11-K 1 wmtform11-kx1312024us401k.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, 2024
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, 2024 and 2023, and for the year ended January 31, 2024


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, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended January 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at January 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended January 31, 2024, 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 Required by ERISA

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


/s/ Ernst & Young LLP


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

Rogers, Arkansas
June 25, 2024

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


January 31,
20242023
Assets
Investments, at fair value
$40,304,881,249 $35,611,558,392 
Notes receivable from participants
1,220,067,619 1,125,958,080 
Accrued investment income
13,805,931 10,060,562 
Total assets
41,538,754,799 36,747,577,034 
Liabilities
Due to broker
— 18,600,399 
Accrued expenses
4,577,123 5,234,743 
Total liabilities
4,577,123 23,835,142 
Net assets available for benefits
$41,534,177,676 $36,723,741,892 
See accompanying notes.
2
Walmart 401(k) Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended
January 31, 2024
Additions
Investment income:
Net appreciation in fair value of investments$4,052,526,275 
Interest and dividends191,812,252
Net investment income4,244,338,527
Interest income on notes receivable from participants68,240,696
Contributions:
Company1,586,359,465
Participant2,232,685,240
Rollovers128,192,564
Total contributions3,947,237,269
Other, net2,679,313 
Total additions8,262,495,805 
Deductions
Benefits paid to participants3,418,556,081
Administrative expenses25,961,267
Fees on notes receivable from participants7,542,673
Total deductions3,452,060,021
Net increase4,810,435,784
Net assets available for benefits:
Beginning of year36,723,741,892
End of year$41,534,177,676 

See accompanying notes.







3
Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2024
Note 1. Description of the Plan
Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.
General
The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can begin contributing to the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.
The responsibility for management of Plan assets and the investment policy is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Benefits or successor title. Responsibility for operation and administration of the Plan is vested in the Senior Vice President, Global Benefits or successor title. Effective March 15, 2024, the Plan was amended to allocate such responsibility to the Senior Vice President, Global Total Rewards.
The trustee function of the Plan is performed by Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
Contributions
Eligible employees may elect to contribute up to 50% of their eligible wages as either pretax or Roth deferrals, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).
Each eligible employee may begin receiving matching contributions on the first day of the month after completing at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any subsequent Plan year). The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.
Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2024. 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 contributions, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.
Vesting
Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions. A participant's profit sharing contribution account shall vest based on years of service at a rate of 20% per year from years two through six and may become fully vested upon participant retirement at age 65 or above, total and permanent disability, or death.
4
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.
Investment Options
A participant may direct the Trustee to invest any portion of his or her account in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2024, 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.
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 other contributions described previously.
To the extent not directed by the participant, participant accounts are invested 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). Contributions from Plan participants and the company matching contributions are recorded in the year in which the employee contributions are withheld from compensation.
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.
5
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. 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, 2024 and 2023, there were benefits in the amount of $29,324,794 and $29,706,635, 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 recorded as fees on notes receivable from participants when incurred. Investment related expenses that are indirect are included in net appreciation/depreciation of fair value of investments and direct expenses are included in administrative expenses.
Note 3. Fair Value Measurements
Accounting guidance provides a framework for measuring fair value and provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1
Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access.
Level 2
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3
Significant unobservable inputs.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2024 and 2023. During the year ended January 31, 2024, 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 - 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 fund - 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.
6
Investments measured at fair value on a recurring basis consisted of the following types of instruments:
Fair Value Measurements as of January 31, 2024
Level 1Level 2Total
Walmart Inc. equity securities$3,494,368,568 $— $3,494,368,568 
Common stocks1,067,485,061 —1,067,485,061 
Cash equivalent20,806,602 —20,806,602 
Mutual fund
879,810,982 —879,810,982 
Government securities—819,161,539 819,161,539 
Corporate bonds—347,907,741 347,907,741 
Asset-backed securities—120,236,595 120,236,595 
Mortgage-backed securities—32,139,770 32,139,770 
Total assets in the fair value hierarchy$5,462,471,213 $1,319,445,645 $6,781,916,858 
Investments measured at NAV*
Collective investment trusts/collective trust funds
33,522,964,391 
Total investments at fair value$40,304,881,249 

Fair Value Measurements as of January 31, 2023
Level 1Level 2Total
Walmart Inc. equity securities$3,297,354,804 $— $3,297,354,804 
Common stocks882,955,570 —882,955,570 
Cash equivalent20,606,546 —20,606,546 
Mutual fund
801,171,589 —801,171,589 
Government securities—670,439,047 670,439,047 
Corporate bonds—308,219,608 308,219,608 
Asset-backed securities—147,761,898 147,761,898 
Mortgage-backed securities—41,999,995 41,999,995 
Total assets in the fair value hierarchy$5,002,088,509 $1,168,420,548 $6,170,509,057 
Investments measured at NAV*
Collective investment trusts/collective trust funds
29,441,049,335 
Total investments at fair value$35,611,558,392 
*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, 2024 and 2023.
Investments
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
20242023
Collective investment trusts/collective trust funds$33,522,964,391 $29,441,049,335 
N/A
Daily
N/A

Note 5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by Bank of America, N.A., Merrill Lynch & Company and Northern Trust Company who provide investment management services to the Plan. The Plan also holds notes receivable from participants. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.
A portion of the Plan's assets are invested in common stock of the Company.  While the holding and acquisition of employer securities is generally prohibited by ERISA, the Plan meets the exception in ERISA section 407(b), which permits the acquisition and holding of employer securities by eligible individual account plans.

7

Note 6. Plan Termination
While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.
Note 7. Tax Status
The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
Note 8. Risks and Uncertainties
The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.
Note 9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
January 31,
20242023
Net assets available for benefits per the financial statements$41,534,177,676 $36,723,741,892 
Less: Benefits payable per the Form 5500(29,324,794)(29,706,635)
Net assets available for benefits per the Form 5500$41,504,852,882 $36,694,035,257 
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, 2024:
Net increase in net assets available for benefits per the financial statements$4,810,435,784 
Less: Benefits payable per the Form 5500 at January 31, 2024(29,324,794)
Add: Benefits payable per the Form 5500 at January 31, 202329,706,635 
Net gain per the Form 5500$4,810,817,625 
Benefits payable are recorded in the Form 5500 for benefit payments that have been processed and approved for payment prior to January 31, but not paid as of that date.






8



Supplemental Schedule
Walmart 401(k) Plan
EIN #71-0415188, Plan #003
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
January 31, 2024
(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**$3,494,368,568 
Other Common Stocks
1 800 Flowers Inc.Common Stock**957,154 
Aaon Inc. Common Stock**2,793,420 
Academy Sports & Outdoors Inc.Common Stock**3,649,318 
Acadia Healthcare Company Inc.Common Stock**8,012,018 
Advanced Drainage Systems Inc.Common Stock**4,558,179 
Advanced Energy Industries, Inc.Common Stock**5,710,627 
Aehr Test SystemsCommon Stock**242,872 
Agnc Invt Corp.Common Stock**4,831,482 
Alamo Group Inc. Common Stock**6,962,784 
Alarm.com Holdings, Inc.Common Stock**4,394,184 
Alkermes PLCCommon Stock**2,347,724 
Amedisys Inc.Common Stock**3,492,704 
Ameris BankcorpCommon Stock**4,760,526 
Amicus Therapeutics Inc.Common Stock**899,944 
Antero Resources Corp.Common Stock**2,708,167 
Appfolio Inc.Common Stock**8,298,114 
Apple Hospitality Reit, Inc.Common Stock**3,006,368 
Arlo Technologies Inc.Common Stock**5,528,581 
Artisan Partners Asset Management Inc.Common Stock**5,109,077 
ASGN IncorporatedCommon Stock**5,717,248 
Aspen Aerogels Inc.Common Stock**3,969,670 
Atrion Corp.Common Stock**5,183,300 
Avient CorporationCommon Stock**1,946,613 
Axalta Coating Systems Ltd.Common Stock**5,514,156 
Axos Financial Inc.Common Stock**471,377 
Banner Corp.Common Stock**4,579,466 
Beacon Roofing Supply Inc.Common Stock**7,123,567 
Biocryst Pharmaceuticals Inc.Common Stock**1,830,238 
Bio-Techne Corp.Common Stock**9,619,917 
Black Hills Corp.Common Stock**3,492,868 
Blackline Inc.Common Stock**3,324,691 
Bright Horizons Family Solutions Inc.Common Stock**4,555,853 
Brunswick Corp.Common Stock**1,349,696 
BWX Technologies Inc.Common Stock**3,338,236 
Cadence BankCommon Stock**5,295,650 
Cambium Networks CorporationCommon Stock**99,722 
9
Carmax Inc.Common Stock**4,917,257 
Casella Waste Systems Inc.
Common Stock**4,219,978 
Cathay General Bancorp Common Stock**4,069,737 
CenterspaceCommon Stock**2,638,611 
Century Casinos Inc. Common Stock**1,003,999 
Cerence Inc.Common Stock**2,713,591 
Ceva Inc. Common Stock**1,369,325 
ChampionX CorporationCommon Stock**3,788,254 
Charles Riv Laboratories Intl Inc.Common Stock**5,485,510 
Chemours Co.Common Stock**5,413,705 
Chewy Inc.Common Stock**1,682,475 
Chord Energy Corp.Common Stock**4,625,870 
CNX Resources Corporation Common Stock**2,058,521 
Coca-Cola Consolidated Inc.Common Stock**4,871,160 
Coda Octopus Group Inc. Common Stock**758,778 
Comerica Inc.Common Stock**8,017,136 
Commercial Metals CompanyCommon Stock**4,081,150 
Commvault Systems Inc.
Common Stock**3,800,503 
Computer Programs & Systems Inc.Common Stock**497,575 
Connectone Bancorp Inc.Common Stock**3,917,905 
Consensus Cloud Solutions Inc.Common Stock**930,602 
Core & Main Inc.Common Stock**17,811,509 
Coty Inc.Common Stock**2,786,312 
CRA International Inc.Common Stock**2,748,025 
Crane NXT Co.Common Stock**3,072,463 
CryoPort Inc.Common Stock**1,022,128 
Cushman & Wakefield Inc.Common Stock**3,950,576 
Dana Inc.Common Stock**2,742,117 
Deluxe Corp.Common Stock**3,420,895 
Denny's Corp.
Common Stock**476,118 
Descartes Systems Group Inc. Common Stock**4,908,631 
Diamond Offshore Drilling Inc.Common Stock**2,260,062 
Digital Turbine Inc.Common Stock**1,256,145 
Dine Brands Global Inc.Common Stock**2,279,599 
Donnelley Financial Solutions Inc.Common Stock**6,960,111 
Douglas Dynamics Inc. Common Stock**5,527,593 
Eagle Materials Inc.Common Stock**7,606,628 
Ecovyst Inc.Common Stock**3,892,034 
Element Solution Inc. Common Stock**11,039,751 
EMCOR Group Inc.Common Stock**3,937,179 
Encompass Health Corp.Common Stock**2,277,827 
Endava PLCCommon Stock**5,220,491 
Enovis CorporationCommon Stock**2,750,330 
EPR PropertiesCommon Stock**2,881,490 
Equity CommonwealthCommon Stock**4,033,739 
Establishment Labs Holdings Inc. Common Stock**5,286,782 
Eventbrite Inc.Common Stock**2,677,848 
Evertec Inc. Common Stock**4,660,207 
Evolus Inc.Common Stock**2,119,839 
Excelerate Energy Inc.Common Stock**1,364,430 
Exelixis Inc.Common Stock**3,700,810 
Exponent Inc. Common Stock**5,027,006 
Fabrinet Common Stock**8,815,401 
Federal Agricultural Mortgage Corp.Common Stock**7,277,233 
10
Federal Signal Corp.Common Stock**3,372,494 
First American Financial Corp.Common Stock**8,406,152 
First Interstate BancSystem, Inc.Common Stock**3,385,208 
First Merchants Corp. Common Stock**4,370,281 
Fiverr International Ltd.Common Stock**777,746 
Floor & Décor Holdings Inc.Common Stock**7,118,441 
Foot Locker Inc.Common Stock**2,866,688 
Franklin Covey Co.Common Stock**5,173,004 
Franklin Elec Inc. Common Stock**3,613,928 
GATX Corp.Common Stock**4,520,266 
Getty Realty Corp.Common Stock**2,967,586 
Gildan Activewear Inc.Common Stock**4,457,175 
Global Medical REIT Inc.Common Stock**3,229,003 
Globus Med Inc.Common Stock**5,035,902 
Goosehead Insurance Inc.
Common Stock**8,265,727 
Group 1 Automotive Inc.Common Stock**3,374,279 
Guidewire Software Inc.Common Stock**9,086,620 
Hamilton Insurance Group Ltd.Common Stock**2,629,991 
Hamilton Lane Inc. Common Stock**9,753,800 
Harmonic Inc. Common Stock**3,268,161 
Harrow Inc.Common Stock**1,424,563 
HealthEquity Inc. Common Stock**11,705,982 
Heartland Financial USA Inc.Common Stock**3,599,318 
Heico Corp.Common Stock**10,332,544 
Hillenbrand Inc.Common Stock**4,434,861 
Hillman Solutions Corp.Common Stock**3,161,174 
Ingevity Corp.Common Stock**1,978,321 
Inotiv Inc.Common Stock**288,337 
Insight Enterprises Inc. Common Stock**14,608,316 
Installed Building Products Inc.Common Stock**9,213,482 
International Game Technology PLCCommon Stock**4,721,527 
Iovance Biotherapeutics Inc.Common Stock**1,715,944 
Ituran Location & Control Common Stock**3,906,707 
James River Group HoldingsCommon Stock**1,323,253 
Janus International Group Inc.Common Stock**7,865,490 
John Bean Technologies Corp.Common Stock**4,750,652 
Kadant Inc. Common Stock**4,679,818 
Kennedy-Wilson Holdings Inc.Common Stock**2,726,886 
Kforce Inc.Common Stock**5,481,328 
Kiniksa Pharmaceuticals, Ltd.Common Stock**2,389,694 
Kinsale Cap Group Inc.Common Stock**7,405,934 
Kirby Corp. Common Stock**7,315,380 
Knife Riv Hldg Co.Common Stock**4,213,758 
Korn Ferry Common Stock**4,704,747 
Krystal Biotech Inc.Common Stock**2,053,230 
Ladder Capital Corp.Common Stock**4,377,498 
Landstar System Inc.Common Stock**6,905,754 
La-Z-Boy, Inc. Common Stock**4,474,582 
Lemaitre Vascular Inc. Common Stock**9,577,877 
11
Ligand Pharmaceuticals Inc. Common Stock**3,310,845 
Liquidity Services Inc.Common Stock**594,731 
LXP Industrial TrustCommon Stock**3,879,567 
M/I Homes Inc.Common Stock**3,292,660 
Magnite Inc.Common Stock**1,366,183 
Magnolia Oil & Gas Corp.Common Stock**3,292,478 
Manhattan Associates Inc. Common Stock**6,485,569 
Marriott Vacations Worldwide Corp.Common Stock**1,561,025 
Masonite International Corp.Common Stock**5,117,336 
Matador Res Co.Common Stock**4,386,809 
Materion Corp.Common Stock**3,636,012 
Mativ Holdings Inc.Common Stock**1,752,170 
Maximus Inc. Common Stock**3,350,013 
McGrath RentCorp.
Common Stock**5,049,874 
Medpace Holdings Inc.Common Stock**6,175,081 
MFA Financial Inc.Common Stock**3,973,189 
Minerals Technologies Inc. Common Stock**3,605,425 
Mirum Pharmaceuticals Inc. Common Stock**691,532 
Moelis & Company Common Stock**5,381,288 
Morningstar Inc.Common Stock**4,990,532 
Murphy Oil Corp.Common Stock**4,614,782 
Murphy USA Inc.Common Stock**8,172,824 
National Storage AffiliatesCommon Stock**5,775,617 
NNN REIT Inc.
Common Stock**6,113,527 
Northern Oil & Gas Inc.Common Stock**4,331,349 
Novanta Inc.Common Stock**8,027,945 
NVent Electric PLCCommon Stock**5,604,734 
OceanFirst Financial Corp. Common Stock**3,464,471 
Ocuphire Pharma Inc.Common Stock**761,817 
Old National BancorpCommon Stock**3,005,116 
Ollies Bargain Outlet Holdings Inc. Common Stock**2,769,665 
Omniab Inc.Common Stock**3,078,367 
ONE Gas Inc. Common Stock**2,012,936 
OneMain Holdings Inc. Common Stock**3,526,589 
OptimizeRx Corp.
Common Stock**3,121,551 
Optinose Inc. Common Stock**457,692 
Option Care Health Inc.Common Stock**4,420,772 
Otter Tail Corp.Common Stock**4,035,625 
Pacira BioSciences Inc. Common Stock**3,965,845 
Park City Group, Inc. Common Stock**7,500,404 
Parsons CorporationCommon Stock**4,043,209 
Patterson-Uti Energy Inc. Common Stock**3,834,867 
PennyMac Mortgage Investment TrustCommon Stock**2,921,560 
Perimeter SolutionsCommon Stock**2,826,026 
Permian Resources Corp.
Common Stock**5,597,840 
Permian Resources Corp.
Common Stock**5,469,106 
PGT Innovations Inc. Common Stock**2,585,030 
Pinnacle Financial Partners Inc.Common Stock**3,970,472 
Piper Sandler Companies, Inc.Common Stock**4,703,661 
12
Plexus Corp.Common Stock**2,418,012 
Preferred BankCommon Stock**4,121,389 
Primerica Inc. Common Stock**4,626,299 
Primo Water Corporation CanadaCommon Stock**3,783,408 
Procore Technologies Inc.Common Stock**4,645,276 
Progress Software Corp. Common Stock**1,845,814 
ProPetro Holding Corp.Common Stock**1,841,590 
Prosperity Bancshares Inc.Common Stock**5,661,787 
Puma Biotechnology Inc. Common Stock**401,145 
Q2 Holdings Inc.Common Stock**3,277,754 
Radian Group Inc. Common Stock**4,439,012 
Radware Ltd.Common Stock**3,344,618 
Rambus Inc.Common Stock**6,941,404 
Red Rock Resorts Inc.Common Stock**5,768,193 
Repligen Corp.Common Stock**7,623,539 
Resideo Technologies Inc. Common Stock**2,602,838 
Revance Therapeutics Inc.Common Stock**435,507 
Rhythm Pharmaceuticals Inc. Common Stock**2,411,097 
Rocket Pharmaceuticals Inc. Common Stock**1,271,159 
Rush Enterprises Inc. Common Stock**4,577,003 
RXO LLCCommon Stock**865,322 
Saia, Inc. Common Stock**5,334,867 
Schneider National Inc.Common Stock**3,468,329 
Scholar Rock Holding CorporationCommon Stock**379,175 
scPharmaceuticals Inc.
Common Stock**429,260 
Selective Insurance Group Inc.Common Stock**5,904,142 
ShotSpotter, Inc. Common Stock**1,492,437 
Shutterstock Inc. Common Stock**1,927,884 
Signet Jewelers Ltd.Common Stock**5,083,925 
Simpson Manufacturing Co, Inc. Common Stock**4,883,291 
SiteOne Landscape Supply Inc.Common Stock**7,020,125 
SiTime Corp.
Common Stock**924,495 
Skyline Champion Corp.Common Stock**5,911,194 
Sleep Number Corp.Common Stock**271,323 
Smith-Midland Corp.Common Stock**962,827 
Solarwinds Corp.Common Stock**212,086 
Spire Inc. Common Stock**6,476,322 
Sprout Social Inc.Common Stock**7,333,780 
Stag Industrial Inc.Common Stock**10,181,588 
Stewart Information Services Corp.
Common Stock**4,406,100 
Stifel Financial Corp.
Common Stock**4,548,360 
Stratasys Inc.Common Stock**2,466,522 
Stride Inc. Common Stock**9,608,726 
Supernus Pharmaceuticals Inc.Common Stock**3,217,357 
Techtarget Inc. Common Stock**1,111,516 
Topgolf Callaway Brands Corp.Common Stock**2,532,538 
Travere Therapeutics Inc. Common Stock**399,859 
Trupanion, Inc. Common Stock**2,529,138 
Ultra Clean Holdings Inc.Common Stock**2,733,974 
13
United Bankshares Inc.Common Stock**5,304,904 
United Therapeutics CorporationCommon Stock**1,947,840 
Upland Software Inc. Common Stock**1,029,482 
UroGen Pharma Ltd.Common Stock**675,587 
Utah Medical Products Inc.Common Stock**3,613,877 
Utz Brands Inc.Common Stock**8,089,343 
Valmont Industries Inc.
Common Stock**4,116,950 
Valvoline Inc.Common Stock**4,376,246 
Veeco Instruments Inc.Common Stock**2,493,781 
Verint Systems Inc.Common Stock**2,404,267 
Verona PharmaCommon Stock**1,075,604 
WalkMe Ltd.Common Stock**1,741,400 
WD-40 Co.Common Stock**4,437,881 
WESCO International Inc.Common Stock**4,586,481 
Western Alliance BanCorp.Common Stock**8,574,478 
Willdan Group Inc. Common Stock**1,522,032 
WillScot Mobile Mini Holdings Corp.Common Stock**7,195,323 
Wintrust Financial Corp.Common Stock**3,788,621 
WNS (Holdings) LimitedCommon Stock**8,535,945 
Workiva Inc.Common Stock**5,215,235 
Y-mAbs Therapeutics, Inc. Common Stock**675,338 
Ziff Davis Inc.Common Stock**2,441,228 
Zions BanCorp.Common Stock**7,046,323 
Total Other Common Stocks1,067,485,061 
Cash Equivalent
*Bank of America, N.A. Merrill Lynch Bank DepositCash Equivalent, 1.06%**20,806,602 
Mutual Fund
PIMCOAll Asset Class Institutional Fund**879,810,982 
Government Securities
Abu Dhabi Crude Oil Pipeline LLC$811,000 par, 4.60%, due November 2, 2047**719,763 
California State Municipal Bond $1,015,000 par, 7.30%, due October 1, 2039**1,229,123 
Connecticut Avenue Securities Trust$664,075 par, 7.02%, due July 25, 2043**670,975 
Corporacion Nacional del Cobre de Chile$200,000 par, 6.3%, due September 8, 2053**196,160 
Electricite de France (EDF)$1,616,000 par, 6.9%, due May 23, 2053**1,810,915 
FHLMC, Freddie Mac$1,049,000 par, 6.25%, due July 15, 2032**1,213,099 
FHLMC, Freddie Mac$976,456 par, 6.12%, due October 25, 2041**977,039 
FHLMC, Freddie Mac$730,453 par, 3.00%, due April 1, 2050**647,811 
FHLMC, Freddie Mac$727,104 par, 3.00%, due August 1, 2048**647,907 
FHLMC, Freddie Mac$691,829 par, 2.00%, due June 1, 2036**625,481 
FHLMC, Freddie Mac$690,506 par, 2.50%, due December 1, 2035**642,964 
FHLMC, Freddie Mac$69,506 par, 3.50%, due October 1, 2047**64,379 
FHLMC, Freddie Mac$677,793 par, 3.50%, due October 15, 2053**654,686 
FHLMC, Freddie Mac$658,354 par, 3.00%, due January 1, 2050**583,728 
FHLMC, Freddie Mac$655,916 par, 6.62%, due February 25, 2042**657,969 
FHLMC, Freddie Mac$569,830 par, 3.50%, due March 1, 2048**529,591 
FHLMC, Freddie Mac$566,961 par, 3.50%, due August 1, 2044**527,613 
FHLMC, Freddie Mac$563,212 par, 2.00%, due December 31, 2049**515,905 
FHLMC, Freddie Mac$561,438 par, 4.00%, due August 1, 2052**528,634 
14
FHLMC, Freddie Mac$5,923,054 par, 2.00%, due February 1, 2052**4,830,999 
FHLMC, Freddie Mac$5,269,705 par, 3.50%, due September 25, 2044**5,022,458 
FHLMC, Freddie Mac$481,542 par, 3.00%, due May 1, 2037**456,262 
FHLMC, Freddie Mac$45,353 par, 6.02%, due December 25, 2033**45,325 
FHLMC, Freddie Mac$44,762 par, 3.00%, due February 1, 2050**39,698 
FHLMC, Freddie Mac$438,086 par, 3.00%, November 1, 2049**388,428 
FHLMC, Freddie Mac$434,411 par, 0.00%, due June 1, 2036**392,456 
FHLMC, Freddie Mac$411,916 par, 3.00%, due January 1, 2050**364,967 
FHLMC, Freddie Mac$4,595,121 par, 2.00%, due November 1, 2051**3,715,109 
FHLMC, Freddie Mac$4,391,421 par, 4.00%, due May 1, 2052**4,134,691 
FHLMC, Freddie Mac$398,427 par, 2.50%, due July 1, 2050**329,652 
FHLMC, Freddie Mac$366,810 par, 4.00%, due September 1, 2052**345,337 
FHLMC, Freddie Mac$303,301 par, 3.00%, due September 1, 2050**270,425 
FHLMC, Freddie Mac$3,715,598 par, 3.50%, due January 1, 2051**3,440,248 
FHLMC, Freddie Mac$3,587,447 par, 2.00%, due May 1 ,2051**2,906,554 
FHLMC, Freddie Mac$3,453,343 par, 2.50%, due November 1, 2051**2,945,616 
FHLMC, Freddie Mac$3,062,684 par, 4.00%, due July 1, 2049**2,945,089 
FHLMC, Freddie Mac$289,978 par, 2.50%, due July 1, 2035**269,121 
FHLMC, Freddie Mac$255,857 par, 3.00%, due February 1, 2050**227,588 
FHLMC, Freddie Mac$236,780 par, 7.82%, due March 25, 2052**241,450 
FHLMC, Freddie Mac$217,536 par, 3.00%, due December 1, 2049**192,927 
FHLMC, Freddie Mac$2,749,296 par, 6.00%, due June 1, 2053**2,788,140 
FHLMC, Freddie Mac$2,690,665 par, 2.00%, due February 25, 2052**2,351,838 
FHLMC, Freddie Mac$2,664,746 par, 4.50%, due November 1, 2052**2,576,668 
FHLMC, Freddie Mac$2,654,099 par, 5.50%, due June 1, 2053**2,663,057 
FHLMC, Freddie Mac$2,626,919 par, 4.00%, due November 25, 2051**2,533,639 
FHLMC, Freddie Mac$2,588,481 par, 2.50%, due August 1, 2051**2,189,031 
FHLMC, Freddie Mac$2,563,569 par, 2.50%, due July 1, 2052**2,177,489 
FHLMC, Freddie Mac$2,504,729 par, 2.50%, due February 1, 2052**2,117,344 
FHLMC, Freddie Mac$2,492,171 par, 2.50%, due April 1, 2052**2,124,942 
FHLMC, Freddie Mac$2,429,375 par, 3.00%, June 1, 2050**2,164,466 
FHLMC, Freddie Mac$2,410,401 par, 2.00%, due February 1, 2052**1,872,337 
FHLMC, Freddie Mac$2,113,964 par, 2.50%, due May 1, 2051**1,784,135 
FHLMC, Freddie Mac$2,060,471 par, 3.50%, due June 1, 2052**1,906,769 
FHLMC, Freddie Mac$190,274 par, 2.50%, due June 1, 2051**160,038 
FHLMC, Freddie Mac$145,189 par, 2.00%, due November 1, 2051**117,775 
FHLMC, Freddie Mac$132,999 par, 4.00%, due August 1, 2048**126,995 
FHLMC, Freddie Mac$126,518 par, 2.00%, due November 1, 2051**102,629 
FHLMC, Freddie Mac$1,822,223 par, 3.50%, due January 25, 2051**1,738,406 
FHLMC, Freddie Mac$1,711,453 par, 2.00%, due August 1, 2051**1,386,264 
FHLMC, Freddie Mac$1,655,277 par, 2.00%, due August 1, 2035**1,493,015 
FHLMC, Freddie Mac$1,623,030 par, 3.00%, July 1, 2050**1,438,331 
FHLMC, Freddie Mac$1,606,553 par, 6.50%, due October 1, 2053**1,646,939 
FHLMC, Freddie Mac$1,600,655 par, 2.00%, due December 1, 2051**1,305,562 
FHLMC, Freddie Mac$1,511,835 par, 2.50%, due February 1, 2052**1,274,233 
FHLMC, Freddie Mac$1,482,595 par, 4.50%, due September 1, 2050**1,452,457 
FHLMC, Freddie Mac$1,316,506 par, 3.50%, due March 1, 2048**1,221,802 
FHLMC, Freddie Mac$1,261,002 par, 2.00%, due December 1, 2051**1,020,175 
15
FHLMC, Freddie Mac$1,199,468 par, 2.00%, due September 1, 2050**979,155 
FHLMC, Freddie Mac$1,156,151 par, 5.00%, due October 1, 2052**1,142,455 
FHLMC, Freddie Mac$1,112,791 par, 2.50%, due February 1, 2052**941,927 
FHLMC, Freddie Mac$1,101,081 par, 2.50%, due June 1, 2051**926,131 
FHLMC, Freddie Mac$1,002,339 par, 1.50%, due June 1, 2037**877,458 
FHLMC, Freddie Mac$901,000 par, 3.51%, due March 1, 2029**866,495 
FHLMC, Freddie Mac$656,000 par, 1.64%, due February 25, 2030**563,171 
FHLMC, Freddie Mac$364,000 par, variable rate, due July 25, 2028**357,550 
FHLMC, Freddie Mac$360,000 par, variable rate, due October 25, 2028**354,582 
FHLMC, Freddie Mac$2,444,000 par, 3.90%, due April 25, 2028**2,398,698 
FNMA, Fannie Mae$2,103,000 par, 1.63%, due January 7, 2025**2,042,748 
FNMA, Fannie Mae$1,632,000 par, 2.63%, due September 6, 2024**1,608,104 
FNMA, Fannie Mae$949,626 par, 3.50%, due February 1, 2047**884,363 
FNMA, Fannie Mae$915,622 par, 2.50%, due August 1, 2050**771,388 
FNMA, Fannie Mae$911,898 par, 4.50%, due January 1, 2053**881,508 
FNMA, Fannie Mae$90,780 par, 2.00%, due October 1, 2051**73,650 
FNMA, Fannie Mae$9,260,000 par, 2.00%, TBA**7,465,488 
FNMA, Fannie Mae$9,200,000 par, 3.50%, TBA**8,372,683 
FNMA, Fannie Mae$846,032 par, 3.50%, due June 1, 2044**786,815 
FNMA, Fannie Mae$8,070,000 par, 6.00%, TBA**8,180,490 
FNMA, Fannie Mae$797,309 par, 3.00%, due November 1, 2049**706,548 
FNMA, Fannie Mae$774,803 par, 2.50%, due July 1, 2050**652,754 
FNMA, Fannie Mae$763,220 par, 1.50%, due November 1, 2036**667,744 
FNMA, Fannie Mae$753,725 par, 3.00% due March 1, 2050**667,924 
FNMA, Fannie Mae$752,759 par, 3.00%, due July 1, 2049**668,314 
FNMA, Fannie Mae$740,777 par, 2.00%, due April 1, 2052**601,756 
FNMA, Fannie Mae$737,976 par, 3.50%, due October 1, 2048**683,573 
FNMA, Fannie Mae$719,279 par, 3.00%, due August 1, 2034**681,551 
FNMA, Fannie Mae$702,421 par, 2.50%, due June 1, 2050**591,769 
FNMA, Fannie Mae$7,650,000 par, 3.00%, TBA**6,694,945 
FNMA, Fannie Mae$7,441,411 par, 1.50%, due January 1, 2051**5,733,258 
FNMA, Fannie Mae$696,924 par, 2.50%, due April 1, 2051**587,134 
FNMA, Fannie Mae$69,492 par, 3.50%, due June 1, 2047**64,370 
FNMA, Fannie Mae$644,737 par, 2.00%, due February 1, 2052**523,053 
FNMA, Fannie Mae$640,513 par, 3.00%, due October 1, 2034**606,916 
FNMA, Fannie Mae$633,041 par, 3.00%, due August 1, 2050**556,497 
FNMA, Fannie Mae$621,253 par, 2.50%, due July 1, 2051**522,599 
FNMA, Fannie Mae$617,681 par, 3.00%, due September 1, 2050**550,188 
FNMA, Fannie Mae$6,170,494 par, 2.00%, due March 1, 2052**5,020,973 
FNMA, Fannie Mae$597,591 par, 2.00%, due November 1, 2050**487,177 
FNMA, Fannie Mae$587,621 par, 2.50%, due August 1, 2035**545,353 
FNMA, Fannie Mae$576,746 par, 2.00%, due October 1, 2051**470,731 
FNMA, Fannie Mae$573,811 par, 4.50%, due September 1, 2050**558,493 
FNMA, Fannie Mae$55,584 par, 2.00%, due February 1, 2051**45,325 
FNMA, Fannie Mae$539,132 par, 2.50%, due March 1, 2051**453,530 
FNMA, Fannie Mae$525,000 par, 2.00%, TBA**471,143 
FNMA, Fannie Mae$519,854 par, 4.62%, due January 25, 2044**520,389 
FNMA, Fannie Mae$518,676 par, 3.00%, due May 1, 2050**459,724 
FNMA, Fannie Mae$5,026,951 par, 5.00%, due March 1, 2053**4,966,142 
FNMA, Fannie Mae$5,006,096 par, 2.00%, due January 1, 2052**4,047,394 
FNMA, Fannie Mae$485,000 par, 3.00%, TBA**456,658 
FNMA, Fannie Mae$479,622 par, 2.00%, due October 1, 2050**386,943 
16
FNMA, Fannie Mae$414,526 par, 3.00%, due July 1, 2051**366,087 
FNMA, Fannie Mae$401,611 par, 3.00%, due January 1, 2050**356,177 
FNMA, Fannie Mae$4,890,000 par, 4.50%, TBA**4,727,635 
FNMA, Fannie Mae$4,860,000 par, 5.5%, TBA**4,873,833 
FNMA, Fannie Mae$4,835,000 par, TBA**4,771,665 
FNMA, Fannie Mae$4,642,400 par, 2.00%, due October 1, 2051**3,753,886 
FNMA, Fannie Mae$4,303,424 par, 4.00%, due June 1, 2052**4,050,976 
FNMA, Fannie Mae$4,014,845 par, 2.00%, due February 1, 2037**3,622,914 
FNMA, Fannie Mae$38,298 par, floating rate, due October 25, 2041**38,287 
FNMA, Fannie Mae$374,693 par, 3.00%, due July 1, 2050**333,818 
FNMA, Fannie Mae$362,167 par, 4.50%, due February 1, 2051**351,192 
FNMA, Fannie Mae$344,915 par, 1.50%, due September 1, 2036**302,003 
FNMA, Fannie Mae$343,267 par, 3.50%, due February 1, 2046**319,234 
FNMA, Fannie Mae$340,428 par, 2.50%, due August 1, 2051**288,581 
FNMA, Fannie Mae$336,771 par, 2.00%, due February 1, 2051**272,739 
FNMA, Fannie Mae$334,501 par, 4.00%, due April 25, 2041**330,172 
FNMA, Fannie Mae$329,447 par, 2.50%, due June 1, 2050**277,545 
FNMA, Fannie Mae$307,913 par, 2.00%, due April 1, 2036**276,494 
FNMA, Fannie Mae$3,720,900 par, 2.00%, due January 1, 2051**3,013,423 
FNMA, Fannie Mae$3,660,000 par, 6.50%, TBA**3,746,614 
FNMA, Fannie Mae$3,537,283 par, 3.50%, due June 1, 2052**3,232,549 
FNMA, Fannie Mae$3,525,124 par, 2.00%, due December 1, 2050**2,860,361 
FNMA, Fannie Mae$3,485,000 par, 7.00%, due February 1, 2024**3,594,138 
FNMA, Fannie Mae$3,374,476 par, 2.00%, due February 1, 2052**2,788,636 
FNMA, Fannie Mae$3,072,069 par, 2.50%, due August 1, 2051**2,612,352 
FNMA, Fannie Mae$297,472 par, 3.50%, due January 1, 2048**275,425 
FNMA, Fannie Mae$282,849 par, 3.00%, due December 1, 2047**252,826 
FNMA, Fannie Mae$271,679 par, 2.00%, due October 1, 2041**231,182 
FNMA, Fannie Mae$262,802 par, 2.50%, due September 1, 2051**225,926 
FNMA, Fannie Mae$261,907 par, 2.50%, due September 1, 2051**213,181 
FNMA, Fannie Mae$26,138 par, 4.50%, due January 1, 2030**25,915 
FNMA, Fannie Mae$240,800 par, 2.50%, due October 1, 2034**223,843 
FNMA, Fannie Mae$237,893 par, 3.00%, due July 1, 2049**211,354 
FNMA, Fannie Mae$223,560 par, 3.00%, due October 1, 2035**210,891 
FNMA, Fannie Mae$221,078 par, 2.00%, due May 1, 2051**171,791 
FNMA, Fannie Mae$216,619 par, 3.00%, due May 1, 2036**205,254 
FNMA, Fannie Mae$206,395 par, 3.00%, due December 1, 2049**183,074 
FNMA, Fannie Mae$2,962,605 par, 2.50%, due May 1, 2050**2,495,915 
FNMA, Fannie Mae$2,872,165 par, 5.50%, due March 1, 2053**2,886,474 
FNMA, Fannie Mae$2,861,608 par, 2.00%, due February 1, 2052**2,311,810 
FNMA, Fannie Mae$2,818,352 par, 4.50%, due October 1, 2052**2,734,395 
FNMA, Fannie Mae$2,659,220 par, 5.00%, due February 1, 2053**2,626,703 
FNMA, Fannie Mae$2,623,714 par, 5.50%, due February 1, 2053**2,631,352 
FNMA, Fannie Mae$2,541,477 par, 2.50%, due September 1, 2050**2,147,896 
FNMA, Fannie Mae$2,479,484 par, 2.50%, due September 1, 2050**2,052,032 
FNMA, Fannie Mae$2,460,868 par, 4.00%, due November 1, 2047**2,364,844 
FNMA, Fannie Mae$2,409,471 par, 3.00%, due February 1, 2050**2,136,875 
FNMA, Fannie Mae$2,404,170 par, 2.00%, due May 1, 2036**2,173,649 
FNMA, Fannie Mae$2,386,377 par, 1.50%, due December 1, 2050**1,830,699 
17
FNMA, Fannie Mae$2,378,122 par, 2.50%, due December 1, 2034**2,212,973 
FNMA, Fannie Mae$2,310,374 par, 2.00%, due June 1, 2041**1,981,927 
FNMA, Fannie Mae$2,292,722 par, 1.50%, due November 1, 2051**1,765,837 
FNMA, Fannie Mae$2,290,740 par, 2.50%, due December 1, 2051**1,936,887 
FNMA, Fannie Mae$2,277,184 par, 3.00%, due February 1, 2051**1,995,372 
FNMA, Fannie Mae$2,230,000 par, 4.00%, TBA**2,098,938 
FNMA, Fannie Mae$2,046,385 par, 2.00%, due April 1, 2042**1,735,034 
FNMA, Fannie Mae$2,025,829 par, 3.00%, due July 1, 2051**1,776,071 
FNMA, Fannie Mae$2,004,044 par, 2.50%, due April 1, 2042**1,749,691 
FNMA, Fannie Mae$190,584 par, 2.00%, due March 1, 2037**171,979 
FNMA, Fannie Mae$168,698 par, 3.50%, due August 1, 2043**156,913 
FNMA, Fannie Mae$162,989 par, 3.00%, due April 1, 2036**151,913 
FNMA, Fannie Mae$152,479 par, 2.00%, due September 1, 2035**137,860 
FNMA, Fannie Mae$139,880 par, 3.00%, due December 1, 2049**124,101 
FNMA, Fannie Mae$122,387 par, 2.00%, due September 1, 2050**99,497 
FNMA, Fannie Mae$116,224 par, 3.00%, due November 1, 2050**103,029 
FNMA, Fannie Mae$113,374 par, 3.00%, due May 1, 2050**101,027 
FNMA, Fannie Mae$11,530,000 par, 2.50%, TBA**9,694,851 
FNMA, Fannie Mae$1,957,024 par, 3.50%, due April 1, 2052**1,805,416 
FNMA, Fannie Mae$1,911,328 par, 4.00%, due June 1, 2048**1,826,197 
FNMA, Fannie Mae$1,881,960 par, 2.00%, due February 1, 2052**1,521,232 
FNMA, Fannie Mae$1,847,578 par, 3.00%, due September 1, 2050**1,629,417 
FNMA, Fannie Mae$1,843,553 par, 2.50%, due July 1, 2050**1,553,119 
FNMA, Fannie Mae$1,800,830 par, 2.00%, due February 1, 2052**1,456,952 
FNMA, Fannie Mae$1,779,098 par, 3.00%, due February 1, 2050**1,572,864 
FNMA, Fannie Mae$1,675,012 par, 5.00%, due March 1, 2062**1,669,375 
FNMA, Fannie Mae$1,624,626 par, 2.00%, due August 1, 2051**1,314,054 
FNMA, Fannie Mae$1,555,546 par, 2.50%, due February 1, 2051**1,313,456 
FNMA, Fannie Mae$1,516,518 par, 2.00%, due April 1, 2052**1,229,740 
FNMA, Fannie Mae$1,507,106 par, due December 25, 2041**1,506,381 
FNMA, Fannie Mae$1,497,326 par, 2.50%, due September 1, 2035**1,389,569 
FNMA, Fannie Mae$1,478,940 par, 3.00%, due December 1, 2049**1,310,588 
FNMA, Fannie Mae$1,476,630 par, 2.50%, due June 1, 2050**1,244,006 
FNMA, Fannie Mae$1,445,370 par, 2.00%, due March 1, 2051**1,169,579 
FNMA, Fannie Mae$1,419,891 par, 1.50%, due May 1, 2037**1,242,141 
FNMA, Fannie Mae$1,416,306 par, 2.00%, due June 25, 2046**1,235,666 
FNMA, Fannie Mae$1,347,440 par, 6.96%, due June 25, 2043**1,364,248 
FNMA, Fannie Mae$1,295,781 par, 2.50%, due July 1, 2036**1,205,863 
FNMA, Fannie Mae$1,280,916 par, 4.00%, due December 1, 2052**1,216,854 
FNMA, Fannie Mae$1,253,087 par, 3.00%, due March 1, 2037**1,183,023 
FNMA, Fannie Mae$1,246,545 par, 3.00%, due November 1, 2049**1,105,158 
FNMA, Fannie Mae$1,244,795 par, 2.00%, due March 1, 2037**1,127,069 
FNMA, Fannie Mae$1,219,233 par, 2.50%, due May 1, 2051**1,025,631 
FNMA, Fannie Mae$1,202,938 par, 2.50%, due October 1, 2051**1,011,899 
FNMA, Fannie Mae$1,185,000 par, 5.00%, TBA**1,188,333 
FNMA, Fannie Mae$1,139,167 par, 2.50%, due June 1, 2050**959,710 
FNMA, Fannie Mae$1,092,015 par, 2.00%, due August 1, 2036**981,569 
FNMA, Fannie Mae$1,046,736 par, 2.50%, due August 1, 2035**974,021 
18
FNMA, Fannie Mae$1,015,000 par, 1.50%, TBA**887,404 
Freeport Indonesia$242,000 par, 6.20%, due April 14, 2052**233,557 
Freeport Indonesia$1,233,000 par, 5.32%, due April 14, 2032**1,199,272 
GNMA, Ginnie Mae$943,245 par, 3.50%, due May 20, 2047**880,928 
GNMA, Ginnie Mae$932,173 par, 3.00%, due July 20, 2051**833,659 
GNMA, Ginnie Mae$931,668 par, 3.50%, due July 20, 2047**870,131 
GNMA, Ginnie Mae$88,239 par, 3.50%, due April 20, 2047**82,246 
GNMA, Ginnie Mae$842,509 par, 3.50%, due February 20, 2047**785,549 
GNMA, Ginnie Mae$78,544 par, 3.50%, due August 20, 2047**73,300 
GNMA, Ginnie Mae$67,587 par, 3.50%, due August 20, 2046**63,146 
GNMA, Ginnie Mae$650,668 par, 3.50%, due March 20, 2046**607,957 
GNMA, Ginnie Mae$552,158 par, 3.00%, due July 20, 2049**497,807 
GNMA, Ginnie Mae$507,054 par, 3.50%, due April 20, 2046**473,743 
GNMA, Ginnie Mae$447,380 par, 4.00%, due June 20, 2047**430,414 
GNMA, Ginnie Mae$446,428 par, 4.00%, due July 20, 2045**431,406 
GNMA, Ginnie Mae$421,573 par, 4.00%, due December 20, 2047**404,392 
GNMA, Ginnie Mae$400,811 par, 3.50%, due November 20, 2047**373,338 
GNMA, Ginnie Mae$4,621,425 par, 2.50%, due November 20, 2051**3,995,454 
GNMA, Ginnie Mae$4,455,470 par, 2.50%, due February 20, 2051**3,858,409 
GNMA, Ginnie Mae$4,398,297 par, 4.50%, due January 20, 2053**4,282,794 
GNMA, Ginnie Mae$3,798,129 par, 2.50%, due December 20, 2051**3,283,984 
GNMA, Ginnie Mae$3,775,774 par, 2.00%, due October 20, 2051**3,145,576 
GNMA, Ginnie Mae$3,735,711 par, 2.00%, due November 20, 2051**3,110,413 
GNMA, Ginnie Mae$3,080,000 par, TBA**3,099,700 
GNMA, Ginnie Mae$295,406 par, 4.00%, due September 20, 2047**283,864 
GNMA, Ginnie Mae$252,131 par, 3.50%, due December 20, 2047**235,627 
GNMA, Ginnie Mae$2,888,402 par, 3.00%, due August 20, 2051**2,586,413 
GNMA, Ginnie Mae$2,710,040 par, 2.50%, due September 20, 2051**2,343,200 
GNMA, Ginnie Mae$2,630,000 par, TBA**2,612,515 
GNMA, Ginnie Mae$2,021,604 par, 3.00%, due January 20, 2050**1,820,277 
GNMA, Ginnie Mae$175,287 par, 3.50%, due March 20, 2047**163,706 
GNMA, Ginnie Mae$163,647 par, 2.50%, due January 20, 2051**141,448 
GNMA, Ginnie Mae$156,264 par, 3.00%, due April 20, 2049**141,094 
GNMA, Ginnie Mae$117,684 par, 4.00%, due May 20, 2047**113,222 
GNMA, Ginnie Mae$114,627 par, 4.00%, due January 20, 2048**110,158 
GNMA, Ginnie Mae$10,435,000 par, 2.00%, TBA**8,689,147 
GNMA, Ginnie Mae$1,735,000 par, 4.50%, TBA**1,689,150 
GNMA, Ginnie Mae$1,673,290 par, 3.00%, due October 20, 2049**1,507,368 
GNMA, Ginnie Mae$1,652,973 par, 3.00%, due November 20, 2049**1,488,895 
GNMA, Ginnie Mae$1,641,024 par, 3.50%, due February 20, 2046**1,533,804 
GNMA, Ginnie Mae$1,620,000 par, 3.00%, TBA**1,446,989 
GNMA, Ginnie Mae$1,445,901 par, 3.00%, due May 20, 2051**1,295,332 
GNMA, Ginnie Mae$1,383,346 par, 4.00%, due August 20, 2045**1,342,327 
GNMA, Ginnie Mae$1,310,000 par, 2.50%, TBA**1,132,507 
GNMA, Ginnie Mae$1,306,139 par, 3.00%, due September 20, 2051**1,167,700 
GNMA, Ginnie Mae$1,301,247 par, 3.50%, due May 20, 2046**1,215,728 
GNMA, Ginnie Mae$1,260,000 par, 3.50%, TBA**1,162,247 
GNMA, Ginnie Mae$1,217,339 par, 2.50%, due December 20, 2050**1,054,714 
GNMA, Ginnie Mae$1,192,559 par, 3.50%, due April 20, 2048**1,110,895 
19
GNMA, Ginnie Mae$1,171,590 par, 4.00%, due July 20, 2047**1,127,159 
GNMA, Ginnie Mae$1,165,000 par, 4.00%, TBA**1,106,724 
GNMA, Ginnie Mae$1,088,177 par, 4.00%, due November 20, 2052**1,033,420 
Idaho Energy Resources Authority Transmission Facilities$1,035,000 par, 2.86%, due September 1, 2046**738,391 
Illinois State Taxable Pension$4,595,000 par, 5.10%, due June 1, 2033**4,564,201 
New Jersey State Transportation Trust Fund Authority$2,270,000 par, 5.75%, due December 15, 2028**2,313,592 
Panama Republic$1,776,000 par, 4.50%, due January 19, 2063**1,107,981 
Petroleos De Venezuela$8,600,000 par, 0.00%, October 28, 2022**639,591 
Qatar Petroleum$1,196,000 par, 3.13%, due July 12, 2041**884,944 
Romania$884,000 par, 5.87%, due January 30, 2053**892,783 
Saudi Arabia, Kingdom$4,931,000 par, 4.75%, due January 16, 2030**4,917,637 
Saudi Arabia, Kingdom$1,478,000 par, 5.75%, due January 16, 2054**1,452,445 
Tennessee Valley Authority$1,924,000 par, 0.75%, due May 15, 2025**1,831,948 
Texas Natural Gas Securitization Finance Corporation$4,047,000 par, 5.10%, due April 1, 2035**4,133,336 
Texas Natural Gas Securitization Finance Corporation$2,519,000 par, 5.17%, due April 1, 2041**2,623,128 
U.S. Treasury$9,914,000 par, 2.38%, due February 15, 2042**7,502,110 
U.S. Treasury$9,787,000 par, 3.75%, due December 31, 2028**9,731,184 
U.S. Treasury$9,239,000 par, 4.12%, due July 31, 2028**9,326,698 
U.S. Treasury$9,149,000 par, 4.00%, due January 31, 2029**9,204,037 
U.S. Treasury$8,878,000 par, 4.63%, due September 30, 2028**9,151,970 
U.S. Treasury$8,308,000 par, 3.13%, due May 15, 2048**6,767,775 
U.S. Treasury$8,253,000 par, 4.00%, due November 15, 2042**7,922,558 
U.S. Treasury$8,130,000 par, 2.75%, due April 30, 2027**7,828,618 
U.S. Treasury$7,874,000 par, 2.00%, due November 15, 2041**5,623,143 
U.S. Treasury$7,451,000 par, 3.88%, due December 31, 2027**7,436,447 
U.S. Treasury$7,317,000 par, 3.88%, due August 15, 2033**7,273,555 
U.S. Treasury$7,218,000 par, 3.50%, due February 15, 2053**6,480,411 
U.S. Treasury$7,117,000 par, 4.88%, due October 31, 2028**7,417,248 
U.S. Treasury$7,028,000 par, 3.62%, due May 15, 2053**6,315,317 
U.S. Treasury$6,557,000 par, 3.25%, due May 15, 2042**5,677,696 
U.S. Treasury$6,320,000 par, 4.37%, due November 30, 2028**6,458,744 
U.S. Treasury$5,957,000 par, 3.38%, due August 15, 2042**5,244,254 
U.S. Treasury$5,953,000 par, 2.75%, due July 31, 2027**5,719,996 
U.S. Treasury$5,723,000 par, 2.25%, due May 15, 2041**4,297,615 
U.S. Treasury$5,718,000 par, 4.00%, due November 15, 2052**5,493,747 
U.S. Treasury$5,351,000 par, 4.13%, due September 30, 2027**5,383,608 
U.S. Treasury$5,321,000 par, 3.25%, due June 30, 2027**5,202,109 
U.S. Treasury$4,391,000 par, 4.37%, due August 15, 2043**4,422,560 
U.S. Treasury$4,301,000 par, 2.00%, due August 15, 2051**2,717,358 
U.S. Treasury$4,221,000 par, 4.00%, due June 30, 2028**4,237,983 
U.S. Treasury$4,093,000 par, 3.87%, due February 15, 2043**3,853,016 
20
U.S. Treasury$3,982,000 par, 2.88%, due May 15, 2052**3,076,251 
U.S. Treasury$3,793,000 par, 1.88%, due February 15, 2041**2,685,177 
U.S. Treasury$3,713,000 par, 4.38%, due November 15, 2039**3,813,657 
U.S. Treasury$3,674,000 par, 2.38%, due November 15, 2049**2,564,911 
U.S. Treasury$3,554,000 par, 2.25%, due May 15, 2051**2,459,757 
U.S. Treasury$3,436,000 par, 3.00%, due August 15, 2052**2,724,775 
U.S. Treasury$3,335,000 par, 1.88%, due February 15, 2051**2,046,856 
U.S. Treasury$3,244,000 par, 1.63%, due November 15, 2050**1,867,961 
U.S. Treasury$3,104,000 par, 1.13%, due August 15, 2040**1,950,549 
U.S. Treasury$26,918,000 par, 4.00%, due January 31, 2031**27,056,796 
U.S. Treasury$25,199,000 par, 4.50%, due November 15, 2033**26,313,268 
U.S. Treasury$24,218,000 par, 4.25%, due January 31, 2026**24,229,352 
U.S. Treasury$2,985,000 par, 1.38%, due November 15, 2040**1,950,045 
U.S. Treasury$2,521,000 par, 1.75%, due August 15, 2041**1,730,332 
U.S. Treasury$19,285,000 par, 4.00%, due January 15, 2027**19,280,480 
U.S. Treasury$13,223,000 par, 3.62%, due May 31, 2028**13,078,373 
U.S. Treasury$12,716,000 par, 3.88%, due November 30, 2027**12,685,700 
U.S. Treasury$12,383,000 par, 3.50%, due January 31, 2028**12,190,967 
U.S. Treasury$11,798,000 par, 4.37%, due August 31, 2028**12,036,264 
U.S. Treasury$11,741,000 par, 4.75%, due November 15, 2043**12,428,949 
U.S. Treasury$11,634,000 par, 4.13%, due October 31, 2027**11,706,713 
U.S. Treasury$11,437,000 par, 4.00%, due August 15, 2053**11,245,788 
U.S. Treasury$11,306,000 par, 4.00%, due February 29, 2028**11,338,240 
U.S. Treasury$1,984,000 par, 4.5%, due May 15, 2038**2,081,728 
U.S. Treasury$1,790,000 par, 3.88%, due December 31, 2030**1,771,820 
U.S. Treasury$1,537,000 par, 3.5%, due April 30, 2028**1,512,324 
United Mexican States$583,000 par, 6.33%, due May 4, 2053**581,137 
United Mexican States$1,374,000 par, 6.4%, due May 7, 2054**1,383,248 
Wisconsin Treasury Security$4,145,000 par, 3.87%, due May 15, 2043**3,900,186 
Total Government Securities 819,161,539 
Corporate Bonds
Abbvie Inc.$2,032,000 par, 2.60%, due November 21, 2024**1,989,541 
Aircastle Limited$1,675,000 par, 6.50%, due July 18, 2028**1,715,785 
Amerada Hess Corporation$2,022,000 par, 7.88%, due October 1, 2029**2,309,495 
Ameren Corporation
$1,170,000 par, 2.50%, due September 15, 2024**1,146,742 
Ameren Corporation$2,252,000 par, 5.00%, due January 15, 2029**2,264,843 
Ameren Corporation$2,109,000 par, 5.70%, due December 1, 2026**2,155,699 
American Electric Power$1,604,000 par, 5.70% due August 15, 2025**1,616,335 
Amgen Inc.
$344,000 par, 5.60%, due March 1, 2043**353,939 
Amgen Inc.$3,014,000 par, 5.65%, due March 2, 2053**3,105,366 
Anglo American Capital PLC$2,263,000 par, 2.88%, due March 17, 2031**1,925,144 
21
Apache Corporation$1,817,000 par, 5.10%, due September 1, 2040**1,558,514 
AT&T Inc.$3,105,000 par, 3.50%, due September 15, 2053**2,217,539 
AT&T Inc.$2,776,000 par, 2.55%, due December 1, 2033**2,252,106 
AT&T Inc.$1,304,000 par, 5.40%, due February 15, 2034**1,337,645 
Banco Santander, S.A.$1,727,000 par, 6.92%, due August 8, 2033**1,824,151 
Banco Santander, S.A.$1,600,000 par, 6.94%, due November 7, 2033**1,773,348 
*
Bank of America Corporation
$4,423,000 par, 2.30%, due July 21, 2032**3,631,217 
*Bank of America Corporation$4,643,000 par, 5.20%, due April 25, 2029**4,680,979 
*Bank of America Corporation$1,787,000 par, 5.93%, due September 15, 2027**1,825,373 
*Bank of America Corporation$1,626,000 par, 5.47%, due January 23, 2035**1,655,836 
Banque Federative du Credit Mutuel$4,109,000 par, 5.90%, due July 13, 2026**4,195,000 
BHP Billiton Finance (USA) Ltd$520,000 par, 5.25%, due September 8, 2026**529,750 
BHP Billiton Finance (USA) Ltd$1,015,000 par, 4.87%, due February 27, 2026**1,020,492 
BNP Paribas$3,114,000 par, 5.18%, due January 9, 2030**3,132,727 
Boeing Co.$5,135,000 par, 5.81%, due May 1, 2050**5,142,418 
Boston Properties Limited$1,621,000 par, 3.40%, due June 21, 2029**1,455,579 
Broadcom Inc.$456,000 par, 3.14%, due November 15, 2035**374,840 
Broadcom Inc.$1,301,000 par, 2.60%, due February 15, 2033**1,068,699 
Broadcom Inc.$1,041,000 par, 6.75%, due November 1, 2029**1,123,904 
Burlington Northern Santa Fe, LLC$1,894,000 par, 5.20%, due April 15, 2054**1,930,382 
Camden Property Trust $2,442,000 par, 4.90%, due January 15, 2034**2,406,075 
Capital One Financial Corporation$1,594,000 par, 7.62%, due October 30, 2031**1,760,750 
Centene Corp.$999,000 par, 2.45%, due July 15, 2028**888,950 
CenterPoint Energy Resources Corp$1,491,000 par, 5.25%, due March 1, 2028**1,526,634 
Charter Communications, Inc
$862,000 par, 4.80%, due March 1, 2050**658,057 
Charter Communications, Inc
$433,000 par, 5.75%, due April 1, 2048**377,505 
Citigroup Inc.
$731,000 par, 6.17%, due May 25, 2034**758,231 
Citibank N.A.$1,932,000 par, 5.49%, due December 4, 2026**1,968,822 
CK Hutchison International$201,000 par, 3.13%, due April 15, 2041**154,521 
CNH Industrial Capital LLC$2,741,000 par, 5.50%, due January 12, 2029**2,818,814 
Comcast Corp.$620,000 par, 5.35%, due May 15, 2053**631,945 
Comcast Corp.$1,426,000 par, 2.89%, due November 1, 2051**944,058 
Corporacion Nacional del Cobre de Chile
$2,555,000 par, 3.63%, due August 1, 2027**2,414,488 
Credit Suisse AG New York Branch$2,008,000 par, 4.75%, due August 9, 2024**1,997,145 
Crestwood Midstream Partners L.P./Corp.$725,000 par, 5.75%, due April 1, 2025**724,667 
CVS Health Corporation$2,108,000 par, 5.88%, due June 1, 2053**2,174,393 
Darden Restaurants, Inc$2,381,000 par, 6.30%, due October 10, 2033**2,534,934 
DCP Midstream Operating$3,980,000 par, 5.63%, due July 15, 2027**4,055,361 
DCP Midstream Operating$3,588,000 par, 5.13%, due May 15, 2029**3,620,898 
DPL Inc.$1,706,000 par, 4.13%, due July 1, 2025**1,661,383 
DTE Energy Co. $4,072,000 par, 4.22%, due November 1, 2024**4,029,391 
DTE Energy Co. $1,124,000 par, 2.53%, due October 1, 2024**1,100,712 
Duke Energy Corp.$2,750,000 par, 2.65%, due September 1, 2026**2,614,795 
Duke Energy Florida LLC$2,286,000 par, 6.20%, due November 15, 2053**2,558,168 
22
Edison International $3,276,000 par, 6.95%, due November 15, 2029**3,558,153 
Enbridge Inc.$1,454,000 par, 4.25%, due December 1, 2026**1,436,058 
Enel Finance America$996,000 par, 7.10%, due October 14, 2027**1,064,380 
Enel Finance International$974,000 par, 7.75%, due October 14, 2052**1,199,581 
Enel Finance International
$4,687,000 par, 3.50%, due April 6, 2028**4,417,944 
Enel Finance International$1,675,000 par, 6.80%, due October 14, 2025**1,717,312 
Energy Transfer LP$908,000 par, 5.00%, due May 15, 2050**808,527 
Energy Transfer LP$2,049,000 par, 5.95%, due May 15, 2054**2,054,826 
ERAC USA Finance LLC$572,000 par, 5.40%, due May 1, 2053**593,948 
ERAC USA Finance LLC$1,422,000 par, 4.60%, due May 1, 2028**1,414,905 
Eversource Energy, Inc.$2,601,000 par, 5.95%, due February 1, 2029**2,705,116 
Eversource Energy, Inc.$1,815,000 par, 5.45%, due March 1, 2028**1,847,860 
Eversource Energy, Inc.$1,024,000 par, 4.75%, due May 15, 2026**1,017,576 
FirstEnergy Corp.
$907,000 par, 3.40%, due March 1, 2050**628,077 
FirstEnergy Transmission LLC
$681,000 par, 4.55%, due April 1, 2049**582,632 
FirstEnergy Transmission LLC
$4,202,000 par, 4.35%, due January 15, 2025**4,144,132 
FirstEnergy Transmission LLC
$1,475,000 par, 5.45%, due July 15, 2044**1,422,859 
Ford Motor Credit Company$3,085,000 par, 2.90%, due February 16, 2028**2,775,322 
Ford Motor Credit Company$2,261,000 par, 4.95%, due May 28, 2027**2,212,705 
GE Capital Funding, LLC$1,479,000 par, 4.55%, due May 15, 2028**1,446,174 
General Motors Financial Company Inc$1,403,000 par, 6.10%, due January 7, 2034**1,446,484 
General Motors Financial Company Inc.$922,000 par, 5.95%, due April 1, 2049**907,612 
Glencore Funding LLC$906,000 par, 6.38%, due October 6, 2030**970,710 
Global Payments Inc.$1,159,000 par, 3.20%, due August 15, 2029**1,049,005 
Goldman Sachs Group, Inc.$2,924,000 par, 6.48%, due October 24, 2029**3,104,596 
Hess Corporation$4,042,000 par, 4.30%, due April 1, 2027**3,993,536 
HSBC Holdings PLC$835,000 par, 6.33%, due March 9, 2044**903,398 
HSBC Holdings PLC$756,000 par, 7.40%, due November 13, 2034**826,588 
Hyundai Capital America$5,288,00 par, 6.00%, due July 11, 2025**5,335,987 
Hyundai Capital America$2,033,000 par, 6.10%, due September 21, 2028**2,123,012 
Hyundai Capital Services Inc.$809,000 par, 5.30%, due January 8, 2029**820,542 
Hyundai Capital Services Inc.$2,084,000 par, 5.13%, due February 5, 2027**2,082,911 
IBM International Capital Pte. Ltd.
$4,129,000 par, 5.25%, due February 5, 2044**4,126,568 
IBM International Capital Pte. Ltd.
$835,000 par, 5.30%, due February 5, 2054**838,261 
Indonesia Asahan Aluminium$2,341,000 par, 6.53%, due November 15, 2028**2,440,186 
Indonesia Asahan Alumninium
$2,034,000 par, 4.75%, due May 15, 2025**2,003,022 
ING Groep N.V.
$2,260,000 par, 6.11%, due September 11, 2034**2,372,480 
J.M. Smucker Co.$1,483,000 par, 6.5%, due November 15, 2043**1,652,932 
JBS USA Food Finance Co.$1,429,000 par, 7.25%, due November 15, 2053**1,554,141 
JPMorgan Chase & Co.$3,349,000 par, 5.30%, due July 24, 2029**3,403,788 
JPMorgan Chase & Co.$2,020,000 par, 5.04%, due January 23, 2028**2,028,640 
JPMorgan Chase & Co.$1,350,000 par, 5.34%, due January 23, 2035**1,371,949 
Lennox International Inc.$2,262,000 par, 5.50%, due September 15, 2028**2,318,090 
Lloyds Banking Group Plc
$1,750,000 par, 5.68%, due January 5, 2035**1,773,572 
Lloyds Banking Group Plc$2,087,000 par, 5.46%, due January 5, 2028**2,099,249 
Lowe's Companies Inc.$580,000 par, 5.63%, due April 15, 2053**602,432 
Marathon Petroleum Corp.$3,630,000 par, 5.13%, December 15,2026**3,058,833 
MassMutual Global Funding$3,171,000 par, 4.85%, due January 17, 2029**3,187,269 
Mercedes-Benz Financial North America LLC$5,000,000 par, 4.80%, due January 11, 2027**5,014,935 
23
Mercedes-Benz Financial North America LLC$1,969,000 par, 4.85%, due January 11, 2029**1,980,576 
Merck & Co., Inc.$947,000 par, 5.00%, due May 17, 2053**948,650 
Meta Platforms, Inc.
$1,552,000 par, 5.75%, due May 15, 2063**1,683,195 
Microchip Technology Inc.$437,000 par, 0.97%, due February 15, 2024**436,195 
MidAmerican Energy$574,000 par, 5.86%, due September 15, 2054**627,351 
Morgan Stanley$3,488,000 par, 5.12%, due February 1, 2029**3,500,749 
Morgan Stanley$3,478,000 par, 5.46%, due January 18, 2035**3,549,305 
Morgan Stanley$2,264,000 par, 5.25%, due April 21, 2034**2,265,242 
Morgan Stanley$1,882,000 par, 5.45% , due July 20, 2029**1,915,469 
NextEra Energy Capital Holdings Inc.$3,727,000 par, 0.51%, due September 1, 2025**3,764,636 
Nextera Energy Capital Holdings Inc.$2,149,000 par, 4.26%, due September 1, 2024**2,132,150 
Nextera Energy Capital Holdings Inc.$1,513,000 par, 4.45%, due June 20, 2025**1,499,866 
NextEra Energy Capital Holdings Inc.$1,459,000 par, 6.05%, due March 1, 2025**1,471,298 
Nissan Motor Acceptance Co.$817,000 par, 2.75%, due March 9, 2028**723,982 
Nissan Motor Acceptance Co.$3,824,000 par, 1.85%, due September 16, 2026**3,460,171 
Nissan Motor Acceptance Co.$1,115,000 par, 2.00%, due March 9, 2026**1,030,384 
Norfolk Southern Corp.$1,033,000 par, 5.95%, due March 15, 2064**1,132,888 
Norsk Hydro, ASA$1,833,000 par, 7.25%, due September 23, 2027**2,005,055 
NXP B.V. / NXP FDG LLC / NXP USA$916,000 par, 2.65%, due February 15, 2032**765,358 
NXP B.V. / NXP FDG LLC / NXP USA$397,000 par, 2.70%, due May 1, 2025**384,048 
Occidental Petroleum Corporation$2,217,000 par, 8.50%, due July 15, 2027**2,422,361 
Occidental Petroleum Corporation$1,999,000 par, 6.20%, due March 15, 2040**2,046,636 
Occidental Petroleum Corporation$1,800,000 par, 8.88%, due July 15, 2030**2,110,133 
Oglethorpe Power Corp.$379,000 par, 6.20%, due December 1, 2053**402,607 
Oneok Inc.$2,008,000 par, 2.75%, due September 1, 2024**1,973,844 
Oracle Corp.$2,142,000 par, 3.60%, due April 1, 2050**1,576,260 
Oracle Corp.$1,479,000 par, 3.60%, due April 1, 2040**1,182,791 
Ovintiv Inc.$2,434,000 par, 7.10%, due July 15, 2053**2,708,217 
PacifiCorp
$795,00 par, 5.30%, due February 15, 2031**806,503 
Pacific Gas & Electric Co$622,000 par, 4.60%, due June 15, 2043**520,950 
Pacific Gas & Electric Co. $943,000 par, 3.75%, due February 15, 2024**941,861 
Pacific Gas & Electric Co. $780,000 par, 4.00%, due December 1, 2046**586,372 
Pacific Gas & Electric Co. $2,773,000 par, 4.50%, due July 1, 2040**2,387,692 
PacifiCorp$1,148,000 par, 5.80%, due January 15, 2055**1,150,120 
Pfizer Investment Enterprises Pte Ltd.$3,302,000 par, 4.45%, due May 19, 2028**3,295,108 
Pfizer Investment Enterprises Pte. Ltd$654,000 par, 5.11%, due May 19, 2043**650,102 
Pfizer Investment Enterprises Pte. Ltd$2,947,000 par, 5.30%, due May 19, 2053**2,996,382 
Plains All American Pipeline, L.P.
$1,369,000 par, 4.70%, due June 15, 2044**1,167,969 
Plains All American Pipeline, L.P.
$463,000 par, 5.15%, due June 1, 2042**421,393 
PNC Financial Services Group, Inc$585,000 par, 5.62%, due October 28, 2025**584,790 
PNC Financial Services Group, Inc$3,044,000 par, 5.68%, due January 22, 2035**3,123,756 
Procter & Gamble Co.$4,615,000 par, 4.35%, due January 29, 2029**4,642,697 
Procter & Gamble Co.$4,508,000 par, 4.55%, due January 29, 2034**4,568,553 
Reynolds American Inc.$1,219,000 par, 5.70%, due August 15, 2035**1,195,038 
Roche Holdings, Inc.$2,466,000 par, 5.27%, due November 13, 2026**2,516,255 
Royal Bank of Canada$2,543,000 par, 5.15%, due February 1, 2034**2,548,830 
RTX Corporation$3,694,000 par, 5.75%, due January 15, 2029**3,856,151 
RTX Corporation$2,291,000 par, 6.40%, due March 15, 2054**2,638,388 
Ryder System, Inc.$791,000 par, 6.60%, due December 1, 2033**863,257 
Sabine Pass$543,000 par, 5.75%, due May 15, 2024**542,719 
San Diego Gas & Electric Co.$1,455,000 par, 3.75%, due June 1, 2047**1,152,653 
24
Sempra Energy$162,000 par, 6.00%, due October 15, 2039**170,386 
Societe Generale$686,000 par, 4.03%, due January 21, 2043**497,398 
Southern California Edison Co.$759,000 par, 5.2%, due June 1, 2034**764,738 
Southern California Edison Co.$1,966,000 par, 4.90%, due June 1, 2026**1,972,430 
Southern California Edison Co.$1,914,000 par, 4.88%, due February 1, 2027**1,917,840 
Sprint Capital Corp.$2,938,000 par, 6.88%, due November 15, 2028**3,174,292 
Standard Chartered PLC$1,240,000 par, 1.82%, due November 23, 2025**1,199,807 
Sunoco Logistics Partner$1,691,000 par, 4.00%, due October 1, 2027**1,633,234 
T-Mobile USA Inc.$529,000 par, 5.75%, due January 15, 2054**556,247 
T-Mobile USA Inc.$3,469,000 par, 3.88%, due April 15, 2030**3,280,640 
T-Mobile USA Inc.$1,626,000 par, 4.85% , due January 15, 2029**1,629,169 
T-Mobile USA, Inc.$374,000 par, 4.50%, due April 15, 2050**327,447 
Toyota Motor Credit Corporation$3,238,000 par, 4.65%, due January 5, 20293,251,419 
Truist Financial Corp.$2,259,000 par, 5.44%, due January 24, 20302,278,253 
U.S Bancorp$1,891,000 par, 5.38%, due January 23, 20301,913,409 
U.S Bancorp$1,638,000 par, 5.68%, due January 23, 20351,675,997 
Verizon Communications Inc.
$2,909,000 par, 2.55%, due March 21, 20312,500,593 
Verizon Communication Inc.$1,041,000 par, 4.33%, due September 21, 20281,026,285 
Virginia Electric & Power Co.$2,016,000 par, 5.45%, due April 1, 20532,051,376 
Volkswagen Group America Finance LLC$3,962,000 par, 5.80%, due September 12, 20254,000,203 
Warnermedia Holdings, Inc.$1,417,000 par, 5.05%, due March 15, 20421,256,041 
Warnermedia Holdings, Inc.$1,075,000 par, 5.14% due March 15, 2052924,035 
Wells Fargo & Co.$1,859,000 par, 5.56%, due July 25, 2034**1,897,933 
Wells Fargo & Co.$1,332,000 par, 2.16%, due February 11, 2026**1,286,975 
Western Midstream Partners, LP$3,271,000 par, 6.35%, due January 15, 2029**3,419,366 
Western Midstream Partners, LP$1,103,000 par, 5.75%, due February 1, 2050**985,780 
Williams Companies, Inc.$3,301,000 par, 4.90%, due March 15, 2029**3,306,592 
Total Corporate Bonds347,907,741 
Asset-Backed Securities
510 Asset Backed$384,736 par, 2.24%, due June 25, 2061**265,656 
Ally Auto Receivables Trust$31,202 par, 1.84%, due June 17, 2024**2,731,435 
American Express Credit Account Master Trust$640,000 par, 1.92%, due January 15, 2025 **712,756 
American Express Credit Account Master Trust$662,584 par, 4.12%, due February 13 ,2026**4,211,828 
Americredit Automobile Receivables Trust$110,000 par, 0.66%, due December 18, 2024**470,491 
*BA Credit Card Trust Class$2,827,000 par, 4.81%, due July 18 ,2025**2,373,731 
*
Bank of America Corporation
$579,000 par, 0.97%, due February 18, 2026**1,751,682 
BMW Vehicle Owner Trust$913,000 par, 0.76%, due August 18, 2026**2,530,656 
BMW Vehicle Owner Trust 2020-A Series 20 A $833,000 par, 0.34%, due May 15, 2026**463,873 
Capital One Prime Auto Receivables Trust$939,000 par, 0.62%, due April 26, 2027**1,421,254 
Carmax Auto Owner Trust$1,210,000 par, 1.39%, due July 15, 2030**967,709 
Carmax Auto Owner Trust$2,582,000 par, 3.49%, due May 15 ,2027**1,628,311 
Carmax Auto Owner Trust$864,000 par, 2.80%, due March 15, 2027**967,312 
Carmax Auto Owner Trust$1,032,000 par, 0.77%, due September 15, 2026**902,090 
Carmax Auto Owner Trust$14,408 par, 2.18%, due May 15, 2024**808,868 
Carmax Auto Owner Trust$1,171,000 par, 0.77%, due March 16, 2026**237,108 
Carmax Auto Owner Trust$1,194,000 par, 0.53%, due October 15, 2026**1,725,591 
Carmax Auto Owner Trust$1,468,000 par, 0.72%, due September 15, 2026**1,137,295 
Carvana Auto Receivables Trust$1,558,000 par, 4.75%, due October 15, 2027**896,413 
25
Chase Issuance Trust$1,835,000 par, 0.76%, due June 15, 2026**923,898 
Chase Issuance Trust$2,255,000 par, 1.47%, due December 15, 2026**1,782,070 
Citizens Auto Receivables Trust$360,943 par, 3.26%, due August 15, 2024**1,293,359 
Citizens Auto Receivables Trust$707,186 par, 0.34%, due December 15, 2025**1,526,426 
CPS Auto Receivables Trust$1,113,000 par, 0.70%, due November 10, 2026**312,499 
Discover Card Execution Note Trust$309,776 par, 0.75%, due March 10, 2028**3,203,503 
Drive Auto Receivables Trust$970,000 par, 1.03%, due June 10, 2027**129,978 
DT Auto Owner Trust$1,781,000 par, 3.97%, due September 15, 2027**1,370,776 
DT Auto Owner Trust$1,456,573 par, 4.18%, due April 15 ,2030**778,570 
DT Auto Owner Trust$380,608 par, 1.37%, due July 16, 2029**674,136 
Flagship Credit Auto Trust $822,000 par, 1.26%, due October 15, 2030**991,698 
Ford Credit Auto Owner Trust$1,411,000 par, 1.03%, due September 15, 2028**719,035 
Ford Credit Auto Owner Trust$155,037 par, 2.28%, due August 17, 2026**2,827,995 
Ford Credit Auto Owner Trust$733,461 par, 0.79%, due October 15, 2025**1,421,997 
Ford Credit Auto Owner Trust$935,877 par, 1.02%, due June 15, 2027**899,215 
Ford Credit Auto Owner Trust$1,630,000 par, 1.02%, due May 15, 2026**523,008 
Ford Credit Auto Owner Trust$5,080,000 par, 5.48%, due April 15, 2027**1,765,071 
GM Financial Automobile Leasing Trust$766,847 par, 0.56%, due September 15, 2025**977,950 
GM Financial Automobile Leasing Trust$782,000 par, 5.19%, due October 16, 2028**1,438,041 
GM Financial Consumer Automobile Receivables$1,477,000 par, 1.05%, due May 15, 2026**870,146 
GM Financial Consumer Automobile Receivables$534,871 par, 0.68%, due July 15, 2025**1,183,177 
GM Financial Consumer Automobile Receivables$856,751 par, 3.99%, due August 15 ,2024**25,010 
GM Financial Consumer Automobile Receivables$1,619,000 par, 5.38%, due December 15 ,2026**1,507,448 
GM Financial Consumer Automobile Receivables$583,847 par, 0.37%, due December 15, 2026**1,349,602 
GM Financial Securitized Term Auto Receivables Trust$1,156,000 par, 0.79%, due November 15, 2025**2,033,728 
Harley-Davidson Motorcycle$1,323,000 par, 1.35%, due June 15, 2026**459,326 
Harley-Davidson Motorcycle$1,638,000 par, 3.74%, due September 15 ,2026**1,343,580 
Honda Auto $1,830,000 par, 0.51%, due August 15, 2026**898,689 
Honda Auto Receivables Owner Trust$2,669,000 par, 1.53%, due May 15, 2034**2,484,250 
Honda Auto Receivables Owner Trust$202,028 par, 1.04%, due August 15, 2024**2,037,234 
Hyundai Auto$5,204,000 par, 4.48%, due December 15 ,2026**799,869 
Hyundai Auto Lease Securitization Trust$748,000 par, 1.35%, due July 15, 2025**749,303 
Hyundai Auto Lease Securitization Trust$1,550,000 par, 1.06%, due September 15, 2027**2,264,065 
Hyundai Auto Receivables Trust$536,588 par, 0.77%, due September 15, 2025**865,815 
Hyundai Auto Receivables Trust$1,581,000 par, 5.19%, due March 16, 2026**570,901 
Hyundai Auto Receivables Trust$2,144,000 par, 4.66%, due February 16, 2028**356,022 
Mercedes-Benz Auto Receivables Trust$940,000 par, 1.17%, due June 12, 2034**6,040,180 
Mercedes-Benz Auto Receivables Trust$1,398,000 par, 0.54%, due May 17, 2027**1,682,650 
Nissan Auto Receivables Owner Trust$1,545,000 par, 0.50%, due February 17, 2026**1,009,325 
Nissan Auto Receivables Owner Trust$269,456 par, 1.49%, due December 16, 2024**1,292,055 
REMIC Funding Trust$339,545 par, 1.84%, due September 16, 2024**2,333,048 
Santander Consumer $662,800 par, 0.45%, due April 16, 2025**988,018 
Santander Drive Auto Receivables Trust$1,315,000 par, 0.68%, due August 15, 2025**2,700,026 
Santander Drive Auto Receivables Trust$1,400,000 par, 0.53%, due September 15, 2028**921,497 
Santander Drive Auto Receivables Trust$1,714,968 par, 0.37%, due April 15, 2026**1,667,242 
SBNA Auto Lease Trust$363,337 par, 0.82%, due July 15, 2024**2,563,924 
26
SBNA Auto Lease Trust$1,432,000 par, 0.88%, due January 21, 2026**2,562,580 
Synchrony Card Issuance Trust$1,922,000 par, 0.46%, due April 19, 2027**1,663,390 
Tesla Electric Vehicle Trust$1,028,000 par, 1.03%, due December 15, 2027**840,779 
Toyota Auto Fixed $1,160,000 par, 0.74%, due May 15, 2026**489,658 
Toyota Auto Receivables Owner Trust$1,457,000 par, 4.38%, due October 15 ,2025**447,709 
Toyota Auto Receivables Owner Trust$1,976,000 par, 0.38%, due January 15, 2026**1,938,334 
Toyota Auto Receivables Owner Trust$1,147,000 par, 1.41%, due June 15, 2026**470,840 
Toyota Auto Receivables Owner Trust$495,073 par, 1.41%, due November 15, 2024**1,167,481 
Toyota Auto Receivables Owner Trust$546,000 par, 2.22%, due October 15 ,2026**1,199,225 
VCAT Asset Securitization LLC Series $1,755,000 par, 5.21%, due August 16 ,2027**352,427 
Verizon Master Trust$2,768,000 par, 4.91%, due January 15, 2026**2,842,955 
Verizon Master Trust$3,230,000 par, 0.33%, due October 15, 2025**2,295,640 
Verizon Master Trust$418,869 par, 1.38%, due December 16, 2024**978,014 
Volkswagen Auto Lease Trust$272,547 par, 0.55%, due September 16, 2024**2,630,664 
Volkswagen Auto Loan Enhanced Trust$1,088,000 par, 0.48%, due June 15, 2026**629128
Volkswagen Auto Loan Enhanced Trust$954,760 par, 0.33%, due October 15, 2025**626902
Volt CII LLC$1,084,098 par, 4.05%, due July 15, 2025**1,495,326 
Volt XCIV LLC$1,398,000 par, 4.49%, due November 16, 2026**676,276 
Westlake Automobile Receivables Trust$1,509,000 par, 4.72%, due June 15, 2027**83,614 
Westlake Automobile Receivables Trust$1,675,000 par, 4.88%, due April 15, 2027**1,575,737 
World Omni Auto Receivables Trust$1,998,000 par, 4.96%, due November 15, 2028**524,254 
World Omni Auto Receivables Trust$2,035,000 par, 3.44%, due September 15 ,2027**1,687,779 
World Omni Auto Receivables Trust$610,000 par, 5.44%, due October 15, 2028**1,052,576 
World Omni Auto Receivables Trust$635,731 par, 1.01%, due January 15, 2026**129,855 
World Omni Auto Receivables Trust$683,000 par, 5.95%, due January 17, 2028**1,116,038 
Total Asset-Backed Securities120,236,595 
Mortgage-Backed Securities
510 Asset Backed$1,284,317 par, 2.12%, due June 25, 2061**1,247,999 
BANK 2020-BNK29$845,264 par, 2.06%, due November 15, 2053**682,967 
BANK5 2024-5YR5$952,258 par, 5.70%, due February 15, 2029**986,859 
Benchmark Mortgage Trust$935,000 par, 0.00%, due December 1, 2057**829,015 
Benchmark Mortgage Trust$560,000 par, 2.39%, due September 15, 2054**471,174 
Citigroup Commercial Mortgage Trust$816,000 par, 3.72% floating rate, due December 10, 2049**771,002 
Citigroup Commercial Mortgage Trust $234,000 par, 3.78%, due September 10, 2058**224,559 
Citigroup Commercial Mortgage Trust$294,000 par, 3.15%, due November 15, 2049**277,500 
Commercial Mortgage Bank $888,000 par, 0.00%, due October 1, 2052**786,150 
Connecticut Avenue Securities Trust$961,642 par, 6.82%, due October 25, 2043**965,964 
CSAIL Commercial Mortgage Trust$531,000 par, 3.50%, due November 15, 2049**502,226 
CSMC Mortgage-Backed Trust
$673,459 par, 4.07%, due March 25, 2060**670,464 
CWMBS Inc. Mortgage Pass-through Series $328,715 par, 6.00%, due December 25, 2033**320,565 
FREDDIE MAC STACR REMIC SERIES$2,132,001 par, due November 25, 2041**2,130,679 
GS Mortgage Securities Trust$1,627,500 par, 3.44%, due November 10, 2049**1,551,076 
Legacy Mortgage Trust$464,478 par, 1.65%, due June 25, 2061**447,595 
Legacy Mortgage Trust$2,271,456 par, 1.75%, due April 25, 2061**2,201,694 
Mill City Mortgage$452,287 par, 1.13%, due November 25, 2060**423,217 
*Morgan Stanley Bank of America Merrill Lynch$1,532,000 par, 3.73%, due May 15, 2048**1,484,143 
*Morgan Stanley Bank of America Merrill Lynch$1,469,000 par, variable rate, due February 15, 2048**1,431,626 
MTG LLC$940,843 par, 7.02%, due January 25, 2029**940,842 
NLT$581,656 par, 3.20%, due October 25, 2062**518,481 
27
Preston Ridge Partners Series$818,688 par, variable rate, due February 25, 2032**790,770 
Preston Ridge Partners Series Mortgage Trust$362,989 par,variable rate, due June 25, 2024**356,130 
PRPM LLC
$912,208 par, 1.32%, due July 25, 2051**825,634 
PRPM LLC
$591,552 par, 1.87%, due April 25, 2026**578,948 
PRPM LLC
$517,437 par, 2.36%, due October 25, 2026**503,184 
PRPM LLC
$285,482 par, 2.12%, due March 25, 2026**283,343 
PRPM LLC
$1,081,881 par, 4.00%, due November 25, 2053**1,032,651 
VCAT Asset Securitization LLC
$243,167 par, 1.92%, due September 25, 2051**237,259 
VCAT Asset Securitization LLC$594,536 par, variable rate, due September 25, 2051**585,231 
Vericrest Opportunity Loan Transferee $665,745 par, 1.89%, due February 27, 2051**646,412 
Volt$571,520 par, 5.12%, due March 27, 2051**557,501 
Volt XCIII LLC$372,277 par, variable rate, due March 27, 2051**361,216 
Volt XCIX$476,576 par, 2.12%, due April 25, 2051**462,067 
Volt XCVII $1,711,075 par, variable rate, due April 25, 2051**1,657,048 
Wells Fargo Commercial Mortgage Trust$880,000 par, 3.70%, due November 15, 2048**850,787 
Wells Fargo Commercial Mortgage Trust$677,000 par, 3.10%, due May 15, 2049**639,542 
Wells Fargo Commercial Mortgage Trust$413,000 par, 3.81%, due December 15, 2048**400,401 
Wells Fargo Commercial Mortgage Trust$306,000 par, 4.44%, due September 15, 2061**299,983 
Wells Fargo Commercial Mortgage Trust$1,230,000 par, 3.63%, due November 15, 2047**1,205,866 
Total Mortgage-Backed Securities32,139,770 
Collective Investment Trusts / Collective Trust Funds
BlackRock Institutional Trust Company, N.A.Russell 2500 Index Non-Lendable Fund **1,102,518,355 
BlackRock Institutional Trust Company, N.A.Russell 2000 Index Non-Lendable Fund **526,609,688 
BlackRock Institutional Trust Company, N.A.Russell 1000 Index Non-Lendable Fund **11,340,341,913 
BlackRock Institutional Trust Company, N.A.MSCI USA Value Weighted Index RSL Fund **1,101,259,443 
BlackRock Institutional Trust Company, N.A.MSCI USA Quality Index RSL Fund **1,125,645,910 
BlackRock Institutional Trust Company, N.A.MSCI USA Momentum Index RSL Fund **1,152,473,431 
BlackRock Institutional Trust Company, N.A.MSCI USA Minimum Volatility Index Fund **1,115,691,021 
BlackRock Institutional Trust Company, N.A.MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund **2,444,444,521 
BlackRock Institutional Trust Company, N.A.Long Term Government Bond Index Non-Lendable Fund**224,199,485 
BlackRock Institutional Trust Company, N.A.U.S. Treasury Inflation Protected Securities Non-Lendable Fund**261,719,469 
BlackRock Institutional Trust Company, N.A.U.S. Debt Index Non Lendable Fund **1,341,341,047 
BlackRock Institutional Trust Company, N.A.Intermediate Government Bond Index Non-Lendable Fund **350,530,250 
BlackRock Institutional Trust Company, N.A.Government Short-Term Investment Fund**763,847,453 
Global Trust CompanyAQR Emerging Equities Collective Investment Fund**387,847,626 
Global Trust CompanyAltrinsic International Equity Collective Fund**793,237,783 
Global Trust CompanyVictory Mid Cap Value Collective Investment Trust Fund**445,797,842 
JPMorgan Chase Bank, N.A.Short Duration Bond Fund**311,555,050 
Principal Global Investors Trust Company
Global Real Estate Securities Fund
**399,228,107 
Prudential Trust CompanyLong Duration Credit Fund**927,909,404 
Prudential Trust CompanyCore Plus Bond Fund**1,269,602,485 
Reliance Trust CompanyThe Collective LSV International (ACWI EX US) Value Equity Fund**1,570,969,533 
Reliance Trust CompanyDriehaus Emerging Markets Growth CIT Fund**393,873,926 
28
SEI Trust CompanyNuveen Global Infrastructure Fund **207,339,036 
SEI Trust CompanyJackson Square SMID-Cap Growth CIT Fund**271,507,286 
SEI Trust CompanyFiera Asset Management USA Collective Trust**1,200,367,192 
SEI Trust CompanyCoreCommodity Management Diversified I CIT Fund**103,641,462 
SEI Trust CompanyCohen & Steers Global Listed Infrastructure Fund**103,806,738 
SEI Trust CompanyAEW Global Properties Trust Fund **400,804,827 
*The Northern Trust CompanyThe Presima Global Real Estate Concentrated Collective Fund**340,572,425 
*The Northern Trust Company
First Sentier Global Listed Infrastructure Collective Investment Trust
**204,933,126 
*The Northern Trust CompanyGQG Partners International Equity CIT Fund**1,223,573,673 
*The Northern Trust CompanyCollective Government Short Term Investment Fund**10,717,540 
Wellington Trust Company, NACIF II Commodities Portfolio**105,057,344 
Total Collective Investment Trusts/Collective Trust Funds33,522,964,391 
Total Investments$40,304,881,249 
*Notes Receivable from participantsLoans to participants, interest rates ranging from 4.25% to 9.50%, with various maturities$1,220,067,619 

* Represents a party-in-interest.
** Column (d) cost information not required as accounts are participant directed.
29
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Walmart 401(k) Plan
June 25, 2024
By:
/s/ Kim Lupo
Kim Lupo
Senior Vice President, Global Total Rewards
Walmart Inc.


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