11-K 1 a202011-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, 2020

☐			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:

———————————————————

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			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020			3
Notes to Financial Statements			4
Supplementary Information:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2020			11
Signatures			28
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm

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Report of Independent Registered Public Accounting Firm

To the Audit Committee, 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 the Costco 401(k) Retirement Plan (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, 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, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, 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 to 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.

Opinion on the Supplementary Information

The supplementary information included in Schedule H, line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2020, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplementary information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplementary information. In forming our opinion on the supplementary information in the accompanying schedule, we evaluated whether the supplementary information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplementary information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Moss Adams LLP

Seattle, Washington

June 24, 2021

We have served as the Plan’s auditor since 2020.

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COSTCO 401(k) RETIREMENT PLAN

Statements of Net Assets Available for Benefits

December 31, 2020 and 2019

(in thousands)

																					2020						2019
Assets:
			Investments at fair value:
						Costco Wholesale Corporation common stock															$	10,260,421					$	8,450,171
						Common commingled trust funds															6,250,834						5,368,077
						Separately managed accounts															3,354,012						2,815,472
						Registered investment company funds															1,895,869						1,602,636
			Investments at contract value:
						Fully benefit-responsive investment contracts															1,543,736						1,381,266
															Total investments						23,304,872						19,617,622
			Receivables:
						Notes receivable from participants															469,416						532,927
						Employer contributions															417,147						376,072
															Total receivables						886,563						908,999
			Non-interest bearing cash																		1,770						1,437
Net assets available for benefits																					$	24,193,205					$	20,528,058

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, 2020

(in thousands)

																					2020
Net investment income:
			Net appreciation of investments																		$	4,166,352
			Interest																		35,266
			Dividends																		416,018
						Total net investment income															4,617,636
Interest on notes receivable from participants																					26,415
Contributions to the Plan:
			Employee																		774,604
			Employer																		489,526
						Total contributions															1,264,130
Distributions to participants and other																					(2,243,034)
						Net increase in net assets available for benefits															3,665,147
Net assets available for benefits, beginning of year																					20,528,058
Net assets available for benefits, end of year																					$	24,193,205

See accompanying notes to financial statements.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements

December 31, 2020 and 2019

(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 employees are automatically enrolled in the Plan at a salary deferral contribution rate of 3%. The percentage deferred into the Plan automatically increases by one percentage point each year, to a maximum automatic deferral of 20%. Employees may opt out of automatic enrollment and increases.

(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 matches 50% of each employee’s contribution up to a maximum of $250 per year. Eligible employees at least 18 years of age who have completed one year of service (12 consecutive months in which the employee worked at least 1,000 hours) 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 million for the year ended December 31, 2020, and was deposited into the Plan and allocated to participant accounts in March 2021.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2020 and 2019

(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 a year of service (12 consecutive months in which the employee worked at least 1,000 hours) 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 3% to 9% of the participant's compensation. This discretionary contribution was $411.1 million for the year ended December 31, 2020, and was deposited into the Plan and allocated to participant accounts in March 2021.

(c)Participants’ Accounts

Each participant’s account is credited or debited with the participant’s contributions, the Company’s contributions, earnings, 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. These were immaterial during 2020. There were no unallocated forfeitures as of December 31, 2020 and 2019, 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, 2020 and 2019

(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, 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, 2020, interest rates on loans outstanding ranged from 4.25% to 11.50%, with various maturities through August 2036. 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 transactions fees, are paid by the Plan, subject to subparagraph (e) above. All other administrative expenses are paid by the Company.

(k)CARES Act

In March 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The Plan adopted two provisions allowed under the CARES Act, allowing coronavirus-related distributions for up to $50,000 and suspending loan repayments until the end of 2020.

(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, 2020 and 2019

(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.

(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, 2020 and 2019

(f)Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-13 - Fair Value Measurement - Disclosure Framework (ASC 820). The guidance modified the disclosure requirements for fair value measurements. The updated guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019 with early adoption permitted. The Plan has evaluated the guidance and concluded that it does not have a material impact.

(g)     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 and foreign stock.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2020 and 2019

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.

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, 2020 and 2019.

December 31, 2020:			Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock			$	10,260,421
Common commingled trust funds			6,250,834
Separately managed accounts			3,354,012
Registered investment company funds			1,895,869
Total investments in fair value hierarchy			$	21,761,136

December 31, 2019:			Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock			$	8,450,171
Common commingled trust funds			5,368,077
Separately managed accounts			2,815,472
Registered investment company funds			1,602,636
Total investments in fair value hierarchy			$	18,236,356

(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 is alleged to be beneficiaries of the Costco 401(k) plan from June 23, 2014, and the claims are that the defendants breached their fiduciary duties in the operation and oversight of the plan. The complaint seeks 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 the plaintiffs filed an amended complaint, which the defendants have also moved to dismiss.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2020 and 2019

(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 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, 2020, 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, 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, 2020 and 2019, the Plan held 27,232,000 and 28,750,000 shares of Costco common stock.

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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, 2020

(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:

American Funds

New Perspective Fund R6

**

$

460,570

PIMCO

Income Institutional

**

470,409

* T. Rowe Price

Retirement Balanced Trust H

**

27,350

* T. Rowe Price

TRP Ret 2005 Active Trust H

**

20,300

* T. Rowe Price

TRP Ret 2010 Active Trust H

**

45,315

* T. Rowe Price

TRP Ret 2015 Active Trust H

**

136,200

* T. Rowe Price

TRP Ret 2020 Active Trust H

**

424,735

* T. Rowe Price

TRP Ret 2025 Active Trust H

**

734,357

* T. Rowe Price

TRP Ret 2030 Active Trust H

**

821,611

* T. Rowe Price

TRP Ret 2035 Active Trust H

**

734,125

* T. Rowe Price

TRP Ret 2040 Active Trust H

**

855,716

* T. Rowe Price

TRP Ret 2045 Active Trust H

**

953,464

* T. Rowe Price

TRP Ret 2050 Active Trust H

**

601,003

* T. Rowe Price

TRP Ret 2055 Active Trust H

**

685,288

* T. Rowe Price

TRP Ret 2060 Active Trust H

**

208,415

* T. Rowe Price

TRP Ret 2065 Active Trust H

**

1,175

* T. Rowe Price

TRP Ret 2020 Active Trust -Income H

**

1,780

Vanguard

Extended Market Index Institutional

**

21,794

Vanguard

Total International Stock Index DX Institutional

**

41,966

Vanguard

Total Bond Market Index Fund Institutional

**

131,909

Vanguard

Institutional Index, Plus

**

769,221

Total registered investment company and common commingled trust funds

8,146,703

Separately managed accounts:

Mid-Cap Growth Portfolio:

Acadia Healthcare Co. Inc.

Common Stock

**

9,352

Acadia Pharmaceuticals Inc.

Common Stock

**

802

Agilent Technologies Inc.

Common Stock

**

26,906

AirBNB Inc. - Class A

Common Stock

**

913

Alaska Air Group Inc.

Common Stock

**

5,878

Align Technology Inc.

Common Stock

**

6,415

Alnylam Pharmaceutical Inc.

Common Stock

**

6,241

Ameren Corporation

Common Stock

**

4,373

Amphenol Corp. - Class A

Common Stock

**

6,279

Array Technologies Inc.

Common Stock

**

7,423

Assurant Inc.

Common Stock

**

10,220

Avantor Inc.

Common Stock

**

15,347

Avery Dennison Corp.

Common Stock

**

11,792

Ball Corp.

Common Stock

**

33,370

Bentley Systems Inc. - Class B

Common Stock

**

895

Bill.com Holdings Inc.

Common Stock

**

3,004

Black Knight Inc.

Common Stock

**

12,285

Boston Beer Company Inc. - Class A

Common Stock

**

1,989

Bright Horizons Family Solutions

Common Stock

**

1,557

Broadridge Financial Solutions

Common Stock

**

5,670

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Bruker Corp.

Common Stock

**

19,764

Burlington Stores Inc.

Common Stock

**

21,978

BWX Technologies Inc.

Common Stock

**

9,588

Casey's General Stores Inc.

Common Stock

**

15,545

Catalent Inc.

Common Stock

**

31,127

CBOE Global Markets Inc.

Common Stock

**

12,296

Ceridian HCM Holding Inc.

Common Stock

**

16,096

Chipotle Mexican Grill Inc.

Common Stock

**

12,485

Citrix Systems Inc.

Common Stock

**

7,809

Cognex Corp.

Common Stock

**

3,534

Colfax Corp.

Common Stock

**

12,011

Cooper Cos Inc./The

Common Stock

**

21,807

Corning Inc.

Common Stock

**

10,840

Costar Group Inc.

Common Stock

**

16,643

Crowdstrike Holdings Inc. - Class A

Common Stock

**

7,416

Dentsply Sirona Inc.

Common Stock

**

3,300

Docusign Inc.

Common Stock

**

18,902

Dollar General Corp.

Common Stock

**

17,250

Dollar Tree Inc.

Common Stock

**

13,293

Domino's Pizza Inc.

Common Stock

**

4,987

Door Dash - Class A

Common Stock

**

720

Door Dash - Restricted Class A Lockup Shares

Common Stock

**

1,308

Draftkings Inc. - Class A

Common Stock

**

3,447

Dun & Bradstreet Holdings Inc.

Common Stock

**

3,761

Elanco Animal Health Inc.

Common Stock

**

9,940

Entegris Inc.

Common Stock

**

11,344

Equifax Inc.

Common Stock

**

13,696

Etsy Inc.

Common Stock

**

10,144

Eversource Energy

Common Stock

**

3,202

Exact Sciences Corp.

Common Stock

**

8,313

Exelixis Inc.

Common Stock

**

907

Five Below

Common Stock

**

3,851

Five9 Inc.

Common Stock

**

3,315

Fleetcor Technologies Inc.

Common Stock

**

15,284

Fortive Corp.

Common Stock

**

12,752

Global Payments Inc.

Common Stock

**

4,956

GoHealth Inc. - Class A

Common Stock

**

1,312

Hilton Worldwide Holdings Inc.

Common Stock

**

16,806

Hologic Inc.

Common Stock

**

37,010

IAC/InterActive Corp.

Common Stock

**

8,926

ICU Medical Inc.

Common Stock

**

6,437

IDEX Corp.

Common Stock

**

18,532

IDEXX Laboratories Inc.

Common Stock

**

6,500

Incyte Corp.

Common Stock

**

11,572

Ingersoll-Rand Inc.

Common Stock

**

23,836

INPHI Corp

Common Stock

**

6,260

Ionis Pharmaceuticals Inc.

Common Stock

**

7,975

12

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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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

JAND Inc. DBA Warby Parker - Class A

Common Stock

**

70

JB Hunt Transport Services Inc.

Common Stock

**

16,267

Kemper Corp.

Common Stock

**

3,612

Keysight Technologies Inc.

Common Stock

**

19,952

KKR & Co. Inc.

Common Stock

**

10,693

KLA Corp.

Common Stock

**

12,173

Leidos Holdings Inc.

Common Stock

**

3,891

Lululemon Athletica Inc.

Common Stock

**

2,437

MarketAxess Holdings Inc.

Common Stock

**

7,420

Marriott International - Class A

Common Stock

**

6,994

Martin Marietta Materials

Common Stock

**

4,261

Match Group Inc.

Common Stock

**

27,828

Maxim Integrated Products

Common Stock

**

15,164

MGM Resorts International

Common Stock

**

11,757

Microchip Technology Inc.

Common Stock

**

29,013

Molina Healthcare Inc.

Common Stock

**

4,255

Multiplan Corp.

Common Stock

**

4,628

National Instruments Corp.

Common Stock

**

10,285

nCino Inc.

Common Stock

**

1,087

Neurocrine Biosciences Inc.

Common Stock

**

5,465

O'Reilly Automotive Inc.

Common Stock

**

11,771

Packaging Corporation of America

Common Stock

**

4,966

Pershing Square Tontine Holdings Inc. - Class A

Common Stock

**

4,021

PPD Inc.

Common Stock

**

3,731

PRA Health Sciences Inc.

Common Stock

**

13,929

Procore Technologies Private Placement

Common Stock

**

537

PTC Inc.

Common Stock

**

2,632

Quidel Corp.

Common Stock

**

5,071

Raymond James Financial Inc.

Common Stock

**

4,689

Reynolds Consumer Products Inc.

Common Stock

**

4,508

Rivian Automotive Series D Convertible

Common Stock

**

3,209

Rivian Automotive Series E Convertible

Common Stock

**

1,218

Roper Technologies Inc.

Common Stock

**

12,075

Ross Stores Inc.

Common Stock

**

7,862

RPM International Inc.

Common Stock

**

6,992

Seagen Inc.

Common Stock

**

11,388

Sealed Air Corp.

Common Stock

**

9,528

SelectQuote

Common Stock

**

1,266

Sempra Energy

Common Stock

**

10,706

Skyworks Solutions Inc.

Common Stock

**

11,470

Social Finance (DBA Sofi) VC

Common Stock

**

2,811

Splunk Inc.

Common Stock

**

11,047

Sprouts Farmers Market Inc.

Common Stock

**

1,327

SS&C Technologies Holdings

Common Stock

**

4,730

Teleflex Inc.

Common Stock

**

33,348

Terminix Global Holdings Inc.

Common Stock

**

14,747

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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Textron Inc.

Common Stock

**

21,659

Tradeweb Markets Inc.- Class A

Common Stock

**

10,370

TransUnion

Common Stock

**

15,980

TreeHouse Foods Inc.

Common Stock

**

5,908

Ultragenyx Pharmaceutica Inc.

Common Stock

**

3,600

Vail Resorts Inc.

Common Stock

**

10,604

Veeva Systems Inc. - Class A

Common Stock

**

15,251

Venture Global LNG, Inc., Series B Private Placement

Common Stock

**

245

Venture Global LNG, Inc., Series C Private Placement

Common Stock

**

1,626

Verisk Analytics Inc.

Common Stock

**

16,197

VF Corp.

Common Stock

**

6,579

Webster Financial Corp.

Common Stock

**

6,240

West Pharmaceutical Services

Common Stock

**

7,369

WEX Inc.

Common Stock

**

5,497

XILINX Inc.

Common Stock

**

8,084

ZYNGA Inc. - Class A

Common Stock

**

8,540

Alcon Inc.

Foreign Stock

**

8,118

Alkermes PLC

Foreign Stock

**

5,588

Aptiv PLC

Foreign Stock

**

17,334

Argenx SE - ADR

Foreign Stock

**

8,237

Ascendis Pharma A/S - ADR

Foreign Stock

**

2,837

Atlassian Corp. PLC - Class A

Foreign Stock

**

11,463

Axis Capital Holdings LTD

Foreign Stock

**

7,057

Clarivate PLC

Foreign Stock

**

17,178

Farfetch Ltd. - Class A

Foreign Stock

**

4,787

IHS Markit LTD

Foreign Stock

**

8,357

Kirkland Lake Gold LTD

Foreign Stock

**

7,349

Marvell Technology Group LTD

Foreign Stock

**

23,730

Perrigo Co. PLC

Foreign Stock

**

8,589

Spotify Technology SA

Foreign Stock

**

11,646

Waste Connections Inc.

Foreign Stock

**

5,848

JAND Inc DBA Warby Parker, Series AA Convertible

Preferred Stock

**

145

Procore Technologies Series B Convertible

Preferred Stock

**

132

Roofoods (Deliveroo) Series G Convertible Preferred

Preferred Stock

**

75

Roofoods Limited (Deliveroo)

Preferred Stock

**

2,459

Collective US Govt. STIF 5 BPS

Bond

**

1,000

Peshing Square Tontine Holdings Inc.

Warrants

**

151

* T. Rowe Price Treasury Reserve Fund

Money Market Securities

**

27,095

Large Cap Value Portfolio:

AbbVie Inc.

Common Stock

**

3,255

AES Corp.

Common Stock

**

1,188

Agilent Technologies Inc.

Common Stock

**

2,498

Alphabet Inc. - Class C

Common Stock

**

13,659

Ameren Corporation

Common Stock

**

2,185

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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

American International Group

Common Stock

**

5,153

Analog Devices Inc.

Common Stock

**

2,523

Anthem Inc.

Common Stock

**

2,645

Apple Inc.

Common Stock

**

1,118

Applied Materials Inc.

Common Stock

**

6,290

Avery Dennison Corp.

Common Stock

**

614

Bank of America Corp.

Common Stock

**

5,047

Becton Dickinson and Co.

Common Stock

**

383

Boston Scientific Corp.

Common Stock

**

242

Broadcom Inc.

Common Stock

**

5,060

Capital One Financial Corp.

Common Stock

**

1,865

Caterpillar Inc.

Common Stock

**

4,381

Centene Corp.

Common Stock

**

217

Citrix Systems Inc.

Common Stock

**

795

Coca-Cola Co.

Common Stock

**

1,291

Danaher Corp.

Common Stock

**

7,567

Deere & Co./Co

Common Stock

**

5,236

Digital Realty Trust Inc.

Common Stock

**

451

Dominion Energy Inc.

Common Stock

**

346

DuPont De Nemours Inc.

Common Stock

**

1,952

Elanco Animal Health Inc.

Common Stock

**

1,674

Eli Lily & Co.

Common Stock

**

1,251

Entergy Corp

Common Stock

**

789

EOG Resources Inc.

Common Stock

**

789

Equitable Holdings Inc.

Common Stock

**

3,805

FedEx Corp.

Common Stock

**

2,522

Fidelity National Info Services Inc.

Common Stock

**

241

FirstEnergy Corp.

Common Stock

**

377

Fiserv Inc.

Common Stock

**

1,422

Freeport-Mcmoran Inc.

Common Stock

**

1,728

General Electric Co.

Common Stock

**

6,729

General Motors Co.

Common Stock

**

4,640

Goldman Sachs Group Inc.

Common Stock

**

2,673

Hartford Financial Services Group

Common Stock

**

1,052

HCA Healthcare Inc.

Common Stock

**

4,311

Hilton Worldwide Holdings Inc.

Common Stock

**

2,316

Home Depot Inc.

Common Stock

**

1,653

Honeywell International Inc.

Common Stock

**

5,272

Hubbell Inc.

Common Stock

**

94

International Paper Co.

Common Stock

**

4,031

Jacobs Engineering Group Inc.

Common Stock

**

2,506

Johnson & Johnson

Common Stock

**

899

JPMorgan Chase & Co.

Common Stock

**

5,117

Keysight Technologies Inc.

Common Stock

**

1,064

Kraft Heinz Co.

Common Stock

**

503

Lam Research Corp.

Common Stock

**

1,791

Lennar Corp.

Common Stock

**

1,174

15

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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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Live Nation Entertainment Inc.

Common Stock

**

751

Marsh & McLennan Cos.

Common Stock

**

1,853

Marriott International Inc. - Class A

Common Stock

**

1,287

McDonald's Corp.

Common Stock

**

2,477

Metlife Inc.

Common Stock

**

2,909

MGM Resorts International

Common Stock

**

328

Micron Technology Inc.

Common Stock

**

3,158

Microsoft Corp.

Common Stock

**

9,472

Morgan Stanley

Common Stock

**

14,165

Nextera Energy Inc.

Common Stock

**

9,017

Norfolk Southern Corp.

Common Stock

**

4,255

Nvidia Corp.

Common Stock

**

2,145

O'Reilly Automotive Inc.

Common Stock

**

189

Packaging Corp. Of America

Common Stock

**

5,220

Philip Morris International

Common Stock

**

308

PNC Financial Services Group

Common Stock

**

3,048

PPG Industries Inc.

Common Stock

**

2,489

Principal Financial Group

Common Stock

**

457

Prologis Inc.

Common Stock

**

7,980

Public Service Enterprise Group

Common Stock

**

2,271

Qualcomm Inc.

Common Stock

**

8,576

Rockwell Automation Inc.

Common Stock

**

1,747

Roper Technologies Inc.

Common Stock

**

1,143

Ross Stores Inc.

Common Stock

**

509

Salesfore.com Inc.

Common Stock

**

312

Schwab (Charles) Corp.

Common Stock

**

3,075

Sempra Energy

Common Stock

**

5,190

Southern Co./The

Common Stock

**

3,240

Southern Copper Corp

Common Stock

**

972

Stanley Black & Decker Inc.

Common Stock

**

885

Stryker Corp.

Common Stock

**

2,675

Sun Communities Inc.

Common Stock

**

535

Synopsys Inc.

Common Stock

**

1,860

Texas Instruments Inc.

Common Stock

**

2,088

Thermo Fisher Scientific Inc.

Common Stock

**

6,558

TJX Companies Inc.

Common Stock

**

2,398

Travelers Companies Inc.

Common Stock

**

1,715

Union Pacific Corp.

Common Stock

**

2,637

United Parcel Service - Class B

Common Stock

**

2,474

United Rentals Inc.

Common Stock

**

2,439

UnitedHealth Group Inc.

Common Stock

**

2,097

Visa Inc. - Class A

Common Stock

**

1,183

Walt Disney Co./The

Common Stock

**

4,444

Wells Fargo & Co.

Common Stock

**

2,344

Welltower Inc.

Common Stock

**

1,735

Westrock Co.

Common Stock

**

3,681

Weyerhauser Co.

Common Stock

**

2,852

16

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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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Williams Companies Inc.

Common Stock

**

2,396

Yum! Brands Inc.

Common Stock

**

4,188

Zimmer Biomet Holdings Inc.

Common Stock

**

400

Air Liquide SA

Foreign Stock

**

479

ASML Holding NV-NY Reg. SHS

Foreign Stock

**

1,893

Bausch Health Companies Inc.

Foreign Stock

**

617

BHP Groups Ltd. - Sponsored ADR

Foreign Stock

**

1,313

Chubb Ltd.

Foreign Stock

**

2,585

Covestro AG

Foreign Stock

**

630

Johnson Controls International

Foreign Stock

**

2,003

Linde PLC

Foreign Stock

**

4,881

Medtronic PLC

Foreign Stock

**

3,509

NXP Semiconductors NV

Foreign Stock

**

5,022

Schneider Electric SE

Foreign Stock

**

629

Total SE

Foreign Stock

**

543

Collective US Govt. STIF 5 BPS

Bond

**

1,002

* T. Rowe Price Government Reserve Fund

Money Market Securities

**

587

Small-Cap Core Portfolio:

908 Devices Inc.

Common Stock

**

143

A Place for Rover Inc PP

Common Stock

**

9

Acadia Pharmaceuticals Inc.

Common Stock

**

738

Acceleron Pharma Inc.

Common Stock

**

2,498

Accolade Inc.

Common Stock

**

519

Adaptive Biotechnologies

Common Stock

**

963

ADT Inc.

Common Stock

**

1,536

Advantage Solutions Inc.

Common Stock

**

689

Aerojet Rocketdyne Holdings

Common Stock

**

774

Agios Pharmaceuticals Inc.

Common Stock

**

1,034

Air Lease Corp.

Common Stock

**

562

Alcoa Corp.

Common Stock

**

1,871

Alignment Healthcare Partners LP

Common Stock

**

425

Allbirds Common Stock PP

Common Stock

**

269

Allogene Therapeutics Inc.

Common Stock

**

236

Altimeter Growth Corp.

Common Stock

**

733

Amedisys Inc.

Common Stock

**

4,689

American Campus Communities

Common Stock

**

2,633

Apellis Pharmaceuticals Inc.

Common Stock

**

444

Arcutis Biotherapeutics Inc.

Common Stock

**

168

Array Technologies Inc.

Common Stock

**

1,478

Arvinas Inc.

Common Stock

**

316

Assurant Inc.

Common Stock

**

3,651

Atea Pharmaceuticals Inc.

Common Stock

**

262

Atlantic Capital Bancshares

Common Stock

**

612

Atricure Inc.

Common Stock

**

1,818

Avanos Medical Inc.

Common Stock

**

2,387

Avidity Biosciences Inc.

Common Stock

**

166

Axonics Inc.

Common Stock

**

547

17

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

AZZ Inc.

Common Stock

**

2,835

Bankunited Inc.

Common Stock

**

3,530

Bellring Brands Inc. - Class A

Common Stock

**

675

BJ's Restaurants Inc.

Common Stock

**

2,061

Blueprint Medicines Corp.

Common Stock

**

2,731

Booz Allen Hamilton Holding

Common Stock

**

2,796

Boston Beer Company Inc. - Class A

Common Stock

**

8,982

Bridge Bancorp Inc.

Common Stock

**

869

Bright Horizons Family Solutions

Common Stock

**

2,570

Brink's Co./The

Common Stock

**

3,138

Bruker Corp.

Common Stock

**

3,561

Burlington Stores Inc.

Common Stock

**

6,408

BWX Technologies Inc.

Common Stock

**

1,729

Cable One Inc.

Common Stock

**

6,002

Cactus Inc. - Class A

Common Stock

**

696

Cal-Maine Foods Inc.

Common Stock

**

2,289

California Water Service Grp.

Common Stock

**

1,614

Capitol Federal Financial Inc.

Common Stock

**

1,050

Cara Therapeutics Inc.

Common Stock

**

304

CareDx Inc.

Common Stock

**

677

Catalent Inc.

Common Stock

**

5,545

Cavco Industries Inc.

Common Stock

**

1,091

CBOE Global Markets Inc.

Common Stock

**

3,444

Cerevel Therapeutics Holdings - Private Placement

Common Stock

**

226

Ceridian HCM Holding Inc.

Common Stock

**

4,790

Certara Inc.

Common Stock

**

274

Chart Industries Inc.

Common Stock

**

4,512

Checkr Inc. Private Placement

Common Stock

**

206

Chesapeake Utilities Corp.

Common Stock

**

2,630

Chuy's Holdings Inc.

Common Stock

**

1,906

Cinemark Holdings Inc.

Common Stock

**

1,183

Columbia Banking System Inc.

Common Stock

**

984

Community Healthcare Trust Inc.

Common Stock

**

676

Coupa Software Inc.

Common Stock

**

1,334

Cross Country Healthcare Inc.

Common Stock

**

535

Crossfirst Bankshares Inc.

Common Stock

**

701

CTS Corp.

Common Stock

**

2,663

Cubesmart

Common Stock

**

1,898

Cubic Corp.

Common Stock

**

2,412

Denny's Corp.

Common Stock

**

1,135

Devon Energy Corp.

Common Stock

**

1,282

Diamondback Energy Inc.

Common Stock

**

2,613

Dimy Technology Group Inc.

Common Stock

**

321

Dogwood State Bank, Non-Voting, PP

Common Stock

**

112

Dogwood State Bank, Voting, PP

Common Stock

**

55

Domitar Corp.

Common Stock

**

1,173

18

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Douglas Emmett Inc.

Common Stock

**

355

Drive Shack Inc.

Common Stock

**

319

Drill-Quip Inc.

Common Stock

**

569

Duck Creek Technologies Inc.

Common Stock

**

244

East West Bancorp Inc.

Common Stock

**

2,394

EastGroup Properties Inc.

Common Stock

**

4,634

Element Solutions Inc.

Common Stock

**

4,238

Enanta Pharmaceuticals Inc.

Common Stock

**

110

Encore Capital Group Inc.

Common Stock

**

1,725

Enerpac Tool Group Corp.

Common Stock

**

2,486

Entegris Inc.

Common Stock

**

7,025

Equity Bancshares Inc.- Class A

Common Stock

**

744

ESCO Technologies Inc.

Common Stock

**

3,757

Euronet Worldwide Inc.

Common Stock

**

2,627

FB Financial Corp.

Common Stock

**

2,016

Federal Signal Corp.

Common Stock

**

971

Fiesta Restaurant Group

Common Stock

**

1,215

First Bancshares Inc./MS

Common Stock

**

1,244

First Industrial Realty Trust

Common Stock

**

1,246

Five Below

Common Stock

**

1,272

Five9 Inc.

Common Stock

**

5,533

Flame Biosciences, Inc. Private Placement

Common Stock

**

108

G1 Therapeutics Inc.

Common Stock

**

217

Generation Bio Co.

Common Stock

**

791

Gentherm Inc.

Common Stock

**

2,538

Gibraltar Industries Inc.

Common Stock

**

3,635

Global Blood Therapeutics Inc.

Common Stock

**

1,851

Graco Inc.

Common Stock

**

2,940

Grasshopper Bancorp Voting, PP

Common Stock

**

147

Haliburton Co.

Common Stock

**

2,793

Hanger Inc.

Common Stock

**

2,096

Hanover Insurance Group Inc.

Common Stock

**

2,422

Haynes International Inc.

Common Stock

**

847

Helios Technologies Inc.

Common Stock

**

1,796

Heritage Commerce Corp.

Common Stock

**

979

Heritage Financial Corp.

Common Stock

**

1,013

Heritage-Crystal Clean Inc.

Common Stock

**

869

HMS Holdings Corp.

Common Stock

**

523

Home Bancshares Inc.

Common Stock

**

2,569

Homology Medicines Inc.

Common Stock

**

244

Huron Consulting Group Inc.

Common Stock

**

528

Hydrofarm Holdings Group Inc.

Common Stock

**

186

ICU Medical Inc.

Common Stock

**

2,407

Idacorp Inc.

Common Stock

**

2,305

IGM Biosciences Inc.

Common Stock

**

949

Inari Medical Inc.

Common Stock

**

285

Ingersoll-Rand Inc.

Common Stock

**

4,086

19

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Insmed Inc.

Common Stock

**

2,560

Intella Therapeutics Inc.

Common Stock

**

520

Investors Bancorp Inc.

Common Stock

**

1,289

Iovance Biotherapeutics Inc.

Common Stock

**

393

iRhythm Technologies Inc.

Common Stock

**

4,550

Jand Inc. DBA Warby Parker Class A Common

Common Stock

**

411

JBG Smith Properties

Common Stock

**

2,681

John Bean Technologies Corp.

Common Stock

**

3,684

Knight-Swift Transportation

Common Stock

**

3,370

Kodiak Sciences Inc.

Common Stock

**

4,593

Kratos Defense & Security

Common Stock

**

2,204

Landstar System Inc.

Common Stock

**

1,435

Lattice Semiconductor Corp.

Common Stock

**

6,946

Liberty Oilfield Services - Class A

Common Stock

**

1,765

Littelfuse Inc.

Common Stock

**

2,917

Live Oak Bancshares Inc.

Common Stock

**

2,612

Magnolia Oil & Gas Corp - Class A

Common Stock

**

1,437

Manhattan Associates Inc.

Common Stock

**

828

Matson Inc.

Common Stock

**

3,314

Meridian Bancorp Inc.

Common Stock

**

1,431

Meritor Inc.

Common Stock

**

3,130

Mesa Laboratories Inc.

Common Stock

**

852

MGE Energy Inc

Common Stock

**

835

Michaels Companies Inc./The

Common Stock

**

1,955

Middlesex Water Co.

Common Stock

**

1,564

Minerals Technologies Inc.

Common Stock

**

2,054

Molina Healthcare Inc.

Common Stock

**

6,322

Monro Inc.

Common Stock

**

2,431

MS Instruments Inc.

Common Stock

**

749

MSA Safety Inc.

Common Stock

**

1,845

Mueller Water Products Inc.- Class A

Common Stock

**

1,843

National Cinemedia Inc.

Common Stock

**

553

National Instruments Corp.

Common Stock

**

3,314

nCinco Inc.

Common Stock

**

278

nCinco Inc. Private placement

Common Stock

**

1,300

Nevro Corp.

Common Stock

**

2,228

Nextera Energy Partners LP

Common Stock

**

1,823

Nextier Oilfield Solutions Inc.

Common Stock

**

867

Northwestern Corp.

Common Stock

**

697

NuVasive Inc.

Common Stock

**

1,167

Oak Street Health Inc.

Common Stock

**

292

Odonate Therapeutics Inc.

Common Stock

**

49

Ollie's Bargain Outlet Holdings

Common Stock

**

4,214

One Gas Inc.

Common Stock

**

3,517

Origin Bancorp Inc.

Common Stock

**

1,363

Outlet Medical Inc.

Common Stock

**

221

Pacific Premier Bancorp Inc.

Common Stock

**

2,262

20

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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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Papa John's Intl. Inc.

Common Stock

**

4,251

Parsons Corp.

Common Stock

**

816

Pax Labs - Class A

Common Stock

**

278

Paycom Software Inc.

Common Stock

**

3,274

PDF Solutions Inc.

Common Stock

**

1,137

Pennant Group Inc./The

Common Stock

**

1,629

Pennymac Financial Services

Common Stock

**

3,598

Penumbra Inc.

Common Stock

**

1,080

PGT Innovations Inc.

Common Stock

**

1,452

Pinnacle Financial Partners

Common Stock

**

3,498

Post Holdings Inc.

Common Stock

**

3,139

PRA Group Inc.

Common Stock

**

1,902

Professional Holdings Corp.

Common Stock

**

89

Professional Holdings Corp. - Class A

Common Stock

**

243

Prog Holdigns Inc.

Common Stock

**

3,100

Proofpoint Inc.

Common Stock

**

3,084

Prosperity Bancshares Inc.

Common Stock

**

2,017

Providence Service Corp.

Common Stock

**

2,233

PS Business Parks Inc./CA

Common Stock

**

3,386

PTC Therapeutivs Inc.

Common Stock

**

359

Pulmonx Corp.

Common Stock

**

245

Quaker Chemical Corp.

Common Stock

**

3,207

Quidel Corp.

Common Stock

**

5,151

Radius Health Inc.

Common Stock

**

1,851

Rapt Theraputics Inc.

Common Stock

**

269

Reata Pharmaceuticals Inc.- Class A

Common Stock

**

1,338

Red Robin Gourmet Burgers

Common Stock

**

827

Regency Centers Corp.

Common Stock

**

653

Replimune Group Inc.

Common Stock

**

244

Rexford Industrial Realty Inc.

Common Stock

**

2,915

RH

Common Stock

**

2,044

Rivian Automotive Ser D CV

Common Stock

**

872

Rivian Automotive Ser E CVT PFD ST

Common Stock

**

885

Rush Enterprises Inc. - Class A

Common Stock

**

2,036

Safety Insurance Group Inc.

Common Stock

**

1,064

Saia Inc.

Common Stock

**

2,035

Sanderson Farms Inc.

Common Stock

**

2,093

Sandy Spring Bancorp Inc.

Common Stock

**

1,161

Scholar Rock Holding Corp.

Common Stock

**

1,919

Seacoast Banking Corp./FL

Common Stock

**

2,609

Seagan Inc.

Common Stock

**

1,813

Seer Inc.

Common Stock

**

319

Selective Insurance Group

Common Stock

**

3,916

SelectQuote Inc.

Common Stock

**

694

Semtech Corp.

Common Stock

**

1,227

Service Titan Inc. Private Placement

Common Stock

**

31

Signature Bank

Common Stock

**

2,894

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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Siteone Landscape Supply Inc.

Common Stock

**

5,745

SJW Group

Common Stock

**

2,203

Skyline Champion Corp.

Common Stock

**

1,769

SLM Corp.

Common Stock

**

1,203

South State Corp.

Common Stock

**

3,137

Southwest Gas Holdings Inc.

Common Stock

**

3,249

SPX Corp.

Common Stock

**

1,934

SS&C Technologies Holdings

Common Stock

**

4,751

State Auto Financial Corp.

Common Stock

**

421

Stepstone Group Inc. - Class A

Common Stock

**

2,173

Sterling Bancorp Inc.

Common Stock

**

294

Steven Madden Ltd.

Common Stock

**

338

Stoneridge Inc.

Common Stock

**

1,168

Strategic Education Inc.

Common Stock

**

370

Teledyne Technologies Inc.

Common Stock

**

5,114

Terminix Global Holdings Inc.

Common Stock

**

1,214

Tetra Tech Inc.

Common Stock

**

1,206

TG Therapeutics Inc.

Common Stock

**

201

Therapeuticsmd Inc.

Common Stock

**

537

Thermon Group Holdings Inc.

Common Stock

**

350

Toast Inc. Private Placement

Common Stock

**

4

Toro Co.

Common Stock

**

2,305

Treehouse Foods Inc.

Common Stock

**

2,603

Tri Pointe Group Inc.

Common Stock

**

1,243

Tricida Inc.

Common Stock

**

187

Turning Point Therapeutics Inc.

Common Stock

**

1,688

U.S. Physical Therapy Inc.

Common Stock

**

2,394

Ultragenyx Pharmaceutical Inc.

Common Stock

**

4,592

Upwork Inc.

Common Stock

**

3,345

UTZ Brands Inc.

Common Stock

**

1,631

Venture Global LNG, Inc., Series B

Common Stock

**

89

Venture Global LNG, Inc., Series C

Common Stock

**

1,164

Vroom Inc.

Common Stock

**

2,390

Webster Financial Corp.

Common Stock

**

1,870

Western Alliance Bancorp

Common Stock

**

3,893

Workiva Inc.

Common Stock

**

1,095

Xencor Inc.

Common Stock

**

1,657

Zendesk Inc.

Common Stock

**

884

Zentalis Phrmaceuticals Inc.

Common Stock

**

298

Zynga Inc.-Class A

Common Stock

**

2,953

Abcam PLC - Sponsor ADR

Foreign Stock

**

519

Argenx SE - ADR

Foreign Stock

**

4,655

Ascendis Pharma A/S - ADR

Foreign Stock

**

5,077

Axis Capital Holdings LTD

Foreign Stock

**

2,693

Bluescape Opportunites ACQ

Foreign Stock

**

806

Clarivate PLC

Foreign Stock

**

4,561

Computer Modelling Group LTD

Foreign Stock

**

344

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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Constellium SE

Foreign Stock

**

2,420

Crispr Therapeutics AG

Foreign Stock

**

630

Descartes Systems Grp./The

Foreign Stock

**

4,333

ERO Copper Corp.

Foreign Stock

**

2,441

Essent Group LTD

Foreign Stock

**

2,268

FirstService Corp.

Foreign Stock

**

5,926

Flagship Communities REIT UT

Foreign Stock

**

208

Franco-Nevada Corp.

Foreign Stock

**

1,717

Legend Biotech Corp. ADR

Foreign Stock

**

82

Meiragtx Holdings PLC

Foreign Stock

**

178

Nomad Foods LTD

Foreign Stock

**

1,855

Northern Star Resources LTD

Foreign Stock

**

3,317

Novanta Inc.

Foreign Stock

**

4,462

Orchard Therapeutics PLC

Foreign Stock

**

125

Popular Inc.

Foreign Stock

**

1,414

Rentokil Initial PLC

Foreign Stock

**

1,877

Seven Generations Energy

Foreign Stock

**

800

Stoneco LTD

Foreign Stock

**

1,712

West Fraser Timber Co. LTD

Foreign Stock

**

2,346

1stdibs.com, Inc., Series D Convertible

Preferred Stock

**

385

A Place For Rover, Inc.

Preferred Stock

**

122

Allbirds, Inc. Series A Convertible

Preferred Stock

**

88

Allbirds, Inc. Series B Convertible

Preferred Stock

**

15

Allbirds, Inc. Series C Convertible

Preferred Stock

**

147

Allbirds, Inc. Series Seed Convertible

Preferred Stock

**

47

Bright Health Series E Convertible

Preferred Stock

**

594

Caris Life Sciences Series C Convertible

Preferred Stock

**

214

Cava Group Series E Convertible

Preferred Stock

**

658

Checkr, Inc. Series C Convertible Private Placement

Preferred Stock

**

282

Checkr, Inc. Series D Convertible Private Placement

Preferred Stock

**

440

Convoy Series C Convertible

Preferred Stock

**

574

Convoy Series D Convertible

Preferred Stock

**

397

Farmers Business Network

Preferred Stock

**

992

Flexe Series C Convertible

Preferred Stock

**

244

Haul Hun Series B Convertible

Preferred Stock

**

144

Honor Technology Series D Convertible

Preferred Stock

**

452

Jand Inc., DBA Warby Parker

Preferred Stock

**

609

Jand Inc. DBA Warby Parker Series E Convertible

Preferred Stock

**

507

National Resilience

Preferred Stock

**

326

Nuro Series C Convertible

Preferred Stock

**

353

Roofoods Limited (Deliveroo) Series G Convertible

Preferred Stock

**

45

Roofoods Limited (Deliveroo)

Preferred Stock

**

1,408

Seer Class A Common Lockup

Preferred Stock

**

536

Seismic Software Series E Convertible

Preferred Stock

**

424

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, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Seismic Software Series F Convertible

Preferred Stock

**

33

Servicetitan, Inc., Series A-1 Convertible

Preferred Stock

**

1

Servicetitan, Inc., Series D Convertible

Preferred Stock

**

310

Toast Inc. Series B Convertible

Preferred Stock

**

38

Toast Inc. Series D Convertible, Private Placement

Preferred Stock

**

2,693

Toast Inc. Series F Convertible

Preferred Stock

**

256

Xometry, Inc. Series A-2 Convertible

Preferred Stock

**

40

Xometry, Inc. Series B Convertible

Preferred Stock

**

14

Xometry, Inc. Series C Convertible

Preferred Stock

**

14

Xometry, Inc. Series D Convertible

Preferred Stock

**

11

Xometry, Inc. Series E Convertible

Preferred Stock

**

114

Xometry, Inc. Series Seed-1 Convertible

Preferred Stock

**

91

Collective US Govt. STIF 5 BPS

Bond

**

1,187

* T. Rowe Price Treasury Reserve Fund

Money Market Securities

**

4,259

Advatange Solutions Inc.

Warrants

**

37

Grasshopper Bancorp WTS Inc.

Warrants

**

11

UTZ Brands Inc.

Warrants

**

201

International Equity Portfolio:

AFLAC Inc.

Common Stock

**

3,700

Mettler-Toledo International

Common Stock

**

2,707

AAC Technologies H-Unsponsored ADR

Foreign Stock

**

1,386

ABB LTD-Sponsored ADR

Foreign Stock

**

2,345

Adecco Group AG-Reg.-Unsponsored ADR

Foreign Stock

**

2,749

Air Liquide-Unsponsored ADR

Foreign Stock

**

2,213

Allianz SE-Sponsored ADR

Foreign Stock

**

3,354

Astellas Pharma Inc.-Unsponsored ADR

Foreign Stock

**

2,612

AXA -Sponsored ADR

Foreign Stock

**

3,799

Banco Bilbao Vizcaya-Sponsored ADR

Foreign Stock

**

4,875

Bancolombia S.A.-Sponsored ADR

Foreign Stock

**

3,588

BASF SE-Sponsored ADR

Foreign Stock

**

2,083

BHP Group LTD-Sponsored ADR

Foreign Stock

**

2,400

BNP Paribas-ADR

Foreign Stock

**

3,878

British American Tobacco-Sponsored ADR

Foreign Stock

**

3,393

Coca-Cola HBC AG-Unsponsored ADR

Foreign Stock

**

3,187

Compass Group PLC-Sponsored ADR

Foreign Stock

**

2,984

Continental AG-Sponsored ADR

Foreign Stock

**

2,531

Credicorp Ltd.

Foreign Stock

**

2,435

CSL LTD-Sponsored ADR

Foreign Stock

**

2,371

Dassault Systemes S-Sponsored ADR

Foreign Stock

**

1,566

Diageo PLC-Sponsored ADR

Foreign Stock

**

2,832

DNB ASA-Sponsored ADR

Foreign Stock

**

3,712

Enbridge Inc.

Foreign Stock

**

2,288

Fanuc Corp.-Unsponsored ADR

Foreign Stock

**

1,618

Fresenius SE & Co.-Sponsored ADR

Foreign Stock

**

2,826

Givaudan-Unsponsored ADR

Foreign Stock

**

2,005

Grupo Fin Banorte-Sponsored ADR

Foreign Stock

**

5,033

24

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Henkel KGaA-Sponsored ADR PFD

Foreign Stock

**

2,737

Imperial Oil LTD

Foreign Stock

**

3,049

JGC Corp.-Unsponsored ADR

Foreign Stock

**

1,987

Kering-Unsponsored ADR

Foreign Stock

**

2,315

Komatsu LTD -Sponsored ADR

Foreign Stock

**

2,623

Kubota Corp.-Sponsored ADR

Foreign Stock

**

2,619

L'oreal-Unsponsored ADR

Foreign Stock

**

2,239

MTN Group LTD-Sponsored ADR

Foreign Stock

**

3,094

Muenchener Rueck-Unsponsored ADR

Foreign Stock

**

2,282

Nestle SA-Sponsored ADR

Foreign Stock

**

2,399

Nitto Denko Corp.-Unsponsored ADR

Foreign Stock

**

3,074

Novartis AG-Sponsored ADR

Foreign Stock

**

2,470

Novo-Nordisk A/S-Sponsored ADR

Foreign Stock

**

2,350

Orix-Sponsored ADR

Foreign Stock

**

3,464

Pan Pacific International Holdings

Foreign Stock

**

2,429

Prudential PLC-ADR

Foreign Stock

**

3,598

Reckitt Benckiser-Sponsored ADR

Foreign Stock

**

2,307

Roche Holdings LTD-Sponsored ADR

Foreign Stock

**

2,281

Royal Dutch Shell-Sponsored ADR-B

Foreign Stock

**

3,412

Ryanair Holdings PLC-Sponsored ADR

Foreign Stock

**

2,709

Sandvik AB-Sponsored ADR

Foreign Stock

**

2,980

SAP SE-Sponsored ADR

Foreign Stock

**

2,143

Siemens AG-Sponsored ADR

Foreign Stock

**

2,207

Singapore Telecommunication-ADR

Foreign Stock

**

1,740

Sysmex Corp.-Unsponsored ADR

Foreign Stock

**

2,050

Taiwan Semiconductor-Sponsored ADR

Foreign Stock

**

3,368

Tokyo Electron LTD-Unsponsored ADR

Foreign Stock

**

3,922

TotalEnergies SE

Foreign Stock

**

2,626

United Overseas Bank-Sponsored ADR

Foreign Stock

**

3,507

Volkswagen AG-Unsponsored ADR

Foreign Stock

**

2,848

Walmart De Mexico-Sponsored ADR

Foreign Stock

**

2,845

Woodside Petroleum-Sponsored ADR

Foreign Stock

**

2,427

WPP PLC-Sponsored ADR

Foreign Stock

**

2,735

Federated Government Obligations Fund

Money Market Securities

**

2,892

Large Cap Growth Portfolio:

Abiomed Inc.

Common Stock

**

21,327

Activision Blizzard Inc.

Common Stock

**

22,119

Adobe Inc.

Common Stock

**

37,779

Align Technology Inc.

Common Stock

**

31,361

Amazon.com Inc.

Common Stock

**

42,677

Applied Materials Inc.

Common Stock

**

22,315

Biomarin Pharmaceutical Inc

Common Stock

**

8,905

Booking Holdings Inc.

Common Stock

**

30,565

Bristol-Myers Squibb Co.

Common Stock

**

23,504

Costar Group Inc.

Common Stock

**

11,064

Edwards Lifesciences Corp.

Common Stock

**

16,716

Estee Lauder Companies - Class A

Common Stock

**

14,245

25

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Exact Sciences Corp.

Common Stock

**

27,621

Facebook Inc.-Class A

Common Stock

**

41,659

IDEXX Laboratories Inc.

Common Stock

**

30,786

Illumina Inc.

Common Stock

**

22,856

Intuit Inc.

Common Stock

**

26,055

Match Group Inc.

Common Stock

**

16,172

MSCI Inc.

Common Stock

**

27,594

Nike Inc.- Class B

Common Stock

**

36,530

Nvidia Corp.

Common Stock

**

33,496

Paypal Holdings Inc.

Common Stock

**

37,395

Roku Inc.

Common Stock

**

8,905

Salesforce.com Inc.

Common Stock

**

28,518

Sarepta Therapeutics Inc.

Common Stock

**

15,013

Servicenow Inc.

Common Stock

**

37,379

Sherwin-Williams Co.

Common Stock

**

18,621

Splunk Inc.

Common Stock

**

25,248

Square Inc.- Class A

Common Stock

**

21,306

TJX Companies Inc.

Common Stock

**

18,066

Uber Technologies Inc.

Common Stock

**

17,478

UnitedHealth Group Inc.

Common Stock

**

26,228

Visa Inc.- Class A Shares

Common Stock

**

36,608

New Oriental Education - Sponsored ADR

Foreign Stock

**

36,829

Trane Technologies PLC

Foreign Stock

**

21,747

Dreyfus Treasury & Agency Cash Mgnt. # 521

Money Market Security

**

10,161

Total separately managed accounts

3,354,012

Fully Benefit-Responsive Contracts:

Capital Preservation Portfolio:

* T. Rowe Price Reserve Inv Fund

Mutual and Trust Fund

**

64,290

* T. Rowe Price Short Term Common:

American General Life

Mutual and Trust Fund

**

72,127

Mass Mutual SIC

Mutual and Trust Fund

**

83,025

Prudential Building Block Trust

Mutual and Trust Fund

**

82,128

State Street Building Block Trust

Mutual and Trust Fund

**

61,971

Pacific Life Building Block Trust

Mutual and Trust Fund

**

82,125

RBC Building Block Trust

Mutual and Trust Fund

**

74,161

NY Life Bldg Block Trust

Mutual and Trust Fund

**

83,011

Transamerica Building Block Trust

Mutual and Trust Fund

**

76,322

Metropolitan Life

Mutual and Trust Fund

**

62,776

* T. Rowe Price Int Term Common:

Mass Mutual SIC

Mutual and Trust Fund

**

88,645

Prudential Building Block Trust

Mutual and Trust Fund

**

87,687

State Street Building Block Trust

Mutual and Trust Fund

**

114,011

Pacific Life Building Block Trust

Mutual and Trust Fund

**

87,685

American General Life

Mutual and Trust Fund

**

47,152

RBC Building Block Trust

Mutual and Trust Fund

**

48,481

NY Life Bldg Block Trust

Mutual and Trust Fund

**

88,631

Transamerica Building Block Trust

Mutual and Trust Fund

**

49,894

26

---

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2020

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment

(d) Cost

(e) Current value

Metropolitan Life

Mutual and Trust Fund

**

115,492

* T. Rowe Price Managed Bond:

Mass Mutual SIC

Mutual and Trust Fund

**

9,055

Prudential Building Block Trust

Mutual and Trust Fund

**

8,957

State Street Building Block Trust

Mutual and Trust Fund

**

9,282

Pacific Life Building Block Trust

Mutual and Trust Fund

**

8,956

American General Life

Mutual and Trust Fund

**

6,291

RBC Building Block Trust

Mutual and Trust Fund

**

6,469

NY Life Bldg Block Trust

Mutual and Trust Fund

**

9,053

Transamerica Building Block Trust

Mutual and Trust Fund

**

6,657

Metropolitan Life

Mutual and Trust Fund

**

9,402

Total Fully Benefit-Responsive Contracts

1,543,736

* Costco Wholesale Corporation

Common stock

**

10,260,421

Total investments

23,304,872

* Participant loans

Interest rates of 4.25% to 11.50% maturing through 2036

__

469,416

Total

$

23,774,288

_________________________

* Indicates a party-in-interest

** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

27

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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 24, 2021						By:			/s/ PATRICK J. CALLANS
Date									Patrick J. Callans Executive Vice President Costco Wholesale Corporation

28