Document


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

 FORM 11-K

(Mark One)
ý
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2018.
or 
¨
Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             .
Commission file number 1-6991

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_image1.jpg

WALMART INC.
702 Southwest Eighth Street
Bentonville, Arkansas 72716






Walmart 401(k) Plan
Financial Statements and
Supplemental Schedule

As of January 31, 2018 and 2017, and for the year ended January 31, 2018


Table of Contents

 




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, 2018 and 2017, and the related statement of changes in net assets available for benefits for the year ended January 31, 2018, 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, 2018 and 2017, and the changes in its net assets available for benefits for the year ended January 31, 2018, 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, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

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

Rogers, Arkansas
July 19, 2018




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


 
January 31,
 
2018
2017
Assets
 
 
Cash
$
170,000
 
$
 -

Investments, at fair value
29,076,968,639
 
23,260,958,229
 
Notes receivable from participants
1,072,859,045
 
952,901,404
 
Accrued investment income
5,291,446
 
 
-

Total assets
30,155,289,130
 
24,213,859,633
 
 
 
 
Liabilities
 
 
Due to broker
5,832,846
 
 
-

Accrued expenses
7,088,626
 
7,427,962
 
Total liabilities
12,921,472
 
7,427,962
 
 
 
 
 
 
 
Net assets available for benefits
$
30,142,367,658
 
$
24,206,431,671

See accompanying notes.



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


 
 
Year Ended
January 31, 2018
Additions
 
Investment income:
 
 
Net appreciation in fair value of investments
$
5,422,743,071

Interest and dividends
 
174,579,152

Net investment income
 
5,597,322,223

 
 
 
Interest income on notes receivable from participants
 
45,541,110

 
 
 
Contributions:
 
 
Company
 
1,114,072,765

Participant
1,523,245,818
 
Rollovers
55,791,704
 
Total contributions
2,693,110,287
 
 
 
Other, net
1,568,469
 
Total additions
8,337,542,089
 
 
 
Deductions
 
Benefits paid to participants
2,355,561,616
 
Administrative expenses
39,617,096
 
Fees on notes receivable from participants
6,427,390
 
Total deductions
2,401,606,102
 
 
 
Net increase
5,935,935,987
 
 
 
Net assets available for benefits:
 
Beginning of year
24,206,431,671
 
 
 
 
End of year
$
30,142,367,658


See accompanying notes.


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Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2018
1. Description of the Plan
Walmart Inc., formerly Wal-Mart Stores, 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 operation and the investment policy (except for day-to-day administration of the Plan) 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. The administration of the Plan is vested in the Senior Vice President, Global Benefits or successor title.
The trustee function of the Plan is performed by The Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed the Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
Contributions
Eligible associates may elect to contribute up to 50% of their eligible wages, 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, 2018. 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.

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Vesting
Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions.
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to generally a maximum 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. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' elective deferrals and rollover contributions in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS), and loans. 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, and qualified non-elective contributions in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2018, 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 associate are invested by the Trustee as determined by the Benefits Investment Committee.


5

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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. Participant contributions are accrued for payperiods ended prior to the Plan's year-end. Company contributions are recorded when paid to the Plan. Walmart contributions to the Plan related to the Plan Year ended January 31, 2018, were paid throughout the Plan Year. Certain reclassifications have been made to previous fiscal year amounts presented in cash, investments and related disclosures, to conform to the presentation in the current fiscal year.  These reclassifications do not impact net assets available for benefits. 
Use of Estimates
The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Related fees are recorded as fees on notes receivable from participants and are recorded when earned. No allowances for credit losses have been recorded as of January 31, 2018 and 2017. 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. There were benefits in the amount of $21,247,561, 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.



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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, 2018 and 2017. During the year ended January 31, 2018, there were no transfers of financial instruments into or out of Level 1 or Level 2. The Plan had no Level 3 measurements during the year ended January 31, 2018 or 2017. 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 equivalents - 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.
103-12 Investment Entity - Stated at fair value as determined by the issuer of the fund on the fair market value of the underlying investments, which is valued at 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 fund 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.

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Investments measured at fair value on a recurring basis consisted of the following types of instruments as of January 31:
 
 
Fair Value Measurements as of January 31, 2018
 
 
Level 1
 
Level 2
 
Total
Walmart Inc. equity securities
 
$
4,055,842,713
 
 
$
-

 
 
$
4,055,842,713

 
Common stocks
 
 
2,087,799,317
 
 
 
-

 
 
 
2,087,799,317

 
Cash equivalents
 
 
11,273,390
 
 
 
-

 
 
 
11,273,390

 
Mutual funds
 
 
1,467,008,488
 
 
 
-

 
 
 
1,467,008,488

 
Government securities
 
-
 
 
410,128,244
 
 
 

410,128,244

 
Corporate bonds
 
-
 
198,723,836
 
 
 

198,723,836

 
Asset-backed securities
 
-
 
 
102,708,757
 
 
 

102,708,757

 
Mortgage-backed securities
 
-
 
 
26,398,153
 
 
 

26,398,153

 
Total assets in the fair value hierarchy
 
$
7,621,923,908

 
$
737,958,990
 
 

8,359,882,898
 
Investments measured at NAV*
 
 
 
 
 
 
20,717,085,741

 
Total Investments at fair value
 
 
 
 
 
 
 
 
 
$
29,076,968,639

 
 
 
Fair Value Measurements as of January 31, 2017
 
 
Level 1
 
Level 2
 
Total
Walmart Inc. equity securities
 
$
2,747,916,854

 
 
$
-

 
 
$
2,747,916,854
 
Common stocks
 
1,803,356,761
 
 
 
-
 
 
 
1,803,356,761
 
Cash equivalents
 
16,650,104
 
 
 
-
 
 
 
16,650,104
 
Mutual funds
 
1,200,139,715
 
 
 
-
 
 
 
1,200,139,715
 
Government securities
 
-
 
 
 
344,782,673
 
 
 
344,782,673
 
Corporate bonds
 
-
 
 
 
295,637,852
 
 
 
295,637,852
 
Total assets in the fair value hierarchy
 
$
5,768,063,434
 
 
 
$
640,420,525
 
 
 
6,408,483,959

Investments measured at NAV*
 
 
 
 
 
16,852,474,270
 
Total investments at fair value
 
 
 
 
 
 
 
 
 
$
23,260,958,229
 

*In accordance with Accounting Standards Codification 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.
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, 2018 and 2017. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan:

 
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
Investments
2018
2017
Collective investment trusts/collective trust funds
$
20,269,367,509

$
16,494,865,365

N/A
Daily
N/A
103-12 investment Entity
447,718,232

357,608,905

N/A
Daily
N/A
Total investments measured at NAV
$
20,717,085,741

$
16,852,474,270

 
 
 


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5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by the The Northern Trust Company, Bank of America, N.A., Merrill Lynch & Company, and other companies that provide investment management services to the Plan. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.
A portion of the Plan's assets are invested in common stock of the Company. Because Walmart is the sponsor of the Plan, transactions involving Company stock qualify as party-in-interest transactions.
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.
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 since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
8. 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.

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,
 
 
2018
 
2017
Net assets available for benefits per the financial statements
 
$
30,142,367,658
 
 
$
24,206,431,671
 
Less: Benefits payable per the Form 5500
 
(21,247,561
)
 
(21,238,900
)
Net assets available for benefits per the Form 5500
 
$
30,121,120,097
 
 
$
24,185,192,771
 

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The following is a reconciliation of the net increase in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2018:
Net increase in net assets available for benefits per the financial statements
$
5,935,935,987

 
Less: Benefits payable per the Form 5500 at January 31, 2018
(21,247,561
)
 
Add: Benefits payable per the Form 5500 at January 31, 2017
21,238,900
 
 
Net increase per the Form 5500
$
5,935,927,326

 
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.







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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, 2018
 
 
 
 
 
 
 
 
 
(a)
 
(b) Identity of issuers, 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
 
**
 
$
4,055,842,713

 
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
 
 
 
 
 
 
2U Inc.
 
Common Stock
 
**
 
2,237,309

 
 
3M Co.
 
Common Stock
 
**
 
492,734

 
 
A. Schulman Inc.
 
Common Stock
 
**
 
3,644,043

 
 
A.O. Smith Corp
 
Common Stock
 
**
 
2,700,249

 
 
Abaxis Inc.
 
Common Stock
 
**
 
1,049,959

 
 
Abeona Therapeutics Inc.
 
Common Stock
 
**
 
680,608

 
 
Acadia Healthcare Co Inc.
 
Common Stock
 
**
 
3,241,008

 
 
ACCO Brands Corp.
 
Common Stock
 
**
 
1,917,176

 
 
Activision Blizzard Inc.
 
Common Stock
 
**
 
524,766

 
 
Actuant Corp.
 
Common Stock
 
**
 
916,220

 
 
Acxiom Corp.
 
Common Stock
 
**
 
3,082,894

 
 
Adamas Pharmaceuticals Inc.
 
Common Stock
 
**
 
1,269,570

 
 
Adobe Systems Inc.
 
Common Stock
 
**
 
11,703,938

 
 
Adtalem Global Education Inc.
 
Common Stock
 
**
 
825,378

 
 
AECOM
 
Common Stock
 
**
 
1,967,624

 
 
Aetna Inc.
 
Common Stock
 
**
 
366,540

 
 
AGCO Corp.
 
Common Stock
 
**
 
4,551,604

 
 
Agilent Technologies Inc.
 
Common Stock
 
**
 
2,089,744

 
 
Air Products & Chemicals Inc.
 
Common Stock
 
**
 
1,450,844

 
 
Akmai Technologies Inc.
 
Common Stock
 
**
 
1,697,929

 
 
Alaska Air Group Inc.
 
Common Stock
 
**
 
2,432,010

 
 
Albany International Corp.
 
Common Stock
 
**
 
3,433,406

 
 
Albemarle Corp.
 
Common Stock
 
**
 
4,804,731

 
 
Alexandria Real Estate Equities Inc.
 
Common Stock
 
**
 
9,670,690

 
 
Alexion Pharmaceuticals Inc.
 
Common Stock
 
**
 
1,847,074

 
 
Algonquin Power & Utilities Corp.
 
Common Stock
 
**
 
6,232,576

 
 
Align Technology Inc.
 
Common Stock
 
**
 
4,388,762

 
 
ALLETE Inc.
 
Common Stock
 
**
 
4,876,443

 
 
Alliant Energy Corp.
 
Common Stock
 
**
 
5,218,539

 
 
Allison Transmission Holdings Inc.
 
Common Stock
 
**
 
1,357,991

 
 
Allscripts Healthcare Solutions Inc.
 
Common Stock
 
**
 
2,570,484

 
 
Allstate Corp.
 
Common Stock
 
**
 
2,006,019

 
 
Alphabet Inc.
 
Common Stock, Class A
 
**
 
20,058,871

 
 
Alphabet Inc.
 
Common Stock, Class C
 
**
 
4,382,595

 
 
Altra Industrial Motion Corp.
 
Common Stock
 
**
 
732,238

 
 
Altria Group Inc.
 
Common Stock
 
**
 
439,273

 
 
Amag Pharmaceuticals Inc.
 
Common Stock
 
**
 
2,442,887

 
 
Amazon.com Inc.
 
Common Stock
 
**
 
15,067,493

 
 
AMC Entertainment Holdings Inc.
 
Common Stock
 
**
 
255,091

 
 
Amdocs Ltd.
 
Common Stock
 
**
 
2,752,211


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American Equity Investment Life Holding Co.
 
Common Stock
 
**
 
8,006,295

 
 
American Financial Group Inc.
 
Common Stock
 
**
 
107,673

 
 
American Tower Corp.
 
Common Stock
 
**
 
2,728,019

 
 
American Water Works Co Inc.
 
Common Stock
 
**
 
6,612,181

 
 
Ameriprise Financial Inc.
 
Common Stock
 
**
 
8,385,065

 
 
AmerisourceBergen Corp.
 
Common Stock
 
**
 
3,424,661

 
 
AMN Healthcare Services Inc.
 
Common Stock
 
**
 
4,149,291

 
 
Andersons Inc.
 
Common Stock
 
**
 
996,573

 
 
Anthem Inc.
 
Common Stock
 
**
 
1,195,628

 
 
Apogee Enterprises Inc.
 
Common Stock
 
**
 
4,587,727

 
 
Apple Inc.
 
Common Stock
 
**
 
19,487,178

 
 
Applied Materials Inc.
 
Common Stock
 
**
 
3,462,889

 
 
Aptiv PLC
 
Common Stock
 
**
 
267,277

 
 
Arch Coal Inc.
 
Common Stock
 
**
 
3,134,958

 
 
Archer-Daniels Midland Co.
 
Common Stock
 
**
 
2,035,830

 
 
Arista Networks Inc.
 
Common Stock
 
**
 
753,540

 
 
Array BioPharma Inc.
 
Common Stock
 
**
 
908,644

 
 
Arris International PLC
 
Common Stock
 
**
 
2,727,340

 
 
Arrow Electronics Inc.
 
Common Stock
 
**
 
1,187,564

 
 
Arthur J. Gallagher & Co.
 
Common Stock
 
**
 
6,505,772

 
 
ASGN Inc.
 
Common Stock
 
**
 
7,839,926

 
 
Ashland Global Holdings Inc.
 
Common Stock
 
**
 
2,882,767

 
 
Aspen Insurance Holdings Ltd.
 
Common Stock
 
**
 
24,838

 
 
Assurant Inc.
 
Common Stock
 
**
 
2,451,664

 
 
At Home Group Inc.
 
Common Stock
 
**
 
1,091,218

 
 
AT&T Inc.
 
Common Stock
 
**
 
4,332,366

 
 
Athene Holding Ltd
 
Common Stock
 
**
 
151,082

 
 
Atlas Air Worldwide Holdings Inc.
 
Common Stock
 
**
 
5,309,540

 
 
Avery Dennison Corp.
 
Common Stock
 
**
 
1,781,559

 
 
AveXis Inc.
 
Common Stock
 
**
 
887,639

 
 
Axis Capital Holdings Ltd.
 
Common Stock
 
**
 
2,351,009

 
 
AxoGen Inc.
 
Common Stock
 
**
 
831,804

 
 
Baker Hughes, a GE Co.
 
Common Stock
 
**
 
364,227

 
 
Bank of the Ozarks Inc.
 
Common Stock
 
**
 
7,699,593

 
 
BankUnited Inc.
 
Common Stock
 
**
 
6,535,004

 
 
Barnes Group Inc.
 
Common Stock
 
**
 
1,109,548

 
 
Baxter International Inc.
 
Common Stock
 
**
 
462,937

 
 
Beacon Roofing Supply Inc.
 
Common Stock
 
**
 
2,687,834

 
 
Berkshire Hathaway Inc
 
Common Stock
 
**
 
4,702,211

 
 
Best Buy Inc.
 
Common Stock
 
**
 
3,835,650

 
 
Big Lots Inc.
 
Common Stock
 
**
 
6,461,583

 
 
BioTelemetry Inc.
 
Common Stock
 
**
 
1,664,130

 
 
Black Knight Inc
 
Common Stock
 
**
 
1,617,462

 
 
Blackhawk Network Holdings Inc
 
Common Stock
 
**
 
6,180,064

 
 
BlackRock Inc
 
Common Stock
 
**
 
1,048,319

 
 
Bloomin Brands Inc
 
Common Stock
 
**
 
1,669,654

 
 
Bluebird Bio Inc.
 
Common Stock
 
**
 
1,386,558

 
 
Blueprint Medicines Corp
 
Common Stock
 
**
 
796,882

 
 
BMC Stock Holdings Inc.
 
Common Stock
 
**
 
1,509,357

 
 
Boeing Co.
 
Common Stock
 
**
 
2,607,454

 
 
Boingo Wireless Inc.
 
Common Stock
 
**
 
2,305,545

 
 
Booking Holdings Inc.
 
Common Stock
 
**
 
2,084,135

 
 
Boot Barn Holdings Inc.
 
Common Stock
 
**
 
1,208,308


12

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Booz Allen Hamilton Holding Corp
 
Common Stock
 
**
 
4,791,518

 
 
Boyd Gaming Corp
 
Common Stock
 
**
 
1,012,327

 
 
Brandywine Realty Trust
 
Common Stock
 
**
 
6,504,147

 
 
Bristol-Myers Squibb Company
 
Common Stock
 
**
 
1,109,272

 
 
Broadridge Financial Solutions Inc.
 
Common Stock
 
**
 
9,796,317

 
 
Bruker Corp
 
Common Stock
 
**
 
3,732,106

 
 
Brunswick Corp
 
Common Stock
 
**
 
3,143,834

 
 
Builder FirstSource Inc.
 
Common Stock
 
**
 
1,320,971

 
 
Bunge Ltd.
 
Common Stock
 
**
 
3,603,739

 
 
Burlington Stores Inc.
 
Common Stock
 
**
 
2,518,180

 
 
BWX Technologies Inc.
 
Common Stock
 
**
 
951,790

 
 
C&J Energy Services Inc.
 
Common Stock
 
**
 
1,601,273

 
 
Cable One Inc.
 
Common Stock
 
**
 
8,002,850

 
 
Cabot Oil & Gas Corp
 
Common Stock
 
**
 
6,583,337

 
 
Cadence Design Systems Inc.
 
Common Stock
 
**
 
886,389

 
 
Caesarstone Ltd.
 
Common Stock
 
**
 
733,711

 
 
CAI International Inc.
 
Common Stock
 
**
 
686,322

 
 
CalAmp Corp
 
Common Stock
 
**
 
4,141,992

 
 
Callidus Software Inc.
 
Common Stock
 
**
 
5,839,610

 
 
Camden Property Trust
 
Common Stock
 
**
 
2,803,852

 
 
Camping World Holdings Inc.
 
Common Stock
 
**
 
1,011,887

 
 
Canada Goose Holdings Inc.
 
Common Stock
 
**
 
1,174,950

 
 
Cardinal Health Inc.
 
Common Stock
 
**
 
2,742,378

 
 
Carlisle Companies Inc.
 
Common Stock
 
**
 
1,323,009

 
 
Carrizo Oil & Gas Inc.
 
Common Stock
 
**
 
1,997,446

 
 
Carter Inc.
 
Common Stock
 
**
 
1,757,583

 
 
Casey's General Stores Inc.
 
Common Stock
 
**
 
5,808,557

 
 
Catalyst Pharmaceuticals Inc.
 
Common Stock
 
**
 
720,219

 
 
Caterpillar Inc.
 
Common Stock
 
**
 
10,875,332

 
 
CBRE Group Inc.
 
Common Stock
 
**
 
1,240,438

 
 
Celgene Corp
 
Common Stock
 
**
 
2,504,519

 
 
Centennial Resource Development Inc.
 
Common Stock
 
**
 
2,840,256

 
 
CenterPoint Energy Inc.
 
Common Stock
 
**
 
152,341

 
 
Central Garden & Pet Co
 
Common Stock
 
**
 
3,289,712

 
 
Century Communities Inc.
 
Common Stock
 
**
 
887,328

 
 
Cerus Corp.
 
Common Stock
 
**
 
2,676,283

 
 
Charles Schwab Inc.
 
Common Stock
 
**
 
9,727,616

 
 
Cheesecake Factory Inc.
 
Common Stock
 
**
 
6,556,535

 
 
Chegg Inc.
 
Common Stock
 
**
 
3,123,402

 
 
Chemical Financial Corp
 
Common Stock
 
**
 
8,443,516

 
 
Chevron Corp
 
Common Stock
 
**
 
2,452,723

 
 
Choice Hotels International Inc.
 
Common Stock
 
**
 
963,866

 
 
Church & Dwight Co Inc.
 
Common Stock
 
**
 
7,468,579

 
 
Churchill Downs Inc.
 
Common Stock
 
**
 
2,208,234

 
 
Ciena Corp
 
Common Stock
 
**
 
1,855,153

 
 
Cimarex Energy Co
 
Common Stock
 
**
 
3,216,774

 
 
Circor International Inc.
 
Common Stock
 
**
 
1,375,551

 
 
Cirrus Logic Inc.
 
Common Stock
 
**
 
1,006,271

 
 
Cisco Systems Inc.
 
Common Stock
 
**
 
1,304,190

 
 
Citigroup Inc.
 
Common Stock
 
**
 
5,136,516

 
 
Citizens Financial Group Inc.
 
Common Stock
 
**
 
3,309,390

 
 
Citrix Systems Inc.
 
Common Stock
 
**
 
3,320,808

 
 
CME Group Inc.
 
Common Stock
 
**
 
11,504,861


13

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
CMS Energy Corp
 
Common Stock
 
**
 
1,400,496

 
 
CNO Financial Group Inc.
 
Common Stock
 
**
 
5,329,268

 
 
Coca-Cola Co
 
Common Stock
 
**
 
1,032,084

 
 
Cognex Corp
 
Common Stock
 
**
 
2,627,898

 
 
Coherent Inc.
 
Common Stock
 
**
 
2,383,951

 
 
Collegium Pharmaceutical Inc.
 
Common Stock
 
**
 
915,146

 
 
Columbia Property Trust Inc.
 
Common Stock
 
**
 
1,280,368

 
 
Columbia Sportswear Co.
 
Common Stock
 
**
 
2,949,465

 
 
Columbus McKinnon Corp
 
Common Stock
 
**
 
925,388

 
 
Comcast Corp
 
Common Stock
 
**
 
6,426,326

 
 
Comerica Inc.
 
Common Stock
 
**
 
4,351,554

 
 
Comfort Systems USA Inc.
 
Common Stock
 
**
 
3,149,333

 
 
Commerce Bancshares Inc.
 
Common Stock
 
**
 
3,012,446

 
 
CommVault Systems Inc.
 
Common Stock
 
**
 
528,165

 
 
Conagra Brands Inc.
 
Common Stock
 
**
 
1,801,770

 
 
Concho Resources Inc.
 
Common Stock
 
**
 
3,037,018

 
 
Conduent Inc.
 
Common Stock
 
**
 
1,347,342

 
 
Conn's Inc.
 
Common Stock
 
**
 
4,030,299

 
 
Constellation Brands Inc.
 
Common Stock
 
**
 
7,801,720

 
 
Cooper Companies Inc.
 
Common Stock
 
**
 
4,466,696

 
 
Cooper-Standard Holdings Inc.
 
Common Stock
 
**
 
847,212

 
 
Core-Mark Holding Co Inc.
 
Common Stock
 
**
 
438,442

 
 
Cornerstone OnDemand Inc.
 
Common Stock
 
**
 
4,310,301

 
 
CoStar Group Inc.
 
Common Stock
 
**
 
2,196,760

 
 
Cowen Inc.
 
Common Stock
 
**
 
778,295

 
 
Crane Co.
 
Common Stock
 
**
 
1,791,125

 
 
Crown Castle International Corp
 
Common Stock
 
**
 
6,456,534

 
 
Crown Holdings Inc.
 
Common Stock
 
**
 
149,885

 
 
Cubic Corp.
 
Common Stock
 
**
 
817,112

 
 
Cummins Inc.
 
Common Stock
 
**
 
2,160,308

 
 
Curtis-Wright Corp
 
Common Stock
 
**
 
6,794,059

 
 
Cutera Inc.
 
Common Stock
 
**
 
981,584

 
 
CVS Health Corp.
 
Common Stock
 
**
 
2,472,282

 
 
CymaBay Therapeutics Inc.
 
Common Stock
 
**
 
1,205,720

 
 
Cypress Semiconductor Corp.
 
Common Stock
 
**
 
1,362,953

 
 
Dana Inc.
 
Common Stock
 
**
 
956,776

 
 
Danaher Corp
 
Common Stock
 
**
 
4,648,752

 
 
Dave & Buster's Entertainment Inc.
 
Common Stock
 
**
 
902,823

 
 
Deckers Outdoor Corp
 
Common Stock
 
**
 
3,041,505

 
 
Dell Technologies Inc.
 
Common Stock
 
**
 
2,936,975

 
 
Delphi Technologies PLC
 
Common Stock
 
**
 
51,861

 
 
Deluxe Corp.
 
Common Stock
 
**
 
4,262,875

 
 
Devon Energy Corp.
 
Common Stock
 
**
 
3,048,969

 
 
Diamondback Energy Inc.
 
Common Stock
 
**
 
6,368,498

 
 
Dick's Sporting Goods Inc.
 
Common Stock
 
**
 
2,102,723

 
 
Discover Financial Services
 
Common Stock
 
**
 
10,543,575

 
 
Domino's Pizza Inc.
 
Common Stock
 
**
 
11,802,712

 
 
Donaldson Co Inc.
 
Common Stock
 
**
 
737,255

 
 
Duke Energy Corp
 
Common Stock
 
**
 
625,096

 
 
Duke Realty Corp
 
Common Stock
 
**
 
220,339

 
 
Dun & Bradstreet Corp
 
Common Stock
 
**
 
2,945,269

 
 
DXC Technology Co.
 
Common Stock
 
**
 
89,894

 
 
Dycom Industries Inc.
 
Common Stock
 
**
 
3,912,353


14

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
E*Trade Financial Corp
 
Common Stock
 
**
 
3,670,555

 
 
Eagle Materials Inc.
 
Common Stock
 
**
 
6,863,063

 
 
East West Bancorp Inc.
 
Common Stock
 
**
 
502,893

 
 
Ebix Inc.
 
Common Stock
 
**
 
968,698

 
 
Edgewell Personal Care Co.
 
Common Stock
 
**
 
2,441,726

 
 
Edwards Lifesciences Corp
 
Common Stock
 
**
 
632,900

 
 
Eldorado Resorts Inc.
 
Common Stock
 
**
 
2,211,062

 
 
Electro Scientific Industries Inc.
 
Common Stock
 
**
 
969,377

 
 
Electronic Arts Inc.
 
Common Stock
 
**
 
8,934,048

 
 
Electronics for Imaging Inc.
 
Common Stock
 
**
 
2,082,736

 
 
EMCOR Group Inc.
 
Common Stock
 
**
 
2,535,936

 
 
Encompass Health Corp
 
Common Stock
 
**
 
9,023,125

 
 
Endo International PLC.
 
Common Stock
 
**
 
233,558

 
 
Energizer Holdings Inc.
 
Common Stock
 
**
 
7,522,723

 
 
EnPro Industries Inc.
 
Common Stock
 
**
 
966,746

 
 
Entegris Inc.
 
Common Stock
 
**
 
1,015,593

 
 
Entergy Corp
 
Common Stock
 
**
 
584,824

 
 
Envestnet Inc.
 
Common Stock
 
**
 
1,000,664

 
 
Equinix Inc.
 
Common Stock
 
**
 
6,873,369

 
 
Equity Commonwealth
 
Common Stock
 
**
 
347,494

 
 
Equity Lifestyle Properties Inc.
 
Common Stock
 
**
 
280,454

 
 
Esperion Therapeutics Inc.
 
Common Stock
 
**
 
1,127,603

 
 
Essent Group Ltd.
 
Common Stock
 
**
 
952,776

 
 
Essex Property Trust Inc.
 
Common Stock
 
**
 
3,538,966

 
 
Etsy Inc.
 
Common Stock
 
**
 
303,912

 
 
Everbridge Inc.
 
Common Stock
 
**
 
1,150,491

 
 
Everest Re Group Ltd.
 
Common Stock
 
**
 
5,778,091

 
 
Evolent Health Inc.
 
Common Stock
 
**
 
2,554,046

 
 
Exact Sciences Corp
 
Common Stock
 
**
 
4,667,123

 
 
Expedia Group Inc.
 
Common Stock
 
**
 
8,335,883

 
 
Extended Stay America Inc.
 
Common Stock
 
**
 
1,256,506

 
 
Extreme Networks Inc.
 
Common Stock
 
**
 
849,195

 
 
Exxon Mobil Corp
 
Common Stock
 
**
 
4,612,757

 
 
F N B Corp
 
Common Stock
 
**
 
7,239,647

 
 
F5 Networks Inc.
 
Common Stock
 
**
 
3,004,842

 
 
Facebook Inc.
 
Common Stock
 
**
 
17,043,807

 
 
FactSet Research Systems Inc.
 
Common Stock
 
**
 
7,197,345

 
 
Fair Isaac Corp
 
Common Stock
 
**
 
1,370,575

 
 
Federated Investors Inc.
 
Common Stock
 
**
 
1,357,757

 
 
Ferrari NV
 
Common Stock
 
**
 
5,975,239

 
 
Ferro Corp
 
Common Stock
 
**
 
970,459

 
 
Fidelity National Financial Inc.
 
Common Stock
 
**
 
479,259

 
 
Finisar Corp
 
Common Stock
 
**
 
3,354,569

 
 
FireEye Inc.
 
Common Stock
 
**
 
6,252,319

 
 
First Commonwealth Financial Corp
 
Common Stock
 
**
 
5,032,377

 
 
First Hawaiian Inc.
 
Common Stock
 
**
 
130,455

 
 
FirstEnergy Corp
 
Common Stock
 
**
 
380,982

 
 
Five Below Inc.
 
Common Stock
 
**
 
905,838

 
 
Five9 Inc.
 
Common Stock
 
**
 
3,370,480

 
 
Fleetcor Technologies Inc.
 
Common Stock
 
**
 
2,452,250

 
 
FLIR Systems Inc.
 
Common Stock
 
**
 
4,212,176

 
 
Fluor Corp
 
Common Stock
 
**
 
3,884,800

 
 
FMC Corp
 
Common Stock
 
**
 
602,778


15

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Ford Motor Co.
 
Common Stock
 
**
 
155,807

 
 
Fortinet Inc.
 
Common Stock
 
**
 
3,153,740

 
 
Fortress Transportation and Infrastructure Investors LLC
 
Common Stock
 
**
 
2,876,177

 
 
Fortune Brands Home & Security Inc.
 
Common Stock
 
**
 
6,270,070

 
 
Gap Inc.
 
Common Stock
 
**
 
345,031

 
 
Garmin Ltd.
 
Common Stock
 
**
 
1,010,565

 
 
Gartner Inc.
 
Common Stock
 
**
 
1,737,441

 
 
Genpact Ltd.
 
Common Stock
 
**
 
2,886,597

 
 
Gentherm Inc.
 
Common Stock
 
**
 
3,496,960

 
 
Gibraltar Industries Inc.
 
Common Stock
 
**
 
3,212,860

 
 
G-III Apparel Group Ltd.
 
Common Stock
 
**
 
913,768

 
 
Global Blood Therapeutics Inc.
 
Common Stock
 
**
 
987,948

 
 
Globus Medical Inc.
 
Common Stock
 
**
 
1,008,736

 
 
GlycoMimetics Inc.
 
Common Stock
 
**
 
1,083,073

 
 
GoDaddy Inc.
 
Common Stock
 
**
 
2,166,397

 
 
Gogo Inc.
 
Common Stock
 
**
 
1,516,439

 
 
Graco Inc.
 
Common Stock
 
**
 
294,278

 
 
Graham Holdings Co.
 
Common Stock
 
**
 
90,356

 
 
Grand Canyon Education Inc.
 
Common Stock
 
**
 
848,999

 
 
Granite Construction Inc.
 
Common Stock
 
**
 
1,798,296

 
 
Great Western Bancorp Inc.
 
Common Stock
 
**
 
8,569,221

 
 
Green Dot Corp
 
Common Stock
 
**
 
3,568,150

 
 
GrubHub Inc.
 
Common Stock
 
**
 
1,056,801

 
 
GTT Communications Inc.
 
Common Stock
 
**
 
1,190,808

 
 
Guidewire Software Inc.
 
Common Stock
 
**
 
1,024,984

 
 
Gulfport Energy Corp
 
Common Stock
 
**
 
3,664,912

 
 
H&E Equipment Services Inc.
 
Common Stock
 
**
 
920,153

 
 
Haemonetics Corp
 
Common Stock
 
**
 
937,554

 
 
Halliburton Co.
 
Common Stock
 
**
 
6,747,190

 
 
Hanesbrands Inc.
 
Common Stock
 
**
 
9,964,159

 
 
Harris Corp
 
Common Stock
 
**
 
8,724,142

 
 
HCP Inc.
 
Common Stock
 
**
 
3,390,271

 
 
Healthcare Services Group Inc.
 
Common Stock
 
**
 
848,448

 
 
Helen of Troy Ltd.
 
Common Stock
 
**
 
3,870,848

 
 
Heritage Financial Corp
 
Common Stock
 
**
 
848,201

 
 
Heron Therapeutics Inc.
 
Common Stock
 
**
 
895,812

 
 
Hilton Grand Vacations Inc.
 
Common Stock
 
**
 
697,620

 
 
Hilton Worldwide Holdings Inc.
 
Common Stock
 
**
 
3,426,000

 
 
HollyFrontier Corp
 
Common Stock
 
**
 
3,697,716

 
 
Home BancShares Inc.
 
Common Stock
 
**
 
8,916,666

 
 
Honeywell International Inc.
 
Common Stock
 
**
 
1,670,308

 
 
Hormel Foods Corp
 
Common Stock
 
**
 
5,086,642

 
 
Hortonworks Inc.
 
Common Stock
 
**
 
874,708

 
 
Hospitality Properties Trust
 
Common Stock
 
**
 
257,508

 
 
Host Hotels & Resorts Inc.
 
Common Stock
 
**
 
1,480,333

 
 
Hostess Brands Inc.
 
Common Stock
 
**
 
3,814,872

 
 
Hubbell Inc.
 
Common Stock
 
**
 
4,995,483

 
 
Hudson Pacific Properties Inc.
 
Common Stock
 
**
 
4,407,864

 
 
Humana Inc.
 
Common Stock
 
**
 
1,806,248

 
 
Huntington Ingalls Industries Inc.
 
Common Stock
 
**
 
2,795,608

 
 
Huntsman Corp
 
Common Stock
 
**
 
945,628

 
 
Ichor Holdings Ltd.
 
Common Stock
 
**
 
815,301


16

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
ICU Medical Inc.
 
Common Stock
 
**
 
813,001

 
 
Idacorp Inc.
 
Common Stock
 
**
 
5,759,190

 
 
IDEXX Laboratories Inc.
 
Common Stock
 
**
 
2,942,139

 
 
Imperva Inc.
 
Common Stock
 
**
 
1,094,888

 
 
Infinera Corp
 
Common Stock
 
**
 
1,090,971

 
 
Ingevity Corp
 
Common Stock
 
**
 
853,986

 
 
Ingredion Inc.
 
Common Stock
 
**
 
1,611,928

 
 
Inogen Inc.
 
Common Stock
 
**
 
840,087

 
 
Inphi Corp.
 
Common Stock
 
**
 
2,100,578

 
 
Insmed Inc.
 
Common Stock
 
**
 
813,317

 
 
Insperity Inc.
 
Common Stock
 
**
 
787,063

 
 
Installed Building Products Inc.
 
Common Stock
 
**
 
860,810

 
 
Insteel Industries Inc.
 
Common Stock
 
**
 
2,403,638

 
 
Instructure Inc.
 
Common Stock
 
**
 
984,773

 
 
Insulet Corp
 
Common Stock
 
**
 
974,763

 
 
Integra Lifesciences Holdings Corp
 
Common Stock
 
**
 
3,637,279

 
 
Integrated Device Technology Inc.
 
Common Stock
 
**
 
4,356,191

 
 
Intel Corp
 
Common Stock
 
**
 
1,657,797

 
 
Intercontinental Exchange Inc.
 
Common Stock
 
**
 
687,598

 
 
Interface Inc.
 
Common Stock
 
**
 
1,359,650

 
 
International Business Machines Corp
 
Common Stock
 
**
 
404,339

 
 
International Flavors & Fragrances Inc.
 
Common Stock
 
**
 
6,619,513

 
 
International Game Technology PLC
 
Common Stock
 
**
 
2,578,509

 
 
Intersect ENT Inc.
 
Common Stock
 
**
 
980,400

 
 
InterXion Holding NV
 
Common Stock
 
**
 
4,848,191

 
 
Intuit Inc.
 
Common Stock
 
**
 
10,084,074

 
 
Intuitive Surgical Inc.
 
Common Stock
 
**
 
5,335,441

 
 
Iovance Biotherapeutics Inc.
 
Common Stock
 
**
 
1,049,609

 
 
iRhythm Technologies Inc.
 
Common Stock
 
**
 
905,124

 
 
Itron Inc.
 
Common Stock
 
**
 
624,396

 
 
J&J Snack Foods Corp
 
Common Stock
 
**
 
2,663,032

 
 
j2 Global Inc.
 
Common Stock
 
**
 
2,168,369

 
 
Jabil Inc.
 
Common Stock
 
**
 
2,649,806

 
 
Jack Henry & Associates Inc.
 
Common Stock
 
**
 
9,576,880

 
 
Jack In The Box Inc.
 
Common Stock
 
**
 
3,242,702

 
 
Jacobs Engineering Group Inc.
 
Common Stock
 
**
 
3,432,019

 
 
JB Hunt Transport Services Inc.
 
Common Stock
 
**
 
7,672,705

 
 
JBG SMITH Properties
 
Common Stock
 
**
 
296,190

 
 
JetBlue Airways Corp
 
Common Stock
 
**
 
3,040,136

 
 
John Bean Technologies Corp
 
Common Stock
 
**
 
836,631

 
 
John Wiley & Sons Inc.
 
Common Stock
 
**
 
444,751

 
 
Johnson & Johnson
 
Common Stock
 
**
 
3,697,273

 
 
Jones Lang LaSalle Inc.
 
Common Stock
 
**
 
231,398

 
 
JP Morgan Chase & Co.
 
Common Stock
 
**
 
195,829

 
 
Juniper Networks Inc.
 
Common Stock
 
**
 
2,816,355

 
 
Juno Therapeutics Inc.
 
Common Stock
 
**
 
159,263

 
 
Kadant Inc.
 
Common Stock
 
**
 
864,656

 
 
KapStone Paper And Packaging Corp
 
Common Stock
 
**
 
1,436,936

 
 
Kellogg Co.
 
Common Stock
 
**
 
930,723

 
 
Kemper Corp
 
Common Stock
 
**
 
1,990,895

 
 
Kimberly-Clark Corp
 
Common Stock
 
**
 
1,999,413

 
 
KLX Inc.
 
Common Stock
 
**
 
1,133,810

 
 
KMG Chemicals Inc.
 
Common Stock
 
**
 
931,723


17

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Knight-Swift Transportation Holdings Inc.
 
Common Stock
 
**
 
3,274,290

 
 
Korn/Ferry International
 
Common Stock
 
**
 
3,109,932

 
 
Kosmos Energy Ltd.
 
Common Stock
 
**
 
1,625,184

 
 
Kraton Corp
 
Common Stock
 
**
 
1,008,115

 
 
L.B. Foster Co.
 
Common Stock
 
**
 
1,408,325

 
 
Lam Research Corp
 
Common Stock
 
**
 
8,192,076

 
 
Landstar System Inc.
 
Common Stock
 
**
 
3,494,077

 
 
Lannett Co Inc.
 
Common Stock
 
**
 
5,540,756

 
 
Lantheus Holdings Inc.
 
Common Stock
 
**
 
1,158,717

 
 
Lear Corp
 
Common Stock
 
**
 
73,393

 
 
LendingTree Inc.
 
Common Stock
 
**
 
2,338,055

 
 
Liberty Interactive Corp
 
Common Stock
 
**
 
108,608

 
 
Liberty Property Trust
 
Common Stock
 
**
 
798,716

 
 
Ligand Pharmaceuticals Inc.
 
Common Stock
 
**
 
6,901,076

 
 
Lincoln Electric Holdings Inc.
 
Common Stock
 
**
 
907,401

 
 
Littelfuse Inc.
 
Common Stock
 
**
 
6,145,071

 
 
Live Nation Entertainment Inc.
 
Common Stock
 
**
 
1,612,652

 
 
LKQ Corp
 
Common Stock
 
**
 
1,804,768

 
 
Lockheed Martin Corp
 
Common Stock
 
**
 
11,248,035

 
 
Loews Corp
 
Common Stock
 
**
 
814,882

 
 
LogMeIn Inc.
 
Common Stock
 
**
 
4,645,542

 
 
Lowe's Companies Inc.
 
Common Stock
 
**
 
1,648,345

 
 
LPL Financial Holdings Inc.
 
Common Stock
 
**
 
4,589,882

 
 
LSB Industries Inc.
 
Common Stock
 
**
 
1,386,417

 
 
LSC Communications Inc.
 
Common Stock
 
**
 
2,955

 
 
Lululemon Athletica Inc.
 
Common Stock
 
**
 
2,205,522

 
 
Luminex Corp
 
Common Stock
 
**
 
1,381,945

 
 
M&T Bank Corp
 
Common Stock
 
**
 
4,163,583

 
 
Madrigal Pharmaceuticals Inc.
 
Common Stock
 
**
 
1,247,173

 
 
Magellan Health Inc.
 
Common Stock
 
**
 
951,280

 
 
ManpowerGroup Inc.
 
Common Stock
 
**
 
4,600,358

 
 
Marathon Oil Corp
 
Common Stock
 
**
 
359,744

 
 
Marathon Petroleum Corp
 
Common Stock
 
**
 
4,869,058

 
 
Marcus & Millichap Inc.
 
Common Stock
 
**
 
937,316

 
 
MarketAxess Holdings Inc.
 
Common Stock
 
**
 
6,974,873

 
 
Marvell Technology Group Ltd.
 
Common Stock
 
**
 
4,286,841

 
 
MasTec Inc.
 
Common Stock
 
**
 
2,976,302

 
 
Mastercard Inc.
 
Common Stock
 
**
 
17,065,113

 
 
Matador Resources Co.
 
Common Stock
 
**
 
1,153,666

 
 
Maxar Technologies Ltd.
 
Common Stock
 
**
 
1,250,272

 
 
Maximus Inc.
 
Common Stock
 
**
 
4,246,523

 
 
MaxLinear Inc.
 
Common Stock
 
**
 
4,725,631

 
 
McDonald's Corp
 
Common Stock
 
**
 
480,048

 
 
Medical Properties Trust Inc.
 
Common Stock
 
**
 
2,567,447

 
 
Medifast Inc.
 
Common Stock
 
**
 
858,531

 
 
Medtronic PLC
 
Common Stock
 
**
 
161,130

 
 
Mellanox Technologies Ltd.
 
Common Stock
 
**
 
997,762

 
 
Merck & Co Inc.
 
Common Stock
 
**
 
520,511

 
 
Merit Medical Systems Inc.
 
Common Stock
 
**
 
962,630

 
 
Methode Electronics Inc.
 
Common Stock
 
**
 
3,403,499

 
 
Microchip Technology Inc.
 
Common Stock
 
**
 
6,144,547

 
 
Microsoft Corp
 
Common Stock
 
**
 
24,507,925

 
 
MINDBODY Inc.
 
Common Stock
 
**
 
930,421


18

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
MKS Instruments Inc.
 
Common Stock
 
**
 
3,946,223

 
 
Modine Manufacturing Co.
 
Common Stock
 
**
 
907,965

 
 
Molina Healthcare Inc.
 
Common Stock
 
**
 
4,395,330

 
 
Monolithic Power Systems Inc.
 
Common Stock
 
**
 
720,438

 
 
Monster Beverage Corp
 
Common Stock
 
**
 
4,202,968

 
 
Motorola Solutions Inc.
 
Common Stock
 
**
 
8,914,500

 
 
MSCI Inc.
 
Common Stock
 
**
 
9,385,216

 
 
National General Holdings Corp
 
Common Stock
 
**
 
2,599,257

 
 
National Oilwell Varco Inc.
 
Common Stock
 
**
 
2,626,288

 
 
National Vision Holdings Inc.
 
Common Stock
 
**
 
663,906

 
 
Navistar International Corp
 
Common Stock
 
**
 
1,074,805

 
 
NCR Corp
 
Common Stock
 
**
 
2,551,618

 
 
Nektar Therapeutics Inc.
 
Common Stock
 
**
 
1,845,858

 
 
NeoGenomics Inc.
 
Common Stock
 
**
 
2,824,949

 
 
Netgear Inc.
 
Common Stock
 
**
 
1,098,472

 
 
Neurocrine Biosciences Inc.
 
Common Stock
 
**
 
1,224,529

 
 
Nevro Corp
 
Common Stock
 
**
 
1,360,166

 
 
New Relic Inc.
 
Common Stock
 
**
 
800,561

 
 
NewMarket Corp
 
Common Stock
 
**
 
8,006,667

 
 
Nielsen Holdings PLC
 
Common Stock
 
**
 
5,237,026

 
 
NiSource Inc.
 
Common Stock
 
**
 
3,900,477

 
 
Nomad Foods Ltd.
 
Common Stock
 
**
 
3,517,312

 
 
Nordson Corp
 
Common Stock
 
**
 
10,217,917

*
 
Northern Trust Corp
 
Common Stock
 
**
 
3,435,714

 
 
Northrop Grumman Corp
 
Common Stock
 
**
 
5,179,461

 
 
Novanta Inc.
 
Common Stock
 
**
 
982,737

 
 
NovoCure Ltd.
 
Common Stock
 
**
 
988,900

 
 
Nu Skin Enterprises Inc.
 
Common Stock
 
**
 
1,722,723

 
 
NuVasive Inc.
 
Common Stock
 
**
 
1,120,736

 
 
NVR Inc.
 
Common Stock
 
**
 
4,392,231

 
 
OFG Bancorp
 
Common Stock
 
**
 
6,773,641

 
 
Ollie's Bargain Outlet Holdings Inc.
 
Common Stock
 
**
 
762,590

 
 
Omnicell Inc.
 
Common Stock
 
**
 
811,679

 
 
ONEOK Inc.
 
Common Stock
 
**
 
5,980,823

 
 
Oracle Corp
 
Common Stock
 
**
 
503,467

 
 
OSI Systems Inc.
 
Common Stock
 
**
 
4,737,672

 
 
Outfront Media Inc.
 
Common Stock
 
**
 
228,032

 
 
Owens-Corning Inc.
 
Common Stock
 
**
 
5,395,607

 
 
Owens-Illinois Inc.
 
Common Stock
 
**
 
3,861,834

 
 
Pacira Pharmaceuticals Inc.
 
Common Stock
 
**
 
2,450,448

 
 
Palo Alto Networks Inc.
 
Common Stock
 
**
 
3,496,821

 
 
Paratek Pharmaceuticals Inc.
 
Common Stock
 
**
 
402,600

 
 
Park Hotels & Resorts Inc.
 
Common Stock
 
**
 
174,500

 
 
Parker Hannifin Corp
 
Common Stock
 
**
 
1,961,831

 
 
Parsley Energy Inc.
 
Common Stock
 
**
 
1,071,228

 
 
Party City Holdco Inc.
 
Common Stock
 
**
 
823,673

 
 
Paychex Inc.
 
Common Stock
 
**
 
5,057,120

 
 
Paycom Software Inc.
 
Common Stock
 
**
 
1,010,698

 
 
PayPal Holdings Inc.
 
Common Stock
 
**
 
15,466,810

 
 
PBF Energy Inc.
 
Common Stock
 
**
 
3,918,008

 
 
PDF Solutions Inc.
 
Common Stock
 
**
 
1,325,960

 
 
Peabody Energy Corp
 
Common Stock
 
**
 
1,479,410

 
 
Pentair PLC
 
Common Stock
 
**
 
4,055,480


19

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
PepsiCo Inc.
 
Common Stock
 
**
 
3,979,043

 
 
Perficient Inc.
 
Common Stock
 
**
 
2,048,048

 
 
PerkinElmer Inc.
 
Common Stock
 
**
 
7,739,127

 
 
Pfizer Inc.
 
Common Stock
 
**
 
605,234

 
 
Philip Morris International Inc.
 
Common Stock
 
**
 
5,800,070

 
 
Physicians Realty Trust
 
Common Stock
 
**
 
3,420,555

 
 
Pilgrims Pride Corp
 
Common Stock
 
**
 
835,877

 
 
Pinnacle West Capital Corp
 
Common Stock
 
**
 
2,618,762

 
 
Planet Fitness Inc.
 
Common Stock
 
**
 
2,570,486

 
 
PNC Financial Services Group Inc.
 
Common Stock
 
**
 
2,329,847

 
 
PolyOne Corp
 
Common Stock
 
**
 
3,281,317

 
 
Popular Inc.
 
Common Stock
 
**
 
3,221,004

 
 
Power Solutions International Inc.
 
Common Stock
 
**
 
516,229

 
 
PRA Health Sciences Inc.
 
Common Stock
 
**
 
695,425

 
 
Preferred Bank
 
Common Stock
 
**
 
931,964

 
 
Premier Inc.
 
Common Stock
 
**
 
2,632,863

 
 
Prestige Brands Holdings Inc.
 
Common Stock
 
**
 
3,298,588

 
 
Principal Financial Group Inc.
 
Common Stock
 
**
 
819,109

 
 
ProAssurance Corp
 
Common Stock
 
**
 
1,283,153

 
 
Procter & Gamble Co.
 
Common Stock
 
**
 
4,507,034

 
 
Progress Software Corp
 
Common Stock
 
**
 
1,139,811

 
 
Progressive Corp
 
Common Stock
 
**
 
4,160,290

 
 
Prologis Inc.
 
Common Stock
 
**
 
1,642,204

 
 
Proofpoint Inc.
 
Common Stock
 
**
 
5,036,829

 
 
ProPetro Holding Corp
 
Common Stock
 
**
 
955,277

 
 
Prosperity Bancshares Inc.
 
Common Stock
 
**
 
6,533,657

 
 
Pure Storage Inc.
 
Common Stock
 
**
 
1,391,734

 
 
PVH Corp
 
Common Stock
 
**
 
5,194,405

 
 
Qualcomm Inc.
 
Common Stock
 
**
 
496,178

 
 
Qualys Inc.
 
Common Stock
 
**
 
984,563

 
 
Quanta Services Inc.
 
Common Stock
 
**
 
2,802,072

 
 
Quest Diagnostics Inc.
 
Common Stock
 
**
 
9,540,943

 
 
Quidel Corp
 
Common Stock
 
**
 
784,257

 
 
Quotient Technology Inc.
 
Common Stock
 
**
 
2,431,237

 
 
Ralph Lauren Corp
 
Common Stock
 
**
 
994,497

 
 
Range Resources Corp
 
Common Stock
 
**
 
968,359

 
 
Rapid7 Inc.
 
Common Stock
 
**
 
1,074,664

 
 
Raymond James Financial Inc.
 
Common Stock
 
**
 
2,332,734

 
 
RBC Bearings Inc.
 
Common Stock
 
**
 
692,496

 
 
RealPage Inc.
 
Common Stock
 
**
 
791,871

 
 
Red Hat Inc.
 
Common Stock
 
**
 
966,957

 
 
Red Robin Gourmet Burgers Inc.
 
Common Stock
 
**
 
2,526,252

 
 
Reinsurance Group of America Inc.
 
Common Stock
 
**
 
2,991,232

 
 
Renasant Corp
 
Common Stock
 
**
 
3,986,129

 
 
ResMed Inc.
 
Common Stock
 
**
 
8,001,214

 
 
Retail Properties of America Inc.
 
Common Stock
 
**
 
2,512,606

 
 
REV Group Inc.
 
Common Stock
 
**
 
1,373,172

 
 
Revance Therapeutics Inc.
 
Common Stock
 
**
 
818,579

 
 
RingCentral Inc.
 
Common Stock
 
**
 
2,153,484

 
 
Rockwell Automation Inc.
 
Common Stock
 
**
 
12,789,522

 
 
Rogers Corp
 
Common Stock
 
**
 
902,006

 
 
Roku Inc.
 
Common Stock
 
**
 
712,880

 
 
Ross Stores Inc.
 
Common Stock
 
**
 
11,035,152


20

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Royal Caribbean Cruises Ltd.
 
Common Stock
 
**
 
972,378

 
 
RPM International Inc.
 
Common Stock
 
**
 
2,786,697

 
 
RSP Permian Inc.
 
Common Stock
 
**
 
6,311,779

 
 
Rush Enterprises Inc.
 
Common Stock
 
**
 
744,485

 
 
Ryder Systems Inc.
 
Common Stock
 
**
 
3,011,238

 
 
S&P Global Inc.
 
Common Stock
 
**
 
8,107,666

 
 
Sage Therapeutics Inc.
 
Common Stock
 
**
 
1,412,680

 
 
Saia Inc.
 
Common Stock
 
**
 
2,739,820

 
 
Salesforce.com Inc.
 
Common Stock
 
**
 
10,734,878

 
 
Sangamo Therapeutics Inc.
 
Common Stock
 
**
 
1,018,356

 
 
Santander Consumer USA Holdings Inc.
 
Common Stock
 
**
 
1,383,450

 
 
Sarepta Therapeutics Inc.
 
Common Stock
 
**
 
5,341,838

 
 
Scientific Games Corp
 
Common Stock
 
**
 
927,962

 
 
Senior Housing Properties Trust
 
Common Stock
 
**
 
215,083

 
 
Sensient Technologies Corp
 
Common Stock
 
**
 
2,470,203

 
 
Service Corp International
 
Common Stock
 
**
 
8,411,966

 
 
ServiceNow Inc.
 
Common Stock
 
**
 
1,814,725

 
 
Sherwin-Williams Co.
 
Common Stock
 
**
 
7,872,950

 
 
Signature Bank
 
Common Stock
 
**
 
2,844,072

 
 
Signet Jewelers Ltd.
 
Common Stock
 
**
 
2,601,622

 
 
Silgan Holdings Inc.
 
Common Stock
 
**
 
1,606,468

 
 
Silicom Ltd.
 
Common Stock
 
**
 
649,361

 
 
Silicon Laboratories Inc.
 
Common Stock
 
**
 
1,003,847

 
 
Simon Property Group Inc.
 
Common Stock
 
**
 
815,870

 
 
Simpson Manufacturing Company Inc.
 
Common Stock
 
**
 
1,046,982

 
 
SiteOne Landscape Supply Inc.
 
Common Stock
 
**
 
1,094,267

 
 
Skechers USA Inc.
 
Common Stock
 
**
 
4,600,799

 
 
Skyworks Solutions Inc.
 
Common Stock
 
**
 
1,164,673

 
 
SL Green Realty Corp
 
Common Stock
 
**
 
2,755,253

 
 
SM Energy Co.
 
Common Stock
 
**
 
1,363,523

 
 
Snap-on Inc.
 
Common Stock
 
**
 
8,245,322

 
 
Solaris Oilfield Infrastructure Inc.
 
Common Stock
 
**
 
896,514

 
 
South State Corp
 
Common Stock
 
**
 
3,262,695

 
 
Southern Co.
 
Common Stock
 
**
 
1,498,915

 
 
Southwestern Energy Co.
 
Common Stock
 
**
 
2,355,680

 
 
Spartan Motors Inc.
 
Common Stock
 
**
 
650,892

 
 
Spirit AeroSystems Holdings Inc.
 
Common Stock
 
**
 
1,993,973

 
 
Spirit Realty Capital Inc.
 
Common Stock
 
**
 
1,375,011

 
 
Splunk Inc.
 
Common Stock
 
**
 
3,417,690

 
 
Sprint Corp
 
Common Stock
 
**
 
352,313

 
 
Stag Industrial Inc.
 
Common Stock
 
**
 
5,545,536

 
 
Stanley Black & Decker Inc.
 
Common Stock
 
**
 
7,088,047

 
 
Stepan Co.
 
Common Stock
 
**
 
556,625

 
 
STERIS PLC
 
Common Stock
 
**
 
13,833,296

 
 
Summit Materials Inc.
 
Common Stock
 
**
 
4,362,197

 
 
Sun Hydraulics Corp
 
Common Stock
 
**
 
1,057,222

 
 
SunTrust Banks Inc.
 
Common Stock
 
**
 
4,588,430

 
 
Super Micro Computer Inc.
 
Common Stock
 
**
 
3,254,617

 
 
Supernus Pharmaceuticals Inc.
 
Common Stock
 
**
 
3,160,941

 
 
Synaptics Inc.
 
Common Stock
 
**
 
1,794,493

 
 
Synchronoss Technologies Inc.
 
Common Stock
 
**
 
1,725,593

 
 
Synchrony Financial
 
Common Stock
 
**
 
4,368,768

 
 
Synopsys Inc.
 
Common Stock
 
**
 
4,122,349


21

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Synovus Financial Corp
 
Common Stock
 
**
 
3,149,375

 
 
Systemax Inc.
 
Common Stock
 
**
 
717,783

 
 
Tableau Software Inc.
 
Common Stock
 
**
 
2,426,428

 
 
Tabula Rasa HealthCare Inc.
 
Common Stock
 
**
 
974,325

 
 
Tapestry Inc.
 
Common Stock
 
**
 
4,011,618

 
 
Tech Data Corp
 
Common Stock
 
**
 
2,821,798

 
 
Teladoc Inc.
 
Common Stock
 
**
 
815,769

 
 
Teleflex Inc.
 
Common Stock
 
**
 
5,760,257

 
 
Telephone and Data Systems Inc.
 
Common Stock
 
**
 
1,268,994

 
 
Teligen Inc.
 
Common Stock
 
**
 
691,392

 
 
Tenneco Inc.
 
Common Stock
 
**
 
1,291,187

 
 
Terex Corp
 
Common Stock
 
**
 
3,028,088

 
 
Tetra Tech Inc.
 
Common Stock
 
**
 
1,187,134

 
 
Texas Instruments Inc.
 
Common Stock
 
**
 
38,055

 
 
Textron Inc.
 
Common Stock
 
**
 
4,118,634

 
 
The AES Corp.
 
Common Stock
 
**
 
363,700

 
 
The Bancorp, Inc.
 
Common Stock
 
**
 
1,559,973

 
 
The Brink's Co.
 
Common Stock
 
**
 
4,315,616

 
 
The Hanover Insurance Group Inc.
 
Common Stock
 
**
 
4,017,957

 
 
The Hartford Financial Services Group Inc.
 
Common Stock
 
**
 
3,672,500

 
 
The Hershey Co.
 
Common Stock
 
**
 
497,588

 
 
The Home Depot Inc.
 
Common Stock
 
**
 
17,580,558

 
 
The Howard Hughes Corp
 
Common Stock
 
**
 
58,194

 
 
The Madison Square Garden Co.
 
Common Stock
 
**
 
2,752,176

 
 
The Medicines Co.
 
Common Stock
 
**
 
1,825,099

 
 
The Middleby Corp
 
Common Stock
 
**
 
4,448,889

 
 
The Toro Co.
 
Common Stock
 
**
 
8,251,155

 
 
Thor Industries Inc.
 
Common Stock
 
**
 
3,020,186

 
 
Toll Brothers Inc.
 
Common Stock
 
**
 
1,471,975

 
 
TopBuild Corp
 
Common Stock
 
**
 
1,029,080

 
 
Tractor Supply Co.
 
Common Stock
 
**
 
7,363,996

 
 
Trimble Inc.
 
Common Stock
 
**
 
2,079,756

 
 
Triton International Ltd.
 
Common Stock
 
**
 
898,068

 
 
Triumph Group Inc.
 
Common Stock
 
**
 
1,058,349

 
 
Tupperware Brands Corp
 
Common Stock
 
**
 
422,168

 
 
Twilio Inc.
 
Common Stock
 
**
 
1,373,585

 
 
Twitter Inc.
 
Common Stock
 
**
 
2,661,010

 
 
Umpqua Holdings Corp
 
Common Stock
 
**
 
6,263,237

 
 
Union Pacific Corp
 
Common Stock
 
**
 
6,548,976

 
 
United States Cellular Corp
 
Common Stock
 
**
 
597,705

 
 
United States Steel Corp
 
Common Stock
 
**
 
3,250,368

 
 
UnitedHealth Group Inc.
 
Common Stock
 
**
 
10,086,590

 
 
Univar Inc.
 
Common Stock
 
**
 
2,614,243

 
 
Universal Display Corp
 
Common Stock
 
**
 
615,922

 
 
Urban Outfitters Inc.
 
Common Stock
 
**
 
646,385

 
 
US Concrete Inc.
 
Common Stock
 
**
 
3,866,810

 
 
US Foods Holding Corp
 
Common Stock
 
**
 
1,015,308

 
 
USA Technologies Inc.
 
Common Stock
 
**
 
1,051,848

 
 
Vail Resorts Inc.
 
Common Stock
 
**
 
2,577,915

 
 
Valero Energy Corp
 
Common Stock
 
**
 
1,180,430

 
 
Valmont Industries Inc.
 
Common Stock
 
**
 
651,455

 
 
Varian Medical Systems Inc.
 
Common Stock
 
**
 
4,029,765

 
 
Varonis Systems Inc.
 
Common Stock
 
**
 
984,893


22

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Vasco Data Security International Inc.
 
Common Stock
 
**
 
1,737,763

 
 
Veeva Systems Inc.
 
Common Stock
 
**
 
1,007,394

 
 
Venator Materials PLC
 
Common Stock
 
**
 
165,872

 
 
VeriFone Systems Inc.
 
Common Stock
 
**
 
6,694,338

 
 
Verint Systems Inc.
 
Common Stock
 
**
 
517,283

 
 
Verizon Communications Inc.
 
Common Stock
 
**
 
1,207,167

 
 
Vertex Pharmaceuticals Inc.
 
Common Stock
 
**
 
1,413,389

 
 
Viavi Solutions Inc.
 
Common Stock
 
**
 
2,521,156

 
 
ViewRay Inc.
 
Common Stock
 
**
 
887,356

 
 
Virtusa Corp
 
Common Stock
 
**
 
835,643

 
 
Visa Inc.
 
Common Stock
 
**
 
16,624,707

 
 
Visteon Corp
 
Common Stock
 
**
 
4,912,992

 
 
Vistra Energy Corp
 
Common Stock
 
**
 
778,304

 
 
Voya Financial Inc.
 
Common Stock
 
**
 
3,942,980

 
 
WABCO Holdings Inc.
 
Common Stock
 
**
 
4,067,096

 
 
WageWorks Inc.
 
Common Stock
 
**
 
6,713,480

 
 
Walgreens Boots Alliance Inc.
 
Common Stock
 
**
 
1,769,062

 
 
Walt Disney Co.
 
Common Stock
 
**
 
927,933

 
 
Waste Connections Inc.
 
Common Stock
 
**
 
9,387,592

 
 
Waste Management Inc.
 
Common Stock
 
**
 
1,518,432

 
 
Watts Water Technologies Inc.
 
Common Stock
 
**
 
1,102,544

 
 
Webster Financial Corp
 
Common Stock
 
**
 
1,240,600

 
 
Weight Watches International Inc.
 
Common Stock
 
**
 
998,809

 
 
WellCare Health Plans Inc.
 
Common Stock
 
**
 
3,940,207

 
 
Wells Fargo & Co.
 
Common Stock
 
**
 
607,939

 
 
Werner Enterprises Inc.
 
Common Stock
 
**
 
1,045,990

 
 
WESCO International Inc.
 
Common Stock
 
**
 
2,139,910

 
 
Westar Energy Inc.
 
Common Stock
 
**
 
1,482,642

 
 
Western Alliance Bancorp
 
Common Stock
 
**
 
7,812,632

 
 
Western Digital Corp
 
Common Stock
 
**
 
4,160,170

 
 
WEX Inc.
 
Common Stock
 
**
 
1,639,438

 
 
White Mountains Insurance Group Ltd.
 
Common Stock
 
**
 
1,563,894

 
 
Whiting Petroleum Corp
 
Common Stock
 
**
 
3,078,180

 
 
WildHorse Resource Development Corp
 
Common Stock
 
**
 
835,734

 
 
William Lyon Homes
 
Common Stock
 
**
 
2,744,322

 
 
Wintrust Financial Corp
 
Common Stock
 
**
 
10,605,386

 
 
WNS Holdings Ltd.
 
Common Stock
 
**
 
3,437,336

 
 
Woodward Inc.
 
Common Stock
 
**
 
3,540,726

 
 
World Fuel Services Corp
 
Common Stock
 
**
 
1,904,636

 
 
World Wrestling Entertainment Inc.
 
Common Stock
 
**
 
2,979,333

 
 
Worldpay Inc.
 
Common Stock
 
**
 
1,461,642

 
 
WPX Energy Inc.
 
Common Stock
 
**
 
4,885,720

 
 
Wright Medical Group Inc.
 
Common Stock
 
**
 
1,642,505

 
 
Wyndham Worldwide Corp
 
Common Stock
 
**
 
8,083,220

 
 
Xcel Energy Inc.
 
Common Stock
 
**
 
1,624,008

 
 
Xilinx Inc.
 
Common Stock
 
**
 
7,373,706

 
 
XPO Logistics Inc.
 
Common Stock
 
**
 
3,961,097

 
 
Yelp Inc.
 
Common Stock
 
**
 
389,998

 
 
YRC Worldwide Inc.
 
Common Stock
 
**
 
2,686,074

 
 
Yum China Holdings Inc.
 
Common Stock
 
**
 
3,761,950

 
 
Zayo Group Holdings Inc.
 
Common Stock
 
**
 
4,679,360

 
 
Zebra Technologies Corp
 
Common Stock
 
**
 
4,020,435

 
 
Zions Bancorp
 
Common Stock
 
**
 
6,996,723


23

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Zoetis Inc.
 
Common Stock
 
**
 
14,338,765

 
 
Zogenix Inc.
 
Common Stock
 
**
 
706,753

 
 
Zynga Inc.
 
Common Stock
 
**
 
2,493,828

 
 
Total Other Common Stock
 
 
 
 
 
2,087,799,317

 
 
 
 
 
 
 
 
 
 
 
Cash Equivalents
 
 
 
 
 
 
*
 
Merrill Lynch Bank Deposit
 
Cash Equivalent, .47%
 
**
 
11,273,390

 
 
 
 
 
 
 
 
 
 
 
Mutual Funds
 
 
 
 
 
 
 
 
American Funds
 
American Europacific Growth R6
 
**
 
676,213,737

 
 
PIMCO
 
All Asset Class Institutional
 
**
 
790,794,751

 
 
Total Mutual Funds
 
 
 
 
 
1,467,008,488

 
 
 
 
 
 
 
 
 
 
 
Government Securities
 
 
 
 
 
 
 
 
California State
 
$1,060,000 par, 7.5%, due April 1, 2034
 
**
 
1,550,155

 
 
California State
 
$775,000 par, 7.3%, due October 1, 2039
 
**
 
1,149,999

 
 
Columbia Rep
 
$987,000 par, 3.875%, due April 25, 2027
 
**
 
995,390

 
 
Federal Home Loan Mortgage Corp
 
$335,038 par, 3.0%, due September 1, 2046
 
**
 
328,866

 
 
Federal Home Loan Mortgage Corp (FHLMC), Freddie Mac
 
$1,030,927 par, 4.5%, due August 1, 2043
 
**
 
1,098,750

 
 
Federal National Mortgage Association (FNMA), Fannie Mae
 
$19,445,000 par, 3.0%, due February 15, 2044
 
**
 
19,058,375

 
 
FHLMC, Freddie Mac
 
$15,175,000 par, 3.5%, due February 1, 2034
 
**
 
15,322,015

 
 
FHLMC, Freddie Mac
 
$3,051,212 par, 3.0%, due January 1, 2047
 
**
 
2,994,814

 
 
FHLMC, Freddie Mac
 
$3,042,980 par, 3.0%, due February 1, 2047
 
**
 
2,986,262

 
 
FHLMC, Freddie Mac
 
$2,585,000 par,4.0%, due February 15, 2044
 
**
 
2,671,383

 
 
FHLMC, Freddie Mac
 
$2,380,173 par, 4%, due November 1, 2047
 
**
 
2,463,358

 
 
FHLMC, Freddie Mac
 
$2,500,440 par, 3%, due December 1, 2046
 
**
 
2,454,375

 
 
FHLMC, Freddie Mac
 
$2,390,000 par, 2.375%, due January 13, 2022
 
**
 
2,384,814

 
 
FHLMC, Freddie Mac
 
$1,868,614 par, 4%, due September 1, 2047
 
**
 
1,944,248

 
 
FHLMC, Freddie Mac
 
$1,842,112 par, 4%, due November 1, 2047
 
**
 
1,908,016

 
 
FHLMC, Freddie Mac
 
$1,825,000 par, 3.0%, due February 1, 2041
 
**
 
1,788,352

 
 
FHLMC, Freddie Mac
 
$1,396,000 par, 2.905%, due April 25, 2024
 
**
 
1,398,608

 
 
FHLMC, Freddie Mac
 
$1,348,000 par, 3.064%, due August 25, 2024
 
**
 
1,360,778

 
 
FHLMC, Freddie Mac
 
$829,000 par, 6.25%, due July 15, 2032
 
**
 
1,129,688

 
 
FHLMC, Freddie Mac
 
$922,000 par, 3.243%, due April 25, 2027
 
**
 
932,749

 
 
FHLMC, Freddie Mac
 
$872,599 par, 4.0%, due December 15, 2030
 
**
 
909,080

 
 
FHLMC, Freddie Mac
 
$839,000 par, 3.187%, due September 25, 2027
 
**
 
843,919

 
 
FHLMC, Freddie Mac
 
$607,714 par, 3%, December 1, 2046
 
**
 
596,513

 
 
FHLMC, Freddie Mac
 
$511,000 par, 3.244%, due August 25, 2027
 
**
 
516,039

 
 
FHLMC, Freddie Mac
 
$446,887 par, 3.0%, due October 1, 2046
 
**
 
438,655

 
 
FHLMC, Freddie Mac
 
$420,074 par, 3.0%, due September 1, 2046
 
**
 
412,335

 
 
FHLMC, Freddie Mac
 
$310,661 par, 4%, due May 1, 2026
 
**
 
322,698

 
 
FHLMC, Freddie Mac
 
$273,000 par, various rates, due November 25, 2027
 
**
 
277,206

 
 
FHLMC, Freddie Mac
 
$142,109 par, 3%, due November 1, 2042
 
**
 
140,087

 
 
FHLMC, Freddie Mac
 
$130,783 par, 4.0%, due July 1, 2024
 
**
 
135,020

 
 
FNMA, Fannie Mae
 
$23,955,000 par, 3.5%, due February 15, 2044
 
**
 
24,179,578

 
 
FNMA, Fannie Mae
 
$18,350,000 par, 4.0%
 
**
 
18,954,266

 
 
FNMA, Fannie Mae
 
$11,095,000 par, 4.5%, due January 17, 2032
 
**
 
11,694,829

 
 
FNMA, Fannie Mae
 
$2,715,055 par, 3.5%, due June 1, 2046
 
**
 
2,750,850

 
 
FNMA, Fannie Mae
 
$2,593,459 par, 3.5%, due July 1, 2047
 
**
 
2,627,939

 
 
FNMA, Fannie Mae
 
$2,562,078 par, 3.5%, due March 1, 2047
 
**
 
2,596,046

 
 
FNMA, Fannie Mae
 
$2,425,000 par, 3.5%, due August 1, 2018
 
**
 
2,481,757


24

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
FNMA, Fannie Mae
 
$2,363,054 par, 4.0%, due July 1, 2047
 
**
 
2,458,189

 
 
FNMA, Fannie Mae
 
$2,401,961 par, 3.5%, due August 1, 2047
 
**
 
2,432,225

 
 
FNMA, Fannie Mae
 
$2,334,369 par, 4.0%, due March 1, 2047
 
**
 
2,422,732

 
 
FNMA, Fannie Mae
 
$2,312,352 par, 3.5%, due April 1, 2047
 
**
 
2,343,011

 
 
FNMA, Fannie Mae
 
$2,270,927 par, 3.5%, due December 1, 2046
 
**
 
2,301,033

 
 
FNMA, Fannie Mae
 
$1,995,975 par, 3.5%, due September 1, 2047
 
**
 
2,022,582

 
 
FNMA, Fannie Mae
 
$1,966,314 par, 2.5%, due November 25, 2045
 
**
 
1,913,346

 
 
FNMA, Fannie Mae
 
$1,911,140 par, 3.0%, due August 25, 2044
 
**
 
1,899,971

 
 
FNMA, Fannie Mae
 
$1,756,154 par, 3.0%, due August 1, 2043
 
**
 
1,730,800

 
 
FNMA, Fannie Mae
 
$1,647,065 par, 4.0%, due May 1, 2047
 
**
 
1,717,719

 
 
FNMA, Fannie Mae
 
$1,527,813 par, 3.5%, due March 1, 2047
 
**
 
1,548,068

 
 
FNMA, Fannie Mae
 
$1,574,294 par, 3.0%, due January 1, 2047
 
**
 
1,546,876

 
 
FNMA, Fannie Mae
 
$1,482,364 par, 4.0%, due June 1, 2044
 
**
 
1,537,987

 
 
FNMA, Fannie Mae
 
$1,441,517 par, 3.0%, due April 25, 2046
 
**
 
1,430,214

 
 
FNMA, Fannie Mae
 
$1,379,613 par, 4.0%, due May 25, 2053
 
**
 
1,429,710

 
 
FNMA, Fannie Mae
 
$1,290,000 par, 2.625%, due September 6, 2024
 
**
 
1,282,232

 
 
FNMA, Fannie Mae
 
$1,220,963 par, 3.5%, due September 1, 2047
 
**
 
1,239,479

 
 
FNMA, Fannie Mae
 
$1,186,308 par, 4.0%, due May 1, 2047
 
**
 
1,235,459

 
 
FNMA, Fannie Mae
 
$1,175,007 par, 4.0%, due April 1, 2047
 
**
 
1,225,409

 
 
FNMA, Fannie Mae
 
$1,234,476 par, 3.0%, due May 1, 2045
 
**
 
1,216,761

 
 
FNMA, Fannie Mae
 
$1,009,912 par, 4.0%, due July 1, 2047
 
**
 
1,051,841

 
 
FNMA, Fannie Mae
 
$928,566 par, 3.5%, due September 1, 2047
 
**
 
941,419

 
 
FNMA, Fannie Mae
 
$902,546 par, 4.0%, due May 1, 2047
 
**
 
936,616

 
 
FNMA, Fannie Mae
 
$898,620 par, 4.0%, due August 1, 2043
 
**
 
935,141

 
 
FNMA, Fannie Mae
 
$829,463 par, 4%, due May 1, 2027
 
**
 
856,953

 
 
FNMA, Fannie Mae
 
$838,585 par, 3.5%, due November 1, 2047
 
**
 
848,797

 
 
FNMA, Fannie Mae
 
$632,431 par, 3.5%, due April 1, 2047
 
**
 
640,815

 
 
FNMA, Fannie Mae
 
$600,320 par, 4.0%, due February 1, 2041
 
**
 
627,451

 
 
FNMA, Fannie Mae
 
$589,691 par, 3.0%, due June 25, 2045
 
**
 
587,402

 
 
FNMA, Fannie Mae
 
$519,572 par, 5.5%, due November 1, 2034
 
**
 
571,937

 
 
FNMA, Fannie Mae
 
$546,240 par, 4.0%, due April 1, 2047
 
**
 
570,311

 
 
FNMA, Fannie Mae
 
$513,432 par, 5.5%, due March 1, 2034
 
**
 
565,328

 
 
FNMA, Fannie Mae
 
$463,016 par, 4.5%, due March 1, 2047
 
**
 
488,762

 
 
FNMA, Fannie Mae
 
$391,999 par, 5.5%, due August 1, 2037
 
**
 
431,626

 
 
FNMA, Fannie Mae
 
$361,900 par, 5.5%, due August 1, 2037
 
**
 
397,841

 
 
FNMA, Fannie Mae
 
$377,773 par, 3.0%, due September 25, 2030
 
**
 
380,745

 
 
FNMA, Fannie Mae
 
$365,183 par, 4.0%, due September 1, 2043
 
**
 
380,148

 
 
FNMA, Fannie Mae
 
$349,973 par, 4.5%, due September 1, 2040
 
**
 
372,834

 
 
FNMA, Fannie Mae
 
$342,704 par, 4.0%, due November 1, 2046
 
**
 
355,056

 
 
FNMA, Fannie Mae
 
$275,496 par, 3.5%, due July 1, 2046
 
**
 
279,136

 
 
FNMA, Fannie Mae
 
$261,375 par, 4.0%, due December 1, 2043
 
**
 
271,999

 
 
FNMA, Fannie Mae
 
$246,539 par, 3.5%, due June 1, 2046
 
**
 
249,783

 
 
FNMA, Fannie Mae
 
$218,836 par, 5%, due July 1, 2037
 
**
 
236,175

 
 
FNMA, Fannie Mae
 
$207,732 par, 4.5%, due January 1, 2042
 
**
 
222,954

 
 
FNMA, Fannie Mae
 
$199,056 par, 4.0%, due October 1, 2046
 
**
 
207,078

 
 
FNMA, Fannie Mae
 
$188,510 par, 4.5%, due May 1, 2042
 
**
 
200,817

 
 
FNMA, Fannie Mae
 
$168,294 par, 4.5%, due October 1, 2040
 
**
 
179,256

 
 
FNMA, Fannie Mae
 
$129,890 par, 5.0%, due December 1, 2034
 
**
 
140,204

 
 
FNMA, Fannie Mae
 
$135,721 par, 3.5%, due October 1, 2046
 
**
 
137,518

 
 
FNMA, Fannie Mae
 
$128,092 par, 4.0%, due February 1, 2032
 
**
 
132,370

 
 
FNMA, Fannie Mae
 
$116,641 par, 5.0%, due October 1, 2035
 
**
 
125,898

 
 
FNMA, Fannie Mae
 
$114,121 par, 4.5%, due January 1, 2030
 
**
 
120,680

 
 
FNMA, Fannie Mae
 
$102,366 par. 4.5%, due May 1, 2039
 
**
 
109,271


25

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
FNMA, Fannie Mae
 
$95,915 par, 5.5%, due March 1, 2041
 
**
 
105,579

 
 
FNMA, Fannie Mae
 
$95,056 par, 4.5%, due February 1, 2042
 
**
 
101,374

 
 
FNMA, Fannie Mae
 
$78,620 par, 4.0%, due September 1, 2043
 
**
 
81,815

 
 
FNMA, Fannie Mae
 
$74,725 par, 5.0%, due November 1, 2033
 
**
 
80,896

 
 
FNMA, Fannie Mae
 
$58,918 par, 5.5%, due December 1, 2035
 
**
 
64,854

 
 
FNMA, Fannie Mae
 
$58,275 par, 5.5%, due December 1, 2034
 
**
 
64,124

 
 
FNMA, Fannie Mae
 
$51,895 par, 5%, due July 1, 2037
 
**
 
55,996

 
 
FNMA, Fannie Mae
 
$37,456 par, 5%, due February 1, 2038
 
**
 
40,422

 
 
GNMA, Ginnie Mae
 
$9,555,000 par, 4.0%, due January 1, 2070
 
**
 
9,886,816

 
 
GNMA, Ginnie Mae
 
$9,880,000 par, 3.0%, due February 15, 2044
 
**
 
9,781,200

 
 
GNMA, Ginnie Mae
 
$2,675,000 par, 4.5%, due January 1, 2070
 
**
 
2,796,212

 
 
Government National Mortgage Association (GNMA), Ginnie Mae
 
$2,775,534 par, 4.0%, due September 20, 2047
 
**
 
2,891,158

 
 
Illinois state
 
$685,000 par, 5.1%, due June 1, 2033
 
**
 
666,820

 
 
Illinois state
 
$530,000 par, 5.877%, due March 1, 2019
 
**
 
544,554

 
 
New Jersey State Transportation Trust Fund Authority
 
$965,000 par, 5.754%, due December 15, 2028
 
**
 
1,084,322

 
 
New Jersey State Transportation Trust Fund Authority
 
$395,000 par, 6.561%, due December 15, 2040
 
**
 
516,826

 
 
Petroleos Mexicanos
 
$2,706,000 par, 5.5%, due January 21, 2021
 
**
 
2,869,172

 
 
Petroleos Mexicanos
 
$567,000 par, 5.625%, due January 23, 2046
 
**
 
521,640

 
 
Republic of Chile
 
$214,000 par, 3.86%, due June 21, 2047
 
**
 
214,535

 
 
Republica Oriental del Uruguay
 
$728,000 par, 5.1%, due June 18, 2050
 
**
 
790,972

 
 
STATE OF ISRAEL
 
$431,000 par, 4.125%, due January 17, 2048
 
**
 
431,216

 
 
U.S. Treasury Bond
 
$18,920,000 par, 1.375%, due October 31, 2020
 
**
 
18,466,223

 
 
U.S. Treasury Bond
 
$17,322,000 par, 1.25%, due October 31, 2021
 
**
 
16,602,063

 
 
U.S. Treasury Bond
 
$8,866,000 par, 4.75%, due February 15, 2037
 
**
 
11,398,351

 
 
U.S. Treasury Bond
 
$11,622,000 par, 1.875%, September 30, 2022
 
**
 
11,296,944

 
 
U.S. Treasury Bond
 
$10,451,000 par, 1.25%, due March 31, 2021
 
**
 
10,103,995

 
 
U.S. Treasury Bond
 
$9,307,000 par, 2.125%, due December 31, 2022
 
**
 
9,133,583

 
 
U.S. Treasury Bond
 
$9,226,000 par, 2.0%, due November 30, 2022
 
**
 
9,008,322

 
 
U.S. Treasury Bond
 
$8,482,000 par, 2%, October 31, 2022
 
**
 
8,286,185

 
 
U.S. Treasury Bond
 
$7,911,000 par, 1.125%, due September 30, 2021
 
**
 
7,556,239

 
 
U.S. Treasury Bond
 
$7,737,000 par, 2.25%, due November 15, 2027
 
**
 
7,425,408

 
 
U.S. Treasury Bond
 
$6,916,000 par, 2.375%, due December 31, 2024
 
**
 
6,737,159

 
 
U.S. Treasury Bond
 
$6,167,000 par, 2.375%, due January 31, 2023
 
**
 
6,123,159

 
 
U.S. Treasury Bond
 
$6,288,000 par, 2.125%, due November 30, 2024
 
**
 
6,078,484

 
 
U.S. Treasury Bond
 
$5,691,000 par, 1.375%, due September 30, 2020
 
**
 
5,560,949

 
 
U.S. Treasury Bond
 
$5,775,000 par, 2.75%, due August 15, 2047
 
**
 
5,552,570

 
 
U.S. Treasury Bond
 
$5,455,000 par, 2.875%, due November 15, 2046
 
**
 
5,383,616

 
 
U.S. Treasury Bond
 
$5,339,000 par, 2.0%, due January 15, 2021
 
**
 
5,294,996

 
 
U.S. Treasury Bond
 
$5,462,000 par, 1.625%, due May 15, 2026
 
**
 
5,022,265

 
 
U.S. Treasury Bond
 
$3,832,000 par, 1.625%, due August 31, 2022
 
**
 
3,687,254

 
 
U.S. Treasury Bond
 
$3,282,000 par, 3.0%, due May 15, 2047
 
**
 
3,317,767

 
 
U.S. Treasury Bond
 
$2,817,000 par, 2.0%, due January 31, 2020
 
**
 
2,808,856

 
 
U.S. Treasury Bond
 
$3,044,000 par, 2.5%, due May 15, 2046
 
**
 
2,785,260

 
 
U.S. Treasury Bond
 
$2,710,000 par, 3.0%, due February 15, 2047
 
**
 
2,741,227

 
 
U.S. Treasury Bond
 
$2,895,000 par, 2.0%, due November 15, 2026
 
**
 
2,732,608

 
 
U.S. Treasury Bond
 
$2,060,000 par, 5.0%, due May 15, 2037
 
**
 
2,725,718

 
 
U.S. Treasury Bond
 
$2,315,000 par, 3.0%, due November 15, 2045
 
**
 
2,343,757

 
 
U.S. Treasury Bond
 
$2,201,000 par, 1.5%, due August 15, 2026
 
**
 
1,996,978

 
 
U.S. Treasury Bond
 
$1,968,000 par, 2.75%, due November 15, 2047
 
**
 
1,893,124

 
 
U.S. Treasury Bond
 
$1,744,000 par, 1.75%, due June 30, 2022
 
**
 
1,690,386

 
 
U.S. Treasury Bond
 
$1,520,000 par, 1.875%, due April 30, 2022
 
**
 
1,483,306


26

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Bond
 
$1,358,000 par, 1.125%, due July 31, 2021
 
**
 
1,300,710

 
 
U.S. Treasury Bond
 
$1,205,000 par, 1.875%, December 31, 2019
 
**
 
1,198,975

 
 
U.S. Treasury Bond
 
$967,000 par, 2.375%, due May 15, 2027
 
**
 
939,501

 
 
U.S. Treasury Bond
 
$824,000 par, 1.375%, due April 30, 2021
 
**
 
798,958

 
 
U.S. Treasury Bond
 
$793,000 par, 2.25%, due August 15, 2027
 
**
 
761,559

 
 
U.S. Treasury Bond
 
$229,000 par, 1.875%, due March 31, 2022
 
**
 
223,669

 
 
UNITED MEXICAN STS
 
$808,000 par, 4.6%, due February 10, 2048
 
**
 
791,840

 
 
Total Government Securities
 
 
 
 
 
410,128,244

 
 
 
 
 
 
 
 
 
 
 
Corporate Bonds
 
 
 
 
 
 
 
 
21st Century Fox Inc.
 
$842,000 par, 6.4%, due December 15, 2035
 
**
 
1,106,371

 
 
Abbot Laboratories
 
$1,755,000 par, 2.9%, due November 30, 2021
 
**
 
1,749,502

 
 
Abbvie Inc.
 
$3,605,000 par, 2.9%, due November 6, 2022
 
**
 
3,573,049

 
 
Abbvie Inc.
 
$1,267,000 par, 2.5%, due May 14, 2020
 
**
 
1,263,233

 
 
Abbvie Inc.
 
$261,000 par, 4.3%, due May 14, 2036
 
**
 
274,572

 
 
ABN AMRO Bank
 
$3,210,000 par, 2.65%, due January 19, 2021
 
**
 
3,192,843

 
 
Abu Dhabi Crude Oil Pipeline LLC
 
$355,000 par, 4.6%, due November 2, 2047
 
**
 
356,792

 
 
Aercap Ireland Capital Designated Activity Company
 
$3,967,000 par, 4.5%, due May 15, 2021
 
**
 
4,124,342

 
 
Aercap Ireland Capital Designated Activity Company
 
$1,519,000 par, 3.3%, due January 23, 2023
 
**
 
1,503,658

 
 
AIG Global
 
$1,970,000 par, 1.95%, due October 18, 2019
 
**
 
1,947,583

 
 
Alibaba Group Holding Ltd.
 
$736,000 par, 4.2%, due December 6, 2047
 
**
 
735,469

 
 
Ameren Illinois Co.
 
$741,000 par, 3.7%, due December 1, 2047
 
**
 
740,484

 
 
American Electric Power Co. Inc.
 
$1,205,000 par, 3.2%, due November 13, 2027
 
**
 
1,168,503

 
 
American International Group Inc.
 
$779,000 par, 4.5%, due July 16, 2044
 
**
 
805,059

 
 
Anadarko Petroleum Corp.
 
$2,577,000 par, 6.95%, due June 15, 2019
 
**
 
2,716,493

 
 
Anadarko Petroleum Corp.
 
$830,000 par, 6.45%, due September 15, 2036
 
**
 
1,033,079

 
 
Andeavor
 
$449,000 par, 4.5%, due April 1, 2048
 
**
 
451,611

 
 
Andeavor
 
$796,000 par, 3.8%, due April 1, 2028
 
**
 
783,021

 
 
Anheuser-Busch InBev Finance Inc.
 
$1,598,000 par, 4.9%, due February 1, 2046
 
**
 
1,805,754

 
 
Appalachian Power Co.
 
$1,201,000 par, 4.45%, due June 1, 2045
 
**
 
1,311,568

 
 
Apple Inc.
 
$1,327,000 par, 3.85%, due August 4, 2046
 
**
 
1,340,964

 
 
Apple Inc.
 
$593,000 par, 4.65%, due February 23, 2046
 
**
 
674,389

 
 
AT&T Inc.
 
$2,345,000 par, 3.4%, due May 15, 2025
 
**
 
2,281,676

 
 
AT&T Inc.
 
$1,314,000 par, 5.25%, due March 1, 2037
 
**
 
1,388,594

 
 
AT&T Inc.
 
$887,000 par, 4.9%, due August 14, 2037
 
**
 
898,998

 
 
AT&T Inc.
 
$205,000 par, 5.15%, due March 15, 2042
 
**
 
209,068

 
 
B.A.T Capital Corp.
 
$1,839,000 par, 4.39%, due August 15, 2037
 
**
 
1,890,284

 
 
Baker Hughes, a GE Co.
 
$2,272,000 par, 2.773%, due December 15, 2022
 
**
 
2,236,854

 
 
Baker Hughes, a GE Co.
 
$485,000 par, 4.08%, due December 15, 2047
 
**
 
479,379

 
 
Banco Del Estado de Chile
 
$1,555,000 par, 2.668%, due January 8, 2021
 
**
 
1,557,333

*
 
Bank of America Corp.
 
$4,557,000 par, 4.0%, due January 22, 2025
 
**
 
4,662,002

 
 
Bank of Nova Scotia
 
$2,726,000 par, 2.5%, due January 8, 2021
 
**
 
2,704,958

 
 
Berkshire Hathaway Energy Co.
 
$1,163,000 par, 2.375%, due January 15, 2021
 
**
 
1,154,968

 
 
BNP Paribas
 
$1,209,000 par, 3.5%, due November 16, 2027
 
**
 
1,187,500

 
 
Canadian Natural Resources Ltd.
 
$596,000 par, 5.9%, due February 1, 2018
 
**
 
596,000

 
 
Canadian Natural Resources Ltd.
 
$168,000 par, 6.45%, due June 30, 2033
 
**
 
205,361

 
 
CBS Corp
 
$937,000 par, 3.375%, due February 15, 2028
 
**
 
888,357

 
 
Charter Communications Operating, LLC
 
$389,000 par, 5.375%, due May 1, 2047
 
**
 
401,752

 
 
Charter Communications Operating, LLC
 
$277,000 par, 6.384%, due October 23, 2035
 
**
 
321,764

 
 
Citibank NA
 
$2,724,000 par, 2.125%, October 20, 2020
 
**
 
2,683,720

 
 
Citigroup Inc.
 
$2,940,000 par, 2.876%, due July 24, 2023
 
**
 
2,893,724


27

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Citigroup Inc.
 
$1,047,000 par, 4.4%, due June 10, 2025
 
**
 
1,088,036

 
 
Citigroup Inc.
 
$698,000 par, 4.45%, due September 29, 2027
 
**
 
727,890

 
 
CK Hutchinson International
 
$859,000 par, 2.25%, due September 29, 2020
 
**
 
841,778

 
 
Cleveland Clinic Foundation
 
$593,000 par, 4.858%, due January 1, 2114
 
**
 
647,155

 
 
Comcast Corp
 
$966,000 par, 3.15%, due February 15, 2028
 
**
 
935,349

 
 
Comcast Corp
 
$370,000 par, 4.049%, due November 1, 2052
 
**
 
367,518

 
 
Constellation Brands Inc.
 
$2,422,000 par, 2.65%, due November 7, 2022
 
**
 
2,359,297

 
 
Cox Communications Inc.
 
$423,000 par, 4.6%, due August 15, 2047
 
**
 
423,283

 
 
Credit Agricole
 
$1,296,000 par, 3.25%, due October 4, 2024
 
**
 
1,274,083

 
 
Delmarva Power Co.
 
$359,000 par, 4.15%, due May 15, 2045
 
**
 
381,569

 
 
Deutsche Telekom International Finance B.V.
 
$869,000 par, 2.225%, due January 17, 2020
 
**
 
861,872

 
 
Dominion Energy Gas Holdings, LLC
 
$1,621,000 par, 2.962%, due July 1, 2019
 
**
 
1,628,828

 
 
Dominion Energy Gas Holdings, LLC
 
$640,000 par, 2.5%, due December 15, 2019
 
**
 
637,687

 
 
Dow Chemical Co.
 
$1,266,000 par, 8.55%, due May 15, 2019
 
**
 
1,362,568

 
 
DP World Ltd.
 
$410,000 par, 6.85%, due July 2, 2037
 
**
 
512,382

 
 
Duke Energy Florida, LLC
 
$631,000 par, 2.1%, due December 15, 2019
 
**
 
629,345

 
 
Energy Transfer Partners LP
 
$1,028,000 par, 6.625%, due October 15, 2036
 
**
 
1,188,797

 
 
Enlink Midstream Partners LP
 
$786,000 par, 2.7%, due April 1, 2019
 
**
 
783,585

 
 
Eversource Energy Co.
 
$1,904,000 par, 2.75%, due March 15, 2022
 
**
 
1,883,842

 
 
Exelon Corp.
 
$148,000 par, 5.625%, due June 15, 2035
 
**
 
178,399

 
 
FedEx Co.
 
$1,327,000 par, 4.05%, due February 15, 2048
 
**
 
1,328,440

 
 
FirstEnergy Transmission LLC
 
$532,000 par, 5.45%, due July 15, 2044
 
**
 
631,592

 
 
Ford Motor Co.
 
$2,770,000 par, 2.343%, due November 2, 2020
 
**
 
2,722,819

 
 
Ford Motor Co.
 
$714,000 par, 7.45%, due July 16, 2031
 
**
 
908,829

 
 
Fortis Inc.
 
$2,095,000 par, 3.055%, due October 4, 2026
 
**
 
1,981,397

 
 
GE Capital International Funding Company
 
$744,000 par, 4.418%, due November 15, 2035
 
**
 
765,172

 
 
General Motors Co.
 
$1,349,000 par, 5.15%, due April 1, 2038
 
**
 
1,413,042

 
 
General Motors Financial Company Inc.
 
$654,000 par, 2.45%, due November 6, 2020
 
**
 
645,170

 
 
Georgia Power Co.
 
$496,000 par, 4.3%, due March 15, 2042
 
**
 
524,263

 
 
Gilead Sciences Inc.
 
$1,241,000 par, 4.75%, due March 1, 2046
 
**
 
1,394,674

 
 
Gilead Sciences Inc.
 
$190,000 par, 4.0%, due September 1, 2036
 
**
 
196,035

 
 
HSBC Holdings PLC
 
$3,861,000 par, 3.262%, due March 13, 2023
 
**
 
3,870,502

 
 
HSBC Holdings PLC
 
$1,453,000 par, 4.041%, due March 13, 2028
 
**
 
1,488,632

 
 
HSBC Holdings PLC
 
$1,091,000 par, 3.033%, due November 22, 2023
 
**
 
1,081,003

 
 
ITC Holdings Corp
 
$1,141,000 par, 2.7%, due November 15, 2022
 
**
 
1,125,873

 
 
ITC Holdings Corp
 
$1,008,000 par, 3.35%, due November 15, 2027
 
**
 
986,662

 
 
ITC Holdings Corp
 
$323,000 par, 5.3%, due July 1, 2043
 
**
 
380,894

 
 
Jersey Central Power & Light Co.
 
$2,394,000 par, 4.7%, due April 1, 2024
 
**
 
2,563,809

 
 
Jersey Central Power & Light Co.
 
$785,000 par, 7.35%, due February 1, 2019
 
**
 
820,205

 
 
John Deere Capital Corp
 
$2,984,000 par, 2.7%, due January 6, 2023
 
**
 
2,950,690

 
 
John Deere Capital Corp
 
$1,090,000 par, 2.35%, due January 8, 2021
 
**
 
1,083,005

 
 
Johnson & Johnson
 
$1,387,000 par, 3.4%, due January 15, 2038
 
**
 
1,374,642

 
 
JP Morgan Chase & Co.
 
$1,344,000 par, 3.964%, due November 15, 2048
 
**
 
1,357,931

 
 
JP Morgan Chase & Co.
 
$856,000 par, 3.509%, due January 23, 2029
 
**
 
851,643

 
 
JP Morgan Chase & Co.
 
$653,000 par, 4.26%, due February 22, 2048
 
**
 
689,851

 
 
Korea Southern Power Co. Ltd.
 
$632,000 par, 3.0%, due January 29, 2021
 
**
 
631,590

 
 
Lockheed Martin Corp
 
$2,003,000 par, 2.5%, due November 23, 2020
 
**
 
1,999,030

 
 
Marathon Petroleum Corp
 
$1,022,000 par, 4.75%, due September 15, 2044
 
**
 
1,082,728

 
 
Marathon Petroleum Corp
 
$581,000 par, 3.4%, due December 15, 2020
 
**
 
590,366

 
 
Marathon Petroleum Corp
 
$148,000 par, 5.0%, due September 15, 2054
 
**
 
153,668

 
 
MetLife Inc.
 
$906,000 par, 6.4%, due December 15, 2066
 
**
 
1,042,036

 
 
Mexichem SAB de CV
 
$345,000 par, 5.5%, due January 15, 2048
 
**
 
335,944

 
 
Microsoft Corp
 
$650,000 par, 3.75%, due February 12, 2045
 
**
 
663,350


28

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Morgan Stanley
 
$1,703,000 par, 3.125%, due January 23, 2023
 
**
 
1,695,623

 
 
Morgan Stanley
 
$1,705,000 par, 2.75%, due May 19, 2022
 
**
 
1,679,405

 
 
Morgan Stanley
 
$1,528,000 par, 3.125%, due July 27, 2026
 
**
 
1,476,873

 
 
Morgan Stanley
 
$846,000 par, 3.971%, due July 22, 2038
 
**
 
861,852

 
 
MPLX LP
 
$347,000 par, 5.2%, due March 1, 2047
 
**
 
382,422

 
 
New England Power Co.
 
$308,000 par, 3.8%, due December 5, 2047
 
**
 
308,393

 
 
New York Life Global Funding
 
$2,241,000 par, 1.95%, due September 28, 2020
 
**
 
2,207,692

 
 
New York-Presbyterian Hospital
 
$433,000 par, 4.763%, due August 1, 2116
 
**
 
452,524

 
 
Nexen Inc.
 
$944,000 par, 6.4%, due May 15, 2037
 
**
 
1,197,540

 
 
NextEra Energy Capital Holdings Inc.
 
$1,322,000 par, 2.7%, due September 15, 2019
 
**
 
1,325,754

 
 
Noble Energy Inc.
 
$1,034,000 par, 4.95%, due August 15, 2047
 
**
 
1,122,313

 
 
Northrop Grumman Corp
 
$1,291,000 par, 2.55%, due October 15, 2022
 
**
 
1,260,722

 
 
Northrop Grumman Corp
 
$1,059,000 par, 4.03%, due October 15, 2047
 
**
 
1,074,496

 
 
Oneok Partners, LP
 
$553,000 par, 6.85%, due October 15, 2037
 
**
 
688,541

 
 
Oracle Corp
 
$1,636,000 par, 3.8%, due November 15, 2037
 
**
 
1,677,481

 
 
Oracle Corp
 
$605,000 par, 5.375%, due July 15, 2040
 
**
 
750,163

 
 
Owens Corning Co.
 
$850,000 par, 4.4%, due January 30, 2048
 
**
 
839,423

 
 
Partners HealthCare Systems, Inc.
 
$398,000 par, 3.765%, due July 1, 2048
 
**
 
387,813

 
 
Pinnacle West Capital Corp
 
$722,000 par, 2.25%, due November 30, 2020
 
**
 
715,683

 
 
Plains All American Pipeline LP
 
$755,000 par, 4.5%, due December 15, 2026
 
**
 
773,905

 
 
Plains All American Pipeline LP
 
$726,000 par, 4.9%, due February 15, 2045
 
**
 
721,023

 
 
Pricoa Global Funding
 
$903,000 par, 1.9%, due September 21, 2018
 
**
 
901,377

 
 
Progress Energy Inc.
 
$1,579,000 par, 7.75%, due March 1, 2031
 
**
 
2,167,793

 
 
Progress Energy Inc.
 
$1,412,000 par, 7.05%, due March 15, 2019
 
**
 
1,482,935

 
 
Reynolds American Inc.
 
$2,707,000 par, 2.3%, due June 12, 2018
 
**
 
2,709,333

 
 
Royal Bank of Canada
 
$682,000 par, 2.15%, due October 26, 2020
 
**
 
674,677

 
 
Sempra Energy
 
$1,017,000 par, 6.0%, due October 15, 2039
 
**
 
1,295,593

 
 
Sempra Energy
 
$1,048,000 par, 9.8%, due February 15, 2019
 
**
 
1,126,937

 
 
Sempra Energy
 
$975,000 par, 2.9%, due February 1, 2023
 
**
 
966,121

 
 
Sherwin-Williams Co.
 
$1,830,000 par, 2.75%, due June 1, 2022
 
**
 
1,798,956

 
 
Simon Property Group LP
 
$3,561,000 par, 2.75%, due June 1, 2023
 
**
 
3,503,355

 
 
Simon Property Group LP
 
$1,448,000 par, 3.375%, due December 1, 2027
 
**
 
1,421,428

 
 
South Caroline Electric & Gas Co.
 
$531,000 par, 5.1%, due June 1, 2065
 
**
 
587,779

 
 
Southern Co.
 
$1,242,000 par, 2.35%, due July 1, 2021
 
**
 
1,217,661

 
 
Stanford Health Care
 
$448,000 par, 3.795%, due November 15, 2048
 
**
 
451,927

 
 
Sumitomo Mitsui Banking Corp
 
$853,000 par, 2.514%, due January 17, 2020
 
**
 
851,007

 
 
Sumitomo Mitsui Financial Group Inc.
 
$2,782,000 par, 3.102%, due January 17, 2023
 
**
 
2,765,597

 
 
Tencent Holdings Ltd.
 
$2,059,000 par, 2.875%, due February 11, 2020
 
**
 
2,065,714

 
 
Tencent Holdings Ltd.
 
$1,508,000 par, 3.595%, due January 19, 2028
 
**
 
1,485,727

 
 
Tencent Holdings Ltd.
 
$1,352,000 par, 2.985%, due January 19, 2023
 
**
 
1,339,057

 
 
Tencent Holdings Ltd.
 
$375,000 par, 3.8%, February 11, 2025
 
**
 
381,030

 
 
Teva Pharmaceuticals Industries
 
$990,000 par, 2.8%, due July 21, 2023
 
**
 
875,924

*
 
The Goldman Sachs Group, Inc.
 
$1,896,000 par, 3.814%, due April 23, 2029
 
**
 
1,902,886

*
 
The Goldman Sachs Group, Inc.
 
$920,000 par, 3.625%, due January 22, 2023
 
**
 
935,785

*
 
The Goldman Sachs Group, Inc.
 
$513,000 par, 4.75%, due October 21, 2045
 
**
 
576,022

 
 
The Hartford Financial Services Group Inc.
 
$516,000 par, 5.5%, due March 30, 2020
 
**
 
546,683

 
 
The Kraft Heinz Co
 
$870,000 par, 2.0%, due July 2, 2018
 
**
 
869,004

 
 
Time Warner Inc.
 
$249,000 par, 7.3%, due July 1, 2038
 
**
 
311,195

 
 
Toronto-Dominion Bank
 
$646,000 par, 1.95%, due April 2, 2020
 
**
 
637,997

 
 
Toyota Motor Credit Corp Co.
 
$2,410,000 par, 1.55%, due October 18, 2019
 
**
 
2,381,531

 
 
TTX Company
 
$1,359,000 par, 2.25%, due February 1, 2019
 
**
 
1,357,293

 
 
UBS AG LONDON BRH
 
$1,852,000 par, 2.45%, due December 1, 2020
 
**
 
1,836,238

 
 
Union Pacific Corp
 
$1,523,000 par, 3.6%, due September 15, 2037
 
**
 
1,534,957


29

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
United Parcel Service Inc.
 
$772,000 par, 3.75%, due November 15, 2047
 
**
 
780,379

 
 
Vale Overseas Ltd.
 
$1,897,000 par, 4.375%, due January 11, 2022
 
**
 
1,968,138

 
 
Vale Overseas Ltd.
 
$1,343,000 par, 5.875%, due June 10, 2021
 
**
 
1,459,841

 
 
Vale Overseas Ltd.
 
$532,000 par, 8.25%, due January 17, 2034
 
**
 
716,205

 
 
Vale Overseas Ltd.
 
$218,000 par, 6.875%, due November 21, 2036
 
**
 
273,863

 
 
Valero Energy Corp
 
$486,000 par, 6.625%, due June 15, 2037
 
**
 
642,499

 
 
Verizon Communications Inc.
 
$1,504,000 par, 4.272%, due June 15, 2036
 
**
 
1,490,321

 
 
Verizon Communications Inc.
 
$894,000 par, 5.25%, due March 16, 2037
 
**
 
984,223

 
 
Verizon Communications Inc.
 
$729,000 par, 5.15%, due March 16, 2037
 
**
 
799,881

 
 
Viacom Inc.
 
$198,000 par, 4.375%, due March 15, 2043
 
**
 
181,258

 
 
Vulcan Materials Co.
 
$478,000 par, 4.5%, due June 15, 2047
 
**
 
483,802

 
 
WEC Energy Group Inc.
 
$1,224,000 par, 1.65%, due June 15, 2018
 
**
 
1,222,901

 
 
Wells Fargo & Co.
 
$593,000 par, 4.9%, due November 17, 2045
 
**
 
667,314

 
 
Wells Fargo & Co.
 
$415,000 par, 4.75%, due December 7, 2046
 
**
 
460,807

 
 
Wesleyan University
 
$667,000 par, 4.781%, due July 1, 2116
 
**
 
683,863

 
 
Williams Partners LP
 
$1,376,000 par, 6.3%, due April 15, 2040
 
**
 
1,700,000

 
 
Total Corporate Bonds
 
 
 
 
 
198,723,836

 
 
 
 
 
 
 
 
 
 
 
Asset-Backed Securities
 
 
 
 
 
 
 
 
Ajax Mortgage Loan Trust 2016-C
 
$811,685 par, 4%, due October 25, 2057
 
**
 
814,324

 
 
Ajax Mortgage Loan Trust 2017-A
 
$251,495 par, 3.47%, due April 25, 2057
 
**
 
250,712

 
 
American Express Credit Account Master Trust SE
 
$2,867,000 par, 2.04%, due May 15, 2023
 
**
 
2,832,910

 
 
American Express Credit Account Master Trust SE
 
$807,000 par, 2.04%, due May 15, 2025
 
**
 
793,219

 
 
American Express Credit Account Master Trust SER 2017
 
$2,324,000 par, 1.93%, due September 15, 2022
 
**
 
2,303,264

 
 
AmeriCredit Automobile Receivables Trust 20
 
$2,684,000 par, 1.83%, due May 18, 2021
 
**
 
2,677,287

 
 
AmeriCredit Automobile Receivables Trust 20
 
$1,043,000 par, 2.360%, due December 19, 2022
 
**
 
1,029,646

 
 
AmeriCredit Automobile Receivables Trust 20
 
$743,246 par, 1.51%, due May 18, 2020
 
**
 
741,875

 
 
BA Credit Card Trust 2017-1 NT Cl A
 
$1,810,000 par, 1.95%, due August 15, 2022
 
**
 
1,792,908

 
 
Bayview Opportunity Master Fund FD IVA TR 201
 
$1,832,315 par, 3.277%, due January 28, 2033
 
**
 
1,835,064

 
 
Bayview Opportunity Master Fund IIIA TR 20
 
$734,200 par, 3.105%, due September 28, 2032
 
**
 
730,805

 
 
Bayview Opportunity Master Fund IIIA TR 20
 
$172,127 par, 3.228%, due May 28, 2032
 
**
 
171,548

 
 
Bayview Opportunity Master Fund IIIB TR 20
 
$144,684 par, 3.475%, due April 28, 2032
 
**
 
144,798

 
 
Bayview Opportunity Master Fund IVA TR 201
 
$1,193,887 par, 3.351%, due November 28, 2032
 
**
 
1,193,747

 
 
Bayview Opportunity Master Fund IVB TR 201
 
$267,920 par, 3.598%, due January 28, 2032
 
**
 
267,943

 
 
CAM Mortgage LLC
 
$37,376 par, 3.25%, due June 15, 2057
 
**
 
37,514

 
 
Capital Auto Receivables Asset TR 2016-3
 
$35,546 par, 1.36%, due April 22, 2019
 
**
 
35,536

 
 
Capital Auto Receivables Asset TR 2017-1
 
$1,622,000 par, 1.76%, due June 22, 2020
 
**
 
1,618,052

 
 
Capital One Multi-Asset Execution TR
 
$2,000,000 par, 2%, due January 17, 2023
 
**
 
1,982,366

 
 
Capital One Multi-Asset Execution TR
 
$885,000 par, 1.99%, due July 17, 2023
 
**
 
873,255

 
 
CarFinance Capital Auto TR 2015-1
 
$240,915 par, 1.75%, due June 15, 2021
 
**
 
240,558

 
 
CarMax Auto Owner TR 2017-3
 
$1,947,000 par, 1.64%, due August 15, 2020
 
**
 
1,941,116

 
 
CarMax Auto Owner TR 2017-4 CL A-3
 
$825,000 par, 2.11%, due October 17, 2022
 
**
 
817,656

 
 
CarMax Auto Owner TR 2017-4 CL A-4
 
$504,000 par, 2.33%, due May 15, 2023
 
**
 
497,005

 
 
CarMax Auto Owner TR 2018-1
 
$440,000 par, 2.64%, due June 15, 2023
 
**
 
438,052

 
 
CarMax Auto Owner TR SER 18-1 CL A3 2
 
$1,012,000 par, 2.48%, due November 15, 2022
 
**
 
1,009,282

 
 
Citibank Credit Card Issuance TR 2017-A2 NT
 
$4,303,000 par, 1.74%, due January 19, 2021
 
**
 
4,288,004

 
 
Citibank Credit Card Issuance TR 2017-A7 NT
 
$2,126,000 par, floating rate, due August 8, 2024
 
**
 
2,137,442

 
 
Citibank Credit Card Issuance TR 2018-A2
 
$1,903,000 par, floating rate, due January 21, 2025
 
**
 
1,906,603

 
 
CPS Auto Receivables Trust 2015-A NT CL A
 
$976 par, 1.53%, due July 15, 2019
 
**
 
976

 
 
CPS Auto Receivables Trust 2015-B NT CL A
 
$15,519 par, 1.65%, due November 15, 2019
 
**
 
15,510

 
 
CPS Auto Receivables Trust 2016-C
 
$719,749 par, 1.62%, due January 15, 2020
 
**
 
718,833

 
 
CPS Auto Receivables Trust 2016-D
 
$919,962 par, 1.5%, due June 15, 2020
 
**
 
917,704


30

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
CPS Auto Receivables Trust SER 18--A CLS A 2.1
 
$1,728,000 par, 2.16%, due May 17, 2021
 
**
 
1,727,013

 
 
CPS Auto Receivables Trust SER 2017-C
 
$786,479 par, 1.78%, due September 15, 2020
 
**
 
784,947

 
 
CVS lease Backed Pass Trust SER 2014 TR
 
$554,932 par, 4.163%, due August 11, 2036
 
**
 
556,713

 
 
Discover Card Execution NT TR
 
$3,125,000 par, 1.88%, due February 15, 2023
 
**
 
3,077,209

 
 
Discover Card Execution NT TR SER 2017-A
 
$1,833,000 par, floating rate, due April 15, 2025
 
**
 
1,839,756

 
 
Drive Auto Receivables Trust SER 2017-3 CL
 
$442,127 par, 1.45%, due November 15, 2018
 
**
 
442,128

 
 
Drive Auto Receivables Trust SR 2017-1
 
$475,082 par, 1.67%, due May 15, 2019
 
**
 
474,945

 
 
Drive Auto Receivables Trust 017-B NT CL B
 
$674,000 par, 2.2%, due May 15, 2020
 
**
 
674,166

 
 
Drive Auto Receivables Trust 2017-2 NT CL
 
$853,334 par, 1.63%, due August 15, 2019
 
**
 
853,037

 
 
Drive Auto Receivables Trust 2017-2 NT CL B
 
$1,453,000 par, 2.25%, due June 15, 2021
 
**
 
1,451,566

 
 
Drive Auto Receivables Trust 2017-3 CL B 2
 
$1,243,000 par, 2.3%, due May 17, 2021
 
**
 
1,239,598

 
 
DT Auto Owner Trust
 
$3,141,822 par, 1.85%, due August 17, 2020
 
**
 
3,136,045

 
 
DT Auto Owner Trust 2016-4
 
$30,134 par, 1.44%, due November 15, 2019
 
**
 
30,127

 
 
DT Auto Owner Trust SER 17-2A CL A
 
$1,180,854 par, 1.72%, due May 15, 2020
 
**
 
1,179,616

 
 
DT Auto Owner Trust SER 17-3A CLS
 
$1,698,858 par, 1.73%, due August 17, 2020
 
**
 
1,695,789

 
 
Exeter Automobile Receivables Trust
 
$2,045,000 par, 2.21%, due May 17, 2021
 
**
 
2,044,878

 
 
Exeter Automobile Receivables Trust
 
$1,745,190 par, 2.05%, due December 15, 2021
 
**
 
1,738,794

 
 
Exeter Automobile Receivables Trust
 
$804,690 par, 1.84%, due November 16, 2020
 
**
 
803,326

 
 
Exeter Automobile Receivables Trust 2016-1
 
$49,773 par, 2.35%, due July 15, 2020
 
**
 
49,790

 
 
First Investors Auto Owner Trust 2016-2
 
$489,564 par, 1.53%, due November 16, 2020
 
**
 
488,513

 
 
Flagship Credit Auto Trust 2015-1
 
$1,375 par, 1.63%, due June 15, 2020
 
**
 
1,374

 
 
Flagship Credit Auto Trust 2015-3
 
$162,690 par, 2.38%, due October 15, 2020
 
**
 
162,846

 
 
Flagship Credit Auto Trust 2016-2
 
$94,012 par, 2.28%, due May 15, 2020
 
**
 
94,033

 
 
Flagship Credit Auto Trust 2016-3
 
$308,356 par, 1.61%, due December 15, 2019
 
**
 
308,168

 
 
Flagship Credit Auto Trust 2016-4
 
$1,343,187 par, 1.47%, due March 16, 2020
 
**
 
1,341,804

 
 
Ford Credit Auto Owner Trust 2018-REV1 NT
 
$1,442,000 par, 3.19%, due July 15, 2031
 
**
 
1,436,448

 
 
Ford Credit Auto Owner Trust 2017-A NT CL A-4
 
$3,950,000 par, 1.92%, due April 15, 2022
 
**
 
3,900,033

 
 
Ford Credit Auto Owner Trust 2017-C ASSET
 
$774,000 par, 2.01%, due March 15, 2022
 
**
 
768,061

 
 
Ford Credit Auto Owner Trust SER 17-B CL
 
$2,325,629 par, 1.49%, due May 15, 2020
 
**
 
2,318,471

 
 
GCAT, LLC 2017-2
 
$715,227 par, 3.5%, due April 25, 2047
 
**
 
713,428

 
 
GCAT, LLC SER 17-3 CL A-1
 
$313,972 par, 3.351%, due April 25, 2047
 
**
 
313,385

 
 
GCAT, LLC SR 17-5 CL A1
 
$248,644 par, 3.228%, due July 25, 2047
 
**
 
248,178

 
 
GM Financial Consumer Automobile Receivables
 
$2,026,000 par, 2.32%, due July 18, 2022
 
**
 
2,016,607

 
 
GM Financial Consumer Automobile Receivables
 
$1,669,000 par, 1.78%, due October 18, 2021
 
**
 
1,654,260

 
 
GM Financial Consumer Automobile Receivables
 
$1,394,000 par, 2.46%, due July 17, 2023
 
**
 
1,383,774

 
 
Honda Auto Receivables Owner Trust 2017-4
 
$967,000 par, 2.05%, due November 22, 2021
 
**
 
961,686

 
 
Nissan Auto Receivables 2017-C CL A-4 2
 
$1,381,000 par, 2.28%, due February 15, 2024
 
**
 
1,363,593

 
 
NYMT Residential 2016-RP1 LLC
 
$99,214 par, 4.0%, due March 25, 2021
 
**
 
99,282

 
 
Oak Hill Advisors Residential LN TR 2017
 
$1,143,726 par, 3.0%, due July 25, 2057
 
**
 
1,139,538

 
 
Oak Hill Advisors Residential LN TR 2017
 
$641,977 par, 3.0%, due June 25, 2057
 
**
 
639,285

 
 
PRPM 2017-2 LLC CLS A1
 
$919,970 par, 3.47%, due September 25, 2022
 
**
 
914,127

 
 
Santander Drive Auto Receivables Trust 2017
 
$271,193 par, 1.49%, due February 18, 2020
 
**
 
270,911

 
 
Santander Drive Auto Receivables Trust 2018
 
$454,000 par, 2.96%, due March 15, 2024
 
**
 
452,662

 
 
Toyota Auto Receivables Owner Trust 2018-A
 
$2,460,000 par, 2.52%, due May 15, 2023
 
**
 
2,450,731

 
 
Toyota Auto Receivables Owner Trust 2018-A
 
$1,895,000 par, 2.35%, due May 16, 2022
 
**
 
1,890,865

 
 
Toyota Auto Receivables Owner Trust SER 2017-A CL A2
 
$1,698,150 par, 1.42%, due September 16, 2019
 
**
 
1,695,438

 
 
Verizon Communications Inc.
 
$1,728,000 par, 2.06%, due April 20, 2022
 
**
 
1,710,526

 
 
VOLT LVI LLC NT Ser 1
 
$607,418 par, 3.5%, due March 25, 2047
 
**
 
608,602

 
 
VOLT LVII LLC 17-NPL4
 
$256,115 par, 3.375%, due April 25, 2047
 
**
 
256,650

 
 
VOLT LXI LLC
 
$892,440 par, 3.125%, due June 25, 2047
 
**
 
890,828

 
 
VOLT XXXVIII LLC
 
$154,383 par, 3.875%, due September 25, 2045
 
**
 
154,511

 
 
Westlake Automobile Receivables Trust 2016
 
$715,562 par, 1.57%, due June 17, 2019
 
**
 
715,246


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Table of Contents

 
 
 
 
 
 
 
 
 
 
 
Westlake Automobile Receivables Trust 2017
 
$1,644,572 par, 1.78%, due April 15, 2020
 
**
 
1,643,012

 
 
Westlake Automobile Receivables Trust 2018
 
$2,284,000 par, 1.75%, due February 15, 2019
 
**
 
2,284,018

 
 
Westlake Automobile Receivables Trust 2018
 
$2,280,000 par, 2.42%, due December 15, 2020
 
**
 
2,279,927

 
 
World Financial Network Credit Card Master NT TR
 
$2,306,000 par, 2.31%, due August 15, 2024
 
**
 
2,282,979

 
 
Total Asset-Backed Securities
 
 
 
 
 
102,708,757

 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities
 
 
 
 
 
 
 
 
BAML Commercial Mortgage Securities Trust
 
$1,061,000 par, 2.959%, due December 10, 2030
 
**
 
1,056,897

 
 
BANK 2017-BNK9 COML MTG PASS THRU CTF CL
 
$231,000 par, 3.538%, due November 15, 2054
 
**
 
233,699

 
 
Citigroup COML MTG TR 2016-C1 MTG
 
$874,000 par, 3.209%, due May 10, 2049
 
**
 
866,128

 
 
Citigroup COML MTG TR 2016-P6 COML MTG
 
$726,000 par, 3.72%, due December 10, 2049
 
**
 
746,450

 
 
Citigroup COML MTG TR SER 2013-GC17
 
$420,000 par, 4.131%, due November 10, 2046
 
**
 
441,699

 
 
CMO Bank 2018-BNK10 SER 2018-BN10 CL A5
 
$628,000 par, 3.688%, due February 15, 2061
 
**
 
643,242

 
 
CMO Benchmark Mortgage Trust SER 2018-B
 
$797,000 par, 3.66%, due January 15, 2051
 
**
 
816,760

 
 
CMO COMM 2013-CCRE12 MTG TR MTG PASS
 
$1,065,000 par, 3.765%, due October 10, 2046
 
**
 
1,100,884

 
 
CMO COMM 2013-CCRE9 MTG TR COML MTG
 
$644,066 par, 4.381%, due July 10, 2045
 
**
 
681,613

 
 
CMO COMM 2013-LC6 MTG TR COML MTG
 
$649,000 par, 2.941%, due January 10, 2046
 
**
 
646,279

*
 
CMO Morgan Stanley Bank of America Merrill Lynch
 
$711,000 par, 3.249%, due February 15, 2048
 
**
 
711,545

*
 
CMO Morgan Stanley Bank of America Merrill Lynch
 
$466,000 par, 3.787%, due February 15, 2047
 
**
 
481,091

*
 
CMO Morgan Stanley Bank of America Merrill Lynch
 
$388,000 par, 4.259%, due October 15, 2046
 
**
 
410,516

*
 
CMO Morgan Stanley Bank of America Merrill Lynch
 
$290,000 par, 4.217%, due July 15, 2046
 
**
 
304,642

*
 
CMO Morgan Stanley Bank of America Merrill Lynch
 
$175,000 par, 4.064%, due February 15, 2047
 
**
 
183,048

 
 
COMM 2013-CCRE11 MTG TR COML MTG
 
$995,000 par, 3.983%, due October 10, 2046
 
**
 
1,038,792

 
 
COMM 2013-CCRE8 MTG TR COML MTG PASSTHRU
 
$99,212 par, 3.612%, due June 10, 2046
 
**
 
101,908

 
 
COMM 2014-CCRE16 MTG TR COML MTG
 
$568,000 par, 4.051%, due April 10, 2047
 
**
 
594,407

 
 
COMM MORTGAGE TRUST SER 2013-CR7 CL A4
 
$415,000 par, 3.213%, due March 10, 2046
 
**
 
419,251

 
 
CPS Auto Receivables Trust 2016-B
 
$255,241 par, 2.07%, due November 15, 2019
 
**
 
255,251

 
 
Credit Suisse First Boston Mortgage Securities Corp
 
$801,934 par, 5.25%, due July 25, 2033
 
**
 
814,544

 
 
Credit Suisse First Boston Mortgage Securities Corp
 
$100,333 par, 5.75%, due November 25, 2033
 
**
 
103,503

 
 
CSAIL 2016-C7 COML MTG TR
 
$713,000 par, 3.502%, due November 15, 2049
 
**
 
719,439

 
 
CWMBS Inc.
 
$948,975 par, 6%, due December 25, 2033
 
**
 
951,319

 
 
GS MTG SECS CORP TR 2012-SHOP
 
$1,429,000 par, 2.933%, due June 5, 2031
 
**
 
1,438,406

 
 
GS MTG SECS TR 2013-GCJ12
 
$242,000 par, 3.135%, due June 10, 2046
 
**
 
242,767

 
 
GS MTG SECS TR 2013-GCJ16
 
$21,000 par, 4.271%, due November 10, 2046
 
**
 
22,241

 
 
GS MTG SECS TR 2014-GC18
 
$1,424,000 par, 3.801%, due January 10, 2047
 
**
 
1,471,277

 
 
GS MTG SECS TR 2015-GC30
 
$230,786 par, 3.382%, due May 10, 2050
 
**
 
233,043

 
 
GS MTG SECS TR 2016-GS4
 
$500,000 par, 3.442%, due November 10, 2049
 
**
 
503,237

 
 
JP Morgan Mortgage Trust 2005-A1
 
$1,095,465 par, 3.759%, due February 25, 2035
 
**
 
1,085,043

 
 
Morgan Stanley Co. CAP I TR 2014-CPT
 
$1,033,000 par, 3.35%, due July 13, 2029
 
**
 
1,047,238

 
 
PVTPL CMO COMM MORTGAGE TRUST SER 2015 3
 
$15,000 par, 3.178%, due 3 February 10, 2035
 
**
 
14,920

 
 
RCO III Mortgage LLC
 
$1,763,125 par, 3.375%, due August 25, 2022
 
**
 
1,759,621

 
 
Structure ADJ Rate MTG LN TR 2004-12
 
$285,828 par, 3.759%, due September 25, 2034
 
**
 
289,695

 
 
Tharaldson Hotel Portfolio Trust 2018-THPT
 
$329,000 par, 2.647%, due November 11, 2034
 
**
 
329,405


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Wells Fargo Commercial Mortgage Trust 2015-C27
 
$171,000 par, 3.19%, due February 15, 2048
 
**
 
169,971

 
 
Wells Fargo Commercial Mortgage Trust 2015-C31
 
$647,000 par, 3.695%, due November 15, 2048
 
**
 
665,163

 
 
Wells Fargo Commercial Mortgage Trust 2016-LC25
 
$491,000 par, 3.64%, due December 15, 2059
 
**
 
499,008

 
 
Wells Fargo Commercial Mortgage Trust Series 2017-C-4
 
$759,000 par, 3.589%, due December 15, 2050
 
**
 
769,802

 
 
Wells Fargo Mortgage Backed Security Trust 2004-EE
 
$926,588 par, 3.518%, due December 25, 2034
 
**
 
941,309

 
 
WFRBS Commercial Mortgage Trust 2013-C14
 
$538,000 par, 3.073%, due June 15, 2046
 
**
 
537,814

 
 
WFRBS Commercial Mortgage Trust 2013-C14
 
$54,662 par, 3.337%, due June 15, 2046
 
**
 
55,286

 
 
Total Mortgage-Backed Securities
 
 
 
 
 
26,398,153

 
 
 
 
 
 
 
 
 
 
 
Collective Investment Trusts/Collective Trust Funds
 
 
 
 
 
 
BlackRock Institutional Trust Company, N.A.
 
Government Short-Term Investment Fund
 
**
 
359,828,048

 
 
BlackRock Institutional Trust Company, N.A.
 
Russell 1000 Index Non-Lendable Fund Class F
 
**
 
7,538,346,778

 
 
BlackRock Institutional Trust Company, N.A.
 
Russell 2000 Index Non-Lendable Fund Class F
 
**
 
320,627,582

 
 
BlackRock Institutional Trust Company, N.A.
 
U.S. Treasury Inflation Protected Securities Non-Lendable Fund Class F
 
**
 
220,270,169

 
 
BlackRock Institutional Trust Company, N.A.
 
U.S. Debt Index Non-Lendable Fund Class F
 
**
 
1,111,787,705

 
 
BlackRock Institutional Trust Company, N.A.
 
MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund Class F
 
**
 
2,125,905,684

 
 
BlackRock Institutional Trust Company, N.A.
 
Russell 1000 Defensive Index Non-Lendable Fund Class F
 
**
 
185,406,833

 
 
BlackRock Institutional Trust Company, N.A.
 
Russell 2500 Index Non-Lendable Fund Class F
 
**
 
64,761,981

 
 
Boston Partners Trust Company
 
Large Cap Value Equity Fund
 
**
 
310,935,509

 
 
Boston Partners Trust Company
 
WPG Partners Small Cap Value Fund
 
**
 
160,079,314

 
 
Comerica Bank & Trust, N.A.
 
DRZ Small Cap Value Collective Fund
 
**
 
163,641,289

 
 
Global Trust Company
 
AQR Emerging Equities Collective Investment Fund Class C
 
**
 
230,583,718

 
 
Global Trust Company
 
Harding Loevner Emerging Markets Collective Investment Fund
 
**
 
227,347,517

 
 
Invesco Trust Company
 
Invesco Equity Global Real Estate Securities Trust
 
**
 
560,056,066

 
 
JP Morgan Chase Bank, N.A.
 
JPMCB Short Duration Bond Fund
 
**
 
725,730,125

 
 
Principal Global Investors Trust Company
 
Global Property Securities Fund
 
**
 
564,378,844

 
 
Prudential Trust Company
 
Prudential Core Plus Bond Fund
 
**
 
682,487,766

 
 
Reliance Trust Company
 
Monarch Partners Small-Mid Cap Value Fund Class A
 
**
 
350,915,371

 
 
SEI Trust Company
 
AEW Global Properties Trust Fund Class L
 
**
 
372,509,331

 
 
SEI Trust Company
 
Cohen & Steers Global Listed Infrastructure Fund
 
**
 
96,105,318

 
 
SEI Trust Company
 
Fiera Asset Management USA Collective Trust
 
**
 
662,836,000

 
 
SEI Trust Company
 
Gresham DJF Collective Investment Fund
 
**
 
180,295,378

 
 
SEI Trust Company
 
CoreCommodity Management Diversified I CIT Fund
 
**
 
270,718,165

 
 
SEI Trust Company
 
Nuveen Global Infrastructure Fund
 
**
 
191,065,768

*
 
The Goldman Sachs Trust Company, N.A
 
Goldman Sachs Collective Trust Core Plus Fixed Income Fund
 
**
 
683,479,787

*
 
The Northern Trust Company
 
The Collective LSV International (ACWI EX US) Value Equity Fund
 
**
 
1,085,478,903

*
 
The Northern Trust Company
 
The Presima Global Real Estate Concentrated Collective Fund
 
**
 
372,571,055

*
 
The Northern Trust Company
 
Collective Short Term Investment Fund
 
**
 
1,788,895

 
 
Wellington Trust Company, N.A.
 
Wellington Trust Company, NA CIF II Commodities Portfolio
 
**
 
449,428,610

 
 
Total Collective Investment Trusts/Collective Trust Funds
 
 
 
20,269,367,509


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Table of Contents

 
 
 
 
 
 
 
 
 
 
 
103-12 Investment Entity
 
 
 
 
 
 
 
 
Mondrian Investment Partners Limited
 
Mondrian Wal-Mart Focused International Equity Fund
 
**
 
447,718,232

 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
$
29,076,968,639

 
 
 
 
 
 
 
 
 
 
 
Notes Receivable from participants
 
 Loans to participants, interest rates ranging from 4.25% to 5.5% with various maturities
 
 
 
$
1,072,859,045


* Party-in-interest
** Column (d) cost information not required as accounts are participant directed.


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Table of Contents

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
Date: July 19, 2018
By:
 
/s/ Adam Stavisky
 
 
 
Adam Stavisky
 
 
 
Senior Vice President, US Benefits, Global People
 
 
 
Walmart Inc.


35