,846,244      $ 11,254,841,130   

Less: benefits payable

     (2,444,765     (2,212,269
  

 

 

   

 

 

 

Net assets per the Form 5500

   $ 12,530,401,479      $ 11,252,628,861   
  

 

 

   

 

 

 

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

 

December 31,    2014      2013  

Benefits paid to participants per the financial statements

   $ 718,024,527       $ 629,548,820   

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

     232,496         (336,259
  

 

 

    

 

 

 

Benefits paid to participants per the Form 5500

   $ 718,257,023       $ 629,212,561   
  

 

 

    

 

 

 

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

 

 

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MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

EMPLOYER ID 91-1144442, PLAN 001

SUPPLEMENTAL SCHEDULE OF ASSETS HELD AT END OF YEAR

AS OF DECEMBER 31, 2014

 

 

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

BROKERAGE ACCOUNTS

        

BrokerageLink

     433,096,760          $ 433,096,760   

COLLECTIVE TRUSTS

        

BlackRock LifePath Index 2020

     18,198,521            239,970,792   

BlackRock LifePath Index 2030

     47,751,810            667,810,209   

BlackRock LifePath Index 2040

     51,248,695            750,564,971   

BlackRock LifePath Index 2050

     20,565,581            313,186,410   

BlackRock LifePath Index Retirement

     6,866,128            85,540,081   

Fidelity Growth Company Pool *

     101,338,990            1,215,054,486   

Fidelity Contrafund Pool *

     98,903,615            1,081,016,516   

EMPLOYER STOCK

        

Microsoft Common Stock *

     21,593,435            1,003,015,044   

MUTUAL FUNDS

        

Fidelity Institutional Money Market Fund *

     425,857,163            425,857,163   

PIMCO All Asset All Authority

     829,511            7,573,435   

PIMCO Inflation Response Multi-Asset Fund

     1,326,876            11,450,944   

Vanguard Growth Index Fund

     7,791,959            418,428,220   

Vanguard Institutional Index Fund Plus

     6,266,125            1,182,292,434   

Vanguard Short-Term Bond Index Fund

     32,943,443            345,247,284   

Vanguard Small-Cap Growth Index Fund

     17,971,898            637,103,769   

Vanguard Value Index Fund

     19,809,718            652,532,096   

SEPARATELY MANAGED ACCOUNTS

        

Artisan Mid Cap Account

        

Mutual Funds

        

SSBK GOVT STIF FUND

     35,689,016            35,689,681   

Publicly-traded Common Stock

        

ALEXION PHARMACEUTICALS INC

     28,210            5,219,696   

ALKERMES PLC

     92,454            5,414,106   

AMETEK INC NEW

     542,356            28,544,196   

APPLIED MATERIALS INC

     1,331,108            33,171,211   

 

 

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ASPEN TECHNOLOGIES

     237,211            8,307,129   

ATHENAHEALTH INC

     130,203            18,970,577   

AUTODESK INC

     327,919            19,694,815   

BORGWARNER INC

     103,463            5,685,292   

CABELAS INC

     83,979            4,426,533   

CABOT OIL & GAS CORP

     223,387            6,614,489   

CATAMARAN CORP

     180,306            9,330,836   

CEPHEID INC

     215,850            11,686,119   

CERNER CORP

     309,107            19,986,859   

CH ROBINSON WORLDWIDE INC

     171,700            12,858,613   

CHIPOTLE MEXICAN GRILL INC

     32,328            22,128,839   

CIGNA CORP

     174,405            17,948,019   

CIMAREX ENERGY CO

     75,472            8,000,032   

CORE LABORATORIES NV

     10,811            1,300,996   

DIAMOND FOODS INC

     6,928            195,577   

DISCOVER FIN SVCS

     393,513            25,771,166   

ELECTRONIC ARTS INC

     369,223            17,359,019   

FLIR SYSTEMS INC

     279,583            9,033,327   

FORTUNE BRANDS HOME & SEC INC

     478,143            21,645,534   

FOSSIL GROUP INC

     62,957            6,971,858   

FREESCALE SEMICONDUCTOR LTD

     230,992            5,827,928   

GARMIN LTD

     79,585            4,204,476   

GARTNER INC

     178,122            14,999,654   

GUIDEWIRE SOFTWARE INC

     143,704            7,275,734   

IHS INC CL A

     302,492            34,447,789   

ILLUMINA INC

     156,709            28,925,347   

INCYTE CORP

     157,699            11,529,374   

INTERCONTINENTAL EXCHANGE INC

     21,971            4,818,021   

IPG PHOTONICS CORP

     60,543            4,535,882   

ISIS PHARMACEUTICALS CO

     147,660            9,116,528   

JD.COM INC SPON ADR

     287,027            6,641,805   

KATE SPADE & CO

     278,963            8,929,606   

KEURIG GREEN MOUNTAIN INC

     110,834            14,673,867   

LEVEL 3 COMMUNICATIONS INC

     144,444            7,132,645   

LINKEDIN CORP CL A

     54,794            12,586,730   

LIONS GATE ENTERMENT CORP

     150,496            4,829,489   

LKQ CORP

     847,736            23,838,336   

MCGRAW HILL FINANCIAL INC

     114,821            10,216,773   

MICHAEL KORS HOLDINGS LTD

     69,113            5,190,386   

MOBILEYE NV

     9,346            379,074   

MONSTER BEVERAGE CORP

     55,779            6,043,655   

NATIONAL INSTRUMENT CORP

     144,762            4,500,651   

NOBLE ENERGY INC

     196,670            9,328,058   

 

 

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PACWEST BANCORP

     212,696            9,669,160   

PALL CORP

     141,473            14,318,482   

PANDORA MEDIA INC

     393,518            7,016,426   

PANERA BREAD CO CL A

     42,341            7,401,207   

PERRIGO CO PLC

     115,772            19,352,448   

QIHOO 360 TECHNOLOGY LTD ADR

     29,586            1,694,094   

REGENERON PHARMACEUTICALS INC

     91,751            37,640,848   

RPM INTERNATIONAL INC

     106,325            5,391,741   

SENSATA TECHNOLOGIES HOLDG BV

     306,198            16,047,837   

SERVICENOW INC

     104,938            7,120,043   

SIGNET JEWELERS LTD (US)

     112,684            14,825,834   

SPROUTS FMRS MKT INC

     64,418            2,188,924   

TD AMERITRADE HOLDING CORP

     476,079            17,034,107   

TEXTRON INC

     100,832            4,248,052   

TRACTOR SUPPLY CO.

     184,200            14,518,644   

TRIMBLE NAVIGATION LTD

     210,450            5,585,343   

TRIPADVISOR INC

     88,269            6,590,164   

TWITTER INC

     209,188            7,503,574   

ULTA SALON COSMETICS & FRG INC

     71,479            9,137,875   

UNDER ARMOUR INC CL A

     110,688            7,515,715   

VERISK ANALYTICS INC CL A

     59,355            3,801,688   

WASTE CONNECTIONS INC

     282,883            12,444,023   

WHITEWAVE FOODS CO CL A

     275,705            9,646,918   

WILLIAMS-SONOMA INC

     69,623            5,269,069   

WORKDAY INC CL A

     286,161            23,353,599   

WYNN RESORTS LTD

     28,049            4,172,569   

ZAYO GROUP HOLDINGS INC

     93,894            2,870,340   
        

 

 

 

Artisan Mid Cap Account Total

           872,285,051   

DFA Small Mid Value Account

        

Mutual Funds

        

SSBK STIF FUND

     1,224,454            1,224,357   

Publicly-traded Common Stock

        

1 800 FLOWERS.COM INC CL A

     6,700            55,208   

AAR CORP

     16,180            449,480   

AARONS INC A

     9,588            293,326   

ABERCROMBIE & FITCH CO CL A

     17,445            499,625   

ABM INDUSTRIES INC

     21,000            605,010   

ACCO BRANDS CORP

     5,800            52,258   

ACETO CORP

     10,923            237,029   

ACTUANT CORP CL A

     14,795            403,016   

ACTUATE CORP

     1,500            9,900   

ADT CORP

     30,490            1,104,653   

 

 

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ADTRAN INC

     4,003            87,265   

ADVANCED ENERGY INDUSTRIES INC

     15,963            378,323   

AECOM

     16,959            515,045   

AEGION CORP

     15,647            291,191   

AEROCENTURY CORP

     600            5,226   

AFFYMETRIX INC

     94,230            930,050   

AGCO CORP

     4,068            183,874   

AGILYSYS INC

     1,319            16,606   

AH BELO CORP CL A

     7,747            97,845   

AIR LEASE CORP CL A

     4,081            140,090   

AIR TRANSPORT SERVICES GROUP

     6,589            56,402   

AIRCASTLE LTD

     31,833            680,271   

ALAMO GROUP INC

     4,787            231,882   

ALASKA AIR GROUP INC

     44,646            2,668,045   

ALBANY INTERNATIONAL CORP CL A

     11,600            442,540   

ALBANY MOLECULAR RESEARCH INC

     8,109            132,015   

ALERE INC

     33,404            1,269,352   

ALEXANDER & BALDWIN INC

     4,978            195,436   

ALLEGHANY CORP DEL

     2,500            1,158,750   

ALLEGHENY TECHNOLOGIES INC

     12,202            424,264   

ALLIANCE DATA SYSTEMS CORP

     1,558            445,666   

ALLIANCE ONE INTERNATIONAL INC

     7,200            11,376   

ALLIANT TECHSYSTEMS INC

     8,392            975,570   

ALLIED WRLD ASSURNCE HLDGS LTD

     5,242            199,956   

ALMOST FAMILY INC

     1,900            55,005   

ALON USA ENERGY INC

     3,157            39,999   

ALPHA & OMEGA SEMICNDTR LTD

     251            2,221   

AMBAC FINANCIAL GROUP INC

     651            15,950   

AMEDISYS INC

     12,521            367,491   

AMERCO INC

     1,606            456,522   

AMERESCO INC-CL A

     2,600            18,200   

AMERICAN EAGLE OUTFITTERS INC

     30,622            425,033   

AMERICAN EQY INVT LIFE HLD CO

     22,197            647,930   

AMERICAN FINL GROUP INC OHIO

     36,063            2,189,745   

AMERICAN RAILCAR INDS INC

     2,712            139,668   

AMERICAN SUPERCONDUCTOR CORP

     39,000            28,891   

AMERICAS CAR MART INC

     9,700            517,786   

AMERIS BANCORP

     8,777            225,481   

AMERISAFE INC

     6,300            266,868   

AMKOR TECHNOLOGY INC

     66,172            469,821   

AMSURG CORP

     6,980            382,015   

AMTECH SYSTEMS INC

     1,525            15,479   

ANDERSONS INC

     41,365            2,203,927   

 

 

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ANGIODYNAMICS INC

     9,083            172,668   

ANIKA THERAPEUTICS INC

     4,300            175,182   

ANIXTER INTL INC

     470            41,576   

AOL INC

     5,310            245,163   

APOLLO EDUCATION GROUP INC CL

     34,927            1,191,360   

APPLIED INDUSTRIAL TECH INC

     6,383            291,001   

APPROACH RESOURCES INC

     5,151            32,915   

ARC DOCUMENT SOLUTIONS INC

     16,500            168,630   

ARCBEST CORP

     600            27,822   

ARCH CAPITAL GROUP LTD

     17,003            1,004,877   

ARGAN INC

     5,452            183,405   

ARGO GROUP INTL

     16,291            903,662   

ARRIS GROUP INC

     33,558            1,013,116   

ARROW ELECTRONICS INC

     38,268            2,215,335   

ARROW FINANCIAL CORP

     1,326            36,452   

ASCENA RETAIL GROUP INC

     3,232            40,594   

ASCENT CAPITAL GROUP INC

     3,904            206,639   

ASHLAND INC

     8,500            1,017,960   

ASPEN INSURANCE HLDGS LTD

     54,120            2,368,832   

ASSOCIATED BANC CORP

     67,707            1,261,381   

ASSURANT INC

     30,632            2,096,148   

ASSURED GUARANTY LTD

     8,854            230,115   

ASTEC INDUSTRIES INC

     34,356            1,350,534   

ASTORIA FINANCIAL CORP

     39,486            527,533   

ATLAS AIR WORLD

     63,953            3,152,883   

ATWOOD OCEANICS INC

     26,259            744,968   

AUTOLIV INC

     2,875            305,095   

AVIAT NETWORKS INC

     27,555            41,333   

AVIS BUDGET GROUP

     44,047            2,921,638   

AVNET INC

     55,970            2,407,829   

AVX CORP

     18,608            260,512   

AXCELIS TECHNOLOGIES INC

     63,000            161,280   

AXIALL CORP

     5,741            244,739   

AXIS CAPITAL HOLDINGS LTD

     42,084            2,162,276   

AZZ INC

     400            18,768   

B&G FOODS INC

     1,700            51,408   

BALTIC TRADING LTD

     12,273            30,805   

BANC OF CALIFORNIA INC

     4,666            54,079   

BANCFIRST CORP

     2,900            184,817   

BANCORP INC DEL

     12,250            133,403   

BANCORPSOUTH INC

     37,040            836,548   

BANK MUTUAL CORP

     10,116            69,396   

BANKFINANCIAL CORP

     1,100            13,046   

 

 

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BANKRATE INC

     28,717            356,952   

BANNER CORP

     2,500            108,000   

BAR HARBOR BANKSHARES

     651            20,832   

BARNES & NOBLE INC

     7,107            165,025   

BARNES GROUP INC

     25,800            954,858   

BASIC ENERGY SERVICES INC

     17,051            119,528   

BBCN BANCORP INC

     30,816            443,134   

BEACON ROOFING SUPPLY INC

     5,350            148,730   

BEL FUSE INC NV CL B

     2,918            79,778   

BELDEN INC

     3,713            292,807   

BELMOND LTD CL A

     6,701            82,891   

BEMIS INC

     10,027            453,321   

BENCHMARK ELECTRONICS INC

     17,175            436,932   

BERKLEY (WR) CORP

     14,617            749,267   

BERKSHIRE HILLS BANCORP INC

     2,895            77,181   

BGC PARTNERS INC CL A

     122,800            1,123,620   

BIG 5 SPORTING GOODS CORP

     8,661            126,710   

BIG LOTS INC

     387            15,488   

BIGLARI HLDGS INC

     580            231,716   

BILL BARRETT CORP

     10,706            121,941   

BIO RAD LABS CL A

     2,793            336,724   

BIOSCRIP INC

     3,300            23,067   

BJ’S RESTAURANTS INC

     595            29,875   

BLUCORA INC

     16,706            231,378   

BOB EVANS FARMS INC

     22,425            1,147,712   

BOINGO WIRELESS INC

     3,000            23,010   

BOISE CASCADE CO

     185            6,873   

BONANZA CREEK ENERGY INC

     8,800            211,200   

BON-TON STORES INC

     1,228            9,099   

BOSTON PRIVATE FINL HLDG INC

     29,521            397,648   

BOULDER BRANDS INC

     19,120            211,467   

BRADY CORPORATION CL A

     400            10,936   

BRIDGE BANCORP INC

     500            13,375   

BRIDGEPOINT EDUCATION INC

     17,738            200,794   

BRIGGS & STRATTON CORP

     800            16,336   

BRIGHT HORIZONS FAMILY SOL INC

     4,525            212,720   

BRINKS CO

     1,382            33,735   

BRISTOW GROUP INC

     7,019            461,780   

BROADRIDGE FINANCIAL SOL

     9,774            454,742   

BROCADE COMMUNICATIONS SYS

     57,797            686,339   

BROOKLINE BANCORP INC

     28,668            287,540   

BROWN SHOE CO INC

     27,400            882,828   

BRYN MAWR BANK CORP

     3,100            97,030   

 

 

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C&J ENERGY SERVICES INC

     22,257            294,015   

CABOT CORP

     46,506            2,039,753   

CACI INTERNATIONAL INC

     9,505            819,141   

CALGON CARBON

     59            1,226   

CALIX NETWORKS INC

     5,000            50,100   

CALLAWAY GOLF CO

     27,812            214,152   

CALLON PETROLEUM CO

     14,930            81,369   

CAMBREX CORP

     7,300            157,826   

CAMDEN NATIONAL CORP

     800            31,872   

CAPITAL BANK FINL CORP SER A

     10,500            281,400   

CAPITOL FED FINL (2ND STEP CV)

     60,409            772,027   

CAREER EDUCATION CORP

     24,247            168,759   

CARETRUST REIT INC

     16,269            202,630   

CARPENTER TECHNOLOGY CORP

     191            9,407   

CARRIAGE SERVICES INC

     100            2,095   

CARRIZO OIL & GAS INC

     4,553            189,405   

CARROLS RESTAURANT GROUP INC

     5,200            39,676   

CASCADE MICROTECH INC

     2,901            42,384   

CASELLA WASTE SYS INC CL A

     7,718            31,181   

CASEY GENERAL STORES

     5,353            483,483   

CASH AMERICA INTERNATIONAL INC

     74,370            1,682,249   

CATHAY GENERAL BANCORP

     28,553            730,671   

CATO CORP CL A

     11,900            505,512   

CBIZ INC

     1,700            14,552   

CDI CORP

     2,900            51,359   

CENTERSTATE BANKS INC

     6,625            78,904   

CENTRAL EUROPEAN MEDIA CL A(US

     47,888            153,720   

CENTRAL PACIFIC FINANCIAL CORP

     13,924            299,366   

CENTURY ALUMINUM COMPANY

     34,476            841,214   

CHASE CORP

     400            14,396   

CHECKPOINT SYSTEMS INC

     16,577            227,602   

CHEMICAL FINANCIAL CORP

     6,337            194,166   

CHEMTURA CORP NEW

     38,368            948,841   

CHICAGO RIVET & MACHINE CO

     300            9,210   

CHICOS FAS INC

     30,910            501,051   

CHIQUITA BRANDS INTL INC

     25,200            364,392   

CHURCHILL DOWNS INC

     2,233            215,038   

CIBER INC

     2,600            9,230   

CIENA CORP

     16,929            328,592   

CIRCOR INTERNATIONAL INC

     29,470            1,776,452   

CIRRUS LOGIC INC

     7,887            185,897   

CITI TRENDS INC

     100,762            2,544,241   

CIVEO CORP

     36,870            151,536   

 

 

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CLEARWATER PAPER CORP

     1,984            136,003   

CLIFFS NATURAL RESOURCES INC

     28,253            201,726   

CLOUD PEAK ENERGY INC

     85,400            783,972   

CNB FINANCIAL CORP PA

     2,100            38,850   

COBIZ FINANCIAL INC

     13,516            177,465   

COCA COLA BOTTLING CO CONSOLID

     1,400            123,242   

COHERENT INC

     2,049            124,415   

COHU INC

     8,000            95,680   

COLUMBIA BANKING SYSTEMS INC

     20,122            555,568   

COLUMBIA SPORTSWEAR CO

     9,926            442,104   

COLUMBUS MCKINNON CORP NY

     7,600            213,104   

COMFORT SYSTEMS USA INC

     14,500            248,240   

COMMERCIAL METALS CO

     47,300            770,517   

COMMUNITY BANK SYSTEMS INC

     13,404            515,116   

COMMUNITY HEALTH SYS INC NEW

     29,252            1,577,268   

COMMUNITY TRUST BANCORP INC

     1,098            40,527   

COMSTOCK RESOURCES INC NEW

     2,899            19,742   

COMTECH TELECOMMUNICATIONS NEW

     8,200            258,464   

CON WAY INC

     19,379            953,059   

CONMED CORP

     58,097            2,623,661   

CONNECTONE BANCORP INC

     700            13,300   

CONNS INC

     2,532            47,323   

CONSOLIDATED COMM HLDGS INC

     2,664            74,139   

CONSOLIDATED WATER CO LTD

     5,400            58,077   

CONVERGYS CORP

     146,730            2,999,161   

COOPER TIRE & RUBBER COMPANY

     8,484            293,971   

CORELOGIC INC

     38,901            1,228,883   

CORE-MARK HOLDING CO INC

     11,500            712,195   

COURIER CORP

     2,300            34,316   

COVANTA HOLDING CORP

     22,060            491,056   

COVISINT CORP

     3,847            10,195   

COWEN GROUP INC A

     46,002            220,810   

CPI AEROSTRUCTURES INC

     900            9,441   

CRAFT BREW ALLIANCE INC

     2,497            33,310   

CROCS INC

     6,920            86,431   

CROSS COUNTRY HEALTHCARE INC

     10,500            131,040   

CSG SYSTEMS INTL INC

     24,310            609,452   

CUBIC CORP

     6,358            334,685   

CULP INC

     800            17,392   

CUMULUS MEDIA INC CL A

     4,684            19,813   

CURTISS WRIGHT CORPORATION

     19,233            1,357,657   

CVB FINANCIAL CORP

     37,956            611,851   

CYNOSURE INC CL A

     4,310            118,180   

 

 

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CYTEC INDUSTRIES INC

     1,539            71,056   

DANA HOLDING CORP

     2,245            48,806   

DARDEN RESTAURANTS INC

     12,775            748,998   

DARLING INGREDIENTS INC

     31,463            571,368   

DAWSON GEOPHYSICAL CO (OLD)

     3,578            43,759   

DEAN FOODS CO

     37,860            733,727   

DELEK US HOLDINGS INC

     12,849            350,521   

DENBURY RESOURCES INC

     34,407            279,729   

DESTINATION XL GROUP INC

     20,171            110,134   

DEVRY EDUCATION GROUP INC

     24,505            1,163,252   

DIAMOND FOODS INC

     8,658            244,415   

DIAMOND OFFSHORE DRILLING

     7,595            278,812   

DICE HOLDINGS INC

     1,500            15,015   

DIGI INTERNATIONAL INC

     7,600            70,604   

DIGITAL RIVER INC

     32,800            811,144   

DIGITALGLOBE INC

     21,611            669,293   

DILLARDS INC CL A

     4,450            557,318   

DIME COMMUNITY BANCSHARES INC

     13,904            226,357   

DINEEQUITY INC

     2,238            233,905   

DIODES INC

     19,040            524,933   

DIXIE GROUP INC

     1,000            9,170   

DOMTAR CORP

     5,837            236,953   

DONEGAL GROUP INC CL A

     287            4,586   

DONNELLEY R R & SONS CO

     6,438            108,191   

DORAL FINANCIAL CORP

     1,600            6,320   

DOUGLAS DYNAMICS INC

     6,077            130,230   

DOVER MOTORSPORTS INC

     4,100            10,701   

DR HORTON INC

     6,063            153,333   

DSP GROUP

     11,600            126,092   

DST SYSTEMS INC

     17            1,601   

DUCOMMUN INC

     4,700            118,816   

DYCOM INDUSTRIES INC

     66,350            2,328,222   

DYNAMIC MATERIALS CORP

     4,981            79,995   

DYNEGY INC NEW DEL

     5,344            162,190   

E TRADE FINANCIAL CORP

     117,297            2,845,039   

EASTMAN KODAK CO

     15            326   

ECHELON CORP

     4,600            7,820   

ELECTRO RENT CORP

     600            8,544   

ELECTRO SCIENTIFIC INDS INC

     184,701            1,433,280   

ELECTRONICS FOR IMAGING INC

     18,965            812,271   

ELLIS (PERRY) INTL INC

     6,300            163,359   

EMCOR GROUP INC

     1,377            61,263   

EMERALD OIL INC

     3,200            3,840   

 

 

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EMERGENT BIOSOL

     16,200            441,126   

EMPLOYERS HOLDINGS INC

     11,074            260,350   

EMULEX CORP

     71,680            406,426   

ENCORE CAP GROUP INC

     19,250            854,700   

ENCORE WIRE CORPORATION

     5,828            217,676   

ENDURANCE SPECIALTY HLDGS LTD

     31,500            1,884,960   

ENERGEN CORP

     3,541            225,774   

ENERGIZER HOLDINGS INC

     5,107            656,556   

ENERGY XXI (USA)

     26,563            86,595   

ENERSYS INC

     14,643            903,766   

ENGILITY HOLDINGS INC

     4,579            195,981   

ENOVA INTL INC

     62,779            1,397,461   

ENPRO INDUSTRIES INC

     8,332            522,916   

ENSIGN GROUP INC

     12,300            546,920   

ENSTAR GROUP LTD

     10,000            1,528,900   

ENTEGRIS INC

     53,610            708,188   

ENTERCOM COMM CORP CL A

     3,400            41,344   

ENTERPRISE FINL SVCS CORP

     5,995            118,281   

ENTROPIC COMMUNICATIONS INC

     266,400            673,992   

EPLUS INC

     3,350            253,562   

ESB FINANCIAL CORP

     1,225            23,324   

ESCALADE

     1,300            19,617   

ESPEY MFG.&ELECTRIC

     472            11,234   

ESSA BANCORP INC

     3,403            40,836   

ESTERLINE TECHNOLOGIES CORP

     4,410            483,689   

EVERBANK FINANCIAL CORP

     16,824            320,665   

EVEREST REINSURANCE GROUP LTD

     6,369            1,084,641   

EXACTECH INC

     1,440            33,941   

EXELIS INC

     75,747            1,335,670   

EXTERRAN HLDGS INC

     26,882            875,816   

EXTREME NETWORKS INC

     67,015            236,563   

EZCORP INC CL A NON VTG

     103,000            1,210,250   

FAIRCHILD SEMICON INTL INC

     24,361            411,214   

FARO TECHNOLOGIES INC

     2,981            186,849   

FBL FINANCIAL GROUP INC CL A

     2,800            162,484   

FEDERAL AGRI MTG NON VTG CL C

     2,300            69,782   

FEDERAL MOGUL HLDGS CORP CL A

     28,153            452,982   

FEDERAL SIGNAL CORP

     820            12,661   

FIDELITY SOUTHERN CORP

     2,824            45,495   

FINISAR CORP

     19,400            376,554   

FINISH LINE INC CL A

     11,406            277,280   

FIRST AMERICAN FINANCIAL CORP

     21,461            727,528   

FIRST BANCORP NC

     2,400            44,520   

 

 

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FIRST BANCORP PUERTO RICO

     1,833            10,760   

FIRST BUSEY CORP

     16,863            109,778   

FIRST CITIZEN BANCSHARES INC A

     620            156,916   

FIRST COMMONWEALTH FINL CORP

     36,151            333,312   

FIRST COMMUNITY BANCSHARES INC

     1,008            16,602   

FIRST DEFIANCE FINL CORP

     400            13,624   

FIRST FINANCIAL BANCORP

     30,850            578,438   

FIRST FINANCIAL INDIANA

     900            32,058   

FIRST FINANCIAL NORTWEST INC

     3,499            42,128   

FIRST HORIZON NATIONAL CORP

     27,474            374,471   

FIRST INTST BANCSYST INC CL A

     6,120            170,258   

FIRST MERCHANTS CORP

     11,209            255,005   

FIRST MIDWEST BANCORP INC DEL

     30,670            527,217   

FIRST NIAGARA FINL GROUP INC

     116,144            979,094   

FIRST SOLAR INC

     14,566            649,571   

FIRST SOURCE CORP

     1,300            44,603   

FIRSTMERIT CORP

     800            15,112   

FLAGSTAR BANCORP INC

     17,102            269,014   

FLEXSTEEL IND

     681            22,085   

FLUSHING FINANCIAL CORP

     8,100            164,187   

FNB CORP PA

     59,315            790,076   

FOOT LOCKER INC

     13,330            748,879   

FORBES ENERGY SERVICES LTD(USA

     2,000            2,420   

FORESTAR GROUP INC

     39,723            611,734   

FORMFACTOR INC

     28,100            241,660   

FORUM ENERGY TECHNOLOGIES INC

     3,667            76,017   

FOSTER L B CO CL A

     3,870            187,966   

FRANKLIN FINANCIAL CORP/VA

     700            14,826   

FREDS INC CL A

     17,200            299,452   

FREIGHTCAR AMERICA INC

     4,386            115,396   

FRESH DEL MONTE PRODUCE INC

     26,760            897,798   

FRONTIER COMMUNICATIONS CORP

     247,741            1,652,432   

FRP HOLDINGS INC

     760            29,800   

FTD COS INC

     11,820            411,572   

FTI CONSULTING INC

     704            27,196   

FUEL SYSTEMS SOLUTIONS INC

     117,608            1,286,632   

FULLER H B CO

     9,388            418,048   

FULTON FINANCIAL CORP

     77,294            961,537   

FURMANITE CORP

     7,800            60,996   

FUTUREFUEL CORP

     13,049            169,898   

G & K SERVICES INC CL A

     6,225            441,041   

GAIN CAPITAL HOLDINGS INC

     14,500            130,790   

GAMESTOP CORP CL A

     18,156            613,673   

 

 

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GANNETT INC

     89,159            2,864,679   

GASLOG LTD

     9,636            196,093   

GATX CORP

     6,480            372,859   

GENERAL COMMUNICATIONS CL A

     1,100            15,125   

GENESCO INC

     9,330            714,865   

GENESEE & WYOMING INC CL A

     876            78,770   

GENWORTH FINANCIAL INC A

     59,265            503,753   

GERMAN AMERICAN BANCORP INC

     2,000            61,040   

GFI GROUP INC

     210,946            1,149,656   

GIBRALTAR INDUSTRIES INC

     8,300            134,958   

G-III APPAREL GROUP LTD

     8,190            827,272   

GLACIER BANCORP INC

     19,602            544,348   

GLATFELTER

     16,763            430,474   

GLOBAL CASH ACCESS HLDGS INC

     13,054            93,336   

GLOBAL INDEMNITY PLC

     400            11,348   

GLOBAL POWER EQUIPMENT GROUP

     5,600            77,336   

GOODRICH PETRO CORP

     3,112            13,817   

GORDMANS STORES INC

     6,738            18,395   

GRAFTECH INTERNATIONAL LTD

     192,549            974,298   

GRAHAM HOLDINGS CO

     1,527            1,318,885   

GRANITE CONSTRUCTION INC

     38,350            1,463,053   

GRAPHIC PACKAGING HOLDING CO

     7,993            108,865   

GRAY TELEVISION INC

     20,326            227,651   

GREAT LAKES DREDGE & DOCK CORP

     13,711            117,366   

GREAT SOUTHERN BANCORP INC

     3,400            135,558   

GREATBATCH INC

     9,363            461,596   

GREEN DOT CORP CLASS-A

     46,300            948,687   

GREEN PLAINS INC

     11,284            279,618   

GREENBRIER COMPANIES INC

     10,591            569,054   

GREENLIGHT CAPITAL RE LTD A

     5,600            182,840   

GREIF INC CL A

     6,652            316,968   

GRIFFON CORP

     8,844            117,625   

GROUP 1 AUTOMOTIVE INC

     9,972            893,691   

GUESS INC

     41,500            884,158   

GULF ISLAND FABRICATION INC

     4,217            81,768   

GULFMARK OFFSHORE INC CLASS A

     11,094            270,915   

HACKETT GROUP INC

     12,100            106,359   

HAEMONETICS CORP MASS

     2,701            101,071   

HALCON RESOURCES CORP

     92,364            164,408   

HANCOCK HOLDING CO

     26,241            805,599   

HANMI FINANCIAL CORPORATION

     9,800            214,424   

HANOVER INSURANCE GROUP INC

     17,900            1,276,628   

HARDINGE INC

     4,000            47,680   

 

 

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HARMAN INTL IND INC NEW

     3,542            377,967   

HARMONIC INC

     52,200            365,922   

HARTE-HANKS INC

     21,565            166,913   

HARVARD APPARATUS REGENERATIVE

     2,750            8,745   

HARVARD BIOSCIENCES INC

     11,000            62,370   

HARVEST NATURAL RESOURCES INC

     14,556            26,346   

HAVERTY FURNITURE COS INC

     9,000            198,090   

HAWAIIAN HLDGS INC

     20,285            528,424   

HAWAIIAN TELCOM HOLDCO INC

     4,008            110,501   

HAYNES INTL INC

     2,900            140,650   

HCC INSURANCE HOLDINGS INC

     30,419            1,636,998   

HEALTH NET INC

     8,398            449,545   

HEALTHWAYS INC

     13,384            266,074   

HEARTLAND FINANCIAL USA INC

     5,200            140,920   

HECLA MINING CO

     15,978            44,579   

HEIDRICK & STRUGGLES INTL INC

     7,045            162,387   

HELEN OF TROY LTD

     8,700            566,022   

HELIX ENERGY SOL GRP INC

     22,732            493,284   

HERBALIFE LTD

     6,464            243,693   

HERITAGE FINANCIAL CORP WASH

     11,263            197,666   

HHGREGG INC

     12,045            91,181   

HILL-ROM HOLDINGS INC

     8,483            386,994   

HOMESTREET INC

     4,255            74,080   

HORACE MANN EDUCATORS CORP

     16,151            535,890   

HORNBECK OFFSHORE SERVICES INC

     6,948            173,492   

HORSEHEAD HOLDING CORP

     17,036            269,680   

HOUSTON WIRE & CABLE CO

     2,500            29,875   

HUB GROUP INC CL A

     5,346            203,576   

HUNTSMAN CORP

     34,706            790,603   

HURON CONSULTING GROUP INC

     2,594            177,404   

HUTCHINSON TECHNOLOGY INC

     7,130            24,955   

IAC/INTERACTIVECORP

     2,302            139,939   

IBERIABANK CORP

     23,700            1,545,003   

ICF INTERNATIONAL INC

     7,691            315,177   

ICU MEDICAL INC

     2,764            226,372   

II-VI INC.

     25,479            347,788   

IMATION CORP

     5,202            19,716   

IMPAX LABORATORIES INC

     23,655            749,390   

IMPERIAL HOLDINGS INC

     7,700            50,204   

INDEPENDENT BANK CORP MASS

     3,441            148,135   

INFINITY PPTY & CASUALTY CORP

     2,158            166,727   

INGLES MARKETS INC-CL A

     5,171            191,792   

INGRAM MICRO INC CL A

     54,857            1,516,247   

 

 

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INGREDION INC

     6,890            587,441   

INNOPHOS HOLDINGS INC

     366            21,393   

INSTEEL INDUSTRIES INC

     7,206            169,917   

INTEGRA LIFESCIENCES HLDS CORP

     9,479            514,046   

INTEGRATED DEVICE TECH INC

     49,600            972,160   

INTEGRATED SILICON SOLUTN INC

     9,600            159,072   

INTELIQUENT INC

     44,100            865,683   

INTELSAT SA

     54,876            952,647   

INTER PARFUMS INC

     3,800            104,766   

INTERACTIVE BROKERS GROUP INC

     20,216            589,499   

INTERNATIONAL BANCSHARES CORP

     26,657            707,477   

INTERNATIONAL GAME TECHNOLOGY

     40,948            710,857   

INTERNATIONAL RECTIFIER CORP

     28,922            1,153,988   

INTERNATIONAL SHIPHOLDING CORP

     2,200            32,780   

INTERNATIONAL SPEEDW A (1/5VT)

     8,700            275,355   

INTERSIL CORPORATION CL A

     58,200            842,154   

INTEVAC INC

     7,720            59,984   

INTL FCSTONE INC

     6,402            131,689   

INTRALINKS HLDGS INC

     15,532            184,831   

INTREPID POTASH INC

     3,127            43,403   

INVACARE CORP

     11,924            199,995   

INVESTMENT TECH GROUP INC

     33,200            691,224   

IRIDIUM COMMUNICATIONS INC

     28,717            279,991   

ISLE CAPRI CASINOS INC

     10,769            90,137   

ITRON INC

     3,129            132,325   

IXYS CORP DEL

     2,123            26,824   

J2 GLOBAL INC

     28,129            1,743,998   

JABIL CIRCUIT INC

     82,807            1,807,677   

JACOBS ENGINEERING GROUP INC

     2,663            119,009   

JANUS CAPITAL GROUP INC

     40,992            661,201   

JETBLUE AIRWAYS CORP

     55,889            886,400   

JOY GLOBAL INC

     5,475            254,697   

KADANT INC

     3,704            158,124   

KAMAN CORP

     43,837            1,764,439   

KAPSTONE PAPER & PCKGING CORP

     23,140            680,547   

KAR AUCTION SERVICES INC

     24,385            851,524   

KB HOME

     12,983            214,869   

KCG HOLDINGS INC CL A

     2,082            24,255   

KELLY SERVICES INC CL A

     16,564            281,919   

KEMPER CORP

     15,306            552,700   

KEY ENERGY SERVICES INC

     190,253            317,723   

KIMBALL ELECTRONICS INC

     8,394            100,896   

KIMBALL INTL INC CL B

     11,193            102,640   

 

 

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KINDRED HEALTHCARE INC

     21,972            399,451   

KIRBY CORP

     5,432            438,580   

KIRKLANDS INC

     7,600            179,664   

KMG CHEMICALS INC

     600            12,018   

KNIGHT TRANSPORTATION INC

     32,696            1,100,547   

KNIGHTSBRIDGE SHIPPING LTD

     9,503            43,049   

KNOWLES CORP

     7,052            166,075   

KORN/FERRY INTL

     19,900            572,324   

KRATOS DEFENSE & SEC SOLTN INC

     22,181            111,349   

KULICKE & SOFFA INDUSTRIES INC

     129,595            1,873,944   

KVH INDUSTRIES INC

     800            10,120   

LA Z BOY INC

     21,424            575,020   

LAKELAND BANCORP INC

     2,625            30,713   

LAKELAND FINANCIAL CORP

     4,603            200,092   

LANDMARK BANCORP INC

     549            11,650   

LATTICE SEMICONDUCTOR CORP

     2,200            15,158   

LAYNE CHRISTENSEN CO

     63,551            606,277   

LEAPFROG ENTERPRISES INC CL A

     24,891            117,486   

LEAR CORP NEW

     26,408            2,590,097   

LEGG MASON INC

     50,411            2,698,501   

LEIDOS HOLDINGS INC

     10,384            451,912   

LEMAITRE VASCULAR INC

     2,700            20,655   

LEXMARK INTERNATIONAL INC CL A

     36,700            1,514,609   

LHC GROUP INC

     6,635            206,879   

LIBERTY TRIPADVISOR HOLDG A WI

     16,541            444,953   

LIBERTY VENTURES CL A

     16,550            624,266   

LIFE TIME FITNESS INC

     17,274            978,054   

LIFEPOINT HOSPITALS INC

     5,586            401,689   

LIFETIME BRANDS INC

     4,300            73,960   

LINDSAY CORP

     699            59,932   

LNB BANCORP INC

     1,000            18,060   

LORAL SPACE & COMMUNIC LTD

     4,411            347,190   

LOUISIANA PACIFIC CORP

     25,576            423,539   

LSB INDUSTRIES INC

     8,252            259,443   

LSI INDUSTRIES INC

     1,746            11,855   

LYDALL INC

     300            9,846   

M D C HOLDINGS INC

     3,815            100,983   

MAGELLAN HEALTH INC

     10,969            658,469   

MAGNACHIP SEMICONDUCTOR

     13,815            179,457   

MAIDEN HLDGS LTD

     32,080            414,474   

MAINSOURCE FINACIAL GROUP INC

     1,003            20,983   

MANNING & NAPIER INC CL A

     7,200            99,504   

MANPOWERGROUP INC

     9,802            668,202   

 

 

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MANTECH INTL CORP CL A

     9,475            286,429   

MARCUS CORP

     1,500            27,765   

MARLIN BUSINESS SERVICES CORP

     900            18,477   

MARRIOTT VACATIONS WORLD

     14,800            1,103,192   

MARTEN TRANSPORT LTD

     13,300            290,738   

MARVELL TECHNOLOGY GROUP LTD

     200,976            2,914,152   

MASTEC INC

     71,100            1,607,571   

MATERION CORP

     47,200            1,662,856   

MATRIX SERVICE CO

     10,669            238,132   

MATSON INC

     17,285            596,678   

MATTHEWS INTL CORP CL A

     7,707            375,100   

MAXWELL TECHNOLOGIES INC

     11,331            103,339   

MB FINANCIAL INC

     22,397            735,965   

MBIA INC

     38,307            365,449   

MCDERMOTT INTL INC

     105,624            307,366   

MCEWEN MINING INC

     43,625            48,424   

MCGRATH RENTCORP

     8,138            291,829   

MEADWESTVACO CORP

     25,438            1,129,193   

MEDASSETS INC

     3,866            76,392   

MEDIA GENERAL INC

     6,240            104,395   

MEDICINES CO

     7,284            201,548   

MENS WEARHOUSE INC

     24,092            1,063,662   

MENTOR GRAPHICS CORP

     38,859            853,732   

MERCANTILE BANK CORP

     700            14,714   

MERCHANTS BANCSHARES INC

     656            20,093   

MERCURY GENERAL CORP

     5,514            312,478   

MERCURY SYSTEMS INC

     138,042            1,921,545   

MEREDITH CORP.

     9,342            507,457   

MERIT MEDICAL SYSTEMS INC

     16,512            286,153   

MERITAGE HOMES CORP

     5,236            188,444   

MERITOR INC

     23,921            362,403   

META FINL GROUP INC

     256            9,004   

MICROSEMI CORP

     29,629            840,871   

MIDSTATES PETROLEUM CO INC

     1,742            2,630   

MILLER ENERGY RESOURCES INC

     16,994            21,243   

MILLER INDUSTRIES INC TENN

     3,900            81,081   

MINERALS TECHNOLOGIES INC

     7,063            490,525   

MITCHAM INDUSTRIES INC

     900            5,337   

MKS INSTRUMENTS INC

     5,831            213,415   

MOBILE MINI INC

     8,710            352,842   

MODINE MANUFACTURING CO

     18,994            258,318   

MOLINA HEALTHCARE INC

     18,666            999,191   

MOLYCORP INC

     33,082            29,132   

 

 

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MONARCH CASINO & RESORT INC

     5,503            91,295   

MOOG INC CL A

     11,351            840,315   

MRC GLOBAL INC

     33,933            514,085   

MUELLER INDUSTRIES INC

     17,356            592,534   

MUELLER WATER PRODUCTS INC A

     96            983   

MULTI COLOR CO.

     4,330            239,969   

MURPHY USA INC

     4,047            278,676   

MYERS INDUSTRIES

     13,087            232,033   

MYR GROUP INC/DELAWARE

     57,916            1,586,898   

NABORS INDUSTRIES LTD

     108,952            1,414,197   

NACCO INDUSTRIES INC CL A

     500            29,680   

NASDAQ OMX GROUP

     26,183            1,255,737   

NATIONAL HEALTHCARE CORP

     2,200            138,996   

NATIONAL PENN BANCSHARES INC

     12,593            132,541   

NATIONAL WESTERN LIFE INC CL A

     200            53,850   

NATURAL GAS SERVICES GROUP

     2,300            52,992   

NATUS MEDICAL INC

     11,610            418,424   

NAVIGANT CONSULTING INC

     13,746            211,276   

NAVIGATORS GROUP INC

     2,400            176,016   

NBT BANCORP INC

     2,956            77,654   

NCR CORP

     1,321            38,494   

NEENAH PAPER INC

     4,800            289,296   

NELNET INC CL A

     52,200            2,418,426   

NEOPHOTONICS CO

     6,700            22,646   

NETGEAR INC

     55,656            1,980,240   

NEUSTAR INC CL A

     1,850            51,430   

NEW YORK COMMUNITY BANCORP INC

     67,312            1,076,992   

NEW YORK TIMES CO CL A

     20,082            265,484   

NEWFIELD EXPLORATION CO

     55,442            1,503,587   

NEWPARK RESOURCES INC

     118,300            1,128,582   

NEWPORT CORP

     3,200            61,152   

NN INC

     6,420            131,995   

NOBLE CORP PLC

     35,292            584,788   

NORDIC AMERICAN TANKER LTD

     3,668            36,937   

NORTHERN OIL AND GAS INC

     7,754            43,810   

NORTHFIELD BANCORP INC NEW

     22,998            340,370   

NORTHWEST BANCSHARES INC

     36,612            458,748   

NORTHWEST PIPE CO

     1,600            48,192   

NOVATEL WIRELESS INC

     13,943            44,896   

NUTRACEUTICAL INTL CORP

     3,300            71,148   

NUVASIVE INC

     17,376            819,452   

OASIS PETROLEUM INC

     15,353            253,939   

OCEANFIRST FINANCIAL CORP

     1,320            22,625   

 

 

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OCLARO INC

     31,707            56,438   

OFFICE DEPOT INC

     53,237            456,507   

OFG BANCORP

     17,758            297,447   

OIL STATES INTERNATIONAL INC

     18,435            901,472   

OLD NATIONAL BANCORP (IND)

     40,753            606,405   

OLD REPUBLIC INTL CORP

     58,509            855,987   

OLIN CORP

     33,550            763,934   

OLYMPIC STEEL INC

     4,100            72,898   

OM GROUP INC

     79,304            2,363,259   

OMEGA PROTEIN CORP

     8,800            93,016   

OMNICARE INC

     42,276            3,083,189   

OMNICELL INC

     14,235            471,463   

OMNIVISION TECHNOLOGIES INC

     118,088            3,070,288   

OMNOVA SOLUTIONS INC

     6,700            54,538   

ON ASSIGNMENT INC

     7,264            241,092   

ON SEMICONDUCTOR CORP

     1,454            14,729   

ONEBEACON INSURANCE GROUP LTD

     3,100            50,220   

ORBITAL SCIENCES CORP

     45,040            1,211,126   

ORCHIDS PAPER PRODUCTS CO

     374            10,887   

ORION ENERGY SYSTEMS INC

     3,100            17,050   

ORION MARINE GROUP INC

     7,800            86,190   

ORITANI FINL CORP NEW

     12,579            193,717   

ORMAT TECHNOLOGIES INC

     10,753            292,267   

OSHKOSH CORP

     28,079            1,366,043   

OSI SYSTEMS INC

     2,097            148,405   

OUTERWALL INC

     3,469            260,938   

OWENS AND MINOR INC

     25,627            899,764   

OWENS CORNING INC

     5,011            180,246   

OWENS ILLINOIS INC

     334            9,015   

PACIFIC BIOSCIENES OF CALI INC

     1,243            9,745   

PACIFIC CONTINENTAL CORP

     800            11,344   

PACIFIC DRILLING SA (US)

     14,891            69,094   

PACIFIC MERCANTILE BANCORP

     3,090            21,754   

PACIFIC PREMIER BANCORP INC

     1,019            17,659   

PACWEST BANCORP

     67,313            3,060,049   

PAM TRANSPORTAION

     1,187            61,534   

PANHANDLE OIL & GAS CL A

     2,200            51,216   

PANTRY INC

     15,700            581,842   

PARK ELECTROCHEMICAL CORP.

     2,900            72,587   

PARK NATIONAL CORP

     2,772            245,267   

PARK STERLING CORP

     7,362            54,111   

PARKER DRILLING CO

     48,983            150,378   

PARTNERRE LTD

     21,049            2,402,322   

 

 

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PATTERSON-UTI ENERGY INC

     84,142            1,395,916   

PBF ENERGY INC CL A

     7,772            207,046   

PC CONNECTION INC

     5,800            142,390   

PDC ENERGY INC

     6,908            285,093   

PENFORD CORP

     1,300            24,297   

PENN VIRGINIA CORP.

     25,400            169,672   

PENNEY (J.C.) CO INC

     63,637            412,368   

PENSKE AUTOMOTIVE GROUP INC

     8,787            431,178   

PEOPLES BANCORP INC

     1,100            28,523   

PEOPLES UNITED FINANCIAL INC

     119,608            1,815,649   

PERCEPTRON INC

     3,029            30,139   

PERICOM SEMICONDUCTOR CORP

     7,421            100,480   

PHARMERICA CORP

     17,800            368,638   

PHH CORP

     8,038            192,590   

PHI INC NON VTG

     800            29,920   

PHOTOMEDEX INC

     7,170            10,970   

PHOTRONIC INC

     188,303            1,564,798   

PINNACLE FINL PARTNERS INC

     5,508            217,786   

PINNACLE FOODS INC

     315            11,194   

PIONEER ENERGY SVCS CORP

     44,100            244,314   

PIPER JAFFRAY COS

     38,855            2,257,087   

PLATINUM UNDERWRITERS HLDG LTD

     12,800            939,776   

PLEXUS CORP

     13,743            566,349   

PMC-SIERRA INC

     61,400            562,424   

PMFG INC

     7,385            38,624   

POLYCOM INC

     175,255            2,365,943   

POLYPORE INTERNATIONAL INC

     778            36,605   

POST HOLDINGS INC

     6,163            258,168   

POWELL INDUSTRIES INC

     1,455            71,397   

PRESTIGE BRANDS HOLDINGS INC

     20,909            725,960   

PRIMERICA INC

     15,817            858,230   

PRIVATEBANCORP INC

     30,940            1,033,396   

PROASSURANCE CORPORATION

     20,300            976,633   

PROGRESS SOFTWARE CORP

     923            24,939   

PROSPERITY BANCSHARES INC

     2,298            127,645   

PROTECTIVE LIFE CORP

     15,407            1,073,098   

PROVIDENT FINANCIAL HLDGS INC

     1,200            18,156   

PROVIDENT FINANCIAL SVCS INC

     14,200            256,452   

PULASKI FINANCIAL CORP

     550            6,782   

PULTEGROUP INC

     42,964            926,463   

QCR HOLDINGS INC

     752            13,596   

QEP RESOURCES INC

     18,494            373,949   

QLOGIC CORP

     35,800            476,856   

 

 

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QUAD/GRAPHICS INC CL A

     13,354            306,608   

QUANEX BUILDING PRODUCTS

     14,421            270,826   

QUANTA SVCS INC

     21,014            596,587   

QUINSTREET INC

     16,796            101,952   

RADISYS CORP

     1,500            3,510   

RBC BEARINGS INC

     825            53,237   

RCI HOSPITALITY HOLDINGS INC

     2,759            27,645   

RED ROBIN GOURMET BURGERS INC

     2,600            200,135   

REGAL-BELOIT CORP

     9,200            693,864   

REINSURANCE GROUP OF AMERICA

     20,438            1,790,778   

RELIANCE STEEL & ALUMINUM CO

     31,460            1,927,554   

RENAISSANCERE HLDGS LTD

     2,657            258,314   

RENASANT CORP

     4,599            133,049   

RENEWABLE ENERGY GROUP INC

     13,034            126,560   

RENT A CTR INC

     20,773            759,461   

REPUBLIC AIRWAYS HOLDINGS INC

     9,692            141,406   

REPUBLIC BANCORP INC KY CL A

     5,500            136,989   

RESOLUTE FOREST PRODUCTS INC

     2,376            41,841   

RESOURCES CONNECTION INC

     16,295            268,053   

REX AMERICAN RESOURCES CORP

     4,000            247,880   

RLI CORP

     4,341            214,445   

ROADRUNNER TRANSPORTATION SYST

     15,060            351,651   

ROCK TENN COMPANY CL A

     19,178            1,169,474   

ROCKY BRANDS INC

     600            7,956   

ROFIN SINAR TECHNOLOGIES INC

     2,900            83,433   

ROGERS CORP

     6,947            565,764   

ROSETTA RESOURCES INC

     5,205            116,124   

ROUNDYS INC

     13,900            67,276   

ROVI CORPORATION

     15,986            361,124   

ROWAN COMPANIES PLC

     95,192            2,219,877   

RPX CORP

     21,311            293,666   

RTI INTERNATIONAL METALS INC

     41,270            1,042,480   

RTI SURGICAL INC

     15,200            79,040   

RUBICON TECHNOLOGY INC

     8,107            37,049   

RUBY TUESDAY INC

     134,501            919,987   

RUSH ENTERPRISES INC CL A

     4,322            138,520   

RYDER SYSTEM INC

     19,200            1,782,720   

RYLAND GROUP INC

     10,027            386,641   

S & T BANCORP

     5,189            154,684   

SAFETY INSURANCE GROUP INC

     5,031            322,034   

SANCHEZ ENERGY CORP

     18,636            173,128   

SANDERSON FARMS INC

     9,403            790,087   

SANDRIDGE ENERGY INC

     112,127            204,071   

 

 

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SANDY SPRING BANCORP INC

     9,445            246,326   

SANFILIPPO (JOHN B) & SON INC.

     500            22,750   

SANMINA CORP

     33,971            799,338   

SCANSOURCE INC

     7,168            287,867   

SCHNITZER STEEL INDS INC CL A

     10,682            240,986   

SCHOLASTIC CORP

     3,400            123,828   

SCHWEITZER-MAUDUIT INTL INC

     286            12,098   

SCICLONE PHARMACEUTICALS INC

     15,209            133,231   

SCORPIO TANKERS INC

     47,405            411,949   

SCRIPPS (EW) CO CL A

     18,451            412,380   

SEABOARD CORP

     24            100,751   

SEACHANGE INTL INC

     16,164            103,126   

SEACOAST BANKING CORP FLORIDA

     3,260            44,825   

SEACOR HOLDINGS INC

     7,871            580,959   

SELECT MEDICAL HLDGS CORP

     40,903            589,003   

SELECTIVE INSURANCE GROUP INC

     22,770            618,661   

SEMGROUP CORP-CLASS A

     3,773            258,035   

SENSIENT TECHNOLOGIES CORP

     10,187            614,684   

SERVICE CORP INTERNATIONAL INC

     18,075            410,303   

SHENANDOAH TELECOM CO

     9,342            291,938   

SHILOH INDUSTRIES

     6,300            99,099   

SHIP FINANCE INTL LTD (NY)

     17,328            244,671   

SHOE CARNIVAL

     5,200            133,588   

SHORETEL INC

     33,400            245,490   

SHULMAN A INC

     10,088            408,867   

SHUTTERFLY INC

     5,702            237,745   

SIERRA BANCORP

     700            12,292   

SIGMA DESIGNS INC

     11,800            87,320   

SIGNET JEWELERS LTD (US)

     17,799            2,341,814   

SILGAN HOLDINGS INC

     1,600            85,760   

SILICON IMAGE INC

     27,410            151,303   

SILICON LABORATORIES INC

     2,272            108,193   

SIMMONS 1ST NATL CORP CL A

     4,900            200,263   

SIMPSON MANUFACTURING CO

     19,145            662,417   

SIZMEK INC

     10,861            67,990   

SKECHERS USA INC CL A

     19,200            1,060,800   

SKULLCANDY INC

     21,900            201,261   

SKYWEST INC

     36,100            480,852   

SKYWORKS SOLUTIONS INC

     24,273            1,764,890   

SL INDUSTRIES INC

     600            23,400   

SM ENERGY CO

     5,666            218,594   

SNAP-ON INCORPORATED

     600            82,044   

SNYDERS LANCE INC

     14,048            429,166   

 

 

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SONIC AUTOMOTIVE INC CL A

     15,862            429,305   

SONIC CORP

     7,700            209,671   

SONOCO PRODUCTS CO

     2,329            101,777   

SONUS NETWORKS INC

     92,352            366,637   

SOUTH STATE CORP

     1,308            87,741   

SOUTHSIDE BANCSHARES INC

     2,100            60,711   

SOUTHWEST BANCORP INC OKLA

     7,062            122,596   

SPAN-AMERICA MED SYSTEMS INC

     547            9,846   

SPANSION INC CL A

     26,870            919,491   

SPARTAN MOTORS INC

     8,200            43,132   

SPARTANNASH CO

     7,602            198,716   

SPECTRUM PHARMACEUTICAL INC

     25,567            177,179   

SPIRIT AIRLINES INC

     19,731            1,491,269   

ST JOE COMPANY

     3,000            55,170   

STANCORP FINL GROUP INC

     17,932            1,252,730   

STANDARD PACIFIC CORP

     14,598            106,419   

STARTEK INC

     139            1,355   

STATE AUTO FINANCIAL CORP

     500            11,110   

STATE BANK FINANCIAL CORP

     60,061            1,200,019   

STEEL DYNAMICS INC

     110,400            2,191,992   

STEELCASE INC CLASS A

     196            3,539   

STEIN MART INC

     4,600            67,597   

STEINER LEISURE LTD

     1,495            69,084   

STEPAN CO

     464            18,597   

STERIS CORPORATION

     1,826            118,416   

STERLING BANCORP/DE

     24,208            348,111   

STEWART INFORMATION SERVICES

     8,323            308,284   

STIFEL FINANCIAL CORP

     9,609            490,251   

STILLWATER MINING CO