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, 2016    

OR

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

Commission file number: 1-3433

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:
THE DOW CHEMICAL COMPANY
2030 DOW CENTER
Midland, Michigan 48674

REQUIRED INFORMATION

Financial statements for the years ended December 31, 2016 and 2015, supplemental schedules for the year ended December 31, 2016, and Report of Independent Registered Public Accounting Firm.

Exhibits
23.1 Consent of Plante & Moran, PLLC    

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 their behalf by the undersigned hereunto duly authorized.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
DATE: June 26, 2017
 
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, 2016 and 2015, Supplemental
Schedules as of and for the Year Ended
December 31, 2016, and Report of Independent
Registered Public Accounting Firm




THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
TABLE OF CONTENTS
 
Page
 
 


Report of Independent Registered Public Accounting Firm


The Dow Chemical Company
Employees’ Savings Plan

We have audited the accompanying statements of net assets available for benefits of The Dow Chemical Company Employees’ Savings Plan (the “Plan”) as of December 31, 2016 and 2015 and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan at December 31, 2016 and 2015 and the changes in net assets for the year ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets held at end of year as of December 31, 2016, and the schedule of reportable transactions for the year ended December 31, 2016, 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
Plante & Moran, PLLC
Flint, Michigan                                    
June 26, 2017



1


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2016 and 2015
 
2016
 
2015

Allocated Participant Directed

Unallocated Non-participant Directed

Total

 
Allocated Participant Directed

Unallocated Non-participant Directed

Total

Assets



 




Investments - at fair value (Notes 4 and 5)
$
7,885,096,868

$
770,739,425

$
8,655,836,293

 
$
6,777,761,426

$
862,090,730

$
7,639,852,156

Fully benefit-responsive investment contracts - at contract value
2,395,335,710

—

2,395,335,710

 
1,843,606,334

—

1,843,606,334

Receivables - interest, dividends and other
31,932,856

6,196,481

38,129,337

 
31,582,249

7,613,360

39,195,609

Receivables - participant notes
118,773,218

—

118,773,218

 
118,643,446

—

118,643,446

Total Assets
$
10,431,138,652

$
776,935,906

$
11,208,074,558

 
$
8,771,593,455

$
869,704,090

$
9,641,297,545

Liabilities
 
 
 
 
 
 
 
LESOP loan payables (Note 6)
$
—

$
54,247,769

$
54,247,769

 
$
—

$
67,939,773

$
67,939,773

Other payables
28,991,987

2,620,539

31,612,526

 
42,141,588

3,272,989

45,414,577

Total Liabilities
$
28,991,987

$
56,868,308

$
85,860,295

 
$
42,141,588

$
71,212,762

$
113,354,350

Net Assets Available For Benefits
$
10,402,146,665

$
720,067,598

$
11,122,214,263

 
$
8,729,451,867

$
798,491,328

$
9,527,943,195

See notes to the 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, 2016
 
Allocated Participant Directed

Unallocated Non- Participant Directed

Total

Additions
 
 
 
Investment income
 
 
 
Net realized/unrealized gain on investments
$
655,510,900

$
77,570,551

$
733,081,451

Interest and dividends
106,211,177

26,226,745

132,437,922

Total investment income
761,722,077

103,797,296

865,519,373

 
 
 
 
Employee contributions
245,719,535

—

245,719,535

Interest on participant notes receivable
4,013,784

—

4,013,784

Allocation of 3,411,306 shares of common stock of The Dow Chemical Company, at market
175,911,030

—

175,911,030

Total additions
1,187,366,426

103,797,296

1,291,163,722

 
 
 
 
Deductions
 
 
 
Distributions and withdrawals
673,723,648

—

673,723,648

Administrative expenses
1,948,839

—

1,948,839

Interest expense
—

6,309,996

6,309,996

Allocation of 3,411,306 shares of common stock of The Dow Chemical Company, at market
—

175,911,030

175,911,030

Total deductions
675,672,487

182,221,026

857,893,513

 
 
 
 
Transfers
 
 
 
Transfers in (Note 3)
1,163,298,950

—

1,163,298,950

Transfers out
2,298,091

—

2,298,091

Net transfers
1,161,000,859

—

1,161,000,859

 
 
 
 
Net Increase (Decrease)
1,672,694,798

(78,423,730
)
1,594,271,068

 
 
 
 
Net Assets Available for Benefits
 
 
 
Beginning of year
8,729,451,867

798,491,328

9,527,943,195

End of year
$
10,402,146,665

$
720,067,598

$
11,122,214,263

See notes to financial statements.

3

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2016 and 2015, AND FOR THE YEAR ENDED DECEMBER 31, 2016
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.

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 2016. 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 2016. 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 Corning Corporation 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 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 in the form of Company stock from the LESOP. Employees may divest their Dow 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 ESOP Shares Distribution” contribution. For the year ended December 31, 2016, the total number of shares allocated as contingent matching contributions and Excess ESOP Shares distribution contributions amounted to 1,803,701, with a market value of $103,207,771. The Company allocated these shares to the participants in March 2017.

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, 2016.

Dividends - Participants invested in The Dow Chemical Company common stock funds 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.

4


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, 2016 and 2015 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.

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of the Company, 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

5

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 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, 2016 and 2015 were insignificant.


6

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 2013.

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.

Recently Adopted Accounting Guidance - During 2016, the Plan adopted Accounting Standards Update (ASU) Nos. 2015-07, Disclosures for Investments In Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) and 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - I. Fully Benefit-Responsive Investment Contracts, II. Plan Investment Disclosures, and III. Measurement Date Practical Expedient. ASU No. 2015-07 amended ASC 820, Fair Value Measurements, and removed the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share as a practical expedient. Parts I and II of ASU No. 2015-12 were applicable to the Plan. Part I requires the fully benefit-responsive investment contract be recorded at contract value without presentation of fair value or the difference between fair value and contract value and reduces the related disclosures. Part II modified the investment disclosures under ASC 820 and 962. These standards were adopted retrospectively, which resulted in the reclassification of investments previously reported at fair value to fully benefit-responsive investment contracts at contract value on the 2015 statement of net assets available for benefits. The adoption had no impact on the Plan's reported net assets or changes in net assets.

During 2016, the Plan adopted ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 amended ASC 825, Financial Instruments, and eliminated disclosure of the fair value of financial instruments not recorded at fair value previously required under ASC 825. This standard was adopted retrospectively and had no impact on the Plan’s net assets or changes in net assets.

3.
ASSET TRANSFER

As a result of the closing of a transaction between Dow and Corning Incorporated on June 1, 2016, Dow Corning Corporation (Dow Corning), previously a 50:50 joint venture between Dow and Corning Incorporated, became a wholly owned subsidiary of Dow. Effective September 1, 2016, the Plan was amended to add Dow Corning as a participating employer under the Plan. Additionally, effective September 1, 2016, the spun-off portion of the Dow Corning Corporation Employees' Capital Accumulation Plan attributable to the accounts of current employees of Dow Corning and other accounts attributable to service as an employee of Dow Corning merged into the Plan, excluding accounts for employees of Hemlock Semi-Conductor Operations, LLC on June 1, 2016. As a result, assets of approximately $1,162 million, including participant loans, were received by the Plan and allocated to participants on September 14, 2016.


4.
LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN INVESTMENTS

The Plan's investment in The Dow Chemical Company LESOP, at December 31, 2016 and 2015, is presented in the following table:

 
2016
 
2015
 
Allocated
Unallocated
 
Allocated
Unallocated
Number of Shares
15,811,328

13,469,618

 
15,229,652

16,546,372

Cost
$
65,947,994

$
238,672,315

 
$
67,304,074

$
272,116,038

Fair Value
$
904,724,188

$
770,731,542

 
$
784,022,485

$
851,807,231




7

5.
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 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, 2016
 
 
 
 
Total
Level 1
Level 2
The Dow Chemical Company Stock:
 
 
 
Allocated participant directed
$
1,838,505,837

$
1,838,505,837

$
—

Unallocated nonparticipant 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 nonparticipant 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

 
 



8

Assets Measured at Fair Value on a Recurring Basis at December 31, 2015
 
 
 
 
Total
Level 1
Level 2
The Dow Chemical Company Stock:
 
 
 
Allocated participant directed
$
1,668,533,003

$
1,668,533,003

$
—

Unallocated nonparticipant directed
851,807,231

851,807,231

 
Common stock
39,269,457

39,269,457

—

Mutual funds
1,680,161,087

1,680,161,087

—

Temporary investments:
 
 
 
Allocated participant directed
135,600,327

96,895,150

38,705,177

Unallocated nonparticipant directed
10,283,499

—

10,283,499

Total categorized assets at fair value
$
4,385,654,604

$
4,336,665,928

$
48,988,676

 
 
 
 
Fair value measured at net asset value per share
 
 
 
Common/collective trusts:
3,254,197,552

 
 
Total assets at fair value
$
7,639,852,156

 
 

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 2016.

9

6.
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 Internal Revenue Code of 1986, as amended (the “Code”), and an employee stock ownership plan (the “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 or LESOP, and (ii) the Dow Company Stock Fund. The LESOP includes (i) the assets of the Suspense Account and (ii) a LESOP Stock Fund which (A) shall consist of shares of Dow Common Stock 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 Dow Stock Fund constitutes part of the employee stock ownership plan under Section 4975(e)(7) of the Code.

The Plan has one loan outstanding at December 31, 2016 and 2015, 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 Company common stock to make the scheduled quarterly principal and interest payments. If needed, the Plan may use dividends on allocated shares of Company common stock 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 Company common stock dividends paid as compared to required principal and interest payments. There was no shortfall so there was no need for a Company cash contribution for the year ended December 31, 2016. The Company declared common stock dividends of $1.84 per share during 2016.

Interest expense for the year ended December 31, 2016 is $6,309,996. The minimum principal payments on this loan to maturity are as follows:

Minimum Loan Principal Payment to Maturity
2017
$
15,117,833

2018
16,692,143

2019
18,430,396

2020
4,007,397

 
$
54,247,769



7.
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, 2016 and 2015:

Reconciliation of Net Assets Available for Benefits per the Financial Statements to Form 5500 at December 31, 2016
2016
2015
Net assets available for benefits per the financial statements
$
11,122,214,263

$
9,527,943,195

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
25,066,866

31,981,993

Net assets available for benefits per Form 5500
$
11,147,281,129

$
9,559,925,188


For the year ended December 31, 2016, the following is a reconciliation of net investment income per the financial statements to Form 5500:

Reconciliation of Net Investment Income per the Financial Statements to Form 5500 for 2016
Net investment gain per the financial statements
$
865,519,373

Adjustment for participant notes receivable interest
4,013,784

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
(6,915,127
)
Net investment gain per Form 5500
$
862,618,030


10




SUPPLEMENTAL SCHEDULES

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, 2016
 
 
 
(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
*
The Dow Chemical Company:
 
 
 
 
  Dow Stock
Dow Stock
**
$
933,781,649

 
  LESOP
Allocated LESOP - Dow Stock
**
904,724,188

 
  LESOP
Unallocated LESOP - Dow Stock
$
238,672,315

770,731,542

 
Praxair Stock
Common Stock
**
21,021,777

 
S&P 500 Index Fund
Common/Collective Trust
**
1,424,743,628

 
T. Rowe Price US Treasury Fund
Common/Collective Trust
**
93,309,356

 
PIM Total Return Inst
Mutual Fund
**
172,679,999

 
TRP IS MID CP EQ GR
Mutual Fund
**
374,735,600

 
NB Genesis Inst CL
Mutual Fund
**
226,326,187

 
TRP High Yield Inst
Mutual Fund
**
125,858,731

 
BTC Lifepath Ret
Common/Collective Trust
**
159,190,062

 
BTC Lifepath 2020
Common/Collective Trust
**
247,887,328

 
BTC Lifepath 2025
Common/Collective Trust
**
249,167,659

 
BTC Lifepath 2030
Common/Collective Trust
**
219,376,515

 
BTC Lifepath 2035
Common/Collective Trust
**
144,633,785

 
BTC Lifepath 2040
Common/Collective Trust
**
109,192,510

 
BTC Lifepath 2045
Common/Collective Trust
**
86,267,993

 
BTC Lifepath 2050
Common/Collective Trust
**
65,518,874

 
BTC Lifepath 2055
Common/Collective Trust
**
51,626,599

 
ACWI ex-US IMI Index
Common/Collective Trust
**
175,442,572

 
American Century U.S. Real Estate Securities Trust
Common/Collective Trust
**
96,198,319

 
Vang Tot BD Mkt Inst
Mutual Fund
**
185,466,286

 
Vang Global Equity
Mutual Fund
**
169,938,711

 
Vang Dev Mkt IDX IPS
Mutual Fund
**
118,004,787

 
Vang Convertible Sec
Mutual Fund
**
26,466,278

 
Vang LT Treasury ADM
Mutual Fund
**
59,271,842

 
Vang Ext Mkt Idx ISP
Mutual Fund
**
397,201,815

 
PIM Real Ret Inst
Mutual Fund
**
13,174,574

 
PIM Com Real Ret I
Mutual Fund
**
47,531,054

 
Lilly Pre 91 Stock
Common Stock
**
2,475,767

 
Lilly Post 90 Stock
Common Stock
**
6,226,964

 
Small Cap:
 
 
 
 
  BTC Russel 2000 Index Fund
Common/Collective Trust
**
311,015,080

 
Emerging Markets IDX:
 
 
 
 
  Emerging Markets Non-Lend
Common/Collective Trust
**
75,430,108

 
 
 
 
 
 
      Forward
 
 
$
8,064,618,139

 
 
 
 
 
*
Represents a party-in-interest to the Plan
 
 
 
**
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, 2016
 
 
 
(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
 
 
$
8,064,618,139

 
 
 
 
 
*
Fidelity Contrafund Commingled Pool
Common/Collective Trust
**
514,089,595

 
Wells Fargo Stable Return Fund
 Common/Collective Trust
**
14,761,340

 
Interest Bearing Cash
Temporary Investments
**
28,527,974

*
Fidelity Short Term Investment Fund
Temporary Investments
**
33,839,245

*
Participant Notes Receivable
Interest recorded at prime rate (3.25% - 10.5%) and maturities up to 60 months
**
118,773,218

 
 
 
 
 
 
Total
 
 
$
8,774,609,511

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

**
Cost information not required
 
 
 

13

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, 2016
 
 
 
(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- 27523.01.000 (see underlying assets at Appendix A)
PIMCO, Western; evergreen;
 
 
 
 
Synthetic GIC
**
$
265,750,440

 
    Pacific Life Wrapper Contract
 
**
—

 
Voya:
 
 
 
 
    #60031-A
    IGT INVESCO ShrtTrm Bond:
 
 
 
 
evergreen; Common/collective trusts
**
418,560,878

 
    Voya Wrapper Contract
 
**
—

 
    #60031-B
IGT ING ShrtDuration;
 
 
 
 
evergreen; Common/collective trusts
**
114,089,433

 
    Voya Wrapper Contract
 
**
—

 
    #60090 (see underlying assets at Appendix B)
Various Securities, maturity dates,
 
 
 
 
and asset types
**
5,158,521

 
    Voya Wrapper Contract
 
**
—

 
NYL
 
 
 
 
GA-29007 (see underlying assets at Appendix C)
MacKay Shields Dow; evergreen;
 
 
 
 
Synthetic GIC
**
126,892,630

 
    NYL Wrapper Contract
 
**
—

 
Transamerica Life Insurance Company:
 
 
 
 
MDA01078TR (see underlying assets at Appendix D)
IGT INVESCO ShrtTrm Bond,
 
 
 
 
Dow NISA; evergreen; Synthetic GIC
**
455,514,408

 
Transamerica Life Insurance Company Wrapper Contract
 
**
—

 
RGA
 
 
 
 
RGA 00036 (see underlying assets at Appendix F)
IGT INVESCO ShrtTrm Bond; Wellington
 
 
 
 
Dow, evergreen; Synthetic GIC
**
260,076,752

 
    RGA Wrapper Contract
 
**
—

 
Prudential Insurance
 
 
 
 
 GA-62233 (see underlying assets at Appendix E)
Jennison, evergreen;
 
 
 
 
Synthetic GIC
**
387,535,100

 
    Prudential Insurance Wrapper Contract
 
**
—

 
    GA-63084
IGT INVESCO ShrtTrm Bond;
 
 
 
 
evergreen; Common/collective trusts
**
102,085,320

 
    Prudential Insurance Wrapper Contract
 
**
—


14

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, 2016
 
 
 
(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
 
Tokyo-Mitsubishi
 
 
 
 
    INV-DOWCHEM 13-1
IGT INVESCO ShrtTrm Bond;
 
 
 
    (see underlying assets at Appendix F)
Wellington Dow; evergreen;
**
$
259,672,228

 
 
Synthetic GIC
 
 
 
    Tokyo-Mitsubishi Wrapper Contract
 
**
—

 
 
 
 
 
 
Total guaranteed investment contracts
 
 
$
2,395,335,710

 
 
 
 
 
 
Total
 
 
$
11,169,945,221

 
 
 
 
 
**
Cost information not required
 
 
(Concluded)


15

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, 2016
 
 
 
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 Short Term Investment Fund
 
 
 
 
 
 
    Purchases - 9
$
15,711,455

$
—

$
15,711,455

$
15,711,455

$
—

 
    Sales - 3
—

25,994,954

25,994,954

25,994,954

—

 
Fidelity Institutional Government Portfolio
 
 
 
 
 
 
    Purchases - 11
32,926,623

—

32,926,623

32,926,623

—

 
    Sales - 4
—

32,918,740

32,918,740

32,918,740

—

 
 
 
 
 
 
 
There were no Category (i) (ii) or (iv) reportable transactions during the year ended December 31, 2016


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-27523.01-000                    
December 31, 2016
 
 
 
(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

800,527

 
ABBVIE INC
3.600% 05/14/2025 DD 05/14/15
750,000

771,503

742,867

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

1,259,188

1,261,149

 
AMERICAN EXPRESS CREDIT AC 2 A
1.260% 01/15/2020 DD 07/01/14
1,500,000

1,499,970

1,500,944

 
AMERICAN EXPRESS CREDIT AC 3 A
1.490% 04/15/2020 DD 09/22/14
1,000,000

999,961

1,002,269

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

272,519

266,781

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

1,544,339

1,557,329

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

299,145

297,053

 
ANTHEM INC
3.300% 01/15/2023 DD 09/10/12
1,500,000

1,478,790

1,497,464

 
AP MOLLER - MAERSK A/S 144A
2.875% 09/28/2020 DD 09/28/15
500,000

507,755

496,199

 
AT&T INC
3.000% 02/15/2022 DD 02/13/12
2,000,000

2,001,860

1,980,479

 
AT&T INC
2.300% 03/11/2019 DD 03/10/14
300,000

305,107

301,148

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

731,798

722,865

 
ATMOS ENERGY CORP
6.350% 06/15/2017 DD 06/14/07
400,000

414,346

409,120

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

822,336

808,808

 
AUTOMATIC DATA PROCESSING INC
3.375% 09/15/2025 DD 09/15/15
400,000

399,564

410,168

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

1,408,068

1,388,813

 
BANK OF AMERICA CORP
3.875% 08/01/2025 DD 07/30/15
1,000,000

1,059,950

1,016,830

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

2,925,580

2,924,880

 
BANK OF TOKYO-MITSUBISHI 144A
2.150% 09/14/2018 DD 09/14/15
200,000

201,568

200,166

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

2,410,924

2,372,136

 
BNP PARIBAS SA
2.400% 12/12/2018 DD 12/12/13
500,000

508,153

503,925

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

678,640

668,600

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

994,510

1,073,070

 
BP CAPITAL MARKETS PLC
1.375% 05/10/2018 DD 05/10/13
430,000

430,326

428,671

 
BP CAPITAL MARKETS PLC
1.676% 05/03/2019 DD 05/04/16
230,000

231,057

228,372

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

1,327,690

1,349,413

 
BRITISH TRANSCO INTERNATI REGS
0.000% 11/04/2021
900,000

788,274

772,101

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

620,800

582,845

 
CANADIAN NATIONAL RAILWAY CO
5.550% 05/15/2018 DD 05/01/08
500,000

534,655

525,435

 
CAPITAL AUTO RECEIVABLES 1 A2A
1.500% 11/20/2018 DD 03/16/16
834,702

834,652

835,729

 
CARGILL INC 144A
1.900% 03/01/2017 DD 03/01/12
660,000

661,986

660,911

 
CATERPILLAR FINANCIAL SERVICES
1.250% 08/18/2017 DD 08/20/14
90,000

90,123

90,029

 
CATERPILLAR FINANCIAL SERVICES
2.250% 12/01/2019 DD 12/01/14
120,000

122,541

120,490

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

537,530

522,515

 
CHASE ISSUANCE TRUST A10 A10
VAR RT 12/16/2019 DD 12/21/12
700,000

699,877

700,763

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

499,912

499,705

 
CHASE ISSUANCE TRUST A7 A7
1.380% 11/15/2019 DD 11/17/14
900,000

899,894

900,783

 
CHEVRON CORP
VAR RT 11/15/2017 DD 11/18/14
200,000

200,094

200,028

 
CHEVRON PHILLIPS CHEMICAL 144A
1.700% 05/01/2018 DD 05/12/15
250,000

249,718

250,028


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-27523.01-000                    
December 31, 2016
 
CHRYSLER CAPITAL AU AA A2 144A
1.470% 04/15/2019 DD 04/19/16
886,818

886,760

887,678

 
CHRYSLER CAPITAL AU BA A2 144A
1.360% 01/15/2020 DD 11/04/16
800,000

799,918

798,928

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

618,375

606,162

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

1,300,000

1,301,287

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

601,922

602,154

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

399,016

405,464

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

715,230

705,096

 
CITIGROUP COMMERCIAL MOR C6 A4
VAR RT 12/10/2049 DD 07/01/07
450,000

475,400

453,902

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

2,830,354

2,720,648

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

650,000

655,161

 
COMM 2013-CCRE11 MORT CR11 ASB
3.660% 10/10/2046 DD 10/01/13
600,000

626,814

631,650

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

823,980

832,336

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

411,995

409,364

 
COMMIT TO PUR FNMA SF MTG
2.500% 02/01/2032 DD 02/01/17
8,400,000

8,335,688

8,403,780

 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2047 DD 02/01/17
22,300,000

21,931,953

22,119,593

 
COMPASS BANK
2.750% 09/29/2019 DD 09/29/14
800,000

798,144

795,648

 
CONOCOPHILLIPS CO
1.500% 05/15/2018 DD 05/18/15
250,000

250,017

249,158

 
CONOCOPHILLIPS CO
4.200% 03/15/2021 DD 03/08/16
180,000

193,530

191,200

 
COOPERATIEVE RABOBANK UA
4.500% 01/11/2021 DD 01/11/11
1,700,000

1,695,393

1,826,871

 
CORNING INC
1.500% 05/08/2018 DD 05/08/15
290,000

289,473

289,145

 
CREDIT SUISSE AG/NEW YORK NY
1.375% 05/26/2017 DD 05/28/14
250,000

250,028

250,058

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

1,003,200

1,006,680

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

894,600

908,604

 
CREDIT SUISSE AG/NEW YORK NY
1.750% 01/29/2018 DD 01/29/15
310,000

310,246

309,386

 
CROWN CASTLE TOWERS LLC 144A
4.883% 08/15/2040 DD 08/16/10
930,000

1,005,427

990,329

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

411,998

409,576

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

1,075,039

1,031,590

 
DAIMLER FINANCE NORTH AME 144A
1.375% 08/01/2017 DD 08/01/14
300,000

300,030

300,006

 
DEUTSCHE BANK AG 144A
4.250% 10/14/2021 DD 10/14/16
1,200,000

1,214,064

1,204,632

 
DIAMOND 1 FINANCE CORP / 144A
4.420% 06/15/2021 DD 06/01/16
800,000

842,048

827,800

 
ECOLAB INC
1.450% 12/08/2017 DD 12/13/12
650,000

651,570

649,357

 
ELECTRICITE DE FRANCE SA 144A
2.350% 10/13/2020 DD 10/13/15
700,000

694,085

693,308

 
ENEL FINANCE INTERNATIONA 144A
5.125% 10/07/2019 DD 10/07/09
390,000

421,073

416,898

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

750,000

754,365

 
ENTERPRISE PRODUCTS OPERATING
1.650% 05/07/2018 DD 05/07/15
270,000

270,181

269,241

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

1,034,355

106,380

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

528,922

52,200

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

1,147,792

1,133,728

 
FEDERAL HOME LN MTG CORP
1.250% 08/01/2019 DD 07/30/12
1,300,000

1,258,047

1,294,644

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

4,044,128

4,042,412

 
FEDERAL NATL MTG ASSN
1.875% 09/18/2018 DD 08/23/13
5,000,000

5,059,725

5,057,950

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

21,080,644

21,401,400

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
405,567

406,685

431,085

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
452,520

452,237

473,657

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
16,253

15,553

16,884


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-27523.01-000                    
December 31, 2016
 
FHLMC MULTICLASS MTG
3.389% 03/25/2024 DD 06/01/14
1,000,000

1,029,951

1,047,650

 
FHLMC MULTICLASS MTG 3225 HF
VAR RT 10/15/2036 DD 10/15/06
589,130

591,891

593,236

 
FHLMC MULTICLASS MTG 3843 FE
VAR RT 04/15/2041 DD 04/15/11
709,418

711,191

715,292

 
FHLMC MULTICLASS MTG 3843 FG
VAR RT 04/15/2041 DD 04/15/11
709,418

711,191

715,292

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
257

256

262

 
FHLMC MULTICLASS MTG KJ04 A1
1.376% 10/25/2020 DD 05/01/16
933,711

933,703

925,419

 
FIDELITY NATIONAL INFORMATION
5.000% 10/15/2025 DD 10/20/15
500,000

568,855

544,565

 
FIDELITY NATIONAL INFORMATION
3.000% 08/15/2026 DD 08/16/16
800,000

791,128

751,144

 
FNMA POOL #0072163
VAR RT 02/01/2028 DD 02/01/89
3,110

3,085

3,110

 
FNMA POOL #0112511
VAR RT 09/01/2020 DD 01/01/91
1,961

1,971

1,962

 
FNMA POOL #0303298
VAR RT 01/01/2025 DD 04/01/95
4,645

4,770

4,660

 
FNMA POOL #0323919
VAR RT 08/01/2029 DD 08/01/99
13,197

12,669

13,831

 
FNMA POOL #0361373
VAR RT 07/01/2026 DD 09/01/96
19,954

20,460

20,726

 
FNMA POOL #0AA7243
4.500% 11/01/2018 DD 05/01/09
35,271

37,455

36,250

 
FNMA POOL #0MA2705
3.000% 08/01/2046 DD 07/01/16
878,565

914,738

873,742

 
FNMA GTD REMIC P/T 11-47 GF
VAR RT 06/25/2041 DD 05/25/11
1,662,851

1,669,606

1,668,488

 
FNMA GTD REMIC P/T 15-79 FE
VAR RT 11/25/2045 DD 10/25/15
1,140,353

1,133,760

1,130,546

 
FNMA GTD REMIC P/T 16-11 CF
VAR RT 03/25/2046 DD 02/25/16
1,271,457

1,267,483

1,265,875

 
FNMA GTD REMIC P/T 16-M11 AL
2.944% 07/25/2039 DD 10/01/16
1,007,615

1,022,717

984,298

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

999,751

1,008,540

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

712,992

717,841

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

937,629

901,080

 
GENERAL ELECTRIC CO
4.625% 01/07/2021 DD 01/07/11
287,000

317,006

311,627

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

477,489

471,684

 
GENERAL MILLS INC
5.700% 02/15/2017 DD 01/24/07
660,000

672,780

663,346

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

524,475

518,655

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

803,400

803,528

 
GILEAD SCIENCES INC
3.650% 03/01/2026 DD 09/14/15
1,000,000

1,070,340

1,013,940

 
GNMA POOL #0434797
8.500% 07/15/2030 DD 07/01/00
5,490

5,697

5,972

 
GNMA POOL #0434944
8.500% 11/15/2030 DD 11/01/00
2,828

2,935

2,954

 
GNMA POOL #0434985
8.500% 12/15/2030 DD 12/01/00
7,941

8,228

8,323

 
GNMA POOL #0486116
8.500% 07/15/2030 DD 07/01/00
10,007

10,373

10,119

 
GNMA POOL #0494885
8.500% 03/15/2030 DD 03/01/00
1,470

1,525

1,476

 
GNMA POOL #0498147
8.500% 12/15/2029 DD 12/01/99
354

367

355

 
GNMA POOL #0511172
8.500% 01/15/2030 DD 01/01/00
578

600

587

 
GNMA POOL #0520979
8.500% 09/15/2030 DD 09/01/00
5,549

5,759

6,470

 
GNMA POOL #0521829
8.500% 05/15/2030 DD 05/01/00
4,678

4,851

5,317

 
GNMA POOL #0531197
8.500% 06/15/2030 DD 06/01/00
8,654

8,970

8,767

 
GNMA POOL #0698036
6.000% 01/15/2039 DD 01/01/09
30,879

33,644

35,031

 
GNMA POOL #0782190
6.000% 10/15/2037 DD 10/01/07
5,794

6,313

6,568

 
GNMA POOL #0782449
6.000% 09/15/2038 DD 10/01/08
45,882

49,990

52,013

 
GNMA II POOL #0003001
8.500% 11/20/2030 DD 11/01/00
7,503

7,750

8,788

 
GNMA II POOL #0008089
VAR RT 12/20/2022 DD 12/01/92
46,443

47,226

47,581

 
GNMA II POOL #0008913
VAR RT 07/20/2026 DD 07/01/96
14,168

14,005

14,660

 
GNMA II POOL #0080022
VAR RT 12/20/2026 DD 12/01/96
15,804

15,874

16,321


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-27523.01-000                    
December 31, 2016
 
GNMA II POOL #0080354
VAR RT 12/20/2029 DD 12/01/99
35,456

36,281

36,732

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

99,946

109,599

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

2,722,008

2,698,128

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

420,300

414,968

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

201,482

200,520

 
HOME DEPOT INC/THE
2.000% 04/01/2021 DD 02/12/16
230,000

233,197

228,172

 
HSBC BANK PLC 144A
1.500% 05/15/2018 DD 05/15/13
400,000

398,832

397,772

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

1,698,855

1,621,065

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

915,877

905,220

 
HSBC USA INC
1.500% 11/13/2017 DD 11/13/14
394,000

393,417

393,736

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

1,059,420

1,026,570

 
INTESA SANPAOLO SPA
2.375% 01/13/2017 DD 01/14/14
950,000

962,188

950,133

 
JOHN DEERE OWNER TRUST 2 A A2A
0.870% 02/15/2018 DD 03/11/15
171,004

170,993

170,980

 
JP MORGAN CHASE COMME LDPX A1A
5.439% 01/15/2049 DD 03/01/07
93,527

103,289

93,800

 
JP MORGAN CHASE COMMER CB20 A4
VAR RT 02/12/2051 DD 09/01/07
537,217

566,764

545,458

 
JP MORGAN CHASE COMMER LD12 A4
VAR RT 02/15/2051 DD 08/01/07
873,190

934,996

884,909

 
JP MORGAN CHASE COMMER LDPX A3
5.420% 01/15/2049 DD 03/01/07
292,846

321,490

292,922

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

628,056

630,756

 
JPMBB COMMERCIAL MORTG C21 ASB
3.428% 08/15/2047 DD 07/01/14
1,200,000

1,235,996

1,244,532

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

1,029,996

1,033,980

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

926,999

900,477

 
JPMORGAN CHASE & CO
4.400% 07/22/2020 DD 07/22/10
2,100,000

2,295,027

2,230,641

 
JPMORGAN CHASE & CO
4.250% 10/15/2020 DD 10/21/10
750,000

813,480

793,680

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

1,036,420

1,011,130

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

950,000

965,951

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

256,076

252,605

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

516,530

511,600

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

1,480,858

1,479,450

 
KOREA DEVELOPMENT BANK/THE
3.500% 08/22/2017
1,250,000

1,324,875

1,263,070

 
KOREA HYDRO & NUCLEAR POW 144A
2.875% 10/02/2018
1,000,000

1,019,470

1,016,102

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

302,871

299,904

 
LEHMAN BRTH HLD (RICI) ESCROW
0.000% 12/28/2017 DD 12/21/07
2,000,000

1,998,520

—

 
LLOYDS BANK PLC
2.000% 08/17/2018 DD 08/17/15
1,300,000

1,302,730

1,302,002

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

450,000

466,686

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

870,000

878,222

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

792,424

758,168

 
MANUFACTURERS & TRADERS TRUST
2.100% 02/06/2020 DD 02/06/15
350,000

352,618

349,020

 
METROPOLITAN LIFE GLOBAL 144A
2.300% 04/10/2019 DD 04/10/14
1,350,000

1,348,232

1,357,452

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

900,923

823,815

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

2,131,000

2,050,040

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

2,298,480

2,219,160

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

519,475

523,830

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

957,516

931,302

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

504,080

493,355

 
NAVIENT STUDENT LOAN 5A A 144A
VAR RT 06/25/2065 DD 08/11/16
733,751

733,751

744,610


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-27523.01-000                    
December 31, 2016
 
NISSAN MOTOR ACCEPTANCE C 144A
2.650% 09/26/2018 DD 09/26/13
1,800,000

1,830,780

1,818,522

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

670,572

652,176

 
ORACLE CORP
2.500% 05/15/2022 DD 05/05/15
600,000

597,888

595,836

 
OVERSEAS PRIVATE INVT CORP
3.790% 06/15/2034 DD 03/17/14
1,134,072

1,134,604

1,186,058

 
PEARSON PLC 144A
4.625% 06/15/2018 DD 06/23/03
300,000

313,431

308,250

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

822,952

808,744

 
PEPSICO INC
2.250% 01/07/2019 DD 07/30/13
620,000

634,880

627,366

 
PEPSICO INC
1.250% 04/30/2018 DD 04/30/15
140,000

140,396

139,824

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

200,980

191,840

 
PETROLEOS MEXICANOS
5.500% 01/21/2021 DD 07/21/10
1,000,000

1,067,500

1,028,750

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

1,041,905

966,255

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

876,195

834,233

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

464,951

451,798

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

399,848

405,316

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

1,536,930

1,507,890

 
REILLY MTG ASSOC 91ST FHA PROJ
VAR RT 02/01/2023 DD 11/04/99
10,686

10,954

10,415

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

997,670

1,006,470

 
ROYAL BANK OF SCOTLAND GROUP P
3.875% 09/12/2023 DD 09/12/16
500,000

493,855

480,130

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

1,014,710

997,660

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

900,000

906,831

 
SHELL INTERNATIONAL FINANCE BV
1.900% 08/10/2018 DD 08/12/13
300,000

303,353

301,833

 
SHELL INTERNATIONAL FINANCE BV
1.250% 11/10/2017 DD 11/10/15
310,000

310,263

310,118

 
SIEMENS FINANCIERINGSMAAT 144A
1.450% 05/25/2018 DD 05/27/15
610,000

612,870

609,329

 
SLC STUDENT LOAN TRUST 20 2 A5
VAR RT 09/15/2026 DD 09/19/06
600,504

589,433

595,046

 
SLM STUDENT LOAN TR 12 A5 144A
VAR RT 09/15/2022 DD 11/25/03
724,740

724,174

723,783

 
SLM STUDENT LOAN TRUST 20 3 A5
VAR RT 10/25/2024 DD 04/13/05
426,412

422,748

424,242

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

1,144,975

1,150,587

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

532,240

523,885

 
SOUTHERN CALIFORNIA GAS CO
1.550% 06/15/2018 DD 06/18/15
190,000

191,099

190,143

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

498,980

508,825

 
SPIRE INC
VAR RT 08/15/2017 DD 08/19/14
1,000,000

1,000,000

1,000,300

 
STATOIL ASA
1.250% 11/09/2017 DD 11/10/14
530,000

529,668

529,417

 
SUMITOMO MITSUI BANKING CORP
VAR RT 01/16/2018 DD 01/16/15
450,000

451,076

450,563

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

722,605

704,496

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

1,000,629

981,063

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

1,052,280

1,039,020

 
TIAA ASSET MANAGEMENT FIN 144A
2.950% 11/01/2019 DD 10/30/14
800,000

798,560

813,808

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

756,035

713,153

 
U S TREASURY NOTE
1.500% 08/15/2026 DD 08/15/16
1,100,000

1,068,022

1,011,703

 
U S TREASURY NOTE
1.125% 08/31/2021 DD 08/31/16
4,600,000

4,585,131

4,444,566

 
U S TREASURY NOTE
1.375% 09/30/2020 DD 09/30/15
6,200,000

6,202,013

6,129,754

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

2,317,520

2,263,246

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

9,901,044

9,730,100

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

2,871,227

2,786,494

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

7,986,016

7,847,840


21

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-27523.01-000                    
December 31, 2016
 
U S TREASURY NOTE
1.125% 06/30/2021 DD 06/30/16
1,800,000

1,803,309

1,742,130

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

4,979,492

4,707,050

 
U S TREASURY NOTE
1.375% 09/30/2023 DD 09/30/16
5,800,000

5,729,619

5,492,542

 
UBS AG/STAMFORD CT
1.375% 08/14/2017 DD 08/14/14
250,000

249,946

249,918

 
UBS AG/STAMFORD CT
2.375% 08/14/2019 DD 08/14/14
1,600,000

1,597,376

1,607,760

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

497,580

504,805

 
UNION PACIFIC CORP
5.650% 05/01/2017 DD 04/18/07
660,000

678,939

670,019

 
UNITEDHEALTH GROUP INC
1.450% 07/17/2017 DD 07/23/15
620,000

621,809

621,004

 
UNIV OF CALIFORNIA CA REVENUES
VAR RT 07/01/2041 DD 04/14/14
1,000,000

1,000,000

999,410

 
US TREAS-CPI INFLAT
1.750% 01/15/2028 DD 01/15/08
576,905

657,084

644,132

 
US TREAS-CPI INFLAT
0.625% 01/15/2026 DD 01/15/16
2,136,309

2,218,350

2,155,066

 
UTAH ST
3.539% 07/01/2025 DD 09/30/10
550,000

611,138

576,741

 
VERIZON COMMUNICATIONS INC
5.150% 09/15/2023 DD 09/18/13
2,600,000

2,900,560

2,874,924

 
VOLKSWAGEN GROUP OF AMERI 144A
1.600% 11/20/2017 DD 11/20/14
390,000

389,405

388,775

 
VOLKSWAGEN GROUP OF AMERI 144A
VAR RT 05/22/2018 DD 05/22/15
500,000

496,270

497,620

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

2,488,775

2,474,375

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

856,438

823,408

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

617,980

592,320

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

1,025,000

999,580

 
WFRBS COMMERCIAL MORTGA C11 A2
2.029% 03/15/2045 DD 02/01/13
632,260

642,856

634,935

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

800,000

772,064

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

357,884

353,038

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

826,712

779,192

 
ARGENT SECURITIES INC A W10 M1
VAR RT 10/25/2034 DD 09/09/04
366,141

271,402

336,817

 
FHLMC MULTICLASS MTG K008 X1
VAR RT 06/25/2020 DD 09/01/10
525,237

54,514

21,398

 
FHLMC MULTICLASS MTG K007 X1
VAR RT 04/25/2020 DD 06/01/10
451,354

34,310

11,807

 
FHLMC MULTICLASS MTG K006 AX1
VAR RT 01/25/2020 DD 04/01/10
2,264,128

152,917

56,807

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

246,000

271,254

 
BANC OF AMERICA MORTGAGE A 1A1
VAR RT 02/25/2034 DD 01/01/04
9,677

9,612

9,330

 
BEAR STEARNS ALT-A TRUS 11 2A2
VAR RT 11/25/2034 DD 09/01/04
99,064

98,755

93,363

 
JP MORGAN MORTGAGE TRUS A2 4A1
VAR RT 05/25/2034 DD 04/01/04
82,220

81,334

80,743

 
MASTR ADJUSTABLE RATE M 15 1A1
VAR RT 12/25/2034 DD 11/01/04
16,765

16,661

16,060

 
MERRILL LYNCH MORTGAGE A1 2A1
VAR RT 02/25/2034 DD 02/01/04
199,116

177,586

199,480

 
THORNBURG MORTGAGE SECUR 4 2A1
VAR RT 09/25/2037 DD 08/01/07
127,039

126,582

126,197

 
BARCLAYS CP REPO REPO
0.480% 01/04/2017 DD 12/30/16
26,700,000

(26,700,000
)
(26,700,000
)
 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
8,400,000

(8,445,938
)
(8,445,938
)
 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
8,400,000

(8,346,188
)
(8,346,188
)
 
COMMIT TO PUR FNMA SF MTG
2.500% 02/01/2032 DD 02/01/17
8,400,000

(8,335,688
)
(8,335,688
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
5,000,000

(5,011,719
)
(5,011,719
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
7,300,000

(7,263,500
)
(7,263,500
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
5,000,000

(4,969,531
)
(4,969,531
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
5,000,000

(4,969,531
)
(4,969,531
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2047 DD 02/01/17
12,300,000

(12,136,641
)
(12,136,641
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2047 DD 02/01/17
5,000,000

(4,895,313
)
(4,895,313
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 02/01/2047 DD 02/01/17
5,000,000

(4,900,000
)
(4,900,000
)

22

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-27523.01-000                    
December 31, 2016
 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
(8,400,000
)
8,346,188

8,346,188

 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
(8,400,000
)
8,345,203

8,345,203

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
(7,300,000
)
7,214,453

7,214,453

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
(5,000,000
)
4,941,406

4,941,406

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
(5,000,000
)
4,903,125

4,903,125

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
(5,000,000
)
4,907,813

4,907,813

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
(1,363
)
1,363

1,363

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
(10,816
)
10,816

10,816

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
(245
)
245

245

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
(207
)
207

207

 
LLOYDS BANK PLC
2.000% 08/17/2018 DD 08/17/15
1,300,000

(1,302,730
)
(1,312,624
)
 
US ULTRA BOND (CBT)
EXP MAR 17
(2
)
2,634

2,634

 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 17
57

(10,688
)
(10,688
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
57,685,671

57,685,671

 
TOTAL UNDERLYING ASSETS
 
 
$
275,272,167

269,382,423

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(3,631,983
)
 
CONTRACT VALUE
 
 
 
$
265,750,440



23

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, 2016
 
 
 
(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
5,237

5,237

4,821

 
 ASSET BACKED SECURITIES HE3 M1
 VAR RT 06/15/2033 DD 06/03/03
11,059

11,048

10,647

 
 ASSET BACKED SECURITIES HE4 M2
 VAR RT 08/15/2033 DD 08/06/03
6,213

6,213

5,871

 
 CDC MORTGAGE CAPITAL TR HE1 M1
 VAR RT 08/25/2033 DD 03/28/03
5,841

5,805

5,624

 
 CDC MORTGAGE CAPITAL TR HE2 M1
 VAR RT 10/25/2033 DD 05/29/03
5,429

5,432

5,213

 
 CDC MORTGAGE CAPITAL TR HE3 M1
 VAR RT 03/25/2033 DD 11/27/02
3,907

3,913

3,748

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

587

526

 
 COUNTRYWIDE ASSET-BACKED 5 MV1
 VAR RT 03/25/2033 DD 12/30/02
1,765

1,788

1,733

 
 FEDERAL HOME LN MTG CORP
 1.000% 03/08/2017 DD 01/30/12
1,000,000

997,496

1,000,800

 
 FNMA POOL #0545616
 6.500% 04/01/2017 DD 04/01/02
41

43

41

 
 FNMA POOL #0555419
 6.500% 11/01/2017 DD 04/01/03
224

236

225

 
 FNMA POOL #0621074
 6.000% 01/01/2017 DD 12/01/01
16

17

16

 
 FNMA POOL #0630950
 6.500% 02/01/2017 DD 02/01/02
7

8

7

 
 FNMA POOL #0631043
 6.500% 02/01/2017 DD 02/01/02
15

16

15

 
 FNMA POOL #0644768
 6.500% 05/01/2017 DD 05/01/02
133

140

133

 
 FNMA POOL #0663198
 5.500% 10/01/2017 DD 09/01/02
510

527

513

 
 FNMA POOL #0671380
 6.000% 11/01/2017 DD 10/01/02
479

498

482

 
 GNMA II POOL #0891616
 VAR RT 06/20/2058 DD 07/01/08
444,164

452,906

452,808

 
 GS MORTGAGE SECURITIE GCJ7 AAB
 2.935% 05/10/2045 DD 06/01/12
910,000

936,363

925,552

 
 GSAMP TRUST 2002-HE HE M1
 VAR RT 11/20/2032 DD 11/27/02
4,079

4,148

3,962

 
 HOME EQUITY ASSET TRUST 2 4 M1
 VAR RT 10/25/2033 DD 06/27/03
16,070

16,070

14,932

 
 HOME EQUITY ASSET TRUST 5 M1
 VAR RT 12/25/2033 DD 08/28/03
5,752

5,752

5,520

 
 HOME EQUITY ASSET TRUST 5 M2
 VAR RT 12/25/2033 DD 08/28/03
1,098

1,098

1,053

 
 LONG BEACH MORTGAGE LOAN 3 M1
 VAR RT 07/25/2033 DD 06/05/03
44,983

44,983

42,300

 
 MERCEDES-BENZ AUTO RECEIV 1 A3
 1.340% 12/16/2019 DD 07/22/15
1,100,000

1,102,586

1,099,648

 
 MORGAN STANLEY ABS CAPI HE1 M1
 VAR RT 05/25/2033 DD 06/27/03
16,902

16,902

16,444

 
 MORGAN STANLEY ABS CAPI NC6 M1
 VAR RT 06/25/2033 DD 06/26/03
12,247

12,247

12,001

 
 MORGAN STANLEY ABS CAPI NC7 M1
 VAR RT 06/25/2033 DD 07/30/03
6,614

6,614

6,411

 
 MORGAN STANLEY ABS CAPI NC7 M2
 VAR RT 06/25/2033 DD 07/30/03
234

234

231

 
 MORGAN STANLEY BANK OF C24 A1
 1.706% 05/15/2048 DD 08/01/15
483,428

485,693

482,447

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

844

626

 
 RAMP SERIES 2003-RZ2 TR RZ2 A1
 VAR RT 04/25/2033 DD 03/01/03
2,737

2,733

2,749

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

994,844

990,430

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
118,353

118,353

 
TOTAL UNDERLYING ASSETS
 
 
$
5,241,374

5,215,882

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(57,361
)
 
CONTRACT VALUE
 
 
 
$
5,158,521


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, 2016    
 
 
 
(c)
 
 
 
(b)
Face Value
 
(e)
 
Identity of Issue, Borrower,
or Number
(d)
Current
(a)
Lessor or Similar Party
of Shares
Cost
Value
 
ABBOTT LABORATORIES
2.000% 03/15/2020 DD 03/10/15
165,000

164,687

163,322

 
ABBVIE INC
1.800% 05/14/2018 DD 05/14/15
160,000

160,620

160,119

 
ABBVIE INC
2.500% 05/14/2020 DD 05/14/15
530,000

528,165

530,137

 
ACTAVIS FUNDING SCS
3.000% 03/12/2020 DD 03/12/15
145,000

144,993

147,009

 
AIR LEASE CORP
2.125% 01/15/2020 DD 10/03/16
290,000

288,965

285,672

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

1,048,058

1,060,226

 
ANHEUSER-BUSCH INBEV FINANCE I
1.250% 01/17/2018 DD 01/17/13
750,000

749,496

749,324

 
APPLE INC
1.000% 05/03/2018 DD 05/03/13
1,175,000

1,170,664

1,170,593

 
APPLE INC
1.700% 02/22/2019 DD 02/23/16
460,000

465,018

460,869

 
BANK OF AMERICA CORP
2.000% 01/11/2018 DD 01/11/13
525,000

524,207

526,208

 
BANK OF AMERICA CORP
2.650% 04/01/2019 DD 04/01/14
290,000

295,725

293,062

 
BANK OF AMERICA NA
2.050% 12/07/2018 DD 12/07/15
430,000

435,715

432,305

 
BAXTER INTERNATIONAL INC
1.700% 08/15/2021 DD 08/15/16
850,000

849,108

817,734

 
BAYER US FINANCE LLC 144A
1.500% 10/06/2017 DD 10/08/14
965,000

966,366

963,736

 
BB&T CORP
2.150% 03/22/2017 DD 03/22/12
1,100,000

1,097,613

1,101,529

 
BERKSHIRE HATHAWAY FINANCE COR
1.450% 03/07/2018 DD 03/15/16
620,000

619,758

620,608

 
BIOGEN INC
2.900% 09/15/2020 DD 09/15/15
235,000

234,511

237,996

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

620,000

615,610

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

827,368

802,968

 
CAPITAL ONE NA/MCLEAN VA
1.650% 02/05/2018 DD 02/05/15
400,000

399,846

399,224

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

657,355

619,771

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

360,000

358,801

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

315,916

314,928

 
CISCO SYSTEMS INC
1.650% 06/15/2018 DD 06/17/15
640,000

645,296

641,933

 
CITIGROUP INC
1.850% 11/24/2017 DD 11/25/14
170,000

170,638

170,321

 
CITIGROUP INC
2.150% 07/30/2018 DD 07/30/15
900,000

899,766

902,979

 
CITIGROUP INC
2.050% 12/07/2018 DD 12/07/15
230,000

231,461

229,975

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

743,443

745,698

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

249,768

248,465

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

973,830

978,676

 
CONOCOPHILLIPS CO
1.050% 12/15/2017 DD 12/07/12
590,000

588,649

586,985

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

1,067,463

981,522

 
DAIMLER FINANCE NORTH AME 144A
2.400% 04/10/2017 DD 04/10/12
1,000,000

1,030,820

1,003,130

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

1,123,054

1,131,986

 
ESTEE LAUDER COS INC/THE
1.700% 05/10/2021 DD 05/10/16
255,000

254,939

248,528

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

290,197

293,097

 
EXXON MOBIL CORP
1.305% 03/06/2018 DD 03/06/15
770,000

771,379

769,815

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

313,295

310,670


25

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, 2016    
 
EXXON MOBIL CORP
1.439% 03/01/2018 DD 03/03/16
575,000

575,000

575,690

 
FHLMC POOL #C9-1385
4.000% 08/01/2031 DD 08/01/11
492,781

523,811

522,983

 
FHLMC POOL #J1-1829
4.000% 03/01/2025 DD 03/01/10
193,794

208,692

204,127

 
FHLMC POOL #J1-2388
4.000% 07/01/2025 DD 06/01/10
247,549

265,651

260,523

 
FHLMC POOL #J1-3242
3.500% 10/01/2025 DD 10/01/10
69,966

73,814

73,452

 
FHLMC POOL #J1-3503
3.500% 11/01/2025 DD 11/01/10
83,298

87,879

87,434

 
FHLMC POOL #J1-3504
3.500% 11/01/2025 DD 11/01/10
48,609

51,282

50,847

 
FNMA POOL #0888416
5.000% 09/01/2035 DD 05/01/07
68,690

74,219

75,445

 
FNMA POOL #0AC1878
4.500% 09/01/2039 DD 08/01/09
377,452

410,715

409,788

 
FORD MOTOR CREDIT CO LLC
2.551% 10/05/2018 DD 10/08/15
435,000

435,000

437,445

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

270,824

267,521

 
GE CAPITAL INTERNATIONAL FUNDI
2.342% 11/15/2020 DD 05/15/16
1,065,000

1,073,105

1,064,489

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

551,829

555,797

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

1,028,260

1,004,620

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

183,837

181,321

 
HARLEY-DAVIDSON MOTORCYCL 1 A3
1.100% 09/15/2019 DD 04/16/14
702,576

704,305

702,484

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

639,968

625,427

 
HSBC BANK PLC 144A
1.500% 05/15/2018 DD 05/15/13
1,100,000

1,099,738

1,093,873

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

289,429

294,089

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

249,705

250,708

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

1,234,011

1,226,744

 
JM SMUCKER CO/THE
1.750% 03/15/2018 DD 09/15/15
385,000

384,423

385,501

 
JOHN DEERE CAPITAL CORP
2.800% 09/18/2017 DD 09/16/10
825,000

892,988

834,562

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

550,054

545,584

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

863,708

847,331

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

375,658

371,487

 
KRAFT HEINZ FOODS CO
2.000% 07/02/2018 DD 07/02/16
530,000

529,017

530,122

 
LB-UBS COMMERCIAL MORTGA C1 A4
4.568% 01/15/2031 DD 01/11/04
49,539

52,345

49,527

 
MEDTRONIC INC
1.375% 04/01/2018 DD 03/26/13
1,105,000

1,104,076

1,103,110

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

258,013

252,798

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

848,751

850,536

 
MICROSOFT CORP
1.100% 08/08/2019 DD 08/08/16
1,295,000

1,293,579

1,277,582

 
MORGAN STANLEY
2.650% 01/27/2020 DD 01/27/15
1,250,000

1,278,469

1,255,888

 
MORGAN STANLEY CAPI C2 A2 144A
3.476% 06/15/2044 DD 06/01/11
83,116

84,181

83,153

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

871,712

849,040

 
ORACLE CORP
2.375% 01/15/2019 DD 07/16/13
300,000

307,299

304,017

 
PEPSICO INC
1.125% 07/17/2017 DD 07/17/15
1,010,000

1,009,677

1,009,778

 
PNC BANK NA
1.600% 06/01/2018 DD 06/01/15
950,000

949,364

948,879

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

618,115

611,475

 
PRIVATE EXPORT FUNDING CORP
1.375% 02/15/2017 DD 01/19/12
1,240,000

1,266,387

1,241,166

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

1,189,774

1,177,541

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

1,219,320

1,178,604


26

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, 2016    
 
ROCHE HOLDINGS INC 144A
2.250% 09/30/2019 DD 09/29/14
920,000

918,657

927,654

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

259,423

257,655

 
SOUTHERN CALIFORNIA GAS CO
1.550% 06/15/2018 DD 06/18/15
770,000

769,977

770,578

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

404,923

403,745

 
SPRINT SPECTRUM CO LLC / 144A
3.360% 03/20/2023 DD 10/27/16
500,000

502,372

500,935

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

943,667

936,992

 
STRYKER CORP
2.000% 03/08/2019 DD 03/10/16
585,000

584,321

585,287

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

840,637

847,258

 
TEVA PHARMACEUTICAL FINANCE NE
1.700% 07/19/2019 DD 07/21/16
1,005,000

1,004,910

987,443

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

472,401

457,803

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

516,086

491,156

 
TORONTO-DOMINION BANK/THE
2.500% 12/14/2020 DD 12/14/15
500,000

498,994

501,815

 
TOYOTA MOTOR CREDIT CORP
1.550% 07/13/2018 DD 07/13/15
650,000

649,448

649,838

 
U S TREASURY NOTE
2.000% 11/30/2020 DD 11/30/13
10,735,000

11,069,109

10,846,107

 
U S TREASURY NOTE
1.500% 01/31/2019 DD 01/31/14
4,820,000

4,835,884

4,846,173

 
U S TREASURY NOTE
1.625% 04/30/2019 DD 04/30/14
10,520,000

10,641,377

10,602,161

 
U S TREASURY NOTE
1.250% 01/31/2020 DD 01/31/15
1,595,000

1,585,717

1,583,293

 
U S TREASURY NOTE
1.375% 03/31/2020 DD 03/31/15
3,560,000

3,541,850

3,541,381

 
U S TREASURY NOTE
1.375% 01/31/2021 DD 01/31/16
1,525,000

1,534,412

1,500,631

 
U S TREASURY NOTE
0.875% 04/15/2019 DD 04/15/16
4,750,000

4,745,174

4,707,345

 
U S TREASURY NOTE
1.125% 05/31/2019 DD 05/31/12
4,800,000

4,832,063

4,780,512

 
U S TREASURY NOTE
1.125% 09/30/2021 DD 09/30/16
2,850,000

2,745,240

2,749,025

 
U S TREASURY NOTE
0.875% 07/31/2019 DD 07/31/12
4,225,000

4,080,056

4,175,990

 
U S TREASURY NOTE
2.000% 07/31/2020 DD 07/31/13
7,935,000

8,127,253

8,037,600

 
U S TREASURY NOTE
2.125% 08/31/2020 DD 08/31/13
1,120,000

1,151,106

1,138,110

 
U S TREASURY NOTE
1.625% 06/30/2020 DD 06/30/15
6,355,000

6,497,365

6,357,987

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

381,935

369,777

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

716,589

700,869

 
VERIZON COMMUNICATIONS INC
1.750% 08/15/2021 DD 08/01/16
995,000

990,662

954,504

 
VF CORP
3.500% 09/01/2021 DD 08/24/11
1,115,000

1,197,754

1,158,886

 
WALGREENS BOOTS ALLIANCE INC
2.700% 11/18/2019 DD 11/18/14
200,000

199,758

202,654

 
WELLS FARGO & CO
2.125% 04/22/2019 DD 04/22/14
1,050,000

1,041,894

1,053,402

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

519,516

519,464

 
ZIMMER BIOMET HOLDINGS INC
2.700% 04/01/2020 DD 03/19/15
370,000

370,128

370,019

 
U S TREASURY NOTE
1.125% 09/30/2021 DD 09/30/16
2,850,000

(2,753,608
)
(2,753,608
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
3,618,484

3,618,484

 
TOTAL UNDERLYING ASSETS
 
 
$
128,291,670

127,126,944

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(234,314
)
 
CONTRACT VALUE
 
 
 
$
126,892,630



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 LIFE MDA01078TR                
December 31, 2016
 
 
 
(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

1,789,883

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

786,310

770,200

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

1,114,108

1,113,962

 
 AMAZON.COM INC
 3.300% 12/05/2021 DD 12/05/14
410,000

424,625

424,862

 
 AMERICAN EXPRESS CREDIT CORP
 1.125% 06/05/2017 DD 06/05/14
175,000

174,503

174,971

 
 AMERICAN EXPRESS CREDIT CORP
 2.375% 05/26/2020 DD 05/26/15
355,000

356,321

354,800

 
 AMERICAN HONDA FINANCE CO 144A
 1.600% 02/16/2018 DD 02/19/13
125,000

124,403

125,112

 
 AMERICAN HONDA FINANCE CORP
 1.550% 12/11/2017 DD 12/11/14
485,000

486,290

485,421

 
 AMERICAN HONDA FINANCE CORP
 1.700% 02/22/2019 DD 02/23/16
145,000

144,971

144,406

 
 AMERICAN HONDA FINANCE CORP
 1.700% 09/09/2021 DD 09/09/16
490,000

489,020

472,879

 
 AMGEN INC
 1.250% 05/22/2017 DD 05/22/14
260,000

259,717

260,026

 
 ANHEUSER-BUSCH INBEV FINANCE I
 2.650% 02/01/2021 DD 01/25/16
1,675,000

1,669,757

1,684,631

 
 ANHEUSER-BUSCH INBEV WORLDWIDE
 1.375% 07/15/2017 DD 07/16/12
400,000

401,068

400,348

 
 AT&T INC
 3.000% 02/15/2022 DD 02/13/12
185,000

178,655

183,194

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

1,542,500

1,597,180

 
 BANK OF AMERICA CORP
 5.650% 05/01/2018 DD 05/02/08
945,000

1,010,082

990,133

 
 BANK OF AMERICA CORP
 2.000% 01/11/2018 DD 01/11/13
308,000

306,703

308,708

 
 BANK OF AMERICA CORP
 2.151% 11/09/2020 DD 11/09/16
1,360,000

1,360,000

1,342,320

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

234,814

234,246

 
 BARCLAYS PLC
 2.750% 11/08/2019 DD 11/10/14
200,000

199,296

199,472

 
 BARCLAYS PLC
 2.875% 06/08/2020 DD 06/08/15
125,000

124,734

123,944

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

429,862

429,893

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

204,749

199,584

 
 BERKSHIRE HATHAWAY INC
 1.150% 08/15/2018 DD 08/15/16
700,000

699,916

696,486

 
 BIOGEN INC
 6.875% 03/01/2018 DD 03/04/08
180,000

208,147

190,355

 
 BIOGEN INC
 2.900% 09/15/2020 DD 09/15/15
455,000

454,054

460,801

 
 CAPITAL ONE BANK USA NA
 2.250% 02/13/2019 DD 02/13/14
245,000

244,142

246,095

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

529,924

529,751

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

669,995

662,583

 
 CAPITAL ONE NA/MCLEAN VA
 2.350% 08/17/2018 DD 08/18/15
250,000

249,728

251,435

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

1,119,966

1,107,266

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

339,500

336,427

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

1,164,943

1,168,320

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

300,650

299,706

 
 CHEVRON CORP
 2.419% 11/17/2020 DD 11/17/15
495,000

495,000

498,524

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

504,807

501,900

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

347,968

337,686


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 LIFE MDA01078TR                
December 31, 2016
 
 CHUBB INA HOLDINGS INC
 2.300% 11/03/2020 DD 11/03/15
495,000

494,723

494,886

 
 CISCO SYSTEMS INC
 1.400% 09/20/2019 DD 09/20/16
1,035,000

1,033,851

1,023,719

 
 CISCO SYSTEMS INC
 1.850% 09/20/2021 DD 09/20/16
815,000

814,886

795,416

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

313,839

311,187

 
 CITIGROUP INC
 1.800% 02/05/2018 DD 02/05/15
1,470,000

1,468,839

1,469,177

 
 CITIGROUP INC
 2.900% 12/08/2021 DD 12/08/16
1,150,000

1,148,034

1,146,895

 
 COMPASS BANK
 2.750% 09/29/2019 DD 09/29/14
370,000

369,142

367,987

 
 COOPERATIEVE RABOBANK UA
 3.950% 11/09/2022 DD 11/09/12
85,000

85,700

87,441

 
 COOPERATIEVE RABOBANK UA/NY
 2.250% 01/14/2020 DD 01/14/15
260,000

260,161

259,974

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

189,470

186,303

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

908,708

898,361

 
 DANONE SA 144A
 1.691% 10/30/2019 DD 11/02/16
705,000

705,000

696,173

 
 DISCOVER CARD EXECUTION A3 A3
 1.220% 10/15/2019 DD 05/05/14
1,170,000

1,175,713

1,170,398

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

514,804

520,665

 
 DOMINION RESOURCES INC/VA
 1.250% 03/15/2017 DD 03/24/14
450,000

449,541

450,032

 
 DR PEPPER SNAPPLE GROUP INC
 2.530% 11/15/2021 DD 12/14/16
660,000

659,736

656,159

 
 DUKE ENERGY CORP
 1.800% 09/01/2021 DD 08/12/16
655,000

654,935

630,962

 
 DUKE ENERGY FLORIDA PROJECT FI
 1.196% 03/01/2022 DD 06/22/16
415,000

414,996

411,717

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

554,700

557,037

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

916,032

894,122

 
 FEDERAL NATL MTG ASSN
 1.000% 10/24/2019 DD 10/25/16
2,945,000

2,937,107

2,904,300

 
 FEDEX CORP
 2.300% 02/01/2020 DD 01/09/15
1,145,000

1,142,928

1,146,351

 
 FIFTH THIRD BANK/CINCINNATI OH
 2.300% 03/15/2019 DD 03/15/16
1,185,000

1,187,849

1,192,999

 
 FISCAL YEAR 2005 SECURITIZATIO
 4.930% 04/01/2020 DD 12/02/04
185,000

198,803

194,968

 
 FORD CREDIT AUTO OWNER TR A A3
 1.280% 09/15/2019 DD 03/24/15
422,194

422,160

422,363

 
 FORD CREDIT AUTO OWNER TR B A3
 1.160% 11/15/2019 DD 05/26/15
765,048

764,978

764,352

 
 FORD MOTOR CREDIT CO LLC
 1.500% 01/17/2017 DD 11/12/13
420,000

419,577

420,034

 
 FORD MOTOR CREDIT CO LLC
 1.461% 03/27/2017 DD 03/27/15
775,000

770,226

775,124

 
 FORD MOTOR CREDIT CO LLC
 2.551% 10/05/2018 DD 10/08/15
300,000

300,090

301,686

 
 FORD MOTOR CREDIT CO LLC
 3.336% 03/18/2021 DD 03/18/16
565,000

565,000

568,921

 
 FORTIVE CORP 144A
 1.800% 06/15/2019 DD 06/20/16
825,000

824,117

819,869

 
 GENERAL MOTORS FINANCIAL CO IN
 4.200% 03/01/2021 DD 03/01/16
1,250,000

1,256,327

1,289,688

 
 GENERAL MOTORS FINANCIAL CO IN
 2.400% 05/09/2019 DD 05/09/16
355,000

354,631

354,059

 
 GILEAD SCIENCES INC
 2.550% 09/01/2020 DD 09/14/15
570,000

576,515

576,008

 
 GNMA GTD REMIC P/T 11-121 FA
 VAR RT 03/16/2043 DD 09/16/11
323,275

324,209

320,110

 
 GOLDMAN SACHS GROUP INC/THE
 2.350% 11/15/2021 DD 09/27/16
845,000

840,018

820,968

 
 GOLDMAN SACHS GROUP INC/THE
 2.300% 12/13/2019 DD 12/13/16
1,530,000

1,528,853

1,528,271

 
 HONDA AUTO RECEIVABLES 20 2 A3
 1.040% 02/21/2019 DD 05/20/15
997,690

997,536

996,632

 
 HONDA AUTO RECEIVABLES 20 3 A3
 1.270% 04/18/2019 DD 08/19/15
640,000

639,992

639,795

 
 HSBC HOLDINGS PLC
 2.650% 01/05/2022 DD 10/05/16
425,000

424,601

414,911

 
 HUNTINGTON BANCSHARES INC/OH
 3.150% 03/14/2021 DD 03/14/16
270,000

269,468

273,807

 
 HUNTINGTON BANCSHARES INC/OH
 2.300% 01/14/2022 DD 08/09/16
70,000

69,927

67,892


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 LIFE MDA01078TR                
December 31, 2016
 
 HUNTINGTON NATIONAL BANK/THE
 1.700% 02/26/2018 DD 02/26/15
665,000

664,069

664,701

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

419,504

421,189

 
 JPMORGAN CHASE & CO
 2.295% 08/15/2021 DD 08/08/16
770,000

770,000

755,732

 
 JPMORGAN CHASE & CO
 2.750% 06/23/2020 DD 06/23/15
150,000

154,299

151,356

 
 JPMORGAN CHASE & CO
 2.550% 03/01/2021 DD 03/01/16
125,000

127,759

124,608

 
 JPMORGAN CHASE BANK NA
 1.450% 09/21/2018 DD 09/23/16
1,760,000

1,759,173

1,752,291

 
 KEYBANK NA/CLEVELAND OH
 2.350% 03/08/2019 DD 03/08/16
1,310,000

1,313,901

1,317,533

 
 KEYBANK NA/CLEVELAND OH
 2.500% 11/22/2021 DD 11/22/16
250,000

249,428

248,405

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

335,924

293,145

 
 KRAFT HEINZ FOODS CO
 2.000% 07/02/2018 DD 07/02/16
615,000

620,560

615,141

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

409,799

403,768

 
 MANUFACTURERS & TRADERS TRUST
 1.400% 07/25/2017 DD 07/25/14
400,000

400,588

400,212

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

109,674

110,876

 
 MASTERCARD INC
 2.000% 11/21/2021 DD 11/21/16
585,000

581,660

580,039

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

1,157,543

1,130,429

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

152,274

150,891

 
 METLIFE INC
 VAR RT 12/15/2017 DD 09/15/14
1,065,000

1,071,476

1,067,748

 
 MICROSOFT CORP
 1.850% 02/12/2020 DD 02/12/15
1,090,000

1,081,542

1,089,302

 
 MICROSOFT CORP
 1.100% 08/08/2019 DD 08/08/16
345,000

344,645

340,360

 
 MITSUBISHI UFJ FINANCIAL GROUP
 2.190% 09/13/2021 DD 09/13/16
525,000

525,000

510,542

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

1,115,591

1,113,060

 
 MONDELEZ INTERNATIONAL HO 144A
 1.625% 10/28/2019 DD 10/28/16
1,055,000

1,052,721

1,034,206

 
 MORGAN STANLEY
 5.550% 04/27/2017 DD 04/27/07
320,000

328,369

324,237

 
 MORGAN STANLEY
 2.625% 11/17/2021 DD 11/17/16
135,000

134,310

133,375

 
 MORGAN STANLEY
 5.500% 01/26/2020 DD 01/26/10
2,070,000

2,298,042

2,244,149

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

767,463

740,232

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

580,334

576,230

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

514,387

514,511

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

947,879

942,702

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

848,598

865,045

 
 NISSAN AUTO RECEIVABLES 2 A A3
 1.050% 10/15/2019 DD 04/14/15
937,253

936,888

935,772

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

399,264

400,616

 
 OHIO POWER CO
 5.375% 10/01/2021 DD 09/24/09
650,000

734,572

726,141

 
 ORACLE CORP
 1.900% 09/15/2021 DD 07/07/16
745,000

743,704

728,007

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

814,772

791,202

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

1,633,806

1,630,716

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

509,046

510,536

 
 PNC BANK NA
 2.400% 10/18/2019 DD 09/18/14
380,000

382,934

383,500

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

249,650

246,600

 
 PROCTER & GAMBLE - ESOP
 9.360% 01/01/2021 DD 12/04/90
137,511

175,327

159,036

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

417,209

388,370

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

463,815

459,565


30

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 LIFE MDA01078TR                
December 31, 2016
 
 REGIONS BANK/BIRMINGHAM AL
 2.250% 09/14/2018 DD 07/31/15
635,000

634,244

637,083

 
 SAN DIEGO GAS & ELECTRIC CO
 1.914% 02/01/2022 DD 03/12/15
447,858

447,858

442,354

 
 SANTANDER UK GROUP HOLDINGS PL
 3.125% 01/08/2021 DD 01/08/16
280,000

279,717

279,345

 
 SIEMENS FINANCIERINGSMAAT 144A
 1.300% 09/13/2019 DD 09/15/16
685,000

684,116

672,067

 
 SIMON PROPERTY GROUP LP
 2.350% 01/30/2022 DD 11/23/16
395,000

393,704

389,695

 
 SOUTHERN CALIFORNIA EDISON CO
 1.125% 05/01/2017 DD 05/09/14
695,000

695,403

695,090

 
 SOUTHERN CALIFORNIA EDISON CO
 1.845% 02/01/2022 DD 01/16/15
546,071

546,071

537,181

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

604,177

594,721

 
 STHRN CALIFORNIA ST PUBLIC PWR
 6.930% 05/15/2017 DD 09/15/97
1,285,000

1,574,047

1,311,535

 
 SUMITOMO MITSUI FINANCIAL GROU
 2.058% 07/14/2021 DD 07/14/16
1,225,000

1,225,000

1,184,808

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

529,497

558,143

 
 SUNTRUST BANKS INC
 2.700% 01/27/2022 DD 12/01/16
645,000

644,174

645,277

 
 SYNCHRONY FINANCIAL
 2.600% 01/15/2019 DD 12/04/15
345,000

344,910

346,746

 
 SYSCO CORP
 1.900% 04/01/2019 DD 04/01/16
910,000

909,500

907,024

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

394,285

401,055

 
 TOYOTA AUTO RECEIVABLES 2 B A3
 1.270% 05/15/2019 DD 06/17/15
1,695,000

1,694,908

1,694,966

 
 TOYOTA MOTOR CREDIT CORP
 2.100% 01/17/2019 DD 01/17/14
245,000

249,594

246,345

 
 TOYOTA MOTOR CREDIT CORP
 2.125% 07/18/2019 DD 07/18/14
500,000

509,065

502,170

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

231,163

229,273

 
 TOYOTA MOTOR CREDIT CORP
 1.200% 04/06/2018 DD 04/08/16
1,650,000

1,649,604

1,642,674

 
 TRINITY ACQUISITION PLC
 3.500% 09/15/2021 DD 03/22/16
450,000

449,424

454,392

 
 U S TREASURY NOTE
 1.375% 08/31/2023 DD 08/31/16
2,395,000

2,270,103

2,269,167

 
 U S TREASURY NOTE
 1.125% 08/31/2021 DD 08/31/16
3,860,000

3,739,847

3,729,571

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

1,473,563

1,457,874

 
 U S TREASURY NOTE
 1.625% 03/31/2019 DD 03/31/14
3,870,000

3,941,655

3,900,689

 
 U S TREASURY NOTE
 1.625% 04/30/2019 DD 04/30/14
15,000

15,227

15,117

 
 U S TREASURY NOTE
 1.500% 11/30/2019 DD 11/30/14
4,770,000

4,840,438

4,779,874

 
 U S TREASURY NOTE
 1.625% 12/31/2019 DD 12/31/14
2,275,000

2,317,745

2,286,193

 
 U S TREASURY NOTE
 1.250% 01/31/2020 DD 01/31/15
2,010,000

1,996,688

1,995,247

 
 U S TREASURY NOTE
 1.000% 03/15/2018 DD 03/15/15
3,555,000

3,564,165

3,556,671

 
 U S TREASURY NOTE
 0.750% 04/15/2018 DD 04/15/15
6,635,000

6,597,710

6,614,498

 
 U S TREASURY NOTE
 1.000% 08/15/2018 DD 08/15/15
4,980,000

4,990,453

4,973,377

 
 U S TREASURY NOTE
 1.375% 08/31/2020 DD 08/31/15
6,815,000

6,812,651

6,744,192

 
 U S TREASURY NOTE
 0.875% 11/30/2017 DD 11/30/15
355,000

354,251

355,028

 
 U S TREASURY NOTE
 1.625% 11/30/2020 DD 11/30/15
4,840,000

4,936,862

4,820,543

 
 U S TREASURY NOTE
 1.375% 01/31/2021 DD 01/31/16
8,750,000

8,633,608

8,610,175

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

4,850,880

4,826,130

 
 U S TREASURY NOTE
 1.375% 04/30/2021 DD 04/30/16
8,250,000

8,269,988

8,093,085

 
 U S TREASURY NOTE
 0.750% 04/30/2018 DD 04/30/16
6,550,000

6,551,857

6,528,516

 
 U S TREASURY NOTE
 0.875% 05/15/2019 DD 05/15/16
4,235,000

4,210,359

4,194,471

 
 U S TREASURY NOTE
 1.125% 06/30/2021 DD 06/30/16
10,120,000

10,076,567

9,794,642

 
 U S TREASURY NOTE
 1.375% 06/30/2023 DD 06/30/16
1,035,000

975,609

983,167


31

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 LIFE MDA01078TR                
December 31, 2016
 
 U S TREASURY NOTE
 0.750% 07/15/2019 DD 07/15/16
7,320,000

7,247,723

7,213,640

 
 U S TREASURY NOTE
 1.125% 07/31/2021 DD 07/31/16
4,540,000

4,534,574

4,388,546

 
 U S TREASURY NOTE
 1.250% 07/31/2023 DD 07/31/16
875,000

865,874

823,734

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

5,630,537

5,604,412

 
 U S TREASURY NOTE
 1.250% 10/31/2019 DD 10/31/12
535,000

539,138

532,721

 
 U S TREASURY NOTE
 0.750% 10/31/2017 DD 10/31/12
580,000

578,641

579,478

 
 U S TREASURY NOTE
 1.000% 11/15/2019 DD 11/15/16
3,805,000

3,754,890

3,759,226

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

1,631,368

1,629,768

 
 U S TREASURY NOTE
 1.750% 11/30/2021 DD 11/30/16
4,975,000

4,933,765

4,937,887

 
 U S TREASURY NOTE
 1.250% 12/31/2018 DD 12/31/16
5,710,000

5,716,022

5,715,824

 
 U S TREASURY NOTE
 1.125% 12/31/2019 DD 12/31/12
1,150,000

1,153,325

1,138,811

 
 U S TREASURY NOTE
 0.750% 02/28/2018 DD 02/28/13
2,870,000

2,863,141

2,863,284

 
 U S TREASURY NOTE
 0.750% 03/31/2018 DD 03/31/13
2,730,000

2,685,640

2,722,110

 
 U S TREASURY NOTE
 2.000% 07/31/2020 DD 07/31/13
4,910,000

4,992,125

4,973,486

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

781,116

776,240

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

7,569,123

7,559,690

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

6,367,295

6,364,177

 
 U S TREASURY NOTE
 1.500% 05/31/2020 DD 05/31/15
3,300,000

3,344,473

3,289,935

 
 U S TREASURY NOTE
 1.125% 06/15/2018 DD 06/15/15
13,120,000

13,191,567

13,132,858

 
 U S TREASURY NOTE
 0.875% 07/15/2018 DD 07/15/15
2,010,000

1,993,820

2,003,568

 
 U S TREASURY NOTE
 1.625% 07/31/2020 DD 07/31/15
6,965,000

6,978,059

6,960,403

 
 UBS AG/STAMFORD CT
 1.375% 06/01/2017 DD 06/01/15
830,000

829,391

829,809

 
 VERIZON COMMUNICATIONS INC
 2.625% 02/21/2020 DD 02/21/15
1,265,000

1,302,850

1,277,131

 
 VISA INC
 2.200% 12/14/2020 DD 12/14/15
125,000

124,894

125,389

 
 WALT DISNEY CO/THE
 0.875% 07/12/2019 DD 07/12/16
295,000

294,009

289,071

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

509,067

510,332

 
 WELLS FARGO & CO
 2.500% 03/04/2021 DD 03/04/16
410,000

416,453

406,962

 
 WELLS FARGO & CO
 2.550% 12/07/2020 DD 12/07/15
515,000

529,394

515,587

 
 WELLS FARGO BANK NA
 2.150% 12/06/2019 DD 12/08/16
2,045,000

2,042,178

2,043,732

 
 U S TREASURY BILL
 0.000% 03/16/2017 DD 09/15/16
(6,900,000
)
6,893,196

6,893,196

 
 U S TREASURY NOTE
 1.375% 04/30/2021 DD 04/30/16
1,900,000

(1,868,621
)
(1,868,621
)
 
 U S TREASURY NOTE
 1.250% 12/31/2018 DD 12/31/16
5,710,000

(5,716,811
)
(5,716,811
)
 
 IGT Invesco Short Term Bond Fund
 
172,126,102

179,064,318

179,064,318

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
3,962,957

3,962,957

 
TOTAL UNDERLYING ASSETS
 
 
$
461,233,760

459,098,326

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(3,583,918
)
 
CONTRACT VALUE
 
 
 
$
455,514,408



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, 2016
 
 
 
(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
6.200% 12/15/2034 DD 12/03/04
700,000

700,350

822,345

 
ABBOTT LABORATORIES
2.350% 11/22/2019 DD 11/22/16
2,410,000

2,407,638

2,412,843

 
ABBVIE INC
4.500% 05/14/2035 DD 05/14/15
1,335,000

1,347,875

1,311,677

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

418,807

421,776

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

1,518,881

1,517,439

 
AEP TEXAS CENTRAL TRANSITION F
5.170% 01/01/2020 DD 10/11/06
341,198

359,433

347,257

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

484,515

486,222

 
AETNA INC
2.400% 06/15/2021 DD 06/09/16
950,000

949,905

945,697

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

473,808

452,271

 
ALLY AUTO RECEIVABLES TR 1 A2A
1.200% 08/15/2018 DD 01/27/16
240,549

240,534

240,681

 
ALLY AUTO RECEIVABLES TRU 1 A3
1.390% 09/16/2019 DD 07/22/15
1,905,000

1,907,274

1,906,448

 
ALLY MASTER OWNER TRUST 4 A2
1.430% 06/17/2019 DD 07/16/14
1,845,000

1,844,543

1,846,089

 
ALLY MASTER OWNER TRUST 5 A
1.540% 09/15/2019 DD 10/11/12
1,380,000

1,379,606

1,381,960

 
ALLY MASTER OWNER TRUST 5 A2
1.600% 10/15/2019 DD 11/12/14
860,000

859,984

861,324

 
AMERICAN EXPRESS CO
7.000% 03/19/2018 DD 03/19/08
425,000

533,622

451,643

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

1,429,128

1,437,965

 
AMERICAN INTERNATIONAL GROUP I
3.900% 04/01/2026 DD 03/22/16
1,180,000

1,179,410

1,200,744

 
AMGEN INC
3.875% 11/15/2021 DD 11/10/11
1,765,000

1,760,058

1,847,637

 
AMGEN INC 144A
4.663% 06/15/2051 DD 06/14/16
501,000

520,537

481,516

 
ANHEUSER-BUSCH INBEV FINANCE I
3.300% 02/01/2023 DD 01/25/16
2,055,000

2,074,585

2,091,435

 
APPLE INC
3.850% 05/04/2043 DD 05/03/13
1,390,000

1,351,740

1,329,174

 
AT&T INC
3.400% 05/15/2025 DD 05/04/15
2,210,000

2,213,400

2,130,042

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

180,868

186,849

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

149,909

143,953

 
BA CREDIT CARD TRUST A1 A1
5.170% 06/15/2019 DD 01/18/07
275,000

279,565

275,391

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

2,137,817

2,314,003

 
BANK OF AMERICA CORP
5.420% 03/15/2017 DD 03/15/07
400,000

398,765

402,900

 
BANK OF AMERICA CORP
5.650% 05/01/2018 DD 05/02/08
370,000

353,113

387,671

 
BANK OF AMERICA CORP
2.600% 01/15/2019 DD 10/22/13
1,875,000

1,898,306

1,891,031

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

104,471

105,132

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

1,427,280

1,411,840

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

808,082

794,512

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

159,594

161,913

 
BANK OF AMERICA NA
6.100% 06/15/2017 DD 06/19/07
870,000

896,222

887,687

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

364,544

366,613

 
BANK OF NEW YORK MELLON CORP/T
2.200% 03/04/2019 DD 02/04/14
410,000

409,545

412,923

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

1,928,296

1,936,608

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

399,924

403,296


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, 2016
 
BAYER US FINANCE LLC 144A
1.500% 10/06/2017 DD 10/08/14
360,000

360,426

359,528

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

610,032

601,062

 
BECTON DICKINSON AND CO
3.125% 11/08/2021 DD 11/08/11
240,000

246,818

246,055

 
BECTON DICKINSON AND CO
1.800% 12/15/2017 DD 12/15/14
348,000

350,074

348,790

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

1,185,560

1,270,225

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

294,764

302,809

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

1,560,000

1,575,584

 
BURLINGTON NORTHERN SANTA FE L
4.550% 09/01/2044 DD 08/18/14
890,000

920,272

946,293

 
BURLINGTON NORTHERN SANTA FE L
5.750% 03/15/2018 DD 03/14/08
670,000

715,501

704,277

 
CAPITAL ONE MULTI-ASSET A2 A2
1.260% 01/15/2020 DD 04/10/14
200,000

200,352

200,112

 
CAPITAL ONE MULTI-ASSET A5 A5
1.480% 07/15/2020 DD 10/14/14
945,000

948,933

946,956

 
CAPITAL ONE MULTI-ASSET A7 A7
5.750% 07/15/2020 DD 09/28/07
605,000

633,466

624,324

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

127,398

121,717

 
CHASE ISSUANCE TRUST A1 A1
1.150% 01/15/2019 DD 01/27/14
430,000

430,437

430,000

 
CHASE ISSUANCE TRUST A6 A6
1.260% 07/15/2019 DD 07/24/14
410,000

410,993

410,250

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

361,697

358,520

 
CISCO SYSTEMS INC
1.850% 09/20/2021 DD 09/20/16
1,335,000

1,334,813

1,302,920

 
CITIBANK CREDIT CARD ISS A8 A8
5.650% 09/20/2019 DD 09/20/07
840,000

876,127

866,065

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

2,124,185

2,063,058

 
CITIGROUP INC
2.500% 09/26/2018 DD 09/26/13
980,000

975,708

989,379

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

829,542

830,660

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

2,162,027

2,118,219

 
COCA-COLA FEMSA SAB DE CV
2.375% 11/26/2018 DD 11/26/13
970,000

968,729

976,742

 
COMCAST CORP
4.400% 08/15/2035 DD 05/27/15
500,000

499,695

523,070

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

425,000

424,380

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

476,243

471,692

 
CONOCOPHILLIPS CO
4.150% 11/15/2034 DD 11/12/14
865,000

864,645

845,486

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

666,419

662,534

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

834,641

857,954

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

453,731

446,146

 
DAIMLER FINANCE NORTH AME 144A
2.375% 08/01/2018 DD 08/01/13
1,555,000

1,559,450

1,566,709

 
DAIMLER FINANCE NORTH AME 144A
1.125% 03/10/2017 DD 03/10/14
950,000

949,468

949,791

 
DIAGEO CAPITAL PLC
1.500% 05/11/2017 DD 05/11/12
420,000

421,480

420,617

 
DIAGEO INVESTMENT CORP
2.875% 05/11/2022 DD 05/11/12
1,025,000

1,021,290

1,031,150

 
DOMINION RESOURCES INC/VA
2.500% 12/01/2019 DD 11/25/14
840,000

838,740

848,980

 
DTE ENERGY CO
3.850% 12/01/2023 DD 11/25/13
955,000

952,947

988,062

 
DTE ENERGY CO
1.500% 10/01/2019 DD 10/05/16
705,000

704,119

693,283

 
DUKE ENERGY PROGRESS LLC
3.000% 09/15/2021 DD 09/15/11
325,000

324,441

333,349

 
EASTMAN CHEMICAL CO
2.700% 01/15/2020 DD 11/20/14
985,000

982,941

990,762

 
EMD FINANCE LLC 144A
1.700% 03/19/2018 DD 03/19/15
1,070,000

1,070,372

1,066,362

 
EMD FINANCE LLC 144A
2.400% 03/19/2020 DD 03/19/15
795,000

794,960

790,302

 
EXELON CORP
3.950% 06/15/2025 DD 12/15/15
1,770,000

1,788,442

1,819,631


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, 2016
 
EXELON GENERATION CO LLC
2.950% 01/15/2020 DD 01/13/15
570,000

569,892

576,777

 
FINANCING CORP STRIP
10.700% 10/06/2017 DD 10/08/87
175,000

245,978

187,873

 
FINANCING CORP STRIP
0.000% 05/02/2017 DD 11/02/91
965,000

662,077

962,221

 
FINANCING CORP STRIP
0.000% 11/30/2017 DD 11/30/87
1,740,000

1,182,382

1,725,715

 
FORD CREDIT AUTO OWNE 1 A 144A
2.120% 07/15/2026 DD 01/21/15
2,340,000

2,339,166

2,344,610

 
FORD CREDIT FLOORPLAN MAS 4 A1
1.400% 08/15/2019 DD 08/26/14
1,400,000

1,399,599

1,400,966

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
1,415,000

1,415,000

1,412,906

 
FORD MOTOR CREDIT CO LLC
3.219% 01/09/2022 DD 01/09/15
1,050,000

1,044,895

1,038,240

 
GE CAPITAL INTERNATIONAL FUNDI
4.418% 11/15/2035 DD 05/15/16
400,000

423,172

419,164

 
GENERAL ELECTRIC CO
5.875% 01/14/2038 DD 01/14/08
45,000

56,772

56,634

 
GENERAL ELECTRIC CO
4.650% 10/17/2021 DD 10/17/11
490,000

556,175

537,501

 
GILEAD SCIENCES INC
3.700% 04/01/2024 DD 03/07/14
380,000

379,388

390,043

 
GILEAD SCIENCES INC
3.250% 09/01/2022 DD 09/14/15
465,000

464,344

474,639

 
GILEAD SCIENCES INC
1.850% 09/04/2018 DD 09/14/15
250,000

252,820

250,945

 
GILEAD SCIENCES INC
2.500% 09/01/2023 DD 09/20/16
230,000

229,186

221,794

 
GOLDMAN SACHS GROUP INC/THE
7.500% 02/15/2019 DD 02/05/09
480,000

563,731

532,118

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
1,315,000

1,438,644

1,383,275

 
GOLDMAN SACHS GROUP INC/THE
5.250% 07/27/2021 DD 07/27/11
1,650,000

1,646,344

1,808,384

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
385,000

409,193

399,407

 
GOLDMAN SACHS GROUP INC/THE
3.750% 02/25/2026 DD 02/25/16
505,000

503,833

506,485

 
GOLDMAN SACHS GROUP INC/THE
2.350% 11/15/2021 DD 09/27/16
640,000

635,661

621,798

 
GOLDMAN SACHS GROUP INC/THE
2.300% 12/13/2019 DD 12/13/16
595,000

594,554

594,328

 
GOLDMAN SACHS GROUP INC/THE
2.900% 07/19/2018 DD 07/19/13
360,000

368,416

364,972

 
GUARDIAN LIFE GLOBAL FUND 144A
1.950% 10/27/2021 DD 10/27/16
1,100,000

1,099,274

1,068,936

 
HONDA AUTO RECEIVABLES 20 1 A2
1.010% 06/18/2018 DD 02/25/16
78,758

78,764

78,732

 
HONDA AUTO RECEIVABLES 20 2 A2
1.130% 09/17/2018 DD 05/31/16
930,000

929,969

930,177

 
HONDA AUTO RECEIVABLES 20 4 A3
0.990% 09/17/2018 DD 11/26/14
1,242,040

1,242,478

1,241,084

 
HSBC FINANCE CORP
6.676% 01/15/2021 DD 07/15/11
1,231,000

1,262,698

1,383,693

 
HSBC HOLDINGS PLC
4.300% 03/08/2026 DD 03/08/16
1,065,000

1,069,552

1,104,267

 
HSBC HOLDINGS PLC
3.600% 05/25/2023 DD 05/25/16
1,320,000

1,319,512

1,327,656

 
HUMANA INC
2.625% 10/01/2019 DD 09/19/14
560,000

559,972

564,491

 
ILLINOIS TOOL WORKS INC
2.650% 11/15/2026 DD 11/07/16
675,000

672,874

645,246

 
INGERSOLL-RAND LUXEMBOURG FINA
2.625% 05/01/2020 DD 10/28/14
680,000

679,551

681,510

 
INTERNATIONAL BUSINESS MACHINE
5.700% 09/14/2017 DD 09/14/07
600,000

627,598

617,982

 
INTERNATIONAL PAPER CO
5.000% 09/15/2035 DD 05/26/15
405,000

402,120

427,911

 
JOHN DEERE CAPITAL CORP
1.600% 07/13/2018 DD 07/14/15
370,000

372,305

369,878

 
JPMORGAN CHASE & CO
6.000% 01/15/2018 DD 12/20/07
1,800,000

1,760,094

1,877,634

 
JPMORGAN CHASE & CO
4.400% 07/22/2020 DD 07/22/10
1,590,000

1,594,913

1,688,914

 
JPMORGAN CHASE & CO
2.250% 01/23/2020 DD 01/23/15
1,810,000

1,830,207

1,805,747

 
JPMORGAN CHASE & CO
2.700% 05/18/2023 DD 05/18/16
2,490,000

2,464,707

2,436,191

 
KINDER MORGAN ENERGY PARTNERS
3.500% 03/01/2021 DD 02/24/14
440,000

437,774

446,706


35

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, 2016
 
KINDER MORGAN INC/DE
4.300% 06/01/2025 DD 11/26/14
1,655,000

1,663,498

1,703,938

 
KINDER MORGAN INC/DE
5.300% 12/01/2034 DD 11/26/14
180,000

151,331

182,673

 
KRAFT HEINZ FOODS CO
3.500% 06/06/2022 DD 12/06/12
355,000

351,805

361,024

 
KRAFT HEINZ FOODS CO
4.375% 06/01/2046 DD 05/24/16
775,000

772,551

729,260

 
KRAFT HEINZ FOODS CO
3.500% 07/15/2022 DD 07/15/16
575,000

573,643

583,688

 
LOCKHEED MARTIN CORP
3.350% 09/15/2021 DD 09/09/11
1,280,000

1,276,544

1,321,830

 
LOCKHEED MARTIN CORP
1.850% 11/23/2018 DD 11/23/15
270,000

273,271

271,075

 
MASSMUTUAL GLOBAL FUNDING 144A
2.000% 04/05/2017 DD 04/05/12
712,000

715,430

713,759

 
MEDTRONIC INC
3.150% 03/15/2022 DD 03/15/15
200,000

199,582

204,844

 
MERCK & CO INC
2.350% 02/10/2022 DD 02/10/15
750,000

768,795

744,743

 
METLIFE INC
VAR RT 12/15/2017 DD 09/15/14
245,000

245,748

245,632

 
METROPOLITAN LIFE GLOBAL 144A
1.750% 12/19/2018 DD 12/19/16
1,360,000

1,358,803

1,360,462

 
MICROSOFT CORP
3.500% 02/12/2035 DD 02/12/15
915,000

907,747

880,761

 
MICROSOFT CORP
4.200% 11/03/2035 DD 11/03/15
240,000

239,323

252,554

 
MICROSOFT CORP
2.000% 08/08/2023 DD 08/08/16
860,000

857,429

821,988

 
MIDAMERICAN ENERGY CO
3.500% 10/15/2024 DD 04/03/14
675,000

671,699

697,714

 
MONDELEZ INTERNATIONAL HO 144A
1.625% 10/28/2019 DD 10/28/16
2,295,000

2,290,043

2,249,766

 
MORGAN STANLEY
4.000% 07/23/2025 DD 07/23/15
365,000

364,701

374,132

 
MORGAN STANLEY
3.875% 04/29/2024 DD 04/28/14
780,000

773,167

799,945

 
MORGAN STANLEY
2.500% 04/21/2021 DD 04/21/16
2,210,000

2,221,468

2,185,977

 
MORGAN STANLEY
2.625% 11/17/2021 DD 11/17/16
545,000

542,215

538,438

 
MORGAN STANLEY
7.300% 05/13/2019 DD 05/13/09
255,000

292,464

284,141

 
MORGAN STANLEY
3.125% 07/27/2026 DD 07/25/16
140,000

139,048

133,753

 
MORGAN STANLEY
1.875% 01/05/2018 DD 12/05/14
480,000

482,140

480,715

 
MOTIVA ENTERPRISES LLC 144A
5.750% 01/15/2020 DD 01/11/10
505,000

504,010

545,718

 
NEW YORK LIFE GLOBAL FUND 144A
2.100% 01/02/2019 DD 12/12/13
845,000

844,028

848,498

 
NEW YORK LIFE GLOBAL FUND 144A
1.550% 11/02/2018 DD 11/03/15
220,000

220,812

219,371

 
NISSAN AUTO RECEIVABLES C A2A
1.070% 05/15/2019 DD 08/10/16
345,000

344,986

344,410

 
NORTHROP GRUMMAN CORP
1.750% 06/01/2018 DD 05/31/13
2,095,000

2,089,218

2,100,761

 
ORACLE CORP
3.900% 05/15/2035 DD 05/05/15
1,505,000

1,494,841

1,484,397

 
PACIFIC GAS & ELECTRIC CO
5.625% 11/30/2017 DD 12/04/07
1,260,000

1,324,027

1,306,746

 
PNC BANK NA
4.875% 09/21/2017 DD 09/21/05
500,000

516,418

511,960

 
PNC BANK NA
2.250% 07/02/2019 DD 06/20/14
750,000

747,660

755,010

 
PNC BANK NA
2.400% 10/18/2019 DD 09/18/14
1,220,000

1,219,109

1,231,236

 
PROVINCE OF ONTARIO CANADA
1.250% 06/17/2019 DD 06/17/16
1,330,000

1,326,875

1,313,668

 
RAYTHEON CO
6.400% 12/15/2018 DD 06/15/99
570,000

639,812

622,879

 
RSB BONDCO LLC A A3
5.820% 06/28/2019 DD 06/29/07
247,547

284,872

250,460

 
SCHLUMBERGER HLDGS CORP 144A
2.350% 12/21/2018 DD 12/21/15
1,765,000

1,764,788

1,779,561

 
SEMPRA ENERGY
2.400% 03/15/2020 DD 03/13/15
760,000

759,362

758,875

 
SEMPRA ENERGY
1.625% 10/07/2019 DD 10/07/16
420,000

419,572

414,586

 
SHELL INTERNATIONAL FINANCE BV
4.125% 05/11/2035 DD 05/11/15
2,260,000

2,268,197

2,307,596


36

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, 2016
 
SIEMENS FINANCIERINGSMAAT 144A
2.900% 05/27/2022 DD 05/27/15
1,045,000

1,045,000

1,052,848

 
SOUTHERN CO/THE
2.950% 07/01/2023 DD 05/24/16
1,475,000

1,473,746

1,455,958

 
SOUTHWESTERN ELECTRIC POWER CO
5.875% 03/01/2018 DD 12/04/07
665,000

662,579

696,308

 
SPECTRA ENERGY CAPITAL LLC
8.000% 10/01/2019 DD 09/28/99
697,000

807,882

792,768

 
STATE STREET CORP
3.700% 11/20/2023 DD 11/19/13
1,410,000

1,406,616

1,467,909

 
STATE STREET CORP
1.950% 05/19/2021 DD 05/19/16
445,000

444,769

436,064

 
STATOIL ASA
3.700% 03/01/2024 DD 11/08/13
530,000

554,608

554,746

 
TEVA PHARMACEUTICAL FINANCE NE
2.800% 07/21/2023 DD 07/21/16
1,345,000

1,339,790

1,273,164

 
THERMO FISHER SCIENTIFIC INC
3.300% 02/15/2022 DD 11/14/14
340,000

339,969

345,430

 
TIME WARNER INC
3.550% 06/01/2024 DD 05/28/14
2,145,000

2,143,027

2,127,561

 
TOTAL CAPITAL INTERNATIONAL SA
2.100% 06/19/2019 DD 06/23/14
490,000

499,436

492,367

 
TOTAL CAPITAL INTERNATIONAL SA
2.750% 06/19/2021 DD 06/23/14
770,000

768,545

779,094

 
TOYOTA MOTOR CREDIT CORP
1.550% 07/13/2018 DD 07/13/15
240,000

241,272

239,940

 
TRANSCANADA PIPELINES LTD
4.625% 03/01/2034 DD 02/28/14
865,000

861,090

912,134

 
TSMC GLOBAL LTD 144A
1.625% 04/03/2018 DD 04/03/13
1,240,000

1,239,169

1,235,263

 
U S TREASURY BD PRIN STRIP
0.000% 02/15/2045 DD 02/17/15
3,945,000

1,885,852

1,628,930

 
U S TREASURY BD PRIN STRIP
0.000% 08/15/2045 DD 08/17/15
4,645,000

2,106,090

1,889,818

 
U S TREASURY BOND
5.250% 11/15/2028 DD 11/15/98
3,420,000

4,296,909

4,353,831

 
U S TREASURY BOND
2.500% 02/15/2045 DD 02/15/15
8,590,000

7,857,632

7,651,457

 
U S TREASURY BOND
3.000% 05/15/2045 DD 05/15/15
7,660,000

7,739,760

7,556,437

 
U S TREASURY BOND
2.875% 08/15/2045 DD 08/15/15
2,035,000

2,079,150

1,958,301

 
U S TREASURY BOND
2.500% 02/15/2046 DD 02/15/16
12,500,000

12,339,416

11,107,375

 
U S TREASURY BOND
2.500% 05/15/2046 DD 05/15/16
3,295,000

3,284,715

2,928,168

 
U S TREASURY BOND
2.250% 08/15/2046 DD 08/15/16
920,000

767,141

773,554

 
U S TREASURY NOTE
1.625% 04/30/2019 DD 04/30/14
660,000

667,625

665,155

 
U S TREASURY NOTE
2.000% 02/15/2025 DD 02/15/15
2,505,000

2,590,896

2,438,066

 
U S TREASURY NOTE
1.375% 02/29/2020 DD 02/28/15
3,135,000

3,123,489

3,120,046

 
U S TREASURY NOTE
2.000% 11/30/2022 DD 11/30/15
30,955,000

31,777,688

30,745,744

 
U S TREASURY NOTE
1.625% 11/30/2020 DD 11/30/15
8,680,000

8,731,164

8,645,106

 
U S TREASURY NOTE
1.750% 12/31/2020 DD 12/31/15
12,655,000

12,593,047

12,651,077

 
U S TREASURY NOTE
1.375% 01/31/2021 DD 01/31/16
19,645,000

19,432,351

19,331,073

 
U S TREASURY NOTE
3.500% 05/15/2020 DD 05/15/10
13,670,000

14,909,872

14,530,253

 
U S TREASURY NOTE
2.625% 11/15/2020 DD 11/15/10
28,465,000

30,197,799

29,421,139

 
U S TREASURY NOTE
2.125% 08/15/2021 DD 08/15/11
4,590,000

4,642,893

4,633,559

 
U S TREASURY NOTE
1.750% 05/15/2022 DD 05/15/12
3,605,000

3,687,709

3,552,043

 
U S TREASURY NOTE
0.625% 08/31/2017 DD 08/31/12
2,925,000

2,923,286

2,922,719

 
U S TREASURY NOTE
2.125% 08/31/2020 DD 08/31/13
27,320,000

28,410,040

27,761,764

 
U S TREASURY NOTE
1.625% 07/31/2019 DD 07/31/14
5,640,000

5,685,586

5,679,424

 
U S TREASURY NOTE
2.000% 07/31/2022 DD 07/31/15
3,870,000

3,868,236

3,855,797

 
UNITED TECHNOLOGIES CORP
1.800% 06/01/2017 DD 06/01/12
670,000

672,876

671,749

 
UNITED TECHNOLOGIES CORP
1.950% 11/01/2021 DD 11/01/16
1,165,000

1,162,402

1,142,003


37

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, 2016
 
VERIZON COMMUNICATIONS INC
4.522% 09/15/2048 DD 03/13/15
1,645,000

1,407,773

1,577,407

 
VERIZON OWNER TRUST 1A A 144A
1.420% 01/20/2021 DD 07/20/16
375,000

374,937

372,390

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
1,425,000

1,423,019

1,432,980

 
WALGREENS BOOTS ALLIANCE INC
4.500% 11/18/2034 DD 11/18/14
145,000

134,182

145,906

 
WALGREENS BOOTS ALLIANCE INC
3.300% 11/18/2021 DD 11/18/14
535,000

533,539

545,042

 
WELLS FARGO & CO
3.000% 04/22/2026 DD 04/22/16
615,000

612,891

586,851

 
WELLS FARGO & CO
2.100% 07/26/2021 DD 07/25/16
3,605,000

3,583,367

3,507,881

 
WELLS FARGO & CO
2.125% 04/22/2019 DD 04/22/14
1,285,000

1,282,276

1,289,163

 
WELLS FARGO BANK NA
2.150% 12/06/2019 DD 12/08/16
1,195,000

1,193,351

1,194,259

 
US 10 YR TREAS NTS FUTURE(CBT)
EXP MAR 17
252

(224,114
)
(224,114
)
 
US 10YR ULTRA FUTURE (CBT)
EXP MAR 17
(17
)
(7,015
)
(7,015
)
 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 17
(18
)
687

687

 
US 5YR TREAS NTS FUTURE (CBT)
EXP MAR 17
(6
)
445

445

 
US TREAS BD FUTURE (CBT)
EXP MAR 17
(362
)
366,242

366,242

 
US ULTRA BOND (CBT)
EXP MAR 17
15

(22,367
)
(22,367
)
 
U S TREASURY BOND
2.500% 02/15/2046 DD 02/15/16
950,000

(848,365
)
(848,365
)
 
U S TREASURY NOTE
0.625% 08/31/2017 DD 08/31/12
2,925,000

(2,929,599
)
(2,929,599
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENST
 
25,172,750

25,172,750

 
TOTAL UNDERLYING ASSETS
 
 
$
406,110,549

401,793,091

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(14,257,991
)
 
CONTRACT VALUE
 
 
 
$
387,535,100



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, 2016    
 
 
 
(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 144A
3.375% 11/15/2026 DD 11/18/16
470,000

469,398

460,731

 
3M CO
1.625% 09/19/2021 DD 09/19/16
275,000

274,854

267,989

 
ABBVIE INC
1.800% 05/14/2018 DD 05/14/15
150,000

150,115

150,112

 
ACTAVIS FUNDING SCS
3.000% 03/12/2020 DD 03/12/15
465,000

470,234

471,444

 
ACTAVIS FUNDING SCS
3.450% 03/15/2022 DD 03/12/15
195,000

195,660

197,926

 
AETNA INC
2.800% 06/15/2023 DD 06/09/16
205,000

204,701

201,926

 
ALLY MASTER OWNER TRUST 5 A2
1.600% 10/15/2019 DD 11/12/14
385,000

384,993

385,592

 
ALTRIA GROUP INC
9.250% 08/06/2019 DD 02/06/09
98,000

121,850

115,636

 
ALTRIA GROUP INC
2.850% 08/09/2022 DD 08/09/12
210,000

209,563

210,257

 
ALTRIA GROUP INC
2.625% 09/16/2026 DD 09/16/16
140,000

140,293

132,576

 
AMERICAN EXPRESS CO
6.150% 08/28/2017 DD 08/28/07
300,000

339,462

308,951

 
AMERICAN HONDA FINANCE CORP
1.700% 09/09/2021 DD 09/09/16
565,000

563,870

545,258

 
AMERICAN TOWER CORP
4.500% 01/15/2018 DD 12/07/10
590,000

633,648

605,569

 
ANADARKO PETROLEUM CORP
6.950% 06/15/2019 DD 06/12/09
25,000

25,219

27,735

 
ANADARKO PETROLEUM CORP
3.450% 07/15/2024 DD 07/07/14
100,000

97,452

98,164

 
ANADARKO PETROLEUM CORP
4.850% 03/15/2021 DD 03/17/16
265,000

275,163

284,143

 
ANHEUSER-BUSCH INBEV FINANCE I
2.150% 02/01/2019 DD 01/27/14
250,000

249,720

251,547

 
ANHEUSER-BUSCH INBEV FINANCE I
1.900% 02/01/2019 DD 01/25/16
765,000

765,920

766,102

 
ANHEUSER-BUSCH INBEV FINANCE I
2.650% 02/01/2021 DD 01/25/16
340,000

338,936

341,955

 
ANHEUSER-BUSCH INBEV FINANCE I
3.300% 02/01/2023 DD 01/25/16
290,000

293,862

295,142

 
ANHEUSER-BUSCH INBEV FINANCE I
3.650% 02/01/2026 DD 01/25/16
580,000

583,190

588,810

 
ANTHEM INC
3.125% 05/15/2022 DD 05/07/12
155,000

156,273

155,079

 
ANTHEM INC
2.300% 07/15/2018 DD 08/06/13
135,000

134,432

135,883

 
APACHE CORP
3.625% 02/01/2021 DD 12/03/10
90,000

91,630

93,330

 
APPLE INC
2.500% 02/09/2025 DD 02/09/15
75,000

74,894

72,068

 
APPLE INC
2.850% 02/23/2023 DD 02/23/16
250,000

250,445

251,558

 
APPLE INC
2.450% 08/04/2026 DD 08/04/16
75,000

74,795

70,391

 
APPLE INC
1.100% 08/02/2019 DD 08/04/16
75,000

74,925

73,880

 
ASTRAZENECA PLC
2.375% 11/16/2020 DD 11/16/15
95,000

94,605

94,677

 
AT&T INC
3.000% 06/30/2022 DD 05/04/15
255,000

255,101

250,311

 
AT&T INC
4.125% 02/17/2026 DD 02/09/16
175,000

189,660

177,200

 
AT&T INC
3.800% 03/15/2022 DD 03/15/16
340,000

360,322

348,548

 
AUTOZONE INC
2.500% 04/15/2021 DD 04/29/15
485,000

484,816

479,549

 
BA CREDIT CARD TRUST A1 A
VAR RT 06/15/2021 DD 02/13/14
495,000

495,000

496,242

 
BAE SYSTEMS HOLDINGS INC 144A
3.800% 10/07/2024 DD 10/07/14
250,000

249,258

256,178

 
BAE SYSTEMS HOLDINGS INC 144A
2.850% 12/15/2020 DD 12/10/15
35,000

34,877

35,051

 
BANK OF AMERICA CORP
5.750% 12/01/2017 DD 12/04/07
135,000

129,533

139,840

 
BANK OF AMERICA CORP
2.600% 01/15/2019 DD 10/22/13
62,000

61,989

62,530


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, 2016    
 
BANK OF AMERICA CORP
3.950% 04/21/2025 DD 04/21/15
75,000

74,779

74,662

 
BANK OF AMERICA CORP
4.450% 03/03/2026 DD 03/03/16
300,000

318,840

309,162

 
BANK OF AMERICA CORP
2.625% 04/19/2021 DD 04/19/16
835,000

842,394

829,272

 
BANK OF AMERICA CORP
2.151% 11/09/2020 DD 11/09/16
110,000

110,000

108,570

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
825,000

915,170

876,901

 
BANK OF AMERICA CORP
5.700% 05/02/2017 DD 05/02/07
145,000

160,498

146,976

 
BANK OF NEW YORK MELLON CORP/T
VAR RT 10/30/2023 DD 10/31/16
490,000

490,000

497,585

 
BANK OF NEW YORK MELLON CORP/T
2.600% 08/17/2020 DD 08/17/15
300,000

299,859

302,184

 
BANK OF NEW YORK MELLON CORP/T
2.450% 11/27/2020 DD 11/27/15
505,000

511,929

505,182

 
BANK OF NOVA SCOTIA/THE
4.500% 12/16/2025 DD 12/16/15
385,000

384,969

395,507

 
BARCLAYS BANK PLC 144A
6.050% 12/04/2017 DD 12/04/07
510,000

569,179

526,876

 
BAT INTERNATIONAL FINANCE 144A
2.750% 06/15/2020 DD 06/15/15
140,000

139,779

140,749

 
BEAR STEARNS COMMERCIA PW16 A4
VAR RT 06/11/2040 DD 06/01/07
91,109

103,748

91,202

 
BEAR STEARNS COS LLC/THE
6.400% 10/02/2017 DD 10/02/07
150,000

149,562

155,393

 
BEAR STEARNS COS LLC/THE
7.250% 02/01/2018 DD 02/01/08
115,000

143,107

121,698

 
BERKSHIRE HATHAWAY ENERGY CO
2.400% 02/01/2020 DD 12/04/14
440,000

444,121

441,197

 
BMW US CAPITAL LLC 144A
1.450% 09/13/2019 DD 09/15/16
280,000

279,650

276,710

 
BP CAPITAL MARKETS PLC
2.750% 05/10/2023 DD 05/10/13
190,000

188,300

186,533

 
BP CAPITAL MARKETS PLC
2.521% 01/15/2020 DD 11/04/14
95,000

95,000

95,552

 
BP CAPITAL MARKETS PLC
3.062% 03/17/2022 DD 03/17/15
75,000

75,000

75,863

 
BP CAPITAL MARKETS PLC
2.112% 09/16/2021 DD 09/16/16
275,000

275,555

269,816

 
BP CAPITAL MARKETS PLC
3.216% 11/28/2023 DD 11/28/16
65,000

65,000

65,649

 
BPCE SA 144A
5.700% 10/22/2023 DD 10/22/13
200,000

220,080

210,256

 
CAPITAL AUTO RECEIVABLES 1 A3
1.320% 06/20/2018 DD 01/22/14
26,859

26,854

26,861

 
CAPITAL ONE FINANCIAL CORP
4.200% 10/29/2025 DD 10/29/15
200,000

209,624

200,666

 
CAPITAL ONE NA/MCLEAN VA
1.650% 02/05/2018 DD 02/05/15
425,000

424,915

424,176

 
CARDINAL HEALTH INC
2.400% 11/15/2019 DD 11/19/14
300,000

301,610

302,187

 
CARDINAL HEALTH INC
1.950% 06/15/2018 DD 06/23/15
50,000

49,961

50,109

 
CARMAX AUTO OWNER TRUST 2 3 A4
1.490% 01/15/2019 DD 08/08/13
260,763

260,750

261,076

 
CBS CORP
4.000% 01/15/2026 DD 07/10/15
165,000

176,925

167,812

 
CD 2007-CD5 MORTGAGE TR CD5 A4
VAR RT 11/15/2044 DD 11/01/07
309,617

340,203

314,673

 
CHARTER COMMUNICATIONS OPERATI
3.579% 07/23/2020 DD 07/23/16
70,000

69,952

71,417

 
CHARTER COMMUNICATIONS OPERATI
4.908% 07/23/2025 DD 07/23/16
145,000

154,155

152,820

 
CHARTER COMMUNICATIONS OPERATI
4.464% 07/23/2022 DD 07/23/16
545,000

546,733

569,541

 
CHEVRON CORP
2.100% 05/16/2021 DD 05/16/16
320,000

322,243

317,258

 
CHEVRON CORP
1.561% 05/16/2019 DD 05/16/16
445,000

445,000

443,171

 
CISCO SYSTEMS INC
2.200% 02/28/2021 DD 02/29/16
335,000

334,357

334,280

 
CISCO SYSTEMS INC
1.400% 09/20/2019 DD 09/20/16
185,000

184,795

182,984

 
CITIGROUP COMMERCIAL M GC35 A4
3.818% 11/10/2048 DD 12/01/15
300,000

308,991

313,695

 
CITIGROUP COMMERCIAL MOR P1 A5
3.717% 09/15/2048 DD 08/01/15
264,000

285,594

275,315


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, 2016    
 
CITIGROUP COMMERCIAL MOR P4 A4
2.902% 07/10/2049 DD 07/01/16
175,000

180,248

169,323

 
CITIGROUP INC
5.500% 09/13/2025 DD 09/13/13
135,000

149,764

148,366

 
CITIGROUP INC
4.450% 09/29/2027 DD 09/29/15
155,000

155,886

157,457

 
CITIGROUP INC
3.700% 01/12/2026 DD 01/12/16
135,000

134,820

134,305

 
CITIGROUP INC
4.600% 03/09/2026 DD 03/09/16
215,000

214,574

222,220

 
CITIGROUP INC
2.700% 03/30/2021 DD 03/30/16
635,000

637,737

633,546

 
CITIGROUP INC
2.900% 12/08/2021 DD 12/08/16
95,000

94,838

94,744

 
CITIZENS BANK NA/PROVIDENCE RI
2.300% 12/03/2018 DD 12/03/15
400,000

399,480

402,048

 
COBALT CMBS COMMERCIAL M C2 A3
VAR RT 04/15/2047 DD 04/01/07
83,043

90,971

83,259

 
COCA-COLA EUROPEAN PARTNERS US
3.500% 09/15/2020 DD 09/14/10
450,000

465,605

463,919

 
COMCAST CORP
3.125% 07/15/2022 DD 07/02/12
295,000

309,972

301,168

 
COMCAST CORP
2.750% 03/01/2023 DD 02/23/16
370,000

370,142

367,355

 
COMCAST CORP
1.625% 01/15/2022 DD 07/19/16
130,000

129,871

124,608

 
COMM 2014-CCRE21 MORTG CR21 A3
3.528% 12/10/2047 DD 12/01/14
445,267

457,994

458,055

 
COMM 2014-UBS4 MORTGAG UBS4 A5
3.694% 08/10/2047 DD 07/01/14
449,000

466,358

464,621

 
COMM 2015-CCRE26 MORTG CR26 A4
3.630% 10/10/2048 DD 10/01/15
453,000

466,201

466,268

 
COMM 2015-LC19 MORTGAG LC19 A4
3.183% 02/10/2048 DD 02/01/15
320,000

317,900

322,243

 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2047 DD 01/01/17
2,200,000

2,253,281

2,252,668

 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2047 DD 01/01/17
2,000,000

2,153,281

2,146,740

 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
2,800,000

2,789,500

2,804,424

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
5,600,000

5,557,344

5,563,096

 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2047 DD 01/01/17
7,400,000

7,591,500

7,584,408

 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2047 DD 01/01/17
4,400,000

4,415,641

4,455,088

 
CONOCOPHILLIPS CO
4.950% 03/15/2026 DD 03/08/16
90,000

90,227

99,360

 
COX COMMUNICATIONS INC 144A
6.250% 06/01/2018 DD 06/05/08
70,000

82,727

73,858

 
COX COMMUNICATIONS INC 144A
2.950% 06/30/2023 DD 05/01/13
465,000

461,318

437,602

 
CREDIT SUISSE GROUP FUNDING GU
3.800% 09/15/2022 DD 09/15/15
725,000

737,013

731,431

 
CSAIL 2015-C1 COMMERCIAL C1 A4
3.505% 04/15/2050 DD 03/01/15
372,000

396,747

382,085

 
CSAIL 2015-C3 COMMERCIAL C3 A4
3.718% 08/15/2048 DD 08/01/15
531,000

549,544

553,801

 
CSAIL 2015-C4 COMMERCIAL C4 A4
3.808% 11/15/2048 DD 11/01/15
286,000

294,578

297,809

 
CVS HEALTH CORP
2.750% 12/01/2022 DD 11/29/12
30,000

29,958

29,554

 
CVS HEALTH CORP
2.800% 07/20/2020 DD 07/20/15
285,000

285,012

289,164

 
CVS HEALTH CORP
3.500% 07/20/2022 DD 07/20/15
175,000

174,925

179,811

 
CVS HEALTH CORP
3.875% 07/20/2025 DD 07/20/15
267,000

276,004

275,437

 
DAIMLER FINANCE NORTH AME 144A
1.650% 03/02/2018 DD 03/02/15
225,000

224,811

224,708

 
DDR CORP
4.250% 02/01/2026 DD 10/21/15
650,000

644,111

653,634

 
DEVON FINANCING CO LLC
7.875% 09/30/2031 DD 10/03/01
30,000

31,958

38,065

 
DIAMOND 1 FINANCE CORP / 144A
3.480% 06/01/2019 DD 06/01/16
70,000

69,983

71,457

 
DIAMOND 1 FINANCE CORP / 144A
4.420% 06/15/2021 DD 06/01/16
55,000

54,984

56,911

 
DIAMOND 1 FINANCE CORP / 144A
6.020% 06/15/2026 DD 06/01/16
85,000

93,177

92,081

 
DOMINION RESOURCES INC/VA
1.250% 03/15/2017 DD 03/24/14
155,000

155,533

155,011

 
DOMINION RESOURCES INC/VA
3.900% 10/01/2025 DD 09/24/15
560,000

563,959

571,726


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, 2016    
 
DOMINION RESOURCES INC/VA
2.000% 08/15/2021 DD 08/09/16
35,000

34,950

33,942

 
DTE ENERGY CO
1.500% 10/01/2019 DD 10/05/16
150,000

149,813

147,507

 
DUKE ENERGY CAROLINAS LLC
2.500% 03/15/2023 DD 03/11/16
295,000

294,885

292,377

 
DUKE ENERGY CORP
3.750% 04/15/2024 DD 04/04/14
200,000

199,882

206,246

 
DUKE ENERGY CORP
1.800% 09/01/2021 DD 08/12/16
505,000

502,813

486,467

 
DUKE ENERGY CORP
2.650% 09/01/2026 DD 08/12/16
25,000

24,923

23,333

 
DUKE ENERGY PROGRESS LLC
3.250% 08/15/2025 DD 08/13/15
265,000

264,192

269,092

 
EMD FINANCE LLC 144A
2.950% 03/19/2022 DD 03/19/15
240,000

245,072

238,982

 
EMD FINANCE LLC 144A
3.250% 03/19/2025 DD 03/19/15
485,000

476,084

474,117

 
ENERGY TRANSFER PARTNERS LP
3.600% 02/01/2023 DD 01/22/13
95,000

93,543

93,433

 
ENERGY TRANSFER PARTNERS LP
4.150% 10/01/2020 DD 09/19/13
100,000

99,829

103,554

 
ENERGY TRANSFER PARTNERS LP
5.950% 10/01/2043 DD 09/19/13
265,000

258,765

273,117

 
EXELON CORP
1.550% 06/09/2017 DD 06/11/15
135,000

134,908

134,754

 
EXELON CORP
2.450% 04/15/2021 DD 04/07/16
30,000

29,993

29,639

 
EXPRESS SCRIPTS HOLDING CO
3.000% 07/15/2023 DD 07/05/16
155,000

155,356

150,042

 
EXXON MOBIL CORP
2.222% 03/01/2021 DD 03/03/16
410,000

410,000

410,939

 
FEDEX CORP
3.250% 04/01/2026 DD 03/24/16
55,000

54,888

54,623

 
FHLMC POOL #A4-1215
5.000% 11/01/2035 DD 12/01/05
96,827

92,992

105,969

 
FHLMC POOL #A4-1297
5.000% 12/01/2035 DD 12/01/05
35,571

34,162

39,180

 
FHLMC POOL #A4-1833
5.000% 01/01/2036 DD 01/01/06
19,295

18,531

21,108

 
FHLMC POOL #A4-7715
5.000% 11/01/2035 DD 11/01/05
391

376

426

 
FHLMC POOL #A7-0631
5.000% 12/01/2037 DD 12/01/07
125,021

119,903

136,372

 
FHLMC POOL #A7-7292
5.000% 04/01/2038 DD 05/01/08
257,393

254,175

280,085

 
FHLMC POOL #A9-6129
4.000% 01/01/2041 DD 12/01/10
2,569,805

2,654,328

2,713,046

 
FHLMC POOL #B1-1979
5.500% 01/01/2019 DD 01/01/04
5,058

5,064

5,182

 
FHLMC POOL #B1-5149
5.500% 06/01/2019 DD 06/01/04
1,541

1,596

1,544

 
FHLMC POOL #B1-5992
5.500% 08/01/2019 DD 08/01/04
13,680

14,163

14,127

 
FHLMC POOL #B1-6466
5.500% 09/01/2019 DD 09/01/04
48,091

48,144

50,126

 
FHLMC POOL #E0-1216
5.500% 10/01/2017 DD 10/01/02
4,211

4,360

4,264

 
FHLMC POOL #E0-1648
5.500% 05/01/2019 DD 05/01/04
1,747

1,809

1,808

 
FHLMC POOL #E9-2026
5.500% 10/01/2017 DD 10/01/02
13,194

13,660

13,338

 
FHLMC POOL #E9-9911
5.500% 10/01/2018 DD 09/01/03
10,151

10,509

10,371

 
FHLMC POOL #G0-1940
5.000% 10/01/2035 DD 10/01/05
46,408

43,591

50,656

 
FHLMC POOL #G0-4214
5.500% 05/01/2038 DD 04/01/08
164,741

165,874

183,762

 
FHLMC POOL #G0-8563
4.000% 01/01/2044 DD 12/01/13
732,003

754,534

768,910

 
FHLMC POOL #G0-8741
3.000% 01/01/2047 DD 12/01/16
8,400,000

8,631,000

8,349,684

 
FHLMC POOL #G1-2165
6.500% 01/01/2019 DD 05/01/06
41

42

42

 
FHLMC POOL #Q2-8457
3.500% 09/01/2044 DD 09/01/14
2,802,579

2,874,614

2,873,737

 
FHLMC MULTICLASS MTG K003 A5
5.085% 03/25/2019 DD 06/01/09
175,000

176,749

185,719

 
FIDELITY NATIONAL INFORMATION
2.250% 08/15/2021 DD 08/16/16
175,000

174,976

170,630

 
FIFTH THIRD AUTO TRUST 20 3 A4
1.470% 05/17/2021 DD 10/29/14
480,000

479,854

480,461

 
FIFTH THIRD AUTO TRUST 20 A A4
0.830% 04/15/2019 DD 03/28/13
248,408

248,394

248,251


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, 2016    
 
FIFTH THIRD BANK/CINCINNATI OH
2.875% 10/01/2021 DD 09/05/14
300,000

298,455

303,570

 
FNMA POOL #0252441
6.000% 05/01/2019 DD 04/01/99
2,621

2,855

2,965

 
FNMA POOL #0256315
5.500% 07/01/2036 DD 06/01/06
92,810

90,994

103,651

 
FNMA POOL #0693008
5.000% 05/01/2018 DD 05/01/03
518

520

531

 
FNMA POOL #0725206
5.500% 02/01/2034 DD 02/01/04
143,202

163,143

160,612

 
FNMA POOL #0725222
5.500% 02/01/2034 DD 02/01/04
233,343

265,735

261,727

 
FNMA POOL #0725314
5.000% 04/01/2034 DD 03/01/04
60,323

57,299

66,204

 
FNMA POOL #0726028
5.000% 08/01/2018 DD 07/01/03
3,216

3,227

3,291

 
FNMA POOL #0727187
5.500% 08/01/2033 DD 08/01/03
31,335

31,541

34,866

 
FNMA POOL #0733371
5.000% 08/01/2018 DD 07/01/03
12,953

13,075

13,256

 
FNMA POOL #0733655
5.500% 09/01/2033 DD 08/01/03
33,749

33,970

37,842

 
FNMA POOL #0734847
5.500% 08/01/2033 DD 08/01/03
59,370

59,760

66,584

 
FNMA POOL #0735383
5.000% 04/01/2035 DD 03/01/05
543,906

609,058

595,882

 
FNMA POOL #0738499
5.500% 09/01/2033 DD 09/01/03
12,357

12,438

13,729

 
FNMA POOL #0738632
5.000% 11/01/2018 DD 11/01/03
13,664

13,792

14,035

 
FNMA POOL #0743133
5.000% 10/01/2018 DD 09/01/03
19,074

19,252

19,587

 
FNMA POOL #0743186
5.000% 10/01/2018 DD 09/01/03
40,088

40,464

41,026

 
FNMA POOL #0743859
5.000% 11/01/2018 DD 10/01/03
51,210

51,690

52,408

 
FNMA POOL #0743887
5.000% 11/01/2018 DD 10/01/03
10,439

10,536

10,683

 
FNMA POOL #0747866
5.000% 11/01/2018 DD 11/01/03
24,428

24,657

25,085

 
FNMA POOL #0757861
5.000% 10/01/2018 DD 11/01/03
24,888

25,122

25,471

 
FNMA POOL #0778421
5.000% 08/01/2035 DD 07/01/05
4,263

4,193

4,641

 
FNMA POOL #0820263
5.000% 07/01/2035 DD 07/01/05
21,516

21,163

23,489

 
FNMA POOL #0825951
5.000% 07/01/2035 DD 06/01/05
28,489

28,022

31,496

 
FNMA POOL #0826955
5.000% 06/01/2035 DD 06/01/05
2,799

2,753

3,061

 
FNMA POOL #0828523
5.000% 07/01/2035 DD 07/01/05
35,292

34,713

38,537

 
FNMA POOL #0828547
5.000% 08/01/2035 DD 08/01/05
4,445

4,220

4,854

 
FNMA POOL #0828678
5.000% 07/01/2035 DD 07/01/05
39,005

38,365

42,555

 
FNMA POOL #0828712
5.000% 07/01/2035 DD 07/01/05
46,776

46,008

51,093

 
FNMA POOL #0830996
5.000% 08/01/2035 DD 07/01/05
65,627

64,550

71,649

 
FNMA POOL #0832013
5.000% 09/01/2035 DD 08/01/05
62,022

61,005

67,527

 
FNMA POOL #0832878
5.000% 09/01/2035 DD 08/01/05
73,705

71,275

80,535

 
FNMA POOL #0838778
5.000% 10/01/2035 DD 10/01/05
23,490

22,313

25,684

 
FNMA POOL #0840377
5.000% 11/01/2035 DD 11/01/05
24,423

23,199

26,676

 
FNMA POOL #0843360
5.000% 11/01/2035 DD 11/01/05
13,931

13,232

15,172

 
FNMA POOL #0844018
5.000% 11/01/2035 DD 10/01/05
61,792

58,695

67,431

 
FNMA POOL #0867065
5.000% 02/01/2036 DD 02/01/06
19,171

18,198

20,923

 
FNMA POOL #0882022
5.500% 05/01/2036 DD 05/01/06
3,162

3,100

3,525

 
FNMA POOL #0888023
5.500% 06/01/2036 DD 11/01/06
452,981

451,919

508,109

 
FNMA POOL #0888120
5.000% 10/01/2035 DD 12/01/06
152,882

147,830

166,912

 
FNMA POOL #0888635
5.500% 09/01/2036 DD 08/01/07
119,530

136,142

134,076

 
FNMA POOL #0893289
5.500% 08/01/2036 DD 08/01/06
35,640

34,977

39,924


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, 2016    
 
FNMA POOL #0893363
5.000% 06/01/2036 DD 08/01/06
7,616

7,234

8,318

 
FNMA POOL #0900979
5.500% 09/01/2036 DD 09/01/06
8,569

8,409

9,538

 
FNMA POOL #0961876
5.000% 03/01/2038 DD 02/01/08
198,104

193,445

215,687

 
FNMA POOL #0AL5249
4.500% 01/01/2043 DD 04/01/14
1,272,870

1,376,888

1,374,242

 
FNMA POOL #0AL7366
4.500% 08/01/2042 DD 09/01/15
1,508,430

1,632,876

1,629,557

 
FNMA POOL #0AT2016
3.000% 04/01/2043 DD 04/01/13
1,158,747

1,169,610

1,158,411

 
FNMA POOL #0AU1358
3.000% 07/01/2028 DD 07/01/13
707,503

733,924

727,518

 
FNMA POOL #0AU8871
3.000% 12/01/2028 DD 11/01/13
1,213,106

1,244,381

1,247,121

 
FNMA POOL #0BC1187
2.500% 06/01/2031 DD 06/01/16
1,603,854

1,653,035

1,607,800

 
FORD MOTOR CO
4.346% 12/08/2026 DD 12/08/16
85,000

85,000

85,893

 
FORD MOTOR CREDIT CO LLC
6.625% 08/15/2017 DD 08/04/10
150,000

177,495

154,565

 
FORD MOTOR CREDIT CO LLC
5.875% 08/02/2021 DD 08/01/11
225,000

262,510

248,483

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
310,000

310,000

309,541

 
FORD MOTOR CREDIT CO LLC
2.551% 10/05/2018 DD 10/08/15
200,000

200,118

201,124

 
FORTIS INC/CANADA 144A
2.100% 10/04/2021 DD 10/04/16
75,000

74,809

72,489

 
FORTIS INC/CANADA 144A
3.055% 10/04/2026 DD 10/04/16
200,000

198,266

187,056

 
FORTIVE CORP 144A
2.350% 06/15/2021 DD 06/20/16
360,000

362,588

355,187

 
GENERAL MOTORS FINANCIAL CO IN
4.300% 07/13/2025 DD 07/13/15
600,000

588,858

595,194

 
GENERAL MOTORS FINANCIAL CO IN
3.100% 01/15/2019 DD 10/13/15
40,000

39,982

40,424

 
GENERAL MOTORS FINANCIAL CO IN
5.250% 03/01/2026 DD 03/01/16
370,000

385,363

388,681

 
GEORGIA POWER CO
2.400% 04/01/2021 DD 03/08/16
200,000

199,590

198,720

 
GILEAD SCIENCES INC
2.500% 09/01/2023 DD 09/20/16
70,000

69,752

67,502

 
GNMA POOL #0249532
8.500% 04/15/2018 DD 05/01/88
1,642

1,773

1,648

 
GNMA POOL #0345910
6.000% 12/15/2023 DD 12/01/93
4,347

4,530

4,928

 
GNMA POOL #0427239
6.000% 01/15/2028 DD 01/01/98
737

768

835

 
GNMA POOL #0465541
6.000% 07/15/2028 DD 07/01/98
1,551

1,616

1,759

 
GNMA POOL #0486703
6.000% 11/15/2028 DD 11/01/98
1,114

1,161

1,289

 
GNMA POOL #0491289
6.000% 11/15/2028 DD 11/01/98
10,981

11,478

12,448

 
GNMA POOL #0596613
6.000% 10/15/2032 DD 10/01/02
710

732

817

 
GNMA POOL #0601319
6.000% 02/15/2033 DD 02/01/03
11,233

11,742

12,741

 
GNMA POOL #0739896
4.000% 01/15/2041 DD 01/01/11
195,267

210,881

207,882

 
GNMA POOL #0767263
4.000% 08/15/2041 DD 08/01/11
966,161

1,043,416

1,027,899

 
GNMA POOL #0770410
4.000% 06/15/2041 DD 06/01/11
77,633

83,916

82,413

 
GNMA POOL #0778693
4.000% 12/15/2041 DD 12/01/11
187,160

202,308

199,406

 
GNMA POOL #0781856
6.000% 08/15/2034 DD 01/01/05
188,569

195,095

218,411

 
GNMA POOL #0782071
7.000% 05/15/2033 DD 03/01/06
58,056

60,578

68,482

 
GNMA II POOL #0MA3597
3.500% 04/20/2046 DD 04/01/16
2,141,331

2,267,469

2,228,355

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 11/29/2023 DD 11/29/13
300,000

304,878

309,303

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
210,000

245,547

220,903

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
285,000

303,235

320,403

 
GOLDMAN SACHS GROUP INC/THE
2.375% 01/22/2018 DD 01/22/13
165,000

164,931

165,982

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
260,000

259,215

269,729


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, 2016    
 
GOLDMAN SACHS GROUP INC/THE
2.750% 09/15/2020 DD 09/15/15
15,000

14,969

15,065

 
GOLDMAN SACHS GROUP INC/THE
2.000% 04/25/2019 DD 04/25/16
45,000

44,875

44,821

 
GOLDMAN SACHS GROUP INC/THE
2.875% 02/25/2021 DD 02/25/16
130,000

129,784

130,601

 
GOLDMAN SACHS GROUP INC/THE
3.750% 02/25/2026 DD 02/25/16
305,000

318,554

305,897

 
GOLDMAN SACHS GROUP INC/THE
2.350% 11/15/2021 DD 09/27/16
115,000

114,882

111,729

 
GOLDMAN SACHS GROUP INC/THE
2.900% 07/19/2018 DD 07/19/13
415,000

427,828

420,731

 
GOLDMAN SACHS GROUP INC/THE
2.600% 04/23/2020 DD 01/23/15
105,000

104,803

105,110

 
GOLDMAN SACHS GROUP INC/THE
3.750% 05/22/2025 DD 05/22/15
25,000

24,920

25,065

 
GOLDMAN SACHS GROUP INC/THE
5.150% 05/22/2045 DD 05/22/15
140,000

139,090

147,232

 
GS MORTGAGE SECURITIES GC20 A5
3.998% 04/10/2047 DD 04/01/14
375,000

397,676

398,213

 
GS MORTGAGE SECURITIES GS1 A3
3.734% 11/10/2048 DD 11/01/15
286,000

294,560

298,773

 
HCP INC
3.150% 08/01/2022 DD 07/23/12
100,000

99,748

98,740

 
HESS CORP
4.300% 04/01/2027 DD 09/28/16
330,000

329,374

328,489

 
HEWLETT PACKARD ENTERPRISE CO
VAR RT 10/05/2018 DD 10/05/16
175,000

174,776

176,692

 
HOME DEPOT INC/THE
2.125% 09/15/2026 DD 09/15/16
155,000

153,301

142,974

 
HSBC HOLDINGS PLC
4.250% 08/18/2025 DD 08/18/15
425,000

428,103

428,889

 
HSBC HOLDINGS PLC
3.400% 03/08/2021 DD 03/08/16
240,000

239,453

244,051

 
HSBC HOLDINGS PLC
2.950% 05/25/2021 DD 05/25/16
400,000

403,752

399,848

 
HSBC USA INC
2.750% 08/07/2020 DD 08/07/15
325,000

324,714

325,647

 
IMPERIAL BRANDS FINANCE P 144A
3.750% 07/21/2022 DD 07/21/15
425,000

435,905

436,292

 
ING BANK NV 144A
1.800% 03/16/2018 DD 03/16/15
295,000

294,546

294,622

 
INTEL CORP
3.100% 07/29/2022 DD 07/29/15
55,000

58,720

56,558

 
INTEL CORP
1.700% 05/19/2021 DD 05/19/16
275,000

274,516

268,565

 
INTERCONTINENTAL EXCHANGE INC
2.750% 12/01/2020 DD 11/24/15
100,000

99,888

100,427

 
JM SMUCKER CO/THE
1.750% 03/15/2018 DD 09/15/15
360,000

361,711

360,468

 
JPMBB COMMERCIAL MORTGA C22 A4
3.801% 09/15/2047 DD 08/01/14
285,000

295,584

297,378

 
JPMBB COMMERCIAL MORTGA C32 A5
3.598% 11/15/2048 DD 10/01/15
322,000

351,219

330,234

 
JPMBB COMMERCIAL MORTGA C33 A4
3.770% 12/15/2048 DD 11/01/15
352,000

363,036

365,763

 
JPMORGAN CHASE & CO
2.295% 08/15/2021 DD 08/08/16
695,000

697,373

682,122

 
JPMORGAN CHASE & CO
6.125% 06/27/2017 DD 06/27/07
230,000

238,116

235,037

 
JPMORGAN CHASE & CO
4.350% 08/15/2021 DD 08/10/11
250,000

248,800

267,450

 
JPMORGAN CHASE & CO
4.500% 01/24/2022 DD 01/23/12
105,000

112,184

113,235

 
JPMORGAN CHASE & CO
3.200% 01/25/2023 DD 01/25/13
375,000

372,885

379,174

 
JPMORGAN CHASE & CO
2.550% 03/01/2021 DD 03/01/16
80,000

79,940

79,749

 
JPMORGAN CHASE & CO
1.850% 03/22/2019 DD 03/23/16
330,000

329,789

328,957

 
JPMORGAN CHASE & CO
3.300% 04/01/2026 DD 03/23/16
100,000

99,881

98,255

 
JPMORGAN CHASE BANK NA
1.450% 09/21/2018 DD 09/23/16
250,000

249,883

248,905

 
KEYBANK NA/CLEVELAND OH
1.700% 06/01/2018 DD 06/01/15
275,000

274,703

274,846

 
KEYCORP
2.900% 09/15/2020 DD 09/15/15
485,000

491,137

490,747

 
KIMCO REALTY CORP
6.875% 10/01/2019 DD 09/24/09
160,000

159,744

179,234

 
KIMCO REALTY CORP
4.300% 02/01/2018 DD 09/03/10
75,000

74,739

76,515

 
KINDER MORGAN ENERGY PARTNERS
6.500% 04/01/2020 DD 03/30/10
130,000

144,394

143,894


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, 2016    
 
KINDER MORGAN ENERGY PARTNERS
6.850% 02/15/2020 DD 05/14/09
40,000

41,987

44,591

 
KINDER MORGAN ENERGY PARTNERS
5.300% 09/15/2020 DD 05/19/10
55,000

53,213

59,077

 
KINDER MORGAN INC/DE
2.000% 12/01/2017 DD 11/26/14
130,000

128,746

130,198

 
KINDER MORGAN INC/DE
3.050% 12/01/2019 DD 11/26/14
80,000

80,380

81,149

 
KRAFT HEINZ FOODS CO
3.000% 06/01/2026 DD 05/24/16
320,000

318,598

300,429

 
KRAFT HEINZ FOODS CO
2.000% 07/02/2018 DD 07/02/16
310,000

311,294

310,071

 
KROGER CO/THE
2.950% 11/01/2021 DD 10/28/14
170,000

168,257

171,056

 
LABORATORY CORP OF AMERICA HOL
2.625% 02/01/2020 DD 01/30/15
140,000

139,843

139,863

 
LAM RESEARCH CORP
2.800% 06/15/2021 DD 06/07/16
120,000

119,899

119,353

 
LB-UBS COMMERCIAL MORTGA C1 A2
VAR RT 04/15/2041 DD 04/11/08
257,261

284,724

266,708

 
LOCKHEED MARTIN CORP
2.500% 11/23/2020 DD 11/23/15
80,000

79,713

80,676

 
LOWE'S COS INC
2.500% 04/15/2026 DD 04/20/16
285,000

283,700

270,653

 
MAGELLAN MIDSTREAM PARTNERS LP
5.000% 03/01/2026 DD 02/29/16
45,000

44,944

49,346

 
MARATHON OIL CORP
2.800% 11/01/2022 DD 10/29/12
210,000

193,447

200,815

 
MARATHON OIL CORP
2.700% 06/01/2020 DD 06/10/15
55,000

54,881

55,073

 
MARSH & MCLENNAN COS INC
2.300% 04/01/2017 DD 03/12/12
100,000

101,435

99,968

 
MARSH & MCLENNAN COS INC
4.050% 10/15/2023 DD 09/27/13
375,000

373,523

395,790

 
MARSH & MCLENNAN COS INC
3.500% 03/10/2025 DD 09/10/14
65,000

64,796

65,443

 
MERCK & CO INC
2.350% 02/10/2022 DD 02/10/15
70,000

69,906

69,509

 
MICROSOFT CORP
1.100% 08/08/2019 DD 08/08/16
325,000

324,665

320,629

 
MICROSOFT CORP
2.000% 08/08/2023 DD 08/08/16
245,000

244,267

234,171

 
MICROSOFT CORP
2.400% 08/08/2026 DD 08/08/16
305,000

303,262

288,134

 
MOLSON COORS BREWING CO
1.450% 07/15/2019 DD 07/07/16
110,000

109,945

108,378

 
MOLSON COORS BREWING CO
4.200% 07/15/2046 DD 07/07/16
25,000

24,839

23,308

 
MORGAN STANLEY
6.625% 04/01/2018 DD 04/01/08
875,000

931,108

925,339

 
MORGAN STANLEY
4.350% 09/08/2026 DD 09/08/14
175,000

174,692

179,331

 
MORGAN STANLEY
2.500% 01/24/2019 DD 01/24/14
100,000

99,632

101,051

 
MORGAN STANLEY
2.450% 02/01/2019 DD 01/27/16
315,000

321,294

317,164

 
MORGAN STANLEY
2.500% 04/21/2021 DD 04/21/16
245,000

244,177

242,337

 
MORGAN STANLEY
4.875% 11/01/2022 DD 10/23/12
20,000

20,161

21,435

 
MORGAN STANLEY
3.125% 07/27/2026 DD 07/25/16
810,000

805,503

773,858

 
MORGAN STANLEY
3.950% 04/23/2027 DD 04/23/15
90,000

89,676

89,092

 
MORGAN STANLEY BANK OF C14 A5
4.064% 02/15/2047 DD 02/01/14
25,000

26,743

26,482

 
MORGAN STANLEY BANK OF C26 A5
3.531% 10/15/2048 DD 11/01/15
441,000

479,019

451,703

 
MYLAN NV 144A
3.000% 12/15/2018 DD 12/09/15
205,000

207,858

206,482

 
MYLAN NV 144A
3.750% 12/15/2020 DD 12/09/15
95,000

94,970

95,929

 
MYLAN NV 144A
3.150% 06/15/2021 DD 06/09/16
235,000

234,727

230,627

 
NATIONAL RETAIL PROPERTIES INC
4.000% 11/15/2025 DD 10/21/15
165,000

164,602

168,209

 
NATIONAL RURAL UTILITIES COOPE
3.050% 02/15/2022 DD 02/02/12
225,000

224,226

229,986

 
NATIONAL RURAL UTILITIES COOPE
2.300% 11/01/2020 DD 10/27/15
170,000

169,657

168,983

 
NBCUNIVERSAL MEDIA LLC
4.375% 04/01/2021 DD 04/01/11
20,000

20,547

21,606


46


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, 2016    
 
NEW YORK LIFE GLOBAL FUND 144A
2.000% 04/13/2021 DD 04/13/16
340,000

340,853

333,809

 
NEXEN ENERGY ULC
6.200% 07/30/2019 DD 07/30/09
275,000

320,427

298,928

 
NEXTERA ENERGY CAPITAL HOLDING
1.649% 09/01/2018 DD 09/01/16
60,000

60,150

59,812

 
NORTHROP GRUMMAN CORP
3.200% 02/01/2027 DD 12/01/16
185,000

184,702

183,039

 
OBP DEPOSITOR LLC T OBP A 144A
4.646% 07/15/2045 DD 07/01/10
150,000

157,838

159,513

 
ORACLE CORP
1.900% 09/15/2021 DD 07/07/16
470,000

469,420

459,279

 
PENSKE TRUCK LEASING CO L 144A
4.875% 07/11/2022 DD 07/13/12
155,000

159,446

166,332

 
PENSKE TRUCK LEASING CO L 144A
2.500% 06/15/2019 DD 06/17/14
400,000

400,916

400,968

 
PENSKE TRUCK LEASING CO L 144A
3.375% 02/01/2022 DD 02/02/15
140,000

146,633

141,184

 
PEPSICO INC
1.700% 10/06/2021 DD 10/06/16
305,000

304,591

296,301

 
PETROLEOS MEXICANOS
4.875% 01/24/2022
225,000

230,006

225,675

 
PETROLEOS MEXICANOS 144A
4.625% 09/21/2023
344,000

345,999

334,643

 
PIONEER NATURAL RESOURCES CO
3.950% 07/15/2022 DD 06/26/12
40,000

37,504

41,501

 
PIONEER NATURAL RESOURCES CO
3.450% 01/15/2021 DD 12/07/15
20,000

18,845

20,438

 
PIONEER NATURAL RESOURCES CO
4.450% 01/15/2026 DD 12/07/15
50,000

54,109

52,978

 
PNC BANK NA
2.700% 11/01/2022 DD 10/22/12
350,000

321,461

344,547

 
PNC BANK NA
2.150% 04/29/2021 DD 04/29/16
380,000

379,768

374,980

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

249,650

246,600

 
REALTY INCOME CORP
6.750% 08/15/2019 DD 09/05/07
300,000

299,481

335,274

 
REGENCY ENERGY PARTNERS LP / R
4.500% 11/01/2023 DD 11/01/13
180,000

182,134

182,651

 
REGENCY ENERGY PARTNERS LP / R
5.875% 03/01/2022 DD 02/10/14
40,000

42,628

44,002

 
REYNOLDS AMERICAN INC
4.000% 06/12/2022 DD 06/12/15
240,000

247,779

251,021

 
RIO TINTO FINANCE USA PLC
2.875% 08/21/2022 DD 08/21/12
22,000

21,420

22,091

 
RYDER SYSTEM INC
2.450% 09/03/2019 DD 05/06/14
325,000

324,266

326,801

 
SANTANDER HOLDINGS USA INC
2.650% 04/17/2020 DD 04/17/15
320,000

318,723

317,162

 
SANTANDER HOLDINGS USA INC
2.700% 05/24/2019 DD 05/26/16
330,000

329,934

329,749

 
SANTANDER UK PLC
2.350% 09/10/2019 DD 09/10/14
154,000

153,379

154,097

 
SHELL INTERNATIONAL FINANCE BV
2.000% 11/15/2018 DD 11/15/13
100,000

100,672

100,669

 
SHELL INTERNATIONAL FINANCE BV
2.250% 11/10/2020 DD 11/10/15
580,000

581,066

579,194

 
SHELL INTERNATIONAL FINANCE BV
2.500% 09/12/2026 DD 09/12/16
225,000

222,716

211,109

 
SOUTHERN CALIFORNIA GAS CO
2.600% 06/15/2026 DD 06/03/16
130,000

129,748

124,805

 
SOUTHERN CO/THE
1.850% 07/01/2019 DD 05/24/16
215,000

215,973

214,334

 
SOUTHERN CO/THE
2.350% 07/01/2021 DD 05/24/16
20,000

19,973

19,660

 
SOUTHERN CO/THE
2.950% 07/01/2023 DD 05/24/16
15,000

14,987

14,806

 
ST JUDE MEDICAL LLC
2.800% 09/15/2020 DD 09/23/15
155,000

154,929

155,870

 
SUNCOR ENERGY INC
6.100% 06/01/2018 DD 06/06/08
370,000

405,945

391,734

 
SUNOCO LOGISTICS PARTNERS OPER
4.250% 04/01/2024 DD 04/03/14
135,000

138,282

136,044

 
SYNCHRONY FINANCIAL
1.875% 08/15/2017 DD 08/11/14
355,000

354,691

355,288

 
SYNCHRONY FINANCIAL
2.700% 02/03/2020 DD 02/02/15
400,000

402,315

398,816

 
SYNCHRONY FINANCIAL
2.600% 01/15/2019 DD 12/04/15
280,000

282,816

281,417

 
SYSCO CORP
2.500% 07/15/2021 DD 04/01/16
135,000

134,930

133,560

 
TEVA PHARMACEUTICAL FINANCE NE
1.700% 07/19/2019 DD 07/21/16
355,000

354,968

348,798


47


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, 2016    
 
TEVA PHARMACEUTICAL FINANCE NE
2.200% 07/21/2021 DD 07/21/16
285,000

284,530

272,657

 
THERMO FISHER SCIENTIFIC INC
3.000% 04/15/2023 DD 04/13/16
150,000

149,268

147,431

 
THERMO FISHER SCIENTIFIC INC
2.950% 09/19/2026 DD 09/19/16
65,000

64,212

61,376

 
TIME WARNER CABLE LLC
5.850% 05/01/2017 DD 04/09/07
270,000

269,376

273,831

 
TIME WARNER CABLE LLC
6.750% 07/01/2018 DD 06/19/08
145,000

171,945

154,805

 
TIME WARNER CABLE LLC
8.750% 02/14/2019 DD 11/18/08
20,000

24,431

22,539

 
TIME WARNER INC
3.600% 07/15/2025 DD 06/04/15
255,000

258,405

253,572

 
TRANSCANADA PIPELINES LTD
1.625% 11/09/2017 DD 11/09/15
125,000

125,059

124,908

 
U S TREASURY NOTE
0.875% 11/30/2017 DD 11/30/15
6,615,000

6,620,943

6,615,529

 
U S TREASURY NOTE
1.250% 12/15/2018 DD 12/15/15
13,132,000

13,212,924

13,146,314

 
U S TREASURY NOTE
0.750% 07/15/2019 DD 07/15/16
2,460,000

2,449,397

2,424,256

 
U S TREASURY NOTE
1.250% 10/31/2021 DD 10/31/16
8,792,000

8,663,892

8,525,514

 
U S TREASURY NOTE
2.000% 11/15/2026 DD 11/15/16
2,181,000

2,095,805

2,098,449

 
UBS GROUP FUNDING JERSEY 144A
2.950% 09/24/2020 DD 09/24/15
205,000

204,649

205,090

 
UNILEVER CAPITAL CORP
1.375% 07/28/2021 DD 07/28/16
450,000

446,418

432,207

 
UNITEDHEALTH GROUP INC
2.300% 12/15/2019 DD 12/08/14
245,000

250,635

246,840

 
UNITEDHEALTH GROUP INC
3.350% 07/15/2022 DD 07/23/15
65,000

65,041

66,970

 
UNITEDHEALTH GROUP INC
3.750% 07/15/2025 DD 07/23/15
125,000

124,661

129,404

 
UNITEDHEALTH GROUP INC
1.700% 02/15/2019 DD 02/25/16
170,000

169,937

169,488

 
UNITEDHEALTH GROUP INC
2.125% 03/15/2021 DD 02/25/16
260,000

259,207

256,958

 
US TREAS-CPI INFLAT
0.125% 04/15/2020 DD 04/15/15
6,611,177

6,585,271

6,679,867

 
VALERO ENERGY CORP
3.400% 09/15/2026 DD 09/12/16
435,000

432,010

416,734

 
VENTAS REALTY LP
3.500% 02/01/2025 DD 01/14/15
55,000

54,815

54,149

 
VENTAS REALTY LP / VENTAS CAPI
2.000% 02/15/2018 DD 12/13/12
165,000

164,569

165,340

 
VENTAS REALTY LP / VENTAS CAPI
2.700% 04/01/2020 DD 03/19/13
30,000

29,983

30,182

 
VERIZON COMMUNICATIONS INC
5.150% 09/15/2023 DD 09/18/13
300,000

334,635

331,722

 
VERIZON COMMUNICATIONS INC
3.450% 03/15/2021 DD 03/17/14
410,000

425,872

423,284

 
VIACOM INC
3.450% 10/04/2026 DD 10/04/16
20,000

19,896

18,484

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
135,000

134,812

135,756

 
VISA INC
3.150% 12/14/2025 DD 12/14/15
10,000

9,963

10,044

 
WALGREENS BOOTS ALLIANCE INC
2.600% 06/01/2021 DD 06/01/16
85,000

84,952

84,466

 
WELLS FARGO & CO
2.500% 03/04/2021 DD 03/04/16
550,000

549,874

545,925

 
WELLS FARGO & CO
3.000% 04/22/2026 DD 04/22/16
240,000

238,923

229,015

 
WELLS FARGO & CO
VAR RT 10/31/2023 DD 10/31/16
120,000

120,000

121,481

 
WELLS FARGO & CO
3.450% 02/13/2023 DD 02/13/13
125,000

124,926

125,450

 
WELLS FARGO & CO
4.125% 08/15/2023 DD 08/15/13
310,000

308,224

320,763

 
WELLS FARGO & CO
4.400% 06/14/2046 DD 06/14/16
160,000

159,814

153,128

 
WELLS FARGO BANK NA
2.150% 12/06/2019 DD 12/08/16
250,000

249,655

249,845

 
WFRBS COMMERCIAL MORTG LC14 A5
4.045% 03/15/2047 DD 02/01/14
85,000

90,814

90,325

 
WILLIAMS PARTNERS LP
3.600% 03/15/2022 DD 03/03/15
200,000

200,219

201,058

 
WILLIAMS PARTNERS LP
4.300% 03/04/2024 DD 03/04/14
55,000

54,885

55,540


48


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, 2016    
 
WILLIAMS PARTNERS LP
3.900% 01/15/2025 DD 06/27/14
95,000

94,706

93,172

 
WORLD OMNI AUTO RECEIVABL B A4
1.680% 12/15/2020 DD 10/29/14
400,000

399,861

400,352

 
ZIMMER BIOMET HOLDINGS INC
1.450% 04/01/2017 DD 03/19/15
295,000

294,926

295,071

 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
1,400,000

(1,398,906
)
(1,398,906
)
 
COMMIT TO PUR FNMA SF MTG
2.500% 01/01/2032 DD 01/01/17
1,400,000

(1,390,594
)
(1,390,594
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
2,800,000

(2,773,203
)
(2,773,203
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2047 DD 01/01/17
2,800,000

(2,784,141
)
(2,784,141
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2047 DD 01/01/17
400,000

(409,813
)
(409,813
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2047 DD 01/01/17
2,400,000

(2,464,875
)
(2,464,875
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2047 DD 01/01/17
3,300,000

(3,381,469
)
(3,381,469
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2047 DD 01/01/17
1,300,000

(1,335,344
)
(1,335,344
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2047 DD 01/01/17
1,100,000

(1,125,266
)
(1,125,266
)
 
COMMIT TO PUR FHLMC GOLD SFM
3.500% 01/01/2047 DD 01/01/17
1,100,000

(1,128,016
)
(1,128,016
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2047 DD 01/01/17
1,000,000

(1,078,125
)
(1,078,125
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2047 DD 01/01/17
1,000,000

(1,075,156
)
(1,075,156
)
 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2047 DD 01/01/17
1,400,000

(1,418,594
)
(1,418,594
)
 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2047 DD 01/01/17
600,000

(609,797
)
(609,797
)
 
COMMIT TO PUR GNMA II JUMBOS
3.000% 01/20/2047 DD 01/01/17
2,400,000

(2,387,250
)
(2,387,250
)
 
U S TREASURY NOTE
2.000% 11/15/2026 DD 11/15/16
2,181,000

(2,101,709
)
(2,101,709
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
45,318,800

45,318,800

 
TOTAL UNDERLYING ASSETS
 
 
$
189,685,135

$
188,971,678

 
 
 
 
 
 
 
BANK OF TOKYO INV-DOWCHEM13-1 - 50.0% of MARKET VALUE
 
 
$
94,485,839

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
166,256,224

 
FAIR VALUE BANK OF TOKYO INV-DOWCHEM13-1
 
 
260,742,063

 
BANK OF TOKYO INV-DOWCHEM13-1 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
(1,069,835
)
 
BANK OF TOKYO INV-DOWCHEM13-1 - CONTRACT VALUE
 
 
$
259,672,228

 
 
 
 
 
 
 
RGA RGA00036 - 50.0% of MARKET VALUE
 
 
$
94,485,839

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
166,379,200

 
FAIR VALUE RGA RGA00036
 
 
 
260,865,039

 
RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(788,287
)
 
RGA RGA00036 - CONTRACT VALUE
 
 
$
260,076,752



49
                                            

Exhibit 23.1


Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (No. 333-67414 and 333-209582) on Form S-8 of our report dated June 26, 2017, appearing in the annual report on Form 11-K of The Dow Chemical Company Employees' Savings Plan as of December 31, 2016 and 2015 and for the year ended December 31, 2016.
                        

/s/ Plante & Moran, PLLC
Plante & Moran, PLLC
Flint, Michigan                                    
June 26, 2017


50