11-K 1 dow201711k.htm 11-K DOW ESP Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

(Mark One)
þ
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2017    

OR

¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to     

Commission file number: 001-38196

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

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

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

DOWDUPONT INC.
c/o The Dow Chemical Company
2030 Dow Center
Midland, Michigan 48674

REQUIRED INFORMATION

Financial statements for the years ended December 31, 2017 and 2016, supplemental schedules for the year ended December 31, 2017, and Report of Independent Registered Public Accounting Firm.

Exhibits

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
DATE: June 26, 2018
 
BY:  /s/ Bryan Jendretzke    
 
 
 
Bryan Jendretzke
 
 
 
Global Benefits Director and
 
 
 
Plan Administrator






The Dow Chemical
Company Employees'
Savings Plan
Financial Statements as of and for the Years Ended
December 31, 2017 and 2016, Supplemental
Schedules as of and for the Year Ended
December 31, 2017, and Report of Independent
Registered Public Accounting Firm


                                            

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
TABLE OF CONTENTS


Report of Independent Registered Public Accounting Firm


To the Plan Administrator and Plan Participants
The Dow Chemical Company
Employees’ Savings Plan

Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of The Dow Chemical Company Employees’ Savings Plan (the “Plan”) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets of the Plan as of December 31, 2017 and 2016, and the changes in its net assets for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis of 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

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.

Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2017, and the schedule of reportable transactions for the year ended December 31, 2017, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information 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 information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ Plante & Moran, PLLC
We have served as the Plan’s auditor since 2010.

Plante & Moran, PLLC
Flint, Michigan                                    
June 26, 2018



1


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2017 and 2016
 
2017
2016

Allocated Participant Directed
Unallocated Non-participant Directed
Total
Allocated Participant Directed
Unallocated Non-participant Directed
Total
Assets







Investments - at fair value (Notes 3 and 4)
$
9,468,123,830

$
727,199,386

$
10,195,323,216

$
7,885,096,868

$
770,739,425

$
8,655,836,293

Fully benefit-responsive investment contracts - at contract value
2,160,384,796

—

2,160,384,796

2,395,335,710

—

2,395,335,710

Receivables - interest, dividends and other
4,073,137

3,693

4,076,830

31,932,856

6,196,481

38,129,337

Receivables - participant notes
114,458,502

—

114,458,502

118,773,218

—

118,773,218

Total Assets
$
11,747,040,265

$
727,203,079

$
12,474,243,344

$
10,431,138,652

$
776,935,906

$
11,208,074,558

Liabilities
 
 
 
 
 
 
LESOP loan payable (Note 5)
$
—

$
39,129,934

$
39,129,934

$
—

$
54,247,769

$
54,247,769

Other payables
4,393,126

1,890,244

6,283,370

28,991,987

2,620,539

31,612,526

Total Liabilities
$
4,393,126

$
41,020,178

$
45,413,304

$
28,991,987

$
56,868,308

$
85,860,295

Net Assets Available For Benefits
$
11,742,647,139

$
686,182,901

$
12,428,830,040

$
10,402,146,665

$
720,067,598

$
11,122,214,263

See Notes to Financial Statements.



2

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2017
 
Allocated Participant Directed
Unallocated Non- Participant Directed
Total
Additions
 
 
 
Investment income
 
 
 
Net realized/unrealized gain on investments
$
1,567,134,282

$
152,890,226

$
1,720,024,508

Interest and dividends
158,345,065

18,908,756

177,253,821

Total investment income
1,725,479,347

171,798,982

1,897,278,329

Employer contributions
275,584

—

275,584

Employee contributions
280,465,856

—

280,465,856

Interest on participant notes receivable
4,196,788

—

4,196,788

Allocation of 3,330,725 shares of common stock of The Dow Chemical Company or DowDuPont Inc., at market
200,799,514

—

200,799,514

Total additions
$
2,211,217,089

$
171,798,982

$
2,383,016,071

Deductions
 
 
 
Distributions and withdrawals
865,010,962

—

865,010,962

Administrative expenses
1,960,193

—

1,960,193

Interest expense
—

4,884,165

4,884,165

Allocation of 3,330,725 shares of common stock of The Dow Chemical Company or DowDuPont Inc., at market
—

200,799,514

200,799,514

Total deductions
$
866,971,155

$
205,683,679

$
1,072,654,834

Transfers
 
 
 
Transfers in
744,771

—

744,771

Transfers out
4,490,231

—

4,490,231

Net transfers
$
(3,745,460
)
$
—

$
(3,745,460
)
Net Increase (Decrease)
$
1,340,500,474

$
(33,884,697
)
$
1,306,615,777

Net Assets Available for Benefits
 
 
 
Beginning of year
$
10,402,146,665

$
720,067,598

$
11,122,214,263

End of year
$
11,742,647,139

$
686,182,901

$
12,428,830,040

See Notes to Financial Statements.

3

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1.
DESCRIPTION OF THE PLAN
The following description of The Dow Chemical Company Employees' Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document or Summary Plan Description for the legal description of the Plan's provisions.

General - The Plan is a defined contribution plan consisting of (1) a profit sharing plan with a cash or deferred feature which is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code as of 1986, as amended (“Code”) and (2) a leveraged employee stock ownership plan (“LESOP”) which is intended to qualify as a stock bonus plan under Sections 401(a) and 4975(e)(7). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The Plan covers any person who is, or becomes, a regular employee of The Dow Chemical Company (the “Company” or “Dow”), or of certain of the Company's subsidiaries, subject to certain eligibility service requirements for part-time employees.

Merger - Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017, Dow and E. I. du Pont de Nemours and Company ("DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Dow and DuPont became subsidiaries of DowDuPont (the "Merger"). Upon completion of the Merger, each share of common stock of Dow held by the Plan was converted into shares of DowDuPont common stock at a ratio of 1:1, and the Dow Stock Fund became the DowDuPont Stock Fund. Dow and DuPont did not merge their defined contribution plans as a result of the Merger.

Employee Contributions - Plan participants generally may elect to contribute from 0.5% to 40% of their compensation, depending on the participant's eligible pay, limited to a 0.5% minimum contribution. Employees who do not exceed the gross compensation limits are limited to 40% of eligible pay in 0.5% increments, with a 0.5% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $18,000 in 2017. Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $6,000 in 2017. Plan participants may elect to increase, decrease, suspend, or resume compensation deferrals at any time. New elections are effective as soon as practicable after the request is processed. Newly hired eligible employees not electing to enroll (within 60 days of being hired) are automatically enrolled to contribute 3% of their eligible pay to the Plan, unless the employee elects to opt out. The automatic contributions will increase by 1% each year effective April 1 until the contribution rate reaches 6%, unless the employee designates otherwise. The contributions default to the applicable BTC Lifepath Fund based on the employee's date of birth, unless otherwise designated by the employee.

Company Contributions - In general, the Company's matching contribution provides a 100% match on the first 2% of eligible pay deferrals and a 50% match of the next 4% of eligible pay deferrals. Legacy Rohm and Haas Company employees' Company matching contributions are calculated as 100% of the first 3% of eligible pay deferrals and a 50% match of the next 3% of eligible pay deferrals. For legacy Dow Silicones Corporation (formerly known as Dow Corning Corporation, which changed its name effective as of February 1, 2018) employees hired prior to January 1, 2006, the Company's matching contribution provides a 100% match on the first 3% of eligible pay deferrals and 50% on the next 2% of eligible pay deferrals; and for those hired on and after January 1, 2006 and prior to September 1, 2016, the Company's matching contribution provides a 100% match on the first 3% of eligible pay deferrals and 50% on the next 4% of eligible pay deferrals. The Company's matching contribution is made from the LESOP in the form of Dow stock until the effective date of the Merger, after which time the Company's matching contribution is made in the form of DowDuPont stock. Employees may divest their Dow or DowDuPont stock at any time and elect one of the other investment options available to them under the Plan.

In accordance with the provisions of the Plan, the Plan is required to release shares in proportion to the principal and interest paid on the LESOP loan as a percentage of beginning of year outstanding principal and interest. The shares released from unallocated LESOP shares are allocated to participants to satisfy the Company's matching requirements.

Except as otherwise provided by the Plan, if the required contributions are less than the value of shares released, the difference is allocated to certain participants in the form of contingent matching contributions, and then to all participants, as an “Excess Employee Stock Ownership Program ("ESOP") Shares Distribution” contribution. For the year ended December 31, 2017, the total number of shares allocated as contingent matching contributions and Excess ESOP Shares Distribution contributions amounted to 2,095,004, with a market value of $149,206,184. The Company allocated these shares to the participants in March 2018.


4

If the required Company matching contributions under the provisions of the Plan are greater than the value of the shares released, the Company is required to make an additional contribution to cover the shortfall. No such Company contributions were required for the year ended December 31, 2017.

Dividends - Participants invested in The Dow Chemical Company common stock funds prior to the Merger, and DowDuPont common stock funds after the Merger, may elect to receive dividends as a distribution rather than reinvesting dividends within the participant account.

Account Valuation - Participant account balances reflect the total contributions made to the Plan by employees and the Company, plus investment results, less expenses and withdrawals.

Vesting - Participants are immediately vested in all amounts credited to their plan account, including employee contributions, Company contributions, and investment earnings.

Benefits Distribution - Benefits are generally distributable upon termination of employment as a lump-sum payment or partial withdrawal or may be deferred until minimum distributions are required by law. The plan makes a lump-sum payment to terminated participants who have a balance that does not exceed $1,000. Active employees may request in service distributions upon the attainment of age 59‑1/2.

Participant Notes Receivable - Active participants, retirees and terminated participants may borrow from their employee contributions, plus earnings on those contributions, with a minimum note receivable of $1,000. Participant notes receivable are limited to the smaller of:

•
50% of the total account balance or
•
$50,000 less the highest outstanding participant note receivable balance in the preceding 12 months

Note receivable repayments for active employees are made through payroll deductions, on an after tax basis, with a minimum term of six months and a maximum of 60 months for any purpose other than the purchase of a primary residence; and a minimum term of six months and a maximum of 120 months for participant note receivable for the purpose of purchasing a primary residence. Repayments, both interest and principal, are credited to the participant's account and are allocated among the fund options according to the participant's current investment election. A fixed interest rate is applied to the note receivable. This rate is generally equal to the prime rate on the last day of each calendar quarter before the loan is processed. The range of interest rates on notes receivable outstanding at December 31, 2017 and 2016 was 3.25% to 10.5%.
Investments - Participants direct the investment of their contributions into various investment options offered by the Plan.

Administration - Administrative expenses of the trustee are charged to the Plan. The net assets of the Plan are held by Fidelity Management Trust Company (“Fidelity”), who acts as independent trustee, custodian and recordkeeper for all the investments in the Plan. Fidelity manages certain plan investments. All transactions with Fidelity qualify as party-in-interest transactions.

Amendment or Termination - The Plan does not have an expiration date. The Company may at any time terminate, amend, or modify the Plan, subject to certain rights of the Plan participants. Upon termination of the Plan, each participant is entitled to receive the entire balance in his or her account in accordance with the terms of the Plan.


2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting - The financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Temporary Investments - Temporary investments are investments in short‑term money market funds and interest bearing cash in the respective investment funds.


5

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of Dow and DowDuPont, mutual funds, certain money market funds and common stock are stated at fair value based upon the quoted market value of such securities at year end. The investments in common/collective trusts are valued at net asset value per share (or its equivalent) of the fund, based on the fair market values of the underlying net assets. There are no redemption restrictions or unfunded commitments on these investments. Due to their short‑term nature and liquidity, temporary investments, including certain money market funds and interest bearing cash, are stated at outstanding balance, which approximates fair value.

Investments of the Interest Income Fund (“Fund”) included in the Plan consist of Synthetic Guaranteed Investment Contracts (“Synthetic GICs”), a money market fund, and a common collective trust fund. All of the Plan's Synthetic GICs are fully benefit-responsive and are recorded at contract value. Contract value is the amount participants would normally receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents deposits made to the contract plus earnings at guaranteed crediting rates less withdrawals and applicable fees. Synthetic GICs operate similarly to an insurance company separate account investment contract, except that the assets are placed in a separate custodial account (owned by the Plan) rather than such assets being held in a separate account of the insurance company. A Synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio, owned by the Plan, of high-quality, intermediate term fixed income securities or common/collective trusts holding similar investments. The Plan purchases a wrapper contract from financial services institutions.

In addition to holding certain assets, Synthetic GICs include features designed to provide participant liquidity at book value as well as periodic interest crediting rates. The liquidity feature is also known as “benefit responsiveness.” Synthetic GICs may be issued by banks, insurance companies and other financial institutions.

The Synthetic GICs provide for prospective crediting interest rate adjustments based on the interest earnings and fair value of the underlying assets. The crediting interest rates are reset monthly and the contracts provide that the crediting interest rates cannot be less than zero.

Certain events may limit the ability of the Plan to transact at contract value with the insurance company and the financial institution issuer. Such events include the following: (i) amendments to the plan documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor events (e.g., divestitures or spin offs of a subsidiary) which cause a significant withdrawal from the Plan; or (iv) the failure of the Plan to qualify for exemption from federal income taxes or any required exemption of prohibited transaction under ERISA. The plan administrator does not believe that the occurrence of any such event, which would limit the Plan's ability to transact at contract value, is probable.

Synthetic GICs generally impose conditions on both the Plan and the issuer. If an event of default occurs and is not resolved, the non-defaulting party may terminate the contract. The following may cause the Plan to be in default: a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the plan agreement. The issuer may be in default if it breaches a material obligation under the investment contract; makes a material misrepresentation; has a decline in its long-term credit rating below a threshold set forth in the contract; or is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, the Plan were unable to obtain a replacement investment contract, losses may occur if the market value of the Plan's assets, which were covered by the contract, is below the contract value. The Plan may seek to add additional issuers over time to diversify the Plan's exposure to such risk, but there is no assurance the Plan may be able to do so. The combination of the default of an issuer and an inability to obtain a replacement agreement could render the Plan unable to achieve its objective of maintaining a stable contract value. The terms of an investment contract generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. Generally, payments will be made pro rata, based on the percentage of investments covered by each issuer. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default.

If the contract terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to the Plan the excess, if any, of contract value over market value on the date of termination. If a contract terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to the Plan the cost of acquiring a replacement contract (i.e., replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer will pay the excess of contract value over market value to the Plan to the extent necessary for the Plan to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

Changes in fixed income market conditions and interest rates may affect the yield to maturity and the market value of the underlying investments. Such changes could have a material impact on the Synthetic GIC's future interest crediting rates. In addition, participant

6

withdrawals from and transfers out of the Interest Income Fund made according to Plan provisions are paid at contract value but funded through the market value liquidation of the underlying investments. This process of funding participant withdrawals and transfers from market value liquidations of underlying investments may also have an effect on future interest crediting rates.

Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.

Benefits Payable - Amounts payable to persons who have withdrawn from participation are not recorded as a liability of the Plan. Benefits payable to participants who had withdrawn from participation in the Plan as of December 31, 2017 and 2016 were insignificant.

Federal Income Tax Status - The Internal Revenue Service has determined and informed the Company by a letter dated September 2, 2014 that the Plan is qualified and the trust established under the Plan is tax exempt under the appropriate sections of the Internal Revenue Code (the “Code”). Although the Plan has been amended since receiving the determination letter, the plan administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.

In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The plan administrator believes it is no longer subject to tax examinations for years prior to 2014.

Risks and Uncertainties - The Plan invests in various investment instruments. 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.

3.
LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN INVESTMENTS

The Plan's investment in The Dow Chemical Company LESOP, at December 31, 2017 and 2016, is presented in the following table:

 
2017
2016
 
Allocated
Unallocated
Allocated
Unallocated
Number of Shares
15,491,810

10,138,893

15,811,328

13,469,618

Cost
$
74,895,954

$
188,524,586

$
65,947,994

$
238,672,315

Fair Value
$
1,103,326,708

$
722,091,959

$
904,724,188

$
770,731,542



4.
FAIR VALUE

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

For investments classified as Level 1 (measured using quoted prices in active markets), the total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange in which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs.

For investments classified as Level 2 (measured using significant other observable inputs), where the Level 1 process is not available, the underlying assets are valued based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that security. Market inputs are obtained from well established and recognized vendors of market data and placed through tolerance/quality checks.

For investments classified as Level 3, the total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Both observable and unobservable inputs may be used to determine the

7

fair value of positions classified as Level 3 investments. As a result, the unrealized gains and losses for these investments presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs.

The investment's fair value level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following tables present information about certain assets of the Plan measured at fair value on a recurring basis.

Assets Measured at Fair Value on a Recurring Basis at December 31, 2017
Total
Level 1
Level 2
DowDuPont Inc. Common Stock:
 
 
 
Allocated participant directed
$
2,263,079,811

$
2,263,079,811

$
—

Unallocated non-participant directed
722,091,959

722,091,959

—

Common stock
33,004,235

33,004,235

—

Mutual funds
1,592,970,412

1,592,970,412

—

Temporary investments:
 
 
 
Allocated participant directed
74,071,704

32,831,117

41,240,587

Unallocated non-participant directed
5,107,427

—

5,107,427

Total categorized assets at fair value
$
4,690,325,548

$
4,643,977,534

$
46,348,014

Fair value measured at net asset value per share:
 
 
 
Common/collective trusts
$
5,504,997,668

 
 
Total assets at fair value
$
10,195,323,216

 
 


Assets Measured at Fair Value on a Recurring Basis at December 31, 2016
Total
Level 1
Level 2
The Dow Chemical Company Common Stock:
 
 
 
Allocated participant directed
$
1,838,505,837

$
1,838,505,837

$
—

Unallocated non-participant directed
770,731,542

770,731,542

 
Common stock
29,724,508

29,724,508

—

Mutual funds
1,916,655,864

1,916,655,864

—

Temporary investments:
 
 
 
Allocated participant directed
62,359,336

33,839,245

28,520,091

Unallocated non-participant directed
7,883

—

7,883

Total categorized assets at fair value
$
4,617,984,970

$
4,589,456,996

$
28,527,974

Fair value measured at net asset value per share:
 
 
 
Common/collective trusts
$
4,037,851,323

 
 
Total assets at fair value
$
8,655,836,293

 
 

The Plan's policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There were no significant transfers between levels of the fair value hierarchy during 2017.


5.
LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN AND LOAN PAYABLE

The Plan consists of a profit sharing plan with a cash or deferred feature which is intended to qualify under Sections 401(a) and 401(k) of the Code and an ESOP that is intended to qualify (as a stock bonus plan) under Sections 401(a) and 4975(e)(7) of the Code. The ESOP consists of (i) a leveraged employee stock ownership plan ("LESOP"), and (ii) the DowDuPont Stock Fund (the Dow Stock Fund prior to the Merger). The LESOP includes (i) the assets of the Suspense Account and (ii) a LESOP Stock Fund which (A) shall consist of shares of DowDuPont common stock (shares of Dow common stock prior to the Merger were converted into shares of DowDuPont common stock at a ratio of 1:1) acquired with the proceeds of exempt loans, and allocated to participant accounts, and (B) shall provide for such subaccounts as described in the definition of “LESOP Account” in Section 1.3 in the Plan and as further necessary. The portion of the Plan invested in the DowDuPont Stock Fund (Dow Stock Fund prior the Merger) constitutes part of the employee stock ownership plan under Section 4975(e)(7) of the Code.

8


The Plan has one loan outstanding at December 31, 2017 and 2016, which bears interest at 10.03% and matures in 2020. The loan is between the Plan and Dorintal Reinsurance Ltd., a party-in-interest. Prior to February 28, 2011, the loan was between the Plan and Rohm and Haas Holdings Ltd.. On February 28, 2011, Rohm and Haas Holdings Ltd. and Dorintal Reinsurance Ltd. entered into an amalgamation agreement, which resulted in the amalgamation of the two companies. The combined company is known as Dorintal Reinsurance Ltd. The Plan uses dividends paid on unallocated shares of DowDuPont common stock (Dow common stock prior to the Merger) to make the scheduled quarterly principal and interest payments. If needed, the Plan may use dividends on allocated shares of DowDuPont common stock (Dow common stock prior to the Merger) to make the scheduled principal and interest payments. Dividends from allocated shares used to pay principal and interest are replaced by an equal value of shares released in accordance with the release fraction. The Company is required to make a cash contribution to fund any quarterly shortages in common stock dividends paid as compared to required principal and interest payments. There was no shortfall and no Company cash contribution for the year ended December 31, 2017. Dow declared common stock dividends of $1.38 per share and DowDuPont declared common stock dividends of $0.38 per share during 2017.

Interest expense for the year ended December 31, 2017 is $4,884,165. The minimum principal payments on this loan to maturity are as follows:

Minimum Loan Principal Payment to Maturity
 
2018
$
16,692,143

2019
18,430,396

2020
4,007,395

Total
$
39,129,934



6.
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2017 and 2016:

Reconciliation of Net Assets Available for Benefits per the Financial Statements to Form 5500 at December 31,
2017
2016
Net Assets Available for Benefits per the Financial Statements
$
12,428,830,040

$
11,122,214,263

Adjustment from Contract Value to Fair Value for Fully Benefit-responsive Synthetic GICs
16,499,744

25,066,866

Net Assets Available for Benefits per Form 5500
$
12,445,329,784

$
11,147,281,129


For the year ended December 31, 2017, the following is a reconciliation of total investment income per the financial statements to Form 5500:

Reconciliation of Total Investment Income per the Financial Statements to Form 5500 for 2017
 
Net investment gain per the financial statements
$
1,897,278,329

Adjustment for participant notes receivable interest
4,196,788

Adjustment from Contract Value to Fair Value for Fully Benefit-responsive Synthetic GICs
(8,567,122
)
Net Investment Gain per Form 5500
$
1,892,907,995


9




SUPPLEMENTAL SCHEDULES

10

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
 
EMPLOYER IDENTIFICATION NO. 38-1285128
 
PLAN NO. 002
 
 
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
 
AS OF DECEMBER 31, 2017
 
 
 
(c)
 
 
 
 
Description of Investment
 
 
 
(b)
Including Maturity Date,
(d)
(e)
 
Identity of Issuer, Borrower,
Rate of Interest, Collateral,
Cost or Contract
Current
(a)
Lessor, or Similar Party
Par, or Maturity Value
Value
Value
*
DowDuPont Inc.:



 
DowDuPont Stock
 DowDuPont Stock
**
$
1,159,753,103

 
LESOP
 Allocated LESOP - DowDuPont Stock
**
1,103,326,708

 
LESOP
 Unallocated LESOP - DowDuPont Stock
$
188,524,586

722,091,959

 
Lilly Pre 91 Stock
 Common Stock
**
2,213,781

 
Lilly Post 90 Stock
 Common Stock
**
6,579,012

 
Praxair Stock
 Common Stock
**
24,211,442

 
T. Rowe Price US Treasury Fund
 Common/Collective Trust
**
84,109,457

 
PIM Total Return Inst
 Mutual Fund
**
191,490,412

 
TRP IS MID CP EQ GR
 Mutual Fund
**
478,075,875

 
NB Genesis R6
 Mutual Fund
**
242,007,439

 
TRP High Yield Inst
 Mutual Fund
**
145,961,707

 
BTC LP IDX RETIRE N
 Common/Collective Trust
**
156,379,993

 
BTC LP IDX 2020 N
 Common/Collective Trust
**
278,655,920

 
BTC LP IDX 2025 N
 Common/Collective Trust
**
302,275,783

 
BTC LP IDX 2030 N
 Common/Collective Trust
**
272,306,441

 
BTC LP IDX 2035 N
 Common/Collective Trust
**
184,883,490

 
BTC LP IDX 2040 N
 Common/Collective Trust
**
143,241,289

 
BTC LP IDX 2045 N
 Common/Collective Trust
**
117,437,168

 
BTC LP IDX 2050 N
 Common/Collective Trust
**
91,963,974

 
BTC LP IDX 2055 N
 Common/Collective Trust
**
84,478,569

 
BTC LP IDX 2060 N
 Common/Collective Trust
**
515,495

 
ACWI ex-US IMI Index
 Common/Collective Trust
**
237,793,025

 
American Century U.S. Real Estate Securities Trust
 Common/Collective Trust
**
82,769,299

 
Vang Inst 500 IDX TR
 Common/Collective Trust
**
1,664,217,614

 
Vang Inst Ext Mkt
 Common/Collective Trust
**
445,702,864

 
Vang Inst Tot Bd IDX
 Common/Collective Trust
**
186,472,174

 
Vang Global Equity
 Mutual Fund
**
221,506,728

 
Vang Dev Mkt IDX IP
 Mutual Fund
**
165,480,558

 
Vang Convertible Sec
 Mutual Fund
**
28,923,728

 
Vang LT Treasury ADM
 Mutual Fund
**
55,439,422

 
PIM Com Real Ret I
 Mutual Fund
**
14,196,939

 
PIM Real Return Inst
 Mutual Fund
**
49,887,604

 
Small Cap:



 
BTC Russel 2000 Index Fund
Common/Collective Trust
**
343,874,801

 
Emerging Markets IDX:



 
Emerging Markets Non-Lend
 Common/Collective Trust
**
137,155,897

 
      Forward
 
 
$
9,425,379,670

 
 
 
 
 
*
Represents a party-in-interest to the Plan
 
 
 
**
Cost information not required
 
 
 

11

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
 
EMPLOYER IDENTIFICATION NO. 38-1285128
 
PLAN NO. 002
 
 
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
 
AS OF DECEMBER 31, 2017
 
 
 
(c)
 
 
 
 
Description of Investment
 
 
 
(b)
Including Maturity Date,
(d)
(e)
 
Identity of Issuer, Borrower,
Rate of Interest, Collateral,
Cost or Contract
Current
(a)
Lessor, or Similar Party
Par, or Maturity Value
Value
Value
 
Forward
 
 
$
9,425,379,670

 
 
 
 
 
*
Fidelity Contrafund Pool CL 2
 Common/Collective Trust
**
690,764,415

 
Interest Bearing Cash
Temporary Investments
**
46,345,434

 
Non-Interest Bearing Cash
Temporary Investments
**
2,580

*
Fidelity Short Term Investment Fund
Temporary Investments
**
32,831,117

*
Participant Notes Receivable
Interest recorded at prime rate (3.25% - 10.5%) and maturities up to 60 months
**
114,458,502

 
Total
 
 
$
10,309,781,718

 
 
 
 
 
*
Represents a party-in-interest to the Plan
 
 
(continued)

**
Cost information not required
 
 
 

12

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
 
EMPLOYER IDENTIFICATION NO. 38-1285128
 
PLAN NO. 002
 
 
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
 
AS OF DECEMBER 31, 2017
 
 
 
(c)
 
 
 
 
Description of Investment
 
 
 
(b)
Including Maturity Date,
(d)
(e)
 
Identity of Issuer, Borrower,
Rate of Interest, Collateral,
Cost or Contract
Current
(a)
Lessor, or Similar Party
Par, or Maturity Value
Value
Value
 
Pacific Life:
 
 
 
 
G- 27523.01.0001 (see underlying assets at Appendix A)
PIMCO, Western; evergreen;
 
 
 
 
Synthetic GIC
**
$
272,821,731

 
Voya Retirement & Annuity:
 
 
 
 
    60031-A
    IGT Invesco ShrtTrm Bond:
 
 
 
 
evergreen; Common/collective trusts
**
364,247,553

 
    60031-B
IGT Voya HQ ShrtTrm Bond;
 
 
 
 
evergreen; Common/collective trusts
**
104,639,101

 
    60090 (see underlying assets at Appendix B)
Various Securities, maturity dates,
 
 
 
 
and asset types
**
4,462,359

 
New York Life:
 
 
 
 
GA-29007 (see underlying assets at Appendix C)
MacKay Shields Dow; evergreen;
 
 
 
 
Synthetic GIC
**
108,751,220

 
Transamerica:
 
 
 
 
MDA01078TR (see underlying assets at Appendix D)
IGT Invesco ShrtTrm Bond,
 
 
 
 
Dow NISA; evergreen; Synthetic GIC
**
414,535,128

 
RGA:
 
 
 
 
RGA 00036 (see underlying assets at Appendix F)
IGT Invesco ShrtTrm Bond; Wellington
 
 
 
 
Dow, evergreen; Synthetic GIC
**
236,908,442

 
Prudential Insurance:
 
 
 
 
 GA-62233 (see underlying assets at Appendix E)
Jennison, evergreen;
 
 
 
 
Synthetic GIC
**
377,939,641

 
    GA-63084
IGT Invesco ShrtTrm Bond;
 
 
 
 
evergreen; Common/collective trusts
**
39,521,811

 
Bank of Tokyo:
 
 
 
 
    INV-DOWCHEM 13-1
IGT INVESCO ShrtTrm Bond;
 
 
 
    (see underlying assets at Appendix F)
Wellington Dow; evergreen;
**
236,557,810

 
 
Synthetic GIC
 
 
 
Total guaranteed investment contracts
 
 
$
2,160,384,796

 
Total
 
 
$
12,470,166,514



13

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
 
 
SCHEDULE H, PART IV LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
EMPLOYER IDENTIFICATION NO. 38 - 1285128, PLAN NO. 002
 
 
 
FOR THE YEAR ENDED DECEMBER 31, 2017
 
 
 
Category (iii) - A series of transactions, when aggregated, involving an amount in excess of 5% of beginning plan net assets.
 
 
 
 
 
(h)
 
(a)
 
 
 
 
Current Value
 
Identity
 
(c)
(d)
(g)
of Asset on
(i)
of Party
(b)
Purchase
Selling
Cost of
Transaction
Net Gain/
Involved
Description of Asset
Price
Price
Asset
Date
(Loss)
Fidelity
Fidelity Institutional Government Portfolio
 
 
 
 
 
 
    Purchases - 17
$
25,101,544

$
—

$
25,101,544

$
25,101,544

$
—

 
    Sales - 4
$
—

$
20,002,000

$
20,002,000

$
20,002,000

$
—

 
 
 
 
 
 
 
There were no Category (i) (ii) or (iv) reportable transactions during the year ended December 31, 2017.


14


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
ABBVIE INC
3.200% 11/06/2022 DD 05/14/15
800,000

$
798,424

$
812,351

 
ABBVIE INC
3.600% 05/14/2025 DD 05/14/15
650,000

668,636

668,252

 
ALLERGAN FUNDING SCS
3.850% 06/15/2024 DD 06/19/14
1,250,000

1,259,188

1,280,925

 
AMERICAN EXPRESS CREDIT CORP
2.250% 05/05/2021 DD 05/05/16
270,000

272,519

267,870

 
AMERICAN HONDA FINANCE CORP
VAR RT 11/05/2021 DD 09/06/17
2,000,000

1,991,880

2,001,480

 
AMERICAN INTERNATIONAL GROUP I
4.125% 02/15/2024 DD 10/02/13
1,500,000

1,544,339

1,584,900

 
AMGEN INC
2.700% 05/01/2022 DD 05/01/15
300,000

299,145

299,682

 
ANTHEM INC
2.950% 12/01/2022 DD 11/21/17
600,000

599,718

600,252

 
AP MOLLER - MAERSK A/S 144A
2.875% 09/28/2020 DD 09/28/15
300,000

304,653

302,091

 
AT&T INC
3.400% 05/15/2025 DD 05/04/15
750,000

731,798

737,363

 
AT&T INC 144A
4.300% 02/15/2030 DD 12/01/17
2,049,000

2,059,798

2,043,283

 
AUTODESK INC
3.125% 06/15/2020 DD 06/05/15
800,000

822,336

807,632

 
AVIATION CAPITAL GROUP LL 144A
4.625% 01/31/2018 DD 01/22/13
1,350,000

1,408,068

1,352,741

 
BANK 2017-BNK7 BNK7 ASB
3.265% 09/15/2060 DD 09/01/17
1,000,000

1,029,960

1,017,651

 
BANK OF AMERICA CORP
4.100% 07/24/2023 DD 07/23/13
2,800,000

2,925,580

2,973,460

 
BANK OF AMERICA CORP 144A
VAR RT 12/20/2028 DD 12/20/17
1,052,000

1,059,004

1,052,231

 
BARCLAYS PLC
3.200% 08/10/2021 DD 08/10/16
2,400,000

2,410,924

2,412,912

 
BAT CAPITAL CORP 144A
VAR RT 08/15/2022 DD 08/15/17
500,000

504,030

505,975

 
BOARD OF TRUSTEES OF THE LELAN
4.750% 05/01/2019 DD 04/29/09
625,000

678,640

646,800

 
BP CAPITAL MARKETS PLC
4.500% 10/01/2020 DD 10/01/10
1,000,000

994,510

1,058,120

 
BPCE SA
4.000% 04/15/2024 DD 04/15/14
1,300,000

1,327,690

1,373,099

 
CALIFORNIA ST
7.950% 03/01/2036 DD 04/01/10
500,000

620,800

558,360

 
CALIFORNIA ST
VAR RT 04/01/2047 DD 04/27/17
1,400,000

1,400,000

1,403,444

 
CGMS COMMERCIAL MORTGAG B1 AAB
3.243% 08/15/2050 DD 08/01/17
2,300,000

2,360,131

2,335,098

 
CHARTER COMMUNICATIONS OPERATI
4.464% 07/23/2022 DD 07/23/16
500,000

537,530

521,675

 
CHASE ISSUANCE TRUST A5 A5
1.360% 04/15/2020 DD 05/06/15
500,000

499,912

499,460

 
CHRYSLER CAPITAL AU BA A2 144A
1.360% 01/15/2020 DD 11/04/16
284,583

284,554

284,253

 
CITIBANK CREDIT CARD ISS A2 A2
VAR RT 01/23/2020 DD 02/08/08
600,000

618,375

600,444

 
CITIBANK CREDIT CARD ISS A2 A2
VAR RT 05/26/2020 DD 05/30/13
1,300,000

1,300,000

1,301,118

 
CITIBANK CREDIT CARD ISS A7 A7
VAR RT 09/10/2020 DD 09/23/13
600,000

601,922

601,488

 
CITIGROUP COMMERCIAL GC11 AAB
2.690% 04/10/2046 DD 04/01/13
400,000

399,016

401,232

 
CITIGROUP COMMERCIAL GC29 AAB
2.984% 04/10/2048 DD 04/01/15
700,000

715,230

707,098

 
CITIGROUP COMMERCIAL MO P8 AAB
3.268% 09/15/2050 DD 09/01/17
1,100,000

1,132,985

1,119,811

 
CITIGROUP INC
3.400% 05/01/2026 DD 05/02/16
2,800,000

2,830,354

2,816,716

 
COBB-MARIETTA COLISEUM & EXHIB
2.700% 01/01/2022 DD 09/09/15
650,000

650,000

655,246

 
COMM 2013-CCRE11 MORT CR11 ASB
3.660% 08/10/2050 DD 10/01/13
600,000

626,814

619,770

 
COMM 2014-CCRE19 MORT CR19 ASB
3.499% 08/10/2047 DD 08/01/14
800,000

823,980

824,440

 
COMM 2015-DC1 MORTGAGE DC1 ASB
3.142% 02/10/2048 DD 03/01/15
400,000

411,995

406,600

 
COMM 2016-COR1 MORTGA COR1 ASB
2.972% 10/10/2049 DD 10/01/16
500,000

505,645

501,980

 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 02/01/2048 DD 02/01/18
8,600,000

8,806,625

8,817,150


15

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2033 DD 01/01/18
8,400,000

8,560,125

8,555,904

 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2048 DD 02/01/18
600,000

596,684

599,214

 
COMMIT TO PUR FNMA SF MTG
4.000% 03/01/2048 DD 03/01/18
5,300,000

5,514,504

5,526,893

 
COMMIT TO PUR GNMA II JUMBOS
4.000% 02/20/2048 DD 02/01/18
5,200,000

5,424,250

5,418,868

 
CONOCOPHILLIPS CO
4.200% 03/15/2021 DD 03/08/16
144,000

154,824

151,426

 
CREDIT SUISSE AG/NEW YORK NY
3.625% 09/09/2024 DD 09/09/14
1,000,000

1,003,200

1,034,740

 
CREDIT SUISSE AG/NEW YORK NY
3.000% 10/29/2021 DD 10/29/14
900,000

894,600

909,234

 
CROWN CASTLE TOWERS LLC 144A
4.883% 08/15/2040 DD 08/16/10
1,730,000

1,860,907

1,809,355

 
CSAIL 2015-C1 COMMERCIA C1 ASB
3.351% 04/15/2050 DD 03/01/15
400,000

411,998

411,272

 
CSAIL 2015-C4 COMMERCIA C4 ASB
3.617% 11/15/2048 DD 11/01/15
1,000,000

1,075,039

1,036,620

 
DAIMLER FINANCE NORTH AME 144A
2.300% 02/12/2021 DD 11/14/17
1,400,000

1,397,074

1,388,128

 
DELL INTERNATIONAL LLC / 144A
4.420% 06/15/2021 DD 06/01/16
800,000

842,048

833,616

 
DELL INTERNATIONAL LLC / 144A
5.450% 06/15/2023 DD 06/01/16
400,000

436,568

432,256

 
DEUTSCHE BANK AG
4.250% 10/14/2021 DD 04/14/17
1,200,000

1,214,064

1,248,444

 
DOMINION ENERGY GAS HOLDINGS L
2.500% 12/15/2019 DD 12/08/14
800,000

806,728

801,256

 
ECMC GROUP STUDENT L 2A A 144A
VAR RT 05/25/2067 DD 08/10/17
910,752

910,752

918,366

 
EMD FINANCE LLC 144A
2.400% 03/19/2020 DD 03/19/15
1,000,000

1,000,360

997,810

 
ENBRIDGE INC
VAR RT 01/10/2020 DD 10/10/17
1,100,000

1,098,768

1,101,518

 
ENERGY N W WA ELEC REVENUE
1.793% 07/01/2018 DD 04/24/14
750,000

750,000

749,955

 
ENERGY TRANSFER PARTNERS LP
4.150% 10/01/2020 DD 09/19/13
1,000,000

1,045,950

1,032,650

 
ENTERPRISE PRODUCTS OPERATING
6.500% 01/31/2019 DD 04/03/08
500,000

531,915

522,485

 
ESC LEHMAN BRTH HLD
0.000% 05/02/2018 DD 04/24/08
1,800,000

972,142

84,240

 
ESC LEHMAN BRTH HLD ESCROW
0.000% 11/24/2013 DD 01/22/08
900,000

498,390

41,400

 
FEDERAL HOME LN BK CONS BD
0.875% 08/05/2019 DD 08/04/16
1,150,000

1,147,792

1,131,301

 
FEDERAL HOME LN MTG CORP
1.625% 09/29/2020 DD 09/29/17
1,500,000

1,497,285

1,482,870

 
FEDERAL NATL MTG ASSN
1.875% 09/24/2026 DD 09/27/16
4,400,000

4,044,128

4,147,616

 
FEDERAL NATL MTG ASSN
2.000% 01/05/2022 DD 01/09/17
6,400,000

6,389,922

6,357,824

 
FEDERAL NATL MTG ASSN
1.750% 09/12/2019 DD 07/28/14
21,200,000

21,080,644

21,140,004

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
300,896

301,726

316,816

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
371,796

371,564

389,732

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
12,657

12,112

13,049

 
FHLMC MULTICLASS MTG
3.389% 03/25/2024 DD 06/01/14
1,000,000

1,029,951

1,045,070

 
FHLMC MULTICLASS MTG 3225 HF
VAR RT 10/15/2036 DD 10/15/06
482,910

485,173

486,160

 
FHLMC MULTICLASS MTG 3843 FE
VAR RT 04/15/2041 DD 04/15/11
546,712

548,079

551,666

 
FHLMC MULTICLASS MTG 3843 FG
VAR RT 04/15/2041 DD 04/15/11
546,712

548,079

551,316

 
FHLMC MULTICLASS MTG 4559 AF
VAR RT 03/15/2042 DD 03/01/16
1,968,708

1,971,169

1,969,102

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
22

22

22

 
FHLMC MULTICLASS MTG K065 A1
2.864% 10/25/2026 DD 07/01/17
694,110

707,954

701,836

 
FHLMC MULTICLASS MTG KJ04 A1
1.376% 10/25/2020 DD 05/01/16
546,430

546,426

542,277

 
FHLMC MULTICLASS MTG KJ11 A1
2.045% 07/25/2022 DD 02/01/17
592,017

592,014

589,441

 
FIDELITY NATIONAL INFORMATION
5.000% 10/15/2025 DD 10/20/15
139,000

158,142

153,610

 
FNMA POOL #0072163
VAR RT 02/01/2028 DD 02/01/89
2,712

2,690

2,690

 
FNMA POOL #0112511
VAR RT 09/01/2020 DD 01/01/91
1,075

1,080

1,067

 
FNMA POOL #0303298
VAR RT 01/01/2025 DD 04/01/95
3,341

3,431

3,333

 
FNMA POOL #0323919
VAR RT 08/01/2029 DD 08/01/99
12,349

11,855

12,890


16

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
FNMA POOL #0361373
VAR RT 07/01/2026 DD 09/01/96
17,851

18,303

18,441

 
FNMA POOL #0MA2705
3.000% 08/01/2046 DD 07/01/16
811,202

844,601

811,616

 
FNMA GTD REMIC P/T 11-47 GF
VAR RT 06/25/2041 DD 05/25/11
1,319,337

1,324,697

1,333,823

 
FNMA GTD REMIC P/T 15-79 FE
VAR RT 11/25/2045 DD 10/25/15
869,472

864,445

867,629

 
FNMA GTD REMIC P/T 16-11 CF
VAR RT 03/25/2046 DD 02/25/16
975,297

972,249

975,912

 
FNMA GTD REMIC P/T 17-M12 A1
2.815% 06/25/2027 DD 10/01/17
1,793,287

1,811,188

1,796,031

 
FNMA GTD REMIC P/T 17-M8 A1
2.654% 05/25/2027 DD 07/01/17
588,758

594,625

590,601

 
FORD CREDIT AUTO LEASE T A A2B
VAR RT 11/15/2019 DD 03/28/17
1,039,400

1,039,400

1,039,296

 
FORD CREDIT AUTO OWNE 1 A 144A
2.260% 11/15/2025 DD 05/15/14
1,000,000

999,751

1,002,030

 
FORD MOTOR CREDIT CO LLC
5.875% 08/02/2021 DD 08/01/11
650,000

712,992

713,772

 
FORD MOTOR CREDIT CO LLC
4.134% 08/04/2025 DD 08/04/15
900,000

937,629

930,798

 
GATX CORP
VAR RT 11/05/2021 DD 11/06/17
800,000

800,000

805,872

 
GENERAL ELECTRIC CO
4.650% 10/17/2021 DD 10/17/11
430,000

477,489

462,955

 
GENERAL MOTORS FINANCIAL CO IN
4.375% 09/25/2021 DD 09/25/14
500,000

524,475

525,945

 
GENERAL MOTORS FINANCIAL CO IN
VAR RT 10/04/2019 DD 10/06/16
800,000

803,400

810,512

 
GNMA POOL #0434797
8.500% 07/15/2030 DD 07/01/00
5,269

5,468

5,668

 
GNMA POOL #0434944
8.500% 11/15/2030 DD 11/01/00
2,713

2,816

2,815

 
GNMA POOL #0434985
8.500% 12/15/2030 DD 12/01/00
6,725

6,969

6,966

 
GNMA POOL #0486116
8.500% 07/15/2030 DD 07/01/00
9,608

9,960

9,682

 
GNMA POOL #0494885
8.500% 03/15/2030 DD 03/01/00
1,250

1,297

1,255

 
GNMA POOL #0498147
8.500% 12/15/2029 DD 12/01/99
332

344

333

 
GNMA POOL #0511172
8.500% 01/15/2030 DD 01/01/00
551

572

558

 
GNMA POOL #0520979
8.500% 09/15/2030 DD 09/01/00
5,236

5,434

5,973

 
GNMA POOL #0521829
8.500% 05/15/2030 DD 05/01/00
4,437

4,600

4,956

 
GNMA POOL #0531197
8.500% 06/15/2030 DD 06/01/00
8,287

8,590

8,368

 
GNMA POOL #0698036
6.000% 01/15/2039 DD 01/01/09
27,169

29,601

30,394

 
GNMA POOL #0782190
6.000% 10/15/2037 DD 10/01/07
4,499

4,901

5,030

 
GNMA POOL #0782449
6.000% 09/15/2038 DD 10/01/08
34,734

37,844

38,834

 
GNMA GTD REMIC P/T 17-57 WF
VAR RT 12/20/2045 DD 04/01/17
985,447

984,793

983,535

 
GNMA II POOL #0003001
8.500% 11/20/2030 DD 11/01/00
6,057

6,256

6,924

 
GNMA II POOL #0008089
VAR RT 12/20/2022 DD 12/01/92
37,615

38,250

38,453

 
GNMA II POOL #0008913
VAR RT 07/20/2026 DD 07/01/96
11,932

11,794

12,290

 
GNMA II POOL #0080022
VAR RT 12/20/2026 DD 12/01/96
12,933

12,990

13,370

 
GNMA II POOL #0080354
VAR RT 12/20/2029 DD 12/01/99
31,922

32,666

33,143

 
GOLDMAN SACHS GROUP INC/THE
5.250% 07/27/2021 DD 07/27/11
100,000

99,946

108,379

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
2,400,000

2,722,008

2,661,192

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
400,000

420,300

419,656

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 06/05/2023 DD 06/05/17
600,000

600,000

596,010

 
GOLDMAN SACHS GROUP INC/THE
3.750% 05/22/2025 DD 05/22/15
200,000

201,482

206,050

 
HSBC HOLDINGS PLC
5.100% 04/05/2021 DD 04/05/11
1,500,000

1,698,855

1,611,645

 
HSBC HOLDINGS PLC
3.600% 05/25/2023 DD 05/25/16
900,000

915,877

925,974

 
HYUNDAI AUTO LEASE B A2B 144A
VAR RT 12/16/2019 DD 05/31/17
1,600,000

1,600,000

1,600,976

 
IMPERIAL BRANDS FINANCE P 144A
3.750% 07/21/2022 DD 07/21/15
1,000,000

1,059,420

1,033,400

 
JAPAN BANK FOR INTERNATIONAL C
2.500% 06/01/2022 DD 06/01/17
500,000

499,510

497,895

 
JPMBB COMMERCIAL MORTG C17 ASB
3.705% 01/15/2047 DD 12/01/13
600,000

628,056

621,912


17

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
JPMBB COMMERCIAL MORTG C21 ASB
3.428% 08/15/2047 DD 07/01/14
1,200,000

1,235,996

1,233,036

 
JPMBB COMMERCIAL MORTG C24 ASB
3.368% 11/15/2047 DD 10/01/14
1,000,000

1,029,996

1,026,500

 
JPMDB COMMERCIAL MORTGA C4 ASB
2.994% 12/15/2049 DD 11/01/16
900,000

926,999

901,656

 
JPMORGAN CHASE & CO
3.200% 01/25/2023 DD 01/25/13
1,000,000

1,036,420

1,020,000

 
JPMORGAN CHASE & CO
3.625% 05/13/2024 DD 05/13/14
3,000,000

3,128,610

3,119,430

 
KANSAS ST DEV FIN AUTH REVENUE
2.927% 04/15/2021 DD 08/20/15
950,000

950,000

956,318

 
KEYBANK NA/CLEVELAND OH
2.500% 12/15/2019 DD 11/24/14
250,000

256,076

250,738

 
KINDER MORGAN ENERGY PARTNERS
4.300% 05/01/2024 DD 05/02/14
500,000

516,530

520,580

 
KINDER MORGAN ENERGY PARTNERS
3.500% 09/01/2023 DD 02/28/13
1,500,000

1,480,858

1,500,960

 
KRAFT HEINZ FOODS CO
VAR RT 02/10/2021 DD 08/10/17
800,000

800,000

802,008

 
LEASEPLAN CORP NV 144A
2.875% 01/22/2019 DD 10/22/15
300,000

302,871

300,204

 
LEHMAN BRTH HLD (RICI) ESCROW
0.000% 12/28/2049 DD 12/21/07
2,000,000

1,998,520

—

 
LLOYDS BANKING GROUP PLC
VAR RT 11/07/2023 DD 11/07/17
900,000

900,000

892,287

 
LOS ANGELES CA MUNI IMPT CORPL
3.432% 11/01/2021 DD 11/19/15
450,000

450,000

465,260

 
LOS ANGELES CNTY CA PUBLIC WKS
2.560% 12/01/2019 DD 09/02/15
870,000

870,000

874,785

 
LOS ANGELES CNTY CA REDEV REFU
2.000% 09/01/2023 DD 08/25/16
800,000

792,424

768,680

 
METROPOLITAN LIFE GLOBAL 144A
2.300% 04/10/2019 DD 04/10/14
550,000

549,280

550,765

 
MICHIGAN ST
7.625% 09/15/2027 DD 06/25/09
750,000

900,923

780,008

 
MORGAN STANLEY
4.000% 07/23/2025 DD 07/23/15
2,000,000

2,131,000

2,094,100

 
MORGAN STANLEY
5.750% 01/25/2021 DD 01/25/11
2,000,000

2,298,480

2,179,480

 
MORGAN STANLEY BANK OF C13 ASB
3.557% 11/15/2046 DD 12/01/13
500,000

519,475

515,630

 
MORGAN STANLEY BANK OF C16 A4
3.600% 06/15/2047 DD 06/01/14
900,000

957,516

932,139

 
MORGAN STANLEY CAPITAL HR2 ASB
3.509% 12/15/2050 DD 12/01/17
700,000

720,984

721,084

 
MOTEL 6 TRUST 2017 MTL6 A 144A
VAR RT 08/15/2034 DD 09/11/17
793,967

793,967

795,705

 
NATIONWIDE BUILDING SOCIE 144A
2.450% 07/27/2021 DD 07/27/16
500,000

504,080

495,970

 
NAVIENT STUDENT LOA 3A A1 144A
VAR RT 07/26/2066 DD 04/20/17
442,552

442,552

442,822

 
NAVIENT STUDENT LOAN 5A A 144A
VAR RT 06/25/2065 DD 08/11/16
627,836

627,836

641,178

 
NEW YORK ST URBAN DEV CORP REV
2.100% 03/15/2022 DD 03/23/17
2,000,000

1,999,060

1,991,560

 
NISSAN MOTOR ACCEPTANCE C 144A
2.650% 09/26/2018 DD 09/26/13
1,800,000

1,830,780

1,806,822

 
NORTH CAROLINA ST TURNPIKE AUT
6.700% 01/01/2039 DD 07/29/09
600,000

670,572

626,766

 
NUVEEN FINANCE LLC 144A
2.950% 11/01/2019 DD 10/30/14
800,000

798,560

807,648

 
ORACLE CORP
2.950% 11/15/2024 DD 11/09/17
900,000

898,578

906,453

 
OVERSEAS PRIVATE INVT CORP
3.790% 06/15/2034 DD 03/17/14
1,092,371

1,092,884

1,172,147

 
PENSKE TRUCK LEASING CO L 144A
3.050% 01/09/2020 DD 12/11/14
800,000

822,952

809,592

 
PETROBRAS GLOBAL FINANCE BV
6.250% 03/17/2024 DD 03/17/14
200,000

200,980

212,200

 
PIONEER NATURAL RESOURCES CO
7.500% 01/15/2020 DD 11/13/09
850,000

1,041,905

932,297

 
PORT OF SEATTLE WA REVENUE
7.000% 05/01/2036 DD 07/16/09
750,000

876,195

797,850

 
PROTECTIVE LIFE GLOBAL FU 144A
2.161% 09/25/2020 DD 09/27/17
900,000

900,000

890,271

 
PUBLIC SERVICE ELECTRIC & GAS
1.900% 03/15/2021 DD 03/03/16
460,000

464,951

452,999

 
QUALCOMM INC
3.000% 05/20/2022 DD 05/20/15
400,000

399,848

400,364

 
QUALCOMM INC
2.100% 05/20/2020 DD 05/26/17
700,000

699,958

697,053

 
QVC INC
4.850% 04/01/2024 DD 03/18/14
1,500,000

1,536,930

1,576,275

 
RECKITT BENCKISER TREASUR 144A
2.375% 06/24/2022 DD 06/26/17
800,000

799,248

784,312

 
REILLY MTG ASSOC 91ST FHA PROJ
VAR RT 02/01/2023 DD 11/04/99
9,363

9,598

9,392

 
RELIANCE STANDARD LIFE GL 144A
2.500% 04/24/2019 DD 04/24/14
1,000,000

997,670

1,002,220


18

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
ROYAL BANK OF SCOTLAND GROUP P
3.875% 09/12/2023 DD 09/12/16
1,100,000

1,100,437

1,118,634

 
SABINE PASS LIQUEFACTION LLC
5.750% 05/15/2024 DD 11/15/14
1,000,000

1,117,630

1,111,480

 
SANTANDER UK GROUP HOLDINGS PL
3.125% 01/08/2021 DD 01/08/16
1,150,000

1,165,658

1,160,822

 
SBA TOWER TRUST 144A
2.898% 10/11/2044 DD 10/15/14
900,000

900,000

902,160

 
SLC STUDENT LOAN TRUST 20 1 A3
VAR RT 02/15/2025 DD 06/15/05
568,004

567,382

567,595

 
SLC STUDENT LOAN TRUST 20 2 A3
VAR RT 03/15/2027 DD 09/28/05
621,344

619,985

620,859

 
SLC STUDENT LOAN TRUST 20 2 A5
VAR RT 09/15/2026 DD 09/19/06
1,438,524

1,426,428

1,435,086

 
SLM STUDENT LOAN TR 12 A5 144A
VAR RT 09/15/2022 DD 11/25/03
89,122

89,052

89,164

 
SLM STUDENT LOAN TRUST 20 1 A5
VAR RT 01/26/2026 DD 01/25/07
417,592

416,287

417,713

 
SLM STUDENT LOAN TRUST 20 3 A5
VAR RT 10/25/2024 DD 04/13/05
290,611

288,113

290,335

 
SLM STUDENT LOAN TRUST 20 4 A3
VAR RT 01/25/2027 DD 05/19/05
438,779

436,448

436,760

 
SLM STUDENT LOAN TRUST 20 8 A5
VAR RT 01/27/2025 DD 09/14/06
1,459,238

1,454,222

1,456,393

 
SOCIETE GENERALE SA 144A
2.625% 09/16/2020 DD 09/16/15
1,150,000

1,144,975

1,153,013

 
SOUTHERN CALIFORNIA GAS CO
5.450% 04/15/2018 DD 10/17/03
500,000

532,240

505,155

 
SOUTHERN POWER CO 144A
VAR RT 12/20/2020 DD 11/20/17
800,000

800,000

801,680

 
SOUTHWEST AIRLINES CO
2.750% 11/06/2019 DD 11/06/14
500,000

498,980

503,580

 
TECH DATA CORP
3.700% 02/15/2022 DD 01/31/17
400,000

400,804

401,240

 
TELEFONICA EMISIONES SAU
5.877% 07/15/2019 DD 07/06/09
650,000

722,605

683,345

 
TELEFONICA EMISIONES SAU
5.462% 02/16/2021 DD 02/16/11
900,000

1,000,629

973,539

 
TEVA PHARMACEUTICAL FINANCE NE
2.200% 07/21/2021 DD 07/21/16
600,000

577,740

548,082

 
THOMSON REUTERS CORP
3.950% 09/30/2021 DD 10/05/11
1,000,000

1,052,280

1,035,080

 
TYSON FOODS INC
3.950% 08/15/2024 DD 08/08/14
700,000

756,035

736,169

 
U S TREASURY NOTE
1.500% 08/15/2026 DD 08/15/16
300,000

291,279

279,117

 
U S TREASURY NOTE
1.875% 07/31/2022 DD 07/31/17
5,700,000

5,712,246

5,622,765

 
U S TREASURY NOTE
1.875% 08/31/2024 DD 08/31/17
2,650,000

2,604,533

2,578,689

 
U S TREASURY NOTE
1.875% 09/30/2022 DD 09/30/17
600,000

599,203

591,306

 
U S TREASURY NOTE
2.250% 10/31/2024 DD 10/31/17
2,650,000

2,670,489

2,637,784

 
U S TREASURY NOTE
1.750% 03/31/2022 DD 03/31/15
3,000,000

3,005,156

2,950,770

 
U S TREASURY NOTE
1.375% 01/31/2021 DD 01/31/16
2,300,000

2,317,520

2,256,162

 
U S TREASURY NOTE
1.125% 02/28/2021 DD 02/29/16
10,000,000

9,852,935

9,724,600

 
U S TREASURY NOTE
1.500% 03/31/2023 DD 03/31/16
2,900,000

2,871,227

2,795,774

 
U S TREASURY NOTE
1.375% 04/30/2021 DD 04/30/16
8,000,000

7,986,016

7,826,880

 
U S TREASURY NOTE
1.250% 07/31/2023 DD 07/31/16
5,000,000

4,979,492

4,738,500

 
U S TREASURY NOTE
2.250% 02/15/2027 DD 02/15/17
3,100,000

3,088,293

3,059,328

 
U S TREASURY NOTE
2.000% 04/30/2024 DD 04/30/17
4,100,000

4,063,164

4,025,995

 
U S TREASURY NOTE
2.375% 05/15/2027 DD 05/15/17
6,480,000

6,554,333

6,461,532

 
U S TREASURY NOTE
2.000% 05/31/2024 DD 05/31/17
5,200,000

5,217,976

5,102,916

 
UBS COMMERCIAL MORTGAGE C4 ASB
3.366% 10/15/2050 DD 10/01/17
500,000

514,982

510,480

 
UBS COMMERCIAL MORTGAGE C7 ASB
3.586% 12/15/2050 DD 12/01/17
800,000

823,995

826,840

 
UBS GROUP FUNDING SWITZER 144A
VAR RT 08/15/2023 DD 08/15/17
1,600,000

1,600,000

1,581,712

 
UBS-BARCLAYS COMMERCIAL C5 AAB
2.687% 03/10/2046 DD 02/01/13
500,000

497,580

503,140

 
UNIV OF CALIFORNIA CA REVENUES
2.719% 05/15/2024 DD 09/28/17
700,000

700,000

693,238

 
UTAH ST
3.539% 07/01/2025 DD 09/30/10
1,350,000

1,450,802

1,407,173

 
VERIZON COMMUNICATIONS IN 144A
3.376% 02/15/2025 DD 08/16/17
2,589,000

2,561,966

2,598,786

 
VOLKSWAGEN GROUP OF AMERI 144A
2.450% 11/20/2019 DD 11/20/14
500,000

499,500

499,695


19

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
VOLKSWAGEN GROUP OF AMERI 144A
VAR RT 05/22/2018 DD 05/22/15
500,000

496,270

500,090

 
WELLS FARGO & CO
VAR RT 01/24/2023 DD 01/24/17
1,600,000

1,600,000

1,631,792

 
WELLS FARGO & CO
3.500% 03/08/2022 DD 03/08/12
1,000,000

1,042,500

1,032,560

 
WELLS FARGO & CO
3.300% 09/09/2024 DD 09/09/14
2,500,000

2,488,775

2,538,775

 
WELLS FARGO COMMERCIAL C30 ASB
3.412% 09/15/2058 DD 08/01/15
800,000

856,438

822,952

 
WELLS FARGO COMMERCIAL C35 ASB
2.788% 07/15/2048 DD 07/01/16
600,000

617,980

596,340

 
WESTJET AIRLINES LTD 144A
3.500% 06/16/2021 DD 06/16/16
1,000,000

1,025,000

1,009,320

 
WISCONSIN ST GEN FUND ANNUAL A
1.899% 05/01/2022 DD 08/16/16
800,000

800,000

779,264

 
YALE UNIVERSITY
2.086% 04/15/2019 DD 04/10/14
350,000

357,884

351,246

 
ZIMMER BIOMET HOLDINGS INC
3.550% 04/01/2025 DD 03/19/15
800,000

826,712

799,472

 
ARGENT SECURITIES INC A W10 M1
VAR RT 10/25/2034 DD 09/09/04
292,114

216,530

284,548

 
BANC OF AMERICA MORTGAGE A 1A1
VAR RT 02/25/2034 DD 01/01/04
9,263

9,201

9,262

 
BEAR STEARNS ALT-A TRUS 11 2A2
VAR RT 11/25/2034 DD 09/01/04
79,484

79,236

76,056

 
FHLMC MULTICLASS MTG K006 AX1
VAR RT 01/25/2020 DD 04/01/10
2,203,422

148,817

36,511

 
FHLMC MULTICLASS MTG K007 X1
VAR RT 04/25/2020 DD 06/01/10
391,266

29,742

7,696

 
FHLMC MULTICLASS MTG K008 X1
VAR RT 06/25/2020 DD 09/01/10
456,234

47,352

14,070

 
JP MORGAN MORTGAGE TRUS A2 4A1
VAR RT 05/25/2034 DD 04/01/04
80,234

79,369

79,492

 
MASTR ADJUSTABLE RATE M 15 1A1
VAR RT 12/25/2034 DD 11/01/04
16,152

16,051

16,171

 
MERRILL LYNCH MORTGAGE A1 2A1
VAR RT 02/25/2034 DD 02/01/04
163,837

146,122

163,914

 
NORTHSTAR EDU FIN INC DE
VAR RT 01/29/2046 DD 03/13/07
300,000

246,000

288,035

 
THORNBURG MORTGAGE SECUR 4 2A1
VAR RT 09/25/2037 DD 08/01/07
93,673

93,337

93,299

 
BARCLAYS BANK PLC REV REPO
1.510% 01/03/2018 DD 01/02/18
14,100,000

(14,100,000
)
(14,100,000
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
3,600,000

(3,693,655
)
(3,693,655
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
5,000,000

(5,132,813
)
(5,132,813
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
3,600,000

(3,692,250
)
(3,692,250
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 02/01/2048 DD 02/01/18
3,600,000

(3,675,375
)
(3,675,375
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 02/01/2048 DD 02/01/18
5,000,000

(5,131,250
)
(5,131,250
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
(3,600,000
)
3,681,211

3,681,211

 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
(5,000,000
)
5,139,355

5,139,355

 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
(3,600,000
)
3,693,656

3,693,656

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
4,700,000

(4,901,219
)
(4,901,219
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
300,000

(312,844
)
(312,844
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
300,000

(312,844
)
(312,844
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2033 DD 01/01/18
5,000,000

(5,095,313
)
(5,095,313
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2033 DD 01/01/18
3,400,000

(3,464,813
)
(3,464,813
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2048 DD 01/01/18
600,000

(597,164
)
(597,164
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2048 DD 02/01/18
600,000

(596,684
)
(596,684
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
4,700,000

(4,927,656
)
(4,927,656
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
300,000

(314,531
)
(314,531
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
300,000

(314,607
)
(314,607
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
5,000,000

(5,227,734
)
(5,227,734
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
300,000

(313,453
)
(313,453
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
300,000

(312,844
)
(312,844
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
5,000,000

(5,212,500
)
(5,212,500
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 03/01/2048 DD 03/01/18
300,000

(311,965
)
(311,965
)

20

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                
APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                    
December 31, 2017
 
COMMIT TO PUR FNMA SF MTG
4.000% 03/01/2048 DD 03/01/18
5,000,000

(5,202,539
)
(5,202,539
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2048 DD 01/01/18
(600,000
)
597,469

597,469

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
(5,000,000
)
5,219,336

5,219,336

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
(300,000
)
313,277

313,277

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
(300,000
)
313,664

313,664

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
(4,700,000
)
4,914,070

4,914,070

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
(300,000
)
313,453

313,453

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
(300,000
)
312,422

312,422

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
(4,700,000
)
4,897,363

4,897,363

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
(300,000
)
312,598

312,598

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
(300,000
)
312,844

312,844

 
COMMIT TO PUR FNMA SF MTG
4.000% 02/01/2048 DD 02/01/18
(5,000,000
)
5,214,063

5,214,063

 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
200,000

(208,438
)
(208,438
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
200,000

(209,406
)
(209,406
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
5,000,000

$
(5,235,156
)
(5,235,156
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
5,000,000

$
(5,203,906
)
(5,203,906
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 02/20/2048 DD 02/01/18
200,000

$
(208,625
)
$
(208,625
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 02/20/2048 DD 02/01/18
5,000,000

(5,215,625
)
(5,215,625
)
 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
(200,000
)
208,688

208,688

 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
(200,000
)
208,438

208,438

 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
(5,000,000
)
5,203,906

5,203,906

 
COMMIT TO PUR GNMA II JUMBOS
4.000% 01/20/2048 DD 01/01/18
(5,000,000
)
5,216,992

5,216,992

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
(1,038
)
1,038

1,038

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
(8,533
)
8,533

8,533

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
(288
)
288

288

 
FHLMC MULTICLASS MTG 4559 AF
VAR RT 03/15/2042 DD 03/01/16
(66,272
)
66,272

66,272

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
(25
)
25

25

 
JP MORGAN MORTGAGE TRUS A2 4A1
VAR RT 05/25/2034 DD 04/01/04
(1,023
)
1,023

1,023

 
US 10YR NOTE FUTURE (CBT)
EXP MAR 18
66

(44,344
)
(44,344
)
 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 18
(29
)
14,047

14,047

 
US 5YR TREAS NTS FUTURE (CBT)
EXP MAR 18
93

(59,578
)
(59,578
)
 
US ULTRA BOND (CBT)
EXP MAR 18
(2
)
(1,750
)
(1,750
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
30,786,752

30,786,752

 
TOTAL UNDERLYING ASSETS
 
 
$
281,280,576

275,876,041

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(3,054,310
)
 
CONTRACT VALUE
 
 
 
$
272,821,731



21

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.            
EMPLOYER IDENTIFICATION NO. 38-1285128            
PLAN NO. 002        
APPENDIX B - UNDERLYING ASSETS FOR VOYA 60090            
December 31, 2017
 
 
 
(c)
 
 
 
(b)
Face Value
 
(e)
 
Identity of Issue, Borrower,
or Number
 (d)
Current
(a)
Lessor or Similar Party
of Shares
 Cost
Value
 
 AMERIQUEST MORTGAGE SEC AR2 M1
 VAR RT 05/25/2033 DD 05/14/03
4,733

$
4,733

$
4,722

 
 ASSET BACKED SECURITIES HE3 M1
 VAR RT 06/15/2033 DD 06/03/03
9,727

9,718

9,611

 
 ASSET BACKED SECURITIES HE4 M2
 VAR RT 08/15/2033 DD 08/06/03
5,316

5,316

5,296

 
 CDC MORTGAGE CAPITAL TR HE1 M1
 VAR RT 08/25/2033 DD 03/28/03
4,579

4,550

4,562

 
 CDC MORTGAGE CAPITAL TR HE2 M1
 VAR RT 10/25/2033 DD 05/29/03
4,315

4,317

4,306

 
 CDC MORTGAGE CAPITAL TR HE3 M1
 VAR RT 03/25/2033 DD 11/27/02
2,910

2,914

2,901

 
 CITIGROUP GLOBAL MARKETS HE1 A
 VAR RT 04/25/2033 DD 04/25/03
587

587

536

 
 COUNTRYWIDE ASSET-BACKED 5 MV1
 VAR RT 03/25/2033 DD 12/30/02
1,748

1,770

1,744

 
 GNMA II POOL #0891616
 VAR RT 06/20/2058 DD 07/01/08
389,550

397,204

398,852

 
 GS MORTGAGE SECURITIE GCJ7 AAB
 2.935% 05/10/2045 DD 06/01/12
842,217

866,617

851,456

 
 GSAMP TRUST 2002-HE HE M1
 VAR RT 11/20/2032 DD 11/27/02
2,065

2,100

2,026

 
 HOME EQUITY ASSET TRUST 2 4 M1
 VAR RT 10/25/2033 DD 06/27/03
14,163

14,163

13,954

 
 HOME EQUITY ASSET TRUST 2 5 M1
 VAR RT 12/25/2033 DD 08/28/03
3,420

3,420

3,447

 
 HOME EQUITY ASSET TRUST 2 5 M2
 VAR RT 12/25/2033 DD 08/28/03
309

309

308

 
 LONG BEACH MORTGAGE LOAN 3 M1
 VAR RT 07/25/2033 DD 06/05/03
39,163

39,163

39,156

 
 MERCEDES-BENZ AUTO RECEIV 1 A3
 1.340% 12/16/2019 DD 07/22/15
551,994

553,292

550,752

 
 MORGAN STANLEY ABS CAPI HE1 M1
 VAR RT 05/25/2033 DD 06/27/03
13,558

13,558

13,444

 
 MORGAN STANLEY ABS CAPI NC7 M1
 VAR RT 06/25/2033 DD 07/30/03
4,561

4,561

4,511

 
 MORGAN STANLEY ABS CAPI NC7 M2
 VAR RT 06/25/2033 DD 07/30/03
15

15

15

 
 MORGAN STANLEY BANK OF C24 A1
 1.706% 05/15/2048 DD 08/01/15
375,637

377,397

372,688

 
 MORGAN STANLEY DEAN WIT NC5 M3
 VAR RT 10/25/2032 DD 10/29/02
843

844

673

 
 U S TREASURY NOTE
 0.875% 05/15/2019 DD 05/15/16
1,000,000

994,844

986,840

 
 U S TREASURY NOTE
 1.750% 05/31/2022 DD 05/31/17
1,000,000

1,000,156

982,580

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
215,670

215,670

 
TOTAL UNDERLYING ASSETS
 
 
$
4,517,218

4,470,050

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(7,691
)
 
CONTRACT VALUE
 
 
 
$
4,462,359


22

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.        
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007        
December 31, 2017    
 
 
 
(c)
 
 
 
(b)
Face Value
 
(e)
 
Identity of Issue, Borrower,
or Number
(d)
Current
(a)
Lessor or Similar Party
of Shares
Cost
Value
 
AIR LEASE CORP
2.125% 01/15/2020 DD 10/03/16
290,000

$
288,965

$
287,861

 
AIR LIQUIDE FINANCE SA 144A
1.750% 09/27/2021 DD 09/27/16
1,000,000

972,810

969,770

 
ALIMENTATION COUCHE-TARD 144A
2.350% 12/13/2019 DD 12/14/17
280,000

279,966

279,983

 
AMAZON.COM INC 144A
1.900% 08/21/2020 DD 08/22/17
565,000

564,689

560,367

 
AMERICAN HONDA FINANCE CORP
2.250% 08/15/2019 DD 09/09/14
1,050,000

1,048,058

1,051,575

 
ANHEUSER-BUSCH INBEV FINANCE I
2.650% 02/01/2021 DD 01/25/16
850,000

863,464

854,267

 
APPLE INC
1.550% 08/04/2021 DD 08/04/16
1,295,000

1,272,558

1,258,118

 
BANK OF AMERICA CORP
5.700% 01/24/2022 DD 01/24/12
620,000

702,212

691,164

 
BOEING CO/THE
2.125% 03/01/2022 DD 02/16/17
625,000

628,838

619,700

 
BP CAPITAL MARKETS PLC
1.676% 05/03/2019 DD 05/04/16
620,000

620,000

616,739

 
CAPITAL ONE NA
2.950% 07/23/2021 DD 07/24/14
800,000

827,368

804,768

 
CHEVRON CORP
1.961% 03/03/2020 DD 03/03/15
360,000

360,000

358,733

 
CHEVRON CORP
4.950% 03/03/2019 DD 03/03/09
580,000

657,355

599,418

 
CHUBB INA HOLDINGS INC
2.300% 11/03/2020 DD 11/03/15
315,000

315,916

314,499

 
CISCO SYSTEMS INC
2.200% 02/28/2021 DD 02/29/16
1,000,000

1,009,610

996,830

 
CITIZENS BANK NA/PROVIDENCE RI
2.500% 03/14/2019 DD 03/14/16
740,000

743,443

741,754

 
CITIZENS BANK NA/PROVIDENCE RI
2.550% 05/13/2021 DD 05/13/16
250,000

249,768

249,075

 
CK HUTCHISON INTERNATIONA 144A
2.250% 09/29/2020 DD 09/29/17
610,000

608,329

604,065

 
COLGATE-PALMOLIVE CO
1.750% 03/15/2019 DD 03/03/14
975,000

973,830

972,075

 
CONSUMERS ENERGY CO
6.125% 03/15/2019 DD 09/12/08
900,000

1,067,463

940,977

 
DIAGEO CAPITAL PLC
4.828% 07/15/2020 DD 05/14/10
285,796

309,128

303,710

 
EASTMAN CHEMICAL CO
2.700% 01/15/2020 DD 11/20/14
900,000

911,763

905,805

 
ELI LILLY & CO
1.950% 03/15/2019 DD 02/25/14
1,125,000

1,123,054

1,124,078

 
ESTEE LAUDER COS INC/THE
1.700% 05/10/2021 DD 05/10/16
975,000

965,644

954,486

 
EXELON CORP
2.850% 06/15/2020 DD 06/11/15
290,000

290,197

292,703

 
EXXON MOBIL CORP
1.708% 03/01/2019 DD 03/03/16
310,000

313,295

309,275

 
EXXON MOBIL CORP
2.222% 03/01/2021 DD 03/03/16
950,000

960,251

947,872

 
FEDERAL HOME LN BK CONS BD
1.500% 10/21/2019 DD 10/13/17
1,285,000

1,282,726

1,275,505

 
FEDERAL HOME LN BK CONS BD
1.550% 08/28/2019 DD 08/28/17
1,300,000

1,300,000

1,289,847

 
FEDERAL HOME LN MTG CORP
2.000% 11/20/2020 DD 11/20/17
1,280,000

1,279,616

1,274,751

 
FEDERAL NATL MTG ASSN
0.000% 10/09/2019 DD 10/09/84
1,325,000

1,276,916

1,276,108

 
FHLMC POOL #C9-1385
4.000% 08/01/2031 DD 08/01/11
400,435

425,650

423,079

 
FHLMC POOL #J1-1829
4.000% 03/01/2025 DD 03/01/10
132,768

142,975

138,541

 
FHLMC POOL #J1-2388
4.000% 07/01/2025 DD 06/01/10
199,049

213,604

206,380

 
FHLMC POOL #J1-3242
3.500% 10/01/2025 DD 10/01/10
52,755

55,657

54,781

 
FHLMC POOL #J1-3503
3.500% 11/01/2025 DD 11/01/10
67,795

71,524

70,414

 
FHLMC POOL #J1-3504
3.500% 11/01/2025 DD 11/01/10
38,961

41,104

40,408

 
FNMA POOL #0888416
5.000% 09/01/2035 DD 05/01/07
55,962

60,467

60,799


23

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.        
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007        
December 31, 2017    
 
FNMA POOL #0AC1878
4.500% 09/01/2039 DD 08/01/09
314,758

342,497

341,340

 
FORD MOTOR CREDIT CO LLC
2.021% 05/03/2019 DD 05/04/16
270,000

270,824

268,777

 
GILEAD SCIENCES INC
2.550% 09/01/2020 DD 09/14/15
550,000

551,829

554,890

 
GOLDMAN SACHS GROUP INC/THE
2.550% 10/23/2019 DD 10/23/14
180,000

183,837

180,338

 
GOLDMAN SACHS GROUP INC/THE
2.875% 02/25/2021 DD 02/25/16
1,000,000

1,028,260

1,007,390

 
HARLEY-DAVIDSON MOTORCYCL 1 A3
1.100% 09/15/2019 DD 04/16/14
20,641

20,692

20,636

 
HOME DEPOT INC/THE
2.625% 06/01/2022 DD 06/02/15
625,000

637,338

628,488

 
HONEYWELL INTERNATIONAL INC
1.850% 11/01/2021 DD 10/31/16
640,000

639,968

628,384

 
HUNTINGTON BANCSHARES INC/OH
3.150% 03/14/2021 DD 03/14/16
290,000

289,429

294,562

 
HUNTINGTON NATIONAL BANK/THE
2.200% 11/06/2018 DD 11/06/15
250,000

249,705

250,223

 
INTEL CORP
2.450% 07/29/2020 DD 07/29/15
1,000,000

1,019,650

1,010,900

 
INTERNATIONAL BANK FOR RECONST
1.250% 07/26/2019 DD 01/28/16
1,240,000

1,234,011

1,226,236

 
JOHNSON & JOHNSON
1.125% 03/01/2019 DD 03/01/16
550,000

550,054

544,478

 
JPMORGAN CHASE & CO
2.200% 10/22/2019 DD 10/22/14
370,000

375,658

369,652

 
JPMORGAN CHASE & CO
2.550% 03/01/2021 DD 03/01/16
850,000

863,708

850,451

 
KIMBERLY-CLARK CORP
1.900% 05/22/2019 DD 05/22/14
1,275,000

1,282,370

1,271,647

 
MARATHON PETROLEUM CORP
5.125% 03/01/2021 DD 09/01/11
575,000

628,538

617,113

 
MCCORMICK & CO INC/MD
2.700% 08/15/2022 DD 08/11/17
565,000

564,944

564,571

 
MEDTRONIC INC
2.500% 03/15/2020 DD 03/15/15
250,000

258,013

251,480

 
MERCK & CO INC
1.850% 02/10/2020 DD 02/10/15
850,000

848,751

845,266

 
METROPOLITAN LIFE GLOBAL 144A
1.750% 09/19/2019 DD 09/19/17
290,000

289,803

287,915

 
MICROSOFT CORP
1.100% 08/08/2019 DD 08/08/16
970,000

968,936

957,031

 
MORGAN STANLEY
2.625% 11/17/2021 DD 11/17/16
1,200,000

1,206,072

1,194,528

 
NBCUNIVERSAL MEDIA LLC
4.375% 04/01/2021 DD 04/01/11
575,000

622,259

609,431

 
NOVARTIS CAPITAL CORP
1.800% 02/14/2020 DD 02/17/17
1,000,000

1,006,540

992,670

 
ORACLE CORP
3.875% 07/15/2020 DD 07/15/11
800,000

871,712

834,120

 
PEPSICO INC
1.550% 05/02/2019 DD 05/02/17
650,000

649,513

646,419

 
PFIZER INC
5.200% 08/12/2020 DD 08/12/15
925,000

1,022,162

995,911

 
PNC BANK NA
2.625% 02/17/2022 DD 02/17/17
600,000

604,362

601,362

 
PRICOA GLOBAL FUNDING I 144A
2.450% 09/21/2022 DD 09/21/17
480,000

479,506

475,690

 
PRINCIPAL LIFE GLOBAL FUN 144A
2.375% 11/21/2021 DD 11/21/16
620,000

618,115

615,406

 
PROCTER & GAMBLE CO/THE
1.850% 02/02/2021 DD 02/02/16
1,190,000

1,189,774

1,177,148

 
PROTECTIVE LIFE GLOBAL FU 144A
2.161% 09/25/2020 DD 09/27/17
635,000

635,000

628,136

 
PUBLIC SERVICE ELECTRIC & GAS
1.900% 03/15/2021 DD 03/03/16
1,200,000

1,219,320

1,181,736

 
ROCHE HOLDINGS INC 144A
2.250% 09/30/2019 DD 09/29/14
920,000

918,657

921,674

 
ROCKWELL COLLINS INC
2.800% 03/15/2022 DD 04/10/17
650,000

658,743

650,917

 
SAN DIEGO GAS & ELECTRIC CO
3.000% 08/15/2021 DD 08/18/11
1,250,000

1,294,975

1,277,563

 
SHELL INTERNATIONAL FINANCE BV
1.375% 05/10/2019 DD 05/10/16
260,000

259,423

257,761

 
SIEMENS FINANCIERINGSMAAT 144A
2.700% 03/16/2022 DD 03/16/17
770,000

768,252

774,520

 
SOUTHERN CO/THE
1.850% 07/01/2019 DD 05/24/16
405,000

404,923

402,550

 
SPRINT SPECTRUM CO LLC / 144A
VAR RT 03/20/2023 DD 10/27/16
468,750

470,973

471,680

 
STARBUCKS CORP
2.100% 02/04/2021 DD 02/04/16
940,000

943,667

933,965


24

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.        
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007        
December 31, 2017    
 
STRYKER CORP
2.000% 03/08/2019 DD 03/10/16
585,000

584,321

584,099

 
SYSCO CORP
2.600% 10/01/2020 DD 09/28/15
840,000

840,637

843,604

 
TJX COS INC/THE
2.750% 06/15/2021 DD 06/05/14
450,000

472,401

456,318

 
TORCHMARK CORP
9.250% 06/15/2019 DD 06/30/09
425,000

516,086

465,987

 
U S TREASURY NOTE
0.875% 07/31/2019 DD 07/31/12
1,145,000

1,105,719

1,127,733

 
U S TREASURY NOTE
1.125% 05/31/2019 DD 05/31/12
1,635,000

1,645,921

1,618,650

 
U S TREASURY NOTE
1.125% 09/30/2021 DD 09/30/16
6,745,000

6,517,445

6,508,116

 
U S TREASURY NOTE
1.250% 01/31/2020 DD 01/31/15
4,390,000

4,381,965

4,331,876

 
U S TREASURY NOTE
1.375% 01/15/2020 DD 01/15/17
3,985,000

3,982,509

3,943,915

 
U S TREASURY NOTE
1.375% 03/31/2020 DD 03/31/15
4,265,000

4,240,892

4,215,014

 
U S TREASURY NOTE
1.500% 05/15/2020 DD 05/15/17
4,000,000

3,982,656

3,961,720

 
U S TREASURY NOTE
1.750% 06/30/2022 DD 06/30/17
3,870,000

3,853,904

3,799,992

 
U S TREASURY NOTE
1.750% 09/30/2022 DD 09/30/15
5,570,000

5,465,092

5,458,377

 
U S TREASURY NOTE
2.000% 07/31/2020 DD 07/31/13
4,565,000

4,675,603

4,572,487

 
U S TREASURY NOTE
2.000% 11/30/2020 DD 11/30/13
7,210,000

7,434,399

7,216,777

 
U S TREASURY NOTE
2.000% 12/31/2021 DD 12/31/16
2,160,000

2,173,264

2,149,027

 
UNILEVER CAPITAL CORP
1.375% 07/28/2021 DD 07/28/16
385,000

381,935

371,922

 
VALERO ENERGY CORP
6.125% 02/01/2020 DD 02/08/10
635,000

716,589

683,895

 
WELLS FARGO & CO
3.500% 03/08/2022 DD 03/08/12
1,200,000

1,244,820

1,239,072

 
WISCONSIN PUBLIC SERVICE CORP
1.650% 12/04/2018 DD 12/04/15
520,000

519,516

518,300

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
771,867

771,867

 
TOTAL UNDERLYING ASSETS
 
 
$
109,528,517

108,173,983

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
577,237

 
CONTRACT VALUE
 
 
 
$
108,751,220



25

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                
EMPLOYER IDENTIFICATION NO. 38-1285128                
PLAN NO. 002                
APPENDIX D - UNDERLYING ASSETS FOR TRANSAMERICA MDA01078TR                
December 31, 2017
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
 ABBOTT LABORATORIES
 2.900% 11/30/2021 DD 11/22/16
1,795,000

$
1,791,133

$
1,815,772

 
 ABBVIE INC
 2.500% 05/14/2020 DD 05/14/15
770,000

786,310

772,372

 
 AETNA INC
 1.700% 06/07/2018 DD 06/09/16
1,115,000

1,114,108

1,113,249

 
 ALIMENTATION COUCHE-TARD 144A
 2.350% 12/13/2019 DD 12/14/17
895,000

894,893

894,946

 
 ALLERGAN SALES LLC 144A
 5.000% 12/15/2021 DD 12/10/13
325,000

351,878

347,581

 
 AMERICAN CAMPUS COMMUNITIES OP
 3.625% 11/15/2027 DD 10/10/17
270,000

270,977

267,033

 
 AMERICAN EXPRESS CREDIT CORP
 2.375% 05/26/2020 DD 05/26/15
335,000

339,466

334,611

 
 ANHEUSER-BUSCH INBEV FINANCE I
 3.300% 02/01/2023 DD 01/25/16
540,000

554,218

552,577

 
 ANTHEM INC
 2.500% 11/21/2020 DD 11/21/17
1,875,000

1,871,663

1,871,081

 
 APPLE INC
 2.100% 09/12/2022 DD 09/12/17
845,000

844,003

829,131

 
 APPLE INC
 2.500% 02/09/2022 DD 02/09/17
510,000

509,975

510,449

 
 AT&T INC 144A
 0.000% 11/27/2022 DD 11/27/07
2,000,000

1,542,500

1,705,940

 
 AUTOZONE INC
 2.875% 01/15/2023 DD 11/13/12
625,000

623,244

622,106

 
 BANK OF AMERICA CORP
 2.151% 11/09/2020 DD 11/09/16
205,000

205,000

204,061

 
 BANK OF MONTREAL
 2.350% 09/11/2022 DD 09/11/17
2,585,000

2,570,651

2,542,839

 
 BANK OF TOKYO-MITSUBISHI 144A
 1.700% 03/05/2018 DD 03/05/15
235,000

234,814

234,932

 
 BANK OF TOKYO-MITSUBISHI 144A
 2.700% 09/09/2018 DD 09/09/13
795,000

800,319

799,206

 
 BAT CAPITAL CORP 144A
 2.764% 08/15/2022 DD 08/15/17
1,840,000

1,840,000

1,829,972

 
 BAXALTA INC
 2.875% 06/23/2020 DD 12/23/15
430,000

429,862

432,778

 
 BERKSHIRE HATHAWAY INC
 2.200% 03/15/2021 DD 03/15/16
200,000

204,749

199,372

 
 BRISTOL-MYERS SQUIBB CO
 1.750% 03/01/2019 DD 10/31/13
580,000

581,305

578,051

 
 CANADIAN NATURAL RESOURCES LTD
 2.950% 01/15/2023 DD 05/30/17
425,000

424,375

423,096

 
 CAPITAL ONE MULTI-ASSET A1 A1
 1.390% 01/15/2021 DD 03/31/15
530,000

529,924

529,693

 
 CAPITAL ONE MULTI-ASSET A3 A3
 1.340% 04/15/2022 DD 07/26/16
670,000

669,995

663,186

 
 CAPITAL ONE NA
 1.850% 09/13/2019 DD 09/13/16
1,120,000

1,119,966

1,109,203

 
 CAPITAL ONE NA
 2.250% 09/13/2021 DD 09/13/16
95,000

93,253

93,190

 
 CELGENE CORP
 3.550% 08/15/2022 DD 08/12/15
785,000

808,495

808,574

 
 CF INDUSTRIES INC 144A
 3.400% 12/01/2021 DD 11/21/16
340,000

339,500

343,488

 
 CHASE ISSUANCE TRUST A2 A2
 1.590% 02/18/2020 DD 03/13/15
1,165,000

1,164,943

1,164,779

 
 CHEVRON CORP
 1.365% 03/02/2018 DD 03/03/15
300,000

300,650

299,799

 
 CHEVRON CORP
 1.790% 11/16/2018 DD 11/17/15
500,000

504,807

499,215

 
 CHUBB CORP/THE
 5.750% 05/15/2018 DD 05/06/08
320,000

347,968

324,387

 
 CITIBANK CREDIT CARD ISS A8 A8
 1.730% 04/09/2020 DD 09/24/14
310,000

313,839

310,000

 
 CITIGROUP INC
 VAR RT 07/24/2023 DD 07/24/17
4,440,000

4,437,573

4,417,756

 
 CONSTELLATION BRANDS INC
 2.000% 11/07/2019 DD 11/07/17
700,000

699,020

695,464

 
 CONSTELLATION BRANDS INC
 2.700% 05/09/2022 DD 05/09/17
525,000

523,856

522,428

 
 CVS HEALTH CORP
 2.125% 06/01/2021 DD 05/25/16
190,000

189,470

185,423


26

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                
EMPLOYER IDENTIFICATION NO. 38-1285128                
PLAN NO. 002                
APPENDIX D - UNDERLYING ASSETS FOR TRANSAMERICA MDA01078TR                
December 31, 2017
 
 CVS HEALTH CORP
 2.800% 07/20/2020 DD 07/20/15
555,000

566,261

557,314

 
 CVS HEALTH CORP
 3.875% 07/20/2025 DD 07/20/15
860,000

894,624

885,688

 
 DAIMLER FINANCE NORTH AME 144A
 1.750% 10/30/2019 DD 10/31/16
910,000

908,708

899,025

 
 DAIMLER FINANCE NORTH AME 144A
 2.300% 01/06/2020 DD 01/06/17
420,000

419,807

419,055

 
 DISCOVERY COMMUNICATIONS LLC
 2.200% 09/20/2019 DD 09/21/17
510,000

509,801

507,644

 
 DOMINION ENERGY GAS HOLDINGS L
 2.500% 12/15/2019 DD 12/08/14
515,000

514,804

515,809

 
 DUKE ENERGY FLORIDA PROJECT FI
 1.196% 03/01/2022 DD 06/22/16
272,811

272,809

269,655

 
 ENERGY TRANSFER PARTNERS LP
 2.500% 06/15/2018 DD 06/23/15
555,000

554,700

555,827

 
 ENERGY TRANSFER PARTNERS LP /
 5.750% 09/01/2020 DD 09/11/13
425,000

463,815

452,323

 
 EXELON CORP
 2.450% 04/15/2021 DD 04/07/16
905,000

916,032

900,900

 
 FEDERAL HOME LN MTG CORP
 1.375% 04/20/2020 DD 04/20/17
2,895,000

2,885,099

2,854,094

 
 FISCAL YEAR 2005 SECURITIZATIO
 4.930% 04/01/2020 DD 12/02/04
155,000

166,565

158,528

 
 FORD CREDIT AUTO OWNER TR A A3
 1.280% 09/15/2019 DD 03/24/15
112,161

112,152

112,046

 
 FORD CREDIT AUTO OWNER TR B A3
 1.160% 11/15/2019 DD 05/26/15
250,022

249,999

249,527

 
 FORD MOTOR CREDIT CO LLC
 2.551% 10/05/2018 DD 10/08/15
1,050,000

1,055,505

1,053,056

 
 FORD MOTOR CREDIT CO LLC
 3.096% 05/04/2023 DD 05/04/16
2,130,000

2,118,562

2,117,795

 
 FORTIVE CORP
 1.800% 06/15/2019 DD 06/15/17
825,000

824,117

819,044

 
 GENERAL MOTORS FINANCIAL CO IN
 3.450% 04/10/2022 DD 04/10/15
490,000

497,138

496,532

 
 GEORGIA POWER CO
 2.000% 09/08/2020 DD 08/08/17
845,000

844,713

840,141

 
 GNMA GTD REMIC P/T 11-121 FA
 VAR RT 03/16/2043 DD 09/16/11
274,455

275,248

273,807

 
 GOLDMAN SACHS GROUP INC/THE
 VAR RT 06/05/2023 DD 06/05/17
1,090,000

1,094,367

1,082,752

 
 GOLDMAN SACHS GROUP INC/THE
 VAR RT 07/24/2023 DD 07/24/17
1,285,000

1,285,499

1,276,031

 
 GOLDMAN SACHS GROUP INC/THE
 VAR RT 10/31/2022 DD 10/31/17
1,405,000

1,405,000

1,400,968

 
 HONDA AUTO RECEIVABLES 20 2 A3
 1.040% 02/21/2019 DD 05/20/15
194,323

194,293

194,059

 
 HONDA AUTO RECEIVABLES 20 3 A3
 1.270% 04/18/2019 DD 08/19/15
194,443

194,440

194,225

 
 HSBC HOLDINGS PLC
 VAR RT 03/13/2023 DD 03/13/17
875,000

875,000

887,180

 
 HUNTINGTON NATIONAL BANK/THE
 1.700% 02/26/2018 DD 02/26/15
665,000

664,069

664,741

 
 HUNTINGTON NATIONAL BANK/THE
 2.200% 11/06/2018 DD 11/06/15
420,000

419,504

420,374

 
 HUNTINGTON NATIONAL BANK/THE
 2.375% 03/10/2020 DD 03/10/17
250,000

249,985

249,620

 
 HUNTINGTON NATIONAL BANK/THE
 2.500% 08/07/2022 DD 08/07/17
305,000

304,335

300,831

 
 KRAFT HEINZ FOODS CO
 6.125% 08/23/2018 DD 08/23/12
275,000

335,924

282,112

 
 KREDITANSTALT FUER WIEDERAUFBA
 1.625% 05/29/2020 DD 05/31/17
2,145,000

2,141,761

2,121,448

 
 KROGER CO/THE
 1.500% 09/30/2019 DD 10/03/16
410,000

409,799

404,194

 
 KROGER CO/THE
 3.300% 01/15/2021 DD 12/23/13
480,000

490,766

489,533

 
 MANUFACTURERS & TRADERS TRUST
 2.250% 07/25/2019 DD 07/25/14
110,000

109,674

110,106

 
 MARSH & MCLENNAN COS INC
 2.750% 01/30/2022 DD 01/12/17
800,000

798,904

801,616

 
 MCDONALD'S CORP
 2.100% 12/07/2018 DD 12/09/15
150,000

152,274

150,153

 
 MCDONALD'S CORP
 3.625% 05/20/2021 DD 05/20/11
1,085,000

1,157,543

1,125,644

 
 MIZUHO BANK LTD 144A
 1.850% 03/21/2018 DD 03/21/13
1,115,000

1,115,591

1,115,033

 
 MIZUHO FINANCIAL GROUP INC
 2.273% 09/13/2021 DD 09/13/16
675,000

666,391

662,681

 
 MORGAN STANLEY
 5.500% 01/26/2020 DD 01/26/10
2,455,000

2,712,779

2,601,588


27

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                
EMPLOYER IDENTIFICATION NO. 38-1285128                
PLAN NO. 002                
APPENDIX D - UNDERLYING ASSETS FOR TRANSAMERICA MDA01078TR                
December 31, 2017
 
 MORGAN STANLEY
 VAR RT 02/14/2020 DD 02/17/17
510,000

510,000

512,035

 
 MOTIVA ENTERPRISES LLC 144A
 5.750% 01/15/2020 DD 01/11/10
685,000

767,463

723,435

 
 MUFG UNION BANK NA
 2.625% 09/26/2018 DD 09/26/13
570,000

580,334

571,938

 
 NATIONAL RURAL UTILITIES COOPE
 1.650% 02/08/2019 DD 02/08/16
515,000

514,387

512,605

 
 NCUA GUARANTEED NOTES
 3.450% 06/12/2021 DD 06/16/11
885,000

947,879

920,013

 
 NEWELL BRANDS INC
 3.150% 04/01/2021 DD 03/30/16
850,000

848,598

859,512

 
 NISSAN AUTO RECEIVABLES 2 A A3
 1.050% 10/15/2019 DD 04/14/15
298,035

297,919

297,451

 
 NISSAN MOTOR ACCEPTANCE C 144A
 2.150% 09/28/2020 DD 09/28/17
945,000

944,206

937,185

 
 NORTHERN STATES POWER CO/MN
 2.200% 08/15/2020 DD 08/11/15
400,000

399,264

399,652

 
 NORTHROP GRUMMAN CORP
 2.080% 10/15/2020 DD 10/13/17
2,375,000

2,375,730

2,355,644

 
 ORACLE CORP
 2.625% 02/15/2023 DD 11/09/17
2,340,000

2,338,456

2,345,195

 
 PECO ENERGY CO
 1.700% 09/15/2021 DD 09/21/16
815,000

814,772

792,172

 
 PFIZER INC
 1.200% 06/01/2018 DD 06/03/16
1,635,000

1,633,806

1,631,419

 
 PLAINS ALL AMERICAN PIPELINE L
 2.600% 12/15/2019 DD 12/09/14
510,000

509,046

507,103

 
 PNC BANK NA
 1.450% 07/29/2019 DD 07/29/16
250,000

249,650

246,860

 
 PNC BANK NA
 2.000% 05/19/2020 DD 05/19/17
1,065,000

1,063,797

1,056,331

 
 PNC BANK NA
 2.400% 10/18/2019 DD 09/18/14
550,000

555,178

550,814

 
 PNC BANK NA
 2.625% 02/17/2022 DD 02/17/17
250,000

249,883

250,568

 
 PROCTER & GAMBLE - ESOP
 9.360% 01/01/2021 DD 12/04/90
98,043

125,005

108,591

 
 PRUDENTIAL FINANCIAL INC
 7.375% 06/15/2019 DD 06/08/09
345,000

417,209

370,475

 
 PUBLIC SERVICE ENTERPRISE GROU
 2.650% 11/15/2022 DD 11/06/17
1,060,000

1,058,654

1,050,672

 
 REGIONS BANK/BIRMINGHAM AL
 2.250% 09/14/2018 DD 07/31/15
635,000

634,244

635,692

 
 REGIONS FINANCIAL CORP
 2.750% 08/14/2022 DD 08/14/17
235,000

234,880

234,260

 
 SAN DIEGO GAS & ELECTRIC CO
 1.914% 02/01/2022 DD 03/12/15
366,430

366,430

357,775

 
 SANTANDER UK GROUP HOLDINGS PL
 2.875% 08/05/2021 DD 08/05/16
250,000

251,693

249,388

 
 SHERWIN-WILLIAMS CO/THE
 2.250% 05/15/2020 DD 05/16/17
435,000

433,286

433,543

 
 SOUTHERN CALIFORNIA EDISON CO
 1.845% 02/01/2022 DD 01/16/15
446,786

446,786

442,447

 
 SOUTHERN CO/THE
 2.350% 07/01/2021 DD 05/24/16
605,000

604,177

601,412

 
 SOUTHERN CO/THE
 2.950% 07/01/2023 DD 05/24/16
1,045,000

1,040,517

1,045,512

 
 SUMITOMO MITSUI BANKING CORP
 1.966% 01/11/2019 DD 01/12/17
730,000

730,000

728,219

 
 SUMITOMO MITSUI FINANCIAL GROU
 2.784% 07/12/2022 DD 07/12/17
2,095,000

2,104,460

2,083,038

 
 SUNOCO LOGISTICS PARTNERS OPER
 4.400% 04/01/2021 DD 11/17/15
530,000

529,497

551,163

 
 SUNTRUST BANK/ATLANTA GA
 2.250% 01/31/2020 DD 02/01/17
925,000

924,649

923,576

 
 SUNTRUST BANKS INC
 2.700% 01/27/2022 DD 12/01/16
1,833,000

1,840,895

1,832,945

 
 TEXTRON INC
 3.875% 03/01/2025 DD 11/06/14
425,000

441,354

440,555

 
 TIME WARNER INC
 4.050% 12/15/2023 DD 12/16/13
1,470,000

1,553,805

1,537,635

 
 TORONTO-DOMINION BANK/THE
 1.800% 07/13/2021 DD 07/13/16
245,000

240,837

239,921

 
 TORONTO-DOMINION BANK/THE
 1.900% 10/24/2019 DD 10/24/17
1,615,000

1,613,385

1,605,778

 
 TORONTO-DOMINION BANK/THE
 2.625% 09/10/2018 DD 09/10/13
395,000

394,285

396,679

 
 TOYOTA AUTO RECEIVABLES 2 B A3
 1.270% 05/15/2019 DD 06/17/15
504,694

504,667

504,084

 
 TOYOTA MOTOR CREDIT CORP
 1.200% 04/06/2018 DD 04/08/16
815,000

814,804

813,778

 
 TOYOTA MOTOR CREDIT CORP
 1.700% 02/19/2019 DD 02/19/16
230,000

231,163

228,977


28

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                
EMPLOYER IDENTIFICATION NO. 38-1285128                
PLAN NO. 002                
APPENDIX D - UNDERLYING ASSETS FOR TRANSAMERICA MDA01078TR                
December 31, 2017
 
 TRINITY ACQUISITION PLC
 3.500% 09/15/2021 DD 03/22/16
450,000

449,424

458,775

 
 U S TREASURY NOTE
 0.750% 10/31/2018 DD 10/31/16
5,645,000

5,630,537

5,598,485

 
 U S TREASURY NOTE
 1.000% 08/15/2018 DD 08/15/15
4,030,000

4,038,459

4,013,961

 
 U S TREASURY NOTE
 1.000% 10/15/2019 DD 10/15/16
4,485,000

4,440,500

4,416,693

 
 U S TREASURY NOTE
 1.000% 11/30/2018 DD 11/30/16
1,635,000

1,631,368

1,623,375

 
 U S TREASURY NOTE
 1.125% 01/15/2019 DD 01/15/16
2,145,000

2,139,302

2,129,406

 
 U S TREASURY NOTE
 1.125% 01/31/2019 DD 01/31/17
8,210,000

8,198,171

8,147,440

 
 U S TREASURY NOTE
 1.125% 02/28/2021 DD 02/29/16
4,960,000

4,850,880

4,823,402

 
 U S TREASURY NOTE
 1.125% 07/31/2021 DD 07/31/16
1,955,000

1,917,485

1,890,544

 
 U S TREASURY NOTE
 1.125% 08/31/2021 DD 08/31/16
4,000,000

3,909,390

3,864,080

 
 U S TREASURY NOTE
 1.125% 09/30/2021 DD 09/30/16
9,935,000

9,703,701

9,586,083

 
 U S TREASURY NOTE
 1.250% 03/31/2019 DD 03/31/17
1,645,000

1,645,140

1,632,860

 
 U S TREASURY NOTE
 1.250% 03/31/2021 DD 03/31/16
2,415,000

2,380,850

2,355,374

 
 U S TREASURY NOTE
 1.250% 05/31/2019 DD 05/31/17
1,420,000

1,417,681

1,408,242

 
 U S TREASURY NOTE
 1.250% 10/31/2018 DD 10/31/13
775,000

781,116

771,916

 
 U S TREASURY NOTE
 1.250% 10/31/2021 DD 10/31/16
3,030,000

2,937,721

2,935,313

 
 U S TREASURY NOTE
 1.250% 12/31/2018 DD 12/31/16
4,980,000

4,985,252

4,952,361

 
 U S TREASURY NOTE
 1.375% 01/15/2020 DD 01/15/17
3,185,000

3,184,876

3,152,163

 
 U S TREASURY NOTE
 1.375% 04/30/2021 DD 04/30/16
11,500,000

11,492,439

11,251,140

 
 U S TREASURY NOTE
 1.375% 05/31/2021 DD 05/31/16
5,565,000

5,456,590

5,439,788

 
 U S TREASURY NOTE
 1.375% 09/30/2020 DD 09/30/15
4,875,000

4,828,916

4,800,754

 
 U S TREASURY NOTE
 1.500% 01/31/2019 DD 01/31/14
1,450,000

1,473,563

1,444,679

 
 U S TREASURY NOTE
 1.500% 05/31/2019 DD 05/31/14
7,525,000

7,569,123

7,487,375

 
 U S TREASURY NOTE
 1.500% 08/15/2020 DD 08/15/17
12,080,000

12,095,200

11,946,516

 
 U S TREASURY NOTE
 1.625% 03/31/2019 DD 03/31/14
2,320,000

2,362,956

2,313,202

 
 U S TREASURY NOTE
 1.625% 05/31/2023 DD 05/31/16
765,000

743,365

741,033

 
 U S TREASURY NOTE
 1.625% 07/31/2019 DD 07/31/14
6,320,000

6,367,295

6,296,806

 
 U S TREASURY NOTE
 1.625% 07/31/2020 DD 07/31/15
5,965,000

5,976,184

5,919,129

 
 U S TREASURY NOTE
 1.625% 08/31/2022 DD 08/31/17
3,900,000

3,803,871

3,803,553

 
 U S TREASURY NOTE
 1.625% 11/30/2020 DD 11/30/15
7,150,000

7,239,471

7,078,214

 
 U S TREASURY NOTE
 1.750% 05/31/2022 DD 05/31/17
4,440,000

4,411,903

4,362,655

 
 U S TREASURY NOTE
 1.750% 11/15/2020 DD 11/15/17
1,750,000

1,746,847

1,739,955

 
 U S TREASURY NOTE
 1.750% 11/30/2019 DD 11/30/17
805,000

804,113

802,988

 
 U S TREASURY NOTE
 1.750% 11/30/2021 DD 11/30/16
3,515,000

3,526,356

3,466,001

 
 U S TREASURY NOTE
 1.875% 12/15/2020 DD 12/15/17
2,175,000

2,170,497

2,168,714

 
 U S TREASURY NOTE
 2.000% 07/31/2020 DD 07/31/13
750,000

762,545

751,230

 
 U S TREASURY NOTE
 2.000% 11/30/2022 DD 11/30/15
9,355,000

9,286,921

9,269,870

 
 U S TREASURY NOTE
 2.000% 12/31/2021 DD 12/31/16
1,775,000

1,784,383

1,765,983

 
 U S TREASURY NOTE
 2.125% 03/31/2024 DD 03/31/17
2,695,000

2,709,422

2,667,538

 
 U S TREASURY NOTE
 2.250% 02/15/2027 DD 02/15/17
960,000

958,313

947,405

 
 U S TREASURY NOTE
 2.250% 08/15/2027 DD 08/15/17
3,320,000

3,288,553

3,273,321

 
 U S TREASURY NOTE
 2.250% 11/15/2027 DD 11/15/17
175,000

173,605

172,533


29

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                
EMPLOYER IDENTIFICATION NO. 38-1285128                
PLAN NO. 002                
APPENDIX D - UNDERLYING ASSETS FOR TRANSAMERICA MDA01078TR                
December 31, 2017
 
 UBS AG/LONDON 144A
 2.450% 12/01/2020 DD 11/30/17
540,000

539,503

538,375

 
 UBS GROUP FUNDING SWITZER 144A
 VAR RT 08/15/2023 DD 08/15/17
1,890,000

1,873,992

1,868,397

 
 US BANK NA/CINCINNATI OH
 2.000% 01/24/2020 DD 01/24/17
455,000

454,040

453,080

 
 VERIZON COMMUNICATIONS IN 144A
 3.376% 02/15/2025 DD 08/16/17
1,444,000

1,435,156

1,449,458

 
 VISA INC
 2.150% 09/15/2022 DD 09/11/17
975,000

972,056

961,448

 
 VISA INC
 2.800% 12/14/2022 DD 12/14/15
275,000

280,236

279,029

 
 WEC ENERGY GROUP INC
 2.450% 06/15/2020 DD 06/10/15
510,000

509,067

510,984

 
 WELLS FARGO & CO
 2.625% 07/22/2022 DD 07/24/17
1,950,000

1,938,192

1,939,509

 
 WELLS FARGO BANK NA
 2.150% 12/06/2019 DD 12/08/16
2,265,000

2,263,293

2,261,512

 
 PROCTER & GAMBLE - ESOP
 9.360% 01/01/2021 DD 12/04/90
(13,788
)
100

13,788

 
 U S TREASURY BILL
 0.000% 02/15/2018 DD 08/17/17
(2,200,000
)
100

2,196,731

 
 U S TREASURY NOTE
 1.625% 08/31/2022 DD 08/31/17
3,900,000

98

(3,825,755
)
 
 IGT Invesco Short Term Bond Fund
 
120,124,195

132,409,669

132,409,669

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
15,704,022

15,704,022

 
TOTAL UNDERLYING ASSETS
 
 
$
419,447,917

415,637,588

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(1,102,460
)
 
CONTRACT VALUE
 
 
 
$
414,535,128



30

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233        
December 31, 2017
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
ABBOTT LABORATORIES
2.350% 11/22/2019 DD 11/22/16
2,410,000

$
2,407,638

$
2,412,619

 
AEP TEXAS CENTRAL TRANSIT A A4
5.170% 01/01/2018 DD 10/11/06
103,262

108,781

103,281

 
AETNA INC
2.200% 03/15/2019 DD 03/07/14
485,000

484,515

484,685

 
AIG GLOBAL FUNDING 144A
1.950% 10/18/2019 DD 10/18/17
855,000

854,213

847,613

 
AIR LIQUIDE FINANCE SA 144A
2.250% 09/27/2023 DD 09/27/16
475,000

473,808

459,810

 
ALLERGAN FUNDING SCS
2.450% 06/15/2019 DD 06/19/14
420,000

418,807

419,996

 
ALLERGAN FUNDING SCS
3.450% 03/15/2022 DD 03/12/15
1,495,000

1,518,881

1,518,995

 
ALLY AUTO RECEIVABLES TRU 1 A3
1.390% 09/16/2019 DD 07/22/15
617,690

618,427

617,153

 
AMAZON.COM INC 144A
2.800% 08/22/2024 DD 08/22/17
450,000

448,835

448,632

 
AMERICAN EXPRESS CO
2.500% 08/01/2022 DD 08/01/17
1,320,000

1,318,957

1,304,068

 
AMERICAN EXPRESS CREDIT AC 4 A
1.640% 12/15/2021 DD 05/30/17
990,000

989,841

984,882

 
AMERICAN EXPRESS CREDIT CORP
1.875% 05/03/2019 DD 05/03/17
410,000

409,832

408,352

 
AMERICAN EXPRESS CREDIT CORP
2.250% 08/15/2019 DD 08/15/14
1,430,000

1,429,128

1,432,989

 
AMERICAN INTERNATIONAL GROUP I
3.900% 04/01/2026 DD 03/22/16
950,000

949,525

985,160

 
AMGEN INC
2.650% 05/11/2022 DD 05/11/17
890,000

888,095

887,606

 
AMGEN INC
3.875% 11/15/2021 DD 11/10/11
1,390,000

1,386,108

1,452,814

 
ANHEUSER-BUSCH INBEV FINANCE I
3.300% 02/01/2023 DD 01/25/16
1,710,000

1,726,297

1,749,826

 
ANTHEM INC
2.500% 11/21/2020 DD 11/21/17
905,000

903,389

903,109

 
APPLE INC
2.700% 05/13/2022 DD 05/13/15
740,000

745,572

745,409

 
APPLE INC
2.750% 01/13/2025 DD 11/13/17
1,325,000

1,323,066

1,313,473

 
APPLE INC
3.000% 02/09/2024 DD 02/09/17
1,025,000

1,024,549

1,038,007

 
AT&T INC
3.400% 05/15/2025 DD 05/04/15
2,245,000

2,245,023

2,207,172

 
AT&T INC
6.000% 08/15/2040 DD 02/15/16
170,000

180,868

192,387

 
AT&T INC
6.375% 03/01/2041 DD 03/01/16
125,000

149,909

147,450

 
BAE SYSTEMS PLC 144A
4.750% 10/11/2021 DD 10/11/11
2,140,000

2,137,817

2,281,711

 
BANK OF AMERICA CORP
2.625% 04/19/2021 DD 04/19/16
800,000

808,082

804,080

 
BANK OF AMERICA CORP
4.000% 01/22/2025 DD 01/22/15
105,000

104,471

109,238

 
BANK OF AMERICA CORP
4.100% 07/24/2023 DD 07/23/13
155,000

159,594

164,602

 
BANK OF AMERICA CORP
4.450% 03/03/2026 DD 03/03/16
1,370,000

1,427,280

1,462,338

 
BANK OF AMERICA CORP
VAR RT 10/01/2025 DD 09/18/17
1,145,000

1,145,395

1,142,378

 
BANK OF NEW YORK MELLON CORP/T
2.100% 01/15/2019 DD 11/18/13
365,000

364,544

364,876

 
BANK OF NEW YORK MELLON CORP/T
2.200% 05/15/2019 DD 05/07/14
1,925,000

1,928,296

1,927,560

 
BANK OF NEW YORK MELLON CORP/T
2.300% 09/11/2019 DD 09/11/14
400,000

399,924

401,044

 
BAYER US FINANCE LLC 144A
2.375% 10/08/2019 DD 10/08/14
600,000

610,032

600,336

 
BB&T CORP
2.750% 04/01/2022 DD 03/21/17
1,055,000

1,053,027

1,062,491

 
BG ENERGY CAPITAL PLC 144A
4.000% 10/15/2021 DD 10/12/11
1,195,000

1,185,560

1,252,993

 
BIOGEN INC
3.625% 09/15/2022 DD 09/15/15
295,000

294,764

305,723

 
BP CAPITAL MARKETS PLC
3.216% 11/28/2023 DD 11/28/16
1,560,000

1,560,000

1,593,571


31

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233        
December 31, 2017
 
BURLINGTON NORTHERN SANTA FE L
5.750% 03/15/2018 DD 03/14/08
670,000

715,501

675,032

 
CAPITAL ONE FINANCIAL CORP
2.400% 10/30/2020 DD 10/31/17
1,040,000

1,039,043

1,033,614

 
CATERPILLAR FINANCIAL SERVICES
2.100% 01/10/2020 DD 01/12/17
655,000

654,280

653,644

 
CELGENE CORP
3.875% 08/15/2025 DD 08/12/15
120,000

127,398

124,211

 
CHASE ISSUANCE TRUST A6 A6
1.100% 01/15/2020 DD 08/19/16
100,000

99,734

99,960

 
CHEVRON CORP
1.561% 05/16/2019 DD 05/16/16
360,000

361,697

357,944

 
CHEVRON CORP
2.895% 03/03/2024 DD 03/03/17
1,380,000

1,380,000

1,392,268

 
CITIBANK NA
2.100% 06/12/2020 DD 06/12/17
920,000

919,604

913,983

 
CITIGROUP INC
2.500% 07/29/2019 DD 07/29/14
825,000

829,542

827,533

 
CITIGROUP INC
3.400% 05/01/2026 DD 05/02/16
2,180,000

2,162,027

2,193,015

 
CITIGROUP INC
4.500% 01/14/2022 DD 11/01/11
1,935,000

2,124,185

2,058,376

 
COCA-COLA FEMSA SAB DE CV
2.375% 11/26/2018 DD 11/26/13
820,000

818,926

821,984

 
COMCAST CORP
3.000% 02/01/2024 DD 01/10/17
3,005,000

2,999,260

3,024,893

 
COMERICA INC
2.125% 05/23/2019 DD 05/23/14
425,000

425,000

423,266

 
COMMONWEALTH EDISON CO
2.150% 01/15/2019 DD 01/10/14
470,000

476,243

470,094

 
CONOCOPHILLIPS CO
4.150% 11/15/2034 DD 11/12/14
420,000

419,828

446,275

 
CVS HEALTH CORP
1.900% 07/20/2018 DD 07/20/15
660,000

666,419

659,802

 
CVS HEALTH CORP
2.125% 06/01/2021 DD 05/25/16
455,000

453,731

444,039

 
CVS HEALTH CORP
3.500% 07/20/2022 DD 07/20/15
835,000

834,641

850,531

 
DAIMLER FINANCE NORTH AME 144A
2.300% 01/06/2020 DD 01/06/17
765,000

764,648

763,279

 
DAIMLER FINANCE NORTH AME 144A
2.375% 08/01/2018 DD 08/01/13
1,555,000

1,559,450

1,558,281

 
DEUTSCHE TELEKOM INTERNAT 144A
2.820% 01/19/2022 DD 01/19/17
1,975,000

1,974,901

1,977,508

 
DIAGEO INVESTMENT CORP
2.875% 05/11/2022 DD 05/11/12
1,025,000

1,021,290

1,040,426

 
DOMINION ENERGY INC
2.500% 12/01/2019 DD 11/25/14
840,000

838,740

841,294

 
DOMINION ENERGY INC
2.750% 01/15/2022 DD 01/12/17
945,000

943,639

943,516

 
DTE ENERGY CO
1.500% 10/01/2019 DD 10/05/16
705,000

704,119

693,819

 
DTE ENERGY CO
3.850% 12/01/2023 DD 11/25/13
955,000

952,947

993,028

 
DUKE ENERGY FLORIDA LLC
3.200% 01/15/2027 DD 01/06/17
705,000

704,577

713,742

 
DUKE ENERGY PROGRESS LLC
3.000% 09/15/2021 DD 09/15/11
325,000

324,441

331,351

 
EASTMAN CHEMICAL CO
2.700% 01/15/2020 DD 11/20/14
795,000

793,338

800,128

 
EDISON INTERNATIONAL
2.400% 09/15/2022 DD 08/22/17
755,000

752,524

738,647

 
EMD FINANCE LLC 144A
1.700% 03/19/2018 DD 03/19/15
1,070,000

1,070,372

1,069,754

 
EMD FINANCE LLC 144A
2.400% 03/19/2020 DD 03/19/15
795,000

794,960

793,259

 
EVERSOURCE ENERGY
2.750% 03/15/2022 DD 03/10/17
2,025,000

2,045,716

2,028,665

 
EXELON CORP
3.950% 06/15/2025 DD 12/15/15
1,770,000

1,788,442

1,844,570

 
EXELON GENERATION CO LLC
2.950% 01/15/2020 DD 01/13/15
570,000

569,892

575,803

 
FORD CREDIT AUTO OWNE 1 A 144A
2.120% 07/15/2026 DD 01/21/15
2,340,000

2,339,166

2,335,226

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
1,415,000

1,415,000

1,415,920

 
FORD MOTOR CREDIT CO LLC
3.219% 01/09/2022 DD 01/09/15
1,050,000

1,044,895

1,056,468

 
GILEAD SCIENCES INC
1.850% 09/04/2018 DD 09/14/15
250,000

252,820

250,010

 
GILEAD SCIENCES INC
3.250% 09/01/2022 DD 09/14/15
465,000

464,344

478,587

 
GILEAD SCIENCES INC
3.700% 04/01/2024 DD 03/07/14
380,000

379,388

397,552


32

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233        
December 31, 2017
 
GOLDMAN SACHS GROUP INC/THE
2.300% 12/13/2019 DD 12/13/16
595,000

594,554

594,619

 
GOLDMAN SACHS GROUP INC/THE
2.350% 11/15/2021 DD 09/27/16
640,000

635,661

630,298

 
GOLDMAN SACHS GROUP INC/THE
3.750% 02/25/2026 DD 02/25/16
505,000

503,833

518,175

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
385,000

409,193

403,919

 
GOLDMAN SACHS GROUP INC/THE
5.250% 07/27/2021 DD 07/27/11
1,650,000

1,646,344

1,788,254

 
GOLDMAN SACHS GROUP INC/THE
7.500% 02/15/2019 DD 02/05/09
480,000

563,731

507,283

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 07/24/2023 DD 07/24/17
1,000,000

1,000,000

993,020

 
GUARDIAN LIFE GLOBAL FUND 144A
1.950% 10/27/2021 DD 10/27/16
1,100,000

1,099,274

1,072,984

 
HONDA AUTO RECEIVABLES 20 1 A2
1.420% 07/22/2019 DD 03/28/17
481,858

481,847

481,208

 
HONDA AUTO RECEIVABLES 20 4 A3
0.990% 09/17/2018 DD 11/26/14
13,895

13,900

13,893

 
HSBC FINANCE CORP
6.676% 01/15/2021 DD 07/15/11
355,000

364,141

394,693

 
HSBC HOLDINGS PLC
3.600% 05/25/2023 DD 05/25/16
1,320,000

1,319,512

1,358,095

 
HSBC HOLDINGS PLC
4.300% 03/08/2026 DD 03/08/16
1,065,000

1,069,552

1,132,287

 
HUMANA INC
2.625% 10/01/2019 DD 09/19/14
560,000

559,972

562,363

 
ILLINOIS TOOL WORKS INC
2.650% 11/15/2026 DD 11/07/16
280,000

279,118

273,319

 
INGERSOLL-RAND LUXEMBOURG FINA
2.625% 05/01/2020 DD 10/28/14
680,000

679,551

679,816

 
JOHN DEERE CAPITAL CORP
1.600% 07/13/2018 DD 07/14/15
370,000

372,305

369,549

 
JPMORGAN CHASE & CO
2.250% 01/23/2020 DD 01/23/15
1,810,000

1,830,207

1,808,787

 
JPMORGAN CHASE & CO
2.700% 05/18/2023 DD 05/18/16
2,490,000

2,464,707

2,473,666

 
JPMORGAN CHASE & CO
4.400% 07/22/2020 DD 07/22/10
1,590,000

1,594,913

1,670,359

 
JPMORGAN CHASE & CO
6.000% 01/15/2018 DD 12/20/07
1,800,000

1,760,094

1,802,502

 
KEYBANK NA/CLEVELAND OH
2.300% 09/14/2022 DD 09/14/17
1,350,000

1,349,690

1,323,432

 
KINDER MORGAN ENERGY PARTNERS
3.500% 03/01/2021 DD 02/24/14
440,000

437,774

447,542

 
KINDER MORGAN INC/DE
4.300% 06/01/2025 DD 11/26/14
1,345,000

1,351,906

1,400,992

 
KINDER MORGAN INC/DE
5.300% 12/01/2034 DD 11/26/14
180,000

151,331

192,017

 
KRAFT HEINZ FOODS CO
3.500% 06/06/2022 DD 12/06/12
355,000

351,805

363,257

 
KRAFT HEINZ FOODS CO
3.500% 07/15/2022 DD 07/15/16
575,000

573,643

588,081

 
LOCKHEED MARTIN CORP
1.850% 11/23/2018 DD 11/23/15
270,000

273,271

269,671

 
LOCKHEED MARTIN CORP
3.350% 09/15/2021 DD 09/09/11
1,280,000

1,276,544

1,316,006

 
MASSMUTUAL GLOBAL FUNDING 144A
1.950% 09/22/2020 DD 09/22/17
1,690,000

1,687,938

1,670,683

 
METROPOLITAN LIFE GLOBAL 144A
1.750% 12/19/2018 DD 12/19/16
1,360,000

1,358,803

1,357,198

 
MICROSOFT CORP
2.000% 08/08/2023 DD 08/08/16
575,000

573,281

558,561

 
MICROSOFT CORP
2.875% 02/06/2024 DD 02/06/17
1,405,000

1,394,772

1,425,344

 
MIDAMERICAN ENERGY CO
3.500% 10/15/2024 DD 04/03/14
675,000

671,699

704,329

 
MONDELEZ INTERNATIONAL HO 144A
1.625% 10/28/2019 DD 10/28/16
2,295,000

2,290,043

2,261,883

 
MORGAN STANLEY
1.875% 01/05/2018 DD 12/05/14
480,000

482,140

479,990

 
MORGAN STANLEY
2.500% 04/21/2021 DD 04/21/16
2,210,000

2,221,468

2,206,309

 
MORGAN STANLEY
2.625% 11/17/2021 DD 11/17/16
545,000

542,215

542,515

 
MORGAN STANLEY
3.125% 07/27/2026 DD 07/25/16
140,000

139,048

138,086

 
MORGAN STANLEY
3.875% 04/29/2024 DD 04/28/14
780,000

773,167

814,382

 
MORGAN STANLEY
4.000% 07/23/2025 DD 07/23/15
365,000

364,701

382,173


33

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233        
December 31, 2017
 
MORGAN STANLEY
7.300% 05/13/2019 DD 05/13/09
255,000

292,464

271,858

 
MOTIVA ENTERPRISES LLC 144A
5.750% 01/15/2020 DD 01/11/10
505,000

504,010

533,336

 
NEW YORK LIFE GLOBAL FUND 144A
1.550% 11/02/2018 DD 11/03/15
220,000

220,812

219,237

 
NEW YORK LIFE GLOBAL FUND 144A
2.100% 01/02/2019 DD 12/12/13
845,000

844,028

846,158

 
NEW YORK LIFE GLOBAL FUND 144A
2.900% 01/17/2024 DD 01/17/17
1,830,000

1,828,390

1,838,070

 
NISSAN AUTO RECEIVABLES C A2A
1.070% 05/15/2019 DD 08/10/16
118,906

118,901

118,819

 
NORTHROP GRUMMAN CORP
1.750% 06/01/2018 DD 05/31/13
2,095,000

2,089,218

2,093,575

 
NORTHROP GRUMMAN CORP
2.080% 10/15/2020 DD 10/13/17
1,220,000

1,219,817

1,210,057

 
ORACLE CORP
2.950% 11/15/2024 DD 11/09/17
1,355,000

1,352,859

1,364,715

 
PHILIP MORRIS INTERNATIONAL IN
1.875% 11/01/2019 DD 11/02/17
1,465,000

1,462,114

1,456,049

 
PHILIP MORRIS INTERNATIONAL IN
2.000% 02/21/2020 DD 02/21/17
1,090,000

1,083,329

1,083,220

 
PNC BANK NA
2.250% 07/02/2019 DD 06/20/14
750,000

747,660

750,443

 
PNC BANK NA
2.400% 10/18/2019 DD 09/18/14
1,220,000

1,219,109

1,221,806

 
PROVINCE OF ONTARIO CANADA
1.250% 06/17/2019 DD 06/17/16
1,330,000

1,326,875

1,313,309

 
PUBLIC SERVICE ENTERPRISE GROU
2.650% 11/15/2022 DD 11/06/17
1,360,000

1,358,273

1,348,032

 
RECKITT BENCKISER TREASUR 144A
2.750% 06/26/2024 DD 06/26/17
1,840,000

1,838,013

1,800,127

 
ROYAL BANK OF CANADA
2.750% 02/01/2022 DD 01/31/17
1,220,000

1,219,719

1,235,238

 
SCHLUMBERGER HLDGS CORP 144A
2.350% 12/21/2018 DD 12/21/15
1,765,000

1,764,788

1,768,971

 
SEMPRA ENERGY
1.625% 10/07/2019 DD 10/07/16
420,000

419,572

414,767

 
SEMPRA ENERGY
2.400% 03/15/2020 DD 03/13/15
760,000

759,362

759,567

 
SHELL INTERNATIONAL FINANCE BV
4.125% 05/11/2035 DD 05/11/15
510,000

511,850

556,339

 
SIEMENS FINANCIERINGSMAAT 144A
2.200% 03/16/2020 DD 03/16/17
1,065,000

1,064,787

1,063,339

 
SIEMENS FINANCIERINGSMAAT 144A
2.900% 05/27/2022 DD 05/27/15
1,045,000

1,045,000

1,056,683

 
SIMON PROPERTY GROUP LP
2.750% 06/01/2023 DD 12/11/17
1,670,000

1,666,977

1,664,907

 
SOUTHERN CO/THE
2.950% 07/01/2023 DD 05/24/16
1,165,000

1,164,010

1,165,571

 
SOUTHWESTERN ELECTRIC POWER CO
5.875% 03/01/2018 DD 12/04/07
665,000

662,579

669,349

 
STATE STREET CORP
1.950% 05/19/2021 DD 05/19/16
445,000

444,769

438,579

 
STATOIL ASA
3.700% 03/01/2024 DD 11/08/13
530,000

554,608

556,818

 
THERMO FISHER SCIENTIFIC INC
3.300% 02/15/2022 DD 11/14/14
340,000

339,969

347,963

 
TIME WARNER INC
3.550% 06/01/2024 DD 05/28/14
2,145,000

2,143,027

2,168,574

 
TOTAL CAPITAL INTERNATIONAL SA
2.100% 06/19/2019 DD 06/23/14
490,000

499,436

489,819

 
TOTAL CAPITAL INTERNATIONAL SA
2.750% 06/19/2021 DD 06/23/14
770,000

768,545

777,739

 
TOYOTA MOTOR CREDIT CORP
1.550% 07/13/2018 DD 07/13/15
240,000

241,272

239,597

 
TOYOTA MOTOR CREDIT CORP
1.950% 04/17/2020 DD 04/17/17
745,000

744,657

741,998

 
TOYOTA MOTOR CREDIT CORP
2.600% 01/11/2022 DD 01/09/17
1,025,000

1,023,616

1,030,504

 
TRANSCANADA PIPELINES LTD
4.625% 03/01/2034 DD 02/28/14
530,000

527,604

591,787

 
TSMC GLOBAL LTD 144A
1.625% 04/03/2018 DD 04/03/13
1,240,000

1,239,169

1,237,818

 
U S TREASURY BD PRIN STRIP
0.000% 02/15/2045 DD 02/17/15
3,945,000

1,885,852

1,854,584

 
U S TREASURY BD PRIN STRIP
0.000% 08/15/2045 DD 08/17/15
4,645,000

2,106,090

2,154,258

 
U S TREASURY BOND
2.250% 08/15/2046 DD 08/15/16
7,685,000

6,496,701

6,932,408

 
U S TREASURY BOND
2.500% 02/15/2045 DD 02/15/15
5,820,000

5,323,797

5,548,322


34

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN        
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.
EMPLOYER IDENTIFICATION NO. 38-1285128        
PLAN NO. 002        
APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233        
December 31, 2017
 
U S TREASURY BOND
2.500% 02/15/2046 DD 02/15/16
17,875,000

17,356,274

17,009,850

 
U S TREASURY BOND
2.500% 05/15/2046 DD 05/15/16
5,440,000

5,166,760

5,174,800

 
U S TREASURY BOND
2.750% 08/15/2047 DD 08/15/17
2,690,000

2,637,868

2,693,363

 
U S TREASURY NOTE
1.000% 03/15/2019 DD 03/15/16
9,325,000

9,234,664

9,231,377

 
U S TREASURY NOTE
1.125% 01/15/2019 DD 01/15/16
9,255,000

9,189,926

9,187,716

 
U S TREASURY NOTE
1.125% 01/31/2019 DD 01/31/17
19,630,000

19,494,529

19,480,419

 
U S TREASURY NOTE
1.125% 02/28/2019 DD 02/28/17
2,570,000

2,548,818

2,548,926

 
U S TREASURY NOTE
1.125% 02/28/2021 DD 02/29/16
23,845,000

23,310,047

23,188,309

 
U S TREASURY NOTE
1.125% 08/31/2021 DD 08/31/16
12,705,000

12,409,212

12,273,284

 
U S TREASURY NOTE
1.250% 01/31/2019 DD 01/31/12
2,645,000

2,629,632

2,628,469

 
U S TREASURY NOTE
1.375% 02/28/2019 DD 02/29/12
1,375,000

1,369,010

1,367,534

 
U S TREASURY NOTE
1.375% 05/31/2021 DD 05/31/16
24,035,000

23,474,947

23,494,213

 
U S TREASURY NOTE
1.500% 01/31/2019 DD 01/31/14
6,195,000

6,188,933

6,172,264

 
U S TREASURY NOTE
1.500% 12/31/2018 DD 12/31/13
3,760,000

3,754,691

3,748,118

 
U S TREASURY NOTE
1.625% 03/31/2019 DD 03/31/14
6,815,000

6,799,654

6,795,032

 
U S TREASURY NOTE
1.750% 01/31/2023 DD 01/31/16
9,230,000

9,127,605

9,022,325

 
U S TREASURY NOTE
2.000% 02/15/2025 DD 02/15/15
15,850,000

15,675,712

15,494,009

 
U S TREASURY NOTE
2.000% 08/31/2021 DD 08/31/14
5,290,000

5,268,509

5,272,649

 
U S TREASURY NOTE
2.125% 12/31/2022 DD 12/31/15
27,215,000

27,446,796

27,102,330

 
UNION PACIFIC CORP
3.000% 04/15/2027 DD 04/05/17
1,165,000

1,148,783

1,170,790

 
UNITED TECHNOLOGIES CORP
1.950% 11/01/2021 DD 11/01/16
245,000

244,454

239,363

 
US BANCORP
2.625% 01/24/2022 DD 01/24/17
1,985,000

1,981,586

1,996,394

 
VERIZON COMMUNICATIONS INC
4.500% 08/10/2033 DD 08/10/17
1,830,000

1,824,839

1,919,359

 
VERIZON OWNER TRUST 1A A 144A
1.420% 01/20/2021 DD 07/20/16
1,155,000

1,151,463

1,147,412

 
VERIZON OWNER TRUST 1A A 144A
2.060% 09/20/2021 DD 03/14/17
1,175,000

1,175,413

1,172,051

 
VERIZON OWNER TRUST 2A A 144A
1.680% 05/20/2021 DD 11/22/16
540,000

539,430

536,306

 
VERIZON OWNER TRUST 2A A 144A
1.920% 12/20/2021 DD 06/20/17
1,265,000

1,264,806

1,256,613

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
535,000

534,256

542,838

 
WALGREENS BOOTS ALLIANCE INC
3.300% 11/18/2021 DD 11/18/14
535,000

533,539

543,929

 
WELLS FARGO & CO
2.100% 07/26/2021 DD 07/25/16
3,605,000

3,583,367

3,544,652

 
WELLS FARGO & CO
2.625% 07/22/2022 DD 07/24/17
1,350,000

1,348,812

1,342,737

 
WELLS FARGO & CO
3.000% 04/22/2026 DD 04/22/16
615,000

612,891

603,377

 
US LONG BOND FUTURE (CBT)
EXP MAR 18
(373
)
52,859

52,859

 
US 10YR ULTRA FUTURE (CBT)
EXP MAR 18
55

(33,163
)
(33,163
)
 
US 10YR NOTE FUTURE (CBT)
EXP MAR 18
313

(229,542
)
(229,542
)
 
US 5YR TREAS NTS FUTURE (CBT)
EXP MAR 18
77

(25,836
)
(25,836
)
 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 18
5

(2,066
)
(2,066
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
4,495,684

4,495,684

 
TOTAL UNDERLYING ASSETS
 
 
$
390,105,956

390,714,320

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(12,774,679
)
 
CONTRACT VALUE
 
 
 
$
377,939,641



35


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
21ST CENTURY FOX AMERICA INC
3.375% 11/15/2026 DD 11/18/16
115,000

$
114,853

$
117,434

 
ABBOTT LABORATORIES
2.800% 09/15/2020 DD 03/15/17
115,000

116,400

115,774

 
AETNA INC
2.800% 06/15/2023 DD 06/09/16
205,000

204,701

201,757

 
ALABAMA POWER CO
2.450% 03/30/2022 DD 03/03/17
255,000

254,791

253,401

 
ALLERGAN FUNDING SCS
3.450% 03/15/2022 DD 03/12/15
430,000

434,988

436,902

 
ALLERGAN FUNDING SCS
3.800% 03/15/2025 DD 03/12/15
100,000

101,279

101,805

 
ALTRIA GROUP INC
2.850% 08/09/2022 DD 08/09/12
210,000

209,563

211,378

 
ALTRIA GROUP INC
9.250% 08/06/2019 DD 02/06/09
98,000

121,850

108,648

 
AMAZON.COM INC 144A
1.900% 08/21/2020 DD 08/22/17
165,000

164,909

163,647

 
AMAZON.COM INC 144A
2.800% 08/22/2024 DD 08/22/17
155,000

154,599

154,529

 
AMERICAN EXPRESS CREDIT CORP
1.875% 05/03/2019 DD 05/03/17
310,000

309,873

308,754

 
AMERICAN EXPRESS CREDIT CORP
2.200% 03/03/2020 DD 03/03/17
125,000

124,870

124,621

 
AMERICAN INTERNATIONAL GROUP I
3.900% 04/01/2026 DD 03/22/16
270,000

275,138

279,993

 
AMERICAN TOWER CORP
3.125% 01/15/2027 DD 09/30/16
165,000

152,739

158,854

 
AMGEN INC
2.650% 05/11/2022 DD 05/11/17
130,000

130,919

129,650

 
ANADARKO PETROLEUM CORP
3.450% 07/15/2024 DD 07/07/14
170,000

166,393

169,296

 
ANDEAVOR LOGISTICS LP / TESORO
3.500% 12/01/2022 DD 11/28/17
260,000

259,531

259,506

 
ANHEUSER-BUSCH INBEV FINANCE I
1.900% 02/01/2019 DD 01/25/16
355,000

355,427

354,265

 
ANHEUSER-BUSCH INBEV FINANCE I
2.650% 02/01/2021 DD 01/25/16
200,000

199,374

201,004

 
ANHEUSER-BUSCH INBEV FINANCE I
3.300% 02/01/2023 DD 01/25/16
645,000

653,527

660,022

 
ANHEUSER-BUSCH INBEV FINANCE I
3.650% 02/01/2026 DD 01/25/16
265,000

266,282

273,475

 
ANTHEM INC
2.300% 07/15/2018 DD 08/06/13
135,000

134,432

135,294

 
ANTHEM INC
3.125% 05/15/2022 DD 05/07/12
155,000

156,273

156,369

 
ANTHEM INC
3.650% 12/01/2027 DD 11/21/17
195,000

194,608

198,769

 
APACHE CORP
3.625% 02/01/2021 DD 12/03/10
90,000

91,630

92,138

 
APPALACHIAN POWER CO
3.300% 06/01/2027 DD 05/11/17
170,000

169,133

170,519

 
APPLE INC
2.450% 08/04/2026 DD 08/04/16
160,000

154,239

153,352

 
APPLE INC
2.500% 02/09/2025 DD 02/09/15
75,000

74,894

73,127

 
APPLE INC
2.850% 02/23/2023 DD 02/23/16
250,000

250,445

253,388

 
APPLE INC
2.900% 09/12/2027 DD 09/12/17
210,000

209,765

207,514

 
APPLE INC
3.000% 02/09/2024 DD 02/09/17
35,000

34,985

35,444

 
APPLIED MATERIALS INC
3.300% 04/01/2027 DD 03/31/17
100,000

99,645

101,710

 
AT&T INC
3.000% 06/30/2022 DD 05/04/15
255,000

255,101

255,454

 
AT&T INC
3.400% 08/14/2024 DD 08/07/17
225,000

224,622

226,154

 
AT&T INC
3.800% 03/15/2022 DD 03/15/16
340,000

360,322

351,387

 
AT&T INC
3.900% 08/14/2027 DD 08/07/17
95,000

94,836

95,635

 
AT&T INC
4.125% 02/17/2026 DD 02/09/16
155,000

164,905

158,543

 
BA CREDIT CARD TRUST A1 A
VAR RT 06/15/2021 DD 02/13/14
495,000

495,000

496,381


36


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
BAE SYSTEMS HOLDINGS INC 144A
3.800% 10/07/2024 DD 10/07/14
200,000

199,406

208,060

 
BANCO SANTANDER SA
3.800% 02/23/2028 DD 10/23/17
200,000

199,078

200,028

 
BANK 2017-BNK9 BNK9 A4
3.538% 11/15/2054 DD 12/01/17
562,000

578,857

579,124

 
BANK OF AMERICA CORP
2.151% 11/09/2020 DD 11/09/16
110,000

110,000

109,496

 
BANK OF AMERICA CORP
2.600% 01/15/2019 DD 10/22/13
9,000

8,998

9,031

 
BANK OF AMERICA CORP
2.625% 04/19/2021 DD 04/19/16
835,000

842,394

839,259

 
BANK OF AMERICA CORP
3.950% 04/21/2025 DD 04/21/15
55,000

54,838

56,877

 
BANK OF AMERICA CORP
4.450% 03/03/2026 DD 03/03/16
300,000

318,840

320,220

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
625,000

693,310

634,550

 
BANK OF AMERICA CORP
VAR RT 04/24/2028 DD 04/24/17
170,000

170,000

174,486

 
BANK OF AMERICA CORP
VAR RT 07/21/2021 DD 07/21/17
480,000

480,000

479,160

 
BANK OF AMERICA CORP 144A
VAR RT 12/20/2023 DD 12/20/17
53,409

53,419

53,546

 
BANK OF NEW YORK MELLON CORP/T
2.450% 11/27/2020 DD 11/27/15
345,000

349,734

346,283

 
BANK OF NEW YORK MELLON CORP/T
VAR RT 05/16/2023 DD 05/16/17
350,000

350,000

349,815

 
BANK OF NEW YORK MELLON CORP/T
VAR RT 10/30/2023 DD 10/31/16
490,000

490,000

503,431

 
BAT CAPITAL CORP 144A
2.297% 08/14/2020 DD 08/15/17
275,000

275,000

273,488

 
BAT CAPITAL CORP 144A
3.222% 08/15/2024 DD 08/15/17
275,000

275,000

274,989

 
BAT INTERNATIONAL FINANCE 144A
2.750% 06/15/2020 DD 06/15/15
140,000

139,779

140,685

 
BEAR STEARNS COS LLC/THE
7.250% 02/01/2018 DD 02/01/08
115,000

143,107

115,460

 
BECTON DICKINSON AND CO
2.894% 06/06/2022 DD 06/06/17
530,000

530,000

526,688

 
BERKSHIRE HATHAWAY ENERGY CO
2.400% 02/01/2020 DD 12/04/14
440,000

444,121

442,055

 
BNP PARIBAS SA 144A
3.800% 01/10/2024 DD 01/10/17
200,000

199,392

206,924

 
BOSTON GAS CO 144A
3.150% 08/01/2027 DD 08/03/17
60,000

59,944

59,807

 
BP CAPITAL MARKETS PLC
3.279% 09/19/2027 DD 09/19/17
225,000

225,000

227,765

 
BROADCOM CORP / BROADCOM 144A
3.000% 01/15/2022 DD 01/19/17
570,000

567,674

565,172

 
BROADCOM CORP / BROADCOM 144A
3.625% 01/15/2024 DD 01/19/17
405,000

404,579

402,728

 
BURLINGTON NORTHERN SANTA FE L
3.250% 06/15/2027 DD 03/09/17
55,000

54,861

56,262

 
CANADIAN NATURAL RESOURCES LTD
3.850% 06/01/2027 DD 05/30/17
275,000

275,220

280,684

 
CARDINAL HEALTH INC
1.950% 06/15/2018 DD 06/23/15
50,000

49,961

49,972

 
CARDINAL HEALTH INC
2.616% 06/15/2022 DD 06/12/17
285,000

285,000

280,238

 
CATERPILLAR FINANCIAL SERVICES
1.850% 09/04/2020 DD 09/07/17
250,000

249,790

247,083

 
CBS CORP 144A
2.900% 06/01/2023 DD 11/16/17
205,000

203,214

201,548

 
CENTERPOINT ENERGY INC
2.500% 09/01/2022 DD 08/10/17
200,000

200,055

196,990

 
CHARTER COMMUNICATIONS OPERATI
3.579% 07/23/2020 DD 07/23/16
70,000

69,952

71,305

 
CHARTER COMMUNICATIONS OPERATI
4.464% 07/23/2022 DD 07/23/16
485,000

486,542

506,025

 
CHARTER COMMUNICATIONS OPERATI
4.908% 07/23/2025 DD 07/23/16
175,000

185,733

186,058

 
CHEVRON CORP
1.561% 05/16/2019 DD 05/16/16
315,000

315,000

313,201

 
CIGNA CORP
3.050% 10/15/2027 DD 09/14/17
240,000

239,539

235,738

 
CITIGROUP COMMERCIAL M GC35 A4
3.818% 11/10/2048 DD 12/01/15
300,000

308,991

314,916

 
CITIGROUP COMMERCIAL MOR P1 A5
3.717% 09/15/2048 DD 08/01/15
264,000

285,594

276,052


37


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
CITIGROUP INC
2.450% 01/10/2020 DD 01/10/17
700,000

699,720

700,322

 
CITIGROUP INC
2.700% 03/30/2021 DD 03/30/16
540,000

542,328

541,642

 
CITIGROUP INC
2.700% 10/27/2022 DD 10/27/17
190,000

189,365

187,971

 
CITIGROUP INC
3.700% 01/12/2026 DD 01/12/16
135,000

134,820

138,984

 
CITIGROUP INC
4.450% 09/29/2027 DD 09/29/15
155,000

155,886

164,099

 
CITIGROUP INC
4.600% 03/09/2026 DD 03/09/16
215,000

214,574

228,807

 
CITIGROUP INC
5.500% 09/13/2025 DD 09/13/13
135,000

149,764

152,083

 
CITIGROUP INC
VAR RT 05/17/2024 DD 05/17/17
190,000

190,000

192,922

 
CITIZENS BANK NA/PROVIDENCE RI
2.300% 12/03/2018 DD 12/03/15
400,000

399,480

400,272

 
COCA-COLA EUROPEAN PARTNERS US
3.500% 09/15/2020 DD 09/14/10
450,000

465,605

461,304

 
COMCAST CORP
2.350% 01/15/2027 DD 07/19/16
110,000

99,958

103,884

 
COMCAST CORP
3.125% 07/15/2022 DD 07/02/12
30,000

31,523

30,738

 
COMM 2014-CCRE21 MORTG CR21 A3
3.528% 12/10/2047 DD 12/01/14
445,267

457,994

459,756

 
COMM 2014-UBS4 MORTGAG UBS4 A5
3.694% 08/10/2047 DD 07/01/14
449,000

466,358

467,854

 
COMM 2015-CCRE26 MORTG CR26 A4
3.630% 10/10/2048 DD 10/01/15
453,000

466,201

471,659

 
COMM 2015-LC19 MORTGAG LC19 A4
3.183% 02/10/2048 DD 02/01/15
320,000

317,900

323,837

 
COMMIT TO PUR FHLMC GOLD SFM
3.000% 01/01/2033 DD 01/01/18
2,200,000

2,243,227

2,240,040

 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
5,100,000

5,238,551

5,237,343

 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2048 DD 01/01/18
2,000,000

2,131,328

2,125,940

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2033 DD 01/01/18
2,600,000

2,651,594

2,648,256

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
1,100,000

1,151,090

1,150,314

 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2048 DD 01/01/18
4,400,000

4,444,516

4,439,864

 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2048 DD 01/01/18
9,105,000

9,415,249

9,412,294

 
CONCHO RESOURCES INC
3.750% 10/01/2027 DD 09/26/17
55,000

54,800

55,718

 
CONSTELLATION BRANDS INC
2.650% 11/07/2022 DD 11/07/17
360,000

358,495

356,173

 
CONSTELLATION BRANDS INC
2.700% 05/09/2022 DD 05/09/17
30,000

29,935

29,853

 
CORP NACIONAL DEL COBRE D 144A
3.625% 08/01/2027 DD 08/01/17
200,000

196,474

200,218

 
COX COMMUNICATIONS INC 144A
3.150% 08/15/2024 DD 08/07/17
320,000

318,272

315,162

 
CREDIT SUISSE GROUP FUNDING GU
3.800% 09/15/2022 DD 09/15/15
725,000

737,013

747,867

 
CROWN CASTLE INTERNATIONAL COR
3.200% 09/01/2024 DD 08/01/17
175,000

174,512

173,185

 
CSAIL 2015-C1 COMMERCIAL C1 A4
3.505% 04/15/2050 DD 03/01/15
372,000

396,747

383,026

 
CSAIL 2015-C3 COMMERCIAL C3 A3
3.447% 08/15/2048 DD 08/01/15
275,000

284,550

281,166

 
CSAIL 2015-C3 COMMERCIAL C3 A4
3.718% 08/15/2048 DD 08/01/15
256,000

264,940

266,276

 
CSAIL 2015-C4 COMMERCIAL C4 A4
3.808% 11/15/2048 DD 11/01/15
286,000

294,578

298,993

 
CSX CORP
3.250% 06/01/2027 DD 05/01/17
295,000

294,640

294,711

 
CVS HEALTH CORP
2.750% 12/01/2022 DD 11/29/12
30,000

29,958

29,552

 
CVS HEALTH CORP
2.800% 07/20/2020 DD 07/20/15
391,000

392,154

392,630

 
CVS HEALTH CORP
2.875% 06/01/2026 DD 05/25/16
125,000

117,375

119,845

 
CVS HEALTH CORP
3.500% 07/20/2022 DD 07/20/15
175,000

174,925

178,255

 
DAIMLER FINANCE NORTH AME 144A
1.650% 03/02/2018 DD 03/02/15
225,000

224,811

224,924

 
DBJPM 16-C3 MORTGAGE TRU C3 A5
2.890% 09/10/2049 DD 08/01/16
576,000

569,389

567,913


38


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
DEUTSCHE BANK AG/NEW YORK NY
2.700% 07/13/2020 DD 07/13/17
265,000

264,637

263,702

 
DEVON FINANCING CO LLC
7.875% 09/30/2031 DD 10/03/01
30,000

31,958

41,184

 
DISCOVERY COMMUNICATIONS LLC
2.950% 03/20/2023 DD 09/21/17
95,000

94,880

94,020

 
DISCOVERY COMMUNICATIONS LLC
3.800% 03/13/2024 DD 03/13/17
183,000

185,930

185,644

 
DISCOVERY COMMUNICATIONS LLC
4.900% 03/11/2026 DD 03/11/16
95,000

101,621

101,347

 
DOMINION ENERGY INC
2.000% 08/15/2021 DD 08/09/16
35,000

34,950

34,202

 
DOMINION ENERGY INC
2.500% 12/01/2019 DD 11/25/14
260,000

262,618

260,400

 
DOMINION ENERGY INC
3.900% 10/01/2025 DD 09/24/15
560,000

563,959

584,422

 
DTE ENERGY CO
1.500% 10/01/2019 DD 10/05/16
150,000

149,813

147,621

 
DUKE ENERGY CAROLINAS LLC
2.500% 03/15/2023 DD 03/11/16
295,000

294,885

292,366

 
DUKE ENERGY CORP
1.800% 09/01/2021 DD 08/12/16
505,000

502,813

491,188

 
DUKE ENERGY CORP
2.650% 09/01/2026 DD 08/12/16
25,000

24,923

23,954

 
DUKE ENERGY CORP
3.750% 04/15/2024 DD 04/04/14
200,000

199,882

208,882

 
DUKE ENERGY PROGRESS LLC
3.250% 08/15/2025 DD 08/13/15
265,000

264,192

270,515

 
ELI LILLY & CO
2.350% 05/15/2022 DD 05/09/17
195,000

194,706

194,458

 
EXELON CORP
2.450% 04/15/2021 DD 04/07/16
30,000

29,993

29,864

 
FEDEX CORP
3.250% 04/01/2026 DD 03/24/16
55,000

54,888

55,420

 
FHLMC POOL #A4-1215
5.000% 11/01/2035 DD 12/01/05
82,651

79,377

89,363

 
FHLMC POOL #A4-1297
5.000% 12/01/2035 DD 12/01/05
33,759

32,421

36,570

 
FHLMC POOL #A4-1833
5.000% 01/01/2036 DD 01/01/06
15,393

14,783

16,637

 
FHLMC POOL #A4-7715
5.000% 11/01/2035 DD 11/01/05
379

364

407

 
FHLMC POOL #A7-0631
5.000% 12/01/2037 DD 12/01/07
105,263

100,954

114,170

 
FHLMC POOL #A7-7292
5.000% 04/01/2038 DD 05/01/08
158,164

156,187

170,898

 
FHLMC POOL #A9-6129
4.000% 01/01/2041 DD 12/01/10
2,180,624

2,252,347

2,289,328

 
FHLMC POOL #B1-1979
5.500% 01/01/2019 DD 01/01/04
2,619

2,622

2,644

 
FHLMC POOL #B1-5992
5.500% 08/01/2019 DD 08/01/04
8,182

8,471

8,293

 
FHLMC POOL #B1-6466
5.500% 09/01/2019 DD 09/01/04
23,384

23,410

23,753

 
FHLMC POOL #E0-1648
5.500% 05/01/2019 DD 05/01/04
817

846

827

 
FHLMC POOL #E9-9911
5.500% 10/01/2018 DD 09/01/03
3,261

3,376

3,282

 
FHLMC POOL #G0-1940
5.000% 10/01/2035 DD 10/01/05
36,402

34,192

39,478

 
FHLMC POOL #G0-4214
5.500% 05/01/2038 DD 04/01/08
125,609

126,473

138,868

 
FHLMC POOL #G0-8563
4.000% 01/01/2044 DD 12/01/13
592,079

610,304

620,037

 
FHLMC POOL #G0-8741
3.000% 01/01/2047 DD 12/01/16
7,925,124

8,143,064

7,932,811

 
FHLMC MULTICLASS MTG K003 A5
5.085% 03/25/2019 DD 06/01/09
175,000

176,749

179,548

 
FHLMC MULTICLASS MTG K068 A2
3.244% 08/25/2027 DD 10/01/17
382,000

393,447

393,506

 
FIDELITY NATIONAL INFORMATION
2.250% 08/15/2021 DD 08/16/16
175,000

174,976

172,050

 
FIFTH THIRD AUTO TRUST 20 3 A4
1.470% 05/17/2021 DD 10/29/14
469,723

469,580

469,361

 
FIFTH THIRD BANK/CINCINNATI OH
2.875% 10/01/2021 DD 09/05/14
300,000

298,455

302,943

 
FIRSTENERGY CORP
3.900% 07/15/2027 DD 06/21/17
260,000

259,134

266,409

 
FNMA POOL #0252441
6.000% 05/01/2019 DD 04/01/99
1,124

1,225

1,256

 
FNMA POOL #0256315
5.500% 07/01/2036 DD 06/01/06
64,469

63,207

71,271

 
FNMA POOL #0693008
5.000% 05/01/2018 DD 05/01/03
79

80

81


39


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
FNMA POOL #0725206
5.500% 02/01/2034 DD 02/01/04
113,145

128,901

125,575

 
FNMA POOL #0725222
5.500% 02/01/2034 DD 02/01/04
182,441

207,767

202,410

 
FNMA POOL #0725314
5.000% 04/01/2034 DD 03/01/04
48,259

45,840

52,421

 
FNMA POOL #0726028
5.000% 08/01/2018 DD 07/01/03
853

856

869

 
FNMA POOL #0727187
5.500% 08/01/2033 DD 08/01/03
20,303

20,436

22,306

 
FNMA POOL #0733371
5.000% 08/01/2018 DD 07/01/03
3,484

3,516

3,546

 
FNMA POOL #0733655
5.500% 09/01/2033 DD 08/01/03
32,340

32,552

35,865

 
FNMA POOL #0734847
5.500% 08/01/2033 DD 08/01/03
51,378

51,716

56,801

 
FNMA POOL #0735383
5.000% 04/01/2035 DD 03/01/05
436,058

488,291

473,668

 
FNMA POOL #0738499
5.500% 09/01/2033 DD 09/01/03
5,356

5,391

5,864

 
FNMA POOL #0738632
5.000% 11/01/2018 DD 11/01/03
4,767

4,812

4,860

 
FNMA POOL #0743133
5.000% 10/01/2018 DD 09/01/03
5,428

5,479

5,526

 
FNMA POOL #0743186
5.000% 10/01/2018 DD 09/01/03
14,935

15,075

15,204

 
FNMA POOL #0743859
5.000% 11/01/2018 DD 10/01/03
16,533

16,688

16,831

 
FNMA POOL #0743887
5.000% 11/01/2018 DD 10/01/03
3,119

3,148

3,175

 
FNMA POOL #0747866
5.000% 11/01/2018 DD 11/01/03
8,614

8,695

8,769

 
FNMA POOL #0757861
5.000% 10/01/2018 DD 11/01/03
9,395

9,483

9,564

 
FNMA POOL #0778421
5.000% 08/01/2035 DD 07/01/05
4,116

4,048

4,418

 
FNMA POOL #0820263
5.000% 07/01/2035 DD 07/01/05
15,570

15,314

16,847

 
FNMA POOL #0825951
5.000% 07/01/2035 DD 06/01/05
23,916

23,523

26,007

 
FNMA POOL #0826955
5.000% 06/01/2035 DD 06/01/05
2,614

2,571

2,836

 
FNMA POOL #0828523
5.000% 07/01/2035 DD 07/01/05
29,343

28,861

31,857

 
FNMA POOL #0828547
5.000% 08/01/2035 DD 08/01/05
3,358

3,187

3,633

 
FNMA POOL #0828678
5.000% 07/01/2035 DD 07/01/05
22,165

21,801

23,887

 
FNMA POOL #0828712
5.000% 07/01/2035 DD 07/01/05
37,405

36,792

40,594

 
FNMA POOL #0830996
5.000% 08/01/2035 DD 07/01/05
35,206

34,629

37,927

 
FNMA POOL #0832013
5.000% 09/01/2035 DD 08/01/05
54,161

53,272

58,815

 
FNMA POOL #0832878
5.000% 09/01/2035 DD 08/01/05
53,034

51,285

57,535

 
FNMA POOL #0838778
5.000% 10/01/2035 DD 10/01/05
19,573

18,592

21,250

 
FNMA POOL #0840377
5.000% 11/01/2035 DD 11/01/05
20,853

19,808

22,644

 
FNMA POOL #0843360
5.000% 11/01/2035 DD 11/01/05
7,350

6,984

7,896

 
FNMA POOL #0844018
5.000% 11/01/2035 DD 10/01/05
50,491

47,960

54,778

 
FNMA POOL #0867065
5.000% 02/01/2036 DD 02/01/06
14,974

14,214

16,241

 
FNMA POOL #0882022
5.500% 05/01/2036 DD 05/01/06
2,425

2,377

2,682

 
FNMA POOL #0888023
5.500% 06/01/2036 DD 11/01/06
374,934

374,055

415,423

 
FNMA POOL #0888120
5.000% 10/01/2035 DD 12/01/06
118,679

114,757

128,853

 
FNMA POOL #0888635
5.500% 09/01/2036 DD 08/01/07
95,486

108,756

105,959

 
FNMA POOL #0893289
5.500% 08/01/2036 DD 08/01/06
24,111

23,663

26,685

 
FNMA POOL #0893363
5.000% 06/01/2036 DD 08/01/06
6,229

5,917

6,764

 
FNMA POOL #0900979
5.500% 09/01/2036 DD 09/01/06
8,323

8,168

9,112

 
FNMA POOL #0961876
5.000% 03/01/2038 DD 02/01/08
150,057

146,528

163,349

 
FNMA POOL #0AL5249
4.500% 01/01/2043 DD 04/01/14
1,012,022

1,094,723

1,084,948


40


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
FNMA POOL #0AL7366
4.500% 08/01/2042 DD 09/01/15
1,203,894

1,303,215

1,290,056

 
FNMA POOL #0AN6110
3.000% 07/01/2027 DD 07/01/17
515,000

526,064

519,779

 
FNMA POOL #0AN6257
3.160% 08/01/2027 DD 08/01/17
690,000

709,838

706,250

 
FNMA POOL #0AN7376
2.880% 11/01/2027 DD 11/01/17
730,112

733,078

729,404

 
FNMA POOL #0AT2016
3.000% 04/01/2043 DD 04/01/13
1,013,819

1,023,324

1,019,294

 
FNMA POOL #0AU1358
3.000% 07/01/2028 DD 07/01/13
581,131

602,833

593,695

 
FNMA POOL #0AU8871
3.000% 12/01/2028 DD 11/01/13
1,024,062

1,050,463

1,045,608

 
FNMA POOL #0MA3120
3.500% 09/01/2047 DD 08/01/17
1,866,491

1,932,321

1,917,484

 
FNMA POOL #0MA3143
3.000% 08/01/2047 DD 08/01/17
4,839,017

4,911,312

4,841,485

 
FORD MOTOR CO
4.346% 12/08/2026 DD 12/08/16
375,000

377,943

390,968

 
FORTIS INC/CANADA
2.100% 10/04/2021 DD 04/04/17
75,000

74,809

73,209

 
FORTIS INC/CANADA
3.055% 10/04/2026 DD 04/04/17
200,000

198,266

193,110

 
FORTIVE CORP
2.350% 06/15/2021 DD 06/15/17
360,000

362,588

356,850

 
GENERAL MOTORS FINANCIAL CO IN
4.300% 07/13/2025 DD 07/13/15
600,000

588,858

625,254

 
GENERAL MOTORS FINANCIAL CO IN
5.250% 03/01/2026 DD 03/01/16
175,000

182,266

192,432

 
GEORGIA POWER CO
2.400% 04/01/2021 DD 03/08/16
200,000

199,590

198,202

 
GEORGIA POWER CO
3.250% 03/30/2027 DD 03/03/17
75,000

74,915

75,248

 
GNMA POOL #0249532
8.500% 04/15/2018 DD 05/01/88
243

262

243

 
GNMA POOL #0345910
6.000% 12/15/2023 DD 12/01/93
3,334

3,474

3,727

 
GNMA POOL #0427239
6.000% 01/15/2028 DD 01/01/98
679

708

759

 
GNMA POOL #0465541
6.000% 07/15/2028 DD 07/01/98
1,417

1,476

1,584

 
GNMA POOL #0486703
6.000% 11/15/2028 DD 11/01/98
962

1,003

1,100

 
GNMA POOL #0491289
6.000% 11/15/2028 DD 11/01/98
10,299

10,766

11,514

 
GNMA POOL #0596613
6.000% 10/15/2032 DD 10/01/02
641

661

721

 
GNMA POOL #0601319
6.000% 02/15/2033 DD 02/01/03
10,803

11,293

12,078

 
GNMA POOL #0739896
4.000% 01/15/2041 DD 01/01/11
152,017

164,173

159,113

 
GNMA POOL #0767263
4.000% 08/15/2041 DD 08/01/11
702,096

758,236

736,738

 
GNMA POOL #0770410
4.000% 06/15/2041 DD 06/01/11
55,869

60,391

58,477

 
GNMA POOL #0778693
4.000% 12/15/2041 DD 12/01/11
148,051

160,034

155,324

 
GNMA POOL #0781856
6.000% 08/15/2034 DD 01/01/05
159,820

165,351

180,633

 
GNMA POOL #0782071
7.000% 05/15/2033 DD 03/01/06
48,429

50,533

56,153

 
GNMA II POOL #0MA4652
3.500% 08/20/2047 DD 08/01/17
2,763,398

2,877,820

2,859,536

 
GOLDMAN SACHS GROUP INC/THE
2.000% 04/25/2019 DD 04/25/16
45,000

44,875

44,865

 
GOLDMAN SACHS GROUP INC/THE
2.350% 11/15/2021 DD 09/27/16
115,000

114,882

113,257

 
GOLDMAN SACHS GROUP INC/THE
2.375% 01/22/2018 DD 01/22/13
165,000

164,931

165,033

 
GOLDMAN SACHS GROUP INC/THE
2.600% 04/23/2020 DD 01/23/15
105,000

104,803

105,143

 
GOLDMAN SACHS GROUP INC/THE
2.600% 12/27/2020 DD 03/27/17
340,000

339,765

339,963

 
GOLDMAN SACHS GROUP INC/THE
2.750% 09/15/2020 DD 09/15/15
15,000

14,969

15,075

 
GOLDMAN SACHS GROUP INC/THE
3.750% 02/25/2026 DD 02/25/16
305,000

318,554

312,957

 
GOLDMAN SACHS GROUP INC/THE
3.750% 05/22/2025 DD 05/22/15
25,000

24,920

25,756

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
260,000

259,215

272,776

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
285,000

303,235

316,017


41


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
210,000

245,547

212,209

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 06/05/2028 DD 06/05/17
210,000

210,000

213,037

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 07/24/2023 DD 07/24/17
240,000

240,000

238,325

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 10/31/2022 DD 10/31/17
180,000

180,000

179,483

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 11/29/2023 DD 11/29/13
300,000

304,878

312,249

 
GS MORTGAGE SECURITIES GC20 A5
3.998% 04/10/2047 DD 04/01/14
375,000

397,676

396,656

 
GS MORTGAGE SECURITIES GS5 A4
3.674% 03/10/2050 DD 03/01/17
445,000

467,226

465,719

 
HESS CORP
4.300% 04/01/2027 DD 09/28/16
365,000

364,073

365,894

 
HEWLETT PACKARD ENTERPRISE CO
VAR RT 10/15/2025 DD 10/15/16
255,000

268,509

269,214

 
HOME DEPOT INC/THE
2.125% 09/15/2026 DD 09/15/16
120,000

118,685

112,351

 
HSBC HOLDINGS PLC
2.950% 05/25/2021 DD 05/25/16
400,000

403,752

402,748

 
HSBC HOLDINGS PLC
3.400% 03/08/2021 DD 03/08/16
240,000

239,453

245,304

 
HSBC HOLDINGS PLC
4.250% 08/18/2025 DD 08/18/15
425,000

428,103

440,738

 
HSBC USA INC
2.750% 08/07/2020 DD 08/07/15
325,000

324,714

326,781

 
HUMANA INC
2.500% 12/15/2020 DD 12/21/17
125,000

124,933

124,904

 
IMPERIAL BRANDS FINANCE P 144A
3.750% 07/21/2022 DD 07/21/15
425,000

435,905

439,195

 
INTEL CORP
1.700% 05/19/2021 DD 05/19/16
175,000

174,692

171,866

 
INTEL CORP
2.875% 05/11/2024 DD 05/11/17
225,000

224,944

227,063

 
INTEL CORP
3.100% 07/29/2022 DD 07/29/15
55,000

58,720

56,576

 
INTERCONTINENTAL EXCHANGE INC
2.750% 12/01/2020 DD 11/24/15
100,000

99,888

101,037

 
ITC HOLDINGS CORP 144A
2.700% 11/15/2022 DD 11/14/17
315,000

314,735

314,430

 
JOHN DEERE CAPITAL CORP
1.950% 06/22/2020 DD 06/22/17
170,000

169,896

168,795

 
JOHN DEERE CAPITAL CORP
2.650% 01/06/2022 DD 01/06/17
230,000

229,936

231,339

 
JOHNSON & JOHNSON
2.625% 01/15/2025 DD 11/10/17
125,000

124,979

124,365

 
JOHNSON & JOHNSON
2.950% 03/03/2027 DD 03/03/17
180,000

179,815

182,394

 
JP MORGAN CHASE COMMERC JP3 A5
2.870% 08/15/2049 DD 09/01/16
270,000

264,727

265,224

 
JPMBB COMMERCIAL MORTGA C22 A4
3.801% 09/15/2047 DD 08/01/14
285,000

295,584

298,691

 
JPMBB COMMERCIAL MORTGA C32 A5
3.598% 11/15/2048 DD 10/01/15
322,000

351,219

333,782

 
JPMORGAN CHASE & CO
1.850% 03/22/2019 DD 03/23/16
330,000

329,789

328,792

 
JPMORGAN CHASE & CO
2.295% 08/15/2021 DD 08/08/16
695,000

697,373

688,780

 
JPMORGAN CHASE & CO
2.550% 03/01/2021 DD 03/01/16
80,000

79,940

80,042

 
JPMORGAN CHASE & CO
3.200% 01/25/2023 DD 01/25/13
375,000

372,885

382,500

 
JPMORGAN CHASE & CO
3.300% 04/01/2026 DD 03/23/16
100,000

99,881

100,788

 
JPMORGAN CHASE & CO
4.350% 08/15/2021 DD 08/10/11
250,000

248,800

265,155

 
JPMORGAN CHASE & CO
4.500% 01/24/2022 DD 01/23/12
105,000

112,184

112,355

 
JPMORGAN CHASE & CO
VAR RT 03/01/2025 DD 06/01/17
280,000

280,000

282,184

 
KEYCORP
2.900% 09/15/2020 DD 09/15/15
485,000

491,137

489,540

 
KINDER MORGAN INC/DE
3.150% 01/15/2023 DD 08/10/17
410,000

409,073

407,503

 
KRAFT HEINZ FOODS CO
2.000% 07/02/2018 DD 07/02/16
150,000

150,626

149,996

 
KRAFT HEINZ FOODS CO
3.000% 06/01/2026 DD 05/24/16
320,000

318,598

307,930

 
LAM RESEARCH CORP
2.800% 06/15/2021 DD 06/07/16
120,000

119,899

120,754

 
LB-UBS COMMERCIAL MORTGA C1 A2
VAR RT 04/15/2041 DD 04/11/08
147,294

163,018

147,545


42


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
LOCKHEED MARTIN CORP
2.500% 11/23/2020 DD 11/23/15
80,000

79,713

80,511

 
LOWE'S COS INC
3.100% 05/03/2027 DD 05/03/17
120,000

119,815

120,425

 
MARATHON OIL CORP
2.700% 06/01/2020 DD 06/10/15
55,000

54,881

55,008

 
MARATHON OIL CORP
2.800% 11/01/2022 DD 10/29/12
210,000

193,447

207,955

 
MARSH & MCLENNAN COS INC
3.500% 03/10/2025 DD 09/10/14
65,000

64,796

66,966

 
MARSH & MCLENNAN COS INC
4.050% 10/15/2023 DD 09/27/13
375,000

373,523

395,006

 
METHANEX CORP
3.250% 12/15/2019 DD 12/17/12
345,000

348,129

346,539

 
MICROSOFT CORP
2.000% 08/08/2023 DD 08/08/16
245,000

244,267

237,995

 
MICROSOFT CORP
2.400% 08/08/2026 DD 08/08/16
195,000

191,669

188,052

 
MICROSOFT CORP
2.875% 02/06/2024 DD 02/06/17
10,000

9,927

10,145

 
MOLSON COORS BREWING CO
1.450% 07/15/2019 DD 07/07/16
110,000

109,945

108,626

 
MOODY'S CORP
2.750% 12/15/2021 DD 03/02/17
165,000

164,490

165,206

 
MOODY'S CORP 144A
2.625% 01/15/2023 DD 06/12/17
160,000

159,626

158,722

 
MORGAN STANLEY
2.450% 02/01/2019 DD 01/27/16
315,000

321,294

315,797

 
MORGAN STANLEY
2.500% 01/24/2019 DD 01/24/14
100,000

99,632

100,255

 
MORGAN STANLEY
2.500% 04/21/2021 DD 04/21/16
245,000

244,177

244,591

 
MORGAN STANLEY
2.750% 05/19/2022 DD 05/19/17
200,000

199,582

199,266

 
MORGAN STANLEY
3.125% 07/27/2026 DD 07/25/16
620,000

616,558

611,525

 
MORGAN STANLEY
3.625% 01/20/2027 DD 01/20/17
35,000

34,650

35,821

 
MORGAN STANLEY
3.950% 04/23/2027 DD 04/23/15
90,000

89,676

91,393

 
MORGAN STANLEY
4.350% 09/08/2026 DD 09/08/14
175,000

174,692

183,376

 
MORGAN STANLEY
4.875% 11/01/2022 DD 10/23/12
20,000

20,161

21,536

 
MORGAN STANLEY
6.625% 04/01/2018 DD 04/01/08
875,000

931,108

884,590

 
MORGAN STANLEY BANK OF C14 A5
4.064% 02/15/2047 DD 02/01/14
25,000

26,743

26,537

 
MORGAN STANLEY BANK OF C26 A5
3.531% 10/15/2048 DD 11/01/15
441,000

479,019

455,747

 
MORGAN STANLEY BANK OF C30 A5
2.860% 09/15/2049 DD 09/01/16
590,000

580,962

578,643

 
MPLX LP
4.125% 03/01/2027 DD 02/10/17
100,000

99,834

102,424

 
MYLAN NV
3.150% 06/15/2021 DD 12/15/16
235,000

234,727

236,311

 
MYLAN NV
3.750% 12/15/2020 DD 12/15/16
95,000

94,970

97,077

 
MYLAN NV
VAR RT 12/15/2018 DD 12/15/16
205,000

207,858

206,097

 
NATIONAL RURAL UTILITIES COOPE
2.300% 11/01/2020 DD 10/27/15
170,000

169,657

169,837

 
NATIONAL RURAL UTILITIES COOPE
2.400% 04/25/2022 DD 04/25/17
75,000

74,979

74,574

 
NATIONAL RURAL UTILITIES COOPE
3.050% 02/15/2022 DD 02/02/12
225,000

224,226

228,899

 
NBCUNIVERSAL MEDIA LLC
4.375% 04/01/2021 DD 04/01/11
20,000

20,547

21,198

 
NEW YORK LIFE GLOBAL FUND 144A
2.000% 04/13/2021 DD 04/13/16
340,000

340,853

335,543

 
NEXEN ENERGY ULC
6.200% 07/30/2019 DD 07/30/09
275,000

320,427

288,582

 
NISSAN MOTOR ACCEPTANCE C 144A
2.150% 09/28/2020 DD 09/28/17
165,000

164,861

163,635

 
OBP DEPOSITOR LLC T OBP A 144A
4.646% 07/15/2045 DD 07/01/10
150,000

157,838

156,839

 
ORACLE CORP
2.950% 11/15/2024 DD 11/09/17
270,000

269,573

271,936

 
PENSKE TRUCK LEASING CO L 144A
3.375% 02/01/2022 DD 02/02/15
140,000

146,633

142,621

 
PENSKE TRUCK LEASING CO L 144A
4.875% 07/11/2022 DD 07/13/12
155,000

159,446

167,333

 
PEPSICO INC
1.700% 10/06/2021 DD 10/06/16
305,000

304,591

297,497


43


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
PEPSICO INC
2.000% 04/15/2021 DD 10/10/17
385,000

384,923

380,623

 
PETROLEOS MEXICANOS
4.625% 09/21/2023
99,000

99,575

101,846

 
PETROLEOS MEXICANOS
4.875% 01/24/2022
225,000

230,006

234,506

 
PETROLEOS MEXICANOS 144A
6.500% 03/13/2027 DD 03/13/17
110,000

116,036

120,230

 
PHILIP MORRIS INTERNATIONAL IN
2.000% 02/21/2020 DD 02/21/17
525,000

521,787

521,735

 
PHILIP MORRIS INTERNATIONAL IN
2.375% 08/17/2022 DD 08/17/17
190,000

189,120

187,211

 
PIONEER NATURAL RESOURCES CO
4.450% 01/15/2026 DD 12/07/15
115,000

122,749

123,262

 
PLAINS ALL AMERICAN PIPELINE L
3.650% 06/01/2022 DD 03/22/12
21,000

21,017

21,122

 
PNC BANK NA
2.150% 04/29/2021 DD 04/29/16
380,000

379,768

376,622

 
PNC BANK NA
2.700% 11/01/2022 DD 10/22/12
350,000

321,461

348,278

 
QUALCOMM INC
2.100% 05/20/2020 DD 05/26/17
145,000

144,991

144,390

 
REYNOLDS AMERICAN INC
4.000% 06/12/2022 DD 06/12/15
240,000

247,779

250,759

 
RIO TINTO FINANCE USA PLC
2.875% 08/21/2022 DD 08/21/12
4,000

3,895

4,051

 
ROYAL BANK OF CANADA
2.150% 10/26/2020 DD 10/26/17
360,000

359,791

357,674

 
SABINE PASS LIQUEFACTION LLC
4.200% 03/15/2028 DD 03/06/17
55,000

54,947

55,648

 
SABINE PASS LIQUEFACTION LLC
5.750% 05/15/2024 DD 11/15/14
170,000

188,753

188,952

 
SANTANDER HOLDINGS USA IN 144A
3.700% 03/28/2022 DD 03/27/17
330,000

334,666

333,970

 
SANTANDER HOLDINGS USA INC
2.650% 04/17/2020 DD 04/17/15
320,000

318,723

319,830

 
SANTANDER UK PLC
2.350% 09/10/2019 DD 09/10/14
154,000

153,379

154,062

 
SCRIPPS NETWORKS INTERACTIVE I
3.950% 06/15/2025 DD 06/02/15
110,000

112,441

111,530

 
SHELL INTERNATIONAL FINANCE BV
2.000% 11/15/2018 DD 11/15/13
100,000

100,672

100,056

 
SHELL INTERNATIONAL FINANCE BV
2.250% 11/10/2020 DD 11/10/15
200,000

200,368

199,946

 
SHERWIN-WILLIAMS CO/THE
2.750% 06/01/2022 DD 05/16/17
105,000

104,935

104,593

 
SKY PLC 144A
3.125% 11/26/2022 DD 11/26/12
185,000

187,057

186,073

 
SOUTHERN CALIFORNIA GAS CO
2.600% 06/15/2026 DD 06/03/16
130,000

129,748

125,930

 
SOUTHERN CO/THE
1.850% 07/01/2019 DD 05/24/16
215,000

215,973

213,699

 
SOUTHERN CO/THE
2.350% 07/01/2021 DD 05/24/16
20,000

19,973

19,881

 
SOUTHERN CO/THE
2.950% 07/01/2023 DD 05/24/16
15,000

14,987

15,007

 
SUNCOR ENERGY INC
3.600% 12/01/2024 DD 11/25/14
60,000

62,088

61,318

 
SUNOCO LOGISTICS PARTNERS OPER
4.000% 10/01/2027 DD 09/21/17
160,000

158,746

156,888

 
SYNCHRONY FINANCIAL
3.950% 12/01/2027 DD 12/01/17
250,000

249,285

248,948

 
SYSCO CORP
2.500% 07/15/2021 DD 04/01/16
135,000

134,930

134,636

 
TEVA PHARMACEUTICAL FINANCE NE
1.700% 07/19/2019 DD 07/21/16
85,000

84,992

82,586

 
TEVA PHARMACEUTICAL FINANCE NE
2.200% 07/21/2021 DD 07/21/16
75,000

73,899

68,510

 
THERMO FISHER SCIENTIFIC INC
2.950% 09/19/2026 DD 09/19/16
65,000

64,212

63,161

 
THERMO FISHER SCIENTIFIC INC
3.000% 04/15/2023 DD 04/13/16
150,000

149,268

150,926

 
TIME WARNER CABLE LLC
6.750% 07/01/2018 DD 06/19/08
145,000

171,945

148,215

 
TIME WARNER CABLE LLC
8.750% 02/14/2019 DD 11/18/08
20,000

24,431

21,325

 
TIME WARNER INC
2.950% 07/15/2026 DD 05/10/16
115,000

109,150

108,768

 
TIME WARNER INC
3.600% 07/15/2025 DD 06/04/15
255,000

258,405

255,571

 
TIME WARNER INC
3.875% 01/15/2026 DD 11/20/15
120,000

122,145

121,145

 
TOYOTA MOTOR CREDIT CORP
1.950% 04/17/2020 DD 04/17/17
150,000

149,931

149,396


44


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
TOYOTA MOTOR CREDIT CORP
2.600% 01/11/2022 DD 01/09/17
450,000

449,393

452,417

 
U S TREASURY NOTE
0.750% 07/15/2019 DD 07/15/16
2,460,000

2,449,397

2,418,574

 
U S TREASURY NOTE
1.250% 12/15/2018 DD 12/15/15
13,132,000

13,212,924

13,063,320

 
U S TREASURY NOTE
1.375% 02/15/2020 DD 02/15/17
3,878,000

3,861,158

3,835,264

 
U S TREASURY NOTE
1.375% 02/29/2020 DD 02/28/15
7,125,000

7,128,896

7,044,559

 
U S TREASURY NOTE
1.750% 09/30/2022 DD 09/30/15
11,387,000

11,191,571

11,158,805

 
U S TREASURY NOTE
1.875% 01/31/2022 DD 01/31/17
1,989,000

1,997,624

1,968,334

 
U S TREASURY NOTE
2.250% 11/15/2024 DD 11/15/14
1,500,000

1,492,383

1,492,260

 
UBS AG/LONDON 144A
2.450% 12/01/2020 DD 11/30/17
215,000

214,802

214,353

 
UBS GROUP FUNDING SWITZER 144A
2.950% 09/24/2020 DD 09/24/15
205,000

204,649

207,136

 
UNITED TECHNOLOGIES CORP
2.800% 05/04/2024 DD 05/04/17
350,000

349,272

347,417

 
UNITEDHEALTH GROUP INC
1.700% 02/15/2019 DD 02/25/16
130,000

129,952

129,528

 
UNITEDHEALTH GROUP INC
2.125% 03/15/2021 DD 02/25/16
260,000

259,207

258,086

 
UNITEDHEALTH GROUP INC
2.300% 12/15/2019 DD 12/08/14
245,000

250,635

245,635

 
UNITEDHEALTH GROUP INC
3.750% 07/15/2025 DD 07/23/15
125,000

124,661

131,754

 
US TREAS-CPI INFLAT
0.125% 01/15/2023 DD 01/15/13
6,871,420

6,824,015

6,818,029

 
US TREAS-CPI INFLAT
0.625% 07/15/2021 DD 07/15/11
6,183,586

6,425,526

6,302,558

 
VALE OVERSEAS LTD
6.250% 08/10/2026
255,000

280,788

295,418

 
VALERO ENERGY CORP
3.400% 09/15/2026 DD 09/12/16
305,000

302,903

306,241

 
VENTAS REALTY LP
3.500% 02/01/2025 DD 01/14/15
55,000

54,815

55,409

 
VENTAS REALTY LP / VENTAS CAPI
2.000% 02/15/2018 DD 12/13/12
165,000

164,569

164,990

 
VENTAS REALTY LP / VENTAS CAPI
2.700% 04/01/2020 DD 03/19/13
30,000

29,983

30,133

 
VERIZON COMMUNICATIONS INC
2.946% 03/15/2022 DD 02/03/17
190,000

188,155

191,157

 
VERIZON COMMUNICATIONS INC
3.125% 03/16/2022 DD 03/16/17
195,000

194,000

197,712

 
VERIZON COMMUNICATIONS INC
3.500% 11/01/2024 DD 10/29/14
110,000

111,697

111,972

 
VERIZON COMMUNICATIONS INC
4.125% 03/16/2027 DD 03/16/17
195,000

193,549

203,328

 
VIACOM INC
4.250% 09/01/2023 DD 08/19/13
30,000

30,605

30,630

 
VISA INC
2.750% 09/15/2027 DD 09/11/17
115,000

114,143

113,466

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
135,000

134,812

136,978

 
VISA INC
3.150% 12/14/2025 DD 12/14/15
10,000

9,963

10,223

 
WAL-MART STORES INC
1.900% 12/15/2020 DD 10/20/17
155,000

154,775

154,002

 
WALT DISNEY CO/THE
1.850% 07/30/2026 DD 07/12/16
40,000

36,598

36,632

 
WELLS FARGO & CO
2.500% 03/04/2021 DD 03/04/16
550,000

549,874

549,747

 
WELLS FARGO & CO
2.625% 07/22/2022 DD 07/24/17
475,000

474,582

472,445

 
WELLS FARGO & CO
3.000% 04/22/2026 DD 04/22/16
240,000

238,923

235,464

 
WELLS FARGO & CO
3.450% 02/13/2023 DD 02/13/13
125,000

124,926

127,381

 
WELLS FARGO & CO
4.125% 08/15/2023 DD 08/15/13
310,000

308,224

326,911

 
WELLS FARGO & CO
VAR RT 05/22/2028 DD 05/22/17
475,000

475,000

484,244

 
WELLS FARGO & CO
VAR RT 10/31/2023 DD 10/31/16
120,000

120,000

123,191

 
WFRBS COMMERCIAL MORTG LC14 A5
4.045% 03/15/2047 DD 02/01/14
85,000

90,814

90,161

 
WILLIAMS PARTNERS LP
3.600% 03/15/2022 DD 03/03/15
200,000

200,219

204,582


45


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN                    
PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                    
EMPLOYER IDENTIFICATION NO. 38-1285128                    
PLAN NO. 002                    
APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036    
December 31, 2017    
 
WILLIAMS PARTNERS LP
3.900% 01/15/2025 DD 06/27/14
95,000

94,706

96,822

 
WILLIAMS PARTNERS LP
4.300% 03/04/2024 DD 03/04/14
55,000

54,885

57,604

 
WILLIS NORTH AMERICA INC
3.600% 05/15/2024 DD 05/16/17
110,000

110,160

111,826

 
WORLD OMNI AUTO RECEIVABL B A4
1.680% 12/15/2020 DD 10/29/14
400,000

399,861

399,220

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2033 DD 01/01/18
2,600,000

(2,651,594
)
(2,651,594
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
250,000

(261,611
)
(261,611
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
250,000

(261,611
)
(261,611
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2048 DD 01/01/18
600,000

(627,867
)
(627,867
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.000% 01/01/2033 DD 01/01/18
2,200,000

(2,243,227
)
(2,243,227
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
2,500,000

(2,569,336
)
(2,569,336
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
2,100,000

(2,155,699
)
(2,155,699
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2048 DD 01/01/18
500,000

(513,516
)
(513,516
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2048 DD 01/01/18
2,000,000

(2,131,328
)
(2,131,328
)
 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2048 DD 01/01/18
4,400,000

(4,444,516
)
(4,444,516
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2048 DD 01/01/18
4,905,000

(5,072,843
)
(5,072,843
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2048 DD 01/01/18
4,200,000

(4,342,406
)
(4,342,406
)
 
U S TREASURY NOTE
2.250% 11/15/2024 DD 11/15/14
1,500,000

(1,492,383
)
(1,496,858
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
36,283,951

36,283,951

 
TOTAL UNDERLYING ASSETS
 
 
$
193,738,347

$
193,135,993

 
 
 
 
 
 
 
BANK OF TOKYO INV-DOWCHEM13-1 - 50.0% of MARKET VALUE
 
 
$
96,567,997

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
140,529,855

 
FAIR VALUE BANK OF TOKYO INV-DOWCHEM13-1
 
 
237,097,852

 
BANK OF TOKYO INV-DOWCHEM13-1 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
(540,042
)
 
BANK OF TOKYO INV-DOWCHEM13-1 - CONTRACT VALUE
 
 
$
236,557,810

 
 
 
 
 
 
 
RGA RGA00036 - 50.0% of MARKET VALUE
 
 
$
96,567,996

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
140,652,240

 
FAIR VALUE RGA RGA00036
 
 
 
237,220,236

 
RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(311,794
)
 
RGA RGA00036 - CONTRACT VALUE
 
 
$
236,908,442



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