2013 11-K
Table of Contents










SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
———————————————————
FORM 11-K
———————————————————

 
 
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
o
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013

Commission File Number 0-20355

Costco 401(k) Retirement Plan
(full title of plan)


———————————————————
Costco Wholesale Corporation
———————————————————

999 Lake Drive
Issaquah, Washington 98027
(Name of issuer and address of principal executive offices of issuer)









Table of Contents


COSTCO 401(k) RETIREMENT PLAN
Table of Contents
 
Page
Financial Statements:
 
Supplemental Information
 
Exhibit:
 
23(a) - Consent of Independent Registered Public Accounting Firm
 

Table of Contents

Report of Independent Registered Public Accounting Firm


The Benefits Committee
Costco 401(k) Retirement Plan:

We have audited the accompanying statements of net assets available for benefits of the Costco 401(k) Retirement Plan (the Plan) as of December 31, 2013 and 2012, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2013 and 2012, and the changes in net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2013 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
    
/s/ KPMG LLP
Seattle, Washington
June 30, 2014

1
Table of Contents


COSTCO 401(k) RETIREMENT PLAN
Statements of Net Assets Available for Benefits
December 31, 2013 and 2012
(in thousands)
 
 
 
 
 
 
 
2013
 
2012
Assets:
 
 
 
 
 
 
 
 
Investments at fair value:
 
 
 
 
 
Costco Wholesale Corporation common stock
$
2,853,872

 
$
2,289,196

 
 
Registered investment company funds
1,997,748

 
2,625,579

 
 
Common commingled trust funds
1,835,867

 
1,309,296

 
 
Fully benefit-responsive contracts
1,113,239

 
—

 
 
Separately managed accounts
365,046

 
251,207

 
 
 
 
 
Total investments
8,165,772

 
6,475,278

 
Money market fund
1,015

 
3,404

 
Receivables:
 
 
 
 
 
 
Notes receivable from participants
390,620

 
349,150

 
 
Employer contributions (net of forfeitures)
243,393

 
232,660

 
 
Employee contributions
12,963

 
17,593

 
 
Other receivables
—

 
1,928

 
 
 
 
 
Total receivables
646,976

 
601,331

Total assets
8,813,763

 
7,080,013

 
Liabilities
—

 
(2,907
)
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
(16,059
)
 
(46,262
)
 
 
 
 
 
Net assets available for benefits
$
8,797,704

 
$
7,030,844


See accompanying notes to financial statements.

2
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COSTCO 401(k) RETIREMENT PLAN
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2013 and 2012
(in thousands)
 
 
 
 
 
 
 
2013
 
2012
Net investment income:
 
 
 
 
Net appreciation (depreciation) of investments:
 
 
 
 
 
Costco Wholesale Corporation common stock
$
480,533

 
$
299,728

 
 
Registered investment company funds
468,536

 
308,514

 
 
Common commingled trust funds
205,599

 
26,321

 
 
Fully benefit-responsive contracts
(86
)
 
—

 
 
Separately managed accounts
86,491

 
3,675

 
Interest and other
23,652

 
26,398

 
Dividends
109,021

 
249,593

 
 
 
 
Total net investment income
1,373,746

 
914,229

Interest from notes receivable from participants
17,471

 
16,526

Contributions to the Plan:
 
 
 
 
Employee
365,641

 
340,693

 
Employer
291,381

 
278,100

 
 
 
 
Total contributions
657,022

 
618,793

Distributions to participants
(281,379
)
 
(316,657
)
 
 
 
 
Net increase in net assets available for benefits
1,766,860

 
1,232,891

Net assets available for benefits, beginning of year
7,030,844

 
5,797,953

Net assets available for benefits, end of year
$
8,797,704

 
$
7,030,844


See accompanying notes to financial statements.

3
Table of Contents

COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

(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’s provisions. Participants in the Plan are employees of Costco Wholesale Corporation (the Company).
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) of the IRC. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
(a)
Employee Contributions

The Plan allows employees at least 18 years of age who have completed 90 days of service within a 12-consecutive-month period to make salary deferral contributions, commencing the first day of the month following the completion of 90 days of employment. Participants may contribute from 1% to 50% of their compensation before income taxes, subject to certain limitations set by the Internal Revenue Service (IRS). Participants may also contribute amounts representing distributions from other qualified benefit or contribution plans (known as rollover contributions).
All newly-eligible employees are automatically enrolled in the Plan, at a contribution rate of 3% unless the employee elects otherwise. The percentage deferred into the Plan automatically increases by one percentage point on an active participant’s employment anniversary date and each anniversary date thereafter, to a maximum deferral of 20%. Employees may choose to opt out of this automatic deferral increase.
(b)
Employer Contributions

All Company contributions are made in cash and invested in accordance with investment selections made by participants. If no selection has been made, the contribution defaults to the age-based target retirement fund. Employer contributions are allocated based on an employee’s classification as either: 1) a California Union Employee; or 2) an Other‑than‑California Union Employee.
(1)
California Union Employees
The Company matches 50% of each employee’s contribution up to a maximum employer matching contribution of $250 per year. Employees at least 18 years of age who have completed 12 consecutive months of service and worked at least 1,000 hours are eligible to enter the Plan for purposes of an annual employer contribution. Plan entry dates for this purpose occur on January 1 and July 1. If the minimum hours requirement is not met in the first 12 months, hours roll forward until the requirement is fulfilled. The Company makes contributions into the accounts of all eligible plan participants employed on the last day of the plan year, based on straight-time hours worked during the plan year up to a maximum of 2,080 hours per calendar year and years of service. These contributions in 2013 ranged from $0.05 to $0.47 per hour, totaling $4.2 million and in 2012 ranged from $0.05 to $0.60 totaling $5.9 million. Amounts decreased in 2013 due to a change in the Teamsters contract directing additional contributions to its pension fund.
(2)
Other‑than‑California Union Employees
The Company matches 50% of each employee’s contribution up to a maximum employer matching contribution of $500 per year. Employees at least 18 years of age who have completed 12 consecutive months of service and worked at least 1,000 hours, calculated every pay period, are eligible to enter the Plan for purposes of an annual discretionary employer contribution. Plan entry dates for this purpose occur on January 1 and July 1. If the minimum hours requirement is not met in the first 12 months, hours roll forward until the requirement is fulfilled. The Company makes contributions into the accounts of all eligible plan participants employed on the last day of the plan year. Discretionary

4
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COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

contributions were approved for the plan years ending December 31, 2013 and 2012 totaling $237.9 million and $226.3 million, respectively, and ranged from 3% to 9% of each participant’s compensation, as defined by the Plan, based on years of service.
(c)
Participants’ Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s contributions, plan earnings and appreciation or depreciation in underlying securities, and is charged with an allocation of certain expenses. Allocations are based on participant account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
(d)
Vesting

Participants are immediately vested in their contributions, plus actual earnings thereon. Vesting in the employer‑match and discretionary contributions, including actual earnings thereon, is based on years of service, according to the following schedule:
Years of service
 
Percentage vested
Under 2 years
 
 
0%
2 years
 
 
20%
3 years
 
 
40%
4 years
 
 
60%
5 years
 
 
100%
(e)
Forfeitures

Forfeited balances of terminated participants’ nonvested accounts may be used to reduce future employer contributions or to pay administrative expenses. There were no unallocated forfeitures as of December 31, 2013, and 2012 after application to reduce the employer discretionary contributions. During 2013 and 2012, forfeitures totaling $3.2 million and $3.1 million respectively, were used to reduce employer contributions. Forfeitures, without the benefit of investment gains or losses, can be restored to a participant’s account if, within five years, the participant is re‑employed by the Company and repays the full amount distributed upon termination.
(f)
Investment Options

Upon enrollment in the Plan, a participant may direct the account balance into any of the investment options currently available. Participants may change their investment options and transfer amounts between funds daily. T. Rowe Price is the trustee for all investments and keeper of records of all participant accounts. Amounts may be temporarily invested in a cash account prior to investment in the Plan’s investment accounts.
The Capital Preservation Portfolio (CPP) is a fully benefit-responsive contract for the exclusive benefit of the Plan. The CPP invests in Guaranteed Investment Contracts (GICs), Synthetic Guaranteed Investment Contracts (SICs), Separate Account Contracts (SACs) and mutual funds. The CPP replaced the T. Rowe Price Stable Value Fund on January 23, 2013.

All age-based target retirement funds were replaced in 2013 by age-based target TRP Retirement Active Trust C accounts, which are common commingled trust funds. The Vanguard Inst Index Plus, a registered investment company fund, was also added to the portfolio replacing the Equity Index Trust Class C.


5
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COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

The schedule below outlines the various retirement accounts that were replaced in 2013.
From
 
To
Retirement 2005 Fund
 
TRP Ret 2005 Active Trust C
Retirement 2010 Fund
 
TRP Ret 2010 Active Trust C
Retirement 2015 Fund
 
TRP Ret 2015 Active Trust C
Retirement 2020 Fund
 
TRP Ret 2020 Active Trust C
Retirement 2025 Fund
 
TRP Ret 2025 Active Trust C
Retirement 2030 Fund
 
TRP Ret 2030 Active Trust C
Retirement 2035 Fund
 
TRP Ret 2035 Active Trust C
Retirement 2040 Fund
 
TRP Ret 2040 Active Trust C
Retirement 2045 Fund
 
TRP Ret 2045 Active Trust C
Retirement 2050 Fund
 
TRP Ret 2050 Active Trust C
Retirement 2055 Fund
 
TRP Ret 2055 Active Trust C
Retirement Income Fund
 
TRP Ret Income Active Trust C
T. Rowe Price Stable Value Fund
 
Capital Preservation Portfolio
Equity Index Trust Class C
 
Vanguard Inst Index, Plus

(g)
Distributions

Upon termination of employment, total disability or death, the vested interest in a participant’s account is payable in a lump sum. Participants may apply for a distribution of all or a portion of the vested interest at any time after attaining age 59‑1/2. Participants are also eligible to make hardship withdrawals from their salary deferral contributions in the event of certain financial hardships. Following a hardship withdrawal, participants are not allowed to contribute to the Plan for a period of six months.
Dividends on the Company’s stock are reinvested in the participant’s Company stock account unless a distribution is requested by the participant in advance of the ex-dividend date. Dividends on the Company’s stock are reported on a gross basis with the dividends paid reported as “Net investment income” and the amounts distributed reported as “Distributions to participants” in the statements of changes in net assets available for benefits. On November 28, 2012, the Company declared a special cash dividend on Costco common stock of $7 per share, which was paid on December 18, 2012. Of the $158.6 million special dividend paid to Plan participants, approximately $98.2 million was immediately distributed to the participants and the remaining $60.4 million was reinvested into the participants’ accounts.
(h)
Notes Receivable from Participants

A participant may borrow up to the lesser of $50,000 or 45% of the vested account balance, calculated using the participant’s pre‑tax contribution, rollover, Company matching and Company discretionary contribution amounts. Only the participant’s pre‑tax contribution, rollover, and Company matching amounts may be borrowed against, with a minimum note of $1,000. Notes are payable through payroll deductions over a period ranging up to 180 months. The interest rate is determined by the Plan Administrator based on the Bank of America prime rate on the last day of the calendar year prior to when the note was made, plus 1% for a primary residence loan and 2% for a standard loan. The rates at December 31, 2013 and 2012 ranged from 4.25% to 11.50%. The notes have various maturity dates through December 2028.


6
Table of Contents

COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

(i)
Plan Administrator

The Plan is administered by the Benefits Committee of the Company.
(j)
Administrative and Investment Expenses

All investment management and transaction fees are netted against “Net investment income.” Certain administrative expenses of maintaining the Plan are paid by the Company, except for loan origination fees (paid by the participant requesting the loan) associated with notes receivable from participants.
(2)
Summary of Significant Accounting Policies

(a)
Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting. Investments are reported at fair value (see Note 3). Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required under U.S. generally accepted accounting principles (U.S. GAAP), the accompanying statements of net assets available for benefits present the fair value of the fully benefit-responsive investment contracts with a corresponding adjustment to reflect these investments at contract value. The statements of changes in net assets available for benefits are prepared on a contract value basis.
(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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expense 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 and other exchange-traded equity securities, as well as various registered investment companies and certain benefit-responsive investment contracts that, in turn, invest in a combination of stocks, bonds and other investment securities. Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities will occur and that those changes could materially affect the amounts reported in the statements of net assets available for benefits.
Registered investment company funds, Company common stock, and other equity securities (held in the separately managed accounts) are stated at fair value based upon quoted market prices.
The CPP is invested in GICs, SICs, and SACs, which are fully benefit-responsive and recorded at contract value. 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 that permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Participant withdrawals are required to be at contract value. The CPP overall effective yield and crediting rate was 3.13% and 3.5%, respectively, for the year ended December 31, 2013.
The Plan entered into GICs, which are a form of traditional investment contract and provide for a fixed return on principal invested for a specified period of time. GICs do not permit an insurance company to terminate an agreement prior to the scheduled maturity date.

7
Table of Contents

COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

The Plan entered into SICs, 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 permitted participant-initiated withdrawals.
The Plan entered into a SAC and wrap contract with an insurance company. The issuer legally owns the assets underlying the SAC and is required to segregate them into a separate account, which is designed to be protected from the claims of the issuer’s general creditors in the event of issuer insolvency. The issuer of the wrap contract provides for unscheduled withdrawals from the contract at contract value, regardless of the value of the underlying assets, in order to fund routine permitted participant-initiated withdrawals.
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 it may not be less than zero. Such interest rates are reviewed on a quarterly basis for resetting. Certain events limit the ability of the Plan to transact at contract value with the issuer. The Plan Administrator believes any events that would limit the Plan’s ability to transact at contract value with participants are not probable.
The T. Rowe Price Stable Value Fund, which was a Common Commingled Trust Fund, invested primarily in GICs. GICs were fully benefit-responsive and recorded at contract value. The overall effective yield and crediting rate of the Stable Value Fund was 2.36% and 2.45%, respectively, for the year ended December 31, 2012. Contract value was equal to principal balance plus accrued interest. The fair value of the GICs was calculated by discounting the related cash flows based on yields of similar instruments with comparable investment durations.
Purchases and sales of securities are recorded on a trade‑date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value or contract value of assets from one period to the next, plus realized gains and losses.
(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.
(e)
Distribution of Benefits

Distributions of benefits are recorded when paid.
(3)
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.

8
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COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

The following valuation techniques are used to measure fair value:
Level 1 primarily consists of financial instruments, such as investments in registered investment company funds and Costco Common Stock, whose value is based on quoted market prices, such as quoted net asset values published by the fund as supported in an active market, exchange‑traded instruments and listed equities.
Level 2 includes assets and liabilities where quoted market prices are unobservable but observable inputs other than Level 1 prices, such as quoted prices for similar assets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuation methodologies are based on “consensus pricing,” using market prices from a variety of industry‑standard data providers or pricing that considers various assumptions, including time value, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. All are observable in the market or can be derived principally from or corroborated by observable market data, for which the Plan typically receives independent external valuation information.
Level 3 assets include significant unobservable inputs reflecting our own assumptions consistent with reasonably available assumptions made by other market participants. The Plan uses the income approach for certain investments, which involves determining fair values from discounted cash flow methodologies, or replacement cost for Level 3 assets.
Valuation techniques utilized during the reporting period in the fair value measurement of Level 1 and Level 2 assets and liabilities presented on the Plan’s statements of net assets available for benefits were not changed from previous practice. There were no level 3 assets or liabilities on December 31, 2012.
The carrying value of the Plan’s other financial instruments, such as the money market fund and notes receivable, approximate fair value due to their short-term nature or variable interest rates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following is a description of the valuation methodologies used for assets measured at fair value.
Common stock, Registered investment company funds, and Separately managed accounts: Valued at the closing price reported in the active market in which the individual securities are traded.
Common commingled trust: Valued at the net asset value (NAV) of shares held by the Plan at year end.
GIC: Valued by discounting the related cash flows based on current yields of similar investments with comparable durations considering the credit worthiness of the issuer. As of December 31, 2013, the yields used to calculate the GICs’ fair value ranged from 0.54% to 0.80%. Maturities range from April 2014 to December 2015.
SIC: Valued at fair value of the underlying assets which include money market funds, mutual and trust funds, U.S. government related securities, corporate bonds and mortgage-backed securities. Money market funds are valued at the closing price reported in the active market in which the individual investments are traded. Fixed income and government related securities are valued using quotes from independent pricing vendors based on recent trading activity and other relevant market information, including market interest rate curves, referenced credit spreads and estimated prepayment and credit default rates where applicable.
SIC wrapper: Valued at rebid or replacement cost based upon fluctuations in the fair value of underlying fixed income securities. As of December 31, 2013, the yields used to calculate the SIC wrappers’ fair value ranged from 1.02% to 1.61%.
SAC: Valued at fair value of the underlying assets legally owned by the contract issuer.
SAC wrapper: Valued at rebid or replacement cost based upon fluctuation in the fair value of the underlying fixed securities. As of December 31, 2013, the yield used to calculate the SAC wrapper’s fair value was 1.64%.

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Table of Contents

COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

The tables below present information about the Plan’s financial assets that are measured at fair value on a recurring basis as of December 31, 2013, and 2012, and indicate the level within the fair value hierarchy of the valuation techniques utilized to determine such fair value. There were no transfers in or out of Level 1, 2, or 3 during 2013 and 2012.
 
 
 
 
 
 
Investments at fair value (in thousands)
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
December 31, 2013:
 
 
 
 
 
 
 
 
Costco Wholesale Corporation common stock
$
2,853,872

 
$
—

 
$
—

 
$
2,853,872

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Registered investment company funds:
 
 
 
 
 
 
 
 
Equity funds
1,465,119

 
—

 
—

 
1,465,119

 
 
Fixed income securities
338,260

 
—

 
—

 
338,260

 
 
International funds
175,521

 
—

 
—

 
175,521

 
 
Balanced funds
18,848

 
—

 
—

 
18,848

 
 
 
Total registered investment company funds
1,997,748

 
—

 
—

 
1,997,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common commingled trust funds
—

 
1,835,867

 
—

 
1,835,867

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fully benefit-responsive contracts:
 
 
 
 
 
 
 
 
 
GIC
—

 
—

 
65,063

 
65,063

 
 
SIC:
 
 
 
 
 
 
 
 
 
Mutual and trust funds
95,627

 
553,317

 
—

 
648,944

 
 
Government related
—

 
99,861

 
—

 
99,861

 
 
Fixed income securities
—

 
75,536

 
—

 
75,536

 
 
SAC
—

 
223,444

 
—

 
223,444

 
 
SIC & SAC contract wrapper
—

 
—

 
391

 
391

 
 
 
Total fully benefit-responsive contracts
95,627

 
952,158

 
65,454

 
1,113,239

 
Separately managed accounts:
 
 
 
 
 
 
 
 
 
   International equity portfolio
123,460

 
—

 
—

 
123,460

 
 
   Large cap growth portfolio
241,586

 
—

 
—

 
241,586

 
 
 
Total separately managed accounts
365,046

 
—

 
—

 
365,046

 
Money market fund
1,015

 
—

 
—

 
1,015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments, including money market fund
$
5,313,308

 
$
2,788,025

 
$
65,454

 
$
8,166,787



10
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COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

 
 
 
 
 
 
Investments at fair value (in thousands)
 
 
 
 
 
 
Level 1
 
Level 2
 
Total
December 31, 2012:
 
 
 
 
 
 
Costco Wholesale Corporation common stock
$
2,289,196

 
$
—

 
$
2,289,196

 
 
 
 
 
 
 
 
 
 
 
 
Registered investment company funds:
 
 
 
 
 
 
Equity funds
840,412

 
—

 
840,412

 
 
Fixed income securities
333,722

 
—

 
333,722

 
 
International funds
127,731

 
—

 
127,731

 
 
Balanced funds
1,323,714

 
—

 
1,323,714

 
 
 
Total registered investment company funds
2,625,579

 
—

 
2,625,579

 
 
 
 
 
 
 
 
 
 
 
 
Common commingled trust fund
—

 
1,309,296

 
1,309,296

 
 
 
 
 
 
 
 
 
 
 
 
Separately managed accounts:
 
 
 
 
 
 
 
   International equity portfolio
99,452

 
—

 
99,452

 
 
   Large cap growth portfolio
151,755

 
—

 
151,755

 
 
 
Total separately managed accounts
251,207

 
—

 
251,207

 
 
 
 
 
 
 
 
 
 
 
 
Money market fund
3,404

 
—

 
3,404

 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments, including money market fund
$
5,169,386

 
$
1,309,296

 
$
6,478,682


The table below provides a summary of changes in the fair value of the Plan’s Level 3 investments for the year ended December 31, 2013 (in thousands).
Balance, beginning of year
$
—

Purchases, issuances, and other
64,645

Realized reinvested income
518

Unrealized gain relating to instruments still held at the reporting date
521

Settlements
(230
)
Sales and maturities
—

Balance, end of year
$
65,454



11
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COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

(4)
Investments
Investments that represent 5% or more of the Plan’s net assets available for benefits at December 31, 2013 and 2012 are separately identified (in thousands):
Description of Investment
 
2013
 
2012
Costco Wholesale Corporation common stock
 
$
2,853,872

 
$
2,289,196

T. Rowe Price Institutional Mid-Cap Equity Growth Fund
 
706,644

 
498,669

Stable Value Fund
 
—

 
1,076,105


(5)
Form 5500 Reconciliation
The following is a reconciliation of the net assets available for benefits per the financial statements at December 31, 2013 and 2012 to the Plan’s Form 5500 (in thousands):
 
 
2013
 
2012
Net assets available for benefits per the financial statements
 
$
8,797,704

 
$
7,030,844

Adjustment from contact value to fair value for fully benefit- responsive investment contracts
 
16,059

 
46,262

Net assets available for benefits per the Form 5500
 
$
8,813,763

 
$
7,077,106


The following is a reconciliation of the net increase in net assets available for benefits per the financial statements at December 31, 2013 and 2012 to the Plan’s Form 5500 (in thousands):
 
 
2013
 
2012
Net increase in net assets available for benefits per the financial statements
 
$
1,766,860

 
$
1,232,891

Net change from contact value to fair value for fully benefit- responsive contracts
 
(30,203
)
 
46,262

Net increase in net assets available for benefits per the Form 5500
 
$
1,736,657

 
$
1,279,153


(6)
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 the provisions of ERISA and the requirements of the collective bargaining agreement with the International Brotherhood of Teamsters in California. In the event of plan termination, participants will become 100% vested in their accounts.
(7)
Tax Status

In a determination letter dated September 23, 2013, the Internal Revenue Service (IRS) informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the applicable requirements of the IRC.
U.S. GAAP requires Plan management 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 analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken that

12
Table of Contents

COSTCO 401(k) RETIREMENT PLAN
Notes to Financial Statements
December 31, 2013 and 2012

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 for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2010.
(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. T. Rowe Price is also the trustee and record keeper as defined by the Plan. Therefore, these transactions qualify as party‑in‑interest transactions. The Plan also invests in the Company’s common stock. Therefore, these transactions also qualify as party‑in‑interest transactions.



13
Table of Contents

Schedule I
COSTCO 401(k) RETIREMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2013
(in thousands)

Identity of issuer, borrower,
lessor, or similar party
 
Description of investment
 
Current value
Registered investment company and common commingled trust funds:
 
 
 
 
 
 
 
 
American Funds
 
New Perspective Fund R5
 
$
175,520

 
 
Davis Funds
 
New York Venture Fund Class Y
 
188,695

 
 
*T. Rowe Price
 
Institutional Mid-Cap Equity Growth Fund
 
706,644

 
 
* T. Rowe Price
 
Small-Cap Stock Fund
 
306,392

 
 
* T. Rowe Price
 
Spectrum Income Fund
 
316,334

 
 
* T. Rowe Price
 
Retirement Income Fund
 
18,848

 
 
* T. Rowe Price
 
TRP Ret 2005 Active Trust C
 
10,790

 
 
* T. Rowe Price
 
TRP Ret 2010 Active Trust C
 
32,898

 
 
* T. Rowe Price
 
TRP Ret 2015 Active Trust C
 
95,570

 
 
* T. Rowe Price
 
TRP Ret 2020 Active Trust C
 
196,002

 
 
* T. Rowe Price
 
TRP Ret 2025 Active Trust C
 
225,748

 
 
* T. Rowe Price
 
TRP Ret 2030 Active Trust C
 
246,702

 
 
* T. Rowe Price
 
TRP Ret 2035 Active Trust C
 
206,791

 
 
* T. Rowe Price
 
TRP Ret 2040 Active Trust C
 
290,359

 
 
* T. Rowe Price
 
TRP Ret 2045 Active Trust C
 
308,329

 
 
* T. Rowe Price
 
TRP Ret 2050 Active Trust C
 
122,339

 
 
* T. Rowe Price
 
TRP Ret 2055 Active Trust C
 
100,339

 
 
Vanguard
 
Total Bond Market Index Fund Institutional
 
21,926

 
 
Vanguard
 
Institutional Index, Plus
 
263,389

 
 
 
 
 
 
 
 
 
Separately managed accounts
 
 
 
 
 
 
 
 
International Equity Portfolio:
 
 
 
 
 
 
 
 
 
Federated Gov Obli Fund
 
Money Market Security
 
4,651

 
 
 
Aac Technologies H-Unspon
 
Common Stock
 
388

 
 
 
Abb Ltd Adr
 
Common Stock
 
1,703

 
 
 
Aflac Inc
 
Common Stock
 
2,682

 
 
 
Adecco Sa-Reg-Unspon Adr
 
Common Stock
 
1,295

 
 
 
Adidas Ag-Sponsored Adr
 
Common Stock
 
1,352

 
 
 
Air Liquide Adr
 
Common Stock
 
1,203

 
 
 
Allianz Se Adr
 
Common Stock
 
1,762

 
 
 
Axa - Spons Adr
 
Common Stock
 
2,926

 
 
 
Basf Se - Spon Adr
 
Common Stock
 
1,521

 
 
 
Bancolombia Sa - Spons Adr
 
Common Stock
 
1,115

 
 
 
Barclays Plc-Spons Adr
 
Common Stock
 
1,998

 
 
 
Bayer Ag
 
Common Stock
 
2,452

 
 
 
Bhp Billiton Ltd Adr
 
Common Stock
 
1,297

 
 
 
BNP Paribas - Adr
 
Common Stock
 
2,841

 
 
 
British American Tob Adr
 
Common Stock
 
534

 
 
 
Csl Ltd-Unspon Adr
 
Common Stock
 
2,015

 
 
 
Canadian Natural Res
 
Common Stock
 
857

 
 
 
Carrefour SA-SP Adr
 
Common Stock
 
1,468

 
 
 
Coca Cola He-Ads
 
Common Stock
 
1,314

 
 
 
Compass Group Plc Adr
 
Common Stock
 
1,169


14
Table of Contents

 
 
 
Covidien Plc
 
Common Stock
 
1,756

 
 
 
Dassault Systems Sa-Adr
 
Common Stock
 
1,500

 
 
 
Diageo Plc Spons Adr
 
Common Stock
 
956

 
 
 
Enbridge Inc
 
Common Stock
 
2,045

 
 
 
Essilor Intl - Adr
 
Common Stock
 
989

 
 
 
Fanuc Corp-Unsp Adr
 
Common Stock
 
2,331

 
 
 
Flextronics Intl Ltd
 
Common Stock
 
653

 
 
 
Fuji Heavy Indus-Unspons
 
Common Stock
 
2,210

 
 
 
Gemalto Nv-Sponsored Adr
 
Common Stock
 
849

 
 
 
Givaudan-Unspon Adr
 
Common Stock
 
1,286

 
 
 
Hsbc Holdings Plc
 
Common Stock
 
2,656

 
 
 
Henkel Kgaa-Spons Adr Pfd
 
Common Stock
 
2,230

 
 
 
Honda Motor Co Ltd-Sp Adr
 
Common Stock
 
1,576

 
 
 
Imperial Oil Ltd
 
Common Stock
 
954

 
 
 
Inditex-Unspon Adr
 
Common Stock
 
2,529

 
 
 
Jgc Corp-Unsponsored Adr
 
Common Stock
 
1,861

 
 
 
Komatsu Ltd
 
Common Stock
 
1,575

 
 
 
Kubota Corp - Spons Adr
 
Common Stock
 
2,415

 
 
 
L'Oreal- Unsponsored Adr
 
Common Stock
 
689

 
 
 
Lvmh Moet Hennessy - Adr
 
Common Stock
 
1,205

 
 
 
Luxottica Group Spa
 
Common Stock
 
1,249

 
 
 
Magna Inter Class A Adr
 
Common Stock
 
1,886

 
 
 
Merck Kgaa - Unspon Adr
 
Common Stock
 
1,427

 
 
 
Mettler-Toledo Intl
 
Common Stock
 
1,554

 
 
 
Mtn Group Ltd-Spons Adr
 
Common Stock
 
1,825

 
 
 
Muenchener Rueck-Unspon A
 
Common Stock
 
1,767

 
 
 
Nestle Sa-Spons Adr
 
Common Stock
 
1,606

 
 
 
Nitto Denko Corp
 
Common Stock
 
1,316

 
 
 
Novartis Ag Adr
 
Common Stock
 
869

 
 
 
Novo-Nordisk A/S-Sp Adr
 
Common Stock
 
1,121

 
 
 
Philip Morris Intl.
 
Common Stock
 
1,820

 
 
 
Prudential Plc
 
Common Stock
 
4,591

 
 
 
Reckitt Benckiser-Spon Ad
 
Common Stock
 
615

 
 
 
Rio Tinto Plc
 
Common Stock
 
453

 
 
 
Roche Hldgs Ltd - Adr
 
Common Stock
 
2,035

 
 
 
Royal Dutch Shell Plc Adr
 
Common Stock
 
1,211

 
 
 
Ryanair Hlds Plccadr
 
Common Stock
 
1,169

 
 
 
Skf Ab
 
Common Stock
 
1,148

 
 
 
Sabmiller Plc Adr
 
Common Stock
 
1,477

 
 
 
Sandvik Ab
 
Common Stock
 
1,081

 
 
 
Sap Ag-Sponsored Adr
 
Common Stock
 
1,763

 
 
 
Siemens Ag
 
Common Stock
 
1,693

 
 
 
Singapore Telecommunicat
 
Common Stock
 
1,644

 
 
 
Smith & Nephew Plc
 
Common Stock
 
1,478

 
 
 
Svenska Cellulosa Ab
 
Common Stock
 
1,927

 
 
 
Swatch Cellulosa Ab-SP A
 
Common Stock
 
1,322

 
 
 
Syngenta Ag - Adr
 
Common Stock
 
1,358

 
 
 
Taiwan Semiconductor Adr
 
Common Stock
 
1,612

 
 
 
Technip Sa Adr
 
Common Stock
 
665

 
 
 
Tokyo Electron Ltd-Unsp A
 
Common Stock
 
1,332

 
 
 
Toyota Motor Corp Spn Adr
 
Common Stock
 
1,897

 
 
 
Turkcell Iletisim Hizmet
 
Common Stock
 
1,427

 
 
 
United Overseas Bank Adr
 
Common Stock
 
1,535

 
 
 
Volkswagen Ag-Spons Adr P
 
Common Stock
 
1,867


15
Table of Contents

 
 
 
Wal-Mart De Mexico Sa De
 
Common Stock
 
985

 
 
 
Woodside Petroleum Sp Adr
 
Common Stock
 
914

 
 
 
WPP Plc-sponsored Adr
 
Common Stock
 
1,013

 
 
Large Cap Growth Portfolio:
 
 
 
 
 
 
 
 
 
Alexion Pharmaceuticals
 
Common Stock
 
4,761

 
 
 
Allergan Inc
 
Common Stock
 
7,567

 
 
 
Amazon Com. Inc
 
Common Stock
 
8,677

 
 
 
ARM Holdings PLC-Spons Ad
 
Common Stock
 
6,579

 
 
 
Baidu Ince - Spon Adr
 
Common Stock
 
6,939

 
 
 
Biogen Idec, Inc
 
Common Stock
 
6,060

 
 
 
Bristol-Myers Squibb Co
 
Common Stock
 
4,458

 
 
 
Celgene Corp
 
Common Stock
 
10,006

 
 
 
Cognizant Tech Solutions
 
Common Stock
 
9,417

 
 
 
Discovery Communications
 
Common Stock
 
6,210

 
 
 
Eog Resources Inc
 
Common Stock
 
7,089

 
 
 
Fmc Technologies Inc
 
Common Stock
 
8,773

 
 
 
Facebook Inc-A
 
Common Stock
 
6,926

 
 
 
Fastenal Company
 
Common Stock
 
8,408

 
 
 
Franklin Resoucres Inc
 
Common Stock
 
4,883

 
 
 
Gilead Sciences Inc
 
Common Stock
 
9,299

 
 
 
Google Inc Cl A
 
Common Stock
 
8,729

 
 
 
Linkedin Corp- A
 
Common Stock
 
6,554

 
 
 
Mercadolibre Inc
 
Common Stock
 
7,312

 
 
 
Monsanto Company
 
Common Stock
 
8,422

 
 
 
Precision Castparts Corp
 
Common Stock
 
9,437

 
 
 
Priceline.Com Inc
 
Common Stock
 
10,566

 
 
 
Red Hat Inc
 
Common Stock
 
9,992

 
 
 
Salesforce Com Inc
 
Common Stock
 
9,553

 
 
 
TJX Companies Inc
 
Common Stock
 
7,767

 
 
 
Tesla Motors Inc
 
Common Stock
 
9,506

 
 
 
Vertex Pharmaceuticals In
 
Common Stock
 
7,383

 
 
 
Visa Inc - Class A Shares
 
Common Stock
 
8,093

 
 
 
Vmware Inc - Class A
 
Common Stock
 
10,148

 
 
 
Michael Kors Hlds Ltd
 
Common Stock
 
9,924

 
 
 
Dreyfus Treasury & Agency
 
Money Market
 
2,148

Fully benefit-responsive contracts
 
 
 
 
 
 
 
 
Capital Preservation Portfolio:
 
 
 
 
 
 
 
 
 
T Rowe Price Reserve Inv Fund
 
Mutual and Trust Fund
 
95,627

 
 
 
T Rowe Price ST Common
 
Mutual and Trust Fund
 
107,686

 
 
 
T Rowe Price Short-Int Term Common
 
Mutual and Trust Fund
 
135,542

 
 
 
T Rowe Price Int Term Common
 
Mutual and Trust Fund
 
214,370

 
 
 
T Rowe Price Managed Bond
 
Mutual and Trust Fund
 
95,719

 
 
 
New York Life 2.05%
 
Guaranteed Investment Contract
 
4,637

 
 
 
New York Life 2.60%
 
Guaranteed Investment Contract
 
7,036

 
 
 
New York Life 1.25%
 
Guaranteed Investment Contract
 
11,918

 
 
 
Principal Life
 
Guaranteed Investment Contract
 
20,565

 
 
 
Metropolitan Life
 
Guaranteed Investment Contract
 
9,329

 
 
 
Metropolitan Life
 
Guaranteed Investment Contract
 
11,578

 
 
 
Metropolitan Life
 
Separate Account Contracts
 
223,444

 
 
 
Royal Bank of Canada:
 
 
 
 
 
 
 
 
 
 
Collective US Govt Stif 5 Bps
 
Fixed Income
 
915

 
 
 
 
American Express Co
 
Fixed Income
 
625

 
 
 
 
Anz National (Intl) Ltd 144a
 
Fixed Income
 
463


16
Table of Contents

 
 
 
 
Bank Of America Corp
 
Fixed Income
 
127

 
 
 
 
Bank Of America Corp
 
Fixed Income
 
421

 
 
 
 
Bank Of America Corp
 
Fixed Income
 
226

 
 
 
 
Bank Of America Corp
 
Fixed Income
 
61

 
 
 
 
Bank Of America Corp
 
Fixed Income
 
30

 
 
 
 
Bank Of New York Mellon
 
Fixed Income
 
366

 
 
 
 
Bank Of New York Mellon
 
Fixed Income
 
80

 
 
 
 
Bank Of Nova Scotia
 
Fixed Income
 
525

 
 
 
 
Bank Of Nova Scotia
 
Fixed Income
 
75

 
 
 
 
Bank Of Nova Scotia
 
Fixed Income
 
80

 
 
 
 
Banque Fed Cred Mutuel 144a
 
Fixed Income
 
696

 
 
 
 
Barclays Bank McKesson
 
Fixed Income
 
142

 
 
 
 
Bb&t Corporation
 
Fixed Income
 
466

 
 
 
 
BK Tokyo-Mitsubishi UFJ 144a
 
Fixed Income
 
859

 
 
 
 
BNP Paribas
 
Fixed Income
 
821

 
 
 
 
Canadian Imperial Bank
 
Fixed Income
 
693

 
 
 
 
Capital One Financial Co
 
Fixed Income
 
155

 
 
 
 
Capital One Financial Co
 
Fixed Income
 
67

 
 
 
 
Capital One Financial Co
 
Fixed Income
 
450

 
 
 
 
Citigroup Inc
 
Fixed Income
 
10

 
 
 
 
Citigroup Inc
 
Fixed Income
 
595

 
 
 
 
Citigroup Inc
 
Fixed Income
 
111

 
 
 
 
Commonwealth Bank Aust
 
Fixed Income
 
1,074

 
 
 
 
Commonwealth Bank Aust 144a
 
Fixed Income
 
181

 
 
 
 
DNB Bank Asa 144a
 
Fixed Income
 
800

 
 
 
 
Fifth Third Bancorp
 
Fixed Income
 
325

 
 
 
 
Goldman Sachs Group Inc
 
Fixed Income
 
127

 
 
 
 
Goldman Sachs Group Inc
 
Fixed Income
 
210

 
 
 
 
Goldman Sachs Group Inc
 
Fixed Income
 
556

 
 
 
 
HSBC Bank McKesson 144a
 
Fixed Income
 
231

 
 
 
 
HSBC USA Inc
 
Fixed Income
 
497

 
 
 
 
Jpmorgan Chase & Co
 
Fixed Income
 
184

 
 
 
 
Jpmorgan Chase & Co
 
Fixed Income
 
153

 
 
 
 
Jpmorgan Chase & Co
 
Fixed Income
 
428

 
 
 
 
Jpmorgan Chase & Co
 
Fixed Income
 
70

 
 
 
 
Jpmorgan Chase & Co
 
Fixed Income
 
564

 
 
 
 
Key Bank NA
 
Fixed Income
 
16

 
 
 
 
Keycorp
 
Fixed Income
 
382

 
 
 
 
Manuf & Traders Trust Co
 
Fixed Income
 
782

 
 
 
 
Morgan Stanley
 
Fixed Income
 
144

 
 
 
 
Morgan Stanley
 
Fixed Income
 
132

 
 
 
 
Morgan Stanley
 
Fixed Income
 
152

 
 
 
 
Morgan Stanley
 
Fixed Income
 
569

 
 
 
 
Morgan Stanley
 
Fixed Income
 
87

 
 
 
 
National Bank Of Canada
 
Fixed Income
 
856

 
 
 
 
Nordea Bank Ab 144a
 
Fixed Income
 
209

 
 
 
 
Nordea Bank Ab 144a
 
Fixed Income
 
837

 
 
 
 
Pnc Funding Corp
 
Fixed Income
 
96

 
 
 
 
Pnc Funding Corp
 
Fixed Income
 
503

 
 
 
 
Royal Bank Of Canada
 
Fixed Income
 
189

 
 
 
 
Royal Bank Of Canada
 
Fixed Income
 
539

 
 
 
 
State Street Corp
 
Fixed Income
 
578

 
 
 
 
Suntrust Banks Inc
 
Fixed Income
 
684

 
 
 
 
Svenska Handelsbanken Ab
 
Fixed Income
 
693


17
Table of Contents

 
 
 
 
Swedbank Ab 144a
 
Fixed Income
 
845

 
 
 
 
Toronto-Dominion Bank
 
Fixed Income
 
325

 
 
 
 
Toronto-Dominion Bank
 
Fixed Income
 
455

 
 
 
 
US Bancorp
 
Fixed Income
 
261

 
 
 
 
US Bancorp
 
Fixed Income
 
253

 
 
 
 
US Bancorp
 
Fixed Income
 
129

 
 
 
 
Wells Fargo & Company
 
Fixed Income
 
182

 
 
 
 
Wells Fargo & Company
 
Fixed Income
 
87

 
 
 
 
Wells Fargo & Company
 
Fixed Income
 
557

 
 
 
 
Westpac Banking Corp
 
Fixed Income
 
859

 
 
 
 
BHP Billiton Fin USA Ltd
 
Fixed Income
 
106

 
 
 
 
BHP Billiton Fin USA Ltd
 
Fixed Income
 
227

 
 
 
 
BHP Billiton Fin USA Ltd
 
Fixed Income
 
297

 
 
 
 
Dow Chemical Co
 
Fixed Income
 
123

 
 
 
 
Dow Chemical Co
 
Fixed Income
 
510

 
 
 
 
Eastman Chemical Co
 
Fixed Income
 
624

 
 
 
 
Goldcorp Inc
 
Fixed Income
 
564

 
 
 
 
Sherwin-williams Co
 
Fixed Income
 
614

 
 
 
 
Vale Overseas
 
Fixed Income
 
108

 
 
 
 
Vale Overseas Limited
 
Fixed Income
 
115

 
 
 
 
Franklin Resources Inc
 
Fixed Income
 
609

 
 
 
 
Caterpillar Financial SE
 
Fixed Income
 
240

 
 
 
 
Caterpillar Financial SE
 
Fixed Income
 
135

 
 
 
 
Caterpillar Fin Serv
 
Fixed Income
 
128

 
 
 
 
Caterpillar Fin Serv Crp
 
Fixed Income
 
168

 
 
 
 
Danaher Corp
 
Fixed Income
 
105

 
 
 
 
Eaton Corp
 
Fixed Income
 
692

 
 
 
 
Emerson Electric Co
 
Fixed Income
 
96

 
 
 
 
Emerson Electric Co
 
Fixed Income
 
53

 
 
 
 
General Electric Co
 
Fixed Income
 
106

 
 
 
 
John Deere Capital Corp
 
Fixed Income
 
231

 
 
 
 
John Deere Capital Corp
 
Fixed Income
 
591

 
 
 
 
Roper Industries Inc
 
Fixed Income
 
15

 
 
 
 
Roper Industries Inc
 
Fixed Income
 
250

 
 
 
 
Waste Management Inc
 
Fixed Income
 
26

 
 
 
 
AT&T Inc
 
Fixed Income
 
126

 
 
 
 
AT&T Inc
 
Fixed Income
 
101

 
 
 
 
AT&T Inc
 
Fixed Income
 
60

 
 
 
 
British Telecom McKesson
 
Fixed Income
 
681

 
 
 
 
CC Holdings Gs V LLC/CRO
 
Fixed Income
 
372

 
 
 
 
Crown Castle Towers LLC 144a
 
Fixed Income
 
230

 
 
 
 
Crown Castle Towers LLC 144a
 
Fixed Income
 
103

 
 
 
 
Directv Hldg/Fin Inc
 
Fixed Income
 
11

 
 
 
 
Directv Holdings/Fing
 
Fixed Income
 
31

 
 
 
 
Directv Holdings/Fing
 
Fixed Income
 
211

 
 
 
 
Directv Holdings/Fing
 
Fixed Income
 
49

 
 
 
 
Directv Holdings LLC
 
Fixed Income
 
271

 
 
 
 
Discovery Communications
 
Fixed Income
 
104

 
 
 
 
GTP Acquisition Partners 144a
 
Fixed Income
 
148

 
 
 
 
NBC Universal Media LLC
 
Fixed Income
 
141

 
 
 
 
Omnicom Group Inc
 
Fixed Income
 
274

 
 
 
 
SBA Tower Trust 144a
 
Fixed Income
 
422

 
 
 
 
SBA Tower Trust 144a
 
Fixed Income
 
225

 
 
 
 
Thomson Reuters Corp
 
Fixed Income
 
214


18
Table of Contents

 
 
 
 
Thomson Reuters Corp
 
Fixed Income
 
179

 
 
 
 
Verizon Communications
 
Fixed Income
 
589

 
 
 
 
American Honda Finance 144a
 
Fixed Income
 
981

 
 
 
 
CVS Caremark Corp
 
Fixed Income
 
271

 
 
 
 
Daimler Finance NA LLC 144a
 
Fixed Income
 
152

 
 
 
 
Daimler Finance NA LLC 144a
 
Fixed Income
 
819

 
 
 
 
Ford Motor Credit Co LLC
 
Fixed Income
 
207

 
 
 
 
Ford Motor Credit Co LLC
 
Fixed Income
 
147

 
 
 
 
Harley Davidson Finl Ser 144a
 
Fixed Income
 
60

 
 
 
 
Harley Davidson Finl Serv 144a
 
Fixed Income
 
299

 
 
 
 
Hyundai Capital America 144a
 
Fixed Income
 
121

 
 
 
 
Johnson Controls Inc
 
Fixed Income
 
95

 
 
 
 
Mcdonalds Corp
 
Fixed Income
 
58

 
 
 
 
Nissan Motor Acceptance 144a
 
Fixed Income
 
85

 
 
 
 
Paccar Financial Corp
 
Fixed Income
 
306

 
 
 
 
Paccar Financial Corp
 
Fixed Income
 
251

 
 
 
 
Tjx Cos Inc
 
Fixed Income
 
37

 
 
 
 
Toyota Motor Credit Corp
 
Fixed Income
 
299

 
 
 
 
Toyota Motor Credit Corp
 
Fixed Income
 
361

 
 
 
 
Toyota Motor Credit Corp
 
Fixed Income
 
30

 
 
 
 
Volkswagen Intl Fin Nv 144a
 
Fixed Income
 
330

 
 
 
 
Volkswagen Intl Fin Nv 144a
 
Fixed Income
 
272

 
 
 
 
Wal-mart Stores
 
Fixed Income
 
237

 
 
 
 
Walt Disney Company
 
Fixed Income
 
198

 
 
 
 
Wesfarmers Ltd 144a
 
Fixed Income
 
276

 
 
 
 
Abbvie Inc
 
Fixed Income
 
324

 
 
 
 
Abbvie Inc
 
Fixed Income
 
298

 
 
 
 
Altria Group Inc
 
Fixed Income
 
48

 
 
 
 
Altria Group Inc
 
Fixed Income
 
113

 
 
 
 
Anheuser-busch Inbev Wor
 
Fixed Income
 
243

 
 
 
 
Anheuser-busch Inbev Wor
 
Fixed Income
 
105

 
 
 
 
Baxter International Inc
 
Fixed Income
 
747

 
 
 
 
Bottling Group LLC
 
Fixed Income
 
238

 
 
 
 
Catholic Health Initiati
 
Fixed Income
 
10

 
 
 
 
Celgene Corp
 
Fixed Income
 
130

 
 
 
 
Coca-Cola Amatil Ltd 144a
 
Fixed Income
 
220

 
 
 
 
Coca Cola Co
 
Fixed Income
 
149

 
 
 
 
Coca-Cola Co
 
Fixed Income
 
108

 
 
 
 
Coca-Cola Co
 
Fixed Income
 
92

 
 
 
 
Coca-Cola Co/The
 
Fixed Income
 
55

 
 
 
 
Express Scripts Holding
 
Fixed Income
 
174

 
 
 
 
Express Scripts Inc
 
Fixed Income
 
346

 
 
 
 
General Mills Inc
 
Fixed Income
 
20

 
 
 
 
Gilead Sciences Inc
 
Fixed Income
 
82

 
 
 
 
Gilead Sciences Inc
 
Fixed Income
 
228

 
 
 
 
GlaxoSmithKline Capital
 
Fixed Income
 
186

 
 
 
 
Heineken Nv 144a
 
Fixed Income
 
49

 
 
 
 
Hershey Co
 
Fixed Income
 
163

 
 
 
 
Kellogg Co
 
Fixed Income
 
50

 
 
 
 
Kraft Foods Group Inc
 
Fixed Income
 
137

 
 
 
 
Kroger Co
 
Fixed Income
 
185

 
 
 
 
Kroger Co/The
 
Fixed Income
 
110

 
 
 
 
McKesson Corp
 
Fixed Income
 
528

 
 
 
 
McKesson Corp
 
Fixed Income
 
50


19
Table of Contents

 
 
 
 
Novartis Capital Corp
 
Fixed Income
 
184

 
 
 
 
Procter & Gamble Co
 
Fixed Income
 
241

 
 
 
 
Reynolds American Inc
 
Fixed Income
 
15

 
 
 
 
Sanofi
 
Fixed Income
 
503

 
 
 
 
Sanofi Aventis
 
Fixed Income
 
181

 
 
 
 
Stryker Corp
 
Fixed Income
 
165

 
 
 
 
Thermo Fisher Scientific
 
Fixed Income
 
289

 
 
 
 
Thermo Fisher Scientific
 
Fixed Income
 
314

 
 
 
 
Wrigley Wm Jr Co 144a
 
Fixed Income
 
244

 
 
 
 
Commonwealth Edison
 
Fixed Income
 
71

 
 
 
 
Commonwealth Edison
 
Fixed Income
 
21

 
 
 
 
Dominion Resources Inc
 
Fixed Income
 
31

 
 
 
 
Dominion Resources Inc
 
Fixed Income
 
143

 
 
 
 
Duke Energy Carolinas
 
Fixed Income
 
184

 
 
 
 
Duke Energy Corp
 
Fixed Income
 
93

 
 
 
 
Duke Energy Corp
 
Fixed Income
 
190

 
 
 
 
Georgia Power Company
 
Fixed Income
 
30

 
 
 
 
Kentucky Utilities
 
Fixed Income
 
26

 
 
 
 
LG&E & Ku Energy LLC
 
Fixed Income
 
92

 
 
 
 
Midamerican Energy Hldgs 144a
 
Fixed Income
 
877

 
 
 
 
Monongahela Power 144a
 
Fixed Income
 
17

 
 
 
 
National Rural Util Coop
 
Fixed Income
 
197

 
 
 
 
National Rural Utilities
 
Fixed Income
 
26

 
 
 
 
Nevada Power Co
 
Fixed Income
 
108

 
 
 
 
Nevada Power Co
 
Fixed Income
 
37

 
 
 
 
Nextera Energy Capital
 
Fixed Income
 
65

 
 
 
 
PacifiCorp
 
Fixed Income
 
151

 
 
 
 
Peco Energy Co
 
Fixed Income
 
92

 
 
 
 
PPL Wem Holdings McKesson 144a
 
Fixed Income
 
32

 
 
 
 
Progress Energy Inc
 
Fixed Income
 
31

 
 
 
 
PSEG Power LLC
 
Fixed Income
 
501

 
 
 
 
Southern Co
 
Fixed Income
 
31

 
 
 
 
Southern Co
 
Fixed Income
 
410

 
 
 
 
TECO Finance Inc
 
Fixed Income
 
193

 
 
 
 
Westar Energy Inc
 
Fixed Income
 
90

 
 
 
 
Wisc Elec Power
 
Fixed Income
 
642

 
 
 
 
Xcel Energy Inc
 
Fixed Income
 
472

 
 
 
 
Bg Energy Capital McKesson 144a
 
Fixed Income
 
129

 
 
 
 
Bg Energy Capital McKesson 144a
 
Fixed Income
 
557

 
 
 
 
Cameron Intl Corp
 
Fixed Income
 
111

 
 
 
 
Canadian Natl Resources
 
Fixed Income
 
74

 
 
 
 
Canadian Natl Resources
 
Fixed Income
 
30

 
 
 
 
Chevron Corp
 
Fixed Income
 
211

 
 
 
 
Conocophillips Company
 
Fixed Income
 
707

 
 
 
 
Diamond Offshore Drill
 
Fixed Income
 
98

 
 
 
 
Diamond Offshore Drill
 
Fixed Income
 
100

 
 
 
 
Ensco McKesson
 
Fixed Income
 
285

 
 
 
 
Ensco McKesson
 
Fixed Income
 
187

 
 
 
 
EOG Resources Inc
 
Fixed Income
 
82

 
 
 
 
EOG Resources Inc
 
Fixed Income
 
133

 
 
 
 
EOG Resources Inc
 
Fixed Income
 
188

 
 
 
 
Marathon Oil Corp
 
Fixed Income
 
211

 
 
 
 
Noble Holding Intl Ltd
 
Fixed Income
 
10


20
Table of Contents

 
 
 
 
Petro Canada Ltd
 
Fixed Income
 
23

 
 
 
 
Phillips 66
 
Fixed Income
 
128

 
 
 
 
Phillips 66
 
Fixed Income
 
120

 
 
 
 
Rowan Co Inc
 
Fixed Income
 
61

 
 
 
 
Schlumberger Sa 144a
 
Fixed Income
 
182

 
 
 
 
Shell International Fin
 
Fixed Income
 
121

 
 
 
 
Shell Intl Fin
 
Fixed Income
 
573

 
 
 
 
Total Capital Canada Ltd
 
Fixed Income
 
121

 
 
 
 
Total Capital Intl Sa
 
Fixed Income
 
55

 
 
 
 
Total Capital Intl Sa
 
Fixed Income
 
40

 
 
 
 
Total Capital Intl Sa
 
Fixed Income
 
377

 
 
 
 
Valero Energy
 
Fixed Income
 
148

 
 
 
 
Valero Energy Corp
 
Fixed Income
 
66

 
 
 
 
GATX Corp
 
Fixed Income
 
143

 
 
 
 
GATX Corp
 
Fixed Income
 
81

 
 
 
 
GATX Corp
 
Fixed Income
 
25

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
98

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
138

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
187

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
139

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
421

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
174

 
 
 
 
General Elec Cap Corp
 
Fixed Income
 
126

 
 
 
 
CME Group Inc
 
Fixed Income
 
247

 
 
 
 
Cornell University
 
Fixed Income
 
77

 
 
 
 
Princeton University
 
Fixed Income
 
92

 
 
 
 
ACE INA Holdings
 
Fixed Income
 
70

 
 
 
 
ACE INA Holdings
 
Fixed Income
 
176

 
 
 
 
ACE INA Holdings Inc
 
Fixed Income
 
15

 
 
 
 
Aetna Inc
 
Fixed Income
 
701

 
 
 
 
Met Life Glob Funding I 144a
 
Fixed Income
 
557

 
 
 
 
Pricoa Global Funding 144a
 
Fixed Income
 
399

 
 
 
 
Principal Financial Grou
 
Fixed Income
 
15

 
 
 
 
Principal Lfe Glb Fnd II 144a
 
Fixed Income
 
329

 
 
 
 
Prudential Financial Inc
 
Fixed Income
 
31

 
 
 
 
Prudential Financial Inc
 
Fixed Income
 
263

 
 
 
 
Reinsurance Grp Of Amer
 
Fixed Income
 
137

 
 
 
 
Travelers Cos Inc
 
Fixed Income
 
53

 
 
 
 
Unitedhealth Group Inc
 
Fixed Income
 
113

 
 
 
 
Unitedhealth Group Inc
 
Fixed Income
 
591

 
 
 
 
Unitedhealth Group Inc
 
Fixed Income
 
25

 
 
 
 
Unum Group
 
Fixed Income
 
33

 
 
 
 
UnumProvident Finance Co 144a
 
Fixed Income
 
154

 
 
 
 
WellPoint Inc
 
Fixed Income
 
172

 
 
 
 
WellPoint Inc
 
Fixed Income
 
249

 
 
 
 
WellPoint Inc
 
Fixed Income
 
76

 
 
 
 
AGL Capital Corp
 
Fixed Income
 
102

 
 
 
 
Atmos Energy Corp
 
Fixed Income
 
33

 
 
 
 
DCP Midstream LLC 144a
 
Fixed Income
 
145

 
 
 
 
DCP Midstream Operating
 
Fixed Income
 
50

 
 
 
 
Duke Capital LLC
 
Fixed Income
 
26

 
 
 
 
Enbridge Energy Partners
 
Fixed Income
 
44

 
 
 
 
Enterprise Products Oper
 
Fixed Income
 
37

 
 
 
 
Enterprise Products Oper
 
Fixed Income
 
76


21
Table of Contents

 
 
 
 
Florida Gas Transmission 144a
 
Fixed Income
 
196

 
 
 
 
Kinder Morgan Ener Part
 
Fixed Income
 
170

 
 
 
 
Kinder Morgan Ener Part
 
Fixed Income
 
26

 
 
 
 
Magellan Midstream Partn
 
Fixed Income
 
37

 
 
 
 
Magellan Midstream Partn
 
Fixed Income
 
41

 
 
 
 
Magellan Midstream Partners
 
Fixed Income
 
36

 
 
 
 
Nisource Finance
 
Fixed Income
 
89

 
 
 
 
Nisource Finance Corp
 
Fixed Income
 
181

 
 
 
 
Oneok Partners LP
 
Fixed Income
 
95

 
 
 
 
Oneok Partners LP
 
Fixed Income
 
596

 
 
 
 
Sempra Energy
 
Fixed Income
 
367

 
 
 
 
Sempra Energy
 
Fixed Income
 
110

 
 
 
 
Southeast Supply Header 144a
 
Fixed Income
 
171

 
 
 
 
Trans-Canada Pipelines
 
Fixed Income
 
136

 
 
 
 
Trans-Canada Pipelines
 
Fixed Income
 
561

 
 
 
 
Williams Partners LP
 
Fixed Income
 
157

 
 
 
 
Williams Partners LP
 
Fixed Income
 
92

 
 
 
 
Williams Partners LP
 
Fixed Income
 
99

 
 
 
 
Arden Realty LP
 
Fixed Income
 
74

 
 
 
 
Avalonbay Communities
 
Fixed Income
 
152

 
 
 
 
Boston Properties LP
 
Fixed Income
 
122

 
 
 
 
Camden Property Trust
 
Fixed Income
 
130

 
 
 
 
Erp Operating LP
 
Fixed Income
 
101

 
 
 
 
Kilroy Realty LP
 
Fixed Income
 
143

 
 
 
 
Simon Property Group LP
 
Fixed Income
 
27

 
 
 
 
Simon Property Group LP
 
Fixed Income
 
168

 
 
 
 
Simon Property Group LP
 
Fixed Income
 
73

 
 
 
 
Simon Property Group LP
 
Fixed Income
 
311

 
 
 
 
Ventas Realty LP/Cap Crp
 
Fixed Income
 
318

 
 
 
 
Wea Finance/wt Fin Aust 144a
 
Fixed Income
 
291

 
 
 
 
Altera Corp
 
Fixed Income
 
44

 
 
 
 
Apple Inc
 
Fixed Income
 
969

 
 
 
 
Broadcom Corp
 
Fixed Income
 
36

 
 
 
 
Cisco Systems Inc
 
Fixed Income
 
120

 
 
 
 
Cisco Systems Inc
 
Fixed Income
 
181

 
 
 
 
Equifax Inc
 
Fixed Income
 
166

 
 
 
 
Fiserv Inc
 
Fixed Income
 
303

 
 
 
 
Fiserv Inc
 
Fixed Income
 
70

 
 
 
 
Google Inc
 
Fixed Income
 
150

 
 
 
 
IBM Corp
 
Fixed Income
 
146

 
 
 
 
IBM Corp
 
Fixed Income
 
237

 
 
 
 
Microsoft Corp
 
Fixed Income
 
185

 
 
 
 
Bnsf Railway Co 2007-1 P
 
Fixed Income
 
18

 
 
 
 
Burlington North Santa Fe
 
Fixed Income
 
28

 
 
 
 
Continental Airlines Inc
 
Fixed Income
 
68

 
 
 
 
Contl Airlines 2012-1
 
Fixed Income
 
119

 
 
 
 
Delta Air Lines
 
Fixed Income
 
55

 
 
 
 
Delta Air Lines 2011-1
 
Fixed Income
 
13

 
 
 
 
ERAC USA Finance Company 144a
 
Fixed Income
 
118

 
 
 
 
ERAC USA Finance Company 144a
 
Fixed Income
 
205

 
 
 
 
ERAC USA Finance Company 144a
 
Fixed Income
 
40

 
 
 
 
ERAC USA Finance Company 144a
 
Fixed Income
 
31

 
 
 
 
ERAC USA Finance LLC 144a
 
Fixed Income
 
20

 
 
 
 
Norfolk Southern Corp
 
Fixed Income
 
141


22
Table of Contents

 
 
 
 
Union Pacific Corp
 
Fixed Income
 
51

 
 
 
 
United Parcel Service
 
Government Related
 
239

 
 
 
 
KFW
 
Government Related
 
301

 
 
 
 
KFW
 
Government Related
 
377

 
 
 
 
British Columbia
 
Government Related
 
528

 
 
 
 
Hydro Quebec
 
Government Related
 
339

 
 
 
 
Manitoba
 
Government Related
 
697

 
 
 
 
Manitoba (Province Of)
 
Government Related
 
141

 
 
 
 
Ontario
 
Government Related
 
222

 
 
 
 
Ontario
 
Government Related
 
184

 
 
 
 
Quebec Province
 
Government Related
 
377

 
 
 
 
Fannie Mae
 
Government Related
 
258

 
 
 
 
Fannie Mae
 
Government Related
 
1,047

 
 
 
 
Fannie Mae
 
Government Related
 
422

 
 
 
 
Fannie Mae
 
Government Related
 
247

 
 
 
 
Fannie Mae
 
Government Related
 
634

 
 
 
 
Fannie Mae
 
Government Related
 
292

 
 
 
 
Fannie Mae
 
Government Related
 
733

 
 
 
 
Fannie Mae
 
Government Related
 
335

 
 
 
 
Fannie Mae
 
Government Related
 
2,617

 
 
 
 
FNMA
 
Government Related
 
706

 
 
 
 
Freddie Mac
 
Government Related
 
489

 
 
 
 
Freddie Mac
 
Government Related
 
188

 
 
 
 
Freddie Mac
 
Government Related
 
718

 
 
 
 
Freddie Mac
 
Government Related
 
704

 
 
 
 
Freddie Mac
 
Government Related
 
850

 
 
 
 
Freddie Mac
 
Government Related
 
639

 
 
 
 
Freddie Mac
 
Government Related
 
448

 
 
 
 
Freddie Mac
 
Government Related
 
703

 
 
 
 
Freddie Mac
 
Government Related
 
404

 
 
 
 
Freddie Mac
 
Government Related
 
470

 
 
 
 
Freddie Mac
 
Government Related
 
413

 
 
 
 
Freddie Mac
 
Government Related
 
457

 
 
 
 
Petrobras Global Finance
 
Government Related
 
215

 
 
 
 
Canada
 
Government Related
 
112

 
 
 
 
Canada
 
Government Related
 
135

 
 
 
 
Asian Development Bank
 
Government Related
 
94

 
 
 
 
Asian Development Bank
 
Government Related
 
227

 
 
 
 
Intl Finance Corp
 
Government Related
 
91

 
 
 
 
Intl Finance Corp
 
Government Related
 
94

 
 
 
 
CNH 2010-B A4
 
Government Related
 
50

 
 
 
 
CNH 2010-C A4
 
Government Related
 
84

 
 
 
 
CNH 2011-B A3
 
Government Related
 
16

 
 
 
 
CNH 2011-B A4
 
Government Related
 
555

 
 
 
 
CNH 2012-A A3
 
Government Related
 
360

 
 
 
 
CNH 2012-A A4
 
Government Related
 
193

 
 
 
 
CNH 2012-C A3
 
Government Related
 
60

 
 
 
 
CNH 2013-A A4
 
Government Related
 
79

 
 
 
 
CNH 2013-B A4
 
Government Related
 
484

 
 
 
 
GEDFT 2011-1 A
 
Government Related
 
120

 
 
 
 
GEDFT 2013-1 A
 
Government Related
 
225

 
 
 
 
GEEMT 2013-1 A3
 
Government Related
 
165

 
 
 
 
GEET 2012-1 A3
 
Government Related
 
94

 
 
 
 
JDOT 2012-A A4
 
Government Related
 
146


23
Table of Contents

 
 
 
 
JDOT 2013-A A3
 
Government Related
 
355

 
 
 
 
JDOT 2013-B A4
 
Government Related
 
874

 
 
 
 
MMAF 2009-AA A4 144A
 
Government Related
 
139

 
 
 
 
FHLMC 15YR GOLD
 
Government Related
 
22

 
 
 
 
FHLMC 15YR GOLD
 
Government Related
 
40

 
 
 
 
FHLMC 15YR GOLD
 
Government Related
 
46

 
 
 
 
FHLMC 15YR GOLD
 
Government Related
 
20

 
 
 
 
FHLMC GOLD
 
Government Related
 
99

 
 
 
 
FHLMC GOLD
 
Government Related
 
42

 
 
 
 
FHLMC GOLD
 
Government Related
 
222

 
 
 
 
FHLMC GOLD
 
Government Related
 
113

 
 
 
 
FHLMC GOLD
 
Government Related
 
54

 
 
 
 
FHLMC GOLD
 
Government Related
 
57

 
 
 
 
FNMA 15YR
 
Government Related
 
51

 
 
 
 
FNMA 15YR
 
Government Related
 
103

 
 
 
 
FNMA 15YR
 
Government Related
 
56

 
 
 
 
FNMA 15YR
 
Government Related
 
34

 
 
 
 
FNMA 15YR
 
Government Related
 
36

 
 
 
 
FNMA 15YR
 
Government Related
 
53

 
 
 
 
FNMA 15YR
 
Government Related
 
27

 
 
 
 
FNMA 15YR
 
Government Related
 
176

 
 
 
 
FNMA 15YR
 
Government Related
 
33

 
 
 
 
FNMA 15YR
 
Government Related
 
63

 
 
 
 
FNMA 15YR
 
Government Related
 
190

 
 
 
 
FNMA 15YR
 
Government Related
 
131

 
 
 
 
FNMA 15YR
 
Government Related
 
112

 
 
 
 
FNMA 15YR
 
Government Related
 
55

 
 
 
 
FNMA 15YR
 
Government Related
 
38

 
 
 
 
FNMA 15YR
 
Government Related
 
54

 
 
 
 
FNMA 15YR
 
Government Related
 
40

 
 
 
 
FNMA 15YR
 
Government Related
 
36

 
 
 
 
FNMA 15YR
 
Government Related
 
24

 
 
 
 
FNMA 15YR
 
Government Related
 
20

 
 
 
 
FNMA 15YR
 
Government Related
 
104

 
 
 
 
FNMA 15YR
 
Government Related
 
53

 
 
 
 
FNMA 15YR
 
Government Related
 
30

 
 
 
 
FNMA 15YR
 
Government Related
 
45

 
 
 
 
FNMA 15YR
 
Government Related
 
61

 
 
 
 
FNMA 15YR
 
Government Related
 
23

 
 
 
 
FNMA 15YR
 
Government Related
 
99

 
 
 
 
FNMA 15YR
 
Government Related
 
47

 
 
 
 
FNMA 15YR
 
Government Related
 
66

 
 
 
 
FNMA 15YR
 
Government Related
 
282

 
 
 
 
FNMA 15YR
 
Government Related
 
35

 
 
 
 
FNMA 15YR
 
Government Related
 
123

 
 
 
 
FNMA 15YR
 
Government Related
 
27

 
 
 
 
FNMA 15YR
 
Government Related
 
66

 
 
 
 
FNMA 15YR
 
Government Related
 
65

 
 
 
 
FNMA 30 YR
 
Government Related
 
36

 
 
 
 
FNMA 30 YR
 
Government Related
 
111

 
 
 
 
FNMA 30 YR
 
Government Related
 
68

 
 
 
 
FNMA 30 YR
 
Government Related
 
412

 
 
 
 
FNMA 30 YR
 
Government Related
 
86

 
 
 
 
FNMA 30 YR
 
Government Related
 
164


24
Table of Contents

 
 
 
 
FNMA 30 YR
 
Government Related
 
31

 
 
 
 
FNMA 30 YR
 
Government Related
 
57

 
 
 
 
FNMA 30 YR
 
Government Related
 
82

 
 
 
 
FNMA 30 YR
 
Government Related
 
26

 
 
 
 
FNMA 30 YR
 
Government Related
 
183

 
 
 
 
FNMA 30 YR
 
Government Related
 
22

 
 
 
 
FNMA 30 YR
 
Government Related
 
32

 
 
 
 
FNMA 30 YR
 
Government Related
 
304

 
 
 
 
FNMA 30 YR
 
Government Related
 
60

 
 
 
 
FNMA 30 YR
 
Government Related
 
37

 
 
 
 
FNMA 30 YR
 
Government Related
 
455

 
 
 
 
FNMA 30 YR
 
Government Related
 
119

 
 
 
 
FNMA 30 YR
 
Government Related
 
48

 
 
 
 
FNMA 30 YR
 
Government Related
 
26

 
 
 
 
FNMA 30 YR
 
Government Related
 
569

 
 
 
 
FNMA 30 YR
 
Government Related
 
282

 
 
 
 
FNMA 30 YR
 
Government Related
 
86

 
 
 
 
FNMA 30 YR
 
Government Related
 
33

 
 
 
 
FNMA 30 YR
 
Government Related
 
23

 
 
 
 
FNMA 30 YR
 
Government Related
 
273

 
 
 
 
FNMA 30 YR
 
Government Related
 
75

 
 
 
 
FNMA 30 YR
 
Government Related
 
238

 
 
 
 
FNMA 30 YR
 
Government Related
 
181

 
 
 
 
FNMA 30 YR
 
Government Related
 
30

 
 
 
 
FNMA 30 YR
 
Government Related
 
154

 
 
 
 
FNMA 30 YR
 
Government Related
 
37

 
 
 
 
FNMA MEGA
 
Government Related
 
50

 
 
 
 
GNMA II 15 YR
 
Government Related
 
89

 
 
 
 
GNMA II 15 YR
 
Government Related
 
44

 
 
 
 
GNMA ll 30 YR
 
Government Related
 
413

 
 
 
 
FHLMC ARM
 
Government Related
 
94

 
 
 
 
FHLMC ARM
 
Government Related
 
49

 
 
 
 
FHLMC ARM
 
Government Related
 
42

 
 
 
 
FHLMC ARM
 
Government Related
 
28

 
 
 
 
FHLMC ARM
 
Government Related
 
36

 
 
 
 
FNMA ARM
 
Government Related
 
29

 
 
 
 
FNMA ARM
 
Government Related
 
52

 
 
 
 
FNMA ARM
 
Government Related
 
23

 
 
 
 
FNMA ARM
 
Government Related
 
10

 
 
 
 
AFIN 2013-1 A3
 
Government Related
 
75

 
 
 
 
AFIN 2013-1 A4
 
Government Related
 
739

 
 
 
 
AFIN 2013-2 A3
 
Government Related
 
367

 
 
 
 
ALLYA 2012-1 A4
 
Government Related
 
71

 
 
 
 
ALLYL 2012-SN1 A3
 
Government Related
 
470

 
 
 
 
ALLYL 2013-SN1 A4
 
Government Related
 
345

 
 
 
 
AMCAR 2011-5 A3
 
Government Related
 
304

 
 
 
 
AMCAR 2012-1 A3
 
Government Related
 
20

 
 
 
 
AMCAR 2012-2 A3
 
Government Related
 
105

 
 
 
 
AMCAR 2012-3 A3
 
Government Related
 
196

 
 
 
 
AMCAR 2012-5 A3
 
Government Related
 
20

 
 
 
 
AMCAR 2013-2 A3
 
Government Related
 
893

 
 
 
 
AMCAR 2013-3 A3
 
Government Related
 
440

 
 
 
 
AMCAR 2013-4 A3
 
Government Related
 
120

 
 
 
 
AMOT 2012-5 A
 
Government Related
 
129


25
Table of Contents

 
 
 
 
BAAT 2012-1 A4
 
Government Related
 
156

 
 
 
 
BMWLT 2012-1 A4
 
Government Related
 
200

 
 
 
 
BMWLT 2013-1 A3
 
Government Related
 
45

 
 
 
 
BMWOT 2011-A A3
 
Government Related
 
32

 
 
 
 
BMWOT 2011-A A4
 
Government Related
 
136

 
 
 
 
CARMX 2010-2 A4
 
Government Related
 
119

 
 
 
 
CARMX 2011-2 A3
 
Government Related
 
52

 
 
 
 
CARMX 2011-2 A4
 
Government Related
 
187

 
 
 
 
CARMX 2012-1 A3
 
Government Related
 
107

 
 
 
 
CARMX 2012-1 A4
 
Government Related
 
61

 
 
 
 
CARMX 2012-2 A3
 
Government Related
 
171

 
 
 
 
CARMX 2012-3 A3
 
Government Related
 
30

 
 
 
 
CARMX 2012-3 A4
 
Government Related
 
523

 
 
 
 
CARMX 2013-1 A3
 
Government Related
 
35

 
 
 
 
CARMX 2013-2 A3
 
Government Related
 
815

 
 
 
 
FORDF 2010-3 A1 144A
 
Government Related
 
162

 
 
 
 
FORDF 2012-4 A1
 
Government Related
 
426

 
 
 
 
FORDF 2013-3 A1
 
Government Related
 
577

 
 
 
 
FORDL 2012-A A3
 
Government Related
 
63

 
 
 
 
FORDL 2012-A A4
 
Government Related
 
521

 
 
 
 
FORDL 2012-B A4
 
Government Related
 
120

 
 
 
 
FORDL 2013-A A4
 
Government Related
 
65

 
 
 
 
FORDL 2013-B A3
 
Government Related
 
100

 
 
 
 
FORDO 2010-B A4
 
Government Related
 
48

 
 
 
 
HAROT 2011-2 A4
 
Government Related
 
55

 
 
 
 
HAROT 2011-3 A4
 
Government Related
 
196

 
 
 
 
HAROT 2012-1 A3
 
Government Related
 
109

 
 
 
 
HAROT 2013-2 A4
 
Government Related
 
289

 
 
 
 
HAROT 2013-3 A4
 
Government Related
 
422

 
 
 
 
HART 2011-B A4
 
Government Related
 
30

 
 
 
 
HART 2012-A A3
 
Government Related
 
61

 
 
 
 
HART 2012-C A4
 
Government Related
 
50

 
 
 
 
HART 2013-A A4
 
Government Related
 
129

 
 
 
 
HART 2013-B A4
 
Government Related
 
649

 
 
 
 
HART 2013-C A3
 
Government Related
 
357

 
 
 
 
HUNT 2012-1 A4
 
Government Related
 
237

 
 
 
 
MBALT 2012-A A3
 
Government Related
 
135

 
 
 
 
MBALT 2012-A A4
 
Government Related
 
235

 
 
 
 
MBALT 2013-A A4
 
Government Related
 
175

 
 
 
 
MBART 2011-1 A4
 
Government Related
 
100

 
 
 
 
NALT 2011-B A3
 
Government Related
 
10

 
 
 
 
NALT 2012-A A3
 
Government Related
 
162

 
 
 
 
NALT 2012-A A4
 
Government Related
 
271

 
 
 
 
NAROT 2012-A A3
 
Government Related
 
82

 
 
 
 
NAROT 2012-B A3
 
Government Related
 
65

 
 
 
 
NAROT 2013-A A4
 
Government Related
 
532

 
 
 
 
NAROT 2013-B A3
 
Government Related
 
271

 
 
 
 
NAROT 2013-C A3
 
Government Related
 
274

 
 
 
 
NMOTR 2012-A A
 
Government Related
 
336

 
 
 
 
TAOT 2011-B A4
 
Government Related
 
45

 
 
 
 
TAOT 2012-A A3
 
Government Related
 
27

 
 
 
 
TAOT 2012-A A4
 
Government Related
 
141

 
 
 
 
TAOT 2013-A A4
 
Government Related
 
99

 
 
 
 
TAOT 2013-B A4
 
Government Related
 
748


26
Table of Contents

 
 
 
 
VALET 2012-1 A3
 
Government Related
 
84

 
 
 
 
VALET 2013-1 A3
 
Government Related
 
45

 
 
 
 
VWALT 2012-A A3
 
Government Related
 
134

 
 
 
 
VWALT 2013-A A3
 
Government Related
 
491

 
 
 
 
WOART 2012-A A3
 
Government Related
 
60

 
 
 
 
WOART 2012-A A4
 
Government Related
 
125

 
 
 
 
WOART 2013-A A4
 
Government Related
 
415

 
 
 
 
WOLS 2012-A A3
 
Government Related
 
55

 
 
 
 
WOLS 2012-A A4
 
Government Related
 
60

 
 
 
 
BACM06-1 A4
 
Government Related
 
140

 
 
 
 
BACM 2006-2 A4
 
Government Related
 
49

 
 
 
 
BACM 2006-4 A4
 
Government Related
 
114

 
 
 
 
BSCMS 2004-T14 A4
 
Government Related
 
41

 
 
 
 
BSCMS 2005-PWR7 A3
 
Government Related
 
510

 
 
 
 
BSCMS 2005-PWR8 A4
 
Government Related
 
354

 
 
 
 
BSCMS 2006 PW12 A4
 
Government Related
 
335

 
 
 
 
BSCMS 2006-PW14 A4
 
Government Related
 
99

 
 
 
 
BSCMS 2007-T28 AAB
 
Government Related
 
53

 
 
 
 
CGCMT 2004-C1 A4
 
Government Related
 
19

 
 
 
 
COMM 2004-LB3A A5
 
Government Related
 
103

 
 
 
 
COMM 2006-C8 A4
 
Government Related
 
268

 
 
 
 
COMM 2012-CR3 A3
 
Government Related
 
89

 
 
 
 
CSMC 2006-C1 A4
 
Government Related
 
65

 
 
 
 
CSMC 2006 C4 A3
 
Government Related
 
159

 
 
 
 
DBUBS 2011-LC3A A2
 
Government Related
 
111

 
 
 
 
FHMS 5502 A2
 
Government Related
 
276

 
 
 
 
GECMC 2005-C1 A5
 
Government Related
 
62

 
 
 
 
GNR 2004-77 AB
 
Government Related
 
15

 
 
 
 
GSMS 2007 GG10 A3
 
Government Related
 
30

 
 
 
 
GSMS 2012-GC6 A2
 
Government Related
 
93

 
 
 
 
GSMS 2013-GC13 A1
 
Government Related
 
258

 
 
 
 
JPMBB 2013-C14 A1
 
Government Related
 
407

 
 
 
 
JPMCC06-CB15 A4
 
Government Related
 
112

 
 
 
 
JPMCC 2004-CBX A6
 
Government Related
 
26

 
 
 
 
JPMCC 2004-PNC1 A4
 
Government Related
 
56

 
 
 
 
JPMCC 2005 LDP5 A4
 
Government Related
 
230

 
 
 
 
JPMCC 2006-CB14 A4
 
Government Related
 
171

 
 
 
 
JPMCC 2006-LDP7 A4
 
Government Related
 
203

 
 
 
 
JPMCC 2007-CB20 A4
 
Government Related
 
265

 
 
 
 
JPMCC 2007-LD12 A4
 
Government Related
 
140

 
 
 
 
JPMCC 2012-C8 A3
 
Government Related
 
85

 
 
 
 
JPMCC 2013-C13 A1
 
Government Related
 
104

 
 
 
 
LBUBS 2005-C5 A4
 
Government Related
 
224

 
 
 
 
LBUBS 2006-C1 A4
 
Government Related
 
418

 
 
 
 
LBUBS 2006-C6 A4
 
Government Related
 
257

 
 
 
 
MLCFC 2006-2 A4
 
Government Related
 
99

 
 
 
 
MLMT 2008-C1 A4
 
Government Related
 
152

 
 
 
 
MSBAM 2013-C11 A1
 
Government Related
 
568

 
 
 
 
MSC 2005-IQ9 A5
 
Government Related
 
211

 
 
 
 
MSC 2006-HQ9 A4
 
Government Related
 
101

 
 
 
 
MSC 2007-T27 A4
 
Government Related
 
248

 
 
 
 
WBCMT 2004-C14 A4
 
Government Related
 
107

 
 
 
 
WBCMT 2005-C20 A7
 
Government Related
 
209

 
 
 
 
WFRBS 2013-C16 A1
 
Government Related
 
130


27
Table of Contents

 
 
 
 
WFRBS 2013-C17 A1
 
Government Related
 
168

 
 
 
 
FHR 3913 FA
 
Government Related
 
56

 
 
 
 
FHR 4077 MF
 
Government Related
 
139

 
 
 
 
FNR 2006-4 PB
 
Government Related
 
44

 
 
 
 
FNR 2012-79 FM
 
Government Related
 
116

 
 
 
 
GNR 2004-47 QV
 
Government Related
 
61

 
 
 
 
GNR 2012-84 FH
 
Government Related
 
98

 
 
 
 
AMXCA 2009-2 A
 
Government Related
 
136

 
 
 
 
AMXCA 2011-1 A
 
Government Related
 
145

 
 
 
 
BACCT 2007 A1 A1
 
Government Related
 
420

 
 
 
 
CCCIT 2004-A8 A8
 
Government Related
 
104

 
 
 
 
CCCIT 2013-A3 A3
 
Government Related
 
882

 
 
 
 
CCCIT 2013-A6 A6
 
Government Related
 
879

 
 
 
 
CHAIT 2013-A8 A8
 
Government Related
 
370

 
 
 
 
DCENT 2011-A1 A1
 
Government Related
 
100

 
 
 
 
DCENT 2012-A3 A
 
Government Related
 
216

 
 
 
 
DROCK 2013-1 A
 
Government Related
 
225

 
 
 
 
GEMNT 2009-4 A
 
Government Related
 
417

 
 
 
 
GEMNT 2010-2 A
 
Government Related
 
153

 
 
 
 
GEMNT 2011-2 A
 
Government Related
 
100

 
 
 
 
GEMNT 2012-2 A
 
Government Related
 
143

 
 
 
 
WFNMT 2010-A A
 
Government Related
 
858

 
 
 
 
TIPS
 
Government Related
 
3,629

 
 
 
 
TIPS
 
Government Related
 
171

 
 
 
 
US Treasury N/B
 
Government Related
 
10,397

 
 
 
 
US Treasury N/B
 
Government Related
 
780

 
 
 
 
US Treasury N/B
 
Government Related
 
1,644

 
 
 
 
US Treasury N/B
 
Government Related
 
2,329

 
 
 
 
US Treasury N/B
 
Government Related
 
2,801

 
 
 
 
US Treasury N/B
 
Government Related
 
9,779

 
 
 
 
US Treasury N/B
 
Government Related
 
7,311

 
 
 
 
Metropolitan Life Insurance Company
 
Wrap
 
236

 
 
 
 
Monumental Life Insurance Company
 
Wrap
 
66

 
 
 
 
State Street Bank & Trust Company
 
Wrap
 
89

 
Costco Wholesale Corporation*
 
Common stock
 
2,853,872

Total investments
 
 
 
 
 
8,165,772

 
 
 
 
 
 
 
Notes receivable from participants
 
Interest rates of 4.25% to 11.50% maturing through December 2028
 
390,620

 
 
 
 
 
 
 
Money market fund
 
 
 
 
 
1,015

Total
 
 
 
 
 
$
8,557,407

_________________________
* Indicates a party-in-interest

See accompanying report of independent registered public accounting firm

28
Table of Contents


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
COSTCO 401(k) RETIREMENT PLAN
 
 
 
 
June 30, 2014
 
By
/s/ PAT CALLANS
Date
 
 
Pat Callans
Senior Vice President
Costco Wholesale Corporation


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