<SEC-DOCUMENT>0000897069-17-000063.txt : 20170203
<SEC-HEADER>0000897069-17-000063.hdr.sgml : 20170203
<ACCEPTANCE-DATETIME>20170203111606
ACCESSION NUMBER:		0000897069-17-000063
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170203
DATE AS OF CHANGE:		20170203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quad/Graphics, Inc.
		CENTRAL INDEX KEY:			0001481792
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				391152983
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85563
		FILM NUMBER:		17570693

	BUSINESS ADDRESS:	
		STREET 1:		N61 W23044 HARRY'S WAY
		CITY:			SUSSEX
		STATE:			WI
		ZIP:			53089-3995
		BUSINESS PHONE:		414-566-6000

	MAIL ADDRESS:	
		STREET 1:		N61 W23044 HARRY'S WAY
		CITY:			SUSSEX
		STATE:			WI
		ZIP:			53089-3995

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quad/Graphics ESOP Trust
		CENTRAL INDEX KEY:			0001496540
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O BMO HARRIS BANK N.A.
		STREET 2:		111 E. KILBOURN AVE., SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-287-8700

	MAIL ADDRESS:	
		STREET 1:		C/O BMO HARRIS BANK N.A.
		STREET 2:		111 E. KILBOURN AVE., SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quad/Graphics ESOP
		DATE OF NAME CHANGE:	20100713
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>cg846.htm
<TEXT>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">UNITED STATES</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Washington, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 14.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 16.55pt">SCHEDULE 13G</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Under the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Amendment No. 6)*</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u>Quad/Graphics, Inc.</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Name of Issuer)</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u>Class A Common Stock</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Title of Class of Securities)</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u>747301109</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(CUSIP Number)</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u>December 31, 2016</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Date of Event Which Requires Filing of this Statement)</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Wingdings 2', serif">T</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Rule 13d-1(b)</font></div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Rule 13d-1(c)</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Rule 13d-1(d)</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</font></div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">1</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">CUSIP NO. 747301109</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>
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<table id="z4edbaaadbc204d9c9e1e9dfe8cfcdf7b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt; TEXT-INDENT: 7.5pt">1</div>
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<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 92.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.7pt"><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif">NAME OF REPORTING PERSONS<font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font></font><font style="LINE-HEIGHT: 9.7pt">&#160;</font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Quad/Graphics ESOP Trust</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt; TEXT-INDENT: 7.5pt">2</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 78.64%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Not Applicable</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.7pt"><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif">(a)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.7pt"><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif">(b)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt; TEXT-INDENT: 7.5pt">3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 92.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="5">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">SEC USE ONLY</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt; TEXT-INDENT: 7.5pt">4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 92.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="5">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">CITIZENSHIP OR PLACE OF ORGANIZATION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">United States of America</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 19.88%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" rowspan="4" colspan="2">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 19pt">NUMBER OF<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>SHARES<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>BENEFICIALLY<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>OWNED BY<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>EACH<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>REPORTING<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>PERSON<font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font> WITH</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 6.99%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 73.13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">SOLE VOTING POWER</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">4,218,333</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 69.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">SHARED VOTING POWER</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">7</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 69.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">SOLE DISPOSITIVE POWER</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">4,218,333</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">8</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 69.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">SHARED DISPOSITIVE POWER</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt; TEXT-INDENT: 7.5pt">9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 92.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="5">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">4,218,333</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt">10</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 81.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="4">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt"><font style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS</font>)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Not Applicable</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 11.07%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Wingdings 2', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 8.3pt; LINE-HEIGHT: 11.95pt">&#163;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt">11</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 92.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid" colspan="5">
<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">11.4% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<div style="FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 18.25pt">12</div>
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<div style="FONT-SIZE: 8.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">EP</div>
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</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">The percent ownership calculated is based upon an aggregate of 36,851,752 shares outstanding as of October 28, 2016.</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">CUSIP NO. 747301109</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>
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<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
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<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 1(a).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Name of Issuer</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">Quad/Graphics, Inc.</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 1(b).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Address of Issuer&#8217;s Principal Executive Offices</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">N61 W23044 Harry&#8217;s Way, Sussex, Wisconsin&#160; 53089-3995.</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 2(a).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Name of Person Filing</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">Quad/Graphics ESOP Trust (the &#8220;ESOP&#8221;)</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 2(b).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Address of Principal Business Office or, if none, Residence</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">c/o BMO Harris Bank N.A., 111 E. Kilbourn Ave. Suite&#160;200, Milwaukee, WI 53202.</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 2(c).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Citizenship</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">The ESOP is governed by the laws of the United States of America.</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 2(d).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Title of Class of Securities</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">Class A Common Stock</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 2(e).</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>CUSIP Number</u></font>:</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">747301109</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 3.</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>If this statement is filed pursuant to sections 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a</u></font>:</td>
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<td style="WIDTH: 27pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">(f)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Wingdings 2', serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">T</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).</td>
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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">3</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">CUSIP NO. 747301109</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">Item 4.</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Ownership</u></font>:</td>
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Amount Beneficially Owned:&#160; 4,218,333</td>
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Percent of Class:&#160;&#160;11.4%</td>
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Number of shares as to which such person has:</td>
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">sole power to vote or to direct the vote:&#160;&#160;4,218,333</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">shared power to vote or to direct the vote:&#160;&#160;0</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">sole power to dispose or to direct the disposition of:&#160;&#160;4,218,333</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">
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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">shared power to dispose or to direct the disposition of:&#160;&#160;0</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Item 5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Ownership of Five Percent or Less of a Class</u></font>:</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">N/A</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Item 6.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Ownership of More than Five Percent on Behalf of Another Person</u></font>:</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">N/A</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">CUSIP NO. 747301109</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Item 10.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Certification</u></font>:</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SIGNATURE</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Date: February 2, 2017</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 211.5pt; LINE-HEIGHT: 13.7pt">QUAD/GRAPHICS ESOP</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 211.5pt; LINE-HEIGHT: 13.7pt">BMO Harris Bank N.A., as Directed Trustee</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 211.5pt; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">By:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>/s/ Peter Madsen</u></font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 211.5pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 40.5pt">Peter Madsen</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 211.5pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 40.5pt">Vice President</div>

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