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    SEC Form 11-K filed by Microsoft Corporation

    6/23/25 4:06:48 PM ET
    $MSFT
    Computer Software: Prepackaged Software
    Technology
    Get the next $MSFT alert in real time by email
    11-K 1 d43941d11k.htm 11-K 11-K
    Table of Contents
     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    WASHINGTON, D.C. 20549

     

     

    FORM 11-K

     

    ☒

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

    For the fiscal year ended December 31, 2024

    OR

     

    ☐

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

    For the Transition Period From      to      

     

     

    Commission File Number 001-37845

     

    A.

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

    MICROSOFT CORPORATION SAVINGS PLUS 401(k) PLAN

     

    B.

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

    Microsoft Corporation

    One Microsoft Way

    Redmond, Washington 98052-6399

    REQUIRED INFORMATION

    The Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Therefore, in lieu of the required information outlined as Items 1-3 of the Form 11-K, the statements of net assets available for benefits as of December 31, 2024 and 2023 and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference.

     

     


    Table of Contents

    SIGNATURES

    The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

     

        Microsoft Corporation Savings Plus 401(k) Plan

    Date: June 23, 2025

     

         

     

    /s/ JAYNA BUNDY

        Jayna Bundy
        Member of 401(k) Administrative Committee

    Date: June 23, 2025

       

    /s/ DANIEL GOFF

        Daniel Goff
        Member of 401(k) Administrative Committee

    Date: June 23, 2025

       

    /s/ FRED THIELE

        Fred Thiele
        Member of 401(k) Administrative Committee


    Table of Contents

    APPENDIX 1

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM;

    FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND FOR THE YEAR ENDED DECEMBER 31, 2024;

    NOTES TO FINANCIAL STATEMENTS; AND

    SUPPLEMENTAL SCHEDULE AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    TABLE OF CONTENTS

     

     

     

         Page  

    Report of Independent Registered Public Accounting Firm

         1  

    Financial Statements:

      

    Statements of Net Assets Available for Benefits as of December  31, 2024 and 2023

         2  

    Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024

         3  

    Notes to Financial Statements

         4  

    Supplemental Schedule:

      

    Supplemental Schedule of Assets (Held at End of Year) as of December 31, 2024

         11  

    Exhibit:

      

    Consent of Independent Registered Public Accounting Firm

      

     

    NOTE:

    All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.


    Table of Contents

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of the Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Report on Supplemental Schedule

    The supplemental schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

    /s/ Deloitte & Touche LLP

    Seattle, Washington

    June 23, 2025

    We have served as the auditor of the Plan since 1987.

     

    1


    Table of Contents

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

     

     

     

    December 31,    2024      2023  

    ASSETS

         

    Cash

       $ 3,095,475      $ 9,294,980  

    Investments, at fair value

         65,357,821,177        52,943,036,579  

    Receivables:

         

    Participant loans

         255,780,390        236,839,722  

    Other receivables

         29,314,596        36,682,148  

     

        

     

     

     

    Total receivables

         285,094,986        273,521,870  

     

        

     

     

     

    Total assets

         65,646,011,638        53,225,853,429  

    LIABILITIES

         

    Operating payables

         7,424,002        6,741,548  

    Other payables

         11,250,512        12,185,093  

     

        

     

     

     

    Total liabilities

         18,674,514        18,926,641  

     

        

     

     

     

    NET ASSETS AVAILABLE FOR BENEFITS

       $   65,627,337,124      $   53,206,926,788  
      

     

     

        

     

     

     

    Refer to accompanying notes.

     

    2


    Table of Contents

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

     

     

     

    Year Ended December 31,    2024  

    ADDITIONS

      

    Net investment income:

      

    Interest and dividends

       $ 428,465,980  

    Net increase in fair value of investments

         10,118,109,769  

     

     

    Net investment income

         10,546,575,749  
      

     

     

     

    Contributions:

      

    Participant contributions

         2,993,204,994  

    Rollover contributions

         418,009,289  

    Employer contributions

         1,159,497,574  

     

     

    Total contributions

         4,570,711,857  

     

     

       Total additions

         15,117,287,606  

    DEDUCTIONS

      

    Benefits paid to participants

         2,932,777,040  

     

     

    NET INCREASE IN NET ASSETS BEFORE TRANSFERS

         12,184,510,566  

    Transfers in

         235,899,770  

     

     

    NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS

         12,420,410,336  

    NET ASSETS AVAILABLE FOR BENEFITS

      

    Beginning of year

         53,206,926,788  

     

     

    End of year

       $  65,627,337,124  
      

     

     

     

    Refer to accompanying notes.

     

    3


    Table of Contents

    NOTES TO FINANCIAL STATEMENTS

     

     

    NOTE 1 — DESCRIPTION OF THE PLAN AND ACCOUNTING POLICIES

    Plan Description

    The Microsoft Corporation Savings Plus 401(k) Plan (the “Plan”), a defined contribution plan, is sponsored by Microsoft Corporation (the “Company” or “Microsoft”). Participating employers included in the Plan are Microsoft Corporation; MOL Corporation; Vexcel Corporation; Microsoft Online, Inc.; Undead Labs; LinkedIn Corporation; GitHub, Inc.; inXile Entertainment, Inc. (“inXile”); Double Fine Productions (“Double Fine”); Obsidian Entertainment, Inc. (effective January 1, 2024); and ZeniMax Media Inc. (“ZeniMax”) (effective March 20, 2024). These entities represent Microsoft or wholly owned subsidiaries of Microsoft. The Plan year is January 1 through December 31. The Plan is administered by the 401(k) Administrative Committee (the “Plan Administrator”) and subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Fidelity Management Trust Company (“Fidelity”) is the trustee and third-party administrator for the Plan. The information below summarizes certain aspects of the Plan as in effect during 2024, and is intended to be a summary only. Plan participants should refer to the Summary Plan Description for more complete information.

    Accounting Principles

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

    Eligibility

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

    Eligible Compensation

    Eligible compensation includes wages, salary, bonuses, commissions, and overtime. Compensation does not include, for example, items such as amounts earned with respect to any equity-based compensation plan, program, grant, award, or benefit, reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation, welfare plan benefits including health or life insurance, severance plan payments, unused accrued vacation payments, or bonuses or expense allowances which are not based upon performance as an employee.

    Contributions

    Participant Contributions

    Participants may contribute to the Plan on a pre-tax and/or Roth basis using eligible compensation each pay period, subject to statutory and regulatory limitations. Participants reaching age 50 or older by the end of the Plan year may also make additional catch-up contributions to the Plan on a pre-tax and/or Roth basis. During 2024, the maximum annual 401(k) pre-tax and Roth contribution limit was $23,000, and the maximum annual catch-up contribution to the Plan was $7,500. Additionally, participants could contribute up to $34,500 for 2024 on an after-tax basis. A participant’s aggregate contribution election (combined pre-tax, Roth, pre-tax catch-up, Roth catch-up, and after-tax) may not exceed 65 percent of his or her eligible compensation per pay period. Participants may elect to suspend or reinstate their contributions at any time. The Plan is required to return contributions received during the Plan year in excess of such limits.

    Participants may choose to make rollover contributions to the Plan of amounts received from an eligible employer plan maintained by another company, including direct rollovers from such plans. Participants may also make rollover contributions to the Plan from an individual retirement account (“IRA”) or annuity described in Internal Revenue Code (“IRC”) Section 408(a), 408(b), 408(k), or 408(p) that is eligible to be rolled over and would otherwise be includible in gross income.

    Participant contributions are recorded when withheld.

     

    4


    Table of Contents

    Employer Contributions

    The Company and all other participating employers excluding inXile and Double Fine provide participants with a matching contribution on eligible pre-tax and/or Roth contributions of $0.50 for every $1.00 contributed. For inXile and Double Fine, the participating employer provides participants with a matching contribution on eligible pre-tax and/or Roth contributions of $0.25 for every $1.00 contributed. The matching contribution is provided for up to 50 percent, or 25 percent for inXile and Double Fine, of the maximum annual 401(k) pre-tax and Roth Internal Revenue Service (“IRS”) contribution limit (not including catch-up contributions). Participants do not receive a match on after-tax contributions.

    Employer matching contributions are recorded when participant contributions are withheld.

    Transfers

    ZeniMax was acquired by the Company in 2021 and the ZeniMax 401(k) Savings Plan assets in the amount of $235,899,770 merged into the Plan in March 2024. The merged amount is included as transfers in on the statement of changes in net assets available for benefits for the year ended December 31, 2024.

    Employee Stock Ownership Plan Feature

    The Plan includes an Employee Stock Ownership Plan (“ESOP”) feature for the portion of the Plan designed to invest primarily in Microsoft Common Stock. The ESOP feature allows participants to either reinvest their cash dividends earned on Microsoft Common Stock or receive those dividends in cash. Amounts invested in Microsoft Common Stock are treated as being held through the ESOP, provided that at the time such amounts were received by the Plan (e.g., through contributions or transfers), the participants whose Plan accounts received such assets were employed by Microsoft or a corporation that is part of the same controlled group of corporations as Microsoft.

    Participants who are not employed by an employer established as a corporation that is part of the same controlled group of corporations as Microsoft may not participate in the ESOP, but may have their Plan accounts invested in Microsoft Common Stock to the same extent as other participants. However, such participants that are not eligible to participate in the ESOP feature are not eligible to receive dividends on Microsoft Common Stock in cash paid directly to them. Instead, dividends paid on amounts they have invested in Microsoft Common Stock will automatically be reinvested in Microsoft Common Stock.

    Effective January 1, 2016, the investment of new contributions or transfer of existing account holdings into Microsoft Common Stock within the Plan was discontinued. Participant accounts with existing Microsoft Common Stock can retain those holdings, dividends on Microsoft Common Stock can continue to be reinvested or received in cash, and cash that the Plan accumulates over time in the trading of Microsoft Common Stock in the Plan is also allocated to the Participants’ accounts and reinvested.

    Participant Accounts

    Each participant’s account is credited with (a) participant contributions and employer contributions, and (b) the allocation of investment earnings, gains and losses, and expenses, based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. All amounts in participant accounts are participant-directed. Participants may invest in various instruments including mutual funds, common collective trusts, and separately managed accounts. Participants also have the option to direct their investments through a brokerage account.

    Vesting

    Participants are fully vested in Plan accounts at all times.

    Distributions

    Active participants may take a withdrawal from the Plan in the event of a financial hardship. A hardship withdrawal is limited to the amount necessary to meet the participant’s immediate financial need. Hardship withdrawals are further limited to contributions, and earnings thereon, to participants’ pre-tax, pre-tax catch-up, Roth, and Roth catch-up accounts.

    Active participants may also generally take a withdrawal at any time from their rollover and after-tax accounts within the Plan. After reaching age 591⁄2, active participants may withdraw all, or any portion, of the balance in their accounts. Distributions, in full or any portion, may also occur if the participant terminates employment, retires, becomes permanently disabled, or dies. Distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash. Distributions may be made in installments.

     

    5


    Table of Contents

    Participants may also withdraw all, or any portion, of their pre-tax and Roth contributions during a leave of absence to perform qualified military service of at least 30 days, subject to a six-month suspension on future non-rollover contributions to the Plan, or if they elect a qualified reservist distribution. The distribution generally must be made in a single lump sum cash payment, except that distributions of investments in Microsoft Common Stock may be taken in the form of Microsoft Common Stock or cash.

    In-Plan Roth Conversions

    Active and terminated participants may convert any Plan balances (other than outstanding loans) to a Roth account within the Plan.

    Administrative Expenses

    Plan administrative expenses are paid by the Company to the extent not paid or offset by the Plan. Participants are responsible for fees associated with certain transactions or services they utilize, such as loan originations and maintenance, domestic relations order qualifications, dividend check processing, overnight check fees, and professional management service fees. Participants also pay commission charges to Fidelity for buying and selling Microsoft Common Stock within the Plan.

    Plan Amendment and Termination

    The Company has the right to amend or terminate the Plan. If the Plan is terminated, all account balances will be distributed in the form and manner determined by the Plan Administrator.

    Risks and Uncertainties

    The Plan utilizes various investment instruments, including common stock, mutual funds, common collective trusts, and separately managed accounts. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, including systemic market disruptions and geopolitical events, 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.

    Estimates and Assumptions

    The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. The Plan has no contingent assets or liabilities for any periods presented in these financial statements.

    Valuation of Investments and Income (Loss) Recognition

    Investments are recorded at fair value. Security transactions are accounted for as of the trade date. Dividend income is recorded on the ex-dividend date, and interest income is recorded as earned. Net increase in fair value of investments includes the Plan’s gains and losses on investments bought, sold, and held during the year.

     

    6


    Table of Contents

    Participant Loans

    Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, and participant loans deemed distributed due to default are included in benefits paid to participants on the statement of changes in net assets available for benefits.

    Receivables and Payables

    As of December 31, 2024 and 2023, operating payables primarily consisted of accrued investment management expenses for the separately managed accounts. Other receivables and payables primarily consisted of unsettled trades. Other receivables also included accrued interest.

    NOTE 2 — FINANCIAL INSTRUMENTS

    The Plan accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Plan categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

     

      •  

    Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. The Plan’s Level 1 non-derivative investments primarily include domestic and international equities, mutual funds, and U.S. government securities. The Plan’s Level 1 derivative assets include those actively traded on exchanges.

     

      •  

    Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies and commodities. The Plan’s Level 2 non-derivative investments consist primarily of mutual funds in the Plan’s separately managed accounts. These mutual funds are registered under the Investment Company Act of 1940 but are not registered under the Securities Act of 1933 and the prices are made available directly from the investment manager. The Plan’s Level 2 derivative assets and liabilities primarily include certain over-the-counter option and currency contracts.

     

      •  

    Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. As of December 31, 2024 and 2023, the Plan did not hold any financial instruments categorized as Level 3.

    Mutual funds are valued at the closing price as reported by the fund. Common stocks are valued at the closing price reported on the active markets on which the individual securities are traded. Brokerage account holdings include a variety of common stocks and mutual funds.

    Common collective trusts are valued using the Net Asset Value (“NAV”) as a practical expedient and are not categorized in the fair value hierarchy. NAV is provided by the fund’s issuer and is based on the fair value of the underlying investments held by the fund less its liabilities. In the event the Plan were to initiate a full redemption of a common collective trust, the fund’s issuer reserves the right to temporarily delay withdrawal from the common collective trust in order to ensure that securities liquidations will be carried out in an orderly business manner. The common collective trusts have no unfunded commitments, other redemption restrictions, or redemption notice periods. The underlying portfolios of the common collective trusts are comprised of a mix of stocks, bonds, commodities, and cash.

    Two of the common collective trusts, the State Street Short Term Investment Fund (“Fid Bank Trust St Inv Fund”) and the State Street Government Short Term Investment Fund (“SSBK Govt STIF Fund”), do not file as direct filing entities with the Department of Labor. The investment strategy of both of these funds is to provide safety of principal, daily liquidity, and a competitive yield over the long term. The Fid Bank Trust St Inv Fund invests primarily in short-term instruments. The SSBK Govt STIF Fund invests primarily in repurchase agreements and U.S. Treasury obligations.

     

    7


    Table of Contents

    Financial Instruments Measured at Fair Value

     

    December 31, 2024    Level 1      Level 2      Total  

     

     

    Mutual funds

       $ 9,181,148,993      $ 0      $ 9,181,148,993  

    Microsoft Common Stock

         5,063,721,519        0        5,063,721,519  

    Separately managed accounts:

            

    Publicly-traded stock

         5,581,875,657        0        5,581,875,657  

    Mutual funds

         0        1,518,134,041        1,518,134,041  

    Other

         0        49,048,486        49,048,486  

    Brokerage accounts

         4,977,729,263        109,333,085        5,087,062,348  

     

        

     

     

        

     

     

     

    Total

       $  24,804,475,432      $  1,676,515,612        26,480,991,044  

    Common collective trusts measured at NAV

               38,419,549,176  

    Separately managed accounts:

            

    Common collective trusts measured at NAV

               457,280,957  
            

     

     

     

    Total Investments

             $ 65,357,821,177  
            

     

     

     
    December 31, 2023    Level 1      Level 2      Total  

     

     

    Mutual funds

       $ 7,148,750,361      $ 0      $ 7,148,750,361  

    Microsoft Common Stock

         4,854,442,186        0        4,854,442,186  

    Separately managed accounts:

            

    Publicly-traded stock

         5,229,415,403        0        5,229,415,403  

    Mutual funds

         0        1,458,233,152        1,458,233,152  

    Other

         0        43,278,856        43,278,856  

    Brokerage accounts

         3,498,485,644        104,141,518        3,602,627,162  

     

        

     

     

        

     

     

     

    Total

       $ 20,731,093,594      $ 1,605,653,526        22,336,747,120  

    Common collective trusts measured at NAV

               30,188,379,133  

    Separately managed accounts:

            

    Common collective trusts measured at NAV

               417,910,326  
            

     

     

     

    Total Investments

             $ 52,943,036,579  
            

     

     

     

    NOTE 3 — DERIVATIVES

    Investment managers acting under the Plan use derivative instruments to manage risks related to foreign currencies and interest rates, to enhance investment returns for the Plan, and to facilitate Plan portfolio diversification. The Plan’s derivatives consisted of over-the-counter foreign exchange forward contracts and exchange-traded futures contracts, as well as put and call options, for which no hedge accounting treatment is applied. The related notional amounts, gross fair values, and amounts recognized in earnings were immaterial as of December 31, 2024 and 2023 and for the year ended December 31, 2024. These derivative instruments are primarily a component of the “Other” caption of separately managed accounts in Note 2 – Financial Instruments.

    NOTE 4 — PARTICIPANT LOANS

    Participant loans are available in $100 increments ranging from $1,000 to $50,000. The maximum loan amount is the lesser of (a) 50 percent of the vested account balance, reduced by the current outstanding balance of all other loans from the Plan; or (b) $50,000, reduced by: (1) the current outstanding balance of all other loans from the Plan, and (2) the excess (if any) of all Plan loans during the previous 12 months over the current outstanding balance of Plan loans. When determining the maximum loan amount available under the Plan, outstanding loan balances under any subsidiary and affiliate Microsoft retirement plans are considered in conjunction with the Plan. Participants are limited to two loans – one Primary Residence Loan and one General Loan. The term of a Primary Residence Loan may not exceed 15 years (or 30 years for certain acquired legacy loans) or be less than 12 months. The term of a General Loan may not exceed five years (or 15 years for certain acquired legacy loans) or be less than 12 months.

     

    8


    Table of Contents

    The interest rate for participant loans is one percent plus the prime rate on corporate loans. The range of interest rates for outstanding Primary Residence Loans as of December 31, 2024 was 3.25 percent to 10.00 percent, maturing at various dates through October 2046. The range of interest rates for outstanding General Loans as of December 31, 2024 was 3.25 percent to 9.50 percent, maturing at various dates through January 2030.

    Loan repayments are made through after-tax payroll deductions. Terminated employees generally have 60 days to elect to continue to make loan repayments or pay off the loan in full. Failure of the terminated employee to set up monthly electronic loan payments or pay off the loan in full during this 60-day window generally results in a default of the loan, which is taxable income to the participant, with a possible 10 percent early withdrawal penalty. Terminated employees who roll over their Plan account balance to an IRA, Roth IRA, or other employer plan during this 60-day window may avoid such taxable income and 10 percent early withdrawal penalty if they pay off the outstanding loan balance to the rollover recipient IRA custodian or employer plan by the due date (including extensions) for filing their federal income tax return for the year in which the rollover occurred.

    NOTE 5 — TAX STATUS

    The IRS has determined and informed the Plan, by a letter dated October 7, 2022, that the Plan is qualified as a tax-exempt plan under the appropriate sections of the IRC. The determination letter covered Plan amendments adopted from December 19, 2013 through December 15, 2021, and the trust agreement with Fidelity adopted on July 19, 2013. The Plan has been amended since the last date that was covered by the determination letter; however, the Plan Administrator believes that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC. Therefore, the Plan is tax-exempt as of the financial statement date and no provision for income taxes has been recorded in the financial statements.

    NOTE 6 — PARTY-IN-INTEREST TRANSACTIONS

    Exempt Party-In-Interest Transactions

    Plan investments include common collective trusts that are managed by affiliates of Fidelity; therefore, these transactions qualify as party-in-interest transactions. Fees paid for investment management services were included as a reduction of the return earned on each fund.

    Transactions in Microsoft Common Stock also qualify as party-in-interest transactions. As of December 31, 2024 and 2023, the Plan held 12,013,574 shares of Microsoft Common Stock valued at $5,063,721,519 and 12,909,377 shares of Microsoft Common Stock valued at $4,854,442,186, respectively. During the year ended December 31, 2024, the Plan recorded Microsoft Common Stock dividend income of $38,276,064.

    Participant loans, which are secured by the vested balances in the participants’ accounts, also qualify as party-in-interest transactions.

     

    9


    Table of Contents

    NOTE 7 — RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

    The following is a reconciliation of net assets available for benefits per the financial statements to net assets per the Form 5500:

     

    December 31,    2024     2023  

    Net assets available for benefits per the financial statements

       $ 65,627,337,124     $ 53,206,926,788  

    Benefits payable

         (3,303,297 )      (3,981,977 ) 

     

       

     

     

     

    Net assets per the Form 5500

       $  65,624,033,827     $  53,202,944,811  
      

     

     

       

     

     

     

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

     

    Year Ended December 31,    2024  

    Benefits paid to participants per the financial statements

       $ 2,932,777,040  

    Decrease in benefits payable at year end

         (678,680 ) 

     

     

    Benefits paid to participants per the Form 5500

       $   2,932,098,360  
      

     

     

     

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

     

    10


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

     

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    BROKERAGE ACCOUNTS

            

     

            

    BrokerageLink *

       Self-directed accounts               $  5,087,062,348  

    COMMON COLLECTIVE TRUSTS

            

     

            

    BlackRock LifePath Index 2030 Unitized Account M

       Common collective trust         2,043,994,697  

    BlackRock LifePath Index 2035 Unitized Account M

       Common collective trust         733,276,173  

    BlackRock LifePath Index 2040 Unitized Account M

       Common collective trust         4,329,070,364  

    BlackRock LifePath Index 2045 Unitized Account M

       Common collective trust         1,201,631,332  

    BlackRock LifePath Index 2050 Unitized Account M

       Common collective trust         5,112,530,740  

    BlackRock LifePath Index 2055 Unitized Account M

       Common collective trust         1,547,858,866  

    BlackRock LifePath Index 2060 Unitized Account M

       Common collective trust         2,047,076,997  

    BlackRock LifePath Index 2065 Unitized Account M

       Common collective trust         479,622,069  

    BlackRock LifePath Index Retirement Unitized Account M

       Common collective trust         764,082,870  

    BlackRock Short-term Investment Fund

       Common collective trust         1,055,633,215  

    Fidelity Contrafund Pool Class S **

       Common collective trust         4,386,028,315  

    Fidelity Growth Company Pool Class S **

       Common collective trust         7,217,556,529  

    PIMCO Inflation Response CIT Class I

       Common collective trust         112,106,013  

    Vanguard Russell 1000 Growth Index Trust

       Common collective trust         3,701,964,464  

    Vanguard Russell 1000 Value Index Trust

       Common collective trust         2,085,456,392  

    Vanguard Russell 2000 Growth Index Trust

       Common collective trust         1,601,660,140  

    EMPLOYER STOCK

            

     

            

    Microsoft Common Stock **

       Common stock         5,063,721,519  

    MUTUAL FUNDS

            

     

            

    Vanguard 500 Index Institutional Select Shares

       Mutual fund         8,505,164,082  

    Vanguard Short-Term Bond Index Fund Institutional Plus Shares

       Mutual fund         675,984,911  

    SEPARATELY MANAGED ACCOUNTS

            

     

            

    Artisan Mid Cap Account

            

    Currency

            

     DANISH KRONE

       Currency         235  

     EURO MONETARY UNIT.

       Currency         159  

    Publicly-traded Common Stock

            

     API GROUP CORP

       Publicly-traded stock         16,491,166  

     ARES MANAGEMENT CORP CL A

       Publicly-traded stock         20,372,789  

     ARGENX SE SPONSORED ADR

       Publicly-traded stock         97,512,555  

     

    11


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ARISTA NETWORKS INC

       Publicly-traded stock                     28,958,197  

    ARTHUR J GALLAGHAR AND CO

       Publicly-traded stock         14,417,593  

    ASCENDIS PHARMA AS SPON ADR

       Publicly-traded stock         62,803,540  

    ATLASSIAN CORP PLC CLS A

       Publicly-traded stock         54,146,939  

    AUTOZONE INC

       Publicly-traded stock         25,862,554  

    BEST BUY CO INC

       Publicly-traded stock         9,074,637  

    BRIGHT HORIZONS FAMILY SOLUTIONS INC

       Publicly-traded stock         10,091,895  

    CBRE GROUP INC—CL A

       Publicly-traded stock         27,470,988  

    CCC INTELLIGENT SOLUTIONS HOLD CL A

       Publicly-traded stock         27,113,344  

    CHIPOTLE MEXICAN GRILL INC

       Publicly-traded stock         34,702,771  

    COHERENT CORP

       Publicly-traded stock         18,377,904  

    DATADOG INC CL A

       Publicly-traded stock         35,726,501  

    DECKERS OUTDOOR CORP

       Publicly-traded stock         33,706,441  

    DEXCOM INC

       Publicly-traded stock         21,830,583  

    DICKS SPORTING GOODS INC

       Publicly-traded stock         14,128,810  

    DOORDASH INC

       Publicly-traded stock         30,798,732  

    EQUIFAX INC

       Publicly-traded stock         25,365,475  

    EXACT SCIENCES CORP

       Publicly-traded stock         12,977,811  

    FERGUSON ENTERPRISES INC

       Publicly-traded stock         12,279,210  

    FORTIVE CORP

       Publicly-traded stock         18,337,425  

    GITLAB INC CL A

       Publicly-traded stock         22,958,173  

    GODADDY INC CL A

       Publicly-traded stock         18,654,426  

    GUIDEWIRE SOFTWARE INC

       Publicly-traded stock         9,705,151  

    HUBBELL INC

       Publicly-traded stock         30,976,078  

    HUBSPOT INC

       Publicly-traded stock         32,943,982  

    ILLUMINA INC

       Publicly-traded stock         19,158,533  

    INGERSOLL RAND INC

       Publicly-traded stock         18,370,526  

    INSMED INC

       Publicly-traded stock         24,547,172  

    INSULET CORP

       Publicly-traded stock         20,305,764  

    IRHYTHM TECHNOLOGIES INC

       Publicly-traded stock         26,637,300  

    LATTICE SEMICONDUCTOR CORP

       Publicly-traded stock         49,288,389  

    LIBERTY MEDIA CORP LIBERTY FORMULA ONE CL C

       Publicly-traded stock         43,384,617  

    LIVE NATION ENTERTAINMENT INC

       Publicly-traded stock         45,145,254  

    LPL FINL HLDGS INC

       Publicly-traded stock         18,566,338  

    MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC

       Publicly-traded stock         30,697,603  

    MARVELL TECHNOLOGY INC

       Publicly-traded stock         33,190,115  

    MONOLITHIC POWER SYS INC

       Publicly-traded stock         28,392,133  

    NU HOLDINGS LTD/CAYMAN ISLANDS

       Publicly-traded stock         6,881,412  

     

    12


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    NUTANIX INC CL A

       Publicly-traded stock                     13,994,558  

    NVR INC

       Publicly-traded stock         11,736,722  

    ONTO INNOVATION INC

       Publicly-traded stock         27,187,044  

    PARSONS CORP

       Publicly-traded stock         21,893,231  

    PURE STORAGE INC CL A

       Publicly-traded stock         29,282,698  

    QUANTA SVCS INC

       Publicly-traded stock         38,542,930  

    ROBINHOOD MARKETS INC

       Publicly-traded stock         23,219,165  

    SAIA INC

       Publicly-traded stock         36,616,083  

    SAMSARA INC

       Publicly-traded stock         11,741,644  

    SHOPIFY INC CL A

       Publicly-traded stock         40,588,075  

    SPOTIFY TECHNOLOGY SA

       Publicly-traded stock         82,481,661  

    SYNOPSYS INC

       Publicly-traded stock         30,424,792  

    TAKE-TWO INTERACTV SOFTWR INC

       Publicly-traded stock         16,342,806  

    TRADEWEB MARKETS INC A

       Publicly-traded stock         39,317,763  

    TWIST BIOSCIENCE CORP

       Publicly-traded stock         23,252,194  

    TYLER TECHNOLOGIES INC

       Publicly-traded stock         71,051,274  

    US FOODS HOLDING CORP

       Publicly-traded stock         22,766,266  

    VEEVA SYS INC CL A

       Publicly-traded stock         22,996,304  

    VERACYTE INC

       Publicly-traded stock         18,154,382  

    VERISK ANALYTICS INC

       Publicly-traded stock         20,030,647  

    VERTIV HOLDINGS CO

       Publicly-traded stock         9,833,173  

    WEST PHARMACEUTICAL SVCS INC

       Publicly-traded stock         75,311,285  

    WESTINGHOUSE AIR BRAKE TECH CORP

       Publicly-traded stock         19,797,557  

    WINGSTOP INC

       Publicly-traded stock         11,575,750  

    XYLEM INC

       Publicly-traded stock         30,347,351  

    ZSCALER INC

       Publicly-traded stock         23,883,217  

    Common Collective Trusts

            

    SSBK GOVT STIF FUND

       Common collective trust         54,642,819  
         

     

     

     

    Artisan Mid Cap Account Total

               1,959,362,611  

    SMID Cap Value Account

            

    Publicly-traded Common Stock

            

    1 800 FLOWERS.COM INC CL A

       Publicly-traded stock         130,467  

    1STDIBS.COM INC

       Publicly-traded stock         27,074  

    23ANDME HOLDING CO CL A

       Publicly-traded stock         3,117  

    2SEVENTY BIO INC-W/I

       Publicly-traded stock         14,627  

    3D SYSTEMS CORP DEL

       Publicly-traded stock         140,056  

    89BIO INC

       Publicly-traded stock         12,449  

    8X8 INC

       Publicly-traded stock         40,127  

     

    13


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    908 DEVICES INC

       Publicly-traded stock         15,000  

    AADI BIOSCIENCES INC

       Publicly-traded stock         15,702  

    AAR CORP

       Publicly-traded stock                 772,496  

    ABERCROMBIE & FITCH CO CL A

       Publicly-traded stock         152,459  

    ABM INDUSTRIES INC

       Publicly-traded stock         943,810  

    ABSCI CORP

       Publicly-traded stock         28,194  

    ACACIA RESEARCH—ACACIA TECH

       Publicly-traded stock         73,975  

    ACADEMY SPORTS & OUTDOORS INC

       Publicly-traded stock              1,264,912  

    ACADIA HEALTHCARE CO INC

       Publicly-traded stock         247,257  

    ACCO BRANDS CORP

       Publicly-traded stock         208,871  

    ACCOLADE INC

       Publicly-traded stock         48,930  

    ACLARIS THERAPEUTICS INC

       Publicly-traded stock         14,329  

    ACME UNITED CORP

       Publicly-traded stock         28,744  

    ACNB CORPORATION

       Publicly-traded stock         96,030  

    ACUMEN PHARMACEUTICALS INC

       Publicly-traded stock         3,867  

    ADAMS RESOURCES AND ENERGY INC

       Publicly-traded stock         6,191  

    ADAPTHEALTH CORP

       Publicly-traded stock         205,775  

    ADDUS HOMECARE CORP

       Publicly-traded stock         745,833  

    ADICET BIO INC

       Publicly-traded stock         13,247  

    ADIENT PLC

       Publicly-traded stock         472,136  

    ADT INC

       Publicly-traded stock         3,992,273  

    ADTALEM GLOBAL EDUCATION INC

       Publicly-traded stock         4,713,752  

    ADTRAN HOLDINGS INC

       Publicly-traded stock         33,687  

    ADVANCE AUTO PARTS INC

       Publicly-traded stock         458,666  

    ADVANCED ENERGY INDUSTRIES INC

       Publicly-traded stock         2,859,877  

    ADVANSIX INC

       Publicly-traded stock         273,561  

    ADVANTAGE SOLUTIONS INC A

       Publicly-traded stock         119,819  

    ADVERUM BIOTECHNOLOGIES INC

       Publicly-traded stock         10,008  

    AERSALE CORP

       Publicly-traded stock         57,506  

    AFFILIATED MANAGERS GRP INC

       Publicly-traded stock         5,367,858  

    AGCO CORP

       Publicly-traded stock         1,672,825  

    AIR LEASE CORP CL A

       Publicly-traded stock         1,568,609  

    AIR TRANSPORT SERVICES GROUP

       Publicly-traded stock         634,387  

    AIRGAIN INC

       Publicly-traded stock         10,858  

    ALAMO GROUP INC

       Publicly-traded stock         844,031  

    ALASKA AIR GROUP INC

       Publicly-traded stock         2,398,923  

    ALBANY INTERNATIONAL CORP CL A

       Publicly-traded stock         280,455  

    ALBERTSONS COS INC

       Publicly-traded stock         198,325  

    ALCOA CORP

       Publicly-traded stock         1,336,694  

     

    14


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ALERUS FINANCIAL CORP

       Publicly-traded stock         99,740  

    ALICO INC

       Publicly-traded stock                 85,621  

    ALIGHT INC CL A

       Publicly-traded stock         729,686  

    ALKERMES PLC

       Publicly-traded stock         16,796  

    ALLEGIANT TRAVEL CO

       Publicly-traded stock         496,954  

    ALLEGRO MICROSYSTEMS INC

       Publicly-traded stock              2,130,148  

    ALLIENT INC

       Publicly-traded stock         120,186  

    ALLOGENE THERAPEUTICS INC

       Publicly-traded stock         92,972  

    ALLY FINANCIAL INC

       Publicly-traded stock         2,688,615  

    ALPHA & OMEGA SEMICNDTR LTD

       Publicly-traded stock         399,850  

    ALPHA METALLURGICAL RESOURCES INC

       Publicly-traded stock         874,124  

    ALPHA PRO TECH LTD

       Publicly-traded stock         9,522  

    ALTA EQUIPMENT GROUP INC

       Publicly-traded stock         34,100  

    ALTO INGREDIENTS INC

       Publicly-traded stock         47,465  

    ALTUS POWER INC CL A

       Publicly-traded stock         101,599  

    AMALGAMATED FINANCIAL CORP

       Publicly-traded stock         349,561  

    A-MARK PRECIOUS METALS INC

       Publicly-traded stock         268,438  

    AMBAC FINANCIAL GROUP INC

       Publicly-traded stock         237,124  

    AMC NETWORKS INC CL A

       Publicly-traded stock         127,472  

    AMCOR PLC

       Publicly-traded stock         520,251  

    AMEDISYS INC

       Publicly-traded stock         462,030  

    AMERANT BANCORP INC

       Publicly-traded stock         238,106  

    AMERESCO INC-CL A

       Publicly-traded stock         129,657  

    AMERICAN AXLE & MFG HLDGS INC

       Publicly-traded stock         266,536  

    AMERICAN EAGLE OUTFITTERS INC

       Publicly-traded stock         1,083,683  

    AMERICAN HOMES 4 RENT

       Publicly-traded stock         2,588,341  

    AMERICAN OUTDOOR BRANDS INC

       Publicly-traded stock         78,806  

    AMERICAN PUBLIC EDUCATION INC

       Publicly-traded stock         145,145  

    AMERICAN VANGUARD CORP

       Publicly-traded stock         60,380  

    AMERICAN WELL CORP

       Publicly-traded stock         9,360  

    AMERICAN WOODMARK

       Publicly-traded stock         510,503  

    AMERICAS CAR MART INC

       Publicly-traded stock         130,893  

    AMERIS BANCORP

       Publicly-traded stock         1,404,196  

    AMES NATIONAL CORP

       Publicly-traded stock         63,305  

    AMKOR TECHNOLOGY INC

       Publicly-traded stock         1,738,699  

    AMMO INC

       Publicly-traded stock         14,025  

    AMN HEALTHCARE SERVICES INC

       Publicly-traded stock         77,979  

    AMNEAL PHARMACEUTICALS INC

       Publicly-traded stock         196,662  

    AMPCO-PITTSBURG CORP

       Publicly-traded stock         10,300  

     

    15


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    AMPLIFY ENERGY CORP NEW

       Publicly-traded stock         174,140  

    AMREP CORP

       Publicly-traded stock                 80,898  

    AMTECH SYSTEMS INC

       Publicly-traded stock         29,014  

    ANDERSONS INC

       Publicly-traded stock         31,621  

    ANGI INC

       Publicly-traded stock         550,181  

    ANGIODYNAMICS INC

       Publicly-traded stock         31,937  

    ANI PHARMACEUTICALS INC

       Publicly-traded stock         154,813  

    ANIKA THERAPEUTICS INC

       Publicly-traded stock         220,954  

    ANTERO RES CORP

       Publicly-traded stock         109,591  

    ANYWHERE REAL ESTATE INC

       Publicly-traded stock              2,793,590  

    APA CORP

       Publicly-traded stock         121,826  

    APOGEE ENTERPRISES INC

       Publicly-traded stock         1,869,990  

    APTIV PLC

       Publicly-traded stock         547,500  

    ARAMARK

       Publicly-traded stock         1,653,039  

    ARCADIUM LITHIUM PLC

       Publicly-traded stock         377,950  

    ARCBEST CORP

       Publicly-traded stock         160,328  

    ARCH RESOURCES INC CL A

       Publicly-traded stock         765,317  

    ARCHROCK INC

       Publicly-traded stock         796,198  

    ARCOSA INC

       Publicly-traded stock         770,246  

    ARCTURUS THERAPEUTICS HOLDINGS INC

       Publicly-traded stock         4,700,500  

    ARDMORE SHIPPING CORP

       Publicly-traded stock         16,800  

    ARIS WATER SOLUTION INC CL A

       Publicly-traded stock         191,290  

    ARK RESTAURANTS CORP

       Publicly-traded stock         79,514  

    ARKO CORP

       Publicly-traded stock         3,278  

    ARMADA HOFFLER PROPERTIES INC

       Publicly-traded stock         86,546  

    ARQ INC

       Publicly-traded stock         1,655,541  

    ARROW ELECTRONICS INC

       Publicly-traded stock         48,145  

    ARROW FINANCIAL CORP

       Publicly-traded stock         2,167,945  

    ARTIVION INC

       Publicly-traded stock         177,083  

    ASBURY AUTOMOTIVE GROUP INC

       Publicly-traded stock         87,085  

    ASCENT INDUSTRIES CO

       Publicly-traded stock         1,113,563  

    ASGN INC

       Publicly-traded stock         14,534  

    ASHLAND INC

       Publicly-traded stock         295,857  

    ASPEN AEROGELS INC

       Publicly-traded stock         1,121,064  

    ASPEN TECHNOLOGY INC

       Publicly-traded stock         53,543  

    ASSOCIATED BANC CORP

       Publicly-traded stock         914,644  

    ASSURED GUARANTY LTD

       Publicly-traded stock         1,246,791  

    ASTEC INDUSTRIES INC

       Publicly-traded stock         1,759,155  

    ASTRONICS CORP

       Publicly-traded stock         312,547  

     

    16


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ASTRONICS CORP CL B

       Publicly-traded stock         145,890  

    ASURE SOFTWARE INC

       Publicly-traded stock         17,816  

    ATEA PHARMACEUTICALS INC

       Publicly-traded stock         86,958  

    ATKORE INC

       Publicly-traded stock                 59,493  

    ATLANTIC UN BANKSHARES CORP

       Publicly-traded stock         229,654  

    ATLANTICUS HOLDINGS CORP

       Publicly-traded stock         1,133,294  

    ATLAS ENERGY SOLUTIONS INC

       Publicly-traded stock         226,411  

    ATMOS ENERGY CORP

       Publicly-traded stock         170,409  

    ATN INTERNATIONAL INC

       Publicly-traded stock              2,357,423  

    ATYR PHARMA INC

       Publicly-traded stock         127,353  

    AUTOLIV INC

       Publicly-traded stock         36,971  

    AUTONATION INC

       Publicly-traded stock         965,380  

    AVANOS MEDICAL INC

       Publicly-traded stock         1,612,121  

    AVANTOR INC

       Publicly-traded stock         278,202  

    AVERY DENNISON CORP

       Publicly-traded stock         2,325,433  

    AVIAT NETWORKS INC

       Publicly-traded stock         1,812,728  

    AVIENT CORP

       Publicly-traded stock         68,564  

    AVNET INC

       Publicly-traded stock         799,140  

    AWARE INC MASS

       Publicly-traded stock         1,839,990  

    AXALTA COATING SYSTEMS LTD

       Publicly-traded stock         4,953  

    AXCELIS TECHNOLOGIES INC

       Publicly-traded stock         2,763,402  

    AXIS CAPITAL HOLDINGS LTD

       Publicly-traded stock         52,193  

    AXOS FINANCIAL INC

       Publicly-traded stock         1,821,495  

    AZENTA INC

       Publicly-traded stock         1,291,107  

    AZZ INC

       Publicly-traded stock         665,700  

    B&G FOODS INC

       Publicly-traded stock         420,495  

    BALLYS CORP

       Publicly-traded stock         133,783  

    BANC OF CALIFORNIA INC

       Publicly-traded stock         135,624  

    BANCFIRST CORP

       Publicly-traded stock         16,681  

    BANDWIDTH INC

       Publicly-traded stock         43,122  

    BANK FIRST CORP

       Publicly-traded stock         164,617  

    BANK HAWAII CORP

       Publicly-traded stock         48,356  

    BANK MARIN BANCORP

       Publicly-traded stock         60,412  

    BANK OF NT BUTTERFIELD&SON LTD

       Publicly-traded stock         154,933  

    BANK OZK

       Publicly-traded stock         186,259  

    BANK7 CORP

       Publicly-traded stock         1,641,821  

    BANKFINANCIAL CORP

       Publicly-traded stock         25,336  

    BANKUNITED INC

       Publicly-traded stock         60,022  

    BANKWELL FINANCIAL GROUP INC

       Publicly-traded stock         864,512  

     

    17


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    BANNER CORP

       Publicly-traded stock         68,187  

    BAR HARBOR BANKSHARES

       Publicly-traded stock                 759,308  

    BARNES GROUP INC

       Publicly-traded stock         198,525  

    BASSETT FURNITURE INDS INC

       Publicly-traded stock         513,338  

    BAYCOM CORP

       Publicly-traded stock         63,494  

    BCB BANCORP INC

       Publicly-traded stock         141,393  

    BEAZER HOMES USA INC

       Publicly-traded stock         85,911  

    BEL FUSE INC NV CL B

       Publicly-traded stock         329,355  

    BELLRING BRANDS INC

       Publicly-traded stock         343,982  

    BENCHMARK ELECTRONICS INC

       Publicly-traded stock         920,504  

    BERKSHIRE HILLS BANCORP INC

       Publicly-traded stock         642,637  

    BERRY GLOBAL GROUP INC

       Publicly-traded stock         442,826  

    BERRY PETROLEUM CORP

       Publicly-traded stock         396,492  

    BGSF INC

       Publicly-traded stock         123,119  

    BIG 5 SPORTING GOODS CORP

       Publicly-traded stock         36,733  

    BIGLARI HLDGS INC CL A

       Publicly-traded stock         17,748  

    BIGLARI HLDGS INC CL B

       Publicly-traded stock         11,943  

    BIO RAD LABS CL A

       Publicly-traded stock         20,400  

    BIOATLA INC

       Publicly-traded stock         200,889  

    BIOCERES CROP SOLUTIONS CORP

       Publicly-traded stock              5,028,503  

    BJ’S RESTAURANTS INC

       Publicly-traded stock         6,662  

    BLACK DIAMOND THERAPEUTICS INC

       Publicly-traded stock         15,559  

    BLADE AIR MOBILITY INC

       Publicly-traded stock         292,358  

    BLUE FOUNDRY BANCORP

       Publicly-traded stock         27,493  

    BLUE RIDGE BANKSHARES INC

       Publicly-traded stock         47,617  

    BLUELINX HOLDINGS INC

       Publicly-traded stock         77,872  

    BM TECHNOLOGIES INC

       Publicly-traded stock         12,667  

    BOISE CASCADE CO

       Publicly-traded stock         364,405  

    BOK FINANCIAL COMMON NEW

       Publicly-traded stock         4,704  

    BORGWARNER INC

       Publicly-traded stock         1,505,362  

    BOSTON BEER COMPANY CL A

       Publicly-traded stock         4,258,426  

    BOSTON OMAHA CORP

       Publicly-traded stock         3,825,068  

    BOWMAN CONSULTING GROUP LTD

       Publicly-traded stock         352,776  

    BOYD GAMING CORP

       Publicly-traded stock         173,634  

    BRADY CORPORATION CL A

       Publicly-traded stock         48,029  

    BREAD FINANCIAL HOLDINGS

       Publicly-traded stock         4,720,250  

    BRIDGEWATER BANCSHARES INC

       Publicly-traded stock         491,915  

    BRIGHTCOVE INC

       Publicly-traded stock         1,033,257  

    BRIGHTHOUSE FINANCIAL INC

       Publicly-traded stock         128,521  

     

    18


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    BRIGHTVIEW HOLDINGS INC

       Publicly-traded stock                 50,325  

    BRISTOW GROUP INC

       Publicly-traded stock         939,278  

    BROADWIND INC

       Publicly-traded stock         387,374  

    BROOKFIELD RENEWABLE CORP

       Publicly-traded stock         306,573  

    BROOKLINE BANCORP INC

       Publicly-traded stock         12,342  

    BRUNSWICK CORP

       Publicly-traded stock         90,973  

    BUILD A BEAR WORKSHOP INC

       Publicly-traded stock         627,025  

    BUMBLE INC CL A

       Publicly-traded stock         356,631  

    BUNGE GLOBAL SA

       Publicly-traded stock              2,344,327  

    BURKE & HERBERT FINANCIAL SERVICES CORP

       Publicly-traded stock         104,189  

    BUSINESS FIRST BANCSHARES INC

       Publicly-traded stock         206,813  

    BUZZFEED INC

       Publicly-traded stock         1,681,560  

    BWX TECHNOLOGIES INC

       Publicly-traded stock         113,308  

    BYLINE BANCORP INC

       Publicly-traded stock         188,201  

    C & F FINANCIAL CORP

       Publicly-traded stock         13,443  

    C T S CORP

       Publicly-traded stock         4,714,136  

    CABLE ONE INC

       Publicly-traded stock         412,061  

    CADELER A/S-SPON ADR

       Publicly-traded stock         75,739  

    CADENCE BANK

       Publicly-traded stock         356,613  

    CAESARS ENTERTAINMENT INC

       Publicly-traded stock         435,630  

    CALAVO GROWERS INC

       Publicly-traded stock         56,562  

    CALEDONIA MINING CORP

       Publicly-traded stock         6,178,745  

    CALERES INC

       Publicly-traded stock         569,711  

    CALIFORNIA BANCORP

       Publicly-traded stock         64,005  

    CALIFORNIA RES CORP

       Publicly-traded stock         24,899  

    CALIX NETWORKS INC

       Publicly-traded stock         246,353  

    CAL-MAINE FOODS INC

       Publicly-traded stock         11,958  

    CAMBIUM NETWORKS CORP

       Publicly-traded stock         1,010,246  

    CAMDEN NATIONAL CORP

       Publicly-traded stock         146,559  

    CAPITAL BANCORP INC/MD

       Publicly-traded stock         1,515,600  

    CAPITAL CITY BANK GROUP INC

       Publicly-traded stock         748  

    CAPITOL FED FINL (2ND STEP CV)

       Publicly-traded stock         227,804  

    CAPRI HOLDINGS LTD

       Publicly-traded stock         97,613  

    CARDLYTICS INC

       Publicly-traded stock         238,628  

    CARIBOU BIOSCIENCES INC

       Publicly-traded stock         268,710  

    CARLISLE COS INC

       Publicly-traded stock         250,530  

    CARLYLE GROUP INC (THE)

       Publicly-traded stock         8,704  

    CARRIAGE SERVICES INC

       Publicly-traded stock         42,761  

    CARS.COM INC

       Publicly-traded stock         3,645,615  

     

    19


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    CARTER BANKSHARES INC

       Publicly-traded stock                      5,301,299  

    CARTERS INC

       Publicly-traded stock         106,798  

    CASELLA WASTE SYS INC CL A

       Publicly-traded stock         294,627  

    CASTLE BIOSCIENCES INC

       Publicly-traded stock         168,055  

    CATHAY GENERAL BANCORP

       Publicly-traded stock         256,861  

    CATO CORP CL A

       Publicly-traded stock         4,442,010  

    CAVCO INDUSTRIES INC

       Publicly-traded stock         170,640  

    CELANESE CORP

       Publicly-traded stock         1,051,800  

    CENTERSPACE

       Publicly-traded stock         32,417  

    CENTRAL GARDEN & PET CO

       Publicly-traded stock         1,049,533  

    CENTRAL GARDEN & PET CO CL A

       Publicly-traded stock         546,551  

    CENTRAL PACIFIC FINANCIAL CORP

       Publicly-traded stock         2,530,899  

    CENTURY ALUMINUM COMPANY

       Publicly-traded stock         167,500  

    CENTURY CASINOS INC

       Publicly-traded stock         575,367  

    CENTURY COMMUNITIES INC

       Publicly-traded stock         288,902  

    CERENCE INC

       Publicly-traded stock         119,195  

    CERTARA INC

       Publicly-traded stock         41,744  

    CEVA INC

       Publicly-traded stock         820,238  

    CHAMPIONX CORP

       Publicly-traded stock         105,339  

    CHARLES RIVER LABS INTL INC

       Publicly-traded stock         239,167  

    CHART INDUSTRIES INC

       Publicly-traded stock         182,170  

    CHEFS WAREHOUSE INC

       Publicly-traded stock         208,493  

    CHEGG INC

       Publicly-traded stock         2,655,471  

    CHEMUNG FINANCIAL CORP

       Publicly-traded stock         2,850,386  

    CHICAGO RIVET & MACHINE CO

       Publicly-traded stock         192,841  

    CHORD ENERGY CORP

       Publicly-traded stock         37,001  

    CITI TRENDS INC

       Publicly-traded stock         69,847  

    CITIZENS & NORTHERN CORP

       Publicly-traded stock         2,360  

    CIVEO CORP

       Publicly-traded stock         1,116,235  

    CIVISTA BANCSHARES INC

       Publicly-traded stock         79,853  

    CIVITAS RESOURCES INC

       Publicly-traded stock         123,727  

    CLARIVATE PLC

       Publicly-traded stock         130,572  

    CLARUS CORP

       Publicly-traded stock         143,367  

    CLEAN ENERGY FUELS CORP

       Publicly-traded stock         1,072,945  

    CLEAN HARBORS INC

       Publicly-traded stock         589,265  

    CLEARFIELD INC

       Publicly-traded stock         45,050  

    CLEARWATER PAPER CORP

       Publicly-traded stock         177,196  

    CLEVELAND-CLIFFS INC

       Publicly-traded stock         3,474,654  

    CNB FINANCIAL CORP PA

       Publicly-traded stock         47,678  

     

    20


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    CNH INDUSTRIAL NV

       Publicly-traded stock                 201,037  

    CNO FINANCIAL GROUP INC

       Publicly-traded stock         1,102,253  

    CNX RESOURCES CORP

       Publicly-traded stock         231,869  

    COASTAL FINANCIAL CORP/WA

       Publicly-traded stock         1,860,239  

    COEUR MINING INC

       Publicly-traded stock         284,284  

    COHERENT CORP

       Publicly-traded stock         2,006,069  

    COHU INC

       Publicly-traded stock         156,574  

    COLONY BANKCORP INC

       Publicly-traded stock         624,864  

    COLUMBIA BANKING SYSTEMS INC

       Publicly-traded stock         1,618,273  

    COLUMBIA FINANCIAL INC

       Publicly-traded stock         374,094  

    COLUMBUS MCKINNON CORP NY

       Publicly-traded stock                 89,399  

    COMERICA INC

       Publicly-traded stock         4,354,687  

    COMMERCIAL METALS CO

       Publicly-traded stock         89,279  

    COMMERCIAL VEHICLE GROUP INC

       Publicly-traded stock         383,833  

    COMMUNITY FINANCIAL SYSTEM INC

       Publicly-traded stock         1,844,058  

    COMMUNITY HEALTH SYS INC NEW

       Publicly-traded stock         1,715,714  

    COMMUNITY TRUST BANCORP INC

       Publicly-traded stock         30,095  

    COMMUNITY WEST BANCSHARES

       Publicly-traded stock         510,402  

    COMPASS MINERALS INTL INC

       Publicly-traded stock         14,818  

    COMSTOCK RESOURCES INC

       Publicly-traded stock         352,650  

    COMTECH TELECOMMUNICATIONS NEW

       Publicly-traded stock         92,918  

    CONAGRA BRANDS INC

       Publicly-traded stock         56,880  

    CONCENTRA GROUP HOLDINGS PARENT INC

       Publicly-traded stock         1,172,730  

    CONCENTRIX CORP

       Publicly-traded stock         47,510  

    CONCRETE PUMPING HOLDINGS INC

       Publicly-traded stock         2,114,411  

    CONDUENT INC

       Publicly-traded stock         213,169  

    CONMED CORP

       Publicly-traded stock         342,136  

    CONNECTONE BANCORP INC

       Publicly-traded stock         99,833  

    CONSUMER PORTFOLIO SVCS INC

       Publicly-traded stock         318,558  

    CONTEXTLOGIC INC

       Publicly-traded stock         2,207,806  

    COOPER STANDARD HOLDING INC

       Publicly-traded stock         309,010  

    COPA HOLDINGS SA CL A

       Publicly-traded stock         98,848  

    CORE & MAIN INC

       Publicly-traded stock         13,378  

    CORE LABORATORIES INC

       Publicly-traded stock         61,047  

    CORE MOLDING TECH INC

       Publicly-traded stock         513,131  

    CORE NATURAL RESOURCES INC

       Publicly-traded stock         3,929,743  

    CORECARD CORP

       Publicly-traded stock         45,958  

    CORSAIR GAMING INC

       Publicly-traded stock         18,459  

    COSTAMARE INC

       Publicly-traded stock         1,069,360  

     

    21


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    COTY INC CL A

       Publicly-traded stock                 13,280  

    COVENANT LOGISTICS GROUP INC

       Publicly-traded stock         86,783  

    CPI AEROSTRUCTURES INC

       Publicly-traded stock         517,637  

    CRACKER BARREL OLD CTRY ST INC

       Publicly-traded stock         103,600  

    CRANE NXT CO

       Publicly-traded stock         190,294  

    CRESCENT ENERGY INC A

       Publicly-traded stock         6,026  

    CREXENDO INC

       Publicly-traded stock         131,516  

    CROSS COUNTRY HEALTHCARE INC

       Publicly-traded stock              2,070,653  

    CROSSFIRST BANKSHARES INC

       Publicly-traded stock         69,047  

    CRYOPORT INC

       Publicly-traded stock         32,787  

    CULLINAN ONCOLOGY INC

       Publicly-traded stock         222,950  

    CULP INC

       Publicly-traded stock         269,034  

    CUMULUS MEDIA INC

       Publicly-traded stock         20,205  

    CURTISS WRIGHT CORPORATION

       Publicly-traded stock         121,666  

    CUSHMAN & WAKEFIELD PLC

       Publicly-traded stock         15,115  

    CUSTOM TRUCK ONE SOURCE INC A

       Publicly-traded stock         4,779  

    CUSTOMERS BANCORP INC

       Publicly-traded stock         6,007,239  

    CVB FINANCIAL CORP

       Publicly-traded stock         815,721  

    CVR ENERGY INC

       Publicly-traded stock         143,627  

    CYTEK BIOSCIENCES INC

       Publicly-traded stock         567,219  

    DAILY JOURNAL CORP

       Publicly-traded stock         759,241  

    DAKTRONICS INC

       Publicly-traded stock         259,362  

    DANA INC

       Publicly-traded stock         18,315  

    DARLING INGREDIENTS INC

       Publicly-traded stock         260,707  

    DEFINITIVE HEALTHCARE CORP

       Publicly-traded stock         306,312  

    DELEK US HOLDINGS INC

       Publicly-traded stock         528,801  

    DELUXE CORP

       Publicly-traded stock         1,051,701  

    DENTSPLY SIRONA INC

       Publicly-traded stock         99,737  

    DESIGN THERAPEUTICS INC

       Publicly-traded stock         383,579  

    DESIGNER BRANDS INC

       Publicly-traded stock         345,424  

    DESTINATION XL GROUP INC

       Publicly-traded stock         525,158  

    DHI GROUP INC

       Publicly-traded stock         43,443  

    DHT HOLDINGS INC

       Publicly-traded stock         78,995  

    DIEBOLD NIXDORF INC

       Publicly-traded stock         48,646  

    DIGI INTERNATIONAL INC

       Publicly-traded stock         30,432  

    DIGITAL TURBINE INC

       Publicly-traded stock         490,122  

    DIGITALBRIDGE GROUP INC

       Publicly-traded stock         194,024  

    DILLARDS INC CL A

       Publicly-traded stock         344,955  

    DIME COMMUNITY BANCSHARES INC

       Publicly-traded stock         29,252  

     

    22


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    DIODES INC

       Publicly-traded stock                 282,384  

    DISTRIBUTION SOLUTIONS GROUP INC

       Publicly-traded stock         617,820  

    DLH HOLDINGS CORP

       Publicly-traded stock         421,992  

    DMC GLOBAL INC

       Publicly-traded stock         615,652  

    DOLE PLC

       Publicly-traded stock         22,773  

    DONEGAL GROUP INC CL A

       Publicly-traded stock         19,858  

    DORIAN LPG LTD

       Publicly-traded stock         37,536  

    DORMAN PRODUCTS INC

       Publicly-traded stock         226,890  

    DOUBLEVERIFY HOLDINGS INC

       Publicly-traded stock         184,433  

    DOUGLAS DYNAMICS INC

       Publicly-traded stock         379,027  

    DOUGLAS ELLIMAN INC

       Publicly-traded stock         734,937  

    DREAM FINDERS HOMES INC

       Publicly-traded stock         153,507  

    DT MIDSTREAM INC

       Publicly-traded stock         61,367  

    DUCOMMUN INC

       Publicly-traded stock         39,824  

    DULUTH HOLDINGS INC CL B

       Publicly-traded stock         60,386  

    DUN & BRADSTREET HOLDINGS IN

       Publicly-traded stock              2,067,647  

    DXC TECHNOLOGY CO

       Publicly-traded stock         313,971  

    DXP ENTERPRISES INC

       Publicly-traded stock         27,510  

    DYNAVAX TECHNOLOGIES CORP

       Publicly-traded stock         1,223,236  

    E2OPEN PARENT HOLDINGS INC

       Publicly-traded stock         1,068,850  

    EAGLE BANCORP INC MD

       Publicly-traded stock         520,341  

    EAGLE BANCORP MONTANA INC

       Publicly-traded stock         84,703  

    EAST WEST BANCORP INC

       Publicly-traded stock         156,983  

    EASTERN BANKSHARES INC

       Publicly-traded stock         271,389  

    EASTERN CO

       Publicly-traded stock         20,128  

    EASTGROUP PPTYS INC

       Publicly-traded stock         100,356  

    EASTMAN CHEMICAL CO

       Publicly-traded stock         531,818  

    EASTMAN KODAK CO

       Publicly-traded stock         45,198  

    ECOVYST INC

       Publicly-traded stock         2,119,270  

    EDGEWELL PERSONAL CARE CO

       Publicly-traded stock         1,255,193  

    EDITAS MEDICINE INC

       Publicly-traded stock         111,473  

    EGAIN CORP

       Publicly-traded stock         290,969  

    EHEALTH INC

       Publicly-traded stock         623,717  

    EL POLLO LOCO HLDGS INC

       Publicly-traded stock         22,945  

    ELANCO ANIMAL HEALTH INC

       Publicly-traded stock         44,027  

    ELECTROMED INC

       Publicly-traded stock         85,155  

    ELEMENT SOLUTIONS INC

       Publicly-traded stock         178,501  

    EMERGENT BIOSOL

       Publicly-traded stock         1,257,963  

    EMPLOYERS HOLDINGS INC

       Publicly-traded stock         26,979  

     

    23


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ENACT HOLDINGS INC

       Publicly-traded stock                 3,533,346  

    ENANTA PHARMACEUTICALS INC

       Publicly-traded stock         135,217  

    ENCOMPASS HEALTH CORP

       Publicly-traded stock         489,400  

    ENCORE CAP GROUP INC

       Publicly-traded stock         222,839  

    ENERGY SERVICES ACQ

       Publicly-traded stock         32,223  

    ENERSYS INC

       Publicly-traded stock              2,969,884  

    ENHABIT HOME HEALTH & HOSPICE

       Publicly-traded stock         449,755  

    ENNIS INC

       Publicly-traded stock         43,552  

    ENOVA INTL INC

       Publicly-traded stock         684,906  

    ENOVIS CORP

       Publicly-traded stock         111,714  

    ENPRO INC

       Publicly-traded stock         215,645  

    ENSTAR GROUP LTD

       Publicly-traded stock         1,018,917  

    ENTERPRISE BANCORP INC

       Publicly-traded stock         765,969  

    ENTERPRISE FINL SVCS CORP

       Publicly-traded stock         1,082,641  

    ENTRADA THERAPEUTICS INC

       Publicly-traded stock         1,468,870  

    ENTRAVISION COMMUN CRP CL A

       Publicly-traded stock         80,583  

    ENVIRI CORP

       Publicly-traded stock         632,413  

    ENVISTA HOLDINGS CORP

       Publicly-traded stock         31,036  

    EPLUS INC

       Publicly-traded stock         65,389  

    EPSILON ENERGY LTD

       Publicly-traded stock         195,172  

    EQUITY BANCSHARES INC

       Publicly-traded stock         4,118,492  

    ERASCA INC

       Publicly-traded stock         622,217  

    ESCALADE

       Publicly-traded stock         34,608  

    ESCO TECHNOLOGIES INC

       Publicly-traded stock         270,555  

    ESPEY MFG.&ELECTRIC

       Publicly-traded stock         82,027  

    ESSA BANCORP INC

       Publicly-traded stock         75,570  

    ESSENT GROUP LTD

       Publicly-traded stock         939,397  

    ETHAN ALLEN INTERIORS INC

       Publicly-traded stock         4,070  

    EVANS BANCORP INC

       Publicly-traded stock         32,916  

    EVERSPIN TECHNOLOGIES INC

       Publicly-traded stock         1,295,509  

    EVERUS CONSTRUCTION GROUP INC

       Publicly-traded stock         301,564  

    EVOLENT HEALTH INC A

       Publicly-traded stock         70,666  

    EVOLUTION PETROLEUM CORP

       Publicly-traded stock         13,841  

    EXLSERVICE HOLDINGS INC

       Publicly-traded stock         321,123  

    EXPAND ENERGY CORP

       Publicly-traded stock         75,600  

    EXPRO GROUP HOLDINGS NV

       Publicly-traded stock         53,179  

    EZCORP INC CL A NON VTG

       Publicly-traded stock         4,056,776  

    F&G ANNUITIES & LIFE INC

       Publicly-traded stock         156,891  

    FARMER BROTHERS CO

       Publicly-traded stock         257,842  

     

    24


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    FARMERS & MERCHANTS BANCO/OH

       Publicly-traded stock                 271,027  

    FARMERS NATL BANC CORP

       Publicly-traded stock         78,777  

    FARO TECHNOLOGIES INC

       Publicly-traded stock         9,691  

    FASTLY INC CL A

       Publicly-traded stock         71,269  

    FATE THERAPEUTICS INC

       Publicly-traded stock         184,760  

    FB FINANCIAL CORP

       Publicly-traded stock         183,759  

    FEDERAL AGRI MTG NON VTG CL C

       Publicly-traded stock         100,800  

    FEDERAL SIGNAL CORP

       Publicly-traded stock         30,150  

    FERROGLOBE PLC

       Publicly-traded stock         681,374  

    FIDELIS INSURANCE HOLDINGS LTD

       Publicly-traded stock         347,420  

    FIGS INC-CLASS A

       Publicly-traded stock              2,708,413  

    FINANCIAL INSTITUTIONS INC

       Publicly-traded stock         84,428  

    FIRST ADVANTAGE CORP

       Publicly-traded stock         64,543  

    FIRST AMERICAN FINANCIAL CORP

       Publicly-traded stock         143,224  

    FIRST BANCORP INC ME

       Publicly-traded stock         194,359  

    FIRST BANCORP NC

       Publicly-traded stock         196,590  

    FIRST BANCORP PUERTO RICO

       Publicly-traded stock         3,577,874  

    FIRST BANCSHARES INC MISS

       Publicly-traded stock         108,033  

    FIRST BANK/HAMILTON NJ

       Publicly-traded stock         509,744  

    FIRST BUSEY CORP

       Publicly-traded stock         920,168  

    FIRST BUSINESS FIN SVCS INC

       Publicly-traded stock         273,595  

    FIRST COMMONWEALTH FINL CORP

       Publicly-traded stock         92,496  

    FIRST COMMUNITY BANKSHARES INC

       Publicly-traded stock         461,029  

    FIRST COMMUNITY CORP SC

       Publicly-traded stock         132,251  

    FIRST FINANCIAL BANCORP

       Publicly-traded stock         606,193  

    FIRST FINANCIAL INDIANA

       Publicly-traded stock         268,245  

    FIRST FINANCIAL NORTWEST INC

       Publicly-traded stock         27,984  

    FIRST FOUNDATION INC/OLD

       Publicly-traded stock         844,059  

    FIRST HAWAIIAN INC

       Publicly-traded stock         222,497  

    FIRST HORIZON CORP

       Publicly-traded stock         48,673  

    FIRST INTERNET BANCORP

       Publicly-traded stock         145,028  

    FIRST INTST BANCSYST INC CL A

       Publicly-traded stock         947,305  

    FIRST MERCHANTS CORP

       Publicly-traded stock         2,487,955  

    FIRST MID BANCSHARES INC

       Publicly-traded stock         151,662  

    FIRST NORTHWEST BANCORP

       Publicly-traded stock         974,100  

    FIRST OF LONG ISLAND CORP

       Publicly-traded stock         764,492  

    FIRST SAVINGS FINANCIAL GRP

       Publicly-traded stock         247,909  

    FIRST SOURCE CORP

       Publicly-traded stock         8,874  

    FIRST UNITED CORP

       Publicly-traded stock         129,531  

     

    25


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    FIRST VIRGINIA COMMUNITY BANK

       Publicly-traded stock                 8,313  

    FIRST WATCH RESTAURANT GROUP INC

       Publicly-traded stock         412,338  

    FIRST WESTERN FINANCIAL INC

       Publicly-traded stock         58,959  

    FIRSTCASH HOLDINGS INC

       Publicly-traded stock         21,822  

    FIRSTSUN CAPITAL BANCORP

       Publicly-traded stock         223,320  

    FIVE BELOW INC

       Publicly-traded stock         50,361  

    FIVE POINT HOLDINGS LLC CL A

       Publicly-traded stock         283,657  

    FIVE STAR BANCORP

       Publicly-traded stock         30,238  

    FLAGSTAR FINANCIAL INC

       Publicly-traded stock         187,668  

    FLEX LTD

       Publicly-traded stock         81,916  

    FLEXIBLE SOLUTIONS INTL INC

       Publicly-traded stock         14,383  

    FLEXSTEEL IND

       Publicly-traded stock         23,959  

    FLOWERS FOODS INC

       Publicly-traded stock         863,506  

    FLOWSERVE CORP

       Publicly-traded stock         8,595  

    FLUSHING FINANCIAL CORP

       Publicly-traded stock         113,842  

    FMC CORP NEW

       Publicly-traded stock         130,860  

    FNB CORP PA

       Publicly-traded stock              2,944,449  

    FONAR CORP

       Publicly-traded stock         190,167  

    FOOT LOCKER INC

       Publicly-traded stock         207,127  

    FORESTAR GROUP INC

       Publicly-traded stock         1,585,643  

    FORMFACTOR INC

       Publicly-traded stock         22,983  

    FORRESTER RESEARCH INC

       Publicly-traded stock         608,649  

    FORTITUDE GOLD CORP

       Publicly-traded stock         433,590  

    FORUM ENERGY TECHNOLOGIES INC

       Publicly-traded stock         71,324  

    FOSSIL INC

       Publicly-traded stock         34,490  

    FOSTER L B CO CL A

       Publicly-traded stock         11,812  

    FRANKLIN RESOURCES INC

       Publicly-traded stock         47,616  

    FREQUENCY ELECTRONICS INC

       Publicly-traded stock         2,219  

    FRESH DEL MONTE PRODUCE INC

       Publicly-traded stock         99,180  

    FRIEDMAN INDS INC

       Publicly-traded stock         1,569,208  

    FRONTIER COMMUNICATIONS PARENT INC

       Publicly-traded stock         26,928  

    FRP HOLDINGS INC

       Publicly-traded stock         554,408  

    FS BANCORP INC

       Publicly-traded stock         30,626  

    FULCRUM THERAPEUTICS INC

       Publicly-traded stock         1,745,584  

    FULGENT GENETICS INC

       Publicly-traded stock         235,208  

    FULL HOUSE RESORTS INC

       Publicly-traded stock         111,930  

    FULLER H B CO

       Publicly-traded stock         65,274  

    FULTON FINANCIAL CORP

       Publicly-traded stock         184,275  

    FUNDAMENTAL GLOBAL INC

       Publicly-traded stock         13,827  

     

    26


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    FUNKO INC A

       Publicly-traded stock                 3,223,790  

    FUTUREFUEL CORP

       Publicly-traded stock         1,102,238  

    GAIA INC CL A

       Publicly-traded stock         1,789  

    GAMBLING.COM GROUP LTD

       Publicly-traded stock         108,205  

    GANNETT CO INC

       Publicly-traded stock         108,974  

    GAP INC

       Publicly-traded stock         11,036  

    GATES INDUSTRIAL CORP PLC

       Publicly-traded stock         71,372  

    GATOS SILVER INC

       Publicly-traded stock         223,207  

    GATX CORP

       Publicly-traded stock         2,008,597  

    GCM GROSVENOR INC—CLASS A

       Publicly-traded stock              1,557,869  

    GENCO SHIPPING & TRADING LTD

       Publicly-traded stock         134,530  

    GENCOR INDUSTRIES INC

       Publicly-traded stock         623,714  

    GENERAC HOLDINGS INC

       Publicly-traded stock         2,025,213  

    GENERATION BIO

       Publicly-traded stock         214,216  

    GENESCO INC

       Publicly-traded stock         61,157  

    GENIE ENERGY LTD B

       Publicly-traded stock         2,863,929  

    GENPACT LTD

       Publicly-traded stock         13,512  

    GENTEX CORP

       Publicly-traded stock         231,833  

    GENTHERM INC

       Publicly-traded stock         118,219  

    GENWORTH FINANCIAL INC

       Publicly-traded stock         943,053  

    GEOSPACE TECHNOLOGIES CORP

       Publicly-traded stock         2,297,854  

    GERMAN AMERICAN BANCORP INC

       Publicly-traded stock         72,743  

    GIBRALTAR INDUSTRIES INC

       Publicly-traded stock         1,095,955  

    G-III APPAREL GROUP LTD

       Publicly-traded stock         39,509  

    GLACIER BANCORP INC

       Publicly-traded stock         209,948  

    GLOBAL BUSINESS TRAVEL GROUP INC

       Publicly-traded stock         520,676  

    GLOBAL INDUSTRIAL CO

       Publicly-traded stock         511,286  

    GLOBE LIFE INC

       Publicly-traded stock         173,410  

    GLOBUS MEDICAL INC

       Publicly-traded stock         98,303  

    GMS INC

       Publicly-traded stock         57,860  

    GOHEALTH INC

       Publicly-traded stock         1,497,937  

    GOLDEN ENTERTAINMENT INC

       Publicly-traded stock         20,843  

    GOODRX HOLDINGS INC

       Publicly-traded stock         695,945  

    GOODYEAR TIRE & RUBBER CO

       Publicly-traded stock         10,350  

    GOPRO INC A

       Publicly-traded stock         146,340  

    GORMAN-RUPP CO

       Publicly-traded stock         35,861  

    GRAHAM CORPORATION

       Publicly-traded stock         820,044  

    GRAHAM HOLDINGS CO

       Publicly-traded stock         46,360  

    GRANITE CONSTRUCTION INC

       Publicly-traded stock         171,929  

     

    27


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    GRANITE RIDGE RESOURCES INC

       Publicly-traded stock                 100,502  

    GRAPHIC PACKAGING HOLDING CO

       Publicly-traded stock              1,119,545  

    GRAY MEDIA INC

       Publicly-traded stock         663,263  

    GREAT LAKES DREDGE & DOCK CORP

       Publicly-traded stock         124,471  

    GREAT SOUTHERN BANCORP INC

       Publicly-traded stock         3,380,795  

    GREEN BRICK PARTNERS INC

       Publicly-traded stock         116,922  

    GREEN DOT CORP CLASS-A

       Publicly-traded stock         266,952  

    GREEN PLAINS INC

       Publicly-traded stock         295,217  

    GREENBRIER COMPANIES INC

       Publicly-traded stock         534,339  

    GREENLIGHT CAPITAL RE LTD A

       Publicly-traded stock         155,078  

    GREIF INC CL A

       Publicly-traded stock         88,467  

    GREIF INC CL B

       Publicly-traded stock         679,856  

    GRID DYNAMICS HOLDINGS INC

       Publicly-traded stock         164,738  

    GROCERY OUTLET HOLDING CORP

       Publicly-traded stock         456,811  

    GROUP 1 AUTOMOTIVE INC

       Publicly-traded stock         233,743  

    GROWGENERATION CORP

       Publicly-traded stock         173,005  

    GSI TECHNOLOGY INC

       Publicly-traded stock         324,173  

    GUARANTY BANCSHARES INC

       Publicly-traded stock         2,014,253  

    GUESS INC

       Publicly-traded stock         38,537  

    GULF ISLAND FABRICATION INC

       Publicly-traded stock         24,540  

    GULFPORT ENERGY CORP

       Publicly-traded stock         113,453  

    H&E EQUIPMENT SERVICES INC

       Publicly-traded stock         271,021  

    HAIN CELESTIAL GROUP INC

       Publicly-traded stock         29,092  

    HALLADOR PETROLEUM CO

       Publicly-traded stock         352,006  

    HAMILTON BEACH BRANDS HOLDING CO CLASS A

       Publicly-traded stock         37,063  

    HANCOCK WHITNEY CORP

       Publicly-traded stock         131,653  

    HANMI FINANCIAL CORPORATION

       Publicly-traded stock         137,011  

    HANOVER INSURANCE GROUP INC

       Publicly-traded stock         42,378  

    HARBORONE NORTHEAST BANCORP INC

       Publicly-traded stock         1,417,193  

    HARLEY-DAVIDSON INC

       Publicly-traded stock         275,952  

    HARVARD BIOSCIENCES INC

       Publicly-traded stock         3,058,247  

    HAVERTY FURNITURE COS INC

       Publicly-traded stock         211,166  

    HAYWARD HOLDINGS INC

       Publicly-traded stock         890,070  

    HBT FINANCIAL INC

       Publicly-traded stock         27,405  

    HCI GROUP INC

       Publicly-traded stock         142,509  

    HEALTH CATALYST INC

       Publicly-traded stock         334,453  

    HEALTHCARE SERVICES GROUP INC

       Publicly-traded stock         84,687  

    HEALTHSTREAM INC

       Publicly-traded stock         13,051  

    HEARTLAND EXPRESS INC

       Publicly-traded stock         118,727  

     

    28


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    HEARTLAND FINANCIAL USA INC

       Publicly-traded stock                 154,944  

    HECLA MINING CO

       Publicly-traded stock         284,419  

    HEIDRICK & STRUGGLES INTL INC

       Publicly-traded stock         238,324  

    HELEN OF TROY LTD

       Publicly-traded stock         741,607  

    HELIOS TECHNOLOGIES INC

       Publicly-traded stock         922,633  

    HELIX ENERGY SOL GRP INC

       Publicly-traded stock         350,359  

    HELMERICH & PAYNE INC

       Publicly-traded stock         350,364  

    HERC HOLDINGS INC

       Publicly-traded stock         231,548  

    HERITAGE COMMERCE CORP

       Publicly-traded stock         525,965  

    HERITAGE FINANCIAL CORP WASH

       Publicly-traded stock         880,262  

    HERITAGE INSURANCE HOLDINGS INC

       Publicly-traded stock         87,660  

    HERTZ GLOBAL HOLDINGS INC

       Publicly-traded stock         199,072  

    HF FOODS GROUP INC

       Publicly-traded stock         298,190  

    HF SINCLAIR CORP

       Publicly-traded stock         109,372  

    HILLENBRAND INC

       Publicly-traded stock         114,613  

    HILLMAN SOLUTIONS CORP

       Publicly-traded stock         5,059  

    HILLTOP HLDGS I

       Publicly-traded stock              1,710,826  

    HILTON GRAND VACATIONS INC

       Publicly-traded stock         409,497  

    HINGHAM INSTITUTION FOR SAVING

       Publicly-traded stock         328,900  

    HIPPO HOLDINGS INC

       Publicly-traded stock         443,593  

    HNI CORP

       Publicly-traded stock         508,103  

    HOLLEY INC

       Publicly-traded stock         154,771  

    HOME BANCORP INC

       Publicly-traded stock         60,286  

    HOME BANCSHARES INC

       Publicly-traded stock         408,702  

    HOMESTREET INC

       Publicly-traded stock         17,933  

    HOMETRUST BANCSHARES INC

       Publicly-traded stock         138,584  

    HONEST CO INC (THE)

       Publicly-traded stock         1,018,093  

    HOOKER FURNISHINGS CORP

       Publicly-traded stock         68,155  

    HOPE BANCORP INC

       Publicly-traded stock         99,322  

    HORACE MANN EDUCATORS CORP

       Publicly-traded stock         164,795  

    HORIZON BANCORP INC INDIANA

       Publicly-traded stock         73,581  

    HOVNANIAN ENTERPRISES INC CL A

       Publicly-traded stock         506,213  

    HOWARD HUGHES HOLDINGS INC

       Publicly-traded stock         578,211  

    HUB GROUP INC CL A

       Publicly-traded stock         275,835  

    HUDSON GLOBAL INC

       Publicly-traded stock         111,338  

    HUDSON TECHNOLOGIES INC

       Publicly-traded stock         1,147,569  

    HUNTSMAN CORP

       Publicly-traded stock         648,571  

    HURCO INC

       Publicly-traded stock         2,545  

    HURON CONSULTING GROUP INC

       Publicly-traded stock         86,440  

     

    29


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    HYLIION HOLDINGS CORP CL A

       Publicly-traded stock                 977,352  

    HYSTER-YALE INC

       Publicly-traded stock         50,366  

    IBEX LTD

       Publicly-traded stock         41,130  

    ICF INTERNATIONAL INC

       Publicly-traded stock         23,161  

    ICHOR HOLDINGS LTD

       Publicly-traded stock         118,514  

    ICU MEDICAL INC

       Publicly-traded stock         59,570  

    IDENTIV INC

       Publicly-traded stock              2,758,877  

    IES HOLDINGS INC

       Publicly-traded stock         360,413  

    INDEPENDENT BANK CORP

       Publicly-traded stock         474,200  

    INDEPENDENT BANK CORP MASS

       Publicly-traded stock         13,579  

    INDEPENDENT BANK GROUP INC

       Publicly-traded stock         490,342  

    INDIE SEMICONDUCTOR INC

       Publicly-traded stock         271,012  

    INFORMATION SVCS GROUP INC

       Publicly-traded stock         488,743  

    INFUSYSTEM HOLDINGS INC

       Publicly-traded stock         747,697  

    INGLES MARKETS INC-CL A

       Publicly-traded stock         65,833  

    INGREDION INC

       Publicly-traded stock         43,530  

    INNOSPEC INC

       Publicly-traded stock         31,823  

    INNOVEX INTERNATIONAL INC

       Publicly-traded stock         377,167  

    INNOVIVA INC

       Publicly-traded stock         2,098,615  

    INOGEN INC

       Publicly-traded stock         506,716  

    INOTIV INC

       Publicly-traded stock         170,588  

    INOVIO PHARMACEUTICALS INC

       Publicly-traded stock         472,232  

    INSTEEL INDUSTRIES INC

       Publicly-traded stock         73,122  

    INSTIL BIO INC

       Publicly-traded stock         11,555  

    INTEGER HOLDINGS CORP

       Publicly-traded stock         725  

    INTEGRA LIFESCIENCES HLDS CORP

       Publicly-traded stock         239,039  

    INTEGRAL AD SCIENCE HOLDING CORP

       Publicly-traded stock         17,617  

    INTELLIA THERAPEUTICS INC

       Publicly-traded stock         4,627,466  

    INTERFACE INC

       Publicly-traded stock         244,422  

    INTERNATIONAL BANCSHARES CORP

       Publicly-traded stock         144,323  

    INTERNATIONAL SEAWAYS INC

       Publicly-traded stock         124,004  

    INTERPUBLIC GROUP OF COS INC

       Publicly-traded stock         327,775  

    INTEST CORP

       Publicly-traded stock         1,244,315  

    INTEVAC INC

       Publicly-traded stock         600,090  

    INTREPID POTASH INC

       Publicly-traded stock         3,718,450  

    INVESCO LTD

       Publicly-traded stock         44,857  

    INVESTAR HOLDING CORP

       Publicly-traded stock         38,525  

    INVESTORS TITLE CO

       Publicly-traded stock         132,200  

    IPG PHOTONICS CORP

       Publicly-traded stock         2,012,350  

     

    30


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ISSUER DIRECT CORP

       Publicly-traded stock                 56,767  

    ITEOS THERAPEUTICS INC

       Publicly-traded stock         132,349  

    J&J SNACKS FOOD CORP

       Publicly-traded stock         568,089  

    JACKSON FINANCIAL INC

       Publicly-traded stock         671  

    JAKKS PACIFIC INC

       Publicly-traded stock                 77,453  

    JAMES RIVER GROUP HOLDINGS LTD

       Publicly-traded stock         53,210  

    JANUS HENDERSON GROUP PLC

       Publicly-traded stock         2,044,551  

    JANUS INTERNATIONAL GROUP INC

       Publicly-traded stock         40,395  

    JAZZ PHARMA PLC

       Publicly-traded stock         49,611  

    JBT MAREL CORP

       Publicly-traded stock         4,244,494  

    JEFFERIES FINANCIAL GROUP INC

       Publicly-traded stock         40,903  

    JELD-WEN HOLDING INC

       Publicly-traded stock         1,037,169  

    JETBLUE AIRWAYS CORP

       Publicly-traded stock         297,795  

    JM SMUCKER CO/THE

       Publicly-traded stock         137,278  

    JOHNSON OUTDOORS INC CL A

       Publicly-traded stock         163,874  

    JONES LANG LASALLE INC

       Publicly-traded stock         793,105  

    JUNIPER NETWORKS INC

       Publicly-traded stock         6,075,320  

    KAISER ALUM CORP

       Publicly-traded stock         126,258  

    KARAT PACKAGING INC

       Publicly-traded stock         6,115,356  

    KB HOME

       Publicly-traded stock         573,135  

    KBR INC

       Publicly-traded stock         146,864  

    KEARNY FINANCIAL CORP

       Publicly-traded stock         15,675  

    KELLY SERVICES INC CL A

       Publicly-traded stock         1,029,044  

    KEMPER CORP

       Publicly-traded stock         3,045,670  

    KENNAMETAL INC

       Publicly-traded stock         191,061  

    KENNEDY-WILSON HOLDINGS INC

       Publicly-traded stock         194,602  

    KEWAUNEE SCIENTIFIC CORP

       Publicly-traded stock         1,143,167  

    KIMBALL ELECTRONICS INC

       Publicly-traded stock         2,609,845  

    KINGSTONE COS INC

       Publicly-traded stock         336,323  

    KIRBY CORP

       Publicly-traded stock         45,722  

    KNIFE RIVER HOLDING CO W/I

       Publicly-traded stock         213,915  

    KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC

       Publicly-traded stock         9,372  

    KNOWLES CORP

       Publicly-traded stock         1,265,791  

    KODIAK GAS SERVICES INC

       Publicly-traded stock         154,391  

    KODIAK SCIENCES INC

       Publicly-traded stock         2,097,096  

    KOHLS CORP

       Publicly-traded stock         555,070  

    KOPPERS HLDGS INC

       Publicly-traded stock         374,207  

    KORN FERRY

       Publicly-traded stock         127,858  

    KOSMOS ENERGY LTD

       Publicly-traded stock         519,733  

     

    31


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    KRATOS DEFENSE & SEC SOLTN INC

       Publicly-traded stock                 248,411  

    KRISPY KREME INC

       Publicly-traded stock         738,375  

    KRONOS WORLDWIDE INC

       Publicly-traded stock         236,189  

    KULICKE & SOFFA INDUSTRIES INC

       Publicly-traded stock         530,502  

    KURA ONCOLOGY INC

       Publicly-traded stock         288,447  

    KVH INDUSTRIES INC

       Publicly-traded stock         199,534  

    LA Z BOY INC

       Publicly-traded stock         743,247  

    LABCORP HOLDINGS INC

       Publicly-traded stock                 77,449  

    LAKELAND INDUSTRIES INC

       Publicly-traded stock         46,318  

    LANDMARK BANCORP INC

       Publicly-traded stock         4,042,337  

    LANDS END INC

       Publicly-traded stock         2,159,277  

    LANDSEA HOMES CORP

       Publicly-traded stock         68,295  

    LANTHEUS HLDGS INC

       Publicly-traded stock         10,588  

    LANTRONIX INC

       Publicly-traded stock         123,174  

    LARIMAR THERAPEUTICS INC

       Publicly-traded stock         74,075  

    LATHAM GROUP INC

       Publicly-traded stock         2,936,703  

    LAUREATE EDUCATION INC

       Publicly-traded stock         30,842  

    LAZARD INC CL A

       Publicly-traded stock         13,723  

    LAZYDAYS HOLDINGS INC

       Publicly-traded stock         88,998  

    LCI INDUSTRIES

       Publicly-traded stock         536,994  

    LCNB CORPORATION

       Publicly-traded stock         3,971,270  

    LEAP THERAPEUTICS INC

       Publicly-traded stock         2,817  

    LEAR CORP NEW

       Publicly-traded stock         390,607  

    LEGACY HOUSING CORP

       Publicly-traded stock         55,890  

    LEGGETT & PLATT INC

       Publicly-traded stock         28,721  

    LENDINGCLUB CORP

       Publicly-traded stock         1,169,545  

    LENSAR INC

       Publicly-traded stock         153,510  

    LESLIE’S INC

       Publicly-traded stock         141,725  

    LGI HOMES INC

       Publicly-traded stock         563,736  

    LIBERTY BROADBAND CORP A

       Publicly-traded stock         16,718  

    LIBERTY BROADBAND CORP C

       Publicly-traded stock         442,778  

    LIBERTY ENERGY INC CL A

       Publicly-traded stock         672,109  

    LIBERTY GLOBAL LTD C

       Publicly-traded stock         299,968  

    LIBERTY GLOBAL LTD CL A

       Publicly-traded stock         1,571,455  

    LIBERTY LATIN AMERICA LTD CL A

       Publicly-traded stock         1,073,682  

    LIBERTY LATIN AMERICA LTD CL C

       Publicly-traded stock         362,270  

    LIBERTY MEDIA CORP LIBERTY LIVE CL C

       Publicly-traded stock         346,868  

    LIBERTY MEDIA CORP-LIBERTY LIVE CL A

       Publicly-traded stock         100,755  

    LIFE TIME GROUP HOLDINGS INC

       Publicly-traded stock         338,087  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    LIFESTANCE HEALTH GROUP INC

       Publicly-traded stock                 28,994  

    LIFETIME BRANDS INC

       Publicly-traded stock                 38,272  

    LIGAND PHARMACEUTICALS

       Publicly-traded stock         606,641  

    LIGHTPATH TECHNOLOGIES CL A

       Publicly-traded stock         236,754  

    LIMONEIRA CO

       Publicly-traded stock         51,742  

    LINCOLN EDUCATIONAL SERVICES

       Publicly-traded stock         331,522  

    LINDSAY CORP

       Publicly-traded stock         10,233  

    LIONS GATE ENTERTAINMENT CORP B

       Publicly-traded stock         13,380  

    LITHIA MOTORS INC CL A

       Publicly-traded stock         177,500  

    LITTELFUSE INC

       Publicly-traded stock         15,499  

    LIVANOVA PLC

       Publicly-traded stock         117,108  

    LIVE OAK BANCSHARES INC

       Publicly-traded stock         2,270,038  

    LIVERAMP HOLDINGS INC

       Publicly-traded stock         2,298,766  

    LKQ CORP

       Publicly-traded stock         226,595  

    LOGILITY SUPPLY CHAIN SOLUTIONS INC

       Publicly-traded stock         163,144  

    LOVESAC

       Publicly-traded stock         334,586  

    LSB INDUSTRIES INC

       Publicly-traded stock         1,348,100  

    LSI INDUSTRIES INC

       Publicly-traded stock         41,838  

    LUXFER HOLDINGS PLC

       Publicly-traded stock         96,202  

    M/I HOMES INC

       Publicly-traded stock         181,659  

    MACYS INC

       Publicly-traded stock         214,300  

    MADISON SQUARE GARDEN ENTERTAINMENT CORP

       Publicly-traded stock         91,787  

    MADISON SQUARE GARDEN SPORTS CORP

       Publicly-traded stock         992,605  

    MAGNACHIP SEMICONDUCTOR

       Publicly-traded stock         1,148,768  

    MAGNERA CORP

       Publicly-traded stock         4,747,652  

    MAGNITE INC

       Publicly-traded stock         2,908,112  

    MAGNOLIA OIL & GAS CORPO CL A

       Publicly-traded stock         72,207  

    MAIDEN HLDGS LTD

       Publicly-traded stock         148,340  

    MAINSTREET BANCSHARES INC

       Publicly-traded stock         448,291  

    MALIBU BOATS INC CL A

       Publicly-traded stock         3,539,405  

    MAMMOTH ENERGY SERVICES INC

       Publicly-traded stock         33,683  

    MANCHESTER UNITED PLC

       Publicly-traded stock         20,616  

    MANITOWOC CO INC

       Publicly-traded stock         183,702  

    MANNATECH INC

       Publicly-traded stock         38,235  

    MANPOWERGROUP INC

       Publicly-traded stock         1,827,319  

    MARCHEX INC

       Publicly-traded stock         130,659  

    MARCUS &MILLICHAP CO INC

       Publicly-traded stock         2,056  

    MARCUS CORP

       Publicly-traded stock         576,969  

    MARINE PRODS CORP

       Publicly-traded stock         1,134  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    MARINEMAX INC

       Publicly-traded stock                 312,967  

    MARRIOTT VACATIONS WORLD

       Publicly-traded stock         218,978  

    MARTEN TRANSPORT LTD

       Publicly-traded stock                 34,122  

    MASCO CORPORATION

       Publicly-traded stock         208,324  

    MASTERBRAND INC

       Publicly-traded stock         713,281  

    MASTERCRAFT BOAT HOLDINGS INC

       Publicly-traded stock         311,638  

    MATADOR RESOURCES COMPANY

       Publicly-traded stock         1,733,915  

    MATERION CORP

       Publicly-traded stock         297,080  

    MATIV INC

       Publicly-traded stock         63,522  

    MATRIX SERVICE CO

       Publicly-traded stock         5,842,939  

    MATSON INC

       Publicly-traded stock         574,097  

    MATTEL INC

       Publicly-traded stock         199,830  

    MATTERPORT INC

       Publicly-traded stock         150,966  

    MATTHEWS INTL CORP CL A

       Publicly-traded stock         985,546  

    MAXCYTE INC

       Publicly-traded stock         3,435,276  

    MAXIMUS INC

       Publicly-traded stock         399,862  

    MAYVILLE ENGINEERING CO INC

       Publicly-traded stock         307,386  

    MCEWEN MINING INC

       Publicly-traded stock         30,127  

    MCGRATH RENTCORP

       Publicly-traded stock         539,943  

    MDU RESOURCES GROUP INC

       Publicly-traded stock         89,164  

    MERCANTILE BANK CORP

       Publicly-traded stock         70,028  

    MERCER INTERNATIONAL INC

       Publicly-traded stock         390,028  

    MERCHANTS BANCORP

       Publicly-traded stock         576,262  

    MERCURY GENERAL CORP

       Publicly-traded stock         283,579  

    MERCURY SYSTEMS INC

       Publicly-traded stock         166,095  

    MERIDIAN CORP

       Publicly-traded stock         257,150  

    MERITAGE HOMES CORP

       Publicly-traded stock         1,002,252  

    MESA LABORATORIES INC

       Publicly-traded stock         515,256  

    METALLUS INC

       Publicly-traded stock         25,158  

    METHODE ELECTRONICS INC

       Publicly-traded stock         1,071,818  

    METROCITY BANKSHARES INC

       Publicly-traded stock         18,066  

    METROPOLITAN BANK HOLDING CORP

       Publicly-traded stock         253,506  

    MGIC INVESTMENT CORP

       Publicly-traded stock         136,858  

    MGP INGREDIENTS INC

       Publicly-traded stock         105,147  

    MID PENN BANCORP INC

       Publicly-traded stock         249,777  

    MIDDLEBY CORP

       Publicly-traded stock         1,896,326  

    MIDLAND STATES BANCORP INC

       Publicly-traded stock         65,748  

    MIDWESTONE FINANCIAL GRP INC

       Publicly-traded stock         144,315  

    MILLER INDUSTRIES INC TENN

       Publicly-traded stock         1,596,278  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    MILLERKNOLL INC

       Publicly-traded stock                 206,961  

    MINERALS TECHNOLOGIES INC

       Publicly-traded stock         194,929  

    MIRION TECHNOLOGIES INC-A

       Publicly-traded stock         295,493  

    MISSION PRODUCE INC

       Publicly-traded stock         343,955  

    MISTER CAR WASH INC

       Publicly-traded stock         919,397  

    MISTRAS GROUP INC

       Publicly-traded stock         474,186  

    MITEK SYSTEMS INC

       Publicly-traded stock         203,838  

    MOBILEYE GLOBAL INC A

       Publicly-traded stock                 59,938  

    MODINE MANUFACTURING CO

       Publicly-traded stock         86,342  

    MOHAWK INDUSTRIES INC

       Publicly-traded stock         51,421  

    MOLSON COORS BEVERAGE CO B

       Publicly-traded stock         156,372  

    MONARCH CASINO & RESORT INC

       Publicly-traded stock         1,317,660  

    MONRO INC

       Publicly-traded stock         5,404,690  

    MONTAUK RENEWABLES INC

       Publicly-traded stock         2,611,786  

    MONTE ROSA THERAPEUTICS INC

       Publicly-traded stock         71,168  

    MONTROSE ENVIRONMENTAL GROUP INC

       Publicly-traded stock         181,685  

    MOSAIC CO NEW

       Publicly-traded stock         43,406  

    MOTORCAR PARTS OF AMERICA INC

       Publicly-traded stock         40,474  

    MOVADO GROUP INC

       Publicly-traded stock         41,700  

    MP MATERIALS CORP

       Publicly-traded stock         1,770,325  

    MR COOPER GROUP INC

       Publicly-traded stock         65,345  

    MRC GLOBAL INC

       Publicly-traded stock         137,878  

    MSC INDUSTRIAL DIRECT CO CL A

       Publicly-traded stock         251,722  

    MUELLER INDUSTRIES INC

       Publicly-traded stock         1,777,529  

    MURPHY OIL CORP

       Publicly-traded stock         248,724  

    MVB FINANCIAL CORP

       Publicly-traded stock         276,876  

    MYERS INDUSTRIES

       Publicly-traded stock         1,773,061  

    MYR GROUP INC/DELAWARE

       Publicly-traded stock         1,250,827  

    MYRIAD GENETICS INC

       Publicly-traded stock         88,575  

    N-ABLE INC

       Publicly-traded stock         96,324  

    NABORS INDUSTRIES LTD

       Publicly-traded stock         268,084  

    NACCO INDUSTRIES INC CL A

       Publicly-traded stock         88,155  

    NATIONAL BANKSHARES INC VA

       Publicly-traded stock         49,642  

    NATIONAL BK HLDGS CORP

       Publicly-traded stock         115,369  

    NATIONAL CINEMEDIA INC

       Publicly-traded stock         63,785  

    NATIONAL HEALTHCARE CORP

       Publicly-traded stock         45,563  

    NATIONAL PRESTO INDS

       Publicly-traded stock         497,989  

    NATIONAL VISION HOLDINGS INC

       Publicly-traded stock         62,808  

    NATURAL ALTERNATIVES INTL INC

       Publicly-traded stock         579,748  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    NATURAL GAS SERVICES GROUP

       Publicly-traded stock                 259,534  

    NATURAL GROCERS VIT GROC INC

       Publicly-traded stock         208,858  

    NATURES SUNSHINE PRODUCTS INC

       Publicly-traded stock         3,187  

    NAUTILUS BIOTECHNOLOGY INC

       Publicly-traded stock         129,846  

    NAVIENT CORP

       Publicly-traded stock         234,388  

    NBT BANCORP INC

       Publicly-traded stock         110,962  

    NCR ATLEOS CORP

       Publicly-traded stock         5,210  

    NEKTAR THERAPEUTICS

       Publicly-traded stock         685,206  

    NELNET INC CL A

       Publicly-traded stock         635,686  

    NEOGEN CORP

       Publicly-traded stock         423,457  

    NEOGENOMICS INC

       Publicly-traded stock                 40,501  

    NERDWALLET INC A

       Publicly-traded stock         991,304  

    NETGEAR INC

       Publicly-traded stock         479,955  

    NETSCOUT SYSTEMS INC

       Publicly-traded stock         140,508  

    NETSTREIT CORP

       Publicly-traded stock         51,152  

    NETWORK-1 TECHNOLOGIES INC

       Publicly-traded stock         332,405  

    NEW JERSEY RESOURCES CORP

       Publicly-traded stock         551,442  

    NEWELL BRANDS INC

       Publicly-traded stock         1,705,429  

    NEWMARK GROUP INC CL A

       Publicly-traded stock         2,902  

    NEXA RESOURCES SA

       Publicly-traded stock         348,569  

    NEXSTAR MEDIA GROUP INC

       Publicly-traded stock         1,002,036  

    NEXTCURE INC

       Publicly-traded stock         528,003  

    NEXTDOOR HOLDINGS INC

       Publicly-traded stock         83,107  

    NICOLET BANKSHARES INC

       Publicly-traded stock         1,338,796  

    NKARTA INC

       Publicly-traded stock         7,310  

    NL INDUSTRIES

       Publicly-traded stock         30,950  

    NLIGHT INC

       Publicly-traded stock         479,963  

    NMI HOLDINGS INC

       Publicly-traded stock         30,291  

    NN INC

       Publicly-traded stock         28,842  

    NOBLE CORP PLC

       Publicly-traded stock         91,221  

    NORDIC AMERICAN TANKER LTD

       Publicly-traded stock         984,323  

    NORTHEAST BANK

       Publicly-traded stock         50,041  

    NORTHEAST COMMUNITY BANCORP INC

       Publicly-traded stock         484,031  

    NORTHERN OIL AND GAS INC

       Publicly-traded stock         167,823  

    NORTHERN TRUST CORP

       Publicly-traded stock         260,697  

    NORTHFIELD BANCORP INC NEW

       Publicly-traded stock         49,556  

    NORTHRIM BANCORP INC

       Publicly-traded stock         447,815  

    NORTHWEST BANCSHARES INC

       Publicly-traded stock         3,162,535  

    NORTHWEST PIPE CO

       Publicly-traded stock         220,211  

     

    36


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    NORWOOD FINANCIAL CORP

       Publicly-traded stock                 128,367  

    NOV INC

       Publicly-traded stock         573,871  

    NOW INC

       Publicly-traded stock         208,821  

    NPK INTERNATIONAL INC

       Publicly-traded stock                 10,746  

    NU SKIN ENTERPRISES INC CL A

       Publicly-traded stock         1,191,681  

    NV5 GLOBAL INC

       Publicly-traded stock         464,912  

    OAK VALLEY BANCORP

       Publicly-traded stock         278,551  

    OCEANFIRST FINANCIAL CORP

       Publicly-traded stock         60,274  

    ODP CORP/THE

       Publicly-traded stock         223,367  

    OFG BANCORP

       Publicly-traded stock         42,296  

    O-I GLASS INC

       Publicly-traded stock         359,339  

    OIL STATES INTERNATIONAL INC

       Publicly-traded stock         285,069  

    OIL-DRI CORP OF AMERICA

       Publicly-traded stock         680,125  

    OLD NATIONAL BANCORP (IND)

       Publicly-traded stock         463,215  

    OLD REPUBLIC INTL CORP

       Publicly-traded stock         98,245  

    OLD SECOND BANCORP

       Publicly-traded stock         182,204  

    OLIN CORP

       Publicly-traded stock         5,420,303  

    OLO INC

       Publicly-traded stock         2,068,548  

    OLYMPIC STEEL INC

       Publicly-traded stock         239,888  

    OMNIAB INC

       Publicly-traded stock         956,303  

    OMNIAB INC—12.5 EARNOUT

       Publicly-traded stock         195,832  

    OMNIAB INC—15.00 EARNOUT

       Publicly-traded stock         162,377  

    OMNICELL INC

       Publicly-traded stock         94,129  

    ON24 INC

       Publicly-traded stock         1,466  

    ONEMAIN HOLDINGS INC

       Publicly-traded stock         1,303  

    ONESPAN INC

       Publicly-traded stock         304,472  

    ONESPAWORLD HOLDINGS LTD

       Publicly-traded stock         97,546  

    ONEWATER MARINE CL A

       Publicly-traded stock         1,333,955  

    ONITY GROUP INC

       Publicly-traded stock         22,971  

    OOMA INC

       Publicly-traded stock         143,161  

    OP BANCORP

       Publicly-traded stock         67,521  

    OPENDOOR TECHNOLOGIES INC

       Publicly-traded stock         97,903  

    OPENLANE INC

       Publicly-traded stock         38,018  

    OPKO HEALTH INC

       Publicly-traded stock         67,999  

    OPORTUN FIN CORP

       Publicly-traded stock         110,446  

    OPPENHEIMER HLDGS CL A NON-VTG

       Publicly-traded stock         665,652  

    OPTIMIZERX CORP

       Publicly-traded stock         242,509  

    OPTION CARE HEALTH INC

       Publicly-traded stock         55,465  

    ORASURE TECHNOLOGIES INC

       Publicly-traded stock         156,508  

     

    37


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    ORGANOGENESIS HOLDINGS INC CL A

       Publicly-traded stock                         20,534  

    ORIC PHARMACEUTICALS INC

       Publicly-traded stock         384,934  

    ORIGIN BANCORP INC

       Publicly-traded stock         116,437  

    ORION GROUP HOLDINGS INC

       Publicly-traded stock         93,696  

    ORION SA

       Publicly-traded stock         19,231  

    ORMAT TECHNOLOGIES INC

       Publicly-traded stock         233,862  

    ORRSTOWN FINANCIAL SERVICES

       Publicly-traded stock         79,684  

    ORTHOFIX MEDICAL INC

       Publicly-traded stock         140,452  

    ORTHOPEDIATRICS CORP

       Publicly-traded stock         347,607  

    OSCAR HEALTH INC—CLASS A

       Publicly-traded stock         153,542  

    OSHKOSH CORP

       Publicly-traded stock         193,771  

    OSI SYSTEMS INC

       Publicly-traded stock         94,598  

    OUTBRAIN INC

       Publicly-traded stock         155,931  

    OVINTIV INC

       Publicly-traded stock         783,282  

    OWENS AND MINOR INC

       Publicly-traded stock         502,290  

    OXFORD INDUSTRIES

       Publicly-traded stock         23,615  

    PACIFIC BIOSCIENES OF CALI INC

       Publicly-traded stock         2,516,468  

    PACIFIC PREMIER BANCORP INC

       Publicly-traded stock         347,557  

    PACIRA BIOSCIENCES INC

       Publicly-traded stock         261,471  

    PACTIV EVERGREEN INC

       Publicly-traded stock         40,260  

    PAMT CORP

       Publicly-traded stock         737,732  

    PANGAEA LOGISTICS SOLUTIONS LTD

       Publicly-traded stock         211,611  

    PAR PACIFIC HOLDINGS INC

       Publicly-traded stock         434,060  

    PARAMOUNT GLOBAL CL A

       Publicly-traded stock         69,566  

    PARAMOUNT GLOBAL CL B

       Publicly-traded stock         86,066  

    PARK AEROSPACE CORP

       Publicly-traded stock         84,589  

    PARK NATIONAL CORP

       Publicly-traded stock         64,425  

    PARK OHIO HLDGS CORP

       Publicly-traded stock         2,307,800  

    PARKE BANCORP INC

       Publicly-traded stock         104,396  

    PATHWARD FINANCIAL INC

       Publicly-traded stock         359,660  

    PATRICK INDUSTRIES INC

       Publicly-traded stock         134,030  

    PATTERSON COMPANIES INC

       Publicly-traded stock         76,789  

    PATTERSON-UTI ENERGY INC

       Publicly-traded stock         491,514  

    PAYCOR HCM INC

       Publicly-traded stock         932,988  

    PAYSAFE LTD

       Publicly-traded stock         661,237  

    PBF ENERGY INC CL A

       Publicly-traded stock         640,720  

    PC CONNECTION INC

       Publicly-traded stock         184,363  

    PCB BANCORP

       Publicly-traded stock         199,352  

    PDL BIOPHARMA INC

       Publicly-traded stock         914,993  

     

    38


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    PEABODY ENERGY CORP

       Publicly-traded stock                 621,906  

    PEAPACK GLADSTONE FINL CORP

       Publicly-traded stock         93,995  

    PEDIATRIX MEDICAL GROUP INC

       Publicly-traded stock         1  

    PENGUIN SOLUTIONS INC

       Publicly-traded stock         858,247  

    PENN ENTERTAINMENT INC

       Publicly-traded stock         226,754  

    PENNS WOODS BANCORP INC

       Publicly-traded stock         357,730  

    PENNYMAC FINANCIAL SERVICES INC

       Publicly-traded stock         110,131  

    PENSKE AUTOMOTIVE GROUP INC

       Publicly-traded stock         736,987  

    PEOPLES BANCORP INC

       Publicly-traded stock                 34,158  

    PEOPLES BANCORP OF NC

       Publicly-traded stock         1,414,945  

    PEOPLES FINANCIAL SERV CORP

       Publicly-traded stock         1,522,266  

    PEPGEN INC

       Publicly-traded stock         406,044  

    PERDOCEO EDUCATION CORP

       Publicly-traded stock         10,938  

    PERFORMANCE FOOD GROUP CO

       Publicly-traded stock         112,084  

    PERFORMANT HEALTHCARE INC

       Publicly-traded stock         19,556  

    PERIMETER SOLUTIONS INC

       Publicly-traded stock         741,584  

    PERMA PIPE INTERNATIONL HOLDINGS INC

       Publicly-traded stock         1,454,852  

    PERMIAN RESOURCES CORP CL A

       Publicly-traded stock         18,652  

    PERRIGO CO PLC

       Publicly-traded stock         137,973  

    PERSONALIS INC

       Publicly-traded stock         24,907  

    PETCO HEALTH AND WELLNESS CO INC

       Publicly-traded stock         2,264,677  

    PETMED EXPRESS INC

       Publicly-traded stock         1,030,971  

    PHIBRO ANIMAL HEALTH CORP CL A

       Publicly-traded stock         12,676  

    PHINIA INC

       Publicly-traded stock         94,355  

    PHOTRONIC INC

       Publicly-traded stock         18,215  

    PHX MINERALS INC A

       Publicly-traded stock         90,846  

    PILGRIM’S PRIDE CORP NEW

       Publicly-traded stock         544,032  

    PINNACLE FINL PARTNERS INC

       Publicly-traded stock         465,828  

    PLANET LABS PBC A

       Publicly-traded stock         49,020  

    PLAYA HOTELS & RESORTS NV

       Publicly-traded stock         672,317  

    PLAYSTUDIOS INC A

       Publicly-traded stock         1,742,274  

    PLEXUS CORP

       Publicly-traded stock         78,481  

    POLARIS INC

       Publicly-traded stock         571,616  

    PONCE FINANCIAL GROUP INC

       Publicly-traded stock         6,601  

    POPULAR INC

       Publicly-traded stock         5,427,978  

    PORTILLO’S INC.

       Publicly-traded stock         312,012  

    POST HOLDINGS INC

       Publicly-traded stock         127,621  

    PRA GROUP INC

       Publicly-traded stock         1,461,504  

    PREFERRED BANK LOS ANGELES

       Publicly-traded stock         59,577  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    PREFORMED LINE PRODUCTS CO

       Publicly-traded stock                 1,902,783  

    PREMIER FINANCIAL CORP

       Publicly-traded stock         258,368  

    PREMIER INC

       Publicly-traded stock         367,979  

    PRESTIGE CONSUMER HEALTHCARE INC

       Publicly-traded stock         260,564  

    PRICESMART INC

       Publicly-traded stock         318,142  

    PRIMEENERGY RESOURCES CORP

       Publicly-traded stock         584,484  

    PRIMIS FINANCIAL CORP

       Publicly-traded stock         4,148,687  

    PRIMORIS SVCS CORP

       Publicly-traded stock         542,697  

    PRINCETON BANCORP INC

       Publicly-traded stock         119,018  

    PROASSURANCE CORPORATION

       Publicly-traded stock         129,216  

    PROPETRO HOLDING CORP

       Publicly-traded stock         1,247,688  

    PROSPERITY BANCSHARES INC

       Publicly-traded stock         39,044  

    PROTECH HOME MEDICAL CORP

       Publicly-traded stock                244,489  

    PROTO LABS INC

       Publicly-traded stock         368,367  

    PROVIDENT BANCORP INC

       Publicly-traded stock         1,625,073  

    PROVIDENT FINANCIAL HLDGS INC

       Publicly-traded stock         14,841  

    PROVIDENT FINANCIAL SVCS INC

       Publicly-traded stock         332,148  

    PUBMATIC INC CL A

       Publicly-traded stock         47,435  

    PUMA BIOTECHNOLOGY INC

       Publicly-traded stock         18,535  

    PVH CORP

       Publicly-traded stock         754,762  

    PYXIS ONCOLOGY INC

       Publicly-traded stock         88,155  

    QCR HOLDINGS INC

       Publicly-traded stock         34,486  

    QUAD/GRAPHICS INC CL A

       Publicly-traded stock         1,941,887  

    QUAKER HOUGHTON

       Publicly-traded stock         8,217  

    QUANEX BUILDING PRODUCTS

       Publicly-traded stock         524,241  

    QUANTERIX CORP

       Publicly-traded stock         83,612  

    QUEST RESOURCE HOLDING CORP

       Publicly-traded stock         285,321  

    QUIDELORTHO CORP

       Publicly-traded stock         247,733  

    RADIAN GROUP INC

       Publicly-traded stock         57,115  

    RADIANT LOGISTICS INC

       Publicly-traded stock         19,559  

    RADIUS RECYCLING INC A

       Publicly-traded stock         480,472  

    RAFAEL HOLDINGS INC

       Publicly-traded stock         990,520  

    RAMACO RESOURCES INC

       Publicly-traded stock         131,601  

    RAMACO RESOURCES INC-B

       Publicly-traded stock         180,829  

    RANGE RESOURCES CORP

       Publicly-traded stock         2,942  

    RANGER ENERGY SERVICES INC CL A

       Publicly-traded stock         96,618  

    RANPAK HOLDINGS CORP A

       Publicly-traded stock         5,632  

    RAYONIER ADVANCED MATERIALS

       Publicly-traded stock         1,395,556  

    RBB BANCORP

       Publicly-traded stock         82,323  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    RCI HOSPITALITY HOLDINGS INC

       Publicly-traded stock         68,917  

    RE/MAX HOLDINGS INC CL A

       Publicly-traded stock                 214,030  

    RED RIVER BANCSHARES INC

       Publicly-traded stock         119,621  

    REGAL REXNORD CORP

       Publicly-traded stock                122,181  

    REGENXBIO INC

       Publicly-traded stock         94,558  

    REGIONAL MANAGEMENT CORP

       Publicly-traded stock         33,036  

    REINSURANCE GROUP OF AMERICA

       Publicly-traded stock         1,708,912  

    RELAY THERAPEUTICS INC

       Publicly-traded stock         101,889  

    RENAISSANCERE HLDGS LTD

       Publicly-traded stock         132,284  

    RENASANT CORP

       Publicly-traded stock         434,096  

    REPAY HOLDINGS CORP

       Publicly-traded stock         87,740  

    REPUBLIC BANCORP INC KY CL A

       Publicly-traded stock         3,146,451  

    RESIDEO TECHNOLOGIES INC

       Publicly-traded stock         690,762  

    RESOLUTE FOREST PRODUCTS INC US CVR RT

       Publicly-traded stock         191,284  

    RESOURCES CONNECTION INC

       Publicly-traded stock         397,421  

    REV GROUP INC

       Publicly-traded stock         3,405,914  

    REVVITY INC

       Publicly-traded stock         132,079  

    REX AMERICAN RESOURCES CORP

       Publicly-traded stock         468,362  

    REYNOLDS CONSUMER PRODUCTS INC

       Publicly-traded stock         393,254  

    RF INDUSTRIES LTD

       Publicly-traded stock         625,239  

    RIBBON COMMUNICATIONS INC

       Publicly-traded stock         269,901  

    RICHARDSON ELECTRONICS LTD

       Publicly-traded stock         370,951  

    RICHMOND MUTUAL BANCORPORATION INC

       Publicly-traded stock         825  

    RILEY EXPLORATION PERMIAN INC

       Publicly-traded stock         255,412  

    RIOT PLATFORMS INC

       Publicly-traded stock         72,774  

    RIVERVIEW BANCORP INC

       Publicly-traded stock         9,580  

    RMR GROUP INC W/I CL A

       Publicly-traded stock         102,719  

    ROCKY BRANDS INC

       Publicly-traded stock         257,047  

    ROGERS CORP

       Publicly-traded stock         43,945  

    ROOT INC

       Publicly-traded stock         51,125  

    ROYAL CARIBBEAN CRUISES LTD

       Publicly-traded stock         75,354  

    RPC INC

       Publicly-traded stock         346,490  

    RUSH ENTERPRISES INC CL A

       Publicly-traded stock         93,641  

    RUSH ENTERPRISES INC CL B

       Publicly-traded stock         2,759,744  

    RYDER SYSTEM INC

       Publicly-traded stock         349,426  

    RYERSON HOLDING CORP

       Publicly-traded stock         1,038,161  

    S & T BANCORP

       Publicly-traded stock         249,934  

    SAFETY INSURANCE GROUP INC

       Publicly-traded stock         1,416,289  

    SAGA COMMUNICATIONS INC CL A

       Publicly-traded stock         234,633  

     

    41


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    SAGE THERAPEUTICS INC

       Publicly-traded stock         462,042  

    SALLY BEAUTY HLDGS INC

       Publicly-traded stock                 268,954  

    SANDRIDGE ENERGY INC

       Publicly-traded stock         1,268  

    SANDY SPRING BANCORP INC

       Publicly-traded stock         89,427  

    SANFILIPPO (JOHN B) & SON INC.

       Publicly-traded stock                120,008  

    SANMINA CORP

       Publicly-traded stock         157,570  

    SCANSOURCE INC

       Publicly-traded stock         479,525  

    SCHNEIDER NATIONAL INC CL B

       Publicly-traded stock         54,792  

    SCHOLASTIC CORP

       Publicly-traded stock         1,509,617  

    SCORPIO TANKERS INC

       Publicly-traded stock         489,969  

    SCRIPPS (EW) CO CL A

       Publicly-traded stock         746,172  

    SEABOARD CORP

       Publicly-traded stock         259,032  

    SEACOAST BANKING CORP FLORIDA

       Publicly-traded stock         926,719  

    SEACOR MARINE HOLDINGS INC

       Publicly-traded stock         61,847  

    SEADRILL LTD

       Publicly-traded stock         527,236  

    SEAPORT ENTERTAINMENT GROUP INC

       Publicly-traded stock         526,924  

    SECUREWORKS CORP

       Publicly-traded stock         54,218  

    SECURITY NATL FINL CORP CL A

       Publicly-traded stock         665,197  

    SEER INC

       Publicly-traded stock         126,250  

    SELECT MEDICAL HLDGS CORP

       Publicly-traded stock         12,986  

    SELECT WATER SOLUTIONS INC CL A

       Publicly-traded stock         16,613  

    SELECTQUOTE INC

       Publicly-traded stock         27,988  

    SEMLER SCIENTIFIC INC

       Publicly-traded stock         317,792  

    SENECA FOODS CORP CL A

       Publicly-traded stock         405,687  

    SENSATA TECHNOLOGIES HOLDING PLC

       Publicly-traded stock         23,205  

    SENSIENT TECHNOLOGIES CORP

       Publicly-traded stock         77,328  

    SENSUS HEALTHCARE INC

       Publicly-traded stock         185,627  

    SERVICE CORP INTERNATIONAL INC

       Publicly-traded stock         805,012  

    SFL CORP LTD

       Publicly-traded stock         279,482  

    SHATTUCK LABS INC

       Publicly-traded stock         32,455  

    SHENANDOAH TELECOM CO

       Publicly-traded stock         2,107,647  

    SHOE CARNIVAL

       Publicly-traded stock         426,409  

    SHORE BANCSHARES INC

       Publicly-traded stock         4,626  

    SHUTTERSTOCK INC

       Publicly-traded stock         199,389  

    SIERRA BANCORP

       Publicly-traded stock         363,913  

    SIGA TECHNOLOGIES INC

       Publicly-traded stock         160,085  

    SIGMATRON INTERNATIONAL INC

       Publicly-traded stock         93,417  

    SIGNET JEWELERS LTD

       Publicly-traded stock         175,400  

    SILGAN HOLDINGS INC

       Publicly-traded stock         34,906  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    SIMMONS 1ST NATL CORP CL A

       Publicly-traded stock         1,068  

    SIMPLY GOOD FOODS CO

       Publicly-traded stock                 787,084  

    SIMULATIONS PLUS INC

       Publicly-traded stock         856,847  

    SINCLAIR INC CL A

       Publicly-traded stock                854,529  

    SIRIUS XM HOLDINGS INC

       Publicly-traded stock         3,476,704  

    SIRIUSPOINT LTD

       Publicly-traded stock         30,623  

    SITIO ROYALTIES CORP

       Publicly-traded stock         151,425  

    SKECHERS USA INC CL A

       Publicly-traded stock         711,360  

    SKYWARD SPECIALTY INSURANCE GROUP INC

       Publicly-traded stock         801,553  

    SKYWEST INC

       Publicly-traded stock         193,699  

    SLM CORP

       Publicly-traded stock         319,793  

    SM ENERGY CO

       Publicly-traded stock         25,118  

    SMART SAND INC

       Publicly-traded stock         1,665,663  

    SMARTFINANCIAL INC

       Publicly-traded stock         156,434  

    SMARTRENT INC

       Publicly-traded stock         1,406,872  

    SMITH & WESSON BRANDS INC

       Publicly-traded stock         4,246  

    SOFI TECHNOLOGIES INC

       Publicly-traded stock         157,502  

    SOLARIS ENERGY INFRASTRUCTURE INC CL A

       Publicly-traded stock         25,342  

    SOLARWINDS CORP

       Publicly-traded stock         192,207  

    SOLID BIOSCIENCES INC

       Publicly-traded stock         155,247  

    SOLID POWER INC

       Publicly-traded stock         132,446  

    SOLO BRANDS INC A

       Publicly-traded stock         493,235  

    SONIC AUTOMOTIVE INC CL A

       Publicly-traded stock         9,836  

    SONOCO PRODUCTS CO

       Publicly-traded stock         53,368  

    SONOS INC

       Publicly-traded stock         18,918  

    SOUNDTHINKING INC

       Publicly-traded stock         565,589  

    SOUTH PLAINS FINANCIAL INC

       Publicly-traded stock         750,043  

    SOUTHERN FIRST BANCSHARES INC

       Publicly-traded stock         152,084  

    SOUTHERN MISSOURI BANCORP INC

       Publicly-traded stock         27,570  

    SOUTHERN STS BANCSHARES INC

       Publicly-traded stock         143,240  

    SOUTHSIDE BANCSHARES INC

       Publicly-traded stock         107,444  

    SOUTHSTATE CORP

       Publicly-traded stock         148,703  

    SPAR GROUP INC

       Publicly-traded stock         18,787  

    SPARTANNASH CO

       Publicly-traded stock         222,765  

    SPECTRUM BRANDS HOLDINGS INC

       Publicly-traded stock         2,120,715  

    SPHERE ENTERTAINMENT CO

       Publicly-traded stock         12,426  

    SPOK HOLDINGS INC

       Publicly-traded stock         270,422  

    SPORTSMANS WHSE HLDGS INC

       Publicly-traded stock         598,865  

    STANDARD MOTOR PRODUCTS INC

       Publicly-traded stock         4,950,248  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    STANDEX INTL CORP

       Publicly-traded stock         70,267  

    STANLEY BLACK & DECKER INC

       Publicly-traded stock                 45,158  

    STAR HOLDINGS

       Publicly-traded stock         299,484  

    STEELCASE INC CLASS A

       Publicly-traded stock                319,005  

    STELLAR BANCORP INC

       Publicly-traded stock         1,677,098  

    STEPAN CO

       Publicly-traded stock         19,586  

    STERLING BANCORP INC/MI

       Publicly-traded stock         367,236  

    STEWART INFORMATION SERVICES

       Publicly-traded stock         203,411  

    STIFEL FINANCIAL CORP

       Publicly-traded stock         341,810  

    STITCH FIX

       Publicly-traded stock         17,093  

    STOCK YARDS BANCORP INC

       Publicly-traded stock         637,915  

    STONERIDGE INC

       Publicly-traded stock         4,820,063  

    STONEX GROUP INC

       Publicly-traded stock         80,476  

    STRATASYS LTD

       Publicly-traded stock         89,011  

    STRATEGIC EDUCATION INC

       Publicly-traded stock         65,390  

    STRATTEC SEC CORP

       Publicly-traded stock         497,884  

    STRATUS PROPERTIES INC

       Publicly-traded stock         23,336  

    STRIDE INC

       Publicly-traded stock         665,991  

    STURM RUGER & CO INC

       Publicly-traded stock         55,002  

    SUMMIT MATERIALS INC CL A

       Publicly-traded stock         57,256  

    SUN COUNTRY AIRLINES HOLDINGS INC

       Publicly-traded stock         1,423,425  

    SUNCOKE ENERGY INC

       Publicly-traded stock         84,287  

    SUNNOVA ENERGY INTERNATIONAL INC

       Publicly-traded stock         4,352  

    SUNRISE COMMUNICAT-CL A ADS UNSPON ADR

       Publicly-traded stock         226,909  

    SUNRUN INC

       Publicly-traded stock         338,323  

    SUPERIOR GROUP OF COS INC

       Publicly-traded stock         115,896  

    SUPERNUS PHARMACEUTICALS INC

       Publicly-traded stock         471,726  

    SURGERY PARTNERS INC

       Publicly-traded stock         285,631  

    SYLVAMO CORP

       Publicly-traded stock         104,106  

    SYNAPTICS INC

       Publicly-traded stock         448,022  

    SYNOVUS FINANCIAL CORP.

       Publicly-traded stock         471,752  

    TACTILE SYSTEMS TECHNOLOGY INC

       Publicly-traded stock         92,374  

    TALOS ENERGY INC

       Publicly-traded stock         162,180  

    TANGO THERAPEUTICS INC

       Publicly-traded stock         5,757,945  

    TAYLOR DEVICES INC

       Publicly-traded stock         70,370  

    TAYLOR MORRISON HOME CORP

       Publicly-traded stock         427,308  

    TD SYNNEX CORP

       Publicly-traded stock         12,484  

    TECHTARGET INC

       Publicly-traded stock         22,433  

    TEEKAY CORP LTD

       Publicly-traded stock         2,288,519  

     

    44


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    TEEKAY TANKERS LTD CL A

       Publicly-traded stock         5,109,538  

    TEGNA INC

       Publicly-traded stock                 18,829  

    TEJON RANCH CO

       Publicly-traded stock         204,691  

    TELADOC HEALTH INC

       Publicly-traded stock                481,857  

    TELEPHONE & DATA SYSTEMS INC

       Publicly-traded stock         919,347  

    TELOS CORP

       Publicly-traded stock         189,830  

    TENAYA THERAPEUTICS INC

       Publicly-traded stock         384,071  

    TENET HEALTHCARE CORP

       Publicly-traded stock         1,118,092  

    TENNANT CO

       Publicly-traded stock         31,071  

    TEREX CORP

       Publicly-traded stock         2,889  

    TERNS PHARMACEUTICALS INC

       Publicly-traded stock         1,177,347  

    TERRITORIAL BANCORP INC

       Publicly-traded stock         47,043  

    TETRA TECHNOLOGIES INC

       Publicly-traded stock         625,033  

    TEXAS CAPITAL BANCSHARES INC

       Publicly-traded stock         79,471  

    TFS FINANCIAL CORP

       Publicly-traded stock         27,030  

    THE CAMPBELL’S COMPANY

       Publicly-traded stock         104,421  

    THE SHYFT GROUP INC

       Publicly-traded stock         1,368,813  

    THERMON GROUP HOLDINGS INC

       Publicly-traded stock         103,432  

    THIRD COAST BANCSHARES INC

       Publicly-traded stock         551,308  

    THIRD HARMONICS BIO INC

       Publicly-traded stock         53,088  

    THOR INDUSTRIES INC

       Publicly-traded stock         372,284  

    THRYV HOLDINGS INC

       Publicly-traded stock         68,511  

    TIDEWATER INC

       Publicly-traded stock         9,806  

    TILE SHOP HLDGS INC

       Publicly-traded stock         1,314,481  

    TILLY’S INC

       Publicly-traded stock         64,750  

    TIMBERLAND BANCORP INC

       Publicly-traded stock         1,678,175  

    TIMKEN CO

       Publicly-traded stock         81,843  

    TIPTREE INC

       Publicly-traded stock         45,377  

    TITAN INTERNATIONAL INC

       Publicly-traded stock         79,357  

    TITAN MACHINERY INC

       Publicly-traded stock         439,354  

    TOMPKINS FINANCIAL CORP

       Publicly-traded stock         291,122  

    TOOTSIE ROLL INDUSTRIES INC

       Publicly-traded stock         148,226  

    TOPGOLF CALLAWAY BRANDS CORP

       Publicly-traded stock         147,602  

    TOWNE BANK

       Publicly-traded stock         167,404  

    TRAEGER INC

       Publicly-traded stock         124,277  

    TRANSOCEAN LTD

       Publicly-traded stock         343,199  

    TREDEGAR CORP

       Publicly-traded stock         756,575  

    TREEHOUSE FOODS INC

       Publicly-traded stock         32,681  

    TRI POINTE HOMES INC

       Publicly-traded stock         756,578  

     

    45


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    TRICO BANCSHARES

       Publicly-traded stock         99,364  

    TRIMAS CORP

       Publicly-traded stock                        673,266  

    TRIMBLE INC

       Publicly-traded stock         1,273,379  

    TRINITY INDUSTRIES INC

       Publicly-traded stock         336,665  

    TRIPADVISOR INC

       Publicly-traded stock         256,793  

    TRIUMPH FINANCIAL INC

       Publicly-traded stock         3,229,515  

    TRONOX HOLDINGS PLC

       Publicly-traded stock         1,060,231  

    TRUBRIDGE INC

       Publicly-traded stock         193,517  

    TRUEBLUE INC

       Publicly-traded stock         240,196  

    TRUECAR INC

       Publicly-traded stock         517,538  

    TRUSTCO BANK CORP NY

       Publicly-traded stock         75,015  

    TRUSTMARK CORP

       Publicly-traded stock         120,422  

    TSCAN THERAPEUTICS INC

       Publicly-traded stock         133,612  

    TTM TECHNOLOGIES INC

       Publicly-traded stock         265,148  

    TUTOR PERINI CORP

       Publicly-traded stock         709,027  

    TWILIO INC CLASS A

       Publicly-traded stock         10,959  

    TWIN DISC INC

       Publicly-traded stock         1,006,261  

    UFP INDUSTRIES INC

       Publicly-traded stock         516,331  

    U-HAUL HOLDING CO

       Publicly-traded stock         154,446  

    ULTRA CLEAN HOLDINGS INC

       Publicly-traded stock         41,713  

    ULTRALIFE CORP

       Publicly-traded stock         1,352,363  

    UMB FINANCIAL CORP

       Publicly-traded stock         1,527,281  

    UNDER ARMOUR INC CL A

       Publicly-traded stock         593,894  

    UNDER ARMOUR INC CL C

       Publicly-traded stock         42,890  

    UNIFI INC

       Publicly-traded stock         963,034  

    UNIFIRST CORP

       Publicly-traded stock         418,827  

    UNITED BANKSHARES INC. W VA.

       Publicly-traded stock         368,554  

    UNITED COMMUNITY BANKS GA

       Publicly-traded stock         47,500  

    UNITED FIRE GROUP INC

       Publicly-traded stock         598,815  

    UNITED NATURAL FOODS INC

       Publicly-traded stock         1,220,000  

    UNITED STATES CELLULAR CORP

       Publicly-traded stock         1,104,356  

    UNITED STATES STEEL CORP

       Publicly-traded stock         264,272  

    UNITY BANCORP INC

       Publicly-traded stock         512,882  

    UNIVERSAL CORP

       Publicly-traded stock         1,159,567  

    UNIVERSAL ELECTRONICS INC

       Publicly-traded stock         1,838,451  

    UNIVERSAL HEALTH SVCS INC CL B

       Publicly-traded stock         180,240  

    UNIVERSAL INSURANCE HLDGS INC

       Publicly-traded stock         515,990  

    UNIVERSAL LOGISTICS HOLDINGS INC

       Publicly-traded stock         63,866  

    UNIVERSAL STAINLESS & ALLOY

       Publicly-traded stock         1,195,296  

     

    46


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    UNIVERSAL TECH INST INC

       Publicly-traded stock         263,060  

    UNIVEST FINANCIAL CORP

       Publicly-traded stock                        348,914  

    UNREAL INDIA CAP GAIN TAX

       Publicly-traded stock         22,235  

    UNUM GROUP

       Publicly-traded stock         156,882  

    UPBOUND GROUP INC

       Publicly-traded stock         364,419  

    URBAN ONE INC CL D NON-VTG

       Publicly-traded stock         3,343,679  

    URBAN OUTFITTERS

       Publicly-traded stock         210,257  

    US FOODS HOLDING CORP

       Publicly-traded stock         6,631  

    US PHYSICAL THERAPY INC

       Publicly-traded stock         6,004  

    USANA HEALTH SCIENCES INC

       Publicly-traded stock         1,047,604  

    UTAH MEDICAL PRODUCTS INC

       Publicly-traded stock         5,293,519  

    UTZ BRANDS INC A

       Publicly-traded stock         52,694  

    V2X INC

       Publicly-traded stock         125,041  

    VAALCO ENERGY INC

       Publicly-traded stock         47,947  

    VALARIS LTD

       Publicly-traded stock         41,577  

    VALLEY NATL BANCORP

       Publicly-traded stock         263,017  

    VANDA PHARMACEUTICALS INC

       Publicly-traded stock         110,273  

    VAREX IMAGING CORP

       Publicly-traded stock         498,673  

    VEECO INSTRUMENT

       Publicly-traded stock         1,354,995  

    VELOCITY FINANCIAL INC

       Publicly-traded stock         127,907  

    VENTYX BIOSCIENCES INC

       Publicly-traded stock         238,765  

    VERA BRADLEY INC

       Publicly-traded stock         101,250  

    VERACYTE INC

       Publicly-traded stock         37,125  

    VERINT SYSTEMS INC

       Publicly-traded stock         25,932  

    VERITEX HOLDINGS INC

       Publicly-traded stock         49,691  

    VERVE THERAPEUTICS INC

       Publicly-traded stock         852,232  

    VESTIS

       Publicly-traded stock         256,959  

    VIASAT INC

       Publicly-traded stock         370,978  

    VIATRIS INC

       Publicly-traded stock         73,743  

    VIAVI SOLUTIONS INC

       Publicly-traded stock         236,982  

    VILLAGE SUPER MKT INC CL A NEW

       Publicly-traded stock         91,644  

    VIMEO INC

       Publicly-traded stock         2,869,638  

    VIR BIOTECHNOLOGY INC

       Publicly-traded stock         197,273  

    VIRCO MANUFACTURING CORP

       Publicly-traded stock         144,366  

    VIRGINIA NATIONAL BANK CORP

       Publicly-traded stock         140,051  

    VIRTRA INC

       Publicly-traded stock         159,880  

    VIRTUS INVESTMENT PARTNERS

       Publicly-traded stock         44,157  

    VISHAY INTERTECHNOLOGY INC

       Publicly-traded stock         27,237  

    VISHAY PRECISION GROUP INC

       Publicly-traded stock         25,016  

     

    47


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    VISTEON CORP

       Publicly-traded stock         304,621  

    VITAL ENERGY INC

       Publicly-traded stock                        788,354  

    VITESSE ENERGY INC

       Publicly-traded stock         132,911  

    VOXX INTERNATIONAL CORP

       Publicly-traded stock         367,212  

    VOYA FINANCIAL INC

       Publicly-traded stock         249,803  

    VOYAGER THERAPEUTICS INC

       Publicly-traded stock         199,025  

    VSE CORP

       Publicly-traded stock         67,335  

    WABASH NATIONAL CORP

       Publicly-traded stock         465,773  

    WAFD INC

       Publicly-traded stock         77,821  

    WALKER & DUNLOP INC

       Publicly-traded stock         512,304  

    WARRIOR MET COAL INC

       Publicly-traded stock         232,129  

    WASHINGTON TR BANCORP INC

       Publicly-traded stock         895,144  

    WATERSTONE FINANCIAL INC

       Publicly-traded stock         555,361  

    WEBSTER FINANCIAL

       Publicly-traded stock         862,741  

    WEIS MARKETS INC

       Publicly-traded stock         178,476  

    WEREWOLF THERAPEUTICS INC

       Publicly-traded stock         140,408  

    WERNER ENTERPRISES INC

       Publicly-traded stock         2,191,130  

    WESBANCO INC

       Publicly-traded stock         664,536  

    WESCO INTERNATIONAL INC

       Publicly-traded stock         9,163  

    WEST BANCORPORATION INC

       Publicly-traded stock         592,824  

    WESTAMERICA BANCORPORATION

       Publicly-traded stock         631,634  

    WESTERN ALLIANCE BANCORP

       Publicly-traded stock         2,351,756  

    WESTERN NEW ENGLAND BANCORP INC

       Publicly-traded stock         98,681  

    WESTWOOD HOLDINGS GROUP INC

       Publicly-traded stock         98,677  

    WEYCO GROUP INC

       Publicly-traded stock         1,213,168  

    WHIRLPOOL CORP

       Publicly-traded stock         87,970  

    WHITE MOUNTAINS INS GROUP LTD

       Publicly-traded stock         35,375  

    WIDEOPENWEST INC

       Publicly-traded stock         119,522  

    WIDEPOINT CORP

       Publicly-traded stock         468,452  

    WILEY (JOHN) & SONS INC CL A

       Publicly-traded stock         1,316,806  

    WILEY (JOHN) & SONS INC CL B

       Publicly-traded stock         38,881  

    WILLAMETTE VALLEY VINEYARD INC

       Publicly-traded stock         9,191  

    WILLDAN GROUP

       Publicly-traded stock         403,487  

    WILLIS LEASE FINANCE CORP

       Publicly-traded stock         9,461  

    WILLSCOT HOLDINGS CORP

       Publicly-traded stock         1,461  

    WINNEBAGO INDUSTRIES INC

       Publicly-traded stock         75,228  

    WINTRUST FINANCIAL CORP

       Publicly-traded stock         342,250  

    WOLFSPEED INC

       Publicly-traded stock         1,755,456  

    WORLD ACCEPTANCE CORP

       Publicly-traded stock         528,972  

     

    48


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    WORLD KINECT CORP

       Publicly-traded stock         2,045,244  

    WORTHINGTON ENTERPRISES INC

       Publicly-traded stock                 18,601  

    WORTHINGTON STEEL INC

       Publicly-traded stock         96,249  

    WSFS FINANCIAL CORP

       Publicly-traded stock                647,200  

    XENCOR INC

       Publicly-traded stock         551,272  

    XEROX HOLDINGS CORP

       Publicly-traded stock         470,491  

    XPERI INC

       Publicly-traded stock         1,047,139  

    YELP INC

       Publicly-traded stock         154,701  

    ZAGG INC CVR RT

       Publicly-traded stock         463,760  

    ZEBRA TECHNOLOGIES CORP CL A

       Publicly-traded stock         114,849  

    ZIFF DAVIS INC

       Publicly-traded stock         247,757  

    ZIONS BANCORP

       Publicly-traded stock         5,372,320  

    ZOOMINFO TECHNOLOGIES INC

       Publicly-traded stock         571,874  

    ZUMIEZ INC

       Publicly-traded stock         32,727  

    ZYMEWORKS DELAWARE INC

       Publicly-traded stock         2,184,593  

    ZOOMINFO TECHNOLOGIES INC

       Publicly-traded stock         148,475  

    ZUMIEZ INC

       Publicly-traded stock         174,735  

    ZYMEWORKS DELAWARE INC

       Publicly-traded stock         170,907  

    Common Collective Trusts

            

    SPARTAN SMALL - MID CAP V

       Common collective trust         268,561,573  

    FID BANK TRST ST INV FUND

       Common collective trust         4,758,655  
         

     

     

     

    SMID Cap Value Account Total

               1,075,020,553  

    PIMCO Total Return Account

            

    Mutual Funds

            

    HIGH YIELD PORTFOLIO INSTL CL

       Mutual fund         17,640,216  

    PIMCO ASSET BACK SECS PORT-UNL

       Mutual fund         377,815,699  

    PIMCO EMMERG MKTS FD INST CL

       Mutual fund         70,322,989  

    PIMCO INTL PORT FUND(UNLISTED)

       Mutual fund         98,740,072  

    PIMCO INV GRD CORP PORT(UNLST)

       Mutual fund         399,422,397  

    PIMCO MTG PORT INSTL CL(UNLST)

       Mutual fund         194,941,090  

    PIMCO MUNI SECTR PORT INSTL CL

       Mutual fund         18,416,709  

    PIMCO REAL RETRN BD FD INST CL

       Mutual fund         80,193,585  

    PIMCO SHORT TM FLT NAV PORT II

       Mutual fund         59,791,311  

    PIMCO US GOVT SECTOR PORT INST

       Mutual fund         200,849,973  

    Common Collective Trusts

            

    SSBK GOVT STIF FUND

       Common collective trust         601,217  
         

     

     

     

    PIMCO Total Return Account Total

               1,518,735,258  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    International Growth Account

            

    Currency

            

    AUSTRALIAN DOLLAR CURRENCY

       Currency                 70  

    BRAZILIAN REAL

       Currency         (6,794 ) 

    BRITISH POUND STERLING CURRENCY

       Currency         1,169,546  

    CANADIAN DOLLAR

       Currency         74,828  

    DANISH KRONE

       Currency         1,477  

    EURO MONETARY UNIT.

       Currency                174,746  

    HONG KONG DOLLAR

       Currency         609  

    INDIAN RUPEE

       Currency         105,464  

    JAPANESE YEN

       Currency         98  

    SWEDISH KRONA CURRENCY

       Currency         28,473  

    SWISS FRANC

       Currency         6,955  

    TAIWAN DOLLAR

       Currency         62  

    Publicly-traded Common Stock

            

    ACCENTURE PLC CL A

       Publicly-traded stock         7,813,608  

    ACCOR SA

       Publicly-traded stock         6,690,522  

    ACCTON TECHNOLOGY CORP

       Publicly-traded stock         7,612,861  

    ADIDAS AG

       Publicly-traded stock         5,109,621  

    ADVANCED INFO SERVICE NVDR

       Publicly-traded stock         2,008,624  

    ADVANTEST CORP

       Publicly-traded stock         5,161,800  

    AIA GROUP LTD

       Publicly-traded stock         14,103,543  

    AIR LIQUIDE SA

       Publicly-traded stock         7,199,306  

    AIR LIQUIDE SA (INTERIM)

       Publicly-traded stock         6,937,445  

    AIR LIQUIDE SA(PRIME FIDE)(UNL)

       Publicly-traded stock         6,549,449  

    AIRBUS SE

       Publicly-traded stock         4,737,077  

    AL RAJHI BANK (HSBC) (ELN) 9/30/26

       Publicly-traded stock         3,517,551  

    ALCON INC

       Publicly-traded stock         16,812,422  

    ALLEGION PLC

       Publicly-traded stock         13,346,610  

    AMADEUS IT GROUP SA

       Publicly-traded stock         11,553,985  

    AMDOCS LTD

       Publicly-traded stock         6,655,820  

    AON PLC

       Publicly-traded stock         17,156,714  

    ARGENX SE

       Publicly-traded stock         3,915,513  

    ASHTEAD GROUP PLC

       Publicly-traded stock         9,329,741  

    ASML HOLDING NV

       Publicly-traded stock         28,838,348  

    ASSA ABLOY AB SER B

       Publicly-traded stock         3,458,326  

    ASTRAZENECA PLC

       Publicly-traded stock         7,476,994  

    AXIS BANK LTD SPON GDR REGS

       Publicly-traded stock         3,607,227  

    BANK CENTRAL ASIA

       Publicly-traded stock         1,950,569  

     

    50


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    BANK MANDIRI (PERSERO) PT

       Publicly-traded stock         1,858,388  

    BBB FOODS INC

       Publicly-traded stock         1,287,306  

    BHARAT ELECTRONICS LTD (DEMAT)

       Publicly-traded stock                 5,767,719  

    BHARTI AIRTEL LIMITED

       Publicly-traded stock         3,043,870  

    BUNZL PLC

       Publicly-traded stock         9,629,459  

    BUREAU VERITAS SA

       Publicly-traded stock         4,202,644  

    CANADIAN NATL RAILWAY CO

       Publicly-traded stock         12,897,455  

    CAPGEMINI SA (FF40)

       Publicly-traded stock              3,803,893  

    CAPITEC BANK HOLDINGS LIMITED

       Publicly-traded stock         2,086,764  

    CELLNEX TELECOM SAU

       Publicly-traded stock         1,630,186  

    CENTRAL DEPOSITORY SERVICES INDIA LTD

       Publicly-traded stock         2,288,527  

    CHINA CONSTRUCTION BANK CORP H

       Publicly-traded stock         5,606,742  

    CIE FINANCIERE RICHEMONT SA A

       Publicly-traded stock         17,755,071  

    COMMONWEALTH BK OF AUSTRALIA

       Publicly-traded stock         7,996,484  

    COMPASS GROUP PLC

       Publicly-traded stock         8,748,931  

    CP ALL PCL NVDR

       Publicly-traded stock         1,937,733  

    CREDICORP LTD

       Publicly-traded stock         2,131,462  

    CTS EVENTIM AG & CO KGAA

       Publicly-traded stock         7,918,874  

    CUMMINS INDIA LTD

       Publicly-traded stock         1,551,622  

    DAIICHI SANKYO CO LTD

       Publicly-traded stock         4,660,729  

    DASSAULT AVIATION SA

       Publicly-traded stock         3,701,978  

    DAVIDE CAMPARI MILANO NV

       Publicly-traded stock         7,223,957  

    DELTA ELECTRONICS IND CO LTD

       Publicly-traded stock         3,294,033  

    DEUTSCHE BOERSE AG

       Publicly-traded stock         13,141,169  

    DIAGEO PLC

       Publicly-traded stock         13,233,862  

    DIPLOMA PLC

       Publicly-traded stock         5,893,548  

    DIVIS LABORATORIES LTD

       Publicly-traded stock         1,408,800  

    DIXON TECHNOLOGIES INDIA LTD

       Publicly-traded stock         3,982,677  

    DLF LIMITED

       Publicly-traded stock         1,631,159  

    DOLLARAMA INC

       Publicly-traded stock         3,986,433  

    DR SULAIMAN AL HABIB MEDICAL (HSBC) (ELN) 05/29/25

       Publicly-traded stock         1,727,594  

    DSV A/S

       Publicly-traded stock         4,951,537  

    E INK HOLDINGS INC

       Publicly-traded stock         5,604,578  

    EASTROC BEVERAGE GROUP CO LTD A (HSBC) (CWT) 04/21

       Publicly-traded stock         3,276,330  

    ECLAT TEXTILE CO LTD

       Publicly-traded stock         1,266,409  

    ELM CO (HSBC) (ELN) 02/10/25

       Publicly-traded stock         2,965,697  

    EMAAR PROPERTIES

       Publicly-traded stock         5,619,204  

    EMBRAER S A

       Publicly-traded stock         6,847,015  

     

    51


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    EMBRAER S A SPON ADR

       Publicly-traded stock         1,181,830  

    ERSTE GROUP BANK AG

       Publicly-traded stock                 6,803,740  

    ESSILORLUXOTTICA

       Publicly-traded stock         23,126,312  

    FERRARI NV

       Publicly-traded stock         4,035,185  

    FINECOBANK SPA

       Publicly-traded stock         10,635,699  

    FLUTTER ENTERTAINMENT PLC

       Publicly-traded stock              8,856,219  

    FUBON FINANCIAL HOLDING CO LTD

       Publicly-traded stock         3,547,077  

    FUTURE CASH COLL MORGAN STANLEY

       Publicly-traded stock         10,178,527  

    FUTURES CASH COLLATERAL

       Publicly-traded stock         1,731,170  

    FUYAO GLASS IND GRP CO LTD

       Publicly-traded stock         2,659,504  

    GALDERMA GROUP AG

       Publicly-traded stock         3,781,970  

    GAMBOL PET GROUP CO LTD WT 06/26/2026

       Publicly-traded stock         1,619,115  

    GAMUDA BHD

       Publicly-traded stock         2,219,950  

    GEBERIT AG (REG)

       Publicly-traded stock         8,960,067  

    GIANT BIOGENE HOLDING CO LTD

       Publicly-traded stock         1,592,092  

    GLENCORE PLC

       Publicly-traded stock         3,958,646  

    GLOBANT SA

       Publicly-traded stock         3,385,692  

    GRAB HOLDINGS LTD CL A

       Publicly-traded stock         9,346,903  

    GRUPO FIN GALICIA SPONS ADR

       Publicly-traded stock         2,909,160  

    HALEON PLC

       Publicly-traded stock         15,622,024  

    HANWHA AEROSPACE CO LTD

       Publicly-traded stock         1,847,351  

    HD HYUNDAI ELECTRIC CO LTD

       Publicly-traded stock         4,989,968  

    HD HYUNDAI HEAVY INDUSTRIES CO LTD

       Publicly-traded stock         1,835,177  

    HDFC BANK LTD (DEMAT)

       Publicly-traded stock         11,989,874  

    HDFC BANK LTD SPON ADR

       Publicly-traded stock         10,466,526  

    HEINEKEN NV

       Publicly-traded stock         3,495,877  

    HITACHI LTD

       Publicly-traded stock         4,864,570  

    HON HAI PRECISION IND CO LTD

       Publicly-traded stock         8,090,126  

    HOWDEN JOINERY GROUP PLC

       Publicly-traded stock         10,854,186  

    ICICI BANK LTD (DEMAT)

       Publicly-traded stock         5,024,810  

    INDIAN HOTELS LTD

       Publicly-traded stock         4,494,848  

    INDITEX SA

       Publicly-traded stock         13,707,178  

    INFINEON TECHNOLOGIES AG

       Publicly-traded stock         3,806,742  

    INTERCONTINENTAL HOTELS GP PLC

       Publicly-traded stock         24,943,386  

    INTERMEDIATE CAPITAL GROUP PLC

       Publicly-traded stock         4,219,546  

    INTERTEK GROUP PLC

       Publicly-traded stock         18,170,390  

    KB FINANCIAL GROUP INC

       Publicly-traded stock         2,522,134  

    KEYENCE CORP

       Publicly-traded stock         32,829,879  

    LARSEN & TOUBRO LTD GDR

       Publicly-traded stock         4,474,428  

     

    52


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    LENOVO GROUP LTD

       Publicly-traded stock         4,590,389  

    LINDE PLC

       Publicly-traded stock         16,436,303  

    LONDON STOCK EXCHANGE GRP PLC

       Publicly-traded stock         42,072,265  

    L’OREAL SA (TEMP)

       Publicly-traded stock                 11,368,197  

    L’OREAL SA ORD

       Publicly-traded stock         7,956,038  

    LVMH MOET HENNESSY LOUIS VUITTON SE

       Publicly-traded stock         31,811,510  

    MAHINDRA & MAHINDRA LTD(DEMAT)DEMATERIALIZED SHS

       Publicly-traded stock         3,585,899  

    MAKEMYTRIP LIMITED

       Publicly-traded stock         9,819,335  

    MAX HEALTHCARE INSTITUTE LTD

       Publicly-traded stock         2,867,781  

    MEDIA TEK INC

       Publicly-traded stock              4,866,665  

    MEITUAN CL B

       Publicly-traded stock         4,998,298  

    MERCADOLIBRE INC

       Publicly-traded stock         4,856,457  

    MIDEA GROUP CO LTD (CWT) 04/30/26

       Publicly-traded stock         3,000,825  

    MONCLER SPA

       Publicly-traded stock         2,615,192  

    NATIONAL BANK OF GREECE SA

       Publicly-traded stock         2,713,867  

    NESTLE SA (REG)

       Publicly-traded stock         29,029,645  

    NIDEC CORP

       Publicly-traded stock         7,698,856  

    NITTO DENKO CORP (NITTO ELECTRIC)

       Publicly-traded stock         8,652,579  

    NOVO-NORDISK AS CL B

       Publicly-traded stock         49,295,083  

    NU HOLDINGS LTD/CAYMAN ISLANDS

       Publicly-traded stock         1,424,500  

    OTP BANK (REG)

       Publicly-traded stock         2,278,295  

    PARTNERS GROUP HOLDING AG

       Publicly-traded stock         4,575,483  

    PB FINTECH LTD

       Publicly-traded stock         2,798,206  

    PIRAEUS FINANCIAL HOLDINGS SA

       Publicly-traded stock         1,930,119  

    POLYCAB INDIA LTD

       Publicly-traded stock         3,992,160  

    POP MART INTERNATIONAL GROUP LTD

       Publicly-traded stock         3,063,497  

    POWER FINANCE CORP LTD

       Publicly-traded stock         2,493,879  

    PRUDENTIAL PLC

       Publicly-traded stock         3,807,275  

    PUBLIC BANK BHD (LOC) (MLAY)

       Publicly-traded stock         2,342,054  

    PUBLICIS GROUPE SA

       Publicly-traded stock         3,899,079  

    RATIONAL AG

       Publicly-traded stock         7,907,198  

    RELIANCE INDS GDR

       Publicly-traded stock         3,592,714  

    RELX PLC

       Publicly-traded stock         13,990,797  

    RESONA HOLDINGS INC

       Publicly-traded stock         3,823,122  

    RHEINMETALL AG ORD

       Publicly-traded stock         6,223,092  

    RYANAIR HOLDINGS PLC SPON ADR

       Publicly-traded stock         4,747,169  

    S&P GLOBAL INC

       Publicly-traded stock         18,269,234  

    SAFRAN SA

       Publicly-traded stock         4,282,906  

    SAMSUNG BIOLOGICS CO LTD

       Publicly-traded stock         3,507,753  

     

    53


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party    Description of
    Investment
       Cost *      Current Value  

    SAMSUNG ELECTRONICS CO LTD PFD

       Publicly-traded stock         7,053,342  

    SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED

       Publicly-traded stock         1,527,457  

    SANDVIK AB

       Publicly-traded stock                 2,125,158  

    SAP SE

       Publicly-traded stock         29,854,762  

    SARTORIUS STEDIM BIOTECH

       Publicly-traded stock         10,909,873  

    SCHINDLER HOLDING AG PART CERT

       Publicly-traded stock         14,619,243  

    SCHLUMBERGER LTD

       Publicly-traded stock         9,030,680  

    SCHNEIDER ELECTRIC SE

       Publicly-traded stock         22,463,255  

    SEA LTD ADR

       Publicly-traded stock              3,372,495  

    SHENZHEN ENVICOOL TECHNOLOGY CO LTD (JPM)(CWT) 04/

       Publicly-traded stock         2,647,820  

    SHIMANO INC

       Publicly-traded stock         7,803,146  

    SHIN-ETSU CHEMICAL CO LTD

       Publicly-traded stock         14,319,143  

    SHOPIFY INC CL A

       Publicly-traded stock         5,815,826  

    SIEMENS INDIA LTD (DEMAT) DEMATERIALIZED SHS

       Publicly-traded stock         2,689,830  

    SK HYNIX INC

       Publicly-traded stock         5,536,567  

    SMC CORP

       Publicly-traded stock         3,568,499  

    SONY GROUP CORP

       Publicly-traded stock         5,674,167  

    SOUTHERN COPPER CORP

       Publicly-traded stock         1,141,586  

    SPIRAX GROUP PLC

       Publicly-traded stock         7,328,320  

    SPOTIFY TECHNOLOGY SA

       Publicly-traded stock         6,060,209  

    STANTEC INC

       Publicly-traded stock         4,971,280  

    TAIWAN SEMIC MFG CO LTD SP ADR

       Publicly-traded stock         67,322,959  

    TAIWAN SEMICONDUCTOR MFG CO LTD

       Publicly-traded stock         61,282,440  

    TATA CONSULTANCY SERVICES LTD

       Publicly-traded stock         2,338,895  

    TECHTRONIC INDUSTRIES CO LTD

       Publicly-traded stock         1,360,657  

    TENCENT HOLDINGS LTD

       Publicly-traded stock         41,997,717  

    TOKYO ELECTRON LTD

       Publicly-traded stock         9,637,418  

    TRIP.COM GROUP LTD

       Publicly-traded stock         3,121,809  

    TRIP.COM GROUP LTD ADR

       Publicly-traded stock         4,246,621  

    TVS MOTOR CO LTD

       Publicly-traded stock         1,940,071  

    UBS AG WT

       Publicly-traded stock         2,730,061  

    UBS GROUP AG

       Publicly-traded stock         9,632,245  

    ULTRATECH CEMENT LTD

       Publicly-traded stock         2,286,699  

    UNICHARM CORP

       Publicly-traded stock         5,289,634  

    UNILEVER PLC ORD

       Publicly-traded stock         10,664,183  

    UNIVERSAL MUSIC GROUP NV

       Publicly-traded stock         16,973,359  

    VARUN BEVERAGES LTD

       Publicly-traded stock         3,115,822  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost*      Current Value  

    VISTA OIL &GAS SAB DE CV

       Publicly-traded stock                 3,360,772  

    WEG SA

       Publicly-traded stock         4,368,280  

    WISE PLC

       Publicly-traded stock         5,075,881  

    WIWYNN CORP

       Publicly-traded stock         2,540,354  

    XIAOMI CORP B

       Publicly-traded stock         3,453,265  

    ZHONGJI INNOLIGHT CO LTD (JPM) (CWT) 07/08/26

       Publicly-traded stock         1,008,473  

    ZOMATO LTD

       Publicly-traded stock              3,097,494  

    Common Collective Trusts

            

    SSBK GOVT STIF FUND

       Common collective trust         50,703,294  
            

     

     

     

    International Growth Account Total

               1,531,681,704  

    International Value Account

            

    Currency

            

    AUSTRALIAN DOLLAR CURRENCY

       Currency         761,712  

    BRAZILIAN REAL

       Currency         45,484  

    BRITISH POUND STERLING CURRENCY

       Currency         1,094,269  

    CANADIAN DOLLAR

       Currency         740,026  

    DANISH KRONE

       Currency         64,112  

    EURO MONETARY UNIT.

       Currency         1,763,203  

    HONG KONG DOLLAR

       Currency         290,735  

    ISRAELI SHEKEL

       Currency         130,421  

    JAPANESE YEN

       Currency         980,210  

    MALAYSIAN RINGGIT

       Currency         2,937  

    NORWEGIAN KRONA

       Currency         37,411  

    PHILIPPINE PESO

       Currency         23,761  

    SINGAPORE DOLLAR CURRENCY

       Currency         475,687  

    SOUTH KOREAN WON

       Currency         670,801  

    SWEDISH KRONA CURRENCY

       Currency         268,528  

    SWISS FRANC

       Currency         378,626  

    TAIWAN DOLLAR

       Currency         1,008,875  

    Publicly-traded Common Stock

            

    3I GROUP PLC

       Publicly-traded stock         580,476  

    ABN AMRO BANK NV-GDR

       Publicly-traded stock         3,763,887  

    ABSA GROUP LTD

       Publicly-traded stock         5,951,049  

    ACCELLERON INDUSTRIES LTD

       Publicly-traded stock         1,955,271  

    ACCOR SA

       Publicly-traded stock         4,753,697  

    ADIDAS AG

       Publicly-traded stock         3,913,836  

    AEGON LTD

       Publicly-traded stock         3,059,992  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    AENA SME SA

       Publicly-traded stock                 731,209  

    AGEAS

       Publicly-traded stock         2,397,053  

    AIA GROUP LTD

       Publicly-traded stock         2,337,059  

    AIB GROUP PLC

       Publicly-traded stock         1,593,008  

    ALFA LAVAL AB

       Publicly-traded stock         3,211,693  

    ALIBABA GROUP HOLDING LTD

       Publicly-traded stock         6,206,537  

    ALLIANZ SE (REGD)

       Publicly-traded stock             13,813,397  

    ALROSA CO LTD

       Publicly-traded stock         15  

    AMADEUS IT GROUP SA

       Publicly-traded stock         440,825  

    AMBEV SA

       Publicly-traded stock         2,924,619  

    AMOREPACIFIC NEW

       Publicly-traded stock         5,005,303  

    AMP LTD (POST RECON)

       Publicly-traded stock         1,712,987  

    AMUNDI SA

       Publicly-traded stock         5,504,202  

    ANZ GROUP HOLDINGS LTD

       Publicly-traded stock         1,479,695  

    ARCELORMITTAL SA

       Publicly-traded stock         6,955,992  

    ARKEMA

       Publicly-traded stock         3,025,300  

    ASAHI KASEI CORP

       Publicly-traded stock         2,207,288  

    ASMPT LTD

       Publicly-traded stock         5,364,845  

    ASR NEDERLAND NV

       Publicly-traded stock         260,817  

    ASSOCIATED BRITISH FOODS PLC

       Publicly-traded stock         1,541,178  

    ASTRA INTL TBK PT (DEMAT)

       Publicly-traded stock         5,847,942  

    AUTOHOME INC ADR CL A

       Publicly-traded stock         6,018,558  

    AVIVA PLC

       Publicly-traded stock         4,267,787  

    AXA SA

       Publicly-traded stock         1,230,789  

    AXIS BK LTD

       Publicly-traded stock         6,746,905  

    B3 SA BRASIL BOLSA BALCAO

       Publicly-traded stock         3,568,961  

    BAIDU INC CL A

       Publicly-traded stock         4,483,911  

    BANCA MEDIOLANUM SPA

       Publicly-traded stock         1,364,293  

    BANCO BILBAO VIZ ARGENTARIA SA

       Publicly-traded stock         1,143,023  

    BANCO BPM SPA

       Publicly-traded stock         348,218  

    BANCO DE SABADELL SA

       Publicly-traded stock         366,396  

    BANCO DO BRASIL SA

       Publicly-traded stock         2,252,348  

    BANCO SANTANDER SA

       Publicly-traded stock         16,076,193  

    BANCOLOMBIA SA SPON ADR

       Publicly-traded stock         4,736,237  

    BANK HAPOALIM LTD (REG)

       Publicly-traded stock         487,411  

    BANK LEUMI LE-ISRAEL BM

       Publicly-traded stock         1,001,659  

    BANK OF CHINA HONG KONG LTD

       Publicly-traded stock         1,413,075  

    BANK OF IRELAND GROUP PLC

       Publicly-traded stock         6,794,176  

    BANK OF MONTREAL

       Publicly-traded stock         1,268,954  

     

    56


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    BANK OF NOVA SCOTIA

       Publicly-traded stock                 1,333,353  

    BANK RAKYAT INDONESIA TBK PT

       Publicly-traded stock         2,167,635  

    BARCLAYS PLC ORD

       Publicly-traded stock         7,749,122  

    BASF SE

       Publicly-traded stock         9,014,238  

    BAWAG GROUP AG

       Publicly-traded stock         2,025,827  

    BAYER AG

       Publicly-traded stock         4,980,475  

    BDO UNIBANK INC

       Publicly-traded stock         4,538,372  

    BHP GROUP LIMITED

       Publicly-traded stock         1,642,573  

    BIPROGY INC

       Publicly-traded stock         78,738  

    BIZLINK HOLDING INC

       Publicly-traded stock         9,458,747  

    BNP PARIBAS

       Publicly-traded stock         6,857,354  

    BORALEX CL A

       Publicly-traded stock         1,122,475  

    BOUYGUES ORD

       Publicly-traded stock         8,445,869  

    BP PLC

       Publicly-traded stock         8,275,473  

    BPER BANCA

       Publicly-traded stock         563,077  

    BRADESCO SA PREF (BANCO BRAESCO)

       Publicly-traded stock         3,826,232  

    BRAMBLES LTD

       Publicly-traded stock         2,519,931  

    BRIDGESTONE CORP

       Publicly-traded stock         3,247,882  

    BRITISH AMERICAN TOBACCO PLC

       Publicly-traded stock             10,637,945  

    BRITISH LAND CO PLC

       Publicly-traded stock         956,963  

    CAIXABANK SA

       Publicly-traded stock         7,182,875  

    CALLEBAUT (BARRY) AG

       Publicly-traded stock         2,398,581  

    CANADIAN IMP BK OF COMMERCE

       Publicly-traded stock         1,221,825  

    CANADIAN TIRE LTD A PHYS DELIVERY

       Publicly-traded stock         3,305,390  

    CCL INDUSTRIES INC B NON VTG

       Publicly-traded stock         390,984  

    CENTERRA GOLD INC

       Publicly-traded stock         1,227,469  

    CENTRICA PLC

       Publicly-traded stock         2,990,193  

    CGI INC CL A SUB VTG

       Publicly-traded stock         678,379  

    CHAILEASE HOLDING CO LTD

       Publicly-traded stock         2,201,634  

    CHIBA BANK LTD

       Publicly-traded stock         269,603  

    CHINA HONGXING SPORTS LTD

       Publicly-traded stock         26  

    CHINA INTERNATIONAL CAPITAL CORP LTD H

       Publicly-traded stock         5,803,016  

    CHINA MENGNIU DAIRY CO LTD

       Publicly-traded stock         5,362,971  

    CHINA MERCHANTS BANK CO LTD H

       Publicly-traded stock         9,867,832  

    CHINA OILFIELD SERVICES LTD H

       Publicly-traded stock         3,342,950  

    CHINA OVERSEAS LAND & INV LTD

       Publicly-traded stock         2,996,762  

    CK ASSET HOLDINGS LTD

       Publicly-traded stock         2,152,228  

    CK HUTCHISON HOLDINGS LTD

       Publicly-traded stock         7,005,144  

    COCA COLA BOTTLERS JAPAN HOLDINGS INC

       Publicly-traded stock         1,536,176  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    COMMERZBANK AG

       Publicly-traded stock         1,129,396  

    COMMONWEALTH BK OF AUSTRALIA

       Publicly-traded stock         882,238  

    CONCORDIA FINANCIAL GROUP LTD

       Publicly-traded stock         151,693  

    CONTINENTAL AG

       Publicly-traded stock         7,121,875  

    CREDIT AGRICOLE SA

       Publicly-traded stock         505,655  

    CSL LIMITED

       Publicly-traded stock         731,993  

    CYBER AGENT INC

       Publicly-traded stock         144,884  

    DAICEL CORP

       Publicly-traded stock         1,472,246  

    DAI-ICHI LIFE HOLDINGS INC

       Publicly-traded stock         1,052,391  

    DAIICHI SANKYO CO LTD

       Publicly-traded stock         298,717  

    DAIKIN INDUSTRIES LTD

       Publicly-traded stock                 616,683  

    DAIMLER TRUCK HOLDING AG

       Publicly-traded stock         12,852,391  

    DAIWA SECURITIES GROUP INC

       Publicly-traded stock         1,334,103  

    DANSKE BK AS

       Publicly-traded stock         8,861,142  

    DBS GROUP HOLDINGS LTD

       Publicly-traded stock         1,471,462  

    DEUTSCHE BANK AG

       Publicly-traded stock         4,478,761  

    DEUTSCHE TELEKOM AG (REGD)

       Publicly-traded stock         3,239,907  

    DEXCO SA

       Publicly-traded stock         3,881,503  

    DHL GROUP

       Publicly-traded stock             10,602,643  

    D’IETEREN SA

       Publicly-traded stock         1,646,800  

    DNB BANK ASA

       Publicly-traded stock         4,425,481  

    DORMAKABA HOLDING AG NAMEN-AKT

       Publicly-traded stock         992,734  

    DOWNER EDI LTD

       Publicly-traded stock         231,467  

    DRAX GROUP PLC

       Publicly-traded stock         791,567  

    DSM FIRMENICH AG

       Publicly-traded stock         4,142,562  

    DUNDEE PRECIOUS METALS INC

       Publicly-traded stock         822,796  

    DUNI AB

       Publicly-traded stock         564,239  

    EASYJET PLC

       Publicly-traded stock         323,191  

    ELECTRIC POWER DEVELOP CO LTD

       Publicly-traded stock         1,342,027  

    ENDESA SA

       Publicly-traded stock         2,274,309  

    ENEL (ENTE NAZ ENERG ELET) SPA

       Publicly-traded stock         18,093,299  

    ENI SPA

       Publicly-traded stock         2,871,855  

    ENN ENERGY HOLDINGS LTD

       Publicly-traded stock         4,878,376  

    EQUINOR ASA

       Publicly-traded stock         10,200,463  

    ERG SPA

       Publicly-traded stock         351,928  

    ERSTE GROUP BANK AG

       Publicly-traded stock         683,866  

    EURONEXT NV

       Publicly-traded stock         2,396,556  

    EVONIK INDUSTRIES AG

       Publicly-traded stock         13,284,448  

    EXOR NV

       Publicly-traded stock         296,270  

     

    58


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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    F&F CO LTD / NEW

       Publicly-traded stock         532,623  

    FAIRFAX FINL HLDGS LTD SUB VTG

       Publicly-traded stock         823,681  

    FINANCIAL PARTNERS GROUP CO LTD

       Publicly-traded stock         132,473  

    FIRST ABU DHABI BANK PJSC

       Publicly-traded stock         5,500,986  

    FLATEX AG

       Publicly-traded stock         964,195  

    FORTUNA MINING CORP

       Publicly-traded stock         870,450  

    FORVIA

       Publicly-traded stock         1,097,823  

    FRESENIUS MEDICAL CARE AG

       Publicly-traded stock         7,163,833  

    FRESNILLO PLC

       Publicly-traded stock         3,224,855  

    FUJIFILM HOLDINGS CORP

       Publicly-traded stock                     10,374,208  

    FUJITSU LTD

       Publicly-traded stock         10,844,293  

    FUKUOKA FINANCIAL GROUP INC

       Publicly-traded stock         2,735,387  

    FUTU HOLDINGS LTD ADR

       Publicly-traded stock         88,869  

    FUTURES CASH COLLATERAL

       Publicly-traded stock         2,979,219  

    GALAXY ENT GROUP LTD

       Publicly-traded stock         4,979,753  

    GAZTRANSPORT ET TECHNIGA

       Publicly-traded stock         2,516,210  

    GEA GROUP AG

       Publicly-traded stock         786,209  

    GEBERIT AG (REG)

       Publicly-traded stock         1,587,659  

    GENERALI

       Publicly-traded stock         751,726  

    GENMAB AS

       Publicly-traded stock         2,367,119  

    GIBSON ENRG INC

       Publicly-traded stock         1,369,225  

    GLENCORE PLC

       Publicly-traded stock         789,280  

    GOLD FIELDS LTD

       Publicly-traded stock         3,174,311  

    GOLD ROAD RESOURCES LTD

       Publicly-traded stock         723,624  

    GREAT WALL MOTOR CO LTD H

       Publicly-traded stock         7,174,154  

    GREAT WEST LIFECO INC

       Publicly-traded stock         337,532  

    GREENCORE GROUP PLC

       Publicly-traded stock         1,819,394  

    GRUPO FINANCIERO BANORTE SAB

       Publicly-traded stock         4,868,950  

    GSK PLC

       Publicly-traded stock         11,105,889  

    HAIER SMART HOME CO LTD

       Publicly-traded stock         3,154,127  

    HANG LUNG PROPERTIES LTD

       Publicly-traded stock         3,387,470  

    HANG SENG BANK LTD

       Publicly-traded stock         446,265  

    HANNOVER RUECKVERSICHERUNGS SE(REGD)

       Publicly-traded stock         3,415,240  

    HEADHUNTER GROUP INC ADR

       Publicly-traded stock         1  

    HITACHI LTD

       Publicly-traded stock         7,614,027  

    HIWIN TECHNOLOGIES CORP

       Publicly-traded stock         10,962,962  

    HL MANDO CO LTD

       Publicly-traded stock         5,990,681  

    HONDA MOTOR CO LTD

       Publicly-traded stock         10,541,937  

    HONG KONG EXCHS & CLEARING LTD

       Publicly-traded stock         1,081,779  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    HSBC HOLDINGS PLC

       Publicly-traded stock             14,794,860  

    IA FINANCIAL CORP INC

       Publicly-traded stock         330,552  

    IBERDROLA SA

       Publicly-traded stock                 1,709,977  

    IDEMITSU KOSAN CO LTD

       Publicly-traded stock         140,177  

    IGM FINANCIAL INC

       Publicly-traded stock         97,764  

    IGO LTD

       Publicly-traded stock         312,658  

    IIDA GROUP HOLDINGS CO LTD

       Publicly-traded stock         1,818,527  

    IMPERIAL BRANDS PLC

       Publicly-traded stock         8,806,792  

    INCHCAPE PLC

       Publicly-traded stock         1,806,382  

    INDUSIND BANK LTD (DEMAT)

       Publicly-traded stock         4,725,217  

    INDUSTRIVARDEN AB SER C

       Publicly-traded stock         274,576  

    ING GROEP NV

       Publicly-traded stock         7,561,249  

    INTESA SANPAOLO SPA

       Publicly-traded stock         1,211,331  

    INVESTEC PLC

       Publicly-traded stock         126,672  

    INVESTOR AB SER B

       Publicly-traded stock         260,058  

    IPSEN PROMESSES

       Publicly-traded stock         102,514  

    IPSOS SA

       Publicly-traded stock         1,284,288  

    ISRAEL DISCOUNT BANK LTD CL A

       Publicly-traded stock         289,375  

    ITOCHU CORP

       Publicly-traded stock         3,150,819  

    J FRONT RETAILING CO LTD

       Publicly-traded stock         486,765  

    JAPAN POST HOLDINGS CO LTD

       Publicly-traded stock         2,155,065  

    JAPAN POST INSURANCE CO LTD

       Publicly-traded stock         1,574,098  

    JAZZ PHARMA PLC

       Publicly-traded stock         3,534,405  

    JD.COM INC CL A

       Publicly-traded stock         8,027,811  

    JET2 PLC

       Publicly-traded stock         1,075,876  

    JULIUS BAER GRUPPE AG

       Publicly-traded stock         7,578,842  

    KANEMATSU CORP

       Publicly-traded stock         880,205  

    KAO CORP

       Publicly-traded stock         4,003,030  

    KASIKORNBANK PCL (FOR)

       Publicly-traded stock         5,976,345  

    KBC GROUPE SA

       Publicly-traded stock         587,354  

    KDDI CORP

       Publicly-traded stock         18,345,324  

    KERING

       Publicly-traded stock         6,572,792  

    KESKO OYJ SER B

       Publicly-traded stock         428,987  

    KEYERA CORP

       Publicly-traded stock         1,987,826  

    KIA CORP

       Publicly-traded stock         2,527,292  

    KIMBERLY-CLARK DE MEXICO CL A

       Publicly-traded stock         1,924,523  

    KINROSS GOLD CORP

       Publicly-traded stock         2,294,325  

    KOMATSU LTD

       Publicly-traded stock         7,276,494  

    KONGSBERG GRUPPEN ASA

       Publicly-traded stock         2,978,428  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    KONINKLIJKE AHOLD DELHAIZE NV

       Publicly-traded stock             10,256,953  

    KONINKLIJKE PHILIPS NV

       Publicly-traded stock         13,348,778  

    KOREA ELECTRIC POWER CORP

       Publicly-traded stock         3,604,212  

    KOREA INVESTMENT HLDGS CO LTD

       Publicly-traded stock                 6,803,368  

    KPN (KON) NV

       Publicly-traded stock         1,245,962  

    KS HOLDINGS CORP

       Publicly-traded stock         1,237,576  

    LARGAN PRECISION CO LTD

       Publicly-traded stock         7,911,547  

    LATAM AIRLINES GROUP SA

       Publicly-traded stock         926,652  

    LG ELECTRONICS INC

       Publicly-traded stock         2,428,886  

    LI NING CO LTD

       Publicly-traded stock         3,195,931  

    LINDE PLC

       Publicly-traded stock         3,032,845  

    LLOYDS BANKING GROUP PLC

       Publicly-traded stock         12,619,078  

    LOBLAW COS LTD DTC ELIGIBLE

       Publicly-traded stock         1,408,132  

    LOJAS RENNER SA

       Publicly-traded stock         3,400,741  

    LOOMIS AB

       Publicly-traded stock         1,599,320  

    LUNDIN MINING CORP

       Publicly-traded stock         2,668,571  

    LY CORPORATION

       Publicly-traded stock         2,254,197  

    M&G PLC

       Publicly-traded stock         465,377  

    MACNICA HOLDINGS INC

       Publicly-traded stock         425,763  

    MAGNA INTL INC

       Publicly-traded stock         8,802,171  

    MANULIFE FINANCIAL CORP

       Publicly-traded stock         2,145,990  

    MARKS & SPENCER GROUP PLC

       Publicly-traded stock         171,112  

    MARUBENI CORP

       Publicly-traded stock         2,916,403  

    MARUHA NICHIRO CORP

       Publicly-traded stock         196,876  

    MAZDA MOTOR CORP

       Publicly-traded stock         1,509,442  

    MDA SPACE LTD

       Publicly-traded stock         191,053  

    MEDIA TEK INC

       Publicly-traded stock         15,143,611  

    MEDIOBANCA SPA

       Publicly-traded stock         249,617  

    MEDIPAL HOLDINGS CORP

       Publicly-traded stock         99,853  

    MEDTRONIC PLC

       Publicly-traded stock         4,801,906  

    MEG ENERGY CORP

       Publicly-traded stock         2,052,639  

    MERCEDES-BENZ GROUP AG

       Publicly-traded stock         4,315,967  

    METHANEX CORP

       Publicly-traded stock         3,228,090  

    MICHELIN CL B (REG)

       Publicly-traded stock         10,821,722  

    MINEBEA MITSUMI INC

       Publicly-traded stock         4,534,940  

    MISUMI GROUP INC

       Publicly-traded stock         337,017  

    MITSUBISHI ELECTRIC CORP ORD

       Publicly-traded stock         8,765,688  

    MITSUBISHI HC CAPITAL INC

       Publicly-traded stock         314,564  

    MITSUBISHI UFJ FINL GRP INC

       Publicly-traded stock         6,169,954  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    MIZRAHI TEFAHOT BANK LTD

       Publicly-traded stock                 226,635  

    MIZUHO FINANCIAL GROUP INC

       Publicly-traded stock         834,931  

    MODEC INC

       Publicly-traded stock         374,159  

    MONDAY.COM LTD

       Publicly-traded stock         376,704  

    MONDI PLC

       Publicly-traded stock         2,413,203  

    MS&AD INSURANCE GRP HLDGS INC

       Publicly-traded stock         2,014,447  

    MUNICH REINSURANCE (REG)

       Publicly-traded stock         7,224,326  

    MURATA MFG CO LTD

       Publicly-traded stock         515,658  

    NATIONAL AUSTRALIA BANK LTD

       Publicly-traded stock         469,525  

    NATIONAL BANK OF CANADA DTC ELIGIBLE

       Publicly-traded stock         813,251  

    NATWEST GROUP PLC

       Publicly-traded stock         6,062,248  

    NESTLE SA (REG)

       Publicly-traded stock         7,704,666  

    NEXT PLC

       Publicly-traded stock         2,960,746  

    NGK INSULATORS LTD

       Publicly-traded stock         1,536,505  

    NIPPON TELEGRAPH & TELEPHONE

       Publicly-traded stock         276,245  

    NKT AS

       Publicly-traded stock         390,849  

    NN GROUP NV

       Publicly-traded stock         733,857  

    NOKIA CORP SPON ADR

       Publicly-traded stock         3,652,925  

    NOKIA OYJ

       Publicly-traded stock         3,595,817  

    NOMAD FOODS LTD

       Publicly-traded stock         845,712  

    NOMURA HOLDINGS INC

       Publicly-traded stock         4,591,837  

    NORDEA BANK ABP

       Publicly-traded stock         2,078,348  

    NORTHERN STAR RESOURCES LTD

       Publicly-traded stock         640,291  

    NOVARTIS AG (REG)

       Publicly-traded stock             10,204,580  

    OLYMPUS CORP

       Publicly-traded stock         3,416,883  

    ONEX CORP SUB-VTG

       Publicly-traded stock         312,130  

    OPEN TEXT CORPORATION

       Publicly-traded stock         2,671,531  

    ORIX CORP

       Publicly-traded stock         3,762,240  

    ORIX JREIT INC REIT

       Publicly-traded stock         761,340  

    ORKLA ASA

       Publicly-traded stock         521,652  

    OTP BANK (REG)

       Publicly-traded stock         1,898,051  

    OVERSEA-CHINESE BKG CORP LTD

       Publicly-traded stock         1,514,205  

    PARKLAND CORP

       Publicly-traded stock         712,418  

    PERNOD-RICARD

       Publicly-traded stock         3,076,395  

    PETRONAS CHEMICALS GROUP BHD

       Publicly-traded stock         3,336,248  

    PING AN INSURANCE CO LTD H

       Publicly-traded stock         8,395,743  

    POPULAR INC

       Publicly-traded stock         3,085,168  

    POSTE ITALIANE SPA

       Publicly-traded stock         241,435  

    POWER CORP OF CANADA SUB VTG

       Publicly-traded stock         609,065  

     

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    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    PRUDENTIAL PLC

       Publicly-traded stock                 604,020  

    PTT EXPLORATION & PROD (FOR)

       Publicly-traded stock         7,510,499  

    PUBLIC BANK BHD (LOC) (MLAY)

       Publicly-traded stock         4,716,844  

    PUBLICIS GROUPE SA

       Publicly-traded stock         3,463,454  

    QBE INSURANCE GROUP LTD

       Publicly-traded stock         638,816  

    RANDSTAD NV

       Publicly-traded stock         6,275,532  

    RECKITT BENCKISER GROUP PLC

       Publicly-traded stock         8,864,973  

    REGIS RESOURCES LTD

       Publicly-traded stock         1,484,782  

    RESONA HOLDINGS INC

       Publicly-traded stock         5,607,392  

    REXEL SA

       Publicly-traded stock         6,345,480  

    ROCHE HOLDINGS AG (GENUSSCHEINE)

       Publicly-traded stock             17,785,199  

    ROYAL BANK OF CANADA

       Publicly-traded stock         4,698,190  

    SAINSBURY (J) PLC

       Publicly-traded stock         7,223,384  

    SAMSUNG ELECTRO-MECHANICS CO

       Publicly-traded stock         9,413,574  

    SAMSUNG ELECTRONICS CO LTD

       Publicly-traded stock         6,006,517  

    SANDOZ GROUP AG

       Publicly-traded stock         226,079  

    SANDS CHINA LTD

       Publicly-traded stock         5,328,166  

    SANKYO CO LTD GUNMA (6417)

       Publicly-traded stock         1,912,353  

    SANOFI

       Publicly-traded stock         21,675,665  

    SANTEN PHARMACEUTICAL CO LTD

       Publicly-traded stock         2,019,203  

    SATS LTD

       Publicly-traded stock         414,736  

    SBI HOLDINGS INC

       Publicly-traded stock         399,858  

    SCHNEIDER ELECTRIC SE

       Publicly-traded stock         3,864,818  

    SCHRODERS PLC (NEW) ORD

       Publicly-traded stock         143,261  

    SECOM CO LTD

       Publicly-traded stock         6,995,106  

    SECURE WASTE INFRASTRUCTURE CO

       Publicly-traded stock         1,712,591  

    SHELL PLC

       Publicly-traded stock         17,379,585  

    SHINHAN FINANCIAL GROUP CO LTD

       Publicly-traded stock         7,969,839  

    SHIONOGI & CO LTD

       Publicly-traded stock         706,549  

    SHIZUOKA FINANCIAL GROUP

       Publicly-traded stock         233,479  

    SIAM CEMENT CO LTD (FOR)

       Publicly-traded stock         2,310,948  

    SIBANYE STILLWATER LTD

       Publicly-traded stock         2,477,764  

    SIEGFRIED AG

       Publicly-traded stock         878,931  

    SIGNIFY NV

       Publicly-traded stock         563,625  

    SINGAPORE TELECOM LTD (SING)

       Publicly-traded stock         7,512,300  

    SINO BIOPHARMACEUTICAL LTD

       Publicly-traded stock         5,764,957  

    SK HYNIX INC

       Publicly-traded stock         14,943,577  

    SK TELECOM LTD

       Publicly-traded stock         5,398,043  

    SKANDINAVISKA ENSKI BK SER A

       Publicly-traded stock         591,750  

     

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    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    SKF AB SER B

       Publicly-traded stock                 2,977,817  

    SMURFIT WESTROCK PLC

       Publicly-traded stock         3,940,721  

    SNAM SPA

       Publicly-traded stock         11,379,127  

    SOCIETE GENERALE SA CL A

       Publicly-traded stock         4,749,107  

    SOFINA SA

       Publicly-traded stock         69,905  

    SOFTBANK CORP

       Publicly-traded stock         1,811,204  

    S-OIL CORPORATION

       Publicly-traded stock         3,690,219  

    SOMPO HOLDINGS INC

       Publicly-traded stock         513,092  

    SONY GROUP CORP

       Publicly-traded stock         17,542,481  

    SPAREBANK 1 SOR-NORGE ASA

       Publicly-traded stock         2,200,764  

    SPAREBANKEN VEST AS

       Publicly-traded stock         988,181  

    SSE PLC

       Publicly-traded stock             10,816,991  

    STANDARD CHARTERED PLC

       Publicly-traded stock         7,176,091  

    STOREBRAND ASA CL A

       Publicly-traded stock         1,982,103  

    SUMITOMO MITSUI FINL GROUP INC

       Publicly-traded stock         8,654,963  

    SUMITOMO MITSUI TRUST GROUP INC

       Publicly-traded stock         222,911  

    SUN LIFE FINANCIAL INC

       Publicly-traded stock         876,686  

    SUNCORP GROUP LTD

       Publicly-traded stock         371,095  

    SUNNY OPTICAL TEC(GROUP)CO LTD

       Publicly-traded stock         3,961,691  

    SUNTORY BEVERAGE & FOOD LTD

       Publicly-traded stock         6,394,287  

    SUSS MICROTEC SE

       Publicly-traded stock         679,564  

    SUZUKEN CO LTD

       Publicly-traded stock         1,216,275  

    SVENSKA HANDELSBANKEN SER A

       Publicly-traded stock         342,863  

    SWEDBANK AB A

       Publicly-traded stock         467,623  

    SWISS RE LTD

       Publicly-traded stock         688,563  

    SYDBANK AS

       Publicly-traded stock         1,369,736  

    T&D HOLDINGS INC

       Publicly-traded stock         4,405,938  

    TAKEDA PHARMACEUTICAL CO LTD

       Publicly-traded stock         9,550,042  

    TALANX AKTIENGESELLSCHAFT

       Publicly-traded stock         519,250  

    TDK CORP

       Publicly-traded stock         7,492,059  

    TECHNOLOGY ONE LIMITED

       Publicly-traded stock         2,160,000  

    TECHTRONIC INDUSTRIES CO LTD

       Publicly-traded stock         1,359,338  

    TECNOGLASS INC

       Publicly-traded stock         824,928  

    TEEKAY CORP LTD

       Publicly-traded stock         580,041  

    TELENOR AS

       Publicly-traded stock         981,955  

    TELEPERFORMANCE

       Publicly-traded stock         10,961,114  

    TELIA CO AB

       Publicly-traded stock         302,990  

    TELKOM INDONESIA PERSERO TBK PT (DEMAT) DEMATERIAL

       Publicly-traded stock         6,750,249  

    TELSTRA GROUP LTD

       Publicly-traded stock                1,996,264  

     

    64


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    TESCO PLC

       Publicly-traded stock         5,878,523  

    THAI BEVERAGE PUBLIC CO LTD

       Publicly-traded stock                 6,684,905  

    THAI UNION GROUP PCL (FOR)

       Publicly-traded stock              4,086,926  

    THULE GROUP AB/THE

       Publicly-traded stock         731,838  

    TIM SA

       Publicly-traded stock         2,957,714  

    TISCO FINANCIAL GROUP PCL(FOR)

       Publicly-traded stock         768,550  

    TOKIO MARINE HOLDINGS INC

       Publicly-traded stock         1,157,650  

    TOKYU FUDOSAN HOLDINGS CORP

       Publicly-traded stock         300,713  

    TOPAZ ENERGY CORP

       Publicly-traded stock         740,109  

    TOPPAN HOLDINGS INC

       Publicly-traded stock         465,452  

    TORAY INDUSTRIES INC

       Publicly-traded stock         4,383,571  

    TORONTO-DOMINION BANK

       Publicly-traded stock         1,634,791  

    TOTALENERGIES SE

       Publicly-traded stock         4,973,840  

    TOYOTA INDUSTRIES CORP

       Publicly-traded stock         9,484,509  

    TRAINLINE PLC

       Publicly-traded stock         311,513  

    TRAVIS PERKINS PLC

       Publicly-traded stock         3,350,147  

    TREVI FINANZIARIA IND SPA

       Publicly-traded stock         39,355  

    TUI AG (GB)

       Publicly-traded stock         1,578,128  

    UBS GROUP AG

       Publicly-traded stock         9,644,589  

    UNICAJA BANCO SA

       Publicly-traded stock         887,414  

    UNICREDIT SPA

       Publicly-traded stock         2,537,471  

    UNIPOL ASSICURAZIONI S.P.A

       Publicly-traded stock         168,788  

    UNITED OVERSEAS BANK (LOC)

       Publicly-traded stock         17,019,194  

    UPL LTD

       Publicly-traded stock         6,894,571  

    USS CO LTD

       Publicly-traded stock         1,944,577  

    VALEO SA

       Publicly-traded stock         1,502,918  

    VICINITY CENTERS

       Publicly-traded stock         565,931  

    VINCI SA

       Publicly-traded stock         9,362,054  

    VIPSHOP HLDGS LTD ADR

       Publicly-traded stock         1,384,716  

    VODAFONE GROUP PLC

       Publicly-traded stock         3,333,338  

    WEICHAI POWER CO LTD H

       Publicly-traded stock         2,664,861  

    WESDOME GOLD MINES LTD

       Publicly-traded stock         851,416  

    WESTON GEORGE LTD

       Publicly-traded stock         1,275,194  

    WESTPAC BANKING CORP

       Publicly-traded stock         492,230  

    WH GROUP LTD

       Publicly-traded stock         9,505,844  

    WPP PLC NEW (UK)

       Publicly-traded stock         9,362,381  

    XERO LTD

       Publicly-traded stock         3,256,250  

    XINYI GLASS HOLDING CO LTD

       Publicly-traded stock         5,057,061  

    XINYI SOLAR HOLDINGS LTD

       Publicly-traded stock         2,570,493  

     

    65


    Table of Contents

    MICROSOFT CORPORATION

    SAVINGS PLUS 401(k) PLAN

    EMPLOYER ID 91-1144442, PLAN 001

    SUPPLEMENTAL SCHEDULE OF ASSETS (HELD AT END OF YEAR)

    AS OF DECEMBER 31, 2024

     

    Identity of Issue, Borrower, Lessor, or Similar Party   

    Description of

    Investment

       Cost *      Current Value  

    YAMADA HOLDINGS CO LTD

       Publicly-traded stock         168,460  

    YAMAICHI ELECTRONICS CO LTD

       Publicly-traded stock         247,604  

    YARA INTERNATIONAL ASA

       Publicly-traded stock         2,671,511  

    YUE YUEN INDUSTRIAL HLDGS LTD

       Publicly-traded stock         1,971,506  

    ZURICH INSURANCE GROUP AG

       Publicly-traded stock                 1,098,320  

    Common Collective Trusts

            

    FID BANK TRST ST INV FUND

       Common collective trust         4,041,360  

    SSBK GOVT STIF FUND

       Common collective trust         59,083,095  
            

     

     

     

    International Value Account Total

               1,521,539,015  

    Total Investments

               65,357,821,177  
            

     

     

     

    Participant Loans** Interest 3.25%-10.00%, maturing through October 2046

               255,780,390  
            

     

     

     

    Total

             $  65,613,601,567  
            

     

     

     

     

    *

    Information not presented because investments are participant directed

     

    **

    Party-in-interest

     

    66

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