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Published: 2023-06-27 17:13:25 ET
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11-K 1 wmtform11-kx1312023us401k.htm 11-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K


(Mark One)
☒
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2023
or
☐
Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             .
Commission File Number 001-6991


A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
WALMART 401(k) PLAN
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
wmt11kfy2017financial_imaga.jpg
WALMART INC.
702 Southwest Eighth Street
Bentonville, Arkansas 72716


Walmart 401(k) Plan
Financial Statements and
Supplemental Schedule
As of January 31, 2023 and 2022, and for the year ended January 31, 2023


Table of Contents






Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of the Walmart 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Walmart 401(k) Plan (the Plan) as of January 31, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended January 31, 2023, 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 at January 31, 2023 and 2022, and the changes in its net assets available for benefits for the year ended January 31, 2023, in conformity with U.S. generally accepted accounting principles.

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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

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.

Supplemental Schedule

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2023 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity 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, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ Ernst & Young LLP


We have served as the Plan’s auditor since 1998.

Rogers, Arkansas
June 27, 2023

1
Walmart 401(k) Plan
Statements of Net Assets Available for Benefits


January 31,
20232022
Assets
Investments, at fair value
$35,611,558,392 $37,364,460,426 
Notes receivable from participants
1,125,958,080 1,076,193,952 
Accrued investment income
10,060,562 4,167,425 
Total assets
36,747,577,034 38,444,821,803 
Liabilities
Due to broker
18,600,399 20,709,816 
Accrued expenses
5,234,743 4,156,894 
Total liabilities
23,835,142 24,866,710 
Net assets available for benefits
$36,723,741,892 $38,419,955,093 
See accompanying notes.
2
Walmart 401(k) Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended
January 31, 2023
Additions
Investment income (loss):
Net depreciation in fair value of investments$(2,176,470,778)
Interest and dividends167,602,433
Net investment loss(2,008,868,345)
Interest income on notes receivable from participants50,651,434
Contributions:
Company1,485,071,421
Participant2,095,388,349
Rollovers116,104,460
Total contributions3,696,564,230
Other, net2,431,590 
Net additions1,740,778,909 
Deductions
Benefits paid to participants3,402,387,286
Administrative expenses26,840,253
Fees on notes receivable from participants7,764,571
Total deductions3,436,992,110
Net decrease(1,696,213,201)
Net assets available for benefits:
Beginning of year38,419,955,093
End of year$36,723,741,892 

See accompanying notes.







3
Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2023
Note 1. Description of the Plan
Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.
General
The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can begin contributing to the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.
The responsibility for management of Plan assets and the investment policy is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Benefits or successor title. Responsibility for operation and administration of the Plan is vested in the Senior Vice President, Global Benefits or successor title.
The trustee function of the Plan is performed by Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
Contributions
Eligible employees may elect to contribute up to 50% of their eligible wages as either pretax or Roth deferrals, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).
Each eligible employee may begin receiving matching contributions on the first day of the month after completing at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any Plan year). The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.
Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2023. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).
Participant Accounts
Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contribution, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.
Vesting
Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions. A participant's profit sharing contribution account shall vest based on years of service at a rate of 20% per year from years two through six and may become fully vested upon participant retirement at age 65 or above, total and permanent disability, or death.
4
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.
Investment Options
A participant may direct the Trustee to invest any portion of his or her elective deferrals, rollover contributions, Company matching contributions, after-tax contributions and qualified non-elective contributions in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2023, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time at the option level.
A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for elective contributions described previously.
Participant investments not directed by the participant are invested by the Trustee as determined by the Benefits Investment Committee.
Note 2. Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates
The preparation of the financial statements in accordance with GAAP requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.
5
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Related fees are recorded as fees on notes receivable from participants and are recorded when incurred. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.
Benefit Payments
Benefit payments are recorded when paid. As of January 31, 2023 and 2022, there were benefits in the amount of $29,706,635 and $32,268,390, respectively, requested before year-end, that were paid after year-end.
Expenses
The Plan allows certain administrative expenses to be paid from Plan assets, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. The Plan does not reimburse for these expenses. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in fees on notes receivable from participants. Investment related expenses that are indirect are included in net depreciation of fair value of investments and direct expenses are included in administrative expenses.
Note 3. Fair Value Measurements
Accounting guidance provides a framework for measuring fair value and provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1
Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access.
Level 2
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3
Significant unobservable inputs.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2023 and 2022. During the year ended January 31, 2023, there were no transfers of financial instruments into or out of Level 3. Following is a description of the valuation methodologies used for assets measured at fair value:
Walmart Inc. equity securities - Valued at exchange quoted market prices on the last business day of the Plan year.
Common stocks and exchange traded funds - Valued at exchange quoted market prices on the last business day of the Plan year.
Cash equivalent - Valued at amortized cost, which approximates fair value.
Mutual funds - Valued at quoted market prices on the last business day of the Plan year.
Government securities - Valued using pricing models maximizing the use of observable inputs for similar securities.
Corporate bonds - Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
Asset-backed and mortgage-backed securities - Valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.
Collective investment trusts/collective trust funds - Stated at fair value as determined by the issuers of the funds on the fair market value of the underlying investments, which is valued at net asset value (NAV) as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent
6
with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Investments measured at fair value on a recurring basis consisted of the following types of instruments:
Fair Value Measurements as of January 31, 2023
Level 1Level 2Total
Walmart Inc. equity securities$3,297,354,804 $— $3,297,354,804 
Common stocks882,955,570 —882,955,570 
Cash equivalent20,606,546 —20,606,546 
Mutual fund801,171,589 —801,171,589 
Government securities—670,439,047 670,439,047 
Corporate bonds—308,219,608 308,219,608 
Asset-backed securities—147,761,898 147,761,898 
Mortgage-backed securities—41,999,995 41,999,995 
Total assets in the fair value hierarchy$5,002,088,509 $1,168,420,548 $6,170,509,057 
Investments measured at NAV*29,441,049,335 
Total investments at fair value$35,611,558,392 

Fair Value Measurements as of January 31, 2022
Level 1Level 2Total
Walmart Inc. equity securities$3,498,671,570 $— $3,498,671,570 
Common stocks916,317,732 —916,317,732 
Cash equivalent15,665,684 —15,665,684 
Mutual fund661,780,466 —661,780,466 
Government securities—771,950,355 771,950,355 
Corporate bonds—309,035,090 309,035,090 
Asset-backed securities—148,742,908 148,742,908 
Mortgage-backed securities—61,518,956 61,518,956 
Total assets in the fair value hierarchy$5,092,435,452 $1,291,247,309 $6,383,682,761 
Investments measured at NAV*30,980,777,665 
Total investments at fair value$37,364,460,426 
*In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented on the Statements of Net Assets Available for Benefits.
Note 4. Investments Measured Using NAV per Share as a Practical Expedient
The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2023 and 2022.
Investments
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
20232022
Collective investment trusts/collective trust funds$29,441,049,335 $30,980,777,665 
N/A
Daily
N/A

Note 5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by Bank of America, N.A., Merrill Lynch & Company and Northern Trust Company who provide investment management services to the Plan. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.
A portion of the Plan's assets are invested in common stock of the Company.  While the holding and acquisition of employer securities is generally prohibited by ERISA, the Plan meets the exception in ERISA section 407(b), which permits the acquisition and holding of employer securities by eligible individual account plans.
7
Note 6. Plan Termination
While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.
Note 7. Tax Status
The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
Note 8. Risks and Uncertainties
The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.
Note 9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
January 31,
20232022
Net assets available for benefits per the financial statements$36,723,741,892 $38,419,955,093 
Less: Benefits payable per the Form 5500(29,706,635)(32,268,390)
Net assets available for benefits per the Form 5500$36,694,035,257 $38,387,686,703 
The following is a reconciliation of the net change in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2023:
Net decrease in net assets available for benefits per the financial statements$(1,696,213,201)
Less: Benefits payable per the Form 5500 at January 31, 2023(29,706,635)
Add: Benefits payable per the Form 5500 at January 31, 202232,268,390 
Net loss per the Form 5500$(1,693,651,446)
Benefits payable are recorded in the Form 5500 for benefit payments that have been processed and approved for payment prior to January 31, but not paid as of that date.







8

Supplemental Schedule
Walmart 401(k) Plan
EIN #71-0415188, Plan #003
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
January 31, 2023
(a)(b)
Identity of issue, borrower, lessor or similar party		(c)
Description of investment including maturity date, rate of interest, collateral, par or maturity value		(d)
Cost		(e)
Current value
Investments
*Walmart Inc. Equity SecuritiesCommon Stock**$3,297,354,804 
Other Common Stocks
1 800 Flowers Inc.Common Stock**794,838 
Abcam PLCCommon Stock**4,122,358 
Acadia Healthcare Company Inc.Common Stock**2,993,128 
Acadia Pharmaceuticals Inc.Common Stock**668,029 
ADTRAN Holdings Inc.Common Stock**1,901,417 
Advanced Drainage Systems Inc.Common Stock**3,203,687 
Advanced Energy Industries, Inc.Common Stock**4,722,785 
Air Transport Services Group Inc.Common Stock**3,655,331 
Alamo Group Inc. Common Stock**5,330,933 
Alarm.com Holdings, Inc.Common Stock**3,515,838 
Albireo Pharma Inc. Common Stock**3,715,935 
Alkermes PLCCommon Stock**1,911,376 
Ameris BankcorpCommon Stock**3,569,352 
Amicus Therapeutics Inc.Common Stock**817,517 
Antero Resources Corp.Common Stock**1,659,886 
Appfolio Inc.Common Stock**3,342,267 
Apple Hospitality Reit, Inc.Common Stock**2,479,665 
Arlo Technologies Inc.Common Stock**1,946,456 
Artisan Partners Asset Management Inc.Common Stock**3,341,231 
ASGN IncorporatedCommon Stock**6,714,839 
Atrion Corp.Common Stock**5,742,392 
Avantor Inc.Common Stock**4,928,778 
Avnet Inc.Common Stock**2,779,594 
Axos Financial Inc.Common Stock**1,145,015 
Azenta Inc.Common Stock**2,783,764 
Bally's CorporationCommon Stock**3,410,387 
Banner Corp.Common Stock**4,182,248 
Beacon Roofing Supply Inc.Common Stock**4,541,868 
Bio-Techne Corp.Common Stock**4,944,656 
Black Hills Corp.Common Stock**4,064,716 
Blackline Inc.Common Stock**4,965,257 
Bright Horizons Family Solutions Inc.Common Stock**3,269,369 
Brunswick Corp.Common Stock**1,552,684 
Cable One Inc. Common Stock**4,015,750 
Cabot Corp.Common Stock**1,943,966 
Cadence BankCommon Stock**3,762,690 
Cambium Networks CorporationCommon Stock**3,066,933 
Capri Holdings Ltd.Common Stock**4,774,314 
CarMax Inc.Common Stock**5,190,263 
9
Cathay General Bancorp Common Stock**3,399,031 
CBOE Global Markets Inc.Common Stock**5,173,862 
CenterspaceCommon Stock**2,210,498 
Century Casinos Inc. Common Stock**2,197,803 
Ceva Inc. Common Stock**2,047,180 
ChampionX CorporationCommon Stock**2,948,455 
Chemours Co.Common Stock**6,065,849 
Chewy Inc.Common Stock**3,971,859 
CNX Resources Corporation Common Stock**3,841,794 
Coda Octopus Group Inc. Common Stock**889,150 
Coherent Corp.Common Stock**4,933,061 
Commercial Metals CompanyCommon Stock**3,010,900 
Computer Programs & Systems Inc.Common Stock**1,249,708 
Comstock Resources Inc.Common Stock**895,516 
ConnectOne Bancorp Inc.Common Stock**3,073,604 
Consensus Cloud Solutions Inc.Common Stock**1,563,164 
Core & Main Inc.Common Stock**4,420,180 
Coty Inc.Common Stock**1,688,668 
CryoPort Inc.Common Stock**1,501,415 
CSW Industrials Inc. Common Stock**3,339,146 
Dana Inc.Common Stock**2,311,689 
Deluxe Corp.Common Stock**2,247,196 
Denny's Corp.Common Stock**464,861 
Descartes Systems Group Inc. Common Stock**3,820,406 
Digital Turbine Inc.Common Stock**3,514,549 
Dine Brands Global Inc.Common Stock**3,542,576 
Donnelley Financial Solutions Inc.Common Stock**6,299,836 
Douglas Dynamics Inc. Common Stock**9,027,392 
Eagle Materials Inc.Common Stock**2,461,740 
Eastern Bankshares Inc. Common Stock**1,699,532 
Ecovyst Inc.Common Stock**3,561,439 
Element Solution Inc. Common Stock**11,036,058 
EMCOR Group Inc.Common Stock**3,771,628 
Endava PLCCommon Stock**6,041,678 
Enovis CorporationCommon Stock**2,653,154 
Envestnet Inc.Common Stock**2,303,470 
EPR PropertiesCommon Stock**1,835,221 
Establishment Labs Holdings Inc. Common Stock**1,184,508 
Everi Holdings Inc.Common Stock**4,733,238 
Evertec Inc. Common Stock**4,001,821 
Excelerate Energy Inc.Common Stock**2,270,399 
Exelixis Inc.Common Stock**1,940,332 
ExlService Holdings Inc.Common Stock**4,110,607 
Exponent Inc. Common Stock**6,625,622 
Fabrinet Common Stock**7,100,819 
Federal Agricultural Mortgage Corp.Common Stock**6,009,180 
Federal Signal Corp.Common Stock**4,227,251 
First American Financial Corp.Common Stock**5,295,453 
First Interstate BancSystem, Inc.Common Stock**3,466,331 
First Merchants Corp. Common Stock**3,825,064 
Floor & Decor Holdings Inc.Common Stock**5,998,626 
Franklin Covey Co.Common Stock**3,978,939 
Franklin Electric Co., Inc. Common Stock**6,269,529 
GATX Corp.Common Stock**8,830,962 
10
Global Medical REIT Inc.Common Stock**2,873,240 
Goosehead Insurance Inc.Common Stock**4,400,545 
Gray Television, Inc.Common Stock**1,322,698 
Group 1 Automotive Inc.Common Stock**3,155,998 
Guidewire Software Inc.Common Stock**5,554,741 
Hamilton Lane Inc. Common Stock**7,976,446 
Harmonic Inc. Common Stock**1,949,700 
HealthEquity Inc. Common Stock**5,246,426 
Heartland Financial USA Inc.Common Stock**3,753,091 
Heico Corp.Common Stock**8,971,131 
Hillenbrand Inc.Common Stock**3,920,636 
Hostess Brands Inc.Common Stock**1,950,275 
Ichor Holdings LimitedCommon Stock**3,819,738 
Inotiv Inc.Common Stock**547,136 
Insight Enterprises Inc. Common Stock**9,968,393 
Insmed Inc.Common Stock**382,201 
Installed Building Products Inc.Common Stock**6,076,968 
International Game Technology PLCCommon Stock**6,358,501 
Iovance Biotherapeutics Inc.Common Stock**1,531,791 
Ituran Location & Control Common Stock**2,655,994 
James River Group HoldingsCommon Stock**2,778,343 
John Bean Technologies Corp.Common Stock**6,250,847 
Kadant Inc. Common Stock**3,683,550 
Kennedy-Wilson Holdings Inc.Common Stock**3,003,965 
Kforce Inc.Common Stock**3,341,980 
Kiniksa Pharmaceuticals, Ltd.Common Stock**1,693,324 
Kinsale Cap Group Inc.Common Stock**4,848,476 
Kirby Corp. Common Stock**5,043,783 
Korn Ferry Common Stock**3,043,902 
Ladder Capital Corp.Common Stock**3,384,338 
Landstar System Inc.Common Stock**5,785,484 
La-Z-Boy, Inc. Common Stock**2,761,775 
Lemaitre Vascular Inc. Common Stock**7,823,906 
Lexington Realty TrustCommon Stock**3,376,331 
Ligand Pharmaceuticals Inc. Common Stock**2,311,322 
M/I Homes Inc.Common Stock**1,716,679 
Magnolia Oil & Gas Corp.Common Stock**3,402,437 
Manhattan Associates Inc. Common Stock**4,857,214 
Maravai LifeSciences Holdings Inc.Common Stock**2,381,590 
Marriott Vacations Worldwide Corp.Common Stock**3,695,004 
Masonite International Corp.Common Stock**4,120,225 
Mativ Holdings Inc.Common Stock**1,318,195 
Maximus Inc. Common Stock**1,979,109 
Medifast Inc.Common Stock**2,585,640 
Medpace Holdings Inc.Common Stock**6,872,624 
Meritage Homes Corp. Common Stock**2,543,638 
Mesa Labs Inc. Common Stock**3,750,148 
MFA Financial Inc.Common Stock**2,244,238 
Minerals Technologies Inc. Common Stock**3,157,614 
11
Mirum Pharmaceuticals Inc. Common Stock**623,277 
MKS Instruments Inc.Common Stock**5,013,168 
Moelis & Company Common Stock**3,634,579 
National Storage AffiliatesCommon Stock**5,118,768 
Northern Oil & Gas Inc.Common Stock**3,177,696 
Novanta Inc.Common Stock**7,812,887 
NuVasive Inc.Common Stock**1,743,288 
NVent Electric PLCCommon Stock**4,269,389 
OceanFirst Financial Corp. Common Stock**3,898,458 
Ocuphire Pharma Inc.Common Stock**1,423,786 
Old National BancorpCommon Stock**3,677,363 
Ollies Bargain Outlet Holdings Inc. Common Stock**2,517,372 
Omniab Inc.Common Stock**1,835,130 
ONE Gas Inc. Common Stock**3,084,135 
OneMain Holdings Inc. Common Stock**2,773,341 
OPTIMIZERx Corp.Common Stock**2,749,402 
OptiNose Inc. Common Stock**315,029 
Option Care Health Inc.Common Stock**3,082,334 
Orthopediatrics Corp.Common Stock**3,241,696 
Otter Tail Corp.Common Stock**3,018,129 
Overstock Inc.Common Stock**2,199,963 
Ovintiv Inc.Common Stock**1,892,647 
Pacira BioSciences Inc. Common Stock**2,806,509 
Park City Group, Inc. Common Stock**3,135,338 
Parsons CorporationCommon Stock**2,799,163 
Patterson-Uti Energy Inc. Common Stock**3,333,540 
PDC Energy Inc.Common Stock**2,971,992 
PennyMac Mortgage Investment TrustCommon Stock**1,783,716 
Performance Food Group Company Common Stock**5,920,139 
Perimeter SolutionsCommon Stock**2,125,534 
PGT Innovations Inc. Common Stock**1,503,745 
Pinnacle Financial Partners Inc.Common Stock**2,880,967 
Piper Sandler Companies, Inc.Common Stock**2,907,082 
Preferred BankCommon Stock**3,497,747 
Prestige Consumer Healthcare Inc. Common Stock**3,916,797 
Primerica Inc. Common Stock**1,958,954 
Primo Water Corporation CanadaCommon Stock**2,423,997 
Procore Technologies Inc.Common Stock**3,398,851 
Progress Software Corp. Common Stock**2,278,917 
Progyny Inc.Common Stock**666,306 
PROS Holdings Inc.Common Stock**3,121,625 
Provention Bio, Inc.Common Stock**317,328 
Puma Biotechnology Inc. Common Stock**366,270 
Rackspace Technology Inc.Common Stock**49,359 
Radian Group Inc. Common Stock**3,767,056 
Radware Ltd.Common Stock**3,378,713 
Rambus Inc.Common Stock**6,790,057 
Repligen Corp.Common Stock**5,541,397 
Resideo Technologies Inc. Common Stock**2,746,986 
12
Revance Therapeutics Inc.Common Stock**4,346,410 
RHCommon Stock**2,949,865 
Rhythm Pharmaceuticals Inc. Common Stock**2,133,300 
RPT RealtyCommon Stock**2,211,699 
Rush Enterprises Inc. Common Stock**2,983,065 
RXO LLCCommon Stock**662,396 
Saia, Inc. Common Stock**5,553,801 
Schneider National Inc.Common Stock**3,208,170 
Scholar Rock Holding CorporationCommon Stock**284,483 
Selective Insurance Group Inc.Common Stock**4,566,650 
Semler Scientific Inc. Common Stock**1,853,614 
Semtech Corp. Common Stock**704,992 
ShotSpotter, Inc. Common Stock**995,939 
Shutterstock Inc. Common Stock**2,674,795 
Silicon Motion Technology CorporationCommon Stock**709,459 
Simpson Manufacturing Co, Inc. Common Stock**2,384,376 
SiteOne Landscape Supply Inc.Common Stock**7,511,108 
Sitime Corp. Common Stock**868,604 
Sitio Royalties Corp.Common Stock**2,106,948 
Sleep Number Corp.Common Stock**783,761 
Smith-Midland Corp.Common Stock**461,927 
Solarwinds Corp.Common Stock**157,917 
SouthState Corp.Common Stock**3,148,180 
Southwest Gas Holdings Inc.Common Stock**4,549,567 
Southwestern Energy Co.Common Stock**1,557,799 
SP Plus Corp.Common Stock**2,633,968 
Spire Inc. Common Stock**8,326,244 
Sprout Social Inc.Common Stock**4,203,597 
Stag Industrial Inc.Common Stock**8,610,501 
Stifel Financial Corp. Common Stock**3,031,495 
Stratasys Inc.Common Stock**2,017,205 
Stride Inc. Common Stock**5,166,969 
Summit Materials Inc. Common Stock**1,677,634 
Supernus Pharmaceuticals Inc.Common Stock**4,129,133 
Taskus Inc.Common Stock**1,914,907 
Techtarget Inc. Common Stock**612,240 
Tenet Healthcare Corp.Common Stock**3,702,375 
Topgolf Callaway Brands Corp.Common Stock**3,359,122 
Travere Therapeutics Inc. Common Stock**868,112 
Trex Company, Inc. Common Stock**1,651,349 
Trupanion, Inc. Common Stock**5,116,385 
TTM Technologies Inc. Common Stock**2,487,942 
Two Harvors Investment Corp.Common Stock**1,646,354 
Ultra Clean Holdings Inc.Common Stock**3,276,837 
United Bankshares Inc.Common Stock**2,904,651 
United Community BankCommon Stock**2,715,138 
United Therapeutics CorporationCommon Stock**2,348,003 
Univar Solutions Inc. Common Stock**6,480,688 
Upland Software Inc. Common Stock**1,877,989 
13
UroGen Pharma Ltd.Common Stock**385,999 
Utah Medical Products Inc.Common Stock**3,640,978 
Utz Brands Inc.Common Stock**6,906,020 
Veeco Instruments Inc.Common Stock**1,749,984 
Verint Systems Inc.Common Stock**3,152,687 
Virtu Financial Inc.Common Stock**3,379,540 
WalkMe Ltd.Common Stock**1,245,177 
Watsco Inc.Common Stock**4,942,764 
Watts Water Technologies Inc.Common Stock**5,924,330 
Wayfair Inc.Common Stock**2,565,200 
WD-40 Co.Common Stock**4,505,052 
WESCO International Inc.Common Stock**3,509,633 
Willdan Group Inc. Common Stock**1,459,835 
WillScot Mobile Mini Holdings Corp.Common Stock**6,528,774 
Wintrust Financial Corp.Common Stock**2,636,074 
WNS Holdings Ltd.Common Stock**14,020,188 
Wolverine World Wide Inc. Common Stock**1,772,445 
Workiva Inc.Common Stock**5,561,024 
Y-mAbs Therapeutics, Inc. Common Stock**204,488 
Ziff Davis Inc.Common Stock**2,522,441 
Zynex Inc.Common Stock**200,561 
Total Other Common Stocks882,955,570 
Cash Equivalent
*Bank of America, N.A. Merrill Lynch Bank DepositCash Equivalent, 1.06%**20,606,546 
Mutual Fund
PIMCOAll Asset Class Institutional Fund**801,171,589 
Government Securities
Abu Dhabi Crude Oil Pipeline LLC$1,365,000 par, 4.60%, due November 2, 2047**1,297,280 
California State Municipal Bond $1,705,000 par, 7.30%, due October 1, 2039**2,172,666 
Colombia Republic$692,000 par, 3.00%, due January 30, 2030**538,810 
Export-Import Bank of Korea$1,563,000 par, 4.25%, due September 15, 2027**1,545,854 
Export-Import Bank of Korea$797,000 par, 4.00%, due September 15, 2024**786,209 
FHLMC, Freddie Mac$1,049,000 par, 6.25%, due July 15, 2032**1,255,431 
FHLMC, Freddie Mac$1,161,998 par, 2.50%, due February 1, 2052**1,023,672 
FHLMC, Freddie Mac$1,163,631 par, 2.00%, due October 1, 2051**980,752 
FHLMC, Freddie Mac$1,166,000 par, 3.24%, due April 25, 2027**1,129,107 
FHLMC, Freddie Mac$1,207,328 par, 2.00%, due April 1, 2051**1,019,472 
FHLMC, Freddie Mac$1,230,497 par, 5.00%, due October 1, 2052**1,235,223 
FHLMC, Freddie Mac$1,267,000 par, 3.19%, due July 25, 2027**1,223,580 
FHLMC, Freddie Mac$1,285,085 par, 2.00%, due April 1, 2051**1,084,750 
FHLMC, Freddie Mac$1,302,282 par, 2.00%, due September 1, 2050**1,100,546 
FHLMC, Freddie Mac$1,308,738 par, 2.00%, due December 1, 2051**1,102,858 
FHLMC, Freddie Mac$1,449,777 par, 3.50%, due March 1, 2048**1,381,316 
FHLMC, Freddie Mac$1,619,165 par, 2.00%, due December 1, 2051**1,370,978 
14
FHLMC, Freddie Mac$1,626,465 par, 2.00%, due January 10, 2050**1,374,463 
FHLMC, Freddie Mac$1,674,999 par, 4.50%, due September 1, 2050**1,680,880 
FHLMC, Freddie Mac$1,718,940 par, 2.50%, due February 1, 2052**1,506,770 
FHLMC, Freddie Mac$1,741,419 par, 3.00%, July 1, 2050**1,606,454 
FHLMC, Freddie Mac$1,792,571 par, 2.00%, due August 1, 2051**1,511,167 
FHLMC, Freddie Mac$1,892,509 par, 2.00%, due August 1, 2035**1,724,560 
FHLMC, Freddie Mac$1,925,737 par, 5.28%, due October 25, 2041**1,910,181 
FHLMC, Freddie Mac$133,974 par, 2.00%, due November 1, 2051**112,899 
FHLMC, Freddie Mac$152,031 par, 2.00%, due November 1, 2051**128,165 
FHLMC, Freddie Mac$196,981 par, 2.50%, due August 1, 2050**175,337 
FHLMC, Freddie Mac$2,123,847 par, 3.50%, due January 25, 2051**2,035,179 
FHLMC, Freddie Mac$2,258,025 par, 2.50%, due May 1, 2051**1,983,340 
FHLMC, Freddie Mac$2,401,979 par, 2.50%, due February 1, 2052**2,113,587 
FHLMC, Freddie Mac$2,444,000 par, 3.90%, due April 25, 2028**2,433,628 
FHLMC, Freddie Mac$2,613,665 par, 2.50%, due August 1, 2051**2,303,107 
FHLMC, Freddie Mac$2,658,773 par, 3.00%, June 1, 2050**2,458,278 
FHLMC, Freddie Mac$2,722,521 par, 4.50%, due November 1, 2052**2,689,001 
FHLMC, Freddie Mac$2,847,140 par, 4.00%, due November 25, 2051**2,783,134 
FHLMC, Freddie Mac$2,849,573 par, 2.50%, due April 1, 2042**2,552,699 
FHLMC, Freddie Mac$2,980,669 par, 2.00%, due February 25, 2052**2,616,682 
FHLMC, Freddie Mac$205,866 par, 2.50%, due June 1, 2051**180,837 
FHLMC, Freddie Mac$235,470 par, 3.00%, due December 1, 2049**217,216 
FHLMC, Freddie Mac$3,419,563 par, 4.00%, due July 1, 2049**3,382,382 
FHLMC, Freddie Mac$3,703,916 par, 2.50%, due November 1, 2051**3,303,775 
FHLMC, Freddie Mac$3,798,167 par, 2.00%, due May 1 ,2051**3,203,977 
FHLMC, Freddie Mac$318,196 par, 6.98%, due March 25, 2052**322,199 
FHLMC, Freddie Mac$333,518 par, 3.00%, due September 1, 2050**307,688 
FHLMC, Freddie Mac$339,750 par, 3.00%, due April 1, 2050**313,420 
FHLMC, Freddie Mac$345,000 par, variable rate, due November 25, 2027**334,543 
FHLMC, Freddie Mac$360,000 par, variable rate, due October 25, 2028**359,346 
FHLMC, Freddie Mac$364,000 par, variable rate, due July 25, 2028**362,293 
FHLMC, Freddie Mac$4,081,742 par, 3.50%, due January 1, 2051**3,887,712 
FHLMC, Freddie Mac$4,705,816 par, 4.00%, due May 1, 2052**4,546,420 
FHLMC, Freddie Mac$4,815,612 par, 2.00%, due November 1, 2051**4,057,263 
FHLMC, Freddie Mac$408,538 par, 2.50%, due July 1, 2050**354,720 
FHLMC, Freddie Mac$450,699 par, 3.00%, due January 1, 2050**414,795 
FHLMC, Freddie Mac$483,651 par, 3.00%, November 1, 2049**445,110 
FHLMC, Freddie Mac$549,990 par, 5.18%, due December 25, 2033**546,750 
FHLMC, Freddie Mac$6,406,229 par, 2.00%, due February 1, 2052**5,423,371 
FHLMC, Freddie Mac$627,514 par, 3.50%, due March 1, 2048**598,502 
FHLMC, Freddie Mac$630,660 par, 3.50%, due August 1, 2044**606,616 
FHLMC, Freddie Mac$646,000 par, 3.24%, due August 25, 2027**626,054 
FHLMC, Freddie Mac$656,000 par, 1.64%, due February 25, 2030**562,194 
FHLMC, Freddie Mac$7,824,201 par, 2.50%, due October 1, 2050**6,951,142 
FHLMC, Freddie Mac$714,861 par, 3.00%, due January 1, 2050**657,918 
FHLMC, Freddie Mac$719,272 par, 2.00%, due June 1, 2036**655,388 
FHLMC, Freddie Mac$74,933 par, 3.50%, due October 1, 2047**71,658 
FHLMC, Freddie Mac$781,039 par, 3.00%, due August 1, 2048**720,509 
FHLMC, Freddie Mac$799,048 par, 2.50%, due December 1, 2035**748,599 
15
FHLMC, Freddie Mac$810,923 par, 3.50%, due October 15, 2053**791,237 
FHLMC, Freddie Mac$901,000 par, 3.51%, due March 1, 2029**876,143 
FHLMC, Freddie Mac$902,683 par, 5.78%, due February 25, 2042**896,577 
FNMA, Fannie Mae$1,005,058 par, 2.00%, due July 1, 2051**848,019 
FNMA, Fannie Mae$1,041,143 par, 3.50%, due February 1, 2047**1,002,123 
FNMA, Fannie Mae$1,093,728 par, 2.00%, due March 1, 2037**996,629 
FNMA, Fannie Mae$1,202,521 par, 2.50%, due August 1, 2035**1,125,883 
FNMA, Fannie Mae$1,223,805 par, 2.50%, due May 1, 2042**1,096,310 
FNMA, Fannie Mae$1,245,754 par, 2.50%, due June 1, 2050**1,094,277 
FNMA, Fannie Mae$1,317,818 par, 2.00%, due December 1 ,2050**1,113,607 
FNMA, Fannie Mae$1,330,829 par, 2.50%, due May 1, 2051**1,172,126 
FNMA, Fannie Mae$1,332,042 par, 2.50%, due October 1, 2051**1,168,548 
FNMA, Fannie Mae$1,360,334 par, 3.00%, due November 1, 2049**1,251,999 
FNMA, Fannie Mae$1,380,000 par, TBA **1,323,626 
FNMA, Fannie Mae$1,420,000 par, TBA**1,458,218 
FNMA, Fannie Mae$1,468,129 par, 3.00%, due March 1, 2037**1,410,665 
FNMA, Fannie Mae$1,515,934 par, 2.50%, due June 1, 2050**1,333,153 
FNMA, Fannie Mae$1,517,238 par, 2.00%, due March 1, 2051**1,279,289 
FNMA, Fannie Mae$1,541,474 par, 2.50%, due July 1, 2036**1,449,032 
FNMA, Fannie Mae$1,595,335 par, 3.00%, due December 1, 2049**1,468,287 
FNMA, Fannie Mae$1,601,295 par, 2.00%, due August 1, 2051**1,347,156 
FNMA, Fannie Mae$1,632,000 par, 2.63%, due September 6, 2024**1,587,835 
FNMA, Fannie Mae$1,638,968 par, 2.50%, due February 1, 2051**1,445,073 
FNMA, Fannie Mae$1,749,808 par, 2.50%, due September 1, 2035**1,638,086 
FNMA, Fannie Mae$1,797,511 par, 3.00%, due February 1, 2051**1,640,945 
FNMA, Fannie Mae$1,867,771 par, 3.00%, due February 1, 2050**1,715,514 
FNMA, Fannie Mae$1,890,872 par, 2.00%, due February 1, 2051**1,597,146 
FNMA, Fannie Mae$1,934,356 par, 2.50%, due July 1, 2050**1,709,619 
FNMA, Fannie Mae$1,954,324 par, 4.00%, due June 1, 2048**1,915,197 
FNMA, Fannie Mae$1,956,151 par, 2.00%, due April 1, 2051**1,652,997 
FNMA, Fannie Mae$1,957,566 par, 3.00%, due September 1, 2050**1,795,240 
FNMA, Fannie Mae$10,260,000 par, TBA**10,297,673 
FNMA, Fannie Mae$104,879 par, 3.00%, due November 1, 2050**96,753 
FNMA, Fannie Mae$112,396 par, 2.00%, due November 1, 2050**94,994 
FNMA, Fannie Mae$124,783 par, 3.00%, due May 1, 2050**115,376 
FNMA, Fannie Mae$152,820 par, 3.00%, due December 1, 2049**141,117 
FNMA, Fannie Mae$172,862 par, 2.00%, due September 1, 2035**157,517 
FNMA, Fannie Mae$184,192 par, 3.00%, due April 1, 2036**176,046 
FNMA, Fannie Mae$192,785 par, 3.50%, due August 1, 2043**185,627 
FNMA, Fannie Mae$2,103,000 par, 1.63%, due January 7, 2025**2,001,290 
FNMA, Fannie Mae$2,113,289 par, 2.00%, due September 1, 2050**1,784,485 
FNMA, Fannie Mae$2,128,193 par, 2.00%, due May 1, 2036**1,935,207 
FNMA, Fannie Mae$2,139,123 par, 3.00%, due July 1, 2051**1,954,235 
FNMA, Fannie Mae$2,201,132 par, 2.00%, due April 1, 2042**1,906,833 
FNMA, Fannie Mae$2,290,745 par, due December 25, 2041**2,266,501 
FNMA, Fannie Mae$2,350,660 par, 2.50%, due December 1, 2051**2,068,273 
FNMA, Fannie Mae$2,375,000 par, TBA**2,293,359 
FNMA, Fannie Mae$2,395,087 par, 2.00%, due September 1, 2051**2,018,663 
16
FNMA, Fannie Mae$2,432,561 par, 1.50%, due November 1, 2051**1,947,106 
FNMA, Fannie Mae$2,451,681 par, 3.50%, due June 1, 2041**2,388,385 
FNMA, Fannie Mae$2,490,554 par, 2.00%, due June 1, 2041**2,187,567 
FNMA, Fannie Mae$2,523,510 par, 1.50%, due December 1, 2050**2,021,882 
FNMA, Fannie Mae$2,591,639 par, 2.50%, due September 1, 2050**2,250,833 
FNMA, Fannie Mae$2,642,038 par, 3.00%, due February 1, 2050**2,437,282 
FNMA, Fannie Mae$2,700,588 par, 3.50%, due June 1, 2052**2,533,629 
FNMA, Fannie Mae$2,755,166 par, 4.00%, due November 1, 2047**2,728,716 
FNMA, Fannie Mae$2,782,388 par, 2.50%, due December 1, 2034**2,615,483 
FNMA, Fannie Mae$2,956,990 par, 2.00%, due February 1, 2052**2,490,839 
FNMA, Fannie Mae$2,961,539 par, 4.50%, due October 1, 2052**2,932,087 
FNMA, Fannie Mae$222,047 par, 3.00%, due December 1, 2049**204,845 
FNMA, Fannie Mae$235,890 par, variable rate, due October 25, 2041**234,869 
FNMA, Fannie Mae$263,963 par, 3.00%, due July 1, 2049**243,323 
FNMA, Fannie Mae$274,124 par, 2.50%, due October 1, 2034**257,485 
FNMA, Fannie Mae$289,283 par, 2.50%, due September 1, 2051**258,600 
FNMA, Fannie Mae$294,364 par, 2.00%, due October 1, 2041**255,999 
FNMA, Fannie Mae$3,035,000 par**2,657,136 
FNMA, Fannie Mae$3,040,083 par, 2.50%, due April 1, 2042**2,734,643 
FNMA, Fannie Mae$3,088,270 par, 2.50%, due May 1, 2050**2,713,724 
FNMA, Fannie Mae$3,090,000 par, TBA**3,139,971 
FNMA, Fannie Mae$3,363,115 par, 2.50%, due August 1, 2051**2,974,831 
FNMA, Fannie Mae$3,385,000 par, TBA**3,075,987 
FNMA, Fannie Mae$3,424,865 par, 2.00%, due December 1, 2050**2,894,461 
FNMA, Fannie Mae$3,540,000 par, TBA**3,215,316 
FNMA, Fannie Mae$3,595,661 par, 2.00%, due February 1, 2052**3,086,095 
FNMA, Fannie Mae$3,705,000 par, TBA**3,113,937 
FNMA, Fannie Mae$303,026 par, 2.50%, due September 1, 2051**260,546 
FNMA, Fannie Mae$310,490 par, 3.00%, due December 1, 2047**287,943 
FNMA, Fannie Mae$33,618 par, 4.50%, due January 1, 2030**34,190 
FNMA, Fannie Mae$337,571 par, 2.50%, due June 1, 2050**298,168 
FNMA, Fannie Mae$350,481 par, 3.00%, due November 1, 2049**322,569 
FNMA, Fannie Mae$367,563 par, 2.50%, due August 1, 2051**323,722 
FNMA, Fannie Mae$382,386 par, 3.50%, due February 1, 2046**368,165 
FNMA, Fannie Mae$394,004 par, 4.50%, due February 1, 2051**389,779 
FNMA, Fannie Mae$4,280,000 par, TBA**4,226,500 
FNMA, Fannie Mae$4,503,264 par, 2.00%, due October 1, 2051**3,795,512 
FNMA, Fannie Mae$4,714,143 par, 2.00%, due January 1, 2052**3,970,328 
FNMA, Fannie Mae$4,770,029 par, 4.00%, due June 1, 2052**4,607,525 
FNMA, Fannie Mae$405,993 par, 3.00%, due August 1, 2034**390,124 
FNMA, Fannie Mae$409,913 par, 3.00%, due July 1, 2050**379,010 
FNMA, Fannie Mae$421,724 par, 4.00%, due April 25, 2041**408,948 
FNMA, Fannie Mae$449,865 par, 3.00%, due July 1, 2051**411,212 
FNMA, Fannie Mae$462,668 par, 3.00%, due January 1, 2050**426,814 
FNMA, Fannie Mae$5,860,000 par, 3.50%, TBA**5,495,229 
FNMA, Fannie Mae$528,283 par, 2.00%, due October 1, 2050**448,879 
FNMA, Fannie Mae$553,180 par, 2.50%, due March 1, 2051**488,245 
FNMA, Fannie Mae$574,975 par, 3.00%, due May 1, 2050**530,427 
FNMA, Fannie Mae$586,590 par, 2.00%, due February 1, 2052**494,028 
FNMA, Fannie Mae$6,612,180 par, 2.00%, due March 1, 2052**5,566,883 
17
FNMA, Fannie Mae$6,738,325 par, 1.50%, due January 1, 2051**5,396,753 
FNMA, Fannie Mae$628,939 par, 2.00%, due November 1, 2050**531,476 
FNMA, Fannie Mae$629,937 par, 2.00%, due September 1, 2051**530,834 
FNMA, Fannie Mae$630,009 par, 4.50%, due September 1, 2050**624,755 
FNMA, Fannie Mae$660,664 par, 2.50%, due August 1, 2035**618,510 
FNMA, Fannie Mae$662,854 par, 2.50%, due July 1, 2051**582,263 
FNMA, Fannie Mae$676,311 par, 3.00%, due August 1, 2050**620,579 
FNMA, Fannie Mae$687,152 par, 3.00%, due September 1, 2050**635,348 
FNMA, Fannie Mae$701,927 par, 3.50%, due May 1, 2042**683,593 
FNMA, Fannie Mae$703,804 par, 2.50%, due October 1, 2050**626,503 
FNMA, Fannie Mae$734,942 par, 2.50%, due April 1, 2051**647,989 
FNMA, Fannie Mae$751,239 par, 3.00%, due October 1, 2034**721,808 
FNMA, Fannie Mae$758,745 par, 2.00%, due April 1, 2052**638,685 
FNMA, Fannie Mae$77,089 par, 3.50%, due June 1, 2047**73,730 
FNMA, Fannie Mae$798,748 par, 3.50%, due October 1, 2048**763,690 
FNMA, Fannie Mae$800,836 par, 2.50%, due June 1, 2050**708,668 
FNMA, Fannie Mae$816,442 par, 3.00% due March 1, 2050**751,421 
FNMA, Fannie Mae$838,035 par, 3.00%, due July 1, 2049**773,112 
FNMA, Fannie Mae$858,625 par, 2.50%, due July 1, 2050**759,808 
FNMA, Fannie Mae$895,000 par, TBA**888,777 
FNMA, Fannie Mae$940,811 par, 3.50%, due June 1, 2044**905,912 
FNMA, Fannie Mae$95,607 par, 2.00%, due October 1, 2051**80,582 
FNMA, Fannie Mae$960,624 par, 2.50%, due August 1, 2050**850,022 
Freeport Indonesia$242,000 par, 6.20%, due April 14, 2052**223,850 
Freeport Indonesia$850,000 par, 5.32%, due April 14, 2032**807,603 
Government National Mortgage Association: GNMA, Ginnie Mae$1,024,465 par, 3.00%, due July 20, 2051**945,476 
GNMA, Ginnie Mae$1,040,447 par, 3.50%, due July 20, 2047**997,988 
GNMA, Ginnie Mae$1,140,000 par, TBA**1,077,810 
GNMA, Ginnie Mae$1,190,173 par, 3.50%, due April 20, 2048**1,140,085 
GNMA, Ginnie Mae$1,337,710 par, 2.50%, due December 20, 2050**1,197,700 
GNMA, Ginnie Mae$1,366,224 par, 3.00%, due September 20, 2051**1,260,609 
GNMA, Ginnie Mae$1,451,467 par, 3.50%, due May 20, 2046**1,392,939 
GNMA, Ginnie Mae$1,539,517 par, 4.00%, due August 20, 2045**1,520,543 
GNMA, Ginnie Mae$1,591,992 par, 3.00%, due May 20, 2051**1,467,769 
GNMA, Ginnie Mae$1,805,000 par, TBA**1,608,759 
GNMA, Ginnie Mae$1,829,451 par, 3.50%, due February 20, 2046**1,755,091 
GNMA, Ginnie Mae$1,864,445 par, 3.00%, due October 20, 2049**1,728,923 
GNMA, Ginnie Mae$10,445,000 par, TBA**9,025,541 
GNMA, Ginnie Mae$128,487 par, 4.00%, due January 20, 2048**126,428 
GNMA, Ginnie Mae$129,423 par, 3.00%, due July 20, 2049**120,012 
GNMA, Ginnie Mae$131,549 par, 4.00%, due May 20, 2047**128,368 
GNMA, Ginnie Mae$173,510 par, 3.00%, due April 20, 2049**161,438 
GNMA, Ginnie Mae$177,964 par, 4.00%, due July 20, 2045**175,507 
GNMA, Ginnie Mae$195,265 par, 3.50%, due March 20, 2047**187,298 
GNMA, Ginnie Mae$2,202,334 par, 3.00%, due January 20, 2050**2,041,591 
GNMA, Ginnie Mae$2,225,000 par, TBA**2,159,988 
GNMA, Ginnie Mae$2,330,000 par, TBA**2,345,837 
GNMA, Ginnie Mae$2,560,773 par, 2.50%, due December 20, 2051**2,284,408 
GNMA, Ginnie Mae$2,657,034 par, 3.00%, due August 20, 2051**2,453,218 
GNMA, Ginnie Mae$2,740,000 par, TBA**2,516,947 
GNMA, Ginnie Mae$2,869,329 par, 2.50%, due September 20, 2051**2,561,267 
18
GNMA, Ginnie Mae$225,208 par, 3.50%, due November 20, 2047**215,597 
GNMA, Ginnie Mae$281,652 par, 3.50%, due December 20, 2047**270,007 
GNMA, Ginnie Mae$3,110,000 par, TBA**3,160,295 
GNMA, Ginnie Mae$332,006 par, 4.00%, due September 20, 2047**327,628 
GNMA, Ginnie Mae$4,363,822 par, 2.50%, due November 20, 2051**3,893,245 
GNMA, Ginnie Mae$4,920,443 par, 2.50%, due February 20, 2051**4,404,846 
GNMA, Ginnie Mae$468,284 par, 4.00%, due December 20, 2047**460,948 
GNMA, Ginnie Mae$5,460,000 par, TBA**5,420,756 
GNMA, Ginnie Mae$505,521 par, 4.00%, due June 20, 2047**497,602 
GNMA, Ginnie Mae$693,878 par, 3.50%, due March 20, 2046**665,345 
GNMA, Ginnie Mae$74,975 par, 3.50%, due August 20, 2046**71,920 
GNMA, Ginnie Mae$744,108 par, 3.50%, due May 20, 2047**715,556 
GNMA, Ginnie Mae$87,222 par, 3.50%, due August 20, 2047**83,596 
GNMA, Ginnie Mae$879,660 par, 4.00%, due July 20, 2047**865,896 
GNMA, Ginnie Mae$937,751 par, 3.50%, due February 20, 2047**899,336 
GNMA, Ginnie Mae$98,290 par, 3.50%, due April 20, 2047**93,991 
Idaho Energy Resources Authority Transmission Facilities$1,035,000 par, 2.86%, due September 1, 2046**778,412 
Illinois State Taxable Pension$4,020,000 par, 5.10%, due June 1, 2033**3,991,832 
Korea National Oil Corporation$1,657,000 par, 1.75%, due April 18, 2025**1,542,783 
New Jersey State Transportation Trust Fund Authority$2,270,000 par, 5.75%, due December 15, 2028**2,328,618 
New York State Dormitory Authority Personal Income Tax$1,325,000 par, 2.20%, due March 15, 2034**1,079,049 
Panama Republic$1,140,000 par, 4.50%, due January 19, 2063**849,432 
Peru Republic$589,000 par, 3.00%, due January 15, 2034**478,097 
Petroleos De Venezuela$8,600,000 par, 0.00%, October 28, 2022**301,000 
Qatar Petroleum$256,000 par, 3.13%, due July 12, 2041**202,596 
Republic of Colombia$271,000 par, 5.63%, due February 26, 2044**206,152 
Republic of Colombia$312,000 par, 7.50%, due February 2, 2034**308,320 
Republic of Panama$450,000 par, 6.40%, due February 14, 2035**474,475 
Saudi Arabia Kingdom$1,839,000 par, 4.75%, due January 18, 2028**1,862,539 
Saudi Arabia Kingdom$352,000 par, 5.00%, due January 18, 2053**335,364 
Saudi Arabian Oil Co$464,000 par, 3.25%, due November 24, 2050**335,861 
State of Israel$3,017,000 par, 4.50%, due January 17, 2033**3,019,776 
State of Qatar$609,000 par, 4.40%, due April 16, 2050**574,975 
Tennessee Valley Authority$1,924,000 par, 0.75%, due May 15, 2025**1,775,217 
U.S. Treasury$10,908,000 par, 2.50%, due March 31, 2027**10,407,340 
U.S. Treasury$11,395,000 par, 3.13%, due August 31, 2027**11,148,405 
U.S. Treasury$11,634,000 par, 4.13%, due October 31, 2027**11,874,860 
U.S. Treasury$12,716,000 par, 3.88%, due November 30, 2027**12,861,042 
U.S. Treasury$12,891,000 par, 4.25%, due November 15, 2042**13,322,043 
U.S. Treasury$13,720,000 par, 1.25%, due December 31, 2026**12,493,239 
U.S. Treasury$15,895,000 par, 3.38%, due January 31, 2028**15,824,218 
U.S. Treasury$18,735,000 par, 3.00%, due August 15, 2052**16,577,548 
U.S. Treasury$2,070,000 par, 4.75%, due February 15, 2037**2,362,145 
U.S. Treasury$2,521,000 par, 1.75%, due August 15, 2041**1,836,588 
U.S. Treasury$2,985,000 par, 1.38%, due November 15, 2040**2,065,597 
U.S. Treasury$25,868,000 par, 4.13%, due November 15, 2032**27,213,944 
19
U.S. Treasury$3,029,000 par, 1.13%, due October 31, 2026**2,753,669 
U.S. Treasury$3,104,000 par, 1.13%, due August 15, 2040**2,059,552 
U.S. Treasury$3,244,000 par, 1.63%, due November 15, 2050**2,098,209 
U.S. Treasury$3,335,000 par, 1.88%, due February 15, 2051**2,297,633 
U.S. Treasury$3,554,000 par, 2.25%, due May 15, 2051**2,751,990 
U.S. Treasury$3,674,000 par, 2.38%, due November 15, 2049**2,857,540 
U.S. Treasury$3,713,000 par, 4.38%, due November 15, 2039**4,075,598 
U.S. Treasury$3,793,000 par, 1.88%, due February 15, 2041**2,851,121 
U.S. Treasury$4,054,000 par, 4.13%, due January 31, 2025**4,049,408 
U.S. Treasury$4,344,000 par, 1.88%, due November 15, 2051**2,981,749 
U.S. Treasury$4,857,000 par, 1.50%, due January 31, 2027**4,460,851 
U.S. Treasury$5,230,000 par, 1.25%, due November 30, 2026**4,769,719 
U.S. Treasury$5,321,000 par, 3.25%, due June 30, 2027**5,230,169 
U.S. Treasury$5,351,000 par, 4.13%, due September 30, 2027**5,459,483 
U.S. Treasury$5,556,000 par, 2.25%, due August 15, 2049**4,209,538 
U.S. Treasury$5,723,000 par, 2.25%, due May 15, 2041**4,564,987 
U.S. Treasury$5,953,000 par, 2.75%, due July 31, 2027**5,730,460 
U.S. Treasury$5,957,000 par, 3.38%, due August 15, 2042**5,632,157 
U.S. Treasury$5,982,000 par, 2.88%, due May 15, 2052**5,154,802 
U.S. Treasury$574,000 par, 4.00%, due November 15, 2052**613,821 
U.S. Treasury$6,052,000 par, 3.88%, due January 15, 2026**6,051,527 
U.S. Treasury$6,416,000 par, 2.75%, due August 15, 2032**6,037,055 
U.S. Treasury$6,557,000 par, 3.25%, due May 15, 2042**6,083,667 
U.S. Treasury$688,000 par, 1.13%, due May 15, 2040**458,864 
U.S. Treasury$7,084,000 par, 2.63%, due May 31, 2027**6,787,911 
U.S. Treasury$7,451,000 par, 3.88%, due December 31, 2027**7,535,406 
U.S. Treasury$7,859,000 par, 1.88%, due February 28, 2027**7,317,773 
U.S. Treasury$7,874,000 par, 2.00%, due November 15, 2041**5,983,625 
U.S. Treasury$8,130,000 par, 2.75%, due April 30, 2027**7,831,477 
U.S. Treasury$8,308,000 par, 3.13%, due May 15, 2048**7,491,479 
U.S. Treasury$9,615,000 par, 2.00%, due August 15, 2051**6,817,260 
U.S. Treasury$9,755,000 par, 3.50%, due January 31, 2030**9,719,943 
U.S. Treasury$9,914,000 par, 2.38%, due February 15, 2042**8,020,271 
United Mexican States$1,030,000 par, 5.40%, due February 09, 2028**1,057,526 
United Mexican States$2,042,000 par, 4.28%, due August 14, 2041**1,674,170 
United Mexican States$536,000 par, 6.35%, due February 09, 2035**568,989 
United Mexican States$986,000 par, 4.40%, due February 12, 2052**769,112 
Total Government Securities 670,439,047 
Corporate Bonds
Abbvie Inc.$2,032,000 par, 2.60%, due November 21, 2024**1,958,255 
Ally Financial Inc.$2,104,000 par, 7.10%, due November 15, 2027**2,220,476 
Altria Group Inc.$758,000 par, 5.95%, due February 14, 2049**716,385 
Amazon.com Inc.$6,605,000 par, 4.55%, due December 01, 2027**6,688,855 
20
Ameren Corp.$1,170,000 par, 2.50%, due September 15, 2024**1,125,937 
America Movil S.A.B. $1,630,000 par, 3.63%, due April 22, 2029**1,524,912 
American Electric Power Co. $840,000 par, 0.75%, due November 1, 2023**814,078 
American International Group$1,684,000 par, 2.50%, due June 30, 2025**1,602,553 
Amgen Inc.$1,158,000 par, 4.88%, due March 1, 2053**1,101,751 
Amgen Inc.$785,000 par, 3.15%, due February 21, 2040**613,785 
Anglo American Capital PLC$2,695,000 par, 2.88%, due March 17, 2031**2,314,772 
Anheuser-Busch Companies$1,432,000 par, 4.90%, due February 1, 2046**1,397,749 
Anheuser-Busch Cos LLC Corp.$1,312,000 par, 4.70%, due February 1, 2036**1,300,271 
Anheuser-Busch Cos LLC Corp.$4,835,000 par, 3.65%, due February 01, 2026**4,724,815 
Apple Inc.$563,000 par, 3.95%, due August 8, 2052**505,594 
Arcelormittal$2,419,000 par, 6.55%, due November 29, 2027**2,526,807 
Arcelormittal$623,000 par, 6.80%, due November 29, 2032**654,874 
AT&T Inc.$1,898,000 par, 3.50%, due September 15, 2053**1,400,621 
AT&T Inc.$5,134,000 par, 4.30%, due February 15, 2030**5,012,319 
AT&T Inc.$902,000 par, 2.55%, due December 1, 2033**729,332 
Athene Global Funding$1,285,000 par, 2.67%, due June 7, 2031**1,045,436 
Australia & New Zealand Bank Group$4,048,000 par, 5.09%, due December 8, 2025**4,092,551 
B. A. T. Capital Corp.$433,000 par, 5.65%, due March 16, 2052**386,951 
*Bank Of America Corp.$3,840,000 par, 2.59%, due April 29, 2031**3,284,097 
*Bank Of America Corp.$4,423,000 par, 2.30%, due July 21, 2032**3,600,390 
Bank Of Nova Scotia$3,853,000 par, 4.75%, due February 02, 2026**3,850,506 
Barclays PLC$2,227,000 par, 7.44%, due November 02, 2033**2,509,180 
Boeing Co.$3,400,000 par, 5.81%, due May 1, 2050**3,471,055 
Bristol-Myers Squibb$825,000 par, 3.55%, due March 15, 2042**714,650 
Broadcom Inc.$987,000 par, 3.14%, due November 15, 2035**766,264 
Capital One Financial Corp.$2,413,000 par, 5.47%, due February 1, 2029**2,428,360 
Capital One Financial Corp.$816,000 par, 5.82%, due February 1, 2034**822,319 
Cenovus Energy Inc. $2,207,000 par, 5.40%, due June 15, 2047**2,130,457 
Centene Corp.$1,818,000 par, 2.45%, due July 15, 2028**1,574,840 
Charter$433,000 par, 5.75%, due April 1, 2048**385,490 
Charter$862,000 par, 4.80%, due March 1, 2050**678,784 
Charter Communications Operating LLC$2,055,000 par, 5.05%, due March 30, 2029**2,002,224 
Chevron Corp.$5,291,000 par, 2.95%, due May 16, 2026**5,083,227 
Citigroup Inc.$1,409,000 par, 2.57%, due June 3, 2031**1,195,695 
Citigroup Inc.$2,809,000 par, 6.27%, due November 17, 2033**3,059,070 
CK Hutchison International$546,000 par, 3.13%, due April 15, 2041**421,442 
Comcast Corp.$2,309,000 par, 2.89%, due November 1, 2051**1,611,916 
Comcast Corp.$472,000 par, 3.45%, due February 1, 2050**373,726 
Consolidated Edison Inc.$1,829,000 par, 0.65%, due December 1, 2023**1,763,545 
Continental Resources Inc.$1,081,000 par, 4.50%, due April 15, 2023**1,078,240 
Continental Resources Inc.$554,000 par, 4.90%, due June 1, 2044**444,859 
Credit Suisse AG New York Branch$2,731,000 par, 4.75%, due August 9, 2024**2,676,541 
Daimler Truck Finance North America LLC$2,762,000 par, 5.15%, due January 16, 2026**2,777,958 
Daimler Trucks$2,407,000 par, 2.38%, due December 14, 2028**2,099,245 
DCP Midstream Operating$1,787,000 par, 5.38%, due July 15, 2025**1,783,382 
21
DCP Midstream Operating$2,578,000 par, 5.13%, due May 15, 2029**2,569,389 
DCP Midstream Operating$2,607,000 par, 5.63%, due July 15, 2027**2,645,887 
DCP Midstream Operating$679,000 par, 5.60%, due April 1, 2044**678,511 
Dell International LLC/ EMC Corp.$809,000 par, 3.38%, due December 15, 2041**582,505 
Dell International LLC/EMC Corp.$1,062,000 par, 5.75%, due February 1, 2033**1,061,165 
Diamondback Energy Inc.$3,111,000 par, 6.25%, due March 15, 2033**3,310,915 
Dominion Energy Inc.$1,375,000 par, 5.38%, due November 15, 2032**1,414,651 
Dominion Resources Inc.$974,000 par, 3.90%, due October 1, 2025**954,953 
DPL Inc.$4,017,000 par, 4.13%, due July 1, 2025**3,824,637 
DTE Energy Co. $1,124,000 par, 2.53%, due October 1, 2024**1,079,152 
DTE Energy Co. $4,072,000 par, 4.22%, due November 1, 2024**4,024,526 
Duke Energy Corp.$3,249,000 par, 2.65%, due September 1, 2026**3,038,117 
Duke Energy Florida LLC$1,203,000 par, 4.20%, due July 15, 2048**1,069,153 
Duke Energy Florida LLC$311,000 par, 3.70%, due December 1, 2047**254,757 
Edison International $1,438,000 par, 5.75%, due June 15, 2027**1,474,251 
Edison International $3,052,000 par, 6.95%, due November 15, 2029**3,313,505 
Enel Finance America$1,477,000 par, 7.10%, due October 14, 2027**1,583,007 
Enel Finance International$2,032,000 par, 6.80%, due October 14, 2025**2,105,619 
Enel Finance International$457,000 par, 7.75%, due October 14, 2052**544,027 
Enel Finance International$575,000 par, 1.38%, due July 12, 2026**508,071 
Energy Transfer$177,000 par, 3.60%, due February 1, 2023**177,000 
Energy Transfer LP$3,133,000 par, 5.75%, due February 15, 2033**3,219,784 
Eversource Energy$593,000 par, 2.90%, due March 1, 2027**556,561 
FedEx Corp.$994,000 par, 2.40%, due May 15, 2031**839,525 
FirstEnergy Corp.$273,000 par, 3.40%, due March 1, 2050**193,942 
FirstEnergy Transmission LLC$1,109,000 par, 2.87%, due September 15, 2028**993,780 
FirstEnergy Transmission LLC$1,475,000 par, 5.45%, due July 15, 2044**1,457,079 
FirstEnergy Transmission LLC$4,385,000 par, 4.35%, due January 15, 2025**4,295,351 
FirstEnergy Transmission LLC$681,000 par, 4.55%, due April 1, 2049**592,197 
Ford Foundation$920,000 par, 2.82%, due June 1, 2070**600,532 
Ford Motor Credit$1,898,000 par, 2.30%, due February 10, 2025**1,759,944 
Ford Motor Credit Co. LLC$1,782,000 par, 7.35%, due November 4, 2027**1,868,873 
GE Healthcare Holdings LLC$1,432,000 par, 5.55%, due November 15, 2024**1,444,237 
General Motors Financial Company Inc.$2,563,000 par, 6.05%, due October 10, 2025**2,611,166 
Global Payments Inc.$1,503,000 par, 5.95%, due August 15, 2052**1,484,282 
Goldman Sachs Group Inc.$1,850,000 par, 2.65%, due October 21, 2032**1,526,054 
HCA Inc.$663,000 par, 4.63%, due March 15, 2052**559,222 
Hess Corp.$514,000 par, 5.80%, due April 1, 2047**520,802 
HSBC Holdings PLC$1,121,000 par, 8.11%, due November 03, 2033**1,285,978 
Huntington Bancshares Inc.$681,000 par, 4.44%, due August 4, 2028**663,372 
IBM Corp.$749,000 par, 4.00%, due July 27, 2025**739,599 
Indonesia Asahan Aluminum$2,034,000 par, 4.75%, due May 15, 2025**2,016,799 
Israel Electric Corp. Ltd. $2,114,000 par, 6.88%, due June 21, 2023**2,124,075 
JAB Holdings B.V. Sustainability$738,000 par, 4.50%, due April 08, 2052**549,843 
JPMorgan Chase & Co.$2,044,000 par, 4.91%, due July 25, 2033**2,036,514 
JPMorgan Chase & Co.$3,903,000 par, 5.55%, due December 15, 2025**3,934,491 
Kinder Morgan Inc.$1,837,000 par, 5.45%, due August 1, 2052**1,763,177 
22
Kraft Heinz Foods$988,000 par, 4.38%, due June 1, 2046**862,716 
Lexington Realty Trust$1,059,000 par, 2.38%, due October 1, 2031**833,352 
LYB International Finance III LLC$609,000 par, 4.20%, due May 1, 2050**494,213 
Magallanes Inc.$1,417,000 par, 5.05%, due March 15, 2042**1,209,882 
Marathon Petroleum Corp.$3,630,000 par, 5.13%, December 15,2026**3,667,291 
Marathon Petroleum Corp.$949,000 par, 4.70%, May 1, 2025**947,108 
Microchip Technology Inc.$437,000 par, 0.97%, due February 15, 2024**418,342 
Micron Technology Inc.$1,893,000 par, 2.70%, due April 15, 2032**1,510,740 
Morgan Stanley$3,897,000 par, 5.12%, due February 1, 2029**3,940,430 
Morgan Stanley Floating$3,482,000 par, 6.30%, due October 18, 2028**3,681,203 
Nextera Energy Capital Holdings Inc.$1,513,000 par, 4.45%, due June 20, 2025**1,503,797 
Nextera Energy Capital Holdings Inc.$6,429,000 par, 4.26%, due September 1, 2024**6,373,786 
Nissan Motor Acceptance Co.$1,572,000 par, 1.85%, due September 16, 2026**1,357,867 
Northwestern Mutual Global$2,031,000 par, 4.35%, due September 15, 2027**2,011,647 
NXP B.V. / NXP FDG LLC / NXP USA$229,000 par, 3.40%, due May 01, 2030**204,929 
NXP B.V. / NXP FDG LLC / NXP USA$549,000 par, 3.25%, due May 11, 2041**407,314 
NXP B.V. / NXP FDG LLC / NXP USA$579,000 par, 2.70%, due May 1, 2025**550,735 
Occidental Pete Corp.$2,732,000 par, 6.63%, due September 1, 2030**2,900,421 
Oneok Inc.$1,077,000 par, 6.10%, due November 15, 2032**1,132,496 
Oneok Inc.$2,008,000 par, 2.75%, due September 1, 2024**1,937,381 
Oracle Corp.$1,265,000 par, 3.60%, due April 1, 2040**1,002,302 
Oracle Corp.$1,512,000 par, 6.15%, due November 9, 2029**1,616,107 
Oracle Corp.$2,985,000 par, 3.60%, due April 1, 2050**2,193,549 
Oracle Corp.$505,000 par, 3.65%, due March 25, 2041**399,691 
Oracle Corp.$918,000 par, 3.25%, due November 15, 2027**864,123 
Pacific Gas & Electric Co$3,429,000 par, 3.85%, due November 15, 2023**3,391,427 
Pacific Gas & Electric Co$4,418,000 par, 3.25%, due February 16, 2024**4,336,458 
Pacific Gas & Electric Co$710,000 par, 4.60%, due June 15, 2043**574,523 
Pacific Gas & Electric Co. $2,265,000 par, 4.50%, due July 1, 2040**1,864,546 
Pacific Gas & Electric Co. $780,000 par, 4.00%, due December 1, 2046**567,761 
Pacific Gas & Electric Co. $943,000 par, 3.75%, due February 15, 2024**930,738 
Pacific Gas & Electric Co. $960,000 par, 4.25%, due August 1, 2023**955,753 
Peco Energy Co.$878,000 par, 2.85%, due September 15, 2051**622,144 
Philip Morris International$2,617,000 par, 5.13%, due November 15, 2024**2,635,313 
Plains All American$1,233,000 par, 4.70%, due June 15, 2044**1,014,517 
Plains All American Pipeline LP$1,008,000 par, 4.65%, due October 15, 2025**997,457 
PNC Financial Services Group Inc.$2,268,000 par, 4.76%, due January 26, 2027**2,271,698 
PNC Financial Services Group Inc.$2,891,000 par, 5.07%, due January 24, 2034**2,916,143 
Principal Life Global Funding II$1,213,000 par, 1.38%, due January 10, 2025**1,133,650 
Realty Income Corp.$1,126,000 par, 4.85%, due March 15, 2030**1,127,970 
Regal Rexnord Corp.$557,000 par, 6.40%, due April 15, 2033**571,106 
Regal Rexnord Corp.$618,000 par, 6.05%, due April 15, 2028**627,403 
Roche Holdings Inc.$3,291,000 par, 2.31%, due March 10, 2027**3,058,979 
Rogers Communications Inc.$387,000 par, 4.55%, due March 15, 2052**325,305 
Sabine Pass$3,647,000 par, 5.75%, due May 15, 2024**3,667,947 
San Diego Gas & Electric Co.$1,455,000 par, 3.75%, due June 1, 2047**1,209,456 
Saudi Arabian Oil Co.$2,150,000 par, 3.50%, due April 16, 2029**2,015,367 
Sempra Energy$162,000 par, 6.00%, due October 15, 2039**173,497 
23
Societe Generale$2,279,000 par, 6.45%, due January 10, 2029**2,364,051 
Societe Generale$315,000 par, 4.03%, due January 21, 2043**231,761 
Southern California Edison Co.$574,000 par, 5.45%, due June 1, 2052**586,538 
Southern California Gas Co.$1,580,000 par, 3.20%, due June 15, 2025**1,524,570 
Southern Co.$1,363,000 par, 2.70%, due August 1, 2027**1,386,524 
Southern Co.$2,217,000 par, 5.70%, due October 15, 2032**2,363,452 
Standard Chartered PLC$2,786,000 par, 1.82%, due November 23, 2025**2,589,205 
Sumitomo Mitsui Financial Group Inc.$4,147,000 par, 5.52%, due January 13, 2028**4,279,000 
Sumitomo Mitsui Financial Group Inc.$998,000 par, 5.77%, due January 13, 2033**1,055,764 
Sunoco Logistics Partner$2,794,000 par, 4.00%, due October 1, 2027**2,675,917 
Time Warner Cable $459,000 par, 7.30%, due July 1, 2038**492,166 
T-Mobile USA Inc.$1,738,000 par, 3.88%, due April 15, 2030**1,627,778 
T-Mobile USA Inc.$923,000 par, 5.80%, due September 15, 2062**969,050 
Toronto Dominion Bank$5,422,000 par, 5.16%, due January 10, 2028**5,532,304 
Toyota Motor Credit Corp.$1,293,000 par, 3.65%, due August 18, 2025**1,264,475 
Toyota Motor Credit Corp.$3,554,000 par, 5.45%, due November 10, 2027**3,707,854 
U.S. Bancorp$3,866,000 par, 4.65%, due February 1, 2029**3,862,715 
Union Electric Co.$905,000 par, 3.90%, due April 1, 2052**780,308 
UnitedHealth Group$3,861,000 par, 5.88%, due February 15, 2053**4,420,844 
Verizon$3,326,000 par, 2.55%, due March 21, 2031**2,838,896 
VMware Inc.$1,375,000 par, 2.20%, August 15, 2031**1,089,748 
WEC Energy Group Inc.$2,373,000 par, 4.75%, due January 15, 2028**2,385,186 
Wells Fargo & Co.$1,092,000 par, 4.61%, due April 25, 2053**1,018,870 
Wells Fargo & Co. $670,000 par, 4.90%, due November 17, 2045**635,847 
Westpac Banking Corp$2,636,000 par, 5.46%, due November 18, 2027**2,746,889 
Williams Partners$4,015,000 par, 3.75%, due June 15, 2027**3,881,798 
Total Corporate Bonds308,219,608 
Asset-Backed Securities
510 Asset Backed$384,736 par, 2.24%, due June 25, 2061**355,964 
Ally Auto Receivables Trust Series 19-4$31,202 par, 1.84%, due June 17, 2024**31,164 
Ally Auto Receivables Trust Series 19-4$640,000 par, 1.92%, due January 15, 2025 **634,373 
American Credit Acceptance Receivables Trust$662,584 par, 4.12%, due February 13 ,2026**658,139 
Americredit Automobile Receivables Trust$110,000 par, 0.66%, due December 18, 2024**109,744 
Americredit Automobile Receivables Trust$2,827,000 par, 4.81%, due July 18 ,2025**2,803,442 
Americredit Automobile Receivables Trust$579,000 par, 0.97%, due February 18, 2026**569,042 
Americredit Automobile Receivables Trust$913,000 par, 0.76%, due August 18, 2026**873,688 
BA Credit Card Trust$833,000 par, 0.34%, due May 15, 2026**801,032 
BMW Vehicle Owner Trust 2020-A Series 20 A $939,000 par, 0.62%, due April 26, 2027**899,239 
Capital One Multi-Asset Execution Trust$1,210,000 par, 1.39%, due July 15, 2030**1,047,817 
Capital One Multi-Asset Execution Trust$2,582,000 par, 3.49%, due May 15 ,2027**2,525,309 
Capital One Multi-Asset Execution Trust$864,000 par, 2.80%, due March 15, 2027**834,214 
Capital One Prime Auto$1,032,000 par, 0.77%, due September 15, 2026**976,406 
Capital One Prime Auto$14,408 par, 2.18%, due May 15, 2024**14,392 
CarMax Auto Owner Trust$1,171,000 par, 0.77%, due March 16, 2026**1,116,906 
CarMax Auto Owner Trust$1,194,000 par, 0.53%, due October 15, 2026**1,093,686 
CarMax Auto Owner Trust$1,468,000 par, 0.72%, due September 15, 2026**1,389,646 
CarMax Auto Owner Trust$1,558,000 par, 4.75%, due October 15, 2027**1,558,600 
CarMax Auto Owner Trust$1,835,000 par, 0.76%, due June 15, 2026**1,750,266 
CarMax Auto Owner Trust$2,255,000 par, 1.47%, due December 15, 2026**2,151,362 
24
CarMax Auto Owner Trust$360,943 par, 3.26%, due August 15, 2024**360,460 
CarMax Auto Owner Trust$707,186 par, 0.34%, due December 15, 2025**682,380 
Carvana Auto Receivables Trust$1,113,000 par, 0.70%, due November 10, 2026**1,049,860 
Carvana Auto Receivables Trust$309,776 par, 0.75%, due March 10, 2028**284,207 
Carvana Auto Receivables Trust$970,000 par, 1.03%, due June 10, 2027**854,494 
Chase Issuance Trust$1,781,000 par, 3.97%, due September 15, 2027**1,762,755 
CPS Auto Receivables Trust$1,456,573 par, 4.18%, due April 15 ,2030**1,445,411 
Credit Acceptance Auto Loan Trust$380,608 par, 1.37%, due July 16, 2029**377,329 
Credit Acceptance Auto Loan Trust$822,000 par, 1.26%, due October 15, 2030**776,420 
Discover Card$1,411,000 par, 1.03%, due September 15, 2028**1,258,215 
Drive Auto Receivables Trust$155,037 par, 2.28%, due August 17, 2026**153,739 
Drive Auto Receivables Trust$733,461 par, 0.79%, due October 15, 2025**729,072 
Drive Auto Receivables Trust$935,877 par, 1.02%, due June 15, 2027**917,130 
DT Auto Owner Trust$1,630,000 par, 1.02%, due May 15, 2026**1,561,534 
DT Auto Owner Trust$5,080,000 par, 5.48%, due April 15, 2027**5,078,720 
DT Auto Owner Trust$766,847 par, 0.56%, due September 15, 2025**757,006 
DT Auto Owner Trust$782,000 par, 5.19%, due October 16, 2028**780,980 
Exeter Automobile$1,477,000 par, 1.05%, due May 15, 2026**1,445,564 
Exeter Automobile$534,871 par, 0.68%, due July 15, 2025**533,260 
Exeter Automobile$856,751 par, 3.99%, due August 15 ,2024**855,408 
Flagship Credit Auto Trust $1,619,000 par, 5.38%, due December 15 ,2026**1,618,910 
Flagship Credit Auto Trust $583,847 par, 0.37%, due December 15, 2026**575,828 
Ford Credit Auto Owner Trust$1,156,000 par, 0.79%, due November 15, 2025**1,112,604 
Ford Credit Auto Owner Trust$1,323,000 par, 1.35%, due June 15, 2026**1,261,247 
Ford Credit Auto Owner Trust$1,638,000 par, 3.74%, due September 15 ,2026**1,610,735 
Ford Credit Auto Owner Trust$1,830,000 par, 0.51%, due August 15, 2026**1,706,506 
Ford Credit Auto Owner Trust$2,669,000 par, 1.53%, due May 15, 2034**2,382,673 
Ford Credit Auto Owner Trust$202,028 par, 1.04%, due August 15, 2024**200,263 
Ford Credit Auto Owner Trust$5,204,000 par, 4.48%, due December 15 ,2026**5,177,017 
Ford Credit Auto Owner Trust$748,000 par, 1.35%, due July 15, 2025**725,802 
Ford Credit Floorplan Master Owner Trust$1,550,000 par, 1.06%, due September 15, 2027**1,416,220 
GLS Auto Receivables$536,588 par, 0.77%, due September 15, 2025**532,835 
GM Financial$1,581,000 par, 5.19%, due March 16, 2026**1,583,016 
GM Financial$2,144,000 par, 4.66%, due February 16, 2028**2,145,589 
GM Financial$940,000 par, 1.17%, due June 12, 2034**835,037 
GM Financial Consumer Automobile Receivables$1,398,000 par, 0.54%, due May 17, 2027**1,302,594 
GM Financial Consumer Automobile Receivables$1,545,000 par, 0.50%, due February 17, 2026**1,452,928 
GM Financial Consumer Automobile Receivables$269,456 par, 1.49%, due December 16, 2024**266,457 
GM Financial Consumer Automobile Receivables$339,545 par, 1.84%, due September 16, 2024**337,908 
GM Financial Consumer Automobile Receivables$662,800 par, 0.45%, due April 16, 2025**650,388 
GM Floorplan Owner Revolving Trust Series$1,315,000 par, 0.68%, due August 15, 2025**1,283,466 
Harley-Davidson Motorcycle$1,400,000 par, 0.53%, due September 15, 2028**1,316,117 
Harley-Davidson Motorcycle$1,714,968 par, 0.37%, due April 15, 2026**1,664,222 
Honda Auto$363,337 par, 0.82%, due July 15, 2024**358,857 
Honda Auto $1,432,000 par, 0.88%, due January 21, 2026**1,363,242 
Honda Auto $1,922,000 par, 0.46%, due April 19, 2027**1,848,489 
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Hyundai Auto$1,028,000 par, 1.03%, due December 15, 2027**944,359 
Hyundai Auto$1,160,000 par, 0.74%, due May 15, 2026**1,102,481 
Hyundai Auto$1,457,000 par, 4.38%, due October 15 ,2025**1,445,223 
Hyundai Auto$1,976,000 par, 0.38%, due January 15, 2026**1,898,589 
Hyundai Auto Receivables Trust$1,147,000 par, 1.41%, due June 15, 2026**1,108,807 
Hyundai Auto Receivables Trust$495,073 par, 1.41%, due November 15, 2024**489,071 
Hyundai Auto Receivables Trust$546,000 par, 2.22%, due October 15 ,2026**523,848 
Mercedes Benz Auto Receivables Trust$1,755,000 par, 5.21%, due August 16 ,2027**1,778,361 
Nissan Auto Lease$2,768,000 par, 4.91%, due January 15, 2026**2,762,897 
Nissan Auto Receivables Owner Trust$3,230,000 par, 0.33%, due October 15, 2025**3,105,997 
Nissan Auto Receivables Owner Trust$418,869 par, 1.38%, due December 16, 2024**413,780 
Prestige Auto $272,547 par, 0.55%, due September 16, 2024**272,041 
Santander Consumer $1,088,000 par, 0.48%, due June 15, 2026**1027267
Santander Consumer $954,760 par, 0.33%, due October 15, 2025**938895
Santander Drive Auto Receivables Trust$1,084,098 par, 4.05%, due July 15, 2025**1,081,137 
Santander Drive Auto Receivables Trust$1,398,000 par, 4.49%, due November 16, 2026**1,386,915 
Santander Drive Auto Receivables Trust$1,509,000 par, 4.72%, due June 15, 2027**1,499,123 
Santander Drive Auto Receivables Trust$1,675,000 par, 4.88%, due April 15, 2027**1,672,844 
Santander Drive Auto Receivables Trust$1,998,000 par, 4.96%, due November 15, 2028**1,979,496 
Santander Drive Auto Receivables Trust$2,035,000 par, 3.44%, due September 15 ,2027**1,979,286 
Santander Drive Auto Receivables Trust$610,000 par, 5.44%, due October 15, 2028**603,187 
Santander Drive Auto Receivables Trust$635,731 par, 1.01%, due January 15, 2026**628,760 
Santander Drive Auto Receivables Trust$683,000 par, 5.95%, due January 17, 2028**697,565 
Toyota Auto Fixed $1,106,000 par, 1.66%, due September 15, 2025**1,072,440 
Toyota Auto Receivables Owner Trust$1,230,000 par, 0.90%, due October 15, 2026**1,130,955 
Toyota Auto Receivables Owner Trust$1,446,000 par, 0.47%, due January 15, 2026**1,370,916 
Toyota Auto Receivables Owner Trust$306,101 par, 1.36%, due August 15, 2024**303,163 
Toyota Auto Receivables Owner Trust$502,000 par, 1.02%, due March 15, 2027**459,123 
Toyota Auto Receivables Owner Trust$669,000 par, 1.68%, due May 15, 2025**653,352 
USAA Auto Owner Trust$3,175,000 par, 4.86%, due November 16 ,2026**3,182,972 
VCAT Asset Securitization LLC Series $636,027 par, 2.29%, due December 26, 2050**608,218 
Verizon Communications Inc. $3,572,000 par, 0.50%, due May 20, 2027**3,372,825 
Verizon Master Trust$2,125,000 par, 3.67%, due January 22, 2029**2,082,121 
Verizon Master Trust$2,302,000 par, due July 20, 2027**2,272,282 
Verizon Master Trust$3,132,000 par, due January 22, 2029**3,131,388 
Verizon Master Trust$3,795,000 par, 1.04%, due January 20, 2027**3,723,508 
Verizon Owner Trust$3,179,000 par, 2.06%, due April 22 ,2024**3,173,178 
Verizon Owner Trust$385,854 par, 1.85%, due July 22, 2024**384,542 
Volkswagen Auto$1,566,000 par, 3.68%, due July 21, 2025**1,536,057 
Volkswagen Auto$1,892,000 par, 3.65%, due January 20, 2027**1,849,822 
Volkswagen Auto$465,294 par, 1.98%, due November 20, 2024**458,558 
Volt CII LLC$2,155,092 par, 1.87%, due August 25, 2051**1,909,407 
Volt XCIV LLC$1,023,484 par, 2.24%, due February 27, 2051**959,373 
Westlake Automobile Receivables Trust$1,577,000 par, 6.02%, due January 18, 2028**1,578,536 
Westlake Automobile Receivables Trust$2,221,252 par, 3.36%, due August 15, 2025**2,200,799 
Westlake Automobile Receivables Trust$293,000 par, 5.41%, due January 18, 2028**294,684 
World Omni Auto Receivables Trust$1,152,000 par, 0.61%, due October 15, 2026**1,073,784 
World Omni Auto Receivables Trust$283,006 par, 1.96%, due December 16, 2024**281,233 
World Omni Auto Receivables Trust$535,721 par, 0.48%, due November 17, 2025**520,772 
World Omni Select$210,229 par, 0.55%, due July 15, 2025**208,662 
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World Omni Select$42,053 par, 0.29%, due February 18, 2025**41,974 
Total Asset-Backed Securities147,761,898 
Mortgage-Backed Securities
510 Asset Backed$1,871,006 par, 2.12%, due June 25, 2061**1,703,431 
Benchmark Mortgage Trust$1,010,000 par, 0.00%, due December 1, 2057**890,042 
Benchmark Mortgage Trust$1,215,000 par, 2.29%, due March 15, 2053**1,035,792 
Benchmark Mortgage Trust$1,293,000 par, 2.03%, due October 15, 2053**1,069,779 
Benchmark Mortgage Trust$1,484,000 par, 1.99%, due September 15, 2053**1,221,292 
Benchmark Mortgage Trust$1,635,000 par, 1.97%, due January 15, 2054**1,341,511 
Benchmark Mortgage Trust$474,000 par, variable rate, due August 15, 2054**393,193 
Benchmark Mortgage Trust$941,000 par, 2.39%, due July 15, 2054**791,211 
Benchmark Mortgage Trust $1,810,000 par, 2.64%, due April 15, 2054**1,545,312 
Citigroup Commercial Mortgage Trust$816,000 par, 3.72% floating rate, due December 10, 2049**778,830 
Citigroup Commercial Mortgage Trust $234,000 par, 3.78%, due September 10, 2058**226,435 
Citigroup Commercial Mortgage Trust$1,143,000 par, 3.10%, due December 15, 2072**1,026,580 
Citigroup Commercial Mortgage Trust$895,000 par, 3.15%, due November 15, 2049**833,839 
Commercial Mortgage$1,116,000 par, 3.77%, due October 10, 2048**1,080,145 
Commercial Mortgage Bank$521,000 par, 2.14%, due April 17, 2063**440,732 
Commercial Mortgage Bank $888,000 par, 0.00%, due October 1, 2052**794,465 
Commercial Mortgage Trust$927,366 par, 3.77%, due October 10, 2046**918,314 
Commercial Mortgage Trust $97,977 par, 3.21%, due March 10, 2046**97,487 
CSAIL Commercial Mortgage Trust$436,000 par, 3.33% floating rate, due June 15, 2052**397,088 
CSAIL Commercial Mortgage Trust$531,000 par, 3.50%, due November 15, 2049**504,278 
CSMC$758,532 par, 2.69%, due March 25, 2060**740,611 
CWMBS Inc. Mortgage Pass-through Series $402,033 par, 6.00%, due December 25, 2033**384,567 
FREDDIE MAC STACR REMIC SERIES$3,023,651 par, due November 25, 2041**2,987,760 
GS Mortgage Securities Trust$299,542 par, 3.14%, due June 10, 2046**297,419 
GS Mortgage Securities Trust$341,000 par, 3.44%, due November 10, 2049**322,755 
GS Mortgage Securities Trust$519,000 par, 4.07%, due January 10, 2047**508,929 
GS Mortgage Securities Trust$873,000 par, 2.91%, due February 13, 2053**782,395 
Legacy Mortgage Trust$2,570,212 par, 1.75%, due April 25, 2061**2,419,606 
Legacy Mortgage Trust$519,817 par, 1.65%, due June 25, 2061**474,871 
Mill City Mortgage$586,735 par, 1.13%, due November 25, 2060**545,453 
*Morgan Stanley Bank of America Merrill Lynch$1,239,000 par, variable rate, due February 15, 2048**1,194,139 
*Morgan Stanley Bank of America Merrill Lynch$1,532,000 par, 3.73%, due May 15, 2048**1,479,454 
Preston Ridge Partners Series$968,602 par, variable rate, due February 25, 2032**913,855 
Preston Ridge Partners Series Mortgage Trust$416,042 par,variable rate, due June 25, 2024**384,011 
PRPM$1,067,102 par, 1.32%, due July 25, 2051**959,328 
PRPM$366,669 par, 2.12%, due March 25, 2026**347,346 
PRPM$617,739 par, 2.36%, due October 25, 2026**579,803 
PRPM$820,914 par, 1.87%, due April 25, 2026**771,151 
Residential Accredit Loans Inc.$5 par, variable rate, due January 25, 2046**4 
VCAT $290,770 par, 1.92%, due September 25, 2051**270,353 
Vericrest Opportunity Loan Transferee $1,119,483 par, 1.89%, due February 27, 2051**991,051 
Volt$868,112 par, 2.12%, due March 27, 2051**814,937 
Volt XCIII LLC$541,536 par, variable rate, due March 27, 2051**486,577 
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Volt XCVII $1,170,108 par, variable rate, due April 25, 2051**1,059,428 
Wells Fargo Commercial Mortgage Trust$1,195,000 par, 3.10%, due May 15, 2049**1,124,918 
Wells Fargo Commercial Mortgage Trust$306,000 par, 4.44%, due September 15, 2061**300,671 
Wells Fargo Commercial Mortgage Trust$338,000 par, 2.12%, due August 15, 2053**283,905 
Wells Fargo Commercial Mortgage Trust$413,000 par, 3.81%, due December 15, 2048**399,884 
Wells Fargo Commercial Mortgage Trust$530,000 par, 2.63%, due November 15, 2054**449,495 
Wells Fargo Commercial Mortgage Trust$564,000 par, 4.00%, due April 15, 2055**531,046 
Wells Fargo Commercial Mortgage Trust$880,000 par, 3.70%, due November 15, 2048**847,667 
Wells Fargo Commercial Mortgage Trust$1,230,000 par, 3.63%, due November 15, 2047**1,188,856 
WFRBS Commercial Mortgage Trust$68,662 par, 3.34%, due June 15, 2046**67,994 
Total Mortgage-Backed Securities41,999,995 
Collective Investment Trusts / Collective Trust Funds
BlackRock Institutional Trust Company, N.A.Government Short-Term Investment Fund**750,525,951 
BlackRock Institutional Trust Company, N.A.Intermediate Government Bond Index Non-Lendable Fund **302,237,215 
BlackRock Institutional Trust Company, N.A.Long Term Government Bond Index Non-Lendable Fund**222,287,247 
BlackRock Institutional Trust Company, N.A.MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund **2,342,568,259 
BlackRock Institutional Trust Company, N.A.MSCI USA Minimum Volatility Index Fund **863,891,771 
BlackRock Institutional Trust Company, N.A.MSCI USA Momentum Index RSL Fund **851,276,168 
BlackRock Institutional Trust Company, N.A.MSCI USA Quality Index RSL Fund **896,536,617 
BlackRock Institutional Trust Company, N.A.MSCI USA Value Weighted Index RSL Fund **909,821,162 
BlackRock Institutional Trust Company, N.A.Russell 1000 Index Non-Lendable Fund **9,843,186,103 
BlackRock Institutional Trust Company, N.A.Russell 2000 Index Non-Lendable Fund **501,180,059 
BlackRock Institutional Trust Company, N.A.Russell 2500 Index Non-Lendable Fund **915,357,727 
BlackRock Institutional Trust Company, N.A.U.S. Debt Index Non-Lendable Fund **1,159,910,250 
BlackRock Institutional Trust Company, N.A.U.S. Treasury Inflation Protected Securities Non-Lendable Fund**231,717,444 
Global Trust CompanyAltrinsic International Equity Collective Fund**737,255,617 
Global Trust CompanyAQR Emerging Equities Collective Investment Fund**374,467,526 
Global Trust CompanyVictory Mid Cap Value Collective Investment Trust Fund**357,659,684 
JPMorgan Chase Bank, N.A.Short Duration Bond Fund**251,617,217 
Principal Global Investors Trust Company Global Property Securities Fund**386,679,059 
Prudential Trust CompanyCore Plus Bond Fund**1,097,963,997 
Prudential Trust CompanyLong Duration Credit Fund**755,227,721 
Reliance Trust CompanyDriehaus Emerging Markets Growth CIT Fund**366,287,902 
Reliance Trust CompanyThe Collective LSV International (ACWI EX US) Value Equity Fund**1,504,741,427 
SEI Trust CompanyAEW Global Properties Trust Fund **386,780,388 
SEI Trust CompanyCohen & Steers Global Listed Infrastructure Fund**95,187,765 
SEI Trust CompanyCoreCommodity Management Diversified I CIT Fund**92,275,182 
SEI Trust CompanyFiera Asset Management USA Collective Trust**1,115,736,436 
SEI Trust CompanyJackson Square SMID-Cap Growth CIT Fund**233,695,633 
SEI Trust CompanyNuveen Global Infrastructure Fund **190,749,552 
*The Northern Trust CompanyCollective Government Short Term Investment Fund**2,799,761 
*The Northern Trust CompanyGQG Partners International Equity CIT Fund**1,076,702,162 
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*The Northern Trust CompanyThe Collective First State Investments Global Listed Infrastructure Fund**190,708,495 
*The Northern Trust CompanyThe Presima Global Real Estate Concentrated Collective Fund**336,538,841 
Wellington Trust Company, NACIF II Commodities Portfolio**97,478,997 
Total Collective Investment Trusts/Collective Trust Funds29,441,049,335 
Total Investments$35,611,558,392 
*Notes Receivable from participantsLoans to participants, interest rates ranging from 4.25% to 8.50%, with various maturities$1,125,958,080 

* Represents a party-in-interest.
** Column (d) cost information not required as accounts are participant directed.
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SIGNATURES
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.

Walmart 401(k) Plan
June 27, 2023
By:
/s/ Adam Stavisky
Adam Stavisky
Senior Vice President, US Benefits, Global People
Walmart Inc.


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