Document
    

    

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
(Mark One)
x  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
or
¨  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to___________
Commission file number 001-15059

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

Nordstrom 401(k) Plan

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

Nordstrom, Inc.
1617 Sixth Avenue, Seattle, Washington 98101

1

    

    

REQUIRED INFORMATION

1. Not applicable

2. Not applicable

3. Not applicable

4. The Nordstrom 401(k) Plan is subject to the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA are filed as Exhibit 99.1.

The Consent of Independent Registered Public Accounting Firm is filed as Exhibit 23.1.

The Exhibit Index is located on page 3.


2

    

    

Nordstrom 401(k) Plan

Exhibit Index

 
 
Exhibit
 
   Method of Filing
23.1
 
 
Filed herewith electronically
 
 
 
 
 
99.1
 
 
Filed herewith electronically
 
 
 
 
 
99.2
 
 
Incorporated by reference from the Nordstrom, Inc. Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, Exhibit 10.2
 
 
 
 
 
99.3
 
 
Incorporated by reference from the Nordstrom, Inc. Quarterly Report on Form 10-Q for the quarter ended August 2, 2014, Exhibit 10.6
 
 
 
 
 
99.4
 
 
Incorporated by reference from the Nordstrom, Inc. Quarterly Report on Form 10-Q for the quarter ended November 1, 2014, Exhibit 10.2
 
 
 
 
 
99.5
 
 
Incorporated by reference from the Nordstrom, Inc. Quarterly Report on Form 10-Q for the quarter ended November 1, 2014, Exhibit 10.3
 
 
 
 
 
99.6
 
 
Incorporated by reference from the Nordstrom, Inc. Annual Report on Form 10-K for the year ended February 2, 2019, Exhibit 10.5

3

    

    

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of the employee benefit plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Nordstrom 401(k) Plan
 
 
/s/ Anne L. Bramman
Anne L. Bramman
Chief Financial Officer
Nordstrom, Inc.
 
 
 
 
Date:
June 14, 2019


4
Exhibit
Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements (No. 333-79791, 333-40066, 333-101110, 333-118756, 333-146049, 333-161803, 333-166961, 333-174336, 333-189301, 333-198413, 333-207396, 333-211825, 333-225295 and 333-231969) on Form S-8 and in the Registration Statements (No. 333-198408 and 333-230379) on Form S-3 of Nordstrom, Inc., of our report dated June 14, 2019, with respect to the statements of net assets available for benefits of the Nordstrom 401(k) Plan as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related supplementary information as of December 31, 2018, appearing in this Annual Report (Form 11-K) of the Nordstrom 401(k) Plan.

/s/ Moss Adams LLP
Seattle, Washington
June 14, 2019

Exhibit
Exhibit 99.1






Nordstrom 401(k) Plan
Employer ID No: 91-0515058
Plan Number: 001

Report of Independent Registered Public Accounting Firm and
Financial Statements as of December 31, 2018 and 2017
and for the Year Ended December 31, 2018,
with Supplementary Information


Table of Contents

NORDSTROM 401(k) PLAN
PLAN YEAR ENDED DECEMBER 31, 2018
TABLE OF CONTENTS
 
 
Page
 
 
 
FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
SUPPLEMENTARY INFORMATION
 
 
All other schedules required by Section 2520.103-10 of the Department of Labor’s (“DOL”) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

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Report of Independent Registered Public Accounting Firm

To the Retirement Committee, Plan Administrator and Participants of
Nordstrom 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Nordstrom 401(k) Plan (the “Plan”) as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the year ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

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 to 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.

Opinion on the Supplementary Information

The supplementary information included in Schedule H, line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplementary 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 supplementary information. In forming our opinion on the supplementary information in the accompanying schedule, we evaluated whether the supplementary information, including its form and content, is presented in conformity with DOL’s Rules and Regulations for Reporting and Disclosure under ERISA. In our opinion, the supplementary information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Moss Adams LLP
Seattle, Washington
June 14, 2019

We have served as the Plan’s auditor since 2016.

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Table of Contents

NORDSTROM 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(Amounts in thousands)
 
December 31,
 
2018
 
2017
Assets
 
 
 
Participant-directed investments at fair value (see Note 3: Fair Value Measurements)

$2,955,132

 

$3,131,491

Company contributions receivable
98,294

 
110,778

Notes receivable from participants
95,368

 
94,990

Accrued income and broker receivable
3,183

 
2,842

Total assets
3,151,977

 
3,340,101

 
 
 
 
Liabilities
 
 
 
Administrative expenses and other payables
971

 
795

Excess contributions payable to participants
2,074

 
1,896

Due to broker for securities purchased
673

 
831

Total liabilities
3,718

 
3,522

 
 
 
 
Net assets available for benefits

$3,148,259



$3,336,579

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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NORDSTROM 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(Amounts in thousands)
Plan year ended
December 31, 2018
Additions
 
Contributions
 
Company contributions

$98,294

Employee contributions
140,082

Total contributions
238,376

 
 
Investment income (loss)
 
Net depreciation in fair value of investments
(188,716
)
Interest and dividends
44,346

Total investment loss
(144,370
)
 
 
Total additions
94,006

 
 
Deductions
 
Benefit payments to participants
274,663

Administrative expenses and other
7,663

Total deductions
282,326

 
 
Net decrease in net assets
(188,320
)
 
 
Net assets available for benefits at beginning of year
3,336,579

Net assets available for benefits at end of year

$3,148,259

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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NORDSTROM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollar and share amounts in thousands)

NOTE 1: DESCRIPTION OF THE PLAN
The Nordstrom 401(k) Plan (the “Plan”), as amended, was originally established on January 1, 1953 and is a defined contribution plan. The following description of the Plan’s provisions is for informational purposes only and does not bind the Plan. Participants should refer to the Plan documents for a more complete description of the Plan’s provisions.
General
The Plan covers substantially all employees of Nordstrom, Inc. and its participating subsidiaries (the “Company”). For Company contributions, participation begins on the first of the month coinciding with or following the first anniversary of the employee’s original hire date. For elective salary deferrals (401(k) contributions), participation begins on the employee’s hire date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
The Plan contains eligibility provisions to ensure that all eligible employees enter the Plan by the latest participation date required under the applicable provisions of the Internal Revenue Code (“IRC”). Eligible employees who neither make an affirmative salary deferral election nor affirmatively opt out of the Plan are automatically enrolled in the Plan beginning on the first of the month coinciding with or following the first anniversary of their original hire date with a salary deferral contribution equal to 2% of eligible compensation. Employees have the option to elect a zero percent salary deferral or to change their salary deferral percentage at any time in accordance with the Plan.
For the Plan years ended December 31, 2018 and 2017, to qualify for Company contributions, eligible participants must work at least 1,000 hours during the payroll calendar year and be employed on the last day of the Plan year. The “last day” requirement is waived if the participant terminates employment due to retirement, disability, or death.
Plan Year
The Plan operates on a calendar year ending on December 31. References to 2018 and 2017 relate to the Plan years ended December 31, 2018 and December 31, 2017.
Trustees and Administrator of the Plan
The asset trustee of the Plan is the Bank of New York Mellon (“BNY Mellon”). Alight Solutions provides recordkeeping services for the Plan.
The Plan is administered by the Company in conjunction with the Nordstrom Retirement Committee (the “Plan Administrator”), a committee appointed by the Company’s Board of Directors (the “Board”).
Plan Contributions
Contributions to the Plan are made through employee contributions, including catch-up contributions, Company contributions and participant rollover contributions.
Employee Contributions— Eligible employees may elect to defer eligible compensation on a pre-tax basis, an after-tax (Roth) basis or a combination of both. The maximum elective salary deferral is 50% for non-highly compensated employees and 16% for highly compensated employees. However, that percentage can be reduced for highly compensated employees as required to satisfy applicable non-discrimination testing requirements. Employees age 50 and over are allowed a catch-up contribution on a pre-tax basis, an after-tax (Roth) basis or a combination of both, beginning in the year they turn age 50. For all employees, the Internal Revenue Service (“IRS”) limited participant contributions to a maximum of $18.5 in 2018 and $18 in 2017. For those age 50 and over, the IRS limited participant contributions to a maximum of $24.5 in 2018 and $24 in 2017.
Company Contributions— The Company intends to match employee contributions dollar for dollar up to 4% of the participant’s eligible compensation, at the discretion of the Board. Catch-up contributions are not eligible for matching contributions. Depending on Company performance and at the discretion of the Board, the Company may also make an additional profit-based matching contribution of up to 50 cents per dollar on the first 4% of eligible compensation contributed. In March 2019, related to 2018, participants received 4% Company matching contributions of $69,136 and profit-based matching contributions of $30,420, which were made at the Board-approved amount of 44 cents per dollar on the first 4% of eligible compensation contributed.
Participant Rollover Contributions— Participants eligible for a withdrawal from another eligible retirement plan or traditional Individual Retirement Account (“IRA”) may roll over all or part of that amount into the Plan. Participants may not roll over amounts from a Roth IRA into the Plan.

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NORDSTROM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollar and share amounts in thousands)

Investments
Participants are able to direct the investment of their accounts (including employee and Company contributions) among various funds, debt securities and Company common stock. The funds as of December 31, 2018 and 2017 include a variety of mutual funds, common/collective trust (“CCT”) funds, separately managed funds, and custom target retirement date funds. The available funds are regularly reviewed by the Plan Administrator and are subject to change at any time.
Participation in Investment Activity
Individual accounts are credited daily with a pro-rata share of investment income or loss experienced by the respective funds into which their account balances have been directed. This income or loss is included in net appreciation or depreciation in fair value of investments on the Statement of Changes in Net Assets Available for Benefits.
Vesting in the Plan
Employees who terminate employment due to retirement, disability or death are 100% vested in their Plan accounts, regardless of years of service. The Plan defines “retirement” as age 60 or older for the purposes of vesting. On termination of employment for reasons other than retirement, disability or death, the amounts credited to the accounts of participants are vested as follows:
Employee Contributions — Employee contributions (salary deferral, catch-up and rollover contributions) are always 100% vested.
Company Matching Contributions — Company matching contributions, including the profit-based matching contribution, for employees vest as follows:
Years of Service
 
Vesting Percentage
Less than one
 
0%
One
 
33%
Two
 
67%
Three or more
 
100%
Forfeitures
When a participant terminates, the unvested portion of the participant’s account represents a forfeiture, unless the participant resumes service with the Company within five years. At December 31, 2018 and 2017, forfeited unvested accounts were $1,418 and $1,329. Forfeitures of unvested Company matching contributions from terminated participant accounts can be used to offset Company matching contributions or to pay Plan administrative expenses, as determined by the Plan Administrator. In March 2019 and March 2018, the Plan used forfeitures of $1,262 and $1,436 to offset the 2018 and 2017 Company matching contributions.
Benefit Payments
On termination of service, a participant (or participant’s beneficiary in the case of death) may elect to roll over the value of the vested interest in his or her account to another qualified plan, to receive the value as a lump-sum distribution or elect to remain in the Plan, if the vested account balance exceeds $1 (subject to required distributions under Section 401(a)(9) of the IRC). When an active participant reaches age 59½ and continues to work for the Company, the participant is eligible to receive a partial or full distribution of their account.
Participant Loans (Notes Receivable from Participants)
Participants may borrow a minimum of $1 from their account up to a maximum that is equal to the lesser of:
50% of their vested account balance, less the balance of any other outstanding loans from the Plan as of the loan request date, or
$50 less the highest outstanding principal balance of any loans, from this Plan or any other qualified Plan of the employer or a related employer, during the one-year period immediately preceding the loan request date.
Loan terms are a maximum of five years or, if for the purchase of a principal residence, up to 20 years. The loans are secured by the balance in the participant’s account. The interest rate for a loan is determined at the time it is approved. The rate will be the prime rate as reported by the Wall Street Journal on the last business day of the prior month, plus 1%. Interest rates for participant loans outstanding at December 31, 2018 range from 4.25% to 10.5% with various maturities through January 2039. Principal and interest is paid through payroll deductions, following the participant’s semi-monthly or weekly payroll cycle. A participant may have a maximum of two loans outstanding at any one time.
Participants may make monthly loan repayments during approved leaves of absence. Alternatively, payment obligations may be suspended during approved leaves of absence not longer than one year and during periods of qualified military service. Participants may continue to make loan repayments after termination of employment under procedures established by the Plan Administrator. If the participant does not make a payment within 90 days of the due date, the loan balances will be deemed distributed and become taxable income to the participant.

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NORDSTROM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollar and share amounts in thousands)

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions.
Risks and Uncertainties
The Plan holds various investment instruments, including, but not limited to, common stock, debt securities, mutual funds and CCTs. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants’ account balances and the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are held by the trustee and are recorded at fair value as follows:
Common stock is valued at quoted market prices as of the last trading day of the Plan year.
Shares of mutual funds are valued at quoted market prices as of the last trading day of the Plan year.
CCTs are measured using the net asset value (“NAV”) practical expedient of the CCT as reported by the CCT managers. The NAV practical expedient is based on the fair value of the underlying assets owned by the CCT, less its liabilities, and divided by the number of units outstanding.
Investments in debt securities are valued using the market approach and observable inputs, such as observable trade prices, multiple broker/dealer quotes, related yield curves and other assumptions about the securities.
Self-directed brokerage accounts allow participants to invest all or a portion of their account in investments of their choice. The fair value is based on the underlying investments, which may include common stock, mutual funds, debt securities and CCTs.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded when earned.
Net realized gains or losses on investment sales represent the difference between the sale proceeds and cost of the investments, or the adjusted market price. Net unrealized appreciation or depreciation on investments held at the end of the Plan year represents the net change in fair value of investments during the year. The Statement of Changes in Net Assets Available for Benefits presents the net appreciation or depreciation in fair value of investments, which consists of realized and unrealized gains and losses.
Notes Receivable from Participants
Participant loans are included in notes receivable from participants on the Statements of Net Assets Available for Benefits and are measured at their unpaid principal balance plus any accrued unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.
Benefit Payments
Benefits are recorded when paid. Amounts allocated to former participants who have withdrawn from the Plan, but have not yet been paid as of December 31, 2018 and 2017 were $667 and $520.
Administrative Expenses
Substantially all of the administrative expenses, including recordkeeping, trustee and other fees, incurred in connection with the Plan are paid by the Plan through an allocation to participant accounts.

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NORDSTROM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollar and share amounts in thousands)

NOTE 3: FAIR VALUE MEASUREMENTS
The Plan discloses its assets that are measured at fair value in the Statements of Net Assets Available for Benefits by level within the fair value hierarchy as defined by applicable accounting standards:
Level 1: Quoted market prices in active markets for identical assets or liabilities
Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own
assumptions
The following tables set forth, by level within the fair value hierarchy, a summary of the Plan’s investments that were measured at fair value on a recurring basis as of December 31, 2018 and 2017. There have been no changes in the methodologies used at December 31, 2018 and 2017.
 
December 31, 2018
 
Level 1
 
Level 2
 
Total
Fair value hierarchy:
 
 
 
 
 
Common Stock

$942,414

 
$—

 

$942,414

Debt securities
11,691

 
141,073

 
152,764

Mutual funds
1,005,811

 

 
1,005,811

Brokerage securities
22,463

 
2,660

 
25,123

Other
4,188

 

 
4,188

Total assets in fair value hierarchy

$1,986,567

 

$143,733

 

$2,130,300

Investments measured at NAV practical expedient
 
 
 
 
824,832

Total participant-directed investments at fair value
 
 
 
 

$2,955,132

 
December 31, 2017
 
Level 1
 
Level 2
 
Total
Fair value hierarchy:
 
 
 
 
 
Common Stock

$1,000,839

 
$—

 

$1,000,839

Debt securities

 
157,220

 
157,220

Mutual funds
1,271,875

 

 
1,271,875

Brokerage securities
21,370

 
3,894

 
25,264

Other
1,105

 


 
1,105

Total assets in fair value hierarchy

$2,295,189

 

$161,114

 

$2,456,303

Investments measured at NAV practical expedient
 
 
 
 
675,188

Total participant-directed investments at fair value
 
 
 
 

$3,131,491

The Plan’s NAV funds are primarily composed of CCT’s, which are measured daily and may be redeemed daily with no restrictions related to the redemption notice period.
The Plan did not have any Level 3 measurements as of December 31, 2018 and 2017. During 2018, there were no transfers in or out of Levels 1, 2 or 3.
NOTE 4: PARTY-IN-INTEREST TRANSACTIONS
As of December 31, 2018 and 2017, Plan investments included units held in a collective trust managed by BNY Mellon, BNY Mellon common stock and interest-bearing cash managed by BNY Mellon. Transactions with this entity qualify as exempt party-in-interest transactions. Fees paid by the Plan to BNY Mellon were $406 for 2018 and fees payable to BNY Mellon were $317 as of December 31, 2018. Fees paid by the Plan to Alight Solutions were $2,293 for 2018.
As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. As of December 31, 2018 and 2017, the Plan held 3,732 and 4,502 shares of Nordstrom common stock, with a cost basis of $170,479 and $202,900. The Plan recorded dividend income of $5,991 during 2018.

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NORDSTROM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollar and share amounts in thousands)

NOTE 5: FEDERAL INCOME TAX STATUS
The IRS has determined and informed the Company by a letter dated June 12, 2014, that the Plan is designed in accordance with applicable sections of the IRC. Although the Plan has been amended since the date of the latest determination letter, the Company and Plan management believe that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2018 and 2017, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.
NOTE 6: PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Under the Plan, the Company may also temporarily suspend contributions, which does not constitute or require termination of the Plan.  
In the event the Plan is terminated, the respective accounts of the participants under the Plan shall become fully vested and nonforfeitable. After payment of expenses properly chargeable against the Plan, the trustee shall distribute all Plan assets to the participants in the proportions determined by their respective accounts.
NOTE 7: EXCESS CONTRIBUTIONS PAYABLE TO PARTICIPANTS
The Plan is subject to certain non-discrimination rules under ERISA and the IRC. For 2018 and 2017, the Plan failed certain non-discrimination tests under the IRC due to lower deferral percentages by non-highly compensated eligible employees relative to the deferral percentages of highly compensated eligible employees. In order to meet the requirements of the non-discrimination rules, the Plan refunded a portion of the contributions made by highly compensated participants, in accordance with applicable provisions of the IRC. Additionally, the Plan is required to return contributions received from participants during the Plan year in excess of the IRC limits (see Note 1: Description of the Plan for additional information on IRS contribution limitations). These refunds are accrued within excess contributions payable to participants in the Statements of Net Assets Available for Benefits and reduce participant contributions on the Statement of Changes in Net Assets Available for Benefits. The net refund for 2018, paid in March 2019, totaled $2,074 and included approximately $126 of investment loss. The net refund for 2017, paid in March 2018, totaled $1,896 and included approximately $142 of investment earnings.

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(NORDSTROM 401(k) PLAN
SCHEDULE H, LINE 4(i) — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2018
EIN: 91-0515058
Plan #: 001
(Dollars in thousands)
(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
*
 
EB Temporary Investment Fund
 
CCT - due 12/31/2049 - 1.147%
 
**
 
22,974
 
 
Loomis Core Plus Fixed Income Fund
 
CCT
 
**
 
297,943
 
 
Putnam Stable Value Fund
 
CCT
 
**
 
265,026
 
 
Schroder International Multi-Cap Equity Trust - Class 2
 
CCT
 
**
 
194,772
 
 
SSGA TIPS Index
 
CCT
 
**
 
45,095
 
 
2U, Inc.
 
Common stock
 
**
 
1,868
 
 
Adtalem Global Education, Inc.
 
Common stock
 
**
 
5,060
 
 
Aegon N.V.
 
Common stock
 
**
 
1,759
 
 
Alnylam Pharmaceuticals, Inc.
 
Common stock
 
**
 
1,181
 
 
Alphabet, Inc. Class A
 
Common stock
 
**
 
12,569
 
 
Alphabet, Inc. Class C
 
Common stock
 
**
 
13,292
 
 
Altria Group, Inc.
 
Common stock
 
**
 
3,815
 
 
Amazon.com, Inc.
 
Common stock
 
**
 
15,822
 
 
American Express Co.
 
Common stock
 
**
 
8,064
 
 
American Tower Corp.
 
Common stock
 
**
 
2,337
 
 
AMETEK, Inc.
 
Common stock
 
**
 
2,795
 
 
Anadarko Petroleum Corp.
 
Common stock
 
**
 
6,024
 
 
Apache Corp.
 
Common stock
 
**
 
4,368
 
 
Apple, Inc.
 
Common stock
 
**
 
9,806
 
 
Aramark Corp.
 
Common stock
 
**
 
1,717
 
 
Aspen Technology, Inc.
 
Common stock
 
**
 
2,676
 
 
AstraZeneca plc
 
Common stock
 
**
 
6,798
 
 
AT&T, Inc.
 
Common stock
 
**
 
2,566
 
 
Axalta Coating Systems Ltd.
 
Common stock
 
**
 
1,871
 
 
Baker Hughes, a GE Co.
 
Common stock
 
**
 
3,687
 
 
Ball Corp.
 
Common stock
 
**
 
6,449
 
 
Bank of America Corp.
 
Common stock
 
**
 
8,863
 
 
Baxter International, Inc.
 
Common stock
 
**
 
4,565
 
 
BB&T Corp.
 
Common stock
 
**
 
2,673
 
 
Biogen, Inc.
 
Common stock
 
**
 
4,023
 
 
Booking Holdings, Inc.
 
Common stock
 
**
 
4,995
 
 
Booz Allen Hamilton Holding Co.
 
Common stock
 
**
 
5,786
 
 
Boston Scientific Corp.
 
Common stock
 
**
 
3,942
 
 
Brighthouse Financial, Inc.
 
Common stock
 
**
 
1,049
 
 
BrightSphere Investment Group
 
Common stock
 
**
 
1,088
 
 
Bristol-Myers Squibb Co.
 
Common stock
 
**
 
6,965
 
 
Burlington Stores, Inc.
 
Common stock
 
**
 
7,853
 
 
BWX Technologies, Inc.
 
Common stock
 
**
 
5,347
 
 
Cable One, Inc.
 
Common stock
 
**
 
1,591
 
 
Cambrex Corp.
 
Common stock
 
**
 
2,198
 
 
Capital One Financial Corp.
 
Common stock
 
**
 
8,791
 
 
Catalent, Inc.
 
Common stock
 
**
 
3,057
 
 
Cboe Global Markets, Inc.
 
Common stock
 
**
 
5,823
* Party-in-interest
 
 
 
 
 
 
** Cost information is not required for participant-directed investments and therefore is not included.

11 of 19



(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
 
 
Celanese Corp.
 
Common stock
 
**
 
6,493
 
 
Centennial Resource Development, Inc.
 
Common stock
 
**
 
1,059
 
 
Charter Communications, Inc.
 
Common stock
 
**
 
10,572
 
 
Church & Dwight Co., Inc.
 
Common stock
 
**
 
1,284
 
 
Cigna Corp.
 
Common stock
 
**
 
8,009
 
 
Cisco Systems, Inc.
 
Common stock
 
**
 
4,485
 
 
Citrix Systems, Inc.
 
Common stock
 
**
 
3,197
 
 
Cognizant Technology Solutions
 
Common stock
 
**
 
3,958
 
 
Colliers International Group, Inc.
 
Common stock
 
**
 
1,243
 
 
Comcast Corp.
 
Common stock
 
**
 
16,019
 
 
Concho Resources, Inc.
 
Common stock
 
**
 
2,887
 
 
Copart, Inc.
 
Common stock
 
**
 
7,024
 
 
CoStar Group, Inc.
 
Common stock
 
**
 
6,355
 
 
Crown Holdings, Inc.
 
Common stock
 
**
 
1,625
 
 
CVS Health Corp.
 
Common stock
 
**
 
3,112
 
 
Danaher Corp.
 
Common stock
 
**
 
1,753
 
 
Dell Technologies, Inc.
 
Common stock
 
**
 
1,372
 
 
Delta Air Lines, Inc.
 
Common stock
 
**
 
3,988
 
 
Dexcom, Inc.
 
Common stock
 
**
 
3,745
 
 
Dish Network Corp.
 
Common stock
 
**
 
1,506
 
 
Domino’s Pizza, Inc.
 
Common stock
 
**
 
6,050
 
 
E*TRADE Financial Corp.
 
Common stock
 
**
 
1,873
 
 
East West Bancorp, Inc.
 
Common stock
 
**
 
1,305
 
 
Electronic Arts, Inc.
 
Common stock
 
**
 
3,956
 
 
Eli Lilly & Company
 
Common stock
 
**
 
5,768
 
 
Encompass Health Corp.
 
Common stock
 
**
 
4,442
 
 
Encore Capital Group, Inc.
 
Common stock
 
**
 
1,630
 
 
Euronet Worldwide, Inc.
 
Common stock
 
**
 
5,615
 
 
Exact Sciences Corp.
 
Common stock
 
**
 
3,549
 
 
Extra Space Storage, Inc.
 
Common stock
 
**
 
2,930
 
 
Facebook, Inc.
 
Common stock
 
**
 
6,123
 
 
FedEx Corp.
 
Common stock
 
**
 
7,857
 
 
Fidelity National Information Services, Inc.
 
Common stock
 
**
 
5,269
 
 
FirstCash, Inc.
 
Common stock
 
**
 
3,309
 
 
FirstService Corp.
 
Common stock
 
**
 
2,332
 
 
Fiserv, Inc.
 
Common stock
 
**
 
5,021
 
 
Fortinet, Inc.
 
Common stock
 
**
 
2,926
 
 
Genesee & Wyoming, Inc.
 
Common stock
 
**
 
2,607
 
 
Gilead Sciences, Inc.
 
Common stock
 
**
 
3,372
 
 
Glaukos Corp.
 
Common stock
 
**
 
3,353
 
 
GlaxoSmithKline plc
 
Common stock
 
**
 
6,278
 
 
GoDaddy, Inc.
 
Common stock
 
**
 
6,717
 
 
Grand Canyon Education, Inc.
 
Common stock
 
**
 
3,951
 
 
Guidewire Software, Inc.
 
Common stock
 
**
 
2,216
 
 
Halliburton Co.
 
Common stock
 
**
 
2,560
 
 
Harley-Davidson, Inc.
 
Common stock
 
**
 
1,030
 
 
Healthcare Services Group, Inc.
 
Common stock
 
**
 
3,776
 
 
HEICO Corp.
 
Common stock
 
**
 
3,957
 
 
Hewlett Packard Enterprise Co.
 
Common stock
 
**
 
5,667
 
 
Hilton Grand Vacations, Inc.
 
Common stock
 
**
 
1,905
 
 
Hilton Worldwide Holdings, Inc.
 
Common stock
 
**
 
4,032
 
 
Honeywell International, Inc.
 
Common stock
 
**
 
3,172

12 of 19



(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
 
 
Horizon Pharma plc
 
Common stock
 
**
 
3,092
 
 
HP, Inc.
 
Common stock
 
**
 
5,580
 
 
Incyte Corp.
 
Common stock
 
**
 
127
 
 
Ingersoll-Rand plc
 
Common stock
 
**
 
2,805
 
 
Inogen, Inc.
 
Common stock
 
**
 
1,770
 
 
Insulet Corp.
 
Common stock
 
**
 
3,965
 
 
Intuit, Inc.
 
Common stock
 
**
 
4,568
 
 
J2 Global, Inc.
 
Common stock
 
**
 
2,177
 
 
Johnson & Johnson
 
Common stock
 
**
 
2,345
 
 
Johnson Controls International PLC
 
Common stock
 
**
 
6,413
 
 
Jones Lang LaSalle, Inc.
 
Common stock
 
**
 
2,332
 
 
JPMorgan Chase & Co.
 
Common stock
 
**
 
8,288
 
 
Juniper Networks, Inc.
 
Common stock
 
**
 
3,062
 
 
L3 Technologies, Inc.
 
Common stock
 
**
 
2,313
 
 
Lamb Weston Holdings, Inc.
 
Common stock
 
**
 
2,017
 
 
Ligand Pharmaceuticals, Inc.
 
Common stock
 
**
 
3,137
 
 
Live Nation Entertainment, Inc.
 
Common stock
 
**
 
5,036
 
 
Martin Marietta Materials, Inc.
 
Common stock
 
**
 
4,729
 
 
Mastercard, Inc.
 
Common stock
 
**
 
4,945
 
 
Mattel, Inc.
 
Common stock
 
**
 
1,156
 
 
Maxim Integrated Products, Inc.
 
Common stock
 
**
 
1,409
 
 
MaxLinear, Inc.
 
Common stock
 
**
 
1,027
 
 
Medtronic PLC
 
Common stock
 
**
 
1,646
 
 
Merck & Co., Inc.
 
Common stock
 
**
 
2,390
 
 
MetLife, Inc.
 
Common stock
 
**
 
6,471
 
 
Micro Focus International plc
 
Common stock
 
**
 
2,000
 
 
Microchip Technology, Inc.
 
Common stock
 
**
 
4,049
 
 
Microsoft Corp.
 
Common stock
 
**
 
28,290
 
 
Molson Coors Brewing Co.
 
Common stock
 
**
 
1,623
 
 
Monster Beverage Corp.
 
Common stock
 
**
 
3,499
 
 
Motorola Solutions, Inc.
 
Common stock
 
**
 
2,435
 
 
National Instruments Corp.
 
Common stock
 
**
 
2,871
 
 
National Oilwell Varco, Inc.
 
Common stock
 
**
 
1,434
 
 
News Corp.
 
Common stock
 
**
 
485
 
 
Nice Ltd.
 
Common stock
 
**
 
2,789
*
 
Nordstrom, Inc.
 
Common stock
 
**
 
173,959
 
 
Novanta, Inc.
 
Common stock
 
**
 
1,537
 
 
Novartis AG
 
Common stock
 
**
 
8,701
 
 
Nu Skin Enterprises, Inc.
 
Common stock
 
**
 
1,777
 
 
Occidental Petroleum Corp.
 
Common stock
 
**
 
5,438
 
 
O’Reilly Automotive, Inc.
 
Common stock
 
**
 
3,286
 
 
Packaging Corporation Of America
 
Common stock
 
**
 
1,087
 
 
Parsley Energy, Inc.
 
Common stock
 
**
 
1,386
 
 
Penumbra, Inc.
 
Common stock
 
**
 
2,297
 
 
Portola Pharmaceuticals, Inc.
 
Common stock
 
**
 
1,117
 
 
Pure Storage, Inc.
 
Common stock
 
**
 
3,512
 
 
Qurate Retail, Inc.
 
Common stock
 
**
 
3,022
 
 
Ritchie Bros Auctioneers, Inc.
 
Common stock
 
**
 
2,653
 
 
Roche Holding AG
 
Common stock
 
**
 
6,673
 
 
Rogers Corp.
 
Common stock
 
**
 
3,461
 
 
S&P Global, Inc.
 
Common stock
 
**
 
4,377
 
 
Sabre Corp.
 
Common stock
 
**
 
2,794

13 of 19



(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
 
 
Sanofi
 
Common stock
 
**
 
9,034
 
 
Schlumberger Ltd.
 
Common stock
 
**
 
2,785
 
 
SiteOne Landscape Supply, Inc.
 
Common stock
 
**
 
1,800
 
 
Six Flags Entertainment Corp.
 
Common stock
 
**
 
3,394
 
 
Sprint Corp.
 
Common stock
 
**
 
1,737
 
 
Synopsys, Inc.
 
Common stock
 
**
 
101
 
 
Target Corp.
 
Common stock
 
**
 
509
 
 
TE Connectivity Ltd.
 
Common stock
 
**
 
3,706
 
 
Teledyne Technologies, Inc.
 
Common stock
 
**
 
4,357
 
 
Teleflex, Inc.
 
Common stock
 
**
 
4,694
 
 
Texas Instruments, Inc.
 
Common stock
 
**
 
4,170
*
 
The Bank Of New York Mellon Corp.
 
Common stock
 
**
 
7,611
 
 
The Boeing Co.
 
Common stock
 
**
 
5,934
 
 
The Charles Schwab Corp.
 
Common stock
 
**
 
10,432
 
 
The Gap Inc.
 
Common stock
 
**
 
842
 
 
The Goldman Sachs Group, Inc.
 
Common stock
 
**
 
5,446
 
 
The Hershey Co.
 
Common stock
 
**
 
4,003
 
 
The Home Depot Inc.
 
Common stock
 
**
 
6,065
 
 
The Middleby Corp.
 
Common stock
 
**
 
3,572
 
 
The Progressive Corp.
 
Common stock
 
**
 
4,640
 
 
The Toro Co.
 
Common stock
 
**
 
1,538
 
 
Thermo Fisher Scientific, Inc.
 
Common stock
 
**
 
5,033
 
 
TransUnion
 
Common stock
 
**
 
4,261
 
 
Trex Co., Inc.
 
Common stock
 
**
 
2,414
 
 
Twenty-First Century Fox, Inc.
 
Common stock
 
**
 
8,565
 
 
Union Pacific Corp.
 
Common stock
 
**
 
1,935
 
 
United Technologies Corp.
 
Common stock
 
**
 
4,483
 
 
UnitedHealth Group, Inc.
 
Common stock
 
**
 
13,170
 
 
Universal Electronics, Inc.
 
Common stock
 
**
 
809
 
 
Vail Resorts, Inc.
 
Common stock
 
**
 
4,071
 
 
Veeva Systems, Inc.
 
Common stock
 
**
 
4,833
 
 
Vertex Pharmaceuticals, Inc.
 
Common stock
 
**
 
3,755
 
 
VIRTU Financial, Inc.
 
Common stock
 
**
 
2,419
 
 
VMware, Inc.
 
Common stock
 
**
 
4,454
 
 
W.W. Grainger, Inc.
 
Common stock
 
**
 
2,842
 
 
Waste Management, Inc.
 
Common stock
 
**
 
5,008
 
 
Weatherford International plc
 
Common stock
 
**
 
83
 
 
Weight Watchers International, Inc.
 
Common stock
 
**
 
1,577
 
 
Wells Fargo & Co.
 
Common stock
 
**
 
11,727
 
 
West Pharmaceutical Services, Inc.
 
Common stock
 
**
 
1,858
 
 
WEX, Inc.
 
Common stock
 
**
 
2,723
 
 
XPO Logistics, Inc.
 
Common stock
 
**
 
1,606
 
 
Zayo Group Holdings, Inc.
 
Common stock
 
**
 
1,699
 
 
21st Century Fox America, Inc.
 
Corporate Debt - due 11/15/2037 - 6.650%
 
**
 
593
 
 
21st Century Fox America, Inc.
 
Corporate Debt - due 12/15/2035 - 6.400%
 
**
 
94
 
 
21st Century Fox America, Inc.
 
Corporate Debt - due 3/1/2037 - 6.150%
 
**
 
123
 
 
American Express Credit AC 3 A
 
Corporate Debt - due 11/15/2022 - 1.770%
 
**
 
527
 
 
AT&T, Inc.
 
Corporate Debt - due 11/15/2031 - Variable
 
**
 
123
 
 
AT&T, Inc.
 
Corporate Debt - due 2/15/2047 - 5.650%
 
**
 
374
 
 
AT&T, Inc.
 
Corporate Debt - due 3/1/2047 - 5.450%
 
**
 
464
 
 
AT&T, Inc.
 
Corporate Debt - due 3/9/2048 - 4.500%
 
**
 
767
 
 
AT&T, Inc.
 
Corporate Debt - due 5/15/2046 - 4.750%
 
**
 
155

14 of 19



(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
 
 
AT&T, Inc.
 
Corporate Debt - due 9/1/2040 - 5.350%
 
**
 
267
 
 
BA Credit Card Trust A1 A1
 
Corporate Debt - due 7/17/2023 - 2.700%
 
**
 
937
 
 
Bank of America Corp.
 
Corporate Debt - due 11/25/2027 - 4.183%
 
**
 
216
 
 
Bank of America Corp.
 
Corporate Debt - due 12/20/2023 - Variable
 
**
 
1,380
 
 
Bank of America Corp.
 
Corporate Debt - due 3/3/2026 - 4.450%
 
**
 
148
 
 
Bank of America Corp.
 
Corporate Debt - due 8/26/2024 - 4.200%
 
**
 
446
 
 
Barclays PLC
 
Corporate Debt - due 5/12/2026 - 5.200%
 
**
 
216
 
 
Barclays PLC
 
Corporate Debt - due 5/9/2028 - 4.836%
 
**
 
184
 
 
Barclays PLC
 
Corporate Debt - due 9/11/2024 - 4.375%
 
**
 
283
 
 
Bayer US Finance II LLC 144A
 
Corporate Debt - due 12/15/2023 - 3.875%
 
**
 
245
 
 
Bayer US Finance II LLC 144A
 
Corporate Debt - due 12/15/2025 - 4.250%
 
**
 
268
 
 
Bayer US Finance II LLC 144A
 
Corporate Debt - due 12/15/2028 - 4.375%
 
**
 
549
 
 
BHP BILLITON FINANCE USA 144A
 
Corporate Debt - due 10/19/2075 - Variable
 
**
 
337
 
 
BNP Paribas S.A.
 
Corporate Debt - due 10/15/2024 - 4.250%
 
**
 
816
 
 
BNP Paribas S.A. 144A
 
Corporate Debt - due 3/13/2027 - 4.625%
 
**
 
728
 
 
BNP Paribas S.A. 144A
 
Corporate Debt - due 9/28/2025 - 4.375%
 
**
 
899
 
 
BNSF Railway Co 2015-1 Pa 144A
 
Corporate Debt - due 6/16/2028 - 3.442%
 
**
 
255
 
 
BNSF Railway Co.
 
Corporate Debt - due 4/1/2024 - 5.996%
 
**
 
148
 
 
Boston Properties LP
 
Corporate Debt - due 1/15/2025 - 3.200%
 
**
 
167
 
 
Boston Properties LP
 
Corporate Debt - due 12/1/2028 - 4.500%
 
**
 
363
 
 
Boston Properties LP
 
Corporate Debt - due 2/1/2023 - 3.850%
 
**
 
401
 
 
Boston Properties LP
 
Corporate Debt - due 2/1/2026 - 3.650%
 
**
 
218
 
 
Boston Properties LP
 
Corporate Debt - due 5/15/2021 - 4.125%
 
**
 
127
 
 
Burlington Northern Santa Fe LLC
 
Corporate Debt - due 1/15/2021 - 8.251%
 
**
 
210
 
 
Burlington Northern Santa Fe LLC
 
Corporate Debt - due 9/1/2023 - 3.850%
 
**
 
205
 
 
Capital One Financial Corp.
 
Corporate Debt - due 10/29/2025 - 4.200%
 
**
 
457
 
 
Capital One Financial Corp.
 
Corporate Debt - due 2/5/2025 - 3.200%
 
**
 
397
 
 
Capital One Financial Corp.
 
Corporate Debt - due 6/15/2023 - 3.500%
 
**
 
147
 
 
CEMEX Finance LLC 144A
 
Corporate Debt - due 4/1/2024 - 6.000%
 
**
 
870
 
 
CEMEX SAB de CV 144A
 
Corporate Debt - due 1/11/2025 - 5.700%
 
**
 
575
 
 
CEMEX SAB de CV 144A
 
Corporate Debt - due 5/5/2025 - 6.125%
 
**
 
195
 
 
Charter Communications Operating LLC
 
Corporate Debt - due 10/23/2045 - 6.484%
 
**
 
1,542
 
 
Charter Communications Operating LLC
 
Corporate Debt - due 4/1/2048 - 5.750%
 
**
 
304
 
 
Charter Communications Operating LLC
 
Corporate Debt - due 5/1/2047 - 5.375%
 
**
 
295
 
 
Charter Communications Operating LLC
 
Corporate Debt - due 7/23/2025 - 4.908%
 
**
 
298
 
 
Cigna Corp. 144A
 
Corporate Debt - due 11/15/2025 - 4.125%
 
**
 
175
 
 
Cigna Corp. 144A
 
Corporate Debt - due 7/15/2023 - 3.750%
 
**
 
1,022
 
 
Cigna Holding Co.
 
Corporate Debt - due 2/15/2022 - 4.000%
 
**
 
152
 
 
Cigna Holding Co.
 
Corporate Debt - due 5/15/2027 - 7.875%
 
**
 
234
 
 
Cigna Holding Co.
 
Corporate Debt - due 6/15/2020 - 5.125%
 
**
 
77
 
 
Citigroup, Inc.
 
Corporate Debt - due 5/15/2023 - 3.500%
 
**
 
98
 
 
Citigroup, Inc.
 
Corporate Debt - due 8/5/2024 - 4.000%
 
**
 
716
 
 
Comcast Corp.
 
Corporate Debt - due 10/15/2025 - 3.950%
 
**
 
177
 
 
Comcast Corp.
 
Corporate Debt - due 11/1/2047 - 3.969%
 
**
 
402
 
 
Cox Communications, Inc. 144A
 
Corporate Debt - due 2/1/2025 - 3.850%
 
**
 
1,059
 
 
Cox Communications, Inc. 144A
 
Corporate Debt - due 6/30/2023 - 2.950%
 
**
 
529
 
 
Cox Communications, Inc. 144A
 
Corporate Debt - due 8/15/2027 - 3.500%
 
**
 
277
 
 
CRH America, Inc. 144A
 
Corporate Debt - due 5/18/2025 - 3.875%
 
**
 
553
 
 
CSX Transportation, Inc.
 
Corporate Debt - due 1/15/2023 - 6.251%
 
**
 
180
 
 
CVS Health Corp.
 
Corporate Debt - due 3/25/2025 - 4.100%
 
**
 
173
 
 
CVS Health Corp.
 
Corporate Debt - due 3/25/2028 - 4.300%
 
**
 
357
 
 
CVS Health Corp.
 
Corporate Debt - due 3/25/2038 - 4.780%
 
**
 
192

15 of 19



(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
 
 
CVS Health Corp.
 
Corporate Debt - due 3/9/2023 - 3.700%
 
**
 
890
 
 
Dell International LLC 144A
 
Corporate Debt - due 6/15/2023 - 5.450%
 
**
 
560
 
 
Dillard’s, Inc.
 
Corporate Debt - due 5/15/2027 - 7.750%
 
**
 
458
 
 
Dominion Energy, Inc.
 
Corporate Debt - due 10/1/2054 - Variable
 
**
 
699
 
 
Dominion Energy, Inc.
 
Corporate Debt - due 4/1/2021 - Step
 
**
 
176
 
 
Dominion Energy, Inc.
 
Corporate Debt - due 7/1/2020 - Variable
 
**
 
197
 
 
Elanco Animal Health, Inc. 144A
 
Corporate Debt - due 8/27/2021 - 3.912%
 
**
 
101
 
 
Elanco Animal Health, Inc. 144A
 
Corporate Debt - due 8/28/2023 - 4.272%
 
**
 
100
 
 
Elanco Animal Health, Inc. 144A
 
Corporate Debt - due 8/28/2028 - 4.900%
 
**
 
204
 
 
Enel Finance International 144A
 
Corporate Debt - due 10/7/2039 - 6.000%
 
**
 
496
 
 
Enel Finance International 144A
 
Corporate Debt - due 9/14/2025 - 4.625%
 
**
 
432
 
 
Enel Finance International 144A
 
Corporate Debt - due 9/15/2037 - 6.800%
 
**
 
617
 
 
ERP Operating LP
 
Corporate Debt - due 4/15/2023 - 3.000%
 
**
 
738
 
 
Federal Express Corp. 1998 Pass
 
Corporate Debt - due 7/15/2023 - 6.720%
 
**
 
64
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 1/15/2020 - 8.125%
 
**
 
208
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 1/9/2020 - 2.681%
 
**
 
467
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 10/12/2021 - 3.813%
 
**
 
558
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 2/1/2021 - 5.750%
 
**
 
204
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 8/2/2021 - 5.875%
 
**
 
718
 
 
Ford Motor Credit Co. LLC
 
Corporate Debt - due 8/6/2023 - 4.375%
 
**
 
237
 
 
HSBC Holdings PLC
 
Corporate Debt - due 1/5/2022 - 2.650%
 
**
 
412
 
 
HSBC Holdings PLC
 
Corporate Debt - due 3/8/2026 - 4.300%
 
**
 
197
 
 
HSBC Holdings PLC
 
Corporate Debt - due 4/5/2021 - 5.100%
 
**
 
155
 
 
HSBC Holdings PLC
 
Corporate Debt - due 5/2/2036 - 6.500%
 
**
 
996
 
 
HSBC Holdings PLC
 
Corporate Debt - due 9/15/2037 - 6.500%
 
**
 
510
 
 
Imperial Brands Finance PLC 144A
 
Corporate Debt - due 7/21/2022 - 3.750%
 
**
 
298
 
 
Imperial Brands Finance PLC 144A
 
Corporate Debt - due 7/21/2025 - 4.250%
 
**
 
1,451
 
 
JPMorgan Chase & Co.
 
Corporate Debt - due 10/1/2027 - 4.250%
 
**
 
172
 
 
JPMorgan Chase & Co.
 
Corporate Debt - due 12/15/2026 - 4.125%
 
**
 
439
 
 
JPMorgan Chase & Co.
 
Corporate Debt - due 7/23/2024 - Variable
 
**
 
826
 
 
Kinder Morgan Energy Partners
 
Corporate Debt - due 8/15/2042 - 5.000%
 
**
 
709
 
 
Kinder Morgan Energy Partners
 
Corporate Debt - due 9/1/2023 - 3.500%
 
**
 
340
 
 
Kinder Morgan Energy Partners
 
Corporate Debt - due 9/1/2039 - 6.500%
 
**
 
267
 
 
Kinder Morgan Energy Partners
 
Corporate Debt - due 9/1/2044 - 5.400%
 
**
 
645
 
 
Lloyds Banking Group PLC
 
Corporate Debt - due 11/4/2024 - 4.500%
 
**
 
555
 
 
Lloyds Banking Group PLC
 
Corporate Debt - due 3/24/2026 - 4.650%
 
**
 
494
 
 
Lloyds Banking Group PLC
 
Corporate Debt - due 8/16/2023 - 4.050%
 
**
 
420
 
 
Macy’s Retail Holdings, Inc.
 
Corporate Debt - due 3/15/2037 - 6.375%
 
**
 
149
 
 
Macy’s Retail Holdings, Inc.
 
Corporate Debt - due 9/15/2028 - 6.700%
 
**
 
263
 
 
Myriad International Holdings 144A
 
Corporate Debt - due 7/18/2020 - 6.000%
 
**
 
565
 
 
Myriad International Holdings 144A
 
Corporate Debt - due 7/21/2025 - 5.500%
 
**
 
856
 
 
Myriad International Holdings 144A
 
Corporate Debt - due 7/6/2027 - 4.850%
 
**
 
623
*
 
Nordstrom, Inc.
 
Corporate Debt - due 3/15/2028 - 6.950%
 
**
 
295
 
 
Petrobras Global Finance B.V.
 
Corporate Debt - due 1/27/2028 - 5.999%
 
**
 
706
 
 
Petrobras Global Finance B.V.
 
Corporate Debt - due 3/17/2044 - 7.250%
 
**
 
197
 
 
Petroleos Mexicanos
 
Corporate Debt - due 1/18/2024 - 4.875%
 
**
 
233
 
 
Petroleos Mexicanos
 
Corporate Debt - due 1/23/2045 - 6.375%
 
**
 
845
 
 
Petroleos Mexicanos
 
Corporate Debt - due 3/13/2027 - 6.500%
 
**
 
752
 
 
Petroleos Mexicanos
 
Corporate Debt - due 6/15/2035 - 6.625%
 
**
 
371
 
 
Petroleos Mexicanos
 
Corporate Debt - due 8/4/2026 - 6.875%
 
**
 
170
 
 
Petroleos Mexicanos
 
Corporate Debt - due 9/21/2047 - 6.750%
 
**
 
331
 
 
RELX Capital, Inc.
 
Corporate Debt - due 1/15/2019 - 8.625%
 
**
 
125

16 of 19



(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
 
 
RELX Capital, Inc.
 
Corporate Debt - due 10/15/2022 - 3.125%
 
**
 
556
 
 
Rio Oil Finance Trust Series 144A
 
Corporate Debt - due 1/6/2027 - 9.750%
 
**
 
858
 
 
Rio Oil Finance Trust Series 144A
 
Corporate Debt - due 4/6/2028 - 8.200%
 
**
 
393
 
 
Rio Oil Finance Trust Series 144A
 
Corporate Debt - due 7/6/2024 - 9.250%
 
**
 
1,005
 
 
Royal Bank of Scotland Group PLC
 
Corporate Debt - due 12/15/2022 - 6.125%
 
**
 
1,165
 
 
Royal Bank of Scotland Group PLC
 
Corporate Debt - due 12/19/2023 - 6.000%
 
**
 
860
 
 
SLM Student Loan Trust 2 9 A7A
 
Corporate Debt - due 1/25/2041 - Variable
 
**
 
824
 
 
SLM Student Loan Trust 20 3 A6
 
Corporate Debt - due 4/25/2040 - Variable
 
**
 
4,268
 
 
SLM Student Loan Trust 20 8 A6
 
Corporate Debt - due 1/25/2041 - Variable
 
**
 
4,540
 
 
Telecom Italia Capital S.A.
 
Corporate Debt - due 6/18/2019 - 7.175%
 
**
 
503
 
 
Telecom Italia Capital S.A.
 
Corporate Debt - due 6/4/2038 - 7.721%
 
**
 
546
 
 
Telecom Italia Capital S.A.
 
Corporate Debt - due 7/18/2036 - 7.200%
 
**
 
119
 
 
Telecom Italia SPA 144A
 
Corporate Debt - due 5/30/2024 - 5.303%
 
**
 
641
 
 
The Dow Chemical Co.
 
Corporate Debt - due 11/1/2029 - 7.375%
 
**
 
213
 
 
The Dow Chemical Co.
 
Corporate Debt - due 5/15/2039 - 9.400%
 
**
 
506
 
 
The Dow Chemical Co. 144A
 
Corporate Debt - due 11/30/2048 - 5.550%
 
**
 
456
 
 
Time Warner Cable LLC
 
Corporate Debt - due 2/1/2020 - 5.000%
 
**
 
152
 
 
Time Warner Cable LLC
 
Corporate Debt - due 2/15/2021 - 4.125%
 
**
 
276
 
 
Time Warner Cable LLC
 
Corporate Debt - due 4/1/2019 - 8.250%
 
**
 
733
 
 
Time Warner Cable LLC
 
Corporate Debt - due 7/1/2038 - 7.300%
 
**
 
352
 
 
Time Warner Cable LLC
 
Corporate Debt - due 9/1/2021 - 4.000%
 
**
 
224
 
 
TransCanada Trust
 
Corporate Debt - due 3/15/2077 - Variable
 
**
 
539
 
 
TransCanada Trust
 
Corporate Debt - due 5/20/2075 - Variable
 
**
 
518
 
 
TransCanada Trust
 
Corporate Debt - due 8/15/2076 - Variable
 
**
 
400
 
 
Ultrapar International S.A. 144A
 
Corporate Debt - due 10/6/2026 - 5.250%
 
**
 
340
 
 
Union Pacific Railroad Co. 2006
 
Corporate Debt - due 7/2/2030 - 5.866%
 
**
 
764
 
 
United Technologies Corp.
 
Corporate Debt - due 8/16/2021 - 3.350%
 
**
 
150
 
 
United Technologies Corp.
 
Corporate Debt - due 8/16/2023 - 3.650%
 
**
 
523
 
 
Unum Group Corp.
 
Corporate Debt - due 3/15/2028 - 7.250%
 
**
 
352
 
 
Verizon Communications, Inc.
 
Corporate Debt - due 1/15/2036 - 4.272%
 
**
 
1,478
 
 
Verizon Communications, Inc.
 
Corporate Debt - due 4/15/2049 - 5.012%
 
**
 
947
 
 
Wells Fargo & Co.
 
Corporate Debt - due 7/22/2027 - 4.300%
 
**
 
1,156
 
 
Wells Fargo Bank NA
 
Corporate Debt - due 12/6/2019 - 2.150%
 
**
 
768
 
 
Wells Fargo Bank NA
 
Corporate Debt - due 12/6/2019 - Variable
 
**
 
401
 
 
Wells Fargo Bank NA
 
Corporate Debt - due 8/14/2023 - 3.550%
 
**
 
822
 
 
Xerox Corp.
 
Corporate Debt - due 5/15/2021 - 4.500%
 
**
 
1,049
 
 
Zoetis, Inc.
 
Corporate Debt - due 11/13/2020 - 3.450%
 
**
 
175
 
 
Zoetis, Inc.
 
Corporate Debt - due 11/13/2025 - 4.500%
 
**
 
359
*
 
BNY Mellon Cash Reserve
 
Interest-Bearing Cash - due 12/31/2049 - 0.100%
 
**
 
3,475
*
 
Participant Loans
 
Loan interest rates range from 4.25% to 10.5% with various maturities through January 2039.
 
**
 
95,368
 
 
California State
 
Municipal Debt - due 10/1/2039 - 7.300%
 
**
 
789
 
 
California State
 
Municipal Debt - due 3/1/2040 - 7.625%
 
**
 
285
 
 
California State
 
Municipal Debt - due 4/1/2034 - 7.500%
 
**
 
463
 
 
Illinois State
 
Municipal Debt - due 6/1/2033 - 5.100%
 
**
 
763
 
 
Los Angeles CA Unified School District
 
Municipal Debt - due 7/1/2034 - 6.758%
 
**
 
547
 
 
New Jersey State Turnpike Authority
 
Municipal Debt - due 1/1/2041 - 7.102%
 
**
 
820
 
 
American Funds EuroPacific Growth Fund Class R-6
 
Mutual Fund
 
**
 
413,195
 
 
Neuberger Berman Genesis Fund Class R6
 
Mutual Fund
 
**
 
177,181
 
 
Vanguard Institutional Index Fund Institutional +
 
Mutual Fund
 
**
 
415,435
 
 
Citigroup Capital XIII
 
Preferred Stock - 9.121%
 
**
 
788
 
 
JPMorgan Chase & Co.
 
Preferred Stock - due 9/1/2030 - 8.750%
 
**
 
605

17 of 19



(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
 
 
SDB Money Market Fund
 
Self-directed Brokerage Money Market Fund
 
**
 
2,660
 
 
Brokerage Securities
 
Self-directed Brokerage Securities
 
**
 
22,463
 
 
FHLMC POOL #1H-2592
 
U.S. Government Securities - due 1/1/2036 - Variable
 
**
 
106
 
 
FHLMC POOL #78-1274
 
U.S. Government Securities - due 2/1/2034 - Variable
 
**
 
97
 
 
FHLMC POOL #84-0286
 
U.S. Government Securities - due 5/1/2046 - Variable
 
**
 
520
 
 
FHLMC POOL #84-9254
 
U.S. Government Securities - due 1/1/2042 - Variable
 
**
 
182
 
 
FHLMC POOL #84-9327
 
U.S. Government Securities - due 5/1/2044 - Variable
 
**
 
583
 
 
FHLMC POOL #84-9505
 
U.S. Government Securities - due 10/1/2044 - Variable
 
**
 
199
 
 
FHLMC POOL #84-9544
 
U.S. Government Securities - due 12/1/2044 - Variable
 
**
 
306
 
 
FHLMC POOL #84-9625
 
U.S. Government Securities - due 1/1/2045 - Variable
 
**
 
397
 
 
FHLMC POOL #84-9626
 
U.S. Government Securities - due 8/1/2044 - Variable
 
**
 
452
 
 
FHLMC POOL #84-9849
 
U.S. Government Securities - due 10/1/2045 - Variable
 
**
 
152
 
 
FHLMC POOL #C9-0981
 
U.S. Government Securities - due 7/1/2026 - 6.500%
 
**
 
198
 
 
FHLMC POOL #C9-1013
 
U.S. Government Securities - due 1/1/2027 - 6.500%
 
**
 
131
 
 
FHLMC POOL #G0-7600
 
U.S. Government Securities - due 3/1/2042 - 4.500%
 
**
 
380
 
 
FHLMC POOL #G0-8723
 
U.S. Government Securities - due 8/1/2046 - 4.000%
 
**
 
2,839
 
 
FHLMC POOL #G0-8768
 
U.S. Government Securities - due 6/1/2047 - 4.500%
 
**
 
4,150
 
 
FHLMC POOL #G0-8772
 
U.S. Government Securities - due 6/1/2047 - 4.500%
 
**
 
1,408
 
 
FHLMC POOL #G6-0153
 
U.S. Government Securities - due 10/1/2044 - 4.500%
 
**
 
248
 
 
FHLMC POOL #G6-0764
 
U.S. Government Securities - due 10/1/2042 - 4.500%
 
**
 
372
 
 
FHLMC POOL #G6-1080
 
U.S. Government Securities - due 3/1/2047 - 4.500%
 
**
 
3,053
 
 
FHLMC POOL #H0-1774
 
U.S. Government Securities - due 9/1/2037 - 6.500%
 
**
 
12
 
 
FHLMC POOL #H0-9197
 
U.S. Government Securities - due 10/1/2038 - 6.500%
 
**
 
16
 
 
FHLMC POOL #H0-9212
 
U.S. Government Securities - due 5/1/2038 - 5.500%
 
**
 
22
 
 
FHLMC POOL #Q0-3517
 
U.S. Government Securities - due 9/1/2041 - 4.500%
 
**
 
379
 
 
FHLMC POOL #Q4-6291
 
U.S. Government Securities - due 2/1/2047 - 4.500%
 
**
 
821
 
 
FHLMC POOL #Q5-5948
 
U.S. Government Securities - due 5/1/2048 - 4.500%
 
**
 
3,982
 
 
FHLMC POOL #V8-3156
 
U.S. Government Securities - due 4/1/2047 - 4.500%
 
**
 
899
 
 
FHLMC MULTICLASS CTF 4283 EW
 
U.S. Government Securities - due 12/15/2043 - Variable
 
**
 
240
 
 
FHLMC MULTICLASS MTG 2957 VZ
 
U.S. Government Securities - due 2/15/2035 - 5.000%
 
**
 
602
 
 
FHLMC MULTICLASS MTG 4319 MA
 
U.S. Government Securities - due 3/15/2044 - Variable
 
**
 
453
 
 
FNMA POOL #0256851
 
U.S. Government Securities - due 8/1/2037 - 7.000%
 
**
 
30
 
 
FNMA POOL #0735503
 
U.S. Government Securities - due 4/1/2035 - 6.000%
 
**
 
105
 
 
FNMA POOL #0735608
 
U.S. Government Securities - due 3/1/2035 - Variable
 
**
 
227