Dow 2014 11K
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, 2014    

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, 2014 and 2013, supplemental schedules for the year ended December 31, 2014, 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 23, 2015
 
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, 2014 and 2013, Supplemental
Schedules as of and for the Year Ended
December 31, 2014, 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, 2014 and 2013 and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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, 2014 and 2013 and the changes in net assets for the year ended December 31, 2014, 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, 2014, and the schedule of reportable transactions for the year ended December 31, 2014, 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 23, 2015



1



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2014 and 2013

 
2014
 
2013

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)
$
8,748,898,128

$
914,726,468

$
9,663,624,596

 
$
8,531,703,367

$
1,006,126,190

$
9,537,829,557

Receivables - interest, dividends and other
17,427,616

8,437,124

25,864,740

 
24,880,525

7,261,746

32,142,271

Receivables - employer contributions
2,827,685


2,827,685

 
2,827,685


2,827,685

Receivables - participant notes
124,221,368


124,221,368

 
125,105,351


125,105,351

Total Assets
$
8,893,374,797

$
923,163,592

$
9,816,538,389

 
$
8,684,516,928

$
1,013,387,936

$
9,697,904,864

Liabilities
 
 
 
 
 
 
 
LESOP loan payables (Note 5)
$

$
80,340,423

$
80,340,423

 
$

$
91,571,513

$
91,571,513

Other payables
24,230,010

3,880,993

28,111,003

 
38,146,031

4,423,531

42,569,562

Total Liabilities
$
24,230,010

$
84,221,416

$
108,451,426

 
$
38,146,031

$
95,995,044

$
134,141,075

Net Assets Available For Benefits Reflecting All Investments At Fair Value
$
8,869,144,787

$
838,942,176

$
9,708,086,963

 
$
8,646,370,897

$
917,392,892

$
9,563,763,789

Adjustments From Fair Value To Contract Value For Fully Benefit- Responsive Investment Contracts
(57,913,022
)

(57,913,022
)
 
(51,577,588
)

(51,577,588
)
Net Assets Available For Benefits
$
8,811,231,765

$
838,942,176

$
9,650,173,941

 
$
8,594,793,309

$
917,392,892

$
9,512,186,201

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, 2014
 
Allocated Participant Directed

Unallocated Non- Participant Directed

Total

Additions
 
 
 
Investment income
 
 
 
Net appreciation in fair value of investments (Note 3)
$
346,715,890

$
32,866,376

$
379,582,266

Interest and dividends
130,841,634

32,568,755

163,410,389

Total investment income
477,557,524

65,435,131

542,992,655

 
 
 
 
Employee contributions
234,393,409


234,393,409

Interest on participant notes receivable
4,192,716


4,192,716

Allocation of 2,866,894 shares of common stock of The Dow Chemical Company, at market
135,114,937


135,114,937

Total additions
851,258,586

65,435,131

916,693,717

 
 
 
 
Deductions
 
 
 
Distributions and withdrawals
631,214,799


631,214,799

Administrative expenses
1,452,831


1,452,831

Interest expense

8,770,910

8,770,910

Allocation of 2,866,894 shares of common stock of The Dow Chemical Company, at market

135,114,937

135,114,937

Total deductions
632,667,630

143,885,847

776,553,477

 
 
 
 
Transfers
 
 
 
Transfers in
1,173,395


1,173,395

Transfers out
3,325,895


3,325,895

Net transfers
(2,152,500
)

(2,152,500
)
 
 
 
 
Net Increase (Decrease)
216,438,456

(78,450,716
)
137,987,740

 
 
 
 
Net Assets Available for Benefits
 
 
 
Beginning of year
8,594,793,309

917,392,892

9,512,186,201

End of year
$
8,811,231,765

$
838,942,176

$
9,650,173,941

See notes to financial statements.

3


THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2014 and 2013, AND FOR THE YEAR ENDED DECEMBER 31, 2014

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 $17,500 in 2014. Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $5,500 in 2014. 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, 2014, the total number of shares allocated as contingent matching contributions and Excess ESOP Shares distribution contributions amounted to 1,739,190, with a market value of $79,324,455. The Company allocated these shares to the participants in March 2015.

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, 2014.

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. Effective January 1, 2014, distributions for termination other than disability or death that do not exceed $1,000 are required to be made as lump-sum payments. Eligible retirees age 65 or older, or age 50 and over with at least 10 years of eligible service, may also request partial withdrawals from the Plan. Active employees may request in‑service distribution upon the attainment of age 59‑1/2. After‑tax withdrawals are available once every six months. In certain limited hardship situations (as defined by Internal Revenue Service (IRS) regulations), participants may withdraw up to 100% of their account balance.

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, 2014 and 2013 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.


5


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 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 1.5% and 1.3% as

6


of December 31, 2014 and 2013, respectively. The crediting interest rate was approximately 2.0% and 1.8% at December 31, 2014 and 2013, respectively. 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.

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, 2014 and 2013 are as follows:

Interest rate instruments:
2014
2013
  Assets
$
17,655,524

$
45,257,533

  Liabilities
19,054,032

44,429,011


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

For the year ended December 31, 2014, 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
$
(7,785,365
)
  TBA
871,633

 
$
(6,913,732
)

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

During 2014 and 2013, 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 $111 million and $281 million at December 31, 2014 and 2013, 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, 2014 and 2013 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

7


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 2011.

Risks and Uncertainties - The Plan invests in various investment instruments. At December 31, 2014, 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.

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). This update amends ASC 820, Fair Value Measurements. The update 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. The disclosure requirements are effective for fiscal years beginning after December 15, 2015 for public entities and are required to be provided retrospectively for all comparative periods presented. Management does not expect the adoption of this standard to have a significant impact on the Plan’s financial statements.


3.
INVESTMENTS

The Plan's significant investments as of December 31, 2014 and 2013 are as follows:
 
2014
2013
The Dow Chemical Company Stock - at fair value:
 
 
Dow Stock (1)
$
914,110,603

$
781,240,555

LESOP Allocated (2)
683,825,850

654,693,274

LESOP Unallocated (3)
914,726,429

1,006,126,156

Common/collective trusts - at fair value:
 
 
Fidelity Contrafund Commingled Pool (1)
565,602,926


     S&P 500 Index Fund
1,157,252,236

1,024,905,963

Mutual funds - at fair value:
 
 
Fidelity Contrafund Pool (1)

584,509,545

Synthetic GICs:
 
 
    IGT INVESCO ShrTrm Bond - at contract value
759,889,800

821,887,174



8


During the year ended December 31, 2014, 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)
$
20,723,775

LESOP Allocated (2)
22,782,843

LESOP Unallocated (3)
32,866,376

Common/collective trusts
253,056,760

Mutual funds
8,965,322

Common stock
2,807,958

Synthetic GICs:

    Fixed Income Securities
23,423,117

    Common/collective trusts
15,770,407

    Wrap Contracts
(39,040
)
    Other
(775,252
)
Net appreciation in fair value of investments
$
379,582,266

(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, 2014 and 2013, is presented in the following table:

 
2014
 
2013
 
Allocated
Unallocated
 
Allocated
Unallocated
Number of Shares
14,992,893

20,055,392

 
14,745,344

22,660,499

Cost
$
70,953,735

$
324,948,194

 
$
72,580,627

$
356,721,064

Fair Value
$
683,825,850

$
914,726,429

 
$
654,693,274

$
1,006,126,156



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, 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




10


Assets Measured at Fair Value on a Recurring Basis at December 31, 2013
 
 
 
 
 
Level 1
Level 2
Level 3
Total
The Dow Chemical Company Stock:
 
 
 
 
    Dow Stock
$
781,240,555

$

$

$
781,240,555

    LESOP (Allocated Shares)
654,693,274



654,693,274

    LESOP (Unallocated Shares)
1,006,126,156



1,006,126,156

Common Stock
47,471,358



47,471,358

Mutual Funds
 
 
 
 
    Equities
1,366,797,705



1,366,797,705

    Fixed Income
920,675,018



920,675,018

    Balanced Investments
32,610,938



32,610,938

Common/collective trusts:
 
 
 
 
    Equities (1)

1,645,204,038


1,645,204,038

    Fixed Income (2)

61,922,873


61,922,873

    Retirement Age Investments (3)

814,971,612


814,971,612

Temporary investments

35,136,835


35,136,835

Synthetic GICs
 
 
 
 
    Derivative Contracts
881,680

(53,158
)

828,522

    Fixed Income Securities:
 
 

 
        Corporate

398,883,223


398,883,223

        US Government

676,806,971


676,806,971

        Other

18,594,902


18,594,902

    Common/collective trusts:
 
 
 
 
        Fixed Income (2)

933,886,707


933,886,707

    Temporary Investments

141,640,524


141,640,524

    Wrap Contracts


338,346

338,346

Total assets at fair value
$
4,810,496,684

$
4,726,994,527

$
338,346

$
9,537,829,557

(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, 2014 are as follows:

 
Synthetic GIC Wrap Contract
Balance as of January 1, 2014
$
338,346

Unrealized Loss
(39,040
)
Balance as of December 31, 2014
$
299,306


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 2014.

The Plan also holds other assets and liabilities not measured at fair value on a recurring basis, including 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, 2014 and 2013, 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, 2014. The Company declared common stock dividends of $1.53 per share during 2014.

Interest expense for the year ended December 31, 2014 is $8,770,910. The minimum principal payments on this loan to maturity are as follows:

2015
$
12,400,648

2016
13,692,004

2017
15,117,833

2018
16,692,143

2019
18,430,396

Thereafter
4,007,399

 
$
80,340,423



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, 2014 and 2013:

 
2014
2013
Net assets available for benefits per the financial statements
$
9,650,173,941

$
9,512,186,201

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
57,913,022

51,577,588

Net assets available for benefits per Form 5500
$
9,708,086,963

$
9,563,763,789


For the year ended December 31, 2014, the following is a reconciliation of net investment income per the financial statements to Form 5500:

Net investment gain per the financial statements
$
542,992,655

Adjustment for participant notes receivable interest
4,192,716

Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts
6,335,434

Net investment gain per Form 5500
$
553,520,805




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, 2014
 
 
 
(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
**
$
914,110,603

 
  LESOP
Allocated LESOP - Dow Stock
**
683,825,850

 
  LESOP
Unallocated LESOP - Dow Stock
$
324,948,194

914,726,429

 
Praxair Stock
Common Stock
**
32,891,008

 
S&P 500 Index Fund
Common/Collective Trust
**
1,157,252,236

 
T. Rowe Price US Treasury Fund
Common/Collective Trust
**
52,731,540

 
PIM Total Return Inst
Mutual Fund
**
173,509,281

 
TRP IS MID CP EQ GR
Mutual Fund
**
330,535,686

 
NB Genesis Inst CL
Mutual Fund
**
219,928,248

 
TRP High Yield Inst
Mutual Fund
**
132,449,941

 
BTC Lifepath Ret
Common/Collective Trust
**
170,273,928

 
BTC Lifepath 2020
Common/Collective Trust
**
213,791,215

 
BTC Lifepath 2025
Common/Collective Trust
**
175,322,963

 
BTC Lifepath 2030
Common/Collective Trust
**
143,503,248

 
BTC Lifepath 2035
Common/Collective Trust
**
79,992,741

 
BTC Lifepath 2040
Common/Collective Trust
**
59,640,045

 
BTC Lifepath 2045
Common/Collective Trust
**
52,662,258

 
BTC Lifepath 2050
Common/Collective Trust
**
33,365,744

 
BTC Lifepath 2055
Common/Collective Trust
**
22,858,333

 
ACWI ex-US IMI Index
Common/Collective Trust
**
153,926,989

 
American Century U.S. Real Estate Securities Trust
Common/Collective Trust
**
98,354,550

 
Vang Tot BD Mkt Inst
Mutual Fund
**
108,057,687

 
Vang Global Equity
Mutual Fund
**
112,146,426

 
Vang Dev Mkt IDX IPS
Mutual Fund
**
123,081,971

 
Vang Convertible Sec
Mutual Fund
**
34,826,577

 
Vang LT Treasury ADM
Mutual Fund
**
43,626,200

 
Vang Ext Mkt Idx ISP
Mutual Fund
**
424,674,780

 
PIM Real Ret Inst
Mutual Fund
**
55,211,122

 
PIM Com Real Ret I
Mutual Fund
**
13,629,268

 
Lilly Pre 91 Stock
Common Stock
**
3,387,961

 
Lilly Post 90 Stock
Common Stock
**
6,735,356

 
Small Cap:
 
 
 
 
  BTC Russel 2000 Index Fund
Common/Collective Trust
**
296,862,809

 
Emerging Markets IDX:
 
 
 
 
  Emerging Markets Non-Lend
Common/Collective Trust
**
74,724,803

 
 
 
 
 
 
      Forward
 
 
7,112,617,796

*
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, 2014
 
 
 
(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
 
 
$
7,112,617,796

 
 
 
 
 
*
Fidelity Contrafund Commingled Pool
Common/Collective Trust
**
565,602,926

 
Interest Bearing Cash
Temporary Investments
**
34,071,182

*
Fidelity Short Term Investment Fund
Temporary Investments
**
14,263,156

*
Participant Notes Receivable
Interest recorded at prime rate (3.25% - 10.5%) and maturities up to 60 months
**
124,221,368

 
 
 
 
 
 
Total
 
 
$
7,850,776,428

 
 
 
 
 
 
 
 
 
 
*
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, 2014
 
 
 
(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
**
$
235,252,014

 
    Pacific Life Wrapper Contract
 
**

 
Voya:
 
 
 
 
    #60031-A
    IGT INVESTCO ShrtTrm Bond:
 
 
 
 
evergreen; Common/collective trusts
**
328,301,367

 
    Voya Wrapper Contract
 
**

 
    #60031-B
IGT ING ShrtDuration;
 
 
 
 
evergreen; Common/collective trusts
**
86,229,079

 
    Voya Wrapper Contract
 
**

 
    #60090 (see underlying assets at Appendix B)
Various Securities, maturity dates,
 
 
 
 
and asset types
**
2,277,308

 
    Voya Wrapper Contract
 
**

 
NYL
 
 
 
 
GA-29007 (see underlying assets at Appendix C)
MacKay Shields Dow; evergreen;
 
 
 
 
Synthetic GIC
**
105,287,640

 
    NYL Wrapper Contract
 
**

 
Transamerica Life Insurance Company:
 
 
 
 
MDA01078TR (see underlying assets at Appendix D)
IGT INVESCO ShrtTrm Bond,
 
 
 
 
Dow NISA; evergreen; Synthetic GIC
**
408,778,587

 
Transamerica Life Insurance Company Wrapper Contract
 
**
299,306

 
RGA
 
 
 
 
    RGA 00036 (see underlying assets at Appendix F)
IGT INVESCO ShrtTrm Bond; Wellington
 
 
 
 
Dow, evergreen; Synthetic GIC
**
184,157,677

 
    RGA Wrapper Contract
 
**

 
Prudential Insurance
 
 
 
 
    GA-62233 (see underlying assets at Appendix E)
Jennison, evergreen;
 
 
 
 
Synthetic GIC
**
343,987,350

 
    Prudential Insurance Wrapper Contract
 
**

 
    GA-63084
IGT INVESCO ShrtTrm Bond;
 
 
 
 
evergreen; Common/collective trusts
**
84,817,763

 
    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, 2014
 
 
 
(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;
**
$
157,681,445

 
 
Synthetic GIC
 
 
 
    Tokyo-Mitsubishi Wrapper Contract
 
**

 
 
 
 
 
 
Total guaranteed investment contracts
 
 
$
1,937,069,536

 
 
 
 
 
 
Total
 
 
$
9,787,845,964

 
 
 
 
 
**
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, 2014
 
 
 
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 - 19
32,695,374
32,695,374
32,695,374
 
    Sales - 8
32,695,370
32,695,370
32,695,370
 
 
 
 
 
 
 
There were no Category (i) (ii) or (iv) reportable transactions during the year ended December 31, 2014


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, 2014
 
 
 
(c)
 
 
 
(b)
 
Face Value
 
 (e)
 
Identity of Issue, Borrower,
 
or Number
 (d)
 Current
(a)
Lessor or Similar Party
 
of Shares
 Cost
 Value
 
 
 
 
 
 
 
ACTAVIS FUNDING SCS
3.850% 06/15/2024 DD 06/19/14
1,250,000

1,259,187

1,256,388

 
ALTRIA GROUP INC
9.700% 11/10/2018 DD 11/10/08
500,000

660,795

634,905

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

996,323

963,930

 
AMERICA MOVIL SAB DE CV
5.000% 03/30/2020 DD 03/30/10
1,350,000

1,515,645

1,488,699

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

1,499,970

1,496,400

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

999,961

1,000,910

 
AMERICAN INTERNATIONAL GROUP I
6.400% 12/15/2020 DD 12/03/10
1,400,000

1,691,312

1,669,458

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

1,478,790

1,498,530

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

2,001,860

1,962,360

 
BANC OF AMERICA COMMERCI 4 A1A
VAR RT 07/10/2046 DD 08/01/06
1,106,928

1,178,878

1,171,948

 
BANK OF AMERICA CORP
6.000% 09/01/2017 DD 08/23/07
3,300,000

3,294,274

3,638,745

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
2,100,000

2,336,351

2,412,018

 
BEAR STEARNS COMMERCIA PW11 A4
VAR RT 03/11/2039 DD 03/01/06
491,822

522,523

508,156

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

994,510

1,081,970

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

1,327,690

1,358,721

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

699,877

698,796

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

899,894

896,427

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

493,125

522,055

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

618,375

615,624

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

1,300,000

1,297,959

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

699,890

700,000

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

399,016

400,452

 
CITIGROUP INC
6.000% 08/15/2017 DD 08/15/07
200,000

201,548

221,274

 
CITIGROUP INC
6.125% 11/21/2017 DD 11/21/07
600,000

570,516

669,048

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

3,002,220

3,063,750

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

626,814

630,228

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

823,980

831,408

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

798,144

800,816

 
COOPERATIEVE CENTRALE RAIFFEIS
4.500% 01/11/2021 DD 01/11/11
1,700,000

1,695,393

1,869,915

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

3,847,857

3,741,348

 
CREDIT AGRICOLE SA/LONDON 144A
2.500% 04/15/2019 DD 04/15/14
500,000

499,370

505,755

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

894,600

895,797

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

1,680,345

1,647,945

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

750,000

750,330

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

1,199,372

267,750

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

609,907

131,625

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

1,258,047

1,276,002

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

15,179,175

15,244,200

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

21,080,644

21,252,576




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, 2014
 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
564,964

566,522

604,037

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
640,258

639,858

678,148

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
25,449

24,352

26,637

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

1,029,951

1,056,120

 
FHLMC MULTICLASS MTG 3225 HF
VAR RT 10/15/2036 DD 10/15/06
1,018,616

1,023,391

1,031,216

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
4,333

4,318

4,608

 
FNMA POOL #0072163
VAR RT 02/01/2028 DD 02/01/89
6,090

6,041

6,271

 
FNMA POOL #0112511
VAR RT 09/01/2020 DD 01/01/91
2,892

2,908

2,995

 
FNMA POOL #0253431
7.500% 09/01/2015 DD 08/01/00
63

67

63

 
FNMA POOL #0303298
VAR RT 01/01/2025 DD 04/01/95
9,665

9,925

9,744

 
FNMA POOL #0323919
VAR RT 08/01/2029 DD 08/01/99
16,485

15,825

17,397

 
FNMA POOL #0361373
VAR RT 07/01/2026 DD 09/01/96
29,922

30,679

31,127

 
FNMA POOL #0535873
7.500% 03/01/2016 DD 03/01/01
1,461

1,555

1,491

 
FNMA POOL #0561801
7.500% 11/01/2015 DD 11/01/00
1,092

1,163

1,101

 
FNMA POOL #0628467
7.500% 03/01/2017 DD 02/01/02
3,765

4,007

3,885

 
FNMA POOL #0635940
7.500% 03/01/2017 DD 03/01/02
5,197

5,531

5,298

 
FNMA POOL #0AA7243
4.500% 11/01/2018 DD 05/01/09
133,470

141,734

140,231

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

999,751

1,005,340

 
FRANCE TELECOM SA
5.375% 07/08/2019 DD 07/07/09
1,000,000

1,133,820

1,122,730

 
GENERAL ELECTRIC CAPITAL CORP
4.625% 01/07/2021 DD 01/07/11
1,000,000

1,104,550

1,114,590

 
GENERAL ELECTRIC CAPITAL CORP
4.650% 10/17/2021 DD 10/17/11
1,500,000

1,665,660

1,690,695

 
GNMA POOL #0434797
8.500% 07/15/2030 DD 07/01/00
5,876

6,098

6,468

 
GNMA POOL #0434944
8.500% 11/15/2030 DD 11/01/00
8,560

8,883

10,156

 
GNMA POOL #0434985
8.500% 12/15/2030 DD 12/01/00
10,055

10,419

10,736

 
GNMA POOL #0486116
8.500% 07/15/2030 DD 07/01/00
10,705

11,096

10,870

 
GNMA POOL #0494885
8.500% 03/15/2030 DD 03/01/00
1,855

1,925

1,864

 
GNMA POOL #0498147
8.500% 12/15/2029 DD 12/01/99
390

405

392

 
GNMA POOL #0511172
8.500% 01/15/2030 DD 01/01/00
626

649

638

 
GNMA POOL #0520979
8.500% 09/15/2030 DD 09/01/00
7,186

7,458

8,674

 
GNMA POOL #0521829
8.500% 05/15/2030 DD 05/01/00
5,106

5,294

5,881

 
GNMA POOL #0531197
8.500% 06/15/2030 DD 06/01/00
9,295

9,635

9,450

 
GNMA POOL #0698036
6.000% 01/15/2039 DD 01/01/09
53,635

58,437

60,631

 
GNMA POOL #0782190
6.000% 10/15/2037 DD 10/01/07
9,471

10,319

10,706

 
GNMA POOL #0782449
6.000% 09/15/2038 DD 10/01/08
82,481

89,866

93,239

 
GNMA II POOL #0003001
8.500% 11/20/2030 DD 11/01/00
8,808

9,098

10,650

 
GNMA II POOL #0008089
VAR RT 12/20/2022 DD 12/01/92
69,948

71,129

71,553

 
GNMA II POOL #0008913
VAR RT 07/20/2026 DD 07/01/96
19,860

19,630

20,558

 
GNMA II POOL #0080022
VAR RT 12/20/2026 DD 12/01/96
22,219

22,316

22,978

 
GNMA II POOL #0080354
VAR RT 12/20/2029 DD 12/01/99
48,567

49,697

50,396

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
200,000

233,932

224,484

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

99,946

112,866

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
3,300,000

3,742,761

3,817,407

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

1,698,855

1,695,600

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

1,498,479

1,491,600

 
INTESA SANPAOLO SPA
2.375% 01/13/2017 DD 01/14/14
700,000

708,680

706,125




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, 2014
 
JP MORGAN CHASE COMME LDPX A1A
5.439% 01/15/2049 DD 03/01/07
408,582

451,228

436,697

 
JP MORGAN CHASE COMMER LDPX A3
5.420% 01/15/2049 DD 03/01/07
1,129,900

1,240,418

1,206,259

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

628,056

636,162

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

1,235,996

1,250,208

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

1,029,996

1,037,410

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

2,186,700

2,167,960

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

813,480

806,325

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

3,025,257

2,951,490

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

1,324,875

1,301,237

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

1,019,470

1,018,500

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

1,000,000

999,450

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

1,998,520


 
MANUF & TRADERS TRUST CO
2.250% 07/25/2019 DD 07/25/14
1,600,000

1,595,264

1,596,128

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

1,348,232

1,355,103

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

900,922

892,380

 
MONDELEZ INTERNATIONAL INC
5.375% 02/10/2020 DD 02/08/10
1,500,000

1,716,090

1,699,200

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

2,298,480

2,295,900

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

991,911

1,067,535

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

519,475

523,145

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

520,398

527,700

 
MYLAN INC/PA
4.200% 11/29/2023 DD 11/29/13
1,500,000

1,542,585

1,554,645

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

1,198,644

1,197,660

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

1,830,780

1,832,904

 
ORACLE CORP
2.800% 07/08/2021 DD 07/08/14
1,300,000

1,298,115

1,316,172

 
OVERSEAS PRIVATE INVT CORP
3.790% 06/15/2034 DD 03/17/14
1,200,000

1,200,562

1,282,824

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

200,980

190,308

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

1,041,904

996,676

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

876,195

878,197

 
PORTIGON AG/NEW YORK
4.796% 07/15/2015 DD 07/12/05
1,799,000

1,695,371

1,833,667

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

1,536,930

1,527,420

 
REILLY MTG ASSOC 91ST FHA PROJ
VAR RT 02/01/2023 DD 11/04/99
13,263

13,596

13,029

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

997,670

1,004,610

 
REYNOLDS AMERICAN INC
7.750% 06/01/2018 DD 12/01/06
1,800,000

1,965,388

2,102,040

 
SABMILLER HOLDINGS INC 144A
2.200% 08/01/2018 DD 08/13/13
500,000

500,170

501,345

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

900,000

902,358

 
SLM STUDENT LOAN TR 12 A5 144A
VAR RT 09/15/2022 DD 11/25/03
2,096,391

2,094,753

2,095,846

 
SLM STUDENT LOAN TRUST 20 2 A4
VAR RT 10/25/2022 DD 02/23/06
576,483

576,303

576,206

 
SLM STUDENT LOAN TRUST 20 9 A5
VAR RT 01/27/2020 DD 09/23/04
1,138,840

1,135,326

1,138,738

 
SLM STUDENT LOAN TRUST 200 9 A
VAR RT 04/25/2023 DD 08/28/08
2,621,609

2,610,972

2,692,549

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

498,980

502,300

 
TELEFONICA EMISIONES SAU
5.462% 02/16/2021 DD 02/16/11
1,500,000

1,667,715

1,672,485

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

1,052,280

1,053,820

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

798,560

801,544

 
TIME WARNER CABLE INC
5.850% 05/01/2017 DD 04/09/07
1,600,000

1,811,904

1,746,480

 
TRW AUTOMOTIVE INC 144A
7.250% 03/15/2017 DD 03/26/07
900,000

1,033,312

994,500




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, 2014
 
TYSON FOODS INC
2.650% 08/15/2019 DD 08/08/14
600,000

599,604

605,466

 
U S TREASURY NOTE
1.000% 09/15/2017 DD 09/15/14
18,000,000

18,032,413

18,009,900

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

1,597,376

1,599,904

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

497,580

500,035

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

1,000,000

1,000,020

 
US TREAS-CPI INFLAT
0.125% 01/15/2022 DD 01/15/12
7,868,400

8,095,880

7,653,278

 
US TREAS-CPI INFLAT
0.125% 04/15/2018 DD 04/15/13
15,408,300

15,813,823

15,350,519

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

1,089,980

1,085,760

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

2,900,560

2,870,998

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

149,383

147,934

 
WELLS FARGO & CO
2.125% 04/22/2019 DD 04/22/14
2,000,000

1,995,760

1,999,480

 
WILLIAMS PARTNERS LP
5.250% 03/15/2020 DD 02/09/10
1,250,000

1,409,500

1,356,913

 
ARGENT SECURITIES INC A W10 M1
VAR RT 10/25/2034 DD 09/09/04
495,439

367,244

460,144

 
BANC OF AMERICA MORTGAGE A 1A1
VAR RT 02/25/2034 DD 01/01/04
10,522

10,451

10,182

 
BEAR STEARNS ALT-A TRUS 11 2A2
VAR RT 11/25/2034 DD 09/01/04
173,960

173,417

153,847

 
FHLMC MULTICLASS MTG K006 AX1
VAR RT 01/25/2020 DD 04/01/10
2,402,246

162,246

103,104

 
FHLMC MULTICLASS MTG K007 X1
VAR RT 04/25/2020 DD 06/01/10
495,548

37,670

22,805

 
FHLMC MULTICLASS MTG K008 X1
VAR RT 06/25/2020 DD 09/01/10
558,753

57,992

37,850

 
FIRST BOSTON MORTGAGE SE A I-O
9.488% 05/15/2018 DD 03/01/87
145

968

9

 
FIRST BOSTON MORTGAGE SE A P-O
0.000% 05/15/2018 DD 03/01/87
144

119

137

 
JP MORGAN MORTGAGE TRUS A2 4A1
VAR RT 05/25/2034 DD 04/01/04
112,900

111,683

111,320

 
MASTR ADJUSTABLE RATE M 15 1A1
VAR RT 12/25/2034 DD 11/01/04
22,847

22,704

22,138

 
MERRILL LYNCH MORTGAGE A1 2A1
VAR RT 02/25/2034 DD 02/01/04
267,271

238,372

268,399

 
NCUA GUARANTEED NOTES TR C1 A2
2.900% 10/29/2020 DD 11/10/10
20,000

20,329

20,536

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

246,000

280,179

 
SOUNDVIEW HOME LOAN TRUST 3 M2
VAR RT 06/25/2035 DD 07/14/05
67,524

63,557

67,108

 
THORNBURG MORTGAGE SECUR 4 2A1
VAR RT 09/25/2037 DD 08/01/07
175,874

175,242

173,916

 
FHLMC POOL #84-6183
VAR RT 01/01/2024 DD 10/01/95
(363
)
363

363

 
FHLMC POOL #1G-1744
VAR RT 08/01/2035 DD 09/01/05
(1,768
)
1,768

1,768

 
FHLMC MULTICLASS MTG 6 C
9.050% 06/15/2019 DD 05/15/88
(172
)
172

172

 
FHLMC POOL #78-0605
VAR RT 06/01/2033 DD 06/01/03
(2,276
)
2,276

2,276

 
U S TREASURY NOTE
1.000% 09/15/2017 DD 09/15/14
(10,000,000
)
10,031,673

10,031,673

 
US TREAS BD FUTURE (CBT)
EXP MAR 15
(37
)
(144,329
)
(144,329
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
19,189,234

19,189,234

 
TOTAL UNDERLYING ASSETS
 
 
238,247,566

235,252,014

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(6,524,608
)
 
CONTRACT VALUE
 
 
 
228,727,406

 
 
 
 
 
 




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, 2014
 
 
 
(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
7,174

7,174

6,527

 
 ASSET BACKED SECURITIES HE3 M1
 VAR RT 06/15/2033 DD 06/03/03
14,018

14,004

13,357

 
 ASSET BACKED SECURITIES HE4 M2
 VAR RT 08/15/2033 DD 08/06/03
7,618

7,618

6,993

 
 CDC MORTGAGE CAPITAL TR HE1 M1
 VAR RT 08/25/2033 DD 03/28/03
8,192

8,141

7,766

 
 CDC MORTGAGE CAPITAL TR HE2 M1
 VAR RT 10/25/2033 DD 05/29/03
8,856

8,860

8,320

 
 CDC MORTGAGE CAPITAL TR HE3 M1
 VAR RT 03/25/2033 DD 11/27/02
5,753

5,762

5,448

 
 CHL MORTGAGE PASS-THROU 25 2A1
 5.500% 11/27/2017 DD 10/01/02
1,349

1,373

1,382

 
 COUNTRYWIDE ASSET-BACKED 5 MV1
 VAR RT 03/25/2033 DD 12/30/02
2,372

2,402

2,326

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

997,496

1,002,900

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

1,001,522

1,005,910

 
 FNMA POOL #0025394
 6.000% 09/01/2016 DD 08/01/01
2,681

2,783

2,760

 
 FNMA POOL #0545616
 6.500% 04/01/2017 DD 04/01/02
1,945

2,044

2,024

 
 FNMA POOL #0555419
 6.500% 11/01/2017 DD 04/01/03
10,072

10,632

10,441

 
 FNMA POOL #0604967
 6.000% 12/01/2016 DD 11/01/01
3,850

4,015

3,961

 
 FNMA POOL #0609540
 6.000% 10/01/2016 DD 10/01/01
19

20

20

 
 FNMA POOL #0621074
 6.000% 01/01/2017 DD 12/01/01
3,707

3,848

3,826

 
 FNMA POOL #0630950
 6.500% 02/01/2017 DD 02/01/02
913

962

945

 
 FNMA POOL #0631043
 6.500% 02/01/2017 DD 02/01/02
438

463

442

 
 FNMA POOL #0644768
 6.500% 05/01/2017 DD 05/01/02
1,883

1,983

1,960

 
 FNMA POOL #0663198
 5.500% 10/01/2017 DD 09/01/02
4,128

4,271

4,360

 
 FNMA POOL #0671380
 6.000% 11/01/2017 DD 10/01/02
6,422

6,667

6,701

 
 GSAMP TRUST 2002-HE HE M1
 VAR RT 11/20/2032 DD 11/27/02
7,767

7,899

7,439

 
 HOME EQUITY ASSET TRUST 2 4 M1
 VAR RT 10/25/2033 DD 06/27/03
20,220

20,220

19,307

 
 HOME EQUITY ASSET TRUST 5 M1
 VAR RT 12/25/2033 DD 08/28/03
12,309

12,309

11,682

 
 HOME EQUITY ASSET TRUST 5 M2
 VAR RT 12/25/2033 DD 08/28/03
1,622

1,622

1,467

 
 LONG BEACH MORTGAGE LOAN 3 M1
 VAR RT 07/25/2033 DD 06/05/03
60,089

60,089

56,060

 
 MORGAN STANLEY ABS CAPI HE1 M1
 VAR RT 05/25/2033 DD 06/27/03
24,072

24,072

22,569

 
 MORGAN STANLEY ABS CAPI NC6 M1
 VAR RT 06/25/2033 DD 06/26/03
16,861

16,860

16,427

 
 MORGAN STANLEY ABS CAPI NC7 M1
 VAR RT 06/25/2033 DD 07/30/03
8,889

8,889

8,366

 
 MORGAN STANLEY ABS CAPI NC7 M2
 VAR RT 06/25/2033 DD 07/30/03
745

745

730

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

844

594

 
 RAMP SERIES 2003-RZ2 TR RZ2 A1
 VAR RT 04/25/2033 DD 03/01/03
4,575

4,569

4,440

 
 SALOMON BROTHERS MORTGAG HE1 A
 VAR RT 04/25/2033 DD 04/25/03
587

587

558

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
29,300

29,300

 
TOTAL UNDERLYING ASSETS
 
 
2,280,045

2,277,308

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(47,847
)
 
CONTRACT VALUE
 
 
 
2,229,461




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, 2014    
 
 
 
(c)
 
 
 
(b)
 
Face Value
 
(e)
 
Identity of Issue, Borrower,
 
or Number
(d)
Current
(a)
Lessor or Similar Party
 
of Shares
Cost
Value
 
 
 
 
 
 
 
ALTRIA GROUP INC
4.125% 09/11/2015 DD 06/11/10
405,000

444,087

414,206

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

1,048,057

1,053,381

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

1,170,664

1,157,563

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

524,207

524,601

 
BANK OF NEW YORK MELLON CORP/T
2.950% 06/18/2015 DD 06/18/10
1,200,000

1,250,448

1,213,476

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

1,296,348

1,278,720

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

509,510

509,796

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

966,366

965,618

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

1,097,613

1,115,873

 
BEAR STEARNS COMMERCIA PW10 A4
VAR RT 12/11/2040 DD 12/01/05
734,552

807,864

754,047

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

1,317,360

1,293,540

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

384,268

386,267

 
BHP BILLITON FINANCE USA LTD
5.250% 12/15/2015 DD 12/12/05
1,100,000

1,256,024

1,148,235

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

531,447

518,615

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

627,864

617,070

 
CFCRE COMMERCIAL MO C1 A2 144A
3.759% 04/15/2044 DD 04/01/11
380,370

390,712

389,662

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

1,273,721

1,269,975

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

657,355

648,521

 
CITIGROUP INC
6.010% 01/15/2015 DD 12/15/09
1,069,000

1,183,137

1,070,518

 
COCA-COLA CO/THE
0.750% 03/13/2015 DD 03/14/12
950,000

948,936

950,959

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

973,830

968,302

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

588,649

582,454

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

1,067,463

1,044,837

 
COSTCO WHOLESALE CORP
0.650% 12/07/2015 DD 12/07/12
1,225,000

1,223,542

1,227,046

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

698,971

737,631

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

1,030,820

1,020,850

 
DIAGEO FINANCE BV
5.300% 10/28/2015 DD 10/28/05
1,100,000

1,251,932

1,140,337

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

1,123,054

1,131,041

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

172,540

167,406

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

1,188,297

1,153,685

 
FHLMC POOL #C9-1385
4.000% 08/01/2031 DD 08/01/11
817,017

868,464

879,952

 
FHLMC POOL #J1-1829
4.000% 03/01/2025 DD 03/01/10
323,149

347,991

346,031

 
FHLMC POOL #J1-2388
4.000% 07/01/2025 DD 06/01/10
366,134

392,907

390,375

 
FHLMC POOL #J1-3242
3.500% 10/01/2025 DD 10/01/10
117,599

124,067

124,719

 
FHLMC POOL #J1-3503
3.500% 11/01/2025 DD 11/01/10
131,277

138,498

139,262

 
FHLMC POOL #J1-3504
3.500% 11/01/2025 DD 11/01/10
82,610

87,154

87,524

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

785,542

768,495




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, 2014    
 
FNMA POOL #0888416
5.000% 09/01/2035 DD 05/01/07
108,793

117,551

120,541

 
FNMA POOL #0AC1878
4.500% 09/01/2039 DD 08/01/09
530,452

577,199

584,012

 
GENERAL ELECTRIC CAPITAL CORP
5.400% 02/15/2017 DD 02/13/07
1,200,000

1,330,224

1,302,744

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

1,318,239

1,333,878

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

1,202,953

1,197,720

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

1,099,737

1,088,010

 
HUTCHISON WHAMPOA INTERNA 144A
4.625% 09/11/2015 DD 09/11/09
1,200,000

1,283,904

1,230,216

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

1,045,496

1,089,322

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

256,198

254,705

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

544,325

516,780

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

892,988

857,307

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

549,301

550,775

 
KELLOGG CO
1.125% 05/15/2015 DD 05/17/12
375,000

374,561

376,005

 
LB-UBS COMMERCIAL MORTG C6 AAB
5.341% 09/15/2039 DD 09/11/06
145,389

154,907

145,357

 
LB-UBS COMMERCIAL MORTGA C1 A4
4.568% 01/15/2031 DD 01/11/04
111,132

117,426

112,705

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

778,752

787,371

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

1,104,076

1,093,508

 
MERCK SHARP & DOHME CORP
4.750% 03/01/2015 DD 02/17/05
1,200,000

1,341,852

1,208,064

 
MERRILL LYNCH MORTGAGE CKI1 A6
VAR RT 11/12/2037 DD 12/01/05
714,804

785,503

728,371

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

1,295,008

1,185,910

 
MORGAN STANLEY
6.000% 04/28/2015 DD 04/28/08
1,200,000

1,315,920

1,219,416

 
MORGAN STANLEY CAPI C2 A2 144A
3.476% 06/15/2044 DD 06/01/11
900,000

911,531

927,207

 
MORGAN STANLEY CAPITAL HQ6 A4A
4.989% 08/13/2042 DD 08/01/05
934,744

1,009,524

936,987

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

1,255,551

1,152,701

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

349,937

361,473

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

1,266,387

1,251,495

 
PRIVATE EXPORT FUNDING CORP
1.875% 07/15/2018 DD 07/16/13
825,000

823,705

833,860

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

918,657

925,833

 
SABMILLER HOLDINGS INC 144A
1.850% 01/15/2015 DD 01/17/12
715,000

714,957

715,279

 
SENIOR HOUSING PROPERTIES TRUS
4.300% 01/15/2016 DD 01/13/11
650,000

661,044

663,565

 
SYSCO CORP
2.350% 10/02/2019 DD 10/02/14
500,000

499,320

502,720

 
TOTAL CAPITAL SA
3.000% 06/24/2015 DD 06/24/10
725,000

762,149

733,468

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

3,717,408

3,721,451

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

5,696,082

5,689,505

 
U S TREASURY NOTE
0.875% 11/30/2016 DD 11/30/11
4,245,000

4,259,670

4,263,593

 
U S TREASURY NOTE
1.000% 03/31/2017 DD 03/31/12
2,280,000

2,318,920

2,289,622

 
U S TREASURY NOTE
0.500% 07/31/2017 DD 07/31/12
6,885,000

6,846,091

6,806,993

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

4,080,056

4,093,940

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

2,175,611

2,167,586

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

1,323,090

1,323,941

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

6,659,828

6,587,041

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

5,094,287

5,095,145




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, 2014    
 
U S TREASURY NOTE
0.500% 06/15/2016 DD 06/15/13
2,100,000

2,089,514

2,101,638

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

2,092,125

2,104,095

 
UNITEDHEALTH GROUP INC
0.850% 10/15/2015 DD 10/22/12
655,000

654,849

656,893

 
VERIZON COMMUNICATIONS INC
0.700% 11/02/2015 DD 11/07/12
1,025,000

1,025,341

1,024,539

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

199,758

201,018

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

1,041,894

1,049,727

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
933,018

933,018

 
TOTAL UNDERLYING ASSETS
 
 
106,616,133

105,287,640

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(1,594,587
)
 
CONTRACT VALUE
 
 
 
103,693,053

 
 
 
 
 
 




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, 2014
 
 
 
(c)
 
 
 
(b)
Face Value
 
 (e)
 
Identity of Issue, Borrower,
or Number
 (d)
 Current
(a)
Lessor or Similar Party
of Shares
 Cost
 Value
 
 
 
 
 
 
 
 ABBVIE INC
 1.200% 11/06/2015 DD 05/06/13
1,335,000

1,334,106

1,338,925

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

872,587

840,039

 
 AMAZON.COM INC
 1.200% 11/29/2017 DD 11/29/12
400,000

398,052

395,756

 
 AMAZON.COM INC
 0.650% 11/27/2015 DD 11/29/12
725,000

723,028

724,493

 
 AMAZON.COM INC
 2.600% 12/05/2019 DD 12/05/14
470,000

469,060

474,775

 
 AMERICAN EXPRESS CREDIT CORP
 1.125% 06/05/2017 DD 06/05/14
1,430,000

1,425,937

1,425,495

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

124,402

124,391

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

224,791

225,959

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

629,313

625,029

 
 AT&T INC
 2.500% 08/15/2015 DD 07/30/10
611,000

635,299

617,599

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

322,132

316,819

 
 BANK OF AMERICA CORP
 5.650% 05/01/2018 DD 05/02/08
2,760,000

3,128,343

3,066,277

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

199,296

198,778

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

499,520

499,800

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

399,732

400,256

 
 BAYER US FINANCE LLC 144A
 2.375% 10/08/2019 DD 10/08/14
290,000

288,672

291,151

 
 BEAR STEARNS COS LLC/THE
 6.400% 10/02/2017 DD 10/02/07
205,000

234,061

229,582

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

418,541

414,918

 
 BECTON DICKINSON AND CO
 2.675% 12/15/2019 DD 12/15/14
295,000

295,000

298,879

 
 BERKSHIRE HATHAWAY ENERG 144A
 2.400% 02/01/2020 DD 12/04/14
940,000

939,793

935,911

 
 BERKSHIRE HATHAWAY FINANCE COR
 5.400% 05/15/2018 DD 11/15/08
250,000

281,707

279,730

 
 BHP BILLITON FINANCE USA LTD
 1.875% 11/21/2016 DD 11/21/11
350,000

348,141

355,527

 
 BK TOKYO-MITSUBISHI UFJ 144A
 2.350% 09/08/2019 DD 09/08/14
620,000

619,795

615,877

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

637,803

615,809

 
 CAPITAL ONE BANK USA NA
 2.250% 02/13/2019 DD 02/13/14
385,000

384,965

382,213

 
 CAPITAL ONE FINANCIAL CORP
 2.450% 04/24/2019 DD 04/24/14
310,000

309,767

309,290

 
 CAPITAL ONE NA/MCLEAN VA
 2.400% 09/05/2019 DD 09/05/14
725,000

722,325

721,462

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

1,138,587

1,140,328

 
 CHEVRON CORP
 2.193% 11/15/2019 DD 11/18/14
800,000

800,000

802,960

 
 CITIGROUP INC
 6.010% 01/15/2015 DD 12/15/09
91,000

97,857

91,129

 
 CITIGROUP INC
 4.750% 05/19/2015 DD 05/19/10
166,000

174,778

168,447

 
 CITIGROUP INC
 1.550% 08/14/2017 DD 08/14/14
870,000

868,782

867,547

 
 CITIGROUP INC
 1.850% 11/24/2017 DD 11/25/14
645,000

644,871

644,258

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

369,142

370,377

 
 COVIDIEN INTERNATIONAL FINANCE
 1.350% 05/29/2015 DD 05/30/12
635,000

634,797

636,905

 
 CREDIT SUISSE NEW YORK
 2.300% 05/28/2019 DD 05/28/14
625,000

622,212

623,925

 
 CVS CAREMARK CORP
 1.200% 12/05/2016 DD 12/05/13
350,000

349,867

350,966




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, 2014
 
 DAIMLER FINANCE NORTH AME 144A
 1.250% 01/11/2016 DD 01/11/13
815,000

813,998

817,217

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

394,779

392,701

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

444,243

449,917

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

235,000

236,810

 
 DISCOVER BANK/GREENWOOD DE
 2.000% 02/21/2018 DD 02/21/13
695,000

694,771

693,186

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

624,775

623,831

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

514,804

516,277

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

449,541

448,299

 
 DR PEPPER SNAPPLE GROUP INC
 2.900% 01/15/2016 DD 01/11/11
495,000

497,103

504,974

 
 EATON CORP
 0.950% 11/02/2015 DD 11/02/13
400,000

399,652

400,356

 
 ENABLE MIDSTREAM PARTNERS 144A
 2.400% 05/15/2019 DD 05/27/14
795,000

794,412

773,217

 
 ENTERPRISE PRODUCTS OPERATING
 2.550% 10/15/2019 DD 10/14/14
505,000

504,904

499,915

 
 FEDERAL NATL MTG ASSN
 1.875% 02/19/2019 DD 01/13/14
765,000

761,313

776,605

 
 FISCAL YEAR 2005 SECURITIZATIO
 4.930% 04/01/2020 DD 12/02/04
230,000

247,160

250,058

 
 FORD MOTOR CREDIT CO LLC
 1.500% 01/17/2017 DD 11/12/13
1,795,000

1,793,193

1,785,343

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

415,000

412,767

 
 FREEPORT-MCMORAN INC
 2.375% 03/15/2018 DD 09/15/13
160,000

158,179

158,240

 
 GENERAL ELECTRIC CAPITAL CORP
 1.625% 07/02/2015 DD 07/02/12
1,535,000

1,557,043

1,544,640

 
 GENERAL ELECTRIC CO
 0.850% 10/09/2015 DD 10/09/12
1,170,000

1,169,684

1,172,995

 
 GENZYME CORP
 3.625% 06/15/2015 DD 06/17/10
555,000

588,267

562,665

 
 GNMA GTD REMIC P/T 11-121 FA
 VAR RT 03/16/2043 DD 09/16/11
697,658

699,674

691,525

 
 GOLDMAN SACHS GROUP INC
 2.550% 10/23/2019 DD 10/23/14
540,000

538,893

538,029

 
 GOLDMAN SACHS GROUP INC/THE
 5.950% 01/18/2018 DD 01/18/08
280,000

316,629

311,072

 
 GOLDMAN SACHS GROUP INC/THE
 6.150% 04/01/2018 DD 04/01/08
795,000

913,050

892,324

 
 HALLIBURTON CO
 1.000% 08/01/2016 DD 08/05/13
470,000

469,643

469,530

 
 HEINEKEN NV 144A
 0.800% 10/01/2015 DD 10/10/12
325,000

324,438

325,361

 
 HSBC USA INC
 2.375% 02/13/2015 DD 02/13/12
325,000

324,308

325,653

 
 HSBC USA INC
 2.375% 11/13/2019 DD 11/13/14
155,000

154,905

154,955

 
 JPMORGAN CHASE & CO
 2.200% 10/22/2019 DD 10/22/14
1,335,000

1,331,410

1,323,492

 
 KEYCORP
 2.300% 12/13/2018 DD 11/13/13
585,000

584,631

587,018

 
 KINROSS GOLD CORP
 3.625% 09/01/2016 DD 03/01/12
315,000

313,724

316,959

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

335,923

314,441

 
 LYONDELLBASELL INDUSTRIES NV
 5.000% 04/15/2019 DD 04/09/12
545,000

600,803

594,464

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

109,674

109,734

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

1,024,457

1,042,333

 
 MASTERCARD INC
 2.000% 04/01/2019 DD 03/31/14
710,000

707,281

706,095

 
 MATTEL INC
 2.350% 05/06/2019 DD 05/06/14
465,000

464,651

463,354

 
 MCKESSON CORP
 1.292% 03/10/2017 DD 03/10/14
340,000

340,000

338,263

 
 MEDTRONIC INC 144A
 2.500% 03/15/2020 DD 12/10/14
685,000

684,308

686,795

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

1,071,476

1,067,428

 
 MONSANTO CO
 1.150% 06/30/2017 DD 07/01/14
660,000

659,360

654,931

 
 MORGAN STANLEY
 6.000% 04/28/2015 DD 04/28/08
830,000

885,444

843,429




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, 2014
 
 MORGAN STANLEY
 7.300% 05/13/2019 DD 05/13/09
210,000

255,362

249,092

 
 MORGAN STANLEY
 5.625% 09/23/2019 DD 09/23/09
370,000

423,132

417,652

 
 MORGAN STANLEY
 1.875% 01/05/2018 DD 12/05/14
820,000

819,114

816,999

 
 MOTIVA ENTERPRISES LLC 144A
 5.750% 01/15/2020 DD 01/11/10
1,095,000

1,238,883

1,221,790

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

580,334

578,408

 
 MYLAN INC/PA 144A
 7.875% 07/15/2020 DD 05/19/10
1,370,000

1,581,442

1,459,324

 
 NCUA GUARANTEED NOTES
 1.400% 06/12/2015 DD 06/16/11
600,000

599,166

603,078

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

947,879

959,260

 
 NETAPP INC
 2.000% 12/15/2017 DD 12/12/12
300,000

298,482

301,680

 
 NEXTERA ENERGY CAPITAL HOLDING
 1.339% 09/01/2015 DD 08/09/13
500,000

501,825

501,505

 
 ORANGE SA
 2.125% 09/16/2015 DD 09/16/10
295,000

293,431

297,460

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

509,046

506,456

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

382,934

381,596

 
 PNC FUNDING CORP
 5.250% 11/15/2015 DD 11/03/03
300,000

321,956

310,920

 
 PNC FUNDING CORP
 5.625% 02/01/2017 DD 02/08/07
200,000

229,270

215,848

 
 PRECISION CASTPARTS CORP
 0.700% 12/20/2015 DD 12/20/12
510,000

509,847

508,123

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

129,865

130,104

 
 PROCTER & GAMBLE - ESOP
 9.360% 01/01/2021 DD 12/04/90
182,088

232,162

224,806

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

417,208

414,742

 
 REYNOLDS AMERICAN INC
 1.050% 10/30/2015 DD 10/31/12
240,000

239,662

240,262

 
 SOUTHWESTERN BELL TELEPHONE LP
 7.000% 07/01/2015 DD 07/01/93
450,000

531,733

461,997

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

1,574,047

1,455,288

 
 SUMITOMO MITSUI BANKING CORP
 1.300% 01/10/2017 DD 01/10/14
1,460,000

1,459,825

1,457,241

 
 SUNOCO INC
 9.625% 04/15/2015 DD 03/31/09
450,000

461,920

460,242

 
 SUNTORY HOLDINGS LTD 144A
 2.550% 09/29/2019 DD 10/01/14
160,000

159,672

160,309

 
 SUNTRUST BANKS INC
 2.500% 05/01/2019 DD 05/01/14
90,000

89,920

90,591

 
 SYSCO CORP
 1.450% 10/02/2017 DD 10/02/14
510,000

509,806

509,439

 
 THERMO FISHER SCIENTIFIC INC
 1.300% 02/01/2017 DD 12/11/13
470,000

469,723

467,368

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

383,968

383,006

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

758,632

761,467

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

394,285

405,033

 
 TRANSALTA CORP
 1.900% 06/03/2017 DD 06/03/14
510,000

509,424

507,843

 
 U S TREASURY NOTE
 1.250% 11/30/2018 DD 11/30/13
2,215,000

2,189,518

2,199,429

 
 U S TREASURY NOTE
 1.500% 12/31/2018 DD 12/31/13
1,350,000

1,342,723

1,351,796

 
 U S TREASURY NOTE
 1.500% 01/31/2019 DD 01/31/14
2,030,000

2,016,868

2,030,792

 
 U S TREASURY NOTE
 0.375% 03/31/2016 DD 03/31/14
850,000

849,685

849,864

 
 U S TREASURY NOTE
 1.625% 03/31/2019 DD 03/31/14
5,345,000

5,322,219

5,368,785

 
 U S TREASURY NOTE
 0.875% 04/15/2017 DD 04/15/14
1,825,000

1,831,844

1,827,427

 
 U S TREASURY NOTE
 0.375% 04/30/2016 DD 04/30/14
285,000

285,045

284,954

 
 U S TREASURY NOTE
 1.625% 04/30/2019 DD 04/30/14
4,290,000

4,325,977

4,304,758

 
 U S TREASURY NOTE
 0.875% 08/15/2017 DD 08/15/14
7,805,000

7,799,643

7,786,112

 
 U S TREASURY NOTE
 2.125% 09/30/2021 DD 09/30/14
1,585,000

1,602,212

1,602,831




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, 2014
 
 U S TREASURY NOTE
 1.750% 09/30/2019 DD 09/30/14
1,660,000

1,667,908

1,669,728

 
 U S TREASURY NOTE
 0.500% 09/30/2016 DD 09/30/14
1,215,000

1,218,539

1,213,578

 
 U S TREASURY NOTE
 0.875% 10/15/2017 DD 10/15/14
1,520,000

1,522,575

1,514,178

 
 U S TREASURY NOTE
 0.875% 11/15/2017 DD 11/15/14
2,045,000

2,040,585

2,035,245

 
 U S TREASURY NOTE
 0.500% 11/30/2016 DD 11/30/14
1,590,000

1,589,379

1,586,025

 
 U S TREASURY NOTE
 1.500% 11/30/2019 DD 11/30/14
935,000

930,394

929,081

 
 U S TREASURY NOTE
 1.000% 12/15/2017 DD 12/15/14
350,000

348,934

349,181

 
 U S TREASURY NOTE
 1.625% 12/31/2019 DD 12/31/14
985,000

983,269

983,542

 
 U S TREASURY NOTE
 3.125% 05/15/2019 DD 05/15/09
1,200,000

1,284,750

1,279,224

 
 U S TREASURY NOTE
 2.000% 04/30/2016 DD 04/30/11
2,035,000

2,147,243

2,077,918

 
 U S TREASURY NOTE
 1.500% 06/30/2016 DD 06/30/11
10,550,000

10,866,955

10,709,094

 
 U S TREASURY NOTE
 1.500% 08/31/2018 DD 08/31/11
1,675,000

1,688,871

1,683,107

 
 U S TREASURY NOTE
 1.000% 10/31/2016 DD 10/31/11
3,215,000

3,248,285

3,238,116

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

5,010,956

4,964,306

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

5,821,353

5,813,380

 
 U S TREASURY NOTE
 0.750% 03/31/2018 DD 03/31/13
4,230,000

4,161,266

4,164,900

 
 U S TREASURY NOTE
 0.625% 04/30/2018 DD 04/30/13
7,575,000

7,391,351

7,421,152

 
 U S TREASURY NOTE
 1.000% 05/31/2018 DD 05/31/13
3,665,000

3,608,307

3,629,486

 
 U S TREASURY NOTE
 0.500% 06/15/2016 DD 06/15/13
3,895,000

3,886,936

3,898,038

 
 U S TREASURY NOTE
 1.875% 06/30/2020 DD 06/30/13
2,045,000

2,051,071

2,058,742

 
 U S TREASURY NOTE
 0.625% 07/15/2016 DD 07/15/13
2,350,000

2,343,365

2,354,583

 
 U S TREASURY NOTE
 0.625% 08/15/2016 DD 08/15/13
9,585,000

9,607,839

9,600,719

 
 U S TREASURY NOTE
 0.875% 09/15/2016 DD 09/15/13
9,335,000

9,387,853

9,383,822

 
 U S TREASURY NOTE
 0.625% 10/15/2016 DD 10/15/13
2,850,000

2,850,012

2,850,884

 
 U S TREASURY NOTE
 1.250% 10/31/2018 DD 10/31/13
1,900,000

1,875,285

1,887,688

 
 U S TREASURY NOTE
 0.875% 05/15/2017 DD 05/15/14
11,895,000

11,956,631

11,901,542

 
 U S TREASURY NOTE
 1.500% 05/31/2019 DD 05/31/14
2,700,000

2,701,688

2,693,250

 
 U S TREASURY NOTE
 0.375% 05/31/2016 DD 05/31/14
585,000

584,771

584,637

 
 U S TREASURY NOTE
 0.875% 06/15/2017 DD 06/15/14
9,950,000

9,953,576

9,944,528

 
 U S TREASURY NOTE
 0.500% 06/30/2016 DD 06/30/14
3,465,000

3,465,902

3,466,074

 
 U S TREASURY NOTE
 1.625% 06/30/2019 DD 06/30/14
1,320,000

1,323,352

1,323,300

 
 U S TREASURY NOTE
 0.875% 07/15/2017 DD 07/15/14
4,515,000

4,519,980

4,509,717

 
 U S TREASURY NOTE
 1.625% 07/31/2019 DD 07/31/14
6,645,000

6,643,198

6,655,366

 
 U S TREASURY NOTE
 0.500% 07/31/2016 DD 07/31/14
2,125,000

2,124,176

2,125,999

 
 UBS AG/STAMFORD CT
 2.375% 08/14/2019 DD 08/14/14
490,000

489,196

489,971

 
 UNITEDHEALTH GROUP INC
 0.850% 10/15/2015 DD 10/22/12
305,000

304,930

305,881

 
 VERIZON COMMUNICATIONS IN 144A
 2.625% 02/21/2020 DD 08/21/14
610,000

610,927

603,028

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

724,638

721,643

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

308,211

312,740

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

1,043,736

1,050,319

 
 WASTE MANAGEMENT INC
 6.375% 03/11/2015 DD 02/26/09
350,000

367,465

353,605

 
 WELLS FARGO & CO
 1.500% 07/01/2015 DD 06/27/12
1,230,000

1,227,589

1,236,605




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, 2014
 
 WELLS FARGO & CO
 1.250% 07/20/2016 DD 07/29/13
2,045,000

2,047,536

2,051,789

 
 XYLEM INC/NY
 3.550% 09/20/2016 DD 03/20/12
235,000

234,551

244,210

 
 BLACKROCK INC
 1.375% 06/01/2015 DD 05/25/12
(485,000
)
487,524

487,524

 
 TOYOTA MOTOR CREDIT CORP
 3.200% 06/17/2015 DD 06/17/10
(260,000
)
263,623

263,623

 
 U S TREASURY BILL
 0.000% 03/12/2015 DD 09/11/14
(1,160,000
)
1,159,963

1,159,963

 
 U S TREASURY NOTE
 2.125% 09/30/2021 DD 09/30/14
1,585,000

(1,611,188
)
(1,611,188
)
 
 U S TREASURY NOTE
 1.625% 12/31/2019 DD 12/31/14
985,000

(983,490
)
(983,490
)
 
 U S TREASURY NOTE
 0.625% 10/15/2016 DD 10/15/13
1,950,000

(1,953,355
)
(1,953,355
)
 
 U S TREASURY NOTE
 1.375% 11/30/2015 DD 11/30/10
(830,000
)
839,364

839,364

 
 U S TREASURY NTS
 0.375% 03/31/2016 DD 03/31/14
(1,000,000
)
1,000,804

1,000,804

 
 IGT Invesco Short Term Bond Fund
 
175,880,031

175,880,031

175,880,031

 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
2,560,933

2,560,933

 
TOTAL UNDERLYING ASSETS
 
 
409,668,796

408,778,587

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(11,073,178
)
 
WRAPPER
 
 
 
299,306

 
CONTRACT VALUE
 
 
 
398,004,715

 
 
 
 
 
 




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, 2014
 
 
 
(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

1,340,734

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

824,754

846,475

 
ABBVIE INC
2.900% 11/06/2022 DD 05/06/13
1,485,000

1,475,437

1,462,027

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

418,807

412,839

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

484,515

481,794

 
ALLY AUTO RECEIVABLES TRU 1 A2
0.480% 02/15/2017 DD 06/18/14
1,230,000

1,229,896

1,228,807

 
ALLY AUTO RECEIVABLES TRU 1 A3
0.630% 05/15/2017 DD 04/10/13
894,787

895,626

894,957

 
ALLY AUTO RECEIVABLES TRU 5 A4
1.750% 03/15/2016 DD 12/10/10
85,768

86,840

85,806

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

1,844,543

1,840,627

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

1,379,606

1,369,567

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

859,984

857,678

 
AMAZON.COM INC
3.300% 12/05/2021 DD 12/05/14
1,900,000

1,892,932

1,926,011

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

533,622

491,704

 
AMERICAN EXPRESS CREDIT AC 2 A
0.680% 03/15/2018 DD 08/21/12
600,000

601,969

600,462

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

1,429,128

1,430,229

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

621,938

743,625

 
AMGEN INC
5.150% 11/15/2041 DD 11/10/11
200,000

207,724

225,430

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

2,084,148

2,208,106

 
ANHEUSER-BUSCH INBEV FINANCE I
2.625% 01/17/2023 DD 01/17/13
1,265,000

1,256,740

1,227,935

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

798,555

840,605

 
APPLE INC
2.850% 05/06/2021 DD 05/06/14
255,000

254,373

260,855

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

2,137,817

2,335,275

 
BANK OF AMERICA CORP
5.420% 03/15/2017 DD 03/15/07
1,300,000

1,295,986

1,393,795

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

353,113

411,059

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

1,898,306

1,889,587

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

159,594

163,238

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

896,222

956,139

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

364,544

366,157

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

409,545

411,492

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

1,591,906

1,599,466

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

399,924

401,980

 
BAYER US FINANCE LLC 144A
2.375% 10/08/2019 DD 10/08/14
1,305,000

1,299,023

1,310,181

 
BECTON DICKINSON AND CO
1.800% 12/15/2017 DD 12/15/14
1,175,000

1,175,000

1,179,336

 
BG ENERGY CAPITAL PLC 144A
2.500% 12/09/2015 DD 12/09/10
305,000

303,252

309,715

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

1,185,560

1,228,962

 
BHP BILLITON FINANCE USA LTD
3.850% 09/30/2023 DD 09/30/13
700,000

699,139

736,925

 
BURLINGTN NORTH SANTA FE LLC
3.750% 04/01/2024 DD 03/07/14
790,000

787,417

821,568




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, 2014
 
BURLINGTON NORTHERN SANTA FE L
4.550% 09/01/2044 DD 08/18/14
540,000

537,008

579,587

 
CHASE ISSUANCE TRUST A3 A3
0.790% 06/15/2017 DD 06/18/12
620,000

622,306

620,825

 
CHASE ISSUANCE TRUST A5 A
0.470% 05/15/2017 DD 05/23/13
685,000

685,348

684,904

 
CHASE ISSUANCE TRUST A5 A5
0.590% 08/15/2017 DD 09/13/12
1,600,000

1,601,913

1,600,512

 
CHASE ISSUANCE TRUST A8 A8
0.540% 10/16/2017 DD 11/21/12
1,170,000

1,170,137

1,169,427

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

2,124,185

2,114,491

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

975,708

991,446

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

524,680

525,420

 
CNH EQUIPMENT TRUST 2013- C A2
0.630% 01/17/2017 DD 08/29/13
286,334

286,333

286,405

 
CNH EQUIPMENT TRUST 2014- A A2
0.490% 06/15/2017 DD 02/20/14
432,190

432,168

431,978

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

968,729

987,664

 
COMCAST CORP
6.500% 01/15/2017 DD 07/14/06
240,000

266,216

265,010

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

425,000

422,157

 
CONAGRA FOODS INC
1.900% 01/25/2018 DD 01/25/13
670,000

670,000

665,538

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

864,645

887,559

 
CVS HEALTH CORP
2.250% 12/05/2018 DD 12/05/13
820,000

819,073

827,339

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

1,092,284

1,110,363

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

949,468

944,471

 
DETROIT EDISON SECURITIZA 1 A6
6.620% 03/01/2016 DD 03/09/01
930,933

969,074

940,279

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

1,079,622

1,070,896

 
DEUTSCHE TELEKOM INTERNAT 144A
2.250% 03/06/2017 DD 03/06/12
670,000

666,228

680,579

 
DEVON ENERGY CORP
3.250% 05/15/2022 DD 05/14/12
1,390,000

1,381,771

1,365,480

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

1,021,290

1,024,385

 
DIRECTV HOLDINGS LLC / DIRECTV
5.875% 10/01/2019 DD 04/01/10
410,000

492,935

468,970

 
DIRECTV HOLDINGS LLC / DIRECTV
3.800% 03/15/2022 DD 03/08/12
385,000

370,521

391,687

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

369,911

373,974

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

838,740

842,453

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

952,947

1,003,199

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

324,441

333,385

 
EASTMAN CHEMICAL CO
2.700% 01/15/2020 DD 11/20/14
1,120,000

1,117,659

1,126,362

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

1,319,776

1,300,900

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

527,096

470,227

 
FINANCING CORP STRIP
10.350% 08/03/2018 DD 08/03/88
1,940,000

2,798,016

2,530,420

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

375,783

381,072

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

662,077

944,754

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

3,958,415

5,547,255

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

1,182,382

1,677,064

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

574,587

840,276

 
FINANCING CORP STRIP PO
0.000% 04/05/2019 DD 04/24/89
150,000

112,521

138,602

 
FINANCING CORP STRIP PO
0.000% 09/26/2019 DD 09/26/89
1,160,000

715,244

1,058,210

 
FORD CREDIT AUTO OWNER TR C A3
0.580% 12/15/2016 DD 07/25/12
228,670

228,911

228,714

 
FORD CREDIT AUTO OWNER TR D A2
0.450% 08/15/2016 DD 11/26/13
758,382

758,306

758,291




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, 2014
 
FORD CREDIT FLOORPLAN MAS 4 A1
1.400% 08/15/2019 DD 08/26/14
1,400,000

1,399,599

1,397,508

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

679,856

685,692

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

1,415,000

1,407,387

 
GENERAL ELECTRIC CAPITAL CORP
5.300% 02/11/2021 DD 02/11/11
700,000

725,020

799,393

 
GENERAL ELECTRIC CAPITAL CORP
4.375% 09/16/2020 DD 09/16/10
750,000

744,128

821,430

 
GENERAL ELECTRIC CO
2.700% 10/09/2022 DD 10/09/12
1,885,000

1,880,570

1,885,773

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

1,163,124

1,221,887

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

563,731

570,941

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

1,438,644

1,475,982

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

1,646,344

1,862,289

 
HONDA AUTO RECEIVABLES 20 1 A2
0.410% 09/21/2016 DD 02/27/14
700,954

700,901

700,674

 
HONDA AUTO RECEIVABLES 20 4 A2
0.450% 04/18/2016 DD 10/30/13
777,301

777,254

777,246

 
HSBC FINANCE CORP
6.676% 01/15/2021 DD 07/15/11
961,000

893,423

1,140,188

 
HSBC HOLDINGS PLC
4.250% 03/14/2024 DD 03/12/14
595,000

591,073

619,145

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

559,972

559,955

 
HYUNDAI AUTO RECEIVABLES A A4
0.950% 12/15/2016 DD 03/07/12
260,634

261,255

261,122

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

679,551

675,600

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

1,760,094

2,013,912

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

1,594,913

1,723,528

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

875,547

865,770

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

1,225,055

1,230,578

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

351,805

363,772

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

701,144

709,765

 
LOCKHEED MARTIN CORP
3.350% 09/15/2021 DD 09/09/11
1,410,000

1,406,193

1,460,577

 
MEDTRONIC INC 144A
3.150% 03/15/2022 DD 12/10/14
3,435,000

3,427,821

3,478,556

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

828,033

894,823

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

245,748

245,559

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

671,699

698,531

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

928,996

973,031

 
MORGAN STANLEY
5.450% 01/09/2017 DD 01/09/07
750,000

769,883

805,283

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

773,167

800,311

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

292,464

302,468

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

504,010

563,474

 
NCUA GUARANTEED NOTES TR C1 A2
2.900% 10/29/2020 DD 11/10/10
990,000

987,476

1,016,532

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

844,028

848,025

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

2,089,218

2,079,937

 
ORACLE CORP
2.250% 10/08/2019 DD 07/08/14
1,535,000

1,533,281

1,545,960

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

1,324,027

1,400,440

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

543,801

556,194

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

1,512,864

1,513,803

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

374,764

379,373




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, 2014
 
PNC BANK NA
2.250% 07/02/2019 DD 06/20/14
750,000

747,660

748,845

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

1,219,109

1,225,124

 
PSE&G TRANSITION FUNDING 1 A4
4.570% 06/15/2017 DD 09/23/05
338,754

350,703

344,862

 
PSE&G TRANSITION FUNDING 1 A8
6.890% 12/15/2017 DD 01/31/01
1,118,345

1,319,647

1,155,519

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

639,812

665,224

 
RESOLUTION FDG CORP STRIP
0.000% 10/15/2019 DD 10/15/89
955,000

848,689

868,372

 
RESOLUTION FDG CORP STRIP
0.000% 07/15/2020 DD 07/15/90
1,550,000

1,369,328

1,376,710

 
RIO TINTO FINANCE USA PLC
2.875% 08/21/2022 DD 08/21/12
145,000

137,589

139,412

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

822,809

773,337

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

243,829

255,709

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

662,579

742,945

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

807,882

843,447

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

1,940,332

2,043,534

 
STATOIL ASA
2.900% 11/08/2020 DD 11/08/13
1,055,000

1,054,736

1,079,160

 
SUNCOR ENERGY INC
6.100% 06/01/2018 DD 06/06/08
1,320,000

1,399,338

1,480,657

 
SYSCO CORP
3.500% 10/02/2024 DD 10/02/14
810,000

806,890

833,506

 
THERMO FISHER SCIENTIFIC INC
2.400% 02/01/2019 DD 12/11/13
785,000

783,399

786,170

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

339,969

340,561

 
TIME WARNER CABLE INC
5.500% 09/01/2041 DD 09/12/11
450,000

441,972

522,864

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

2,143,027

2,136,656

 
TOTAL CAPITAL INTERNATIONAL SA
2.750% 06/19/2021 DD 06/23/14
1,170,000

1,167,789

1,174,376

 
TOYOTA AUTO RECEIVABLES 2 A A2
0.410% 08/15/2016 DD 03/19/14
870,183

870,178

870,270

 
TOYOTA AUTO RECEIVABLES 2 B A2
0.400% 12/15/2016 DD 06/18/14
655,000

654,943

654,450

 
TOYOTA AUTO RECEIVABLES 2 B A2
0.480% 02/15/2016 DD 09/18/13
212,788

212,777

212,816

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

1,159,734

1,181,916

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

1,239,169

1,217,085

 
U S TREASURY BOND
2.750% 08/15/2042 DD 08/15/12
2,540,000

2,505,365

2,539,213

 
U S TREASURY BOND
2.750% 11/15/2042 DD 11/15/12
4,050,000

3,408,758

4,045,869

 
U S TREASURY BOND
2.875% 05/15/2043 DD 05/15/13
15,215,000

12,932,038

15,562,054

 
U S TREASURY BOND
3.125% 08/15/2044 DD 08/15/14
400,000

405,750

430,624

 
U S TREASURY BONDS
3.750% 11/15/2043 DD 11/15/13
1,835,000

1,870,064

2,205,872

 
U S TREASURY BONDS
3.625% 02/15/2044 DD 02/15/14
3,780,000

4,030,619

4,448,304

 
U S TREASURY NOTE
3.125% 05/15/2019 DD 05/15/09
4,210,000

4,502,069

4,487,944

 
U S TREASURY NOTE
2.250% 11/30/2017 DD 11/30/10
6,570,000

6,790,992

6,794,300

 
U S TREASURY NOTE
1.375% 02/28/2019 DD 02/29/12
50,220,000

50,282,105

49,949,314

 
U S TREASURY NOTE
0.625% 08/31/2017 DD 08/31/12
21,260,000

21,073,669

21,057,392

 
U S TREASURY NOTE
0.750% 02/28/2018 DD 02/28/13
19,685,000

19,459,748

19,414,331

 
U S TREASURY NOTE
1.750% 05/15/2023 DD 05/15/13
2,685,000

2,582,943

2,614,304

 
U S TREASURY NOTE
2.125% 06/30/2021 DD 06/30/14
18,055,000

18,044,070

18,273,646

 
UNITEDHEALTH GROUP INC
2.875% 12/15/2021 DD 12/08/14
940,000

938,985

950,697

 
US BANK NA/CINCINNATI OH
2.125% 10/28/2019 DD 10/28/14
1,675,000

1,673,493

1,669,573




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, 2014
 
VERIZON COMMUNICATIONS INC
6.400% 09/15/2033 DD 09/18/13
2,525,000

2,522,475

3,110,245

 
VODAFONE GROUP PLC
2.950% 02/19/2023 DD 02/19/13
1,280,000

1,274,074

1,233,766

 
VOLKSWAGEN AUTO LOAN ENHA 2 A2
0.420% 07/20/2016 DD 11/13/13
724,252

724,225

724,281

 
VOLKSWAGEN GROUP OF AMERI 144A
2.450% 11/20/2019 DD 11/20/14
670,000

668,499

674,362

 
WALGREENS BOOTS ALLIANCE INC
3.300% 11/18/2021 DD 11/18/14
1,000,000

997,270

1,006,960

 
WASTE MANAGEMENT INC
2.600% 09/01/2016 DD 08/29/11
395,000

394,964

404,073

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

1,282,276

1,284,666

 
U S TREASURY BONDS
3.750% 11/15/2043 DD 11/15/13
(3,700,000
)
4,461,578

4,461,578

 
U S TREASURY NOTE
0.750% 02/28/2018 DD 02/28/13
165,000

(163,110
)
(163,110
)
 
U S TREASURY NOTE
1.625% 04/30/2019 DD 04/30/14
(4,360,000
)
4,385,444

4,385,444

 
U S TREASURY NOTE
4.250% 11/15/2017 DD 11/15/07
(4,600,000
)
5,039,024

5,039,024

 
U S TREASURY NOTE
3.125% 05/15/2019 DD 05/15/09
(1,600,000
)
1,711,880

1,711,880

 
U S TREASURY NOTE
2.250% 11/30/2017 DD 11/30/10
(2,000,000
)
2,071,502

2,071,502

 
U S TREASURY NOTE
1.375% 02/28/2019 DD 02/29/12
(9,000,000
)
8,987,194

8,987,194

 
U S TREASURY NOTE
1.750% 05/15/2023 DD 05/15/13
(3,000,000
)
2,923,875

2,923,875

 
U S TREASURY NOTE
2.125% 06/30/2021 DD 06/30/14
(5,000,000
)
5,057,032

5,057,032

 
US 10YR TREAS NTS FUTURE (CBT)
EXP MAR 15
15

13,594

13,594

 
US 2YR TREAS NTS FUT (CBT)
EXP MAR 15
(188
)
47,000

47,000

 
US 5YR TREAS NTS FUTURE (CBT)
EXP MAR 15
86

11,094

11,094

 
US TREAS BD FUTURE (CBT)
EXP MAR 15
(128
)
(568,000
)
(568,000
)
 
US ULTRA BOND (CBT)
EXP MAR 15
(108
)
(810,000
)
(810,000
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENST
 
4,027,834

4,027,834

 
TOTAL UNDERLYING ASSETS
 
 
333,631,221

343,987,350

 
ADJUSTMENT FROM MARKET TO CONTRACT VALUE
 
 
(21,304,074
)
 
CONTRACT VALUE
 
 
 
322,683,276

 
 
 
 
 
 





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, 2014    
 
 
 
(c)
 
 
 
(b)
 
Face Value
 
 (e)
 
Identity of Issue, Borrower,
 
or Number
 (d)
 Current
(a)
Lessor or Similar Party
 
of Shares
 Cost
 Value
 
 
 
 
 
 
 
21ST CENTURY FOX AMERICA INC
3.000% 09/15/2022 DD 09/14/12
195,000

193,615

193,684

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

373,489

373,736

 
AIG GLOBAL FUNDING 144A
1.650% 12/15/2017 DD 12/15/14
300,000

299,721

299,949

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

249,942

250,302

 
ALLY MASTER OWNER TRUST 5 A
1.540% 09/15/2019 DD 10/11/12
525,000

524,850

521,031

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

384,993

383,960

 
ALTRIA GROUP INC
9.700% 11/10/2018 DD 11/10/08
10,000

13,719

12,698

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

121,850

125,954

 
ALTRIA GROUP INC
2.850% 08/09/2022 DD 08/09/12
330,000

329,314

320,661

 
AMAZON.COM INC
4.950% 12/05/2044 DD 12/05/14
225,000

221,031

232,427

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

480,904

473,535

 
AMERICAN EXPRESS CREDIT CORP
1.550% 09/22/2017 DD 09/23/14
450,000

450,486

450,882

 
AMERICAN INTERNATIONAL GROUP I
2.375% 08/24/2015 DD 08/23/12
110,000

109,899

110,890

 
AMERICAN INTERNATIONAL GROUP I
4.125% 02/15/2024 DD 10/02/13
195,000

194,877

207,579

 
AMERICAN TOWER CORP
4.500% 01/15/2018 DD 12/07/10
800,000

859,184

849,592

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

224,301

233,037

 
AMGEN INC
3.875% 11/15/2021 DD 11/10/11
210,000

209,412

221,867

 
AMGEN INC
2.125% 05/15/2017 DD 05/15/12
175,000

175,749

177,296

 
AMGEN INC
1.250% 05/22/2017 DD 05/22/14
370,000

369,597

367,081

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

233,216

222,360

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

134,432

135,747

 
ARI FLEET LEASE TRUST B A 144A
VAR RT 01/15/2021 DD 10/23/12
89,582

89,582

89,548

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

495,000

494,609

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

249,257

256,270

 
BANC OF AMERICA COMMERCIA 4 A4
5.634% 07/10/2046 DD 08/01/06
403,253

453,363

421,911

 
BANC OF AMERICA MERRILL L 1 A5
VAR RT 11/10/2042 DD 04/01/05
293,544

319,401

293,441

 
BANK OF AMERICA CORP
5.750% 12/01/2017 DD 12/04/07
135,000

129,533

149,161

 
BANK OF AMERICA CORP
5.625% 07/01/2020 DD 06/22/10
125,000

127,107

142,324

 
BANK OF AMERICA CORP
2.600% 01/15/2019 DD 10/22/13
212,000

211,964

213,649

 
BANK OF AMERICA CORP
4.200% 08/26/2024 DD 08/26/14
145,000

144,894

147,714

 
BANK OF AMERICA CORP
4.100% 07/24/2023 DD 07/23/13
190,000

196,675

200,098

 
BANK OF AMERICA CORP
6.875% 04/25/2018 DD 04/25/08
1,055,000

1,170,308

1,211,752

 
BANK OF AMERICA CORP
5.700% 05/02/2017 DD 05/02/07
145,000

160,498

156,746

 
BARCLAYS BANK PLC 144A
6.050% 12/04/2017 DD 12/04/07
785,000

876,089

863,429

 
BARRICK GOLD CORP
4.100% 05/01/2023 DD 05/02/13
160,000

154,526

155,712

 
BEAR STEARNS COMMERCIA PW10 A4
VAR RT 12/11/2040 DD 12/01/05
183,638

204,742

188,512

 
BEAR STEARNS COMMERCIA PW11 A4
VAR RT 03/11/2039 DD 03/01/06
147,547

119,974

152,447





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, 2014    
 
BEAR STEARNS COMMERCIA PW14 A4
5.201% 12/11/2038 DD 12/01/06
190,000

208,948

201,351

 
BEAR STEARNS COMMERCIA PW16 A4
VAR RT 06/11/2040 DD 06/01/07
145,000

165,114

156,397

 
BEAR STEARNS COMMERCIAL T24 A4
5.537% 10/12/2041 DD 10/01/06
131,842

142,575

139,062

 
BEAR STEARNS COS LLC/THE
6.400% 10/02/2017 DD 10/02/07
150,000

149,562

167,986

 
BEAR STEARNS COS LLC/THE
7.250% 02/01/2018 DD 02/01/08
115,000

143,107

132,543

 
BERKSHIRE HATHAWAY ENERG 144A
2.400% 02/01/2020 DD 12/04/14
275,000

274,939

273,804

 
BP CAPITAL MARKETS PLC
2.521% 01/15/2020 DD 11/04/14
165,000

165,000

165,193

 
BPCE SA
4.000% 04/15/2024 DD 04/15/14
385,000

384,307

402,390

 
BPCE SA
VAR RT 06/23/2017 DD 06/23/14
250,000

250,000

249,987

 
BPCE SA 144A
5.700% 10/22/2023 DD 10/22/13
200,000

220,080

214,754

 
BRITISH TELECOMMUNICATIONS PLC
1.250% 02/14/2017 DD 02/14/14
245,000

244,841

243,780

 
CAPITAL AUTO RECEIVABLES 1 A3
1.320% 06/20/2018 DD 01/22/14
395,000

394,923

396,513

 
CAPITAL ONE FINANCIAL CORP
6.150% 09/01/2016 DD 08/29/06
350,000

362,736

376,124

 
CARDINAL HEALTH INC
2.400% 11/15/2019 DD 11/19/14
205,000

204,617

204,334

 
CARDINAL HEALTH INC
3.500% 11/15/2024 DD 11/19/14
235,000

232,488

234,337

 
CARGILL INC 144A
4.307% 05/14/2021 DD 05/16/11
564,000

553,557

620,265

 
CARMAX AUTO OWNER TRUST 2 3 A4
1.490% 01/15/2019 DD 08/08/13
265,000

264,987

265,313

 
CATERPILLAR FINANCIAL SE
2.250% 12/01/2019 DD 12/01/14
510,000

509,592

510,556

 
CD 2005-CD1 COMMERCIAL CD1 A4
VAR RT 07/15/2044 DD 11/01/05
294,814

306,330

299,578

 
CD 2007-CD4 COMMERCIAL CD4 A4
5.322% 12/11/2049 DD 03/01/07
435,000

494,065

460,561

 
CD 2007-CD5 MORTGAGE TR CD5 A4
VAR RT 11/15/2044 DD 11/01/07
348,655

383,098

379,769

 
CHESAPEAKE FUNDING L 1A A 144A
VAR RT 11/07/2023 DD 05/17/12
164,228

164,472

164,625

 
CITIGROUP COMMERCIAL M GC15 A4
VAR RT 09/10/2046 DD 09/01/13
295,000

313,827

325,715

 
CITIGROUP COMMERCIAL MOR C4 A3
VAR RT 03/15/2049 DD 06/01/06
92,147

100,999

96,313

 
CITIGROUP INC
6.125% 05/15/2018 DD 05/12/08
345,000

367,566

390,426

 
CITIGROUP INC
8.500% 05/22/2019 DD 05/22/09
380,000

418,995

473,507

 
CITIGROUP INC
5.375% 08/09/2020 DD 08/09/10
111,000

127,173

126,158

 
CITIGROUP INC
1.700% 07/25/2016 DD 07/25/13
150,000

149,929

151,027

 
CITIGROUP INC
5.500% 09/13/2025 DD 09/13/13
225,000

249,606

248,962

 
CITIGROUP INC
2.550% 04/08/2019 DD 04/08/14
160,000

159,754

161,053

 
COBALT CMBS COMMERCIAL M C2 A3
VAR RT 04/15/2047 DD 04/01/07
142,179

155,753

152,157

 
COCA-COLA ENTERPRISES INC
3.500% 09/15/2020 DD 09/14/10
400,000

409,052

414,288

 
COMMERCIAL MORTGAGE PAS CR3 A3
2.822% 10/15/2045 DD 10/01/12
115,000

116,020

115,101

 
COMMERCIAL MORTGAGE PAS CR9 A4
VAR RT 07/10/2045 DD 07/01/13
290,000

309,474

318,524

 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2045 DD 01/01/15
2,000,000

2,165,000

2,167,740

 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2045 DD 01/01/15
5,400,000

5,580,219

5,629,068

 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2030 DD 01/01/15
4,000,000

4,236,875

4,238,120

 
COMMIT TO PUR FNMA SF MTG
6.000% 01/01/2045 DD 01/01/15
1,300,000

1,475,297

1,474,226

 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2045 DD 01/01/15
1,800,000

1,887,750

1,889,442

 
COMMIT TO PUR GNMA II JUMBOS
4.500% 01/20/2045 DD 01/01/15
2,000,000

2,186,562

2,185,240

 
CONOCOPHILLIPS
6.000% 01/15/2020 DD 05/21/09
200,000

239,473

232,388

 
CONSOLIDATED EDISON CO OF NEW
3.300% 12/01/2024 DD 11/24/14
105,000

104,636

106,921





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, 2014    
 
COX COMMUNICATIONS INC 144A
6.250% 06/01/2018 DD 06/05/08
175,000

206,817

197,598

 
COX COMMUNICATIONS INC 144A
2.950% 06/30/2023 DD 05/01/13
340,000

338,504

326,040

 
CREDIT SUISSE COMMERCIAL C4 A3
5.467% 09/15/2039 DD 09/01/06
240,413

255,476

253,039

 
CREDIT SUISSE/NEW YORK NY
2.300% 05/28/2019 DD 05/28/14
535,000

533,898

534,080

 
CVS HEALTH CORP
2.750% 12/01/2022 DD 11/29/12
130,000

129,819

126,617

 
DAIMLER FINANCE NA LLC 144A
3.250% 08/01/2024 DD 08/01/14
250,000

247,597

251,762

 
DEUTSCHE BANK AG
VAR RT 05/24/2028 DD 05/24/13
300,000

291,570

289,779

 
DIRECTV HOLDINGS LLC / DIRECTV
5.000% 03/01/2021 DD 03/10/11
150,000

158,811

163,575

 
DIRECTV HOLDINGS LLC / DIRECTV
2.400% 03/15/2017 DD 03/08/12
300,000

304,241

305,661

 
DIRECTV HOLDINGS LLC / DIRECTV
1.750% 01/15/2018 DD 01/15/13
150,000

148,230

149,012

 
DOMINION RESOURCES INC/VA
6.400% 06/15/2018 DD 06/17/08
255,000

254,760

291,100

 
DOMINION RESOURCES INC/VA
1.250% 03/15/2017 DD 03/24/14
625,000

627,150

622,637

 
DUKE ENERGY CAROLINAS LLC
5.100% 04/15/2018 DD 04/14/08
131,000

146,411

145,498

 
DUKE ENERGY CORP
3.950% 10/15/2023 DD 10/11/13
70,000

69,856

74,213

 
DUKE ENERGY CORP
3.750% 04/15/2024 DD 04/04/14
200,000

199,882

208,046

 
DUKE REALTY LP
5.950% 02/15/2017 DD 08/24/06
30,000

30,450

32,530

 
DUKE REALTY LP
7.375% 02/15/2015 DD 08/11/09
195,000

216,771

196,414

 
DUKE REALTY LP
3.750% 12/01/2024 DD 11/17/14
70,000

69,156

70,827

 
ENERGY TRANSFER PARTNERS LP
4.150% 10/01/2020 DD 09/19/13
250,000

249,572

256,295

 
ENERGY TRANSFER PARTNERS LP
5.950% 10/01/2043 DD 09/19/13
400,000

390,588

438,720

 
ERAC USA FINANCE LLC 144A
2.800% 11/01/2018 DD 07/23/13
175,000

175,565

178,752

 
FHLMC POOL #A4-1215
5.000% 11/01/2035 DD 12/01/05
137,439

131,995

151,903

 
FHLMC POOL #A4-1297
5.000% 12/01/2035 DD 12/01/05
43,844

42,107

48,701

 
FHLMC POOL #A4-1833
5.000% 01/01/2036 DD 01/01/06
41,600

39,952

46,035

 
FHLMC POOL #A4-7715
5.000% 11/01/2035 DD 11/01/05
1,701

1,634

1,879

 
FHLMC POOL #A7-0631
5.000% 12/01/2037 DD 12/01/07
155,912

149,529

171,864

 
FHLMC POOL #A7-7292
5.000% 04/01/2038 DD 05/01/08
513,067

506,654

565,559

 
FHLMC POOL #A9-6129
4.000% 01/01/2041 DD 12/01/10
3,744,924

3,868,097

3,997,220

 
FHLMC POOL #B1-1979
5.500% 01/01/2019 DD 01/01/04
9,355

9,365

9,895

 
FHLMC POOL #B1-5149
5.500% 06/01/2019 DD 06/01/04
9,749

10,093

10,311

 
FHLMC POOL #B1-5992
5.500% 08/01/2019 DD 08/01/04
38,311

39,664

40,831

 
FHLMC POOL #B1-6466
5.500% 09/01/2019 DD 09/01/04
101,988

102,099

108,779

 
FHLMC POOL #E0-1216
5.500% 10/01/2017 DD 10/01/02
25,511

26,412

26,982

 
FHLMC POOL #E0-1648
5.500% 05/01/2019 DD 05/01/04
4,539

4,699

4,841

 
FHLMC POOL #E9-2026
5.500% 10/01/2017 DD 10/01/02
60,009

62,128

63,470

 
FHLMC POOL #E9-9911
5.500% 10/01/2018 DD 09/01/03
34,086

35,289

36,052

 
FHLMC POOL #G0-1940
5.000% 10/01/2035 DD 10/01/05
87,151

81,861

96,333

 
FHLMC POOL #G0-4214
5.500% 05/01/2038 DD 04/01/08
312,617

314,766

349,809

 
FHLMC POOL #G0-8563
4.000% 01/01/2044 DD 12/01/13
1,343,544

1,384,900

1,433,883

 
FHLMC POOL #G1-2165
6.500% 01/01/2019 DD 05/01/06
434

441

451

 
FHLMC POOL #Q2-8457
3.500% 09/01/2044 DD 09/01/14
3,759,468

3,856,098

3,913,155

 
FHLMC MULTICLASS MTG 2684 PH
5.000% 01/15/2033 DD 10/01/03
62,677

61,536

64,263





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, 2014    
 
FHLMC MULTICLASS MTG K003 A5
5.085% 03/25/2019 DD 06/01/09
175,000

176,749

196,462

 
FIFTH THIRD AUTO TRUST 20 3 A4
1.470% 05/17/2021 DD 10/29/14
480,000

479,854

477,125

 
FIFTH THIRD AUTO TRUST 20 A A4
0.830% 04/15/2019 DD 03/28/13
390,000

389,979

388,491

 
FIFTH THIRD BANK/CINCINNATI OH
2.875% 10/01/2021 DD 09/05/14
525,000

522,296

524,947

 
FNMA POOL #0252441
6.000% 05/01/2019 DD 04/01/99
7,690

8,379

8,707

 
FNMA POOL #0256315
5.500% 07/01/2036 DD 06/01/06
154,538

151,514

172,878

 
FNMA POOL #0693008
5.000% 05/01/2018 DD 05/01/03
2,420

2,428

2,550

 
FNMA POOL #0725314
5.000% 04/01/2034 DD 03/01/04
102,888

97,732

113,968

 
FNMA POOL #0726028
5.000% 08/01/2018 DD 07/01/03
18,392

18,458

19,383

 
FNMA POOL #0727187
5.500% 08/01/2033 DD 08/01/03
41,312

41,583

46,564

 
FNMA POOL #0733371
5.000% 08/01/2018 DD 07/01/03
44,231

44,646

46,615

 
FNMA POOL #0733655
5.500% 09/01/2033 DD 08/01/03
51,701

52,041

58,253

 
FNMA POOL #0734847
5.500% 08/01/2033 DD 08/01/03
73,415

73,897

82,773

 
FNMA POOL #0738499
5.500% 09/01/2033 DD 09/01/03
20,879

21,016

23,330

 
FNMA POOL #0738632
5.000% 11/01/2018 DD 11/01/03
44,310

44,725

46,704

 
FNMA POOL #0743133
5.000% 10/01/2018 DD 09/01/03
62,932

63,522

66,327

 
FNMA POOL #0743186
5.000% 10/01/2018 DD 09/01/03
146,555

147,929

156,841

 
FNMA POOL #0743859
5.000% 11/01/2018 DD 10/01/03
140,977

142,299

150,844

 
FNMA POOL #0743887
5.000% 11/01/2018 DD 10/01/03
55,945

56,469

59,816

 
FNMA POOL #0747866
5.000% 11/01/2018 DD 11/01/03
79,332

80,075

84,948

 
FNMA POOL #0757861
5.000% 10/01/2018 DD 11/01/03
64,629

65,235

68,116

 
FNMA POOL #0778421
5.000% 08/01/2035 DD 07/01/05
9,347

9,193

10,319

 
FNMA POOL #0820263
5.000% 07/01/2035 DD 07/01/05
40,469

39,805

44,770

 
FNMA POOL #0825951
5.000% 07/01/2035 DD 06/01/05
41,908

41,221

46,936

 
FNMA POOL #0826955
5.000% 06/01/2035 DD 06/01/05
4,727

4,649

5,219

 
FNMA POOL #0828523
5.000% 07/01/2035 DD 07/01/05
64,500

63,441

71,486

 
FNMA POOL #0828547
5.000% 08/01/2035 DD 08/01/05
7,582

7,197

8,391

 
FNMA POOL #0828678
5.000% 07/01/2035 DD 07/01/05
86,772

85,348

96,142

 
FNMA POOL #0828712
5.000% 07/01/2035 DD 07/01/05
65,588

64,512

72,677

 
FNMA POOL #0830996
5.000% 08/01/2035 DD 07/01/05
88,907

87,448

98,337

 
FNMA POOL #0832013
5.000% 09/01/2035 DD 08/01/05
107,121

105,364

118,265

 
FNMA POOL #0832878
5.000% 09/01/2035 DD 08/01/05
127,368

123,169

141,092

 
FNMA POOL #0838778
5.000% 10/01/2035 DD 10/01/05
37,497

35,618

41,652

 
FNMA POOL #0840377
5.000% 11/01/2035 DD 11/01/05
34,426

32,700

38,109

 
FNMA POOL #0843360
5.000% 11/01/2035 DD 11/01/05
59,423

56,445

65,768

 
FNMA POOL #0844018
5.000% 11/01/2035 DD 10/01/05
102,291

97,165

113,221

 
FNMA POOL #0867065
5.000% 02/01/2036 DD 02/01/06
35,287

33,495

38,983

 
FNMA POOL #0882022
5.500% 05/01/2036 DD 05/01/06
6,171

6,050

6,904

 
FNMA POOL #0888023
5.500% 06/01/2036 DD 11/01/06
696,202

694,570

785,232

 
FNMA POOL #0888120
5.000% 10/01/2035 DD 12/01/06
254,660

246,245

281,815

 
FNMA POOL #0893289
5.500% 08/01/2036 DD 08/01/06
66,749

65,508

74,709

 
FNMA POOL #0893363
5.000% 06/01/2036 DD 08/01/06
11,500

10,923

12,715





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, 2014    
 
FNMA POOL #0900979
5.500% 09/01/2036 DD 09/01/06
11,020

10,815

12,314

 
FNMA POOL #0961876
5.000% 03/01/2038 DD 02/01/08
328,813

321,081

369,582

 
FNMA POOL #0AJ5610
3.000% 02/01/2027 DD 02/01/12
2,286,741

2,372,136

2,385,071

 
FNMA POOL #0AL5249
4.500% 01/01/2043 DD 04/01/14
2,014,173

2,178,769

2,185,781

 
FNMA POOL #0AT2016
3.000% 04/01/2043 DD 04/01/13
1,483,656

1,497,565

1,503,374

 
FNMA POOL #0AT7620
3.000% 06/01/2043 DD 05/01/13
1,576,852

1,515,502

1,597,666

 
FNMA POOL #0AU1358
3.000% 07/01/2028 DD 07/01/13
1,016,581

1,054,544

1,060,183

 
FNMA POOL #0AU8871
3.000% 12/01/2028 DD 11/01/13
1,569,198

1,609,654

1,636,014

 
FORD MOTOR CREDIT CO LLC
6.625% 08/15/2017 DD 08/04/10
150,000

177,495

167,214

 
FORD MOTOR CREDIT CO LLC
5.875% 08/02/2021 DD 08/01/11
225,000

262,510

260,503

 
FORD MOTOR CREDIT CO LLC
2.597% 11/04/2019 DD 11/04/14
310,000

310,000

308,332

 
FREEPORT-MCMORAN INC
3.550% 03/01/2022 DD 02/13/12
366,000

361,757

345,910

 
GE CAPITAL COMMERCIAL MO C4 A4
VAR RT 11/10/2045 DD 12/01/05
310,000

328,967

314,814

 
GENERAL ELECTRIC CAPITAL CORP
5.550% 05/04/2020 DD 05/04/07
325,000

385,853

373,516

 
GENERAL ELECTRIC CAPITAL CORP
5.625% 05/01/2018 DD 04/21/08
275,000

298,378

309,438

 
GENERAL ELECTRIC CAPITAL CORP
5.500% 01/08/2020 DD 01/08/10
95,000

94,675

108,735

 
GENERAL ELECTRIC CAPITAL CORP
4.650% 10/17/2021 DD 10/17/11
125,000

141,131

140,891

 
GENERAL ELECTRIC CAPITAL CORP
3.450% 05/15/2024 DD 05/15/14
150,000

150,069

154,993

 
GILEAD SCIENCES INC
3.500% 02/01/2025 DD 11/17/14
120,000

119,887

123,168

 
GLENCORE FINANCE CANADA L 144A
VAR RT 10/23/2015 DD 10/25/12
325,000

324,896

327,116

 
GMAC COMMERCIAL MORTGAGE C1 A4
VAR RT 11/10/2045 DD 01/01/06
124,917

134,865

127,128

 
GNMA POOL #0249532
8.500% 04/15/2018 DD 05/01/88
4,090

4,417

4,108

 
GNMA POOL #0345910
6.000% 12/15/2023 DD 12/01/93
11,285

11,761

12,825

 
GNMA POOL #0427239
6.000% 01/15/2028 DD 01/01/98
841

877

952

 
GNMA POOL #0465541
6.000% 07/15/2028 DD 07/01/98
3,097

3,228

3,539

 
GNMA POOL #0486703
6.000% 11/15/2028 DD 11/01/98
1,751

1,825

2,023

 
GNMA POOL #0491289
6.000% 11/15/2028 DD 11/01/98
12,193

12,745

13,791

 
GNMA POOL #0596613
6.000% 10/15/2032 DD 10/01/02
1,039

1,071

1,199

 
GNMA POOL #0601319
6.000% 02/15/2033 DD 02/01/03
12,081

12,628

13,672

 
GNMA POOL #0739896
4.000% 01/15/2041 DD 01/01/11
396,844

428,576

426,127

 
GNMA POOL #0767263
4.000% 08/15/2041 DD 08/01/11
1,612,263

1,741,181

1,731,232

 
GNMA POOL #0770410
4.000% 06/15/2041 DD 06/01/11
163,104

176,306

175,140

 
GNMA POOL #0778693
4.000% 12/15/2041 DD 12/01/11
310,346

335,465

333,247

 
GNMA POOL #0781856
6.000% 08/15/2034 DD 01/01/05
291,025

301,097

336,038

 
GNMA POOL #0782071
7.000% 05/15/2033 DD 03/01/06
80,248

83,734

94,361

 
GNMA II POOL #0MA1377
4.500% 10/20/2043 DD 10/01/13
1,257,638

1,352,796

1,375,944

 
GOLDMAN SACHS GROUP INC/THE
6.150% 04/01/2018 DD 04/01/08
210,000

245,547

235,708

 
GOLDMAN SACHS GROUP INC/THE
5.750% 01/24/2022 DD 01/24/12
285,000

303,235

329,685

 
GOLDMAN SACHS GROUP INC/THE
2.375% 01/22/2018 DD 01/22/13
165,000

164,931

166,666

 
GOLDMAN SACHS GROUP INC/THE
4.000% 03/03/2024 DD 03/03/14
260,000

259,215

269,919

 
GOLDMAN SACHS GROUP INC/THE
2.900% 07/19/2018 DD 07/19/13
575,000

592,773

589,881





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, 2014    
 
GS MORTGAGE SECURITIES GC12 A4
3.135% 06/10/2046 DD 05/01/13
165,000

169,946

166,980

 
GS MORTGAGE SECURITIES GG4 A4A
4.751% 07/10/2039 DD 06/01/05
230,529

248,969

230,753

 
HCP INC
4.250% 11/15/2023 DD 11/12/13
165,000

164,241

173,455

 
HCP INC
6.000% 03/01/2015 DD 02/28/03
95,000

94,471

95,797

 
HCP INC
6.000% 01/30/2017 DD 01/22/07
85,000

91,478

92,746

 
HEALTH CARE REIT INC
5.250% 01/15/2022 DD 03/14/11
135,000

149,180

150,009

 
HESS CORP
1.300% 06/15/2017 DD 06/24/14
155,000

154,843

152,714

 
HEWLETT-PACKARD CO
3.000% 09/15/2016 DD 09/19/11
475,000

473,974

487,720

 
HSBC BANK USA NA
4.875% 08/24/2020 DD 08/24/10
300,000

297,243

331,137

 
HUMANA INC
2.625% 10/01/2019 DD 09/19/14
100,000

99,995

99,992

 
HUMANA INC
3.850% 10/01/2024 DD 09/19/14
325,000

324,568

329,283

 
HUTCHISON WHAMPOA INTERNA 144A
4.625% 09/11/2015 DD 09/11/09
450,000

473,490

461,331

 
HUTCHISON WHAMPOA INTERNA 144A
1.625% 10/31/2017 DD 10/31/14
200,000

199,540

198,352

 
IMPERIAL TOBACCO FINANCE 144A
2.050% 02/11/2018 DD 02/11/13
575,000

574,482

571,780

 
INTESA SANPAOLO SPA
5.250% 01/12/2024 DD 01/14/14
290,000

318,223

314,157

 
JOHNSON CONTROLS INC
1.400% 11/02/2017 DD 06/13/14
205,000

204,910

203,139

 
JP MORGAN CHASE COMMER CB14 A4
VAR RT 12/12/2044 DD 03/01/06
390,064

428,163

398,806

 
JP MORGAN CHASE COMMER CB16 A4
5.552% 05/12/2045 DD 09/01/06
421,930

476,475

440,845

 
JP MORGAN CHASE COMMER LDP2 A4
4.738% 07/15/2042 DD 06/01/05
400,000

435,203

400,692

 
JP MORGAN CHASE COMMER LDP7 A4
VAR RT 04/15/2045 DD 06/01/06
290,000

314,551

302,809

 
JP MORGAN CHASE COMMERC LC9 A5
2.840% 12/15/2047 DD 12/01/12
375,059

375,471

374,298

 
JPMORGAN CHASE & CO
1.350% 02/15/2017 DD 02/18/14
470,000

470,685

469,991

 
JPMORGAN CHASE & CO
6.125% 06/27/2017 DD 06/27/07
800,000

828,230

882,752

 
JPMORGAN CHASE & CO
6.300% 04/23/2019 DD 04/23/09
65,000

79,766

75,503

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

149,941

165,707

 
JPMORGAN CHASE & CO
4.350% 08/15/2021 DD 08/10/11
250,000

248,800

271,670

 
KIMCO REALTY CORP
5.584% 11/23/2015 DD 11/21/05
175,000

175,079

181,951

 
KIMCO REALTY CORP
6.875% 10/01/2019 DD 09/24/09
160,000

159,744

189,627

 
KIMCO REALTY CORP
4.300% 02/01/2018 DD 09/03/10
75,000

74,739

80,299

 
KINDER MORGAN INC/DE
2.000% 12/01/2017 DD 11/26/14
110,000

109,875

109,319

 
KINDER MORGAN INC/DE
3.050% 12/01/2019 DD 11/26/14
80,000

79,838

79,364

 
KRAFT FOODS GROUP INC
2.250% 06/05/2017 DD 12/05/12
130,000

129,762

132,145

 
KROGER CO/THE
3.850% 08/01/2023 DD 07/25/13
80,000

79,966

82,950

 
KROGER CO/THE
2.950% 11/01/2021 DD 10/28/14
390,000

386,002

386,802

 
LB-UBS COMMERCIAL MORTGA C1 A2
VAR RT 04/15/2041 DD 04/11/08
225,000

249,966

248,083

 
LIBERTY PROPERTY LP
6.625% 10/01/2017 DD 09/25/07
110,000

109,324

123,265

 
LIBERTY PROPERTY LP
4.125% 06/15/2022 DD 06/11/12
55,000

58,729

57,015

 
LIBERTY PROPERTY LP
3.375% 06/15/2023 DD 12/10/12
70,000

69,932

68,244

 
LINCOLN NATIONAL CORP
4.000% 09/01/2023 DD 08/16/13
110,000

109,109

114,123

 
LLOYDS BANK PLC
2.350% 09/05/2019 DD 09/05/14
310,000

309,913

309,777

 
M&T BANK AUTO RECEI 1A A3 144A
1.060% 11/15/2017 DD 09/19/13
465,000

464,994

466,451





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, 2014    
 
MARATHON OIL CORP
2.800% 11/01/2022 DD 10/29/12
310,000

309,247

290,315

 
MARSH & MCLENNAN COS INC
2.300% 04/01/2017 DD 03/12/12
100,000

101,435

101,239

 
MARSH & MCLENNAN COS INC
4.050% 10/15/2023 DD 09/27/13
375,000

373,523

396,210

 
MARSH & MCLENNAN COS INC
3.500% 03/10/2025 DD 09/10/14
200,000

199,371

201,272

 
MCKESSON CORP
1.400% 03/15/2018 DD 03/08/13
200,000

196,532

197,528

 
MEDTRONIC INC 144A
1.500% 03/15/2018 DD 12/10/14
480,000

478,880

477,706

 
MEDTRONIC INC 144A
3.150% 03/15/2022 DD 12/10/14
240,000

239,632

243,043

 
MIZUHO BANK LTD 144A
2.450% 04/16/2019 DD 04/16/14
360,000

359,359

357,656

 
MOLSON COORS BREWING CO
3.500% 05/01/2022 DD 05/03/12
25,000

24,912

25,251

 
MONSANTO CO
3.375% 07/15/2024 DD 07/01/14
265,000

264,841

269,259

 
MORGAN STANLEY
6.625% 04/01/2018 DD 04/01/08
875,000

931,108

996,660

 
MORGAN STANLEY
4.350% 09/08/2026 DD 09/08/14
250,000

249,560

251,495

 
MORGAN STANLEY
5.550% 04/27/2017 DD 04/27/07
345,000

371,593

374,473

 
MORGAN STANLEY
2.500% 01/24/2019 DD 01/24/14
200,000

199,264

200,182

 
MORGAN STANLEY
4.875% 11/01/2022 DD 10/23/12
150,000

151,210

159,312

 
MORGAN STANLEY CAPITAL HQ6 A4A
4.989% 08/13/2042 DD 08/01/05
556,173

609,987

557,508

 
MORGAN STANLEY CAPITAL T23 A4
VAR RT 08/12/2041 DD 08/01/06
140,000

121,756

146,884

 
NATIONAL RURAL UTILITIES COOPE
3.050% 02/15/2022 DD 02/02/12
225,000

224,226

227,095

 
NBCUNIVERSAL MEDIA LLC
4.375% 04/01/2021 DD 04/01/11
300,000

308,210

329,940

 
NEWS AMERICA INC
4.500% 02/15/2021 DD 08/15/11
345,000

342,522

377,634

 
NEXEN ENERGY ULC
6.200% 07/30/2019 DD 07/30/09
275,000

320,427

316,935

 
NISSAN AUTO LEASE 2013-A A A4
0.740% 10/15/2018 DD 05/23/13
175,000

174,976

175,184

 
OBP DEPOSITOR LLC T OBP A 144A
4.646% 07/15/2045 DD 07/01/10
150,000

157,838

166,170

 
ORACLE CORP
2.800% 07/08/2021 DD 07/08/14
375,000

374,456

379,665

 
PACIFICORP
5.500% 01/15/2019 DD 01/08/09
500,000

589,300

564,950

 
PENSKE TRUCK LEASING CO L 144A
4.875% 07/11/2022 DD 07/13/12
155,000

159,446

166,969

 
PENSKE TRUCK LEASING CO L 144A
2.875% 07/17/2018 DD 01/17/13
190,000

190,617

193,192

 
PENSKE TRUCK LEASING CO L 144A
2.500% 06/15/2019 DD 06/17/14
325,000

324,909

323,018

 
PETROBRAS INTERNATIONAL FINANC
7.875% 03/15/2019
375,000

409,534

394,639

 
PETROLEOS MEXICANOS
4.875% 01/24/2022
225,000

230,006

235,667

 
PNC BANK NA
2.700% 11/01/2022 DD 10/22/12
350,000

321,461

335,181

 
PNC FUNDING CORP
5.250% 11/15/2015 DD 11/03/03
205,000

215,424

212,462

 
PROLOGIS LP
4.500% 08/15/2017 DD 08/09/10
215,000

212,680

229,108

 
PRUDENTIAL FINANCIAL INC
2.300% 08/15/2018 DD 08/15/13
160,000

159,813

161,851

 
RAYTHEON COMPANY
3.150% 12/15/2024 DD 12/02/14
65,000

64,595

65,195

 
REALTY INCOME CORP
6.750% 08/15/2019 DD 09/05/07
300,000

299,481

353,388

 
REALTY INCOME CORP
4.125% 10/15/2026 DD 09/23/14
380,000

384,393

387,368

 
RYDER SYSTEM INC
2.450% 09/03/2019 DD 05/06/14
325,000

324,266

322,712

 
SHELL INTERNATIONAL FINANCE BV
2.000% 11/15/2018 DD 11/15/13
100,000

100,672

100,681

 
SKY PLC 144A
2.625% 09/16/2019 DD 09/16/14
235,000

234,650

235,087

 
STANDARD CHARTERED PLC 144A
1.500% 09/08/2017 DD 09/08/14
600,000

599,664

598,458

 
SUNOCO LOGISTICS PARTNERS OPER
4.250% 04/01/2024 DD 04/03/14
165,000

167,924

166,856





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, 2014    
 
SYNCHRONY FINANCIAL
1.875% 08/15/2017 DD 08/11/14
355,000

354,691

355,689

 
SYSCO CORP
2.350% 10/02/2019 DD 10/02/14
140,000

139,810

140,762

 
SYSCO CORP
3.500% 10/02/2024 DD 10/02/14
45,000

44,827

46,306

 
TIAA SEASONED COMMERCIAL C4 A3
VAR RT 08/15/2039 DD 07/10/07
84,826

90,231

84,837

 
TIME WARNER CABLE INC
5.850% 05/01/2017 DD 04/09/07
270,000

269,376

294,719

 
TIME WARNER CABLE INC
6.750% 07/01/2018 DD 06/19/08
145,000

171,945

166,298

 
TIME WARNER CABLE INC
5.000% 02/01/2020 DD 12/11/09
150,000

165,900

165,299

 
TIME WARNER INC
5.875% 11/15/2016 DD 11/13/06
140,000

152,608

151,753

 
TIME WARNER INC
4.750% 03/29/2021 DD 04/01/11
200,000

200,756

218,276

 
TIME WARNER INC
4.000% 01/15/2022 DD 10/17/11
240,000

247,934

250,855

 
TIME WARNER INC
2.100% 06/01/2019 DD 05/28/14
160,000

159,917

157,632

 
U S TREASURY NOTE
0.875% 08/15/2017 DD 08/15/14
5,920,000

5,913,759

5,905,674

 
U S TREASURY NOTE
0.500% 08/31/2016 DD 08/31/14
6,500,000

6,493,906

6,497,465

 
U S TREASURY NOTE
1.000% 09/15/2017 DD 09/15/14
3,795,000

3,804,569

3,797,087

 
U S TREASURY NOTE
1.500% 11/30/2019 DD 11/30/14
4,045,000

4,011,830

4,019,395

 
U S TREASURY NOTE
0.500% 06/30/2016 DD 06/30/14
2,805,000

2,807,384

2,805,870

 
UBS AG/STAMFORD CT
5.875% 07/15/2016 DD 07/26/06
300,000

336,945

320,958

 
UBS-BARCLAYS COMMERCIAL C6 A4
3.244% 04/10/2046 DD 04/01/13
170,000

165,386

173,354

 
UDR INC
3.700% 10/01/2020 DD 09/26/13
70,000

69,987

72,566

 
UNION ELECTRIC CO
6.400% 06/15/2017 DD 06/15/07
345,000

344,696

384,137

 
US TREAS-CPI INFLAT
0.125% 04/15/2019 DD 04/15/14
1,432,919

1,416,483

1,417,128

 
US TREAS-CPI INFLATION INDEXED
0.125% 07/15/2024 DD 07/15/14
3,155,095

3,038,835

3,038,514

 
VENTAS REALTY LP / VENTAS CAPI
2.000% 02/15/2018 DD 12/13/12
165,000

164,569

165,145

 
VENTAS REALTY LP / VENTAS CAPI
2.700% 04/01/2020 DD 03/19/13
225,000

224,870

222,647

 
VERIZON COMMUNICATIONS INC
5.150% 09/15/2023 DD 09/18/13
425,000

474,066

469,298

 
VERIZON COMMUNICATIONS INC
4.150% 03/15/2024 DD 03/17/14
350,000

353,920

362,331

 
VERIZON COMMUNICATIONS INC
3.450% 03/15/2021 DD 03/17/14
380,000

381,854

388,375

 
VERIZON COMMUNICATIONS INC
3.000% 11/01/2021 DD 10/29/14
100,000

99,699

98,623

 
VIACOM INC
5.625% 09/15/2019 DD 08/26/09
135,000

163,027

151,614

 
VOLKSWAGEN GROUP OF AMERI 144A
1.600% 11/20/2017 DD 11/20/14
490,000

489,672

488,207

 
WACHOVIA BANK COMMERCIA C18 A4
4.935% 04/15/2042 DD 05/01/05
103,636

112,231

103,730

 
WACHOVIA CORP
5.750% 02/01/2018 DD 01/31/08
375,000

425,505

419,918

 
WASTE MANAGEMENT INC
2.900% 09/15/2022 DD 09/12/12
50,000

49,191

49,475

 
WASTE MANAGEMENT INC
3.500% 05/15/2024 DD 05/08/14
385,000

390,710

389,839

 
WELLS FARGO & CO
3.450% 02/13/2023 DD 02/13/13
125,000

124,926

126,686

 
WELLS FARGO & CO
4.125% 08/15/2023 DD 08/15/13
310,000

308,224

325,370

 
WELLS FARGO & CO
3.300% 09/09/2024 DD 09/09/14
155,000

154,663

155,970

 
WFRBS COMMERCIAL MORTGA C11 A5
3.071% 03/15/2045 DD 02/01/13
245,000

252,347

248,276

 
WFRBS COMMERCIAL MORTGA C14 A5
3.337% 06/15/2046 DD 06/01/13
100,036

101,722

103,097

 
WILLIAMS PARTNERS LP
4.300% 03/04/2024 DD 03/04/14
225,000

224,530

224,586

 
WILLIAMS PARTNERS LP
3.900% 01/15/2025 DD 06/27/14
270,000

269,163

259,492





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, 2014    
 
WORLD OMNI AUTO RECEIVABL B A4
1.680% 12/15/2020 DD 10/29/14
400,000

399,861

397,312

 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2045 DD 01/01/15
1,000,000

(1,082,500
)
(1,082,500
)
 
COMMIT TO PUR FHLMC GOLD SFM
4.500% 01/01/2045 DD 01/01/15
1,000,000

(1,082,500
)
(1,082,500
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2045 DD 01/01/15
1,600,000

(1,653,750
)
(1,653,750
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2045 DD 01/01/15
1,100,000

(1,136,609
)
(1,136,609
)
 
COMMIT TO PUR FNMA SF MTG
3.500% 01/01/2045 DD 01/01/15
2,700,000

(2,789,859
)
(2,789,859
)
 
COMMIT TO PUR FNMA SF MTG
4.000% 01/01/2030 DD 01/01/15
4,000,000

(4,236,875
)
(4,236,875
)
 
COMMIT TO PUR FNMA SF MTG
6.000% 01/01/2045 DD 01/01/15
1,300,000

(1,475,297
)
(1,475,297
)
 
COMMIT TO PUR GNMA II JUMBOS
3.500% 01/20/2045 DD 01/01/15
1,800,000

(1,887,750
)
(1,887,750
)
 
COMMIT TO PUR GNMA II JUMBOS
4.500% 01/20/2045 DD 01/01/15
2,000,000

(2,186,563
)
(2,186,563
)
 
INTEREST BEARING CASH
TEMPORARY INVESTMENTS
 
33,746,276

33,746,276

 
TOTAL UNDERLYING ASSETS
 
 
152,548,692

154,174,153

 
 
 
 
 
 
 
BANK OF TOKYO INV-DOWCHEM13-1 - 50.2% of MARKET VALUE
 
 
77,349,172

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
80,332,273

 
FAIR VALUE BANK OF TOKYO INV-DOWCHEM13-1
 
 
157,681,445

 
BANK OF TOKYO INV-DOWCHEM13-1 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
(4,143,796
)
 
BANK OF TOKYO INV-DOWCHEM13-1 - CONTRACT VALUE
153,537,649

 
 
 
 
 
 
 
RGA RGA00036 - 49.8% of MARKET VALUE
 
 
76,824,981

 
IGT INVESCO SHORT-TERM BOND FUND
 
 
107,332,696

 
FAIR VALUE RGA RGA00036
 
 
 
184,157,677

 
RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE
(4,100,903
)
 
RGA RGA00036 - CONTRACT VALUE
180,056,774

 
 
 
 
 
 
 
 
 
 
 
 






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 23, 2015, appearing in the annual report on Form 11-K of The Dow Chemical Company Employees' Savings Plan as of December 31, 2014 and 2013 and for the year ended December 31, 2014.
                        

/s/ Plante & Moran, PLLC
Plante & Moran, PLLC
Elgin, Illinois                                    
June 23, 2015