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, 2022
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_imag.jpg
WALMART INC.
702 Southwest Eighth Street
Bentonville, Arkansas 72716



Walmart 401(k) Plan
Financial Statements and
Supplemental Schedule
As of January 31, 2022 and 2021, and for the year ended January 31, 2022


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, 2022 and 2021, and the related statement of changes in net assets available for benefits for the year ended January 31, 2022, 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, 2022 and 2021, and the changes in its net assets available for benefits for the year ended January 31, 2022, 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, 2022 (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 30, 2022

1

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


January 31,
2022 2021
Assets
Investments, at fair value
$ 37,364,460,426  $ 33,999,069,759 
Notes receivable from participants
1,076,193,952  1,034,322,692 
Accrued investment income
4,167,425  3,975,064 
Total assets
38,444,821,803  35,037,367,515 
Liabilities
Due to broker
20,709,816  6,717,401 
Accrued expenses
4,156,894  6,095,786 
Total liabilities
24,866,710  12,813,187 
Net assets available for benefits
$ 38,419,955,093  $ 35,024,554,328 
See accompanying notes.
2

Walmart 401(k) Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended
January 31, 2022
Additions
Investment income:
Net appreciation in fair value of investments $ 3,303,676,164 
Interest and dividends 164,173,328
Net investment income 3,467,849,492
Interest income on notes receivable from participants 51,204,330
Contributions:
Company 1,435,667,454
Participant 1,988,502,534
Rollovers 91,939,884
Total contributions 3,516,109,872
Other, net 9,942,490 
Total additions 7,045,106,184 
Deductions
Benefits paid to participants 3,615,925,456
Administrative expenses 27,151,050
Fees on notes receivable from participants 6,628,913
Total deductions 3,649,705,419
Net increase 3,395,400,765
Net assets available for benefits:
Beginning of year 35,024,554,328
End of year $ 38,419,955,093 

See accompanying notes.







3

Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2022
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 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 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.
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, 2022. 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.
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 ($100,000 or 100% of their vested account balance under the Coronavirus Aid, Relief and Economic Security Act (CARES Act)). 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; however, loan terms may have been extended for one year related to suspension of loan repayments under the CARES Act. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.
Investment Options
A participant may direct the Trustee to invest any portion of his or her elective deferrals, rollover contributions, Company matching contributions, after-tax contributions and qualified non-elective contributions in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2022, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time at the option level.
A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for elective contributions described previously.
Participant investments not directed by the participant are invested by the Trustee as determined by the Benefits Investment Committee.
Note 2. Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates
The preparation of the financial statements in accordance with GAAP requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net 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. 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, 2022 and 2021. 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, 2022 and 2021, there were benefits in the amount of $32,268,390 and $26,900,983, 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.
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, 2022 and 2021. During the year ended January 31, 2022, 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.
6

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, 2022
Level 1 Level 2 Total
Walmart Inc. equity securities $ 3,498,671,570  $ —  $ 3,498,671,570 
Common stocks 916,317,732  916,317,732 
Cash equivalent 15,665,684  15,665,684 
Mutual fund 661,780,466  661,780,466 
Government securities 771,950,355  771,950,355 
Corporate bonds 309,035,090  309,035,090 
Asset-backed securities 148,742,908  148,742,908 
Mortgage-backed securities 61,518,956  61,518,956 
Total assets in the fair value hierarchy $ 5,092,435,452  $ 1,291,247,309  $ 6,383,682,761 
Investments measured at NAV* 30,980,777,665 
Total investments at fair value $ 37,364,460,426 
Fair Value Measurements as of January 31, 2021
Level 1 Level 2 Total
Walmart Inc. equity securities $ 3,866,671,288  $ —  $ 3,866,671,288 
Common stocks 794,010,191  —  794,010,191 
Cash equivalent 16,662,258  —  16,662,258 
Exchange traded funds 395,474,861  —  395,474,861 
Mutual funds 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 
*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, 2022 and 2021.
Investments
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
2022 2021
Collective investment trusts/collective trust funds $ 30,980,777,665  $ 27,258,265,726 
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 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.
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 (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.
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,
2022 2021
Net assets available for benefits per the financial statements $ 38,419,955,093  $ 35,024,554,328 
Less: Benefits payable per the Form 5500 (32,268,390) (26,900,983)
Net assets available for benefits per the Form 5500 $ 38,387,686,703  $ 34,997,653,345 
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, 2022:
Net increase in net assets available for benefits per the financial statements $ 3,395,400,765 
Less: Benefits payable per the Form 5500 at January 31, 2022 (32,268,390)
Add: Benefits payable per the Form 5500 at January 31, 2021 26,900,983 
Net income per the Form 5500 $ 3,390,033,358 
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, 2022
(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 Securities Common Stock ** $ 3,498,671,570 
Other Common Stocks
1 800 Flowers Inc. Common Stock ** 1,382,155 
Abcam PLC ADR Common Stock ** 4,532,412 
Acadia Healthcare Company Inc. Common Stock ** 1,456,720 
Advanced Energy Industries, Inc. Common Stock ** 4,002,630 
Aerie Pharmaceuticals Inc. Common Stock ** 1,789,282 
Air Transport Services Group Inc. Common Stock ** 4,024,117 
Akebia Therapeutics Inc. Common Stock ** 524,393 
Alamo Group Inc. Common Stock ** 4,582,555 
Alarm.com Holdings Inc. Common Stock ** 4,032,820 
Albireo Pharma Inc. Common Stock ** 2,422,305 
Alcoa Corporation Common Stock ** 1,227,261 
American Equity Investment Life Holding Co. Common Stock ** 3,845,849 
Ameris Bankcorp Common Stock ** 3,478,130 
Antero Resources Corp. Common Stock ** 2,720,041 
Argo Group International Holdings  Common Stock ** 2,681,719 
Arlo Technologies Inc. Common Stock ** 1,753,651 
Artisan Partners Asset Mgmt Inc. Common Stock ** 2,502,723 
ASGN Incorporated Common Stock ** 8,444,094 
Aspen Technology Inc. Common Stock ** 1,382,823 
Atrion Corp. Common Stock ** 4,710,090 
Avantor Inc. Common Stock ** 3,298,292 
Avaya Holdings Corp. Common Stock ** 2,042,262 
Avnet Inc. Common Stock ** 3,851,151 
Axos Financial Inc. Common Stock ** 1,249,339 
Azenta Inc. Common Stock ** 5,033,074 
Bally's Corporation Common Stock ** 5,758,071 
Banner Corp. Common Stock ** 5,067,244 
Beacon Roofing Supply Inc. Common Stock ** 4,554,210 
Bio-Techne Corp. Common Stock ** 4,973,882 
Black Hills Corp. Common Stock ** 3,468,559 
Black Knight Inc. Common Stock ** 4,389,837 
Blackline Inc. Common Stock ** 5,446,972 
Brandywine Realty Trust Common Stock ** 2,212,730 
Brigham Minerals Inc. Common Stock ** 3,252,341 
Bright Horizons Family Solutions Inc. Common Stock ** 4,654,477 
Brown & Brown Inc. Common Stock ** 3,899,915 
Brunswick Corp. Common Stock ** 1,563,041 
Cable One Inc. Common Stock ** 6,688,681 
Cabot Corp. Common Stock ** 3,113,094 
CACI International Inc. Common Stock ** 6,018,227 
9

Cadence Bank Common Stock ** 5,235,157 
Cambium Networks Corporation Common Stock ** 2,408,957 
Capri Holdings Ltd. Common Stock ** 5,448,049 
Castle Biosciences Inc. Common Stock ** 2,024,965 
Cathay General Bancorp  Common Stock ** 4,003,118 
Centerspace Common Stock ** 2,664,536 
Century Casinos Inc.  Common Stock ** 2,522,912 
Ceva Inc.  Common Stock ** 2,353,207 
Chemours Co. Common Stock ** 7,156,784 
CMC Materials, Inc. Common Stock ** 1,669,522 
CNX Resources Corporation Common Stock ** 4,751,132 
Coda Octopus Group Inc.  Common Stock ** 813,671 
Cogent Communications Holdings Inc.  Common Stock ** 4,127,844 
Collegium Pharmaceutical Inc. Common Stock ** 2,176,968 
Commercial Metals Company Common Stock ** 3,176,934 
Computer Programs & Systems Inc. Common Stock ** 1,225,775 
Comstock Resources Inc. Common Stock ** 1,576,695 
ConnectOne Bancorp Inc. Common Stock ** 3,866,104 
Core & Main Inc. Common Stock ** 4,211,756 
Coty Inc. Common Stock ** 4,767,753 
Coupa Software Inc. Common Stock ** 896,387 
CryoPort Inc. Common Stock ** 1,371,601 
CSW Industrials Inc.  Common Stock ** 4,013,760 
Dana Inc. Common Stock ** 3,693,377 
Deluxe Corp. Common Stock ** 3,099,758 
Dennys Corp. Common Stock ** 613,847 
Descartes Sys Group Inc.  Common Stock ** 3,241,904 
Dine Brands Global Inc. Common Stock ** 2,505,701 
Donnelley Financial Solutions Inc. Common Stock ** 5,222,710 
Douglas Dynamics Inc.  Common Stock ** 5,873,257 
Ecovyst Inc. Common Stock ** 2,926,066 
Element Solution Inc. Common Stock ** 11,088,502 
EMCOR Group Inc. Common Stock ** 2,675,430 
Emergent Biosolutions Inc.  Common Stock ** 2,078,575 
Endava PLC ADR Common Stock ** 4,760,937 
Envestnet Inc. Common Stock ** 2,231,140 
Establishment Labs Holdings Inc. Common Stock ** 926,052 
Everi Holdings Inc. Common Stock ** 3,736,233 
Evertec Inc.  Common Stock ** 4,026,488 
EVO Payments Inc.  Common Stock ** 4,711,577 
ExlService Holdings Inc. Common Stock ** 8,723,840 
Exponent Inc.  Common Stock ** 5,225,040 
Fabrinet  Common Stock ** 3,528,895 
Federal Agricultural Mortgage Corp  Common Stock ** 5,636,660 
Federal Signal Corp. Common Stock ** 6,352,651 
Federated Hermes Inc. Common Stock ** 1,999,778 
First American Financial Corp. Common Stock ** 5,695,917 
First Interstate BancSystem, Inc. Common Stock ** 3,448,142 
Floor & Decor Holdings Inc. Common Stock ** 5,280,639 
FMC Corp. Common Stock ** 7,121,072 
Franklin Covey Co. Common Stock ** 4,072,002 
FTI Consulting Inc. Common Stock ** 6,234,107 
GATX Corp. Common Stock ** 7,083,799 
Genesco Inc. Common Stock ** 2,791,536 
10

Gibraltar Industries Inc. Common Stock ** 4,334,187 
Global Blood Therapeutics Inc. Common Stock ** 940,799 
Global Medical REIT Inc. Common Stock ** 4,202,034 
Group 1 Automotive Inc. Common Stock ** 1,865,872 
Guidewire Software Inc. Common Stock ** 5,299,949 
Hamilton Lane Inc.  Common Stock ** 7,132,500 
HealthEquity Inc. Common Stock ** 4,381,599 
Heartland Financial USA Inc. Common Stock ** 4,034,458 
Heico Corp. Common Stock ** 7,193,797 
Hologic Inc. Common Stock ** 4,331,701 
Hostess Brands Inc. Common Stock ** 3,256,545 
Huron Consulting Group Inc.  Common Stock ** 443,671 
IAA Spinco Inc. Common Stock ** 5,584,353 
Ichor Holdings Limited Common Stock ** 3,460,199 
II-VI Inc. Common Stock ** 6,193,546 
Inotiv Inc. Common Stock ** 579,019 
Insight Enterprises Inc. Common Stock ** 10,848,905 
Installed Building Products Inc. Common Stock ** 4,739,596 
International Game Technology PLC Common Stock ** 6,119,809 
Investors Bancorp Inc. Common Stock ** 3,623,007 
Iovance Biotherapeutics Inc. Common Stock ** 146,703 
IRadimed Corporation Common Stock ** 538,605 
Ituran Location & Control  Common Stock ** 2,962,436 
James River Group Holdings Common Stock ** 2,862,671 
John Bean Technologies Corp. Common Stock ** 5,173,065 
Karyopharm Therapeutics Inc. Common Stock ** 1,756,896 
Kennametal Inc. Common Stock ** 3,365,735 
Kennedy-Wilson Holdings Inc. Common Stock ** 1,838,261 
Kiniksa Pharmaceuticals, Ltd. Common Stock ** 1,624,038 
Kinsale Cap Group Inc. Common Stock ** 6,021,820 
Korn Ferry Common Stock ** 3,907,193 
Ladder Capital Corp. Common Stock ** 3,354,573 
Landstar System Inc. Common Stock ** 5,296,000 
La-Z-Boy, Inc.  Common Stock ** 3,382,606 
Lemaitre Vascular Inc.  Common Stock ** 6,635,393 
Lexington Realty Trust Common Stock ** 4,618,253 
Ligand Pharmaceuticals Inc. Common Stock ** 4,192,304 
LPL Financial Holdings, Inc. Common Stock ** 3,909,079 
M/I Homes Inc. Common Stock ** 2,399,811 
Magnolia Oil & Gas Corp. Common Stock ** 4,643,680 
Maravai Lifesciences Holdings Inc. Common Stock ** 919,511 
Marriott Vacations Worldwide Corp. Common Stock ** 2,956,453 
Masonite International Corp. Common Stock ** 4,555,414 
Matador Resources Company Common Stock ** 5,116,719 
Medifast Inc. Common Stock ** 3,437,683 
Medpace Holdings Inc. Common Stock ** 6,102,672 
Mesa Labs Inc.  Common Stock ** 4,667,561 
MillerKnoll Inc. Common Stock ** 2,546,255 
Minerals Technologies Inc.  Common Stock ** 3,375,353 
11

MiX Telematics Ltd. Common Stock ** 493,365 
MKS Instruments Inc. Common Stock ** 6,641,134 
Moelis & Company Common Stock ** 2,993,192 
Molina Healthcare Inc. Common Stock ** 8,887,236 
Momentive Global Inc. Common Stock ** 3,732,490 
Natus Medical Inc. Common Stock ** 2,861,107 
Nomad Foods Limited Common Stock ** 5,459,022 
Novanta Inc. Common Stock ** 6,087,724 
NuVasive Inc. Common Stock ** 1,698,387 
NVent Electric PLC Common Stock ** 2,537,073 
Ocuphire Pharma Inc. Common Stock ** 223,647 
Old National Bancorp Common Stock ** 4,821,981 
ONE Gas Inc. Common Stock ** 3,061,700 
OneMain Holdings Inc. Common Stock ** 1,709,068 
Optimizerx Corp. Common Stock ** 918,863 
Optinose Inc.  Common Stock ** 410,750 
Option Care Health Inc. Common Stock ** 3,569,838 
Orthopediatrics Corp. Common Stock ** 3,748,064 
Otter Tail Corp. Common Stock ** 3,298,639 
Overstock Inc. Common Stock ** 1,346,826 
Ovintiv Inc. Common Stock ** 4,812,946 
Pacira BioSciences Inc. Common Stock ** 959,188 
PacWest Bancorp Common Stock ** 4,776,022 
Park City Group, Inc. Common Stock ** 4,305,382 
Parsons Corporation Common Stock ** 1,239,802 
PDC Energy Inc. Common Stock ** 2,898,303 
Performance Food Group Company Common Stock ** 5,968,197 
PGT Innovations Inc. Common Stock ** 2,434,138 
Pinnacle Financial Partners Inc. Common Stock ** 4,289,862 
Piper Sandler Companies, Inc. Common Stock ** 4,139,419 
Points Inc. Common Stock ** 3,499,653 
Preferred Bank Common Stock ** 4,370,111 
Procore Technologies Inc. Common Stock ** 3,235,979 
PROG Holdings Inc. Common Stock ** 2,603,017 
Progyny Inc. Common Stock ** 2,794,257 
PROS Holdings Inc. Common Stock ** 3,864,021 
Provention Bio, Inc. Common Stock ** 607,690 
Puma Biotechnology Inc.  Common Stock ** 296,605 
Quanex Building Products Corp. Common Stock ** 1,990,996 
Quinstreet Inc.  Common Stock ** 651,870 
Radian Group Inc.  Common Stock ** 3,532,560 
Radware Ltd. Common Stock ** 5,410,226 
Rambus Inc. Common Stock ** 327,998 
Repligen Corp. Common Stock ** 4,130,034 
Resideo Technologies Inc. Common Stock ** 3,755,756 
Revance Therapeutics Inc. Common Stock ** 2,113,432 
Rhythm Pharmaceuticals Inc.  Common Stock ** 520,782 
Ritchie Bros. Auctioneers Inc. Common Stock ** 5,411,724 
RLJ Lodging Trust Common Stock ** 2,830,898 
12

RPT Realty Common Stock ** 2,825,820 
Rush Enterprises Inc. Common Stock ** 3,476,454 
Saia, Inc. Common Stock ** 3,432,681 
Schneider National Inc. Common Stock ** 3,127,808 
Scholar Rock Holding Corporation Common Stock ** 425,143 
Selective Insurance Group Inc. Common Stock ** 5,350,998 
ShotSpotter, Inc. Common Stock ** 694,454 
Shutterstock Inc.  Common Stock ** 1,243,252 
Silicon Motion Technology Corporation Common Stock ** 3,307,572 
Simpson Manufacturing Co, Inc. Common Stock ** 5,384,482 
Sinclair Broadcast Group Inc. Common Stock ** 4,903,669 
SiteOne Landscape Supply Inc. Common Stock ** 5,681,345 
Six Flags Entertainment Corp. Common Stock ** 1,225,098 
Sleep Number Corp. Common Stock ** 1,490,060 
Smith-Midland Corp. Common Stock ** 483,306 
SouthState Corp. Common Stock ** 3,288,614 
Southwest Gas Holdings Inc. Common Stock ** 4,692,489 
Southwestern Energy Co. Common Stock ** 1,911,778 
SP Plus Corp. Common Stock ** 3,934,153 
Spectrum Brands Holdings Inc. Common Stock ** 3,257,365 
Spire Inc.  Common Stock ** 8,607,306 
Sprout Social Inc. Common Stock ** 3,181,214 
SPX Corporation Common Stock ** 3,652,861 
Stag Industrial Inc. Common Stock ** 2,117,442 
Stratasys Inc. Common Stock ** 1,848,196 
Strategic Education Inc. Common Stock ** 1,011,118 
Stride Inc. Common Stock ** 6,352,194 
Summit Hotel Properties Inc.  Common Stock ** 1,534,819 
Summit Materials Inc. Common Stock ** 2,185,731 
Supernus Pharmaceuticals Inc. Common Stock ** 4,044,342 
Syneos Health Inc. Common Stock ** 9,462,614 
TechnipFMC PLC Common Stock ** 2,266,892 
Tegna Inc.  Common Stock ** 7,670,780 
Thor Industries Inc. Common Stock ** 2,866,172 
Travere Therapeutics Inc. Common Stock ** 1,408,468 
Trean Insurance Group Inc. Common Stock ** 1,615,089 
Trex Company, Inc. Common Stock ** 4,270,826 
Tronox Holdings PLC Common Stock ** 2,636,741 
Trupanion, Inc. Common Stock ** 4,275,868 
TTM Technologies Inc.  Common Stock ** 2,343,803 
Ultra Clean Holdings Inc. Common Stock ** 6,034,770 
UniFirst Corporation Common Stock ** 2,509,188 
United Bankshares Inc. Common Stock ** 3,013,296 
United Community Bank Common Stock ** 3,245,086 
United Therapeutics Corporation Common Stock ** 3,142,308 
Univar Solutions Inc. Common Stock ** 5,940,373 
Upland Software Inc.  Common Stock ** 325,340 
UroGen Pharma Ltd. Common Stock ** 429,170 
Utah Medical Products Inc. Common Stock ** 3,782,931 
13

Utz Brands Inc. Common Stock ** 3,605,837 
Vanda Pharmaceuticals Inc. Common Stock ** 1,813,242 
Veeco Instruments Inc. Common Stock ** 2,930,297 
Verint Systems Inc. Common Stock ** 2,031,179 
Vishay Intertechnology Inc. Common Stock ** 2,200,189 
Watsco Inc. Common Stock ** 3,365,290 
WD-40 Co. Common Stock ** 3,129,421 
WESCO International Inc. Common Stock ** 4,498,960 
Willdan Group Inc.  Common Stock ** 2,889,664 
WillScot Mobile Mini Holdings Corp. Common Stock ** 6,091,117 
Wintrust Financial Corp. Common Stock ** 4,221,227 
WNS Holdings Limited ADR Common Stock ** 8,890,578 
Wolverine World Wide Inc. Common Stock ** 1,599,334 
Workiva Inc. Common Stock ** 5,065,932 
WSFS Financial Corp. Common Stock ** 2,602,029 
Y-mAbs Therapeutics, Inc. Common Stock ** 462,071 
Ziff Davis Inc. Common Stock ** 1,606,788 
Zogenix Inc. Common Stock ** 2,895,641 
Zynex Inc. Common Stock ** 263,806 
Total Other Common Stocks 916,317,732 
Cash Equivalent
* Bank of America, N.A. Merrill Lynch Bank Deposit Cash Equivalent, 0.01% ** 15,665,684 
Mutual Fund
PIMCO All Asset Fund ** 661,780,466 
Government Securities
Abu Dhabi Crude Oil Pipeline LLC $1,521,000 par, 4.60%, due November 2, 2047 ** 1,701,573 
California State Municipal Bond $1,245,000 par, 7.30%, due October 1, 2039 ** 1,887,170 
Republic of Colombia $816,000 par, 3.00%, due January 30, 2030 ** 710,989 
Federal Home Loan Mortgage Corp. (FHLMC), Freddie Mac $1,049,000 par, 6.25%, due July 15, 2032 ** 1,469,300 
FHLMC, Freddie Mac $1,149,029 par, 3.50%, due October 15, 2053 ** 1,185,603 
FHLMC, Freddie Mac $1,166,000 par, 3.24%, due April 25, 2027 ** 1,245,793 
FHLMC, Freddie Mac $1,222,030 par, 2.00%, due October 1, 2051 ** 1,192,564 
FHLMC, Freddie Mac $1,267,000 par, 3.19%, due July 25, 2027 ** 1,354,214 
FHLMC, Freddie Mac $1,288,803 par, 0.75%, due December 25, 2033 ** 1,287,250 
FHLMC, Freddie Mac $1,305,759 par, 2.00%, due August 1, 2051 ** 1,274,749 
FHLMC, Freddie Mac $1,347,407 par, 2.00%, due April 1, 2051 ** 1,315,371 
FHLMC, Freddie Mac $1,426,117 par, 3.00%, due November 1, 2042 ** 1,486,585 
FHLMC, Freddie Mac $1,492,950 par, 3.50%, due August 1, 2046 ** 1,587,520 
FHLMC, Freddie Mac $1,742,261 par, 3.50%, due March 1, 2048 ** 1,832,266 
FHLMC, Freddie Mac $1,746,233 par, 2.00%, due January 10, 2050 ** 1,707,058 
FHLMC, Freddie Mac $1,964,931 par, 2.00%, due August 1, 2051 ** 1,917,552 
FHLMC, Freddie Mac $105,482 par, 3.00%, due November 1, 2042 ** 109,708 
FHLMC, Freddie Mac $115,783 par, 3.00%, due November 1, 2042 ** 120,487 
FHLMC, Freddie Mac $117,385 par, 4.00%, due July 1, 2047 ** 125,696 
FHLMC, Freddie Mac $127,514 par, 4.00%, due June 1, 2048 ** 137,373 
14

FHLMC, Freddie Mac $134,911 par, 4.00%, due April 1, 2047 ** 144,581 
FHLMC, Freddie Mac $2,000,000 par, 0.85%, due October 25, 2041 ** 1,998,438 
FHLMC, Freddie Mac $2,072,267 par, 3.00%, July 1, 2050 ** 2,135,594 
FHLMC, Freddie Mac $2,444,000 par, 3.90%, due April 25, 2028 ** 2,716,726 
FHLMC, Freddie Mac $223,896 par, 2.50%, due August 1, 2050 ** 224,865 
FHLMC, Freddie Mac $230,042 par, 2.50%, due June 1, 2051 ** 230,692 
FHLMC, Freddie Mac $275,719 par, 3.00%, due December 1, 2049 ** 283,799 
FHLMC, Freddie Mac $3,344,229 par, 4.00%, due July 1, 2049 ** 3,611,920 
FHLMC, Freddie Mac $3,368,258 par, 3.00%, June 1, 2050 ** 3,479,124 
FHLMC, Freddie Mac $33,808 par, 4.00%, due January 1, 2048 ** 36,203 
FHLMC, Freddie Mac $345,000 par, variable rate, due November 25, 2027 ** 371,050 
FHLMC, Freddie Mac $360,000 par, variable rate, due October 25, 2028 ** 404,778 
FHLMC, Freddie Mac $364,000 par, variable rate, due July 25, 2028 ** 406,719 
FHLMC, Freddie Mac $396,510 par, 3.00%, due September 1, 2050 ** 407,057 
FHLMC, Freddie Mac $418,157 par, 2.50%, due July 1, 2050 ** 418,820 
FHLMC, Freddie Mac $42,977 par, 3.50%, due August 1, 2046 ** 45,678 
FHLMC, Freddie Mac $5,079,300 par, 2.00%, due November 1, 2051 ** 4,957,609 
FHLMC, Freddie Mac $52,591 par, 4.00%, due April 1, 2047 ** 56,615 
FHLMC, Freddie Mac $533,206 par, 3.00%, due January 1, 2050 ** 547,745 
FHLMC, Freddie Mac $566,890 par, 3.00%, November 1, 2049 ** 582,374 
FHLMC, Freddie Mac $646,000 par, 3.24%, due August 25, 2027 ** 691,168 
FHLMC, Freddie Mac $656,000 par, 1.64%, due February 25, 2030 ** 635,452 
FHLMC, Freddie Mac $69,402 par, 4.00%, due April 1, 2047 ** 74,712 
FHLMC, Freddie Mac $709,754 par, 4.00%, due May 1, 2047 ** 762,553 
FHLMC, Freddie Mac $762,258 par, 3.50%, due August 1, 2044 ** 806,591 
FHLMC, Freddie Mac $864,887 par, 3.00%, due August 1, 2048 ** 891,377 
FHLMC, Freddie Mac $9,146,870 par, 2.50%, due October 1, 2050 ** 9,186,428 
FHLMC, Freddie Mac $901,000 par, 3.51%, due March 1, 2029 ** 990,235 
FHLMC, Freddie Mac $933,478 par, 3.00%, due January 1, 2050 ** 959,073 
FHLMC, Freddie Mac $94,056 par, 0.70%, due January 25, 2034 ** 94,032 
FHLMC, Freddie Mac $95,685 par, 3.50%, due October 1, 2047 ** 101,105 
FHLMC, Freddie Mac $994,905 par, 4.00%, due September 1, 2047 ** 1,069,155 
Federal National Mortgage Association (FNMA), Fannie Mae $1,008,799 par, 3.00%, due April 1, 2043 ** 1,051,757 
FNMA, Fannie Mae $1,012,901 par, 2.50%, due August 1, 2050 ** 1,015,573 
FNMA, Fannie Mae $1,036,128 par, 3.00%, due February 1, 2047 ** 1,077,710 
FNMA, Fannie Mae $1,057,121 par, 4.50%, due March 1, 2049 ** 1,144,845 
FNMA, Fannie Mae $1,060,000 par ** 1,083,167 
FNMA, Fannie Mae $1,070,519 par, 3.50%, due June 1, 2044 ** 1,139,193 
FNMA, Fannie Mae $1,144,556 par, 3.50%, due June 1, 2044 ** 1,216,989 
FNMA, Fannie Mae $1,159,715 par, 3.00%, due February 1, 2034 ** 1,201,703 
FNMA, Fannie Mae $1,215,100 par, 3.50%, due February 1, 2047 ** 1,286,027 
FNMA, Fannie Mae $1,369,448 par, 2.50%, due June 1, 2050 ** 1,371,890 
FNMA, Fannie Mae $1,431,324 par, 2.50%, due August 1, 2035 ** 1,472,001 
FNMA, Fannie Mae $1,437,811 par, 2.50%, due May 1, 2051 ** 1,441,874 
FNMA, Fannie Mae $1,632,000 par, 2.63%, due September 6, 2024 ** 1,686,518 
FNMA, Fannie Mae $1,780,998 par, 4.50%, due August 1, 2048 ** 1,939,472 
FNMA, Fannie Mae $1,812,881 par, 3.00%, due December 1, 2049 ** 1,860,782 
FNMA, Fannie Mae $10,625,000 par ** 10,606,738 
FNMA, Fannie Mae $100,496 par, 3.50%, due March 1, 2046 ** 106,848 
FNMA, Fannie Mae $106,198 par, 4.00%, due January 1, 2042 ** 115,080 
FNMA, Fannie Mae $107,786 par, 4.00%, due April 1, 2041 ** 115,776 
15

FNMA, Fannie Mae $108,772 par, 3.00%, due April 1, 2043 ** 113,258 
FNMA, Fannie Mae $110,188 par, 4.00%, due May 1, 2041 ** 118,375 
FNMA, Fannie Mae $113,065 par, 4.00%, due March 1, 2047 ** 120,948 
FNMA, Fannie Mae $12,925 par, 3.00%, due September 1, 2043 ** 13,475 
FNMA, Fannie Mae $125,017 par, 3.00%, due November 1, 2050 ** 128,745 
FNMA, Fannie Mae $129,449 par, 4.00%, due November 1, 2042 ** 140,115 
FNMA, Fannie Mae $133,892 par, 3.00%, due May 1, 2043 ** 139,516 
FNMA, Fannie Mae $140,838 par, 3.00%, due May 1, 2050 ** 145,434 
FNMA, Fannie Mae $145,840 par, 3.00%, due April 1, 2043 ** 151,612 
FNMA, Fannie Mae $147,651 par, 4.00%, due May 1, 2047 ** 158,215 
FNMA, Fannie Mae $15,685,000 par, 2.00%, due February 15, 2034 ** 15,758,217 
FNMA, Fannie Mae $152,494 par, 4.00%, due May 1, 2047 ** 162,269 
FNMA, Fannie Mae $176,924 par, 3.00%, due December 1, 2049 ** 182,114 
FNMA, Fannie Mae $178,845 par, 4.50%, April 1, 2049 ** 194,428 
FNMA, Fannie Mae $18,470,000 par ** 17,965,600 
FNMA, Fannie Mae $187,104 par, 4.00%, due February 1, 2044 ** 201,967 
FNMA, Fannie Mae $19,410,000 par ** 20,168,203 
FNMA, Fannie Mae $190,528 par, 4.00%, due February 1, 2048 ** 204,340 
FNMA, Fannie Mae $2,059,501 par, 2.50%, due September 1, 2035 ** 2,112,031 
FNMA, Fannie Mae $2,103,000 par, 1.63%, due January 7, 2025 ** 2,115,046 
FNMA, Fannie Mae $2,128,000 par, 2.25%, due April 12, 2022 ** 2,136,853 
FNMA, Fannie Mae $2,179,460 par, 3.00%, due September 1, 2050 ** 2,235,652 
FNMA, Fannie Mae $2,228,753 par, 2.50%, due July 1, 2050 ** 2,234,629 
FNMA, Fannie Mae $2,266,210 par, 3.00%, due April 1, 2032 ** 2,346,090 
FNMA, Fannie Mae $2,519,649 par, 2.00%, due February 1, 2051 ** 2,461,763 
FNMA, Fannie Mae $2,545,134 par, 3.50%, due May 1, 2049 ** 2,682,885 
FNMA, Fannie Mae $2,712,614 par, 2.50%, due September 1, 2050 ** 2,716,916 
FNMA, Fannie Mae $20,030,000 par ** 19,526,120 
FNMA, Fannie Mae $221,155 par, 3.00%, due July 1, 2043 ** 232,149 
FNMA, Fannie Mae $223,501 par, 3.00%, due April 1, 2036 ** 231,505 
FNMA, Fannie Mae $237,003 par, 3.50%, due August 1, 2043 ** 252,019 
FNMA, Fannie Mae $264,135 par, 3.00%, due December 1, 2049 ** 271,773 
FNMA, Fannie Mae $27,105,000 par ** 27,621,689 
FNMA, Fannie Mae $27,515,000 par ** 27,399,873 
FNMA, Fannie Mae $3,003,957 par, 3.50%, due June 1, 2041 ** 3,192,737 
FNMA, Fannie Mae $3,102,721 par, 3.00%, due February 1, 2050 ** 3,190,433 
FNMA, Fannie Mae $3,514,382 par, 2.50%, due December 1, 2034 ** 3,608,617 
FNMA, Fannie Mae $3,633,190 par, due December 25, 2041 ** 3,632,623 
FNMA, Fannie Mae $316,384 par, 3.00%, due February 1, 2047 ** 329,489 
FNMA, Fannie Mae $325,939 par, 3.50%, due August 1, 2030 ** 345,182 
FNMA, Fannie Mae $334,805 par, 2.50%, due October 1, 2034 ** 344,377 
FNMA, Fannie Mae $371,122 par, 2.50%, due June 1, 2050 ** 372,100 
FNMA, Fannie Mae $4,330,169 par, 2.00%, due October 1, 2051 ** 4,226,315 
FNMA, Fannie Mae $400,134 par, 3.00%, due October 1, 2027 ** 415,484 
FNMA, Fannie Mae $42,678 par, 4.50%, due January 1, 2030 ** 45,524 
FNMA, Fannie Mae $421,724 par, 4.00%, due April 25, 2041 ** 434,234 
FNMA, Fannie Mae $484,498 par, 4.00%, due June 1, 2044 ** 523,508 
FNMA, Fannie Mae $487,574 par, 3.00%, due January 1, 2027 ** 505,334 
FNMA, Fannie Mae $494,337 par, 4.00%, due May 1, 2047 ** 528,575 
FNMA, Fannie Mae $5,255,000 par ** 5,606,870 
FNMA, Fannie Mae $5,363,673 par, 2.00%, due September 1, 2051 ** 5,235,031 
16

FNMA, Fannie Mae $545,948 par, 2.50%, due November 1, 2050 ** 547,287 
FNMA, Fannie Mae $562,544 par, 4.00%, due September 1, 2046 ** 608,077 
FNMA, Fannie Mae $577,444 par, 2.50%, due March 1, 2051 ** 577,790 
FNMA, Fannie Mae $583,056 par, 3.00%, due January 1, 2050 ** 600,433 
FNMA, Fannie Mae $614,520 par, 4.00%, due October 1, 2048 ** 661,838 
FNMA, Fannie Mae $616,434 par, 0.80%, due October 25, 2041 ** 615,664 
FNMA, Fannie Mae $7,043 par, 3.50%, due June 1, 2031 ** 7,449 
FNMA, Fannie Mae $7,660,000 par ** 8,092,670 
FNMA, Fannie Mae $709,678 par, 4.50%, due September 1, 2050 ** 762,001 
FNMA, Fannie Mae $747,556 par, 2.50%, due July 1, 2051 ** 748,003 
FNMA, Fannie Mae $766,647 par, 2.50%, due August 1, 2035 ** 788,467 
FNMA, Fannie Mae $826,306 par, 4.00%, due August 1, 2044 ** 895,540 
FNMA, Fannie Mae $883,984 par, 3.00%, due August 1, 2043 ** 920,119 
FNMA, Fannie Mae $888,962 par, 2.50%, due June 1, 2050 ** 891,305 
FNMA, Fannie Mae $897,746 par, 3.50%, due May 1, 2042 ** 954,513 
FNMA, Fannie Mae $917,845 par, 2.50%, due July 1, 2050 ** 920,264 
FNMA, Fannie Mae $92,082 par, 3.50%, due November 1, 2029 ** 96,560 
FNMA, Fannie Mae $92,529 par, 3.50%, due June 1, 2047 ** 97,392 
FNMA, Fannie Mae $950,835 par, 3.00% due March 1, 2050 ** 976,176 
FNMA, Fannie Mae $985,957 par, 3.50%, due October 1, 2048 ** 1,036,830 
Government National Mortgage Association (GNMA), Ginnie Mae $1,054,038 par, 3.50%, due April 20, 2048 ** 1,101,008 
GNMA, Ginnie Mae $1,078,589 par, 3.50%, due March 20, 2047 ** 1,127,804 
GNMA, Ginnie Mae $1,173,305 par, 4.00%, due July 20, 2047 ** 1,242,388 
GNMA, Ginnie Mae $1,179,485 par, 3.50%, due February 20, 2047 ** 1,234,966 
GNMA, Ginnie Mae $1,538,091 par, 3.50%, due May 20, 2046 ** 1,613,282 
GNMA, Ginnie Mae $1,839,527 par, 4.00%, due August 20, 2045 ** 1,976,686 
GNMA, Ginnie Mae $111,989 par, 3.50%, due August 20, 2047 ** 117,175 
GNMA, Ginnie Mae $12,440,000 par ** 12,517,750 
GNMA, Ginnie Mae $122,118 par, 4.00%, due November 20, 2045 ** 131,252 
GNMA, Ginnie Mae $124,578 par, 3.50%, due April 20, 2047 ** 130,214 
GNMA, Ginnie Mae $144,477 par, 4.00%, due October 20, 2046 ** 154,368 
GNMA, Ginnie Mae $15,380,000 par ** 15,742,872 
GNMA, Ginnie Mae $168,936 par, 4.00%, due January 20, 2048 ** 178,813 
GNMA, Ginnie Mae $173,535 par, 4.00%, due June 20, 2045 ** 186,398 
GNMA, Ginnie Mae $2,991,194 par, 3.50%, due February 20, 2046 ** 3,146,333 
GNMA, Ginnie Mae $29,128 par, 4.00%, due February 20, 2046 ** 31,198 
GNMA, Ginnie Mae $318,719 par, 4.00%, due October 20, 2045 ** 336,281 
GNMA, Ginnie Mae $361,847 par, 3.50%, due December 20, 2047 ** 378,053 
GNMA, Ginnie Mae $441,855 par, 4.00%, due September 20, 2047 ** 467,425 
GNMA, Ginnie Mae $5,045,000 par ** 5,211,721 
GNMA, Ginnie Mae $559,761 par, 4.00%, due June 20, 2047 ** 592,852 
GNMA, Ginnie Mae $60,972 par, 4.00%, due May 20, 2047 ** 64,081 
GNMA, Ginnie Mae $612,224 par, 4.00%, due December 20, 2047 ** 648,017 
GNMA, Ginnie Mae $677,213 par, 3.50%, due November 20, 2047 ** 708,539 
GNMA, Ginnie Mae $872,945 par, 3.50%, due March 20, 2046 ** 918,992 
GNMA, Ginnie Mae $94,996 par, 3.50%, due August 20, 2046 ** 99,564 
GNMA, Ginnie Mae $942,412 par, 3.50%, due May 20, 2047 ** 985,024 
GNMA, Ginnie Mae $99,366 par, 4.00%, due January 20, 2046 ** 106,452 
Idaho Energy Resources Authority Transmission Facilities $1,035,000 par, 2.86%, due September 1, 2046 ** 1,014,892 
Illinois State Taxable Pension $3,230,000 par, 5.10%, due June 1, 2033 ** 3,594,760 
Korea National Oil Corporation $1,457,000 par, 2.63%, due April 18, 2032 ** 1,428,836 
Korea National Oil Corporation $2,869,000 par, 1.75%, due April 18, 2025 ** 2,842,892 
17

New Jersey State Transportation Trust Fund Authority $1,590,000 par, 5.75%, due December 15, 2028 ** 1,834,817 
New York State Dormitory Authority Personal Income Tax $1,325,000 par, 2.20%, due March 15, 2034 ** 1,265,438 
Republic of Panama $1,279,000 par, 4.50%, due January 19, 2063 ** 1,293,402 
Republic of Peru $691,000 par, 3.00%, due January 15, 2034 ** 663,360 
Petroleos De Venezuela SA Bond $8,600,000 par, 6.00%, October 28, 2022 ** 226,180 
State of Qatar $507,000 par, 4.40%, due April 16, 2050 ** 601,429 
Qatar Petroleum $1,582,000 par, 1.38%, due September 12, 2026 ** 1,524,368 
Republic of Chile $639,000 par, 4.00%, due January 31, 2052 ** 656,573 
Republic of Chile $677,000 par, 2.75%, due January 31, 2027 ** 686,146 
Saudi Arabia Kingdom Global $444,000 par, 3.25%, due November 17, 2051 ** 414,624 
Temasek Financial $403,000 par, 2.38%, due August 2, 2041 ** 381,292 
Tennessee Valley Authority $1,924,000 par, 0.75%, due May 15, 2025 ** 1,878,409 
Toronto Dominion Bank $4,993,000 par, 1.95%, due January 12, 2027 ** 4,926,208 
U.S. Treasury $1,529,000 par, 3.00%, due February 15, 2049 ** 1,804,758 
U.S. Treasury $1,869,000 par, 2.88%, due May 15, 2049 ** 2,160,958 
U.S. Treasury $1,904,000 par, 1.38%, due August 15, 2050 ** 1,597,873 
U.S. Treasury $15,686,000 par, 2.00%, due November 15, 2041 ** 15,247,282 
U.S. Treasury $2,070,000 par, 4.75%, due February 15, 2037 ** 2,845,118 
U.S. Treasury $2,627,000 par, 1.25%, due May 15, 2050 ** 2,136,592 
U.S. Treasury $2,660,000 par, 5.00%, due May 15, 2037 ** 3,750,392 
U.S. Treasury $2,985,000 par, 1.38%, due November 15, 2040 ** 2,617,122 
U.S. Treasury $3,104,000 par, 1.13%, due August 15, 2040 ** 2,609,058 
U.S. Treasury $3,244,000 par, 1.63%, due November 15, 2050 ** 2,895,397 
U.S. Treasury $3,282,000 par, 3.00%, due May 15, 2047 ** 3,820,966 
U.S. Treasury $3,335,000 par, 1.88%, due Feburary 15, 2051 ** 3,158,610 
U.S. Treasury $3,554,000 par, 2.25%, due May 15, 2051 ** 3,762,242 
U.S. Treasury $3,669,000 par, 2.00%, due February 15, 2050 ** 3,576,272 
U.S. Treasury $3,674,000 par, 2.38%, due November 15, 2049 ** 3,874,635 
U.S. Treasury $3,713,000 par, 4.38%, due November 15, 2039 ** 4,998,336 
U.S. Treasury $3,793,000 par, 1.88%, due Feburary 15, 2041 ** 3,615,648 
U.S. Treasury $4,369,000 par, 2.75%, due August 15, 2047 ** 4,878,432 
U.S. Treasury $5,556,000 par, 2.25%, due August 15, 2049 ** 5,702,279 
U.S. Treasury $5,723,000 par, 2.25%, due May 15, 2041 ** 5,787,384 
U.S. Treasury $6,254,000 par, 1.75%, due August 15, 2041 ** 5,824,038 
U.S. Treasury $688,000 par, 1.13%, due May 15, 2040 ** 580,473 
U.S. Treasury $8,308,000 par, 3.13%, due May 15, 2048 ** 9,968,302 
U.S. Treasury $8,480,000 par, 3.38%, due November 15, 2048 ** 10,651,344 
U.S. Treasury $9,895,000 par, 2.00%, due August 15, 2051 ** 9,652,263 
U.S. Treasury $1,669,000 par, 1.50%, due October 31, 2024 ** 1,676,041 
U.S. Treasury $1,703,000 par, 0.25%, due May 31, 2025 ** 1,636,809 
U.S. Treasury $10,307,000 par, 0.25%, due June 30, 2025 ** 9,892,304 
U.S. Treasury $11,056,000 par, 0.88%, due June 30, 2026 ** 10,722,593 
U.S. Treasury $11,441,000 par, 1.38%, due December 31, 2028 ** 11,165,701 
U.S. Treasury $11,494,000 par, 0.38%, due November 30, 2025 ** 11,003,260 
18

U.S. Treasury $12,195,000 par, 0.63%, due July 31, 2026 ** 11,684,811 
U.S. Treasury $12,333,000 par, 0.75%, due December 31, 2023 ** 12,236,648 
U.S. Treasury $12,363,000 par, 0.50%, due March 31, 2025 ** 12,013,842 
U.S. Treasury $13,062,000 par, 0.88%, due September 30, 2026 ** 12,635,957 
U.S. Treasury $13,422,000 par, 1.13%, due January 15, 2025 ** 13,323,432 
U.S. Treasury $13,456,000 par, 0.38%, due December 31, 2025 ** 12,868,877 
U.S. Treasury $14,422,000 par, 1.13%, due October 31, 2026 ** 14,100,322 
U.S. Treasury $15,466,000 par, 0.75%, due August 31, 2026 ** 14,890,254 
U.S. Treasury $19,697,000 par, 1.13%, due December 31, 2026 ** 19,361,535 
U.S. Treasury $2,832,000 par, 0.25%, due July 31, 2025 ** 2,714,627 
U.S. Treasury $20,139,000 par, 1.38%, due November 15, 2031 ** 19,405,815 
U.S. Treasury $20,685,000 par, 0.75%, due March 31, 2026 ** 20,008,698 
U.S. Treasury $3,480,000 par, 1.50%, due September 30, 2024 ** 3,496,041 
U.S. Treasury $3,804,000 par, 0.25%, due August 31, 2025 ** 3,639,655 
U.S. Treasury $5,727,000 par, 0.75%, due May 31, 2026 ** 5,528,345 
U.S. Treasury $6,273,000 par, 1.25%, due November 30, 2026 ** 6,169,593 
U.S. Treasury $6,516,000 par, 0.38%, due April 30, 2025 ** 6,298,630 
U.S. Treasury $7,194,000 par, 0.25%, due September 30, 2025 ** 6,876,733 
U.S. Treasury $7,665,000 par, 0.50%, due February 28, 2026 ** 7,345,525 
U.S. Treasury $7,807,000 par, 0.75%, due April 30, 2026 ** 7,544,429 
U.S. Treasury $8,219,000 par, 0.38%, due January 31, 2026 ** 7,846,898 
U.S. Treasury $9,343,000 par, 1.50%, due January 31, 2027 ** 9,294,095 
United Mexican States $2,387,000 par, 4.28%, due August 14, 2041 ** 2,337,565 
United Mexican States $467,000 par, 4.40%, due February 12, 2052 ** 448,745 
Total Government Securities 771,950,355 
Corporate Bonds
Abbvie Inc. $1,223,000 par, 4.05%, due November 21, 2039 ** 1,317,555 
Abbvie Inc. $2,179,000 par, 2.60%, due November 21, 2024 ** 2,217,525 
AEP Transmission Co. LLC $1,271,000 par, 2.75%, due August 15, 2051 ** 1,141,307 
AerCap Ireland Capital $3,953,000 par, 3.00%, October 29, 2028 ** 3,872,589 
Ameren Corp. $1,255,000 par, 2.50%, due September 15, 2024 ** 1,273,807 
America Movil S.A.B. De $2,831,000 par, 3.63%, due April 22, 2029 ** 2,984,903 
American Electric Power Co. $840,000 par, 0.75%, due November 1, 2023 ** 829,995 
American International Group $1,539,000 par, 4.50%, due July 16, 2044 ** 1,782,351 
Amgen Inc. $1,590,000 par, 3.00%, due January 15, 2052 ** 1,441,452 
Analog Devices Inc. $1,920,000 par, 2.95%, due October 1, 2051 ** 1,845,466 
Anglo American Capital PLC $2,957,000 par, 2.88%, due March 17, 2031 ** 2,863,466 
Anheuser-Busch Companies $203,000 par, 4.90%, due Feburary 1, 2046 ** 240,169 
Anheuser-Busch Cos LLC Corp. $699,000 par, 4.70%, due February 1, 2036 ** 802,977 
Aon Corp. $817,000 par, 2.60%, due December 2, 2031 ** 796,894 
Apple Inc. $3,453,000 par, 2.70%, due August 5, 2051 ** 3,162,765 
AT&T Inc. $1,184,000 par, 3.50%, due September 15, 2053 ** 1,125,067 
AT&T Inc. $279,000 par, 5.15%, due March 15, 2042 ** 331,140 
19

AT&T Inc. $5,034,000 par, 2.55%, due December 1, 2033 ** 4,731,644 
AT&T Inc. $990,000 par, 5.45%, due March 1, 2047 ** 1,237,360 
Athene Global Funding $1,632,000 par, 1.73%, due October 2, 2026 ** 1,574,536 
Athene Global Funding $2,038,000 par, 2.67%, due June 7, 2031 ** 1,943,947 
* Bank of America Corp. $2,489,000 par, 3.86%, due July 23, 2024 ** 2,571,237 
* Bank of America Corp. $4,118,000 par, 2.59%, due April 29, 2031 ** 4,034,134 
* Bank of America Corp. $4,743,000 par, 2.30%, due July 21, 2032 ** 4,489,713 
* Bank of America Corp. $2,743,000 par, 1.53%, due December 6, 2025 ** 2,697,000 
Bank of Nova Scotia $1,492,000 par, 1.95%, due February 2, 2027 ** 1,463,709 
Baxter International Inc. $2,974,000 par, 2.27%, due December 1, 2028 ** 2,910,334 
Berkshire Hathaway Fin Corp. $798,000 par, 2.50%, due January 15, 2051 ** 681,382 
Berkshire Hathaway Finance Corp. $929,000 par, 2.85%, due October 15, 2050 ** 849,025 
BlackRock Inc. $5,174,000 par, 2.10%, due February 25, 2032 ** 4,932,480 
Blackstone Holdings Finance $1,216,000 par, 3.20%, due January 30, 2052 ** 1,154,459 
BNP Paribas $2,149,000 par, 2.59%, due January 20, 2028 ** 2,133,658 
Boeing Co. $1,222,000 par, 5.15%, due May 1, 2030 ** 1,375,314 
Boeing Co. $1,462,000 par, 5.81%, due May 1, 2050 ** 1,838,196 
Bristol-Myers Squibb Co. $370,000 par, 2.35%, due November 13, 2040 ** 327,614 
Bristol-Myers Squibb Co. $453,000 par, 2.55%, due November 13, 2050 ** 399,280 
Broadcom Inc. $1,138,000 par, 3.15%, due November 15, 2025 ** 1,170,509 
Broadcom Inc. $365,000 par, 4.15%, due November 15, 2030 ** 388,380 
Burlington Northern Santa Fe LLC $1,323,000 par, 3.30%, due September 15, 2051 ** 1,338,067 
Cenovus Energy Inc. $1,331,000 par, 5.40%, due June 15, 2047 ** 1,599,106 
Cenovus Energy Inc. $4,784,000 par, 5.38%, due July 15, 2025 ** 5,229,372 
Centene Corp. $2,822,000 par, 2.45%, due July 15, 2028 ** 2,684,032 
Charter Communications Operating LLC $222,000 par, 2.80%, due April 1, 2031 ** 210,184 
Charter Communications Operating LLC $1,159,000 par, 4.91%, July 23, 2025 ** 1,250,639 
Charter Communications Operating LLC $2,525,000 par, 5.05%, due March 30, 2029 ** 2,784,424 
Charter Fixed $1,386,000 par, 3.85%, due April 1, 2061 ** 1,192,391 
Citigroup Inc. $1,511,000 par, 2.57%, due June 3, 2031 ** 1,472,393 
Citigroup Inc. $385,000 par, 3.89%, due January 10, 2028 ** 408,197 
CK Hutchison International $833,000 par, 3.13%, due April 15, 2041 ** 823,739 
Colbun S.A. $1,358,000 par, 3.15%, due January 19, 2032 ** 1,294,867 
Comcast Corp. $2,943,000 par, 2.89%, due November 1, 2051 ** 2,665,613 
Comcast Corp. $609,000 par, 2.94%, due November 1, 2056 ** 538,424