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Published: 2021-07-22 16:34:00 ET
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11-K 1 wmtform11-kx1312021us401k.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, 2021
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, 2021 and 2020, and for the year ended January 31, 2021


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, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended January 31, 2021, 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, 2021 and 2020, and the changes in its net assets available for benefits for the year ended January 31, 2021, 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, 2021 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
July 22, 2021

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


January 31,
20212020
Assets
Investments, at fair value
$33,999,069,759 $31,509,348,853 
Notes receivable from participants
1,034,322,692 1,147,825,718 
Accrued investment income
3,975,064 6,650,151 
Total assets
35,037,367,515 32,663,824,722 
Liabilities
Due to broker
6,717,401 7,519,149 
Accrued expenses
6,095,786 4,895,607 
Total liabilities
12,813,187 12,414,756 
Net assets available for benefits
$35,024,554,328 $32,651,409,966 
See accompanying notes.
2
Walmart 401(k) Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended
January 31, 2021
Additions
Investment income:
Net appreciation in fair value of investments$4,050,643,811 
Interest and dividends122,549,324
Net investment income4,173,193,135
Interest income on notes receivable from participants57,819,197
Contributions:
Company1,284,393,388
Participant1,751,390,767
Rollovers69,582,608
Total contributions3,105,366,763
Other, net3,402,077 
Total additions7,339,781,172 
Deductions
Benefits paid to participants4,929,604,875
Administrative expenses31,218,560
Fees on notes receivable from participants5,813,375
Total deductions4,966,636,810
Net increase2,373,144,362
Net assets available for benefits:
Beginning of year32,651,409,966
End of year$35,024,554,328 

See accompanying notes.







3
Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2021
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 participate in 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 The 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 the 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.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law.  Plans were permitted to adopt these provisions immediately provided the Plan document is retroactively amended on or before December 31, 2022.  Plan management elected to adopt the following provisions:
•On or after April 20, 2020 and before December 31, 2020, any qualified individual, as defined in the CARES Act, was permitted to request a distribution from his or her vested account in the Plan, up to a maximum of $100,000. Active employees who receive a coronavirus-related distribution from the Plan (or from any other eligible retirement plan) may repay all or any portion of the distribution to the plan within the three-year period beginning on the date after the distribution.
•Qualified individuals with outstanding loans on or after April 20, 2020 were permitted to request that their loan payments through December 31, 2020 be deferred through December 31, 2020. Where payments were deferred, the loan was re-amortized in January 2021 to reflect interest accrued during the delay, and payments recommenced for the remainder of the loan period, plus one year. 
•The normal loan limits were increased from $50,000 to $100,000, and from 50% to 100% of the vested account balance, for qualified individuals taking loans on or after April 20, 2020 and before September 23, 2020.
Contributions
Eligible associates 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 who has completed at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any Plan year) will receive a Company matching contribution. 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.
4
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, 2021. 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 profit sharing 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.
Notes Receivable from Participants
Except for the Cares Act provisions, participants may borrow from their fund accounts a minimum of $1,000 up to generally 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 fifteen 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. 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. 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 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, 2021, 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). Participant contributions are accrued for pay periods ended prior to the Plan's year-end. Company contributions are recorded when paid to the Plan. Walmart contributions to the Plan related to the plan year ended January 31, 2021, were paid throughout the plan year.
5

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 appreciation in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.
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. No allowances for credit losses have been recorded as of January 31, 2021 and 2020. 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, 2021 and 2020, there were benefits in the amount of $26,900,983 and $24,168,806, 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 appreciation of fair value of investments and direct expenses are included in administrative expenses.
Recent Accounting Pronouncement
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates certain disclosure requirements, including the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of transfers between levels, as well as modification of certain disclosure requirements for Level 3 fair value measurements. ASU 2018-13 is effective for all reporting periods beginning after December 15, 2019. The Plan adopted ASU 2018-13 on February 1, 2020, which resulted in the removal of certain fair value disclosures, which did not have a material impact on the financial statements and it had no impact on the Plan's net assets available for benefits.
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.
6
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, 2021 and 2020. During the year ended January 31, 2021, 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 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, 2021
Level 1Level 2Total
Walmart Inc. equity securities$3,866,671,288 $— $3,866,671,288 
Common stocks794,010,191 —794,010,191 
Cash equivalent16,662,258 —16,662,258 
Exchange traded funds395,474,861 —395,474,861 
Mutual fund558,732,215 —558,732,215 
Government securities—607,306,316 607,306,316 
Corporate bonds—313,676,068 313,676,068 
Asset-backed securities—145,907,798 145,907,798 
Mortgage-backed securities—42,363,038 42,363,038 
Total assets in the fair value hierarchy$5,631,550,813 $1,109,253,220 $6,740,804,033 
Investments measured at NAV*27,258,265,726 
Total investments at fair value$33,999,069,759 
7
Fair Value Measurements as of January 31, 2020
Level 1Level 2Total
Walmart Inc. equity securities$3,566,154,899 $— $3,566,154,899 
Common stocks694,793,949 — 694,793,949 
Cash equivalent13,062,479 — 13,062,479 
Mutual funds487,905,413 — 487,905,413 
Government securities— 635,861,821 635,861,821 
Corporate bonds— 292,348,765 292,348,765 
Asset-backed securities— 156,789,072 156,789,072 
Mortgage-backed securities— 33,410,850 33,410,850 
Total assets in the fair value hierarchy$4,761,916,740 $1,118,410,508 $5,880,327,248 
Investments measured at NAV*25,629,021,605 
Total investments at fair value$31,509,348,853 
*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, 2021 and 2020.
Investments
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
20212020
Collective investment trusts/collective trust funds$27,258,265,726 $25,629,021,605 
N/A
Daily
N/A

Note 5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by The Northern Trust Company, Bank of America, N.A., Merrill Lynch & Company, and other companies that 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.
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 (unless it is specifically terminated) 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.


8
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,
20212020
Net assets available for benefits per the financial statements$35,024,554,328 $32,651,409,966 
Less: Benefits payable per the Form 5500(26,900,983)(24,168,806)
Net assets available for benefits per the Form 5500$34,997,653,345 $32,627,241,160 
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, 2021:
Net increase in net assets available for benefits per the financial statements$2,373,144,362 
Less: Benefits payable per the Form 5500 at January 31, 2021(26,900,983)
Add: Benefits payable per the Form 5500 at January 31, 202024,168,806 
Net income per the Form 5500$2,370,412,185 
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.

9
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, 2021
(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**$3,866,671,288 
Other Common Stocks
Aegion Corp.Common Stock**2,429,947 
Aerie Pharmaceuticals Inc.Common Stock**2,923,469 
Air Transport Services Group Inc.Common Stock**3,816,887 
Akebia Therapeutics Inc.Common Stock**797,280 
Alamo Group Inc. Common Stock**3,151,244 
Alarm.com Holdings Inc.Common Stock**3,745,234 
Albireo Pharma Inc. Common Stock**2,902,100 
Alkermes PLC Common Stock**962,098 
Ameris BankcorpCommon Stock**2,063,717 
Amerisafe Inc.Common Stock**554,334 
AMN Healthcare Services Inc.Common Stock**5,979,325 
Argo Group International Holdings Common Stock**1,934,137 
ASGN IncorporatedCommon Stock**4,547,614 
Aspen Technology Inc.Common Stock**4,147,686 
Atrion Corp.Common Stock**5,770,070 
Avnet Inc.Common Stock**3,866,622 
Axalta Coating Systems Ltd.Common Stock**7,756,926 
Axos Financial Inc.Common Stock**2,177,967 
Banner Corp.Common Stock**4,608,943 
Bio-Techne Corp.Common Stock**8,889,863 
Black Hills Corp.Common Stock**3,114,442 
Black Knight Inc.Common Stock**4,563,939 
Blackline Inc.Common Stock**7,296,439 
Boingo Wireless Inc.Common Stock**2,059,244 
Brady Corp.Common Stock**140,026 
Brandywine Realty TrustCommon Stock**2,540,505 
Brigham Minerals Inc. Common Stock**2,639,397 
Bright Horizons Family Solutions Inc.Common Stock**5,297,522 
Brooks Automation Inc. Common Stock**6,890,524 
BRP Group Inc.Common Stock**1,581,529 
Brunswick Corp.Common Stock**4,085,927 
Builders FirstSource, Inc.Common Stock**6,766,425 
Cable One Inc. Common Stock**6,878,000 
Caesars Entertainment, Inc. Common Stock**3,505,422 
Calavo Growers Inc. Common Stock**2,228,530 
Cantel Medical Corp.Common Stock**2,539,043 
Capri Holdings LTDCommon Stock**4,118,091 
Cardtronics PLCCommon Stock**3,690,323 
Castle Biosciences Inc. Common Stock**2,043,528 
Cathay General Bancorp Common Stock**3,873,810 
10
CBIZ Inc.Common Stock**1,501,225 
Century Casinos Inc. Common Stock**1,647,192 
Ceva Inc. Common Stock**3,658,208 
ChampionX Corporation Common Stock**2,991,106 
CIRCOR International Inc. Common Stock**3,355,060 
CMC Materials Inc. Common Stock**6,124,413 
CNO Financial Group Inc.Common Stock**2,730,363 
CNX Resources Corporation Common Stock**1,443,835 
Coda Octopus Group Inc. Common Stock**424,601 
Cogent Communications Holdings Inc. Common Stock**4,340,843 
Coherus BioSciences Inc. Common Stock**1,916,190 
Collegium Pharmaceutical Inc.Common Stock**3,665,635 
Commercial Metals CompanyCommon Stock**2,143,493 
Compass Minerals International Inc. Common Stock**2,982,737 
Concentrix CorporationCommon Stock**2,793,499 
Coupa Software Inc.Common Stock**1,963,646 
CSW Industrials Inc. Common Stock**3,928,938 
Dana Inc.Common Stock**4,550,820 
Deluxe Corp.Common Stock**1,337,232 
Dennys Corp.Common Stock**580,264 
Descartes Sys Group Inc. Common Stock**3,427,176 
Dine Brands Global Inc.Common Stock**2,587,370 
Diodes Inc. Common Stock**2,932,911 
Donnelley Financial Solutions Inc.Common Stock**918,151 
Douglas Dynamics Inc. Common Stock**6,147,377 
DXC Technology Co. Common Stock**3,013,170 
Echo Global Logistics Inc. Common Stock**1,667,558 
Element Solution Inc. Common Stock**7,067,024 
EMCOR Group Inc.Common Stock**2,610,766 
Emergent Biosolutions Inc. Common Stock**4,408,524 
Envestnet Inc.Common Stock**6,514,837 
Establishment Labs Holdings Inc. Common Stock**896,910 
Evercore Inc. Common Stock**4,077,722 
Evertec Inc. Common Stock**3,693,468 
EVO Payments Inc. Common Stock**4,247,026 
Exponent Inc. Common Stock**3,570,511 
Fabrinet Common Stock**4,691,010 
Federal Agricultural Mortgage Corp.Common Stock**3,288,368 
Federal Signal Corp.Common Stock**5,046,519 
First American Financial Corp.Common Stock**4,887,808 
First Busey Corp.Common Stock**2,387,922 
First Interstate BancSystem, Inc.Common Stock**3,451,913 
Flagstar Bancorp Inc. Common Stock**4,674,678 
Floor & Décor Holdings Inc.Common Stock**6,985,903 
Franklin Covey Co.Common Stock**1,863,562 
FTI Consulting Inc. Common Stock**2,620,035 
GATX Corp.Common Stock**3,874,400 
Gibraltar Industries Inc.Common Stock**5,946,323 
Group 1 Automotive Inc.Common Stock**8,779,330 
Guidewire Software Inc.Common Stock**5,725,411 
Hamilton Lane Inc. Common Stock**5,642,198 
HealthEquity Inc. Common Stock**5,841,398 
Heartland Financial USA Inc.Common Stock**3,299,794 
Heico Corp.Common Stock**6,618,861 
11
Helios Technologies Inc. Common Stock**1,401,717 
Horace Mann Educators Corp.Common Stock**2,448,987 
Hostess Brands Inc.Common Stock**3,501,458 
Huron Consulting Group Inc. Common Stock**497,559 
IAA Spinco Inc.Common Stock**6,596,013 
IDEX CorporationCommon Stock**1,729,705 
Insight Enterprises Inc. Common Stock**7,724,150 
International Game Technology PLCCommon Stock**4,350,506 
Investors Bancorp Inc.Common Stock**5,032,310 
IRadimed CorporationCommon Stock**1,644,121 
Ituran Location & Control Common Stock**938,453 
J2 Global, Inc. Common Stock**3,827,959 
Jack In The Box Inc.Common Stock**2,149,781 
John Bean Technologies Corp.Common Stock**5,083,076 
Karyopharm Therapeutics Inc. Common Stock**2,547,766 
Kennametal Inc.Common Stock**4,651,740 
Kiniksa Pharmaceuticals, Ltd.Common Stock**1,609,795 
Korn Ferry Common Stock**4,829,405 
Ladder Capital Corp.Common Stock**2,724,945 
La-Z-Boy, Inc. Common Stock**2,951,587 
LCI Industries Common Stock**474,695 
Lemaitre Vascular Inc. Common Stock**7,382,977 
Lexington Realty TrustCommon Stock**3,608,625 
Ligand Pharmaceuticals Inc. Common Stock**6,287,628 
Littelfuse Inc.Common Stock**2,329,294 
LPL Financial Holdings, Inc.Common Stock**8,694,285 
M/I Homes Inc.Common Stock**4,180,059 
Magellan Health Inc. Common Stock**3,083,484 
Magnolia Oil & Gas Corp. Common Stock**4,030,610 
Marcus & Millichap Inc.Common Stock**2,106,284 
Marriott Vacations Worldwide Corp.Common Stock**3,501,606 
Masonite International Corp.Common Stock**4,276,112 
Matador Resources CompanyCommon Stock**3,046,924 
Materion Corp.Common Stock**3,545,880 
Medifast Inc.Common Stock**5,408,439 
Mesa Labs Inc. Common Stock**5,265,937 
MGIC Investment Corp.Common Stock**887,204 
Minerals Technologies Inc. Common Stock**3,930,453 
MiX Telematics Ltd.Common Stock**539,335 
MKS Instruments Inc.Common Stock**5,311,152 
Moelis & CompanyCommon Stock**4,084,919 
Monro Inc. Common Stock**2,732,946 
Natus Medical Inc.Common Stock**3,084,194 
Netgear Inc.Common Stock**2,453,723 
Nova Measuring Instruments Ltd.Common Stock**2,182,901 
Novanta Inc.Common Stock**5,228,277 
Okta Inc. Common Stock**2,083,994 
ONE Gas Inc. Common Stock**2,493,660 
OneMain Holdings Inc. Common Stock**4,145,330 
12
Onto Innovation Inc. Common Stock**4,930,711 
Optinose Inc. Common Stock**661,842 
Orthopediatrics Corp.Common Stock**6,752,209 
Pacira BioSciences Inc. Common Stock**1,261,732 
Park City Group, Inc. Common Stock**1,399,232 
Parsons CorporationCommon Stock**1,904,280 
Performance Food Group Company Common Stock**4,672,764 
PGT Innovations Inc. Common Stock**2,473,954 
Pinnacle Financial Partners Inc.Common Stock**5,092,122 
Pioneer Natural Resources CompanyCommon Stock**2,103,088 
Piper Sandler Companies, Inc.Common Stock**3,718,866 
Points International Ltd.Common Stock**3,175,041 
PRA Health Sciences Inc.Common Stock**4,476,693 
Preferred Apartment Communities Inc.Common Stock**1,278,892 
Preferred BankCommon Stock**3,662,169 
PROG Holdings Inc.Common Stock**1,896,542 
PROS Holdings Inc.Common Stock**2,807,746 
Provention Bio, Inc.Common Stock**1,454,002 
Puma Biotechnology Inc. Common Stock**1,308,411 
Qualys Inc.Common Stock**4,447,656 
Quanex Building Products Corp.Common Stock**2,898,568 
Quinstreet Inc. Common Stock**772,133 
Radian Group Inc. Common Stock**4,245,946 
Radware Ltd.Common Stock**8,291,128 
Renasant Corp.Common Stock**1,610,806 
Repligen Corp.Common Stock**3,953,800 
Resideo Technologies Inc. Common Stock**3,763,313 
Retail Opportunity Investments Corp. Common Stock**3,115,074 
Revance Therapeutics Inc.Common Stock**3,583,199 
Rhythm Pharmaceuticals Inc. Common Stock**639,150 
Ritchie Bros. Auctioneers, Inc. Common Stock**5,287,173 
RLJ Lodging TrustCommon Stock**2,659,060 
Rush Enterprises Inc. Common Stock**4,661,394 
Saia, Inc. Common Stock**4,993,188 
Scholar Rock Holding CorporationCommon Stock**144,676 
Scientific Games CorporationCommon Stock**3,199,372 
ShotSpotter, Inc. Common Stock**1,130,434 
Shutterstock Inc. Common Stock**1,502,569 
Silicon Motion Technology CorporationCommon Stock**2,649,167 
Simpson Manufacturing Co., Inc. Common Stock**2,097,600 
Sinclair Broadcast Group Inc. Common Stock**3,828,465 
SiteOne Landscape Supply Inc.Common Stock**7,027,325 
SP Plus CorporationCommon Stock**4,112,780 
Spire Inc. Common Stock**2,857,451 
SPX CorporationCommon Stock**3,284,878 
Stag Industrial Inc.Common Stock**2,675,176 
Strategic Education Inc.Common Stock**1,395,097 
Stride Inc. Common Stock**4,542,635 
Summit Hotel Properties Inc. Common Stock**1,730,873 
13
Summit Materials Inc. Common Stock**2,940,717 
Suncoke Energy Inc. Common Stock**1,356,258 
Sunstone Hotel Investors Inc.Common Stock**5,122,893 
Supernus Pharmaceuticals Inc.Common Stock**3,595,396 
Switch Inc. Common Stock**4,327,386 
Synaptics Inc. Common Stock**2,573,568 
TechnipFMC PLCCommon Stock**1,716,547 
Tegna Inc. Common Stock**5,693,519 
TFI International Inc. Common Stock**4,912,507 
The Middleby Corp.Common Stock**965,784 
Thor Industries Inc. Common Stock**3,786,161 
Tower Semiconductor Ltd.Common Stock**5,913,557 
Travere Therapeutics Inc. Common Stock**1,206,344 
Trex Company, Inc. Common Stock**6,685,261 
Trinity Industries, Inc. Common Stock**4,272,311 
Tronox Holdings PLC Common Stock**3,027,956 
Trupanion, Inc. Common Stock**1,991,438 
TTM Technologies Inc. Common Stock**2,979,487 
Tyler Technologies Inc. Common Stock**2,943,041 
UniFirst CorporationCommon Stock**3,670,800 
United Therapeutics CorporationCommon Stock**2,985,292 
Univar Solutions Inc. Common Stock**6,515,795 
Upland Software Inc. Common Stock**747,302 
UroGen Pharma Ltd.Common Stock**2,332,865 
Utah Medical Products Inc.Common Stock**3,169,349 
Vonage Holdings Corp.Common Stock**2,589,138 
Washington Real Estate Investment TrustCommon Stock**1,681,877 
Wayfair Inc. Common Stock**1,481,421 
WD-40 Co.Common Stock**2,212,147 
Welbilt Inc. Common Stock**4,224,475 
WESCO International Inc.Common Stock**3,836,857 
Western Alliance BancorpCommon Stock**3,920,759 
Willdan Group Inc. Common Stock**3,162,220 
Wintrust Financial Corp.Common Stock**3,138,307 
Wolverine World Wide Inc. Common Stock**3,365,200 
Workiva Inc.Common Stock**2,515,116 
WSFS Financial Corp.Common Stock**2,311,270 
Y-mAbs Therapeutics, Inc. Common Stock**1,806,724 
Zogenix Inc. Common Stock**1,217,441 
Total Other Common Stocks794,010,191 
Cash Equivalent
*Bank of America, N.A. Merrill Lynch Bank DepositCash Equivalent, 0.01%**16,662,258 
Exchange Traded Funds
The Vanguard Group, Inc. (Vanguard)Global ex-US Real Estate Index Fund **196,188,607 
VanguardReal Estate Index Fund **199,286,254 
Total Exchange Traded Funds395,474,861 
14
Mutual Fund
PIMCOAll Asset Class Institutional Fund**558,732,215 
Government Securities
Abu Dhabi Crude Oil Pipeline LLC$1,273,000 par, 4.6%, due November 2, 2047**1,548,286 
California State Municipal Bond $1,110,000 par, 7.3%, due October 1, 2039**1,808,878 
Empresa De Transporte De Pasajeros Metro$190,000 par, 4.7%, due May 7, 2050**234,460 
Equinor ASA$1,881,000 par, 1.75%, due January 22, 2026**1,959,344 
Federal Home Loan Mortgage Corp. (FHLMC), Freddie Mac$1,035,890 par, 3.5%, due May 1, 2043**1,127,333 
FHLMC, Freddie Mac$1,049,000 par, 6.25%, due July 15, 2032**1,600,036 
FHLMC, Freddie Mac$1,088,782 par, 4.0%, due December 1, 2044**1,199,163 
FHLMC, Freddie Mac$1,166,000 par, 3.243%, due April 25, 2027**1,327,110 
FHLMC, Freddie Mac$1,174,231 par, 3.0%, due January 1, 2050**1,254,555 
FHLMC, Freddie Mac$1,214,000 par, 4.5%, due November 1, 2048**1,320,397 
FHLMC, Freddie Mac$1,221,782 par, 4.0%, due May 1, 2047**1,335,082 
FHLMC, Freddie Mac$1,267,000 par, 3.194%, due July 25, 2027**1,442,911 
FHLMC, Freddie Mac$1,364,079 par, 3.0%, due August 1, 2048**1,461,078 
FHLMC, Freddie Mac$1,571,497 par, 4.0%, due September 1, 2047**1,723,255 
FHLMC, Freddie Mac$1,671,096 par, 3.5%, due October 15, 2053**1,756,904 
FHLMC, Freddie Mac$10,076,069 par, 2.5%, due October 1, 2050**10,723,532 
FHLMC, Freddie Mac$11,252 par, 4.5%, due December 1, 2045**12,620 
FHLMC, Freddie Mac$115,251 par, 4.0%, due April 1, 2047**126,726 
FHLMC, Freddie Mac$124,813 par, 4.0%, due August 1, 2040**137,056 
FHLMC, Freddie Mac$126,616 par, 3.5%, due October 1, 2047**136,882 
FHLMC, Freddie Mac$127,712 par, 4.0%, due December 1, 2045**139,884 
FHLMC, Freddie Mac$15,406 par, 2.0%, due September 25, 2050**1,473 
FHLMC, Freddie Mac$150,186 par, 3.0%, due November 1, 2042**160,312 
FHLMC, Freddie Mac$164,098 par, 3.0%, due December 1, 2034**176,628 
FHLMC, Freddie Mac$164,853 par, 3.0%, due November 1, 2042**176,003 
FHLMC, Freddie Mac$169,360 par, 4.0%, due July 1, 2047**185,753 
FHLMC, Freddie Mac$2,117,749 par, 3.5%, due March 1, 2048**2,284,538 
FHLMC, Freddie Mac$2,214,097 par, 3.5%, due August 1, 2046**2,404,549 
FHLMC, Freddie Mac$2,444,000 par, 3.9%, due April 25, 2028**2,909,395 
FHLMC, Freddie Mac$2,493,730 par, 3.5%, due January 1, 2048**2,690,135 
FHLMC, Freddie Mac$2,600,154 par, 3.0%, July 1, 2050**2,798,479 
FHLMC, Freddie Mac$2,830,469 par, 3.5%, due March 1, 2048**3,062,930 
FHLMC, Freddie Mac$200,885 par, 4.0%, due June 1, 2048**220,155 
FHLMC, Freddie Mac$205,798 par, 4.0%, due April 1, 2047**224,609 
FHLMC, Freddie Mac$221,968 par, 5.0%, due July 25, 2050**25,590 
FHLMC, Freddie Mac$23,646 par, 4.0%, due May 1, 2044**25,830 
FHLMC, Freddie Mac$23,726 par, 3.0%. due August 25, 2050**3,291 
FHLMC, Freddie Mac$245,600 par, 4.5%, due March 1, 2047**274,334 
FHLMC, Freddie Mac$281,167 par, 4.5%, due December 1, 2045**315,262 
FHLMC, Freddie Mac$29,902 par, 4.0%, due August 25, 2050**4,635 
FHLMC, Freddie Mac$3,896,601 par, 3.0%, June 1, 2050**4,233,350 
FHLMC, Freddie Mac$311,193 par, 4.0%, due December 1, 2045**340,931 
FHLMC, Freddie Mac$345,000 par, variable rate, due November 25, 2027**396,880 
FHLMC, Freddie Mac$356,709 par, 4.0%, due January 1, 2041**392,921 
FHLMC, Freddie Mac$360,000 par, variable rate, due October 25, 2028**433,345 
FHLMC, Freddie Mac$364,000 par, variable rate, due July 25, 2028**435,647 
FHLMC, Freddie Mac$396,025 par, 3.0%, due December 1, 2049**423,739 
FHLMC, Freddie Mac$4,625,993 par, 4.0%, due July 1, 2049**5,098,545 
15
FHLMC, Freddie Mac$452,799 par, 3.5%, due August 1, 2042**492,212 
FHLMC, Freddie Mac$454,596 par, 3.5%, due January 1, 2048**490,297 
FHLMC, Freddie Mac$587,271 par, 4.0%, due February 1, 2046**647,818 
FHLMC, Freddie Mac$61,384 par, 4.0%, due January 1, 2048**66,812 
FHLMC, Freddie Mac$61,694 par, 4.5%, due September 1, 2048**67,256 
FHLMC, Freddie Mac$63,737 par, 3.5%, August 1, 2046**69,205 
FHLMC, Freddie Mac$646,000 par, 3.244%, due August 25, 2027**738,242 
FHLMC, Freddie Mac$65,206 par, 3.0%, due January 1, 2045**67,726 
FHLMC, Freddie Mac$656,000 par, 1.639%, due February 25, 2030**677,780 
FHLMC, Freddie Mac$745,613 par, 4.0%, March 1, 2046**818,607 
FHLMC, Freddie Mac$76,292 par, 4.0%, due April 1, 2047**83,653 
FHLMC, Freddie Mac$8,665 par, 4.0%, due September 25, 2050**1,293 
FHLMC, Freddie Mac$80,776 par, 4.5%, due September 1, 2048**88,036 
FHLMC, Freddie Mac$825,745 par, 3.0%, due January 1, 2050**880,199 
FHLMC, Freddie Mac$841,801 par, 3.0%, November 1, 2049**899,819 
FHLMC, Freddie Mac$901,000 par, 3.505%, due March 1, 2029**1,054,514 
FHLMC, Freddie Mac$945,402 par, 3.5%, due March 1, 2048**1,020,075 
Federal National Mortgage Association (FNMA), Fannie Mae$1,037,256 par, 4.5%, due September 1, 2050**1,132,105 
FNMA, Fannie Mae$1,042,302 par, 4.5%, due February 1, 2041**1,166,085 
FNMA, Fannie Mae$1,059,146 par, 2.5%, due July 1, 2050**1,119,748 
FNMA, Fannie Mae$1,090,575 par, 3.5%, due September 1, 2032**1,159,863 
FNMA, Fannie Mae$1,125,000 par, 4.0%, due February 15, 2050**1,206,365 
FNMA, Fannie Mae$1,139,675 par, 2.5%, due June 1, 2050**1,204,887 
FNMA, Fannie Mae$1,164,084 par, 4.0%, due August 1, 2044**1,284,781 
FNMA, Fannie Mae$1,245,000 par, 3.5%, due February 15, 2050**1,323,591 
FNMA, Fannie Mae$1,263,674 par, 2.5%, due August 1, 2050**1,335,982 
FNMA, Fannie Mae$1,298,391 par, 4.5%, due August 1, 2048**1,415,515 
FNMA, Fannie Mae$1,339,727 par, 3.0%, due August 1, 2043**1,429,603 
FNMA, Fannie Mae$1,486,400 par, 3.0% due March 1, 2050**1,579,877 
FNMA, Fannie Mae$1,517,952 par, 3.0%, due April 1, 2043**1,632,772 
FNMA, Fannie Mae$1,555,358 par, 3.5%, due June 1, 2044**1,687,656 
FNMA, Fannie Mae$1,629,242 par, 3.0%, due February 1, 2034**1,722,316 
FNMA, Fannie Mae$1,632,000 par, 2.625%, due September 6, 2024**1,770,474 
FNMA, Fannie Mae$1,646,480 par, 3.5%, due June 1, 2044**1,806,764 
FNMA, Fannie Mae$1,655,313 par, 3.5%, due October 1, 2048**1,785,608 
FNMA, Fannie Mae$1,792,225 par, 4.5%, due March 1, 2049**1,991,590 
FNMA, Fannie Mae$1,910,433 par, 2.5%, due August 1, 2035**2,025,566 
FNMA, Fannie Mae$1,923,854 par, 2.5%, due June 1, 2050**2,031,594 
FNMA, Fannie Mae$1,930,306 par, 3.5%, due February 1, 2047**2,086,995 
FNMA, Fannie Mae$11,436 par, 3.0%, due April 1, 2045**11,873 
FNMA, Fannie Mae$11,666 par, 2.0%, due September 25, 2050**1,113 
FNMA, Fannie Mae$110,199 par, 4.0%, due December 1, 2040**120,512 
FNMA, Fannie Mae$118,294 par, 4.0%, due May 1, 2041**129,876 
FNMA, Fannie Mae$121,118 par, 4.0%, due April 1, 2041**132,829 
FNMA, Fannie Mae$13,375,000 par, 2.0%, February 15, 2051**13,798,193 
FNMA, Fannie Mae$132,418 par, 4.5%, due February 1, 2041**149,002 
FNMA, Fannie Mae$134,264 par, 3.5%, due May 1, 2043**146,681 
FNMA, Fannie Mae$14,025,000 par, 2.0%, due March 15, 2051**14,443,559 
FNMA, Fannie Mae$142,091 par, 3.5%, due June 1, 2047**153,995 
FNMA, Fannie Mae$149,688 par, 4.0%, due May 1, 2044**165,874 
FNMA, Fannie Mae$149,822 par, 3.5%, due March 1, 2046**162,608 
FNMA, Fannie Mae$15,120,000 par, 3.0%, due February 15, 2050**15,899,330 
FNMA, Fannie Mae$154,091 par, 4.0%, due January 1, 2042**168,970 
16
FNMA, Fannie Mae$161,382 par, 3.0%, due April 1, 2043**173,150 
FNMA, Fannie Mae$166,158 par, 3.5%, due July 1, 2042**181,705 
FNMA, Fannie Mae$188,981 par, 4.0%, due November 1, 2042**207,860 
FNMA, Fannie Mae$196,462 par, 4.0%, due October 1, 2039**216,384 
FNMA, Fannie Mae$198,534 par, 3.0%, due May 1, 2043**213,040 
FNMA, Fannie Mae$2,103,000 par, 1.625%, due January 7, 2025**2,208,130 
FNMA, Fannie Mae$2,128,000 par, 2.25%, due April 12, 2022**2,184,461 
FNMA, Fannie Mae$2,739,178 par, 3.0%, due December 1, 2049**2,908,994 
FNMA, Fannie Mae$2,775,777 par, 2.5%, due September 1, 2050**2,930,956 
FNMA, Fannie Mae$2,807,387 par, 3.0%, due September 1, 2050**3,010,755 
FNMA, Fannie Mae$2,839,518 par, 2.5%, due September 1, 2035**3,015,370 
FNMA, Fannie Mae$2,868,367 par, 4.5%, due August 1, 2048**3,179,900 
FNMA, Fannie Mae$2,975,243 par, 2.5%, due July 1, 2050**3,145,494 
FNMA, Fannie Mae$204,827 par, 4.0%, due March 1, 2047**223,153 
FNMA, Fannie Mae$218,105 par, 4.0%, due May 1, 2047**238,725 
FNMA, Fannie Mae$222,116 par, 3.0%, due April 1, 2043**238,110 
FNMA, Fannie Mae$247,514 par, 3.0%, due December 1, 2049**265,948 
FNMA, Fannie Mae$268,660 par, 4.0%, due February 1, 2044**297,217 
FNMA, Fannie Mae$28,489 par, 5.0%, due July 25, 2050**4,170 
FNMA, Fannie Mae$282,499 par, 3.0%, due July 1, 2043**304,946 
FNMA, Fannie Mae$283,046 par, 4.0%, due February 1, 2048**308,903 
FNMA, Fannie Mae$29,407 par, 4.0%, due October 1, 2043**32,561 
FNMA, Fannie Mae$296,845 par, 4.0%, due May 1, 2047**324,910 
FNMA, Fannie Mae$3,078,815 par, 3.0%, due September 1, 2042**3,195,751 
FNMA, Fannie Mae$3,332,622 par, 3.0%, due April 1, 2032**3,540,185 
FNMA, Fannie Mae$31,176 par, 4%, due July 25, 2050**4,137 
FNMA, Fannie Mae$34,526 par, 4.5%, April 1, 2049**38,031 
FNMA, Fannie Mae$35,622 par, 4.5%, due August 1, 2040 **39,932 
FNMA, Fannie Mae$38,802 par, 4.0%, due August 1, 2043**42,719 
FNMA, Fannie Mae$389,007 par, 3.0%, due December 1, 2049**419,303 
FNMA, Fannie Mae$4,201,640 par, 3.5%, due May 1, 2049**4,568,173 
FNMA, Fannie Mae$4,389,702 par, 3.5%, due June 1, 2041**4,783,427 
FNMA, Fannie Mae$4,447,115 par, 3.0%, due February 1, 2050**4,768,579 
FNMA, Fannie Mae$41,795 par, 4.0%, due February 1, 2041**45,968 
FNMA, Fannie Mae$417,266 par, 4.0%, due November 1, 2045**455,765 
FNMA, Fannie Mae$435,000 par, 4.5%, due February 15, 2050**472,519 
FNMA, Fannie Mae$444,300 par, 3.0%, due October 1, 2047**459,831 
FNMA, Fannie Mae$464,235 par, 3.0%, due February 1, 2047**497,318 
FNMA, Fannie Mae$484,620 par, 2.5%, due June 1, 2050**513,131 
FNMA, Fannie Mae$5,158,813 par, 2.5%, due December 1, 2034**5,461,416 
FNMA, Fannie Mae$50,312 par, 4.0%, due July 25, 2050**6,122 
FNMA, Fannie Mae$57,232 par, 4.5%, due January 1, 2030**62,689 
FNMA, Fannie Mae$57,432 par, 4.5%, due July 1, 2048**62,539 
FNMA, Fannie Mae$611,973 par, 3.0%, due October 1, 2027**646,737 
FNMA, Fannie Mae$66,435 par, 4.0%, due December 1, 2040**72,821 
FNMA, Fannie Mae$680,484 par, 2.5%, due November 1, 2050**719,388 
FNMA, Fannie Mae$728,443 par, 3.0%, due January 1, 2050**786,308 
FNMA, Fannie Mae$729,461 par, 3.0%, due January 1, 2027**772,553 
FNMA, Fannie Mae$75,562 par, 3.0%, due October 1, 2042**78,389 
FNMA, Fannie Mae$782,403 par, 4.0%, due June 1, 2044**859,081 
FNMA, Fannie Mae$8,047 par, 4.0%, due September 25, 2050**1,143 
FNMA, Fannie Mae$830,041 par, 3.5%, due August 1, 2030**883,618 
FNMA, Fannie Mae$848,225 par, 4.0%, due May 1, 2047**924,117 
FNMA, Fannie Mae$849,778 par, 4.0%, due October 1, 2048**928,977 
FNMA, Fannie Mae$870,667 par, 4.0%, due September 1, 2046**957,092 
17
FNMA, Fannie Mae$9,040 par, 4.0%, due October 1, 2041**9,894 
FNMA, Fannie Mae$9,365,000 par, 2.5%, due March 15, 2050**9,846,420 
FNMA, Fannie Mae$9,575,000 par, 2.0%, due February 15, 2034**9,999,517 
FNMA, Fannie Mae$90,533 par, 4.0%, due December 1, 2040**99,604 
FNMA, Fannie Mae$96,781 par, 4.0%, due August 1, 2039**106,595 
Government National Mortgage Association (GNMA), Ginnie Mae$1,199,803 par, 4.0%, due December 20, 2047**1,297,545 
GNMA, Ginnie Mae$1,210,109 par, 3.5%, due March 20, 2047**1,298,236 
GNMA, Ginnie Mae$1,293,440 par, 3.5%, due November 20, 2047**1,383,222 
GNMA, Ginnie Mae$1,405,747 par, 3.5%, due May 20, 2047**1,502,087 
GNMA, Ginnie Mae$1,571,507 par, 3.5%, due February 20, 2047**1,687,508 
GNMA, Ginnie Mae$1,778 par, 4.0%, due October 20, 2046**232 
GNMA, Ginnie Mae$1,890,000 par, 3.0%, due February 20, 2050**1,981,067 
GNMA, Ginnie Mae$1,981,833 par, 3.5%, due April 20, 2048**2,118,885 
GNMA, Ginnie Mae$10,705,000 par, 3.0%, due March 23, 2050**11,217,460 
GNMA, Ginnie Mae$11,105,000 par, 2.5%, due February 15, 2049**11,678,469 
GNMA, Ginnie Mae$111,768 par, 3.5%, due October 20, 2049**12,864 
GNMA, Ginnie Mae$115,644 par, 4.0%, due May 20, 2047**125,337 
GNMA, Ginnie Mae$163,292 par, 4.0%, due January 20, 2046**179,231 
GNMA, Ginnie Mae$2,123,181 par, 4.0%, due July 20, 2047**2,295,393 
GNMA, Ginnie Mae$2,672,517 par, 3.5%, due May 20, 2046**2,891,938 
GNMA, Ginnie Mae$201,206 par, 4.0%, due November 20, 2045**221,469 
GNMA, Ginnie Mae$21,756 par, 4.0%, due August 20, 2045**2,153 
GNMA, Ginnie Mae$210,251 par, 3.5%, due August 20, 2047**224,931 
GNMA, Ginnie Mae$215,629 par, 3.5%, due March 20, 2046**232,667 
GNMA, Ginnie Mae$229,217 par, 3.5%, due April 20, 2047**245,192 
GNMA, Ginnie Mae$243,768 par, 3.5%, October 20, 2049**20,160 
GNMA, Ginnie Mae$256,108 par, 3.5%, December 20, 2049**29,831 
GNMA, Ginnie Mae$26,968 par, 4.0%, due June 20, 2045**2,316 
GNMA, Ginnie Mae$266,210 par, 4.0%, due June 20, 2045**294,065 
GNMA, Ginnie Mae$29,173 par, 4.0%, June 20, 2050**3,954 
GNMA, Ginnie Mae$3,480,000 par, 2.0%, due February 15, 2051**3,610,772 
GNMA, Ginnie Mae$3,582,318 par, 4.0%, due August 20, 2045**3,935,426 
GNMA, Ginnie Mae$303,499 par, 4.0%, due January 20, 2048**328,400 
GNMA, Ginnie Mae$420,000 par, 4.0%, due February 20, 2050**449,064 
GNMA, Ginnie Mae$47,645 par, 4.0%, due February 20, 2046**52,385 
GNMA, Ginnie Mae$48,404 par, 4.0%, due October 20, 2045**4,577 
GNMA, Ginnie Mae$482,128 par, 4.0%, due June 20, 2047**521,709 
GNMA, Ginnie Mae$5,086,121 par, 3.5%, due February 20, 2046**5,491,962 
GNMA, Ginnie Mae$5,967 par, 2.5%, October 20, 2050**728 
GNMA, Ginnie Mae$54,726 par, 4.0%, due April 20, 2046**7,257 
GNMA, Ginnie Mae$56,939 par, 4.0%, October 20, 2049**7,321 
GNMA, Ginnie Mae$610,000 par, 3.5%, February 20, 2050**646,219 
GNMA, Ginnie Mae$63,439 par, 3.5%, due April 20, 2050**4,943 
GNMA, Ginnie Mae$694,332 par, 3.5%, due December 20, 2047**741,771 
GNMA, Ginnie Mae$7,392 par, 4.0%, due August 20, 2044**891 
GNMA, Ginnie Mae$8,141 par, 4.5%, September 16, 2045**1,362 
GNMA, Ginnie Mae$841,986 par, 4.0%, due September 20, 2047**909,985 
GNMA, Ginnie Mae$9,891 par, 2.5%, October 20, 2050**586 
GNMA, Ginnie Mae$933 par, 2.5%, October 20, 2050**102 
GNMA, Ginnie Mae$94,028 par, 3.5%, due April 20, 2050**10,992 
Illinois State Taxable Pension Municipal Bond$1,155,000 par, 5.1%, due June 1, 2033**1,292,584 
Israeli Government Treasury Bond$1,134,000 par, 3.375%, due January 15, 2050**1,234,654 
18
Mexico Government Treasury Bond$600,000 par, 4.75%, due March 8, 2044**673,500 
Mexico Government Treasury Bond$834,000 par, 3.771%, due May 24, 2061**803,567 
New Jersey State Transportation Trust Fund Authority Municipal Bond$1,590,000 par, 5.754%, due December 15, 2028**1,921,181 
New Jersey State Transportation Trust Fund Authority Municipal Bond$405,000 par, 4.131%, due June 15, 2042**451,186 
New York State Dorm Authority Municipal Bond$2,065,000 par, 3.19%, due February 15, 2043**2,293,038 
Petroleos De Venezuela SA Bond$8,600,000 par, 6.0%, October 28, 2022**215,000 
Republic of Columbia Treasury Bond$2,793,000 par, 3.875%, due April 25, 2027**3,072,300 
Republic of Peru Treasury Note$255,000 par, 2.392%, due January 23, 2026**269,663 
Saudi Arabia Kingdom Global Bond$732,000 par, 3.45%, due February 2, 2061**725,800 
Saudi Arabian Oil Co Bond$635,000 par, 3.25%, due November 24, 2050**619,162 
State of Qatar Treasury Note$346,000 par, 2.375%, due June 2, 2021**347,903 
State of Qatar Treasury Note$947,000 par, 3.4%, due April 16, 2025**1,041,302 
Tennessee Valley Authority Bond$1,924,000 par, 0.75%, due September 15, 2025**1,945,129 
The Republic of Chile Treasury Bond$2,017,000 par, 3.1%, due January 22, 2061**2,043,241 
U.S. Treasury Bond$1,529,000 par, 3.0%, due February 15, 2049**1,929,467 
U.S. Treasury Bond$1,869,000 par, 2.875%, due May 15, 2049**2,308,434 
U.S. Treasury Bond$2,131,000 par, 2.75%, due November 15, 2047**2,559,115 
U.S. Treasury Bond$2,627,000 par, 1.25%, due May 15, 2050**2,263,325 
U.S. Treasury Bond$2,660,000 par, 5.0%, due May 15, 2037**4,050,681 
U.S. Treasury Bond$21,889,000 par, 0.875%, due November 15, 2030**21,447,800 
U.S. Treasury Bond$3,104,000 par, 1.125%, due August 15, 2040**2,824,640 
U.S. Treasury Bond$3,282,000 par, 3.0%, due May 15, 2047**4,115,064 
U.S. Treasury Bond$3,669,000 par, 2.0%, due February 15, 2050**3,801,285 
U.S. Treasury Bond$3,674,000 par, 2.375%, due November 15, 2049**4,124,209 
U.S. Treasury Bond$3,713,000 par, 4.375%, due November 15, 2039**5,436,064 
U.S. Treasury Bond$4,369,000 par, 2.75%, due August 15, 2047**5,242,288 
U.S. Treasury Bond$4,983,000 par, 1.375%, due November 15, 2040**4,736,186 
U.S. Treasury Bond$5,556,000 par, 2.25%, due August 15, 2049**6,074,488 
U.S. Treasury Bond$6,074,000 par, 4.75%, due February 15, 2037**9,000,197 
U.S. Treasury Bond$688,000 par, 1.125%, due May 15, 2040**627,800 
U.S. Treasury Bond$7,279,000 par, 1.375%, due August 15, 2050**6,479,447 
U.S. Treasury Bond$8,308,000 par, 3.125%, due May 15, 2048**10,676,429 
U.S. Treasury Bond$8,480,000 par, 3.375%, due November 15, 2048**11,406,594 
U.S. Treasury Note$1,703,000 par, 0.25%, due May 31, 2025**1,695,483 
U.S. Treasury Note$10,307,000 par, 0.25%, due June 30, 2025**10,255,062 
U.S. Treasury Note$11,494,000 par, 0.375%, due November 30, 2025**11,468,857 
U.S. Treasury Note$12,363,000 par, 0.5%, due March 31, 2025**12,449,444 
U.S. Treasury Note$15,749,000 par, 0.125%, due September 30, 2022**15,750,846 
U.S. Treasury Note$2,832,000 par, 0.25%, due July 31, 2025**2,815,959 
U.S. Treasury Note$24,294,000 par, 0.125%, November 30, 2022**24,298,745 
U.S. Treasury Note$3,117,000 par, 0.125%, due December 31, 2022**3,117,244 
U.S. Treasury Note$31,379,000 par, 0.375%, due December 31, 2025**31,290,747 
U.S. Treasury Note$4,254,000 par, 0.25%, due August 31, 2025**4,227,413 
U.S. Treasury Note$4,254,000 par, 1.625%, due June 30, 2024**4,472,184 
19
U.S. Treasury Note$4,495,000 par, 0.125%, due January 15, 2024**4,487,274 
U.S. Treasury Note$4,658,000 par, 1.25%, due August 31, 2024**4,821,940 
U.S. Treasury Note$6,485,000 par, 1.75%, due July 31, 2024 **6,824,196 
U.S. Treasury Note$6,516,000 par, 0.375%, due April 30, 2025**6,524,909 
U.S. Treasury Note$7,285,000 par, 0.625%, due December 31, 2027**7,215,565 
U.S. Treasury Note$7,692,000 par, 0.25%, due October 31, 2025**7,633,709 
U.S. Treasury Note$8,783,000 par, 0.25%, due September 30, 2025**8,721,931 
U.S. Treasury Note$8,869,000 par, 1.5%, due October 31, 2024**9,271,223 
U.S. Treasury Note$851,000 par, 1.5%, due November 30, 2024**890,060 
U.S. Treasury Note$9,355,000 par, 1.5%, due September 30, 2024**9,773,417 
United Arab Emirates Government Bond$1,004,000 par, 0.75%, September 2, 2023**1,007,643 
Total Government Securities607,306,316 
Corporate Bonds
7-Eleven Inc. $1,041,000 par, 0.8%, due February 10, 2024**1,015,333 
7-Eleven Inc. $182,000 par, 2.5%, due February 10, 2041**179,023 
Abbvie Inc.$1,524,000 par, 4.05%, due November 21, 2039**1,774,255 
Abbvie Inc.$3,230,000 par, 2.6%, due November 21, 2024**3,449,674 
Abbvie Inc.$786,000 par, 4.875%, due November 14, 2048**1,031,809 
Advocate Health & Hospitals Corporation$329,000 par, 3.387%, due October 15, 2049**363,297 
Amazon.com Inc.$2,208,000 par, 2.5%, due June 3, 2050**2,179,871 
Ameren Corp.$1,573,000 par, 2.5%, due September 15, 2024**1,675,362 
Ameren Corp.$814,000 par, 3.5%, due January 15, 2031**921,568 
Ameren Illinois Co. $538,000 par, 3.25%, due March 15, 2050**593,609 
American Electric Power Co. $840,000 par, 0.75%, due November 1, 2023**841,870 
American International Group $1,861,000 par, 4.5%, due July 16, 2044**2,278,737 
Anheuser-Busch Companies, LLC$1,036,000 par, 4.6%, due April 15, 2048**1,255,023 
Anheuser-Busch Companies, LLC$2,038,000 par, 4.75%, due April 15, 2058**2,527,402 
AON Corporation$2,036,000 par, 2.8%, due May 15, 2030**2,189,419 
Apple Inc. $2,694,000 par, 3.85%, due May 4, 2043**3,259,393 
Apple Inc. $5,040,000 par, 2.05%, due September 11, 2026**5,349,384 
Apple Inc. $768,000 par, 2.65%, due May 11, 2050**771,735 
AT&T Inc. $1,344,000 par, 3.5%, due September 15, 2053**1,290,952 
AT&T Inc. $1,980,000 par, 3.1%, due February 1, 2043**1,916,541 
AT&T Inc. $2,805,000 par, 2.3%, due June 1, 2027**2,959,821 
AT&T Inc. $3,211,000 par, 2.55%, due December 1, 2033**3,201,741 
B.A.T. Capital Corp. $1,092,000 par, 3.984%, due September 25, 2050**1,094,868 
B.A.T. Capital Corp. $4,169,000 par, 3.215%, due September 6, 2026**4,544,809 
*Bank of America Corp.$1,517,000 par, 2.676%, due June 15, 2041**1,511,875 
*Bank of America Corp.$1,926,000 par, 3.864%, due July 23, 2024**2,081,716 
*Bank of America Corp.$3,928,000 par, 2.592%, due April 29, 2031**4,112,418 
*Bank of America Corp.$4,241,000 par, 3.004%, due December 20, 2023**4,442,678 
*Bank of America Corp.$4,267,000 par, 3.559%, due April 23, 2027**4,782,590 
Berkshire Hathaway Finance Corp.$2,518,000 par, 2.85%, due October 15, 2050**2,579,274 
BNP Paribas$361,000 par, 1.323%, due January 13, 2027**361,756 
20
Boeing Co.$1,139,000 par, 4.875%, due May 1, 2025**1,285,103 
Boeing Co.$1,206,000 par, 3.625%, due February 1, 2031**1,298,110 
Boeing Co.$1,523,000 par, 5.15%, due May 1, 2030**1,806,439 
Boeing Co.$328,000 par, 5.805%, due May 1, 2050**431,263 
BP Capital Markets America Inc. $1,919,000 par, 2.939%, due June 4, 2051**1,846,105 
Bristol-Myers Squibb Co.$1,067,000 par, 2.55%, due November 13, 2050**1,029,879 
Bristol-Myers Squibb Co.$1,176,000 par, 2.35%, due November 13, 2040**1,161,482 
Bristol-Myers Squibb Co.$1,938,000 par, 0.537%, due November 13, 2023**1,941,905 
Bristol-Myers Squibb Co.$850,000 par, 4.125%, due June 15, 2039**1,050,821 
Broadcom Inc.$3,487,000 par, 4.15%, due November 15, 2030**3,944,854 
Capital One Financial Corporation$3,510,000 par, 3.9%, due January 29, 2024**3,830,382 
Cenovus Energy Inc. $1,272,000 par, 3.8%, due September 15, 2023**1,339,831 
Cenovus Energy Inc. $583,000 par, 5.4%, due June 15, 2047**680,994 
Charter Communications Operating, LLC$1,332,000 par, 3.7%, due April 1, 2051**1,308,560 
Charter Communications Operating, LLC$2,575,000 par, 4.908%, July 23, 2025**2,967,461 
Cigna Corp. $1,918,000 par, 3.4%, due September 17, 2021 **1,955,182 
Citigroup Inc.$1,075,000 par, 4.3%, due November 20, 2026**1,236,458 
Citigroup Inc.$1,104,000 par, 4.65%, due July 23, 2048**1,451,034 
Citigroup Inc.$1,717,000 par, 3.142%, due January 24, 2023**1,761,983 
Citigroup Inc.$1,854,000 par, 2.572%, due June 3, 2031**1,928,257 
Citigroup Inc.$385,000 par, 3.887%, due January 10, 2028**439,019 
Citigroup Inc.$845,000 par, 4.45%, due September 29, 2027**984,313 
Comcast Corp.$2,271,000 par, 1.95%, due January 15, 2031**2,289,950 
Comcast Corp.$2,405,000 par, 1.5%, due February 15, 2031**2,334,620 
Comcast Corp.$612,000 par, 2.8%, due January 15, 2051**605,691 
Comcast Corp.$861,000 par, 4.6%, due October 15, 2038**1,090,090 
Consolidated Edison Inc.$1,829,000 par, 0.65%, due December 1, 2023**1,829,483 
Cooperatieve Rabobank UA$600,000 par, 4.625%, due December 1, 2023**666,300 
Cottage Health Credit Group$712,000 par, 3.304%, due November 1, 2049**783,728 
Credit Agricole SA$2,239,000 par, 1.247%, due January 26, 2027**2,238,355 
Credit Suisse Group AG $3,289,000 par, 1.305%, due February 2, 2027**3,283,958 
CVS Health Corporation$1,051,000 par, 4.78%, due March 25, 2038**1,297,575 
CVS Health Corporation$639,000 par, 5.05%, due March 25, 2048**833,584 
Deutsche Bank AG$868,000 par, 2.129%, due November 24, 2026**879,535 
Devon Energy Corp.$1,136,000 par, 5.6%, due July 15, 2041**1,357,996 
Devon Energy Corp.$290,000, 5.0%, due June 15, 2045**332,877 
Diamond 1 Fin Corp. /Diamond 2 Finance Corp.$1,017,000 par, 6.02%, due June 15, 2026**1,226,333 
Diamond 1 Fin Corp. /Diamond 2 Finance Corp.$906,000 par, 8.35%, due July 15, 2046**1,344,845 
Diamondback Energy Inc.$911,000 par, 2.875%, due December 1, 2024**962,071 
Dominion Energy Inc.$1,917,000 par, 2.45%, due January 15, 2023**1,990,950 
Dominion Resources Inc.$1,078,000 par, 5.95%, due June 15, 2035**1,498,615 
DPL Inc. $917,000 par, 4.125%, due July 1, 2025**978,898 
DTE Energy Co. $1,550,000 par, 2.529%, due October 1, 2024**1,647,878 
DTE Energy Co. $1,905,000 par, 1.05%, due June 1, 2025**1,915,696 
Duke Energy Florida LLC$1,123,000 par, 4.2%, due July 15, 2048**1,400,710 
Duke Energy Florida LLC$768,000 par, 3.7%, due December 1, 2047**892,867 
21
Edison International $5,252,000 par, 5.75%, due June 15, 2027**6,312,305 
Edison International $868,000 par, 3.125%, due November 15, 2022**901,552 
Emera U.S. Finance LP$1,387,000 par, 2.7%, due June 15, 2021**1,396,553 
Energy Transfer Operating LP$694,000 par, 5.0%, due May 15, 2050**711,640 
Energy Transfer Operating LP$807,000 par, 6.25%, due April 15, 2049**952,378 
Energy Transfer Operating LP$868,000 par, 4.75%, due January 15, 2026**977,872 
Enterprise Products Partners LP$334,000 par, 4.2%, due January 31, 2050**376,448 
Enterprise Products Partners LP$551,000 par, 3.2%, due February 15, 2052**531,276 
Exelon Corp.$443,000 par, 4.7%, due April 15, 2050**567,197 
Federal Realty Investment Trust$2,379,000 par, 3.5%, due June 1, 2030**2,630,023 
Federal Realty Investment Trust$452,000 par, 1.25%, due February 15, 2026**457,421 
Fiat Chrysler$1,960,000 par, 5.25%, due April 15, 2023**2,139,497 
FirstEnergy Corp.$845,000 par, 4.25%, due March 15, 2023**888,560 
FirstEnergy Transmission LLC$431,000 par, 5.45%, due July 15, 2044**531,229 
Florida Power & Light Co.$1,129,000 par, 3.7%, due December 1, 2047**1,355,108 
Ford Foundation$1,495,000 par, 2.815%, due June 1, 2070**1,526,596 
Ford Motor Credit Co. LLC$1,604,000 par, 3.375%, due November 13, 2025**1,637,604 
GE Capital Funding, LLC$2,263,000 par, 4.4%, due May 15, 2030**2,614,856 
GE Capital International Funding Co.$1,653,000 par, 4.418%, due November 15, 2035**1,932,504 
General Motors Co.$1,202,000 par, 6.8%, due October 1, 2027**1,543,932 
General Motors Co.$1,333,000 par, 5.95%, due April 1, 2049**1,809,344 
General Motors Financial Co., Inc.$393,000 par, 3.15%, due June 30, 2022**406,085 
Gilead Sciences Inc.$2,167,000 par, 0.75%, due September 29, 2023**2,171,379 
Gilead Sciences Inc.$886,000 par, 2.6%, due October 1, 2040**864,938 
Goldman Sachs Group Inc.$1,791,000 par, 4.411%, due April 23, 2039**2,209,987 
Goldman Sachs Group Inc.$3,469,000 par, 2.876%, due October 31, 2022**3,531,905 
Halliburton Co.$2,473,000 par, 3.25%, due November 15, 2021**2,510,959 
HSBC Holdings PLC$1,620,000 par, 3.803%, due March 11, 2025**1,763,341 
HSBC Holdings PLC$4,948,000 par, 1.645%, due April 18, 2026**5,042,665 
Hyundai Capital America$3,953,000 par, 1.3%, due January 8, 2026**3,940,796 
Hyundai Capital America$705,000 par, 1.15%, due November 10, 2022**709,527 
Indonesia Asahan Alumnini SR$1,075,000 par, 4.75%, due May 15, 2025**1,188,950 
Intel Corp.$562,000 par, 4.75%, due March 25, 2050**752,635 
Israel Electric Corp. Ltd. $725,000 par, 6.875%, due June 21, 2023**819,250 
ITC Holdings Corp.$2,749,000 par, 2.7%, due November 15, 2022**2,850,493 
JPMorgan Chase & Co. $2,365,000 par, 1.953%, due February 4, 2032**2,360,808 
JPMorgan Chase & Co. $51,000 par, 3.964%, due November 15, 2048**61,437 
JPMorgan Chase & Co. $6,031,000 par, 2.182%, due June 1, 2028**6,310,536 
JPMorgan Chase & Co. $658,000 par, 3.109%, due April 22, 2051**697,849 
Lennar Corp.$5,626,000 par, 5.875%, due November 15, 2024**6,506,356 
Lowe's Companies Inc. $1,009,000 par, 1.7%, October 15, 2030**991,032 
Lowe's Companies Inc. $1,171,000 par, 3.0%, October 15, 2050**1,189,343 
LYB International Finance III, LLC $1,152,000 par, 4.2%, due May 1, 2050**1,303,796 
22
Marathon Petroleum Corp.$1,830,000 par, 4.75%, December 15, 2023**2,023,366 
Marathon Petroleum Corp.$2,123,000 par, 5.125%, December 15, 2026**2,525,132 
Marathon Petroleum Corp.$3,775,000 par, 4.7%, May 1, 2025**4,312,195 
McDonald's Corp.$703,000 par, 4.45%, September 1, 2048**882,502 
MetLife Inc.$1,150,000 par, 6.4%, due December 15, 2066**1,480,994 
Microchip Technology Inc.$5,908,000 par, 0.972%, due February 15, 2024**5,910,681 
Microsoft Corp.$760,000 par, 2.525%, due June 1, 2050**764,063 
Mitsubishi UFJ Financial Group $2,353,000 par, 0.848%, due September 15, 2024**2,370,288 
Morgan Stanley$2,398,000, 2.802%, due January 25, 2052**2,393,414 
NatWest Markets PLC$1,498,000 par, 2.375%, due May 21, 2023**1,556,696 
Nextera Energy Cap Holdings Inc $1,174,000 par, 2.25%, due June 1, 2030**1,210,642 
Nextera Energy Cap Holdings Inc.$1,132,000 par, 2.8%, due January 15, 2023**1,184,391 
NiSource Inc.$2,531,000 par, 3.6%, due May 1, 2030**2,867,935 
NiSource Inc.$546,000 par, 1.7%, due February 15, 2031**533,998 
ONEOK Inc.$2,142,000 par, 2.75%, due September 1, 2024**2,256,290 
ONEOK Inc.$345,000 par, 4.45%, due September 1, 2049**353,900 
Oracle Corp.$2,263,000 par, 3.6%, due April 1, 2050**2,508,373 
Pacific Gas & Electric Co. $1,240,000 par, 1.75%, due June 16, 2022**1,243,330 
Pacific Gas & Electric Co. $214,000 par, 3.75%, due February 15, 2024**229,536 
Pacific Gas & Electric Co. $649,000 par, 3.3%, due March 15, 2027**695,160 
Pacific Gas & Electric Co. $788,000 par, 4.5%, due July 1, 2040**859,921 
Pacific Gas & Electric Co. $928,000 par, 4.0%, due December 1, 2046**927,549 
Pacific Gas & Electric Co. $960,000 par, 4.25%, due December 31, 2040**1,030,285 
Pacific Life Global Funding II$1,112,000 par, 1.2%, due June 24, 2025**1,125,544 
Perusahaan Listrik Negara PT$431,000 par, 4.875%, due July 17, 2049**484,875 
Perusahaan Perseroan Persero PT$634,000 par, 5.50%, due November 22, 2021**658,092 
Philip Morris International, Inc.$1,230,000 par, 1.75%, due November 1, 2030**1,214,221 
Pioneer Natural Resources Co.$1,858,000 par, 2.15%, due January 15, 2031**1,834,750 
Pioneer Natural Resources Co.$1,096,000 par, 1.125%, due January 15, 2026**1,097,193 
Pioneer Natural Resources Co.$349,000 par, 0.75%, due January 15, 2024**349,077 
Plains All American Pipeline LP$3,671,000 par, 4.65%, due October 15, 2025**4,106,212 
Plains All American Pipeline LP$312,000 par, 3.8%, due September 15, 2030**329,590 
Progress Energy Inc.$20,000 par, 6.5%, due February 1, 2042**24,230 
Progress Energy Inc.$392,000 par, 7.75%, due March 1, 2031**578,173 
PT Indonesia Asahan Aluminium Persero $315,000 par, 6.757%, due November 15, 2048**421,845 
Public Service Enterprise Group$937,000 par, 0.8%, due August 15, 2025**936,324 
PulteGroup, Inc.$2,485,000 par, 5.5%, due March 1, 2026**2,963,611 
Royal Bank of Canada$3,462,000 par, 2.25%, due November 1, 2024**3,678,833 
San Diego Gas & Electric Co.$479,000 par, 4.15%, due May 15, 2048**591,905 
San Diego Gas & Electric Co.$595,000 par, 1.7%, due October 1, 2030**590,126 
San Diego Gas & Electric Co.$824,000 par, 3.75%, due June 1, 2047**958,791 
Santander Holdings USA, Inc.$2,265,000 par, 3.45%, due June 2, 2025**2,463,971 
Sempra Energy$174,000 par, 6.0%, due October 15, 2039**243,481 
Simon Property Group$1,141,000 par, 2.2%, due February 1, 2031**1,140,502 
Simon Property Group$1,898,000 par, 1.75%, due February 1, 2028**1,905,732 
Societe Generale S.A.$2,793,000 par, 2.625%, due January 22, 2025**2,945,261 
Southern California Edison Co.$584,000 par, 3.65%, due February 1, 2050**626,506 
23
Sumitomo Mitsui Financial Group Inc. $1,822,000 par, 2.142%, due September 23, 2030**1,803,236 
Sumitomo Mitsui Financial Group Inc. $2,498,000 par, 0.948%, due January 12, 2026**2,487,542 
Syngenta Finance N.V.$128,000 par, 4.892%, due April 24, 2025**136,125 
Sysco Corp.$692,000 par, 6.6%, due April 1, 2050**1,038,234 
Time Warner Cable $293,000 par, 7.3%, due July 1, 2038**424,267 
UDR Inc.$676,000 par, 2.1%, due August 1, 2032**673,884 
Union Pacific Corp.$563,000 par, variable rate, due September 16, 2062**557,101 
United Parcel Service $476,000 par, 5.3%, due April 1, 2050**686,407 
UnitedHealth Group Inc. $319,000 par, 2.75%, due May 15, 2040**329,921 
Valero Energy Corp.$2,283,000 par, 3.4%, due September 15, 2026**2,477,416 
Verizon Communications Inc. $1,554,000 par, 4.272%, due January 15, 2036**1,889,887 
Verizon Communications Inc. $2,033,000 par, 2.875%, due November 20, 2050**1,951,599 
ViacomCBS Inc. $822,000 par, 4.2%, due May 19, 2032**972,470 
Virginia Electric and Power Co. $629,000 par, 2.45%, due December 15, 2050**596,938 
Vodafone Group PLC$1,548,000 par, 4.875%, due June 19, 2049**1,985,834 
WEA Finance LLC$420,000 par, 3.15%, due April 5, 2022**429,127 
Wells Fargo & Co. $1,400,000 par, 2.393%, due June 2, 2028**1,476,308 
Wells Fargo & Co. $1,629,000 par, 2.164%, due February 11, 2026**1,700,090 
Wells Fargo & Co. $2,318,000 par, 3.584%, due May 22, 2028**2,606,004 
Wells Fargo & Co. $742,000 par, 4.9%, due November 17, 2045**945,453 
Williams Companies$845,000 par, 8.75%, due March 15, 2032**1,240,934 
Total Corporate Bonds313,676,068 
Asset-Backed Securities
Ally Auto Receivables Trust Series 19-4 CL A2$719,704 par, 1.93%, due October 17, 2022 **721,372 
Ally Auto Receivables Trust Series 19-4 CL A3$1,940,000 par, 1.84%, due June 17, 2024**1,969,015 
Ally Auto Receivables Trust Series 19-4 CL A4$640,000 par, 1.92%, due January 15, 2025 **659,649 
American Credit Acceptance Receivables Trust 2019-4 $553,669 par, 2.18%, due February 13, 2023**554,406 
American Credit Acceptance Receivables Trust 2020-2$657,760 par, 1.65%, due December 13, 2023**661,460 
American Express Credit Account Series 19-4$3,002,000 par, floating rate, due April 15, 2024**3,006,166 
AmeriCredit Automobile Receivables Trust$1,307,000 par, 0.66%, due December 18, 2024**1,313,863 
AmeriCredit Automobile Receivables Trust$1,674,000 par, 3.45%, due June 18, 2024**1,716,161 
AmeriCredit Automobile Receivables Trust$146,330 par, 2.43%, due September 19, 2022**146,514 
AmeriCredit Automobile Receivables Trust$579,000 par, 0.97%, due February 18, 2026**585,559 
AmeriCredit Automobile Receivables Trust$906,693 par, 2.36%, due December 19, 2022**909,998 
AmeriCredit Automobile Receivables Trust $279,719 par, 2.17%, due January 18, 2023**280,669 
BA Credit Card Trust$833,000 par, 0.34%, due May 15, 2026**834,462 
Bayview Opportunity Master Fund Series 20-RN3 $98,600 par, variable rate, due September 25, 2035**99,846 
BMW Floorplan Master Owner Trust$1,761,000 par, floating rate, due May 15, 2023**1,762,087 
BMW Vehicle Owner Trust 2020-A Series 20 A $939,000 par, 0.62%, due April 26, 2027**944,422 
Capital One Multi Series 19-A2 $1,636,000 par, 1.72%, due August 15, 2024**1,673,914 
Capital One Prime Auto Receivables Trust Series 19-2$1,127,000 par, 2.18%, due May 15, 2024**1,147,521 
CarMax Auto Owner Trust 2018-2 $600,000 par, 3.16%, due July 17, 2023**618,398 
24
Carmax Auto Owner Trust 2019-1 $838,000 par, 3.26%, due August 15, 2024**882,329 
CarMax Auto Owner Trust 2020-1 $1,213,000 par, 1.89%, due December 16, 2024**1,244,159 
CarMax Auto Owner Trust 2020-1 $813,000 par, 2.03%, due June 16, 2025**846,250 
Carmax Auto Owner Trust 2020-3$1,171,000 par, 0.77%, due March 16, 2026**1,184,339 
Carmax Auto Owner Trust 2021-1$1,011,000 par, 0.34%, due December 15, 2025**1,011,659 
Carmax Auto Owner Trust 2021-1$1,194,000 par, 0.53%, due October 15, 2026**1,195,412 
CMO Volt LXXXIII LLC Series 19-NPL9$234,144 par, 3.3269%, due November 26, 2049**234,931 
Consumer Loan Underlying Bond Credit Trust 2018-P3$102,586 par, 3.82%, due January 15, 2026**102,899 
Consumer Loan Underlying Bond Credit Trust 2019-HP1$682,067 par, 2.59%, due December 15, 2026**689,675 
Consumer Loan Underlying Bond Credit Trust 2019-P1 $254,143 par, 2.94%, due July 15, 2026**255,505 
CPS Auto Receivables Trust 2019-D CL A$458,169 par, 2.33%, due December 15, 2022**459,223 
CPS Auto Receivables Trust 2020-A$1,213,591 par, 2.09%, due May 15, 2023**1,219,005 
CPS Auto Receivables Trust 2020-B NT Cl A$528,594 par, 1.15%, due July 17, 2023**530,442 
CPS Auto Receivables Trust 2020-B NT CL B$487,000 par, 2.11%, due April 15, 2026**495,441 
CPS Auto Receivables Trust 2021-A CL A$1,102,000 par, 0.35%, due January 16, 2024**1,101,947 
Credit Acceptance Auto Loan Trust 2018-3 $436,268 par, 3.55%, due August 15, 2027**440,056 
Credit Acceptance Auto Loan Trust 2019-1$2,087,000 par, 3.33%, due February 15, 2028**2,122,500 
Credit Acceptance Auto Loan Trust 2020-2$1,022,000 par, 1.37%, due July 16, 2029**1,036,553 
Discover Card $1,072,000 par, 3.04%, due July 15, 2024**1,101,177 
Discover Card $1,427,000 par, 0.3865%, due December 15, 2023**1,428,175 
Drive Auto Receivables Trust 2020-2$734,000 par, 2.63%, due March 17, 2025**744,444 
Drive Auto Receivables Trust 2020-2$534,000 par, 2.28%, due August 17, 2026**553,260 
Drive Auto Receivables Trust 2020-1$2,479,000 par, 2.02%, due November 15, 2023**2,497,135 
Drive Auto Receivables Trust 2020-1$493,581 par, 1.99%, due December 15, 2022**494,289 
Drive Auto Receivables Trust 2019-2 $1,063,839 par, 3.17%, due November 15, 2023**1,070,056 
Drive Auto Receivables Trust 2019-4$1,963,000 par, 2.23%, due January 16, 2024**1,980,861 
DT Auto Owner Trust 2019-2A CL A$10,948 par, 2.85%, due September 15, 2022**10,960 
DT Auto Owner Trust 2019-3A CL A$59,075 par, 2.93%, due August 15, 2022**59,136 
DT Auto Owner Trust 2020-1 CL A$907,850 par, 1.94%, due September 15, 2023**913,221 
DT Auto Owner Trust 2020-2$1,011,199 par, 1.14%, due January 16, 2024**1,015,747 
DT Auto Owner Trust 2020-2$385,000 par, 2.08%, due March 16, 2026**393,352 
Exeter Automobile$1,752,639 par, 1.13%, due August 15, 2023**1,757,382 
Exeter Automobile$140,637 par, 2.18%, due January 17, 2023**140,838 
Exeter Automobile$590,095 par, 2.05%, due June 15, 2023**592,152 
Exeter Automobile$965,000 par, 2.08%, due July 15, 2024**980,640 
First Investments Auto Owner Trust $852,403 par, 2.21%, due September 16, 2024**861,833 
Flagship Credit Auto Trust 2019-1$701,993 par, 3.11%, due August 15, 2023**709,162 
Flagship Credit Auto Trust 2019-2$1,512,258 par, 2.83%, due October 16, 2023**1,529,964 
Flagship Credit Auto Trust 2019-4$2,354,181 par, 2.17%, due June 17, 2024**2,384,278 
Flagship Credit Auto Trust 2020-1 $2,360,271 par, 2.3%, due August 15, 2024**2,390,380 
Flagship Credit Auto Trust 2020-2 $1,172,995 par, 1.49%, due July 15, 2024**1,183,561 
Flagship Credit Auto Trust 2020-3$1,091,982 par, 0.7%, due April 15, 2025**1,093,821 
Ford Credit Auto Owner Trust 2017-C $17,365 par, 2.01%, due March 15, 2022**17,379 
Ford Credit Auto Owner Trust 2020-A CL A2$74,500 par, 1.03%, due October 15, 2022**74,686 
25
Ford Credit Auto Owner Trust 2020-A CL A3$1,081,000 par, 1.04%, due August 15, 2024**1,094,411 
Ford Credit Auto Owner Trust 2020-A CL A4$748,000 par, 1.35%, due July 15, 2025**767,743 
Ford Credit Auto Owner Trust 2020-B$1,156,000 par, 0.79%, due November 15, 2025**1,171,193 
Ford Credit Auto Owner Trust 2020-C CL A4$1,830,000 par, 0.51%, due August 15, 2026**1,837,825 
Ford Credit Floorplan Master Owner Trust 2020-2 $1,550,000 par, 1.06%, due September 15, 2027**1,570,816 
GM Financial Automobile Leasing Trust 2020-2 CL A-3$1,321,000 par, 0.8%, due July 20, 2023**1,331,894 
GM Financial Automobile Leasing Trust 2020-2 CL A-4$373,000 par, 1.01%, due July 22, 2024**378,167 
GM Financial Consumer Automobile Receivables 2018-1$347,511 par, 2.32%, due July 18, 2022**348,881 
GM Financial Consumer Automobile Receivables 2020-1$2,818,000 par, 1.84%, due September 16, 2024**2,870,387 
GM Financial Consumer Automobile Receivables 2020-2$1,074,000 par, 1.49%, due December 16, 2024**1,093,346 
GM Financial Consumer Automobile Receivables 2020-3$1,562,000 par, 0.45%, due April 16, 2025**1,567,355 
GM Financial Consumer Automobile Receivables 2020-4$1,545,000 par, 0.5%, due February 17, 2026**1,550,215 
GM Financial Consumer Automobile Receivables 2021-1 $1,398,000 par, 0.54%, due May 17, 2027**1,402,363 
GM Floorplan Owner Revolving Trust Series 2020-1 $1,315,000 par, 0.68%, due August 15, 2025**1,324,208 
Honda Auto$1,319,000 par, 0.82%, due July 15, 2024**1,331,797 
Honda Auto $1,922,000 par, 0.46%, due April 19, 2027**1,927,790 
Honda Auto $355,000 par, 1.09%, due October 15, 2026**361,957 
Honda Auto Receivables Owners Trust Series 2020-2 CL A2$327,372 par, 0.74%, due November 15, 2022**328,144 
Hyundai Auto Receivables Trust 2020-A CL A-3$1,442,000 par, 1.41%, due November 15, 2024**1,471,829 
Hyundai Auto Receivables Trust 2020-A CL A-4 $1,147,000 par, 1.41%, due June 15, 2026**1,193,795 
Nissan Auto$1,377,000 par, 1.38%, due December 16, 2024**1,401,350 
PRPM LLC Series 2019-4A$1,414,710 par, variable rate, due November 25, 2024**1,421,041 
PRPM LLC Series 2020-1A $2,233,369 par, variable rate, due February 25, 2025**2,239,602 
Sandtander Drive Auto Receivables Trust $776,000 par, 2.03%, due February 15, 2024**786,114 
Santander Consumer $1,088,000 par, 0.48%, due June 15, 2026**1,089,358 
Santander Consumer $1,868,000 par, 0.33%, due October 15, 2025**1,869,195 
Santander Consumer $2,743,000 par, 0.46%, due August 15, 2024**2,747,369 
Santander Drive Auto Receivables Trust$1,519,000 par, 0.67%, due April 15, 2024**1,524,129 
Santander Drive Auto Receivables Trust$1,010,000 par, 0.96%, due November 15, 2024**1,017,028 
Santander Drive Auto Receivables Trust$2,201,000 par, 1.01%, due January 15, 2026**2,226,822 
Santander Drive Auto Receivables Trust$426,900 par, 3.21%, due September 15, 2023**427,781 
Santander Drive Auto Receivables Trust$935,058 par, 3.64%, due January 17, 2023**938,772 
Sofi Consumer Loan Program Series 2019-3 $629,542 par, 2.90%, due May 25, 2028**635,809 
Toyota Auto Fixed $1,106,000 par, 1.66%, due September 15, 2025**1,141,617 
Toyota Auto Receivables Owner Trust 2020-A$669,000 par, 1.68%, due May 15, 2025**691,342 
Toyota Auto Receivables Owner Trust 2020-B $1,207,000 par, 1.36%, due August 15, 2024**1,227,294 
Toyota Auto Receivables Owner Trust2020-D$1,446,000 par, 0.47%, due January 15, 2026**1,451,800 
USAA Auto Owner Trust 2019-1$1,643,000 par, 2.14%, due November 15, 2024**1,684,805 
Vcat Asset Securitization LLC Series 2021-NPL1 $1,545,809 par, 2.289%, due December 26, 2050**1,546,133 
Vericrest Opportunity Loan Transferee (Volt) 2020-NPL1$1,133,255 par, 3.23%, due January 25, 2050**1,137,100 
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Verizon Owner Trust$3,575,000 par, 1.85%, due July 22, 2024**3,660,333 
Verizon Owner Trust $1,764,000 par, 2.93%, due September 20, 2023**1,795,590 
Verizon Owner Trust $2,783,514 par, 3.23%, due April 20, 2023**2,818,030 
Volkswagen Auto$1,766,000 par, 1.98%, due November 20, 2024**1,784,022 
Volkswagen Auto$664,000 par, 2.35%, due August 20, 2026**679,131 
Volt LXXII LLC 2019-NPL8 $1,523,378 par, variable rate, due November 25, 2049**1,524,978 
Volt LXXXIX LLC 2020-NPL5 $440,210 par, variable rate, due March 25, 2050**440,893 
Volt LXXXVII LLC 2020-NPL3 $2,271,658 par, variable rate, due February 25, 2050**2,278,841 
Westlake $1,408,826 par, 2.15%, due February 15, 2023**1,416,595 
Westlake $3,715,000 par, 0.56%, due May 15, 2024**3,723,584 
Westlake $465,084 par, 2.57%, due February 15, 2023**466,854 
World OMNI Auto Receivables Trust 2019-B $2,455,955 par, 2.59%, due July 15, 2024**2,494,725 
World OMNI Auto Receivables Trust 2018-D$2,780,702 par, 3.28%, due March 15, 2024**2,839,879 
World OMNI Auto Receivables Trust 2019-C$1,786,000 par, 1.96%, due December 16, 2024**1,822,002 
World Omni Auto Receivables Trust 2020-C$917,000 par, 0.48%, due November 17, 2025**920,471 
World Omni Auto Receivables Trust 2020-C $1,152,000 par, 0.61%, due October 15, 2026**1,160,669 
World Omni Select$2,386,111 par, 0.47%, due June 17, 2024**2,390,059 
World Omni Select$924,000 par, 0.55%, due July 15, 2025**926,869 
Total Asset-Backed Securities145,907,798 
Mortgage-Backed Securities
Benchmark Mortgage Trust 2020-B16 $171,000 par, 0.00029%, due December 1, 2057**185,953 
Benchmark Mortgage Trust 2020-B17$1,215,000 par, 2.289%, due March 15, 2053**1,276,520 
Benchmark Mortgage Trust 2020-B19 $1,484,000 par, 1.987%, due September 15, 2023**1,506,105 
Benchmark Mortgage Trust 2020-B20 $1,293,000 par, 2.0292%, due October 15, 2053**1,331,412 
Benchmark Mortgage Trust 2020-B21 $1,807,000 par, 2.014%, due December 15, 2053**1,848,459 
Benchmark Mortgage Trust 2020-B22 $1,635,000 par, 1.973%, due January 15, 2054**1,671,033 
Citigroup Commercial Mortgage Trust 2015-GC33$234,000 par, 3.778%, due September 10, 2058**262,271 
Citigroup Commercial Mortgage Trust 2016-P6$816,000 par, 3.72% floating rate, due December 10, 2049**929,417 
Citigroup Commerical Mortgage Trust 2016-C3$895,000 par, 3.154%, due November 15, 2049**990,276 
Citigroup Commerical Mortgage Trust 2019-C7$1,673,000 par, 3.102%, due December 15, 2072**1,862,616 
Citigroup Mortgage Loan Trust 2018-A Series 18 $437,534 par, variable rate, due January 25, 2068**439,277 
Commercial Mortgage 2015-LC23$1,116,000 par, 3.774%, due October 10, 2048**1,239,243 
Commercial Mortgage Bank 2019 - BNK21$888,000 par, 0.000293%, due October 1, 2052**971,646 
Commercial Mortgage Bank 2020-BNK27 $521,000 par, 2.144%, due April 15, 2063**541,080 
Commercial Mortgage Bank 2020-BNK30 $552,000, variable rate, due December 15, 2053**561,394 
Commercial Mortgage Bank Securities 2020-BN28 $703,000 par, 1.844%, due March 15, 2063**710,870 
Commercial Mortgage Trust 2013-CR7 $320,680 par, 3.213%, due March 10, 2046**337,117 
Commercial Mortgage Trust CTF 2013-CCRE12$1,013,916 par, 3.765%, due October 10, 2046**1,074,910 
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CSAIL Commercial Mortgage Trust 2016-C7 $531,000 par, 3.502%, due November 15, 2049**593,416 
CSAIL Commercial Mortgage Trust 2019-C16 $436,000 par, 3.329% floating rate, due June 15, 2052**488,430 
CSMC 2020-RPL3$1,124,804 par, 2.691%, due March 25, 2060**1,140,866 
CVS Pass-Through Trust Series 2014 $622,143 par, 4.163%, due August 11, 2036**680,233 
CWMBS Inc. Mortgage Pass-through Series 2003-59 $594,630 par, 6.0%, due December 25, 2033**622,506 
GCAT LLC 2020-4 $880,012 par, 2.6108%, due December 25, 2025**885,975 
GS Mortgage Securities Trust 2013-GCJ12$344,000 par, 3.135%, due June 10, 2046**362,439 
GS Mortgage Securities Trust 2014-GC18 $519,000 par, 4.074%, due January 10, 2047**562,787 
GS Mortgage Securities Trust 2020-GC45$873,000 par, 2.9106%, due February 13, 2053**959,983 
GS Mortgage Securities Trust 2016-GS4 $341,000 par, 3.442%, due November 10, 2049**381,719 
*Morgan Stanley Bank of America Merrill Lynch 2015-C20$1,239,000 par, variable rate, due February 15, 2048**1,352,746 
*Morgan Stanley Bank of America Merrill Lynch 2015-C24$1,532,000 par, 3.732%, due May 15, 2048**1,715,831 
Morgan Stanley Capital 1 Trust 2014-CPT$1,307,000 par, 3.35%, due July 13, 2029**1,314,004 
Morgan Stanley Capital 1 Trust 2018-H4 $864,000 par, 4.31%, due December 15, 2051**1,022,550 
New Residential Mortgage LLC Series 20-NPL2$1,095,477 par, variable rate, due August 25, 2060**1,104,124 
New Residential Mortgage LLC Series 20-RPL2$1,153,856 par, 3.578%, due August 25, 2025**1,179,212 
Preston Ridge Partners Mortgage Series 2020-3$824,938 par, 2.857%, due September 25, 2025**832,032 
Preston Ridge Partners Mortgage Series 2020-5$1,194,343 par, 3.104%, due November 25, 2025**1,207,607 
RCO V Mortgage LLC 2020-1$725,182 par, 3.1048%, due September 25, 2025**726,909 
Residential Accredit Loans Inc.$5 par, 1.4991%, due January 25, 2046**5 
Residential FDG Mortgage Securities, Inc. Series 2005-SA4$105 par, 3.40343%, due September 25, 2035**103 
Vericrest Opportunity Loan Transferee $1,500,000 par, 1.8925%, due February 27, 2051**1,499,841 
Wells Fargo Commercial Mortgage Trust 2015-C31$880,000 par, 3.695%, due November 15, 2048**988,841 
Wells Fargo Commercial Mortgage Trust 2015-P2$413,000 par, 3.809%, due December 15, 2048**467,808 
Wells Fargo Commercial Mortgage Trust 2016-C34$1,195,000 par, 3.096%, due May 15, 2049**1,282,898 
Wells Fargo Commercial Mortgage Trust 2018-C47$306,000 par, 4.442%, due September 15, 2061**364,091 
Wells Fargo Commercial Mortgage Trust 2019-C54$995,000 par, 3.146%, due December 15, 2052**1,111,024 
Wells Fargo Commercial Mortgage Trust 2020-C57$338,000 par, 2.118%, due August 15, 2053**347,738 
WFRBS Commercial Mortgage Trust 2013-C14$68,662 par, 3.337%, due June 15, 2046**72,543 
WFRBS Commercial Mortgage Trust 2014-C25$1,230,000 par, 3.631%, due November 15, 2047**1,355,178 
Total Mortgage-Backed Securities42,363,038 
Collective Investment Trusts/
Collective Trust Funds
BlackRock Institutional Trust Company, N.A.Government Short-Term Investment Fund**640,276,581 
BlackRock Institutional Trust Company, N.A.MSCI USA Minimum Volatility Index Fund**765,397,437 
BlackRock Institutional Trust Company, N.A.MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund**2,490,022,701 
BlackRock Institutional Trust Company, N.A.MSCI USA Momentum Index RSL Fund**814,032,251 
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BlackRock Institutional Trust Company, N.A.MSCI USA Quality Index RSL Fund**773,123,540 
BlackRock Institutional Trust Company, N.A.MSCI USA Value Weighted Index RSL Fund**795,614,940 
BlackRock Institutional Trust Company, N.A.Russell 1000 Index Non-Lendable Fund **7,883,378,271 
BlackRock Institutional Trust Company, N.A.Russell 2000 Index Non-Lendable Fund **481,564,409 
BlackRock Institutional Trust Company, N.A.Russell 2500 Index Non-Lendable Fund**850,049,896 
BlackRock Institutional Trust Company, N.A.U.S. Debt Index Non Lendable Fund**2,021,525,899 
BlackRock Institutional Trust Company, N.A.U.S. Treasury Inflation Protected Securities Non-Lendable Fund **245,947,973 
Global Trust CompanyAltrinsic International Equity Collective Fund**635,069,206 
Global Trust CompanyAQR Emerging Equities Collective Investment Fund **344,992,240 
Global Trust CompanyVictory Mid Cap Value Collective Investment Trust Fund**204,427,235 
JPMorgan Chase Bank, N.A.Short Duration Bond Fund**504,978,287 
Principal Global Investors Trust Company Global Property Securities Fund**725,238,580 
Prudential Trust CompanyCore Plus Bond Fund**1,058,085,539 
Reliance Trust CompanyDriehaus Emerging Markets Growth CIT Fund**341,512,997 
Reliance Trust CompanyMonarch Partners Small-Cap Value Fund**217,223,717 
SEI Trust CompanyAEW Global Properties Trust Fund **482,627,528 
SEI Trust CompanyCohen & Steers Global Listed Infrastructure Fund**101,565,175 
SEI Trust CompanyCoreCommodity Management Diversified I CIT Fund**308,699,130 
SEI Trust CompanyFiera Asset Management USA Collective Trust**957,916,299 
SEI Trust CompanyJackson Square SMID-Cap Growth CIT Fund**170,934,440 
SEI Trust CompanyNuveen Global Infrastructure Fund **201,506,792 
*The Northern Trust CompanyGlobal Investments Collective Short Term Investment Fund**2,673,186 
*The Northern Trust CompanyGQC Partners International Equity CIT Fund**949,469,150 
*The Northern Trust CompanyThe Collective First State Investments Global Listed Infrastructure Fund**201,786,696 
*The Northern Trust CompanyThe Collective LSV International (ACWI EX US) Value Equity Fund**1,295,080,793 
*The Northern Trust CompanyThe Presima Global Real Estate Concentrated Collective Fund**483,158,892 
Wellington Trust Company, NACIF II Commodities Portfolio**310,385,946 
Total Collective Investment Trusts/Collective Trust Funds27,258,265,726 
Total Investments$33,999,069,759 
*Notes Receivable from participantsLoans to participants, interest rates ranging from 4.25% to 5.75% with various maturities$1,034,322,692 

* 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
July 22, 2021
By:
/s/ Adam Stavisky
Adam Stavisky
Senior Vice President, US Benefits, Global People
Walmart Inc.


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