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For the fiscal year ended December 31, 2020

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

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Financial Statements:
Supplementary Information:

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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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Statements of Net Assets Available for Benefits
December 31, 2020 and 2019
(in thousands)

Investments at fair value:
Costco Wholesale Corporation common stock$10,260,421 $8,450,171 
Common commingled trust funds6,250,834 5,368,077 
Separately managed accounts3,354,012 2,815,472 
Registered investment company funds1,895,869 1,602,636 
Investments at contract value:
Fully benefit-responsive investment contracts1,543,736 1,381,266 
Total investments23,304,872 19,617,622 
Notes receivable from participants469,416 532,927 
Employer contributions417,147 376,072 
Total receivables886,563 908,999 
Non-interest bearing cash1,770 1,437 
Net assets available for benefits$24,193,205 $20,528,058 

See accompanying notes to financial statements.

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Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2020
(in thousands)

Net investment income:
Net appreciation of investments$4,166,352 
Total net investment income4,617,636 
Interest on notes receivable from participants26,415 
Contributions to the Plan:
Total contributions1,264,130 
Distributions to participants and other(2,243,034)
Net increase in net assets available for benefits3,665,147 
Net assets available for benefits, beginning of year20,528,058 
Net assets available for benefits, end of year$24,193,205 

See accompanying notes to financial statements.

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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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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.

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 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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Notes to Financial Statements (Continued)
December 31, 2020 and 2019

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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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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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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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 funds6,250,834 
Separately managed accounts3,354,012 
Registered investment company funds1,895,869 
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 funds5,368,077 
Separately managed accounts2,815,472 
Registered investment company funds1,602,636 
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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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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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 FundsNew Perspective Fund R6 **$460,570 
PIMCOIncome Institutional **470,409 
* T. Rowe PriceRetirement Balanced Trust H**27,350 
* T. Rowe PriceTRP Ret 2005 Active Trust H**20,300 
* T. Rowe PriceTRP Ret 2010 Active Trust H**45,315 
* T. Rowe PriceTRP Ret 2015 Active Trust H**136,200 
* T. Rowe PriceTRP Ret 2020 Active Trust H**424,735 
* T. Rowe PriceTRP Ret 2025 Active Trust H**734,357 
* T. Rowe PriceTRP Ret 2030 Active Trust H**821,611 
* T. Rowe PriceTRP Ret 2035 Active Trust H**734,125 
* T. Rowe PriceTRP Ret 2040 Active Trust H**855,716 
* T. Rowe PriceTRP Ret 2045 Active Trust H**953,464 
* T. Rowe PriceTRP Ret 2050 Active Trust H**601,003 
* T. Rowe PriceTRP Ret 2055 Active Trust H**685,288 
* T. Rowe PriceTRP Ret 2060 Active Trust H**208,415 
* T. Rowe PriceTRP Ret 2065 Active Trust H**1,175 
* T. Rowe PriceTRP Ret 2020 Active Trust -Income H**1,780 
VanguardExtended Market Index Institutional**21,794 
VanguardTotal International Stock Index DX Institutional **41,966 
VanguardTotal Bond Market Index Fund Institutional **131,909 
VanguardInstitutional Index, Plus **769,221 
Total registered investment company and common commingled trust funds8,146,703 
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 ACommon 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 CorporationCommon Stock**4,373 
Amphenol Corp. - Class ACommon 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 BCommon Stock**895 Holdings Inc.Common Stock**3,004 
Black Knight Inc.Common Stock**12,285 
Boston Beer Company Inc. - Class ACommon Stock**1,989 
Bright Horizons Family SolutionsCommon Stock**1,557 
Broadridge Financial SolutionsCommon Stock**5,670 

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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./TheCommon Stock**21,807 
Corning Inc.Common Stock**10,840 
Costar Group Inc.Common Stock**16,643 
Crowdstrike Holdings Inc. - Class ACommon 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 ACommon Stock**720 
Door Dash - Restricted Class A Lockup SharesCommon Stock**1,308 
Draftkings Inc. - Class ACommon 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 EnergyCommon Stock**3,202 
Exact Sciences Corp.Common Stock**8,313 
Exelixis Inc.Common Stock**907 
Five BelowCommon 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 ACommon 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 CorpCommon Stock**6,260 
Ionis Pharmaceuticals Inc.Common Stock**7,975 

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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 ACommon 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 ACommon Stock**6,994 
Martin Marietta MaterialsCommon Stock**4,261 
Match Group Inc.Common Stock**27,828 
Maxim Integrated ProductsCommon Stock**15,164 
MGM Resorts InternationalCommon 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 AmericaCommon Stock**4,966 
Pershing Square Tontine Holdings Inc. - Class ACommon Stock**4,021 
PPD Inc.Common Stock**3,731 
PRA Health Sciences Inc.Common Stock**13,929 
Procore Technologies Private PlacementCommon 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 ConvertibleCommon Stock**3,209 
Rivian Automotive Series E ConvertibleCommon 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 
SelectQuoteCommon Stock**1,266 
Sempra EnergyCommon Stock**10,706 
Skyworks Solutions Inc.Common Stock**11,470 
Social Finance (DBA Sofi) VCCommon Stock**2,811 
Splunk Inc.Common Stock**11,047 
Sprouts Farmers Market Inc.Common Stock**1,327 
SS&C Technologies HoldingsCommon Stock**4,730 
Teleflex Inc.Common Stock**33,348 
Terminix Global Holdings Inc.Common Stock**14,747 

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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 ACommon Stock**10,370 
TransUnionCommon 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 ACommon Stock**15,251 
Venture Global LNG, Inc., Series B Private PlacementCommon Stock**245 
Venture Global LNG, Inc., Series C Private PlacementCommon 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 ServicesCommon Stock**7,369 
WEX Inc.Common Stock**5,497 
XILINX Inc.Common Stock**8,084 
ZYNGA Inc. - Class ACommon Stock**8,540 
Alcon Inc.Foreign Stock**8,118 
Alkermes PLCForeign Stock**5,588 
Aptiv PLCForeign Stock**17,334 
Argenx SE - ADRForeign Stock**8,237 
Ascendis Pharma A/S - ADRForeign Stock**2,837 
Atlassian Corp. PLC - Class AForeign Stock**11,463 
Axis Capital Holdings LTDForeign Stock**7,057 
Clarivate PLCForeign Stock**17,178 
Farfetch Ltd. - Class AForeign Stock**4,787 
IHS Markit LTDForeign Stock**8,357 
Kirkland Lake Gold LTDForeign Stock**7,349 
Marvell Technology Group LTDForeign Stock**23,730 
Perrigo Co. PLCForeign Stock**8,589 
Spotify Technology SAForeign Stock**11,646 
Waste Connections Inc.Foreign Stock**5,848 
JAND Inc DBA Warby Parker, Series AA ConvertiblePreferred Stock**145 
Procore Technologies Series B ConvertiblePreferred Stock**132 
Roofoods (Deliveroo) Series G Convertible PreferredPreferred Stock**75 
Roofoods Limited (Deliveroo)Preferred Stock**2,459 
Collective US Govt. STIF 5 BPSBond**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 CCommon Stock**13,659 
Ameren CorporationCommon Stock**2,185 

Table of Contents
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 GroupCommon 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./CoCommon 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 CorpCommon 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 GroupCommon 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 & JohnsonCommon 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 

Table of Contents
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 ACommon Stock**1,287 
McDonald's Corp.Common Stock**2,477 
Metlife Inc.Common Stock**2,909 
MGM Resorts InternationalCommon Stock**328 
Micron Technology Inc.Common Stock**3,158 
Microsoft Corp.Common Stock**9,472 
Morgan StanleyCommon 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 AmericaCommon Stock**5,220 
Philip Morris InternationalCommon Stock**308 
PNC Financial Services GroupCommon Stock**3,048 
PPG Industries Inc.Common Stock**2,489 
Principal Financial GroupCommon Stock**457 
Prologis Inc.Common Stock**7,980 
Public Service Enterprise GroupCommon 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 Inc.Common Stock**312 
Schwab (Charles) Corp.Common Stock**3,075 
Sempra EnergyCommon Stock**5,190 
Southern Co./TheCommon Stock**3,240 
Southern Copper CorpCommon 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 BCommon Stock**2,474 
United Rentals Inc.Common Stock**2,439 
UnitedHealth Group Inc.Common Stock**2,097 
Visa Inc. - Class ACommon Stock**1,183 
Walt Disney Co./TheCommon 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 

Table of Contents
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 SAForeign Stock**479 
ASML Holding NV-NY Reg. SHSForeign Stock**1,893 
Bausch Health Companies Inc.Foreign Stock**617 
BHP Groups Ltd. - Sponsored ADRForeign Stock**1,313 
Chubb Ltd.Foreign Stock**2,585 
Covestro AGForeign Stock**630 
Johnson Controls InternationalForeign Stock**2,003 
Linde PLCForeign Stock**4,881 
Medtronic PLCForeign Stock**3,509 
NXP Semiconductors NVForeign Stock**5,022 
Schneider Electric SEForeign Stock**629 
Total SEForeign Stock**543 
Collective US Govt. STIF 5 BPSBond**1,002 
* T. Rowe Price Government Reserve FundMoney Market Securities**587 
Small-Cap Core Portfolio:
908 Devices Inc.Common Stock**143 
A Place for Rover Inc PPCommon Stock**
Acadia Pharmaceuticals Inc.Common Stock**738 
Acceleron Pharma Inc.Common Stock**2,498 
Accolade Inc.Common Stock**519 
Adaptive BiotechnologiesCommon Stock**963 
ADT Inc.Common Stock**1,536 
Advantage Solutions Inc.Common Stock**689 
Aerojet Rocketdyne HoldingsCommon Stock**774 
Agios Pharmaceuticals Inc.Common Stock**1,034 
Air Lease Corp.Common Stock**562 
Alcoa Corp.Common Stock**1,871 
Alignment Healthcare Partners LPCommon Stock**425 
Allbirds Common Stock PPCommon Stock**269 
Allogene Therapeutics Inc.Common Stock**236 
Altimeter Growth Corp.Common Stock**733 
Amedisys Inc.Common Stock**4,689 
American Campus CommunitiesCommon 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 BancsharesCommon 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 

Table of Contents
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 ACommon Stock**675 
BJ's Restaurants Inc.Common Stock**2,061 
Blueprint Medicines Corp.Common Stock**2,731 
Booz Allen Hamilton HoldingCommon Stock**2,796 
Boston Beer Company Inc. - Class ACommon Stock**8,982 
Bridge Bancorp Inc.Common Stock**869 
Bright Horizons Family SolutionsCommon Stock**2,570 
Brink's Co./TheCommon 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 ACommon 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 PlacementCommon 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 PlacementCommon 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 
CubesmartCommon 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, PPCommon Stock**112 
Dogwood State Bank, Voting, PPCommon Stock**55 
Domitar Corp.Common Stock**1,173 

Table of Contents
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 ACommon 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 GroupCommon Stock**1,215 
First Bancshares Inc./MSCommon Stock**1,244 
First Industrial Realty TrustCommon Stock**1,246 
Five BelowCommon Stock**1,272 
Five9 Inc.Common Stock**5,533 
Flame Biosciences, Inc. Private PlacementCommon 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, PPCommon 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 

Table of Contents
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 CommonCommon Stock**411 
JBG Smith PropertiesCommon Stock**2,681 
John Bean Technologies Corp.Common Stock**3,684 
Knight-Swift TransportationCommon Stock**3,370 
Kodiak Sciences Inc.Common Stock**4,593 
Kratos Defense & SecurityCommon Stock**2,204 
Landstar System Inc.Common Stock**1,435 
Lattice Semiconductor Corp.Common Stock**6,946 
Liberty Oilfield Services - Class ACommon Stock**1,765 
Littelfuse Inc.Common Stock**2,917 
Live Oak Bancshares Inc.Common Stock**2,612 
Magnolia Oil & Gas Corp - Class ACommon 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 IncCommon Stock**835 
Michaels Companies Inc./TheCommon 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 ACommon Stock**1,843 
National Cinemedia Inc.Common Stock**553 
National Instruments Corp.Common Stock**3,314 
nCinco Inc.Common Stock**278 
nCinco Inc. Private placementCommon Stock**1,300 
Nevro Corp.Common Stock**2,228 
Nextera Energy Partners LPCommon 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 HoldingsCommon 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 

Table of Contents
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 ACommon Stock**278 
Paycom Software Inc.Common Stock**3,274 
PDF Solutions Inc.Common Stock**1,137 
Pennant Group Inc./TheCommon Stock**1,629 
Pennymac Financial ServicesCommon Stock**3,598 
Penumbra Inc.Common Stock**1,080 
PGT Innovations Inc.Common Stock**1,452 
Pinnacle Financial PartnersCommon 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 ACommon 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./CACommon 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 ACommon Stock**1,338 
Red Robin Gourmet BurgersCommon Stock**827 
Regency Centers Corp.Common Stock**653 
Replimune Group Inc.Common Stock**244 
Rexford Industrial Realty Inc.Common Stock**2,915 
RHCommon Stock**2,044 
Rivian Automotive Ser D CVCommon Stock**872 
Rivian Automotive Ser E CVT PFD STCommon Stock**885 
Rush Enterprises Inc. - Class ACommon 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./FLCommon Stock**2,609 
Seagan Inc.Common Stock**1,813 
Seer Inc.Common Stock**319 
Selective Insurance GroupCommon Stock**3,916 
SelectQuote Inc.Common Stock**694 
Semtech Corp.Common Stock**1,227 
Service Titan Inc. Private PlacementCommon Stock**31 
Signature BankCommon Stock**2,894 

Table of Contents
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 GroupCommon 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 HoldingsCommon Stock**4,751 
State Auto Financial Corp.Common Stock**421 
Stepstone Group Inc. - Class ACommon 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 PlacementCommon Stock**
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 BancorpCommon 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 ACommon Stock**2,953 
Abcam PLC - Sponsor ADRForeign Stock**519 
Argenx SE - ADRForeign Stock**4,655 
Ascendis Pharma A/S - ADRForeign Stock**5,077 
Axis Capital Holdings LTDForeign Stock**2,693 
Bluescape Opportunites ACQForeign Stock**806 
Clarivate PLCForeign Stock**4,561 
Computer Modelling Group LTDForeign Stock**344 

Table of Contents
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 SEForeign Stock**2,420 
Crispr Therapeutics AGForeign Stock**630 
Descartes Systems Grp./TheForeign Stock**4,333 
ERO Copper Corp.Foreign Stock**2,441 
Essent Group LTDForeign Stock**2,268 
FirstService Corp.Foreign Stock**5,926 
Flagship Communities REIT UTForeign Stock**208 
Franco-Nevada Corp.Foreign Stock**1,717 
Legend Biotech Corp. ADRForeign Stock**82 
Meiragtx Holdings PLCForeign Stock**178 
Nomad Foods LTDForeign Stock**1,855 
Northern Star Resources LTDForeign Stock**3,317 
Novanta Inc.Foreign Stock**4,462 
Orchard Therapeutics PLCForeign Stock**125 
Popular Inc.Foreign Stock**1,414 
Rentokil Initial PLCForeign Stock**1,877 
Seven Generations Energy Foreign Stock**800 
Stoneco LTDForeign Stock**1,712 
West Fraser Timber Co. LTDForeign Stock**2,346, Inc., Series D ConvertiblePreferred Stock**385 
A Place For Rover, Inc.Preferred Stock**122 
Allbirds, Inc. Series A ConvertiblePreferred Stock**88 
Allbirds, Inc. Series B ConvertiblePreferred Stock**15 
Allbirds, Inc. Series C ConvertiblePreferred Stock**147 
Allbirds, Inc. Series Seed ConvertiblePreferred Stock**47 
Bright Health Series E ConvertiblePreferred Stock**594 
Caris Life Sciences Series C ConvertiblePreferred Stock**214 
Cava Group Series E ConvertiblePreferred Stock**658 
Checkr, Inc. Series C Convertible Private PlacementPreferred Stock**282 
Checkr, Inc. Series D Convertible Private PlacementPreferred Stock**440 
Convoy Series C ConvertiblePreferred Stock**574