UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2022
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| ☐ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to _____
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| Commission File Number 0-20355 |
| A. Full title of the plan and the address of the plan, if different from that of the issuer named below: |
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| Costco 401(k) Retirement Plan |
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| B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
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Costco Wholesale Corporation
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999 Lake Drive
Issaquah, Washington 98027
COSTCO 401(k) RETIREMENT PLAN
Table of Contents
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| Financial Statements: | |
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| Supplementary Information: | |
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| Exhibits: | |
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Report of Independent Registered Public Accounting Firm
To the Plan Administrator and Participants of
Costco 401(k) Retirement Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of Costco 401(k) Retirement Plan (the "Plan") as of December 31, 2022, the related statement of changes in net assets available for benefits for the year 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 as of December 31, 2022, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
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 Information
The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of Costco 401(k) Retirement Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule 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 supplemental schedule, we evaluated whether the supplemental schedule, 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 supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.
/s/ Crowe LLP
Oak Brook, Illinois
June 29, 2023
We have served as the Plan's auditor since 2023.
Report of Independent Registered Public Accounting Firm
To the Plan Administrator and Participants of
Costco 401(k) Retirement Plan:
Opinion on the Financial Statement
We have audited the accompanying statement of net assets available for benefits of the Costco 401(k) Retirement Plan (the "Plan") as of December 31, 2021, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
This financial statement is the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.
/s/ Moss Adams LLP
Seattle, Washington
June 28, 2022
We served as the Plan’s auditor from 2020 through 2022.
COSTCO 401(k) RETIREMENT PLAN
Statements of Net Assets Available for Benefits
December 31, 2022 and 2021
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | 2022 | | 2021 |
| Assets: | | | | | | | |
| Investments at fair value | $ | 23,048,193 | | | $ | 28,855,019 | |
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| Investments at contract value: | | | |
| | Fully benefit-responsive investment contracts | 1,849,278 | | | 1,618,026 | |
| | | | | Total investments | 24,897,471 | | | 30,473,045 | |
| Receivables: | | | | |
| | Notes receivable from participants | 514,605 | | | 472,585 | |
| | | | | |
| | Employer contributions | 499,820 | | | 442,793 | |
| | | | | Total receivables | 1,014,425 | | | 915,378 | |
| Non-interest bearing cash | 1,066 | | | 2,119 | |
| Net assets available for benefits | $ | 25,912,962 | | | $ | 31,390,542 | |
See accompanying notes to financial statements.
COSTCO 401(k) RETIREMENT PLAN
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| 2022 |
| Net investment loss: | |
| Net depreciation of investments | $ | (5,657,120) | |
| Interest | 35,775 | |
| Dividends | 152,167 | |
| | Total net investment loss | (5,469,178) | |
| Interest on notes receivable from participants | 23,892 | |
| Contributions to the Plan: | |
| Employee | 965,106 | |
| Employer | 579,044 | |
| | Total contributions | 1,544,150 | |
| Distributions to participants and other | (1,576,444) | |
| | Decrease in net assets | (5,477,580) | |
| Net assets available for benefits, beginning of year | 31,390,542 | |
| Net assets available for benefits, end of year | $ | 25,912,962 | |
See accompanying notes to financial statements.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2022 and 2021
(1)Plan Description
The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. To participate in the Plan, an individual must be an employee of Costco Wholesale Corporation (the Company or Costco) or certain subsidiaries.
The Plan is a defined contribution plan for the benefit of eligible employees, established by the Company under Section 401(a) of the Internal Revenue Code (IRC). It includes a qualified cash or deferred arrangement as described in Section 401(k). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
(a)Employee Contributions
The Plan allows certain employees at least 18 years of age to make salary deferral contributions after completing 90 days of service within 12-consecutive months. Eligible employees may contribute from 1% to 50% of their compensation, subject to certain limitations set by the IRC and the Plan. Eligible employees may also contribute amounts representing certain distributions from other retirement plans (rollover contributions).
All newly-eligible participants entering the Plan after April 1, 2022, are automatically enrolled in the Plan at a salary contribution rate of 4%, up from 3%. On an active participant’s employment anniversary date and each anniversary date thereafter the percentage deferred into the Plan automatically increases by one percentage point, to a maximum of 20%. Employees may opt out of automatic enrollment and increases. Contributions are subject to regulatory requirements.
(b)Employer Contributions
Company contributions are invested in accordance with selections made by participants. If no selection has been made, the contribution defaults to the Retirement Trust Fund corresponding to the participant's age. Employer contributions are allocated based on an employee’s classification as either: covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or other eligible employment.
(1) Covered by the Teamsters Agreements
The Company matched 50% of each employee’s contribution up to a maximum of $250 during 2022. Eligible employees at least 18 years of age who have completed one year of service (12 consecutive months) are eligible for an annual employer contribution and Plan entry dates for the employer contribution are January 1 and July 1. The annual employer contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from $0.05 to $0.47 per straight-time hour worked during the Plan year, up to a maximum of 2,080 hours. This annual contribution was $6.2 million for the year ended December 31, 2022, and was deposited into the Plan and allocated to participant accounts in March 2023. Starting in 2023, the Company no longer matches employee's contribution.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
(2) Other eligible employment
The Company matches 50% of each employee’s contribution up to a maximum of $500 per year. In addition, eligible employees at least 18 years of age who have completed one year of service (12 consecutive months) are eligible for an annual discretionary employer contribution and Plan entry dates for the discretionary contribution are January 1 and July 1. The discretionary contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from 4% to 9% of the participant's compensation. This discretionary contribution was $493.6 million for the year ended December 31, 2022, and was deposited into the Plan and allocated to participant accounts in March 2023.
(c)Participants’ Accounts
Each participant’s account is credited or debited with the participant’s contributions, the Company’s contributions, earnings and losses, fees, expenses, and changes in underlying account assets. The benefit to which a participant is entitled is the vested account balance.
(d)Vesting
Participants are immediately vested in their deferral contributions and in certain other contributions as defined in the Plan document, adjusted for investment experience, fees and expenses. Vesting in any form of employer contribution is based on the following schedule:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Years of service | | Percentage vested |
| Under 2 years | | 0% |
| 2 years | | 20% |
| 3 years | | 40% |
| 4 years | | 60% |
| 5 years | | 100% |
(e)Forfeitures
If a participant terminates employment, the non-vested portion of the account balance is forfeited. Forfeited amounts are used to reduce future employer contributions or to pay administrative expenses. Forfeitures were immaterial during 2022. There were no unallocated forfeitures as of December 31, 2022 and 2021, after consideration of forfeitures used to reduce the employer contributions funded subsequent to each year. Forfeitures are restored to a participant’s account if within five years the participant is re-hired and repays the vested account balance distributed upon termination.
(f)Investment Options
Participants may direct funds in their account to the Plan's available options. Participants may transfer amounts between investment options daily, subject to certain trading restrictions. Before 2016, participants could invest 100% of their account in Costco stock; starting January 2016, the Plan has a 50% limit on investment in Costco stock, applied prospectively.
Amounts may be temporarily invested in a cash account prior to investment in the Plan’s investment accounts. See Notes 2, 3 and 4 for additional information regarding the Plan's investments.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
(g)Distributions
Upon termination of employment, total disability, reaching age 59-1/2 or death, a participant (or participant's beneficiary in the case of death) can request a full, partial or, in certain circumstances, installment or rollover distribution for the vested portion of the account. Participants are also eligible to withdraw a portion of the salary-deferral contribution account in the event of certain financial hardships.
Dividends on the Company's stock are reinvested in the participant’s Company stock account unless a distribution is requested by the participant. These dividends are reported on a gross basis, with total dividends reported as "Dividends" and the amounts distributed reported as "Distributions to participants and other" in the statement of changes in net assets available for benefits.
(h)Notes Receivable from Participants
A participant may borrow between $1,000 up to the lesser of $50,000 or 45% of their vested account balance, reduced by the highest outstanding balance in the previous 12 months minus the outstanding balance of all loans on the date on which the loan is made, provided this amount is available in the participant's pre-tax and rollover accounts. Loans are repaid through payroll deductions over a period ranging up to four years or, if for the purchase of a principal residence, up to 15 years. The bi-weekly re-payment amount cannot exceed 25% of the participant's net pay. The interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates charged by commercial lenders. At December 31, 2022, interest rates on loans outstanding ranged from 4.25% to 10.25%, with various maturities through December 2037. Participant accounts with loans are charged an application fee at initiation and an annual maintenance fee.
(i)Trustee and Plan Administrator
T. Rowe Price Trust Company is the trustee and recordkeeper for the Plan, and the Costco Benefits Committee is the Plan Administrator.
(j)Administrative and Investment Expenses
Certain administrative expenses, including investment management and transaction fees, are paid by the Plan, subject to subparagraph (e) above. All other administrative expenses are paid by the Company.
(2)Summary of Significant Accounting Policies
(a)Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting. As required under U.S. generally accepted accounting principles (U.S. GAAP), fully benefit-responsive investment contracts (FBRIC) are reported at contract value (see Note 3), while all other investments in the Plan are reported at fair value (see Note 4). A benefit-responsive investment contract is a contract with a financial institution or an insurance company that provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
(b)Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
(c)Investment Valuation and Income Recognition
The Plan invests in the Company’s common stock, common commingled trust funds and other exchange-traded equity securities held in separately managed accounts, as well as registered investment companies and a FBRIC.
Investments, other than the FBRIC, are reported at fair value. If available, quoted market prices are used to value investments. The FBRIC consists of the Capital Preservation Portfolio (CPP), which is invested in synthetic guaranteed investment contracts and is recorded at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.
There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than zero. Such interest rates are reviewed on a quarterly basis for resetting. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Events may include, but are not limited to, Plan termination, bankruptcy of the Company, or defunction of the trustee. In addition, certain events allow the issuer to terminate the contract with the Plan and settle at an amount different from contract value. Examples of such events include the following: (1) an uncured violation of the Plan’s investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, or (4) a material amendment to the agreements without the consent of the issuer. The Plan Administrator believes at this time that any events that would limit the Plan’s ability to transact at contract value with participants or that allow the issuer to terminate the contract with the Plan are not probable.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value of assets from one period to the next, plus realized gains and losses.
Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. Changes in the values of investment securities could occur, and those changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances.
(d)Notes Receivable from Participants
Participant loans are classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.
(e)Distribution of Benefits
Distributions of benefits are recorded when paid.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
(f) Subsequent Events
The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued.
(3)Fully Benefit-Responsive Investment Contract
The CPP is invested in synthetic guaranteed investment contracts, which consist of a portfolio of underlying assets owned by the Plan and wrap contracts issued by an insurance company and a financial institution. The issuers of the wrap contracts provide for unscheduled withdrawals from the contracts at contract value, regardless of the value of the underlying assets, in order to fund routine withdrawals.
(4)Fair Value Measurement
U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs. The three levels of inputs are:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Significant unobservable inputs that are not corroborated by market data.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Valuation techniques utilized during the reporting period were not changed from previous practice. The following is a description of the valuation methodologies used for assets measured at fair value.
Common stock, underlying securities in separately managed accounts, and registered investment company funds: These investments are deemed to be actively traded and are valued at the closing price reported in the active market in which the individual securities are traded. These assets are valued using Level 1 inputs. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. Separately managed accounts largely consist of common stock and a collective trust as of December 31, 2022.
Common commingled trust funds: The valuation techniques used to measure the fair value of common commingled trust funds are based on quoted market prices, such as quoted net asset values (NAV) published by the fund as supported in an active market. Plan participant transactions of investment or withdrawals may occur on a daily basis in these trusts. These assets are valued using Level 1 inputs.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
The tables below present information regarding investments that are measured at fair value on a recurring basis and indicate the level within the hierarchy reflecting the valuation techniques utilized to determine fair value as of December 31, 2022 and 2021.
| | | | | | | | | | | |
| December 31, 2022: | Level 1
(in 000's) | | | | | | |
| Investments, at fair value: | | | | | | | |
| Costco Wholesale Corporation common stock | $ | 11,486,680 | | | | | | | |
| Common commingled trust funds | 7,865,744 | | | | | | | |
| Separately managed accounts | 2,171,053 | | | | | | | |
| Registered investment company funds | 1,524,716 | | | | | | | |
| Total investments in fair value hierarchy | $ | 23,048,193 | | | | | | | |
| | | | | | | | | | | |
| December 31, 2021: | Level 1
(in 000's) | | | | | | |
| Investments, at fair value: | | | | | | | |
| Costco Wholesale Corporation common stock | $ | 14,917,808 | | | | | | | |
| Common commingled trust funds | 7,798,371 | | | | | | | |
| Separately managed accounts | 3,810,457 | | | | | | | |
| Registered investment company funds | 2,328,383 | | | | | | | |
| Total investments in fair value hierarchy | $ | 28,855,019 | | | | | | | |
(5)Plan Termination
Although it has no present intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to ERISA and the requirements of the collective bargaining agreements with the International Brotherhood of Teamsters. In the event of termination, participants will become 100% vested in their accounts.
(6)Commitments and Contingencies
On June 23, 2020, a putative class action was filed against the Company, the "Board of Directors," the "Costco Benefits Committee" and others under the Employee Retirement Income Security Act, in the United States District Court for the Eastern District of Wisconsin. Dustin S. Soulek v. Costco Wholesale, et al., Case No. 20-cv-937. The class was alleged to be beneficiaries of the Costco 401(k) plan from June 23, 2014, and the claims were that the defendants breached their fiduciary duties in the operation and oversight of the plan. The complaint sought injunctive relief, damages, interest, costs, and attorneys' fees. On September 11, 2020, the defendants filed a motion to dismiss the complaint, and on September 21, 2020, the plaintiffs filed an amended complaint, which the defendants moved to dismiss. On March 17, 2022, the court granted preliminary approval of a class-wide settlement, under which the Company would pay an immaterial amount. On July 18, 2022, the Court granted final approval of the settlement.
COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements (Continued)
December 31, 2022 and 2021
(7)Tax Status
In a determination letter dated June 9, 2017, the IRS informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been restated and amended since receiving the determination letter. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the IRC.
U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; there are currently no audits in progress.
(8)Party-in-Interest and Related Party Transactions
Certain Plan investments are shares of registered investment companies, fully benefit-responsive investment contracts, and common commingled trust funds managed by T. Rowe Price Trust Company. T. Rowe Price is also the trustee and recordkeeper as defined by the Plan, therefore these transactions qualify as exempt party-in-interest transactions.
As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. As of December 31, 2022 and 2021, the Plan held 25,162,000 and 26,278,000 shares of Costco common stock. During 2022, 515,000 shares were purchased and 1,631,000 shares were sold.
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
EIN: 91-1223280 Plan #: 002
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| Registered investment company and common commingled trust funds: | | | | | | |
| | Capital Group | | New Perspective Trust U3 | | ** | | $ | 394,619 | |
| | PIMCO | | Income Institutional | | ** | | 449,412 | |
| | * T. Rowe Price | | Retirement Balanced Trust J | | ** | | 29,890 | |
| | * T. Rowe Price | | TRP Ret 2005 Active Trust J | | ** | | 19,819 | |
| | * T. Rowe Price | | TRP Ret 2010 Active Trust J | | ** | | 35,787 | |
| | * T. Rowe Price | | TRP Ret 2015 Active Trust J | | ** | | 113,260 | |
| | * T. Rowe Price | | TRP Ret 2020 Active Trust J | | ** | | 352,052 | |
| | * T. Rowe Price | | TRP Ret 2025 Active Trust J | | ** | | 689,157 | |
| | * T. Rowe Price | | TRP Ret 2030 Active Trust J | | ** | | 890,204 | |
| | * T. Rowe Price | | TRP Ret 2035 Active Trust J | | ** | | 823,832 | |
| | * T. Rowe Price | | TRP Ret 2040 Active Trust J | | ** | | 937,873 | |
| | * T. Rowe Price | | TRP Ret 2045 Active Trust J | | ** | | 1,057,983 | |
| | * T. Rowe Price | | TRP Ret 2050 Active Trust J | | ** | | 697,718 | |
| | * T. Rowe Price | | TRP Ret 2055 Active Trust J | | ** | | 825,060 | |
| | * T. Rowe Price | | TRP Ret 2060 Active Trust J | | ** | | 351,739 | |
| | * T. Rowe Price | | TRP Ret 2065 Active Trust J | | ** | | 39,146 | |
| | * T. Rowe Price | | TRP Ret 2020 Active Trust-Income J | | ** | | 3,277 | |
| | Vanguard | | Extended Market Index Institutional | | ** | | 51,114 | |
| | Vanguard | | Total International Stock Index Institutional | | ** | | 56,479 | |
| | Vanguard | | Total Bond Market Index Fund Institutional | | ** | | 112,186 | |
| | Vanguard | | Institutional Index, Plus | | ** | | 855,525 | |
| | Wellington | | CIF II Growth S5 | | ** | | 604,328 | |
| | Total registered investment company and common commingled trust funds | | | | 9,390,460 | |
| Separately managed accounts: | | | | | | | | |
| | Mid-Cap Growth Portfolio: | | | | | | |
| | | Acadia Healthcare Co Inc. | | Common Stock | | ** | | 14,237 | |
| | | Agilent Technologies Inc. | | Common Stock | | ** | | 29,571 | |
| | | Agilon Health Inc. | | Common Stock | | ** | | 911 | |
| | | Alnylam Pharmaceuticals Inc. | | Common Stock | | ** | | 16,421 | |
| | | Amphenol Corp - Class A | | Common Stock | | ** | | 8,994 | |
| | | Apellis Pharmaceuticals Inc. | | Common Stock | | ** | | 2,238 | |
| | | Assurant Inc. | | Common Stock | | ** | | 11,913 | |
| | | Atlassian Corp - Class A | | Common Stock | | ** | | 4,459 | |
| | | Avantor Inc. | | Common Stock | | ** | | 16,198 | |
| | | Avery Dennison Corp. | | Common Stock | | ** | | 14,820 | |
| | | Ball Corp. | | Common Stock | | ** | | 16,561 | |
| | | Bath & Body Works Inc. | | Common Stock | | ** | | 7,284 | |
| | | Bill Holdings Inc. | | Common Stock | | ** | | 3,525 | |
| | | Black Knight Inc. | | Common Stock | | ** | | 10,360 | |
| | | Boston Beer Company Inc - Class A | | Common Stock | | ** | | 5,212 | |
| | | Bright Horizons Family Solutions Inc. | | Common Stock | | ** | | 4,637 | |
| | | Broadridge Financial Solutions, Inc. | | Common Stock | | ** | | 6,375 | |
| | | Bruker Corp. | | Common Stock | | ** | | 20,270 | |
| | | Burlington Stores Inc. | | Common Stock | | ** | | 24,315 | |
| | | BWX Technologies Inc. | | Common Stock | | ** | | 4,349 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Casey's General Stores Inc. | | Common Stock | | ** | | 12,119 | |
| | | Catalent Inc. | | Common Stock | | ** | | 10,030 | |
| | | Cboe Global Markets Inc. | | Common Stock | | ** | | 3,796 | |
| | | CCC Intelligent Solutions Holdings Inc. | | Common Stock | | ** | | 5,595 | |
| | | Cheniere Energy Inc. | | Common Stock | | ** | | 7,786 | |
| | | Chipotle Mexican Grill Inc. | | Common Stock | | ** | | 5,957 | |
| | | Clear Secure Inc - Class A | | Common Stock | | ** | | 1,999 | |
| | | Cognex Corp. | | Common Stock | | ** | | 5,061 | |
| | | Confluent Inc - Class A | | Common Stock | | ** | | 955 | |
| | | Cooper Cos Inc/The | | Common Stock | | ** | | 17,169 | |
| | | Corning Inc. | | Common Stock | | ** | | 3,435 | |
| | | Costar Group Inc. | | Common Stock | | ** | | 12,362 | |
| | | Coterra Energy Inc. | | Common Stock | | ** | | 4,821 | |
| | | Crowdstrike Holdings Inc - Class A | | Common Stock | | ** | | 8,433 | |
| | | Dentsply Sirona Inc. | | Common Stock | | ** | | 3,443 | |
| | | Devon Energy Corp. | | Common Stock | | ** | | 3,995 | |
| | | Dollar General Corp. | | Common Stock | | ** | | 15,441 | |
| | | Dollar Tree Inc. | | Common Stock | | ** | | 12,259 | |
| | | Domino's Pizza Inc. | | Common Stock | | ** | | 11,241 | |
| | | Doximity Inc - Class A | | Common Stock | | ** | | 2,879 | |
| | | Enovis Corp. | | Common Stock | | ** | | 6,852 | |
| | | Equifax Inc. | | Common Stock | | ** | | 16,942 | |
| | | Esab Corp. | | Common Stock | | ** | | 6,484 | |
| | | Exact Sciences Corp. | | Common Stock | | ** | | 3,110 | |
| | | Fair Isaac Corp. | | Common Stock | | ** | | 11,774 | |
| | | Five Below | | Common Stock | | ** | | 8,424 | |
| | | Fleetcor Technologies Inc. | | Common Stock | | ** | | 13,884 | |
| | | Fortinet Inc. | | Common Stock | | ** | | 16,886 | |
| | | Fortive Corp. | | Common Stock | | ** | | 16,783 | |
| | | Hashicorp Inc - Class A | | Common Stock | | ** | | 587 | |
| | | Hilton Worldwide Holdings Inc. | | Common Stock | | ** | | 18,270 | |
| | | Hologic Inc. | | Common Stock | | ** | | 37,222 | |
| | | Hunt (JB) Transport Services, Inc. | | Common Stock | | ** | | 18,733 | |
| | | ICU Medical Inc. | | Common Stock | | ** | | 5,928 | |
| | | Idex Corp. | | Common Stock | | ** | | 9,804 | |
| | | Ingersoll-Rand Inc. | | Common Stock | | ** | | 26,952 | |
| | | Intercontinental Exchange Inc. | | Common Stock | | ** | | 9,004 | |
| | | Ionis Pharmaceuticals Inc. | | Common Stock | | ** | | 6,875 | |
| | | Karuna Therapeutics Inc. | | Common Stock | | ** | | 2,118 | |
| | | Kemper Corp. | | Common Stock | | ** | | 2,525 | |
| | | Keysight Technologies Inc. | | Common Stock | | ** | | 19,319 | |
| | | KKR & Co Inc. | | Common Stock | | ** | | 13,196 | |
| | | KLA Corp. | | Common Stock | | ** | | 17,947 | |
| | | Lattice Semiconductor Corp. | | Common Stock | | ** | | 6,692 | |
| | | Leidos Holdings Inc. | | Common Stock | | ** | | 3,393 | |
| | | Liberty Media Corp., Series C | | Common Stock | | ** | | 12,290 | |
| | | Littelfuse Inc. | | Common Stock | | ** | | 2,001 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Lululemon Athletica Inc. | | Common Stock | | ** | | 2,527 | |
| | | Marketaxess Holdings Inc. | | Common Stock | | ** | | 11,974 | |
| | | Martin Marietta Materials | | Common Stock | | ** | | 12,860 | |
| | | Marvell Technology Inc. | | Common Stock | | ** | | 19,625 | |
| | | Match Group Inc. | | Common Stock | | ** | | 2,229 | |
| | | MGM Resorts International | | Common Stock | | ** | | 15,225 | |
| | | Microchip Technology Inc. | | Common Stock | | ** | | 33,985 | |
| | | Mobileye Global Inc - Class A | | Common Stock | | ** | | 741 | |
| | | Molina Healthcare Inc. | | Common Stock | | ** | | 7,254 | |
| | | MongoDB Inc. | | Common Stock | | ** | | 2,103 | |
| | | National Instruments Corp. | | Common Stock | | ** | | 6,433 | |
| | | O'Reilly Automotive Inc. | | Common Stock | | ** | | 10,872 | |
| | | Palo Alto Networks Inc. | | Common Stock | | ** | | 1,811 | |
| | | Paylocity Holding Corp. | | Common Stock | | ** | | 7,138 | |
| | | Pioneer Natural Resources Co. | | Common Stock | | ** | | 13,851 | |
| | | PTC Inc. | | Common Stock | | ** | | 9,026 | |
| | | Quidelortho Corp. | | Common Stock | | ** | | 7,464 | |
| | | Raymond James Financial Inc. | | Common Stock | | ** | | 4,566 | |
| | | Reynolds Consumer Products Inc. | | Common Stock | | ** | | 5,143 | |
| | | Rivian Automotive Inc - Class A | | Common Stock | | ** | | 1,774 | |
| | | Roper Technologies Inc. | | Common Stock | | ** | | 12,210 | |
| | | Ross Stores Inc. | | Common Stock | | ** | | 6,548 | |
| | | RPM International Inc. | | Common Stock | | ** | | 8,553 | |
| | | Seagen Inc. | | Common Stock | | ** | | 4,401 | |
| | | Sealed Air Corp. | | Common Stock | | ** | | 11,475 | |
| | | Shoals Technologies Group - Class A | | Common Stock | | ** | | 2,653 | |
| | | Southwest Airlines Co. | | Common Stock | | ** | | 13,105 | |
| | | Synopsys Inc. | | Common Stock | | ** | | 14,713 | |
| | | Teleflex Inc. | | Common Stock | | ** | | 28,029 | |
| | | Textron Inc. | | Common Stock | | ** | | 28,461 | |
| | | Trade Desk Inc/The - Class A | | Common Stock | | ** | | 12,798 | |
| | | Tradeweb Markets Inc - Class A | | Common Stock | | ** | | 10,166 | |
| | | Transunion | | Common Stock | | ** | | 8,579 | |
| | | Treehouse Foods Inc. | | Common Stock | | ** | | 5,939 | |
| | | United Rentals Inc. | | Common Stock | | ** | | 6,104 | |
| | | Vail Resorts Inc. | | Common Stock | | ** | | 5,664 | |
| | | Veeva Systems Inc - Class A | | Common Stock | | ** | | 13,986 | |
| | | Venture Global LNG, Inc., Series B | | Common Stock | | ** | | 650 | |
| | | Venture Global LNG, Inc., Series C | | Common Stock | | ** | | 4,314 | |
| | | Verisk Analytics Inc. | | Common Stock | | ** | | 10,728 | |
| | | West Pharmaceutical Services | | Common Stock | | ** | | 8,169 | |
| | | Yum! Brands Inc. | | Common Stock | | ** | | 4,310 | |
| | | Alcon Inc. | | Foreign Stock | | ** | | 9,329 | |
| | | Argenx SE - ADR | | Foreign Stock | | ** | | 5,722 | |
| | | Ascendis Pharma A/S - ADR | | Foreign Stock | | ** | | 3,134 | |
| | | Axis Capital Holdings Ltd. | | Foreign Stock | | ** | | 8,389 | |
| | | Crispr Therapeutics AG | | Foreign Stock | | ** | | 1,669 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Horizon Therapeutics PLC | | Foreign Stock | | ** | | 9,772 | |
| | | NXP Semiconductors N.V. | | Foreign Stock | | ** | | 1,704 | |
| | | On Holding AG - Class A | | Foreign Stock | | ** | | 1,100 | |
| | | Spotify Technology SA | | Foreign Stock | | ** | | 4,588 | |
| | | Waste Connections Inc. | | Foreign Stock | | ** | | 4,593 | |
| | | Databricks, Series H Convertible | | Preferred Stock | | ** | | 592 | |
| | | Caris Life, Series D Convertible | | Preferred Stock | | ** | | 836 | |
| | | Maplebear Dba Instacart, Series E Convertible | | Preferred Stock | | ** | | 1,082 | |
| | | Nuro, Series D Convertible | | Preferred Stock | | ** | | 472 | |
| | | Redwood Materials, Series C Convertible | | Preferred Stock | | ** | | 1,254 | |
| | | Sila Nanotechnologies, Inc., Series F Convertible | | Preferred Stock | | ** | | 1,065 | |
| | | Collective US Govt Short-Term Investment Fund 5 Bps | | Bond | | ** | | 1,053 | |
| | | Canadian Dollar | | Currency | | ** | | 36 | |
| | | * T. Rowe Price Treasury Reserve Fund | | Money Market Securities | | ** | | 24,866 | |
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| | | | | | | | | |
| | Large Cap Value Portfolio: | | | | | | |
| | | Abbvie Inc. | | Common Stock | | ** | | 4,732 | |
| | | Activision Blizzard Inc. | | Common Stock | | ** | | 1,631 | |
| | | Allstate Corp. | | Common Stock | | ** | | 3,162 | |
| | | Alphabet Inc - Class C | | Common Stock | | ** | | 8,525 | |
| | | Ameren Corporation | | Common Stock | | ** | | 1,481 | |
| | | American Electric Power | | Common Stock | | ** | | 2,512 | |
| | | American International Group | | Common Stock | | ** | | 2,457 | |
| | | AmerisourceBergen Corp. | | Common Stock | | ** | | 2,270 | |
| | | Ametek Inc. | | Common Stock | | ** | | 1,019 | |
| | | Amgen Inc. | | Common Stock | | ** | | 2,144 | |
| | | Applied Materials Inc. | | Common Stock | | ** | | 2,036 | |
| | | Bank of America Corp. | | Common Stock | | ** | | 11,719 | |
| | | Becton, Dickinson and Co. | | Common Stock | | ** | | 10,706 | |
| | | Berkshire Hathaway Inc - Class B | | Common Stock | | ** | | 7,472 | |
| | | Booking Holdings Inc. | | Common Stock | | ** | | 48 | |
| | | Booz Allen Hamilton Holdings | | Common Stock | | ** | | 177 | |
| | | Boston Properties Inc. | | Common Stock | | ** | | 397 | |
| | | Broadcom Inc. | | Common Stock | | ** | | 5,461 | |
| | | Centene Corp. | | Common Stock | | ** | | 4,178 | |
| | | Chevron Corp. | | Common Stock | | ** | | 6,255 | |
| | | Citigroup Inc. | | Common Stock | | ** | | 1,734 | |
| | | Coca-Cola Co/The | | Common Stock | | ** | | 1,678 | |
| | | Conocophillips | | Common Stock | | ** | | 834 | |
| | | Constellation Brands Inc - Class A | | Common Stock | | ** | | 614 | |
| | | Corebridge Financial Inc. | | Common Stock | | ** | | 1,013 | |
| | | CSX Corp. | | Common Stock | | ** | | 4,514 | |
| | | Cummins Inc. | | Common Stock | | ** | | 362 | |
| | | Danaher Corp. | | Common Stock | | ** | | 2,198 | |
| | | Dollar General Corp. | | Common Stock | | ** | | 3,068 | |
| | | Dominion Energy Inc. | | Common Stock | | ** | | 1,256 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Dover Corp. | | Common Stock | | ** | | 728 | |
| | | DTE Energy Company | | Common Stock | | ** | | 1,491 | |
| | | Elevance Health Inc. | | Common Stock | | ** | | 14,340 | |
| | | Equity Lifestyle Properties | | Common Stock | | ** | | 831 | |
| | | Exxon Mobil Corp. | | Common Stock | | ** | | 11,513 | |
| | | Fidelity National Information Services, Inc. | | Common Stock | | ** | | 1,182 | |
| | | Firstenergy Corp. | | Common Stock | | ** | | 2,121 | |
| | | Fiserv Inc. | | Common Stock | | ** | | 5,722 | |
| | | GE Healthcare Technology | | Common Stock | | ** | | 419 | |
| | | General Electric Co. | | Common Stock | | ** | | 6,457 | |
| | | Goldman Sachs Group Inc. | | Common Stock | | ** | | 2,598 | |
| | | Hartford Financial Service Group, Inc. | | Common Stock | | ** | | 2,503 | |
| | | HCA Healthcare Inc. | | Common Stock | | ** | | 4,408 | |
| | | Home Depot Inc. | | Common Stock | | ** | | 3,616 | |
| | | Honeywell International Inc. | | Common Stock | | ** | | 3,754 | |
| | | Hubbell Inc. | | Common Stock | | ** | | 1,751 | |
| | | Humana Inc. | | Common Stock | | ** | | 2,193 | |
| | | International Flavors & Fragrances, Inc. | | Common Stock | | ** | | 1,879 | |
| | | Johnson & Johnson | | Common Stock | | ** | | 12,862 | |
| | | JPMorgan Chase & Co. | | Common Stock | | ** | | 9,917 | |
| | | Keurig Dr Pepper Inc. | | Common Stock | | ** | | 2,405 | |
| | | Kimberly-Clark Corp. | | Common Stock | | ** | | 1,527 | |
| | | Kinder Morgan Inc. | | Common Stock | | ** | | 3,776 | |
| | | Kraft Heinz Co/The | | Common Stock | | ** | | 4,187 | |
| | | KLA Corp. | | Common Stock | | ** | | 5,921 | |
| | | L3Harris Technologies Inc. | | Common Stock | | ** | | 6,104 | |
| | | Lam Research Corp. | | Common Stock | | ** | | 2,176 | |
| | | McDonald's Corp. | | Common Stock | | ** | | 6,624 | |
| | | Merck & Co., Inc. | | Common Stock | | ** | | 3,137 | |
| | | MetLife Inc. | | Common Stock | | ** | | 6,255 | |
| | | Micron Technology Inc. | | Common Stock | | ** | | 2,139 | |
| | | Microsoft Corp. | | Common Stock | | ** | | 1,633 | |
| | | Mondelez International Inc - Class A | | Common Stock | | ** | | 6,799 | |
| | | Norfolk Southern Corp. | | Common Stock | | ** | | 3,097 | |
| | | Northrop Grumman Corp. | | Common Stock | | ** | | 1,901 | |
| | | Perkinelmer Inc. | | Common Stock | | ** | | 1,717 | |
| | | Philip Morris International | | Common Stock | | ** | | 9,545 | |
| | | Procter & Gamble Co/The | | Common Stock | | ** | | 6,815 | |
| | | Progressive Corp. | | Common Stock | | ** | | 6,892 | |
| | | Prologis Inc. | | Common Stock | | ** | | 3,879 | |
| | | Republic Services Inc. | | Common Stock | | ** | | 1,524 | |
| | | Ross Stores Inc. | | Common Stock | | ** | | 1,356 | |
| | | Sempra Energy | | Common Stock | | ** | | 3,773 | |
| | | Sherwin-Williams Co/The | | Common Stock | | ** | | 1,748 | |
| | | Southern Co/The | | Common Stock | | ** | | 12,028 | |
| | | Texas Instruments Inc. | | Common Stock | | ** | | 3,141 | |
| | | The Cigna Group | | Common Stock | | ** | | 1,684 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Thermo Fisher Scientific Inc. | | Common Stock | | ** | | 4,127 | |
| | | TJX Companies Inc. | | Common Stock | | ** | | 1,950 | |
| | | Travelers Cos Inc/The | | Common Stock | | ** | | 8,449 | |
| | | Ulta Beauty Inc. | | Common Stock | | ** | | 2,288 | |
| | | Union Pacific Corp. | | Common Stock | | ** | | 2,082 | |
| | | UnitedHealth Group Inc. | | Common Stock | | ** | | 1,347 | |
| | | U.S. Bancorp | | Common Stock | | ** | | 3,734 | |
| | | Verizon Communications Inc. | | Common Stock | | ** | | 3,918 | |
| | | Walmart Inc. | | Common Stock | | ** | | 6,556 | |
| | | Walt Disney Co/The | | Common Stock | | ** | | 2,525 | |
| | | WEC Energy Group Inc. | | Common Stock | | ** | | 532 | |
| | | Wells Fargo & Co. | | Common Stock | | ** | | 6,532 | |
| | | Weyerhaeuser Co. | | Common Stock | | ** | | 1,854 | |
| | | Xcel Energy Inc. | | Common Stock | | ** | | 1,041 | |
| | | Yum! Brands Inc. | | Common Stock | | ** | | 1,833 | |
| | | Accenture PLC - Class A | | Foreign Stock | | ** | | 1,381 | |
| | | Astrazeneca PLC - Sponsored ADR | | Foreign Stock | | ** | | 5,480 | |
| | | Chubb Ltd. | | Foreign Stock | | ** | | 7,668 | |
| | | Eaton Corporation PLC | | Foreign Stock | | ** | | 6,089 | |
| | | Nutrien Ltd. | | Foreign Stock | | ** | | 3,809 | |
| | | Siemens AG | | Foreign Stock | | ** | | 1,811 | |
| | | TE Connectivity Ltd. | | Foreign Stock | | ** | | 1,063 | |
| | | Collective US Govt Short-Term Investment Fund 5 Bps | | Bond | | ** | | 811 | |
| | | Cash | | Cash | | ** | | 1 | |
| | | * T. Rowe Price Government Reserve Fund | | Money Market Securities | | ** | | 5,312 | |
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| | | | | | | | | |
| | Small-Cap Core Portfolio: | | | | | | |
| | | Adaptive Biotechnologies | | Common Stock | | ** | | 124 | |
| | | Agilysys Inc. | | Common Stock | | ** | | 1,798 | |
| | | Agios Pharmaceuticals Inc. | | Common Stock | | ** | | 668 | |
| | | Air Lease Corp. | | Common Stock | | ** | | 1,891 | |
| | | Alignment Healthcare Inc. | | Common Stock | | ** | | 1,077 | |
| | | Allegiant Travel Co. | | Common Stock | | ** | | 1,371 | |
| | | Amplitude Inc - Class A | | Common Stock | | ** | | 640 | |
| | | Apellis Pharmaceuticals Inc. | | Common Stock | | ** | | 2,840 | |
| | | Arvinas Inc. | | Common Stock | | ** | | 428 | |
| | | Assurant Inc. | | Common Stock | | ** | | 3,339 | |
| | | Atricure Inc. | | Common Stock | | ** | | 1,324 | |
| | | Avid Bioservices Inc. | | Common Stock | | ** | | 1,203 | |
| | | AZZ Inc. | | Common Stock | | ** | | 2,393 | |
| | | Bankunited Inc. | | Common Stock | | ** | | 2,534 | |
| | | Beacon Roofing Supply Inc. | | Common Stock | | ** | | 1,774 | |
| | | Bellring Brands Inc. | | Common Stock | | ** | | 3,040 | |
| | | BJ's Restaurants Inc. | | Common Stock | | ** | | 1,588 | |
| | | Blackline Inc. | | Common Stock | | ** | | 2,102 | |
| | | Blue Foundry Bancorp. | | Common Stock | | ** | | 510 | |
| | | Blueprint Medicines Corp. | | Common Stock | | ** | | 1,612 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Booz Allen Hamilton Holdings | | Common Stock | | ** | | 1,214 | |
| | | Boston Beer Company Inc - Class A | | Common Stock | | ** | | 3,889 | |
| | | Bright Horizons Family Solutions | | Common Stock | | ** | | 2,208 | |
| | | Bruker Corp. | | Common Stock | | ** | | 4,234 | |
| | | Bumble Inc - Class A | | Common Stock | | ** | | 1,030 | |
| | | Burlington Stores Inc. | | Common Stock | | ** | | 5,541 | |
| | | Cactus Inc - Class A | | Common Stock | | ** | | 1,438 | |
| | | Cadence Bank | | Common Stock | | ** | | 2,036 | |
| | | Cadre Holdings Inc. | | Common Stock | | ** | | 581 | |
| | | California Water Service Group | | Common Stock | | ** | | 1,735 | |
| | | Cal-Maine Foods Inc. | | Common Stock | | ** | | 564 | |
| | | Capitol Federal Financial Inc. | | Common Stock | | ** | | 807 | |
| | | Catalent Inc. | | Common Stock | | ** | | 1,898 | |
| | | Cboe Global Markets Inc. | | Common Stock | | ** | | 2,896 | |
| | | Cerevel Therapeutics Holding | | Common Stock | | ** | | 961 | |
| | | Ceridian HCM Holding Inc. | | Common Stock | | ** | | 376 | |
| | | Certara Inc. | | Common Stock | | ** | | 238 | |
| | | Checkr Inc. | | Common Stock | | ** | | 193 | |
| | | Chesapeake Utilities Corp. | | Common Stock | | ** | | 3,046 | |
| | | Chuy's Holdings Inc. | | Common Stock | | ** | | 1,692 | |
| | | Cinemark Holdings Inc. | | Common Stock | | ** | | 553 | |
| | | Clear Secure Inc - Class A | | Common Stock | | ** | | 3,310 | |
| | | Clearfield Inc. | | Common Stock | | ** | | 505 | |
| | | Clearwater Analytics Holdings - Class A | | Common Stock | | ** | | 525 | |
| | | Coca-Cola Consolidated Inc. | | Common Stock | | ** | | 1,301 | |
| | | Community Healthcare Trust Inc. | | Common Stock | | ** | | 992 | |
| | | Conyers Park III Acquisition | | Common Stock | | ** | | 597 | |
| | | CRB Group Inc. | | Common Stock | | ** | | 101 | |
| | | Crossfirst Bankshares Inc. | | Common Stock | | ** | | 846 | |
| | | CSW Industrials Inc. | | Common Stock | | ** | | 1,649 | |
| | | CTS Corp. | | Common Stock | | ** | | 2,844 | |
| | | Cubesmart | | Common Stock | | ** | | 2,935 | |
| | | CVRx Inc. | | Common Stock | | ** | | 266 | |
| | | Cytokinetics Inc. | | Common Stock | | ** | | 482 | |
| | | Definitive Healthcare Corp. | | Common Stock | | ** | | 343 | |
| | | Devon Energy Corp. | | Common Stock | | ** | | 2,919 | |
| | | Diamondback Energy Inc. | | Common Stock | | ** | | 3,910 | |
| | | Digitalbridge Group Inc. | | Common Stock | | ** | | 652 | |
| | | Dime Community Bancshares Inc. | | Common Stock | | ** | | 1,830 | |
| | | Dogwood State Bank, Non-Voting | | Common Stock | | ** | | 237 | |
| | | Dogwood State Bank, Voting | | Common Stock | | ** | | 116 | |
| | | Doubleverify Holdings Inc. | | Common Stock | | ** | | 2,757 | |
| | | Doximity Inc - Class A | | Common Stock | | ** | | 1,045 | |
| | | Duolingo Inc. | | Common Stock | | ** | | 1,725 | |
| | | Dutch Bros Inc - Class A | | Common Stock | | ** | | 343 | |
| | | East West Bancorp Inc. | | Common Stock | | ** | | 3,032 | |
| | | Eastgroup Properties Inc. | | Common Stock | | ** | | 4,706 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Element Solutions Inc. | | Common Stock | | ** | | 4,610 | |
| | | Embecta Corp. | | Common Stock | | ** | | 1,041 | |
| | | Encore Capital Group Inc. | | Common Stock | | ** | | 1,250 | |
| | | Enerpac Tool Group Corp. | | Common Stock | | ** | | 2,850 | |
| | | Enpro Industries Inc. | | Common Stock | | ** | | 971 | |
| | | Entegris Inc. | | Common Stock | | ** | | 3,333 | |
| | | Equity Bancshares Inc - Class A | | Common Stock | | ** | | 1,208 | |
| | | ESAB Corp. | | Common Stock | | ** | | 1,014 | |
| | | ESCO Technologies Inc. | | Common Stock | | ** | | 2,921 | |
| | | FB Financial Corp. | | Common Stock | | ** | | 2,105 | |
| | | Federal Signal Corp. | | Common Stock | | ** | | 2,869 | |
| | | Fiesta Restaurant Group | | Common Stock | | ** | | 843 | |
| | | First American Financial | | Common Stock | | ** | | 1,215 | |
| | | First Bancshares Inc/Ms | | Common Stock | | ** | | 1,423 | |
| | | First Industrial Realty Trust Inc. | | Common Stock | | ** | | 610 | |
| | | Five Below | | Common Stock | | ** | | 1,622 | |
| | | Five Star Bancorp | | Common Stock | | ** | | 951 | |
| | | Five9 Inc. | | Common Stock | | ** | | 2,826 | |
| | | Flame Biosciences, Inc. | | Common Stock | | ** | | 75 | |
| | | Floor & Decor Holdings Inc - Class A | | Common Stock | | ** | | 486 | |
| | | Fresh Market Escrow Shares | | Common Stock | | ** | | — | |
| | | Generation Bio Co. | | Common Stock | | ** | | 231 | |
| | | Gibraltar Industries Inc. | | Common Stock | | ** | | 1,624 | |
| | | Graco Inc. | | Common Stock | | ** | | 2,248 | |
| | | Grasshopper Bancorp, Voting | | Common Stock | | ** | | 86 | |
| | | H.B. Fuller Co. | | Common Stock | | ** | | 866 | |
| | | Hanover Insurance Group Inc/The | | Common Stock | | ** | | 2,835 | |
| | | Haul Hub, Series C Convertible | | Common Stock | | ** | | 97 | |
| | | Haynes International Inc. | | Common Stock | | ** | | 1,697 | |
| | | Helios Technologies Inc. | | Common Stock | | ** | | 1,851 | |
| | | Heritage Commerce Corp. | | Common Stock | | ** | | 1,872 | |
| | | Hillevax Inc. | | Common Stock | | ** | | 247 | |
| | | Home Bancshares Inc. | | Common Stock | | ** | | 1,839 | |
| | | Huron Consulting Group Inc. | | Common Stock | | ** | | 1,327 | |
| | | IAA Inc. | | Common Stock | | ** | | 1,196 | |
| | | Icosavax Inc. | | Common Stock | | ** | | 315 | |
| | | ICU Medical Inc | | Common Stock | | ** | | 2,617 | |
| | | Idacorp Inc. | | Common Stock | | ** | | 3,208 | |
| | | Independence Realty Trust Inc. | | Common Stock | | ** | | 1,704 | |
| | | Infinera Corp. | | Common Stock | | ** | | 318 | |
| | | Ingersoll-Rand Inc. | | Common Stock | | ** | | 5,744 | |
| | | Insmed Inc. | | Common Stock | | ** | | 2,354 | |
| | | Intellia Therapeutics Inc. | | Common Stock | | ** | | 458 | |
| | | Ionis Pharmaceuticals Inc. | | Common Stock | | ** | | 1,349 | |
| | | John Bean Technologies Corp. | | Common Stock | | ** | | 1,998 | |
| | | Karuna Therapeutics Inc. | | Common Stock | | ** | | 1,766 | |
| | | Kearny Financial Corp/Md | | Common Stock | | ** | | 755 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Kemper Corp. | | Common Stock | | ** | | 1,524 | |
| | | Kimbell Royalty Partners, LP | | Common Stock | | ** | | 429 | |
| | | Kura Oncology Inc. | | Common Stock | | ** | | 457 | |
| | | Kymera Therapeutics Inc. | | Common Stock | | ** | | 295 | |
| | | Landstar System Inc. | | Common Stock | | ** | | 1,621 | |
| | | Lattice Semiconductor Corp. | | Common Stock | | ** | | 6,390 | |
| | | Legalzoomcom Inc. | | Common Stock | | ** | | 401 | |
| | | Liberty Energy Inc. | | Common Stock | | ** | | 2,556 | |
| | | Littelfuse Inc. | | Common Stock | | ** | | 2,448 | |
| | | Live Oak Bancshares Inc. | | Common Stock | | ** | | 1,734 | |
| | | Magnolia Oil & Gas Corp - Class A | | Common Stock | | ** | | 4,496 | |
| | | Manhattan Associates Inc. | | Common Stock | | ** | | 2,158 | |
| | | Marriott Vacations World | | Common Stock | | ** | | 1,113 | |
| | | Masimo Corp. | | Common Stock | | ** | | 1,938 | |
| | | MGE Energy Inc. | | Common Stock | | ** | | 1,083 | |
| | | Modivcare Inc. | | Common Stock | | ** | | 2,466 | |
| | | Molina Healthcare Inc. | | Common Stock | | ** | | 5,626 | |
| | | Monro Inc. | | Common Stock | | ** | | 2,585 | |
| | | Monte Rosa Therapeutics Inc. | | Common Stock | | ** | | 180 | |
| | | Morphic Holding Inc. | | Common Stock | | ** | | 460 | |
| | | MSA Safety Inc. | | Common Stock | | ** | | 724 | |
| | | Mueller Water Products Inc - Class A | | Common Stock | | ** | | 1,543 | |
| | | nCino Inc. | | Common Stock | | ** | | 312 | |
| | | Neogen Corp. | | Common Stock | | ** | | 1,263 | |
| | | Neogenomics Inc. | | Common Stock | | ** | | 652 | |
| | | NextEra Energy Partners, LP | | Common Stock | | ** | | 1,911 | |
| | | Nextier Oilfield Solutions Inc. | | Common Stock | | ** | | 2,312 | |
| | | Nkarta Inc. | | Common Stock | | ** | | 267 | |
| | | Nurix Therapeutics Inc. | | Common Stock | | ** | | 138 | |
| | | Ollie's Bargain Outlet Holdings Inc. | | Common Stock | | ** | | 3,910 | |
| | | One Gas Inc. | | Common Stock | | ** | | 1,188 | |
| | | Onto Innovation Inc. | | Common Stock | | ** | | 1,975 | |
| | | Option Care Health Inc. | | Common Stock | | ** | | 2,265 | |
| | | Origin Bancorp Inc. | | Common Stock | | ** | | 1,837 | |
| | | Outset Medical Inc. | | Common Stock | | ** | | 2,064 | |
| | | P10 Inc - Class A | | Common Stock | | ** | | 1,159 | |
| | | Pacific Biosciences of California, Inc. | | Common Stock | | ** | | 958 | |
| | | Pacific Premier Bancorp Inc. | | Common Stock | | ** | | 1,777 | |
| | | Papa John's International, Inc. | | Common Stock | | ** | | 4,520 | |
| | | PAR Technology Corp/Del | | Common Stock | | ** | | 1,470 | |
| | | Parsons Corp. | | Common Stock | | ** | | 2,752 | |
| | | Pax Labs - Class A | | Common Stock | | ** | | 109 | |
| | | Paycom Software Inc. | | Common Stock | | ** | | 998 | |
| | | Paycor HCM Inc. | | Common Stock | | ** | | 1,612 | |
| | | Payoneer Global Inc. | | Common Stock | | ** | | 1,913 | |
| | | Pennant Group Inc/The | | Common Stock | | ** | | 487 | |
| | | Pennymac Financial Services | | Common Stock | | ** | | 3,862 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Penumbra Inc. | | Common Stock | | ** | | 2,200 | |
| | | Pinnacle Financial Partners | | Common Stock | | ** | | 2,532 | |
| | | Post Holdings Inc. | | Common Stock | | ** | | 2,643 | |
| | | Post Holdings Partnering Corp. | | Common Stock | | ** | | 420 | |
| | | PRA Group Inc. | | Common Stock | | ** | | 1,648 | |
| | | Privia Health Group Inc. | | Common Stock | | ** | | 1,528 | |
| | | Procept Biorobotics Corp. | | Common Stock | | ** | | 2,627 | |
| | | Prometheus Biosciences Inc. | | Common Stock | | ** | | 1,582 | |
| | | Quaker Chemical Corporation | | Common Stock | | ** | | 2,544 | |
| | | Quidelortho Corp. | | Common Stock | | ** | | 2,349 | |
| | | Rapid Micro Biosystems Inc - Class A | | Common Stock | | ** | | 70 | |
| | | Rapt Therapeutics Inc. | | Common Stock | | ** | | 532 | |
| | | RBC Bearings Inc. | | Common Stock | | ** | | 1,814 | |
| | | Reata Pharmaceuticals Inc - Class A | | Common Stock | | ** | | 444 | |
| | | Red Robin Gourmet Burgers | | Common Stock | | ** | | 142 | |
| | | Red Rock Resorts Inc - Class A | | Common Stock | | ** | | 722 | |
| | | Relay Therapeutics Inc. | | Common Stock | | ** | | 372 | |
| | | Replimune Group Inc. | | Common Stock | | ** | | 389 | |
| | | Rexford Industrial Realty Inc. | | Common Stock | | ** | | 3,115 | |
| | | RH | | Common Stock | | ** | | 997 | |
| | | Rivian Automotive Inc - Class A | | Common Stock | | ** | | 2,446 | |
| | | Rover Group Earnout Shares 16.00 | | Common Stock | | ** | | 1 | |
| | | Rush Enterprises Inc - Class A | | Common Stock | | ** | | 1,652 | |
| | | Ruth'S Hospitality Group Inc. | | Common Stock | | ** | | 740 | |
| | | Saia Inc. | | Common Stock | | ** | | 2,698 | |
| | | Scholar Rock Holding Corp. | | Common Stock | | ** | | 557 | |
| | | Seer Inc. | | Common Stock | | ** | | 136 | |
| | | Selective Insurance Group | | Common Stock | | ** | | 5,156 | |
| | | Service Titan Inc. | | Common Stock | | ** | | 70 | |
| | | Shoals Technologies Group - Class A | | Common Stock | | ** | | 924 | |
| | | Signature Bank | | Common Stock | | ** | | 2,658 | |
| | | Simply Good Foods Co/The | | Common Stock | | ** | | 1,034 | |
| | | Siteone Landscape Supply Inc. | | Common Stock | | ** | | 3,134 | |
| | | SJW Group | | Common Stock | | ** | | 2,300 | |
| | | Skechers U.S.A. Inc - Class A | | Common Stock | | ** | | 2,650 | |
| | | Skyline Champion Corp. | | Common Stock | | ** | | 2,324 | |
| | | SouthState Corp. | | Common Stock | | ** | | 2,306 | |
| | | Southwest Gas Holdings Inc. | | Common Stock | | ** | | 3,110 | |
| | | SPX Technologies Inc. | | Common Stock | | ** | | 3,175 | |
| | | SS&C Technologies Holdings | | Common Stock | | ** | | 2,747 | |
| | | Stepstone Group Inc - Class A | | Common Stock | | ** | | 1,687 | |
| | | Stericycle Inc. | | Common Stock | | ** | | 2,423 | |
| | | Strategic Education Inc. | | Common Stock | | ** | | 303 | |
| | | Teledyne Technologies Inc. | | Common Stock | | ** | | 5,177 | |
| | | Tenaya Therapeutics Inc. | | Common Stock | | ** | | 18 | |
| | | Terreno Realty Corp. | | Common Stock | | ** | | 1,314 | |
| | | Tetra Tech Inc. | | Common Stock | | ** | | 1,466 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Texas Capital Bancshares Inc. | | Common Stock | | ** | | 2,332 | |
| | | Themis Sol (Clio), Series E Convertible | | Common Stock | | ** | | 322 | |
| | | Themis Solutions Inc. | | Common Stock | | ** | | 113 | |
| | | Thermon Group Holdings Inc. | | Common Stock | | ** | | 586 | |
| | | Toast Inc - Class A | | Common Stock | | ** | | 3,025 | |
| | | Toro Co. | | Common Stock | | ** | | 1,887 | |
| | | Treehouse Foods Inc. | | Common Stock | | ** | | 1,328 | |
| | | U.S. Physical Therapy Inc. | | Common Stock | | ** | | 1,566 | |
| | | Ultragenyx Pharmaceutical Inc. | | Common Stock | | ** | | 607 | |
| | | Upwork Inc. | | Common Stock | | ** | | 481 | |
| | | Utz Brands Inc. | | Common Stock | | ** | | 1,720 | |
| | | Vaxcyte Inc. | | Common Stock | | ** | | 544 | |
| | | Venture Global LNG, Inc., Series B | | Common Stock | | ** | | 235 | |
| | | Venture Global LNG, Inc., Series C | | Common Stock | | ** | | 3,083 | |
| | | Veritex Holdings Inc. | | Common Stock | | ** | | 1,470 | |
| | | Verve Therapeutics Inc. | | Common Stock | | ** | | 401 | |
| | | Vimeo Inc. | | Common Stock | | ** | | 504 | |
| | | Vontier Corp. | | Common Stock | | ** | | 1,097 | |
| | | Warby Parker Inc - Class A | | Common Stock | | ** | | 1,680 | |
| | | Western Alliance Bancorporation | | Common Stock | | ** | | 3,320 | |
| | | Willscot Mobile Mini Holdings Corp. | | Common Stock | | ** | | 865 | |
| | | Workiva Inc. | | Common Stock | | ** | | 3,108 | |
| | | Wyndham Hotels & Resorts Inc. | | Common Stock | | ** | | 1,594 | |
| | | Xencor Inc. | | Common Stock | | ** | | 1,062 | |
| | | Xometry Inc - Class A | | Common Stock | | ** | | 1,198 | |
| | | Zentalis Pharmaceuticals Inc. | | Common Stock | | ** | | 478 | |
| | | Abcam PLC - Sponsored ADR | | Foreign Stock | | ** | | 2,340 | |
| | | Altus Group Ltd. | | Foreign Stock | | ** | | 750 | |
| | | Argenx SE - ADR | | Foreign Stock | | ** | | 4,444 | |
| | | Ascendis Pharma A/S - ADR | | Foreign Stock | | ** | | 3,307 | |
| | | Axis Capital Holdings Ltd. | | Foreign Stock | | ** | | 3,596 | |
| | | Clarivate PLC | | Foreign Stock | | ** | | 1,500 | |
| | | Constellium SE | | Foreign Stock | | ** | | 2,182 | |
| | | Credo Technology Group Holding Ltd. | | Foreign Stock | | ** | | 717 | |
| | | Crispr Therapeutics AG | | Foreign Stock | | ** | | 485 | |
| | | dentalcorp Holdings Ltd. | | Foreign Stock | | ** | | 645 | |
| | | Descartes Systems Group/The | | Foreign Stock | | ** | | 3,359 | |
| | | Ero Copper Corp. | | Foreign Stock | | ** | | 959 | |
| | | Essent Group Ltd. | | Foreign Stock | | ** | | 1,064 | |
| | | Farfetch Ltd - Class A | | Foreign Stock | | ** | | 629 | |
| | | Firstservice Corp. | | Foreign Stock | | ** | | 4,963 | |
| | | Flagship Communities REIT UT | | Foreign Stock | | ** | | 338 | |
| | | Franco-Nevada Corp. | | Foreign Stock | | ** | | 625 | |
| | | MorphoSys AG - ADR | | Foreign Stock | | ** | | 427 | |
| | | Nomad Foods Ltd. | | Foreign Stock | | ** | | 1,768 | |
| | | Novanta Inc. | | Foreign Stock | | ** | | 1,802 | |
| | | Olink Holding AB - ADR | | Foreign Stock | | ** | | 1,205 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Popular Inc. | | Foreign Stock | | ** | | 1,267 | |
| | | Prothena Corp PLC | | Foreign Stock | | ** | | 1,073 | |
| | | Rentokil Initial PLC | | Foreign Stock | | ** | | 1,822 | |
| | | Repare Therapeutics Inc. | | Foreign Stock | | ** | | 347 | |
| | | TMX Group Ltd. | | Foreign Stock | | ** | | 2,009 | |
| | | Tricon Residential Inc. | | Foreign Stock | | ** | | 1,444 | |
| | | West Fraser Timber Co. Ltd. | | Foreign Stock | | ** | | 1,190 | |
| | | 1661 Inc D/B/A Goat, Series F Convertible | | Preferred Stock | | ** | | 178 | |
| | | ABL Space Systems, Series B Convertible | | Preferred Stock | | ** | | 280 | |
| | | Caris Life Sciences, Series C Convertible | | Preferred Stock | | ** | | 508 | |
| | | Caris Life Sciences, Series D Convertible | | Preferred Stock | | ** | | 340 | |
| | | Cava Group, Series E Convertible | | Preferred Stock | | ** | | 1,106 | |
| | | Cava Group, Series F Convertible | | Preferred Stock | | ** | | 567 | |
| | | Cellink, Inc., Series D Convertible | | Preferred Stock | | ** | | 298 | |
| | | Checker Inc., Series D Convertible | | Preferred Stock | | ** | | 414 | |
| | | Checker, Inc., Series C Convertible | | Preferred Stock | | ** | | 265 | |
| | | Cleerly, Series C Convertible | | Preferred Stock | | ** | | 252 | |
| | | Convoy, Series C Convertible | | Preferred Stock | | ** | | 254 | |
| | | Convoy, Series D Convertible | | Preferred Stock | | ** | | 176 | |
| | | CTB Group, Series D Convertible | | Preferred Stock | | ** | | 354 | |
| | | Farmers Business Network | | Preferred Stock | | ** | | 1,495 | |
| | | Flexe, Series C Convertible | | Preferred Stock | | ** | | 408 | |
| | | Flexe, Series D Convertible | | Preferred Stock | | ** | | 161 | |
| | | Haul Hub, Series B Convertible | | Preferred Stock | | ** | | 269 | |
| | | Honor Technology, Series D Convertible | | Preferred Stock | | ** | | 430 | |
| | | Inscripta, Series E Convertible | | Preferred Stock | | ** | | 188 | |
| | | Kardium Inc., Series D-6 Convertible | | Preferred Stock | | ** | | 258 | |
| | | Kobold Metals, Series B-1 Convertible | | Preferred Stock | | ** | | 311 | |
| | | National Resilence, Series C Convertible | | Preferred Stock | | ** | | 833 | |
| | | National Resilience, Series B Convertible | | Preferred Stock | | ** | | 1,443 | |
| | | Nuro, Series C Convertible | | Preferred Stock | | ** | | 591 | |
| | | Nuro, Series D Convertible | | Preferred Stock | | ** | | 188 | |
| | | Pirus Inc., Series C-2 Convertible | | Preferred Stock | | ** | | 608 | |
| | | Redwood Materials, Series C Convertible | | Preferred Stock | | ** | | 608 | |
| | | SecurityScorecard Inc., Series E Convertible | | Preferred Stock | | ** | | 263 | |
| | | Seismic Software, Series F Convertible | | Preferred Stock | | ** | | 39 | |
| | | Seismic Software, Series E Convertible | | Preferred Stock | | ** | | 498 | |
| | | ServiceTitan Inc., Series A-1 Convertible | | Preferred Stock | | ** | | 1 | |
| | | ServiceTitan, Inc., Series F Convertible | | Preferred Stock | | ** | | 30 | |
| | | ServiceTitan, Inc., Series D Convertible | | Preferred Stock | | ** | | 498 | |
| | | Sila Nanotechnologies, Inc., Series F Convertible | | Preferred Stock | | ** | | 351 | |
| | | Socure Inc. | | Preferred Stock | | ** | | 49 | |
| | | Socure Inc., Series A Convertible | | Preferred Stock | | ** | | 60 | |
| | | Socure Inc., Series A-1 Convertible | | Preferred Stock | | ** | | 49 | |
| | | Socure Inc., Series B Convertible | | Preferred Stock | | ** | | 1 | |
| | | Socure Inc., Series E Convertible | | Preferred Stock | | ** | | 113 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Themis Sol (Clio), Series Aa Convertible | | Preferred Stock | | ** | | 26 | |
| | | Themis Sol (Clio), Series Ab Convertible | | Preferred Stock | | ** | | 2 | |
| | | Themis Sol (Clio), Series B Convertible | | Preferred Stock | | ** | | 3 | |
| | | Collective US Govt Short-Term Investment Fund 5 Bps | | Bond | | ** | | 1,588 | |
| | | Cash | | Cash | | ** | | (4) | |
| | | Canadian Dollar | | Currency | | ** | | 14 | |
| | | * T. Rowe Price Treasury Reserve Fund | | Money Market Securities | | ** | | 13,135 | |
| | | Dogwood State Bank | | Warrants | | ** | | 16 | |
| | | Grasshopper Bancorp, Inc. | | Warrants | | ** | | 3 | |
| | | KKR Acquisition Holdings I Corp - Class A | | Warrants | | ** | | 2 | |
| | | Scholar Rock | | Warrants | | ** | | 23 | |
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| | International Equity Portfolio: | | | | | | |
| | | Cash | | Cash | | ** | | (14) | |
| | | Federated Government Obligations Fund | | Money Market Securities | | ** | | 19 | |
| | | Capital Group International All Country Equity Trust | | Common Trust | | ** | | 166,902 | |
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| | | | | | | | | |
| | Total separately managed accounts | | | | 2,171,053 | |
| Fully Benefit-Responsive Contracts: | | | | | | |
| | Capital Preservation Portfolio: | | | | | | |
| | | * T. Rowe Price Cash Reserve Trust | | Common Trust | | ** | | 116,950 | |
| | | * T. Rowe Price Short Term Common Trust: | | | | | | |
| | | American General Life Insurance Company | | Collective Trust Fund | | ** | | 73,544 | |
| | | Lincoln National Life Insurance | | Collective Trust Fund | | ** | | 83,570 | |
| | | Massachusetts Mutual Life Insurance Company | | Collective Trust Fund | | ** | | 92,600 | |
| | | Met Tower Life Insurance | | Collective Trust Fund | | ** | | 87,241 | |
| | | Monumental Life(Trasamerica) | | Collective Trust Fund | | ** | | 75,417 | |
| | | New York Life | | Collective Trust Fund | | ** | | 92,614 | |
| | | Pacific Life Insurance Company | | Collective Trust Fund | | ** | | 91,500 | |
| | | Prudential Insurance Company of America | | Collective Trust Fund | | ** | | 91,505 | |
| | | Royal Bank of Canada | | Collective Trust Fund | | ** | | 74,606 | |
| | | State Street Bank & Trust Company | | Collective Trust Fund | | ** | | 81,228 | |
| | | * T. Rowe Price Intermediate Term Common Trust: | | | | | | |
| | | American General Life Insurance Company | | Collective Trust Fund | | ** | | 48,807 | |
| | | Lincoln National Life Insurance | | Collective Trust Fund | | ** | | 55,627 | |
| | | Massachusetts Mutual Life Insurance Company | | Collective Trust Fund | | ** | | 83,864 | |
| | | Met Tower Life Insurance | | Collective Trust Fund | | ** | | 107,334 | |
| | | Monumental Life(Trasamerica) | | Collective Trust Fund | | ** | | 50,050 | |
| | | New York Life | | Collective Trust Fund | | ** | | 83,876 | |
| | | Pacific Life Insurance Company | | Collective Trust Fund | | ** | | 82,867 | |
| | | Prudential Insurance Company of America | | Collective Trust Fund | | ** | | 82,871 | |
| | | Royal Bank of Canada | | Collective Trust Fund | | ** | | 49,512 | |
| | | State Street Bank & Trust Company | | Collective Trust Fund | | ** | | 99,935 | |
| | | * T. Rowe Price Managed Bond Trust: | | | | | | |
| | | American General Life Insurance Company | | Collective Trust Fund | | ** | | 11,074 | |
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) (b) Identity of issuer, borrower,
lessor, or similar party | | (c) Description of investment | | (d) Cost | | (e) Current value |
| | | Lincoln National Life Insurance | | Collective Trust Fund | | ** | | 12,583 | |
| | | Massachusetts Mutual Life Insurance Company | | Collective Trust Fund | | ** | | 15,972 | |
| | | Met Tower Life Insurance | | Collective Trust Fund | | ** | | 17,607 | |
| | | Monumental Life(Trasamerica) | | Collective Trust Fund | | ** | | 11,356 | |
| | | New York Life | | Collective Trust Fund | | ** | | 15,975 | |
| | | Pacific Life Insurance Company | | Collective Trust Fund | | ** | | 15,782 | |
| | | Prudential Insurance Company of America | | Collective Trust Fund | | ** | | 15,783 | |
| | | Royal Bank of Canada | | Collective Trust Fund | | ** | | 11,234 | |
| | | State Street Bank & Trust Company | | Collective Trust Fund | | ** | | 16,394 | |
| | Total fully benefit-responsive contracts | | | | 1,849,278 | |
| * Costco Wholesale Corporation | | Common stock | | ** | | 11,486,680 | |
| Total investments | | | | 24,897,471 | |
| | | | | | | | |
| * Participant loans | | Interest rates of 4.25% to 10.25% maturing through 2037 | | __ | | 514,605 | |
| Total | | | | $ | 25,412,076 | |
| _________________________ | | | | | | | | |
| * Indicates a party-in-interest | | | | | | | | |
| ** Information is not required as investments are participant directed |
See accompanying report of independent registered public accounting firm.
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.
| | | | | | | | | | | |
| | | COSTCO 401(k) RETIREMENT PLAN |
| | | |
| June 29, 2023 | | By: | /s/ PATRICK J. CALLANS |
| Date | | | Patrick J. Callans Executive Vice President Costco Wholesale Corporation |
