# EDGAR Filing Document

**Accession Number:** 0000104169
**File Stem:** 0000104169-25-000098
**Filing Date:** 2025-6
**Character Count:** 124929
**Document Hash:** 0072f0891cb211962e44616c980c1a7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000104169-25-000098.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000104169-25-000098

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250131

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Walmart Inc.
- **CENTRAL INDEX KEY:** 0000104169
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 710415188
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06991
- **FILM NUMBER:** 251074101

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CUSTOMER DRIVE
- **CITY:** BENTONVILLE
- **STATE:** AR
- **ZIP:** 72716
- **BUSINESS PHONE:** 5012734000

**MAIL ADDRESS:**
- **STREET 1:** 1 CUSTOMER DRIVE
- **CITY:** BENTONVILLE
- **STATE:** AR
- **ZIP:** 72716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WAL MART STORES INC
- **DATE OF NAME CHANGE:** 19920703

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**(Mark One)**

☒ **Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934**

**For the fiscal year ended January 31, 2025**

**or**

☐ **Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.**

**Commission File Number 001-6991** 

**A.** **Full title of the plan and the address of the plan, if different from that of the issuer named below:**

**WALMART 401(k) PLAN**

**B.** **Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:**

**Walmart Inc.**

**1 Customer Drive**

**Bentonville, Arkansas 72716**

------

**Walmart 401(k) Plan**

**Financial Statements and**

**Supplemental Schedule**

As of January 31, 2025 and 2024, and for the year ended January 31, 2025

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#ifee243b6cab0479d9586b1959be42374_7)</u> | <u>[1](#ifee243b6cab0479d9586b1959be42374_7)</u> |
| <u>[Statements of Net Assets Available for Benefits](#ifee243b6cab0479d9586b1959be42374_10)</u> | <u>[2](#ifee243b6cab0479d9586b1959be42374_10)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits](#ifee243b6cab0479d9586b1959be42374_13)</u> | <u>[3](#ifee243b6cab0479d9586b1959be42374_13)</u> |
| <u>[Notes to Financial Statements](#ifee243b6cab0479d9586b1959be42374_16)</u> | <u>[4](#ifee243b6cab0479d9586b1959be42374_16)</u> |
| <u>[Supplemental Schedule: Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#ifee243b6cab0479d9586b1959be42374_49)</u> | <u>[9](#ifee243b6cab0479d9586b1959be42374_49)</u> |
| <u>[Signatures](#ifee243b6cab0479d9586b1959be42374_52)</u> | <u>[34](#ifee243b6cab0479d9586b1959be42374_52)</u> |
| <u>[Exhibit 23.1 – Consent of Independent Public Registered Accounting Firm](exhibit231-1312025us401k.htm)</u> |  |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Walmart 401(k) Plan (the Plan) as of January 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended January 31, 2025, 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, 2025 and 2024, and the changes in its net assets available for benefits for the year ended January 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedule Required by ERISA**

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2025 (referred to as the "supplemental schedule"), has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

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

Rogers, Arkansas

June 25, 2025

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Walmart 401(k) Plan**

**Statements of Net Assets Available for Benefits**

---

| | | |
|:---|:---|:---|
| | **January 31,** | **January 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Investments, at fair value | $49405279099 | $40304881249 |
| Notes receivable from participants | 1369545276 | 1220067619 |
| Accrued investment income | 15355303 | 13805931 |
| **Total assets** | 50790179678 | 41538754799 |
| **Liabilities** |  |  |
| Accrued expenses | 7302397 | 4577123 |
| **Total liabilities** | 7302397 | 4577123 |
| **Net assets available for benefits** | $50782877281 | $41534177676 |

---

*See accompanying notes.*

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Walmart 401(k) Plan**

**Statement of Changes in Net Assets Available for Benefits**

---

| | |
|:---|:---|
| | **Year Ended**<br>**January 31, 2025** |
| **Additions** | |
| Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $8443211710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 239858007 |
| Net investment income | 8683069717 |
| Interest income on notes receivable from participants | 99921866 |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company | 1825137785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant | 2566646040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 129865162 |
| Total contributions | 4521648987 |
| Other, net | 9371172 |
| Total additions | 13314011742 |
| **Deductions** |  |
| Benefits paid to participants | 4024046985 |
| Administrative expenses | 33278146 |
| Fees on notes receivable from participants | 7987006 |
| Total deductions | 4065312137 |
| Net increase | 9248699605 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $41534177676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $50782877281 |

---

*See accompanying notes.*

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Walmart 401(k) Plan**

**Notes to Financial Statements**

**January 31, 2025**

**Note 1. Description of the Plan**

Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.

**General**

The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can begin contributing to the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.

The responsibility for management of Plan assets and the investment policy is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Responsibility for operation and administration of the Plan is vested in the Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Effective March 15, 2024, the Plan was amended to allocate such responsibility to the Senior Vice President, Global Total Rewards (or individual from time to time performing such function).

The trustee function of the Plan is performed by Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.

**Contributions**

Eligible employees may elect to contribute up to 50% of their eligible wages as either pretax or Roth deferrals, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).

Each eligible employee may begin receiving matching contributions on the first day of the month after completing at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any subsequent Plan year). The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.

Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2025. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).

**Participant Accounts**

Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contributions, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.

**Vesting**

Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions. A participant's profit sharing contribution account shall vest based on years of service at a rate of 20% per year from years two through six and may become fully vested upon participant retirement at age 65 or above, total and permanent disability, or death.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Notes Receivable from Participants**

Participants may borrow from their fund accounts a minimum of $1,000 up to the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.

**Payment of Benefits and Withdrawals**

Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).

The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.

**Investment Options**

A participant may direct the Trustee to invest any portion of his or her account in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2025, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time.

A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for other contributions described previously.

To the extent not directed by the participant, participant accounts are invested as determined by the Benefits Investment Committee.

**Note 2. Summary of Accounting Policies**

**Basis of Accounting**

The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Contributions from Plan participants and the company matching contributions are recorded in the year in which the employee contributions are withheld from compensation.

**Use of Estimates**

The preparation of the financial statements in accordance with GAAP requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

**Investment Valuation and Income Recognition**

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See <u>[Note 3](#ifee243b6cab0479d9586b1959be42374_25)</u> 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.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Notes Receivable from Participants**

Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.

**Benefit Payments**

Benefit payments are recorded when paid. As of January 31, 2025 and 2024, there were benefits in the amount of $34,848,080 and $29,324,794, respectively, requested before year-end, that were paid after year-end.

**Expenses**

The Plan allows certain administrative expenses to be paid from Plan assets, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. The Plan does not reimburse for these expenses. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are recorded as fees on notes receivable from participants when incurred. Investment related expenses that are indirect are included in net appreciation/depreciation of fair value of investments and direct expenses are included in administrative expenses.

**Note 3. Fair Value Measurements**

Accounting guidance provides a framework for measuring fair value and provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

---

| | |
|:---|:---|
| Level 1 | Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access. |
| Level 2 | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. |
| Level 3 | Significant unobservable inputs. |

---

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2025 and 2024. During the year ended January 31, 2025, there were no transfers of financial instruments into or out of Level 3. Following is a description of the valuation methodologies used for assets measured at fair value:

*Walmart Inc. equity securities* - Valued at exchange quoted market prices on the last business day of the Plan year.

*Common stocks* - Valued at exchange quoted market prices on the last business day of the Plan year.

*Cash equivalent -* Valued at amortized cost, which approximates fair value.

*Mutual fund -* Valued at quoted market prices on the last business day of the Plan year.

*Government securities -* Valued using pricing models maximizing the use of observable inputs for similar securities.

*Corporate bonds* - Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

*Asset-backed and mortgage-backed securities* - Valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.

*Collective investment trusts/collective trust funds* - Stated at fair value as determined by the issuers of the funds on the fair market value of the underlying investments, which is valued at net asset value (NAV) as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

Investments measured at fair value on a recurring basis consisted of the following types of instruments:

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value Measurements as of January 31, 2025** | **Fair Value Measurements as of January 31, 2025** | **Fair Value Measurements as of January 31, 2025** |
| | **Level 1** | **Level 2** | **Total** |
| Walmart Inc. equity securities | $5738048126 | $— | $5738048126 |
| Common stocks | 1790065839 |  | 1790065839 |
| Cash equivalent | 19368827 |  | 19368827 |
| Mutual funds | 1032322277 |  | 1032322277 |
| Government securities |  | 913843362 | 913843362 |
| Corporate bonds |  | 390618298 | 390618298 |
| Asset-backed securities |  | 139248391 | 139248391 |
| Mortgage-backed securities |  | 44064257 | 44064257 |
| **Total assets in the fair value hierarchy** | $8579805069 | $1487774308 | $10067579377 |
| Investments measured at NAV\*<br>Collective investment trusts/collective trust funds |  |  | 39337699722 |
| **Total investments at fair value** |  |  | $49405279099 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value Measurements as of January 31, 2024** | **Fair Value Measurements as of January 31, 2024** | **Fair Value Measurements as of January 31, 2024** |
| | **Level 1** | **Level 2** | **Total** |
| Walmart Inc. equity securities | $3494368568 | $— | $3494368568 |
| Common stocks | 1067485061 |  | 1067485061 |
| Cash equivalent | 20806602 |  | 20806602 |
| Mutual fund | 879810982 |  | 879810982 |
| Government securities |  | 819161539 | 819161539 |
| Corporate bonds |  | 347907741 | 347907741 |
| Asset-backed securities |  | 120236595 | 120236595 |
| Mortgage-backed securities |  | 32139770 | 32139770 |
| **Total assets in the fair value hierarchy** | $5462471213 | $1319445645 | $6781916858 |
| Investments measured at NAV\*<br>Collective investment trusts/collective trust funds |  |  | 33522964391 |
| **Total investments at fair value** |  |  | $40304881249 |

---

\*In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented on the Statements of Net Assets Available for Benefits.

**Note 4. Investments Measured Using NAV per Share as a Practical Expedient**

The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value as of January 31,** | **Fair Value as of January 31,** | **Unfunded commitments** | **Redemption frequency (if currently eligible)** | **Redemption notice** |
| **Investments** | **2025** | **2024** | **Unfunded commitments** | **Redemption frequency (if currently eligible)** | **Redemption notice** |
| Collective investment trusts/collective trust funds | $39337699722 | $33522964391 | N/A | Daily | N/A |

---

**Note 5. Related Party and Party-In-Interest Transactions**

Certain Plan investments are managed by Bank of America, N.A., Merrill Lynch & Company and Northern Trust Company who provide investment management services to the Plan. The Plan also holds notes receivable from participants. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.

A portion of the Plan's assets are invested in common stock of the Company. While the holding and acquisition of employer securities is generally prohibited by ERISA, the Plan meets the exception in ERISA section 407(b), which permits the acquisition and holding of employer securities by eligible individual account plans.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**Note 6. Plan Termination**

While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.

**Note 7. Tax Status**

The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

**Note 8. Risks and Uncertainties**

The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.

 **Note 9. Reconciliation of Financial Statements to Form 5500**

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

---

| | | |
|:---|:---|:---|
| | **January 31,** | **January 31,** |
| | **2025** | **2024** |
| Net assets available for benefits per the financial statements | $50782877281 | $41534177676 |
| Less: Benefits payable per the Form 5500 | (34848080) | (29324794) |
| **Net assets available for benefits per the Form 5500** | $50748029201 | $41504852882 |

---

The following is a reconciliation of the net change in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2025:

---

| | |
|:---|:---|
| Net increase in net assets available for benefits per the financial statements | $9248699605 |
| Less: Benefits payable per the Form 5500 at January 31, 2025 | (34848080) |
| Add: Benefits payable per the Form 5500 at January 31, 2024 | 29324794 |
| **Net gain per the Form 5500** | $9243176319 |

---

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.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**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, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (a) | (b)<br>Identity of issue, borrower, lessor or similar party | (c)<br>Description of investment including maturity date, rate of interest, collateral, par or maturity value | (d)<br>Cost | (e)<br>Current value |
|  | **Investments** |  |  |  |
| \* | Walmart Inc. Equity Securities | Common Stock | \*\* | $5738048126 |
|  | **Other Common Stocks** |  |  |  |
|  | 1 800 Flowers Inc. | Common Stock | \*\* | 1145793 |
|  | Aaon Inc. | Common Stock | \*\* | 6815911 |
|  | Abercrombie & Fitch Co. | Common Stock | \*\* | 3432175 |
|  | Academy Sports & Outdoors Inc. | Common Stock | \*\* | 986044 |
|  | Acadia Healthcare Company Inc. | Common Stock | \*\* | 5654990 |
|  | Acuity Brands Inc. | Common Stock | \*\* | 1080268 |
|  | ACV Auctions Inc. | Common Stock | \*\* | 1530841 |
|  | Adeia Inc. | Common Stock | \*\* | 3289600 |
|  | Aehr Test Systems | Common Stock | \*\* | 2116433 |
|  | Aerovironment Inc. | Common Stock | \*\* | 1709263 |
|  | Agilysys Inc. | Common Stock | \*\* | 4650390 |
|  | Agnc Invt Corp. | Common Stock | \*\* | 7350682 |
|  | Agree Realty Corp. | Common Stock | \*\* | 2852001 |
|  | Alarm.com Holdings, Inc. | Common Stock | \*\* | 9966504 |
|  | Alaska Air Group Inc. | Common Stock | \*\* | 1446028 |
|  | Alkami Technology Inc. | Common Stock | \*\* | 1778987 |
|  | Allison Transmission Holding | Common Stock | \*\* | 2160033 |
|  | Ameren Woodmark Corp. | Common Stock | \*\* | 2845783 |
|  | American Eagle Outfitters Inc. | Common Stock | \*\* | 2359668 |
|  | American Public Education Inc. | Common Stock | \*\* | 487740 |
|  | Amicus Therapeutics Inc. | Common Stock | \*\* | 953114 |
|  | Amn Healthcare Services Inc. | Common Stock | \*\* | 635712 |
|  | Amphastar Pharmaceuticals Inc. | Common Stock | \*\* | 1030409 |
|  | Angiodynamics Inc. | Common Stock | \*\* | 2464560 |
|  | Antero Resources Corp. | Common Stock | \*\* | 6773505 |
|  | Apogee Therapeutics Inc. | Common Stock | \*\* | 2417161 |
|  | Appfolio Inc. | Common Stock | \*\* | 15248827 |
|  | Apple Hospitality REIT Inc. | Common Stock | \*\* | 3419188 |
|  | Applied Industrial Technologies Inc. | Common Stock | \*\* | 7189049 |
|  | Archrock Inc. | Common Stock | \*\* | 1341073 |
|  | Arlo Technologies Inc. | Common Stock | \*\* | 10295245 |
|  | Artisan Partners Asset Management Inc. | Common Stock | \*\* | 7839967 |
|  | ASGN Incorporated | Common Stock | \*\* | 2209661 |
|  | Aspen Aerogels Inc. | Common Stock | \*\* | 4283520 |
|  | Astera Labs Inc. | Common Stock | \*\* | 2978705 |
|  | Asure Software Inc. | Common Stock | \*\* | 3219780 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Atlantic Union Bankshares Corp. | Common Stock | \*\* | 2232207 |
| Avidity Biosciences Inc. | Common Stock | \*\* | 1483595 |
| Axon Enterprise Inc. | Common Stock | \*\* | 3864167 |
| AXT, Inc. | Common Stock | \*\* | 271700 |
| Azenta Inc. | Common Stock | \*\* | 2324150 |
| Badger Meter Inc. | Common Stock | \*\* | 2093109 |
| Bancorp Inc. Del | Common Stock | \*\* | 1773549 |
| Beacon Roofing Supply Inc. | Common Stock | \*\* | 12386056 |
| Bellring Brands Inc. | Common Stock | \*\* | 4041692 |
| Berkshire Hills Bancorp Inc. | Common Stock | \*\* | 3140988 |
| Biocryst Pharmaceuticals Inc. | Common Stock | \*\* | 3753124 |
| Bio-Techne Corp. | Common Stock | \*\* | 17485262 |
| Bloom Energy Corp. | Common Stock | \*\* | 1347503 |
| Bloomin Brands Inc. | Common Stock | \*\* | 895528 |
| Blueprint Medicines Corp. | Common Stock | \*\* | 1351485 |
| Boot Barn Holdings Inc. | Common Stock | \*\* | 2576174 |
| Brandywine Realty Trust | Common Stock | \*\* | 233600 |
| Bridgebio Pharma Inc. | Common Stock | \*\* | 1210931 |
| Bright Horizons Family Solutions Inc. | Common Stock | \*\* | 6792653 |
| Broadstone Net Lease Inc. | Common Stock | \*\* | 1869125 |
| Brp Inc. | Common Stock | \*\* | 984886 |
| Bruker Corp. | Common Stock | \*\* | 5591413 |
| BWX Technologies Inc. | Common Stock | \*\* | 6310528 |
| Cadence Bank | Common Stock | \*\* | 8430048 |
| Cameco Corp. | Common Stock | \*\* | 1841591 |
| Camtek Ltd. | Common Stock | \*\* | 1886829 |
| Capri Holdings Ltd. | Common Stock | \*\* | 6125244 |
| Carmax Inc. | Common Stock | \*\* | 10283137 |
| Carpenter Technology Corp. | Common Stock | \*\* | 2965402 |
| Carvana Co. | Common Stock | \*\* | 3534014 |
| Casella Waste Sys Inc. | Common Stock | \*\* | 14597157 |
| Cava Group Inc. | Common Stock | \*\* | 3516432 |
| Celestica Inc. | Common Stock | \*\* | 4165878 |
| Century Casinos Inc. | Common Stock | \*\* | 1973572 |
| Ceva Inc. | Common Stock | \*\* | 3156902 |
| Champion Homes Inc. | Common Stock | \*\* | 1245532 |
| Charles River Laboratories Intl Inc. | Common Stock | \*\* | 8976784 |
| Chart Industries Inc. | Common Stock | \*\* | 2599595 |
| Cheesecake Factory Inc. | Common Stock | \*\* | 639380 |
| Churchill Downs Inc. | Common Stock | \*\* | 2286230 |
| Ciena Corp. | Common Stock | \*\* | 4460348 |
| Clearwater Analytics Holdings Inc. | Common Stock | \*\* | 2206815 |
| Coda Octopus Group Inc. | Common Stock | \*\* | 1588949 |
| Coherent Inc. | Common Stock | \*\* | 6005640 |
| Cohu Inc. | Common Stock | \*\* | 2095120 |
| Columbia Banking System Inc. | Common Stock | \*\* | 3627000 |
| Columbus Mckinnon Corp. | Common Stock | \*\* | 6560881 |
| Comerica Inc. | Common Stock | \*\* | 13242517 |
| Comfort Systems USA Inc. | Common Stock | \*\* | 5568563 |
| Commercial Metals Co. | Common Stock | \*\* | 2679073 |
| Community Healthcare Trust Inc. | Common Stock | \*\* | 2016711 |
| Community West Bancshares | Common Stock | \*\* | 562287 |
| Commvault Systems Inc. | Common Stock | \*\* | 3082796 |
| Compass Inc. | Common Stock | \*\* | 1790786 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Composecure Inc. | Common Stock | \*\* | 2778884 |
| Computer Programs & Systems Inc. | Common Stock | \*\* | 1548272 |
| Consensus Cloud Solutions Inc. | Common Stock | \*\* | 1665046 |
| Construction Partners Inc. | Common Stock | \*\* | 1183327 |
| Core & Main Inc. | Common Stock | \*\* | 21157381 |
| Core Scientific Inc. | Common Stock | \*\* | 1507001 |
| Coty Inc. | Common Stock | \*\* | 5377545 |
| CRA International Inc. | Common Stock | \*\* | 7878336 |
| Crane Co. | Common Stock | \*\* | 2909747 |
| Credo Technology Group Holding Ltd. | Common Stock | \*\* | 1509421 |
| Crinetics Pharmaceuticals Inc. | Common Stock | \*\* | 4807145 |
| Cross Country Healthcare Inc. | Common Stock | \*\* | 1551433 |
| CSW Industrials Inc. | Common Stock | \*\* | 9912440 |
| Cullen/Frost Bankers Inc. | Common Stock | \*\* | 9445047 |
| Curtiss Wright Corp. | Common Stock | \*\* | 8488928 |
| Cushman & Wakefield Inc. | Common Stock | \*\* | 10975737 |
| CyberArk Software Ltd. | Common Stock | \*\* | 5774675 |
| Delek US Holdings Inc. | Common Stock | \*\* | 1696700 |
| Dennys Corp. | Common Stock | \*\* | 388744 |
| Descartes Systems Group Inc. | Common Stock | \*\* | 14349484 |
| Diamondrock Hospitality Co | Common Stock | \*\* | 1401288 |
| Dime Community Bancshares Inc. | Common Stock | \*\* | 3672648 |
| Donnelley Financial Solutions Inc. | Common Stock | \*\* | 10225759 |
| Douglas Dynamics Inc. | Common Stock | \*\* | 7618383 |
| Dutch Bros Inc. | Common Stock | \*\* | 2831218 |
| Eagle Materials Inc. | Common Stock | \*\* | 17817756 |
| Eastern Bankshares Inc. | Common Stock | \*\* | 3677508 |
| Edgewise Therapeutics Inc. | Common Stock | \*\* | 1020544 |
| Elastic NV | Common Stock | \*\* | 1752645 |
| Elbit Systems Ltd. | Common Stock | \*\* | 2016630 |
| Element Solution Inc. | Common Stock | \*\* | 13692979 |
| Embraer | Common Stock | \*\* | 3469544 |
| Emcor Group Inc. | Common Stock | \*\* | 7168960 |
| Encompass Health Corp. | Common Stock | \*\* | 4551530 |
| Endava PLC | Common Stock | \*\* | 4155985 |
| Enhabit Inc. | Common Stock | \*\* | 1478400 |
| Enovix Corp. | Common Stock | \*\* | 1002680 |
| Establishment Labs Holdings Inc. | Common Stock | \*\* | 6466696 |
| Eventbrite Inc. | Common Stock | \*\* | 1394680 |
| Evercore Inc. | Common Stock | \*\* | 2186564 |
| Everest Group Ltd. | Common Stock | \*\* | 4135369 |
| Evertec Inc. | Common Stock | \*\* | 6547608 |
| Everus Construction Group Inc. | Common Stock | \*\* | 1714057 |
| Evolus Inc. | Common Stock | \*\* | 3806238 |
| Exelixis Inc. | Common Stock | \*\* | 3580200 |
| Exlservice Holdings Inc. | Common Stock | \*\* | 1994920 |
| Exponent Inc. | Common Stock | \*\* | 9080555 |
| Federal Agricultural Mortgage Corp. | Common Stock | \*\* | 10570154 |
| Federal Signal Corp. | Common Stock | \*\* | 8389775 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| First American Financial Corp. | Common Stock | \*\* | 10257129 |
| First Citizens Bancshares Inc. | Common Stock | \*\* | 5086220 |
| First Community Bankshares | Common Stock | \*\* | 1886595 |
| First Merchants Corp. | Common Stock | \*\* | 3695186 |
| Firstcash Holdings Inc. | Common Stock | \*\* | 6562644 |
| Fiverr International Ltd. | Common Stock | \*\* | 6237345 |
| Floor & Décor Holdings Inc. | Common Stock | \*\* | 8001293 |
| Flowserve Corp. | Common Stock | \*\* | 4078816 |
| Franklin Covey Co. | Common Stock | \*\* | 6669430 |
| Freshpet Inc. | Common Stock | \*\* | 4464045 |
| Freshworks Inc. | Common Stock | \*\* | 1113880 |
| Ftai Aviation Ltd. | Common Stock | \*\* | 2580203 |
| Fti Consulting Inc. | Common Stock | \*\* | 703260 |
| GATX Corp. | Common Stock | \*\* | 4690247 |
| Gencor Industries Inc. | Common Stock | \*\* | 1077300 |
| Gentex Corp. | Common Stock | \*\* | 1010880 |
| Gibraltar Industries Inc. | Common Stock | \*\* | 880660 |
| Gildan Activewear Inc. | Common Stock | \*\* | 7511061 |
| Glaukos Corp. | Common Stock | \*\* | 4655498 |
| Globus Med Inc. | Common Stock | \*\* | 6388872 |
| Globus Medical Inc. | Common Stock | \*\* | 2079710 |
| Golden Entertainment Inc. | Common Stock | \*\* | 1250668 |
| Goosehead Ins Inc. | Common Stock | \*\* | 17023526 |
| Granite Construction Inc. | Common Stock | \*\* | 5028387 |
| Greif Inc. | Common Stock | \*\* | 2271262 |
| Guardant Health Inc. | Common Stock | \*\* | 1716179 |
| Guidewire Software Inc. | Common Stock | \*\* | 20201849 |
| Gulfport Energy Corp. | Common Stock | \*\* | 1343288 |
| GXO Logistics Inc. | Common Stock | \*\* | 6425039 |
| Hamilton Lane Inc. | Common Stock | \*\* | 18479206 |
| Harmonic Inc. | Common Stock | \*\* | 1347396 |
| Harrow Inc. | Common Stock | \*\* | 6315448 |
| Hawkins Inc. | Common Stock | \*\* | 3153310 |
| Hayward Holdings, Inc. | Common Stock | \*\* | 12970244 |
| HCI Group Inc. | Common Stock | \*\* | 1581310 |
| HealthEquity Inc. | Common Stock | \*\* | 23753550 |
| Healthpeak OP LLC | Common Stock | \*\* | 3305600 |
| Heico Corp. | Common Stock | \*\* | 18412715 |
| Heidrick & Struggles International Inc. | Common Stock | \*\* | 2677824 |
| Helen Troy Ltd. | Common Stock | \*\* | 1597013 |
| Helix Energy Solutions Group Inc. | Common Stock | \*\* | 2350662 |
| Helmerich & Payne Inc. | Common Stock | \*\* | 2004386 |
| Hexcel Corp. | Common Stock | \*\* | 1530244 |
| HNI Corp. | Common Stock | \*\* | 2372860 |
| Huntington Ingalls Industries Inc. | Common Stock | \*\* | 5056760 |
| Huntsman Corp. | Common Stock | \*\* | 1134342 |
| ICF International Inc. | Common Stock | \*\* | 3016954 |
| Ingevity Corp. | Common Stock | \*\* | 2828933 |
| Ingles Markets Inc. | Common Stock | \*\* | 1436974 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Inmode Ltd. | Common Stock | \*\* | 1867285 |
| Innoviva Inc. | Common Stock | \*\* | 3578880 |
| Insight Enterprises Inc. | Common Stock | \*\* | 5792826 |
| Insmed Inc. | Common Stock | \*\* | 308694 |
| Inspire Medical Systems Inc. | Common Stock | \*\* | 686151 |
| Installed Building Products Inc. | Common Stock | \*\* | 8688314 |
| Integer Holdings Corp. | Common Stock | \*\* | 2519143 |
| Integra Lifesciences Holdings Corp. | Common Stock | \*\* | 2268090 |
| Ionq Inc. | Common Stock | \*\* | 923513 |
| Iovance Biotherapeutics Inc. | Common Stock | \*\* | 1783665 |
| IPG Photonics Corp. | Common Stock | \*\* | 971623 |
| Itron Inc. | Common Stock | \*\* | 1572824 |
| Ituran Location & Control | Common Stock | \*\* | 8331506 |
| Janux Therapeutics Inc. | Common Stock | \*\* | 1220701 |
| Jazz Pharmaceuticals | Common Stock | \*\* | 4589253 |
| Jbt Corporation | Common Stock | \*\* | 2527399 |
| John Bean Technologies Corp. | Common Stock | \*\* | 18014052 |
| Kadant Inc. | Common Stock | \*\* | 8440592 |
| Kaiser Aluminum Corp. | Common Stock | \*\* | 1729000 |
| KB Home | Common Stock | \*\* | 3472425 |
| KBR Inc. | Common Stock | \*\* | 4397136 |
| Kemper Corporation | Common Stock | \*\* | 1920475 |
| Kiniksa Pharmaceuticals International | Common Stock | \*\* | 3653460 |
| Kinsale Cap Group Inc. | Common Stock | \*\* | 11533308 |
| Kirby Corp. | Common Stock | \*\* | 3338353 |
| Kite Realty Group Trust | Common Stock | \*\* | 2083500 |
| Knife Riv Holdings Co. | Common Stock | \*\* | 3653474 |
| Kratos Defense & Security Solutions Inc. | Common Stock | \*\* | 1472952 |
| Kulicke & Soffa Industries Inc. | Common Stock | \*\* | 758385 |
| KVH Industries Inc. | Common Stock | \*\* | 515684 |
| Kymera Therapeutics Inc. | Common Stock | \*\* | 1789389 |
| Lantheus Holdings Inc. | Common Stock | \*\* | 1175895 |
| La-Z-Boy Inc. | Common Stock | \*\* | 2643200 |
| Leidos Holdings Inc. | Common Stock | \*\* | 2489076 |
| Lemaitre Vascular Inc. | Common Stock | \*\* | 18684130 |
| Lendingclub Corp. | Common Stock | \*\* | 1324839 |
| Leonardo Drs Inc. | Common Stock | \*\* | 2505316 |
| Lincoln Electric Holdings Inc. | Common Stock | \*\* | 4265819 |
| Life Time Group Holdings Inc. | Common Stock | \*\* | 3080043 |
| Ligand Pharmaceuticals Inc. | Common Stock | \*\* | 10368288 |
| Liquidity Services Inc. | Common Stock | \*\* | 4666108 |
| Lithia Motors Inc. | Common Stock | \*\* | 1346062 |
| Loar Holdings Inc | Common Stock | \*\* | 1377547 |
| LSB Industries Inc. | Common Stock | \*\* | 1606132 |
| LSI Industries Inc. | Common Stock | \*\* | 5204290 |
| Lucky Strike Entertainment Corporation | Common Stock | \*\* | 1675948 |
| LXP Industrial Trust | Common Stock | \*\* | 2444416 |
| Madden Steven Ltd. | Common Stock | \*\* | 2190018 |
| Madison Square Garden Entertainment Corp. | Common Stock | \*\* | 3266966 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Madison Square Garden Sports Corp. | Common Stock | \*\* | 3012219 |
| Magnachip Semiconductor Corp. | Common Stock | \*\* | 469800 |
| Magnite Inc. | Common Stock | \*\* | 1474780 |
| Magnolia Oil & Gas Corp. | Common Stock | \*\* | 7506975 |
| Manhattan Associates Inc. | Common Stock | \*\* | 13215219 |
| Manpowergroup Inc. | Common Stock | \*\* | 5197287 |
| Maravai Lifesciences Holdings Inc. | Common Stock | \*\* | 817788 |
| Mastercraft Boat Holdings Inc. | Common Stock | \*\* | 1731771 |
| Matador Resources Co. | Common Stock | \*\* | 5961240 |
| Materion Corp. | Common Stock | \*\* | 6665495 |
| Maxlinear Inc. | Common Stock | \*\* | 660016 |
| Medpace Holdings Inc. | Common Stock | \*\* | 13180413 |
| Merit Medical Systems Inc. | Common Stock | \*\* | 556703 |
| Merus | Common Stock | \*\* | 1437977 |
| Metallus Inc. | Common Stock | \*\* | 1855548 |
| MFA Financial Inc. | Common Stock | \*\* | 5713313 |
| Miller Industries Inc. | Common Stock | \*\* | 2045070 |
| Mirum Pharmaceuticals Inc. | Common Stock | \*\* | 2514974 |
| MKS Instruments Inc. | Common Stock | \*\* | 2520480 |
| Modine Manufacturing Co. | Common Stock | \*\* | 2628367 |
| Monday.Com Ltd. | Common Stock | \*\* | 886957 |
| Moog Inc. | Common Stock | \*\* | 1016751 |
| Morningstar Inc. | Common Stock | \*\* | 12954332 |
| Mueller Industries Inc. | Common Stock | \*\* | 7536375 |
| Murphy Oil Corp. | Common Stock | \*\* | 5373535 |
| Murphy USA Inc. | Common Stock | \*\* | 16655373 |
| Natera Inc. | Common Stock | \*\* | 4741279 |
| National Healthcare Corp. | Common Stock | \*\* | 1072902 |
| Newmark Group Inc. | Common Stock | \*\* | 1882116 |
| Nexxen | Common Stock | \*\* | 4120904 |
| NNN Reit Inc. | Common Stock | \*\* | 6218696 |
| Noble Corporation | Common Stock | \*\* | 2025560 |
| Nomad Foods Limited | Common Stock | \*\* | 2718292 |
| Northwestern Energy Group Inc. | Common Stock | \*\* | 6544027 |
| Novanta Inc. | Common Stock | \*\* | 16311892 |
| Nutanix Inc. | Common Stock | \*\* | 1998242 |
| Nuvalent Inc. | Common Stock | \*\* | 1841826 |
| Oceanfirst Financial Corp. | Common Stock | \*\* | 1790612 |
| Old Republic International Corp. | Common Stock | \*\* | 3637881 |
| Omniab Inc. | Common Stock | \*\* | 2347873 |
| Onto Innovation Inc. | Common Stock | \*\* | 3204494 |
| Optimizerx Corp. | Common Stock | \*\* | 2218773 |
| Optinose Inc. | Common Stock | \*\* | 419645 |
| Orasure Technologies Inc. | Common Stock | \*\* | 546720 |
| Oshkosh Corporation | Common Stock | \*\* | 1047600 |
| OSI Systems Inc. | Common Stock | \*\* | 6060174 |
| Ovintiv Inc. | Common Stock | \*\* | 3115836 |
| Owens Corning | Common Stock | \*\* | 4447655 |
| Pacira BioSciences Inc. | Common Stock | \*\* | 1551048 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Palomar Holdings Inc. | Common Stock | \*\* | 1332410 |
| Pan American Silver Corp. | Common Stock | \*\* | 1431941 |
| Park City Group, Inc. | Common Stock | \*\* | 11587502 |
| Paymentus Holdings Inc. | Common Stock | \*\* | 1410267 |
| Perimeter Solutions, Inc. | Common Stock | \*\* | 12950900 |
| Perion Network Ltd. | Common Stock | \*\* | 520576 |
| Permian Res Corp. | Common Stock | \*\* | 5703904 |
| Perrigo Company Limited | Common Stock | \*\* | 3200935 |
| Piedmont Office Realty Trust | Common Stock | \*\* | 852150 |
| Piper Sandler Companies | Common Stock | \*\* | 6311086 |
| Pliant Therapeutics Inc. | Common Stock | \*\* | 1141102 |
| Polaris Inc. | Common Stock | \*\* | 1035090 |
| Portland General Electric Co. | Common Stock | \*\* | 8374212 |
| PrInceton Bancorp Inc. | Common Stock | \*\* | 1129240 |
| Procore Technologies Inc. | Common Stock | \*\* | 11890878 |
| Progress Software Corp. | Common Stock | \*\* | 3935705 |
| Progress Software Corp. | Common Stock | \*\* | 2558179 |
| Prosperity Bancshares Inc. | Common Stock | \*\* | 8213600 |
| Provident Financial Services Inc. | Common Stock | \*\* | 3856061 |
| PTC Therapeutics Inc. | Common Stock | \*\* | 1510783 |
| Pulte Group Inc. | Common Stock | \*\* | 1262958 |
| Quanex Building Products Corp. | Common Stock | \*\* | 2508450 |
| Quidelortho Corporation | Common Stock | \*\* | 493271 |
| Quinstreet Inc. | Common Stock | \*\* | 1733119 |
| Radius Recycling Inc. | Common Stock | \*\* | 804670 |
| Radware Ltd. | Common Stock | \*\* | 5594896 |
| Rambus Inc. | Common Stock | \*\* | 3261855 |
| RBC Bearings Incorporated | Common Stock | \*\* | 13252151 |
| Red Rock Resorts Inc. | Common Stock | \*\* | 7575773 |
| Regal Rexnord Corporation | Common Stock | \*\* | 2650791 |
| Repligen Corp. | Common Stock | \*\* | 17441080 |
| Revance Therapeutics Inc. | Common Stock | \*\* | 432427 |
| Rex American Resources Corp. | Common Stock | \*\* | 2974636 |
| RH Inc. | Common Stock | \*\* | 1911980 |
| Rhythm Pharmaceuticals Inc. | Common Stock | \*\* | 2280983 |
| Rocket Lab USA Inc. | Common Stock | \*\* | 1454243 |
| Rocket Pharmaceuticals Inc. | Common Stock | \*\* | 652842 |
| Rush Enterprises Inc. | Common Stock | \*\* | 7905398 |
| RXO LLC | Common Stock | \*\* | 7890222 |
| RxSight Inc. | Common Stock | \*\* | 7082928 |
| Sabra Healthcare Reit Inc. | Common Stock | \*\* | 3874214 |
| Saia Inc. | Common Stock | \*\* | 1223800 |
| Sandy Spring Bancorp Inc. | Common Stock | \*\* | 4140792 |
| Scholar Rock Holding Corporation | Common Stock | \*\* | 1505366 |
| Science Applications International Corp. | Common Stock | \*\* | 2614962 |
| ScPharmaceuticals Inc. | Common Stock | \*\* | 2565650 |
| Seadrill Limited | Common Stock | \*\* | 1967104 |
| Select Water Solutions Inc. | Common Stock | \*\* | 1433750 |
| Selective Insurance Group Inc. | Common Stock | \*\* | 11045848 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Semtech Corp. | Common Stock | \*\* | 2747101 |
| Septerna Inc. | Common Stock | \*\* | 748098 |
| ServiceTitan Inc. | Common Stock | \*\* | 4692684 |
| Shake Shack Inc. | Common Stock | \*\* | 2009273 |
| ShotSpotter, Inc. | Common Stock | \*\* | 3864371 |
| Shutterstock Inc. | Common Stock | \*\* | 6617056 |
| Silicom Ltd. | Common Stock | \*\* | 241684 |
| Silicon Motion Technology Corp. | Common Stock | \*\* | 3336671 |
| Simpson Manufacturing Co, Inc. | Common Stock | \*\* | 7877352 |
| SiteOne Landscape Supply Inc. | Common Stock | \*\* | 11232735 |
| Sitime Corporation | Common Stock | \*\* | 1430829 |
| Skyline Champion Corp. | Common Stock | \*\* | 3832157 |
| Skyward Specialty Insurance Group Inc. | Common Stock | \*\* | 1246615 |
| Sleep Number Corp. | Common Stock | \*\* | 646219 |
| Smith-Midland Corp. | Common Stock | \*\* | 1362461 |
| Solarwinds Corp. | Common Stock | \*\* | 366718 |
| Sonos Inc. | Common Stock | \*\* | 1468635 |
| Spectrum Brands Holdings Inc. | Common Stock | \*\* | 3018792 |
| Sphere Entertainment Co. | Common Stock | \*\* | 1677600 |
| Sportradar Group | Common Stock | \*\* | 1207651 |
| Sprouts Farmers Market Inc. | Common Stock | \*\* | 5450063 |
| SPS Commerce, Inc. | Common Stock | \*\* | 10411520 |
| Spyre Therapeutics Inc. | Common Stock | \*\* | 1069863 |
| Stag Industrial Inc. | Common Stock | \*\* | 6294931 |
| Sterling Infrastructure Inc. | Common Stock | \*\* | 2113370 |
| Stifel Financial Corp. | Common Stock | \*\* | 4529735 |
| Stoneridge Inc. | Common Stock | \*\* | 23265 |
| Stride Inc. | Common Stock | \*\* | 8009553 |
| Stride Inc. | Common Stock | \*\* | 13388690 |
| Structure Therapeutics Inc. | Common Stock | \*\* | 1287991 |
| Summit Hotel Properties Inc. | Common Stock | \*\* | 661606 |
| Supernus Pharmaceuticals Inc. | Common Stock | \*\* | 6582374 |
| Sweetgreen Inc. | Common Stock | \*\* | 1419905 |
| Tapestry Inc. | Common Stock | \*\* | 3143714 |
| TechnipFMC | Common Stock | \*\* | 1637274 |
| Techtarget Inc. | Common Stock | \*\* | 1724356 |
| Teekay Tankers Ltd. | Common Stock | \*\* | 936912 |
| Terawulf Inc. | Common Stock | \*\* | 1271377 |
| Tetra Tech Inc. | Common Stock | \*\* | 812544 |
| Tower Semiconductor Ltd. | Common Stock | \*\* | 3647194 |
| Transmedics Group Inc. | Common Stock | \*\* | 1205362 |
| Travere Therapeutics Inc. | Common Stock | \*\* | 2777199 |
| Trupanion, Inc. | Common Stock | \*\* | 7665592 |
| Trustco Bank Corp. | Common Stock | \*\* | 4003920 |
| U-Haul Holding Company | Common Stock | \*\* | 1845090 |
| Ultragenyx Pharmaceutical Inc. | Common Stock | \*\* | 1813155 |
| Umb Financial Corp. | Common Stock | \*\* | 4244400 |
| United Bankshares Inc. | Common Stock | \*\* | 8618610 |
| United Community Bank | Common Stock | \*\* | 3106371 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | United Fire Group Inc. | Common Stock | \*\* | 1548144 |
| | Universal Display Corp. | Common Stock | \*\* | 1851512 |
| | Upland Software Inc. | Common Stock | \*\* | 2680205 |
| | Upstart Holdings Inc. | Common Stock | \*\* | 2332374 |
| | Uranium Energy Corp. | Common Stock | \*\* | 2355505 |
| | Urban Outfitters Inc. | Common Stock | \*\* | 4339386 |
| | UroGen Pharma Ltd. | Common Stock | \*\* | 1954517 |
| | Utah Medical Products Inc. | Common Stock | \*\* | 3310706 |
| | Utz Brands Inc. | Common Stock | \*\* | 7105102 |
| | V2X Inc. | Common Stock | \*\* | 2330211 |
| | Valmont Inds Inc. | Common Stock | \*\* | 4336103 |
| | Valvoline Inc. | Common Stock | \*\* | 6265652 |
| | Varex Imaging Corp. | Common Stock | \*\* | 3577278 |
| | Varonis Systems Inc. | Common Stock | \*\* | 1267086 |
| | Vaxcyte Inc. | Common Stock | \*\* | 2968877 |
| | Veracyte Inc. | Common Stock | \*\* | 2046645 |
| | Verona Pharma | Common Stock | \*\* | 13121012 |
| | Vertex Inc. | Common Stock | \*\* | 2118039 |
| | Village Super Market Inc. | Common Stock | \*\* | 1168268 |
| | Viridian Therapeutics Inc. | Common Stock | \*\* | 3341907 |
| | Vishay Intertechnology Inc. | Common Stock | \*\* | 2527649 |
| | Visteon Corp. | Common Stock | \*\* | 2416725 |
| | Wafd Inc. | Common Stock | \*\* | 4702796 |
| | Warby Parker Inc. | Common Stock | \*\* | 4656666 |
| | Wave Life Sciences Ltd. | Common Stock | \*\* | 1762921 |
| | WD-40 Co. | Common Stock | \*\* | 6979660 |
| | Webster Financial Corp. | Common Stock | \*\* | 5993880 |
| | Western Alliance BanCorp. | Common Stock | \*\* | 13275400 |
| | Western Alliance Bancorporation | Common Stock | \*\* | 1381229 |
| | Willdan Group Inc. | Common Stock | \*\* | 2776138 |
| | Williams Sonoma Inc. | Common Stock | \*\* | 3408341 |
| | Wix.Com Ltd. | Common Stock | \*\* | 2724063 |
| | Wns Holdings Ltd. | Common Stock | \*\* | 7369600 |
| | Xenon Pharmaceuticals Inc. | Common Stock | \*\* | 3501768 |
| | Y-mAbs Therapeutics, Inc. | Common Stock | \*\* | 430515 |
| | Ziff Davis Inc. | Common Stock | \*\* | 2567266 |
| | Zions BanCorp. | Common Stock | \*\* | 11374408 |
| | **Total Other Common Stocks** | | | 1790065839 |
| | **Cash Equivalent** | | | |
| \* | Bank of America, N.A. Merrill Lynch Bank Deposit | Cash Equivalent, 4.22% | \*\* | 19368827 |
|  | **Mutual Funds** |  |  |  |
|  | PIMCO | All Asset Class Institutional Fund | \*\* | 1014166854 |
|  | iShares | Russell 2000 Value ETF | \*\* | 18155423 |
|  | **Total Mutual Funds** |  |  | 1032322277 |
|  | **Government Securities** |  |  |  |
|  | Abu Dhabi Crude Oil Pipeline LLC | $857,000 par, 4.6%, due November 2, 2047 | \*\* | 752551 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| ADNOC Murban RSC Ltd. | $1,630,000 par, 5.13%, due September 11, 2054 | \*\* | 1479251 |
| ADNOC Murban RSC Ltd. | $5,808,000 par, 4.25%, due September 11, 2029 | \*\* | 5638011 |
| Airport Authority HK | $1,337,000 par, 5.13%, due January 15, 2035 | \*\* | 1346368 |
| Airport Authority HK | $4,672,000 par, 4.88%, due July 15, 2030 | \*\* | 4684476 |
| Bank Gospodarstwa Krajowego | $212,000 par, 6.25%, due July 9, 2054 | \*\* | 208556 |
| California State Municipal Bond | $1,015,000 par, 7.3%, due October 1, 2039 | \*\* | 1148204 |
| Chile Electricity Lux | $1,446,000 par, 5.58%, due October 20, 2035 | \*\* | 1420840 |
| Comision Federal de Electricidad | $1,189,000 par, 6.45%, due January 24, 2035 | \*\* | 1119249 |
| Connecticut Avenue Securities Trust | $463,384 par, 6.05%, due July 25, 2043 | \*\* | 465686 |
| FHLMC, Freddie Mac | $1,049,000 par, 6.25%, due July 15, 2032 | \*\* | 1164918 |
| FHLMC, Freddie Mac | $1,125,716 par, 6.00%, due September 1, 2054 | \*\* | 1139523 |
| FHLMC, Freddie Mac | $1,197,254 par, 3.50%, due March 1, 2048 | \*\* | 1074942 |
| FHLMC, Freddie Mac | $1,204,130 par, 5.00%, due June 1, 2054 | \*\* | 1169444 |
| FHLMC, Freddie Mac | $1,216,792 par, 2.00%, due August 1, 2051 | \*\* | 951959 |
| FHLMC, Freddie Mac | $1,228,843 par, 4.50%, due May 1, 2054 | \*\* | 1157510 |
| FHLMC, Freddie Mac | $1,277,029 par, 5.00%, due June 1, 2054 | \*\* | 1240393 |
| FHLMC, Freddie Mac | $1,344,143 par, 4.50%, due September 1, 2050 | \*\* | 1283098 |
| FHLMC, Freddie Mac | $1,386,000 par, 5.44%, due January 25, 2045 | \*\* | 1386340 |
| FHLMC, Freddie Mac | $1,433,373 par, 2.00%, due August 1, 2035 | \*\* | 1284313 |
| FHLMC, Freddie Mac | $1,478,266 par, 2.00%, due December 1, 2051 | \*\* | 1166387 |
| FHLMC, Freddie Mac | $1,500,352 par, 3.00%, July 1, 2050 | \*\* | 1295577 |
| FHLMC, Freddie Mac | $1,563,915 par, 3.50%, due January 25, 2051 | \*\* | 1482517 |
| FHLMC, Freddie Mac | $1,577,842 par, 2.50%, due February 1, 2052 | \*\* | 1291557 |
| FHLMC, Freddie Mac | $1,727,378 par, Floating Rate, due February 25, 2044 | \*\* | 1731086 |
| FHLMC, Freddie Mac | $1,778,419 par, due May 25, 2044 | \*\* | 1784158 |
| FHLMC, Freddie Mac | $1,880,983 par, 2.00%, due February 1, 2051 | \*\* | 1469568 |
| FHLMC, Freddie Mac | $103,344 par, 2.50%, due November 21, 2051 | \*\* | 84525 |
| FHLMC, Freddie Mac | $120,332 par, 4.00%, due August 1, 2048 | \*\* | 111580 |
| FHLMC, Freddie Mac | $153,726 par, 6.85%, due March 25, 2052 | \*\* | 155984 |
| FHLMC, Freddie Mac | $177,035 par, 3.00%, due May 1, 2037 | \*\* | 165671 |
| FHLMC, Freddie Mac | $187,117 par, 2.50%, due June 1, 2050 | \*\* | 154401 |
| FHLMC, Freddie Mac | $192,949 par, 3.00%, due December 1, 2049 | \*\* | 166782 |
| FHLMC, Freddie Mac | $2,058,406 par, 2.00%, due August 1, 2050 | \*\* | 1618311 |
| FHLMC, Freddie Mac | $2,214,929 par, 3.00%, June 1, 2050 | \*\* | 1919999 |
| FHLMC, Freddie Mac | $2,269,583 par, 2.50%, due February 1, 2052 | \*\* | 1866657 |
| FHLMC, Freddie Mac | $2,284,780 par, 2.00%, due February 1, 2052 | \*\* | 1732008 |
| FHLMC, Freddie Mac | $2,287,599 par, 4.00%, due November 25, 2051 | \*\* | 2212305 |
| FHLMC, Freddie Mac | $2,341,516 par, 2.50%, due April 1, 2052 | \*\* | 1937439 |
| FHLMC, Freddie Mac | $2,354,572 par, 5.00%, due February 1, 2055 | \*\* | 2275670 |
| FHLMC, Freddie Mac | $2,376,444 par, 2.50%, due July 1, 2051 | \*\* | 1962147 |
| FHLMC, Freddie Mac | $2,392,490 par, 2.00%, due February 25, 2052 | \*\* | 2089541 |
| FHLMC, Freddie Mac | $2,420,418 par, 2.50%, due August 1, 2051 | \*\* | 1993626 |
| FHLMC, Freddie Mac | $2,505,771 par, 5.50%, due June 1, 2053 | \*\* | 2492801 |
| FHLMC, Freddie Mac | $2,511,841 par, 2.50%, due May 1, 2051 | \*\* | 2050579 |
| FHLMC, Freddie Mac | $2,695,158 par, 6.00%, due June 1, 2053 | \*\* | 2735089 |
| FHLMC, Freddie Mac | $2,730,202 par, 4.00%, due July 1, 2049 | \*\* | 2529567 |
| FHLMC, Freddie Mac | $2,961,749 par, 6.50%, due August 1, 2054 | \*\* | 3055680 |
| FHLMC, Freddie Mac | $224,028 par, 3.00%, due February 1, 2050 | \*\* | 193875 |
| FHLMC, Freddie Mac | $247,516 par, 2.50%, due March 1, 2051 | \*\* | 203123 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| FHLMC, Freddie Mac | $252,338 par, 2.50%, due July 1, 2035 | \*\* | 231613 |
| FHLMC, Freddie Mac | $277,073 par, 3.00%, due September 1, 2050 | \*\* | 239521 |
| FHLMC, Freddie Mac | $3,149,923 par, 2.50%, due November 1, 2051 | \*\* | 2606462 |
| FHLMC, Freddie Mac | $3,294,605 par, 2.00%, due May 1 ,2051 | \*\* | 2583179 |
| FHLMC, Freddie Mac | $3,350,733 par, 2.00%, due November 1, 2050 | \*\* | 2633294 |
| FHLMC, Freddie Mac | $3,392,695 par, 3.50%, due January 1, 2051 | \*\* | 3045407 |
| FHLMC, Freddie Mac | $3,450,986 par, 6.00%, due September 1, 2054 | \*\* | 3515646 |
| FHLMC, Freddie Mac | $317,660 par, 2.50%, due February 1, 2051 | \*\* | 261998 |
| FHLMC, Freddie Mac | $339,553 par, 4.00%, due September 1, 2052 | \*\* | 311061 |
| FHLMC, Freddie Mac | $374,154 par, 3.00%, due January 1, 2050 | \*\* | 323220 |
| FHLMC, Freddie Mac | $377,225 par, 2.50%, due March 1, 2052 | \*\* | 311595 |
| FHLMC, Freddie Mac | $387,241 par, 0.00%, due June 1, 2036 | \*\* | 345498 |
| FHLMC, Freddie Mac | $388,184 par, 2.50%, due July 1, 2050 | \*\* | 308425 |
| FHLMC, Freddie Mac | $398,566 par, 3.00%, due May 1, 2037 | \*\* | 376203 |
| FHLMC, Freddie Mac | $398,609 par, 3.00%, November 1, 2049 | \*\* | 344552 |
| FHLMC, Freddie Mac | $4,008,363 par, 4.00%, due May 1, 2052 | \*\* | 3672614 |
| FHLMC, Freddie Mac | $4,316,600 par, 5.50%, due February 1, 2053 | \*\* | 4276541 |
| FHLMC, Freddie Mac | $4,582,827 par, 3.50%, due September 25, 2044 | \*\* | 4339844 |
| FHLMC, Freddie Mac | $4,985,311 par, 2.00%, due November 1, 2051 | \*\* | 3901921 |
| FHLMC, Freddie Mac | $406,186 par, 5.65%, due February 25, 2042 | \*\* | 407075 |
| FHLMC, Freddie Mac | $41,141 par, 3.00%, due February 1, 2050 | \*\* | 35541 |
| FHLMC, Freddie Mac | $47,115 par, 5.15%, due October 25, 2041 | \*\* | 47102 |
| FHLMC, Freddie Mac | $476,882 par, 2.00%, due December 31, 2049 | \*\* | 445832 |
| FHLMC, Freddie Mac | $499,511 par, 2.00%, due January 1, 2037 | \*\* | 446887 |
| FHLMC, Freddie Mac | $5,643,982 par, 2.00%, due February 1, 2052 | \*\* | 4453202 |
| FHLMC, Freddie Mac | $518,213 par, 3.50%, due March 1, 2048 | \*\* | 465902 |
| FHLMC, Freddie Mac | $543,537 par, 3.50%, due October 15, 2053 | \*\* | 523565 |
| FHLMC, Freddie Mac | $589,222 par, 2.00%, due June 1, 2036 | \*\* | 525706 |
| FHLMC, Freddie Mac | $591,516 par, 2.50%, due December 1, 2035 | \*\* | 544712 |
| FHLMC, Freddie Mac | $61,515 par, 3.50%, due October 1, 2047 | \*\* | 55385 |
| FHLMC, Freddie Mac | $61,810 par, 2.50%, due August 1, 2050 | \*\* | 50948 |
| FHLMC, Freddie Mac | $634,900 par, 3.00%, due January 1, 2050 | \*\* | 548867 |
| FHLMC, Freddie Mac | $664,569 par, 3.00%, due April 1, 2050 | \*\* | 573994 |
| FHLMC, Freddie Mac | $722,284 par, 2.00%, due December 1, 2050 | \*\* | 567520 |
| FHLMC, Freddie Mac | $744,034 par, 2.00%, due September 1, 2051 | \*\* | 582792 |
| FHLMC, Freddie Mac | $872,454 par, 2.50%, due December 1, 2050 | \*\* | 718000 |
| FHLMC, Freddie Mac | $902,909 par, 1.50%, due June 1, 2037 | \*\* | 780760 |
| FHLMC, Freddie Mac | $947,644 par, 4.00%, due August 1, 2052 | \*\* | 867835 |
| FHLMC, Freddie Mac | $949,391 par, 2.50%, due December 1, 2051 | \*\* | 781240 |
| FHLMC, Freddie Mac | $1,684,193 par, 4.76%, due October 25, 2034 | \*\* | 1666698 |
| FHLMC, Freddie Mac | $1,880,622 par, 4.46%, due August 25, 2031 | \*\* | 1846822 |
| FHLMC, Freddie Mac | $1,959,240 par, due July 25, 2033 | \*\* | 1913684 |
| FHLMC, Freddie Mac | $3,880,881 par, 4.90%, due October 25, 2033 | \*\* | 3889443 |
| FHLMC, Freddie Mac | $4,558,414 par, 5.00%, due May 25, 2034 | \*\* | 4596704 |
| FHLMC, Freddie Mac | $901,000 par, 3.51%, due March 1, 2029 | \*\* | 864365 |
| FNMA, Fannie Mae | $1,032,240 par, 2.00%, due August 1, 2036 | \*\* | 920972 |
| FNMA, Fannie Mae | $1,032,444 par, 1.50%, due November 1, 2036 | \*\* | 897764 |
| FNMA, Fannie Mae | $1,069,445 par, 2.00%, due June 25, 2041 | \*\* | 951056 |
| FNMA, Fannie Mae | $1,073,350 par, 3.00%, due March 1, 2037 | \*\* | 1006487 |
| FNMA, Fannie Mae | $1,083,892 par, 2.00%, due March 1, 2037 | \*\* | 973277 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| FNMA, Fannie Mae | $1,129,546 par, 4.00%, due September 1, 2063 | \*\* | 1037326 |
| FNMA, Fannie Mae | $1,132,174 par, 3.00%, due November 1, 2049 | \*\* | 978980 |
| FNMA, Fannie Mae | $1,177,972 par, 3.50%, due February 1, 2062 | \*\* | 1018077 |
| FNMA, Fannie Mae | $1,182,152 par, 4.00%, due December 1, 2052 | \*\* | 1087418 |
| FNMA, Fannie Mae | $1,243,654 par, 3.00%, due November 1, 2051 | \*\* | 1083191 |
| FNMA, Fannie Mae | $1,286,966 par, 2.00%, due June 25, 2046 | \*\* | 1114037 |
| FNMA, Fannie Mae | $1,307,594 par, 2.50%, due September 1, 2035 | \*\* | 1200143 |
| FNMA, Fannie Mae | $1,351,636 par, 3.00%, due December 1, 2049 | \*\* | 1167493 |
| FNMA, Fannie Mae | $1,402,653 par, 2.00%, due June 1, 2050 | \*\* | 1103415 |
| FNMA, Fannie Mae | $1,469,412 par, 2.50%, due July 1, 2036 | \*\* | 1352388 |
| FNMA, Fannie Mae | $1,471,080 par, 2.50%, due February 1, 2051 | \*\* | 1200800 |
| FNMA, Fannie Mae | $1,505,744 par, 5.00%, due March 1, 2062 | \*\* | 1466409 |
| FNMA, Fannie Mae | $1,545,649 par, 5.50%, due September 1, 2054 | \*\* | 1531280 |
| FNMA, Fannie Mae | $1,586,220 par, 6.00%, due February 1, 2055 | \*\* | 1602571 |
| FNMA, Fannie Mae | $1,668,715 par, 3.00%, due November 1, 2051 | \*\* | 1422165 |
| FNMA, Fannie Mae | $1,676,357 par, 3.00%, due February 1, 2050 | \*\* | 1429473 |
| FNMA, Fannie Mae | $1,699,121 par, 2.00%, due February 1, 2051 | \*\* | 1332627 |
| FNMA, Fannie Mae | $1,716,260 par, 2.50%, due August 1, 2050 | \*\* | 1416172 |
| FNMA, Fannie Mae | $1,722,908 par, 3.00%, due September 1, 2050 | \*\* | 1484067 |
| FNMA, Fannie Mae | $1,727,113 par, 4.00%, due June 1, 2048 | \*\* | 1601503 |
| FNMA, Fannie Mae | $1,727,755 par, 2.00%, due February 1, 2052 | \*\* | 1363364 |
| FNMA, Fannie Mae | $1,742,731 par, 4.00%, due June 1, 2052 | \*\* | 1623009 |
| FNMA, Fannie Mae | $1,838,693 par, 2.5%, due April 1, 2042 | \*\* | 1568569 |
| FNMA, Fannie Mae | $1,838,730 par, 3.50%, due May 1, 2052 | \*\* | 1636730 |
| FNMA, Fannie Mae | $1,842,215 par, 3.00%, due July 1, 2051 | \*\* | 1567770 |
| FNMA, Fannie Mae | $1,851,738 par, 1.50%, due May 1, 2037 | \*\* | 1601227 |
| FNMA, Fannie Mae | $1,889,057 par, 2.00%, due April 1, 2042 | \*\* | 1566168 |
| FNMA, Fannie Mae | $1,906,070 par, 3.50%, due May 1, 2052 | \*\* | 1696090 |
| FNMA, Fannie Mae | $102,234 par, 2.00%, due March 1, 2052 | \*\* | 80365 |
| FNMA, Fannie Mae | $102,284 par, 3.00%, due May 1, 2050 | \*\* | 88664 |
| FNMA, Fannie Mae | $106,553 par, 3.00%, due November 1, 2050 | \*\* | 92015 |
| FNMA, Fannie Mae | $114,614 par, 2.00%, due September 1, 2050 | \*\* | 89897 |
| FNMA, Fannie Mae | $127,275 par, 3.00%, due December 1, 2049 | \*\* | 110172 |
| FNMA, Fannie Mae | $133,219 par, 2.00%, due September 1, 2035 | \*\* | 119363 |
| FNMA, Fannie Mae | $168,564 par, 2.00%, due March 1, 2037 | \*\* | 150792 |
| FNMA, Fannie Mae | $174,445 par, 2.50%, due December 1, 2050 | \*\* | 143459 |
| FNMA, Fannie Mae | $177,473 par, 2.50%, due September 1, 2051 | \*\* | 141492 |
| FNMA, Fannie Mae | $179,496 par, 3.00%, due May 1, 2036 | \*\* | 169869 |
| FNMA, Fannie Mae | $185,034 par, 3.00%, due December 1, 2049 | \*\* | 159882 |
| FNMA, Fannie Mae | $19,600 par, 4.50%, due January 1, 2030 | \*\* | 19494 |
| FNMA, Fannie Mae | $192,136 par, 3.00%, due October 1, 2035 | \*\* | 180008 |
| FNMA, Fannie Mae | $2,056,167 par, 2.50%, due December 1, 2034 | \*\* | 1892166 |
| FNMA, Fannie Mae | $2,075,043 par, 2.00%, due August 1, 2051 | \*\* | 1620698 |
| FNMA, Fannie Mae | $2,119,947 par, 2.50%, due December 1, 2051 | \*\* | 1744873 |
| FNMA, Fannie Mae | $2,126,031 par, 2.00%, due June 1, 2041 | \*\* | 1775986 |
| FNMA, Fannie Mae | $2,141,903 par, 3.00%, due February 1, 2051 | \*\* | 1822840 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| FNMA, Fannie Mae | $2,240,783 par, 3.00%, due February 1, 2050 | \*\* | 1935735 |
| FNMA, Fannie Mae | $2,254,398 par, 1.50%, due August 1, 2036 | \*\* | 1956134 |
| FNMA, Fannie Mae | $2,347,444 par, 2.50%, due September 1, 2050 | \*\* | 1873748 |
| FNMA, Fannie Mae | $2,356,923 par, 2.00%, due May 1, 2036 | \*\* | 2098484 |
| FNMA, Fannie Mae | $2,423,272 par, 2.50%, due September 1, 2050 | \*\* | 1993551 |
| FNMA, Fannie Mae | $2,423,516 par, 5.00%, due February 1, 2053 | \*\* | 2347108 |
| FNMA, Fannie Mae | $2,458,041 par, 5.50%, due February 1, 2053 | \*\* | 2445638 |
| FNMA, Fannie Mae | $2,498,527 par, 2.50%, due November 1, 2036 | \*\* | 2280805 |
| FNMA, Fannie Mae | $2,499,516 par, 4.50%, due April 1, 2056 | \*\* | 2374969 |
| FNMA, Fannie Mae | $2,499,694 par, 1.50%, due December 1, 2050 | \*\* | 1849573 |
| FNMA, Fannie Mae | $2,575,000 par, 5.5% | \*\* | 2542949 |
| FNMA, Fannie Mae | $2,579,428 par, 2.00%, due February 1, 2052 | \*\* | 2011497 |
| FNMA, Fannie Mae | $2,590,767 par, 4.50%, due October 1, 2052 | \*\* | 2450727 |
| FNMA, Fannie Mae | $2,601,694 par, 2.00%, due November 1, 2051 | \*\* | 2038102 |
| FNMA, Fannie Mae | $2,685,252 par, 5.50%, due March 1, 2053 | \*\* | 2665966 |
| FNMA, Fannie Mae | $2,760,647 par, 3.50%, due January 1, 2058 | \*\* | 2489863 |
| FNMA, Fannie Mae | $2,779,121 par, 2.50%, due August 1, 2051 | \*\* | 2296611 |
| FNMA, Fannie Mae | $201,834 par, 3.00%, due February 1, 2050 | \*\* | 172110 |
| FNMA, Fannie Mae | $203,222 par, 2.50%, due October 1, 2034 | \*\* | 186817 |
| FNMA, Fannie Mae | $209,081 par, 2.00%, due May 1, 2051 | \*\* | 158511 |
| FNMA, Fannie Mae | $214,497 par, 3.00%, due July 1, 2049 | \*\* | 185807 |
| FNMA, Fannie Mae | $248,142 par, 2.00%, due October 1, 2041 | \*\* | 206807 |
| FNMA, Fannie Mae | $272,837 par, 3.50%, due January 1, 2048 | \*\* | 244969 |
| FNMA, Fannie Mae | $298,579 par, 2.50%, due February 1, 2052 | \*\* | 245257 |
| FNMA, Fannie Mae | $3,011,974 par, 3.50%, due December 1, 2062 | \*\* | 2640438 |
| FNMA, Fannie Mae | $3,015,080 par, 3.50%, due August 1, 2052 | \*\* | 2730526 |
| FNMA, Fannie Mae | $3,139,423 par, 4.50%, due August 1, 2052 | \*\* | 2960281 |
| FNMA, Fannie Mae | $3,196,468 par, 3.50%, due June 1, 2052 | \*\* | 2850616 |
| FNMA, Fannie Mae | $3,408,298 par, 2.00%, due December 1, 2050 | \*\* | 2678533 |
| FNMA, Fannie Mae | $3,415,060 par, 2.00%, due November 1, 2051 | \*\* | 2671524 |
| FNMA, Fannie Mae | $3,524,182 par, 2.50%, due March 1, 2052 | \*\* | 2882176 |
| FNMA, Fannie Mae | $3,526,415 par, 2.00%, due February 1, 2037 | \*\* | 3154621 |
| FNMA, Fannie Mae | $3,610,000 par, 7.00% | \*\* | 3756429 |
| FNMA, Fannie Mae | $3,831,326 par, 4.00%, due June 1, 2052 | \*\* | 3509992 |
| FNMA, Fannie Mae | $3,847,730 par, 2.50%, due April 1, 2052 | \*\* | 3147975 |
| FNMA, Fannie Mae | $3,961,820 par, 2.00%, due September 1, 2051 | \*\* | 3104184 |
| FNMA, Fannie Mae | $3,970,000 par, 2.50% | \*\* | 3235142 |
| FNMA, Fannie Mae | $308,176 par, 1.50%, due September 1, 2036 | \*\* | 266484 |
| FNMA, Fannie Mae | $312,072 par, 2.50%, due August 1, 2051 | \*\* | 257621 |
| FNMA, Fannie Mae | $341,932 par, 3.00%, due July 1, 2050 | \*\* | 296401 |
| FNMA, Fannie Mae | $361,313 par, 2.00%, due November 1, 2050 | \*\* | 284008 |
| FNMA, Fannie Mae | $362,139 par, 2.00%, due April 1, 2036 | \*\* | 322574 |
| FNMA, Fannie Mae | $367,381 par, due January 25, 2044 | \*\* | 367480 |
| FNMA, Fannie Mae | $373,971 par, 3.00%, due July 1, 2051 | \*\* | 320590 |
| FNMA, Fannie Mae | $377,520 par, 2.50%, due September 1, 2052 | \*\* | 309465 |
| FNMA, Fannie Mae | $390,995 par, 3.00%, due January 1, 2050 | \*\* | 337708 |
| FNMA, Fannie Mae | $397,705 par, 2.00%, due October 1, 2050 | \*\* | 312613 |
| FNMA, Fannie Mae | $4,056,178 par, 2.50%, due June 1, 2051 | \*\* | 3334550 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| FNMA, Fannie Mae | $4,280,000 par, 5.00% | \*\* | 4132721 |
| FNMA, Fannie Mae | $4,363,242 par, 6.00%, due July 1, 2054 | \*\* | 4400298 |
| FNMA, Fannie Mae | $4,425,000 par, 6.00% | \*\* | 4455065 |
| FNMA, Fannie Mae | $4,788,731 par, 5.50%, due January 1, 2055 | \*\* | 4752535 |
| FNMA, Fannie Mae | $4,800,525 par, 5.00%, due March 1, 2053 | \*\* | 4648188 |
| FNMA, Fannie Mae | $4,840,000 par, 4.50% | \*\* | 4554516 |
| FNMA, Fannie Mae | $4,959,211 par, 2.50%, due June 1, 2051 | \*\* | 4065223 |
| FNMA, Fannie Mae | $4,995,000 par, 4.00% | \*\* | 4567303 |
| FNMA, Fannie Mae | $489,107 par, 3.00%, due May 1, 2050 | \*\* | 422304 |
| FNMA, Fannie Mae | $5,150,000 par, 3.50% | \*\* | 4556543 |
| FNMA, Fannie Mae | $5,451,243 par, 2.00%, due January 1, 2052 | \*\* | 4287975 |
| FNMA, Fannie Mae | $501,099 par, 2.50%, due August 1, 2035 | \*\* | 459942 |
| FNMA, Fannie Mae | $509,020 par, 3.00%, due October 1, 2051 | \*\* | 397104 |
| FNMA, Fannie Mae | $534,093 par, 3.00%, due October 1, 2034 | \*\* | 506124 |
| FNMA, Fannie Mae | $539,645 par, 2.00%, due October 1, 2051 | \*\* | 425921 |
| FNMA, Fannie Mae | $559,238 par, 3.00%, due September 1, 2050 | \*\* | 484770 |
| FNMA, Fannie Mae | $581,584 par, 3.00%, due August 1, 2050 | \*\* | 499091 |
| FNMA, Fannie Mae | $6,060,000 par, 6.50% | \*\* | 6212681 |
| FNMA, Fannie Mae | $600,866 par, 3.00%, due August 1, 2034 | \*\* | 567188 |
| FNMA, Fannie Mae | $610,000 par, 3.00% | \*\* | 568835 |
| FNMA, Fannie Mae | $62,704 par, 3.50%, due June 1, 2047 | \*\* | 56397 |
| FNMA, Fannie Mae | $636,325 par, 2.00%, due October 1, 2051 | \*\* | 498189 |
| FNMA, Fannie Mae | $649,691 par, 3.50%, due October 1, 2048 | \*\* | 583287 |
| FNMA, Fannie Mae | $676,221 par, 3.00%, due July 1, 2049 | \*\* | 585633 |
| FNMA, Fannie Mae | $691,192 par, 3.00% due March 1, 2050 | \*\* | 597099 |
| FNMA, Fannie Mae | $7,023,982 par, 1.50%, due January 1, 2051 | \*\* | 5199498 |
| FNMA, Fannie Mae | $7,310,000 par, 2.00% | \*\* | 5689236 |
| FNMA, Fannie Mae | $7,331,415 par, 2.00%, due January 1, 2051 | \*\* | 5726439 |
| FNMA, Fannie Mae | $703,912 par, 2.50%, due March 1, 2052 | \*\* | 576906 |
| FNMA, Fannie Mae | $735,000 par, 2.00% | \*\* | 653223 |
| FNMA, Fannie Mae | $74,745 par, 4.00%, due April 25, 2041 | \*\* | 74436 |
| FNMA, Fannie Mae | $749,145 par, 3.00%, due November 1, 2049 | \*\* | 647316 |
| FNMA, Fannie Mae | $754,212 par, 6.00%, due June 1, 2054 | \*\* | 762091 |
| FNMA, Fannie Mae | $760,793 par, due December 25, 2041 | \*\* | 760561 |
| FNMA, Fannie Mae | $8,925,000 par, 3.00% | \*\* | 7589258 |
| FNMA, Fannie Mae | $850,632 par, 4.50%, due July 1, 2048 | \*\* | 812382 |
| FNMA, Fannie Mae | $891,971 par, 2.50%, due August 1, 2035 | \*\* | 818706 |
| FNMA, Fannie Mae | $992,494 par, Floating Rate, due June 25, 2043 | \*\* | 1002112 |
| GNMA, Ginnie Mae | $1,030,000 par, 4.5% | \*\* | 973994 |
| GNMA, Ginnie Mae | $1,032,975 par, 4.00%, due July 20, 2047 | \*\* | 966299 |
| GNMA, Ginnie Mae | $1,081,959 par, 3.5%, due April 20, 2048 | \*\* | 979026 |
| GNMA, Ginnie Mae | $1,113,663 par, 2.5%, due December 20, 2050 | \*\* | 932797 |
| GNMA, Ginnie Mae | $1,117,799 par, 4.00%, due November 20, 2052 | \*\* | 1029714 |
| GNMA, Ginnie Mae | $1,154,624 par, 3.00%, due October 20, 2051 | \*\* | 1005739 |
| GNMA, Ginnie Mae | $1,172,672 par, 3.5%, due May 20, 2046 | \*\* | 1062669 |
| GNMA, Ginnie Mae | $1,186,453 par, 3.00%, due September 20, 2051 | \*\* | 1033404 |
| GNMA, Ginnie Mae | $1,251,279 par, 4.00%, due August 20, 2045 | \*\* | 1178813 |
| GNMA, Ginnie Mae | $1,285,000 par, 2.5% | \*\* | 1074249 |
| GNMA, Ginnie Mae | $1,317,670 par, 3.00%, due May 20, 2051 | \*\* | 1149627 |
| GNMA, Ginnie Mae | $1,330,000 par, 2.00% | \*\* | 1065039 |
| GNMA, Ginnie Mae | $1,447,975 par, 3.00%, due July 20, 2051 | \*\* | 1261576 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| GNMA, Ginnie Mae | $1,491,019 par, 3.5%, due February 20, 2046 | \*\* | 1352696 |
| GNMA, Ginnie Mae | $1,535,000 par, 3.5% | \*\* | 1373465 |
| GNMA, Ginnie Mae | $1,634,177 par, 3.00%, due November 20, 2049 | \*\* | 1430813 |
| GNMA, Ginnie Mae | $1,906,045 par, 2.00%, due October 20, 2050 | \*\* | 1484021 |
| GNMA, Ginnie Mae | $1,966,048 par, 3.00%, due October 20, 2049 | \*\* | 1723005 |
| GNMA, Ginnie Mae | $1,973,188 par, 3.00%, due January 20, 2050 | \*\* | 1726620 |
| GNMA, Ginnie Mae | $106,477 par, 4.00%, due May 20, 2047 | \*\* | 99498 |
| GNMA, Ginnie Mae | $141,842 par, 3.00%, due April 20, 2049 | \*\* | 125124 |
| GNMA, Ginnie Mae | $159,553 par, 3.5%, due March 20, 2047 | \*\* | 144544 |
| GNMA, Ginnie Mae | $16,582 par, 3.50%, due September 20, 2046 | \*\* | 15022 |
| GNMA, Ginnie Mae | $2,570,653 par, 2.00%, due December 20, 2051 | \*\* | 2060122 |
| GNMA, Ginnie Mae | $2,632,493 par, 3.00%, due August 20, 2051 | \*\* | 2292909 |
| GNMA, Ginnie Mae | $2,661,155 par, 2.5%, due September 20, 2051 | \*\* | 2226582 |
| GNMA, Ginnie Mae | $294,510 par, 2.5%, due January 20, 2051 | \*\* | 246525 |
| GNMA, Ginnie Mae | $3,595,000 par | \*\* | 3625333 |
| GNMA, Ginnie Mae | $3,762,583 par, 2.00%, due January 20, 2052 | \*\* | 3014792 |
| GNMA, Ginnie Mae | $3,829,051 par, 2.00%, due October 20, 2051 | \*\* | 3068636 |
| GNMA, Ginnie Mae | $3,962,036 par, 2.00%, due November 20, 2051 | \*\* | 3175201 |
| GNMA, Ginnie Mae | $364,084 par, 3.5%, due November 20, 2047 | \*\* | 329830 |
| GNMA, Ginnie Mae | $378,042 par, 4.00%, due June 20, 2047 | \*\* | 353855 |
| GNMA, Ginnie Mae | $378,721 par, 4.00%, due December 20, 2047 | \*\* | 353530 |
| GNMA, Ginnie Mae | $4,014,629 par, 2.5%, due December 20, 2051 | \*\* | 3359030 |
| GNMA, Ginnie Mae | $4,069,501 par, 2.5%, due February 20, 2051 | \*\* | 3404942 |
| GNMA, Ginnie Mae | $4,160,000 par | \*\* | 4238844 |
| GNMA, Ginnie Mae | $4,506,807 par, 4.5%, due January 20, 2053 | \*\* | 4268117 |
| GNMA, Ginnie Mae | $4,580,000 par, 4.00% | \*\* | 4217178 |
| GNMA, Ginnie Mae | $404,383 par, 4.00%, due July 20, 2045 | \*\* | 380490 |
| GNMA, Ginnie Mae | $408,780 par, 4.00%, due September 20, 2047 | \*\* | 382003 |
| GNMA, Ginnie Mae | $412,354 par, 4.00%, due January 20, 2048 | \*\* | 384558 |
| GNMA, Ginnie Mae | $460,872 par, 3.5%, due April 20, 2046 | \*\* | 417759 |
| GNMA, Ginnie Mae | $5,251,699 par, 2.5%, due November 20, 2051 | \*\* | 4394084 |
| GNMA, Ginnie Mae | $502,346 par, 3.00%, due July 20, 2049 | \*\* | 441141 |
| GNMA, Ginnie Mae | $508,342 par, 3.5%, due December 20, 2047 | \*\* | 459572 |
| GNMA, Ginnie Mae | $61,551 par, 3.5%, due August 20, 2046 | \*\* | 55761 |
| GNMA, Ginnie Mae | $7,050,000 par, 5.00% | \*\* | 6850617 |
| GNMA, Ginnie Mae | $7,815,000 par, 5.5% | \*\* | 7758830 |
| GNMA, Ginnie Mae | $71,197 par, 3.5%, due August 20, 2047 | \*\* | 64421 |
| GNMA, Ginnie Mae | $759,204 par, 3.5%, due March 20, 2046 | \*\* | 691078 |
| GNMA, Ginnie Mae | $765,000 par, 3.00% | \*\* | 665688 |
| GNMA, Ginnie Mae | $80,286 par, 3.5%, due April 20, 2047 | \*\* | 72733 |
| GNMA, Ginnie Mae | $80,604 par, 3.00%, due October 20, 2047 | \*\* | 71025 |
| GNMA, Ginnie Mae | $843,910 par, 3.5%, due July 20, 2047 | \*\* | 764516 |
| GNMA, Ginnie Mae | $854,324 par, 3.5%, due May 20, 2047 | \*\* | 773956 |
| GNMA, Ginnie Mae | $942,955 par, 4.50%, due May 20, 2053 | \*\* | 892721 |
| GNMA, Ginnie Mae | $993,562 par, 3.5%, due February 20, 2047 | \*\* | 900099 |
| Idaho Energy Resources Authority Transmission Facilities | $1,035,000 par, 2.86%, due September 1, 2046 | \*\* | 717366 |
| Illinois State Taxable Pension | $12,908,235 par, 5.1%, due June 1, 2033 | \*\* | 12750047 |
| Korea Housing Finance Co. | $904,000 par, 5.13%, due January 21, 2030 | \*\* | 911713 |
| New York | $460,000 par, 5.11%, due October 1, 2054 | \*\* | 434881 |
| New York | $675,000 par, 5.09%, due October 1, 2049 | \*\* | 640536 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Panama Republic | $1,454,000 par, 4.5%, due January 19, 2063 | \*\* | 869488 |
| PT Freeport Indonesia | $1,054,000 par, 5.32%, due April 14, 2032 | \*\* | 1037067 |
| Republic of Panama | $940,000 par, 6.40%, due February 14, 2035 | \*\* | 867671 |
| Saudi Arabia | $2,558,000 par, 0.00%, due January 13, 2031 | \*\* | 2579042 |
| Saudi Arabian Oil Co. | $948,000 par, 5.75%, due July 17, 2054 | \*\* | 886380 |
| Saudi International Bond | $1,312,000 par, 5.63%, due January 13, 2035 | \*\* | 1325319 |
| Tennessee Valley Authority | $1,924,000 par, 0.75%, due May 15, 2025 | \*\* | 1904505 |
| Texas Natural Gas Securitization Finance Corp. | $2,519,000 par, 5.17%, due April 1, 2041 | \*\* | 2488130 |
| Texas Natural Gas Securitization Finance Corp. | $4,485,296 par, 0.00%, due April 1, 2035 | \*\* | 4511075 |
| The United Mexican States | $616,000 par, 6.34%, due May 4, 2053 | \*\* | 549371 |
| U.S. Treasury | $1,537,000 par, 3.5%, due April 30, 2028 | \*\* | 1501757 |
| U.S. Treasury | $10,625,000 par, 2.0%, due November 15, 2041 | \*\* | 7173950 |
| U.S. Treasury | $10,870,000 par, 4.00%, due July 31, 2029 | \*\* | 10727331 |
| U.S. Treasury | $11,098,000 par, 4.13%, due October 31, 2029 | \*\* | 10999592 |
| U.S. Treasury | $11,132,000 par, 4.13%, due November 30, 2029 | \*\* | 11034595 |
| U.S. Treasury | $11,268,000 par, 4.13%, due March 31, 2029 | \*\* | 11184370 |
| U.S. Treasury | $11,306,000 par, 4.00%, due February 29, 2028 | \*\* | 11225621 |
| U.S. Treasury | $11,316,000 par, 3.63%, due August 31, 2029 | \*\* | 10989781 |
| U.S. Treasury | $11,798,000 par, 4.38%, due August 31, 2028 | \*\* | 11831182 |
| U.S. Treasury | $12,819,000 par, 4.63%, due April 30, 2029 | \*\* | 12968722 |
| U.S. Treasury | $13,223,000 par, 3.62%, due May 31, 2028 | \*\* | 12960606 |
| U.S. Treasury | $13,437,000 par, 4.25%, due August 15, 2054 | \*\* | 12250765 |
| U.S. Treasury | $15,069,000 par, 4.50%, due May 31, 2029 | \*\* | 15173777 |
| U.S. Treasury | $15,160,000 par, 4.25%, due January 15, 2028 | \*\* | 15163553 |
| U.S. Treasury | $2,521,000 par, 1.75%, due August 15, 2041 | \*\* | 1641604 |
| U.S. Treasury | $20,126,000 par, 4.25%, due November 15, 2034 | \*\* | 19657442 |
| U.S. Treasury | $23,694,000 par, 4.38%, due December 31, 2029 | \*\* | 23736575 |
| U.S. Treasury | $23,749,000 par, 4.63%, due November 15, 2044 | \*\* | 23055084 |
| U.S. Treasury | $3,436,000 par, 3.00%, due August 15, 2052 | \*\* | 2465330 |
| U.S. Treasury | $3,609,000 par, 3.50%, due September 30, 2029 | \*\* | 3483390 |
| U.S. Treasury | $3,794,000 par, 4.00%, due June 30, 2028 | \*\* | 3762285 |
| U.S. Treasury | $3,982,000 par, 2.88%, due May 15, 2052 | \*\* | 2784445 |
| U.S. Treasury | $30,667,000 par, 4.38%, due January 31, 2030 | \*\* | 30556790 |
| U.S. Treasury | $370,000 par, 4.25%, due December 31, 2026 | \*\* | 370246 |
| U.S. Treasury | $4,093,000 par, 3.88%, due February 15, 2043 | \*\* | 3622945 |
| U.S. Treasury | $4,301,000 par, 2.0%, due August 15, 2051 | \*\* | 2460474 |
| U.S. Treasury | $4,391,000 par, 4.38%, due August 15, 2043 | \*\* | 4144349 |
| U.S. Treasury | $5,218,000 par, 3.63%, due February 15, 2053 | \*\* | 4243498 |
| U.S. Treasury | $5,576,000 par, 4.63%, due May 15, 2044 | \*\* | 5418304 |
| U.S. Treasury | $5,723,000 par, 2.25%, due May 15, 2041 | \*\* | 4079202 |
| U.S. Treasury | $5,726,000 par, 4.13%, due August 15, 2044 | \*\* | 5194556 |
| U.S. Treasury | $5,930,000 par, 3.75%, due December 31, 2028 | \*\* | 5811863 |
| U.S. Treasury | $5,957,000 par, 3.38%, due August 15, 2042 | \*\* | 4937096 |
| U.S. Treasury | $558,000 par, 4.50%, due December 31, 2031 | \*\* | 559831 |
| U.S. Treasury | $6,028,000 par, 3.63%, due May 15, 2053 | \*\* | 4903401 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Treasury | $6,178,000 par, 4.75%, due November 15, 2043 | \*\* | 6116944 |
| | U.S. Treasury | $6,320,000 par, 4.38%, due November 30, 2028 | \*\* | 6335800 |
| | U.S. Treasury | $6,557,000 par, 3.25%, due May 15, 2042 | \*\* | 5352151 |
| | U.S. Treasury | $6,566,000 par, 4.75%, due November 15, 2053 | \*\* | 6489055 |
| | U.S. Treasury | $6,575,000 par, 4.25%, due February 28, 2029 | \*\* | 6559076 |
| | U.S. Treasury | $6,600,000 par, 4.13%, due August 15, 2053 | \*\* | 5878125 |
| | U.S. Treasury | $6,974,000 par, 4.50%, due February 15, 2044 | \*\* | 6671884 |
| | U.S. Treasury | $7,013,000 par, 4.75%, due May 15, 2054 | \*\* | 6804802 |
| | U.S. Treasury | $7,079,000 par, 4.25%, due February 15, 2054 | \*\* | 6447420 |
| | U.S. Treasury | $7,117,000 par, 4.88%, due October 31, 2028 | \*\* | 7257672 |
| | U.S. Treasury | $7,308,000 par, 3.13%, due May 15, 2048 | \*\* | 5491848 |
| | U.S. Treasury | $743,000 par, 4.25%, due January 31, 2027 | \*\* | 741897 |
| | U.S. Treasury | $8,253,000 par, 4.00%, due November 15, 2042 | \*\* | 7446721 |
| | U.S. Treasury | $8,878,000 par, 4.63%, due September 30, 2028 | \*\* | 8977184 |
| | U.S. Treasury | $9,239,000 par, 4.13%, due July 31, 2028 | \*\* | 9194609 |
| | U.S. Treasury | $9,432,000 par, 4.25%, due June 30, 2029 | \*\* | 9402893 |
| | U.S. Treasury | $9,914,000 par, 2.38%, due Februrary 15, 2042 | \*\* | 7090446 |
| | United Mexican States | $1,076,000 par, 7.38%, due May 13, 2055 | \*\* | 1084274 |
| | United Mexican States | $787,000 par, 6.88%, due May 13, 2037 | \*\* | 791200 |
| | Wisconsin Treasury Security | $4,145,000 par, 3.85%, due May 15, 2043 | \*\* | 3660391 |
| | **Total Government Securities** | | | 913843362 |
| | **Corporate Bonds** | | | |
| | 6297782 LLC | $626,000 par, 5.03%, due October 1, 2029 | \*\* | 615940 |
| | 6297782 LLC | $957,000 par, 6.18%, due October 1, 2054 | \*\* | 909964 |
| | Abbvie, Inc. | $1,799,000 par, 5.4%, due March 15, 2054 | \*\* | 1735558 |
| | AerCap Ireland Capital DAC | $2,687,000 par, 5.38%, due December 15, 2031 | \*\* | 2684461 |
| | Aker BP ASA | $3,304,000 par, 3.75%, due January 15, 2030 | \*\* | 3081577 |
| | Alabama Power Company | $624,000 par, 3.45%, due October 1, 2049 | \*\* | 437160 |
| | Alta Energy Ltd. | $880,000 par, 8.13%, due September 15, 2030 | \*\* | 985833 |
| | Amerada Hess Corp. | $1,876,000 par, 7.88%, due October 1, 2029 | \*\* | 2085576 |
| | Ameren Corp. | $1,080,000 par, 4.3%, due December 1, 2028 | \*\* | 1057283 |
| | Ameren Corp. | $2,228,000 par, 5.70%, due December 1, 2026 | \*\* | 2264162 |
| | American Electric Power | $1,694,000 par, 5.70% due August 15, 2025 | \*\* | 1701225 |
| | American Honda Motor Co. | $933,000 par, 4.85%, due October 23, 2031 | \*\* | 917113 |
| | AMGEN Inc. | $363,000 par, 5.60%, due March 1, 2043 | \*\* | 355897 |
| | Anglo American Capital Plc | $2,502,000 par, 5.75%, due April 5, 2034 | \*\* | 2520799 |
| | ArcelorMittal S.A. | $965,000 par, 6.35%, due June 17, 2054 | \*\* | 963058 |
| | AT&T Inc. | $1,872,000 par, 2.55%, due December 1, 2033 | \*\* | 1511121 |
| | AT&T Inc. | $3,280,000 par, 3.50%, due September 15, 2053 | \*\* | 2215052 |
| | Athene Holding Ltd. | $1,379,000 par, 6.25%, due April 1, 2054 | \*\* | 1383007 |
| | B.A.T. Capital Corp. | $375,000 par, 4.54%, due August 15, 2047 | \*\* | 299207 |
| | B.A.T. Capital Corp. | $915,000 par, 4.76%, due September 6, 2049 | \*\* | 747871 |
| \* | Bank of America Corp. | $1,100,000 par, 5.51%, due January 24, 2036 | \*\* | 1106097 |
| \* | Bank of America Corp. | $1,754,000 par, 4.08%, due April 23, 2040 | \*\* | 1503167 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| \* | Bank of America Corp. | $4,969,000 par, 3.19%, due July 23, 2030 | \*\* | 4603705 |
|  | Blue Owl Finance LLC | $1,725,000 par, 6.25%, due April 18, 2034 | \*\* | 1772332 |
|  | BNP Paribas | $2,979,000 par, 5.28%, due November 19, 2030 | \*\* | 2968564 |
|  | Canadian Natural Resources Limited | $1,534,000 par, 2.95%, due July 15, 2030 | \*\* | 1370306 |
|  | Canadian Natural Resources Limited | $1,538,000 par, 5.4%, due December 15, 2034 | \*\* | 1486827 |
|  | Canadian Natural Resources Limited | $1,780,000 par, 3.9%, due February 1, 2025 | \*\* | 1780000 |
|  | Canadian Natural Resources Limited | $5,120,000 par, 5.00%, due December 15, 2029 | \*\* | 5059205 |
|  | CenterPoint Energy, Inc. | $687,000 par, 5.4%, due June 1, 2029 | \*\* | 694856 |
|  | Charter Communications Operating LLC | $462,000 par, 5.25%, due April 1, 2053 | \*\* | 372740 |
|  | Charter Communications Operating LLC | $699,000 par, 3.9%, due June 1, 2052 | \*\* | 449277 |
|  | Charter Communications, Inc. | $457,000 par, 5.75%, due April 1, 2048 | \*\* | 395429 |
|  | Citadel Ltd. Partnership | $1,252,000 par, 6.00%, due January 23, 2030 | \*\* | 1265458 |
|  | Citadel Ltd. Partnership | $648,000 par, 6.38%, due January 23, 2032 | \*\* | 658972 |
|  | CK Hutchinson International 24 II Ltd. | $1,585,000 par, 4.38%, due March 13, 2030 | \*\* | 1553643 |
|  | CK Hutchison International Ltd. | $212,000 par, 3.13%, due April 15, 2041 | \*\* | 160002 |
|  | Columbia University | $1,967,000 par, 4.36%, due October 1, 2035 | \*\* | 1860242 |
|  | Comcast Corp. | $754,000 par, 5.65%, due June 1, 2054 | \*\* | 724392 |
|  | Constellation Energy Generation LLC | $1,358,000 par, 6.5%, due October 1, 2053 | \*\* | 1424357 |
|  | CRH America Finance, Inc. | $1,089,000 par, 5.5%, due January 9, 2035 | \*\* | 1095739 |
|  | CRH SMW Finance DAC | $2,203,000 par, 5.13%, due January 9, 2030 | \*\* | 2212295 |
|  | CVS Health Corp. | $2,173,000 par, 6.00%, due June 1, 2044 | \*\* | 2085169 |
|  | CVS Health Corp. | $396,000 par, 4.78%, due March 25, 2038 | \*\* | 347827 |
|  | Daimler Truck Financial | $2,837,000 par, 5.25%, due January 13, 2030 | \*\* | 2843916 |
|  | Danske Bank A/S | $1,927,000 par, 4.61%, due October 2, 2030 | \*\* | 1877872 |
|  | Danske Bank A/S | $3,796,000 par, 5.71%, due March 1, 2030 | \*\* | 3870070 |
|  | Deere & Co. | $4,764,000 par, 5.45%, due January 16, 2035 | \*\* | 4858406 |
|  | Diamondback Energy Inc. | $669,000 par, 5.9%, due April 18, 2064 | \*\* | 628128 |
|  | DPL Inc. | $1,802,000 par, 4.13%, due July 1, 2025 | \*\* | 1796063 |
|  | DPL Inc. | $720,000 par, 4.35%, due April 15, 2029 | \*\* | 671276 |
|  | Duke Energy Florida LLC | $2,415,000 par, 6.20%, due November 15, 2053 | \*\* | 2529600 |
|  | Elevance Health Inc. | $2,543,000 par, 5.7%, due February 15, 2055 | \*\* | 2447922 |
|  | Enbridge Inc. | $3,354,000 par, 3.7%, due July 15, 2027 | \*\* | 3277213 |
|  | Enbridge Inc. | $885,000 par, 5.25%, due April 5, 2027 | \*\* | 894549 |
|  | Encana Corp. | $1,060,000 par, 6.5%, due February 1, 2038 | \*\* | 1079387 |
|  | Enel Finance America LLC | $397,000 par, 2.88%, due July 12, 2041 | \*\* | 269535 |
|  | Enel Finance International N.V. | $3,946,000 par, 5.13%, due June 26, 2029 | \*\* | 3948483 |
|  | Enel Finance International N.V. | $5,793,000 par, 3.63%, due May 25, 2027 | \*\* | 5637135 |
|  | Enel Finance International N.V. | $756,000 par, 3.50%, due April 6, 2028 | \*\* | 723702 |
|  | Energy Transfer L.P. | $1,488,000 par, 6.05%, due September 1, 2054 | \*\* | 1450014 |
|  | Energy Transfer LP | $1,637,000 par, 5.95%, due May 15, 2054 | \*\* | 1575027 |
|  | Enlink Midstream LLC | $3,514,000 par, 5.63%, due January 15, 2028 | \*\* | 3551976 |
|  | Enlink Midstream LLC | $5,120,000 par, 4.85%, due July 15, 2026 | \*\* | 5101194 |
|  | Enlink Midstream LLC | $5,529,000 par, 6.5%, due September 1, 2030 | \*\* | 5817048 |
|  | Equitable Financial Life | $2,756,000 par, 4.88%, due November 19, 2027 | \*\* | 2759088 |
|  | Eversource Energy, Inc. | $1,082,000 par, 4.75%, due May 15, 2026 | \*\* | 1081515 |
|  | Eversource Energy, Inc. | $3,528,000 par, 5.95%, due February 1, 2029 | \*\* | 3634807 |
|  | FirstEnergy Corp. | $433,000 par, 3.40%, due March 1, 2050 | \*\* | 290108 |
|  | FirstEnergy Transmission LLC | $389,000 par, 5.45%, due July 15, 2044 | \*\* | 371353 |
|  | FirstEnergy Transmission LLC | $681,000 par, 2.87%, due September 15, 2028 | \*\* | 635304 |
|  | Ford Motor Credit Co. LLC | $1,256,000 par, 5.88%, due November 7, 2029 | \*\* | 1258031 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Ford Motor Credit Co. LLC | $2,012,000 par, 6.13%, due March 8, 2034 | \*\* | 1971113 |
| GA Global Funding Trust | $1,434,000 par, 4.4%, due September 23, 2027 | \*\* | 1413431 |
| GA Global Funding Trust | $1,703,000 par, 5.2%, due December 9, 2031 | \*\* | 1666348 |
| General Electric Co. | $1,479,000 par, 3.63%, due August 1, 2027 | \*\* | 1428058 |
| General Motors Co. | $1,500,000 par, 5.00%, due April 1, 2035 | \*\* | 1399747 |
| Georgia Power Co. | $2,391,000 par, 4.3%, due March 15, 2042 | \*\* | 2026605 |
| Georgia Power Co. | $715,000 par, 4.55%, due March 15, 2030 | \*\* | 702981 |
| Glencore FDG LLC | $3,590,000 par, 5.34%, due April 4, 2027 | \*\* | 3628655 |
| Glencore FDG LLC | $4,535,000 par, 4.00%, due March 27, 2027 | \*\* | 4461335 |
| Glencore Funding LLC | $957,000 par, 6.38%, due October 6, 2030 | \*\* | 1008119 |
| Goldman Sachs Bank USA | $3,310,000 par, 5.41%, due May 21, 2027 | \*\* | 3338856 |
| Goldman Sachs Group Inc. | $1,410,000 par, 5.54%, due January 28, 2036 | \*\* | 1408886 |
| Goldman Sachs Group Inc. | $1,595,000 par, 1.54%, due September 10, 2027 | \*\* | 1513805 |
| Goldman Sachs Group Inc. | $1,869,000 par, 5.73%, due April 25, 2030 | \*\* | 1909748 |
| Goldman Sachs Group Inc. | $2,324,000 par, 5.73%, due January 28, 2056 | \*\* | 2313209 |
| Hess Corp. | $3,289,000 par, 4.30%, due April 1, 2027 | \*\* | 3255502 |
| HSBC Holdings | $4,127,000 par, 5.45%, due November 19, 2030 | \*\* | 4123003 |
| Huntington Bancshares Inc. | $1,186,000 par, 5.27%, due January 15, 2031 | \*\* | 1188444 |
| Huntington Bancshares Inc. | $1,987,000 par, 5.71%, due February 2, 2035 | \*\* | 1988593 |
| Hyundai Capital America | $4,059,000 par, 6.10%, due September 21, 2028 | \*\* | 4193369 |
| Intel Corp. | $836,000 par, 4.9%, due August 5, 2052 | \*\* | 660631 |
| JBS USA Food Co. | $1,719,000 par, 7.25%, due November 15, 2053 | \*\* | 1908449 |
| JPMorgan Chase & Co. | $1,215,000 par, 5.30%, due July 24, 2029 | \*\* | 1230660 |
| JPMorgan Chase & Co. | $1,775,000 par, 5.53%, due November 29, 2045 | \*\* | 1743157 |
| JPMorgan Chase & Co. | $4,060,000 par, 5.58%, due April 22, 2030 | \*\* | 4145938 |
| JPMorgan Chase & Co. | $4,215,000 par, 4.92%, due January 24, 2029 | \*\* | 4219604 |
| Kinder Morgan | $2,618,000 par, 5.5%, due March 1, 2044 | \*\* | 2430465 |
| Kroger Co. | $910,000 par, 5.65%, due September 15, 2064 | \*\* | 852448 |
| Lloyds Banking Group Plc | $2,500,000 par, 5.46%, due January 5, 2028 | \*\* | 2523574 |
| M&T Bank Corp. | $2,841,000 par, 5.39%, due January 16, 2036 | \*\* | 2769960 |
| Marathon Petroleum Corp. | $2,004,000 par, 5.13%, December 15, 2026 | \*\* | 2015070 |
| Mercedes-Benz Financial North America | $3,183,000 par, 4.90%, due November 15, 2027 | \*\* | 3181791 |
| Meta Platforms Inc. | $2,239,000 par, 5.4%, due August 15, 2054 | \*\* | 2172292 |
| Meta Platforms Inc. | $313,000 par, 5.55%, due August 15, 2064 | \*\* | 304021 |
| Microchip Technology Inc. | $1,954,000 par, 4.90%, due March 15, 2028 | \*\* | 1951144 |
| Microchip Technology Inc. | $3,569,000 par, 5.05%, due February 15, 2030 | \*\* | 3546700 |
| Mitsubishi UFJ Financial Group Inc. | $4,015,000 par, 5.57%, due January 16, 2036 | \*\* | 4036202 |
| Morgan Stanley | $1,502,000 par, 5.59%, due January 18, 2036 | \*\* | 1515074 |
| Morgan Stanley | $1,746,000 par, 5.52%, due November 19, 2055 | \*\* | 1690244 |
| Morgan Stanley | $2,790,000 par, 5.50%, due May 26, 2028 | \*\* | 2829945 |
| Morgan Stanley | $3,642,000 par, 4.65%, due October 18, 2030 | \*\* | 3576536 |
| Morgan Stanley | $4,565,000 par, 5.32%, due July 19, 2035 | \*\* | 4510555 |
| National Rural Utilities | $1,596,000 par, 5.10%, due May 6, 2027 | \*\* | 1613101 |
| Netflix Inc. | $2,858,000 par, 5.38%, due November 15, 2029 | \*\* | 2916238 |
| Newmont Corp. / Newcrest Fin Pty Ltd. | $5,251,000 par, 5.35%, due March 15, 2034 | \*\* | 5254817 |
| NextEra Energy Capital Holdings Inc. | $1,225,000 par, 1.88%, due January 15, 2027 | \*\* | 1160648 |
| NextEra Energy Capital Holdings Inc. | $1,571,000 par, 5.90%, due March 15, 2055 | \*\* | 1562656 |
| NextEra Energy Capital Holdings Inc. | $2,457,000 par, 1.90%, due June 15, 2028 | \*\* | 2234257 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| NextEra Energy Capital Holdings Inc. | $2,459,000 par, 5.45%, due March 15, 2035 | \*\* | 2444508 |
| NextEra Energy Capital Holdings Inc. | $3,305,000 par, 4.85%, due February 4, 2028 | \*\* | 3305784 |
| NiSource Inc. | $2,654,000 par, 5.20%, due July 1, 2029 | \*\* | 2677765 |
| Nissan Motor Ltd. | $1,242,000 par, 4.81%, due September 17, 2030 | \*\* | 1157845 |
| Nordea Bank ABP | $1,770,000 par, 4.38%, due September 10, 2029 | \*\* | 1731686 |
| Occidental Petroleum | $1,294,000 par, 7.88%, due September 15, 2031 | \*\* | 1437501 |
| Occidental Petroleum | $2,304,000 par, 6.38%, due September 1, 2028 | \*\* | 2385601 |
| Occidental Petroleum Corp. | $918,000 par, 8.88%, due July 15, 2030 | \*\* | 1050217 |
| Oglethorpe Power Corp. | $1,224,750 par, 6.19%, due January 1, 2031 | \*\* | 1261091 |
| Oglethorpe Power Corp. | $2,032,000 par, 6.20%, due December 1, 2053 | \*\* | 2092922 |
| ONEOK Inc. | $2,784,000 par, 4.75%, due October 15, 2031 | \*\* | 2693545 |
| Oracle Corp. | $1,463,000 par, 5.25%, due February 3, 2032 | \*\* | 1459650 |
| Oracle Corp. | $1,475,000 par, 6.13%, due August 3, 2065 | \*\* | 1470318 |
| Oracle Corp. | $2,841,000 par, 2.95%, due April 1, 2030 | \*\* | 2574309 |
| Ovintiv Inc. | $1,631,000 par, 7.10%, due July 15, 2053 | \*\* | 1744913 |
| Pacific Gas & Electric Co. | $324,000 par, 6.75%, due January 15, 2053 | \*\* | 335068 |
| Pacific Gas & Electric Co. | $7,654,000 par, 3.15%, due January 1, 2026 | \*\* | 7512698 |
| Pacific Gas & Electric Co. | $2,806,000 par, 4.50%, due July 1, 2040 | \*\* | 2320170 |
| Pfizer Investment Enterprises | $2,290,000 par, 5.30%, due May 19, 2053 | \*\* | 2144211 |
| Pfizer Investment Enterprises | $691,000 par, 5.11%, due May 19, 2043 | \*\* | 653031 |
| Plains All American Pipeline L.P. | $3,078,000 par, 5.95%, due June 15, 2035 | \*\* | 3114898 |
| PNC Financial Services Group | $1,381,000 par, 5.58%, due January 29, 2036 | \*\* | 1387851 |
| PPL Capital Funding Inc. | $2,766,000 par, 5.25%, due September 1, 2034 | \*\* | 2717189 |
| Protective Life | $928,000 par, 5.43%, due January 14, 2032 | \*\* | 933687 |
| PT Indonesia Asahan Aluminium | $1,003,000 par, 5.45%, due May 15, 2030 | \*\* | 1005238 |
| PT Indonesia Asahan Aluminium | $2,149,000 par, 4.75%, due May 15, 2025 | \*\* | 2147437 |
| PT Indonesia Asahan Aluminium | $2,473,000 par, 6.53%, due November 15, 2028 | \*\* | 2583283 |
| RGA Global Funding | $2,395,000 par, 5.25%, due January 9, 2030 | \*\* | 2402839 |
| Royal Bank of Canada | $2,539,000 par, 4.65%, due October 18, 2030 | \*\* | 2495544 |
| Royal Bank of Canada | $953,000 par, 4.97%, due January 24, 2029 | \*\* | 956480 |
| RWE Finance US LLC | $2,233,000 par, 5.88%, due April 16, 2034 | \*\* | 2235409 |
| RWE Finance US LLC | $62,000 par, 6.25%, due April 16, 2054 | \*\* | 60613 |
| Sempra Energy | $584,000 par, 6.00%, due October 15, 2039 | \*\* | 587086 |
| Smurfit Westrock | $1,090,000 par, 5.42%, due January 15, 2035 | \*\* | 1089553 |
| Southern California Edison | $2,201,000 par, 4.00%, due April 1, 2047 | \*\* | 1611351 |
| Southern California Edison | $3,450,000 par, 1.20%, due February 1, 2026 | \*\* | 3315325 |
| Southern California Edison Co. | $1,639,000 par, 4.88%, due February 1, 2027 | \*\* | 1628871 |
| Southern California Edison Co. | $1,639,000 par, 4.90%, due June 1, 2026 | \*\* | 1632704 |
| Southern California Gas Co. | $1,933,000 par, 5.05%, due September 1, 2034 | \*\* | 1884390 |
| Sprint Capital Corp. | $2,402,000 par, 6.88%, due November 15, 2028 | \*\* | 2548342 |
| Standard Chartered PLC | $1,675,000 par, 5.69%, due May 14, 2028 | \*\* | 1697060 |
| Stryker Corp. | $1,640,000 par, 4.70%, due February 10, 2028 | \*\* | 1640169 |
| Stryker Corp. | $1,641,000 par, 4.55%, due February 10, 2027 | \*\* | 1640202 |
| Stryker Corp. | $2,810,000 par, 4.85%, due February 10, 2030 | \*\* | 2804675 |
| Sumitomo Mitsui Financial Group Inc. | $1,164,000 par, 5.84%, due July 9, 2044 | \*\* | 1168325 |
| Sunoco Logistics | $1,452,000 par, 3.90%, due July 15, 2026 | \*\* | 1434400 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| The Bank of Nova Scotia | $1,010,000 par, 5.31%, due February 14, 2031 | \*\* | 1009387 |
| The Boeing Co. | $1,269,000 par, 3.25%, due February 1, 2028 | \*\* | 1204254 |
| The Boeing Co. | $1,498,000 par, 6.30%, due May 1, 2029 | \*\* | 1558342 |
| The Boeing Co. | $1,880,000 par, 6.86%, due May 1, 2054 | \*\* | 2017313 |
| The Boeing Co. | $135,000 par, 5.81%, due May 1, 2050 | \*\* | 127062 |
| T-Mobile USA, Inc. | $395,000 par, 4.50%, due April 15, 2050 | \*\* | 324013 |
| Toyota Motor Credit Corp. | $697,000 par, 5.35%, due January 9, 2035 | \*\* | 700651 |
| U.S. Bancorp | $790,000 par, 5.68%, due January 23, 2035 | \*\* | 797749 |
| United Parcel Service Inc. | $1,555,000 par, 5.50%, due May 22, 2054 | \*\* | 1512960 |
| UnitedHealth Group Inc. | $4,619,000 par, 5.63%, due July 15, 2054 | \*\* | 4489906 |
| Vale Overseas Ltd. | $1,855,000 par, 6.13%, due June 12, 2033 | \*\* | 1896363 |
| Vale Overseas Ltd. | $477,000 par, 6.40%, due June 28, 2054 | \*\* | 472963 |
| Verizon Communications Inc. | $1,950,000 par, 2.55%, due March 21, 2031 | \*\* | 1690738 |
| Verizon Communications Inc. | $5,819,000 par, 4.33%, due September 21, 2028 | \*\* | 5740142 |
| Viacom Inc. | $363,000 par, 5.85%, due September 1, 2043 | \*\* | 319563 |
| Vistra Operations Co. LLC | $1,507,000 par, 6.00%, due April 15, 2034 | \*\* | 1522100 |
| Vistra Operations Co. LLC | $1,885,000 par, 5.05%, due December 30, 2026 | \*\* | 1886664 |
| Vistra Operations Co. LLC | $2,529,000 par, 5.70%, due December 30, 2034 | \*\* | 2497170 |
| Volkswagen Group America Finance LLC | $3,991,000 par, 3.20%, due September 26, 2026 | \*\* | 3873613 |
| Warnermedia Holdings, Inc. | $1,040,000 par, 5.14%, due March 15, 2052 | \*\* | 775718 |
| Warnermedia Holdings, Inc. | $1,044,000 par, 5.05%, due March 15, 2042 | \*\* | 840240 |
| Wells Fargo & Co. | $1,679,000 par, 3.07%, due April 30, 2041 | \*\* | 1235994 |
| Wells Fargo & Co. | $3,665,000 par, 5.71%, due April 22, 2028 | \*\* | 3725504 |
| Wells Fargo & Co. | $5,006,000 par, 5.24%, due January 24, 2031 | \*\* | 5031450 |
| Wells Fargo & Co. | $2,770,000 par, 5.56%, due July 25, 2034 | \*\* | 2778739 |
| Western Gas Partners | $3,061,000 par, 5.30%, due March 1, 2048 | \*\* | 2600987 |
| Western Midstream Partners, LP | $2,119,000 par, 6.35%, due January 15, 2029 | \*\* | 2191417 |
| Williams Cos Inc. | $4,113,000 par, 5.60%, due March 15, 2035 | \*\* | 4128293 |
| Williams Partners | $712,000 par, 3.75%, due June 15, 2027 | \*\* | 696078 |
| **Total Corporate Bonds** |  |  | 390618298 |
| **Asset-Backed Securities** |  |  |  |
| American Express Company | $5,026,000 par, 5.23%, due April 15, 2029 | \*\* | 5105103 |
| Avis Budget Rental Car Funding (AESOP) LLC | $2,726,000 par, 5.36%, due June 20, 2030 | \*\* | 2764475 |
| Avis Budget Rental Car Funding (AESOP) LLC | $390,000 par, 1.66%, due February 20, 2028 | \*\* | 368544 |
| BMW Vehicle Lease Trust | $1,231,000 par, 4.21%, due February 25, 2028 | \*\* | 1219173 |
| Capital One Multi-Asset Execution Trust | $2,574,000 par, 4.42%, due May 15, 2028 | \*\* | 2573746 |
| Capital One Prime Auto Receivables Trust | $813,000 par, 5.82%, due June 15, 2028 | \*\* | 827436 |
| Carmax Auto Owner Trust | $1,247,000 par, 4.94%, due August 15, 2029 | \*\* | 1255436 |
| Carmax Auto Owner Trust | $1,440,000 par, 0.00%, due July 16, 2029 | \*\* | 1449692 |
| Carmax Auto Owner Trust | $2,455,000 par, 4.67%, due December 15, 2027 | \*\* | 2457148 |
| Carmax Auto Owner Trust | $210,707 par, 0.76%, due June 15, 2026 | \*\* | 209418 |
| Carmax Auto Owner Trust | $270,464 par, 0.72%, due September 15, 2026 | \*\* | 267865 |
| Carmax Auto Owner Trust | $659,851 par, 0.53%, due October 15, 2026 | \*\* | 657002 |
| Carmax Auto Owner Trust | $670,794 par, 1.47%, due December 15, 2026 | \*\* | 663410 |
| Carvana Auto Receivables Trust | $1,351,000 par, 4.62%, due February 10, 2028 | \*\* | 1350973 |
| Carvana Auto Receivables Trust | $970,000 par, 1.03%, due June 10, 2027 | \*\* | 939546 |
| Chase Auto Owner Trust | $612,195 par, 4.18%, due August 27, 2029 | \*\* | 606874 |
| Discover Card Execution Note Trust | $3,177,000 par, 4.93%, due June 15, 2028 | \*\* | 3196303 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Driveway Finance Corp. | $1,106,000 par, 4.6%, due December 17, 2029 | \*\* | 1097115 |
| Driveway Finance Corp. | $1,153,000 par, 4.52%, due March 15, 2029 | \*\* | 1149076 |
| Driveway Finance Corp. | $1,323,000 par, 5.23%, due January 18, 2028 | \*\* | 1328768 |
| Driveway Finance Corp. | $1,518,000 par, 4.64%, due November 15, 2027 | \*\* | 1518043 |
| DT Auto Owner Trust | $392,021 par, 6.57%, due August 16, 2027 | \*\* | 393237 |
| DT Auto Owner Trust | $621,731 par, 5.19%, due October 16, 2028 | \*\* | 622221 |
| Flagship Credit Auto Trust | $60,671 par, 5.38%, due December 15 ,2026 | \*\* | 60682 |
| Ford Credit Auto Lease Trust | $1,463,000 par, 4.99%, due December 15, 2027 | \*\* | 1472639 |
| Ford Credit Auto Lease Trust | $1,476,000 par, 5.25%, due February 15, 2029 | \*\* | 1479150 |
| Ford Credit Auto Owner Trust | $1,216,000 par, 4.11%, due July 15, 2030 | \*\* | 1195698 |
| Ford Credit Auto Owner Trust | $1,231,000 par, 4.61%, due August 15, 2029 | \*\* | 1233182 |
| Ford Credit Auto Owner Trust | $1,258,000 par, 5.08%, due September 15, 2030 | \*\* | 1260456 |
| Ford Credit Auto Owner Trust | $1,749,000 par, 4.07%, due July 15, 2029 | \*\* | 1733296 |
| Ford Credit Auto Owner Trust | $2,648,000 par, due August 15, 2036 | \*\* | 2661872 |
| Ford Credit Auto Owner Trust | $215,322 par, 1.35%, due June 15, 2026 | \*\* | 214033 |
| Ford Credit Auto Owner Trust | $454,000 par, 5.23%, due May 15, 2028 | \*\* | 457597 |
| Ford Credit Auto Owner Trust | $700,766 par, 4.65%, due February 15, 2028 | \*\* | 701746 |
| General Motors Financial Company, Inc. | $1,227,000 par, 4.44% due April 16, 2030 | \*\* | 1218934 |
| General Motors Financial Company, Inc. | $1,564,000 par, 5.13%, due March 15, 2029 | \*\* | 1578861 |
| General Motors Financial Company, Inc. | $2,235,000 par, 4.73%, due November 15, 2029 | \*\* | 2240706 |
| General Motors Financial Company, Inc. | $2,910,000 par, 4.68%, due November 15, 2028 | \*\* | 2913473 |
| GM Financial Automobile Leasing Trust | $419,000 par, 4.22%, due October 20, 2028 | \*\* | 415651 |
| GM Financial Floorplan Owner Trust | $2,823,000 par, 5.06%, due March 15, 2031 | \*\* | 2852937 |
| GM Financial Securitized Term Auto Receivables Trust | $1,867,000 par, 4.4% due August 16, 2029 | \*\* | 1862062 |
| Harley-Davidson Motorcycle Trust | $680,106 par, 0.53%, due September 15, 2028 | \*\* | 671838 |
| Honda Auto Receivables Owner Trust | $172,894 par, 0.88%, due January 21, 2026 | \*\* | 171804 |
| Hyundai Auto Lease Securitization Trust | $2,239,000 par, 4.83%, due January 18, 2028 | \*\* | 2245954 |
| Hyundai Auto Lease Securitization Trust | $749,000 par, 5.17%, due April 15, 2027 | \*\* | 751399 |
| Hyundai Auto Receivables Trust | $1,481,000 par, 4.4%, due January 15, 2031 | \*\* | 1472274 |
| Hyundai Auto Receivables Trust | $841,000 par, 5.55%, due December 17, 2029 | \*\* | 860557 |
| Mercedes-Benz Auto Lease Trust | $1,684,000 par, due February 15, 2028 | \*\* | 1677444 |
| Mercedes-Benz Auto Receivables Trust | $2,514,000 par, 4.92%, due April 15, 2031 | \*\* | 2539164 |
| Mercedes-Benz Auto Receivables Trust | $2,775,000 par, 4.78%, due December 17, 2029 | \*\* | 2790483 |
| Nissan Auto Lease Trust | $1,000,000 par, 5.61%, due November 15, 2027 | \*\* | 1007112 |
| Nissan Auto Receivables Owner Trust | $1,113,000 par, 5.28%, due December 15, 2028 | \*\* | 1125328 |
| Porsche Innovative Lease Owner Trust | $1,525,000 par, 4.35%, due October 20, 2027 | \*\* | 1522007 |
| REMIC Funding Trust | $1,907,801 par, 7.5%, due July 25, 2059 | \*\* | 1910725 |
| Santander Drive Auto Receivables LLC | $2,207,000 par, 4.88%, due September 15, 2027 | \*\* | 2209654 |
| Santander Drive Auto Receivables LLC | $2,554,000 par, 5.63%, due January 16, 2029 | \*\* | 2580368 |
| Santander Drive Auto Receivables LLC | $2,596,000 par, 4.74%, due January 16, 2029 | \*\* | 2598278 |
| Santander Drive Auto Receivables LLC | $918,000 par, 4.62%, due November 15, 2028 | \*\* | 916819 |
| Santander Drive Auto Receivables Trust | $2,673,000 par, 5.73%, due April 17, 2028 | \*\* | 2687520 |
| SBNA Auto Lease Trust | $1,049,854 par, 4.94%, due November 20, 2026 | \*\* | 1050821 |
| SBNA Auto Lease Trust | $1,231,000 par, 5.55%, due December 20, 2028 | \*\* | 1249257 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| SBNA Auto Lease Trust | $1,279,000 par, 4.56%, due February 22, 2028 | \*\* | 1278594 |
| SBNA Auto Lease Trust | $2,561,000 par, 5.56%, due November 22, 2027 | \*\* | 2591348 |
| SFS Auto Receivables Securitization Trust | $1,363,000 par, 5.33%, due November 20, 2029 | \*\* | 1377837 |
| SFS Auto Receivables Securitization Trust | $1,741,000 par, 4.55%, due June 20, 2030 | \*\* | 1740406 |
| Synchrony Card Issuance Trust | $2,477,000 par, 4.93%, due July 15, 2030 | \*\* | 2495975 |
| Tesla Electric Vehicle Trust | $603,000 par, 5.38%, due February 20, 2029 | \*\* | 611569 |
| Toyota Auto Receivables Owner Trust | $502,000 par, 1.02%, due March 15, 2027 | \*\* | 489934 |
| Toyota Auto Receivables Owner Trust | $928,767 par, 0.53%, due October 15, 2026 | \*\* | 916882 |
| Toyota Lease Owner Trust | $1,350,000 par, 5.26%, due June 20, 2028 | \*\* | 1363562 |
| Toyota Lease Owner Trust | $3,223,000 par, 4.21%, due September 20, 2027 | \*\* | 3204504 |
| Verizon Master Trust | $1,816,000 par, 4.62%, due November 20, 2030 | \*\* | 1818540 |
| Verizon Master Trust | $2,286,000 par, 5%, due December 20, 2028 | \*\* | 2297323 |
| Verizon Master Trust | $2,595,000 par, 4.17%, August 20, 2030 | \*\* | 2569523 |
| Verizon Master Trust | $2,837,000 par, 5.08%, January 21, 2031 | \*\* | 2847825 |
| Verizon Master Trust | $983,000 par, due January 22, 2029 | \*\* | 982855 |
| Volkswagen Auto Lease Trust | $1,093,000 par, 5.58%, due June 21, 2027 | \*\* | 1103045 |
| Volt CII LLC | $962,410 par, 4.87%, due August 25, 2051 | \*\* | 961320 |
| Volt XCIV LLC | $307,088 par, 5.24%, due February 27, 2051 | \*\* | 306970 |
| VOLT XCIV LLC | $507,809 par, due March 27, 2051 | \*\* | 507617 |
| Westlake Automobile Receivables Trust | $1,067,428 par, 6.02%, due January 18, 2028 | \*\* | 1068335 |
| Westlake Technology Holdings | $2,607,590 par, 4.71%, due April 17, 2028 | \*\* | 2607789 |
| WF Card Issuance Trust | $2,487,000 par, 4.94%, due February 15, 2029 | \*\* | 2510833 |
| WF Card Issuance Trust | $5,124,000 par, 4.29%, due October 15, 2029 | \*\* | 5097275 |
| World Omni Auto Receivables LLC | $1,357,000 par, 5.08%, due November 15, 2030 | \*\* | 1363452 |
| World Omni Auto Receivables LLC | $3,409,000 par, 4.86%, due November 15, 2030 | \*\* | 3426737 |
| World Omni Auto Receivables Trust | $1,025,000 par, 5.79%, due February 15, 2029 | \*\* | 1040965 |
| World Omni Auto Receivables Trust | $524,000 par, 5.04%, due July 17, 2028 | \*\* | 525220 |
| World Omni Financial Corp. | $2,500,000 par, 5.25%, due September 17, 2029 | \*\* | 2529771 |
| **Total Asset-Backed Securities** |  |  | 139248391 |
| **Mortgage-Backed Securities** |  |  |  |
| ATLX Trust | $1,269,679 par, 3.85%, due April 25, 2064 | \*\* | 1211792 |
| ATLX Trust | $1,794,918 par, due April 25, 2063 | \*\* | 1715396 |
| Benchmark Mortgage Trust | $477,000 par, 2.29%, due March 15, 2053 | \*\* | 410578 |
| BMO Commercial Mortgage Securities LLC | $1,837,944 par, 5.76%, due July 15, 2057 | \*\* | 1904399 |
| BX Commercial Mortgage Trust | $928,000 par, 5.59%, due November 13, 2046 | \*\* | 930303 |
| Citigroup Commercial Mortgage Trust | $816,000 par, 3.72% floating rate, due December 10, 2049 | \*\* | 787276 |
| CMO Mortgage LLC | $656,415 par, 7.02%, due January 25, 2029 | \*\* | 658437 |
| CMO NY Commercial Mortgage Trust | $944,000 par, due February 10, 2035 | \*\* | 961985 |
| CMO VAR | $1,184,139 par, due September 25, 2054 | \*\* | 1174894 |
| Connecticut Avenue Securities Trust | $651,296 par, 5.85%, due October 25, 2043 | \*\* | 654696 |
| FHLMC, Freddie Mac | $1,246,923 par, Floating Rate, due November 25, 2041 | \*\* | 1245393 |
| GitSit Mortgage Loan Trust | $806,178 par, 7.47%, due June 25, 2054 | \*\* | 806442 |
| GS Mortgage-Backed Securities Trust | $1,446,794 par, due September 25, 2061 | \*\* | 1347085 |
| GS Mortgage-Backed Securities Trust | $766,418 par, 3.75%, due July 25, 2061 | \*\* | 742368 |
| Legacy Mortgage Assest Trust | $1,994,690 par, 1.75%, due April 25, 2061 | \*\* | 1990839 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| Legacy Mortgage Assest Trust | $405,686 par, 1.65%, due June 25, 2061 | \*\* | 405661 |
| MFRA Trust | $2,486,537 par, due October 25, 2062 | \*\* | 2495361 |
| Mill City Mortgage Loan Trust | $334,809 par, 1.13%, due November 25, 2060 | \*\* | 318257 |
| Morgan Stanley Residential Mortgage Loan Trust | $1,417,020 par, 4.00%, due June 25, 2064 | \*\* | 1360052 |
| New Residential Mortgage Loan Trust | $2,608,397 par, 3.80%, due January 25, 2064 | \*\* | 2428132 |
| NLT | $516,583 par, 3.2%, due October 25, 2062 | \*\* | 458506 |
| NYMT Loan Trust | $1,456,513 par, 3.75%, due February 25, 2068 | \*\* | 1337951 |
| Preston Ridge Partners Series Mortgage Trust | $305,821 par, due June 25, 2024 | \*\* | 304692 |
| PRET 2025-RPL1 Trust | $1,408,000 par, 4.00%, due July 25, 2069 | \*\* | 1341784 |
| Pretium Mortgage Credit Partners | $1,162,198 par, due October 25, 2054 | \*\* | 1163959 |
| Pretium Mortgage Credit Partners | $960,815 par, due November 25, 2054 | \*\* | 963541 |
| PRP Advisors LLC | $1,551,283 par, due March 25, 2054 | \*\* | 1500945 |
| PRP Advisors LLC | $2,239,007 par, due May 25, 2029 | \*\* | 2244446 |
| PRPM LLC | $767,157 par, 1.32%, due July 25, 2051 | \*\* | 701606 |
| PRPM 2021-9 LLC | $419,041 par, 5.37%, due October 25, 2026 | \*\* | 418175 |
| PRPM 2023-RCF2 LLC | $902,460 par, 4.00%, due November 25, 2053 | \*\* | 882526 |
| PRPM 2024-1 LLC | $1,561,734 par, 6.96%, due February 25, 2029 | \*\* | 1569285 |
| PRPM 2024-RPL1 LLC | $807,489 par, 4.20%, due December 25, 2064 | \*\* | 785312 |
| RCO X Mortgage LLC | $1,577,000 par, due January 25, 2030 | \*\* | 1576984 |
| VCAT Asset Securitization LLC | $1,356,000 par, due January 25, 2055 | \*\* | 1356584 |
| Vericrest Opportunity Loan Transferee | $183,503 par, 1.89%, due February 27, 2051 | \*\* | 183478 |
| Volt | $315,487 par, 5.12%, due March 27, 2051 | \*\* | 315483 |
| Volt XCIII LLC | $119,899 par, due March 27, 2051 | \*\* | 119883 |
| Volt XCIX LLC | $207,181 par, 5.12%, due April 25, 2051 | \*\* | 207285 |
| Volt XCVII LLC | $844,875 par, due April 25, 2051 | \*\* | 845557 |
| Wells Fargo Commercial Mortgage Trust | $306,000 par, 4.44% due September 15, 2061 | \*\* | 299376 |
| Wells Fargo Commercial Mortgage Trust | $413,000 par, 3.81% due December 15, 2048 | \*\* | 408626 |
| Wells Fargo Commercial Mortgage Trust | $677,000 par, 3.10% due May 15, 2049 | \*\* | 657676 |
| Wells Fargo Commercial Mortgage Trust | $880,000 par, 3.70%, due November 15, 2048 | \*\* | 871251 |
| **Total Mortgage-Backed Securities** |  |  | 44064257 |
| **Collective Investment Trusts / Collective Trust Funds** |  |  |  |
| BlackRock Institutional Trust Company, N.A. | Government Short-Term Investment Fund | \*\* | 762090765 |
| BlackRock Institutional Trust Company, N.A. | Intermediate Government Bond Index Non-Lendable Fund | \*\* | 423138593 |
| BlackRock Institutional Trust Company, N.A. | Long Term Government Bond Index Non-Lendable Fund | \*\* | 267132531 |
| BlackRock Institutional Trust Company, N.A. | MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund | \*\* | 2856964964 |
| BlackRock Institutional Trust Company, N.A. | MSCI USA Minimum Volatility Index Fund | \*\* | 1373322071 |
| BlackRock Institutional Trust Company, N.A. | MSCI USA Momentum Index RSL Fund | \*\* | 1390376821 |
| BlackRock Institutional Trust Company, N.A. | MSCI USA Quality Index RSL Fund | \*\* | 1375213783 |
| BlackRock Institutional Trust Company, N.A. | MSCI USA Value Weighted Index RSL Fund | \*\* | 1383414780 |
| BlackRock Institutional Trust Company, N.A. | Russell 1000 Index Non-Lendable Fund | \*\* | 13632103458 |
| BlackRock Institutional Trust Company, N.A. | Russell 2000 Index Non-Lendable Fund | \*\* | 639011029 |
| BlackRock Institutional Trust Company, N.A. | Russell 2500 Index Non-Lendable Fund | \*\* | 1412689966 |
| BlackRock Institutional Trust Company, N.A. | U.S. Debt Index Non Lendable Fund | \*\* | 1526439200 |
| BlackRock Institutional Trust Company, N.A. | U.S. Treasury Inflation Protected Securities Non-Lendable Fund | \*\* | 295031960 |
| Global Trust Company | Altrinsic International Equity Collective Fund | \*\* | 912780772 |
| Global Trust Company | AQR Emerging Equities Collective Investment Fund | \*\* | 450937408 |
| Global Trust Company | Victory Mid Cap Value Collective Investment Trust Fund | \*\* | 411918391 |

---

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | JPMorgan Chase Bank, N.A. | Short Duration Bond Fund | \*\* | 365928332 |
| | Principal Global Investors Trust Company | Global Real Estate Securities Fund | \*\* | 491433594 |
| | Prudential Trust Company | Core Plus Bond Fund | \*\* | 1438723301 |
| | Prudential Trust Company | Long Duration Credit Fund | \*\* | 1098071384 |
| | Reliance Trust Company | Driehaus Emerging Markets Growth CIT Fund | \*\* | 439698512 |
| | Reliance Trust Company | The Collective LSV International (ACWI EX US) Value Equity Fund | \*\* | 1825210352 |
| | SEI Trust Company | AEW Global Properties Trust Fund | \*\* | 490185662 |
| | SEI Trust Company | Cohen & Steers Global Listed Infrastructure Fund | \*\* | 114480730 |
| | SEI Trust Company | CoreCommodity Management Diversified I CIT Fund | \*\* | 127728017 |
| | SEI Trust Company | Fiera Asset Management USA Collective Trust | \*\* | 1395993363 |
| | SEI Trust Company | Nuveen Global Infrastructure Fund | \*\* | 232738440 |
| \* | The Northern Trust Company | Collective Government Short Term Investment Fund | \*\* | 61401132 |
| \* | The Northern Trust Company | GQG Partners International Equity CIT Fund | \*\* | 1360890377 |
| \* | The Northern Trust Company | The First Sentier Global Listed Infrastructure Fund | \*\* | 234287809 |
| \* | The Northern Trust Company | The Presima Global Real Estate Concentrated Collective Fund | \*\* | 420575206 |
|  | Wellington Trust Company, NA | CIF II Commodities Portfolio | \*\* | 127787019 |
|  | **Total Collective Investment Trusts/Collective Trust Funds** | **Total Collective Investment Trusts/Collective Trust Funds** |  | 39337699722 |
|  | **Total Investments** |  |  | $49405279099 |
| \* | **Notes Receivable from participants** | Loans to participants, interest rates ranging from 6% to 9.50%, with various maturities |  | $1369545276 |

---

\* Represents a party-in-interest.

\*\* Column (d) cost information not required as accounts are participant directed.

------

<u>[**Table of Contents**](#ifee243b6cab0479d9586b1959be42374_4)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

**Walmart 401(k) Plan**

---

| | | |
|:---|:---|:---|
| June 25, 2025 | By: | /s/ Donna Morris |
|  |  | **Donna Morris**<br>**Executive Vice President, Global People**<br>**Walmart Inc.** |

---

## Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-29847, 333-109421, 333-187577 and 333-233682) pertaining to the Walmart 401(k) Plan of our report dated June 25, 2025, with respect to the financial statements and schedule of the Walmart 401(k) Plan included in this Annual Report (Form 11-K) for the year ended January 31, 2025.

/s/ Ernst & Young LLP

Rogers, Arkansas

June 25, 2025

<br>