Edgar Filing: AMERICAN ELECTRIC POWER CO INC

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 year ended December 31, 2017

	OR

o	TRANSITION REPORT PURSUANT TO SECTION 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from __________ to __________


	Commission File Number: 1 - 3525

	AMERICAN ELECTRIC POWER SYSTEM
	RETIREMENT SAVINGS PLAN
	(Full title of the plan)


	AMERICAN ELECTRIC POWER COMPANY, INC.
	1 Riverside Plaza, Columbus, Ohio 43215
	(Name of issuer of the securities held
	pursuant to the plan and the address
	of its principal executive office)



TABLE OF CONTENTS		Page Number

Signatures		2

Reports of Independent Registered Public Accounting Firms		3

Financial Statements
Statements of Net Assets Available for Benefits		5
Statements of Changes in Net Assets Available for Benefits		6
Notes to Financial Statements		7

Supplemental Schedules
Schedule of Assets (Held as of End of Year)		16
Schedule of Nonexempt Transactions		54

Exhibit Index:		55
Exhibit 23(1)
Exhibit 23(2)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Finance Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized.



	By:	/s/ Lonni Dieck
		Lonni Dieck, SVP and Treasurer

Date: June 28, 2018

Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants

American Electric Power System Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the American Electric Power System Retirement Savings Plan (the “Plan”) as of December 31, 2017, and the related statement of changes in net assets available for benefits for the year ended December 31, 2017, 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 of the Plan as of December 31, 2017, and the changes in its net assets for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

The Plan’s management is responsible for these financial statements. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. 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 audit 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 audit 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 audit 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 audit 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 audit provides a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying supplemental schedule of assets (held as of end of year) and supplemental schedule of nonexempt transactions have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental 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 information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Plan’s auditor since 2018.

/s/ Plante & Moran, PLLC

Columbus, Ohio

June 28, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of the American Electric Power System Retirement Savings Plan

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2016, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Columbus, Ohio

June 23, 2017

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2017 and 2016



	December 31,
	2017		2016
ASSETS
Investments at Fair Value	$	3,911,334,765	$	3,377,447,950

Investments at Contract Value	675,853,018		717,227,064

Notes Receivable from Participants	80,963,724		84,946,911

NET ASSETS AVAILABLE FOR BENEFITS	$	4,668,151,507	$	4,179,621,925

See Notes to Financial Statements beginning on page 7.

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

For the Years Ended December 31, 2017 and 2016



	Years Ended December 31,
	2017			2016
INVESTMENT INCOME
Net Appreciation in Investments	$	617,049,618		$	270,252,489
Interest and Dividends	25,193,172			23,721,274
Total Investment Income	642,242,790			293,973,763

CONTRIBUTIONS
Participants	182,408,216			173,725,207
Employer	74,162,699			73,094,370
Total Contributions	256,570,915			246,819,577

DISTRIBUTIONS TO PARTICIPANTS	(405,950,242		)	(325,639,867		)

ADMINISTRATIVE AND MANAGEMENT FEES
Professional Fees	(668,913		)	(696,174		)
Investment Advisory and Management Fees	(6,287,913		)	(5,765,750		)
Other Fees	(465,656		)	(440,666		)
Total Administrative and Management Fees	(7,422,482		)	(6,902,590		)

INTEREST INCOME ON NOTES RECEIVABLE FROM PARTICIPANTS	3,088,601			4,122,637

NET INCREASE IN NET ASSETS BEFORE TRANSFERS	488,529,582			212,373,520

TRANSFERS INTO PLAN (Note 1)	—			20,407,529
TRANSFERS FROM PLAN (Note 1)	—			(67,609,797		)

NET INCREASE IN NET ASSETS	488,529,582			165,171,252

NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR	4,179,621,925			4,014,450,673

NET ASSETS AVAILABLE FOR BENEFITS END OF YEAR	$	4,668,151,507		$	4,179,621,925

See Notes to Financial Statements beginning on page 7.

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Years Ended December 31, 2017 and 2016

1. PLAN DESCRIPTION

The following description of the American Electric Power System Retirement Savings Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan documents for a more complete description of the Plan’s information. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

General

The Plan is a defined contribution plan that became effective and commenced operations on January 1, 1978. The Plan covers full-time and part-time employees of the participating subsidiaries of American Electric Power Company, Inc. (AEP or the Company) who are not excluded by the terms of the Plan, such as pursuant to a unionized collective bargaining agreement. American Electric Power Service Corporation (AEPSC) is the plan administrator (Plan Administrator) and plan sponsor (Plan Sponsor). AEPSC is a wholly-owned subsidiary of AEP. JPMorgan Chase Bank (JPMorgan) is the primary trustee for the Plan. Great West Financial Retirement Plan Services, LLC (Empower Retirement) is the plan record keeper. Effective May 23, 2016, American Electric Power Service Corporation (AEPSC) appointed Great-West Trust Company, LLC (GWTC) as a trustee/custodian for certain cash held on behalf of the Plan pending investment or disbursement.

Contributions

Newly eligible employees are automatically enrolled in the Plan with a 3% pretax deferral. Employees may opt out of the automatic enrollment or revise their elections after they are notified of their right not to have such pretax deferrals made on their behalf and how their account will be invested in the absence of their making an investment election. Generally, eligible employees participating in the Plan may make contributions (pretax, after-tax or Roth 401(k) contributions) in 1% increments up to 50% of their eligible pay (within Internal Revenue Service (IRS) limits). Participants who are age 50 and older are eligible to contribute additional pretax or Roth 401(k) amounts as catch-up contributions. The catch-up contribution limit was $6,000 for 2017 and 2016. An employee who is eligible to participate in the Plan also may roll eligible retirement benefits into the Plan. The participating employers contribute to the Plan, on behalf of each participant, an amount equal to 100% of the participant’s non-rollover contributions up to 1% of the participant’s eligible compensation for each payroll period, plus 70% of the participant’s contributions for the next 5% of the participant’s eligible compensation for each payroll period, subject to certain limitations. All contributions that are withheld from a participant’s pay or are made by the participating employers are deposited in the American Electric Power System Retirement Savings Plan Trust after each pay period. The Plan, in a manner consistent with the requirements under section 401 of the Internal Revenue Code (IRC), restricts the amount that certain participants who are deemed highly compensated may contribute to the Plan, provided that it is AEPSC’s intent that the Plan include a “qualified automatic contribution arrangement” (as defined in Section 401(k)(13) of the IRC), such that only the after-tax contributions made by such highly compensated participants may be subject to such restrictions.

Dolet Hills Lignite Company, LLC (DHLC) is wholly-owned by Southwestern Electric Power Company, which is a wholly-owned Subsidiary of AEP. In January 2016, DHLC employees became eligible to participate in the Plan. In connection with that transition, DHLC and the Plan Sponsor decided that DHLC’s 401(k) savings plan would be merged into the Plan and as a result, $20.4 million in assets were transferred to the Plan in January 2016.

In November 2015, AEP sold its commercial barge transportation subsidiary, AEP River Operations (AEPRO), to American Commercial Barge Lines (ACBL), a nonaffiliated party. ACBL acquired AEPRO by purchasing all the common stock of AEP Resources, Inc., the parent company of AEPRO. AEP agreed to cause the Plan account balances of the participants who became employees of ACBL or its affiliates to be transferred to the 401(k) retirement plan in which they had become participants following the sale. As a result, $67.6 million in assets were transferred out of the Plan and into ACBL’s 401(k) plan in February 2016, including $5.0 million in participant notes receivable.

Notes Receivable from Participants

Participants may borrow from their savings plan accounts a minimum of $1,000 but no more than the lesser of $50,000 or 50% of their account balance. Loan terms range from 12 months to 60 months (or up to 180 months for certain residential loans), or any monthly increment in-between. Interest rates, fixed for the life of the loan, are calculated by adding 1% to the prime rate, as reported in the Wall Street Journal as of the first business day of the calendar month in which the loan is taken. Active employees repay principal and interest payments through payroll deductions.

Participant loans and the accrued interest are collateralized by the account balance, and upon default, the outstanding balance is subject to income taxes and possible tax penalty.

Participant Accounts

Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, the Company’s contributions and investment earnings and losses and charged with benefit payments and allocations of Plan expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Participants may transfer the value of their cumulative contributions, in any whole percentage or dollar amount, among investments, and change their investment elections on a daily basis. Participants may change their payroll contribution elections coinciding with the Company’s payroll periods.

Vesting and Distribution

Participants are immediately vested in their pretax, after-tax, Roth 401(k) and the Company contributions, including earnings thereon. Excluding participants’ pretax and Roth 401(k) contributions, profit sharing contributions, and post-2008 Company matching contributions, all participants may make an unlimited number of withdrawals of their interest in the Plan at any time, including their pre-2009 Company matching contributions. Pretax, Roth 401(k) and profit sharing contributions are eligible for withdrawal by participants only after age 59-1/2, or earlier upon hardship (as defined by the Plan) or following termination of employment. Post-2008 Company matching contributions are eligible for withdrawal by participants only after age 59-1/2, or earlier following earlier termination of employment, but not upon hardship.

The AEP Stock Fund is an investment option in the Plan. Participants can elect to have dividends generated from their AEP Stock Fund holdings paid out in cash, rather than automatically reinvested in the fund. The dividend payouts are made periodically (at least annually) and are treated as ordinary income to the participants for tax purposes.

2. ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements are prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (GAAP).

Investment Valuation and Income Recognition

Participants direct the investment of their plan accounts among various investment options offered by the Plan. Investments in securities are reported at fair value while fully benefit responsive investment contracts are reported at contract value. Fair value of a financial instrument 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.

Purchases and sales of securities have been recorded on a trade-date basis. Net appreciation includes the Plan’s gains or losses on investments bought or sold as well as held throughout the year. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. These amounts are reinvested by the Trustee in the funds that

generated such income with the exception of the AEP Stock Fund, which pays or reinvests dividends at the direction of each participant.

Notes Receivable from Participants

Notes Receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are not recorded as distributions until actually distributed based on the terms of the Plan document.

Administrative and Management Fees

Administrative and Management Fees incurred relating to JPMorgan and Empower Retirement during 2017 and 2016 totaled $2,652,054 and $2,566,217, respectively. The Plan directly pays for administrative, recordkeeping and management fees.

Distributions to Participants

Distributions to participants are recorded when paid. There were no material amounts of distributions due to participants who requested distributions from the Plan as of December 31, 2017 and 2016.

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 net assets available for benefits and changes therein and disclosure of contingent assets. Actual results could differ from the estimates.

Fair Value Measurements of Assets

The accounting guidance for “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs 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). AEPSC’s staff independently monitors valuation policies and procedures and provides members of the Benefits Finance Committee (BFC) and its Investment Subcommittee (IC) various monthly and quarterly reports, regarding compliance with policies and procedures. The BFC consists of AEPSC’s Chief Financial Officer, Treasurer, Chief Administrative Officer, Chief Risk Officer, Executive Vice President General Counsel in addition to the Executive Vice President - Energy Supply of AEP and the President of AEP Ohio. The IC consists of AEPSC’s Treasurer, Director of Trusts and Investments and two Managing Directors of Corporate Finance.

The Plan utilizes its Trustee’s external pricing service to estimate the fair value of the underlying investments held in the Plan. The Plan’s investment managers review and validate the prices utilized by the Trustee to determine fair value. The Plan Administrator performs its own valuation testing to verify the fair values of the securities, in part by reviewing audit reports of the Trustee’s operating controls and valuation processes.

Assets in the Plan are classified using the following methods. Equities are classified as Level 1 holdings if they are actively traded on exchanges. Items classified as Level 1 are investments in equity securities and registered investment companies. They are valued based on observable inputs primarily unadjusted quoted prices in active markets for identical assets. Items classified as Level 2 are primarily investments in individual fixed income securities. Fixed income securities generally do not trade on exchanges and do not have an official closing price but their valuation inputs are based on observable market data.

The Trustee uses multiple pricing vendors for the assets held in trust. The Trustee’s pricing vendors calculate bond valuations using financial models and matrices. The models use observable inputs including yields on benchmark securities, quotes by securities brokers, rating agency actions, discounts or premiums on securities compared to par prices, changes in yields for U.S. Treasury securities, corporate actions by bond issuers, prepayment schedules and

histories, economic events and, for certain securities, adjustments to yields to reflect changes in the rate of inflation. Cash equivalent funds are held to provide liquidity and meet short term cash needs. The underlying holdings in the cash funds consist of commercial paper, certificates of deposit, treasury bills, and other short-term debt securities. Short-term debt securities are valued based on observable market data by the trust banks pricing vendor. Other securities with model-derived valuation inputs that are observable are also classified as Level 2 investments. Investments with unobservable valuation inputs are classified as Level 3 investments. Investments classified as “Other” are valued using Net Asset Value as a practical expedient. Items classified as Other are primarily cash equivalent funds and common collective trusts. These investments do not have a readily determinable fair value or they contain redemption restrictions which may include the right to suspend redemptions under certain circumstances. Redemption restrictions on common collective trusts may also prevent certain investments from being redeemed at the reporting date for the underlying value.

Common Collective Trusts are valued at the net asset value per share (NAV). The basis of the reported NAV is the total fair value of all underlying holdings less expenses and liabilities. The value of each unit is determined by dividing the net asset value of the fund by the number of applicable units outstanding on the valuation date.

The plan offers a self-directed brokerage account (SDB) option that allows participants to invest in thousands of retail mutual funds.

3. PLAN TERMINATION

Although it has not expressed any intent to do so, AEPSC has the right to take such actions as will allow contributions to the Plan to be discontinued at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants remain 100 percent vested in their accounts.

4. INVESTMENT CONTRACTS

The Plan has a fully benefit responsive synthetic investment contract, the Managed Income Fund. The Managed Income Fund provides a stable value investment option that includes fully benefit-responsive wrap contracts which assure the book value of investments for plan participants. The fund’s underlying assets, which are held in a trust, utilize wrap contracts issued by four financial institutions as of December 31, 2017 and 2016. The fund’s underlying investment or investments, usually a portfolio, owned by the Plan, consist primarily of high quality, intermediate term fixed income securities and guaranteed investment contracts. The contracts provide that participants execute plan transactions at contract value. Contract value represents contributions made to the fund, plus credited interest, less participant withdrawals, without regard to changes in the fair value of the investments and securities underlying the fund. The rates for crediting interest are reset periodically based on market rates of other similar investments, the current yield of the underlying investments and the spread between the market value and contract value. The interest crediting rate cannot be less than 0%. Certain events initiated by the Plan Sponsor, such as plan termination or a plan merger, would limit the ability of the Plan to administer participant-level transactions at contract value or may allow for the termination of the wrap contract at market value, rather than contract value.

The Plan Sponsor does not believe that any events that may limit the ability of the plan to transact at contract value are probable as of December 31, 2017 or the date these financial statements are issued.

5. PARTY-IN-INTEREST TRANSACTIONS

Certain transactions involving the Plan and its assets during 2016 and 2017 involved parties in interest with respect to the Plan, but most of those transactions were not prohibited transactions under ERISA because of the applicability of one or more exemptions. The exempt party-in-interest transactions involving the Plan included the following: JPMorgan Chase Bank, N.A. has acted as trustee and custodian under the Plan, while its affiliates have acted as (a) investment managers for a number of the Plan’s investment options; and (2) Great West Trust Company, LLC, has been acting as a trustee and custodian under the Plan since May 23, 2016, while its affiliates have acted as (a) the Plan’s record keeper and (b) investment advisor or investment manager for a number of plan participants with respect to the amounts held in their Plan accounts.

As of December 31, 2017 and 2016, the Plan held 4,514,539 and 5,229,663 shares, respectively, of common stock of American Electric Power Company, Inc., the parent company of the Plan Sponsor, with a cost basis of $195,026,006 and $220,285,746, respectively. During the year ended December 31, 2017, the Plan acquired 194,158 shares of that common stock with a fair value of $13,427,212 and disposed of 909,282 shares with a fair value of $63,833,080. During the year ended December 31, 2016, the Plan acquired 491,724 shares of that common stock with a fair value of $31,587,072 and disposed of 765,388 shares with a fair value of $48,622,397. During the years ended December 31, 2017 and 2016, the Plan recorded dividend income of $11,654,344 and $11,775,399, respectively, related to its investment in that common stock.

The Plan entered into a non-exempt prohibited transaction when it made a series of payments to the Trustee between February 2014 and January 2017. ERISA Section 406(a)(1)(D) prohibits the use of plan assets by, or transfer of plan assets to, a party in interest (such as a fiduciary investment manager or Trustee). Although an exemption under ERISA 408(b)(2) generally is applicable to contracts with parties (such as Trustees) for services necessary for the operation of a plan where no more than reasonable compensation is paid therefor, the described payments represent the amount invoiced and paid by the Plan for services later determined not to have been applicable to the Plan.

Therefore, although the Trustee had an agreement to charge the subject fees when participating in class actions on behalf of the Plan, the amount of the subject billings related to class actions in which the Plan had no interest, resulting in the imposition of charges for which the Plan received services that were not applicable to the Plan. The erroneous charges from January 2017 were identified and almost immediately reimbursed in March 2017. Following a more thorough review of historical invoices, additional such charges were identified from February 2014 and October 2015 and reimbursed to the Plan in January 2018. The Plan received payment of its lost earnings attributable to the charges from the Trustee in June 2018 and this transaction is considered fully remediated.

The Plan entered into another non-exempt prohibited transaction when it made a series of overpayments to the Trustee between October 2006 and July 2014. The described payments represent the amount invoiced and paid by the Plan in excess of the amount required by the applicable contract.

The Trustee had agreed to apply different fee rates to different plan accounts, depending on the classification of the activity transacted in those accounts, and had agreed to waive normal fees with regard to other accounts. However, upon a review of the invoices generated by the Trustee, it was discovered that (a) for the period between July 2006 and July 2014, the Trustee had mistakenly applied incorrect fee rates applicable to certain accounts, and (b) between July 2009 and July 2014, it had mistakenly applied fees that it had agreed to waive. These resulted in an effective overcharge for their services. Following confirmation of the overpayments in 2014, the Plan secured repayment of the excess charges and the Trustee and Plan Sponsor have confirmed that the transactions were fully remediated in 2016.

The Plan also entered into a non-exempt prohibited transaction in March 2016 when Galliard Capital Management, Inc. (Galliard), a fiduciary investment manager engaged by the Plan, used its discretion to cause the Plan to purchase corporate bonds that had been issued by Berkshire Hathaway, Inc., which by then had become a 10% or more shareholder of Wells Fargo, Inc., which is the parent corporation of Galliard. ERISA Section 3(14)(H) defines the term “party in interest” to include a 10 percent or more shareholder directly or indirectly of a plan fiduciary. Therefore, when Galliard caused the Plan to purchase the bonds issued by Berkshire Hathaway, the resulting relationship between the Plan and Berkshire Hathaway may be considered an indirect use of Plan assets by a party in interest. When Galliard caused the Plan to sell the bonds approximately 6 months later at a gain of $25,359, that put the Plan in a financial position that was no worse than it would have been had the transaction not occurred, which “corrected” the transaction per applicable tax regulations. (See Temporary Treasury Regulation Section 141.4975-13 and Treasury Regulation Section 53.4941(e)-1(c)(1).

6. FAIR VALUE MEASUREMENTS

For a discussion of fair value accounting and the classification of assets within the fair value hierarchy, see the “Fair Value Measurements of Assets” section of Note 2.



Plan Assets within the Fair Value Hierarchy as of December 31, 2017

	Level 1		Level 2			Level 3		Other			Total
Equities
Corporate Stocks	$	626,593,817	$	—		$	—	$	—		$	626,593,817
AEP Stock	332,134,634		—			—		—			332,134,634
Subtotal Equities	958,728,451		—			—		—			958,728,451

Fixed Income
Government Bonds	—		21,069,176			—		—			21,069,176
Corporate Debt Securities	—		12,074,537			—		—			12,074,537
Mortgage Backed Securities	—		11,382,346			—		—			11,382,346
Subtotal Fixed Income	—		44,526,059			—		—			44,526,059

Common/Collective Trusts
JPMorgan Liquidity Fund (a)	—		—			—		15,858,228			15,858,228
Mellon Capital Small Cap Stock Index Fund (a)	—		—			—		193,197,108			193,197,108
Mellon Capital Mid Cap Stock Index Fund (a)	—		—			—		292,675,208			292,675,208
Mellon Capital Stock Index Fund (a)	—		—			—		882,411,388			882,411,388
Mellon Capital International Stock Index Fund (a)	—		—			—		576,531,607			576,531,607
Mellon Capital REIT Index Fund (a)	—		—			—		31,222,230			31,222,230
Mellon Capital Aggregate Bond Index Fund (a)	—		—			—		498,581,554			498,581,554
Mellon Capital Treasury Inflation-Protected Securities Fund (a)	—		—			—		22,010,402			22,010,402
JPMorgan Strategic Property Fund (a)	—		—			—		49,924,957			49,924,957
Mellon Capital Emerging Markets Stock Index Fund (a)	—		—			—		32,291,448			32,291,448
Columbia Trust Focused Large Cap Growth Fund (a)	—		—			—		150,013,620			150,013,620
Subtotal Common/Collective Trusts	—		—			—		2,744,717,750			2,744,717,750

Self-Directed Brokerage Account (c)	76,611,659		—			—		15,109,777			91,721,436
Registered Investment Companies (b)	76,036,445		—			—		—			76,036,445
Cash Equivalents (a)	5,659,628		—			—		1,253,946			6,913,574
Accrued Items and Unsettled Trades (a)	4,343,118		(14,622,118		)	—		(1,029,950		)	(11,308,950		)

Total Assets Reflecting Investments at Fair Value	$	1,121,379,301	$	29,903,941		$	—	$	2,760,051,523		$	3,911,334,765


(a)	Amounts in “Other” column represent investments for which fair value is measured using net asset value per share.


(b)	The classification within the fair value hierarchy of Registered Investment Companies was changed in the current year. The change was due to a change in the assessment of the valuation methodology. Previously, such investments were reported at NAV.


(c)	The underlying investments in the self-directed brokerage account, previously classified as registered investment companies and cash equivalents within the leveling table are presented on a combined basis as a self-directed brokerage account. In 2016, these investments are presented as Registered Investment Companies of $70,405,035 and Cash Equivalents of $18,222,478.



Plan Assets within the Fair Value Hierarchy as of December 31, 2016

	Level 1			Level 2			Level 3		Other			Total
Equities
Corporate Stocks	$	635,410,822		$	—		$	—	$	—		$	635,410,822
AEP Stock	329,259,557			—			—		—			329,259,557
Subtotal Equities	964,670,379			—			—		—			964,670,379

Fixed Income
Government Bonds	—			20,789,868			—		—			20,789,868
Corporate Debt Securities	—			10,937,074			—		—			10,937,074
Mortgage Backed Securities	—			10,794,803			—		—			10,794,803
Subtotal Fixed Income	—			42,521,745			—		—			42,521,745

Common/Collective Trusts
JPMorgan Liquidity Fund (a)	—			—			—		12,947,585			12,947,585
Mellon Capital Small Cap Stock Index Fund (a)	—			—			—		181,257,716			181,257,716
Mellon Capital Mid Cap Stock Index Fund (a)	—			—			—		239,275,406			239,275,406
Mellon Capital Stock Index Fund (a)	—			—			—		744,575,161			744,575,161
Mellon Capital International Stock Index Fund (a)	—			—			—		463,841,234			463,841,234
Mellon Capital REIT Index Fund (a)	—			—			—		27,607,567			27,607,567
Mellon Capital Aggregate Bond Index Fund (a)	—			—			—		451,234,688			451,234,688
Mellon Capital Treasury Inflation-Protected Securities Fund (a)	—			—			—		19,303,861			19,303,861
JPMorgan Strategic Property Fund (a)	—			—			—		43,720,839			43,720,839
Mellon Capital Emerging Markets Stock Index Fund (a)	—			—			—		26,607,569			26,607,569
Subtotal Common/Collective Trusts	—			—			—		2,210,371,626			2,210,371,626

Registered Investment Companies (a)	—			—			—		146,398,474			146,398,474
Cash Equivalents (a)	—			38,478			—		21,981,151			22,019,629
Accrued Items and Unsettled Trades (a)	(956,071		)	(5,486,311		)	—		(2,091,521		)	(8,533,903		)

Total Assets Reflecting Investments at Fair Value	$	963,714,308		$	37,073,912		$	—	$	2,376,659,730		$	3,377,447,950


(a)	Amounts in “Other” column represent investments for which fair value is measured using net asset value per share.

The following tables set forth a summary of the Plan's investments with a reported Net Asset Value as of December 31, 2017 and 2016:



Fair Value Estimated Using Net Asset Value per Share as of December 31, 2017

Common/Collective Trusts	Fair Value		Redemption Frequency (If currently eligible)	Redemption Notice Period
JPMorgan Liquidity Fund	$	15,858,228	Daily	1 Day
Mellon Capital Small Cap Stock Index Fund	193,197,108		Daily	Trade Date + 1
Mellon Capital Mid Cap Stock Index Fund	292,675,208		Daily	Trade Date + 1
Mellon Capital Stock Index Fund	882,411,388		Daily	Trade Date + 1
Mellon Capital International Stock Index Fund	576,531,607		Daily	Trade Date + 1
Mellon Capital REIT Index Fund	31,222,230		Daily	Trade Date + 1
Mellon Capital Aggregate Bond Index Fund	498,581,554		Daily	Trade Date + 1
Mellon Capital Treasury Inflation-Protected Securities Fund	22,010,402		Daily	Trade Date + 1
JPMorgan Strategic Property Fund	49,924,957		Quarterly	45 Days
Mellon Capital Emerging Markets Stock Index Fund	32,291,448		Daily	Trade Date + 1
Columbia Trust Focused Large Cap Growth Fund	150,013,620		Daily	Trade Date + 1
Total Assets	$	2,744,717,750



Fair Value Estimated Using Net Asset Value per Share as of December 31, 2016

Common/Collective Trusts	Fair Value		Redemption Frequency (If currently eligible)	Redemption Notice Period
JPMorgan Liquidity Fund	$	12,947,585	Daily	1 Day
Mellon Capital Small Cap Stock Index Fund	181,257,716		Daily	Trade Date + 1
Mellon Capital Mid Cap Stock Index Fund	239,275,406		Daily	Trade Date + 1
Mellon Capital Stock Index Fund	744,575,161		Daily	Trade Date + 1
Mellon Capital International Stock Index Fund	463,841,234		Daily	Trade Date + 1
Mellon Capital REIT Index Fund	27,607,567		Daily	Trade Date + 1
Mellon Capital Aggregate Bond Index Fund	451,234,688		Daily	Trade Date + 1
Mellon Capital Treasury Inflation-Protected Securities Fund	19,303,861		Daily	Trade Date + 1
JPMorgan Strategic Property Fund	43,720,839		Quarterly	45 Days
Mellon Capital Emerging Markets Stock Index Fund	26,607,569		Daily	Trade Date + 1
Total Assets	$	2,210,371,626

It is the Plan’s policy to record transfers in and transfers out of each level at the end of each reporting period. There have been no transfers between Level 1, Level 2, and Level 3 during the years ended December 31, 2017 and 2016.

7. RISK AND UNCERTAINTIES

The Plan invests in various investment instruments, and investment securities are exposed to various risks, such as interest rate, credit and 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 that such change could materially affect the amounts reported in the financial statements.

8. FEDERAL INCOME TAX

The IRS has issued a favorable determination letter dated December 8, 2017 with respect to the Plan. A favorable determination letter indicates that, in the opinion of the IRS, the terms of the Plan meets the requirements of Section 401(a) of the IRC, and thereby recognizes the exempt status of the Plan’s trust pursuant to Section 501(a) of the IRC.

The Plan has been amended subsequent to the issuance of that IRS determination letter. Plan management believes that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC and that the Plan’s trust continues to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2014.

9. RECONCILIATION OF FINANCIAL STATEMENTS TO THE FORM 5500

The following tables are reconciliations of participant loans and net assets available for benefits per the financial statements to Form 5500.



	January 1,
Participant Loans - Schedule H, Part I, Line 1c(8), Column (a)	2017			2016
Beginning Balance per Financial Statements	$	84,946,911		$	87,524,769
Less: Loans Deemed Distributed with No Post-Default Payments	(3,731,609		)	(2,532,695		)
Balance Reported on Form 5500	$	81,215,302		$	84,992,074



	December 31,
Participant Loans - Schedule H, Part I, Line 1c(8), Column (b)	2017			2016
Ending Balance per Financial Statements	$	80,963,724		$	84,946,911
Less: Assets and Activity Related to Loans Deemed Distributed with No Post-Default Payments	(4,013,858		)	(3,731,609		)
Balance Reported on Form 5500	$	76,949,866		$	81,215,302



	January 1,
Net Assets - Schedule H, Part I, Line 1l, Column (a)	2017			2016
Beginning Balance per Financial Statements	$	4,179,621,925		$	4,014,450,673
Less: Loans Deemed Distributed with No Post-Default Payments	(3,731,609		)	(2,532,695		)
Beginning Balance Reported on Form 5500	$	4,175,890,316		$	4,011,917,978



	December 31,
Net Assets - Schedule H, Part I, Line 1l, Column (b)	2017			2016
Ending Balance per Financial Statements	$	4,668,151,507		$	4,179,621,925
Less: Assets and Activity Related to Loans Deemed Distributed with No Post-Default Payments	(4,013,858		)	(3,731,609		)
Balance Reported on Form 5500	$	4,664,137,649		$	4,175,890,316



	December 31,
Increase in Net Assets - Schedule H, Part II, Line 2k	2017			2016
Per Financial Statements	$	488,529,582		$	212,373,520
Less: Loans Deemed Distributed	(282,249		)	(1,198,914		)
Reported on Form 5500	$	488,247,333		$	211,174,606



AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN
PLAN #002 EIN #13-4922641
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2017

Shares	Identity of Issuer, Borrower, Lessor or Similar Party	Current Value

	Money Market Fund
	JPMorgan US Govt MMKT Fund Capital Shares - 3164	$	37,312,683
	Total Money Market Fund	$	37,312,683

	Guaranteed Investment Contracts
	Metlife Separate Account No 694	$	71,581,886
	Metlife Separate Account No 690	84,991,415
	Total Guaranteed Investment Contracts	$	156,573,301

	Corporate Debt Securities
	AbbVie Inc, 1.8%, due 05/14/2018, par $290,000	$	290,540
	Activision Blizzard Inc, 2.6%, due 06/15/2022, par $100,000	99,380
	AIG Global Funding, 2.7%, due 12/15/2021, par $450,000	450,310
	AIG Global Funding, 2.7%, due 12/15/2021, par $450,000	450,310
	Air Liquide Finance SA, 1.75%, due 09/27/2021, par $270,000	263,073
	Air Liquide Finance SA, 1.75%, due 09/27/2021, par $200,000	194,869
	Alexandria Real Estate Equities Inc, 3.45%, due 04/30/2025, par $150,000	150,091
	Ally Auto Receivables Trust 2014-3, 1.28%, due 06/17/2019, par $208,192	208,206
	Amazon.com Inc, 2.8%, due 08/22/2024, par $86,000	86,601
	American Express Credit Account Master Trust, 1.77%, due 11/15/2022, par $1,250,000	1,240,230
	American Express Credit Corp, 2.25%, due 05/05/2021, par $175,000	174,232
	American Express Credit Corp, 2.25%, due 08/15/2019, par $515,000	520,453
	American Express Credit Corp, 2.25%, due 05/05/2021, par $215,000	214,056
	American Express Credit Corp, 1.7%, due 10/30/2019, par $200,000	198,512
	American Express Credit Corp, 1.875%, due 05/03/2019, par $270,000	269,731
	American Honda Finance Corp, 2.6%, due 11/16/2022, par $215,000	215,831
	American Honda Finance Corp, 1.6%, due 07/13/2018, par $385,000	387,501
	American Honda Finance Corp, 1.7%, due 02/22/2019, par $210,000	210,416
	American Honda Finance Corp, 1.95%, due 07/20/2020, par $130,000	130,110
	American Honda Finance Corp, 2%, due 11/13/2019, par $510,000	509,529
	AmeriCredit Auto Rec Trust, 1.81%, due 10/08/2020, par $729,327	729,917
	AmeriCredit Automobile Receivables Trust 2017-2, 1.65%, due 09/18/2020, par $2,064,533	2,062,609
	AmeriCredit Automobile Receivables Trust 2017-3, 1.69%, due 12/18/2020, par $1,495,000	1,493,833
	Amphenol Corp, 2.2%, due 04/01/2020, par $585,000	585,326
	Anglo American Capital PLC, 3.625%, due 09/11/2024, par $200,000	201,257
	Anheuser-Busch InBev Finance Inc, 3.3%, due 02/01/2023, par $700,000	725,930
	Apple Inc, 2.25%, due 02/23/2021, par $170,000	171,161
	Apple Inc, 2.5%, due 02/09/2022, par $505,000	510,426
	Apple Inc, 2.85%, due 05/11/2024, par $200,000	201,688
	Apple Inc, 2.4%, due 01/13/2023, par $570,000	566,927
	ARI Fleet Lease Trust 2017-A, 1.91%, due 04/15/2026, par $780,000	778,924
	AT&T Inc, 3%, due 06/30/2022, par $380,000	380,707
	AT&T Inc, 2.8%, due 02/17/2021, par $290,000	294,306
	AT&T Inc, 3.2%, due 03/01/2022, par $175,000	178,755
	AT&T Inc, 3.9%, due 08/14/2027, par $480,000	490,695
	AT&T Inc, 2.8%, due 02/17/2021, par $290,000	294,306
	AT&T Inc, 3.2%, due 03/01/2022, par $175,000	178,755
	AT&T Inc, 2.85%, due 02/14/2023, par $1,190,000	1,208,284
	Atmos Energy Corp, 3%, due 06/15/2027, par $70,000	69,743
	AvalonBay Communities Inc, 3.625%, due 10/01/2020, par $412,000	427,851
	AvalonBay Communities Inc, 4.2%, due 12/15/2023, par $480,000	511,748
	AvalonBay Communities Inc, 3.625%, due 10/01/2020, par $413,000	428,890
	BAE Systems PLC, 4.75%, due 10/11/2021, par $335,000	360,720
	BAE Systems PLC, 4.75%, due 10/11/2021, par $210,000	226,123
	Baker Hughes a GE Co LLC, 2.773%, due 12/15/2022, par $125,000	125,036
	Bank of America Corp, 3.3%, due 01/11/2023, par $450,000	467,363
	Bank of America Corp, 2.625%, due 04/19/2021, par $435,000	439,503
	Bank of America Corp, 3.124%, due 01/20/2023, par $255,000	262,235
	Bank of America Corp, 3.705%, due 04/24/2028, par $410,000	423,649
	Bank of America Corp, 2.625%, due 04/19/2021, par $435,000	439,503
	Bank of America Corp, 3.124%, due 01/20/2023, par $255,000	262,235



	Bank of America Corp, 2.36476%, due 04/24/2023, par $970,000		989,995
	Bank of America NA, 2.05%, due 12/07/2018, par $400,000		400,432
	Bank of Montreal, 2.5%, due 01/11/2022, par $325,000		328,386
	Bank of Montreal, 1.75%, due 06/15/2021, par $925,000		903,199
	Bank of New York Mellon Corp/The, 2.2%, due 03/04/2019, par $1,000,000		1,009,981
	Bank of Nova Scotia/The, 1.875%, due 04/26/2021, par $375,000		368,971
	Bank of Nova Scotia/The, 2.125%, due 09/11/2019, par $1,400,000		1,407,582
	Bayer US Finance LLC, 2.375%, due 10/08/2019, par $425,000		427,563
	Bayer US Finance LLC, 2.375%, due 10/08/2019, par $425,000		427,563
	BB&T Corp, 2.85%, due 10/26/2024, par $120,000		119,744
	Becton Dickinson and Co, 2.675%, due 12/15/2019, par $305,000		306,465
	Becton Dickinson and Co, 2.675%, due 12/15/2019, par $305,000		306,465
	BMW US Capital LLC, 1.85%, due 09/15/2021, par $450,000		441,501
	BMW US Capital LLC, 1.5%, due 04/11/2019, par $380,000		378,642
	BMW Vehicle Lease Trust 2017-2, 1.8%, due 02/20/2020, par $405,000		404,373
	Boston Properties LP, 4.125%, due 05/15/2021, par $460,000		483,196
	Boston Properties LP, 3.125%, due 09/01/2023, par $300,000		305,487
	Boston Properties LP, 4.125%, due 05/15/2021, par $460,000		483,196
	BP Capital Markets PLC, 3.224%, due 04/14/2024, par $430,000		443,557
	BP Capital Markets PLC, 2.52%, due 09/19/2022, par $45,000		45,098
	BP Capital Markets PLC, 1.375%, due 05/10/2018, par $1,400,000		1,400,589
	Branch Banking & Trust Co, 2.3%, due 10/15/2018, par $400,000		402,682
	Branch Banking & Trust Co, 2.625%, due 01/15/2022, par $400,000		405,597
	Branch Banking & Trust Co, 2.25%, due 06/01/2020, par $800,000		799,817
	Canadian National Railway Co, 5.55%, due 05/15/2018, par $200,000		204,128
	Canadian Natural Resources Ltd, 2.95%, due 01/15/2023, par $80,000		81,025
	Canadian Pacific Railway Co, 6.5%, due 05/15/2018, par $659,000		675,267
	Capital Auto Rec Trust, 1.73%, due 09/20/2019, par $854,063		854,497
	Capital One Exec Tr, 1.34%, due 04/15/2022, par $1,000,000		990,427
	Capital One Financial Corp, 3.3%, due 10/30/2024, par $280,000		280,096
	Capital One Multi-Asset Execution Trust, 1.99%, due 07/17/2023, par $720,000		716,086
	Capital One NA/Mclean VA, 2.35%, due 08/17/2018, par $450,000		454,639
	Capital One NA/Mclean VA, 1.85%, due 09/13/2019, par $370,000		368,486
	Capital One NA/Mclean VA, 2.35%, due 08/17/2018, par $600,000		606,185
	Capital One NA/Mclean VA, 2.21703%, due 08/08/2022, par $900,000		902,357
	Cardinal Health Inc, 2.616%, due 06/15/2022, par $380,000		374,091
	Cardinal Health Inc, 1.948%, due 06/14/2019, par $360,000		358,118
	CarMax Auto Owner Trust 2015-1, 1.38%, due 11/15/2019, par $490,234		489,852
	Carmax Auto Owner Trust 2016-3, 1.39%, due 05/17/2021, par $2,100,000		2,083,399
	CarMax Auto Owner Trust 2017-2, 1.93%, due 03/15/2022, par $1,500,000		1,493,059
	CarMax Auto Owner Trust 2017-3, 1.64%, due 09/15/2020, par $1,430,000		1,428,055
	Caterpillar Financial Services Corp, 2%, due 03/05/2020, par $191,000		191,330
	Caterpillar Financial Services Corp, 2.25%, due 12/01/2019, par $215,000		215,741
	Caterpillar Financial Services Corp, 2%, due 03/05/2020, par $455,000		455,786
	Caterpillar Financial Services Corp, 1.85%, due 09/04/2020, par $120,000		119,302
	CenterPoint Energy Houston Electric LLC, 2.25%, due 08/01/2022, par $535,000		532,288
	Chase Issuance Trust, 1.62%, due 07/15/2020, par $790,000		789,937
	Chevron Corp, 2.419%, due 11/17/2020, par $370,000		373,330
	Chevron Corp, 2.1%, due 05/16/2021, par $240,000		238,665
	Chevron Corp, 1.365%, due 03/02/2018, par $300,000		301,153
	Chevron Corp, 2.419%, due 11/17/2020, par $370,000		373,330
	Chubb INA Holdings Inc, 2.3%, due 11/03/2020, par $155,000		155,328
	Chubb INA Holdings Inc, 2.3%, due 11/03/2020, par $155,000		155,328
	Cisco Systems Inc, 2.45%, due 06/15/2020, par $630,000		634,807
	Citibank NA, 2.1%, due 06/12/2020, par $730,000		726,035
	Citigroup Inc, 3.875%, due 10/25/2023, par $420,000		441,604
	Citigroup Inc, 2.65%, due 10/26/2020, par $415,000		418,375
	Citigroup Inc, 2.7%, due 03/30/2021, par $205,000		207,022
	Citigroup Inc, 2.35%, due 08/02/2021, par $420,000		419,507
	Citigroup Inc, 2.75%, due 04/25/2022, par $220,000		220,664
	Citigroup Inc, 2.5%, due 07/29/2019, par $600,000		608,175
	Citigroup Inc, 2.65%, due 10/26/2020, par $415,000		418,375
	Citigroup Inc, 2.7%, due 03/30/2021, par $205,000		207,022
	Citigroup Inc, 2.32742%, due 04/25/2022, par $420,000		426,201
	Citizens Bank NA/Providence RI, 2.55%, due 05/13/2021, par $250,000		249,925
	Citizens Bank NA/Providence RI, 2.65%, due 05/26/2022, par $250,000		248,358
	Citizens Bank NA/Providence RI, 2.3%, due 12/03/2018, par $300,000		300,742
	Citizens Bank NA/Providence RI, 2.2%, due 05/26/2020, par $250,000		248,790
	CNH Equipment Trust 2015-B, 1.37%, due 07/15/2020, par $264,684		264,402
	CNH Equipment Trust 2015-B, 1.37%, due 07/15/2020, par $794,051		793,206



	CNH Equipment Trust 2017-B, 1.86%, due 09/15/2022, par $1,490,000		1,479,751
	Comcast Corp, 3%, due 02/01/2024, par $600,000		611,471
	Commonwealth Edison Co, 4%, due 08/01/2020, par $680,000		716,723
	Commonwealth Edison Co, 4%, due 08/01/2020, par $681,000		717,777
	ConocoPhillips Co, 2.875%, due 11/15/2021, par $320,000		324,895
	ConocoPhillips Co, 2.2%, due 05/15/2020, par $225,000		225,127
	ConocoPhillips Co, 4.2%, due 03/15/2021, par $132,000		140,439
	ConocoPhillips Co, 2.2%, due 05/15/2020, par $225,000		225,127
	ConocoPhillips Co, 4.2%, due 03/15/2021, par $132,000		140,439
	Consumers Energy Co, 2.85%, due 05/15/2022, par $280,000		283,776
	Consumers Energy Co, 3.375%, due 08/15/2023, par $300,000		311,913
	Cooperatieve Rabobank UA/NY, 2.18028%, due 01/10/2022, par $270,000		275,233
	Core Industrial Trust 2015-TEXW, 3.077%, due 02/10/2034, par $1,000,000		1,018,663
	Core Industrial Trust 2015-TEXW, 3.077%, due 02/10/2034, par $1,100,000		1,120,529
	Covidien International Finance SA, 4.2%, due 06/15/2020, par $481,000		503,632
	Credit Suisse AG/New York NY, 1.75%, due 01/29/2018, par $295,000		297,182
	Credit Suisse AG/New York NY, 1.75%, due 01/29/2018, par $295,000		297,182
	Credit Suisse Group AG, 3.574%, due 01/09/2023, par $320,000		330,812
	Credit Suisse Group AG, 2.997%, due 12/14/2023, par $250,000		247,418
	Credit Suisse Group AG, 2.77352%, due 12/14/2023, par $625,000		631,789
	CVS Health Corp, 2.8%, due 07/20/2020, par $500,000		508,344
	CVS Health Corp, 2.8%, due 07/20/2020, par $500,000		508,344
	Daimler Finance North America LLC, 2.45%, due 05/18/2020, par $500,000		501,086
	Daimler Finance North America LLC, 2%, due 07/06/2021, par $130,000		128,440
	Daimler Finance North America LLC, 2.45%, due 05/18/2020, par $500,000		501,086
	Daimler Finance North America LLC, 2%, due 07/06/2021, par $100,000		98,800
	Daimler Finance North America LLC, 2.2%, due 05/05/2020, par $180,000		179,594
	Daimler Finance North America LLC, 2.3%, due 02/12/2021, par $200,000		198,905
	Danone SA, 1.691%, due 10/30/2019, par $1,090,000		1,080,016
	DBUBS 2011-LC2 Mortgage Trust, 4.537%, due 07/10/2044, par $1,000,000		1,056,964
	Dell Equipment Finance Trust 2017-1, 1.86%, due 06/24/2019, par $1,755,000		1,755,168
	Dell Equipment Finance Trust 2017-2, 2.19%, due 10/24/2022, par $120,000		119,663
	Duke Energy Carolinas LLC, 2.5%, due 03/15/2023, par $420,000		419,339
	Duke Energy Florida LLC, 4.55%, due 04/01/2020, par $650,000		689,379
	Duke Energy Florida LLC, 4.55%, due 04/01/2020, par $650,000		689,379
	Duke Energy Progress LLC, 1.70263%, due 09/08/2020, par $150,000		150,199
	Duke Realty LP, 3.875%, due 10/15/2022, par $410,000		429,929
	Ecolab Inc, 2.25%, due 01/12/2020, par $415,000		419,170
	Ecolab Inc, 3.25%, due 01/14/2023, par $560,000		581,019
	Ecolab Inc, 2.25%, due 01/12/2020, par $415,000		419,170
	EdLinc Student Loan Funding Trust 2012-1, 2.55213%, due 09/25/2030, par $485,082		488,268
	Edsouth Indenture No 2 LLC, 2.70213%, due 09/25/2040, par $367,788		370,526
	Edsouth Indenture No 2 LLC, 2.70213%, due 09/25/2040, par $367,788		370,526
	Edu Fund of South, 2.01742%, due 04/25/2035, par $1,148,940		1,153,321
	Education Loan ABS Tr, 2.35213%, due 06/25/2026, par $209,658		209,866
	Education Loan ABS Tr, 2.35213%, due 06/25/2026, par $209,658		209,866
	EI du Pont de Nemours & Co, 1.90678%, due 05/01/2020, par $270,000		272,568
	EMC Corp, 1.875%, due 06/01/2018, par $655,000		652,909
	EMD Finance LLC (Merck KGaA), 2.4%, due 03/19/2020, par $405,000		406,867
	EMD Finance LLC (Merck KGaA), 1.7%, due 03/19/2018, par $391,000		392,793
	EMD Finance LLC (Merck KGaA), 2.4%, due 03/19/2020, par $405,000		406,867
	Entergy Arkansas Inc, 3.05%, due 06/01/2023, par $700,000		704,353
	Entergy Arkansas Inc, 3.75%, due 02/15/2021, par $400,000		420,157
	Enterprise Fleet Fin, 1.83%, due 09/20/2021, par $530,131		530,141
	Enterprise Fleet Fin, 1.3%, due 09/20/2020, par $58,918		58,925
	Enterprise Fleet Fin, 1.83%, due 09/20/2021, par $530,131		530,141
	Enterprise Fleet Financing LLC, 1.97%, due 01/20/2023, par $660,000		659,073
	Enterprise Products Operating LLC, 2.85%, due 04/15/2021, par $220,000		223,159
	Enterprise Products Operating LLC, 1.65%, due 05/07/2018, par $300,000		300,342
	Enterprise Products Operating LLC, 2.85%, due 04/15/2021, par $220,000		223,159
	EQT Corp, 8.125%, due 06/01/2019, par $500,000		541,868
	ERP Operating LP, 4.75%, due 07/15/2020, par $535,000		565,073
	ERP Operating LP, 4.75%, due 07/15/2020, par $535,000		565,073
	Exxon Mobil Corp, 2.726%, due 03/01/2023, par $430,000		436,952
	FedEx Corp, 2.3%, due 02/01/2020, par $180,000		181,704
	FedEx Corp, 2.3%, due 02/01/2020, par $180,000		181,704
	Fifth Third Auto Trust 2017-1, 1.8%, due 02/15/2022, par $1,440,000		1,430,729
	Fifth Third Bank/Cincinnati OH, 1.625%, due 09/27/2019, par $570,000		565,838
	Fiserv Inc, 2.7%, due 06/01/2020, par $200,000		201,699
	Ford Credit Auto Owner Tr, 2.03%, due 12/15/2027, par $1,400,000		1,381,042



	Ford Credit Auto Owner Tr, 1.28%, due 09/15/2019, par $462,520		462,307
	Ford Credit Auto Owner Tr, 1.16%, due 11/15/2019, par $601,014		600,132
	Ford Credit Auto Owner Tr, 2.31%, due 08/15/2027, par $840,000		838,078
	Ford Credit Auto Owner Trust 2017-B, 1.49%, due 05/15/2020, par $1,450,000		1,448,714
	Ford Motor Credit Co LLC, 2.425%, due 06/12/2020, par $200,000		199,071
	Fortive Corp, 2.35%, due 06/15/2021, par $440,000		436,610
	Fortive Corp, 1.8%, due 06/15/2019, par $652,000		647,815
	GE Cap Intl Funding, 2.342%, due 11/15/2020, par $220,000		219,644
	General Electric Co, 5.5%, due 01/08/2020, par $440,000		478,813
	General Electric Co, 2.2%, due 01/09/2020, par $43,000		43,408
	General Mills Inc, 2.6%, due 10/12/2022, par $170,000		169,683
	General Mills Inc, 2.2%, due 10/21/2019, par $520,000		522,093
	Georgia-Pacific LLC, 3.163%, due 11/15/2021, par $275,000		281,016
	Georgia-Pacific LLC, 2.539%, due 11/15/2019, par $606,000		610,152
	Gilead Sciences Inc, 1.95%, due 03/01/2022, par $200,000		196,454
	Gilead Sciences Inc, 1.95%, due 03/01/2022, par $200,000		196,454
	Gilead Sciences Inc, 1.85%, due 09/20/2019, par $230,000		230,226
	GM Fin Auto Lease Tr 2017-3, 1.72%, due 01/21/2020, par $1,400,000		1,396,317
	GM Fin Consumer Auto Recv Tr 2017-2, 1.86%, due 12/16/2021, par $725,000		720,602
	GM Fin Consumer Auto Recv Tr 2017-3A, 1.97%, due 05/16/2022, par $900,000		895,372
	Goldman Sachs Group Inc/The, 2.6%, due 04/23/2020, par $250,000		251,568
	Goldman Sachs Group Inc/The, 2.75%, due 09/15/2020, par $270,000		273,535
	Goldman Sachs Group Inc/The, 2.875%, due 02/25/2021, par $280,000		284,888
	Goldman Sachs Group Inc/The, 2.625%, due 04/25/2021, par $420,000		421,729
	Goldman Sachs Group Inc/The, 3%, due 04/26/2022, par $305,000		307,848
	Goldman Sachs Group Inc/The, 2.625%, due 01/31/2019, par $600,000		609,198
	Goldman Sachs Group Inc/The, 2.6%, due 04/23/2020, par $250,000		251,568
	Goldman Sachs Group Inc/The, 2.75%, due 09/15/2020, par $270,000		273,535
	Goldman Sachs Group Inc/The, 2.875%, due 02/25/2021, par $280,000		284,888
	Goldman Sachs Group Inc/The, 2.625%, due 04/25/2021, par $420,000		421,729
	Goldman Sachs Group Inc/The, 2.36476%, due 07/24/2023, par $300,000		303,936
	Guardian Life Global Funding, 2%, due 04/26/2021, par $415,000		408,026
	Guardian Life Global Funding, 2%, due 04/26/2021, par $415,000		408,026
	Healthcare Trust of America Holdings LP, 2.95%, due 07/01/2022, par $110,000		111,540
	Hewlett Packard Enterprise Co, 2.1%, due 10/04/2019, par $130,000		129,876
	Honda Auto Receivables 2017-2 Owner Trust, 1.46%, due 10/15/2019, par $1,441,890		1,439,697
	Honda Auto Recv Tr, 1.05%, due 10/15/2018, par $104,026		104,035
	Honda Auto Recv Tr 2017-3, 1.79%, due 09/20/2021, par $720,000		715,068
	Honeywell International Inc, 1.85%, due 11/01/2021, par $180,000		177,287
	Honeywell International Inc, 1.85%, due 11/01/2021, par $690,000		679,602
	HSBC Holdings PLC, 4%, due 03/30/2022, par $420,000		442,965
	HSBC Holdings PLC, 3.033%, due 11/22/2023, par $200,000		201,060
	HSBC USA Inc, 2.375%, due 11/13/2019, par $1,330,000		1,335,754
	Hyundai Auto Receivables Trust 2015-B, 1.12%, due 11/15/2019, par $624,580		623,260
	Hyundai Auto Receivables Trust 2017-B, 1.57%, due 08/17/2020, par $1,440,000		1,436,852
	Hyundai Capital America, 2%, due 03/19/2018, par $310,000		311,659
	IBM Credit LLC, 1.8%, due 01/20/2021, par $440,000		435,639
	John Deere Capital Corp, 1.6%, due 07/13/2018, par $320,000		321,998
	John Deere Capital Corp, 2.55%, due 01/08/2021, par $115,000		116,853
	John Deere Capital Corp, 2.15%, due 09/08/2022, par $315,000		310,415
	John Deere Capital Corp, 1.6%, due 07/13/2018, par $320,000		321,998
	John Deere Capital Corp, 2.55%, due 01/08/2021, par $115,000		116,853
	John Deere Capital Corp, 1.95%, due 06/22/2020, par $90,000		89,406
	John Deere Owner Trust 2016-B, 1.25%, due 06/15/2020, par $2,100,000		2,088,134
	John Deere Owner Trust 2017-B, 1.59%, due 04/15/2020, par $1,170,000		1,167,922
	JPMorgan Chase & Co, 2.25%, due 01/23/2020, par $310,000		312,854
	JPMorgan Chase & Co, 2.55%, due 10/29/2020, par $240,000		241,760
	JPMorgan Chase & Co, 2.55%, due 03/01/2021, par $315,000		317,844
	JPMorgan Chase & Co, 2.7%, due 05/18/2023, par $450,000		448,501
	JPMorgan Chase & Co, 2.2%, due 10/22/2019, par $600,000		601,963
	JPMorgan Chase & Co, 2.25%, due 01/23/2020, par $310,000		312,854
	JPMorgan Chase & Co, 2.55%, due 10/29/2020, par $240,000		241,760
	JPMorgan Chase & Co, 2.55%, due 03/01/2021, par $315,000		317,844
	Kentucky Higher Ed Std Ln Co, 1.861%, due 06/01/2026, par $397,011		396,730
	Kentucky Higher Ed Std Ln Co, 1.861%, due 06/01/2026, par $436,712		436,403
	KeyBank NA/Cleveland OH, 2.25%, due 03/16/2020, par $275,000		275,998
	KeyBank NA/Cleveland OH, 2.5%, due 12/15/2019, par $250,000		251,015
	KeyBank NA/Cleveland OH, 2.25%, due 03/16/2020, par $275,000		275,998
	KeyBank NA/Cleveland OH, 2.35%, due 03/08/2019, par $250,000		252,303
	Kimco Realty Corp, 3.4%, due 11/01/2022, par $600,000		615,283



	Kubota Credit Owner Trust 2017-1, 1.66%, due 05/15/2020, par $1,800,000		1,795,717
	Liberty Property LP, 3.375%, due 06/15/2023, par $830,000		842,275
	Lockheed Martin Corp, 2.5%, due 11/23/2020, par $350,000		353,159
	Lockheed Martin Corp, 2.5%, due 11/23/2020, par $580,000		585,236
	Magellan Midstream Partners LP, 5%, due 03/01/2026, par $450,000		507,361
	Magellan Midstream Partners LP, 6.55%, due 07/15/2019, par $590,000		642,772
	Manufacturers & Traders Trust Co, 2.25%, due 07/25/2019, par $285,000		288,053
	Manufacturers & Traders Trust Co, 2.1%, due 02/06/2020, par $255,000		256,315
	Manufacturers & Traders Trust Co, 2.5%, due 05/18/2022, par $300,000		299,605
	Manufacturers & Traders Trust Co, 2.25%, due 07/25/2019, par $285,000		288,053
	Manufacturers & Traders Trust Co, 2.1%, due 02/06/2020, par $250,000		251,289
	Manufacturers & Traders Trust Co, 2.04567%, due 05/18/2022, par $320,000		322,306
	Marathon Oil Corp, 2.7%, due 06/01/2020, par $660,000		661,577
	Marathon Oil Corp, 2.7%, due 06/01/2020, par $660,000		661,577
	Marathon Petroleum Corp, 3.4%, due 12/15/2020, par $420,000		429,789
	Marathon Petroleum Corp, 2.7%, due 12/14/2018, par $200,000		200,958
	Marathon Petroleum Corp, 3.4%, due 12/15/2020, par $550,000		562,818
	Marsh & McLennan Cos Inc, 2.75%, due 01/30/2022, par $230,000		233,116
	Marsh & McLennan Cos Inc, 2.75%, due 01/30/2022, par $230,000		233,116
	MassMutual Global Funding II, 2.1%, due 08/02/2018, par $500,000		504,999
	MassMutual Global Funding II, 2.1%, due 08/02/2018, par $500,000		504,999
	MassMutual Global Funding II, 1.55%, due 10/11/2019, par $500,000		495,743
	MAXIM INTEGRATED PRODUCT, 3.45%, due 06/15/2027, par $90,000		90,568
	McCormick & Co Inc/MD, 3.15%, due 08/15/2024, par $230,000		234,036
	McCormick & Co Inc/MD, 2.7%, due 08/15/2022, par $290,000		292,825
	McDonald's Corp, 2.1%, due 12/07/2018, par $130,000		130,315
	Medtronic Inc, 2.5%, due 03/15/2020, par $280,000		283,718
	Mercedes-Benz Auto Lease Trust 2017-A, 1.53%, due 08/15/2019, par $1,361,239		1,359,958
	Merck & Co Inc, 3.875%, due 01/15/2021, par $135,000		143,384
	Metropolitan Life Global Funding I, 2.05%, due 06/12/2020, par $530,000		526,727
	Micron Semiconductor Asia Pte Ltd, 1.258%, due 01/15/2019, par $725,400		726,012
	MidAmerican Energy Co, 2.4%, due 03/15/2019, par $530,000		535,846
	Missouri Higher Ed Ln Auth, %, due 05/25/2032, par $482,630		480,068
	Missouri Higher Ed Ln Auth, %, due 08/26/2030, par $1,264,509		1,271,512
	Missouri Higher Ed Ln Auth, %, due 05/25/2032, par $482,630		480,068
	Mitsubishi UFJ Financial Group Inc, 2.665%, due 07/25/2022, par $190,000		190,400
	MMAF Equipment Finance LLC 2015-A, 1.39%, due 10/16/2019, par $377,825		377,697
	MMAF Equipment Finance LLC 2017-A, 2.41%, due 08/16/2024, par $1,100,000		1,092,004
	MMAF Equipment Finance LLC 2017-A, 2.04%, due 02/16/2022, par $1,755,000		1,747,429
	MMAF Equipment Finance LLC 2017-B, 2.41%, due 11/15/2024, par $1,090,000		1,084,804
	Monongahela Power Co, 4.1%, due 04/15/2024, par $430,000		459,524
	Morgan Stanley, 3.7%, due 10/23/2024, par $430,000		447,336
	Morgan Stanley, 2.65%, due 01/27/2020, par $405,000		411,420
	Morgan Stanley, 2.54261%, due 01/20/2022, par $405,000		413,788
	Morgan Stanley, 2.65%, due 01/27/2020, par $610,000		619,669
	Morgan Stanley, 2.8%, due 06/16/2020, par $350,000		353,566
	Morgan Stanley, 2.54261%, due 01/20/2022, par $405,000		413,788
	Morgan Stanley, 2.2925%, due 07/22/2022, par $450,000		455,620
	Morgan Stanley Capital I Trust 2011-C3, 4.118%, due 07/15/2049, par $950,000		997,813
	Morgan Stanley Capital I Trust 2011-C3, 4.118%, due 07/15/2049, par $950,000		997,813
	Navient Student Loan Trust 2015-2, 1.97213%, due 08/27/2029, par $950,587		952,778
	Navient Student Loan Trust 2015-2, 1.97213%, due 08/27/2029, par $950,587		952,778
	Navient Student Loan Trust 2016-6, 2.30213%, due 03/25/2066, par $600,000		606,611
	Navient Student Loan Trust 2016-6, 2.30213%, due 03/25/2066, par $600,000		606,611
	Nevada Power Co, 6.5%, due 05/15/2018, par $697,000		714,756
	New Hamp Higher Ed Ln Co, %, due 10/25/2028, par $293,236		293,160
	New Hamp Higher Ed Ln Co, %, due 10/25/2028, par $293,236		293,160
	New York Life Global Funding, 1.95%, due 02/11/2020, par $375,000		375,410
	New York Life Global Funding, 2%, due 04/13/2021, par $240,000		237,895
	New York Life Global Funding, 1.95%, due 02/11/2020, par $375,000		375,410
	New York Life Global Funding, 2%, due 04/13/2021, par $240,000		237,895
	New York Life Global Funding, 2.05606%, due 06/10/2022, par $270,000		271,613
	Nissan Auto Lease Trust 2017-A, 1.64%, due 09/16/2019, par $955,000		953,287
	Nissan Auto Lease Trust 2017-B, 1.83%, due 12/16/2019, par $950,000		948,488
	Norfolk Southern Corp, 3%, due 04/01/2022, par $540,000		550,831
	Norfolk Southern Corp, 5.9%, due 06/15/2019, par $350,000		368,865
	Northrop Grumman Corp, 2.93%, due 01/15/2025, par $270,000		270,110
	Northrop Grumman Corp, 5.05%, due 08/01/2019, par $150,000		159,894
	Northrop Grumman Corp, 2.08%, due 10/15/2020, par $80,000		79,709
	Occidental Petroleum Corp, 2.6%, due 04/15/2022, par $480,000		483,668



	Occidental Petroleum Corp, 2.6%, due 04/15/2022, par $480,000		483,668
	Ohio Phase In Recov Fund, 2.049%, due 07/01/2020, par $833,013		841,496
	Ohio Phase In Recov Fund, 2.049%, due 07/01/2020, par $833,013		841,496
	Oracle Corp, 2.95%, due 11/15/2024, par $400,000		404,571
	Oracle Corp, 2.625%, due 02/15/2023, par $260,000		261,563
	Orange SA, 1.625%, due 11/03/2019, par $780,000		772,326
	Overseas Private Investment Corp, 0%, due 02/11/2019, par $730,000		732,875
	Packaging Corp of America, 2.45%, due 12/15/2020, par $225,000		225,591
	PNC Bank NA, 2.3%, due 06/01/2020, par $290,000		290,270
	PNC Bank NA, 2.45%, due 11/05/2020, par $250,000		251,327
	PNC Bank NA, 2.3%, due 06/01/2020, par $290,000		290,270
	PNC Bank NA, 2%, due 05/19/2020, par $860,000		855,002
	PNC Bank NA, 1.87446%, due 07/27/2022, par $270,000		271,612
	PPL Electric Utilities Corp, 3%, due 09/15/2021, par $500,000		512,962
	PPL Electric Utilities Corp, 3%, due 09/15/2021, par $500,000		512,962
	Public Service Co of Colorado, 3.2%, due 11/15/2020, par $410,000		420,369
	Public Service Co of New Hampshire, 3.5%, due 11/01/2023, par $410,000		425,266
	Public Service Co of New Hampshire, 6%, due 05/01/2018, par $410,000		419,338
	Public Service Electric & Gas Co, 2%, due 08/15/2019, par $700,000		703,472
	Realty Income Corp, 3.25%, due 10/15/2022, par $460,000		470,569
	Reckitt Benckiser Treasury Services PLC, 2.125%, due 09/21/2018, par $450,000		453,056
	Reckitt Benckiser Treasury Services PLC, 2.375%, due 06/24/2022, par $260,000		255,021
	Reckitt Benckiser Treasury Services PLC, 2.125%, due 09/21/2018, par $450,000		453,056
	Roche Holdings Inc, 1.75%, due 01/28/2022, par $585,000		573,036
	Roche Holdings Inc, 2.25%, due 09/30/2019, par $500,000		503,753
	Rogers Communications Inc, 3.625%, due 12/15/2025, par $440,000		450,110
	Royal Bank of Canada, 1.875%, due 02/05/2020, par $812,000		811,441
	Royal Bank of Canada, 2.3%, due 03/22/2021, par $225,000		225,089
	Royal Bank of Canada, 2.2%, due 09/23/2019, par $300,000		301,632
	Royal Bank of Canada, 1.875%, due 02/05/2020, par $813,000		812,441
	Royal Bank of Canada, 2.1%, due 10/14/2020, par $405,000		403,900
	Royal Bank of Canada, 2.3%, due 03/22/2021, par $225,000		225,089
	SBA Small Business Investment Cos, 3.644%, due 09/10/2023, par $560,946		581,309
	SBA Small Business Investment Cos, 3.191%, due 03/10/2024, par $1,317,761		1,356,880
	SBA Small Business Investment Cos, 2.517%, due 03/10/2025, par $941,084		951,129
	SBA Small Business Investment Cos, 2.829%, due 09/10/2025, par $1,835,368		1,868,001
	SBA Small Business Investment Cos, 2.507%, due 03/10/2026, par $8,165,475		8,248,221
	SBA Small Business Investment Cos, 2.518%, due 09/10/2027, par $740,000		745,838
	SBA Small Business Investment Cos, 3.644%, due 09/10/2023, par $570,453		591,161
	SBA Small Business Investment Cos, 3.191%, due 03/10/2024, par $1,317,761		1,356,880
	Schlumberger Finance Canada Ltd, 2.65%, due 11/20/2022, par $170,000		169,730
	Schlumberger Finance Canada Ltd, 2.2%, due 11/20/2020, par $145,000		144,516
	Shell International Finance BV, 2.25%, due 11/10/2020, par $500,000		501,459
	Shell International Finance BV, 1.875%, due 05/10/2021, par $555,000		548,312
	Shell International Finance BV, 2.25%, due 11/10/2020, par $500,000		501,459
	Shell International Finance BV, 1.875%, due 05/10/2021, par $555,000		548,312
	Sherwin-Williams Co/The, 3.125%, due 06/01/2024, par $110,000		110,893
	Sherwin-Williams Co/The, 2.75%, due 06/01/2022, par $510,000		509,189
	Siemens Financieringsmaatschappij NV, 2.15%, due 05/27/2020, par $490,000		487,981
	Siemens Financieringsmaatschappij NV, 2.15%, due 05/27/2020, par $590,000		587,569
	Simon Property Group LP, 2.35%, due 01/30/2022, par $120,000		120,044
	Simon Property Group LP, 2.625%, due 06/15/2022, par $200,000		199,753
	Simon Property Group LP, 2.5%, due 09/01/2020, par $580,000		586,932
	Simon Property Group LP, 2.35%, due 01/30/2022, par $175,000		175,064
	SLCC Student Loan Trust I, 2.77213%, due 10/25/2027, par $464,195		470,016
	SLCC Student Loan Trust I, 2.77213%, due 10/25/2027, par $464,195		470,016
	Southern California Edison Co, 3.875%, due 06/01/2021, par $505,000		530,069
	Southern California Edison Co, 3.875%, due 06/01/2021, par $505,000		530,069
	State Street Corp, 2.653%, due 05/15/2023, par $95,000		95,350
	State Street Corp, 2.55%, due 08/18/2020, par $350,000		355,619
	State Street Corp, 2.653%, due 05/15/2023, par $420,000		421,545
	Statoil ASA, 2.25%, due 11/08/2019, par $920,000		922,976
	Student Loan Corp, 2.25213%, due 07/25/2036, par $469,692		467,490
	Student Loan Corp, 2.25213%, due 07/25/2036, par $470,134		467,930
	SunTrust Bank/Atlanta GA, 2.25%, due 01/31/2020, par $290,000		292,289
	SunTrust Banks Inc, 2.7%, due 01/27/2022, par $220,000		222,533
	SunTrust Banks Inc, 2.7%, due 01/27/2022, par $220,000		222,533
	Tagua Leasing LLC, 1.581%, due 11/16/2024, par $1,215,824		1,180,594
	Teva Pharmaceutical Finance Netherlands III BV, 2.2%, due 07/21/2021, par $230,000		212,347
	Teva Pharmaceutical Finance Netherlands III BV, 1.7%, due 07/19/2019, par $500,000		489,623



Texas A&M University, 2.396%, due 05/15/2023, par $900,000	890,560
Texas A&M University, 3.253%, due 05/15/2019, par $665,000	677,892
Texas Instruments Inc, 2.625%, due 05/15/2024, par $730,000	726,649
Texas Instruments Inc, 2.75%, due 03/12/2021, par $980,000	1,001,129
The Leland Stanford Junior University, 4.75%, due 05/01/2019, par $500,000	521,399
Thermo Fisher Scientific Inc, 3%, due 04/15/2023, par $390,000	394,875
Thermo Fisher Scientific Inc, 2.15%, due 12/14/2018, par $499,000	500,162
Toronto-Dominion Bank/The, 2.25%, due 09/25/2019, par $700,000	704,383
Toronto-Dominion Bank/The, 1.95%, due 04/02/2020, par $700,000	697,935
Toronto-Dominion Bank/The, 2.25%, due 09/25/2019, par $1,250,000	1,257,826
Toronto-Dominion Bank/The, 1.95%, due 04/02/2020, par $700,000	697,935
Toyota Auto Receivables 2017-B Owner Trust, 1.46%, due 01/15/2020, par $2,340,000	2,336,431
Toyota Motor Credit Corp, 2.15%, due 03/12/2020, par $200,000	200,671
Toyota Motor Credit Corp, 2.6%, due 01/11/2022, par $80,000	81,412
Toyota Motor Credit Corp, 2.15%, due 03/12/2020, par $300,000	301,006
Toyota Motor Credit Corp, 1.7%, due 02/19/2019, par $210,000	210,374
Toyota Motor Credit Corp, 1.55%, due 10/18/2019, par $220,000	218,738
Tyco Electronics Group SA, 3.45%, due 08/01/2024, par $170,000	177,206
Tyco Electronics Group SA, 2.375%, due 12/17/2018, par $600,000	601,904
UBS AG/London, 2.2%, due 06/08/2020, par $250,000	248,747
UBS AG/London, 2.45%, due 12/01/2020, par $200,000	199,819
UBS AG/Stamford CT, 2.375%, due 08/14/2019, par $400,000	403,944
UBS Group Funding Switzerland AG, 2.36586%, due 08/15/2023, par $500,000	503,642
UDR Inc, 3.75%, due 07/01/2024, par $430,000	450,351
Unilever Capital Corp, 2.6%, due 05/05/2024, par $220,000	218,452
Unilever Capital Corp, 1.8%, due 05/05/2020, par $580,000	577,352
Union Electric Co, 2.95%, due 06/15/2027, par $230,000	228,155
United Parcel Service Inc, 2.5%, due 04/01/2023, par $305,000	304,299
United Technologies Corp, 1.95%, due 11/01/2021, par $205,000	200,949
United Technologies Corp, 2.8%, due 05/04/2024, par $570,000	568,319
United Technologies Corp, 1.95%, due 11/01/2021, par $205,000	200,949
United Technologies Corp, 1.9%, due 05/04/2020, par $250,000	248,289
UnitedHealth Group Inc, 2.125%, due 03/15/2021, par $210,000	209,768
UnitedHealth Group Inc, 2.125%, due 03/15/2021, par $210,000	209,768
University of California, 1.9%, due 05/15/2020, par $750,000	747,171
US Bancorp, 3.15%, due 04/27/2027, par $460,000	463,418
US Bank NA/Cincinnati OH, 2%, due 01/24/2020, par $645,000	647,903
US Bank NA/Cincinnati OH, 2.05%, due 10/23/2020, par $300,000	298,983
USAA Capital Corp, 2%, due 06/01/2021, par $490,000	481,488
USAA Capital Corp, 2%, due 06/01/2021, par $500,000	491,314
Ventas Realty LP, 3.125%, due 06/15/2023, par $420,000	420,761
Verizon Communications Inc, 3.5%, due 11/01/2024, par $440,000	450,455
Verizon Communications Inc, 3.376%, due 02/15/2025, par $510,000	518,383
Verizon Communications Inc, 1.75%, due 08/15/2021, par $300,000	293,926
Verizon Communications Inc, 4.6%, due 04/01/2021, par $315,000	338,737
Verizon Owner Trust 2017-3, 2.06%, due 04/20/2022, par $740,000	736,670
Vermont Std Asst Corp, %, due 04/30/2035, par $407,546	406,657
Vermont Std Asst Corp, %, due 04/30/2035, par $1,426,410	1,423,299
Virginia College Building Authority, 3.5%, due 02/01/2020, par $500,000	520,147
Virginia College Building Authority, 2%, due 02/01/2019, par $765,000	770,912
Volkswagen Group of America Finance LLC, 2.4%, due 05/22/2020, par $100,000	99,968
Volkswagen Group of America Finance LLC, 2.4%, due 05/22/2020, par $100,000	99,968
Vornado Realty LP, 3.5%, due 01/15/2025, par $135,000	134,718
Washington & Clackamas School, 3.227%, due 06/15/2028, par $500,000	509,112
Westpac Banking Corp, 2.3%, due 05/26/2020, par $300,000	300,803
Westpac Banking Corp, 2.25%, due 11/09/2020, par $575,000	574,692
Westpac Banking Corp, 2.3%, due 05/26/2020, par $300,000	300,803
Westpac Banking Corp, 2.25%, due 11/09/2020, par $500,000	499,732
WestRock RKT Co, 4.9%, due 03/01/2022, par $330,000	361,256
WestRock RKT Co, 4.45%, due 03/01/2019, par $500,000	518,552
World Omni Auto Receivables Trust 2017-A, 1.93%, due 09/15/2022, par $2,200,000	2,188,109
World Omni Auto Receivables Trust 2017-B, 1.61%, due 02/16/2021, par $1,400,000	1,397,034
World Omni Auto Recv Trust, 1.34%, due 05/15/2020, par $488,669	488,173
Xcel Energy Inc, 2.4%, due 03/15/2021, par $210,000	210,094
Xcel Energy Inc, 2.4%, due 03/15/2021, par $210,000	210,094
Total Corporate Debt Securities	$	240,729,114

Government Bonds
Bergen County Improvement Authority/The, 2.25%, due 03/01/2019, par $1,000,000	$	1,007,670
CA Dept of Water Resources , 2%, due 05/01/2022, par $750,000	735,543



	City & County of Denver CO, 2.168%, due 08/01/2020, par $500,000		502,762
	City of Frisco TX, 2.92%, due 02/15/2023, par $855,000		869,382
	City of Houston TX, 3.625%, due 03/01/2029, par $255,000		256,756
	City of Houston TX, 2.768%, due 03/01/2022, par $215,000		215,248
	City of Houston TX Combined Utility System Revenue, 3.428%, due 05/15/2023, par $300,000		312,327
	Coos County School District No 13 North Bend, 2.006%, due 06/15/2020, par $505,000		502,562
	Coos County School District No 13 North Bend, 2.006%, due 06/15/2020, par $500,000		497,586
	County of Frederick MD, 1.66%, due 08/01/2020, par $500,000		493,658
	County of Macomb MI, 2.688%, due 11/01/2021, par $500,000		508,990
	County of Macomb MI, 2.688%, due 11/01/2021, par $500,000		508,990
	Dallas TX Water Sewer, 2.289%, due 10/01/2024, par $1,255,000		1,230,179
	Iraq Government AID Bond, 2.149%, due 01/18/2022, par $1,300,000		1,305,191
	MD Comm Dev Admin Housing Rev, 2.857%, due 09/01/2040, par $440,000		441,555
	MO State Higher Ed Std Asst, 2.28267%, due 05/20/2030, par $881,029		890,661
	MSN 41079 and 41084 Ltd, 1.717%, due 07/13/2024, par $972,841		952,528
	NC State Edu Asst Auth, %, due 07/25/2039, par $716,914		718,736
	NC State Edu Asst Auth, %, due 07/25/2039, par $717,352		719,175
	NYC Transit Fin Auth Future Tax Rev, 2.5%, due 02/01/2023, par $750,000		753,425
	NYC Transit Fin Auth Future Tax Rev, 2.75%, due 05/01/2024, par $350,000		350,113
	NYC Transit Fin Auth Future Tax Rev, 2.5%, due 11/01/2020, par $750,000		757,940
	NYC Transit Fin Auth Future Tax Rev, 1.96%, due 05/01/2020, par $500,000		499,298
	Petroleos Mexicanos, 2%, due 12/20/2022, par $350,000		346,608
	Petroleos Mexicanos, 2.83%, due 02/15/2024, par $1,413,750		1,445,431