Document
Table of Contents

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

 FORM 11-K

(Mark One)
ý
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2017.
or 
¨
Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             .
Commission file number 1-6991

A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
WALMART PUERTO RICO 401(k) PLAN
 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
wmtlogoa02a02a03.jpg

WAL-MART STORES, INC.
702 Southwest Eighth Street
Bentonville, Arkansas 72716



Table of Contents

Walmart Puerto Rico 401(k) Plan
Financial Statements and
Supplemental Schedule

As of January 31, 2017 and 2016, and for the year ended January 31, 2017


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



Table of Contents

Report of Independent Registered Public Accounting Firm

Senior Vice President, Global Total Rewards & Performance, Wal-Mart Stores, Inc. and
Administrator of the Walmart Puerto Rico 401(k) Plan

We have audited the accompanying statements of net assets available for benefits of the Walmart Puerto Rico 401(k) Plan as of January 31, 2017 and 2016, and the related statement of changes in net assets available for benefits for the year ended January 31, 2017. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the 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. We were not engaged to perform an audit of the Plan's 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, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Walmart Puerto Rico 401(k) Plan at January 31, 2017 and 2016, and the changes in its net assets available for benefits for the year ended January 31, 2017, in conformity with U.S. generally accepted accounting principles.

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2017, has been subjected to audit procedures performed in conjunction with the audit of the Walmart Puerto Rico 401(k) Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ Ernst & Young LLP
Rogers, Arkansas
July 14, 2017


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


 
 
January 31,
(Amounts in thousands)
 
2017
 
2016
Assets
 

 

Investments (at fair value)
 
$
121,398

 
$
116,667

Cash and cash equivalents
 
99

 
61

Notes receivable from participants
 
16,825

 

Total assets
 
138,322

 
116,728

 
 
 
 
 
Liabilities
 
 
 
 
Accrued expenses
 
99

 
92

Total liabilities
 
99

 
92

Net assets available for benefits
 
$
138,223

 
$
116,636

See accompanying notes.

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

 
(Amounts in thousands)
Year Ended
January 31, 2017
Additions
 
Company contributions
$
6,036

Associate contributions
6,481

Interest and dividend income
646

Interest income on notes receivable from participants
611

Other, net
4

Net appreciation in fair value of investments
14,465

Total additions
28,243

Deductions
 
Benefit payments
(6,087
)
Administrative expenses
(319
)
Fees on notes receivable from participants
(250
)
Total deductions
(6,656
)
Net increase
21,587

Net assets available for benefits at beginning of year
116,636

Net assets available for benefits at end of year
$
138,223

See accompanying notes.

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Walmart Puerto Rico 401(k) Plan
Notes to Financial Statements
January 31, 2017
1. Description of the Plan
The following description of the Walmart Puerto Rico 401(k) Plan (the "Plan") provides general information regarding the Plan as in effect on January 31, 2017. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Wal-Mart Stores, Inc. ("Walmart" or "the Company") reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.
General
The Plan is a defined-contribution plan established by the Company on February 1, 1997, as the Wal-Mart Puerto Rico, Inc. 401(k) Retirement Savings Plan. The Plan was amended, effective October 31, 2003, to merge the assets of the Wal-Mart Stores, Inc. Profit Sharing Plan ("Profit Sharing") applicable to Puerto Rico participants into the Plan. In connection with the merger, the Plan was renamed the Wal-Mart Puerto Rico Profit Sharing and 401(k) Plan. Effective February 1, 2011, the Plan was amended and restated to add new matching and discretionary contribution components. In connection with the Plan amendment and restatement effective February 1, 2011, the Plan was renamed the Walmart Puerto Rico 401(k) Plan. The Plan has a January 31 fiscal year end ("Plan Year").
Each eligible employee who has completed at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any Plan Year) is eligible to participate in the Plan. Participation may begin on the first day of the month following eligibility. The Plan is subject to the provisions of ERISA.
The responsibility for operation and the investment policy (except for day-to-day investment management and control of assets) is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Benefits or successor title, with ratification of a majority of sitting committee members. The administration of the Plan is vested in the Senior Vice President, Global Benefits or successor title.
Banco Popular de Puerto Rico is the Plan's trustee and The Northern Trust Company ("Northern Trust Company" or the "Custodian") is the custodian. The trustee remits all contributions received from the Company to Northern Trust Company who invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Northern Trust Company has appointed Bank of America, N.A., a subsidiary of Bank of America Corporation, as the sub-custodian of the Plan for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
Contributions
Eligible associates may elect to contribute up to 50% of their eligible wages, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified retirement plans (rollover contributions).
Wal-Mart Puerto Rico, Inc. ("Walmart Puerto Rico"), a wholly owned subsidiary of Wal-Mart Stores, Inc., makes a dollar-for-dollar matching contribution on each participant dollar contributed to the Plan up to six percent of each participant's eligible wages for the Plan Year. Matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. The matching contribution is intended to be the primary type of Walmart Puerto Rico contributions to the Plan; however, Walmart Puerto Rico may elect to make additional types of contributions to the Plan. No such additional types of contributions were made for the Plan Year ended January 31, 2017, other than a Qualified Non-Elective contribution to assist the Plan in satisfying nondiscrimination testing. All contributions are subject to certain limitations in accordance with provisions of the Puerto Rico Internal Revenue Code of 2011 ("Puerto Rico Code").

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Participant Accounts
Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contribution, and an allocation of the Company's contributions to the Plan made on the participant's behalf. Forfeitures of non-vested Profit Sharing contributions are used to pay some Plan expenses or to restore account balances of rehired participants or participants whose distributions were previously unclaimed.
Vesting
Participants are immediately vested in all elective contributions, catch-up contributions, matching contributions, Qualified Non-Elective contributions and rollover contributions.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their Profit Sharing contributions in whole shares of Wal-Mart Stores, Inc. equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Wal-Mart Stores, Inc. equity securities. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Wal-Mart Stores, Inc. equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Wal-Mart Stores, Inc. equity securities as of the date distributions are processed. To the extent the participant's Profit Sharing contributions are not invested in Company common stock, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' salary reduction contributions and rollover contributions only in amounts necessary to satisfy financial hardship as defined by the Commonwealth of Puerto Rico's Department of Treasury, and loans. In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age.
Notes Receivable from Participants
Effective February 1, 2016, participants may borrow from their fund accounts a minimum of $1,000 up to generally a maximum of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to fifteen years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus one percent. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Plan Termination
While there is no intention to do so, the Company may discontinue the Plan subject to the provisions of the Puerto Rico Code and ERISA. In the event of complete or partial Plan termination, or discontinuance of contributions to the Plan, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect (unless it is specifically terminated) and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.
Investment Options
A participant may direct the Custodian to invest any portion of his or her elective contributions, catch-up contributions, matching contributions, Qualified Non-Elective contributions and rollover contributions in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2017, include a variety of equity securities, mutual funds, short term investments and common/collective trusts. Participants may change their selections at any time.
A participant may direct the Custodian to invest any portion of his or her Profit Sharing contributions in available investment options including Wal-Mart Stores, Inc. equity securities or any of the investment options for elective contributions described previously.
Participant investments not directed by the associate are invested by the Custodian as determined by the Benefits Investment Committee.

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2. Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are prepared utilizing the accrual method of accounting. Wal-Mart Stores, Inc. equity securities, other equity securities, mutual funds, and short term investments are stated at fair value, which equals the exchange quoted market price on the last business day of the Plan Year. Investments in common/collective trust funds are stated at net asset value. Purchases and sales are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the gains and losses on investments bought and sold as well as held during the year. Benefit payments are recorded when paid. Participant contributions are accrued for payperiods ended prior to the Plan's year-end. Company Contributions are recorded when paid to the Plan. Walmart Puerto Rico contributions to the Plan related to the Plan Year ended January 31, 2017, were paid throughout the Plan Year.
Use of Estimates
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires Plan management to use estimates and assumptions that affect the amounts reported in the accompanying financial statements, notes and supplemental schedule. Actual results could differ from these estimates.
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest
income is recorded when it is earned. Principal and interest from the repayment of loans are allocated to participants'
investment accounts in accordance with each participant's investment election in effect at the repayment date. Related fees are recorded as fees on notes receivable from participants and are recorded when earned. No allowances for credit losses have been recorded as of January 31, 2017.

3. Investments
The Custodian holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment and insurance companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.
At January 31, 2017 and 2016, participants may allocate their investments among 19 investment funds, (consisting of a variety of underlying equity securities, mutual funds, short term investments and common/collective trusts) and may change their investment elections daily.



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4. Fair Value Measurements
The Plan records and discloses certain financial and non-financial assets and liabilities at their fair values. The fair value of an asset is the price at which the asset could be sold in an ordinary transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
Level 1: observable inputs such as quoted prices in active markets;
Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no Level 2 investments in the Plan as of January 31, 2017 or 2016; and
Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Plan to develop its own assumptions. There were no Level 3 investments in the Plan as of January 31, 2017 or 2016.
 The valuation of financial instruments carried at fair value on a recurring basis is as follows:
 

Fair Value Measurements as of January 31, 2017
(Amounts in thousands)

Level 1

Total
Wal-Mart Stores, Inc. Equity Securities (a)
 
$
12,389

 
$
12,389

Other Equity Securities (a)
 
6,812

 
6,812

Mutual Funds (a)
 
7,470

 
7,470

Total Investments at Fair Value
 
26,671

 
26,671

Common/Collective Trusts measured at Net Asset Value (b)(c)
 
 
 
94,727

Total investments
 
$
26,671

 
$
121,398

(a)
Fair value is based on quoted price in active market.
(b)
Net Asset Value provided by the issuer.
(c)
Includes investments in US Equities (Large Cap), US Equities (Small Mid Cap), International Equities, Bond Funds, Short Term Bond Funds, Short Term Investment Funds, Global Listed Infrastructures, Commodities, and Global Real Estate Investments Trusts.


 
 
Fair Value Measurements as of January 31, 2016
(Amounts in thousands)
 
Level 1
 
Total
Wal-Mart Stores, Inc. Equity Securities (a)
 
$
12,591

 
$
12,591

Other Equity Securities (a)
 
3,177

 
3,177

Mutual Funds (a)
 
7,137

 
7,137

Short term investment (a)
 
51

 
51

Total Investments at Fair Value
 
22,956

 
22,956

Common/Collective Trusts measured at Net Asset Value (b)(c)
 
 
 
93,711

Total investments
 
$
22,956

 
$
116,667

 
(a)
Fair value is based on quoted price in active market.
(b)
Net Asset Value provided by the issuer.
(c)
Includes investments in US Equities (Large Cap), US Equities (Small Mid Cap), International Equities, Bond Funds, Short Term Bond Funds, Short Term Investment Funds, Global Listed Infrastructures, Commodities, and Global Real Estate Investments Trusts.


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5. Differences between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: 
(Amounts in thousands)
 
January 31,
2017
 
2016
Net assets available for benefits per the financial statements
 
$
138,223

 
$
116,636

Less: Amounts allocated to withdrawn participants
 
(52
)
 
(27
)
Net assets available for benefits per the Form 5500
 
$
138,171

 
$
116,609

The following is a reconciliation of the net increase in net assets available for benefits per the financial statements to the Form 5500 for the Plan year ended January 31, 2017:
(Amounts in thousands)
 
Net increase per the financial statements
$
21,587

Less: Amounts allocated to withdrawn participants at January 31, 2017
(52
)
Add: Amounts allocated to withdrawn participants at January 31, 2016
27

Net increase plus transfers of assets to this plan per the Form 5500
$
21,562

Amounts allocated to withdrawn participants are recorded in the Form 5500 for benefit payments that have been processed and approved for payment prior to January 31, but not paid as of that date.
6. Tax Status
The Plan has received a determination letter from the Commonwealth of Puerto Rico's Department of Treasury ("Treasury") dated June 29, 2016, stating that the Plan is qualified under Sections 1165(a) of the Puerto Rico Internal Revenue Code of 1994 and Section 1081.01 of the Puerto Rico Internal Revenue Code of 2011, and regulations thereunder, and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Treasury, the plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Puerto Rico Code to maintain its qualification and tax-exempt status of the related trust. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Puerto Rico Code and continues to be qualified and, accordingly, that the related trust continues to be tax exempt.
U.S. GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the Internal Revenue Service (IRS) and Treasury. The Company has analyzed the tax positions taken by the Plan and has concluded that as of January 31, 2017, there are no uncertain tax positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan remains subject to income tax examinations for fiscal 2014 and subsequent fiscal years.
7. Related Party and Party-In-Interest Transactions
At January 31, 2017 and 2016, the Plan held $7.4 million and $4.2 million of common/collective trust funds managed by the Custodian. At January 31, 2017, the Plan also held $169 thousand in mutual funds of the Custodian. No mutual funds of the Custodian were held at January 31, 2016.
At January 31, 2017 and 2016, the Plan held 185,635 and 189,743 shares of common stock of the Company, with a fair value of approximately $12.4 million and $12.6 million, respectively. For the year ended January 31, 2017, the Plan recorded dividend income on the common stock of the Company of approximately $373 thousand.
The Plan also holds common/collective trust funds managed by other companies that provide investment management services to the Plan.
These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA.



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Supplemental Schedule
Walmart Puerto Rico 401(k) Plan
EIN #71-0415188, Plan #004
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
January 31, 2017

 
(Amounts in thousands, except share information)
 
 
 
 
 
Security Name
 
 
Shares held at January 31, 2017
 
Investments at Fair Value
WAL-MART STORES, INC EQUITY SECURITIES
 
 

 

WAL-MART STORES INC COM*
 
 
185,635

 
$
12,389

TOTAL WAL-MART STORES, INC EQUITY
 
 

 
12,389

OTHER EQUITY SECURITIES
 
 

 


ARIAD PHARMACEUTICALS CASH MERGER 02-16-2017
 
 
646

 
15

SURGICAL CARE CASH AND STOCK MERGER UNITEDHEALTH 2883755 03-27-2017
 
 
183

 
10

2U INC COM
 
 
543

 
18

ADR WNS HLDGS LTD SPONSORED ADR
 
 
2,520

 
72

ALBEMARLE CORP COM
 
 
763

 
71

ALEXANDRIA REAL ESTATE EQUITIES INC COM
 
 
616

 
68

ALLIANT ENERGY CORP COM
 
 
1,994

 
75

ALLISON TRANSMISSION HOLDING
 
 
991

 
35

AMC ENTMT HLDGS INC CL A COM
 
 
1,016

 
34

AMC NETWORKS INC CL A
 
 
583

 
33

AMDOCS ORD GBP0.01
 
 
1,362

 
80

AMTRUST FINL SVCS INC COM
 
 
1,569

 
41

ATLAS AIR WORLDWIDE HLDGS INC COM NEW STK
 
 
385

 
20

AVNET INC COM
 
 
1,450

 
67

BARNES GROUP INC COM
 
 
782

 
38

BEACON ROOFING SUPPLY INC COM
 
 
781

 
34

BLACK KNIGHT FINL SVCS INC CL A
 
 
701

 
26

BLACKHAWK NETWORK HLDGS INC COMMON STOCK
 
 
1,722

 
61

BOFI HLDG INC COM STK
 
 
1,078

 
32

BOOZ ALLEN HAMILTON HLDG CORP CL A COM STK
 
 
2,380

 
80

BRANDYWINE RLTY TR SH BEN INT NEW REIT
 
 
4,115

 
66

BROADRIDGE FINL SOLUTIONS INC COM STK
 
 
1,097

 
73

BROADSOFT INC COM
 
 
739

 
31

CABLE ONE INC COM
 
 
125

 
79

CAESARSTONE LTD
 
 
544

 
17

CALLIDUS SOFTWARE INC COM STK
 
 
2,863

 
53

CARDTRONICS PLC CARDTRONICS PLC
 
 
738

 
40

CARLISLE COMPANIES INC COM
 
 
266

 
29

CHEMICAL FINL CORP COM
 
 
1,676

 
83

CHURCHILL DOWNS INC COM
 
 
306

 
44

CIRCOR INTL INC COM
 
 
482

 
30

CLUBCORP HLDGS INC COM
 
 
5,341

 
88

COHERENT INC COM
 
 
223

 
35

COLUMBIA SPORTSWEAR CO COM
 
 
600

 
33

COOPER COS INC COM NEW
 
 
389

 
72

COSTAR GROUP INC COM
 
 
167

 
34


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Table of Contents

(Amounts in thousands, except share information)
 
 
 
 
 
Security Name
 
 
Shares held at January 31, 2017
 
Investments at Fair Value
CURTISS WRIGHT CORP COM
 
 
525

 
51

DAVE & BUSTERS ENTMT INC COM
 
 
422

 
23

DIAMONDBACK ENERGY INC COM
 
 
665

 
70

DIGITALGLOBE INC COM NEW
 
 
1,353

 
38

DYCOM INDS INC COM
 
 
705

 
57

EAGLE MATLS INC COM
 
 
550

 
58

EDGEWELL PERS CARE CO COM
 
 
453

 
36

ELECTRONICS FOR IMAGING INC COM
 
 
518

 
23

ENDOLOGIX INC COM
 
 
5,825

 
40

ENERGIZER HLDGS INC NEW COM
 
 
1,487

 
75

EQUIFAX INC COM
 
 
424

 
50

EXACT SCIENCES CORP COM
 
 
3,381

 
64

FINANCIAL ENGINES INC COM
 
 
745

 
29

FLIR SYS INC COM
 
 
1,946

 
69

FLOWERS FOODS INC COM
 
 
1,650

 
33

GARTNER INC COM
 
 
330

 
33

GIGAMON INC COM
 
 
280

 
9

GODADDY INC CL A
 
 
1,038

 
37

GOGO INC COM
 
 
4,037

 
37

GREAT WESTN BANCORP INC COM
 
 
1,700

 
73

GREEN DOT CORP COM STK
 
 
338

 
9

HANESBRANDS INC COM STK
 
 
1,317

 
31

HELEN TROY LTD COM STK
 
 
641

 
60

HEXCEL CORP NEW COM
 
 
593

 
30

HIGHWOODS PPTYS INC COM
 
 
950

 
49

HOME BANCSHARES INC COM
 
 
2,578

 
69

HUBBELL INC COM
 
 
440

 
54

HUDSON PACIFIC PROPERTIES INC COM
 
 
1,000

 
35

HUNTINGTON INGALLS INDS INC COM
 
 
356

 
69

ICU MED INC COM
 
 
481

 
66

IDACORP INC COM
 
 
865

 
69

IMPERVA INC
 
 
469

 
20

INFINERA CORP COM STK
 
 
3,878

 
35

INSTALLED BLDG PRODS INC COM
 
 
601

 
25

INTERFACE INC COM
 
 
2,830

 
52

INTERXION HOLDING NV COM EUR0.10
 
 
2,188

 
84

J & J SNACK FOODS CORP COM STK NPV
 
 
395

 
50

J2 GLOBAL INC COM
 
 
1,031

 
86

KAPSTONE PAPER & PACKAGING CORP KAPSTONEPAPER AND PACKAGING CORP COMMON STOCK
 
 
2,663

 
64

KATE SPADE & COMPANY COM
 
 
1,195

 
22

KORN / FERRY INTL COM NEW
 
 
1,636

 
48

LENDINGTREE INC NEW COM USD0.01
 
 
351

 
39

LIGAND PHARMACEUTICALS INCORPORATED CL B COMMON STOCK
 
 
296

 
31

LIVE NATION ENTERTAINMENT INC
 
 
1,084

 
31

LKQ CORP COM LKQ CORP
 
 
1,485

 
47

LOGMEIN INC COM
 
 
752

 
81


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Table of Contents

(Amounts in thousands, except share information)
 
 
 
 
 
Security Name
 
 
Shares held at January 31, 2017
 
Investments at Fair Value
MASONITE INTL CORP NEW COM
 
 
549

 
37

MAXIMUS INC COM
 
 
836

 
46

MAXLINEAR INC COMMON STOCK
 
 
4,547

 
116

MEDICINES COMPANY COM
 
 
1,484

 
53

MERIT MED SYS INC COM
 
 
237

 
6

MILLER HERMAN INC COM
 
 
1,122

 
35

NATIONAL CINEMEDIA INC COM
 
 
443

 
6

NATIONAL GEN HLDGS CORP COM
 
 
1,197

 
29

NORTHWESTERN CORP COM NEW
 
 
1,144

 
65

NOVADAQ TECHNOLOGIES INC COM
 
 
5,787

 
39

NUVASIVE INC COM
 
 
536

 
38

ON ASSIGNMENT INC COM
 
 
1,059

 
48

ON DECK CAP INC COM
 
 
4,283

 
22

ORBITAL ATK INC COM
 
 
346

 
30

OSI SYS INC COM
 
 
679

 
51

OWENS CORNING NEW COM STK
 
 
485

 
27

PACIRA PHARMACEUTICALS INC COM
 
 
1,207

 
46

PARSLEY ENERGY INC CL A
 
 
2,567

 
91

PARTY CITY HOLDCO INC COM
 
 
1,496

 
22

PATTERSON COS INC COM
 
 
1,623

 
68

PENN NATL GAMING INC COM
 
 
2,750

 
38

PERKINELMER INC COM
 
 
1,367

 
73

PLANET FITNESS INC CL A
 
 
1,722

 
36

POLYONE CORP COM
 
 
1,088

 
37

POWER SOLUTIONS INTL INC COM NEW COM
 
 
1,187

 
9

PPDC ENERGY INC COM
 
 
500

 
37

PREMIER INC CL A
 
 
1,600

 
51

PS BUSINESS PKS INC CALIF COM
 
 
586

 
66

PVH CORP COM
 
 
279

 
26

QUOTIENT TECHNOLOGY INC COM
 
 
3,341

 
36

RAYMOND JAMES FNCL INC COM STK
 
 
634

 
48

RSP PERMIAN INC COM
 
 
1,500

 
64

SAIA INC COM STK
 
 
237

 
11

SAREPTA THERAPEUTICS INC COM
 
 
1,026

 
32

SENSIENT TECHNOLOGIES CORP COM
 
 
670

 
51

SHUTTERFLY INC COM
 
 
584

 
30

SIGNATURE BK NY N Y COM
 
 
423

 
67

SIGNET JEWELERS LTD ORD USD0.18
 
 
229

 
18

SKYWORKS SOLUTIONS INC COM
 
 
719

 
66

SM ENERGY CO COM
 
 
937

 
29

SMITH A O CORP COM
 
 
988

 
48

STAG INDL INC COM
 
 
2,062

 
48

STERIS PLC NEW STERIS LTD COMSTK
 
 
500

 
36

SWIFT TRANSN CO CL A COM STK
 
 
1,109

 
25

SYNCHRONOSS TECHNOLOGIES INC COM STK
 
 
3,636

 
140

TELEFLEX INC COM
 
 
471

 
79

TELIGENT INC NEW COM
 
 
5,942

 
42


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Table of Contents

(Amounts in thousands, except share information)
 
 
 
 
 
Security Name
 
 
Shares held at January 31, 2017
 
Investments at Fair Value
TENNECO INC
 
 
585

 
39

TOLL BROS INC COM
 
 
800

 
25

TRIMBLE INC COM TRIMBLE INC
 
 
1,256

 
37

VAIL RESORTS INC COM
 
 
311

 
53

VANTIV INC COM
 
 
570

 
35

VASCO DATA SEC INTL INC COM
 
 
2,894

 
44

WAGEWORKS INC COM
 
 
615

 
44

WEBSTER FNCL CORP WATERBURY CONN COM
 
 
577

 
30

WESTERN ALLIANCE BANCORPORATION COM
 
 
1,890

 
93

WEX INC COM
 
 
288

 
33

WINTRUST FINL CORP COM
 
 
1,200

 
86

WOODWARD INC COM
 
 
500

 
35

WRIGHT MEDICAL GROUP NV EUR0.03
 
 
1,974

 
50

XL GROUP LTD XL GROUP LTD COM NPV
 
 
1,900

 
72

XPO LOGISTICS INC COM
 
 
779

 
35

ZAYO GROUP HLDGS INC COM
 
 
855

 
27

ZIONS BANCORP COM
 
 
1,853

 
78

TOTAL OTHER EQUITY SECURITIES
 
 

 
6,812

MUTUAL FUNDS
 
 

 


AMERICAN EUROPACIFIC GRTH-R6
 
 

 
3,217

NTHN INSTL FDS GOVT SELECT PORTFOL*
 
 

 
169

PIMCO FDS PAC INVT MGMT SER ALL AST FD INSTL CL 722005626
 
 

 
4,084

TOTAL MUTUAL FUNDS
 
 

 
7,470

COMMON/COLLECTIVE TRUSTS
 
 

 


AEW GLOBAL PROPERTIES TRUST FUND DC FUND CLASS A
 
 

 
2,220

AQR EMERGING EQUITIES FUND CLASS B
 
 

 
1,091

BLACKROCK GOVERNMENT MONEY MARKET
 
 

 
678

BLACKROCK MSCI ACWI EX US IMI INDEX NL UND CL F
 
 

 
10,907

BLACKROCK RUSSELL 1000 DEFENSIVE INDEX NL FUND F
 
 

 
628

BLACKROCK RUSSELL 1000 INDEX NL F FUND
 
 

 
38,326

BLACKROCK RUSSELL 2000 INDEX NL
 
 

 
243

BLACKROCK RUSSELL 2500 INDEX NL FUND F
 
 

 
773

BLACKROCK US DEBT INDEX NON LENDABLEFUND F
 
 

 
2,463

BLACKROCK US TIPS NL F (667825)
 
 

 
480

COHEN & STEERS GLOBAL LISTED INFRASTRUCTURE FUND
 
 

 
470

CORECOMMODITY MANAGEMENT DIVERSIFIED I CIT FUND
 
 

 
1,355

FIERA ASSET MANAGEMENT USA INTERNATIONAL EQUITY COLLECTIVE TRUST CLASS 1
 
 

 
3,238

FIRST STE INV GL LISTED INF FD TIER IV 66585Y604*
 
 

 
940

GOLDMAN SACHS COLLECTIVE TRUST CORE PLUS FIXED INCOME FUND S SERIES 2470*
 
 

 
2,254

GRESHAM DJF COLLECTIVE INVESTMENT FUND
 
 

 
910

HARDING LOEVNER EMERGING MARKETS COLLECTIVE FUND FD 315
 
 

 
1,085


12

Table of Contents

(Amounts in thousands, except share information)
 
 
 
 
 
Security Name
 
 
Shares held at January 31, 2017
 
Investments at Fair Value
INVESCO GLOBAL REAL ESTATE SECURITIES TRUST GRE
 
 

 
3,349

JPMCB SHORT DURATION BOND FUND
 
 

 
2,509

LOOMIS SAYLES CORE DISCIPLINED ALPHA TRUST CLASS B ID 30526
 
 

 
2,321

MONDRIAN GROUP TR WAL-MART FOCUSED INTL EQUITY FD
 
 

 
2,101

NORTHN TR CO SUB-ADVISED COLTV FD COLTV LSV INTL ACWI EX US 138*
 
 

 
4,263

NUVEEN GLOBAL INFRASTRUCTURE FUND CLASS J
 
 

 
950

PGI CIT GLOBAL PROPERTY
 
 

 
3,339

PRESIMA GLOBAL REAL ESTATE CONCENTRATED*
 
 

 
2,213

PRUDENTIAL CORE PLUS TRUST CL NONE PM8 - 32439
 
 

 
2,260

ROBECO CT BOSTON PARTNERS LARGE CAP VALUE F 77029W807
 
 

 
519

WADDELL & REED LARGE CAP GROWTH CIT CLASS N
 
 

 
536

WELLINGTON CIF II COMMODITIES 3448
 
 

 
2,306

TOTAL COMMON/COLLECTIVE TRUSTS
 
 

 
94,727

TOTAL INVESTMENTS
 
 

 
$
121,398

 
 
 
 
 
 
CASH AND CASH EQUIVALENTS
 
 
 
 
$
99

 
 
 
 
 
 
NOTES RECEIVABLE FROM PARTICIPANTS
Rate of Interest
 
Maturity
 
Fair Value
Various (4,030 notes receivable)
4.50-4.75%
 
1 Month - 15 Years
 
$
16,825

* Party-in-interest

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Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Walmart Puerto Rico 401(k) Plan
Date: July 14, 2017
By:
 
/s/ Jacquelin L. Telfair
 
 
 
Jacquelin L. Telfair

 
 
 
Senior Vice President, Global Total Rewards & Performance, Wal-Mart Stores, Inc. and Administrator of the Walmart Puerto Rico 401(k) Plan
 
 
 
Wal-Mart Stores, Inc.


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