11-K 1 a202211-k.htm 11-K

Table of Contents

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

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

                    

For the transition period from ______ to _____

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:
Costco 401(k) Retirement Plan
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

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COSTCO 401(k) RETIREMENT PLAN

Table of Contents

			Page
Report of Independent Registered Public Accounting Firm (Successor Auditor)			1
Report of Independent Registered Public Accounting Firm (Predecessor Auditor)			2
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2022 and 2021			3
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2022			4
Notes to Financial Statements			5
Supplementary Information:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2022			12
Signatures			26
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm (Successor Auditor)
23.2 - Consent of Independent Registered Public Accounting Firm (Predecessor Auditor)

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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.

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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 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.

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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
			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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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

13

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Table of Contents

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

14

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Table of Contents

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

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

15

---

Table of Contents

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

16

---

Table of Contents

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

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

17

---

Table of Contents

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

18

---

Table of Contents

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

19

---

Table of Contents

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

20

---

Table of Contents

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

21

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Table of Contents

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

22

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Table of Contents

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

23

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Table of Contents

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

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

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

24

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Table of Contents

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.

25

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

									COSTCO 401(k) RETIREMENT PLAN
June 29, 2023						By:			/s/ PATRICK J. CALLANS
Date									Patrick J. Callans Executive Vice President Costco Wholesale Corporation

26