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, 2015    

OR

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

Commission file number: 333-67414

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, 2015 and 2014, supplemental schedules for the year ended December 31, 2015, 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 Registrant has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
DATE: June 27, 2016
 
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, 2015 and 2014, Supplemental
Schedules as of and for the Year Ended
December 31, 2015, 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, 2015 and 2014 and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. 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, 2015 and 2014 and the changes in net assets for the year ended December 31, 2015, 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, 2015, and the schedule of reportable transactions for the year ended December 31, 2015, 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
Elgin, Illinois                                    
June 27, 2016



1



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2015 and 2014

 
2015
 
2014

Allocated Participant Directed

Unallocated Non-participant Directed

Total

 
Allocated Participant Directed

Unallocated Non-participant Directed

Total

Assets



 




Investments - at fair value (Notes 3 and 4)
$
8,653,349,753

$
862,090,730

$
9,515,440,483

 
$
8,748,898,128

$
914,726,468

$
9,663,624,596

Receivables - interest, dividends and other
31,582,249

7,613,360

39,195,609

 
17,427,616

8,437,124

25,864,740

Receivables - employer contributions



 
2,827,685


2,827,685

Receivables - participant notes
118,643,446


118,643,446

 
124,221,368


124,221,368

Total Assets
$
8,803,575,448

$
869,704,090

$
9,673,279,538

 
$
8,893,374,797

$
923,163,592

$
9,816,538,389

Liabilities
 
 
 
 
 
 
 
LESOP loan payables (Note 5)
$

$
67,939,773

$
67,939,773

 
$

$
80,340,423

$
80,340,423

Other payables
42,141,588

3,272,989

45,414,577

 
24,230,010

3,880,993

28,111,003

Total Liabilities
$
42,141,588

$
71,212,762

$
113,354,350

 
$
24,230,010

$
84,221,416

$
108,451,426

Net Assets Available For Benefits Reflecting All Investments At Fair Value
$
8,761,433,860

$
798,491,328

$
9,559,925,188

 
$
8,869,144,787

$
838,942,176

$
9,708,086,963

Adjustments From Fair Value To Contract Value For Fully Benefit- Responsive Investment Contracts
(31,981,993
)

(31,981,993
)
 
(57,913,022
)

(57,913,022
)
Net Assets Available For Benefits
$
8,729,451,867

$
798,491,328

$
9,527,943,195

 
$
8,811,231,765

$
838,942,176

$
9,650,173,941

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, 2015
 
Allocated Participant Directed

Unallocated Non- Participant Directed

Total

Additions
 
 
 
Investment income
 
 
 
Net appreciation in fair value of investments (Note 3)
$
181,714,608

$
101,531,565

$
283,246,173

Interest and dividends
132,301,882

29,461,697

161,763,579

Total investment income
314,016,490

130,993,262

445,009,752

 
 
 
 
Contributions
 
 
 
Employer
370,223


370,223

Employee
242,143,264


242,143,264

Total contributions
242,513,487


242,513,487

 
 
 
 
Interest on participant notes receivable
4,090,962


4,090,962

Allocation of 3,509,020 shares of common stock of The Dow Chemical Company, at market
163,842,760


163,842,760

Total additions
724,463,699

130,993,262

855,456,961

 
 
 
 
Deductions
 
 
 
Distributions and withdrawals
803,207,264


803,207,264

Administrative expenses
2,027,972


2,027,972

Interest expense

7,601,350

7,601,350

Allocation of 3,509,020 shares of common stock of The Dow Chemical Company, at market

163,842,760

163,842,760

Total deductions
805,235,236

171,444,110

976,679,346

 
 
 
 
Transfers
 
 
 
Transfers in
2,949,900


2,949,900

Transfers out
3,958,261


3,958,261

Net transfers
(1,008,361
)

(1,008,361
)
 
 
 
 
Net Decrease
(81,779,898
)
(40,450,848
)
(122,230,746
)
 
 
 
 
Net Assets Available for Benefits
 
 
 
Beginning of year
8,811,231,765

838,942,176

9,650,173,941

End of year
$
8,729,451,867

$
798,491,328

$
9,527,943,195

See notes to financial statements.

3


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2015 and 2014, AND FOR THE YEAR ENDED DECEMBER 31, 2015

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 1% to 40% of their compensation, depending on the participant's eligible pay, limited to a 1% minimum contribution. Employees who do not exceed the gross compensation limits are limited to 40% of eligible pay in 0.5% increments, with a 1% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $18,000 in 2015. 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 2015. 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. 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 participants (other than Legacy ROH Members) in the form of certain contingent matching contributions, and then to all participants, as an “Excess ESOP Shares Distribution” contribution. For the year ended December 31, 2015, the total number of shares allocated as contingent matching contributions and Excess ESOP Shares distribution contributions amounted to 1,735,052, with a market value of $89,320,477. The Company allocated these shares to the participants in April 2016.

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, 2015.

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.

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


4


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 distribution 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 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, 2015 and 2014 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 in accordance with accounting principles generally accepted in the United States of America. Investment transactions are accounted for on the trade date, and dividend and interest income is recorded when earned.

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 in the respective investment funds.

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of the Company, mutual funds, futures and options derivative contracts, 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. Due to their short‑term nature and liquidity, temporary investments are stated at outstanding balance, which approximates fair value. Fixed income securities and To Be Announced derivative contracts (see below for description) are valued using quoted market price and/or other market data for the same or comparable instruments and transactions in establishing the prices, discounted cash flow models, and other pricing models. These models are primarily industry standard models that consider various assumptions, including time value and yield curve as well as other relevant economic measures. Wrap contracts are valued based on the rebid price.

Investments of the Interest Income Fund (“Fund”) included in the Plan consist of Synthetic Guaranteed Investment Contracts (“Synthetic GICs”). 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

5


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.

The difference between the Fund's contract value and the related market value of underlying Fund investments is represented on the Plan's statements of net assets available for benefits as the “adjustments from fair value to contract value for fully benefit‑responsive investment contracts.”

All of the Plan's Synthetic GICs are considered to be fully benefit‑responsive and are therefore recorded at contract value in accordance with the accounting standards. The average yield for the Plan's Synthetic GICs was approximately 1.8% and 1.5% as of December 31, 2015 and 2014, respectively. The crediting interest rate was approximately 2.0% at December 31, 2015 and 2014. There are no reserves against the contract value for credit risk of the contract issuer or otherwise.

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.

6



Derivative Instruments - In order to manage interest rate exposures, investment managers are allowed to enter into derivative contracts. These derivative contracts consist of future contracts, including future option contracts, and To Be Announced Contracts (“TBA”). A future contract is a contractual agreement to make or take delivery of a standardized quantity of a specific grade or type of commodity or financial instrument at a specified future date in accordance with terms specified by a regulated futures exchange. These contracts involve elements of market risk in excess of amounts recognized in the statements of net assets available for benefits. The credit risk associated with these contracts is minimal as they are traded on organized exchanges and settled daily. Upon entering into a futures contract, the Plan is required to deposit either in cash or securities an amount (“initial margin”) equal to a certain percentage of the notional value of the contract. Subsequent payments are then made or received by the Plan, depending on the daily fluctuation in the value of the underlying contracts. A TBA is when a mortgage backed security issued by Freddie Mac, Fannie Mae or Ginnie Mae is purchased but the actual security is not assigned until 48 hours prior to trade settlement date. The Plan's investment policies specifically prohibit the use of derivatives for speculative purposes.

In connection with certain derivative instrument agreements, the Plan receives noncash collateral as security to mitigate the risk of counterparties not meeting obligations under the terms of the agreements. The noncash collateral received is not reflected in the net assets of the Plan, as the Plan does not sell or pledge the noncash collateral.

The net assets of the Plan reflect the fair value of the derivative instruments in a loss position as an offset against the fair value of derivative instruments in a gain position. Any gains or losses recognized on derivatives are recognized in current year investment income. The estimated fair values of derivative instruments at December 31, 2015 and 2014 are as follows:

Interest rate instruments:
2015
2014
  Assets
$
16,867,673

$
17,655,524

  Liabilities
16,910,061

19,054,032


Asset and liability derivatives are included in investments on the Statements of Net Assets Available for Benefits.

For the year ended December 31, 2015, the amounts of gain or loss recognized as investment income (loss) on the Statement of Changes in Net Assets Available for Benefits attributable to derivative instruments are as follows:

Interest rate instruments:
  Futures
$
(1,086,097
)
  TBA
210,789

 
$
(875,308
)

The Plan is not invested in any over-the-counter derivatives. All securities are settled through organized exchanges.

During 2015 and 2014, the derivative investments were primarily futures contracts and TBAs. The notional amount represents the contract amount, not the amount at risk. The absolute notional amount of interest rate instruments was $127 million and $111 million at December 31, 2015 and 2014, respectively.

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, 2015 and 2014 were insignificant.

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

In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The plan administrator believes it is no longer subject to tax examinations for years prior to 2012.


7


Risks and Uncertainties - The Plan invests in various investment instruments. At December 31, 2015, the Plan did have concentration of risk of the following:

United States equity markets through various investments in mutual funds, common/collective trusts, and common stock(excluding target date funds);
Interest rate and credit risk through investments in the Interest Income Fund and;
The Dow Chemical Company credit risk through Dow stock investments.

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.

Accounting Guidance Issued But Not Adopted as of December 31, 2015 - In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). The ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Further, the amendments removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This ASU is effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The ASU should be applied on a retrospective basis for all periods presented. Management is currently evaluating the impact of adopting this guidance.

In July 2015, the FASB issued ASU 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. Parts I and II of the ASU are applicable to the Plan. Part I designates contract value as the only required measure for fully benefit-responsive investment contracts and eliminates the requirement to report direct holdings in such contracts and thus the need to categorize them in the fair value hierarchy. Part II of the ASU modifies the investment disclosures under ASC 820 and 962. The amendments in Parts I and II are effective for fiscal years beginning after December 15, 2015, and should be applied retrospectively for all financial statements presented. Management is currently evaluating the impact of adopting this guidance.
 


3.
INVESTMENTS

The Plan's significant investments as of December 31, 2015 and 2014 are as follows:
 
2015
2014
The Dow Chemical Company Stock - at fair value:
 
 
Dow Stock (1)
$
884,510,518

$
914,110,603

LESOP Allocated (2)
784,022,485

683,825,850

LESOP Unallocated (3)
851,807,231

914,726,429

Common/collective trusts - at fair value:
 
 
Fidelity Contrafund Commingled Pool (1)
562,636,376

565,602,926

     S&P 500 Index Fund
1,115,702,276

1,157,252,236

Synthetic GICs:
 
 
    IGT INVESCO ShrTrm Bond - at contract value
760,077,314

759,889,800



8


During the year ended December 31, 2015, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
The Dow Chemical Company Stock:
 
Dow Stock (1)
$
121,655,300

LESOP Allocated (2)
95,689,687

LESOP Unallocated (3)
101,531,565

Common/collective trusts
4,904,439

Mutual funds
(75,877,511
)
Common stock
(4,196,834
)
Synthetic GICs:

    Fixed Income Securities
23,765,299

    Common/collective trusts
16,671,590

    Wrap Contracts
(187,068
)
    Other
(710,294
)
Net appreciation in fair value of investments
$
283,246,173

(1)
Represents a party-in-interest to the Plan.
(2)
Participant directed and represents a party-in-interest to the Plan.
(3)
Non-participant directed and represents a party-in-interest to the Plan.

The Plan's investment in The Dow Chemical Company LESOP, at December 31, 2015 and 2014, is presented in the following table:

 
2015
 
2014
 
Allocated
Unallocated
 
Allocated
Unallocated
Number of Shares
15,229,652

16,546,372

 
14,992,893

20,055,392

Cost
$
67,304,074

$
272,116,038

 
$
70,953,735

$
324,948,194

Fair Value
$
784,022,485

$
851,807,231

 
$
683,825,850

$
914,726,429



4.
FAIR VALUE

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

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

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

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


9


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, 2015
 
 
 
 
 
Level 1
Level 2
Level 3
Total
The Dow Chemical Company Stock:
 
 
 
 
    Dow Stock
$
884,510,518

$

$

$
884,510,518

    LESOP (Allocated Shares)
784,022,485



784,022,485

    LESOP (Unallocated Shares)
851,807,231



851,807,231

Common Stock
39,269,457



39,269,457

Mutual Funds:
 
 
 
 
    Equities
804,484,882



804,484,882

    Fixed Income
846,102,239



846,102,239

    Balanced Investments
29,573,966



29,573,966

Common/collective trusts:
 
 
 
 
    Equities (1)

2,234,740,241


2,234,740,241

    Fixed Income (2)

67,314,870


67,314,870

    Retirement Age Investments (3)

952,142,441


952,142,441

Temporary investments

48,988,676


48,988,676

Synthetic GICs:
 
 
 
 
    Derivative Contracts
(30,876
)
(11,512
)

(42,388
)
    Fixed Income Securities:
 
 
 
 
        Corporate

422,691,541


422,691,541

        US Government

522,772,037


522,772,037

        Other

11,330,824


11,330,824

    Common/collective trusts:
 
 
 
 
        Fixed Income (2)

850,202,866


850,202,866

    Temporary Investments

165,416,359


165,416,359

    Wrap Contracts


112,238

112,238

Total assets at fair value
$
4,239,739,902

$
5,275,588,343

$
112,238

$
9,515,440,483




10


Assets Measured at Fair Value on a Recurring Basis at December 31, 2014
 
 
 
 
 
Level 1
Level 2
Level 3
Total
The Dow Chemical Company Stock:
 
 
 
 
    Dow Stock
$
914,110,603

$

$

$
914,110,603

    LESOP (Allocated Shares)
683,825,850



683,825,850

    LESOP (Unallocated Shares)
914,726,429



914,726,429

Common Stock
43,014,325



43,014,325

Mutual Funds:
 
 
 
 
    Equities
785,692,331



785,692,331

    Fixed Income
951,158,279



951,158,279

    Balanced Investments
34,826,577



34,826,577

Common/collective trusts:
 
 
 
 
    Equities (1)

2,346,724,313


2,346,724,313

    Fixed Income (2)

52,731,540


52,731,540

    Retirement Age Investments (3)

951,410,475


951,410,475

Temporary investments

34,071,182


34,071,182

Synthetic GICs:
 
 
 
 
    Derivative Contracts
(1,450,641
)
52,133


(1,398,508
)
    Fixed Income Securities:
 
 

 
        Corporate

439,001,893


439,001,893

        US Government

568,457,295


568,457,295

        Other

7,329,746


7,329,746

    Common/collective trusts:
 
 
 
 
        Fixed Income (2)

862,893,209


862,893,209

    Temporary Investments

74,749,751


74,749,751

    Wrap Contracts


299,306

299,306

Total assets at fair value
$
4,325,903,753

$
5,337,421,537

$
299,306

$
9,663,624,596

(1)
This class represents investments in actively managed common/collective trusts that invest primarily in equity securities, which may include common stocks, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.
(2)
This class represents investments in actively managed common/collective trusts that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.
(3)
This class represents investments in actively managed common/collective trusts with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, real estate, interest rate swaps, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.

Changes in Level 3 assets measured at fair value on a recurring basis for the year ended December 31, 2015 are as follows:

 
Synthetic GIC Wrap Contract
Balance as of January 1, 2015
$
299,306

Unrealized Loss
(187,068
)
Balance as of December 31, 2015
$
112,238


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 2015.

The Plan also holds other assets and liabilities not measured at fair value on a recurring basis, including receivables, accrued income, LESOP loan payables, and accrued liabilities and payables. The fair value of these assets and liabilities approximates the carrying amounts in the accompanying financial statements due to either the short maturity of the investments or the use of interest rates that approximate market rates of similar maturity dates, terms, and nonperformance risks. Under the fair value hierarchy, these financial instruments are valued primarily using level 2 inputs.

11


5.
LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN AND LOAN PAYABLE

The Plan consists of a profit sharing plan with a cash or deferred feature which is intended to qualify under Sections 401(a) and 401(k) of the 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, 2015 and 2014, 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, 2015. The Company declared common stock dividends of $1.72 per share during 2015.

Interest expense for the year ended December 31, 2015 is $7,601,350. The minimum principal payments on this loan to maturity are as follows:

2016
$
13,692,004

2017
15,117,833

2018
16,692,143

2019
18,430,396

2020
4,007,397

 
$
67,939,773



6.
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2015 and 2014:

 
2015
2014
Net assets available for benefits per the financial statements
$
9,527,943,195

$
9,650,173,941

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
31,981,993

57,913,022

Net assets available for benefits per Form 5500
$
9,559,925,188

$
9,708,086,963


For the year ended December 31, 2015, the following is a reconciliation of net investment income per the financial statements to Form 5500:

Net investment gain per the financial statements
$
445,009,752

Adjustment for participant notes receivable interest
4,090,962

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
(25,931,029
)
Net investment gain per Form 5500
$
423,169,685




12





SUPPLEMENTAL SCHEDULES

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, 2015
 
 
 
(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
**
$
884,510,518

 
  LESOP
Allocated LESOP - Dow Stock
**
784,022,485

 
  LESOP
Unallocated LESOP - Dow Stock
$
272,116,038

851,807,231

 
Praxair Stock
Common Stock
**
22,988,800

 
Olin Stock
Common Stock
**
5,073,318

 
S&P 500 Index Fund
Common/Collective Trust
**
1,115,702,276

 
T. Rowe Price US Treasury Fund
Common/Collective Trust
**
67,314,870

 
PIM Total Return Inst
Mutual Fund
**
164,281,392

 
TRP IS MID CP EQ GR
Mutual Fund
**
380,075,050

 
NB Genesis Inst CL
Mutual Fund
**
191,496,364

 
TRP High Yield Inst
Mutual Fund
**
106,794,818

 
BTC Lifepath Ret
Common/Collective Trust
**
139,969,071

 
BTC Lifepath 2020
Common/Collective Trust
**
210,852,288

 
BTC Lifepath 2025
Common/Collective Trust
**
182,987,815

 
BTC Lifepath 2030
Common/Collective Trust
**
147,834,472

 
BTC Lifepath 2035
Common/Collective Trust
**
84,667,970

 
BTC Lifepath 2040
Common/Collective Trust
**
63,967,040

 
BTC Lifepath 2045
Common/Collective Trust
**
56,430,591

 
BTC Lifepath 2050
Common/Collective Trust
**
38,695,473

 
BTC Lifepath 2055
Common/Collective Trust
**
26,737,721

 
ACWI ex-US IMI Index
Common/Collective Trust
**
140,395,546

 
American Century U.S. Real Estate Securities Trust
Common/Collective Trust
**
92,795,523

 
Vang Tot BD Mkt Inst
Mutual Fund
**
112,987,576

 
Vang Global Equity
Mutual Fund
**
109,034,493

 
Vang Dev Mkt IDX IPS
Mutual Fund
**
123,878,975

 
Vang Convertible Sec
Mutual Fund
**
29,573,966

 
Vang LT Treasury ADM
Mutual Fund
**
41,740,207

 
Vang Ext Mkt Idx ISP
Mutual Fund
**
367,086,851

 
PIM Real Ret Inst
Mutual Fund
**
43,221,981

 
PIM Com Real Ret I
Mutual Fund
**
9,989,414

 
Lilly Pre 91 Stock
Common Stock
**
3,578,017

 
Lilly Post 90 Stock
Common Stock
**
7,629,322

 
Small Cap:
 
 
 
 
  BTC Russel 2000 Index Fund
Common/Collective Trust
**
261,826,981

 
Emerging Markets IDX:
 
 
 
 
  Emerging Markets Non-Lend
Common/Collective Trust
**
61,383,539

 
 
 
 
 
 
      Forward
 
 
6,931,331,954

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

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, 2015
 
 
 
(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
 
 
$
6,931,331,954

 
 
 
 
 
*
Fidelity Contrafund Commingled Pool
Common/Collective Trust
**
562,636,376

 
Interest Bearing Cash
Temporary Investments
**
48,988,676

*
Fidelity Short Term Investment Fund
Temporary Investments
**
96,895,150

*
Participant Notes Receivable
Interest recorded at prime rate (3.25% - 10.5%) and maturities up to 60 months
**
118,643,446

 
 
 
 
 
 
Total
 
 
$
7,758,495,602

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

**
Cost information not required
 
 
 

15


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, 2015
 
 
 
(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
**
$
214,795,859

 
    Pacific Life Wrapper Contract
 
**

 
Voya:
 
 
 
 
    #60031-A
    IGT INVESTCO ShrtTrm Bond:
 
 
 
 
evergreen; Common/collective trusts
**
329,909,336

 
    Voya Wrapper Contract
 
**

 
    #60031-B
IGT ING ShrtDuration;
 
 
 
 
evergreen; Common/collective trusts
**
82,936,905

 
    Voya Wrapper Contract
 
**

 
    #60090 (see underlying assets at Appendix B)
Various Securities, maturity dates,
 
 
 
 
and asset types
**
2,230,477

 
    Voya Wrapper Contract
 
**

 
NYL
 
 
 
 
GA-29007 (see underlying assets at Appendix C)
MacKay Shields Dow; evergreen;
 
 
 
 
Synthetic GIC
**
106,145,891

 
    NYL Wrapper Contract
 
**

 
Transamerica Life Insurance Company:
 
 
 
 
MDA01078TR (see underlying assets at Appendix D)
IGT INVESCO ShrtTrm Bond,
 
 
 
 
Dow NISA; evergreen; Synthetic GIC
**
406,808,945

 
Transamerica Life Insurance Company Wrapper Contract
 
**
112,238

 
RGA
 
 
 
 
RGA 00036 (see underlying assets at Appendix F)
IGT INVESCO ShrtTrm Bond; Wellington
 
 
 
 
Dow, evergreen; Synthetic GIC
**
182,816,454

 
    RGA Wrapper Contract
 
**

 
Prudential Insurance
 
 
 
 
 GA-62233 (see underlying assets at Appendix E)
Jennison, evergreen;
 
 
 
 
Synthetic GIC
**
312,583,214

 
    Prudential Insurance Wrapper Contract
 
**

 
    GA-63084
IGT INVESCO ShrtTrm Bond;
 
 
 
 
evergreen; Common/collective trusts
**
80,845,354

 
    Prudential Insurance Wrapper Contract
 
**


16


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, 2015
 
 
 
(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;
**
$
156,403,654

 
 
Synthetic GIC
 
 
 
    Tokyo-Mitsubishi Wrapper Contract
 
**

 
 
 
 
 
 
Total guaranteed investment contracts
 
 
$
1,875,588,327

 
 
 
 
 
 
Total
 
 
$
9,634,083,929

 
 
 
 
 
**
Cost information not required
 
 
(Concluded)


17


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, 2015
 
 
 
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 - 18
31,054,061
31,054,061
31,054,061
 
    Sales - 5
20,770,600
20,770,600
20,770,600
 
 
 
 
 
 
 
There were no Category (i) (ii) or (iv) reportable transactions during the year ended December 31, 2015


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, 2015
 
 
 
(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

787,464

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

1,259,187

1,252,225

 
ALLY AUTO RECEIVABLES SN1 A2A
0.930% 06/20/2017 DD 03/31/15
122,853

122,850

122,640

 
ALTRIA GROUP INC
9.250% 08/06/2019 DD 02/06/09
750,000

996,323

917,985

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

1,499,970

1,496,955

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

999,961

1,000,350

 
AMERICAN EXPRESS CREDIT CORP
VAR RT 05/26/2020 DD 05/26/15
850,000

850,000

841,678

 
AMERICAN EXPRESS CREDIT CORP
VAR RT 09/14/2020 DD 09/14/15
650,000

650,000

655,544

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

1,544,338

1,540,365

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

299,145

291,120

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

1,478,790

1,457,730

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

2,001,860

1,960,560

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

399,564

407,768

 
AVIATION CAPITAL GROUP CO 144A
4.625% 01/31/2018 DD 01/22/13
550,000

577,500

561,000

 
BANC OF AMERICA COMMERCI 4 A1A
VAR RT 07/10/2046 DD 08/01/06
1,093,446

1,164,520

1,103,002

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

2,925,580

2,895,088

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
400,000

445,019

441,304

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

994,510

1,070,280

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

1,327,690

1,335,620

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

620,800

592,655

 
CD 2007-CD4 COMMERCIAL CD4 A4
5.322% 12/11/2049 DD 03/01/07
1,517,943

1,596,329

1,543,490

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

699,877

697,655

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

499,912

497,140

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

899,894

897,426

 
CHICAGO IL O'HARE INTERNATIONA
5.000% 01/01/2033 DD 12/22/05
500,000

493,125

500,000

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

618,375

608,862

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

1,300,000

1,295,957

 
CITIBANK CREDIT CARD ISS A3 A3
VAR RT 05/09/2018 DD 03/12/14
700,000

699,890

699,937

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

601,922

599,478

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

399,016

397,988

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

475,400

465,016

 
CITIGROUP INC
3.750% 06/16/2024 DD 06/16/14
3,600,000

3,608,364

3,664,620

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

650,000

648,212

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

626,814

624,852

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

823,980

818,576

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

411,995

401,528

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

798,144

792,000

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

1,695,393

1,848,852

 
CORP NACIONAL DEL COBRE D 144A
3.000% 07/17/2022 DD 07/17/12
3,900,000

3,847,857

3,502,941




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, 2015
 
CREDIT AGRICOLE SA/LONDON 144A
2.750% 06/10/2020 DD 06/10/15
500,000

499,630

502,680

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

894,600

896,418

 
CSAIL COMMERCIAL MORTGA C1 ASB
3.351% 04/15/2050 DD 03/01/15
400,000

411,998

404,952

 
DISCOVERY COMMUNICATIONS LLC
5.050% 06/01/2020 DD 06/03/10
1,500,000

1,680,345

1,594,815

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

694,085

689,115

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

750,000

756,847

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

1,096,548

135,000

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

559,444

66,375

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

1,258,047

1,285,544

 
FEDERAL NATL MTG ASSN
1.875% 09/18/2018 DD 08/23/13
15,000,000

15,179,175

15,210,000

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

21,080,644

21,311,936

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
466,890

468,178

495,207

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
534,553

534,219

563,665

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
20,741

19,847

21,608

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

1,029,951

1,035,930

 
FHLMC MULTICLASS MTG 3225 HF
VAR RT 10/15/2036 DD 10/15/06
744,114

747,602

749,017

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
1,892

1,885

1,975

 
FNMA POOL #0072163
VAR RT 02/01/2028 DD 02/01/89
3,706

3,676

3,776

 
FNMA POOL #0112511
VAR RT 09/01/2020 DD 01/01/91
2,439

2,452

2,499

 
FNMA POOL #0303298
VAR RT 01/01/2025 DD 04/01/95
5,968

6,128

5,979

 
FNMA POOL #0323919
VAR RT 08/01/2029 DD 08/01/99
15,052

14,450

15,785

 
FNMA POOL #0361373
VAR RT 07/01/2026 DD 09/01/96
22,583

23,155

23,504

 
FNMA POOL #0535873
7.500% 03/01/2016 DD 03/01/01
40

42

40

 
FNMA POOL #0628467
7.500% 03/01/2017 DD 02/01/02
1,278

1,360

1,287

 
FNMA POOL #0635940
7.500% 03/01/2017 DD 03/01/02
2,788

2,967

2,796

 
FNMA POOL #0AA7243
4.500% 11/01/2018 DD 05/01/09
77,435

82,230

80,042

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

999,750

1,008,070

 
FORD CREDIT AUTO OWNER T B A2A
0.720% 03/15/2018 DD 05/26/15
754,998

754,944

754,266

 
GE CAPITAL INTERNATIONAL 144A
2.342% 11/15/2020 DD 10/26/15
2,029,000

1,974,120

2,012,078

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

317,006

315,235

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

477,489

476,083

 
GNMA POOL #0434797
8.500% 07/15/2030 DD 07/01/00
5,691

5,906

6,214

 
GNMA POOL #0434944
8.500% 11/15/2030 DD 11/01/00
2,930

3,041

3,037

 
GNMA POOL #0434985
8.500% 12/15/2030 DD 12/01/00
9,235

9,569

9,753

 
GNMA POOL #0486116
8.500% 07/15/2030 DD 07/01/00
10,372

10,751

10,506

 
GNMA POOL #0494885
8.500% 03/15/2030 DD 03/01/00
1,671

1,734

1,678

 
GNMA POOL #0498147
8.500% 12/15/2029 DD 12/01/99
373

386

374

 
GNMA POOL #0511172
8.500% 01/15/2030 DD 01/01/00
603

625

613

 
GNMA POOL #0520979
8.500% 09/15/2030 DD 09/01/00
5,974

6,200

7,054

 
GNMA POOL #0521829
8.500% 05/15/2030 DD 05/01/00
4,906

5,087

5,621

 
GNMA POOL #0531197
8.500% 06/15/2030 DD 06/01/00
8,989

9,318

9,121

 
GNMA POOL #0698036
6.000% 01/15/2039 DD 01/01/09
38,299

41,727

43,278

 
GNMA POOL #0782190
6.000% 10/15/2037 DD 10/01/07
7,468

8,137

8,442

 
GNMA POOL #0782449
6.000% 09/15/2038 DD 10/01/08
62,247

67,820

70,341

 
GNMA II POOL #0003001
8.500% 11/20/2030 DD 11/01/00
8,215

8,485

9,741




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, 2015
 
GNMA II POOL #0008089
VAR RT 12/20/2022 DD 12/01/92
58,435

59,421

60,510

 
GNMA II POOL #0008913
VAR RT 07/20/2026 DD 07/01/96
17,111

16,913

17,697

 
GNMA II POOL #0080022
VAR RT 12/20/2026 DD 12/01/96
19,758

19,844

20,486

 
GNMA II POOL #0080354
VAR RT 12/20/2029 DD 12/01/99
41,974

42,951

43,664

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

99,946

110,562

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

2,722,008

2,729,328

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

201,482

201,334

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

1,698,855

1,667,640

 
IMPERIAL BRANDS FINANCE P 144A
2.050% 02/11/2018 DD 02/11/13
1,500,000

1,498,479

1,493,205

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

962,188

953,088

 
JOHN DEERE OWNER TRUST 2 A A2A
0.870% 02/15/2018 DD 03/11/15
1,528,572

1,528,473

1,526,554

 
JP MORGAN CHASE COMME LDPX A1A
5.439% 01/15/2049 DD 03/01/07
405,906

448,272

418,424

 
JP MORGAN CHASE COMMER CB20 A4
VAR RT 02/12/2051 DD 09/01/07
751,097

792,408

780,758

 
JP MORGAN CHASE COMMER LD12 A4
VAR RT 02/15/2051 DD 08/01/07
1,050,000

1,124,320

1,088,966

 
JP MORGAN CHASE COMMER LDPX A3
5.420% 01/15/2049 DD 03/01/07
1,086,550

1,192,828

1,108,933

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

628,056

622,986

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

1,235,996

1,223,604

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

1,029,996

1,014,110

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

2,295,027

2,241,498

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

813,480

795,630

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

950,000

945,554

 
KINDER MORGAN ENERGY PARTNERS
3.500% 03/01/2021 DD 02/24/14
3,000,000

3,025,257

2,684,640

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

1,324,875

1,281,763

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

1,019,470

1,012,960

 
LACLEDE GROUP INC/THE
VAR RT 08/15/2017 DD 08/19/14
1,000,000

1,000,000

995,110

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

1,998,520


 
LLOYDS BANK PLC
2.400% 03/17/2020 DD 03/17/15
800,000

798,688

794,680

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

450,000

459,635

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

870,000

877,491

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

1,348,232

1,350,324

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

900,923

863,033

 
ML-CFC COMMERCIAL MORTGA 3 A1A
VAR RT 07/12/2046 DD 09/01/06
1,023,990

1,078,750

1,037,313

 
ML-CFC COMMERCIAL MORTGAG 2 A4
VAR RT 06/12/2046 DD 06/01/06
264,582

272,571

264,662

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

2,298,480

2,245,500

 
MORGAN STANLEY
7.300% 05/13/2019 DD 05/13/09
900,000

991,911

1,033,839

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

519,475

517,020

 
MORGAN STANLEY CAPITAL HQ10 A4
5.328% 11/12/2041 DD 11/01/06
256,334

268,710

258,356

 
MURRAY STREET INVESTMENT TRUST
STEP 03/09/2017 DD 12/01/2011
500,000

520,398

515,150

 
MYLAN INC
4.200% 11/29/2023 DD 11/29/13
500,000

514,195

495,805

 
NAVIENT STUDENT LOAN TRUS 1 A1
VAR RT 09/26/2022 DD 02/26/15
501,295

501,295

498,608

 
NEW YORK LIFE GLOBAL FUND 144A
2.150% 06/18/2019 DD 06/18/14
1,200,000

1,198,644

1,199,040

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

1,830,780

1,822,626

 
NORDEA BANK AB 144A
VAR RT 09/17/2018 DD 09/17/15
300,000

300,000

301,104

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

670,572

664,512

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

597,888

588,906




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, 2015
 
OVERSEAS PRIVATE INVT CORP
3.790% 06/15/2034 DD 03/17/14
1,169,219

1,169,768

1,221,109

 
PETROBRAS GLOBAL FINANCE BV
3.875% 01/27/2016 DD 01/27/11
1,500,000

1,464,945

1,494,000

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

200,980

143,500

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

1,041,905

902,794

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

876,195

848,520

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

399,848

395,992

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

1,536,930

1,435,620

 
REILLY MTG ASSOC 91ST FHA PROJ
VAR RT 02/01/2023 DD 11/04/99
12,023

12,325

11,407

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

997,670

996,070

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

900,000

879,489

 
SCRIPPS NETWORKS INTERACTIVE I
2.800% 06/15/2020 DD 06/02/15
500,000

498,295

487,760

 
SLC STUDENT LOAN TRUST 20 2 A5
VAR RT 09/15/2026 DD 09/19/06
650,000

638,016

624,566

 
SLM STUDENT LOAN TR 12 A5 144A
VAR RT 09/15/2022 DD 11/25/03
1,399,856

1,398,763

1,390,771

 
SLM STUDENT LOAN TRUST 20 3 A5
VAR RT 10/25/2024 DD 04/13/05
566,710

561,840

554,724

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

1,144,975

1,149,310

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

498,980

503,875

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

451,076

448,457

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

722,605

714,370

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

1,000,629

1,005,849

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

1,052,280

1,032,560

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

798,560

801,592

 
TIME WARNER CABLE INC
5.850% 05/01/2017 DD 04/09/07
700,000

792,708

732,291

 
U S TREASURY NOTE
2.250% 11/15/2024 DD 11/15/14
5,500,000

5,633,679

5,497,195

 
U S TREASURY NOTE
2.000% 08/15/2025 DD 08/15/15
6,000,000

5,994,141

5,850,240

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

6,202,013

6,092,926

 
U S TREASURY NOTE
VAR RT 10/31/2017 DD 10/31/15
400,000

399,869

399,636

 
U S TREASURY NOTE
0.375% 02/15/2016 DD 02/15/13
5,900,000

5,906,215

5,900,000

 
U S TREASURY NOTE
2.125% 05/15/2025 DD 05/15/15
2,400,000

2,357,698

2,368,680

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

1,597,376

1,598,128

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

497,580

499,970

 
UNITEDHEALTH GROUP INC
2.700% 07/15/2020 DD 07/23/15
800,000

822,944

808,384

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

1,000,000

999,190

 
US TREAS-CPI INFLAT
0.125% 04/15/2020 DD 04/15/15
4,976,587

4,935,362

4,913,136

 
US TREAS-CPI INFLAT
0.125% 01/15/2022 DD 01/15/12
7,881,300

8,108,780

7,637,374

 
US TREAS-CPI INFLAT
0.125% 04/15/2018 DD 04/15/13
5,144,500

5,279,634

5,134,571

 
VERIZON COMMUNICATIONS INC
4.500% 09/15/2020 DD 09/18/13
1,000,000

1,089,980

1,074,410

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

2,900,560

2,858,258

 
VERIZON COMMUNICATIONS INC
3.000% 11/01/2021 DD 10/29/14
150,000

149,383

149,579

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

2,488,775

2,487,050

 
WFRBS COMMERCIAL MORTGA C11 A2
2.029% 03/15/2045 DD 02/01/13
1,000,000

1,016,758

999,730

 
WILLIAMS PARTNERS LP
5.250% 03/15/2020 DD 02/09/10
850,000

958,460

789,438

 
WILLIAMS PARTNERS LP / ACMP FI
4.875% 03/15/2024 DD 03/07/14
400,000

404,000

320,496

 
ARGENT SECURITIES INC A W10 M1
VAR RT 10/25/2034 DD 09/09/04
419,284

310,794

385,204

 
BANC OF AMERICA MORTGAGE A 1A1
VAR RT 02/25/2034 DD 01/01/04
10,100

10,032

9,679

 
BEAR STEARNS ALT-A TRUS 11 2A2
VAR RT 11/25/2034 DD 09/01/04
136,098

135,673

117,314




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, 2015
 
FHLMC MULTICLASS MTG K006 AX1
VAR RT 01/25/2020 DD 04/01/10
2,359,628

159,367

79,000

 
FHLMC MULTICLASS MTG K007 X1
VAR RT 04/25/2020 DD 06/01/10
479,339

36,437

17,343

 
FHLMC MULTICLASS MTG K008 X1
VAR RT 06/25/2020 DD 09/01/10
544,126

56,474

29,160

 
FIRST BOSTON MORTGAGE SE A I-O
9.488% 05/15/2018 DD 03/01/87
44

297

1

 
FIRST BOSTON MORTGAGE SE A P-O
0.000% 05/15/2018 DD 03/01/87
44

37

43

 
JP MORGAN MORTGAGE TRUS A2 4A1
VAR RT 05/25/2034 DD 04/01/04
99,094

98,026

97,622

 
MASTR ADJUSTABLE RATE M 15 1A1
VAR RT 12/25/2034 DD 11/01/04
19,353

19,232

18,772

 
MERRILL LYNCH MORTGAGE A1 2A1
VAR RT 02/25/2034 DD 02/01/04
224,299

200,047

225,817

 
NCUA GUARANTEED NOTES TR C1 A2
2.900% 10/29/2020 DD 11/10/10
11,272

11,457

11,244

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

246,000

282,790

 
THORNBURG MORTGAGE SECUR 4 2A1
VAR RT 09/25/2037 DD 08/01/07
149,449

148,912

143,734

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
(343
)
343

343

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
(1,505
)
1,505

1,505

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
(265
)
265

265

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
(1,741
)
1,741

1,741

 
U S TREASURY BILL
0.000% 01/14/2016 DD 07/16/15
100,000

(99,999
)
(99,999
)
 
US TREAS BD FUTURE (CBT)
EXP MAR 16
(11
)
(2,493
)
(2,493
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
6,652,989

6,652,989

 
TOTAL UNDERLYING ASSETS
 
 
220,997,284

214,795,859

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(3,133,361
)
 
CONTRACT VALUE
 
 
 
211,662,498





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, 2015
 
 
 
(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
5,979

5,979

5,447

 
 ASSET BACKED SECURITIES HE3 M1
 VAR RT 06/15/2033 DD 06/03/03
12,690

12,677

12,112

 
 ASSET BACKED SECURITIES HE4 M2
 VAR RT 08/15/2033 DD 08/06/03
6,802

6,802

6,186

 
 CDC MORTGAGE CAPITAL TR HE1 M1
 VAR RT 08/25/2033 DD 03/28/03
7,110

7,065

6,771

 
 CDC MORTGAGE CAPITAL TR HE2 M1
 VAR RT 10/25/2033 DD 05/29/03
6,968

6,972

6,568

 
 CDC MORTGAGE CAPITAL TR HE3 M1
 VAR RT 03/25/2033 DD 11/27/02
4,850

4,858

4,580

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

587

557

 
 COUNTRYWIDE ASSET-BACKED 5 MV1
 VAR RT 03/25/2033 DD 12/30/02
2,310

2,339

2,261

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

997,496

1,000,830

 
 FEDERAL NATL MTG ASSN
 0.500% 03/30/2016 DD 02/15/13
1,000,000

1,001,522

1,000,080

 
 FNMA POOL #0025394
 6.000% 09/01/2016 DD 08/01/01
603

626

608

 
 FNMA POOL #0545616
 6.500% 04/01/2017 DD 04/01/02
706

742

718

 
 FNMA POOL #0555419
 6.500% 11/01/2017 DD 04/01/03
3,145

3,319

3,202

 
 FNMA POOL #0604967
 6.000% 12/01/2016 DD 11/01/01
1,204

1,256

1,211

 
 FNMA POOL #0609540
 6.000% 10/01/2016 DD 10/01/01
7

7

7

 
 FNMA POOL #0621074
 6.000% 01/01/2017 DD 12/01/01
1,539

1,597

1,559

 
 FNMA POOL #0630950
 6.500% 02/01/2017 DD 02/01/02
340

359

345

 
 FNMA POOL #0631043
 6.500% 02/01/2017 DD 02/01/02
240

253

241

 
 FNMA POOL #0644768
 6.500% 05/01/2017 DD 05/01/02
673

709

678

 
 FNMA POOL #0663198
 5.500% 10/01/2017 DD 09/01/02
2,064

2,135

2,106

 
 FNMA POOL #0671380
 6.000% 11/01/2017 DD 10/01/02
1,744

1,810

1,757

 
 GSAMP TRUST 2002-HE HE M1
 VAR RT 11/20/2032 DD 11/27/02
5,431

5,523

5,215

 
 HOME EQUITY ASSET TRUST 2 4 M1
 VAR RT 10/25/2033 DD 06/27/03
17,696

17,696

16,237

 
 HOME EQUITY ASSET TRUST 5 M1
 VAR RT 12/25/2033 DD 08/28/03
8,382

8,382

7,989

 
 HOME EQUITY ASSET TRUST 5 M2
 VAR RT 12/25/2033 DD 08/28/03
1,586

1,586

1,474

 
 LONG BEACH MORTGAGE LOAN 3 M1
 VAR RT 07/25/2033 DD 06/05/03
51,959

51,959

48,533

 
 MORGAN STANLEY ABS CAPI HE1 M1
 VAR RT 05/25/2033 DD 06/27/03
20,623

20,623

19,524

 
 MORGAN STANLEY ABS CAPI NC6 M1
 VAR RT 06/25/2033 DD 06/26/03
14,585

14,584

14,209

 
 MORGAN STANLEY ABS CAPI NC7 M1
 VAR RT 06/25/2033 DD 07/30/03
7,755

7,755

7,299

 
 MORGAN STANLEY ABS CAPI NC7 M2
 VAR RT 06/25/2033 DD 07/30/03
474

474

465

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

844

599

 
 RAMP SERIES 2003-RZ2 TR RZ2 A1
 VAR RT 04/25/2033 DD 03/01/03
3,582

3,577

3,603

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
47,506

47,506

 
TOTAL UNDERLYING ASSETS
 
 
2,239,619

2,230,477

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(13,391
)
 
CONTRACT VALUE
 
 
 
2,217,086




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, 2015    
 
 
 
(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

164,686

164,449

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

528,165

524,674

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

315,916

312,735

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

144,993

144,885

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

1,048,057

1,052,583

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

1,170,664

1,165,459

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

524,207

524,333

 
BARCLAYS BANK PLC
5.000% 09/22/2016 DD 09/22/09
1,200,000

1,296,348

1,230,792

 
BAXTER INTERNATIONAL INC
0.950% 06/01/2016 DD 06/11/13
510,000

509,510

509,689

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

966,366

964,604

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

1,097,613

1,108,481

 
BEAR STEARNS COS LLC/THE
5.550% 01/22/2017 DD 11/22/06
1,200,000

1,317,360

1,247,052

 
BERKSHIRE HATHAWAY FINANCE COR
0.950% 08/15/2016 DD 08/15/13
385,000

384,268

385,216

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

234,511

234,382

 
BP CAPITAL MARKETS PLC
3.200% 03/11/2016 DD 03/11/11
505,000

531,447

507,444

 
CAPITAL ONE FINANCIAL CORP
3.150% 07/15/2016 DD 07/19/11
600,000

627,864

605,544

 
CFCRE COMMERCIAL MO C1 A2 144A
3.759% 04/15/2044 DD 04/01/11
121,217

124,512

121,460

 
CHASE ISSUANCE TRUST A8 A8
1.010% 10/15/2018 DD 10/31/13
1,270,000

1,273,721

1,268,857

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

657,355

631,916

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

360,000

354,758

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

899,766

899,334

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

973,830

977,174

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

588,649

579,303

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

1,067,463

1,008,999

 
COUNTRYWIDE FINANCIAL CORP
6.250% 05/15/2016 DD 05/16/06
695,000

698,971

706,718

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

1,030,820

1,005,280

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

1,123,054

1,134,675

 
ENLINK MIDSTREAM PARTNERS LP
2.700% 04/01/2019 DD 03/19/14
170,000

172,540

155,110

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

290,197

288,414

 
FEDERAL HOME LN MTG CORP
2.000% 11/25/2020 DD 11/30/15
1,050,000

1,050,000

1,050,157

 
FEDERAL NATL MTG ASSN
2.250% 03/15/2016 DD 01/18/11
1,130,000

1,188,297

1,134,034

 
FHLMC POOL #C9-1385
4.000% 08/01/2031 DD 08/01/11
637,953

678,124

681,946

 
FHLMC POOL #J1-1829
4.000% 03/01/2025 DD 03/01/10
250,549

269,810

262,744

 
FHLMC POOL #J1-2388
4.000% 07/01/2025 DD 06/01/10
297,475

319,227

314,213

 
FHLMC POOL #J1-3242
3.500% 10/01/2025 DD 10/01/10
91,900

96,954

96,496

 
FHLMC POOL #J1-3503
3.500% 11/01/2025 DD 11/01/10
111,816

117,966

117,435

 
FHLMC POOL #J1-3504
3.500% 11/01/2025 DD 11/01/10
67,998

71,738

71,282




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, 2015    
 
FIFTH THIRD BANCORP
3.625% 01/25/2016 DD 01/25/11
750,000

785,542

751,327

 
FNMA POOL #0888416
5.000% 09/01/2035 DD 05/01/07
86,793

93,780

96,017

 
FNMA POOL #0AC1878
4.500% 09/01/2039 DD 08/01/09
453,388

493,343

497,412

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

435,000

431,911

 
GILEAD SCIENCES INC
2.550% 09/01/2020 DD 09/14/15
475,000

474,145

474,819

 
GOLDMAN SACHS GROUP INC/THE
3.625% 02/07/2016 DD 02/07/11
1,300,000

1,318,239

1,303,302

 
HARLEY-DAVIDSON MOTORCYCL 1 A3
1.100% 09/15/2019 DD 04/16/14
1,200,000

1,202,953

1,195,560

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

1,099,737

1,087,911

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

249,705

249,310

 
HYATT HOTELS CORP
3.875% 08/15/2016 DD 08/09/11
1,050,000

1,045,496

1,065,382

 
INTERNATIONAL BUSINESS MACHINE
1.950% 07/22/2016 DD 07/22/11
250,000

256,197

251,495

 
JEFFERIES GROUP LLC
5.500% 03/15/2016 DD 03/08/04
500,000

544,325

504,070

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

384,423

383,190

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

892,988

843,266

 
JOHN DEERE CAPITAL CORP
1.050% 10/11/2016 DD 10/11/13
550,000

549,302

550,644

 
KRAFT HEINZ FOODS CO 144A
2.000% 07/02/2018 DD 07/02/15
530,000

529,017

527,498

 
LB-UBS COMMERCIAL MORTGA C1 A4
4.568% 01/15/2031 DD 01/11/04
62,168

65,690

62,377

 
LLOYDS BANK PLC
2.300% 11/27/2018 DD 11/27/13
780,000

778,752

783,097

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

1,104,076

1,099,077

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

848,751

846,031

 
METLIFE INC
6.750% 06/01/2016 DD 05/29/09
1,100,000

1,295,008

1,125,201

 
MORGAN STANLEY CAPI C2 A2 144A
3.476% 06/15/2044 DD 06/01/11
807,355

817,700

810,431

 
ORACLE CORP
5.250% 01/15/2016 DD 01/13/06
1,100,000

1,255,551

1,101,617

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

1,009,677

1,009,929

 
PHILLIPS 66
2.950% 05/01/2017 DD 11/01/12
350,000

349,937

354,757

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

949,364

942,913

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

1,266,387

1,242,468

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

918,657

924,802

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

769,977

767,236

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

840,637

841,327

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

516,086

513,961

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

498,994

499,795

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

649,448

648,466

 
U S TREASURY NOTE
2.000% 11/30/2020 DD 11/30/13
2,035,000

2,057,472

2,055,594

 
U S TREASURY NOTE
1.500% 01/31/2019 DD 01/31/14
3,720,000

3,717,408

3,733,094

 
U S TREASURY NOTE
1.625% 04/30/2019 DD 04/30/14
5,670,000

5,696,082

5,702,999

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

1,585,717

1,570,453

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

3,541,850

3,516,176

 
U S TREASURY NOTE
0.500% 07/31/2017 DD 07/31/12
1,065,000

1,058,981

1,056,927

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

4,080,056

4,129,600

 
U S TREASURY NOTE
0.750% 10/31/2017 DD 10/31/12
2,185,000

2,175,611

2,173,398

 
U S TREASURY NOTE
1.000% 11/30/2019 DD 11/30/12
1,365,000

1,323,090

1,334,124




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, 2015    
 
U S TREASURY NOTE
0.875% 01/31/2018 DD 01/31/13
2,900,000

2,909,629

2,885,500

 
U S TREASURY NOTE
0.750% 03/31/2018 DD 03/31/13
6,690,000

6,659,828

6,630,125

 
U S TREASURY NOTE
1.000% 05/31/2018 DD 05/31/13
5,145,000

5,094,287

5,118,658

 
U S TREASURY NOTE
1.375% 06/30/2018 DD 06/30/13
2,100,000

2,092,125

2,108,274

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

8,127,253

8,026,094

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

1,151,106

1,138,066

 
U S TREASURY NOTE
1.125% 06/15/2018 DD 06/15/15
825,000

827,127

823,070

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

199,758

199,624

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

1,041,894

1,051,271

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

519,516

516,688

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

370,128

365,349

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
4,681,581

4,681,581

 
TOTAL UNDERLYING ASSETS
 
 
107,114,352

106,145,891

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(891,564
)
 
CONTRACT VALUE
 
 
 
105,254,327





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, 2015
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
 
 
 
 
 
 
 ABBVIE INC
 2.500% 05/14/2020 DD 05/14/15
775,000

771,822

767,211

 
 ACE INA HOLDINGS INC
 5.700% 02/15/2017 DD 02/08/07
770,000

872,587

805,690

 
 ACE INA HOLDINGS INC
 2.300% 11/03/2020 DD 11/03/15
495,000

494,723

491,441

 
 ACTAVIS FUNDING SCS
 1.850% 03/01/2017 DD 03/12/15
585,000

584,731

586,047

 
 AMAZON.COM INC
 2.600% 12/05/2019 DD 12/05/14
705,000

710,186

716,054

 
 AMERICAN EXPRESS CREDIT CORP
 1.125% 06/05/2017 DD 06/05/14
595,000

593,309

592,257

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

124,402

124,051

 
 AMERICAN HONDA FINANCE CORP
 1.550% 12/11/2017 DD 12/11/14
225,000

224,791

225,049

 
 AMGEN INC
 3.450% 10/01/2020 DD 09/16/10
595,000

617,872

612,356

 
 AMGEN INC
 1.250% 05/22/2017 DD 05/22/14
630,000

629,313

627,631

 
 ASTRAZENECA PLC
 2.375% 11/16/2020 DD 11/16/15
470,000

468,045

466,644

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

178,654

181,352

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

1,542,500

1,557,300

 
 AUTOMATIC DATA PROCESSING INC
 2.250% 09/15/2020 DD 09/15/15
250,000

249,777

250,948

 
 BAE SYSTEMS PLC 144A
 3.500% 10/11/2016 DD 10/11/11
305,000

322,132

309,401

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

1,071,117

1,016,168

 
 BANK OF AMERICA CORP
 2.600% 01/15/2019 DD 10/22/13
205,000

206,652

205,668

 
 BANK OF AMERICA CORP
 2.250% 04/21/2020 DD 04/21/15
280,000

274,862

273,244

 
 BANK OF AMERICA NA
 2.050% 12/07/2018 DD 12/07/15
1,170,000

1,170,000

1,166,630

 
 BANK OF TOKYO-MITSUBISHI 144A
 1.700% 03/05/2018 DD 03/05/15
670,000

669,471

664,426

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

199,296

199,270

 
 BARCLAYS PLC
 2.000% 03/16/2018 DD 03/16/15
265,000

264,976

263,418

 
 BAXALTA INC 144A
 2.875% 06/23/2020 DD 06/23/15
430,000

429,862

424,664

 
 BAXTER INTERNATIONAL INC
 0.950% 06/01/2016 DD 06/11/13
500,000

499,520

499,695

 
 BAYER US FINANCE LLC 144A
 1.500% 10/06/2017 DD 10/08/14
400,000

399,732

399,836

 
 BEAR STEARNS COS LLC/THE
 6.400% 10/02/2017 DD 10/02/07
945,000

1,062,224

1,017,699

 
 BEAR STEARNS COS LLC/THE
 7.250% 02/01/2018 DD 02/01/08
360,000

418,541

397,112

 
 BIOGEN INC
 6.875% 03/01/2018 DD 03/04/08
240,000

277,529

262,901

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

454,054

453,803

 
 BOARDWALK PIPELINES LP
 5.875% 11/15/2016 DD 11/21/06
580,000

637,803

585,626

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

244,142

243,924

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

529,924

527,000

 
 CAPITAL ONE MULTI-ASSET A2 A2
 1.260% 01/15/2020 DD 04/10/14
620,000

622,955

619,820

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

249,727

250,470

 
 CATHOLIC HEALTH INITIATIVES
 1.600% 11/01/2017 DD 10/31/12
1,145,000

1,138,587

1,142,779

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

1,164,943

1,164,837

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

495,000

492,218




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, 2015
 
 CISCO SYSTEMS INC
 1.650% 06/15/2018 DD 06/17/15
1,430,000

1,429,757

1,435,977

 
 CITIBANK CREDIT CARD ISS A6 A6
 1.320% 09/07/2018 DD 09/20/13
405,000

407,452

405,790

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

313,839

310,725

 
 CITIGROUP INC
 1.750% 05/01/2018 DD 05/01/13
370,000

368,498

366,870

 
 CITIGROUP INC
 1.800% 02/05/2018 DD 02/05/15
2,090,000

2,087,555

2,081,995

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

369,142

366,300

 
 CVS HEALTH CORP
 2.800% 07/20/2020 DD 07/20/15
365,000

364,730

366,639

 
 DAIMLER FINANCE NORTH AME 144A
 1.125% 03/10/2017 DD 03/10/14
395,000

394,779

392,002

 
 DAIMLER FINANCE NORTH AME 144A
 2.000% 08/03/2018 DD 08/03/15
205,000

204,584

203,633

 
 DAYTON POWER & LIGHT CO/THE
 1.875% 09/15/2016 DD 03/15/14
445,000

444,243

445,387

 
 DIGNITY HEALTH
 2.637% 11/01/2019 DD 10/15/14
235,000

235,000

235,940

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

1,175,713

1,168,701

 
 DOMINION GAS HOLDINGS LLC
 1.050% 11/01/2016 DD 05/01/14
625,000

624,775

624,338

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

514,804

514,444

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

449,541

447,215

 
 ENABLE MIDSTREAM PARTNERS LP
 2.400% 05/15/2019 DD 11/15/15
795,000

794,412

706,334

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

554,700

531,607

 
 EXELON CORP
 2.850% 06/15/2020 DD 06/11/15
1,085,000

1,084,794

1,079,065

 
 FEDERAL NATL MTG ASSN
 1.500% 11/30/2020 DD 10/19/15
1,510,000

1,508,596

1,483,167

 
 FEDERAL NATL MTG ASSN
 1.875% 12/28/2020 DD 11/16/15
2,130,000

2,129,808

2,128,850

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

1,142,928

1,149,431

 
 FIFTH THIRD BANCORP
 2.875% 07/27/2020 DD 07/27/15
570,000

569,265

569,367

 
 FIFTH THIRD BANK/CINCINNATI OH
 2.150% 08/20/2018 DD 08/20/15
335,000

334,943

335,955

 
 FISCAL YEAR 2005 SECURITIZATIO
 4.930% 04/01/2020 DD 12/02/04
210,000

225,668

225,059

 
 FORD CREDIT AUTO OWNER TR A A3
 1.280% 09/15/2019 DD 03/24/15
485,000

484,961

484,219

 
 FORD CREDIT AUTO OWNER TR B A3
 1.160% 11/15/2019 DD 05/26/15
780,000

779,928

774,275

 
 FORD MOTOR CREDIT CO LLC
 1.500% 01/17/2017 DD 11/12/13
920,000

919,074

913,551

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

770,226

767,645

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

300,090

297,870

 
 GENERAL MOTORS FINANCIAL CO IN
 3.100% 01/15/2019 DD 10/13/15
440,000

439,798

439,362

 
 GILEAD SCIENCES INC
 2.550% 09/01/2020 DD 09/14/15
770,000

768,614

769,707

 
 GNMA GTD REMIC P/T 11-121 FA
 VAR RT 03/16/2043 DD 09/16/11
427,229

428,464

423,550

 
 HALLIBURTON CO
 1.000% 08/01/2016 DD 08/05/13
285,000

284,783

284,558

 
 HALLIBURTON CO
 2.700% 11/15/2020 DD 11/13/15
540,000

538,893

533,763

 
 HONDA AUTO RECEIVABLES 20 2 A3
 1.040% 02/21/2019 DD 05/20/15
1,115,000

1,114,829

1,108,678

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

639,992

636,992

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

664,069

657,599

 
 HUNTINGTON NATIONAL BANK/THE
 2.000% 06/30/2018 DD 06/30/15
240,000

239,306

238,488

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

419,504

418,841

 
 JPMORGAN CHASE & CO
 4.950% 03/25/2020 DD 03/25/10
150,000

164,522

162,650

 
 KEYCORP
 2.900% 09/15/2020 DD 09/15/15
795,000

794,857

792,011

 
 KRAFT FOODS GROUP INC
 6.125% 08/23/2018 DD 08/23/12
275,000

335,923

301,934




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, 2015
 
 LOCKHEED MARTIN CORP
 1.850% 11/23/2018 DD 11/23/15
535,000

534,085

534,053

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

109,674

109,657

 
 MARSH & MCLENNAN COS INC
 2.550% 10/15/2018 DD 09/27/13
1,025,000

1,024,457

1,034,768

 
 MCDONALD'S CORP
 2.200% 05/26/2020 DD 05/26/15
305,000

304,427

299,473

 
 MCDONALD'S CORP
 2.750% 12/09/2020 DD 12/09/15
1,215,000

1,212,752

1,214,162

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

1,071,476

1,071,262

 
 MICROSOFT CORP
 2.000% 11/03/2020 DD 11/03/15
1,800,000

1,798,560

1,800,504

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

1,115,591

1,109,001

 
 MORGAN STANLEY
 5.950% 12/28/2017 DD 12/28/07
260,000

288,928

279,586

 
 MORGAN STANLEY
 5.625% 09/23/2019 DD 09/23/09
760,000

869,858

838,736

 
 MOTIVA ENTERPRISES LLC 144A
 5.750% 01/15/2020 DD 01/11/10
535,000

605,299

575,938

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

580,334

575,472

 
 NATIONAL RURAL UTILITIES COOPE
 0.950% 04/24/2017 DD 04/24/15
660,000

659,584

656,825

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

947,879

959,641

 
 NISSAN AUTO RECEIVABLES 2 A A3
 1.050% 10/15/2019 DD 04/14/15
1,100,000

1,099,572

1,092,421

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

399,264

397,260

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

509,046

452,263

 
 PNC BANK NA
 2.200% 01/28/2019 DD 01/28/14
250,000

253,112

250,818

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

382,934

381,474

 
 PNC BANK NA
 1.500% 02/23/2018 DD 02/23/15
265,000

264,931

263,717

 
 PRINCIPAL FINANCIAL GROUP INC
 1.850% 11/15/2017 DD 11/16/12
130,000

129,865

130,108

 
 PROCTER & GAMBLE - ESOP
 9.360% 01/01/2021 DD 12/04/90
160,860

205,097

191,994

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

417,209

400,379

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

463,815

415,187

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

634,244

634,333

 
 SAN DIEGO GAS & ELECTRIC CO
 1.914% 02/01/2022 DD 03/12/15
529,286

529,286

520,008

 
 SOUTHERN CALIFORNIA EDISON CO
 1.845% 02/01/2022 DD 01/16/15
645,357

645,357

639,388

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

1,574,047

1,385,564

 
 SUMITOMO MITSUI BANKING CORP
 1.300% 01/10/2017 DD 01/10/14
875,000

874,895

872,856

 
 SUMITOMO MITSUI BANKING CORP
 1.350% 07/11/2017 DD 07/11/14
420,000

417,736

417,446

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

529,497

513,607

 
 SYNCHRONY FINANCIAL
 2.600% 01/15/2019 DD 12/04/15
625,000

624,838

622,756

 
 SYSCO CORP
 2.600% 10/01/2020 DD 09/28/15
750,000

748,568

751,185

 
 THOMSON REUTERS CORP
 0.875% 05/23/2016 DD 05/23/13
385,000

383,968

384,700

 
 TIAA ASSET MANAGEMENT FIN 144A
 2.950% 11/01/2019 DD 10/30/14
760,000

758,632

761,512

 
 TIME WARNER CABLE INC
 6.750% 07/01/2018 DD 06/19/08
310,000

357,144

338,226

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

394,285

402,560

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

1,694,908

1,687,695

 
 U S TREASURY NOTE
 1.500% 01/31/2019 DD 01/31/14
1,805,000

1,793,324

1,811,354

 
 U S TREASURY NOTE
 0.625% 02/15/2017 DD 02/15/14
8,390,000

8,382,645

8,368,689

 
 U S TREASURY NOTE
 0.875% 04/15/2017 DD 04/15/14
3,435,000

3,446,613

3,434,210

 
 U S TREASURY NOTE
 1.625% 04/30/2019 DD 04/30/14
1,310,000

1,325,099

1,317,624




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, 2015
 
 U S TREASURY NOTE
 0.875% 10/15/2017 DD 10/15/14
2,360,000

2,360,213

2,352,896

 
 U S TREASURY NOTE
 1.500% 10/31/2019 DD 10/31/14
4,675,000

4,662,872

4,660,414

 
 U S TREASURY NOTE
 0.875% 11/15/2017 DD 11/15/14
3,920,000

3,922,463

3,906,358

 
 U S TREASURY NOTE
 1.500% 11/30/2019 DD 11/30/14
1,080,000

1,080,633

1,075,702

 
 U S TREASURY NOTE
 1.250% 01/31/2020 DD 01/31/15
2,835,000

2,806,423

2,791,369

 
 U S TREASURY NOTE
 0.750% 04/15/2018 DD 04/15/15
13,850,000

13,787,483

13,715,794

 
 U S TREASURY NOTE
 1.375% 04/30/2020 DD 04/30/15
955,000

953,508

942,652

 
 U S TREASURY NOTE
 0.500% 04/30/2017 DD 04/30/15
455,000

454,027

452,620

 
 U S TREASURY NOTE
 1.000% 08/15/2018 DD 08/15/15
3,655,000

3,655,767

3,631,316

 
 U S TREASURY NOTE
 1.375% 08/31/2020 DD 08/31/15
1,785,000

1,780,065

1,756,404

 
 U S TREASURY NOTE
 1.375% 09/30/2020 DD 09/30/15
3,770,000

3,721,838

3,704,892

 
 U S TREASURY NOTE
 1.250% 11/15/2018 DD 11/15/15
6,065,000

6,058,143

6,055,539

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

354,251

353,974

 
 U S TREASURY NOTE
 1.625% 11/30/2020 DD 11/30/15
1,310,000

1,308,976

1,302,219

 
 U S TREASURY NOTE
 0.875% 01/31/2017 DD 01/31/12
4,950,000

5,010,956

4,950,396

 
 U S TREASURY NOTE
 0.625% 05/31/2017 DD 05/31/12
4,250,000

4,244,620

4,231,258

 
 U S TREASURY NOTE
 0.500% 07/31/2017 DD 07/31/12
5,880,000

5,821,353

5,835,430

 
 U S TREASURY NOTE
 0.625% 08/31/2017 DD 08/31/12
7,185,000

7,160,129

7,138,944

 
 U S TREASURY NOTE
 0.625% 09/30/2017 DD 09/30/12
1,040,000

1,038,836

1,032,814

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

578,641

576,920

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

2,685,640

2,705,567

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

4,992,125

4,966,367

 
 U S TREASURY NOTE
 0.875% 05/15/2017 DD 05/15/14
1,465,000

1,472,591

1,464,092

 
 U S TREASURY NOTE
 1.500% 05/31/2019 DD 05/31/14
10,480,000

10,541,449

10,489,851

 
 U S TREASURY NOTE
 0.875% 06/15/2017 DD 06/15/14
6,760,000

6,762,429

6,752,632

 
 U S TREASURY NOTE
 1.625% 07/31/2019 DD 07/31/14
16,065,000

16,185,222

16,120,906

 
 U S TREASURY NOTE
 1.125% 06/15/2018 DD 06/15/15
10,640,000

10,694,158

10,615,102

 
 U S TREASURY NOTE
 1.625% 06/30/2020 DD 06/30/15
3,875,000

3,897,251

3,859,112

 
 U S TREASURY NOTE
 1.625% 07/31/2020 DD 07/31/15
4,660,000

4,654,515

4,637,772

 
 U S TREASURY NOTE
 0.625% 07/31/2017 DD 07/31/15
2,810,000

2,796,499

2,794,292

 
 UBS AG/STAMFORD CT
 1.800% 03/26/2018 DD 03/26/15
480,000

479,371

479,198

 
 UBS AG/STAMFORD CT
 1.375% 06/01/2017 DD 06/01/15
330,000

329,690

328,429

 
 VERIZON COMMUNICATIONS INC
 3.500% 11/01/2021 DD 11/03/11
465,000

481,433

474,765

 
 VERIZON COMMUNICATIONS INC
 1.350% 06/09/2017 DD 06/11/14
725,000

724,638

722,905

 
 VIACOM INC
 2.500% 09/01/2018 DD 08/19/13
310,000

308,211

309,225

 
 VISA INC
 2.200% 12/14/2020 DD 12/14/15
2,140,000

2,138,181

2,136,020

 
 WALGREENS BOOTS ALLIANCE INC
 2.700% 11/18/2019 DD 11/18/14
1,045,000

1,043,736

1,043,035

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

509,067

507,409

 
 WELLS FARGO & CO
 2.550% 12/07/2020 DD 12/07/15
2,140,000

2,137,710

2,129,471

 
 U S TREASURY NOTE
 1.500% 10/31/2019 DD 10/31/14
3,245,000

(3,244,826
)
(3,244,826
)
 
 U S TREASURY NOTE
 1.250% 11/15/2018 DD 11/15/15
5,870,000

(5,873,402
)
(5,873,402
)
 
 U S TREASURY NOTE
 1.500% 05/31/2019 DD 05/31/14
3,545,000

(3,555,769
)
(3,555,769
)



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, 2015
 
 U S TREASURY NOTE
 0.875% 08/15/2017 DD 08/15/14
(3,565,000
)
3,569,184

3,569,184

 
 U S TREASURY NOTE
 0.625% 12/31/2016 DD 12/31/14
(1,820,000
)
1,817,099

1,817,099

 
 U S TREASURY NOTE
 1.375% 09/30/2020 DD 09/30/15
(940,000
)
927,453

927,453

 
 U S TREASURY NOTE
 0.875% 05/15/2017 DD 05/15/14
(8,005,000
)
8,007,622

8,007,622

 
 IGT Invesco Short Term Bond Fund
 
172,126,102

172,126,102

172,126,102

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
1,967,885

1,967,885

 
TOTAL UNDERLYING ASSETS
 
 
408,382,416

406,808,945

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(6,022,068
)
 
WRAPPER
 
 
 
112,238

 
CONTRACT VALUE
 
 
 
400,899,115

 
 
 
 
 
 




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, 2015
 
 
 
(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
1,050,000

1,050,525

1,192,212

 
ABB TREASURY CENTER USA I 144A
2.500% 06/15/2016 DD 06/17/11
830,000

824,754

834,150

 
ABBVIE INC
4.400% 11/06/2042 DD 05/06/13
310,000

331,336

289,515

 
ABBVIE INC
4.500% 05/14/2035 DD 05/14/15
1,260,000

1,251,293

1,234,296

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

418,807

415,460

 
ACTAVIS FUNDING SCS
3.450% 03/15/2022 DD 03/12/15
1,395,000

1,393,019

1,396,521

 
ACTAVIS FUNDING SCS
3.800% 03/15/2025 DD 03/12/15
280,000

279,006

278,569

 
AEP TEXAS CENTRAL TRANSITION F
5.170% 01/01/2020 DD 10/11/06
304,546

325,627

318,193

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

484,515

482,488

 
ALLY AUTO RECEIVABLES TRU 1 A2
0.480% 02/15/2017 DD 06/18/14
39,492

39,489

39,482

 
ALLY AUTO RECEIVABLES TRU 1 A3
0.630% 05/15/2017 DD 04/10/13
86,156

86,236

86,130

 
ALLY AUTO RECEIVABLES TRU 1 A3
1.390% 09/16/2019 DD 07/22/15
705,000

704,912

702,131

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

1,844,543

1,838,376

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

1,379,606

1,371,748

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

859,984

855,554

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

533,622

471,321

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

1,429,128

1,430,257

 
AMGEN INC
5.650% 06/15/2042 DD 06/30/11
625,000

621,938

676,300

 
AMGEN INC
3.875% 11/15/2021 DD 11/10/11
2,090,000

2,084,148

2,177,529

 
APPLE INC
3.850% 05/04/2043 DD 05/03/13
840,000

798,555

773,900

 
APPLE INC
4.375% 05/13/2045 DD 05/13/15
600,000

597,810

605,826

 
AT&T INC
3.400% 05/15/2025 DD 05/04/15
2,535,000

2,527,496

2,436,363

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

2,137,817

2,277,709

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

398,765

416,356

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

353,113

397,865

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

1,898,306

1,881,113

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

104,471

102,788

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

159,594

160,264

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

896,222

919,207

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

364,544

366,697

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

409,545

411,242

 
BANK OF NEW YORK MELLON CORP/T
2.200% 05/15/2019 DD 05/07/14
1,595,000

1,591,906

1,597,377

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

399,924

401,176

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

246,818

242,016

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

1,185,560

1,240,183

 
BHP BILLITON FINANCE USA LTD
3.850% 09/30/2023 DD 09/30/13
580,000

579,287

549,156

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

294,764

298,269




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, 2015
 
BURLINGTON NORTHERN SANTA FE L
4.550% 09/01/2044 DD 08/18/14
890,000

920,272

859,170

 
CARDINAL HEALTH INC
3.750% 09/15/2025 DD 06/23/15
815,000

814,413

827,396

 
CELGENE CORP
3.550% 08/15/2022 DD 08/12/15
165,000

164,553

166,604

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

2,124,185

2,072,520

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

975,708

988,516

 
CITIGROUP INC
2.500% 07/29/2019 DD 07/29/14
525,000

524,680

524,207

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

968,729

968,594

 
COMCAST CORP
4.400% 08/15/2035 DD 05/27/15
1,070,000

1,069,347

1,076,377

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

425,000

422,025

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

864,645

749,903

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

834,641

849,663

 
DAIMLER FINANCE NORTH AME 144A
2.375% 08/01/2018 DD 08/01/13
1,095,000

1,092,284

1,096,653

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

949,468

942,790

 
DEUTSCHE BANK AG/LONDON
1.350% 05/30/2017 DD 05/30/14
1,080,000

1,079,622

1,073,045

 
DEVON ENERGY CORP
3.250% 05/15/2022 DD 05/14/12
1,165,000

1,158,103

990,297

 
DEVON ENERGY CORP
5.000% 06/15/2045 DD 06/16/15
110,000

80,189

83,369

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

1,021,290

1,015,970

 
DIRECTV HOLDINGS LLC / DIRECTV
6.000% 08/15/2040 DD 08/17/10
170,000

173,308

173,966

 
DIRECTV HOLDINGS LLC / DIRECTV
6.375% 03/01/2041 DD 03/10/11
125,000

134,214

134,165

 
DOMINION RESOURCES INC/VA
1.950% 08/15/2016 DD 08/15/11
370,000

369,911

370,932

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

838,740

836,892

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

952,947

981,320

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

324,441

331,295

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

982,941

975,268

 
EMD FINANCE LLC 144A
1.700% 03/19/2018 DD 03/19/15
690,000

689,883

683,417

 
EMD FINANCE LLC 144A
2.400% 03/19/2020 DD 03/19/15
795,000

794,960

773,893

 
ENCANA CORP
3.900% 11/15/2021 DD 11/14/11
1,320,000

1,319,776

1,089,554

 
EXELON CORP 144A
3.950% 06/15/2025 DD 06/11/15
770,000

768,422

768,976

 
EXELON GENERATION CO LLC
2.950% 01/15/2020 DD 01/13/15
570,000

569,892

567,948

 
FINANCING CORP STRIP
10.700% 10/06/2017 DD 10/08/87
375,000

527,096

436,526

 
FINANCING CORP STRIP
0.000% 10/06/2017 DD 10/27/88
395,000

375,783

387,084

 
FINANCING CORP STRIP
0.000% 05/02/2017 DD 11/02/91
965,000

662,077

951,336

 
FINANCING CORP STRIP
0.000% 10/06/2017 DD 10/08/87
5,750,000

3,958,415

5,635,173

 
FINANCING CORP STRIP
0.000% 11/30/2017 DD 11/30/87
1,740,000

1,182,382

1,699,023

 
FINANCING CORP STRIP PO
0.000% 12/27/2018 DD 01/03/89
900,000

574,587

857,664

 
FORD CREDIT AUTO OWNE 1 A 144A
2.120% 07/15/2026 DD 01/21/15
2,340,000

2,339,166

2,310,493

 
FORD CREDIT FLOORPLAN MAS 4 A1
1.400% 08/15/2019 DD 08/26/14
1,400,000

1,399,599

1,393,686

 
FORD CREDIT FLOORPLAN MAS 5 A1
1.500% 09/15/2018 DD 09/17/13
680,000

679,856

681,115

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
1,415,000

1,415,000

1,389,304

 
FORD MOTOR CREDIT CO LLC
3.219% 01/09/2022 DD 01/09/15
550,000

550,000

538,313

 
GE CAPITAL INTERNATIONAL 144A
2.342% 11/15/2020 DD 10/26/15
1,179,000

1,047,171

1,169,167

 
GENERAL ELECTRIC CO
2.700% 10/09/2022 DD 10/09/12
1,225,000

1,222,121

1,219,867




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, 2015
 
GENERAL ELECTRIC CO
5.300% 02/11/2021 DD 02/11/11
201,000

208,184

226,652

 
GENERAL ELECTRIC CO
4.375% 09/16/2020 DD 09/16/10
215,000

213,317

233,400

 
GILEAD SCIENCES INC
3.700% 04/01/2024 DD 03/07/14
1,165,000

1,163,124

1,193,333

 
GILEAD SCIENCES INC
3.250% 09/01/2022 DD 09/14/15
465,000

464,344

468,222

 
GOLDMAN SACHS GROUP INC/THE
7.500% 02/15/2019 DD 02/05/09
480,000

563,731

549,245

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
1,315,000

1,438,644

1,427,985

 
GOLDMAN SACHS GROUP INC/THE
5.250% 07/27/2021 DD 07/27/11
1,650,000

1,646,344

1,824,273

 
HOME DEPOT INC/THE
2.625% 06/01/2022 DD 06/02/15
195,000

194,282

194,797

 
HSBC FINANCE CORP
6.676% 01/15/2021 DD 07/15/11
696,000

647,058

798,785

 
HSBC HOLDINGS PLC
4.250% 03/14/2024 DD 03/12/14
795,000

802,827

797,886

 
HUMANA INC
2.625% 10/01/2019 DD 09/19/14
560,000

559,972

561,417

 
INGERSOLL-RAND LUXEMBOURG FINA
2.625% 05/01/2020 DD 10/28/14
680,000

679,551

670,018

 
INTERNATIONAL PAPER CO
5.000% 09/15/2035 DD 05/26/15
795,000

789,348

788,338

 
JPMORGAN CHASE & CO
6.000% 01/15/2018 DD 12/20/07
1,800,000

1,760,094

1,944,108

 
JPMORGAN CHASE & CO
4.400% 07/22/2020 DD 07/22/10
1,590,000

1,594,913

1,697,134

 
KINDER MORGAN ENERGY PARTNERS
3.500% 03/01/2021 DD 02/24/14
880,000

875,547

787,494

 
KINDER MORGAN INC/DE
4.300% 06/01/2025 DD 11/26/14
1,230,000

1,225,055

1,062,732

 
KRAFT FOODS GROUP INC
3.500% 06/06/2022 DD 12/06/12
355,000

351,805

358,887

 
KRAFT HEINZ FOODS CO 144A
3.500% 07/15/2022 DD 07/02/15
575,000

573,643

578,968

 
KROGER CO/THE
6.400% 08/15/2017 DD 08/15/07
635,000

701,144

681,876

 
LOCKHEED MARTIN CORP
3.350% 09/15/2021 DD 09/09/11
1,280,000

1,276,544

1,311,270

 
MEDTRONIC INC
3.150% 03/15/2022 DD 03/15/15
1,570,000

1,566,719

1,587,144

 
METLIFE INC
6.750% 06/01/2016 DD 05/29/09
830,000

828,033

849,015

 
METLIFE INC
VAR RT 12/15/2017 DD 09/15/14
245,000

245,748

246,441

 
MICROSOFT CORP
3.500% 02/12/2035 DD 02/12/15
1,060,000

1,047,810

979,705

 
MICROSOFT CORP
4.200% 11/03/2035 DD 11/03/15
1,015,000

1,012,138

1,036,477

 
MIDAMERICAN ENERGY CO
3.500% 10/15/2024 DD 04/03/14
675,000

671,699

689,823

 
MONDELEZ INTERNATIONAL INC
4.000% 02/01/2024 DD 01/16/14
930,000

928,996

958,644

 
MORGAN STANLEY
4.000% 07/23/2025 DD 07/23/15
365,000

364,701

375,866

 
MORGAN STANLEY
3.875% 04/29/2024 DD 04/28/14
780,000

773,167

795,116

 
MORGAN STANLEY
7.300% 05/13/2019 DD 05/13/09
255,000

292,464

292,921

 
MOTIVA ENTERPRISES LLC 144A
5.750% 01/15/2020 DD 01/11/10
505,000

504,010

543,643

 
NCUA GUARANTEED NOTES TR C1 A2
2.900% 10/29/2020 DD 11/10/10
557,958

556,535

556,596

 
NEW YORK LIFE GLOBAL FUND 144A
2.100% 01/02/2019 DD 12/12/13
845,000

844,028

846,107

 
NORTHROP GRUMMAN CORP
1.750% 06/01/2018 DD 05/31/13
2,095,000

2,089,218

2,076,313

 
ORACLE CORP
3.900% 05/15/2035 DD 05/05/15
1,505,000

1,494,841

1,411,088

 
PACIFIC GAS & ELECTRIC CO
5.625% 11/30/2017 DD 12/04/07
1,260,000

1,324,027

1,346,839

 
PARKER-HANNIFIN CORP
3.300% 11/21/2024 DD 11/21/14
545,000

543,801

549,687

 
PERRIGO CO PLC
2.300% 11/08/2018 DD 05/08/14
1,515,000

1,512,864

1,493,502

 
PERRIGO FINANCE UNLIMITED CO
3.500% 12/15/2021 DD 12/02/14
375,000

374,764

364,496

 
PETRO-CANADA
5.950% 05/15/2035 DD 05/16/05
250,000

293,895

250,653




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, 2015
 
PNC BANK NA
2.250% 07/02/2019 DD 06/20/14
750,000

747,660

753,330

 
PNC BANK NA
2.400% 10/18/2019 DD 09/18/14
1,220,000

1,219,109

1,224,734

 
RAYTHEON CO
6.400% 12/15/2018 DD 06/15/99
570,000

639,812

640,036

 
RSB BONDCO LLC A A3
5.820% 06/28/2019 DD 06/29/07
715,000

822,809

739,610

 
SABMILLER HOLDINGS INC 144A
3.750% 01/15/2022 DD 01/17/12
245,000

243,829

251,978

 
SCHLUMBERGER HLDGS CORP 144A
2.350% 12/21/2018 DD 12/21/15
1,765,000

1,764,788

1,753,545

 
SEMPRA ENERGY
2.400% 03/15/2020 DD 03/13/15
760,000

759,362

744,868

 
SHELL INTERNATIONAL FINANCE BV
4.125% 05/11/2035 DD 05/11/15
3,410,000

3,381,561

3,254,947

 
SIEMENS FINANCIERINGSMAAT 144A
2.900% 05/27/2022 DD 05/27/15
1,295,000

1,295,000

1,294,482

 
SOUTHWESTERN ELECTRIC POWER CO
5.875% 03/01/2018 DD 12/04/07
665,000

662,579

718,346

 
SPECTRA ENERGY CAPITAL LLC
8.000% 10/01/2019 DD 09/28/99
697,000

807,882

792,698

 
STATE STREET CORP
3.700% 11/20/2023 DD 11/19/13
1,945,000

1,940,332

2,023,811

 
STATOIL ASA
3.700% 03/01/2024 DD 11/08/13
530,000

554,608

536,964

 
SUNCOR ENERGY INC
6.100% 06/01/2018 DD 06/06/08
790,000

837,483

849,692

 
THERMO FISHER SCIENTIFIC INC
3.300% 02/15/2022 DD 11/14/14
340,000

339,969

339,164

 
TIME WARNER INC
3.550% 06/01/2024 DD 05/28/14
2,145,000

2,143,027

2,104,760

 
TOTAL CAPITAL INTERNATIONAL SA
2.750% 06/19/2021 DD 06/23/14
770,000

768,545

767,036

 
TOYOTA AUTO RECEIVABLES 2 B A2
0.400% 12/15/2016 DD 06/18/14
58,911

58,906

58,895

 
TRANSCANADA PIPELINES LTD
4.625% 03/01/2034 DD 02/28/14
1,165,000

1,159,734

1,101,473

 
TSMC GLOBAL LTD 144A
1.625% 04/03/2018 DD 04/03/13
1,240,000

1,239,169

1,215,361

 
U S TREASURY BOND
7.250% 05/15/2016 DD 05/15/86
2,005,000

2,072,921

2,053,561

 
U S TREASURY BOND
2.875% 05/15/2043 DD 05/15/13
3,190,000

2,711,351

3,110,250

 
U S TREASURY BOND
3.000% 11/15/2044 DD 11/15/14
2,355,000

2,570,484

2,346,451

 
U S TREASURY BOND
2.500% 02/15/2045 DD 02/15/15
8,265,000

7,516,496

7,415,606

 
U S TREASURY BOND
3.000% 05/15/2045 DD 05/15/15
9,285,000

9,381,680

9,242,568

 
U S TREASURY BOND
2.875% 08/15/2045 DD 08/15/15
5,495,000

5,409,114

5,336,799

 
U S TREASURY NOTE
0.750% 01/15/2017 DD 01/15/14
1,425,000

1,424,276

1,423,718

 
U S TREASURY NOTE
1.625% 03/31/2019 DD 03/31/14
755,000

761,009

759,719

 
U S TREASURY NOTE
1.625% 04/30/2019 DD 04/30/14
1,070,000

1,078,037

1,076,227

 
U S TREASURY NOTE
0.875% 08/15/2017 DD 08/15/14
3,255,000

3,249,093

3,247,741

 
U S TREASURY NOTE
1.750% 09/30/2019 DD 09/30/14
28,685,000

29,049,603

28,878,911

 
U S TREASURY NOTE
1.500% 11/30/2019 DD 11/30/14
31,420,000

31,443,108

31,294,948

 
U S TREASURY NOTE
2.125% 12/31/2021 DD 12/31/14
14,005,000

14,298,700

14,128,664

 
U S TREASURY NOTE
1.625% 12/31/2019 DD 12/31/14
29,705,000

29,834,944

29,706,188

 
U S TREASURY NOTE
1.250% 01/31/2020 DD 01/31/15
7,405,000

7,293,718

7,291,037

 
U S TREASURY NOTE
3.625% 08/15/2019 DD 08/15/09
4,160,000

4,539,886

4,466,467

 
U S TREASURY NOTE
1.500% 06/30/2016 DD 06/30/11
405,000

406,962

406,867

 
U S TREASURY NOTE
0.875% 01/31/2017 DD 01/31/12
5,025,000

5,027,944

5,025,402

 
U S TREASURY NOTE
1.375% 02/28/2019 DD 02/29/12
1,425,000

1,425,930

1,424,059

 
U S TREASURY NOTE
1.000% 09/30/2019 DD 09/30/12
1,990,000

1,955,175

1,948,170

 
U S TREASURY NOTE
1.125% 12/31/2019 DD 12/31/12
2,615,000

2,579,918

2,565,367




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, 2015
 
U S TREASURY NOTE
1.625% 06/30/2019 DD 06/30/14
2,510,000

2,535,620

2,521,270

 
U S TREASURY NOTE
1.625% 07/31/2019 DD 07/31/14
2,335,000

2,347,251

2,343,126

 
VERIZON COMMUNICATIONS INC
6.400% 09/15/2033 DD 09/18/13
162,000

161,838

184,563

 
VERIZON COMMUNICATIONS INC
4.522% 09/15/2048 DD 03/13/15
2,647,000

2,040,459

2,367,212

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
1,425,000

1,423,019

1,430,885

 
VODAFONE GROUP PLC
2.950% 02/19/2023 DD 02/19/13
1,110,000

1,104,861

1,040,170

 
WALGREENS BOOTS ALLIANCE INC
4.500% 11/18/2034 DD 11/18/14
145,000

134,182

132,414

 
WALGREENS BOOTS ALLIANCE INC
3.300% 11/18/2021 DD 11/18/14
695,000

693,103

681,607

 
WELLS FARGO & CO
2.125% 04/22/2019 DD 04/22/14
1,285,000

1,282,276

1,286,555

 
U S TREASURY BOND
2.875% 08/15/2045 DD 08/15/15
805,000

(791,636
)
(791,636
)
 
US TREAS BD FUTURE (CBT)
EXP MAR 16
(204
)
(87,669
)
(87,669
)
 
US 10YR TREAS NTS FUTURE (CBT)
EXP MAR 16
(27
)
14,234

14,234

 
US 5YR TREAS NTS FUTURE (CBT)
EXP MAR 16
165

(38,672
)
(38,672
)
 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 16
(253
)
83,724

83,724

 
INTEREST BEARING CASH
TEMPORARY INVESTMENST
 
9,462,870

9,462,870

 
TOTAL UNDERLYING ASSETS
 
 
310,587,704

312,583,214

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(14,942,831
)
 
CONTRACT VALUE
 
 
 
297,640,383






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, 2015    
 
 
 
(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
3.700% 10/15/2025 DD 10/21/15
165,000

164,606

164,591

 
21ST CENTURY FOX AMERICA INC
3.000% 09/15/2022 DD 09/14/12
70,000

69,503

68,979

 
ABBEY NATIONAL TREASURY SERVIC
2.350% 09/10/2019 DD 09/10/14
375,000

373,489

375,356

 
ABBVIE INC
1.800% 05/14/2018 DD 05/14/15
125,000

124,873

124,425

 
ACTAVIS FUNDING SCS
3.000% 03/12/2020 DD 03/12/15
375,000

374,981

374,704

 
ACTAVIS FUNDING SCS
3.450% 03/15/2022 DD 03/12/15
725,000

723,970

725,790

 
AGRIUM INC
3.375% 03/15/2025 DD 03/02/15
90,000

89,870

82,112

 
ALLY MASTER OWNER TRUST 1 A2
1.000% 02/15/2018 DD 02/21/13
250,000

249,942

249,992

 
ALLY MASTER OWNER TRUST 5 A2
1.600% 10/15/2019 DD 11/12/14
385,000

384,993

383,010

 
ALTRIA GROUP INC
9.250% 08/06/2019 DD 02/06/09
98,000

121,850

119,950

 
ALTRIA GROUP INC
2.850% 08/09/2022 DD 08/09/12
265,000

264,449

258,343

 
AMAZON.COM INC
3.800% 12/05/2024 DD 12/05/14
150,000

156,303

156,039

 
AMERICAN EXPRESS CO
6.150% 08/28/2017 DD 08/28/07
425,000

480,905

455,013

 
AMERICAN TOWER CORP
4.500% 01/15/2018 DD 12/07/10
750,000

805,485

782,168

 
AMERIPRISE FINANCIAL INC
4.000% 10/15/2023 DD 09/06/13
220,000

224,301

228,538

 
ANADARKO PETROLEUM CORP
6.375% 09/15/2017 DD 08/12/10
200,000

233,216

209,724

 
ANHEUSER-BUSCH INBEV FINANCE I
2.150% 02/01/2019 DD 01/27/14
250,000

249,720

248,555

 
ANTHEM INC
2.300% 07/15/2018 DD 08/06/13
135,000

134,432

134,745

 
APPLE INC
2.500% 02/09/2025 DD 02/09/15
140,000

139,803

133,686

 
ARI FLEET LEASE TRUST B A 144A
VAR RT 01/15/2021 DD 10/23/12
39,589

39,589

39,554

 
ASTRAZENECA PLC
1.750% 11/16/2018 DD 11/16/15
150,000

150,000

149,579

 
ASTRAZENECA PLC
2.375% 11/16/2020 DD 11/16/15
150,000

149,376

148,929

 
AT&T INC
3.000% 06/30/2022 DD 05/04/15
100,000

96,108

97,602

 
AUTOZONE INC
2.500% 04/15/2021 DD 04/29/15
485,000

484,816

473,248

 
BA CREDIT CARD TRUST A1 A
VAR RT 06/15/2021 DD 02/13/14
495,000

495,000

494,144

 
BAE SYSTEMS HOLDINGS INC 144A
3.800% 10/07/2024 DD 10/07/14
250,000

249,258

248,590

 
BAE SYSTEMS HOLDINGS INC 144A
2.850% 12/15/2020 DD 12/10/15
35,000

34,877

34,911

 
BAE SYSTEMS HOLDINGS INC 144A
3.850% 12/15/2025 DD 12/10/15
40,000

39,528

39,599

 
BANC OF AMERICA COMMERCIA 4 A4
5.634% 07/10/2046 DD 08/01/06
348,817

392,163

351,650

 
BANK OF AMERICA CORP
5.750% 12/01/2017 DD 12/04/07
135,000

129,533

144,416

 
BANK OF AMERICA CORP
2.600% 01/15/2019 DD 10/22/13
62,000

61,989

62,202

 
BANK OF AMERICA CORP
4.200% 08/26/2024 DD 08/26/14
145,000

144,894

143,866

 
BANK OF AMERICA CORP
3.950% 04/21/2025 DD 04/21/15
75,000

74,779

73,033

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
825,000

915,170

910,190

 
BANK OF AMERICA CORP
5.700% 05/02/2017 DD 05/02/07
145,000

160,498

151,218

 
BANK OF NEW YORK MELLON CORP/T
2.600% 08/17/2020 DD 08/17/15
300,000

299,859

301,185

 
BANK OF NEW YORK MELLON CORP/T
2.450% 11/27/2020 DD 11/27/15
235,000

234,847

233,966





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, 2015    
 
BANK OF NOVA SCOTIA/THE
4.500% 12/16/2025 DD 12/16/15
450,000

449,964

447,917

 
BARCLAYS BANK PLC 144A
6.050% 12/04/2017 DD 12/04/07
785,000

876,089

837,336

 
BARRICK GOLD CORP
4.100% 05/01/2023 DD 05/02/13
51,000

49,255

43,751

 
BAT INTERNATIONAL FINANCE 144A
2.750% 06/15/2020 DD 06/15/15
140,000

139,779

139,959

 
BB&T CORP
2.625% 06/29/2020 DD 06/29/15
525,000

524,706

528,050

 
BEAR STEARNS COMMERCIA PW14 A4
5.201% 12/11/2038 DD 12/01/06
180,506

198,507

183,992

 
BEAR STEARNS COMMERCIA PW16 A4
VAR RT 06/11/2040 DD 06/01/07
114,447

130,323

117,160

 
BEAR STEARNS COMMERCIAL T24 A4
5.537% 10/12/2041 DD 10/01/06
122,229

132,179

123,845

 
BEAR STEARNS COS LLC/THE
6.400% 10/02/2017 DD 10/02/07
150,000

149,562

161,540

 
BEAR STEARNS COS LLC/THE
7.250% 02/01/2018 DD 02/01/08
115,000

143,107

126,855

 
BERKSHIRE HATHAWAY ENERGY CO
2.400% 02/01/2020 DD 12/04/14
275,000

274,940

272,434

 
BP CAPITAL MARKETS PLC
2.241% 09/26/2018 DD 09/26/13
425,000

432,971

426,292

 
BP CAPITAL MARKETS PLC
2.521% 01/15/2020 DD 11/04/14
165,000

165,000

164,464

 
BP CAPITAL MARKETS PLC
3.062% 03/17/2022 DD 03/17/15
75,000

75,000

73,491

 
BPCE SA 144A
5.700% 10/22/2023 DD 10/22/13
200,000

220,080

209,990

 
CAPITAL AUTO RECEIVABLES 1 A3
1.320% 06/20/2018 DD 01/22/14
395,000

394,923

394,850

 
CAPITAL ONE FINANCIAL CORP
6.150% 09/01/2016 DD 08/29/06
350,000

362,737

360,637

 
CAPITAL ONE NA/MCLEAN VA
1.650% 02/05/2018 DD 02/05/15
425,000

424,915

420,797

 
CARDINAL HEALTH INC
2.400% 11/15/2019 DD 11/19/14
205,000

204,617

204,922

 
CARDINAL HEALTH INC
3.500% 11/15/2024 DD 11/19/14
235,000

232,488

235,273

 
CARDINAL HEALTH INC
1.950% 06/15/2018 DD 06/23/15
50,000

49,961

49,870

 
CARMAX AUTO OWNER TRUST 2 3 A4
1.490% 01/15/2019 DD 08/08/13
265,000

264,987

264,812

 
CATERPILLAR FINANCIAL SERVICES
2.500% 11/13/2020 DD 11/13/15
55,000

54,951

54,996

 
CCO SAFARI II LLC 144A
3.579% 07/23/2020 DD 07/23/15
240,000

239,835

238,562

 
CCO SAFARI II LLC 144A
4.464% 07/23/2022 DD 07/23/15
320,000

320,176

318,883

 
CCO SAFARI II LLC 144A
4.908% 07/23/2025 DD 07/23/15
110,000

109,985

109,893

 
CD 2007-CD4 COMMERCIAL CD4 A4
5.322% 12/11/2049 DD 03/01/07
388,415

441,154

394,952

 
CD 2007-CD5 MORTGAGE TR CD5 A4
VAR RT 11/15/2044 DD 11/01/07
340,464

374,099

353,065

 
CHEVRON CORP
1.365% 03/02/2018 DD 03/03/15
260,000

260,000

257,920

 
CITIGROUP COMMERCIAL M GC15 A4
VAR RT 09/10/2046 DD 09/01/13
295,000

313,827

318,128

 
CITIGROUP COMMERCIAL M GC35 A4
3.818% 11/10/2048 DD 12/01/15
300,000

308,991

307,386

 
CITIGROUP COMMERCIAL MOR C4 A3
VAR RT 03/15/2049 DD 06/01/06
65,550

71,847

65,689

 
CITIGROUP INC
5.500% 09/13/2025 DD 09/13/13
175,000

194,138

189,961

 
CITIGROUP INC
4.400% 06/10/2025 DD 06/10/15
125,000

124,490

126,251

 
CITIGROUP INC
4.450% 09/29/2027 DD 09/29/15
155,000

155,886

153,974

 
CITIZENS BANK NA/PROVIDENCE RI
2.300% 12/03/2018 DD 12/03/15
400,000

399,480

399,528

 
COBALT CMBS COMMERCIAL M C2 A3
VAR RT 04/15/2047 DD 04/01/07
137,858

151,019

141,686

 
COCA-COLA ENTERPRISES INC
3.500% 09/15/2020 DD 09/14/10
300,000

306,789

306,606

 
COMCAST CORP
3.125% 07/15/2022 DD 07/02/12
150,000

155,677

152,441

 
COMM 2013-CCRE9 MORTGAG CR9 A4
VAR RT 07/10/2045 DD 07/01/13
290,000

309,474

311,631

 
COMM 2014-CCRE21 MORTG CR21 A3
3.528% 12/10/2047 DD 12/01/14
445,267

457,994

448,825

 
COMM 2014-UBS4 MORTGAG UBS4 A5
3.694% 08/10/2047 DD 07/01/14
449,000

466,358

456,162





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, 2015    
 
COMM 2015-CCRE26 MORTG CR26 A4
3.630% 10/10/2048 DD 10/01/15
453,000

466,201

456,773

 
COMM 2015-LC19 MORTGAG LC19 A4
3.183% 02/10/2048 DD 02/01/15
320,000

317,900

313,770

 
COMMERCIAL MORTGAGE PAS CR3 A3
2.822% 10/15/2045 DD 10/01/12
115,000

116,020

113,694

 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2046 DD 01/01/16
2,000,000

2,152,813

2,154,500

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2046 DD 01/01/16
3,100,000

3,106,625

3,100,031

 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2046 DD 01/01/16
5,300,000

5,471,914

5,468,116

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2031 DD 01/01/16
4,000,000

4,176,250

4,170,640

 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2046 DD 01/01/16
1,800,000

1,873,625

1,876,428

 
CONOCOPHILLIPS
6.000% 01/15/2020 DD 05/21/09
60,000

71,842

66,847

 
CONOCOPHILLIPS CO
2.400% 12/15/2022 DD 12/07/12
125,000

116,355

113,550

 
CONSOLIDATED EDISON CO OF NEW
3.300% 12/01/2024 DD 11/24/14
105,000

104,636

104,861

 
CONTINENTAL RESOURCES INC/OK
5.000% 09/15/2022 DD 03/08/12
55,000

51,491

40,563

 
CORP NACIONAL DEL COBRE D 144A
4.500% 09/16/2025 DD 09/16/15
280,000

275,682

263,673

 
COX COMMUNICATIONS INC 144A
6.250% 06/01/2018 DD 06/05/08
175,000

206,817

188,052

 
COX COMMUNICATIONS INC 144A
2.950% 06/30/2023 DD 05/01/13
340,000

338,504

299,513

 
CREDIT SUISSE GROUP FUNDI 144A
3.800% 09/15/2022 DD 09/15/15
725,000

737,013

724,427

 
CREDIT SUISSE MORTGAGE C C4 A3
5.467% 09/15/2039 DD 09/01/06
228,663

242,991

231,080

 
CSAIL 2015-C4 COMMERCIAL C4 A4
3.808% 11/15/2048 DD 11/01/15
286,000

294,578

291,563

 
CVS HEALTH CORP
2.750% 12/01/2022 DD 11/29/12
30,000

29,958

29,229

 
CVS HEALTH CORP
2.800% 07/20/2020 DD 07/20/15
285,000

285,012

286,280

 
CVS HEALTH CORP
3.500% 07/20/2022 DD 07/20/15
175,000

174,925

178,073

 
CVS HEALTH CORP
3.875% 07/20/2025 DD 07/20/15
220,000

217,880

224,528

 
DAIMLER FINANCE NORTH AME 144A
1.650% 03/02/2018 DD 03/02/15
225,000

224,811

222,305

 
DAIMLER FINANCE NORTH AME 144A
1.650% 05/18/2018 DD 05/18/15
250,000

249,680

246,475

 
DDR CORP
4.250% 02/01/2026 DD 10/21/15
650,000

644,111

634,010

 
DEVON ENERGY CORP
5.850% 12/15/2025 DD 12/15/15
20,000

19,991

19,451

 
DIRECTV HOLDINGS LLC / DIRECTV
2.400% 03/15/2017 DD 03/08/12
230,000

233,252

231,851

 
DIRECTV HOLDINGS LLC / DIRECTV
3.800% 03/15/2022 DD 03/08/12
135,000

136,847

135,853

 
DOMINION RESOURCES INC/VA
1.250% 03/15/2017 DD 03/24/14
325,000

326,118

322,988

 
DOMINION RESOURCES INC/VA
3.900% 10/01/2025 DD 09/24/15
560,000

563,959

560,582

 
DUKE ENERGY CORP
3.750% 04/15/2024 DD 04/04/14
200,000

199,882

202,640

 
DUKE ENERGY PROGRESS LLC
3.250% 08/15/2025 DD 08/13/15
265,000

264,192

266,844

 
DUKE REALTY LP
5.950% 02/15/2017 DD 08/24/06
3,000

3,045

3,132

 
DUKE REALTY LP
3.750% 12/01/2024 DD 11/17/14
70,000

69,156

68,083

 
ELECTRICITE DE FRANCE SA 144A
3.625% 10/13/2025 DD 10/13/15
180,000

178,479

175,963

 
EMD FINANCE LLC 144A
2.950% 03/19/2022 DD 03/19/15
75,000

74,868

72,364

 
EMD FINANCE LLC 144A
3.250% 03/19/2025 DD 03/19/15
485,000

476,084

459,853

 
ENERGY TRANSFER PARTNERS LP
4.150% 10/01/2020 DD 09/19/13
100,000

99,829

92,249

 
ENERGY TRANSFER PARTNERS LP
5.950% 10/01/2043 DD 09/19/13
400,000

390,588

320,900

 
EXELON CORP
1.550% 06/09/2017 DD 06/11/15
135,000

134,908

134,430

 
FHLMC POOL #A4-1215
5.000% 11/01/2035 DD 12/01/05
109,147

104,823

119,795

 
FHLMC POOL #A4-1297
5.000% 12/01/2035 DD 12/01/05
36,723

35,268

40,078





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, 2015    
 
FHLMC POOL #A4-1833
5.000% 01/01/2036 DD 01/01/06
28,423

27,297

31,202

 
FHLMC POOL #A4-7715
5.000% 11/01/2035 DD 11/01/05
607

583

662

 
FHLMC POOL #A7-0631
5.000% 12/01/2037 DD 12/01/07
129,255

123,964

141,117

 
FHLMC POOL #A7-7292
5.000% 04/01/2038 DD 05/01/08
377,275

372,559

411,701

 
FHLMC POOL #A9-6129
4.000% 01/01/2041 DD 12/01/10
3,143,036

3,246,412

3,330,581

 
FHLMC POOL #B1-1979
5.500% 01/01/2019 DD 01/01/04
7,271

7,279

7,518

 
FHLMC POOL #B1-5149
5.500% 06/01/2019 DD 06/01/04
4,082

4,226

4,115

 
FHLMC POOL #B1-5992
5.500% 08/01/2019 DD 08/01/04
21,702

22,468

22,648

 
FHLMC POOL #B1-6466
5.500% 09/01/2019 DD 09/01/04
68,619

68,694

72,529

 
FHLMC POOL #E0-1216
5.500% 10/01/2017 DD 10/01/02
12,888

13,343

13,263

 
FHLMC POOL #E0-1648
5.500% 05/01/2019 DD 05/01/04
2,880

2,982

3,029

 
FHLMC POOL #E9-2026
5.500% 10/01/2017 DD 10/01/02
35,678

36,937

36,548

 
FHLMC POOL #E9-9911
5.500% 10/01/2018 DD 09/01/03
20,816

21,551

21,608

 
FHLMC POOL #G0-1940
5.000% 10/01/2035 DD 10/01/05
62,623

58,822

68,891

 
FHLMC POOL #G0-4214
5.500% 05/01/2038 DD 04/01/08
220,519

222,035

245,353

 
FHLMC POOL #G0-8563
4.000% 01/01/2044 DD 12/01/13
996,137

1,026,799

1,053,285

 
FHLMC POOL #G1-2165
6.500% 01/01/2019 DD 05/01/06
185

187

189

 
FHLMC POOL #Q2-8457
3.500% 09/01/2044 DD 09/01/14
3,434,643

3,522,924

3,538,472

 
FHLMC MULTICLASS MTG 2684 PH
5.000% 01/15/2033 DD 10/01/03
19,649

19,291

19,830

 
FHLMC MULTICLASS MTG K003 A5
5.085% 03/25/2019 DD 06/01/09
175,000

176,749

190,397

 
FIFTH THIRD AUTO TRUST 20 3 A4
1.470% 05/17/2021 DD 10/29/14
480,000

479,854

475,963

 
FIFTH THIRD AUTO TRUST 20 A A4
0.830% 04/15/2019 DD 03/28/13
390,000

389,979

387,785

 
FIFTH THIRD BANK/CINCINNATI OH
2.875% 10/01/2021 DD 09/05/14
300,000

298,455

298,791

 
FNMA POOL #0252441
6.000% 05/01/2019 DD 04/01/99
4,956

5,400

5,593

 
FNMA POOL #0256315
5.500% 07/01/2036 DD 06/01/06
116,120

113,847

129,828

 
FNMA POOL #0693008
5.000% 05/01/2018 DD 05/01/03
1,266

1,270

1,311

 
FNMA POOL #0725314
5.000% 04/01/2034 DD 03/01/04
78,296

74,372

86,605

 
FNMA POOL #0726028
5.000% 08/01/2018 DD 07/01/03
10,460

10,498

10,831

 
FNMA POOL #0727187
5.500% 08/01/2033 DD 08/01/03
38,348

38,600

43,125

 
FNMA POOL #0733371
5.000% 08/01/2018 DD 07/01/03
27,186

27,441

28,170

 
FNMA POOL #0733655
5.500% 09/01/2033 DD 08/01/03
43,961

44,249

49,430

 
FNMA POOL #0734847
5.500% 08/01/2033 DD 08/01/03
68,247

68,695

76,750

 
FNMA POOL #0738499
5.500% 09/01/2033 DD 09/01/03
12,787

12,871

14,237

 
FNMA POOL #0738632
5.000% 11/01/2018 DD 11/01/03
26,303

26,549

27,409

 
FNMA POOL #0743133
5.000% 10/01/2018 DD 09/01/03
36,745

37,090

38,073

 
FNMA POOL #0743186
5.000% 10/01/2018 DD 09/01/03
84,206

84,996

87,318

 
FNMA POOL #0743859
5.000% 11/01/2018 DD 10/01/03
93,356

94,231

97,278

 
FNMA POOL #0743887
5.000% 11/01/2018 DD 10/01/03
24,761

24,993

25,638

 
FNMA POOL #0747866
5.000% 11/01/2018 DD 11/01/03
48,601

49,057

50,692

 
FNMA POOL #0757861
5.000% 10/01/2018 DD 11/01/03
42,854

43,256

44,428

 
FNMA POOL #0778421
5.000% 08/01/2035 DD 07/01/05
9,065

8,916

9,970

 
FNMA POOL #0820263
5.000% 07/01/2035 DD 07/01/05
27,932

27,474

30,805





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, 2015    
 
FNMA POOL #0825951
5.000% 07/01/2035 DD 06/01/05
33,061

32,518

36,467

 
FNMA POOL #0826955
5.000% 06/01/2035 DD 06/01/05
3,531

3,473

3,898

 
FNMA POOL #0828523
5.000% 07/01/2035 DD 07/01/05
46,180

45,423

50,884

 
FNMA POOL #0828547
5.000% 08/01/2035 DD 08/01/05
5,567

5,284

6,145

 
FNMA POOL #0828678
5.000% 07/01/2035 DD 07/01/05
54,959

54,058

60,575

 
FNMA POOL #0828712
5.000% 07/01/2035 DD 07/01/05
51,192

50,353

56,488

 
FNMA POOL #0830996
5.000% 08/01/2035 DD 07/01/05
74,992

73,762

82,484

 
FNMA POOL #0832013
5.000% 09/01/2035 DD 08/01/05
85,944

84,534

94,526

 
FNMA POOL #0832878
5.000% 09/01/2035 DD 08/01/05
93,878

90,783

103,580

 
FNMA POOL #0838778
5.000% 10/01/2035 DD 10/01/05
30,005

28,501

33,115

 
FNMA POOL #0840377
5.000% 11/01/2035 DD 11/01/05
26,113

24,804

28,802

 
FNMA POOL #0843360
5.000% 11/01/2035 DD 11/01/05
45,294

43,024

49,906

 
FNMA POOL #0844018
5.000% 11/01/2035 DD 10/01/05
82,451

78,319

90,967

 
FNMA POOL #0867065
5.000% 02/01/2036 DD 02/01/06
26,096

24,771

28,745

 
FNMA POOL #0882022
5.500% 05/01/2036 DD 05/01/06
4,755

4,661

5,319

 
FNMA POOL #0888023
5.500% 06/01/2036 DD 11/01/06
551,032

549,741

618,914

 
FNMA POOL #0888120
5.000% 10/01/2035 DD 12/01/06
194,989

188,546

215,118

 
FNMA POOL #0893289
5.500% 08/01/2036 DD 08/01/06
61,880

60,730

69,418

 
FNMA POOL #0893363
5.000% 06/01/2036 DD 08/01/06
9,368

8,899

10,324

 
FNMA POOL #0900979
5.500% 09/01/2036 DD 09/01/06
8,797

8,633

9,807

 
FNMA POOL #0961876
5.000% 03/01/2038 DD 02/01/08
296,629

289,653

332,239

 
FNMA POOL #0AL5249
4.500% 01/01/2043 DD 04/01/14
1,616,519

1,748,619

1,748,621

 
FNMA POOL #0AL7366
4.500% 08/01/2042 DD 09/01/15
1,871,429

2,025,822

2,025,092

 
FNMA POOL #0AM8141
2.780% 03/01/2027 DD 03/01/15
171,000

174,473

166,663

 
FNMA POOL #0AM8172
2.740% 03/01/2027 DD 03/01/15
302,269

308,503

294,664

 
FNMA POOL #0AM8188
2.640% 03/01/2027 DD 03/01/15
88,796

89,739

85,878

 
FNMA POOL #0AM8958
2.970% 06/01/2030 DD 06/01/15
343,000

343,295

328,100

 
FNMA POOL #0AT2016
3.000% 04/01/2043 DD 04/01/13
1,342,059

1,354,640

1,345,025

 
FNMA POOL #0AU1358
3.000% 07/01/2028 DD 07/01/13
853,050

884,906

881,099

 
FNMA POOL #0AU8871
3.000% 12/01/2028 DD 11/01/13
1,420,342

1,456,960

1,466,390

 
FNMA POOL #0MA2495
3.500% 01/01/2046 DD 12/01/15
3,500,000

3,621,680

3,613,750

 
FORD MOTOR CREDIT CO LLC
6.625% 08/15/2017 DD 08/04/10
150,000

177,495

159,882

 
FORD MOTOR CREDIT CO LLC
5.875% 08/02/2021 DD 08/01/11
225,000

262,510

250,906

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
310,000

310,000

304,370

 
FORD MOTOR CREDIT CO LLC
3.219% 01/09/2022 DD 01/09/15
375,000

382,856

367,031

 
FORD MOTOR CREDIT CO LLC
2.551% 10/05/2018 DD 10/08/15
200,000

200,118

198,580

 
GENERAL MOTORS FINANCIAL CO IN
4.300% 07/13/2025 DD 07/13/15
600,000

588,858

581,814

 
GENERAL MOTORS FINANCIAL CO IN
3.100% 01/15/2019 DD 10/13/15
240,000

239,890

239,652

 
GILEAD SCIENCES INC
3.500% 02/01/2025 DD 11/17/14
120,000

119,887

121,001

 
GILEAD SCIENCES INC
2.550% 09/01/2020 DD 09/14/15
155,000

154,721

154,941

 
GNMA POOL #0249532
8.500% 04/15/2018 DD 05/01/88
2,921

3,154

2,933





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, 2015    
 
GNMA POOL #0345910
6.000% 12/15/2023 DD 12/01/93
8,509

8,867

9,626

 
GNMA POOL #0427239
6.000% 01/15/2028 DD 01/01/98
791

824

887

 
GNMA POOL #0465541
6.000% 07/15/2028 DD 07/01/98
2,107

2,196

2,395

 
GNMA POOL #0486703
6.000% 11/15/2028 DD 11/01/98
1,294

1,349

1,492

 
GNMA POOL #0491289
6.000% 11/15/2028 DD 11/01/98
11,607

12,133

13,021

 
GNMA POOL #0596613
6.000% 10/15/2032 DD 10/01/02
925

953

1,056

 
GNMA POOL #0601319
6.000% 02/15/2033 DD 02/01/03
11,707

12,238

13,134

 
GNMA POOL #0739896
4.000% 01/15/2041 DD 01/01/11
292,648

316,048

310,596

 
GNMA POOL #0767263
4.000% 08/15/2041 DD 08/01/11
1,218,940

1,316,408

1,294,222

 
GNMA POOL #0770410
4.000% 06/15/2041 DD 06/01/11
108,865

117,676

115,527

 
GNMA POOL #0778693
4.000% 12/15/2041 DD 12/01/11
230,725

249,399

244,877

 
GNMA POOL #0781856
6.000% 08/15/2034 DD 01/01/05
226,917

234,771

261,152

 
GNMA POOL #0782071
7.000% 05/15/2033 DD 03/01/06
67,943

70,894

80,303

 
GNMA II POOL #0MA3244
3.500% 11/20/2045 DD 11/01/15
2,394,861

2,497,765

2,500,211

 
GOLDMAN SACHS GROUP INC/THE
VAR RT 11/29/2023 DD 11/29/13
300,000

304,878

302,664

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
210,000

245,547

228,043

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
285,000

303,235

324,108

 
GOLDMAN SACHS GROUP INC/THE
2.375% 01/22/2018 DD 01/22/13
165,000

164,931

166,426

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
260,000

259,215

266,859

 
GOLDMAN SACHS GROUP INC/THE
2.750% 09/15/2020 DD 09/15/15
15,000

14,969

14,990

 
GOLDMAN SACHS GROUP INC/THE
2.900% 07/19/2018 DD 07/19/13
575,000

592,773

586,241

 
GOLDMAN SACHS GROUP INC/THE
2.600% 04/23/2020 DD 01/23/15
105,000

104,803

104,203

 
GOLDMAN SACHS GROUP INC/THE
3.750% 05/22/2025 DD 05/22/15
25,000

24,919

25,167

 
GOLDMAN SACHS GROUP INC/THE
5.150% 05/22/2045 DD 05/22/15
140,000

139,090

135,995

 
GS MORTGAGE SECURITIES GC12 A4
3.135% 06/10/2046 DD 05/01/13
165,000

169,946

164,630

 
GS MORTGAGE SECURITIES GC18 A4
4.074% 01/10/2047 DD 01/01/14
270,000

288,274

284,275

 
GS MORTGAGE SECURITIES GC20 A5
3.998% 04/10/2047 DD 04/01/14
375,000

397,676

391,999

 
GS MORTGAGE SECURITIES GS1 A3
3.734% 11/10/2048 DD 11/01/15
286,000

294,560

291,480

 
HALLIBURTON CO
2.700% 11/15/2020 DD 11/13/15
90,000

89,815

88,961

 
HCP INC
3.150% 08/01/2022 DD 07/23/12
235,000

234,408

224,446

 
HCP INC
4.250% 11/15/2023 DD 11/12/13
165,000

164,241

165,233

 
HCP INC
6.000% 01/30/2017 DD 01/22/07
85,000

91,478

88,545

 
HESS CORP
1.300% 06/15/2017 DD 06/24/14
205,000

204,580

200,592

 
HEWLETT PACKARD ENTERPRIS 144A
2.450% 10/05/2017 DD 10/09/15
235,000

234,868

234,800

 
HEWLETT PACKARD ENTERPRIS 144A
2.850% 10/05/2018 DD 10/09/15
235,000

234,699

234,868

 
HSBC HOLDINGS PLC
4.250% 08/18/2025 DD 08/18/15
225,000

223,155

223,292

 
HSBC USA INC
2.350% 03/05/2020 DD 03/05/15
275,000

274,730

271,804

 
HSBC USA INC
2.750% 08/07/2020 DD 08/07/15
325,000

324,714

325,032

 
HUNTINGTON NATIONAL BANK/THE
1.700% 02/26/2018 DD 02/26/15
300,000

299,580

296,661

 
IMPERIAL BRANDS FINANCE P 144A
3.750% 07/21/2022 DD 07/21/15
225,000

230,674

225,900

 
ING BANK NV 144A
1.800% 03/16/2018 DD 03/16/15
295,000

294,546

294,254





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, 2015    
 
INTERCONTINENTAL EXCHANGE INC
2.750% 12/01/2020 DD 11/24/15
130,000

129,854

129,967

 
INTERNATIONAL BUSINESS MACHINE
2.875% 11/09/2022 DD 11/09/15
600,000

597,510

595,434

 
JM SMUCKER CO/THE
1.750% 03/15/2018 DD 09/15/15
435,000

437,067

432,956

 
JP MORGAN CHASE COMMER CB16 A4
5.552% 05/12/2045 DD 09/01/06
314,016

354,610

317,702

 
JP MORGAN CHASE COMMER LDP7 A4
VAR RT 04/15/2045 DD 06/01/06
200,428

217,396

201,069

 
JP MORGAN CHASE COMMERC LC9 A5
2.840% 12/15/2047 DD 12/01/12
375,059

375,471

369,647

 
JPMBB COMMERCIAL MORTGA C22 A4
3.801% 09/15/2047 DD 08/01/14
285,000

295,584

291,783

 
JPMBB COMMERCIAL MORTGA C33 A4
3.770% 12/15/2048 DD 11/01/15
287,000

295,609

292,706

 
JPMORGAN CHASE & CO
6.125% 06/27/2017 DD 06/27/07
650,000

672,937

688,337

 
JPMORGAN CHASE & CO
4.350% 08/15/2021 DD 08/10/11
250,000

248,800

266,058

 
JPMORGAN CHASE & CO
4.500% 01/24/2022 DD 01/23/12
105,000

112,184

113,254

 
JPMORGAN CHASE & CO
3.200% 01/25/2023 DD 01/25/13
375,000

372,885

373,777

 
JPMORGAN CHASE & CO
2.750% 06/23/2020 DD 06/23/15
310,000

309,467

311,383

 
JPMORGAN CHASE & CO
2.550% 10/29/2020 DD 10/29/15
155,000

154,840

153,700

 
KEYBANK NA/CLEVELAND OH
1.700% 06/01/2018 DD 06/01/15
525,000

524,433

521,325

 
KEYCORP
2.900% 09/15/2020 DD 09/15/15
325,000

324,941

323,778

 
KIMCO REALTY CORP
6.875% 10/01/2019 DD 09/24/09
160,000

159,744

183,779

 
KIMCO REALTY CORP
4.300% 02/01/2018 DD 09/03/10
75,000

74,739

78,196

 
KINDER MORGAN INC/DE
3.050% 12/01/2019 DD 11/26/14
80,000

80,380

74,041

 
KRAFT HEINZ FOODS CO 144A
3.950% 07/15/2025 DD 07/02/15
95,000

94,874

95,884

 
KRAFT HEINZ FOODS CO 144A
2.800% 07/02/2020 DD 07/02/15
90,000

89,796

89,767

 
KRAFT HEINZ FOODS CO 144A
3.500% 07/15/2022 DD 07/02/15
65,000

64,847

65,448

 
KRAFT HEINZ FOODS CO 144A
1.600% 06/30/2017 DD 07/02/15
375,000

374,764

373,912

 
KRAFT HEINZ FOODS CO 144A
2.000% 07/02/2018 DD 07/02/15
170,000

169,660

169,198

 
KROGER CO/THE
2.950% 11/01/2021 DD 10/28/14
310,000

306,822

306,832

 
LABORATORY CORP OF AMERICA HOL
2.625% 02/01/2020 DD 01/30/15
140,000

139,843

138,215

 
LB-UBS COMMERCIAL MORTGA C1 A2
VAR RT 04/15/2041 DD 04/11/08
303,054

335,406

319,186

 
LIBERTY PROPERTY LP
6.625% 10/01/2017 DD 09/25/07
110,000

109,323

118,048

 
LIBERTY PROPERTY LP
4.125% 06/15/2022 DD 06/11/12
55,000

58,729

55,626

 
LIBERTY PROPERTY LP
3.375% 06/15/2023 DD 12/10/12
70,000

69,932

66,390

 
LOCKHEED MARTIN CORP
2.500% 11/23/2020 DD 11/23/15
80,000

79,713

79,526

 
LOCKHEED MARTIN CORP
1.850% 11/23/2018 DD 11/23/15
235,000

234,598

234,584

 
LOWE'S COS INC
3.375% 09/15/2025 DD 09/16/15
65,000

64,624

65,994

 
M&T BANK AUTO RECEI 1A A3 144A
1.060% 11/15/2017 DD 09/19/13
141,276

141,274

141,287

 
MARATHON OIL CORP
2.700% 06/01/2020 DD 06/10/15
150,000

149,675

132,261

 
MARSH & MCLENNAN COS INC
2.300% 04/01/2017 DD 03/12/12
100,000

101,435

100,789

 
MARSH & MCLENNAN COS INC
4.050% 10/15/2023 DD 09/27/13
375,000

373,522

387,499

 
MARSH & MCLENNAN COS INC
3.500% 03/10/2025 DD 09/10/14
125,000

124,607

123,060

 
MCDONALD'S CORP
2.750% 12/09/2020 DD 12/09/15
65,000

64,880

64,955

 
MCKESSON CORP
1.400% 03/15/2018 DD 03/08/13
100,000

98,266

98,715

 
MEDTRONIC INC
3.150% 03/15/2022 DD 03/15/15
240,000

239,632

242,621

 
MERCK & CO INC
2.350% 02/10/2022 DD 02/10/15
70,000

69,905

68,730





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, 2015    
 
METLIFE INC
3.600% 11/13/2025 DD 11/13/15
95,000

94,992

95,668

 
MICROSOFT CORP
2.375% 02/12/2022 DD 02/12/15
135,000

134,766

133,252

 
MORGAN STANLEY
6.625% 04/01/2018 DD 04/01/08
875,000

931,108

959,464

 
MORGAN STANLEY
4.350% 09/08/2026 DD 09/08/14
250,000

249,560

250,817

 
MORGAN STANLEY
5.550% 04/27/2017 DD 04/27/07
345,000

371,593

361,988

 
MORGAN STANLEY
2.500% 01/24/2019 DD 01/24/14
100,000

99,632

100,546

 
MORGAN STANLEY
4.300% 01/27/2045 DD 01/27/15
100,000

99,250

95,411

 
MORGAN STANLEY
4.875% 11/01/2022 DD 10/23/12
20,000

20,161

21,225

 
MORGAN STANLEY
3.950% 04/23/2027 DD 04/23/15
120,000

119,568

116,470

 
MORGAN STANLEY BANK OF C14 A5
4.064% 02/15/2047 DD 02/01/14
25,000

26,743

26,379

 
MORGAN STANLEY CAPITAL T23 A4
VAR RT 08/12/2041 DD 08/01/06
116,586

101,393

117,404

 
MYLAN NV 144A
3.000% 12/15/2018 DD 12/09/15
85,000

84,893

84,812

 
MYLAN NV 144A
3.750% 12/15/2020 DD 12/09/15
95,000

94,970

95,100

 
NATIONAL RETAIL PROPERTIES INC
4.000% 11/15/2025 DD 10/21/15
165,000

164,602

162,051

 
NATIONAL RURAL UTILITIES COOPE
3.050% 02/15/2022 DD 02/02/12
225,000

224,226

227,185

 
NATIONAL RURAL UTILITIES COOPE
2.300% 11/01/2020 DD 10/27/15
170,000

169,657

168,353

 
NBCUNIVERSAL MEDIA LLC
4.375% 04/01/2021 DD 04/01/11
150,000

154,105

162,934

 
NEW YORK LIFE GLOBAL FUND 144A
1.950% 02/11/2020 DD 02/11/15
290,000

289,945

284,301

 
NEXEN ENERGY ULC
6.200% 07/30/2019 DD 07/30/09
275,000

320,427

304,029

 
OBP DEPOSITOR LLC T OBP A 144A
4.646% 07/15/2045 DD 07/01/10
150,000

157,838

161,613

 
PENSKE TRUCK LEASING CO L 144A
4.875% 07/11/2022 DD 07/13/12
155,000

159,446

161,214

 
PENSKE TRUCK LEASING CO L 144A
2.500% 06/15/2019 DD 06/17/14
325,000

324,909

319,693

 
PETROLEOS MEXICANOS
5.750% 03/01/2018
150,000

160,350

156,150

 
PETROLEOS MEXICANOS
4.875% 01/24/2022
225,000

230,006

216,562

 
PNC BANK NA
2.700% 11/01/2022 DD 10/22/12
350,000

321,461

340,424

 
QUALCOMM INC
3.000% 05/20/2022 DD 05/20/15
80,000

78,650

79,198

 
REALTY INCOME CORP
6.750% 08/15/2019 DD 09/05/07
300,000

299,481

341,238

 
REALTY INCOME CORP
4.125% 10/15/2026 DD 09/23/14
380,000

384,393

381,220

 
REGENCY ENERGY PARTNERS LP / R
5.875% 03/01/2022 DD 02/10/14
150,000

156,905

141,384

 
REYNOLDS AMERICAN INC
4.000% 06/12/2022 DD 06/12/15
150,000

149,791

155,937

 
RIO TINTO FINANCE USA PLC
2.875% 08/21/2022 DD 08/21/12
175,000

170,387

158,720

 
RYDER SYSTEM INC
2.450% 09/03/2019 DD 05/06/14
325,000

324,265

320,170

 
SANTANDER HOLDINGS USA INC
2.650% 04/17/2020 DD 04/17/15
320,000

318,723

313,942

 
SANTANDER ISSUANCES SAU
5.179% 11/19/2025 DD 11/19/15
800,000

800,000

787,880

 
SHELL INTERNATIONAL FINANCE BV
2.000% 11/15/2018 DD 11/15/13
100,000

100,672

100,117

 
SHELL INTERNATIONAL FINANCE BV
2.250% 11/10/2020 DD 11/10/15
490,000

487,310

482,792

 
SIMON PROPERTY GROUP LP
3.500% 09/01/2025 DD 08/17/15
500,000

496,770

506,215

 
SKY PLC 144A
2.625% 09/16/2019 DD 09/16/14
235,000

234,650

233,914

 
ST JUDE MEDICAL INC
2.800% 09/15/2020 DD 09/23/15
240,000

239,890

240,091

 
STANDARD CHARTERED PLC 144A
1.500% 09/08/2017 DD 09/08/14
600,000

599,664

596,130

 
SUNCOR ENERGY INC
6.100% 06/01/2018 DD 06/06/08
280,000

309,137

301,157





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, 2015    
 
SUNOCO LOGISTICS PARTNERS OPER
4.250% 04/01/2024 DD 04/03/14
90,000

91,595

77,839

 
SYNCHRONY FINANCIAL
1.875% 08/15/2017 DD 08/11/14
355,000

354,691

353,374

 
SYNCHRONY FINANCIAL
2.700% 02/03/2020 DD 02/02/15
400,000

402,315

392,332

 
SYNCHRONY FINANCIAL
2.600% 01/15/2019 DD 12/04/15
60,000

59,984

59,785

 
TIME WARNER CABLE INC
5.850% 05/01/2017 DD 04/09/07
270,000

269,376

282,455

 
TIME WARNER CABLE INC
6.750% 07/01/2018 DD 06/19/08
145,000

171,945

158,202

 
TIME WARNER CABLE INC
8.750% 02/14/2019 DD 11/18/08
20,000

24,431

23,201

 
TIME WARNER INC
3.600% 07/15/2025 DD 06/04/15
150,000

148,515

146,022

 
TRANSCANADA PIPELINES LTD
1.625% 11/09/2017 DD 11/09/15
95,000

94,961

94,220

 
U S TREASURY BD PRIN STRIP
0.000% 11/15/2045 DD 11/16/15
1,865,000

736,190

719,293

 
U S TREASURY NOTE
0.875% 11/15/2017 DD 11/15/14
4,800,000

4,787,250

4,783,296

 
U S TREASURY NOTE
1.250% 12/15/2018 DD 12/15/15
3,155,000

3,148,098

3,148,343

 
UBS GROUP FUNDING JERSEY 144A
2.950% 09/24/2020 DD 09/24/15
205,000

204,649

203,087

 
UBS-BARCLAYS COMMERCIAL C6 A4
3.244% 04/10/2046 DD 04/01/13
170,000

165,386

170,393

 
UDR INC
3.700% 10/01/2020 DD 09/26/13
70,000

69,987

72,309

 
UNITEDHEALTH GROUP INC
2.300% 12/15/2019 DD 12/08/14
245,000

250,635

246,191

 
UNITEDHEALTH GROUP INC
3.350% 07/15/2022 DD 07/23/15
65,000

65,041

66,485

 
UNITEDHEALTH GROUP INC
3.750% 07/15/2025 DD 07/23/15
125,000

124,661

128,860

 
US TREAS-CPI INFLAT
0.125% 04/15/2020 DD 04/15/15
6,505,110

6,479,204

6,422,170

 
VENTAS REALTY LP
3.500% 02/01/2025 DD 01/14/15
55,000

54,815

52,664

 
VENTAS REALTY LP / VENTAS CAPI
2.000% 02/15/2018 DD 12/13/12
165,000

164,569

164,195

 
VENTAS REALTY LP / VENTAS CAPI
2.700% 04/01/2020 DD 03/19/13
225,000

224,869

221,863

 
VERIZON COMMUNICATIONS INC
5.150% 09/15/2023 DD 09/18/13
425,000

474,066

467,215

 
VERIZON COMMUNICATIONS INC
4.150% 03/15/2024 DD 03/17/14
170,000

171,904

174,702

 
VERIZON COMMUNICATIONS INC
3.450% 03/15/2021 DD 03/17/14
185,000

185,903

189,272

 
VISA INC
1.200% 12/14/2017 DD 12/14/15
170,000

169,910

169,810

 
VISA INC
2.200% 12/14/2020 DD 12/14/15
345,000

344,707

344,358

 
VISA INC
2.800% 12/14/2022 DD 12/14/15
285,000

284,604

286,177

 
VISA INC
3.150% 12/14/2025 DD 12/14/15
160,000

159,414

160,198

 
WACHOVIA CORP
5.750% 02/01/2018 DD 01/31/08
255,000

289,343

275,423

 
WASTE MANAGEMENT INC
2.900% 09/15/2022 DD 09/12/12
50,000

49,190

49,073

 
WASTE MANAGEMENT INC
3.500% 05/15/2024 DD 05/08/14
385,000

390,710

388,088

 
WELLS FARGO & CO
3.450% 02/13/2023 DD 02/13/13
125,000

124,926

125,295

 
WELLS FARGO & CO
4.125% 08/15/2023 DD 08/15/13
310,000

308,224

321,957

 
WELLS FARGO & CO
3.000% 02/19/2025 DD 02/19/15
145,000

144,516

141,036

 
WELLS FARGO & CO
3.550% 09/29/2025 DD 09/28/15
155,000

154,729

156,395

 
WELLS FARGO & CO
2.550% 12/07/2020 DD 12/07/15
465,000

464,502

462,712

 
WELLTOWER INC
5.250% 01/15/2022 DD 03/14/11
135,000

149,180

146,017

 
WFRBS COMMERCIAL MORTG LC14 A5
4.045% 03/15/2047 DD 02/01/14
85,000

90,814

89,455

 
WFRBS COMMERCIAL MORTGA C11 A5
3.071% 03/15/2045 DD 02/01/13
245,000

252,347

244,265





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, 2015    
 
WFRBS COMMERCIAL MORTGA C14 A5
3.337% 06/15/2046 DD 06/01/13
100,036

101,722

100,980

 
WILLIAMS PARTNERS LP
3.600% 03/15/2022 DD 03/03/15
225,000

224,928

176,944

 
WILLIAMS PARTNERS LP
4.300% 03/04/2024 DD 03/04/14
55,000

54,885

43,584

 
WILLIAMS PARTNERS LP
3.900% 01/15/2025 DD 06/27/14
95,000

94,705

71,388

 
WORLD OMNI AUTO RECEIVABL B A4
1.680% 12/15/2020 DD 10/29/14
400,000

399,861

397,460

 
ZIMMER BIOMET HOLDINGS INC
1.450% 04/01/2017 DD 03/19/15
295,000

294,926

293,563

 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2046 DD 01/01/16
1,000,000

(1,002,031
)
(1,002,031
)
 
COMMIT TO PUR FNMA SF MTG
3.000% 01/01/2046 DD 01/01/16
2,100,000

(2,104,594
)
(2,104,594
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2046 DD 01/01/16
3,200,000

(3,303,500
)
(3,303,500
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2046 DD 01/01/16
2,100,000

(2,168,414
)
(2,168,414
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2031 DD 01/01/16
4,000,000

(4,176,250
)
(4,176,250
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2046 DD 01/01/16
1,000,000

(1,076,406
)
(1,076,406
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2046 DD 01/01/16
1,000,000

(1,076,406
)
(1,076,406
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2046 DD 01/01/16
500,000

(520,938
)
(520,938
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2046 DD 01/01/16
100,000

(103,844
)
(103,844
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2046 DD 01/01/16
600,000

(623,156
)
(623,156
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2046 DD 01/01/16
600,000

(625,688
)
(625,688
)
 
U S TREASURY BD PRIN STRIP
0.000% 11/15/2045 DD 11/16/15
1,865,000

(736,190
)
(736,190
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
45,708,378

45,708,378

 
TOTAL UNDERLYING ASSETS
 
 
155,288,785

154,834,939

 
 
 
 
 
 
 
BANK OF TOKYO INV-DOWCHEM13-1 - 50.2% of MARKET VALUE
 
 
77,680,689

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
78,722,965

 
FAIR VALUE BANK OF TOKYO INV-DOWCHEM13-1
 
 
156,403,654

 
BANK OF TOKYO INV-DOWCHEM13-1 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
(1,754,571
)
 
BANK OF TOKYO INV-DOWCHEM13-1 - CONTRACT VALUE
 
 
154,649,083

 
 
 
 
 
 
 
RGA RGA00036 - 49.8% of MARKET VALUE
 
 
77,154,250

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
105,662,204

 
FAIR VALUE RGA RGA00036
 
 
 
182,816,454

 
RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(1,550,047
)
 
RGA RGA00036 - CONTRACT VALUE
 
 
 
181,266,407







Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (No. 333-67414) on Form S-8 of our report dated June 27, 2016, appearing in the annual report on Form 11-K of The Dow Chemical Company Employees' Savings Plan as of December 31, 2015 and 2014 and for the year ended December 31, 2015.
                        

/s/ Plante & Moran, PLLC
Plante & Moran, PLLC
Elgin, Illinois                                    
June 27, 2016