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 December 31, 2019
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: 001-01011
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
CVS HEALTH FUTURE FUND 401(k) PLAN
(formerly known as the 401(k) Plan and the Employee Stock Ownership Plan of CVS Health Corporation and Affiliated Companies)
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B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
CVS HEALTH CORPORATION
One CVS Drive
Woonsocket, RI 02895
REQUIRED INFORMATION
CVS HEALTH FUTURE FUND 401(k) PLAN
YEARS ENDED DECEMBER 31, 2019 AND 2018
TABLE OF CONTENTS
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | |
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FINANCIAL STATEMENTS: | | |
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Statements of Net Assets Available for Benefits | | |
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Statements of Changes in Net Assets Available for Benefits | | |
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Notes to Financial Statements | | |
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SUPPLEMENTAL SCHEDULE: | | |
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | | |
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INDEX TO EXHIBITS | | |
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SIGNATURES | | |
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Note: | The following schedules are required by Section 103 of the Employee Retirement Income Security Act of 1974, but have not been included as they are not applicable: |
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• | Schedule of Investment Assets (Both Acquired and Disposed of Within the Plan Year) |
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• | Schedule of Reportable Transactions |
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• | Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible |
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• | Schedule of Leases in Default or Classified as Uncollectible |
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of
CVS Health Future Fund 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the CVS Health Future Fund 401(k) Plan (the Plan) as of December 31, 2019 and 2018, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2019 and 2018, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2008.
Boston, Massachusetts
June 23, 2020
CVS HEALTH FUTURE FUND 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2019 and 2018
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| 2019 | | 2018 |
Assets: | | | |
Investments at fair value: | | | |
Cash | $ | 39,956 |
| | $ | 4,841 |
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Mutual funds (Note 2 (b)) | 5,153,541,092 |
| | 3,915,933,398 |
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Common stock (Note 2 (b)) | 2,242,470,849 |
| | 1,842,032,896 |
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Common collective trust funds (Note 2 (b)) | 4,040,055,975 |
| | 3,469,851,984 |
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Total investments at fair value | 11,436,107,872 |
| | 9,227,823,119 |
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Fully benefit responsive investments at contract value: | | | |
Guaranteed investment contracts (Note 2 (b)) | — |
| | 5,197,924 |
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Synthetic guaranteed investment contracts (Note 2 (b)) | 733,913,470 |
| | 603,029,028 |
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Security-backed investment contracts (Note 2 (b)) | 255,140,860 |
| | 223,787,731 |
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Total fully benefit responsive investments at contract value | 989,054,330 |
| | 832,014,683 |
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Total investments | 12,425,162,202 |
| | 10,059,837,802 |
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Receivables: | | | |
Interest and dividends (Note 2 (g)) | 1,029,693 |
| | 1,192,391 |
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Notes receivable from participants (Note 4) | 230,672,338 |
| | 224,742,364 |
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Pending securities settlements (Note 2 (f)) | 5,378,836 |
| | 7,008,076 |
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Total receivables | 237,080,867 |
| | 232,942,831 |
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Total assets | 12,662,243,069 |
| | 10,292,780,633 |
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Liabilities: | | | |
Accrued expenses and other liabilities | (5,284,850 | ) | | (5,441,809 | ) |
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Total liabilities | (5,284,850 | ) | | (5,441,809 | ) |
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Net assets available for benefits | $ | 12,656,958,219 |
| | $ | 10,287,338,824 |
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See accompanying notes to financial statements.
CVS HEALTH FUTURE FUND 401(k) PLAN
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2019 and 2018
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| 2019 | | 2018 |
Investment activity: | | | |
Interest and dividend income (Note 2 (g)) | $ | 171,746,303 |
| | $ | 154,278,457 |
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Realized and unrealized gains (losses) (Note 2 (g)) | 2,063,468,055 |
| | (788,001,317 | ) |
Total investment activity | 2,235,214,358 |
| | (633,722,860 | ) |
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Participant loan interest (Note 4) | 11,630,000 |
| | 10,422,864 |
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Contributions: | | | |
Employer contributions (Note 1 (c)) | 310,545,982 |
| | 290,671,872 |
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Employee contributions (Note 1 (c)) | 549,703,560 |
| | 510,167,690 |
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Rollovers | 63,454,449 |
| | 48,937,616 |
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Total contributions | 923,703,991 |
| | 849,777,178 |
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Deductions: | | | |
Benefits paid to participants (Notes 1 (f) and 2 (c)) | 783,341,166 |
| | 840,656,506 |
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Administrative expenses (Note 1 (g)) | 17,587,788 |
| | 21,719,690 |
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Total deductions | 800,928,954 |
| | 862,376,196 |
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Net increase (decrease) in net assets for the year | 2,369,619,395 |
| | (635,899,014 | ) |
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Net assets beginning of the year | 10,287,338,824 |
| | 10,923,237,838 |
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Net assets end of the year | $ | 12,656,958,219 |
| | $ | 10,287,338,824 |
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See accompanying notes to financial statements.
CVS HEALTH FUTURE FUND 401(k) PLAN
Notes to Financial Statements
Years Ended December 31, 2019 and 2018
Note 1 - Plan Description
The following description of the CVS Health (the “Company”) Future Fund 401(k) Plan (the “Plan” or “Future Fund”), formerly the 401(k) Plan and the Employee Stock Ownership Plan of CVS Health Corporation and Affiliated Companies, provides only general information. Participants should refer to the Plan documents for a more complete description of the Plan’s provisions.
The Plan was established as of January 1, 1989. The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. The general administration of the Plan and the responsibility for carrying out the provisions of the Plan are maintained by a committee (the “Benefit Plans Committee”) of not less than three persons appointed by the Board of Directors of CVS Health Corporation, the sponsor of the Plan. In accordance with the provisions of the Plan, the Benefit Plans Committee has appointed an Administrative Subcommittee (the “Plan Administrator”) and an Investment Subcommittee and delegated certain fiduciary duties and responsibilities to each of the Subcommittees. The Benefit Plans Committee also appointed the Vanguard Group, Inc. as the recordkeeper to assist with administering the Plan (the “Recordkeeper”), effective January 1, 2019, and the Bank of New York Mellon as the trustee (the “Trustee”). The Recordkeeper maintains participant account records and works with the Trustee to execute transactions such as benefit payments to participants. The Trustee holds the assets of the Plan and executes transactions at the direction of the Plan Administrator.
Employees are eligible to participate in the Plan upon attainment of age 18, effective January 1, 2019 (previously age 21), with the first payroll following 90 days of service as an employee.
Employees referred to above are defined as regular employees of the Company other than:
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• | A nonresident alien receiving no United States (“U.S.”) earned income from the Company; |
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• | A resident of Puerto Rico; |
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• | An individual covered under a collective bargaining agreement (unless the agreement provides for membership); |
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• | A leased employee (as defined in the Internal Revenue Code (the “Code”); |
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• | A temporary employee (as determined by the Company); or |
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• | An independent contractor or consultant (as defined by the Company). |
Participants may direct the Company to contribute to their accounts a percentage of the eligible compensation that would otherwise be due to them. Percentages can be elected in multiples of 1%, with a minimum participant contribution percentage of 1%, pursuant to a salary reduction agreement. Each participant’s total elective deferrals for any calendar year may not exceed 60% in 2019 or 85% in 2018 of eligible compensation or the maximum elective deferral allowed by the Code, whichever is less, as specified in the Plan document. The maximum elective deferral allowed by the Code was $19,000 for 2019 and $18,500 for 2018. All employees that are age 50 or over, before December 31 of the calendar year and who contribute the maximum amount to the Plan (as dollar limit or percentage) are permitted to make additional catch-up contributions. Catch-up contributions may be made up to an additional $6,000 for 2019 and 2018.
Plan participants are eligible to receive Company matching contributions with the first payroll following the completion of one year of service with the Company. One year of service is defined as either:
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• | 12 months of service, beginning on the participant's employment date, during which the participant completed at least 1,000 hours of service, or |
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• | 1,000 hours of service in the course of any calendar year after the calendar year in which the participant was hired. |
The Plan provides a match of 100% up to 5% of an employee’s eligible compensation contributed to the Plan. The maximum annual match per participant was $14,000 for 2019 and $13,750 for 2018.
Each participant’s account is credited with an allocable share of the participant’s selected Plan investments and any unrealized appreciation or depreciation and interest and dividends of those investments, net of administrative expenses.
Participants are 100% vested in participant and Company matching contributions.
Participants whose account balances have been transferred into the Plan from other defined contribution plans maintain at least the degree of vesting in the account that they had at the time of the transfer. Participants are always fully vested in and have a non-forfeitable right to (1) their accounts upon retirement, death or disability and (2) any elective deferrals described in Note 1(c) and any rollover amounts they make to the Plan.
Upon termination of service by a participant, the Recordkeeper pays the participant his or her benefit under one or more options, such as a single lump sum (including a rollover) or in equal annual installments over a period not to exceed the participant’s expected lifetime.
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(g) | Administrative Expenses |
Administrative expenses specifically attributable to the Plan and not covered by forfeitures were funded by the Plan for 2019 and 2018. Recordkeeping and Trustee’s fees were paid by the Plan for 2019 and 2018.
On a participant’s termination date, any unvested portion of the participant’s account is forfeited at the earlier of distribution or five years from the date of termination. The Plan contains certain vesting schedules for Company matching contributions which could lead to forfeited matching contributions if a participant does not satisfy the criteria to vest the contributions on the termination date. If a former participant resumes employment and eligibility in the Plan within five years of termination, any amounts previously forfeited are restored to the participant’s account, but remain subject to the vesting provisions of the Plan. Forfeitures during any plan year are applied as follows: (i) to restore amounts previously forfeited by participants but required to be reinstated upon resumption of employment; (ii) to pay administrative expenses of the Plan; or (iii) to the extent allowed by law, to reduce future CVS Health contributions. If forfeitures for any plan year are insufficient to restore the required forfeitures, CVS Health shall contribute the balance required for that purpose.
There were no cash forfeitures restored to participants upon resumption of employment in 2019 or 2018. The forfeitures for each year were applied to the administrative expenses of the Plan and in 2019 were also used to reduce CVS Health contributions to the Plan.
Upon enrollment in the Plan, a participant elects to direct contributions or investment balances to the investment fund options offered by and subject to the restrictions under the Plan. Participants may modify investment elections daily thereafter, subject to certain trading restrictions. The Plan’s investments are composed of guaranteed insurance contracts, securities of CVS Health, marketable mutual funds, security-backed investment contracts, common collective trusts, and separately managed funds (composed of marketable securities). The following is a brief explanation of each fund’s investment objectives:
Aggressive Lifestyle Fund
This fund was appropriate for those who could keep their money invested for at least 10 years or who were willing to accept a higher level of risk. The fund invested in other Future Fund investment options: Small Cap Growth, Small Cap Value, International Equity, International Equity Index, Large Cap Growth, Core Equity, Growth & Income, Diversified Bond, and the Alternative Strategy Fund (Blackrock Global Allocation Collective Fund M). This Lifestyle Fund had the following composite benchmark: Russell 1000 Index, Barclays Capital Aggregate Bond Index, Standard & Poor’s (“S&P”) 500 Index, Morgan Stanley Capital International (“MSCI”) All Country World Index excluding the United States (“MSCI ACWI EX US”) Index, MSCI ACWI Index, Barclays Global Aggregate, and the Russell 2000 Index. This investment was removed as an investment option in the Plan effective January 1, 2019, and any investment therein was replaced with the appropriate Target Date Fund.
Conservative Lifestyle Fund
This fund was appropriate for investors who needed access to their money in less than five years or who wanted to minimize their investment risk. The fund invested in other Future Fund investment options: Small Cap Growth, Small Cap Value, International Equity, International Equity Index, Large Cap Growth, Core Equity, Growth & Income, Inflation-Protected Bond, Diversified Bond, U.S. Bond Index and Stable Value. This Lifestyle Fund had the following composite benchmark: Russell 1000 Index, Barclays Capital Aggregate Bond Index, Barclays Capital US TIPS Index, S&P 500 Index, 3-Year U.S. Treasury Index, Russell 2000 Index, and the MSCI ACWI EX US Index. This investment was removed as an investment option in the Plan effective January 1, 2019, and any investment therein was replaced with the appropriate Target Date Fund.
Core Equity Fund
The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
CVS Health Stock Fund
The fund invests in CVS Health common stock to provide participants the possibility of long-term growth through increases in the value of the stock and the reinvestment of its dividends. Contributions to the CVS Health Stock Fund are limited to 20% of eligible compensation.
Diversified Bond Fund
This fund seeks a stable rate of return and capital appreciation through investment in high quality bonds and other debt instruments. Co-Managed by Loomis Sayles (45%), Dodge & Cox (45%), and Vanguard (10%) for CVS Health Future Fund colleagues. Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations.
Global Equity Fund
The investment seeks long-term growth of capital; future income is a secondary objective. The fund normally invests in stocks of companies located around the world to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships. In pursuing its primary investment objective, it invests primarily in common stocks that the investment adviser believes have the potential for growth. In pursuing its secondary objective, the fund invests in common stocks of companies with the potential to pay dividends in the future.
Growth and Income Fund
This fund seeks stocks that reflect value characteristics such as price/earnings and price/book ratios below the market through investment in high dividend yield stocks at discounted valuations. Co-Managed by Columbia Threadneedle (50%), Barrow Hanley (25%), and Mellon Capital (25%) for CVS Health Future Fund participants. Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).
Inflation-Protected Fund
The investment seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. The fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. It may invest in bonds of any maturity; however, its dollar-weighted average maturity is expected to be in the range of 7 to 20 years. At a minimum, all bonds purchased by the fund will be rated "investment-grade" or, if unrated, will be considered by the advisor to be investment-grade. This investment was removed as a stand-alone investment option in the Plan effective January 1, 2020.
International Equity Fund
This fund seeks long-term growth of capital through investment in foreign (non-U.S.) equity securities. It also invests in depository receipts and companies located in emerging market countries. Co-Managed by Templeton (30%), American Funds (30%), and Vanguard (40%) for CVS Health Future Fund participants. Foreign large-blend portfolios invest in a variety of Large Cap international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks.
International Equity Index Fund
The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe, the Pacific Region, and Canada. The fund employs a “passive management” or indexing-investment approach designed to track the performance of the Financial Times Stock Exchange Group Developed All Cap ex US Index, which includes approximately 3,700 common stocks of companies located in Europe, Australia, Asia, Canada, and the Far East. It attempts to replicate the target index by investing in all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Large Cap Growth Fund
This fund seeks stocks that reflect growth characteristics such as sales and earnings growth above the market through investment in positive momentum stocks and that will continue to beat investor expectations. Co-Managed by Columbus Circle (one-third), T. Rowe Price (one-third), and Mellon Capital (one-third) for CVS Health Future Fund colleagues. Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.
Mid Cap Index Fund
The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Center for Research in Security Prices (“CSRP”) US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Moderate Lifestyle Fund
This fund was appropriate for investors who could keep their money invested for at least five years. The fund invested in other Future Fund investment options: Small Cap Growth, Small Cap Value, International Equity, International Equity Index, Large Cap Growth, Core Equity, Growth & Income, Inflation-Protected Bond, Diversified Bond, U.S. Bond Index Fund, and Stable Value Fund. This Lifestyle Fund had the following composite benchmark: Russell 1000 Index, Barclays Capital Aggregate Bond Index, Barclays Capital US TIPS Index, S&P 500 Index, MSCI ACWI EX US Index, Russell 2000 Index, and the 3-Year U.S. Treasury Index. This investment was removed as an investment option in the Plan effective January 1, 2019, and any investment therein was replaced with the appropriate Target Date Fund.
Small Cap Growth Fund
The investment seeks to provide long-term capital appreciation. The fund invests mainly in the stocks of small companies. These companies are considered by the fund's advisors to have superior growth potential. Also, these companies often provide little or no dividend income.
Small Cap Index Fund
The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Small Cap Value Fund
The fund seeks long-term growth by investing primarily in stocks of small- to medium-sized companies, which either are believed to offer superior earnings growth or appear to be undervalued. This fund may experience above-average share price volatility. Co-managed by Dimensional Fund Advisors (50%), Sapience Investments (25%), and Vanguard (25%) for CVS Health Future Fund colleagues. Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.
Stable Value Fund
The fund’s investment objectives are preservation of principal, consistent returns and a stable credited rate of interest. Managed by Galliard Capital Management, the fund is primarily comprised of highly rated (AA or higher) insurance company and bank investment contracts issued by financial institutions and other eligible stable value investments that seek to provide participants with safety of principal and accrued interest as well as a stable crediting rate. All contract issuers and securities utilized in the portfolio are rated investment grade at time of purchase. Invesco Advisers, Inc. replaced Galliard Capital Management as fund manager effective January 1, 2020.
Target Date Funds
The Target Date Funds seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash investments. Target Date Funds provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind for retirement. These funds aim to provide investors with an optimal level of return and risk, based solely on the target date. These funds invest in other Future Fund investment options and management adjusts the allocation among asset classes to more conservative mixes as the target date approaches, following a preset glide path. A Target Date Fund is part of a suite of funds offering multiple retirement dates to investors. The Plan’s ten Target Date Funds include a Target Date Retirement Fund as well as Target Date Funds in five-year increments (2020-2060).
U.S. Bond Index Fund
The investment seeks to track the performance of a broad, market-weighted bond index. The fund employs an indexing investment approach designed to track the performance of Bloomberg Barclays U.S. Aggregate Bond Index. It invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. The fund invests at least 80% of assets in bonds held in the index. It maintains a dollar-weighted average maturity consistent with that of the index, ranging between 5 and 10 years
Socially Responsible Fund
The investment seeks to track the performance of a benchmark index that measures the investment return of large- and mid-capitalization stocks and invests primarily in securities of companies that meet the fund's environmental, social and governance criteria. The fund employs a passive management or indexing investment approach designed to track the performance of the S&P 500 Index. The index is composed primarily of large- and mid-cap stocks that have been screened for certain social and environmental criteria. The fund attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index.
Note 2 - Summary of Significant Accounting Policies
The Plan prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which include the application of accrual accounting.
The value of the investments held at December 31, 2019 and 2018 are stated at fair value with the exception of the fully benefit responsive investment contracts. Shares of mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the Plan at year-end. CVS Health common stock and common stock owned directly in the Small Cap Value Fund, the Growth and Income Fund, and the Large Cap Growth Fund separately managed funds, are valued based upon quoted market prices.
The Plan invests in fully benefit responsive Guaranteed Investment Contracts (“GICs”) and synthetic GICs, and fully benefit responsive security-backed investment contracts. Synthetic GICs are investment contracts issued by an insurance company, or other financial institution, backed by a portfolio of bonds that are owned by the Plan. GICs and security-backed investment contracts are investment contracts issued by an insurance company backed by a portfolio underlying the contract that is maintained separately from the contract issuer’s general assets. Contract value is the relevant measurement attributable to fully benefit responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The contract value of the fully benefit responsive investment contracts represents contributions plus earnings, less participant withdrawals and administrative expenses.
Common Collective Trust (“CCT”) funds are valued at the net asset value (“NAV”) and reported by the respective funds at each valuation date.
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. 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.
Distributions of benefits are recorded when paid.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
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(e) | Accrual Basis of Accounting |
The Plan utilizes the accrual basis of accounting.
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(f) | Purchases and Sales of Securities |
Purchases and sales of securities are made on a trade-date basis. Due to timing of settlements, there may be pending transactions as of the financial statement date that result in a receivable or payable to the Plan.
Dividend and interest income is recorded when earned. Net appreciation and depreciation include the Plan’s
gains and losses on investments bought and sold as well as held during the year.
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(h) | Notes Receivable from Participants |
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Notes receivable are collateralized by the participant’s account balance and bear interest at a market rate (Prime + 1%). If a participant ceases to make loan repayments, the outstanding loan balance will be deemed defaulted and result in a taxable event to the participant.
Note 3 - Fair Value Measurements
The Plan uses the three-level hierarchy for the recognition and disclosure of fair value measurements. The categorization of assets and liabilities within this hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the fair value hierarchy consist of the following:
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• | Level 1 - Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access at the measurement date. |
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• | Level 2 - Inputs to the valuation methodology are quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. |
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• | Level 3 - Inputs to the valuation methodology are unobservable inputs based upon management’s best estimate of inputs market participants could use in pricing the asset or liability at the measurement date, including assumptions about risk. |
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.
CCT funds: Valued at the NAV and reported by the respective funds at each valuation date.
GICs: These contracts meet the fully benefit responsive investment contract criteria and are reported at contract value.
Security-backed investment contracts and synthetic GICs: These contracts meet the fully benefit responsive investment contract criteria, and the underlying securities, collective funds, and wrapper contracts are reported at contract value.
Mutual funds: Valued at the NAV of shares held by the Plan at year-end which are reported on an active market.
Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.
The market value of CVS Health Common Stock was $74.29 and $65.52 per share at December 31, 2019 and 2018, respectively. The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019 and 2018:
|
| | | | | | | | | | | | | | | |
| December 31, 2019 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Cash | $ | 39,956 |
| | $ | — |
| | $ | — |
| | $ | 39,956 |
|
Mutual funds | 5,153,541,092 |
| | — |
| | — |
| | 5,153,541,092 |
|
Common stock | 2,242,470,849 |
| | — |
| | — |
| | 2,242,470,849 |
|
CCT funds | 4,040,055,975 |
| | — |
| | — |
| | 4,040,055,975 |
|
Total investments at fair value | $ | 11,436,107,872 |
| | $ | — |
| | $ | — |
| | 11,436,107,872 |
|
| | | | | | | |
Synthetic GICs | | | | | | | 733,913,470 |
|
Security-backed investment contracts | | | | | | | 255,140,860 |
|
Total investments at contract value | | | | | | | 989,054,330 |
|
| | | | | | | |
Total investments | | | | | | | $ | 12,425,162,202 |
|
|
| | | | | | | | | | | | | | | |
| December 31, 2018 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Cash | $ | 4,841 |
| | $ | — |
| | $ | — |
| | $ | 4,841 |
|
Mutual funds | 3,915,933,398 |
| | — |
| | — |
| | 3,915,933,398 |
|
Common stock | 1,842,032,896 |
| | — |
| | — |
| | 1,842,032,896 |
|
CCT funds | 3,469,851,984 |
| | — |
| | — |
| | 3,469,851,984 |
|
Total investments at fair value | $ | 9,227,823,119 |
| | $ | — |
| | $ | — |
| | 9,227,823,119 |
|
| | | | | | | |
GIC's | | | | | | | 5,197,924 |
|
Synthetic GICs | | | | | | | 603,029,028 |
|
Security-backed investment contracts | | | | | | | 223,787,731 |
|
Total investments at contract value | | | | | | | 832,014,683 |
|
| | | | | | | |
Total investments | | | | | | | $ | 10,059,837,802 |
|
Note 4 - Notes Receivable from Participants
Participants may obtain loans from the Plan utilizing funds accumulated in their accounts. The minimum amount that may be borrowed is $1,000. Participants can borrow up to 50% of their vested account balance but not more than $50,000, less their highest outstanding loan balance during the previous twelve months. The loans are repaid to the Plan through after-tax payroll deductions and direct repayments to the Recordkeeper. The term of the loan is selected at the discretion of the participant, but may not exceed five years for a general loan and twenty-five years for a primary residence loan, except that primary residence loans initiated under the former CareSave plan, which transferred into the Plan as of December 31, 2012, were permitted to have a maximum loan repayment period of up to ten years only. Participants may have two loans outstanding at any time, but no more than one primary residence loan. Interest on loans is equal to the Prime Rate as of the prior month-end plus 1%.
Note 5 - Investment Policy
At December 31, 2019 and 2018, most of the Plan’s 401(k)-related assets were allocated among the investment options discussed in Note 1(i) based on employees’ elections. The investment options are recommended by an independent investment consultant and approved by the Investment Subcommittee. Notes Receivable repayments and interest earned are allocated to each of the investment funds based upon the participants’ contribution election percentages.
Note 6 - Plan Termination and Related Commitments
Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If the Company terminates the Plan, all participants in the Plan become fully vested.
Note 7 - Federal Income Taxes
The Plan was amended and restated as of January 1, 2016. The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated February 16, 2017, stating that the Plan as amended and restated as of January 1, 2016, is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Subsequent to this determination by the IRS, the Plan has been further amended. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified and the related trust is tax exempt.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2019, there are no uncertain tax positions taken or expected to be taken. The Plan has recognized no interest related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; in May, 2020 the DOL initiated a routine audit for Plan years 2017 to present.
Note 8 - Transactions with Parties-In-Interest
As of December 31, 2019 and 2018, certain Plan investments are investment funds managed by the Plan’s Trustee, The Bank of New York Mellon. The Plan also invests in shares of CVS Health’s common stock and records associated dividend income. Although these transactions qualify as party-in-interest transactions, they are exempt from the prohibited transaction rule under ERISA.
Note 9 - Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of the net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2019 and 2018:
|
| | | | | | | | |
| | 2019 | | 2018 |
Net assets available for benefits per the financial statements | | $ | 12,656,958,219 |
| | $ | 10,287,338,824 |
|
Adjustment from contract value to fair value for certain fully benefit responsive investment contracts | | 6,995,271 |
| | (11,122,961 | ) |
Net assets available for benefits per the Form 5500 | | $ | 12,663,953,490 |
| | $ | 10,276,215,863 |
|
The following is a reconciliation of total additions per the financial statements to total income per the Form 5500 for the year ended December 31, 2019 and 2018:
|
| | | | | | | |
| 2019 | | 2018 |
Total additions per the financial statements | $ | 3,170,548,349 |
| | $ | 226,477,182 |
|
Net change on adjustment from contract value to fair value for certain fully benefit responsive investment contracts | 18,118,232 |
| | (9,771,134 | ) |
Total income per the Form 5500 | $ | 3,188,666,581 |
| | $ | 216,706,048 |
|
Note 10 - Investment Contracts with Insurance Companies
The Plan holds a portfolio of investment contracts which includes a guaranteed investment contract and a portfolio of separate account guaranteed investment contracts and synthetic guaranteed investment contracts. These contracts meet the fully benefit‐responsive investment contract criteria and, therefore, are reported at contract value. Contract value is the relevant measure for fully benefit‐responsive investment contracts because this is the amount received by participants when they initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less withdrawals.
Separate account guaranteed investment contracts and synthetic guaranteed investment contracts are issued by insurance companies or other financial institutions, backed by a portfolio of bonds. The bond portfolio may be structured as a fixed income separate account or collective fund. The bond portfolio is either owned by the contract issuer and segregated in a separate account for the benefit of the Plan (separate account guaranteed investment contract) or owned directly by the Plan (synthetic guaranteed investment contract). The issuer guarantees that all qualified participant withdrawals will be at contract value and that the crediting rate applied will not be less than 0%. Crediting rates are typically reset quarterly to account for the difference between the contract value and the fair value of the underlying portfolio.
If the Plan defaults in its obligations under the contract (including the issuer’s determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value as of the date of termination. Each contract recognizes certain “events of default” which can invalidate the contracts’ coverage. Among these are investments outside of the range of instruments which are permitted under the investment guidelines contained in the investment contract, fraudulent or other material misrepresentations made to the issuer, changes of control of the investment adviser not approved by the contract issuer, changes in certain key regulatory requirements, or failure of the Plan to be tax qualified.
The contracts also generally provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment; however, such events may include, but not be limited to, the following:
| |
• | Material amendments to the Plan’s structure or administration; |
| |
• | Complete or partial termination of the Plan, including a merger with another plan; |
| |
• | The failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; |
| |
• | The redemption of all or a portion of the interests in the Plan at the direction of the plan sponsor, including withdrawals due to the removal of a specifically identifiable group of employees from coverage under the plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of the plan sponsor, the merger of the plan with another plan, or the plan sponsor’s establishment of another tax qualified defined contribution plan; |
| |
• | Any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the Plan; |
| |
• | Changes to competing investment options; and |
| |
• | The delivery of any communication to plan participants to influence a participant not to invest in the stable value option. |
At this time, the occurrence of any such market value adjustment event is not probable.
Note 11 - Subsequent Events
Aetna Acquisition
On November 28, 2018, CVS Health acquired Aetna Inc. On January 1, 2020, the Company merged the Aetna 401(k) Plan into the Future Fund. The Aetna 401(k) Plan was a participant-directed defined contribution plan covering eligible employees of Aetna Inc., and its subsidiaries. The merger resulted in a transfer of assets of approximately $9.3 billion into the Future Fund effective January 1, 2020, which will be included in the statements of net assets available for benefits as of December 31, 2020 and the statements of changes in net assets available for benefits for the year then ended.
COVID-19
Subsequent to December 31, 2019, the coronavirus disease 2019 (“COVID-19”) pandemic has severely impacted the economies of the U.S. and other countries around the world and the values of investment securities, including the common stock price of the Company and many other companies. As of June 23, 2020, the impact of COVID-19 on the Plan’s statements of net assets and statements of changes in net assets, including with respect to certain COVID-19 related relief that was allowable and offered under the Plan, has not been material. The impact of COVID-19 on companies and the U.S. and global economies continues to evolve rapidly, and the future effects of COVID-19 on the Plan’s statements of net assets and statements of changes in net assets are uncertain but could be adverse and material.
Future Fund Plan Changes
Effective January 1, 2020, the maximum participant contribution percentage is increased from 60% to 75% of eligible compensation under the Plan.
CVS HEALTH FUTURE FUND 401(k) PLAN
SUPPLEMENTAL SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2019
Plan Number: 017 EIN 05-0494040
|
| | | | | | | | | |
Fund | | Par value /number of shares | Identity of issue | | Description | | Current Value** |
| | | | | | | |
Small Cap Growth Fund | | 3,011,501 |
| Vanguard Explorer Fund | | Mutual Fund | $ | 292,747,993 |
|
Small Cap Index Fund | | 1,461,953 |
| Vanguard Small Cap Index Fund | | Mutual Fund | | 334,918,787 |
|
Mid Cap Index Fund | | 4,750,484 |
| Vanguard Mid Cap Index Fund | | Mutual Fund | | 1,142,016,389 |
|
International Equity Index Fund | | 61,821,074 |
| Vanguard Developed Markets Index Fund Institutional Shares | | Mutual Fund | | 1,368,100,413 |
|
Inflation-Protected Bond Fund | | 13,845,016 |
| Vanguard Inflation-Protected Securities Admiral Fund | | Mutual Fund | | 145,926,465 |
|
Socially Responsible Fund | | 992,140 |
| Large Cap Equity Neuberger Berman | | Mutual Fund | | 21,727,873 |
|
Global Equity Fund | | 13,184,589 |
| American Funds-New Perspective Fund | | Mutual Fund | | 622,971,804 |
|
Core Equity Fund | | 15,311,836 |
| Vanguard Institutional 500 Index Trust Fund | | Common Collective Trust Fund | | 2,205,822,975 |
|
U.S. Bond Index Fund | | 9,788,531 |
| Vanguard Total Bond Market Index Trust Fund | | Common Collective Trust Fund | | 1,094,553,639 |
|
| | | | | | | |
CVS Health Common Stock Fund | | 10,403,941 |
| CVS Health Common Stock | | CVS Health Corporation Common Stock | | 772,908,777 |
|
| | 6,779,053 |
| EB Temporary Investment Fund II | | Common Collective Trust Fund | | 6,779,053 |
|
| | | CVS Health Common Stock Fund Subtotal | | | | 779,687,830 |
|
| | | | | | | |
| | 1,909,286 |
| EB Temporary Investment Fund II* | | Common Collective Trust Fund | | 1,909,286 |
|
| | | | | | | |
Stable Value Fund | | | | | Separately Managed Fund | | |
| | 18,722,802 |
| Wells Fargo Fixed Income Fund F | | Synthetic | $ | 280,491,686 |
|
| | 6,527,813 |
| Wells Fargo Fixed Income Fund J | | Synthetic | | 103,535,032 |
|
| | 10,723,040 |
| Wells Fargo Fixed Income Fund L | | Synthetic | | 147,712,024 |
|
| | 8,131,119 |
| Wells Fargo Fixed Income Fund N | | Synthetic | | 104,510,085 |
|
| | 8,917,416 |
| Wells Fargo Fixed Income Fund Q | | Synthetic | | 104,659,899 |
|
| | 880,897 |
| Metropolitan Life Ins Co. - Short | | Security backed contract | | 99,559,147 |
|
| | 1,285,696 |
| Metropolitan Life Ins Co. - Intermediate | | Security backed contract | | 155,581,713 |
|
| | 53,005,502 |
| EB Temporary Investment Fund II* | | Common Collective Trust Fund | | 52,942,069 |
|
| | | Stable Value Fund Subtotal | | | $ | 1,048,991,655 |
|
| | | | | | | |
Diversified Bond Fund | | | Loomis Sayles, Dodge & Cox and Vanguard | | Separately Managed Fund | | |
| | 18,627,344 |
| Dodge & Cox Income Fund | | Mutual Fund | $ | 261,341,630 |
|
| | 526,456 |
| Loomis Sayles Core Plus Bond Fund I | | Mutual Fund | | 261,195,733 |
|
| | 19,609,289 |
| Vanguard Total Bond Market Index Trust Fund | | Common Collective Trust Fund | | 58,868,355 |
|
| | | Diversified Fund Subtotal | | | $ | 581,405,718 |
|
| | | | | | | |
International Equity Fund | | | Franklin Templeton, American Funds, and Vanguard | | Separately Managed Fund | | |
| | 2,645,407 |
| American Funds EuroPacific Growth Fund | | Mutual Fund | $ | 146,952,384 |
|
| | 9,445,189 |
| Templeton Foreign Equity Series-Primary Shares Fund | | Mutual Fund | | 146,778,242 |
|
| | 415,078 |
| Vanguard Total International Stock Index Fund | | Mutual Fund | | 49,589,344 |
|
| | 1,433,616 |
| Vanguard International Growth Fund Admiral | | Mutual Fund | | 147,361,413 |
|
| | | International Equity Fund Subtotal | | | $ | 490,681,383 |
|
| | | | | | | |
Small Cap Value Fund | | | Dimensional Fund Advisors, Sapience Investments, and Vanguard | | Separately Managed Fund | | |
| | 14,000 |
| ARGO GROUP INTERNATIONAL HOLDI | | Common Stock | $ | 920,500 |
|
| | 17,400 |
| ASSURED GUARANTY LTD | | Common Stock | | 852,948 |
|
| | 50,390 |
| BANK OF NT BUTTERFIELD & SON L | | Common Stock | | 1,865,438 |
|
| | 18,800 |
| ESSENT GROUP LTD | | Common Stock | | 977,412 |
|
| | 34,630 |
| LIBERTY LATIN AMERICA LTD | | Common Stock | | 668,359 |
|
| | 29,300 |
| CAPRI HOLDINGS LTD | | Common Stock | | 1,117,795 |
|
| | 91,590 |
| DESPEGAR.COM CORP | | Common Stock | | 1,234,633 |
|
| | 19,920 |
| RITCHIE BROS AUCTIONEERS INC | | Common Stock | | 855,564 |
|
| | 109,350 |
| FGL HOLDINGS | | Common Stock | | 1,164,578 |
|
| | 26,430 |
| ADIENT PLC | | Common Stock | | 561,638 |
|
|
| | | | | | | | | |
| | 152,460 |
| SAMSONITE INTERNATIONAL SA | | Common Stock | | 1,826,090 |
|
| | 12,300 |
| POPULAR INC | | Common Stock | | 726,375 |
|
| | 113,050 |
| HUNTING PLC | | Common Stock | | 625,110 |
|
| | 70,980 |
| GATES INDUSTRIAL CORP PLC | | Common Stock | | 976,685 |
|
| | 40,630 |
| ACADIA HEALTHCARE CO INC | | Common Stock | | 1,349,729 |
|
| | 19,250 |
| AIR LEASE CORP | | Common Stock | | 917,648 |
|
| | 58,950 |
| ALLEGHENY TECHNOLOGIES INC | | Common Stock | | 1,217,907 |
|
| | 30,755 |
| ALTRA INDUSTRIAL MOTION CORP | | Common Stock | | 1,118,952 |
|
| | 28,550 |
| ARTISAN PARTNERS ASSET MANAGEM | | Common Stock | | 922,736 |
|
| | 84,910 |
| ASCENA RETAIL GROUP INC | | Common Stock | | 650,835 |
|
| | 34,100 |
| BANK OZK | | Common Stock | | 1,040,221 |
|
| | 52,750 |
| BEACON ROOFING SUPPLY INC | | Common Stock | | 1,686,945 |
|
| | 23,100 |
| CATHAY GENERAL BANCORP | | Common Stock | | 878,955 |
|
| | 42,620 |
| DAVE & BUSTER'S ENTERTAINMENT | | Common Stock | | 1,712,045 |
|
| | 275,958 |
| DIEBOLD NIXDORF INC | | Common Stock | | 2,914,116 |
|
| | 77,210 |
| ELF BEAUTY INC | | Common Stock | | 1,245,397 |
|
| | 66,335 |
| EL POLLO LOCO HOLDINGS INC | | Common Stock | | 1,004,312 |
|
| | 15,800 |
| ENPRO INDUSTRIES INC | | Common Stock | | 1,056,704 |
|
| | 51,200 |
| FIRST HAWAIIAN INC | | Common Stock | | 1,477,120 |
|
| | 318,538 |
| FORUM ENERGY TECHNOLOGIES INC | | Common Stock | | 535,144 |
|
| | 25,400 |
| GLACIER BANCORP INC | | Common Stock | | 1,168,146 |
|
| | 28,250 |
| IAA INC | | Common Stock | | 1,329,445 |
|
| | 24,150 |
| INTEGRA LIFESCIENCES HOLDINGS | | Common Stock | | 1,407,462 |
|
| | 96,350 |
| JAGGED PEAK ENERGY INC | | Common Stock | | 818,012 |
|
| | 123,920 |
| KAR AUCTION SERVICES INC | | Common Stock | | 2,721,795 |
|
| | 11,800 |
| MSC INDUSTRIAL DIRECT CO INC | | Common Stock | | 925,946 |
|
| | 30,200 |
| MEDNAX INC | | Common Stock | | 839,258 |
|
| | 135,220 |
| MICHAELS COS INC/THE | | Common Stock | | 1,093,930 |
|
| | 20,800 |
| NATUS MEDICAL INC | | Common Stock | | 686,192 |
|
| | 45,950 |
| NAVIENT CORP | | Common Stock | | 628,596 |
|
| | 14,000 |
| NORTHWESTERN CORP | | Common Stock | | 1,003,380 |
|
| | 54,650 |
| OUTFRONT MEDIA INC | | Common Stock | | 1,465,713 |
|
| | 81,450 |
| PHYSICIANS REALTY TRUST | | Common Stock | | 1,542,663 |
|
| | 63,605 |
| PLANTRONICS INC | | Common Stock | | 1,738,961 |
|
| | 12,960 |
| POST HOLDINGS INC | | Common Stock | | 1,413,936 |
|
| | 19,200 |
| QTS REALTY TRUST INC | | Common Stock | | 1,050,432 |
|
| | 80,950 |
| REDWOOD TRUST INC | | Common Stock | | 1,338,913 |
|
| | 66,650 |
| RESIDEO TECHNOLOGIES INC | | Common Stock | | 795,135 |
|
| | 44,890 |
| RESOURCES CONNECTION INC | | Common Stock | | 733,054 |
|
| | 104,060 |
| SLM CORP | | Common Stock | | 927,175 |
|
| | 24,050 |
| SILGAN HOLDINGS INC | | Common Stock | | 747,474 |
|
| | 26,600 |
| STERICYCLE INC | | Common Stock | | 1,697,346 |
|
| | 63,650 |
| STERLING BANCORP/DE | | Common Stock | | 1,341,742 |
|
| | 17,160 |
| SYNEOS HEALTH INC | | Common Stock | | 1,020,591 |
|
| | 33,050 |
| TREEHOUSE FOODS INC | | Common Stock | | 1,602,925 |
|
| | 16,362 |
| VALVOLINE INC | | Common Stock | | 350,310 |
|
| | 54,500 |
| VIPER ENERGY PARTNERS LP | | Common Stock | | 1,343,970 |
|
| | 18,865 |
| WINTRUST FINANCIAL CORP | | Common Stock | | 1,337,529 |
|
| | 115,590 |
| WPX ENERGY INC | | Common Stock | | 1,588,207 |
|
| | 2,074,107 |
| EB TEMP INV FD* | | Common Collective Trust Fund | | 2,077,640 |
|
| | | | | | | |
| | 1,935,614 |
| VANGUARD EXPLORER VALUE FUND | | Mutual Fund | | 70,920,900 |
|
| | | | | | | |
| | 6,082,473 |
| DFA US Targeted Value Portfolio | | Mutual Fund | | 140,991,734 |
|
| | | | | | | |
| | | Small Cap Value Fund Subtotal | | | $ | 282,750,403 |
|
| | | | | | | |
Growth & Income Fund | | | Columbia Threadneedle, Mellon Capital and Barrow Hanley | | Separately Managed Fund | | |
| | 162,897 |
| MARVELL TECHNOLOGY GROUP LTD | | Common Stock | $ | 4,336,318 |
|
| | 58,605 |
| NORWEGIAN CRUISE LINE HOLDINGS | | Common Stock | | 3,423,118 |
|
| | — |
| JOHNSON CONTROLS INTERNATIONAL | | Common Stock | | 16,544 |
|
| | 19,057 |
| LINDE PLC | | Common Stock | | 4,057,235 |
|
|
| | | | | | | | | |
| | 39,026 |
| MEDTRONIC PLC | | Common Stock | | 4,448,574 |
|
| | 20,771 |
| WILLIS TOWERS WATSON PLC | | Common Stock | | 4,207,997 |
|
| | 28,162 |
| ROYAL CARIBBEAN CRUISES LTD | | Common Stock | | 3,781,021 |
|
| | 13,724 |
| CHUBB LTD | | Common Stock | | 2,146,170 |
|
| | 59,999 |
| COCA-COLA EUROPEAN PARTNERS PL | | Common Stock | | 3,052,749 |
|
| | 76,944 |
| NIELSEN HOLDINGS PLC | | Common Stock | | 1,561,963 |
|
| | 23,477 |
| ADVANCE AUTO PARTS INC | | Common Stock | | 3,761,430 |
|
| | 20,120 |
| AIR PRODUCTS & CHEMICALS INC | | Common Stock | | 4,751,338 |
|
| | 31,661 |
| AMERICAN EXPRESS CO | | Common Stock | | 3,941,478 |
|
| | 36,529 |
| AMERICAN INTERNATIONAL GROUP I | | Common Stock | | 1,875,034 |
|
| | 12,103 |
| ANTHEM INC | | Common Stock | | 3,655,469 |
|
| | 90,317 |
| ARAMARK | | Common Stock | | 3,919,758 |
|
| | 62,628 |
| BANK OF NEW YORK MELLON CORP/T | | Common Stock | | 3,152,067 |
|
| | 15,725 |
| BERKSHIRE HATHAWAY INC | | Common Stock | | 3,561,713 |
|
| | 12,362 |
| BROADCOM INC | | Common Stock | | 3,906,639 |
|
| | 43,374 |
| CVS HEALTH CORP | | Common Stock | | 3,222,254 |
|
| | 24,445 |
| CHEVRON CORP | | Common Stock | | 2,945,867 |
|
| | 94,470 |
| COMCAST CORP | | Common Stock | | 4,248,316 |
|
| | 97,462 |
| CORTEVA INC | | Common Stock | | 2,880,977 |
|
| | 16,561 |
| DEERE & CO | | Common Stock | | 2,881,818 |
|
| | 29,882 |
| DOLLAR GENERAL CORP | | Common Stock | | 4,660,994 |
|
| | 45,769 |
| DOMINION ENERGY INC | | Common Stock | | 3,790,589 |
|
| | 15,275 |
| DUPONT DE NEMOURS INC | | Common Stock | | 980,655 |
|
| | 26,739 |
| EOG RESOURCES INC | | Common Stock | | 2,239,659 |
|
| | 55,968 |
| E*TRADE FINANCIAL CORP | | Common Stock | | 2,539,268 |
|
| | 84,697 |
| EBAY INC | | Common Stock | | 3,058,409 |
|
| | 35,076 |
| EDISON INTERNATIONAL | | Common Stock | | 2,667,442 |
|
| | 212,057 |
| ELEMENT SOLUTIONS INC | | Common Stock | | 2,476,826 |
|
| | 59,279 |
| ENVISTA HOLDINGS CORP | | Common Stock | | 1,757,030 |
|
| | 69,359 |
| EXELON CORP | | Common Stock | | 3,162,077 |
|
| | 49,824 |
| FIDELITY NATIONAL FINANCIAL IN | | Common Stock | | 2,259,518 |
|
| | 366,673 |
| GENERAL ELECTRIC CO | | Common Stock | | 4,095,595 |
|
| | 59,452 |
| HESS CORP | | Common Stock | | 3,971,988 |
|
| | 20,829 |
| JB HUNT TRANSPORT SERVICES INC | | Common Stock | | 2,432,411 |
|
| | 28,339 |
| JPMORGAN CHASE & CO | | Common Stock | | 3,950,457 |
|
| | 40,674 |
| JACOBS ENGINEERING GROUP INC | | Common Stock | | 3,653,745 |
|
| | 109,406 |
| JEFFERIES FINANCIAL GROUP INC | | Common Stock | | 2,338,006 |
|
| | 645,537 |
| KOSMOS ENERGY LTD | | Common Stock | | 3,679,561 |
|
| | 60,251 |
| LENNAR CORP | | Common Stock | | 3,361,403 |
|
| | 55,823 |
| LIBERTY PROPERTY TRUST | | Common Stock | | 3,375,059 |
|
| | 32,049 |
| LOWE'S COS INC | | Common Stock | | 3,838,188 |
|
| | 119,253 |
| MGM RESORTS INTERNATIONAL | | Common Stock | | 3,967,547 |
|
| | 128,852 |
| MGM GROWTH PROPERTIES LLC | | Common Stock | | 4,051,107 |
|
| | 22,610 |
| MICROSOFT CORP | | Common Stock | | 3,565,597 |
|
| | 31,524 |
| MICROCHIP TECHNOLOGY INC | | Common Stock | | 3,301,193 |
|
| | 85,115 |
| NAVIENT CORP | | Common Stock | | 1,164,373 |
|
| | 254,179 |
| NEW YORK COMMUNITY BANCORP INC | | Common Stock | | 3,055,232 |
|
| | 23,497 |
| NORTHERN TRUST CORP | | Common Stock | | 2,512,129 |
|
| | 58,394 |
| ORACLE CORP | | Common Stock | | 3,093,714 |
|
| | 39,057 |
| OWENS CORNING | | Common Stock | | 2,543,392 |
|
| | 113,885 |
| PARSLEY ENERGY INC | | Common Stock | | 2,153,565 |
|
| | 29,079 |
| PHILLIPS 66 | | Common Stock | | 3,239,691 |
|
| | 40,475 |
| QUALCOMM INC | | Common Stock | | 3,571,109 |
|
| | 291,369 |
| SLM CORP | | Common Stock | | 2,596,098 |
|
| | 111,384 |
| SEAWORLD ENTERTAINMENT INC | | Common Stock | | 3,531,987 |
|
| | 43,278 |
| SPIRIT AEROSYSTEMS HOLDINGS IN | | Common Stock | | 3,158,450 |
|
| | 23,795 |
| STANLEY BLACK & DECKER INC | | Common Stock | | 3,943,783 |
|
| | 28,701 |
| TEXAS INSTRUMENTS INC | | Common Stock | | 3,682,051 |
|
| | 58,511 |
| US BANCORP | | Common Stock | | 3,493,692 |
|
| | 24,370 |
| UNITED TECHNOLOGIES CORP | | Common Stock | | 3,649,651 |
|
| | 14,349 |
| UNITEDHEALTH GROUP INC | | Common Stock | | 4,218,319 |
|
| | 34,290 |
| VALERO ENERGY CORP | | Common Stock | | 3,211,259 |
|
| | 42,024 |
| WESTINGHOUSE AIR BRAKE TECHNOL | | Common Stock | | 3,269,467 |
|
|
| | | | | | | | | |
| | 57,308 |
| WELLS FARGO & CO | | Common Stock | | 3,083,170 |
|
| | | | | | | 218,081,303 |
|
| | | | | | | |
| | 633,100 |
| BARRICK GOLD CORP | | Common Stock | | 11,769,329 |
|
| | 483,817 |
| TECHNIPFMC PLC | | Common Stock | | 10,373,036 |
|
| | 725,618 |
| AES CORP/VA | | Common Stock | | 14,439,798 |
|
| | 242,233 |
| AMERICAN INTERNATIONAL GROUP I | | Common Stock | | 12,433,820 |
|
| | 159,746 |
| APPLIED MATERIALS INC | | Common Stock | | 9,750,896 |
|
| | 460,469 |
| BANK OF AMERICA CORP | | Common Stock | | 16,217,718 |
|
| | 140,639 |
| BAXTER INTERNATIONAL INC | | Common Stock | | 11,791,174 |
|
| | 195,618 |
| BRISTOL-MYERS SQUIBB CO | | Common Stock | | 12,556,719 |
|
| | 81,262 |
| CIGNA CORP | | Common Stock | | 16,617,266 |
|
| | 131,492 |
| CSX CORP | | Common Stock | | 9,514,761 |
|
| | 70,458 |
| CHEVRON CORP | | Common Stock | | 8,490,894 |
|
| | 180,273 |
| CITIGROUP INC | | Common Stock | | 14,402,010 |
|
| | 592,318 |
| CORNING INC | | Common Stock | | 17,242,377 |
|
| | 220,596 |
| FMC CORP | | Common Stock | | 22,116,955 |
|
| | 894,974 |
| FREEPORT-MCMORAN INC | | Common Stock | | 11,742,059 |
|
| | 196,894 |
| HALLIBURTON CO | | Common Stock | | 4,817,996 |
|
| | 77,204 |
| HONEYWELL INTERNATIONAL INC | | Common Stock | | 13,665,108 |
|
| | 45,730 |
| HUMANA INC | | Common Stock | | 16,786,111 |
|
| | 106,020 |
| JPMORGAN CHASE & CO | | Common Stock | | 14,779,188 |
|
| | 134,668 |
| LOWE'S COS INC | | Common Stock | | 16,127,840 |
|
| | 168,378 |
| MARATHON PETROLEUM CORP | | Common Stock | | 10,144,775 |
|
| | 200,632 |
| METLIFE INC | | Common Stock | | 10,226,213 |
|
| | 234,759 |
| MORGAN STANLEY | | Common Stock | | 12,000,880 |
|
| | 48,098 |
| NEXTERA ENERGY INC | | Common Stock | | 11,647,412 |
|
| | 179,977 |
| PHILIP MORRIS INTERNATIONAL IN | | Common Stock | | 15,499,544 |
|
| | 116,122 |
| QUALCOMM INC | | Common Stock | | 10,245,444 |
|
| | 757,800 |
| QURATE RETAIL INC | | Common Stock | | 6,388,254 |
|
| | 376,000 |
| TERADATA CORP | | Common Stock | | 10,065,520 |
|
| | 189,456 |
| TYSON FOODS INC | | Common Stock | | 17,248,074 |
|
| | 37,569 |
| UNION PACIFIC CORP | | Common Stock | | 6,792,100 |
|
| | 59,796 |
| UNITED TECHNOLOGIES CORP | | Common Stock | | 8,955,049 |
|
| | 280,884 |
| UNUM GROUP | | Common Stock | | 8,190,577 |
|
| | 82,378 |
| VALERO ENERGY CORP | | Common Stock | | 7,714,700 |
|
| | 345,695 |
| VERIZON COMMUNICATIONS INC | | Common Stock | | 21,225,673 |
|
| | 225,219 |
| WELLS FARGO & CO | | Common Stock | | 12,116,782 |
|
| | 433,201 |
| WILLIAMS COS INC/THE | | Common Stock | | 10,275,528 |
|
| | — |
| DIVIDENDS RECEIVABLE RECLAIM | | Common Stock | | 3,400 |
|
| | | | | | $ | 444,374,980 |
|
| | | | | | | |
| | 716,998 |
| EB DL NON SL LARGE CAP VALUE STOCK INDEX FUND | | Common Collective Trust Fund | | 222,326,720 |
|
| | | | | | | |
| | 4,490,682 |
| EB TEMP INV FD* | | Common Collective Trust Fund | | 4,503,289 |
|
| | | | | | | |
| | 2,568,659 |
| EB TEMP INV FD* | | Common Collective Trust Fund | | 2,578,380 |
|
| | | | | | | |
| | | Growth & Income Fund Subtotal | | | $ | 891,864,672 |
|
| | | | | | | |
Large Cap Growth Fund | | | Columbus Circle, T. Rowe Price and Mellon Capital | | Separately Managed Fund | | |
| | 120,000 |
| ABBOTT LABORATORIES | | Common Stock | $ | 10,423,200 |
|
| | 115,500 |
| ACTIVISION BLIZZARD INC | | Common Stock | | 6,863,010 |
|
| | 75,816 |
| AKAMAI TECHNOLOGIES INC | | Common Stock | | 6,548,986 |
|
| | 24,700 |
| ALIBABA GROUP HOLDING LTD | | Common Stock | | 5,238,870 |
|
| | 11,863 |
| ALPHABET INC-CL A | | Common Stock | | 15,889,184 |
|
| | 6,293 |
| AMAZON.COM INC | | Common Stock | | 11,628,457 |
|
| | 61,400 |
| APPLE INC | | Common Stock | | 18,030,110 |
|
| | 7,545 |
| CHIPOTLE MEXICAN GRILL INC | | Common Stock | | 6,315,995 |
|
| | 28,000 |
| DEXCOM INC | | Common Stock | | 6,124,720 |
|
| | 119,800 |
| DR HORTON INC | | Common Stock | | 6,319,450 |
|
| | 21,100 |
| EDWARDS LIFESCIENCES CORP | | Common Stock | | 4,922,419 |
|
|
| | | | | | | | | |
| | 57,600 |
| ESTEE LAUDER COS INC/THE | | Common Stock | | 11,896,704 |
|
| | 58,600 |
| FACEBOOK INC | | Common Stock | | 12,027,650 |
|
| | 86,038 |
| FIDELITY NATIONAL INFORMATION | | Common Stock | | 11,967,025 |
|
| | 56,200 |
| HONEYWELL INTERNATIONAL INC | | Common Stock | | 9,947,400 |
|
| | 40,200 |
| JOHNSON & JOHNSON | | Common Stock | | 5,863,974 |
|
| | 75,100 |
| JPMORGAN CHASE & CO | | Common Stock | | 10,468,940 |
|
| | 68,964 |
| KEYSIGHT TECHNOLOGIES INC | | Common Stock | | 7,077,775 |
|
| | 30,100 |
| L3HARRIS TECHNOLOGIES INC | | Common Stock | | 5,955,887 |
|
| | 32,100 |
| LAM RESEARCH CORP | | Common Stock | | 9,417,550 |
|
| | 25,000 |
| LULULEMON ATHLETICA INC | | Common Stock | | 5,791,750 |
|
| | 220,900 |
| MARVELL TECHNOLOGY GROUP LTD | | Common Stock | | 5,880,358 |
|
| | 51,731 |
| MASTERCARD INC | | Common Stock | | 15,446,359 |
|
| | 111,800 |
| MERCK & CO INC | | Common Stock | | 10,236,408 |
|
| | 108,600 |
| MICRON TECHNOLOGY INC | | Common Stock | | 5,840,508 |
|
| | 127,600 |
| MICROSOFT CORP | | Common Stock | | 20,122,520 |
|
| | 88,300 |
| NIKE INC | | Common Stock | | 8,975,245 |
|
| | 34,700 |
| PAYPAL HOLDINGS INC | | Common Stock | | 3,753,499 |
|
| | 87,100 |
| PROCTER & GAMBLE CO/THE | | Common Stock | | 10,878,790 |
|
| | 35,100 |
| RINGCENTRAL INC | | Common Stock | | 5,920,317 |
|
| | 14,800 |
| ROKU INC | | Common Stock | | 1,981,720 |
|
| | 27,700 |
| SALESFORCE.COM INC | | Common Stock | | 4,505,128 |
|
| | 31,700 |
| SERVICENOW INC | | Common Stock | | 8,949,544 |
|
| | 168,100 |
| SNAP INC | | Common Stock | | 2,745,073 |
|
| | 97,600 |
| STARBUCKS CORP | | Common Stock | | 8,580,992 |
|
| | 37,500 |
| TARGET CORP | | Common Stock | | 4,807,875 |
|
| | 79,000 |
| TEMPUR SEALY INTERNATIONAL INC | | Common Stock | | 6,877,740 |
|
| | 34,116 |
| THERMO FISHER SCIENTIFIC INC | | Common Stock | | 11,089,747 |
|
| | 118,000 |
| TWITTER INC | | Common Stock | | 3,781,900 |
|
| | 66,796 |
| VISA INC | | Common Stock | | 12,550,968 |
|
| | 37,081 |
| VULCAN MATERIALS CO | | Common Stock | | 5,339,293 |
|
| | 75,900 |
| WALT DISNEY CO/THE | | Common Stock | | 11,044,209 |
|
| | 45,800 |
| ZIMMER BIOMET HOLDINGS INC | | Common Stock | | 6,866,336 |
|
| | | | | | | 364,893,585 |
|
| | | | | | | |
| | 2,696 |
| ABBOTT LABORATORIES | | Common Stock | | 234,175 |
|
| | 23,800 |
| ADVANCED MICRO DEVICES INC | | Common Stock | | 1,091,468 |
|
| | 777 |
| AGILENT TECHNOLOGIES INC | | Common Stock | | 66,426 |
|
| | 1,149 |
| AIR PRODUCTS & CHEMICALS INC | | Common Stock | | 271,336 |
|
| | 13,108 |
| ALEXION PHARMACEUTICALS INC | | Common Stock | | 1,417,630 |
|
| | 76,832 |
| ALIBABA GROUP HOLDING LTD | | Common Stock | | 16,296,067 |
|
| | 3,455 |
| ALPHABET INC-CL A | | Common Stock | | 4,627,592 |
|
| | 14,712 |
| ALPHABET INC-CL C | | Common Stock | | 19,670,238 |
|
| | 17,823 |
| AMAZON.COM INC | | Common Stock | | 32,934,052 |
|
| | 9,560 |
| AMERICAN INTERNATIONAL GROUP I | | Common Stock | | 490,715 |
|
| | 66 |
| AMERICAN TOWER CORP | | Common Stock | | 15,235 |
|
| | 299 |
| AMGEN INC | | Common Stock | | 72,080 |
|
| | 12,631 |
| ANTHEM INC | | Common Stock | | 3,814,941 |
|
| | 32,699 |
| APPLE INC | | Common Stock | | 9,602,061 |
|
| | 25,399 |
| APPLIED MATERIALS INC | | Common Stock | | 1,550,355 |
|
| | 22,443 |
| APTIV PLC | | Common Stock | | 2,131,412 |
|
| | 2,544 |
| ATLASSIAN CORP PLC | | Common Stock | | 306,145 |
|
| | 3,019 |
| AUTOMATIC DATA PROCESSING INC | | Common Stock | | 517,487 |
|
| | 19,173 |
| BECTON DICKINSON AND CO | | Common Stock | | 5,214,481 |
|
| | 25,492 |
| BOEING CO/THE | | Common Stock | | 8,304,274 |
|
| | 2,770 |
| BOOKING HOLDINGS INC | | Common Stock | | 5,688,832 |
|
| | 500 |
| BOSTON SCIENTIFIC CORP | | Common Stock | | 22,610 |
|
| | 196 |
| BROADCOM INC | | Common Stock | | 61,940 |
|
| | 3,435 |
| CANADIAN PACIFIC RAILWAY LTD | | Common Stock | | 877,952 |
|
| | 26,772 |
| CENTENE CORP | | Common Stock | | 1,683,156 |
|
| | 29,567 |
| CHARLES SCHWAB CORP/THE | | Common Stock | | 1,406,207 |
|
| | 300 |
| CHIPOTLE MEXICAN GRILL INC | | Common Stock | | 251,133 |
|
| | 4,890 |
| CHUBB LTD | | Common Stock | | 764,634 |
|
| | 32,383 |
| CIGNA CORP | | Common Stock | | 6,622,000 |
|
|
| | | | | | | | | |
| | 1,989 |
| CINTAS CORP | | Common Stock | | 535,200 |
|
| | 1,351 |
| CITIGROUP INC | | Common Stock | | 107,931 |
|
| | 4,788 |
| CONCHO RESOURCES INC | | Common Stock | | 419,285 |
|
| | 147 |
| CONSTELLATION BRANDS INC | | Common Stock | | 27,893 |
|
| | 2,736 |
| COSTAR GROUP INC | | Common Stock | | 1,636,949 |
|
| | 28,436 |
| DANAHER CORP | | Common Stock | | 4,369,191 |
|
| | 9,487 |
| DOCUSIGN INC | | Common Stock | | 703,082 |
|
| | 28,455 |
| DOLLAR GENERAL CORP | | Common Stock | | 4,438,411 |
|
| | 8,193 |
| DOLLAR TREE INC | | Common Stock | | 770,552 |
|
| | 8,306 |
| ELECTRONIC ARTS INC | | Common Stock | | 892,978 |
|
| | 5,334 |
| EQUIFAX INC | | Common Stock | | 747,400 |
|
| | 6,058 |
| EXACT SCIENCES CORP | | Common Stock | | 560,244 |
|
| | 117,002 |
| FACEBOOK INC | | Common Stock | | 24,014,661 |
|
| | 2,766 |
| FERRARI NV | | Common Stock | | 457,884 |
|
| | 44,623 |
| FIDELITY NATIONAL INFORMATION | | Common Stock | | 6,206,613 |
|
| | 52,361 |
| FISERV INC | | Common Stock | | 6,054,502 |
|
| | 6,625 |
| FLEETCOR TECHNOLOGIES INC | | Common Stock | | 1,906,145 |
|
| | 3,626 |
| FORTIVE CORP | | Common Stock | | 276,990 |
|
| | 38,524 |
| GLOBAL PAYMENTS INC | | Common Stock | | 7,032,941 |
|
| | 1,145 |
| GOLDMAN SACHS GROUP INC/THE | | Common Stock | | 263,270 |
|
| | 11,437 |
| HCA HEALTHCARE INC | | Common Stock | | 1,690,503 |
|
| | 17,809 |
| HILTON WORLDWIDE HOLDINGS INC | | Common Stock | | 1,975,196 |
|
| | 6,501 |
| HONEYWELL INTERNATIONAL INC | | Common Stock | | 1,150,677 |
|
| | 9,336 |
| IAC/INTERACTIVECORP | | Common Stock | | 2,325,691 |
|
| | 6,013 |
| IHS MARKIT LTD | | Common Stock | | 453,080 |
|
| | 23,103 |
| INTERCONTINENTAL EXCHANGE INC | | Common Stock | | 2,138,183 |
|
| | 26,488 |
| INTUIT INC | | Common Stock | | 6,938,002 |
|
| | 9,355 |
| INTUITIVE SURGICAL INC | | Common Stock | | 5,530,208 |
|
| | 516 |
| JPMORGAN CHASE & CO | | Common Stock | | 71,930 |
|
| | 2,829 |
| KANSAS CITY SOUTHERN | | Common Stock | | 434,421 |
|
| | 6,344 |
| KLA CORP | | Common Stock | | 1,130,310 |
|
| | 5,796 |
| L3HARRIS TECHNOLOGIES INC | | Common Stock | | 1,146,855 |
|
| | 3,538 |
| LAM RESEARCH CORP | | Common Stock | | 1,037,430 |
|
| | 5,983 |
| LINDE PLC | | Common Stock | | 1,273,781 |
|
| | 7,771 |
| LULULEMON ATHLETICA INC | | Common Stock | | 1,800,308 |
|
| | 10,280 |
| MARRIOTT INTERNATIONAL INC/MD | | Common Stock | | 1,556,700 |
|
| | 11,751 |
| MARSH & MCLENNAN COS INC | | Common Stock | | 1,309,179 |
|
| | 59,460 |
| MARVELL TECHNOLOGY GROUP LTD | | Common Stock | | 1,582,825 |
|
| | 40,923 |
| MASTERCARD INC | | Common Stock | | 12,219,199 |
|
| | 7,400 |
| MATCH GROUP INC | | Common Stock | | 607,614 |
|
| | 6,540 |
| MAXIM INTEGRATED PRODUCTS INC | | Common Stock | | 402,275 |
|
| | 2,057 |
| MICROCHIP TECHNOLOGY INC | | Common Stock | | 215,409 |
|
| | 119,243 |
| MICROSOFT CORP | | Common Stock | | 18,804,621 |
|
| | 26,384 |
| MORGAN STANLEY | | Common Stock | | 1,348,750 |
|
| | 166 |
| MOTOROLA SOLUTIONS INC | | Common Stock | | 26,855 |
|
| | 16,972 |
| NETFLIX INC | | Common Stock | | 5,491,630 |
|
| | 132 |
| NEXTERA ENERGY INC | | Common Stock | | 31,965 |
|
| | 21,359 |
| NIKE INC | | Common Stock | | 2,168,109 |
|
| | 3,309 |
| NORFOLK SOUTHERN CORP | | Common Stock | | 642,376 |
|
| | 5,485 |
| NORTHROP GRUMMAN CORP | | Common Stock | | 1,886,675 |
|
| | 10,571 |
| NVIDIA CORP | | Common Stock | | 2,487,356 |
|
| | 3,510 |
| PAYCOM SOFTWARE INC | | Common Stock | | 929,308 |
|
| | 55,466 |
| PAYPAL HOLDINGS INC | | Common Stock | | 5,999,757 |
|
| | 136 |
| PHILIP MORRIS INTERNATIONAL IN | | Common Stock | | 11,731 |
|
| | 4,699 |
| PIONEER NATURAL RESOURCES CO | | Common Stock | | 713,355 |
|
| | 8,569 |
| QUALCOMM INC | | Common Stock | | 756,043 |
|
| | 9,928 |
| RESTAURANT BRANDS INTERNATIONA | | Common Stock | | 639,509 |
|
| | 6,795 |
| ROPER TECHNOLOGIES INC | | Common Stock | | 2,406,993 |
|
| | 29,024 |
| ROSS STORES INC | | Common Stock | | 3,378,974 |
|
| | 6,506 |
| ROYAL CARIBBEAN CRUISES LTD | | Common Stock | | 873,691 |
|
| | 7,937 |
| S&P GLOBAL INC | | Common Stock | | 2,167,198 |
|
| | 43,295 |
| SALESFORCE.COM INC | | Common Stock | | 7,041,499 |
|
| | 1,700 |
| SEATTLE GENETICS INC | | Common Stock | | 194,242 |
|
|
| | | | | | | | | |
| | 6,477 |
| SEMPRA ENERGY | | Common Stock | | 987,403 |
|
| | 25,326 |
| SERVICENOW INC | | Common Stock | | 7,150,036 |
|
| | 1,736 |
| SHERWIN-WILLIAMS CO/THE | | Common Stock | | 1,013,025 |
|
| | 19,540 |
| SPLUNK INC | | Common Stock | | 2,926,506 |
|
| | 5,394 |
| SPOTIFY TECHNOLOGY SA | | Common Stock | | 806,673 |
|
| | 6,000 |
| STATE STREET CORP | | Common Stock | | 477,720 |
|
| | 31,664 |
| STRYKER CORP | | Common Stock | | 6,665,747 |
|
| | 2,786 |
| SYNOPSYS INC | | Common Stock | | 387,811 |
|
| | 43,163 |
| TD AMERITRADE HOLDING CORP | | Common Stock | | 2,145,201 |
|
| | 617 |
| TELEFLEX INC | | Common Stock | | 232,263 |
|
| | 176,401 |
| TENCENT HOLDINGS LTD | | Common Stock | | 8,469,012 |
|
| | 4,173 |
| TEXAS INSTRUMENTS INC | | Common Stock | | 535,354 |
|
| | 13,635 |
| THERMO FISHER SCIENTIFIC INC | | Common Stock | | 4,432,193 |
|
| | 9,114 |
| TJX COS INC/THE | | Common Stock | | 556,501 |
|
| | 16,791 |
| TRIP.COM GROUP LTD | | Common Stock | | 563,170 |
|
| | 6,388 |
| UNION PACIFIC CORP | | Common Stock | | 1,154,887 |
|
| | 22,434 |
| UNITED AIRLINES HOLDINGS INC | | Common Stock | | 1,976,211 |
|
| | 218 |
| UNITED PARCEL SERVICE INC | | Common Stock | | 25,519 |
|
| | 24,558 |
| UNITEDHEALTH GROUP INC | | Common Stock | | 7,219,561 |
|
| | 2,700 |
| VEEVA SYSTEMS INC | | Common Stock | | 379,782 |
|
| | 28,437 |
| VERTEX PHARMACEUTICALS INC | | Common Stock | | 6,226,281 |
|
| | 5,518 |
| VF CORP | | Common Stock | | 549,924 |
|
| | 73,387 |
| VISA INC | | Common Stock | | 13,789,417 |
|
| | 11,731 |
| VMWARE INC | | Common Stock | | 1,780,649 |
|
| | 3,854 |
| WELLCARE HEALTH PLANS INC | | Common Stock | | 1,272,629 |
|
| | 17,287 |
| WILLIS TOWERS WATSON PLC | | Common Stock | | 3,502,173 |
|
| | 22,847 |
| WORKDAY INC | | Common Stock | | 3,757,189 |
|
| | 7,353 |
| WYNN RESORTS LTD | | Common Stock | | 1,021,111 |
|
| | 1,049 |
| XILINX INC | | Common Stock | | 102,561 |
|
| | 3,543 |
| YUM! BRANDS INC | | Common Stock | | 356,886 |
|
| | 4,303 |
| ZOETIS INC | | Common Stock | | 569,502 |
|
| | | | | | $ | 373,452,066 |
|
| | | | | | | |
| | — |
| Cash | | Cash | | 39,950 |
|
| | 1,416,997 |
| EB TEMP INV FD* | | Common Collective Trust Fund | | 1,419,168 |
|
| | 9,876,787 |
| EB TEMP INV FD* | | Common Collective Trust Fund | | 9,886,670 |
|
| | 1,419,746 |
| EB DL NON SL LARGE CAP GROWTH | | Common Collective Trust Fund | | 376,388,749 |
|
| | | | | | | |
| | | Large Cap Growth Fund Subtotal | | | $ | 1,126,080,188 |
|
| | | | | | | |
| | | | | | | |
| | — |
| Notes receivable from participants | | Prime rate as of the month end prior to loan request date plus 1% | $ | 230,672,338 |
|
| | | | | | | |
| | | Total Assets Held in the Plan | | | $ | 12,662,829,811 |
|
*Party-in-interest
**Represents fair value for all investments with the exception of GICs and security-backed investment contracts where Current Value represents contract value.
Exhibits
Exhibits to this Form 11-K are as follows:
INDEX TO EXHIBITS
SIGNATURES
The Plan. 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.
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| | CVS HEALTH FUTURE FUND 401(k) PLAN |
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Date: | June 23, 2020 | By: | /s/ EVA C. BORATTO |
| | | Eva C. Boratto |
| | | Executive Vice President and Chief Financial Officer |