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

  FORM 11-K

(Mark One)

		
ý	Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934	
For the fiscal year ended January 31, 2019.
or  

		
¬	Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934	
For the transition period from              to              .
Commission file number 1-6991

	
		
A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:	
WALMART 401(k) PLAN

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

WALMART INC.
702 Southwest Eighth Street
Bentonville, Arkansas 72716

Walmart 401(k) Plan
Financial Statements and
Supplemental Schedule

As of January 31, 2019 and 2018, and for the year ended January 31, 2019

Table of Contents

	
		
Report of Independent Registered Public Accounting Firm	1	
Statements of Net Assets Available for Benefits	2	
Statement of Changes in Net Assets Available for Benefits	3	
Notes to Financial Statements	4	
Supplemental Schedule: Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	11	
Signatures	27	
Exhibit 23.1 – Consent of Independent Public Registered Accounting Firm	 	

Table of Contents

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Walmart 401(k) Plan (the Plan) as of January 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended January 31, 2019, 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, 2019 and 2018, and the changes in its net assets available for benefits for the year ended January 31, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

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

Supplemental Schedule

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

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

Rogers, Arkansas
July 18, 2019

1

Table of Contents

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

	
											
 	January 31,	 	
 	2019	2018	 	 	
Assets	 	 	 	 	
Cash, noninterest bearing	$	-	$	170,000	 	 	
Investments, at fair value	27,644,615,656	29,076,968,639	 	 	
Notes receivable from participants	1,093,226,607	1,072,859,045	 	 	
Accrued investment income	7,402,544	 	5,291,446	 	 	
Total assets	28,745,244,807	 	30,155,289,130	 	 	
 	 	 	 	 	
Liabilities	 	 	 	 	
Due to broker	29,772,516	 	5,832,846	 	 	
Accrued expenses	5,754,807	7,088,626	 	 	
Total liabilities	35,527,323	12,921,472	 	 	
 	 	 	 	 	 	 	 	
Net assets available for benefits	$	28,709,717,484	$	30,142,367,658	 	 	
See accompanying notes.

2

Table of Contents

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

	

	Year Ended
January 31, 2019	
Additions	 	
Investment income (loss):	 	 	
Net depreciation in fair value of investments	$	(1,381,079,267)	
Interest and dividends	 	173,409,014	
Net investment loss	 	(1,207,670,253)	
 	 	 	
Interest income on notes receivable from participants	 	52,053,770	
 	 	 	
Contributions:	 	 	
Company	 	1,155,483,232	
Participant	1,534,496,748	
Rollovers	57,036,180	
Total contributions	2,747,016,160	
 	 	
Net additions	1,591,399,677	
 	 	
Deductions	 	
Benefits paid to participants	2,991,167,815	
Administrative expenses	37,106,573	
Fees on notes receivable from participants	6,691,515	
Other, net	2,549,809	
Total deductions	3,037,515,712	
 	 	
Net decrease	(1,446,116,035)	
 	 	
Transfers from other plans (See Note 1)	13,465,861	
 	 	
Net assets available for benefits:	 	
Beginning of year	30,142,367,658	
 	 	 	
End of year	$	28,709,717,484	

See accompanying notes.

3

Table of Contents

Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2019
1. Description of the Plan
Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.
General
The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can participate in the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.
The responsibility for operation and the investment policy (except for day-to-day administration of the Plan) is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Benefits or successor title. The administration of the Plan is vested in the Senior Vice President, Global Benefits or successor title.
The trustee function of the Plan is performed by The Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed the Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
The Plan received transfers from Hayneedle, Inc. 401(k) Plan, ModCloth, Inc. 401(k) Profit Sharing Plan and Bonobos Retirement Plan, totaling $13,465,861 for the year ended January 31, 2019. These plans were merged into the Plan as of October 1, 2018, November 1, 2018 and November 2, 2018, respectively.
Contributions
Eligible associates may elect to contribute up to 50% of their eligible wages, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).
Each eligible employee who has completed at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any Plan year) will receive a Company matching contribution. The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.
Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2019. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).
Participant Accounts
Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contribution, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested Profit Sharing contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.
Vesting
Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions.
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to generally the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' elective deferrals and rollover contributions in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS), and loans. In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.

Investment Options
A participant may direct the Trustee to invest any portion of his or her elective deferrals, rollover contributions, Company matching contributions, and qualified non-elective contributions in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2019, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time at the option level.
A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for elective contributions described previously.
Participant investments not directed by the participant are invested by the Trustee as determined by the Benefits Investment Committee.

2. Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. Participant contributions are accrued for pay periods ended prior to the Plan's year-end. Company contributions are recorded when paid to the Plan. Walmart contributions to the Plan related to the Plan Year ended January 31, 2019, were paid throughout the Plan Year.
Use of Estimates
The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Related fees are recorded as fees on notes receivable from participants and are recorded when earned. No allowances for credit losses have been recorded as of January 31, 2019 and 2018. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.

Benefit Payments
Benefit payments are recorded when paid. There were benefits in the amount of $19,510,903, requested before year-end that were paid after year-end.
Expenses
The Plan allows certain administrative expenses to be paid from Plan assets, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. The Plan does not reimburse for these expenses. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in fees on notes receivable from participants. Investment related expenses that are indirect are included in net depreciation of fair value of investments and direct expenses are included in administrative expenses.
New Accounting Pronouncements
In July 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-09, which among other things amends an illustrative example of a fair value hierarchy disclosure contained in FASB Accounting Standards Codification (ASC) Subtopic 962-325 , Plan Accounting – Defined Contribution Pension Plans – Investments – Other to avoid the interpretation that common collective trust funds would never have a readily determinable fair value and, would always be considered eligible to use the net asset value per share practical expedient. Also, it further clarifies that an entity should evaluate whether a readily determinable fair value exists or whether the its investments qualify for the net asset value per share practical expedient in accordance with ASC 820, Fair Value Measurement . The effective date is for annual periods beginning after December 15, 2018. The Plan will adopt ASU 2018-09 for the year ending January 31, 2020. Management is currently evaluating this ASU to determine its impact to the Plan's financial statements and it is not expected to have a material impact to the Plan's net assets available for benefits.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates, amends and adds disclosure requirements and is applicable to all entities that are required under accounting principles generally accepted in the United States of America to disclose recurring and nonrecurring fair value measurements.   ASU 2018-13 is effective for all reporting periods beginning after December 15, 2019, though early adoption is permitted for any eliminated or modified disclosure requirements.  The Plan will adopt ASU 2018-13 for the year ending January 31, 2021. Management is currently evaluating this ASU to determine its impact to the Plan's financial statements and it is not expected to have a material impact to the Plan's net assets available for benefits.
 
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, 2019 and 2018. During the year ended January 31, 2019, there were no transfers of financial instruments into or out of Level 1 or Level 2. The Plan had no Level 3 measurements during the year ended January 31, 2019 or 2018. 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 funds - Valued at quoted market prices on the last business day of the Plan year.
Government securities - Valued using pricing models maximizing the use of observable inputs for similar securities.
Corporate bonds - Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
Asset-backed and mortgage-backed securities - Valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.
Collective investment trusts/collective trust funds - Stated at fair value as determined by the issuers of the funds on the fair market value of the underlying investments, which is valued at net asset value (NAV) as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.
103-12 Investment Entity - Stated at fair value as determined by the issuer of the fund on the fair market value of the underlying investments, which is valued at NAV as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Investments measured at fair value on a recurring basis consisted of the following types of instruments:

																			
 	 	Fair Value Measurements as of January 31, 2019	
 	 	Level 1	 	Level 2	 	Total	
Walmart Inc. equity securities	 	$	3,322,622,935	 	$	-	 	$	3,322,622,935	
Common stocks	 	667,083,141	 	-	 	667,083,141	
Cash equivalent	 	11,264,318	 	-	 	11,264,318	
Mutual funds	 	440,077,619	 	-	 	440,077,619	
Government securities	 	-	 	599,689,498	 	599,689,498	
Corporate bonds	 	-	 	242,029,929	 	242,029,929	
Asset-backed securities	 	-	 	90,446,825	 	90,446,825	
Mortgage-backed securities	 	-	 	29,732,922	 	29,732,922	
Total assets in the fair value hierarchy	 	$	4,441,048,013	 	$	961,899,174	 	5,402,947,187	
Investments measured at NAV*	 	 	 	 	 	 	 	 	22,241,668,469	
Total investments at fair value	 	 	 	 	 	 	 	 	 	$	27,644,615,656	

	
													
 	 	Fair Value Measurements as of January 31, 2018	
 	 	Level 1	 	Level 2	 	Total	
Walmart Inc. equity securities	 	$	4,055,842,713	 	 	$	-	 	 	$	4,055,842,713	
Common stocks	 	 	2,087,799,317	 	 	 	-	 	 	 	2,087,799,317	
Cash equivalent	 	 	11,273,390	 	 	 	-	 	 	 	11,273,390	
Mutual funds	 	 	1,467,008,488	 	 	 	-	 	 	 	1,467,008,488	
Government securities	 	-	 	 	410,128,244	 	 	 	410,128,244	
Corporate bonds	 	-	 	198,723,836	 	 	 	198,723,836	
Asset-backed securities	 	-	 	 	102,708,757	 	 	 	102,708,757	
Mortgage-backed securities	 	-	 	 	26,398,153	 	 	 	26,398,153	
Total assets in the fair value hierarchy	 	$	7,621,923,908	 	 	$	737,958,990	 	 	 	8,359,882,898	
Investments measured at NAV*	 	 	 	 	 	 	20,717,085,741	
Total Investments at fair value	 	 	 	 	 	 	 	 	 	$	29,076,968,639	

*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.

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, 2019 and 2018. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

										
 	Fair Value as of January 31,	Unfunded commitments	Redemption frequency (if currently eligible)	Redemption notice	
Investments	2019	2018				
Collective investment trusts/collective trust funds	$	22,241,668,469	 	$	20,269,367,509	 	N/A	Daily	N/A	
103-12 Investment Entity	-	 	447,718,232	 	N/A	Daily	N/A	
Total investments measured at NAV	$	22,241,668,469	 	$	20,717,085,741	 	 	 	 	

5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by The Northern Trust Company, Bank of America, N.A., Merrill Lynch & Company, and other companies that provide investment management services to the Plan. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.
A portion of the Plan's assets are invested in common stock of the Company. Because Walmart is the sponsor of the Plan, transactions involving Company stock qualify as party-in-interest transactions.
6. Plan Termination
While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect (unless it is specifically terminated) and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.
7. Tax Status
The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
8. Risks and Uncertainties
The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.
9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

									
 	 	January 31,	
 	 	2019	 	2018	
Net assets available for benefits per the financial statements	 	$	28,709,717,484	 	$	30,142,367,658	
Less: Benefits payable per the Form 5500	 	(19,510,903)	 	(21,247,561)	
Net assets available for benefits per the Form 5500	 	$	28,690,206,581	 	$	30,121,120,097	

The following is a reconciliation of the net decrease in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2019:

					
Net decrease in net assets available for benefits per the financial statements	$	(1,446,116,035)	 	
Less: Benefits payable per the Form 5500 at January 31, 2019	(19,510,903)	 	
Add: Benefits payable per the Form 5500 at January 31, 2018	21,247,561	 	
Net decrease per the Form 5500	$	(1,444,379,377)	 	
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.

4

Table of Contents

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, 2019

													
(a)	(b) Identity of issue, borrower,
lessor or similar party	(c) Description of investment including maturity date, rate of interest, collateral, par or maturity value	(d) Cost	 	 	(e)
Current value	
 	Investments	 	 	 	 	
*	Walmart Inc. Equity Securities	Common Stock	**	 	$	3,322,622,935	
 	 	 	 	 	 	
 	Common Stocks	 	 	 	 	
 	AAR Corp.	Common Stock	**	 	2,489,706	
 	Aaron's Inc.	Common Stock	**	 	6,398,820	
 	Aclaris Therapeutics Inc.	Common Stock	**	 	839,669	
 	Adamas Pharmaceuticals Inc.	Common Stock	**	 	499,212	
 	Adtalem Global Education Inc.	Common Stock	**	 	3,018,353	
 	Aegion Corp	Common Stock	**	 	2,583,616	
 	Aerie Pharmaceuticals Inc.	Common Stock	**	 	2,891,542	
 	Air Transport Services Group Inc.	Common Stock	**	 	3,090,303	
 	Akebia Therapeutics Inc.	Common Stock	**	 	1,372,883	
 	Alarm.com Holdings Inc.	Common Stock	**	 	2,160,450	
 	Albany International Corp.	Common Stock	**	 	2,181,672	
 	Allegheny Technologies Inc.	Common Stock	**	 	3,749,444	
 	American Woodmark Corp.	Common Stock	**	 	1,888,650	
 	Amerisafe Inc.	Common Stock	**	 	1,556,661	
 	AMN Healthcare Services Inc.	Common Stock	**	 	4,853,678	
 	Amyris Inc.	Common Stock	**	 	407,946	
 	Apergy Corp	Common Stock	**	 	1,965,862	
 	Argo Group International Holdings	Common Stock	**	 	2,295,255	
 	Axos Financial Inc.	Common Stock	**	 	1,630,271	
 	Banner Corp	Common Stock	**	 	3,867,540	
 	Beacon Roofing Supply Inc.	Common Stock	**	 	4,497,291	
 	Berkshire Hills Bancorp Inc.	Common Stock	**	 	2,077,840	
 	Big Lots Inc.	Common Stock	**	 	1,104,499	
 	Biospecifics Technologies Corp	Common Stock	**	 	4,385,630	
 	Bio-Techne Corp	Common Stock	**	 	6,026,721	
 	BJs Restaurants Inc.	Common Stock	**	 	781,982	
 	Black Hills Corp	Common Stock	**	 	3,491,243	
 	Black Knight Inc.	Common Stock	**	 	5,094,412	
 	Blackbaud Inc.	Common Stock	**	 	3,287,944	
 	Blackline Inc.	Common Stock	**	 	6,134,870	
 	Blackrock TCP Capital Corp	Common Stock	**	 	838,265	
 	Blucora Inc.	Common Stock	**	 	2,330,552	
 	Boingo Wireless Inc.	Common Stock, Class A	**	 	3,532,374	
 	Booz Allen Hamilton Holding Corp	Common Stock, Class C	**	 	3,534,904	
 	Brady Corp	Common Stock	**	 	3,175,528	
 	Brandywine Realty Trust	Common Stock	**	 	4,594,313	
 	Bright Horizons Family Solutions Inc.	Common Stock	**	 	4,468,568	
 	Brooks Automation Inc.	Common Stock	**	 	4,994,653	
 	Brown & Brown Inc.	Common Stock	**	 	3,484,628	
 	Brunswick Corp	Common Stock	**	 	1,140,452	

5

Table of Contents

	
													
 	Caci International Inc.	Common Stock	**	 	3,824,243	
 	CalAmp Corp	Common Stock	**	 	771,439	
 	Calavo Growers Inc.	Common Stock	**	 	2,583,180	
 	California Water Service Group	Common Stock	**	 	3,502,054	
 	Callon Petroleum Co	Common Stock	**	 	3,001,283	
 	Cantel Med Corp	Common Stock	**	 	2,942,030	
 	Carbonite Inc.	Common Stock	**	 	1,470,349	
 	Cars.com Inc.	Common Stock	**	 	3,799,804	
 	Carter's Inc.	Common Stock	**	 	2,559,538	
 	Casella Waste Systems, Inc.	Common Stock	**	 	1,115,193	
 	Cathay General Bancorp	Common Stock	**	 	4,061,039	
 	Century Casinos Inc.	Common Stock	**	 	2,424,349	
 	Ceva Inc.	Common Stock	**	 	3,998,266	
 	Chemical Financial Corp	Common Stock	**	 	3,373,403	
 	Cision Ltd	Common Stock	**	 	1,478,390	
 	CNO Financial Group Inc.	Common Stock	**	 	3,520,483	
 	Coda Octopus Group Inc.	Common Stock	**	 	313,645	
 	Cogent Communications Holdings Inc.	Common Stock	**	 	4,755,368	
 	Collegium Pharmaceutical Inc.	Common Stock	**	 	3,778,216	
 	Cooper Tire & Rubber Co	Common Stock	**	 	2,418,099	
 	Corecivic Inc.	Common Stock	**	 	2,496,169	
 	CoStar Group Inc..	Common Stock	**	 	3,552,217	
 	Criteo S A	Common Stock	**	 	1,204,936	
 	CSW Industrials Inc.	Common Stock	**	 	1,712,507	
 	Culp Inc.	Common Stock	**	 	617,599	
 	Cyber-Ark Software Ltd	Common Stock	**	 	2,468,250	
 	Cypress Semiconductor Corp.	Common Stock	**	 	1,795,250	
 	Dana Inc.	Common Stock	**	 	2,887,918	
 	Delek Us Holdings Inc.	Common Stock	**	 	2,784,807	
 	Dennys Corp	Common Stock	**	 	625,359	
 	Descartes Sys Group Inc.	Common Stock	**	 	1,555,609	
 	Dexcom Inc.	Common Stock	**	 	4,046,010	
 	Douglas Dynamics Inc.	Common Stock	**	 	4,405,565	
 	Dunkin Brands Group Inc.	Common Stock	**	 	1,855,079	
 	Echo Global Logistics Inc.	Common Stock	**	 	2,171,854	
 	El Paso Electric Co.	Common Stock	**	 	2,342,497	
 	EMCOR Group Inc.	Common Stock	**	 	2,513,377	
 	Emergent Biosolutions Inc.	Common Stock	**	 	1,562,308	
 	Enterprise Financial Services Corp.	Common Stock	**	 	2,567,704	
 	Envestnet Inc.	Common Stock	**	 	2,776,841	
 	Eventbrite Inc.	Common Stock	**	 	3,307,762	
 	Evercore Inc.	Common Stock	**	 	3,496,690	
 	Evertec Inc.	Common Stock	**	 	2,288,115	
 	EVO Payments Inc.	Common Stock	**	 	2,601,189	
 	Exponent Inc.	Common Stock	**	 	1,664,467	
 	Fabrinet	Common Stock	**	 	2,317,651	
 	Federal Agricultural Mortgage Corp	Common Stock	**	 	2,936,903	
 	First Bancorp	Common Stock	**	 	2,620,782	
 	First Busey Corp	Common Stock	**	 	2,863,717	
 	First Financial Bancorp Ohio	Common Stock	**	 	3,447,914	
 	First Merchants Corp	Common Stock	**	 	2,908,422	
 	Firstcash Inc.	Common Stock	**	 	2,326,587	
 	Flagstar Bancorp Inc.	Common Stock	**	 	3,584,770	
 	Franklin Covey Co	Common Stock	**	 	2,048,725	

6

Table of Contents

	
													
 	Franklin Electric Inc.	Common Stock	**	 	1,918,224	
 	Genesee & Wyoming Inc.	Common Stock	**	 	3,893,414	
 	Gibraltar Industries Inc.	Common Stock	**	 	4,285,023	
 	G-III Apparel Group Ltd.	Common Stock	**	 	872,064	
 	Graftech International Ltd.	Common Stock	**	 	2,223,573	
 	Graphic Packaging Holding Co.	Common Stock	**	 	1,825,588	
 	Green Dot Corporation	Common Stock	**	 	1,237,985	
 	Guidewire Software Inc.	Common Stock	**	 	4,109,065	
 	Hamilton Lane Inc.	Common Stock	**	 	3,395,452	
 	Healthcare Services Group Inc.	Common Stock	**	 	7,577,797	
 	Heartland Financial USA Inc.	Common Stock	**	 	3,244,238	
 	Heico Corp	Common Stock	**	 	6,240,864	
 	Hillenbrand Inc.	Common Stock	**	 	1,565,620	
 	Home BancShares, Inc.	Common Stock	**	 	2,365,780	
 	Horace Mann Educators Corp	Common Stock	**	 	1,208,058	
 	Hostess Brands Inc.	Common Stock	**	 	2,181,032	
 	Huron Consulting Group Inc.	Common Stock	**	 	435,634	
 	Iberiabank Corp	Common Stock	**	 	4,412,563	
 	Insmed Inc.	Common Stock	**	 	1,303,016	
 	Integra LifeSciences Holdings Corp	Common Stock	**	 	2,775,296	
 	Invesco Mortgage Capital Inc.	Common Stock	**	 	2,951,291	
 	Ituran Location & Control	Common Stock	**	 	1,537,249	
 	John Bean Technologies Corp	Common Stock	**	 	4,259,652	
 	Kar Auction Services Inc.	Common Stock	**	 	2,526,386	
 	Kite Realty Group Trust	Common Stock	**	 	2,379,171	
 	Korn Ferry	Common Stock	**	 	2,859,667	
 	Kosmos Energy Ltd	Common Stock	**	 	1,706,751	
 	Ladder Capital Corp	Common Stock	**	 	2,854,384	
 	Lakeland Financial Corp	Common Stock	**	 	1,972,314	
 	Landstar System, Inc.	Common Stock	**	 	2,572,514	
 	Lantheus Holdings Inc.	Common Stock	**	 	1,342,236	
 	Lattice Semiconductor Corp	Common Stock	**	 	1,412,190	
 	La-Z-Boy, Inc.	Common Stock	**	 	3,430,766	
 	LCI Industries	Common Stock	**	 	799,503	
 	Lemaitre Vascular Inc.	Common Stock	**	 	1,335,827	
 	Lindblad Expeditions Holdings Inc.	Common Stock	**	 	1,218,037	
 	Lithia Motors, Inc.	Common Stock	**	 	2,761,275	
 	Littelfuse Inc.	Common Stock	**	 	4,424,278	
 	LivaNova PLC	Common Stock	**	 	2,107,204	
 	LogMein Inc.	Common Stock	**	 	1,620,874	
 	LPL Financial Holdings, Inc.	Common Stock	**	 	4,257,385	
 	Lydall Inc.	Common Stock	**	 	524,804	
 	M/I Homes Inc.	Common Stock	**	 	3,014,430	
 	Masonite International Corp	Common Stock	**	 	1,030,744	
 	MaxLinear Inc.	Common Stock	**	 	2,427,485	
 	Medifast Inc.	Common Stock	**	 	800,340	
 	Meredith Corporation	Common Stock	**	 	2,245,204	
 	Meridian Bioscience Inc.	Common Stock	**	 	971,108	
 	Mesa Labs Inc.	Common Stock	**	 	4,200,319	
 	MGIC Investment Corp	Common Stock	**	 	3,082,872	
 	MGP Ingredients Inc.	Common Stock	**	 	2,850,422	
 	Milacron Holdings Corp	Common Stock	**	 	3,666,663	
 	MINDBODY Inc..	Common Stock	**	 	2,122,884	
 	Minerals Technologies Inc.	Common Stock	**	 	3,322,969	

7

Table of Contents

	
													
 	Mix Telematics Ltd	Common Stock	**	 	1,889,496	
 	MKS Instruments Inc.	Common Stock	**	 	1,721,332	
 	Monro Inc.	Common Stock	**	 	3,286,543	
 	Moog Inc.	Common Stock	**	 	856,675	
 	MSC Industrial Direct Inc.	Common Stock	**	 	887,833	
 	National Storage Affiliates Trust	Common Stock	**	 	1,991,895	
 	Natural Grocers by Vitamin Cottage Inc.	Common Stock	**	 	1,326,960	
 	Natus Medical Inc.	Common Stock	**	 	4,483,810	
 	Netgear Inc.	Common Stock	**	 	2,249,452	
 	Nevro Corp	Common Stock	**	 	1,083,471	
 	Newpark Resources Inc.	Common Stock	**	 	1,374,890	
 	Nexstar Media Group Inc.	Common Stock	**	 	3,432,704	
 	Novanta Inc.	Common Stock	**	 	4,187,211	
 	NuVasive Inc.	Common Stock	**	 	1,106,841	
 	Oil States International Inc.	Common Stock	**	 	542,861	
 	Okta Inc.	Common Stock	**	 	3,462,225	
 	Optinose Inc.	Common Stock	**	 	1,790,062	
 	Orthopediatrics Corp	Common Stock	**	 	3,991,441	
 	Oxford Industries Inc.	Common Stock	**	 	958,399	
 	Pacific Premier Bancorp Inc.	Common Stock	**	 	2,806,169	
 	Performance Food Group Company	Common Stock	**	 	2,760,982	
 	Perspecta Inc.	Common Stock	**	 	2,680,184	
 	PGT Innovations Inc.	Common Stock	**	 	1,907,027	
 	Pinnacle Financial Partners Inc.	Common Stock	**	 	2,223,820	
 	Piper Jaffray Companies, Inc.	Common Stock	**	 	2,748,568	
 	Plantronics Inc.	Common Stock	**	 	3,421,976	
 	Platform Specialty Products Corp.	Common Stock	**	 	2,468,023	
 	Pointer Telocation Ltd	Common Stock	**	 	1,100,302	
 	Points International Ltd	Common Stock	**	 	2,617,642	
 	Power Integrations Inc.	Common Stock	**	 	937,200	
 	PRA Health Sciences Inc..	Common Stock	**	 	1,676,975	
 	Preferred Apartment Communities Inc.	Common Stock	**	 	2,216,126	
 	Preferred Bank	Common Stock	**	 	3,515,746	
 	Presidio Inc.	Common Stock	**	 	1,156,614	
 	Prestige Consumer Healthcare Inc.	Common Stock	**	 	1,963,083	
 	Primo Water Corp	Common Stock	**	 	2,539,795	
 	Progenics Pharmaceuticals Inc.	Common Stock	**	 	1,321,208	
 	ProPetro Holding Corp	Common Stock	**	 	4,218,057	
 	Pros Holdings Inc.	Common Stock	**	 	5,409,364	
 	Puma Biotechnology Inc.	Common Stock	**	 	2,336,539	
 	Quad / Graphics Inc.	Common Stock	**	 	1,318,049	
 	Qualys Inc..	Common Stock	**	 	3,171,844	
 	Quinstreet Inc.	Common Stock	**	 	1,429,771	
 	Radian Group Inc.	Common Stock	**	 	3,596,976	
 	Radware Ltd	Common Stock	**	 	4,139,910	
 	Redfin Corp	Common Stock	**	 	1,348,673	
 	Regal Beloit Corp	Common Stock	**	 	1,279,436	
 	Renasant Corp	Common Stock	**	 	3,637,852	
 	Retail Value Inc.	Common Stock	**	 	24	
 	REV Group Inc.	Common Stock	**	 	443,546	
 	Revance Therapeutics Inc.	Common Stock	**	 	1,363,622	
 	Rhythm Pharmaceuticals Inc.	Common Stock	**	 	415,705	
 	RLJ Lodging Trust	Common Stock	**	 	3,766,670	
 	Selective Insurance Group Inc.	Common Stock	**	 	2,867,809	

8

Table of Contents

	
													
 	Shutterfly Inc.	Common Stock	**	 	3,049,216	
 	Shutterstock Inc.	Common Stock	**	 	976,564	
 	Silicon Labratories Inc.	Common Stock	**	 	2,059,763	
 	SiteOne Landscape Supply Inc.	Common Stock	**	 	4,154,095	
 	South Jersey Industries Inc.	Common Stock	**	 	2,184,214	
 	Southwest Gas Holdings Inc.	Common Stock	**	 	4,013,900	
 	Southwestern Energy Co.	Common Stock	**	 	1,439,653	
 	SP Plus Corporation	Common Stock	**	 	2,863,282	
 	Spire Inc.	Common Stock	**	 	7,724,447	
 	Sportsmans Warehouse Holdings Inc.	Common Stock	**	 	209,491	
 	Stag Industrial Inc.	Common Stock	**	 	3,803,750	
 	Sterling Bancorp	Common Stock	**	 	2,516,650	
 	Strategic Education Inc.	Common Stock	**	 	3,275,983	
 	Summit Hotel Properties Inc.	Common Stock	**	 	3,171,934	
 	Sun Hydraulics Corp	Common Stock	**	 	2,423,755	
 	Suncoke Energy Inc.	Common Stock	**	 	3,322,432	
 	Supernus Pharmaceuticals Inc.	Common Stock	**	 	2,273,616	
 	Synnex Corp	Common Stock	**	 	4,295,370	
 	Tegna Inc.	Common Stock	**	 	2,658,817	
 	Teladoc Health Inc.	Common Stock	**	 	2,124,763	
 	The Brink's Co.	Common Stock	**	 	8,934,059	
 	The Meet Group Inc.	Common Stock	**	 	1,496,806	
 	The Middleby Corp	Common Stock	**	 	3,648,572	
 	TherapeuticsMD, Inc.	Common Stock	**	 	1,130,761	
 	Tivo Corp	Common Stock	**	 	3,719,579	
 	TPI Composites Inc.	Common Stock	**	 	568,259	
 	TrueCar Inc.	Common Stock	**	 	748,318	
 	TTM Technologies Inc.	Common Stock	**	 	2,375,970	
 	Tutor Perini Corp	Common Stock	**	 	1,534,134	
 	Two Harbors Invesment Corp	Common Stock	**	 	3,004,446	
 	Tyler Technologies Inc.	Common Stock	**	 	7,777,412	
 	U S Xpress Enterprises Inc.	Common Stock	**	 	446,490	
 	Ultimate Software Group Inc.	Common Stock	**	 	3,549,637	
 	Union Bankshares Corp	Common Stock	**	 	2,973,741	
 	Unit Corp	Common Stock	**	 	632,016	
 	United Community Banks Inc.	Common Stock	**	 	3,374,464	
 	Upland Software Inc.	Common Stock	**	 	468,756	
 	Utah Medical Products Inc.	Common Stock	**	 	1,264,996	
 	Vanda Pharmaceuticals Inc.	Common Stock	**	 	2,140,367	
 	Vapotherm Inc.	Common Stock	**	 	2,519,956	
 	Venator Materials PLC	Common Stock	**	 	394,669	
 	Versum Materials LLC	Common Stock	**	 	1,163,771	
 	Virtu Financial Inc.	Common Stock	**	 	1,952,659	
 	Vonage Holdings Corp	Common Stock	**	 	1,960,937	
 	WageWorks Inc.	Common Stock	**	 	3,004,096	
 	Washington Real Estate Investment Trust	Common Stock	**	 	3,270,809	
 	Watsco Inc.	Common Stock	**	 	3,420,356	
 	Wayfair Inc.	Common Stock	**	 	4,250,989	
 	WD-40 Co.	Common Stock	**	 	1,966,353	
 	Western Alliance Bancorp	Common Stock	**	 	2,162,015	
 	Willdan Group Inc.	Common Stock	**	 	3,827,788	
 	Wintrust Financial Corp	Common Stock	**	 	3,151,360	
 	Wolverine World Wide Inc.	Common Stock	**	 	1,193,988	
 	WPX Energy Inc.	Common Stock	**	 	969,435	

9

Table of Contents

	
													
 	WSFS Financial Corp	Common Stock	**	 	5,690,487	
 	Total Other Common Stock	 	 	 	667,083,141	
 	 	 	 	 	 	
 	Cash Equivalent	 	 	 	 	
*	Bank of America, N.A. Merrill Lynch Bank Deposit	Cash Equivalent, .75%	**	 	11,264,318	
 	 	 	 	 	 	
 	Mutual Funds	 	 	 	 	
 	BlackRock Fund Advisors	iShares Russell 2000 Value ETF	**	 	6,515,124	
 	PIMCO	All Asset Class Institutional Class	**	 	433,562,495	
 	Total Mutual Funds	 	 	 	440,077,619	
 	 	 	 	 	 	
 	Government Securities	 	 	 	 	
 	Federal Home Loan Mortgage Corp (FHLMC), Freddie Mac	$1,018,000 par, various rates, due September 25, 2028	**	 	1,083,658	
 	FHLMC, Freddie Mac	$1,049,000 par, 6.25%, due July 15, 2032	**	 	1,404,749	
 	FHLMC, Freddie Mac	$3,023,000 par, 2.375%, due January 13, 2022	**	 	3,015,313	
 	FHLMC, Freddie Mac	$1,886,947 par, 3.0%, due March 01, 2046	**	 	1,855,494	
 	FHLMC, Freddie Mac	$1,322,287 par, 3.0%, due April 01, 2046	**	 	1,300,246	
 	FHLMC, Freddie Mac	$3,779,639 par, 3.0%, due May 01, 2046	**	 	3,716,636	
 	FHLMC, Freddie Mac	$279,712 par, 3.0%, due October 01, 2046	**	 	275,050	
 	FHLMC, Freddie Mac	$3,237,606 par, 3.0%, due November 01, 2046	**	 	3,182,634	
 	FHLMC, Freddie Mac	$521,376 par, 3.0%, due December 01, 2046	**	 	512,685	
 	FHLMC, Freddie Mac	$137,305 par, 3.5%, due December 01, 2046	**	 	138,422	
 	FHLMC, Freddie Mac	$304,792 par, 3.5%, due December 01, 2045	**	 	307,648	
 	FHLMC, Freddie Mac	$4,352,440 par, 3.5%, due October 01, 2046	**	 	4,390,532	
 	FHLMC, Freddie Mac	$423,323 par, 4.5%, due December 01, 2045	**	 	441,257	
 	FHLMC, Freddie Mac	$950,124 par, 3.0%, due May 01, 2047	**	 	935,457	
 	FHLMC, Freddie Mac	$327,902 par, 4.5%, due March 01, 2047	**	 	341,952	
 	FHLMC, Freddie Mac	$2,750,562 par, 4.0%, due September 1, 2047	**	 	2,834,540	
 	FHLMC, Freddie Mac	$761,017 par, 3.0%, due March 01, 2047	**	 	748,099	
 	FHLMC, Freddie Mac	$264,497 par, 4.0%, due May 1, 2026	**	 	272,496	
 	FHLMC, Freddie Mac	$129,084 par, 4.5%, due September 01, 2048	**	 	136,741	
 	FHLMC, Freddie Mac	$91,297 par, 4.5%, due September 01, 2048	**	 	97,022	
 	FHLMC, Freddie Mac	$98,205 par, 4.5%, due September 01, 2048	**	 	103,757	
 	FHLMC, Freddie Mac	$145,102 par, 4.5%, due September 01, 2048	**	 	153,709	
 	FHLMC, Freddie Mac	$226,132 par, 4.5%, due December 01, 2043	**	 	238,095	
 	FHLMC, Freddie Mac	$1,261,589 par, 4.0%, due May 15, 2044	**	 	1,298,719	
 	FHLMC, Freddie Mac	$7,826,762 par, 3.0%, due September 01, 2046	**	 	7,696,290	
 	FHLMC, Freddie Mac	$3,009,717 par, 4.0%, due December 01, 2047	**	 	3,090,110	
 	FHLMC, Freddie Mac	$2,739,490 par, 3.5%, due January 01, 2048	**	 	2,756,680	
 	FHLMC, Freddie Mac	$4,461,638 par, 4.0%, due June 01, 2048	**	 	4,598,690	
 	FHLMC, Freddie Mac	$2,723,737 par, 3.5%, due March 01, 2048	**	 	2,742,504	
 	FHLMC, Freddie Mac	$1,722,209 par, 3.5%, due March 01, 2048	**	 	1,733,016	
 	FHLMC, Freddie Mac	$570,845 par, 3.5%, due July 01, 2046	**	 	575,782	
 	FHLMC, Freddie Mac	$305,000 par, 3.0%, no maturity date	**	 	299,772	
 	FHLMC, Freddie Mac	$4,270,000 par, 3.5%, no maturity date	**	 	4,293,600	
 	FHLMC, Freddie Mac	$3,845,000 par, 4.0%, due February 15, 2044	**	 	3,938,045	
 	FHLMC, Freddie Mac	$3,142,369 par, 3.5%, due October 01, 2047	**	 	3,160,635	
 	FHLMC, Freddie Mac	$297,786 par, 3.5%, due October 01, 2047	**	 	299,517	
 	FHLMC, Freddie Mac	$663,463 par, 4.5%, due October 01, 2047	**	 	695,556	
 	FHLMC, Freddie Mac	$3,380,210 par, 3.5%, due May 01, 2048	**	 	3,399,626	
 	FHLMC, Freddie Mac	$210,332 par, 4.0%, due March 15, 2040	**	 	216,286	
 	FHLMC, Freddie Mac	$530,342 par, 3.0%, due April 15, 2045	**	 	527,620	

10

Table of Contents

	
													
 	FHLMC, Freddie Mac	$894,598 par, 4.0%, due December 15, 2030	**	 	928,486	
 	FHLMC, Freddie Mac	$138,382 par, floating rate, due March 15, 2040	**	 	138,851	
 	FHLMC, Freddie Mac	$209,832 par, 3.5%, due September 15, 2040	**	 	212,568	
 	FHLMC, Freddie Mac	$2,684,446 par, 3.5%, due October 15, 2053	**	 	2,722,131	
 	FHLMC, Freddie Mac	$2,829,351 par, 4.5%, due November 01, 2048	**	 	2,943,988	
 	FHLMC, Freddie Mac	$263,311 par, 4.5%, due December 01, 2048	**	 	279,823	
 	FHLMC, Freddie Mac	$646,000 par, 3.244%, due August 25, 2027	**	 	647,984	
 	FHLMC, Freddie Mac	$1,320,000 par, 3.926%, due June 25, 2028	**	 	1,393,036	
 	FHLMC, Freddie Mac	$345,000 par, various rates, due November 25, 2027	**	 	347,733	
 	FHLMC, Freddie Mac	$1,026,000 par, various rates, due August 25, 2028	**	 	1,079,326	
 	FHLMC, Freddie Mac	$1,166,000 par, 3.243%, due April 25, 2027	**	 	1,171,804	
 	Federal National Mortgage Association (FNMA), Fannie Mae	$1,632,000 par, 2.625%, due September 06, 2024	**	 	1,635,378	
 	FNMA, Fannie Mae	$273,778 par, 3.0%, due September 25, 2030	**	 	274,083	
 	FNMA, Fannie Mae	$2,807,112 par, 4.5%, due June 01, 2048	**	 	2,921,704	
 	FNMA, Fannie Mae	$4,988,205 par, 3.5%, due February 01, 2048	**	 	5,013,525	
 	FNMA, Fannie Mae	$96,362 par, 3.5%, due April 01, 2046	**	 	97,214	
 	FNMA, Fannie Mae	$2,390,819 par, 3.5%, due June 01, 2046	**	 	2,411,815	
 	FNMA, Fannie Mae	$320,888 par, 3.5%, due June 01, 2046	**	 	323,706	
 	FNMA, Fannie Mae	$240,743 par, 3.5%, due July 01, 2046	**	 	242,858	
 	FNMA, Fannie Mae	$152,906 par, 3.5%, due October 01, 2046	**	 	154,201	
 	FNMA, Fannie Mae	$3,098,217 par, 3.0%, due November 01, 2046	**	 	3,044,160	
 	FNMA, Fannie Mae	$250,583 par, 3.5%, due November 01, 2046	**	 	252,525	
 	FNMA, Fannie Mae	$2,027,323 par, 3.5%, due December 01, 2046	**	 	2,043,872	
 	FNMA, Fannie Mae	$1,232,987 par, 3.5%, due March 01, 2047	**	 	1,243,055	
 	FNMA, Fannie Mae	$2,286,458 par, 3.5%, due March 01, 2047	**	 	2,305,127	
 	FNMA, Fannie Mae	$194,391 par, 3.5%, due March 01, 2047	**	 	195,697	
 	FNMA, Fannie Mae	$2,131,806 par, 3.5%, due April 01, 2047	**	 	2,149,212	
 	FNMA, Fannie Mae	$376,168 par, 4.5%, due March 01, 2047	**	 	391,633	
 	FNMA, Fannie Mae	$1,332,620 par, 4.0%, due June 01, 2044	**	 	1,375,664	
 	FNMA, Fannie Mae	$220,253 par, 3.5%, due May 01, 2046	**	 	222,187	
 	FNMA, Fannie Mae	$427,561 par, 3.5%, due June 01, 2046	**	 	431,296	
 	FNMA, Fannie Mae	$2,595,603 par, 3.0%, due September 01, 2046	**	 	2,551,094	
 	FNMA, Fannie Mae	$1,673,680 par, 3.5%, due January 01, 2047	**	 	1,685,963	
 	FNMA, Fannie Mae	$202,354 par, 4.5%, due January 01, 2042	**	 	212,052	
 	FNMA, Fannie Mae	$1,972,635 par, 3.0%, due November 01, 2046	**	 	1,938,808	
 	FNMA, Fannie Mae	$582,996 par, 3.5%, due April 01, 2047	**	 	587,756	
 	FNMA, Fannie Mae	$1,858,728 par, 4.0%, due April 01, 2048	**	 	1,909,526	
 	FNMA, Fannie Mae	$108,891 par, 4.5%, due July 01, 2048	**	 	115,653	
 	FNMA, Fannie Mae	$126,875 par, 4.5%, due July 01, 2048	**	 	133,971	
 	FNMA, Fannie Mae	$169,629 par, 4.5%, due July 01, 2048	**	 	179,587	
 	FNMA, Fannie Mae	$184,925 par, 4.5%, due August 01, 2048	**	 	195,782	
 	FNMA, Fannie Mae	$120,056 par, 4.5%, due September 01, 2048	**	 	127,105	
 	FNMA, Fannie Mae	$497,743 par, 4.5%, due August 01, 2048	**	 	525,124	
 	FNMA, Fannie Mae	$1,801,687 par, 4.0%, due August 01, 2044	**	 	1,857,649	
 	FNMA, Fannie Mae	$131,186 par, 4.5%, due September 01, 2048	**	 	138,886	
 	FNMA, Fannie Mae	$154,413 par, 4.5%, due September 01, 2048	**	 	164,002	
 	FNMA, Fannie Mae	$4,750,893 par, 3.5%, due September 01, 2047	**	 	4,776,007	
 	FNMA, Fannie Mae	$165,437 par, 4.0%, due February 01, 2048	**	 	169,987	
 	FNMA, Fannie Mae	$2,671,251 par, 4.5%, due August 01, 2048	**	 	2,777,233	
 	FNMA, Fannie Mae	$94,282 par, 4.5%, due January 01, 2030	**	 	98,271	
 	FNMA, Fannie Mae	$1,537,021 par, 3.0%, due July 01, 2046	**	 	1,510,664	
 	FNMA, Fannie Mae	$2,697,530 par, 3.0%, due September 01, 2046	**	 	2,651,273	
 	FNMA, Fannie Mae	$575,173 par, 3.0%, due October 01, 2046	**	 	565,310	

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 	FNMA, Fannie Mae	$4,326,761 par, 3.0%, due November 01, 2046	**	 	4,252,566	
 	FNMA, Fannie Mae	$2,774,134 par, 3.0%, due March 01, 2033	**	 	2,778,073	
 	FNMA, Fannie Mae	$2,790,434 par, 3.0%, due April 01, 2033	**	 	2,794,396	
 	FNMA, Fannie Mae	$4,680,719 par, 4.0%, due August 01, 2048	**	 	4,794,704	
 	FNMA, Fannie Mae	$1,093,139 par, 3.5%, due September 01, 2038	**	 	1,109,483	
 	FNMA, Fannie Mae	$4,470,347 par, 4.5%, due November 01, 2048	**	 	4,647,368	
 	FNMA, Fannie Mae	$3,837,043 par, 4.0%, due December 01, 2048	**	 	3,928,706	
 	FNMA, Fannie Mae	$2,709,724 par, 5.0%, due September 01, 2048	**	 	2,853,326	
 	FNMA, Fannie Mae	$289,341 par, floating rate, due November 25, 2036	**	 	289,391	
 	FNMA, Fannie Mae	$1,325,218 par, 3.0%, due June 25, 2046	**	 	1,316,590	
 	FNMA, Fannie Mae	$1,713,233 par, 2.5%, due November 25, 2045	**	 	1,676,854	
 	FNMA, Fannie Mae	$548,425 par, 3.0%, due June 25, 2045	**	 	549,220	
 	FNMA, Fannie Mae	$1,160,992 par, 4.0%, due May 25, 2053	**	 	1,208,484	
 	FNMA, Fannie Mae	$1,266,223 par, 3.5%, due June 25, 2044	**	 	1,281,182	
 	FNMA, Fannie Mae	$6,460,000 par, 2.5%, no maturity date	**	 	6,357,486	
 	FNMA, Fannie Mae	$3,120,000 par, 3.0%, no maturity date	**	 	3,065,035	
 	FNMA, Fannie Mae	$3,200,000 par, 3.5%, no maturity date	**	 	3,259,750	
 	FNMA, Fannie Mae	$18,040,000 par, 3.5%, no maturity date	**	 	18,129,136	
 	FNMA, Fannie Mae	$4,600,000 par, 4.0%, due February 15, 2034	**	 	4,731,712	
 	FNMA, Fannie Mae	$11,640,000 par, 4.0%, no maturity date	**	 	11,914,634	
 	FNMA, Fannie Mae	$3,145,000 par, 4.5%, no maturity date	**	 	3,268,712	
 	FNMA, Fannie Mae	$6,540,000 par, 5.0%, no maturity date	**	 	6,879,825	
 	FNMA, Fannie Mae	$6,260,000 par, 5.0%, no maturity date	**	 	6,576,055	
 	FNMA, Fannie Mae	$1,408,525 par, various rates, due April 25, 2046	**	 	1,400,264	
 	Government National Mortgage Association (GNMA),
Ginnie Mae	$3,750,000 par, 4.0%, no maturity date	**	 	3,858,251	
 	GNMA, Ginnie Mae	$1,735,000 par, 4.5%, due February 15, 2049	**	 	1,801,418	
 	GNMA, Ginnie Mae	$2,835,000 par, 5.0%, due February 15, 2049	**	 	2,960,494	
 	GNMA, Ginnie Mae	$2,663,636 par, 4.0%, due September 20, 2047	**	 	2,747,977	
 	GNMA, Ginnie Mae	$3,159,783 par, 3.5%, due February 20, 2047	**	 	3,202,472	
 	GNMA, Ginnie Mae	$3,412,664 par, 3.5%, due March 20, 2047	**	 	3,458,776	
 	GNMA, Ginnie Mae	$3,267,487 par, 3.0%, due April 20, 2047	**	 	3,245,572	
 	GNMA, Ginnie Mae	$492,960 par, 3.0%, due May 20, 2047	**	 	489,680	
 	GNMA, Ginnie Mae	$1,627,383 par, 3.0%, due June 20, 2047	**	 	1,616,390	
 	GNMA, Ginnie Mae	$5,924,521 par, 3.0%, due July 20, 2047	**	 	5,883,921	
 	GNMA, Ginnie Mae	$2,097,612 par, 3.0%, due August 20, 2047	**	 	2,083,030	
 	GNMA, Ginnie Mae	$4,546,360 par, 4.5%, due October 20, 2048	**	 	4,723,409	
 	GNMA, Ginnie Mae	$2,806,651 par, 4.0%, due November 20, 2048	**	 	2,888,676	
 	GNMA, Ginnie Mae	$3,055,780 par, 4.5%, due December 20, 2048	**	 	3,179,499	
 	GNMA, Ginnie Mae	$4,086,327 par, 4.0%, due January 20, 2049	**	 	4,205,754	
 	Illinois state taxable pension	$2,860,000 par, 5.1%, due June 01, 2033	**	 	2,736,419	
 	New Jersey State Transportation Trust Fund Authority	$1,405,000 par, 5.754%, due December 15, 2028	**	 	1,544,671	
 	New Jersey State Transportation Trust Fund Authority	$475,000 par, 6.561%, due December 15, 2040	**	 	584,416	
 	Republic of Colombia	$425,000 par, 5.0%, due June 15, 2045	**	 	430,742	
 	Republic of Colombia	$873,000 par, 4.5%, due March 15, 2029	**	 	893,524	
 	Republic of Colombia	$829,000 par, 5.2%, due May 15, 2049	**	 	857,601	
 	Republic of Peru	$1,195,000 par, 8.75%, due November 21, 2033	**	 	1,801,463	
 	State of Qatar	$848,000 par, 4.5%, due April 23, 2028	**	 	895,335	
 	State of Qatar	$5,412,000 par, 3.875%, due April 23, 2023	**	 	5,513,475	
 	State of Qatar	$779,000 par, 5.103%, due April 23, 2048	**	 	835,697	
 	U.S. Treasury Bond	$19,223,000 par, 2.5%, due January 31, 2024	**	 	19,276,305	
 	U.S. Treasury Bond	$18,989,000 par, 3.125%, due November 15, 2028	**	 	19,785,646	

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 	U.S. Treasury Bond	$3,044,000 par, 2.5%, due May 15, 2046	**	 	2,755,414	
 	U.S. Treasury Bond	$2,521,000 par, 2.75%, due September 30, 2020	**	 	2,531,243	
 	U.S. Treasury Bond	$3,431,000 par, 2.75%, due August 31, 2023	**	 	3,477,507	
 	U.S. Treasury Bond	$1,243,000 par, 3.0%, due October 31, 2025	**	 	1,279,756	
 	U.S. Treasury Bond	$11,366,000 par, 4.75%, due February 15, 2037	**	 	14,553,811	
 	U.S. Treasury Bond	$2,660,000 par, 5.0%, due May 15, 2037	**	 	3,508,290	
 	U.S. Treasury Bond	$12,794,000 par, 3.0%, due August 15, 2048	**	 	12,761,516	
 	U.S. Treasury Bond	$3,282,000 par, 3.0%, due May 15, 2047	**	 	3,277,898	
 	U.S. Treasury Bond	$3,498,000 par, 3.0%, due February 15, 2048	**	 	3,488,846	
 	U.S. Treasury Bond	$13,808,000 par, 3.125%, due May 15, 2048	**	 	14,111,666	
 	U.S. Treasury Bond	$2,315,000 par, 3.0%, due November 15, 2045	**	 	2,317,713	
 	U.S. Treasury Bond	$4,369,000 par, 2.75%, due August 15, 2047	**	 	4,150,039	
 	U.S. Treasury Bond	$2,131,000 par, 2.75%, due November 15, 2047	**	 	2,022,453	
 	U.S. Treasury Bond	$8,561,000 par, 2.5%, due December 31, 2020	**	 	8,565,683	
 	U.S. Treasury Bond	$20,767,000 par, 2.875%, due November 15, 2021	**	 	21,006,298	
 	U.S. Treasury Bond	$3,832,000 par, 1.625%, due August 31, 2022	**	 	3,726,022	
 	U.S. Treasury Bond	$1,324,000 par, 1.875%, due September 30, 2022	**	 	1,298,502	
 	U.S. Treasury Bond	$15,341,000 par, 2.625%, due December 31, 2023	**	 	15,468,039	
 	U.S. Treasury Bond	$11,101,000 par, 2.875%, due October 31, 2023	**	 	11,313,051	
 	U.S. Treasury Bond	$3,076,000 par, 2.5%, due January 15, 2022	**	 	3,081,288	
 	U.S. Treasury Bond	$5,344,000 par, 2.5%, due March 31, 2023	**	 	5,356,110	
 	U.S. Treasury Bond	$18,538,000 par, 2.625%, due June 30, 2023	**	 	18,677,758	
 	U.S. Treasury Bond	$9,112,000 par, 2.875%, due November 30, 2025	**	 	9,312,036	
 	U.S. Treasury Bond	$5,778,000 par, 2.125%, due December 31, 2022	**	 	5,710,288	
 	U.S. Treasury Bond	$12,620,000 par, 2.875%, due October 31, 2020	**	 	12,701,828	
 	U.S. Treasury Bond	$5,774,000 par, 2.75%, due May 31, 2023	**	 	5,847,076	
 	U.S. Treasury Bond	$31,833,000 par, 2.75%, due November 30, 2020	**	 	31,985,958	
 	U.S. Treasury Bond	$13,481,000 par, 2.875%, due November 30, 2023	**	 	13,750,620	
 	U.S. Treasury Bond	$11,568,000 par, 2.875%, due September 30, 2023	**	 	11,786,253	
 	U.S. Treasury Bond	$7,215,000 par, 2.75%, due July 31, 2023	**	 	7,308,853	
 	U.S. Treasury Bond	$6,860,000 par, 2.625%, due February 28, 2023	**	 	6,909,035	
 	U.S. Treasury Bond	$1,417,000 par, 2.5%, due January 31, 2021	**	 	1,417,996	
 	U.S. Treasury Bond	$1,298,000 par, 3.375%, due November 15, 2048	**	 	1,392,102	
 	Total Government Securities	 	 	 	599,689,498	
 	 	 	 	 	 	
 	Corporate Bonds	 	 	 	 	
 	21st Century Fox Inc.	$992,000 par, 6.4%, due December 15, 2035	**	 	1,260,169	
 	Abbot Labratories	$3,640,000 par, 2.9%, due November 30, 2021	**	 	3,636,986	
 	Abbot Labratories	$1,440,000 par, 3.4%, due November 30, 2023	**	 	1,458,138	
 	Abbvie Inc.	$1,603,000 par, 2.5%, due May 14, 2020	**	 	1,593,443	
 	Abbvie Inc.	$1,412,000 par, 4.875%, due November 14, 2048	**	 	1,350,346	
 	Abu Dhabi Crude Oil Pipeline LLC	$789,000 par, 4.6%, due November 2, 2047	**	 	798,326	
 	Aercap Ireland Capital Designated Activity Company	$1,912,000 par, 4.5%, due May 15, 2021	**	 	1,934,636	
 	AIG Global	$1,970,000 par, 1.95%, due October 18, 2019	**	 	1,960,975	
 	Amerada Hess Corp	$744,000 par, 7.125%, due March 15, 2033	**	 	820,514	
 	American Electronic Power	$1,527,000 par, 4.3%, due December 01, 2028	**	 	1,579,584	
 	American International Group Inc.	$1,675,000 par, 4.5%, due July 16, 2044	**	 	1,578,775	
 	Anadarko Petroleum Corp.	$894,000 par, 6.45%, due September 15, 2036	**	 	1,016,693	
 	Anadarko Petroleum Corp.	$2,577,000 par, 6.95%, due June 15, 2019	**	 	2,611,882	
 	Anheuser-Busch Cos LLC	$2,020,000 par, 4.9%, due February 1, 2046	**	 	1,926,405	
 	Anheuser-Busch InBev Finance Inc	$1,338,000 par, 3.7%, due February 01, 2024	**	 	1,347,359	
 	Anheuser-Busch InBev Worldwide Inc	$3,333,000 par, 4.15%, due January 23, 2025	**	 	3,423,208	
 	Anheuser-Busch InBev Worldwide Inc	$1,114,000 par, 4.75%, due January 23, 2029	**	 	1,156,124	

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 	Apple Inc.	$1,416,000 par, 4.5%, due February 23, 2036	**	 	1,517,714	
 	Apple Inc.	$1,565,000 par, 4.65%, due February 23, 2046	**	 	1,715,561	
 	Arcelormittal Luxembourg	$2,418,000 par, 6.125%, due June 01, 2025	**	 	2,600,559	
 	Arecelormittal	$1,548,000 par, 6.25%, due February 25, 2022	**	 	1,643,434	
 	AT&T Inc.	$2,261,000 par, 3.4%, due May 15, 2025	**	 	2,211,776	
 	AT&T Inc.	$544,000 par, 5.15%, due February 15, 2050	**	 	527,761	
 	AT&T Inc.	$2,269,000 par, 5.25%, due March 01, 2037	**	 	2,309,965	
 	Baidu Inc	$798,000 par, 4.375%, due May 14, 2024	**	 	812,816	
 	Banco Del Estado de Chile	$1,967,000 par, 2.668%, due January 8, 2021	**	 	1,930,119	
*	Bank of America Corp.	$3,070,000 par, 3.499%, due May 17, 2022	**	 	3,094,511	
*	Bank of America Corp.	$3,769,000 par, 4.0%, due January 22, 2025	**	 	3,798,621	
 	Barclay's PLC	$2,445,000 par, 4.338%, due May 16, 2024	**	 	2,418,983	
 	Barclay's PLC	$397,000 par, 4.95%, due January 10, 2047	**	 	382,097	
 	BB&T Corp	$643,000 par, 3.2%, due September 03, 2021	**	 	645,752	
 	Berkshire Hathaway Energy Co	$1,471,000 par, 2.375%, due January 15, 2021	**	 	1,456,380	
 	Berkshire Hathaway Financial Corp	$1,535,000 par, 4.2%, due August 15, 2048	**	 	1,575,177	
 	Berkshire Hathaway Financial Corp	$872,000 par, 4.25%, due January 15, 2049	**	 	903,280	
 	Black Hills Corp	$1,155,000 par, 4.35%, due May 01, 2033	**	 	1,132,989	
 	Campbell Soup Co	$2,172,000 par, 3.65%, due March 15, 2018	**	 	2,158,879	
 	Campbell Soup Co	$276,000 par, 4.8%, due March 15, 2048	**	 	243,932	
 	Capital One Financial Corp	$4,775,000 par, 3.9%, due January 29, 2024	**	 	4,808,907	
 	Citigroup Inc.	$3,743,000 par, 2.876%, due July 24, 2023	**	 	3,673,863	
 	Citigroup Inc.	$2,298,000 par, 4.45%, due September 29, 2027	**	 	2,331,597	
 	Citigroup Inc.	$630,000 par, 4.65%, due July 23, 2048	**	 	654,997	
 	Comcast Corp	$2,875,000 par, 4.7%, due October 15, 2048	**	 	3,002,411	
 	Comcast Corp	$252,000 par, 4.049%, due November 01, 2052	**	 	234,116	
 	Comcast Corp	$796,000 par, 4.6%, due October 15, 2038	**	 	822,777	
 	Continental Resources Inc	$3,506,000 par, 4.5%, due April 15, 2023	**	 	3,571,566	
 	Cooperatieve Rabobank UA	$1,148,000 par, 4.625%, due December 01, 2023	**	 	1,177,258	
 	Corporacion Nacional Del Cobre De Chile	$1,177,000 par, 4.375%, due February 05, 2049	**	 	1,124,506	
 	Credit Agricole	$3,215,000 par, 3.25%, due October 4, 2024	**	 	3,077,662	
 	CVS Health Corp	$2,269,000 par, 3.7%, due March 09, 2023	**	 	2,288,629	
 	CVS Health Corp	$1,078,000 par, 5.05%, due March 25, 2048	**	 	1,106,618	
 	Delmarva Power Co.	$454,000 par, 4.15%, due May 15, 2045	**	 	448,745	
 	Deutsche Telekom International Finance B.V.	$1,099,000 par, 2.225%, due January 17, 2020	**	 	1,093,886	
 	Devon Energy Corp New	$691,000 par, 4.0%, due July 15, 2021	**	 	696,746	
 	Dominion Energy Gas Holdings, LLC	$2,050,000 par, 2.962%, due July 1, 2019	**	 	2,049,026	
 	Dominion Energy Gas Holdings, LLC	$809,000 par, 2.5%, due December 15, 2019	**	 	806,673	
 	Dominion Energy Inc	$1,128,000 par, 5.95%, due June 15, 2035	**	 	1,278,313	
 	DowDuPont Inc	$1,399,000 par, 5.419%, due November 15, 2048	**	 	1,526,878	
 	DP World Ltd.	$490,000 par, 6.85%, due July 2, 2037	**	 	572,193	
 	DP World Ltd.	$404,000 par, 5.625%, due September 25, 2048	**	 	399,960	
 	Duke Energy Florida, LLC	$399,000 par, 2.1%, due December 15, 2019	**	 	397,740	
 	Emera US Finance LP	$1,050,000 par, 4.75%, due June 15, 2046	**	 	1,021,520	
 	Energy Transfer Partners	$2,424,000 par, 5.875%, due January 15, 2024	**	 	2,575,500	
 	Energy Transfer Partners	$1,727,000 par, 7.5%, due October 15, 2020	**	 	1,832,779	
 	Energy Transfer Partners	$2,209,000 par, 6.25%, due April 15, 2049	**	 	2,352,013	
 	Enterprise Products Operating LLC	$912,000 par, 3.5%, due February 01, 2022	**	 	920,807	
 	Eversource Energy Co.	$2,408,000 par, 2.75%, due March 15, 2022	**	 	2,375,885	
 	Exelon Corp	$960,000 par, 5.1%, due June 15, 2045	**	 	1,014,538	
 	FedEx Corp	$1,132,000 par, 3.4%, due January 14, 2022	**	 	1,141,582	
 	FirstEnergy Corp	$999,000 par, 3.9%, due July 15, 2027	**	 	977,472	
 	FirstEnergy Corp	$813,000 par, 4.85%, due July 15, 2047	**	 	827,310	
 	FirstEnergy Transmission LLC	$1,146,000 par, 4.35%, due January 15, 2025	**	 	1,166,437	

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 	FirstEnergy Transmission LLC	$965,000 par, 5.45%, due July 15, 2044	**	 	1,053,697	
 	Ford Motor Co.	$111,000 par, 7.45%, due July 16, 2031	**	 	112,472	
 	Ford Motor Co.	$744,000 par, 4.75%, due January 15, 2043	**	 	564,687	
 	Fortis Inc.	$997,000 par, 2.1%, due October 04, 2021	**	 	960,338	
 	Fortis Inc.	$1,131,000 par, 3.055%, due October 04, 2026	**	 	1,052,782	
 	Fox Corp	$1,578,000 par, 5.476%, due January 25, 2039	**	 	1,652,308	
 	GE Capital International Funding Company	$2,016,000 par, 4.418%, due November 15, 2035	**	 	1,799,455	
 	General Electric Cap Corp	$785,000 par, 6.75%, due March 15, 2032	**	 	860,734	
 	General Electric Co	$1,796,000 par, 2.7%, due October 09, 2022	**	 	1,720,701	
 	General Motors Co	$2,190,000 par, 5.1%, due January 17, 2024	**	 	2,224,683	
 	General Motors Co	$638,000 par, 6.25%, due October 02, 2043	**	 	619,754	
 	Goldman Sachs Group Inc.	$1,132,000 par, 2.6%, due April 23, 2020	**	 	1,126,055	
 	Goldman Sachs Group Inc.	$2,014,000 par, 4.223%, due May 01, 2029	**	 	2,022,731	
 	Goldman Sachs Group Inc.	$1,739,000 par, 4.411%, due April 23, 2039	**	 	1,715,210	
 	Halfmoon Parent Inc.	$729,000 par, 4.9%, due December 15, 2048	**	 	744,515	
 	Halfmoon Parent Inc.	$3,230,000 par, 3.4%, due September 17, 2021	**	 	3,244,374	
 	Halfmoon Parent Inc.	$2,250,000 par, 4.125%, due November 15, 2025	**	 	2,295,599	
 	Halliburton Co	$2,832,000 par, 3.25%, due November 15, 2021	**	 	2,839,522	
 	Home Depot Inc.	$1,123,000 par, 4.5%, due December 06, 2048	**	 	1,206,820	
 	HSBC Holdings PLC	$2,052,000 par, floating rate, due May 18, 2024	**	 	2,080,681	
 	ITC Holdings Corp.	$1,247,000 par, 2.7%, due November 15, 2022	**	 	1,206,552	
 	Jersey Central Power & Light Co.	$785,000 par, 7.35%, due February 01, 2019	**	 	785,000	
 	JPMorgan Chase & Co.	$1,724,000 par, 3.964%, due November 15, 2048	**	 	1,619,846	
 	Kinder Morgan Energy Partners L P	$1,114,000 par, various rates, due March 01, 2043	**	 	1,074,105	
 	Korea Souther Power Co LTD	$345,000 par, 3.0%, due January 29, 2021	**	 	343,561	
 	LLPL Capital Pte. Ltd	$329,000 par, 6.875%, due February 04, 2039	**	 	343,695	
 	Lowe's Companies Inc.	$1,059,000 par, 3.12%, due April 15, 2022	**	 	1,055,049	
 	Maple Escrow Subsidiary Inc.	$3,345,000 par, 4.057%, due May 25, 2023	**	 	3,378,821	
 	Marathon Petroleum Corp	$735,000 par, 3.4%, due December 15, 2020	**	 	735,168	
 	MetLife Inc.	$1,146,000 par, 6.4%, due December 15, 2066	**	 	1,226,220	
 	Midamerican Energy Co	$1,749,000 par, 4.25%, due July 15, 2049	**	 	1,796,092	
 	Morgan Stanley	$1,933,000 par, 4.431%, due January 23, 2030	**	 	2,008,319	
 	MPLX LP	$670,000 par, 5.5%, due February 15, 2049	**	 	688,955	
 	National Australia Bank	$2,651,000 par, 3.7%, due November 4, 2021	**	 	2,679,668	
 	New York Life Global	$1,925,000 par, 3.25%, due August 06, 2021	**	 	1,933,295	
 	Newfield Exploration Co	$317,000 par, 5.375%, due January 1, 2026	**	 	325,718	
 	Newfield Exploration Co	$463,000 par, 5.625%, due July 1, 2024	**	 	484,993	
 	Newfield Exploration Co	$1,537,000 par, 5.75%, due January 30, 2022	**	 	1,596,559	
 	Nextera Energy Cap Holdings Inc.	$3,523,000 par, 3.342%, due September 01, 2020	**	 	3,539,861	
 	Noble Energy Inc.	$765,000 par, 5.05%, due November 15, 2044	**	 	707,901	
 	Noble Energy Inc.	$1,126,000 par, 6.0%, due March 01, 2041	**	 	1,161,763	
 	Nxp B V / Nxp Fdg LLC	$4,085,000 par, 4.625%, due June 01, 2023	**	 	4,161,594	
 	Oneok Inc New	$633,000 par, 5.2%, due July 15, 2048	**	 	630,133	
 	Oracle Corp	$809,000 par, 4.125%, due May 15, 2045	**	 	794,135	
 	Pinnacle West Capital Corp	$722,000 par, 2.25%, due November 30, 2020	**	 	709,655	
 	Progress Energy Inc.	$1,543,000 par, 7.75%, due March 01, 2031	**	 	2,056,257	
 	Progress Energy Inc.	$1,888,000 par, 7.05%, due March 15, 2019	**	 	1,897,251	
 	PT Indonesia Asahan Aluminium Persero	$974,000 par, 5.23%, due November 15, 2021	**	 	1,005,779	
 	PT Indonesia Asahan Aluminium Persero	$637,000 par, 5.71%, due November 15, 2023	**	 	670,564	
 	PT Indonesia Asahan Aluminium Persero	$563,000 par, 6.757%, due November 15, 2048	**	 	618,858	
 	PT Pertamina Persero Global Medium Term	$531,000 par, 6.5%, due November 07, 2048	**	 	587,390	
 	Sempra Energy	$1,317,000 par, 6.0%, due October 15, 2039	**	 	1,483,126	
 	Sempra Energy	$1,048,000 par, 9.8%, due February 15, 2019	**	 	1,050,250	
 	Sempra Energy	$587,000 par, 3.4%, due February 01, 2028	**	 	548,132	

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 	Southern California Edison Co	$1,098,000 par, 4.125%, due March 01, 2048	**	 	989,618	
 	Starbucks Corp	$1,749,000 par, 3.8%, due August 15, 2025	**	 	1,763,349	
 	Starbucks Corp	$291,000 par, 4.5%, due November 15, 2048	**	 	282,493	
 	Sumitomo Mitsui Banking Corp	$1,079,000 par, 2.514%, due January 17, 2020	**	 	1,075,477	
 	Suzano Austria GmbH	$1,407,000 par, 6.0%, due January 15, 2029	**	 	1,472,074	
 	Svenska Handelsbanken AB	$3,481,000 par, 3.9%, due November 20, 2023	**	 	3,563,646	
 	Syngenta Finance N.V.	$1,045,000 par, 4.892%, due April 24, 2025	**	 	1,022,992	
 	Syngenta Finance N.V.	$707,000 par, 4.441%, due April 24, 2023	**	 	699,301	
 	Tencent Holdings Ltd.	$1,432,000 par, 2.985%, due January 19, 2023	**	 	1,401,971	
 	Tencent Holdings Ltd.	$678,000 par, 2.875%, due February 11, 2020	**	 	675,726	
 	The Hartford Financial Services Group Inc.	$653,000 par, 5.5%, due March 30, 2020	**	 	670,143	
 	Time Warner Inc.	$315,000 par, 7.3%, due July 01, 2038	**	 	350,614	
 	Toronto-Dominion Bank	$817,000 par, 1.95%, due April 02, 2020	**	 	809,256	
 	TTX Company	$1,719,000 par, 2.25%, due February 1, 2019	**	 	1,719,000	
 	UBS AG London Branch	$979,000 par, 2.45%, due December 01, 2020	**	 	965,674	
 	UDR, Inc.	$2,392,000 par, 4.4%, due January 26, 2029	**	 	2,453,802	
 	Union Pacific Corp	$1,329,000 par, 4.5%, due September 10, 2048	**	 	1,359,159	
 	United Technologies Corp	$2,044,000 par, 3.65%, due August 16, 2023	**	 	2,074,486	
 	United Technologies Corp	$4,603,000 par, 4.125%, due November 16, 2028	**	 	4,734,540	
 	United Technologies Corp	$262,000 par, 4.625%, due November 16, 2048	**	 	269,392	
 	Verizon Communications Inc	$1,328,000 par, 4.329%, due September 21, 2028	**	 	1,373,905	
 	Verizon Communications Inc.	$1,393,000 par, 4.272%, due January 15, 2036	**	 	1,355,839	
 	Viacom Inc.	$250,000 par, 4.375%, due March 15, 2043	**	 	213,759	
 	Vodafone Group PLC	$2,065,000 par, 4.125%, due May 30, 2025	**	 	2,069,382	
 	Vodafone Group PLC	$1,325,000 par, 4.375%, due May 30, 2028	**	 	1,319,447	
 	WEA Finance LLC	$923,000 par, 4.625%, due September 20, 2048	**	 	924,719	
 	WEA Finance LLC	$1,710,000 par, 3.15%, due April 05, 2022	**	 	1,695,301	
 	Wells Fargo & Co.	$828,000 par, 4.9%, due November 17, 2045	**	 	864,274	
 	Wells Fargo Bank	$4,971,000 par, 3.625%, due October 22, 2021	**	 	5,043,905	
 	Wesleyan University	$890,000 par, 4.781%, due July 01, 2116	**	 	880,164	
 	Western Gas Partners Lp	$1,005,000 par, 3.95%, due June 01, 2025	**	 	964,513	
 	Western Gas Partners Lp	$505,000 par, 4.0%, due July 01, 2022	**	 	506,710	
 	Western Gas Partners Lp	$610,000 par, 5.375%, due June 01, 2021	**	 	629,358	
 	Williams Cos Inc	$1,869,000 par, 8.75%, due March 15, 2032	**	 	2,518,851	
 	Williams Partners LP	$455,000 par, 6.3%, due April 15, 2040	**	 	520,034	
 	Xcel Energy Inc	$2,143,000 par, 2.4%, due March 15, 2021	**	 	2,110,893	
 	Total Corporate Bonds	 	 	 	242,029,929	
 	 	 	 	 	 	
 	Asset-Backed Securities	 	 	 	 	
 	Ajax Mortgage Loan Trust 2016-C	$632,820 par, various rates, due October 25, 2057	 	**	 	632,126	
 	Ajax Mortgage Loan Trust 2017-A	$290,869 par, various rates, due April 25, 2057	 	**	 	288,631	
 	American Credit Acceptance Receivables Trust 2018-2	$1,822,346 par, 2.92%, due August 12, 2021	 	**	 	1,821,129	
 	American Credit Acceptance Receivables Trust 2018-2	$717,499 par, 2.94%, due January 10, 2022	 	**	 	717,212	
 	American Credit Acceptance Receivables Trust 2018-3	$334,000 par, 3.49%, due June 13, 2022	 	**	 	334,765	
 	American Express Credit Account Master Trust	$2,939,000 par, 1.93%, due September 15, 2022	 	**	 	2,913,877	
 	American Express Credit Account Master Trust	$1,137,000 par, 2.966%, due April 15, 2026	 	**	 	1,134,278	
 	American Express Credit Account Master Trust	$2,974,000 par, various rates, due May 15, 2023	 	**	 	2,939,564	
 	AmeriCredit Automobile Receivables Trust 20	$1,043,000 par, 2.36%, due December 19, 2022	 	**	 	1,028,081	
 	AmeriCredit Automobile Receivables Trust 20	$1,237,435 par, 1.83%, due May 18, 2021	 	**	 	1,235,091	
 	AmeriCredit Automobile Receivables Trust 20	$1,309,500 par, 2.71%, due July 19, 2021	 	**	 	1,307,851	

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 	AmeriCredit Automobile Receivables Trust 20	$1,674,000 par, 3.45%, due June 18, 2024	 	**	 	1,680,907	
 	BA Credit Card Trust 2017-1 NT Cl A	$1,810,000 par, 1.95%, due August 15, 2022	**	 	1,794,349	
 	Bayview Opportunity Master Fund	$139,887 par, various rates, due November 28, 2032	**	 	139,454	
 	Bayview Opportunity Master Fund	$10,744 par, various rates, due January 29, 2033	**	 	10,737	
 	Bayview Opportunity Master Fund	$282,913 par, various rates, due September 28, 2033	**	 	283,059	
 	BMW Floorplan Master Owner TR	$1,761,000 par, 2.844%, due May 15, 2023	**	 	1,760,998	
 	Capital Auto Receivables Asset TR 2017-1	$262,340 par, 1.76%, due June 22, 2020	**	 	261,992	
 	Capital One Multi-Asset Execution TR	$1,212,000 par, 1.99%, due July 17, 2023	**	 	1,197,915	
 	Capital One Multi-Asset Execution TR	$2,530,000 par, 2.00%, due January 17, 2023	**	 	2,509,520	
 	Capital One Multi-Asset Execution TR	$1,953,000 par, various rates, due July 15, 2027	**	 	1,956,123	
 	CarMax Auto Owner TR 2017-3	$501,996 par, 1.64%, due September 15, 2020	**	 	500,830	
 	CarMax Auto Owner TR 2018-2	$600,000 par, 3.16%, due July 17, 2023	**	 	603,140	
 	CarMax Auto Owner TR 2018-3	$964,000 par, 3.27%, due March 15, 2024	**	 	970,341	
 	CarMax Auto Owner TR 2018-4	$539,000 par, 3.48%, due February 15, 2024	**	 	548,396	
 	Carmax Auto Owner TR 2019-1	$2,787,000 par, 3.26%, due August 15, 2024	**	 	2,797,259	
 	Chase Issuance Trust	$2,119,000 par, 2.766%, due April 17, 2023	**	 	2,117,180	
 	Citibank Credit Card Issuance TR 2017-A7 NT	$2,689,000 par, various rates, due August 08, 2024	**	 	2,691,686	
 	Citibank Credit Card Issuance TR 2018-A2	$2,407,000 par, various rates, due January 20, 2025	**	 	2,400,263	
 	Consumer Loan Underlying BD Club SER 18-P3	$1,914,000 par, 3.82%, due January 15, 2026	**	 	1,913,862	
 	CPS Auto Receivables Trust SER 2017-C	$117,350 par, 1.78%, due September 15, 2020	**	 	117,243	
 	CPS Auto Trust 2018-A	$912,353 par, 2.16%, due May 17, 2021	**	 	910,048	
 	CPS Auto Trust 2018-D	$2,538,024 par, 3.06%, due January 18, 2022	**	 	2,536,745	
 	CPS Auto Trust 2019-A	$2,795,000 par, 3.18%, due June 15, 2022	**	 	2,795,648	
 	Credit Acceptance Auto Loan Trust 2018-1	$833,000 par, 3.01%, due February 16, 2027	**	 	827,141	
 	Credit Acceptance Auto Loan Trust 2018-3	$927,000 par, 3.55%, due August 15, 2027	**	 	934,737	
 	Discover Card Execution NT TR SER 2017-A	$911,000 par, 3.04%, due July 15, 2024	**	 	913,727	
 	Discover Card Execution NT TR SER 2017-A	$2,388,000 par, various rates, due April 15, 2025	**	 	2,385,378	
 	Drive Auto Receivables SR 18-1 CL B	$1,069,000 par, 2.88%, due February 15, 2022	**	 	1,068,136	
 	Drive Auto Receivables Trust 2017-2 NT CL B	$95,834 par, 2.25%, due June 15, 2021	**	 	             
  95,786	
 	Drive Auto Receivables Trust 2017-3 CL B 2	$622,992 par, 2.3%, due May 17, 2021	**	 	622,553	
 	Drive Auto Receivables Trust 2018-4 NT CL B	$1,863,000 par, 3.36%, due October 17, 2022	**	 	1,865,746	
 	Drive Auto Receivables Trust 2019-1 NT	$2,577,000 par, 3.08%, due September 15, 2021	**	 	2,576,771	
 	Drive Auto Receivables Trust SER 18-4	$1,799,256 par, 2.78%, due October 15, 2020	**	 	1,798,099	
 	DT Auto Owner Trust 2018-2	$1,546,941 par, 3.43%, due May 16, 2022	**	 	1,548,279	
 	DT Auto Owner Trust 2018-3	$2,274,417 par, 3.02%, due February 15, 2022	**	 	2,271,220	
 	Exeter Automobile Receivables Trust	$959,752 par, 2.9%, due January 18, 2022	**	 	958,924	
 	Exeter Automobile Receivables Trust	$590,626 par, 2.21%, due May 17, 2021	**	 	589,900	
 	First Investments Auto Owner Trust 2018-1	$482,789 par, 2.84%, due May 16, 2022	**	 	482,223	
 	Flagship Credit Auto Trust 2015-3	$15,317 par, 2.38%, due October 15, 2020	**	 	15,310	
 	Ford Credit Auto Owner Trust 2017-C	$979,000 par, 2.01%, due March 15, 2022	**	 	970,539	
 	Ford Credit Auto Owner Trust 2018-B	$1,551,000 par, 3.38%, due March 15, 2024	**	 	1,572,878	
 	Ford Credit Auto Owner Trust SER 17-B	$406,332 par, 1.49%, due May 15, 2020	**	 	405,622	
 	GCAT, LLC 2017-2	$292,815 par, various rates, due April 25, 2047	**	 	290,682	
 	GCAT, LLC 2018-1	$362,459 par, various rates, due June 25, 2048	**	 	359,861	
 	GM Financial Consumer Automobile Receivables	$1,635,295 par, 1.78%, due October 18, 2021	**	 	1,623,075	
 	GM Financial Consumer Automobile Receivables	$1,898,000 par, 3.32%, due June 17, 2024	**	 	1,922,936	
 	GM Financial Consumer Automobile Receivables	$1,371,000 par, 2.32%, due July 18, 2022	**	 	1,359,559	

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 	Honda Auto Receivables Owner Trust 2017-4	$967,000 par, 2.05%, due November 22, 2021	**	 	959,257	
 	Nissan Auto Receivables 2018-C Owner Trust	$1,783,000 par, 3.27%, due June 16, 2025	**	 	1,806,520	
 	NYMT Residential 2016-RP1 LLC	$17,636 par, various rates, due March 25, 2021	**	 	17,609	
 	Oak Hill Advisors Residential LN TR 2017	$724,749 par, various rates, due June 25, 2057	**	 	709,692	
 	Oak Hill Advisors Residential LN TR 2017	$350,261 par, various rates, due June 25, 2057	**	 	343,695	
 	PRPM 2017-2 LLC CLS A1	$573,835 par, various rates, due September 25, 2022	**	 	568,647	
 	RCO V Mortgage LLC 2018-1	$1,198,584 par, 4.0%, due May 25, 2023	**	 	1,194,886	
 	Santander Drive Auto Receivables Trust 2017	$661,000 par, 3.56%, due July 15, 2024	**	 	664,113	
 	Vericrest Opportunity Loan Transferee	$192,678 par, various rates, due October 26, 2048	**	 	191,875	
 	Vericrest Opportunity Loan Transferee	$3,207,000 par, various rates, due January 25, 2049	**	 	3,210,624	
 	Vericrest Opportunity Loan Transferee	$1,332,599 par, various rates, due September 25, 2048	**	 	1,331,463	
 	Vericrest Opportunity Loan Transferee	$826,428 par, various rates, due September 25, 2048	**	 	822,682	
 	VOLT LXVIII LLC	$753,832 par, various rates, due July 27, 2048	**	 	753,921	
 	World OMNI Auto Receivables TR 2018-D	$3,519,000 par, 3.28%, due March 15, 2024	**	 	3,562,459	
 	Total Asset-Backed Securities	 	 	 	90,446,825	
 	 	 	 	 	 	
 	Mortgage-Backed Securities	 	 	 	 	
 	Citigroup COML MTG TR 2016-P6 COML MTG	$726,000 par, 3.72%, due December 10, 2049	**	 	740,215	
 	Citigroup COML MTG TR SER 2013-GC17	$520,000 par, 4.131%, due November 10, 2046	**	 	542,256	
 	Citigroup MTG LN TR 2018-A	$500,958 par, various rates, due January 25, 2068	**	 	501,959	
 	CMO COMM 2013-CCRE12 MTG TR MTG PASS	$1,065,000 par, 3.765%, due October 10, 2046	**	 	1,090,509	
 	CMO COMM 2013-CCRE9 MTG TR COML MTG	$830,066 par, 4.3806%, due July 10, 2045	**	 	868,388	
 	CMO COMM 2013-LC6 MTG TR COML MTG	$649,000 par, 2.941%, due January 10, 2046	**	 	645,069	
*	CMO Morgan Stanley Bank of America Merrill Lynch	$1,442,000 par, 3.732%, due May 15, 2048	**	 	1,475,489	
*	CMO Morgan Stanley Bank of America Merrill Lynch	$899,000 par, various rates, due February 15, 2048	**	 	895,846	
*	CMO Morgan Stanley Bank of America Merrill Lynch	$290,000 par, various rates, due July 15, 2046	**	 	300,816	
*	CMO Morgan Stanley Bank of America Merrill Lynch	$571,000 par, 4.259%, due October 15, 2046	**	 	596,080	
 	COMM 2013-CCRE10 MTG TR	$593,237 par, various rates, due August 10, 2046	**	 	619,587	
 	COMM 2013-CCRE11 MTG TR COML MTG	$1,360,656 par, 3.983%, due October 10, 2046	**	 	1,408,213	
 	COMM 2013-CCRE8 MTG TR COML MTG PASSTHRU	$99,212 par, 3,612%, due June 10, 2046	**	 	101,047	
 	COMM 2014-CCRE16 MTG TR COML MTG	$653,000 par, 4.051%, due April 10, 2047	**	 	677,607	
 	COMM 2015-LC23 MTG TR	$1,116,000 par, 3.774%, due October 10, 2048	**	 	1,142,475	
 	COMM 2016-CCRE28 MTG TR	$1,187,000 par, 3.762%, due February 10, 2049	**	 	1,213,188	
 	COMM 2018-COR3 MTG TR	$782,000 par, 4.228%, due May 10, 2051	**	 	818,937	
 	COMM MORTGAGE TRUST SER 2013-CR7 CL A4	$494,641 par, 3.213%, due March 10, 2046	**	 	495,725	
 	Credit Suisse First Boston Mortgage Securities Corp	$81,404 par, 5.75%, due November 25, 2033	**	 	82,804	
 	Credit Suisse First Boston Mortgage Securities Corp	$702,438 par, 5.25%, due August 25, 2033	**	 	707,024	
 	CSAIL 2016-C7 COML MTG TR	$531,000 par, 3.502%, due November 15, 2049	**	 	529,862	
 	CSMC 2018-RPL7 TR	$805,823 par, various rates, due October 25, 2058	**	 	803,033	
 	CVS LEASE BACKED PASS THRU SER 2014 TR	$676,612 par, 4.163%, due August 11, 2036	**	 	639,466	
 	CWMBS Inc.	$797,243 par, 6.0%, due December 25, 2033	**	 	791,822	
 	GS Mortgage Securities Trust 2013-GCJ12	$344,000 par, 3.135%, due June 10, 2046	**	 	344,004	
 	GS Mortgage Securities Trust 2014-GC18	$490,000 par, 4.074%, due January 10, 2047	**	 	507,770	

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 	GS MTG SECS TR 2014-GC18	$1,339,918 par, 3.801%, due January 11, 2047	**	 	1,370,216	
 	GS MTG SECS TR 2016-GS4	$341,000 par, 3.442%, due November 10, 2049	**	 	341,521	
 	JP Morgan Chase Commercial Mortgage Securities Trust	$665,000 par, 4.1664%, due December 15, 2046	**	 	693,770	
 	JP Morgan Mortgage Trust 2005-A1	$970,321 par, 3.759%, due February 25, 2035	**	 	964,872	
 	Morgan Stanley Capital I Trust 2018-H4	$459,000 par, 4.31%, due December 15, 2051	**	 	486,062	
 	Morgan Stanley Co. CAP I TR 2014-CPT	$1,307,000 par, 3.35%, due July 13, 2029	**	 	1,312,840	
 	RCO III Mortgage LLC	$660,513 par, 3.375%, due August 25, 2022	**	 	656,927	
 	STRUCTURED ADJ RATE MTG LN TR 2004-12	$180,714 par, 4.413%, due September 25, 2034	**	 	183,223	
 	Tharaldson Hotel Portfolio Trust 2018-THPT	$350,367 par, 2.647%, due November 11, 2034	**	 	347,723	
 	Wells Fargo Commercial Mortgage Trust 2016-C34	$193,000 par, 3.096%, due May 15, 2049	**	 	188,836	
 	Wells Fargo Commercial Mortgage Trust 2018-C44	$1,039,000 par, 4.212%, due May 15, 2051	**	 	1,087,966	
 	Wells Fargo Commercial Mortgage Trust 2015-C31	$830,000 par, 3.695%, due November 15, 2048	**	 	844,904	
 	Wells Fargo Commercial Mortgage Trust 2015-P2	$413,000 par, 3.809%, due December 15, 2048	**	 	423,816	
 	Wells Fargo Commercial Mortgage Trust 2016-LC25	$491,000 par, 3.64%, due December 15, 2059	**	 	493,733	
 	Wells Fargo Mortgage Backed Security Trust 2004-EE	$635,508 par, 3.518%, due December 25, 2034	**	 	647,800	
 	WFRBS Commercial Mortgage Trust 2013-C14	$538,000 par, 3.073%, due June 15, 2046	**	 	535,388	
 	WFRBS Commercial Mortgage Trust 2013-C14	$68,662 par, 3.337%, due June 15, 2046	**	 	68,993	
 	WFRBS Commercial Mortgage Trust 2014-C25	$536,000 par, 3.631%, due November 15, 2047	 	 	545,141	
 	Total Mortgage-Backed Securities	 	 	 	29,732,922	
 	 	 	 	 	 	
 	Collective Investment Trusts/Collective Trust Funds	 	 	 	
 	BlackRock Institutional Trust Company, N.A.	MSCI USA Minimum Volatility Index Fund Class F	**	 	603,281,995	
 	BlackRock Institutional Trust Company, N.A.	MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund Class F	**	 	1,761,684,992	
 	BlackRock Institutional Trust Company, N.A.	MSCI USA Momentum Index RSL Fund Class F	**	 	610,529,599	
 	BlackRock Institutional Trust Company, N.A.	MSCI USA Quality Index RSL Fund Class F	**	 	 	615,431,680	
 	BlackRock Institutional Trust Company, N.A.	MSCI USA Value Weighted Index RSL Fund Class F	**	 	 	619,481,000	
 	BlackRock Institutional Trust Company, N.A.	Russell 1000 Index Non-Lendable Fund Class F	**	 	6,245,622,242	
 	BlackRock Institutional Trust Company, N.A.	Russell 2000 Index Non-Lendable Fund Class F	**	 	344,133,047	
 	BlackRock Institutional Trust Company, N.A.	Russell 2500 Index Non-Lendable Fund Class F	**	 	 	719,466,575	
 	BlackRock Institutional Trust Company, N.A.	Government Short-Term Investment Fund	**	 	 	413,867,542	
 	BlackRock Institutional Trust Company, N.A.	U.S. Debt Index Non-Lendable Fund Class F	**	 	 	689,622,513	
 	BlackRock Institutional Trust Company, N.A.	U.S. Treasury Inflation Protected Securities Non-Lendable Fund Class F	**	 	 	236,628,214	
 	Global Trust Company	Altrinsic International Equity Collective Fund	**	 	 	488,328,868	
 	Global Trust Company	AQR Emerging Equities Collective Investment Fund Class C	**	 	 	261,641,662	
 	Global Trust Company	Victory Mid Cap Value Collective Fund	**	 	 	179,274,712	
 	Invesco Trust Company	Invesco Equity Global Real Estate Securities Trust	**	 	 	639,067,749	
 	JPMorgan Chase Bank, N.A.	JPMCB Short Duration Bond Fund	**	 	359,652,966	
*	The Northern Trust Company	First State Investments Global Listed Infrastructure Fund	**	 	152,896,654	
*	The Northern Trust Company	The Collective LSV International (ACWI EX US) Value Equity Fund	**	 	1,032,113,631	
*	The Northern Trust Company	The Presima Global Real Estate Concentrated Collective Fund	**	 	422,847,633	
*	The Northern Trust Company	Global Investments Collective Short-Term Investment Fund	**	 	3,409,324	

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 	Principal Global Investors Trust Company	Global Property Securities Fund	**	 	641,903,902	
 	Prudential Trust Company	Prudential Core Plus Bond Fund	**	 	897,495,412	
 	Reliance Trust Company	GQC Partners International Equity CIT Fund	**	 	733,526,331	
 	Reliance Trust Company	Driehaus Emerging Markets Growth CIT Fund	**	 	266,287,901	
 	Reliance Trust Company	Monarch Partners Small-Mid Cap Value Fund	**	 	 	182,419,871	
 	SEI Trust Company	AEW Global Properties Trust Fund Class L	**	 	424,666,252	
 	SEI Trust Company	Cohen & Steers Global Listed Infrastructure Fund	**	 	77,067,007	
 	SEI Trust Company	CoreCommodity Management Diversified I CIT Fund	**	 	196,987,419	
 	SEI Trust Company	Fiera Asset Management USA Collective Trust	**	 	758,748,720	
 	SEI Trust Company	Gresham DJF Collective Investment Fund	**	 	132,737,399	
 	SEI Trust Company	Jackson Square SMID-Cap Growth CIT Fund	**	 	 	134,549,633	
 	SEI Trust Company	Nuveen Global Infrastructure Fund	**	 	153,956,292	
 	The Goldman Sachs Trust Company, N.A.	Goldman Sachs Collective Trust Core Plus Fixed Income Fund	**	 	899,197,925	
 	Wellington Trust Company, N.A.	Wellington Trust Company, NA CIF II Commodities Portfolio	**	 	343,141,807	
 	Total Collective Investment Trusts/Collective Trust Funds	 	 	22,241,668,469	
 	 	 	 	 	 	
 	Total Investments	 	 	$	27,644,615,656	
 	 	 	 	 	 	
 	Notes Receivable from Participants	Loans to participants, interest rates ranging from 4.25% to 6.50% with various maturities	 	$	1,093,226,607	
* Represents a party-in-interest.
** Column (d) cost information not required as accounts are participant directed.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Walmart 401(k) Plan

				
Date: July 18, 2019	By:	 	/s/ Adam Stavisky	
 	 	 	Adam Stavisky	
 	 	 	Senior Vice President, US Benefits, Global People	
 	 	 	Walmart Inc.	

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-187577) pertaining to the Walmart 401(k) Plan of our report dated July 18, 2019, 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, 2019.

/s/ Ernst & Young LLP

Rogers, Arkansas
July 18, 2019