11-K 1 a202111-k.htm 11-K Document

For the fiscal year ended December 31, 2021

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

999 Lake Drive
Issaquah, Washington 98027

Table of Contents

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 the Costco 401(k) Retirement Plan (the “Plan”) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021, 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 schedules, we evaluated whether the supplementary information, including its form and content, is presented in conformity with 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 schedules is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Moss Adams LLP
Seattle, Washington
June 28, 2022
We have served as the Plan’s auditor since 2020.

Statements of Net Assets Available for Benefits
December 31, 2021 and 2020
(in thousands)

Investments at fair value$28,855,019 $21,761,136 
Investments at contract value:
Fully benefit-responsive investment contracts1,618,026 1,543,736 
Total investments30,473,045 23,304,872 
Notes receivable from participants472,585 469,416 
Employer contributions442,793 417,147 
Total receivables915,378 886,563 
Non-interest bearing cash2,119 1,770 
Net assets available for benefits$31,390,542 $24,193,205 

See accompanying notes to financial statements.

Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2021
(in thousands)

Net investment income:
Net appreciation of investments$6,825,482 
Total net investment income7,049,080 
Interest on notes receivable from participants26,351 
Contributions to the Plan:
Total contributions1,417,850 
Distributions to participants and other(1,295,944)
Net increase in net assets available for benefits7,197,337 
Net assets available for benefits, beginning of year24,193,205 
Net assets available for benefits, end of year$31,390,542 

See accompanying notes to financial statements.

Notes to Financial Statements
December 31, 2021 and 2020
(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) 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 $6.1 million for the year ended December 31, 2021, and was deposited into the Plan and allocated to participant accounts in March 2022.


Notes to Financial Statements (Continued)
December 31, 2021 and 2020
(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 3% to 9% of the participant's compensation. This discretionary contribution was $436.7 million for the year ended December 31, 2021, and was deposited into the Plan and allocated to participant accounts in March 2022.
(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.

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 servicePercentage vested
Under 2 years0%
2 years20%
3 years40%
4 years60%
5 years100%

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 2021. There were no unallocated forfeitures as of December 31, 2021 and 2020, 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.


Notes to Financial Statements (Continued)
December 31, 2021 and 2020

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, 2021, interest rates on loans outstanding ranged from 4.25% to 10.25%, with various maturities through December 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 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.

Notes to Financial Statements (Continued)
December 31, 2021 and 2020
(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.


Notes to Financial Statements (Continued)
December 31, 2021 and 2020
(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.

The Plan was amended on January 1, 2021, to increase the automatic enrollment contribution rate for employees who become eligible for salary deferral contributions after March 31, 2022.

(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.

Notes to Financial Statements (Continued)
December 31, 2021 and 2020
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, 2021 and 2020.
December 31, 2021:Level 1
(in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock$14,917,808 
Common commingled trust funds7,798,371 
Separately managed accounts3,810,457 
Registered investment company funds2,328,383 
Total investments in fair value hierarchy$28,855,019 
December 31, 2020:Level 1
(in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock$10,260,421 
Common commingled trust funds6,250,834 
Separately managed accounts3,354,012 
Registered investment company funds1,895,869 
Total investments in fair value hierarchy$21,761,136 
(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 moved to dismiss. On March 17, 2022, the court granted preliminary approval of a class-wide settlement, under which the defendants will pay an immaterial amount. A hearing to consider final approval of the settlement is scheduled for July 18, 2022.

Notes to Financial Statements (Continued)
December 31, 2021 and 2020
(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, 2021, 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, 2021 and 2020, the Plan held 26,278,000 and 27,232,000 shares of Costco common stock.


Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
EIN: 91-1223280 Plan #: 002
December 31, 2021
(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 FundsNew Perspective Fund R6 **$547,469 
PIMCOIncome Institutional **502,063 
* T. Rowe PriceRetirement Balanced Trust J**30,159 
* T. Rowe PriceTRP Ret 2005 Active Trust J**22,933 
* T. Rowe PriceTRP Ret 2010 Active Trust J**45,861 
* T. Rowe PriceTRP Ret 2015 Active Trust J**143,975 
* T. Rowe PriceTRP Ret 2020 Active Trust J**448,376 
* T. Rowe PriceTRP Ret 2025 Active Trust J**849,449 
* T. Rowe PriceTRP Ret 2030 Active Trust J**1,020,009 
* T. Rowe PriceTRP Ret 2035 Active Trust J**923,195 
* T. Rowe PriceTRP Ret 2040 Active Trust J**1,074,521 
* T. Rowe PriceTRP Ret 2045 Active Trust J**1,212,660 
* T. Rowe PriceTRP Ret 2050 Active Trust J**779,604 
* T. Rowe PriceTRP Ret 2055 Active Trust J**902,502 
* T. Rowe PriceTRP Ret 2060 Active Trust J**327,092 
* T. Rowe PriceTRP Ret 2065 Active Trust J**16,220 
* T. Rowe PriceTRP Ret 2020 Active Trust-Income J**1,815 
VanguardExtended Market Index Institutional**63,219 
VanguardTotal International Stock Index Institutional **58,598 
VanguardTotal Bond Market Index Fund Institutional **133,051 
VanguardInstitutional Index, Plus **1,023,983 
Total registered investment company and common commingled trust funds10,126,754 
Separately managed accounts:
Mid-Cap Growth Portfolio:
Acadia Healthcare Co. Inc.Common Stock**13,157 
Agilent Technologies Inc.Common Stock**29,826 
Agilon Health Inc.Common Stock**1,518 
Alnylam Pharmaceuticals Inc.Common Stock**10,977 
Ameren CorporationCommon Stock**372 
Amphenol Corp - Class ACommon Stock**10,139 
Assurant Inc.Common Stock**12,831 
Avantor Inc.Common Stock**25,396 
Avery Dennison Corp.Common Stock**15,245 
Ball Corp.Common Stock**37,426 
Bath & Body Works Inc.Common Stock**5,121 
Bill.Com Holdings Inc.Common Stock**5,574 
Black Knight Inc.Common Stock**12,956 
Boston Beer Company Inc - Class ACommon Stock**6,750 
Bright Horizons Family Solutions Inc.Common Stock**5,795 
Broadridge Financial Solutions, Inc.Common Stock**4,690 
Bruker Corp.Common Stock**25,989 
Burlington Stores Inc.Common Stock**25,013 
Bwx Technologies Inc.Common Stock**8,450 
Casey's General Stores Inc.Common Stock**16,581 
Catalent Inc.Common Stock**39,029 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Cboe Global Markets Inc.Common Stock**10,774 
CCC Intelligent Solutions Holdings Inc.Common Stock**2,641 
Ceridian Hcm Holding Inc.Common Stock**17,096 
Chipotle Mexican Grill Inc.Common Stock**14,427 
Citrix Systems Inc.Common Stock**8,417 
Clear Secure Inc. - Class ACommon Stock**776 
Cognex Corp.Common Stock**4,059 
Colfax Corp.Common Stock**17,371 
Cooper Cos Inc/TheCommon Stock**21,993 
Corning Inc.Common Stock**11,831 
Costar Group Inc.Common Stock**13,295 
Crowdstrike Holdings Inc. - Class ACommon Stock**7,532 
Databricks Inc., Series G Convertible StockCommon Stock**580 
Deckers Outdoor Corp.Common Stock**4,006 
Dentsply Sirona Inc.Common Stock**4,121 
Docusign Inc.Common Stock**11,706 
Dollar General Corp.Common Stock**19,814 
Dollar Tree Inc.Common Stock**12,449 
Domino's Pizza Inc.Common Stock**11,615 
Doordash Inc. - Class ACommon Stock**2,176 
Doximity Inc. - Class ACommon Stock**2,223 
Draftkings Inc. - Class ACommon Stock**2,819 
Elanco Animal Health Inc.Common Stock**7,325 
Entegris Inc.Common Stock**17,582 
Equifax Inc.Common Stock**15,283 
Etsy Inc.Common Stock**10,645 
Eversource EnergyCommon Stock**3,854 
Exact Sciences Corp.Common Stock**4,837 
Exelixis Inc.Common Stock**1,828 
Exp World Holdings Inc.Common Stock**1,112 
Five BelowCommon Stock**5,410 
Fleetcor Technologies Inc.Common Stock**16,113 
Fortinet Inc.Common Stock**19,118 
Fortive Corp.Common Stock**14,837 
Hashicorp Inc. - Class ACommon Stock**232 
Hilton Worldwide Holdings Inc.Common Stock**25,482 
Hologic Inc.Common Stock**42,316 
Hunt (Jb) Transprt Svcs Inc.Common Stock**26,704 
Iac/InteractivecorpCommon Stock**6,797 
Icu Medical Inc.Common Stock**9,109 
Idex Corp.Common Stock**15,602 
Incyte Corp.Common Stock**2,146 
Ingersoll-Rand Inc.Common Stock**35,347 
Ionis Pharmaceuticals Inc.Common Stock**4,871 
Kemper CorpCommon Stock**3,221 
Keysight Technologies Inc.Common Stock**23,448 
KKR & Co Inc.Common Stock**21,429 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
KLA Corp.Common Stock**23,007 
Kodiak Sciences Inc.Common Stock**1,205 
Lattice Semiconductor Corp.Common Stock**3,616 
Legalzoomcom Inc.Common Stock**184 
Leidos Holdings Inc.Common Stock**4,163 
Liberty Media Corp. - Series CCommon Stock**11,601 
Littelfuse Inc.Common Stock**2,659 
Lululemon Athletica Inc.Common Stock**3,230 
Maplebear Dba InstacartCommon Stock**330 
Marketaxess Holdings Inc.Common Stock**7,810 
Martin Marietta MaterialsCommon Stock**9,639 
Marvell Technology Inc.Common Stock**38,459 
Match Group Inc.Common Stock**5,615 
MGM Resorts InternationalCommon Stock**12,307 
Microchip Technology Inc.Common Stock**40,441 
Molina Healthcare Inc.Common Stock**6,863 
Multiplan Corp.Common Stock**2,815 
National Instruments Corp.Common Stock**11,194 
Ncino Inc.Common Stock**2,149 
Neurocrine Biosciences Inc.Common Stock**5,352 
O'Reilly Automotive Inc.Common Stock**12,358 
Olaplex Holdings Inc.Common Stock**2,337 
Packaging Corp Of AmericaCommon Stock**2,274 
Peloton Interactive Inc - Class ACommon Stock**1,626 
Playtika Holding Corp.Common Stock**2,309 
Procore Technologies Inc.Common Stock**1,276 
PTC Inc.Common Stock**8,938 
Quidel Corp.Common Stock**9,932 
Raymond James Financial Inc.Common Stock**4,702 
Reynolds Consumer Products Inc.Common Stock**5,267 
Rivian Automotive Inc - Class ACommon Stock**3,989 
Roper Technologies Inc.Common Stock**13,498 
Ross Stores Inc.Common Stock**8,454 
RPM International Inc.Common Stock**9,791 
Seagen Inc.Common Stock**11,083 
Sealed Air Corp.Common Stock**15,188 
Sentinelone Inc - Class ACommon Stock**1,898 
Shoals Technologies Group - Class ACommon Stock**2,283 
Skyworks Solutions Inc.Common Stock**11,214 
Sofi Technologies Inc.Common Stock**4,796 
Southwest Airlines Co.Common Stock**12,723 
Teleflex Inc.Common Stock**29,639 
Terminix Global Holdings Inc.Common Stock**11,427 
Textron Inc.Common Stock**37,657 
Thoughtworks Holding Inc.Common Stock**1,179 
Toast Inc. - Class ACommon Stock**187 
Trade Desk Inc/The - Class ACommon Stock**4,938 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Tradeweb Markets Inc. - Class ACommon Stock**18,022 
TransunionCommon Stock**20,684 
Treehouse Foods Inc.Common Stock**5,912 
Ultragenyx Pharmaceutical Inc.Common Stock**3,486 
Upwork Inc.Common Stock**2,045 
Vail Resorts Inc.Common Stock**11,443 
Veeva Systems Inc. - Class ACommon Stock**15,673 
Venture Global Lng, Inc., Series B Private PlacementCommon Stock**260 
Venture Global Lng, Inc., Series C Private PlacementCommon Stock**1,727 
Verisk Analytics Inc.Common Stock**8,278 
Vf Corp.Common Stock**3,757 
Vimeo Inc.Common Stock**2,850 
Warby Parker Inc. - Class ACommon Stock**577 
Webster Financial Corp.Common Stock**5,924 
West Pharmaceutical ServicesCommon Stock**15,884 
Zynga Inc - Class ACommon Stock**5,350 
Alcon IncForeign Stock**11,616 
Alkermes PlcForeign Stock**6,621 
Aptiv PlcForeign Stock**5,265 
Ardagh Metal Packaging SaForeign Stock**1,792 
Argenx Se - AdrForeign Stock**9,227 
Atlassian Corp Plc - Class AForeign Stock**8,075 
Axis Capital Holdings LtdForeign Stock**8,183 
Clarivate PlcForeign Stock**16,681 
Deliveroo PlcForeign Stock**652 
Farfetch Ltd - Class AForeign Stock**3,603 
Kirkland Lake Gold LtdForeign Stock**2,192 
Ortho Clinical Diagnostics Holdings PlcForeign Stock**5,519 
On Holding Ag - Class AForeign Stock**584 
Perrigo Co PlcForeign Stock**6,997 
Spotify Technology SaForeign Stock**13,263 
Waste Connections Inc.Foreign Stock**8,956 
Caris Life Series D ConvertiblePreferred Stock**1,024 
Databricks Series H ConvertiblePreferred Stock**793 
Maplebear Dba Instacart Series E ConvertiblePreferred Stock**2,310 
Nuro Series D ConvertiblePreferred Stock**706 
Redwood Materials Series C ConvertiblePreferred Stock**759 
Rivian Automotive, Inc.Preferred Stock**27,290 
Sila Nanotechnologies Inc. Series F ConvertiblePreferred Stock**1,404 
Collective Us Govt Stif 5 BpsBond**994 
* T. Rowe Price Treasury Reserve FundMoney Market Securities**37,728 
Large Cap Value Portfolio:
Abbott LaboratoriesCommon Stock**897 
Abbvie Inc.Common Stock**6,746 
AES Corp.Common Stock**921 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Agilent Technologies Inc.Common Stock**4,604 
Air Products & Chemicals Inc.Common Stock**1,619 
Alexandria Real Estate Equities Inc.Common Stock**1,982 
Alphabet Inc. - Class CCommon Stock**24,355 
American International GroupCommon Stock**12,458 
Analog Devices Inc.Common Stock**2,179 
Anthem Inc.Common Stock**6,398 
Applied Materials Inc.Common Stock**4,074 
Avery Dennison Corp.Common Stock**262 
Bank Of America Corp.Common Stock**11,866 
Becton Dickinson And Co.Common Stock**2,897 
Booking Holdings Inc.Common Stock**2,336 
Broadcom Inc.Common Stock**7,703 
Camden Property TrustCommon Stock**3,527 
Centene Corp.Common Stock**5,695 
Charter Communications Inc. - Class ACommon Stock**1,639 
Cigna Corp.Common Stock**1,752 
Cms Energy Corp.Common Stock**512 
Coca-Cola Co/TheCommon Stock**2,704 
Cognizant Tech Solutions - Class ACommon Stock**392 
Comcast Corp. - Class ACommon Stock**921 
CSX Corp.Common Stock**5,376 
Danaher Corp.Common Stock**11,575 
Deere & Co.Common Stock**1,583 
Dollar General Corp.Common Stock**2,486 
Dominion Energy Inc.Common Stock**2,436 
Elanco Animal Health Inc.Common Stock**1,333 
Eli Lilly & Co.Common Stock**1,875 
Entergy Corp.Common Stock**1,543 
Equitable Holdings Inc.Common Stock**2,875 
Equity Lifestyle PropertiesCommon Stock**2,389 
Eversource EnergyCommon Stock**1,157 
Fortive Corp.Common Stock**2,388 
General Electric Co.Common Stock**11,114 
General Motors Co.Common Stock**2,552 
Goldman Sachs Group Inc.Common Stock**909 
Hartford Financial Services Group Inc.Common Stock**5,258 
HCA Healthcare Inc.Common Stock**5,648 
Hilton Worldwide Holdings Inc.Common Stock**5,137 
Home Depot Inc.Common Stock**3,813 
Honeywell International Inc.Common Stock**1,908 
Hubbell Inc.Common Stock**3,082 
International Flavors & Fragrances Inc.Common Stock**2,520 
Jacobs Engineering Group Inc.Common Stock**2,043 
Johnson & JohnsonCommon Stock**155 
Keurig Dr Pepper Inc.Common Stock**2,647 
Kimberly-Clark Corp.Common Stock**1,133 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
KLA Corp.Common Stock**3,109 
Lam Research Corp.Common Stock**1,444 
Marsh & McLennan Cos.Common Stock**1,288 
Martin Marietta MaterialsCommon Stock**2,256 
Marriott International Inc. - Class ACommon Stock**3,706 
Mastercard Inc. - Class ACommon Stock**938 
Merck & Co. Inc.Common Stock**215 
Metlife Inc.Common Stock**1,605 
Microsoft Corp.Common Stock**20,966 
Mondelez International Inc. - Class ACommon Stock**2,563 
Morgan StanleyCommon Stock**4,807 
Motorola Solutions Inc.Common Stock**1,829 
Nextera Energy Inc.Common Stock**6,695 
Nisource Inc.Common Stock**498 
Norfolk Southern Corp.Common Stock**7,184 
Packaging Corp Of AmericaCommon Stock**1,322 
Perkinelmer Inc.Common Stock**2,669 
PG&E Corp.Common Stock**1,837 
Pnc Financial Services GroupCommon Stock**1,487 
Prologis Inc.Common Stock**11,751 
Qualcomm Inc.Common Stock**3,440 
Republic Services Inc.Common Stock**4,978 
Ross Stores Inc.Common Stock**975 
Salesforce.com Inc.Common Stock**6,936 
Schwab (Charles) Corp.Common Stock**8,328 
Sempra EnergyCommon Stock**5,543 
Sherwin-Williams Co/TheCommon Stock**5,863 
Southern Co/TheCommon Stock**5,478 
Starbucks Corp.Common Stock**1,031 
State Street Corp.Common Stock**4,151 
Stryker Corp.Common Stock**416 
Thermo Fisher Scientific Inc.Common Stock**8,037 
TJX Companies Inc.Common Stock**1,613 
T-Mobile US Inc.Common Stock**2,293 
Travelers Cos Inc/TheCommon Stock**4,084 
Union Pacific Corp.Common Stock**4,429 
United Parcel Service - Class BCommon Stock**3,157 
United Rentals Inc.Common Stock**1,629 
UnitedHealth Group Inc.Common Stock**5,646 
Vulcan Materials Co.Common Stock**1,237 
Walmart Inc.Common Stock**4,035 
Walt Disney Co/TheCommon Stock**9,402 
Wells Fargo & Co.Common Stock**4,183 
Welltower Inc.Common Stock**1,129 
Westrock Co.Common Stock**4,394 
Weyerhaeuser Co.Common Stock**1,131 
Xcel Energy Inc.Common Stock**3,574 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Yum! Brands Inc.Common Stock**6,431 
Accenture Plc - Class AForeign Stock**3,121 
Asml Holding NV - NY Reg. SHSForeign Stock**2,617 
Astrazeneca Plc - Sponsored ADRForeign Stock**6,613 
Bhp Group Ltd - Sponsored ADRForeign Stock**1,578 
Chubb Ltd.Foreign Stock**7,480 
Linde PLCForeign Stock**6,251 
Medtronic PLCForeign Stock**6,174 
Siemens Ag - RegForeign Stock**3,295 
Steris PLCForeign Stock**831 
AES Corp/ThePreferred Stock**416 
Southern Co.Preferred Stock**435 
Collective Us Govt Stif 5 BpsBond**1,004 
* T. Rowe Price Government Reserve Fund
Money Market Securities**1,030 
Small-Cap Core Portfolio:
1Stdibs.Com Inc.Common Stock**100 
Acadia Pharmaceuticals Inc.Common Stock**322 
Accolade Inc.Common Stock**498 
Adaptive BiotechnologiesCommon Stock**457 
ADT Inc.Common Stock**1,894 
Advantage Solutions Inc.Common Stock**420 
Agios Pharmaceuticals Inc.Common Stock**785 
Air Lease Corp.Common Stock**1,698 
Alignment Healthcare Inc.Common Stock**1,184 
Allbirds Inc. - Class ACommon Stock**70 
Amedisys IncCommon Stock**2,549 
American Campus CommunitiesCommon Stock**3,416 
Apellis Pharmaceuticals Inc.Common Stock**1,589 
Arcutis Biotherapeutics Inc.Common Stock**124 
Arvinas Inc.Common Stock**834 
Assurant Inc.Common Stock**4,178 
Atlantic Capital BancsharesCommon Stock**1,107 
Atricure Inc.Common Stock**2,116 
Avidity Biosciences Inc.Common Stock**633 
Azz Inc.Common Stock**3,304 
Bankunited Inc.Common Stock**4,308 
Bellring Brands Inc. - Class ACommon Stock**1,125 
Big Sky Growth Partners Inc.Common Stock**623 
Bj's Restaurants Inc.Common Stock**2,088 
Blue Foundry BancorpCommon Stock**348 
Blueprint Medicines Corp.Common Stock**2,698 
Booz Allen Hamilton HoldingsCommon Stock**2,694 
Boston Beer Company Inc. - Class ACommon Stock**6,480 
Bright Horizons Family SolutionsCommon Stock**2,813 
Brink's Co/TheCommon Stock**1,709 
Bruker Corp.Common Stock**5,191 
Bumble Inc. - Class ACommon Stock**293 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Burlington Stores Inc.Common Stock**6,650 
Cable One Inc.Common Stock**6,061 
Cactus Inc. - Class ACommon Stock**1,095 
Cadre Holdings Inc.Common Stock**532 
Cal-Maine Foods Inc.Common Stock**1,978 
California Water Service GrpCommon Stock**2,147 
Capitol Federal Financial Inc.Common Stock**952 
Catalent Inc.Common Stock**6,029 
Cavco Industries Inc.Common Stock**1,975 
Cboe Global Markets Inc.Common Stock**4,853 
Cerevel Therapeutics HoldingCommon Stock**1,035 
Ceridian Hcm Holding Inc.Common Stock**4,387 
Certara Inc.Common Stock**423 
Checkr Inc., Private PlacementCommon Stock**454 
Chesapeake Utilities Corp.Common Stock**3,742 
Chuy's Holdings Inc.Common Stock**1,625 
Cinemark Holdings Inc.Common Stock**1,088 
Clearwater Analytics Hds - Class ACommon Stock**696 
Community Healthcare Trust ICommon Stock**1,315 
Conyers Park III AcquisitionCommon Stock**609 
Coupa Software Inc.Common Stock**1,419 
Crossfirst Bankshares Inc.Common Stock**1,068 
CSW Industrials Inc.Common Stock**961 
CTS Corp.Common Stock**2,546 
CubesmartCommon Stock**3,649 
CVRX Inc.Common Stock**178 
Definitive Healthcare Corp.Common Stock**343 
Denny's Corp.Common Stock**1,237 
Devon Energy Corp.Common Stock**3,181 
Diamondback Energy Inc.Common Stock**4,546 
Dime Community Bancshares Inc.Common Stock**1,795 
Doubleverify Holdings Inc.Common Stock**1,797 
Doximity Inc. - Class ACommon Stock**483 
Drive Shack Inc.Common Stock**191 
Dutch Bros Inc. - Class ACommon Stock**1,038 
East West Bancorp Inc.Common Stock**3,807 
Eastgroup Properties Inc.Common Stock**7,846 
Element Solutions Inc.Common Stock**6,164 
Encore Capital Group Inc.Common Stock**1,748 
Enerpac Tool Group Corp.Common Stock**2,413 
Entegris Inc.Common Stock**7,200 
Equity Bancshares Inc. - Class ACommon Stock**1,259 
Esco Technologies Inc.Common Stock**3,163 
Euronet Worldwide Inc.Common Stock**2,288 
FB Financial Corp.Common Stock**2,538 
Federal Signal Corp.Common Stock**2,125 
Fiesta Restaurant GroupCommon Stock**1,268 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
First Bancshares Inc/MsCommon Stock**1,635 
First Industrial Realty Trust Inc.Common Stock**1,958 
Five BelowCommon Stock**1,010 
Five9 Inc.Common Stock**2,389 
Five Star BancorpCommon Stock**819 
Flame Biosciences, Inc., Private PlacementCommon Stock**108 
Forgerock Inc. - Class ACommon Stock**316 
G1 Therapeutics Inc.Common Stock**147 
Generation Bio Co.Common Stock**418 
Gentherm Inc.Common Stock**2,057 
Gibraltar Industries Inc.Common Stock**3,151 
Global Blood Therapeutics Inc.Common Stock**1,176 
Grab Holdings Limited Private PlacementCommon Stock**438 
Graco Inc.Common Stock**3,229 
Halliburton Co.Common Stock**2,266 
Hanger Inc.Common Stock**1,693 
Hanover Insurance Group Inc.Common Stock**2,824 
Haynes International Inc.Common Stock**1,434 
Helios Technologies Inc.Common Stock**3,265 
Heritage Commerce Corp.Common Stock**1,726 
Heritage Financial Corp.Common Stock**857 
Heritage-Crystal Clean Inc.Common Stock**1,320 
Home Bancshares Inc.Common Stock**2,653 
Homology Medicines Inc.Common Stock**79 
Huron Consulting Group Inc.Common Stock**964 
Icosavax Inc.Common Stock**407 
Icu Medical Inc.Common Stock**3,316 
Idacorp Inc.Common Stock**3,141 
Igm Biosciences Inc.Common Stock**347 
Inari Medical Inc.Common Stock**2,122 
Infinera Corp.Common Stock**314 
Ingersoll-Rand Inc.Common Stock**5,599 
Insmed Inc.Common Stock**2,872 
Intellia Therapeutics Inc.Common Stock**1,557 
Iovance Biotherapeutics Inc.Common Stock**162 
JBG Smith PropertiesCommon Stock**2,152 
John Bean Technologies Corp.Common Stock**4,795 
Karuna Therapeutics Inc.Common Stock**740 
KKR Acquisition Holdings I Corp.Common Stock**968 
Knight-Swift TransportationCommon Stock**2,586 
Kodiak Sciences Inc.Common Stock**2,898 
Kratos Defense & SecurityCommon Stock**1,265 
Kymera Therapeutics Inc.Common Stock**754 
Landstar System Inc.Common Stock**1,908 
Lattice Semiconductor Corp.Common Stock**8,505 
Legalzoomcom Inc.Common Stock**764 
Liberty Oilfield Services - Class ACommon Stock**1,660 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Littelfuse Inc.Common Stock**3,558 
Live Oak Bancshares Inc.Common Stock**4,441 
Magnolia Oil & Gas Corp - Class ACommon Stock**3,707 
Manhattan Associates Inc.Common Stock**1,907 
Matson Inc.Common Stock**2,789 
Meritor Inc.Common Stock**2,212 
MGE Energy Inc.Common Stock**1,074 
Middlesex Water Co.Common Stock**2,001 
Minerals Technologies Inc.Common Stock**2,247 
Modivcare Inc.Common Stock**2,297 
Molina Healthcare Inc.Common Stock**7,907 
Monro Inc.Common Stock**3,211 
Monte Rosa Therapeutics Inc.Common Stock**321 
Morphic Holding Inc.Common Stock**97 
MSA Safety Inc.Common Stock**1,864 
Mueller Water Products Inc. - Class ACommon Stock**2,174 
National Instruments Corp.Common Stock**1,757 
Ncino Inc.Common Stock**1,831 
Nevro Corp.Common Stock**1,229 
Nextera Energy Partners LPCommon Stock**2,347 
Nextier Oilfield Solutions Inc.Common Stock**934 
Nkarta Inc.Common Stock**359 
Northwestern Corp.Common Stock**921 
Nuvasive Inc.Common Stock**1,087 
Nurix Therapeutics Inc.Common Stock**272 
Ollie's Bargain Outlet Holdings Inc.Common Stock**3,860 
One Gas Inc.Common Stock**3,657 
Option Care Health Inc.Common Stock**2,063 
Origin Bancorp Inc.Common Stock**2,009 
Outset Medical Inc.Common Stock**605 
P10 Inc. - Class ACommon Stock**916 
Pacific Premier Bancorp Inc.Common Stock**2,484 
Papa John's International Inc.Common Stock**6,846 
Par Technology Corp/DelCommon Stock**2,988 
Parsons Corp.Common Stock**754 
Paycom Software Inc.Common Stock**2,209 
Paycor Hcm Inc.Common Stock**974 
Payoneer Global Inc.Common Stock**1,568 
Pennant Group Inc/TheCommon Stock**805 
Pennymac Financial ServicesCommon Stock**3,962 
Penumbra Inc.Common Stock**1,845 
Petco Health And Wellness Co.Common Stock**754 
PGT Innovations Inc.Common Stock**638 
Pinnacle Financial PartnersCommon Stock**4,712 
Post Holdings Inc.Common Stock**3,445 
Post Holdings Partnering Corp.Common Stock**444 
PRA Group Inc.Common Stock**2,043 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Procept Biorobotics Corp.Common Stock**137 
Privia Health Group Inc.Common Stock**694 
Professional Holding Corp. - Class ACommon Stock**418 
Prog Holdings Inc.Common Stock**2,596 
PS Business Parks Inc/MdCommon Stock**4,784 
PTC Therapeutics Inc.Common Stock**234 
Quaker Chemical CorporationCommon Stock**2,497 
Quanterix Corp.Common Stock**382 
Quidel Corp.Common Stock**3,308 
Radius Health Inc.Common Stock**274 
Ranpak Holdings Corp.Common Stock**916 
Rapid Micro Biosystems Inc. - Class ACommon Stock**438 
Rapt Therapeutics Inc.Common Stock**990 
Realreal Inc/TheCommon Stock**885 
Reata Pharmaceuticals Inc. - Class ACommon Stock**310 
Red Robin Gourmet BurgersCommon Stock**607 
Red Rock Resorts Inc. - Class ACommon Stock**794 
Relay Therapeutics Inc.Common Stock**216 
Rent The Runway Inc. - Class ACommon Stock**163 
Repay Holdings Corp.Common Stock**969 
Replimune Group Inc.Common Stock**324 
Rexford Industrial Realty Inc.Common Stock**4,732 
RHCommon Stock**1,258 
Rover Group Earnout Shs 16.00 PpCommon Stock**
Rover Group Inc., Private PlacementCommon Stock**333 
Rush Enterprises Inc. - Class ACommon Stock**2,059 
Ruth's Hospitality Group Inc.Common Stock**1,083 
Saia Inc.Common Stock**3,439 
Sandy Spring Bancorp Inc.Common Stock**2,155 
Scholar Rock Holding Corp.Common Stock**1,041 
Seacoast Banking Corp/FlCommon Stock**2,624 
Seagen Inc.Common Stock**1,697 
Seer Inc.Common Stock**536 
Selective Insurance GroupCommon Stock**4,831 
Semtech Corp.Common Stock**1,319 
Shoals Technologies Group - Class ACommon Stock**1,381 
Signature BankCommon Stock**6,790 
Siteone Landscape Supply Inc.Common Stock**6,767 
SJW GroupCommon Stock**2,262 
Skechers Usa Inc. - Class ACommon Stock**2,151 
Skyline Champion Corp.Common Stock**3,808 
Southstate Corp.Common Stock**2,510 
Southwest Gas Holdings Inc.Common Stock**3,854 
SPX Corp.Common Stock**2,898 
SS&C Technologies HoldingsCommon Stock**5,465 
Stericycle Inc.Common Stock**1,964 
Stepstone Group Inc. - Class ACommon Stock**2,796 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Stoneridge Inc.Common Stock**601 
Sun Country Airlines Holdings Inc.Common Stock**623 
Surgery Partners Inc.Common Stock**1,790 
Sweetgreen Inc. - Class ACommon Stock**484 
Teledyne Technologies Inc.Common Stock**5,669 
Tenaya Therapeutics Inc.Common Stock**119 
Tetra Tech Inc.Common Stock**1,769 
Themis Solutions Inc., Private PlacementCommon Stock**153 
Themis Sol (Clio) Series E Convertible, PPCommon Stock**437 
Thermon Group Holdings Inc.Common Stock**496 
Thredup Inc. - Class ACommon Stock**447 
Toast Inc. - Class ACommon Stock**820 
Toast Inc. Restricted Class BCommon Stock**4,413 
Toro Co.Common Stock**2,168 
Treehouse Foods Inc.Common Stock**2,422 
Turning Point Therapeutics Inc.Common Stock**918 
U.S. Physical Therapy Inc.Common Stock**1,876 
Ultragenyx Pharmaceutical Inc.Common Stock**3,099 
Upwork Inc.Common Stock**2,718 
Utz Brands Inc.Common Stock**1,736 
Venture Global Lng, Inc., Series BCommon Stock**95 
Venture Global LNG, Inc., Series CCommon Stock**1,245 
Warby Parker Inc. - Class ACommon Stock**4,052 
Webster Financial Corp.Common Stock**2,411 
Western Alliance BancorpCommon Stock**6,165 
Workiva IncCommon Stock**2,593 
Xencor Inc.Common Stock**1,602 
Xometry Inc. - Class ACommon Stock**1,729 
Zentalis Pharmaceuticals Inc.Common Stock**1,085 
Zynga Inc. - Class ACommon Stock**1,396 
Abcam PLC - Sponsored ADRForeign Stock**722 
Altus Group LTDForeign Stock**912 
Argenx SE - ADRForeign Stock**5,565 
Ascendis Pharma A/S - ADRForeign Stock**3,403 
Axis Capital Holdings LTDForeign Stock**3,484 
Bluescape Opportunities Acquisition Corp.Foreign Stock**734 
Capri Holdings LTDForeign Stock**3,344 
Clarivate PLCForeign Stock**4,232 
Constellium SeForeign Stock**3,315 
Crispr Therapeutics AGForeign Stock**312 
Deliveroo PLCForeign Stock**817 
Dentalcorp Holdings LTDForeign Stock**1,184 
Descartes Systems Grp/TheForeign Stock**6,008 
Ero Copper Corp.Foreign Stock**2,671 
Essent Group LTDForeign Stock**2,539 
FirstService Corp.Foreign Stock**7,939 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party
(c) Description of investment(d) Cost(e) Current value
Flagship Communities Real Estate Investment TrustForeign Stock**403 
Franco-Nevada Corp.Foreign Stock**1,568 
Grab Holdings LTD - Class AForeign Stock**413 
Meiragtx Holdings PLCForeign Stock**368 
Nomad Foods LTDForeign Stock**2,348 
Novanta Inc.Foreign Stock**6,344 
Northern Star Resources LTDForeign Stock**2,658 
Olink Holding Ab - ADRForeign Stock**868 
Popular Inc.Foreign Stock**2,059 
Prothena Corp PLCForeign Stock**2,420 
Rentokil Initial PLCForeign Stock**2,153 
Repare Therapeutics Inc.Foreign Stock**443 
Sophia Genetics SAForeign Stock**346 
Tricon Residential Inc.Foreign Stock**844 
West Fraser Timber Co. Ltd.Foreign Stock**2,578 
1661 Inc D/B/A Goat Series F ConvertiblePreferred Stock**564 
Abl Space Systems Series B ConvertiblePreferred Stock**456 
Allbirds Inc. Restricted Class BPreferred Stock**703 
Caris Life Series D ConvertiblePreferred Stock**420 
Caris Life Sciences Series C ConvertiblePreferred Stock**628 
Cava Group Series E ConvertiblePreferred Stock**2,027 
Cava Group Series F ConvertiblePreferred Stock**1,039 
Checkr, Inc., Series C Convertible Private PlacementPreferred Stock**621 
Checker Inc., Series D Convertible Private PlacementPreferred Stock**970 
Convoy Series C ConvertiblePreferred Stock**813 
Convoy Series D ConvertiblePreferred Stock**563 
Dogwood State Bank, Non-Voting, PPPreferred Stock**173 
Dogwood State Bank, Voting, PPPreferred Stock**85 
Farmers Business NetworkPreferred Stock**1,865 
Flexe Seriers C ConvertiblePreferred Stock**266 
Grasshopper Bancorp Voting, PPPreferred Stock**80 
Haul Hub Ser B ConvertiblePreferred Stock**209 
Honor Technology Series D ConvertiblePreferred Stock**593 
Inscripta Series E ConvertiblePreferred Stock**298 
Kardium Inc., Series D-6 ConvertiblePreferred Stock**259 
National Resilience Series B ConvertiblePreferred Stock**1,060 
National Resilence Series C ConvertiblePreferred Stock**612 
Nuro Series C ConvertiblePreferred Stock**892 
Nuro Series D ConvertiblePreferred Stock**283