Costco Wholesale (COST) 11-K Annual report of employee stock purchases

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 11-K

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☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018

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

For the transition period from ______ to _____

Commission File Number 0-20355

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Costco 401(k) Retirement Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

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Costco Wholesale Corporation

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999 Lake Drive

Issaquah, Washington 98027

COSTCO 401(k) RETIREMENT PLAN

Table of Contents

	Page
Report of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017	2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2018	3
Notes to Financial Statements	4
Supplemental Information
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2018	11
Signature	27
Exhibit:
23(a) - Consent of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

The Plan Participants and Benefits Committee

Costco 401(k) Retirement Plan:

Opinion on the Financial Statements

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, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the year ended December 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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 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 thefinancial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Accompanying Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to thefinancial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental 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 supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP

We have served as the Plan’s auditor since 2002.

Seattle, WA

June 21, 2019

1

COSTCO 401(k) RETIREMENT PLAN

Statements of Net Assets Available for Benefits

December 31, 2018 and 2017

(in thousands)

				2018		2017
Assets:
	Investments at fair value:
		Costco Wholesale Corporation common stock		$	5,964,993	$	5,507,519
		Common commingled trust funds		3,950,639		3,857,434
		Separately managed accounts		2,117,458		2,197,607
		Registered investment company funds		1,248,845		1,255,566
	Investments at contract value:
		Fully benefit-responsive investment contracts		1,291,658		1,181,089
			Total investments	14,573,593		13,999,215
	Receivables:
		Notes receivable from participants		514,935		484,852
		Employee contributions		28,787		—
		Employer contributions		345,719		324,291
			Total receivables	889,441		809,143
	Non-interest bearing cash			1,282		482
Net assets available for benefits				$	15,464,316	$	14,808,840

See accompanying notes to financial statements.

2

COSTCO 401(k) RETIREMENT PLAN

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2018

(in thousands)

			2018
Net investment income:
	Net appreciation of investments		$	40,370
	Interest		28,737
	Dividends		121,285
		Total net investment income	190,392
Interest on notes receivable from participants			25,950
Contributions to the Plan:
	Employee		635,693
	Employer		409,571
		Total contributions	1,045,264
Distributions to participants and other			(606,130		)
		Net increase in net assets available for benefits	655,476
Net assets available for benefits, beginning of year			14,808,840
Net assets available for benefits, end of year			$	15,464,316

See accompanying notes to financial statements.

3

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements

December 31, 2018 and 2017

(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. To participate in the Plan, an individual must be an employee of Costco Wholesale Corporation (the Company or Costco) and 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) of the IRC. 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 (known as rollover contributions).

All newly-eligible employees are automatically enrolled in the Plan at a salary deferral contribution rate of 3% unless the employee elects otherwise. 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 this automatic increase.

(b) Employer Contributions

All Company contributions are invested in accordance with investment 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: 1) covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or 2) other eligible employment.

(1) Covered by theTeamsters 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. Plan entry dates for the employer contribution occur on January 1 and July 1. The annual employer contribution is allocated only to the accounts of all 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 $6.3 million for the year ended December 31, 2018.

4

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

(2) Other eligible employment (not covered by the Teamsters Agreements)

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. Plan entry dates for the discretionary contribution occur on 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 $342.6 million for the year ended December 31, 2018.

(c) Participants’ Accounts

Each participant’s account is credited or debited with the participant’s contributions, the Company’s contributions, earnings, fees, expenses, and changes in underlying account assets. The benefit to which a participant is entitled is the vested account balance.

(d) Vesting

Participants are immediately vested in their deferral contributions and in certain other contributions as defined in the Plan document adjusted for investment experience, fees and expenses. Vesting in any form of employer contribution is based on the following schedule:

Years of service	Percentage vested
Under 2 years	0%
2 years	20%
3 years	40%
4 years	60%
5 years	100%

(e) Forfeitures

If a participant terminates employment, the non-vested portion of the account balance is forfeited. Forfeited amounts are used to reduce future employer contributions or to pay administrative expenses. These were immaterial during 2018. There were no unallocated forfeitures as of December 31, 2018 and 2017, 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 by the Company and repays the vested account balance distributed upon termination.

(f) Investment Options

Participants may direct their account to the Plan's available options, subject to a 50% limit on contributions to or total account investment in Costco stock. Participants may transfer amounts between investment options on business days that the NYSE is open, subject to certain trading restrictions.

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.

5

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

(g) Distributions

Upon termination of employment, total disability, reaching age 59-1/2 or death, a participant (or participant's beneficiary in the case of death) can request a full, partial or, in certain circumstances, installment or rollover distribution for the vested portion of the account. Participants are also eligible to withdraw a portion of the salary-deferral contribution account in the event of certain financial hardships.

Dividends on the Company's stock are reinvested in the participant’s Company stock account unless a distribution is requested by the participant. These dividends are reported on a gross basis, with total dividends reported as “Dividends” and the amounts distributed reported as “Distributions to participants and other” in the statement of changes in net assets available for benefits.

(h) Notes Receivable from Participants

A participant may borrow between $1,000 up to the lesser of $50,000 or 45% of their vested account balance, reduced by the highest outstanding balance in the previous 12 months, provided this amount is available in the participant's pre-tax and rollover accounts. In addition, the bi-weekly re-payment amount cannot exceed 25% of the participant's net pay. 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 interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates charged by commercial lenders. At December 31, 2018, interest rates on loans outstanding ranged from 4.25% to 11.50%, with various maturities through December 2033. 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.

(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 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.

(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

6

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

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, common commingled trust funds and other exchange-traded equity securities held in the separately managed accounts, as well as registered investment companies and certain fully 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. Thus, it is possible that changes in the values of investment securities will occur and those changes could materially affect the amounts reported in the statements of net assets available for benefits.

The Capital Preservation Portfolio (CPP) is invested in Synthetic Guaranteed Investment Contracts (SICs) and Separate Account Contracts (SACs), which are fully benefit-responsive and recorded at contract value. Participant withdrawals are required to be recorded at contract value.

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. A result may be that the fully benefit-responsive contracts are terminated and settled at an amount different from the contract value. The Plan Administrator believes at this time that any events that would limit the Plan’s ability to transact at contract value with participants 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 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. 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.

(f)     Subsequent Events

The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, of events on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued.

7

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

(3) Fully Benefit-Responsive Investment Contracts

The following is a description of the fully benefit-responsive investment contracts invested in by the CPP.

SIC: 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.

SAC and wrap contract: These are contracts with an insurance company. The issuer legally owns the assets 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 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.

The table below presents the total contract value of each type of fully benefit-responsive investment contract in the Plan as of December 31, 2018 and 2017.

	Fully benefit-responsive investment contracts (in 000's)
	2018		2017
SIC	$	1,291,658	$	995,843
SAC	—		185,246
Total fully benefit-responsive investment contracts	$	1,291,658	$	1,181,089

(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.

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, 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. These assets are valued using Level 1 inputs.

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.

8

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

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, 2018 and 2017.

December 31, 2018:	Level 1 (in 000's)
Investments measured at fair value:
Costco Wholesale Corporation common stock	$	5,964,993
Common commingled trust funds	3,950,639
Separately managed accounts	2,117,458
Registered investment company funds	1,248,845
Total investments in fair value hierarchy	$	13,281,935

December 31, 2017:	Level 1 (in 000's)
Investments measured at fair value:
Costco Wholesale Corporation common stock	$	5,507,519
Common commingled trust funds	3,857,434
Separately managed accounts	2,197,607
Registered investment company funds	1,255,566
Total investments in fair value hierarchy	$	12,818,126

(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) 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. However, 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, 2018, 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.

9

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2018 and 2017

(7) 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, 2018 and 2017, the Plan held 29,282,000 and 29,591,000 shares of Costco common stock, respectively.

10

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
Registered investment company and common commingled trust funds:
	American Funds		New Perspective Fund R6	**	$	270,600
	PIMCO		Income Institutional	**	405,347
	* T. Rowe Price		Retirement Balanced Trust G	**	24,598
	* T. Rowe Price		TRP Ret 2005 Active Trust G	**	15,820
	* T. Rowe Price		TRP Ret 2010 Active Trust G	**	37,351
	* T. Rowe Price		TRP Ret 2015 Active Trust G	**	113,448
	* T. Rowe Price		TRP Ret 2020 Active Trust G	**	333,889
	* T. Rowe Price		TRP Ret 2025 Active Trust G	**	503,562
	* T. Rowe Price		TRP Ret 2030 Active Trust G	**	527,218
	* T. Rowe Price		TRP Ret 2035 Active Trust G	**	448,489
	* T. Rowe Price		TRP Ret 2040 Active Trust G	**	547,554
	* T. Rowe Price		TRP Ret 2045 Active Trust G	**	611,763
	* T. Rowe Price		TRP Ret 2050 Active Trust G	**	351,191
	* T. Rowe Price		TRP Ret 2055 Active Trust G	**	378,436
	* T. Rowe Price		TRP Ret 2060 Active Trust G	**	57,320
	Vanguard		Total International Stock Index DX Institutional	**	20,454
	Vanguard		Total Bond Market Index Fund Institutional	**	62,295
	Vanguard		Institutional Index, Plus	**	490,149
	Total registered investment company and common commingled trust funds				5,199,484
Separately managed accounts:
	Mid-Cap Growth Portfolio:
		Acadia Healthcare Co Inc.	Common Stock	**	3,546
		Agilent Technologies Inc.	Common Stock	**	16,990
		Air Products & Chemicals Inc.	Common Stock	**	11,517
		Alaska Air Group Inc.	Common Stock	**	2,858
		Alkermes Plc	Common Stock	**	6,341
		Allegion Plc	Common Stock	**	7,170
		Alnylam Pharmaceuticals Inc.	Common Stock	**	3,279
		Amneal Pharmaceuticals Inc.	Common Stock	**	3,583
		Aptiv Plc	Common Stock	**	8,369
		Aramark	Common Stock	**	5,154
		Ardagh Group Sa	Common Stock	**	210
		Assurant Inc.	Common Stock	**	5,274
		Athenahealth Inc.	Common Stock	**	1,187
		Atlassian Corp Plc-Class A	Common Stock	**	8,092
		Atmos Energy Corp	Common Stock	**	3,707
		Avery Dennison Corp	Common Stock	**	3,232
		Axis Capital Holdings Ltd	Common Stock	**	3,458
		Ball Corp	Common Stock	**	15,302
		Black Knight Inc.	Common Stock	**	7,250
		Bruker Corp	Common Stock	**	9,997
		Burlington Stores Inc.	Common Stock	**	8,129
		Bwx Technologies Inc.	Common Stock	**	4,470
		Cabot Oil & Gas Corp	Common Stock	**	5,718

11

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Carmax Inc.	Common Stock	**	6,457
	Casey's General Stores Inc.	Common Stock	**	8,708
	Catalent Inc.	Common Stock	**	8,788
	Cboe Global Markets Inc.	Common Stock	**	8,897
	Cdk Global Inc.	Common Stock	**	3,254
	Centennial Resource Development-A	Common Stock	**	2,004
	Ceridian Hcm Holding Inc.	Common Stock	**	1,000
	Coherent Inc.	Common Stock	**	2,318
	Colfax Corp	Common Stock	**	4,595
	Conagra Brands Inc.	Common Stock	**	3,800
	Concho Resources Inc.	Common Stock	**	7,499
	Continental Resources Inc./Ok	Common Stock	**	3,615
	Cooper Cos Inc./The	Common Stock	**	20,857
	Corelogic Inc.	Common Stock	**	7,281
	Corning Inc.	Common Stock	**	10,839
	Costar Group Inc.	Common Stock	**	6,069
	Darden Restaurants Inc.	Common Stock	**	3,194
	Docusign Inc.	Common Stock	**	1,826
	Dollar General Corp	Common Stock	**	12,422
	Dollar Tree Inc.	Common Stock	**	9,027
	Dunkin' Brands Group Inc.	Common Stock	**	5,831
	Elanco Animal Health Inc.	Common Stock	**	851
	Electronic Arts Inc.	Common Stock	**	1,104
	Equifax Inc.	Common Stock	**	5,119
	Exact Sciences Corp	Common Stock	**	3,973
	Ferrari Nv	Common Stock	**	994
	Fidelity National Financial	Common Stock	**	10,306
	Fidelity National Info Serv	Common Stock	**	7,482
	Fifth Third Bancorp	Common Stock	**	6,890
	Fiserv Inc.	Common Stock	**	10,503
	Fleetcor Technologies Inc.	Common Stock	**	8,538
	Fortive Corp	Common Stock	**	10,346
	Franco-Nevada Corp	Common Stock	**	5,119
	Frontdoor Inc.	Common Stock	**	2,367
	Gardner Denver Holdings Inc.	Common Stock	**	6,336
	Gartner Inc.	Common Stock	**	4,600
	Global Payments Inc.	Common Stock	**	4,741
	Guidewire Software Inc.	Common Stock	**	2,085
	Harris Corp	Common Stock	**	16,283
	HD Supply Holdings Inc.	Common Stock	**	2,700
	Hilton Worldwide Holdings Inc.	Common Stock	**	6,530
	Hologic Inc.	Common Stock	**	18,854
	Hunt (JB) Transprt Svcs Inc.	Common Stock	**	2,883
	Iac/Interactivecorp	Common Stock	**	15,366
	Icu Medical Inc.	Common Stock	**	4,360
	Idex Corp	Common Stock	**	13,123

12

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Idexx Laboratories Inc.	Common Stock	**	2,417
	Ihs Markit Ltd	Common Stock	**	6,424
	Incyte Corp	Common Stock	**	4,703
	Iqvia Holdings Inc.	Common Stock	**	4,180
	Kansas City Southern	Common Stock	**	6,964
	Kar Auction Services Inc.	Common Stock	**	6,820
	Keysight Technologies Inc.	Common Stock	**	19,171
	KKR & Co Inc. -A	Common Stock	**	4,218
	Kroger Co	Common Stock	**	5,689
	L3 Technologies Inc.	Common Stock	**	3,471
	Marketaxess Holdings Inc.	Common Stock	**	4,013
	Marriott International -Cl A	Common Stock	**	7,920
	Martin Marietta Materials	Common Stock	**	4,638
	Marvell Technology Group Ltd	Common Stock	**	6,812
	Maxar Technologies Ltd	Common Stock	**	801
	Maxim Integrated Products	Common Stock	**	6,861
	Mednax Inc.	Common Stock	**	3,661
	MGM Resorts International	Common Stock	**	10,183
	Michaels Cos Inc./The	Common Stock	**	1,935
	Microchip Technology Inc.	Common Stock	**	19,551
	National Instruments Corp	Common Stock	**	3,674
	Norwegian Cruise Line Holdings	Common Stock	**	12,964
	O'Reilly Automotive Inc.	Common Stock	**	6,194
	Perrigo Co Plc	Common Stock	**	3,563
	Progressive Corp	Common Stock	**	4,221
	Red Hat Inc.	Common Stock	**	7,899
	Roofoods Limited (Deliveroo)	Preferred Stock	**	1,947
	Roper Technologies Inc.	Common Stock	**	12,253
	RPM International Inc.	Common Stock	**	8,636
	Sage Therapeutics Inc.	Common Stock	**	1,532
	Sealed Air Corp	Common Stock	**	6,128
	Seattle Genetics Inc.	Common Stock	**	3,567
	Sempra Energy	Common Stock	**	7,785
	Sensata Technologies Holding	Common Stock	**	15,326
	Servicemaster Global Holding	Common Stock	**	5,398
	Shopify Inc - Class A	Common Stock	**	1,660
	Skyworks Solutions Inc.	Common Stock	**	5,425
	Slack Technologies, Inc.	Preferred Stock	**	713
	SLM Corp	Common Stock	**	2,791
	Splunk Inc.	Common Stock	**	4,820
	Sprouts Farmers Market Inc.	Common Stock	**	5,169
	SS&C Technologies Holdings	Common Stock	**	4,463
	Symantec Corp	Common Stock	**	7,214
	Tableau Software Inc.-Cl A	Common Stock	**	7,316
	Tapestry Inc.	Common Stock	**	14,740
	TD Ameritrade Holding Corp	Common Stock	**	14,533

13

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Teleflex Inc.	Common Stock	**	25,574
		Textron Inc.	Common Stock	**	17,190
		Transunion	Common Stock	**	8,345
		Treehouse Foods Inc.	Common Stock	**	6,487
		Ulta Beauty Inc.	Common Stock	**	4,405
		United Continental Holdings	Common Stock	**	6,025
		Vail Resorts Inc.	Common Stock	**	8,428
		Valvoline Inc.	Common Stock	**	4,873
		Venture Global Lng, Inc., Series B	Common Stock	**	229
		Venture Global Lng, Inc., Series C	Common Stock	**	1,518
		Verisk Analytics Inc.	Common Stock	**	11,660
		Visteon Corp	Common Stock	**	2,289
		Waste Connections Inc.	Common Stock	**	7,346
		We Work Companies Class A Common Stock	Common Stock	**	636
		Webster Financial Corp	Common Stock	**	3,103
		West Pharmaceutical Services	Common Stock	**	5,291
		Willis Towers Watson Plc	Common Stock	**	17,150
		Workday Inc.-Class A	Common Stock	**	14,522
		Worldpay Inc.-Class A	Common Stock	**	14,590
		Xilinx Inc.	Common Stock	**	7,661
		Xylem Inc.	Common Stock	**	9,002
		Zillow Group Inc. - A	Common Stock	**	503
		Zillow Group Inc. - C	Common Stock	**	1,831
		US Govt Stif 5 Bps	Bond	**	1,797
		* T Rowe Price Treasury Reserve Fund	Money Market Securities	**	18,840
	Large Cap Value Portfolio:
		Agilent Technologies Inc.	Common Stock	**	954
		Air Products & Chemicals Inc.	Common Stock	**	830
		American International Group	Common Stock	**	1,964
		Ameriprise Financial Inc.	Common Stock	**	1,189
		Anthem Inc.	Common Stock	**	1,437
		AT&T Inc.	Common Stock	**	3,208
		AXA Equitable Holdings Inc.	Common Stock	**	200
		Ball Corp	Common Stock	**	1,311
		Bank Of America Corp	Common Stock	**	501
		Becton Dickinson And Co	Preferred Stock	**	3,568
		Boeing Co/The	Common Stock	**	4,691
		Boston Scientific Corp	Common Stock	**	1,434
		Bp Plc-Spons Adr	Common Stock	**	1,200
		Broadcom Inc.	Common Stock	**	458
		Cabot Oil & Gas Corp	Common Stock	**	809
		Celgene Corp	Common Stock	**	434
		Chevron Corp	Common Stock	**	206
		Chubb Ltd	Common Stock	**	2,276
		Cigna Corp	Common Stock	**	2,844

14

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Cisco Systems Inc.	Common Stock	**	5,588
	Comcast Corp-Class A	Common Stock	**	1,798
	Conagra Brands Inc.	Common Stock	**	1,156
	Concho Resources Inc.	Common Stock	**	1,332
	Conocophillips	Common Stock	**	970
	Cooper Cos Inc./The	Common Stock	**	660
	Corning Inc.	Common Stock	**	2,976
	Crown Castle Intl Corp	Common Stock	**	1,506
	Cvs Health Corp	Common Stock	**	2,404
	Danaher Corp	Common Stock	**	3,039
	Delta Air Lines Inc.	Common Stock	**	582
	Dollar Tree Inc.	Common Stock	**	2,251
	Dowdupont Inc.	Common Stock	**	2,485
	Duke Energy Corp	Common Stock	**	3,305
	Eli Lilly & Co	Common Stock	**	1,027
	Entergy Corp	Common Stock	**	2,561
	EOG Resources Inc.	Common Stock	**	1,896
	Evergy Inc.	Common Stock	**	1,815
	Facebook Inc.-Class A	Common Stock	**	2,019
	Fifth Third Bancorp	Common Stock	**	1,306
	First Republic Bank/Ca	Common Stock	**	1,192
	Fortive Corporation	Common Stock	**	843
	General Electric Co	Common Stock	**	2,363
	Hologic Inc.	Common Stock	**	635
	Honeywell International Inc.	Common Stock	**	1,919
	Illinois Tool Works	Common Stock	**	871
	Intercontinental Exchange Inc.	Common Stock	**	2,544
	International Paper Co	Common Stock	**	1,117
	Jpmorgan Chase & Co	Common Stock	**	5,420
	Kansas City Southern	Common Stock	**	1,018
	Keysight Technologies Inc.	Common Stock	**	2,061
	Kimberly-Clark Corp	Common Stock	**	2,393
	Kraft Heinz Co/The	Common Stock	**	453
	Kroger Co	Common Stock	**	877
	Las Vegas Sands Corp	Common Stock	**	1,383
	Magna International Inc.	Common Stock	**	1,265
	Marsh & Mclennan Cos	Common Stock	**	2,126
	Maxim Integrated Products	Common Stock	**	588
	McDonald's Corp	Common Stock	**	2,471
	Medtronic Plc	Common Stock	**	4,677
	Merck & Co. Inc.	Common Stock	**	5,563
	MGM Resorts International	Common Stock	**	281
	Micron Technology Inc.	Common Stock	**	28
	Microsoft Corp	Common Stock	**	9,248
	Morgan Stanley	Common Stock	**	1,672
	Nextera Energy Inc.	Common Stock	**	6,051

15

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Nielsen Holdings Plc	Common Stock	**	1,621
		Nisource Inc	Common Stock	**	1,453
		Northrop Grumman Corp	Common Stock	**	3,214
		Nxp Semiconductors Nv	Common Stock	**	1,059
		Occidental Petroleum Corp	Common Stock	**	1,695
		PG&E Corp	Common Stock	**	832
		Paccar Inc.	Common Stock	**	616
		Perrigo Co Plc	Common Stock	**	133
		Pfizer Inc.	Common Stock	**	11,147
		Philip Morris International	Common Stock	**	2,565
		Pnc Financial Services Group	Common Stock	**	4,216
		Procter & Gamble Co/The	Common Stock	**	1,457
		Prologis Inc.	Common Stock	**	1,171
		Prudential Financial Inc.	Common Stock	**	959
		Public Storage	Common Stock	**	484
		Qualcomm Inc.	Common Stock	**	2,214
		Raymond James Financial Inc.	Common Stock	**	484
		Republic Services Inc.	Common Stock	**	912
		Roper Technologies Inc.	Common Stock	**	745
		Ross Stores Inc.	Common Stock	**	1,028
		Schwab (Charles) Corp	Common Stock	**	2,931
		Sempra Energy	Common Stock	**	4,801
		Southern Co/The	Common Stock	**	3,260
		State Street Corp	Common Stock	**	344
		Stryker Corp	Common Stock	**	1,922
		Synopsys Inc.	Common Stock	**	1,697
		Te Connectivity Ltd	Common Stock	**	1,101
		Texas Instruments Inc.	Common Stock	**	2,829
		Thermo Fisher Scientific Inc.	Common Stock	**	3,162
		Total Sa-Spon Adr	Common Stock	**	4,567
		Transcanada Corp	Common Stock	**	3,587
		Twenty-First Century Fox - B	Common Stock	**	2,167
		Tyson Foods Inc.-Cl A	Common Stock	**	6,571
		UnitedHealth Group Inc.	Common Stock	**	1,440
		US Bancorp	Common Stock	**	432
		Ventas Inc.	Common Stock	**	695
		Verizon Communications Inc.	Common Stock	**	4,953
		Walmart Inc.	Common Stock	**	1,281
		Wells Fargo & Co	Common Stock	**	8,118
		Weyerhaeuser Co	Common Stock	**	564
		Willis Towers Watson Plc	Common Stock	**	1,843
		Zimmer Biomet Holdings Inc.	Common Stock	**	1,230
		Us Govt Stif 5 Bps	Money Market Securities	**	1,070
		* T Rowe Price Gov Res Fund	Mutual Funds	**	2,030
	Small-Cap Core Portfolio:
		2U Inc.	Common Stock	**	1,282

16

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	A Place For Rover Inc.	Preferred Stock	**	226
	Aaron's Inc.	Common Stock	**	2,391
	Abeona Therapeutics Inc.	Common Stock	**	96
	Acadia Healthcare Co Inc.	Common Stock	**	1,335
	Acadia Realty Trust	Common Stock	**	998
	Acceleron Pharma Inc.	Common Stock	**	1,136
	Aerojet Rocketdyne Holdings	Common Stock	**	2,121
	Agios Pharmaceuticals Inc.	Common Stock	**	554
	Aimmune Therapeutics Inc.	Common Stock	**	621
	Alder Biopharmaceuticals Inc.	Common Stock	**	567
	Alexander & Baldwin Inc.	Common Stock	**	1,139
	Alkermes Plc	Common Stock	**	451
	Allbirds Common Stock Pp	Common Stock	**	257
	Allbirds Inc. Series B Convertible	Preferred Stock	**	15
	Allbirds Series C Cvt	Preferred Stock	**	140
	Allbirds, Inc., Series A Convertible	Preferred Stock	**	83
	Allbirds, Inc., Series Seed Convertible	Preferred Stock	**	45
	Allogene Therapeutics Inc.	Common Stock	**	185
	Amedisys Inc.	Common Stock	**	786
	American Campus Communities	Common Stock	**	2,469
	American Public Education	Common Stock	**	785
	Amneal Pharmaceuticals Inc.	Common Stock	**	612
	Anaptysbio Inc.	Common Stock	**	57
	Argenx Se - Adr	Common Stock	**	957
	Ascendis Pharma A/S - Adr	Common Stock	**	1,338
	Assurant Inc.	Common Stock	**	1,942
	Atlantic Capital Bancshares	Common Stock	**	786
	Atricure Inc.	Common Stock	**	710
	Avalara Inc.	Common Stock	**	117
	Avanos Medical Inc.	Common Stock	**	2,400
	Axis Capital Holdings Ltd	Common Stock	**	1,669
	Azz Inc.	Common Stock	**	1,736
	Bankunited Inc.	Common Stock	**	2,188
	Barings Bdc Inc.	Common Stock	**	478
	Barnes Group Inc.	Common Stock	**	1,132
	Beigene Ltd-Adr	Common Stock	**	160
	Beneficial Bancorp Inc.	Common Stock	**	1,234
	Bloom Energy Corp- A	Common Stock	**	207
	Blue Hills Bancorp Inc.	Common Stock	**	1,078
	Blueprint Medicines Corp	Common Stock	**	951
	Booz Allen Hamilton Holdings	Common Stock	**	2,558
	Boston Beer Company Inc.-A	Common Stock	**	2,847
	Boyd Gaming Corp	Common Stock	**	163
	Bridge Bancorp Inc.	Common Stock	**	1,081
	Bright Horizons Family Solutions	Common Stock	**	1,678
	Brink's Co/The	Common Stock	**	4,334

17

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(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	**	1,730
	Burlington Stores Inc.	Common Stock	**	3,774
	Bwx Technologies Inc.	Common Stock	**	2,501
	Cable One Inc.	Common Stock	**	4,030
	California Water Service Grp	Common Stock	**	2,122
	Cal-Maine Foods Inc.	Common Stock	**	2,575
	Capitol Federal Financial Inc.	Common Stock	**	1,553
	Cara Therapeutics Inc.	Common Stock	**	144
	Cargurus Inc.	Common Stock	**	1,140
	Catalent Inc.	Common Stock	**	2,114
	CBOE Global Markets Inc.	Common Stock	**	4,005
	Centene Corp	Common Stock	**	712
	Centennial Resource Development-A	Common Stock	**	1,052
	Centerstate Bank Corp	Common Stock	**	189
	Central Garden And Pet Co-A	Common Stock	**	196
	Ceridian Hcm Holding Inc.	Common Stock	**	704
	Chart Industries Inc.	Common Stock	**	2,992
	Checkr Inc.	Common Stock	**	34
	Checkr, Inc., Series C Convertible	Preferred Stock	**	157
	Chegg Inc.	Common Stock	**	2,008
	Chesapeake Utilities Corp	Common Stock	**	1,862
	Chuy's Holdings Inc.	Common Stock	**	650
	Collier Creek Holdings	Common Stock	**	577
	Colliers International Group	Common Stock	**	716
	Columbia Banking System Inc.	Common Stock	**	1,009
	Computer Modelling Group Ltd	Common Stock	**	429
	Constellium Nv- Class A	Common Stock	**	400
	Convoy Series C Cvt	Preferred Stock	**	350
	Corvus Pharmaceuticals Inc.	Common Stock	**	51
	Coupa Software Inc.	Common Stock	**	2,288
	Cray Inc.	Common Stock	**	1,034
	Crinetics Pharmaceuticals Inc.	Common Stock	**	324
	Cross Country Healthcare Inc.	Common Stock	**	415
	Crossfirst Bankshares Inc.	Common Stock	**	303
	Csw Industrials Inc.	Common Stock	**	991
	Cts Corp	Common Stock	**	1,067
	Cubesmart	Common Stock	**	691
	Cubic Corp	Common Stock	**	2,416
	Cutera Inc.	Common Stock	**	353
	Cyberark Software Ltd/Israel	Common Stock	**	1,196
	Cytomx Therapeutics Inc.	Common Stock	**	380
	Denny's Corp	Common Stock	**	2,462
	Descartes Systems Grp/The	Common Stock	**	2,540
	Diamondback Energy Inc.	Common Stock	**	1,505
	Dril-Quip Inc.	Common Stock	**	535
	Dunkin' Brands Group Inc.	Common Stock	**	2,605

18

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Eastgroup Properties Inc.	Common Stock	**	3,508
	Edgewell Personal Care Co	Common Stock	**	253
	Ellie Mae Inc.	Common Stock	**	1,351
	Enanta Pharmaceuticals Inc.	Common Stock	**	148
	Encore Capital Group Inc.	Common Stock	**	1,378
	Entegris Inc.	Common Stock	**	1,936
	Equity Bancshares Inc. - Cl A	Common Stock	**	333
	Equity Commonwealth	Common Stock	**	1,685
	Esco Technologies Inc.	Common Stock	**	2,624
	Essent Group Ltd	Common Stock	**	871
	Euronet Worldwide Inc.	Common Stock	**	3,028
	Eventbrite Inc.-Class A	Common Stock	**	165
	Evo Payments Inc.-Class A	Common Stock	**	268
	Exelixis Inc.	Common Stock	**	198
	Farmers Business Network	Preferred Stock	**	631
	FB Financial Corp	Common Stock	**	1,691
	Federal Signal Corp	Common Stock	**	194
	Fiesta Restaurant Group	Common Stock	**	825
	First Bancshares Inc./Ms	Common Stock	**	554
	First Industrial Realty Trust, Inc.	Common Stock	**	793
	Firstservice Corp	Common Stock	**	2,653
	Five Below	Common Stock	**	1,253
	Five Prime Therapeutics Inc.	Common Stock	**	57
	Five9 Inc.	Common Stock	**	2,678
	Franco-Nevada Corp	Common Stock	**	1,754
	Gardner Denver Holdings Inc.	Common Stock	**	403
	Gcp Applied Technologies	Common Stock	**	1,149
	Genesee & Wyoming Inc.-Cl A	Common Stock	**	553
	Gentherm Inc.	Common Stock	**	1,540
	Gibraltar Industries Inc.	Common Stock	**	1,976
	Global Blood Therapeutics Inc.	Common Stock	**	1,090
	Glycomimetics Inc.	Common Stock	**	158
	Goosehead Insurance Inc. -A	Common Stock	**	480
	Graco Inc.	Common Stock	**	1,542
	Grubhub Inc.	Common Stock	**	688
	Gtt Communications Inc.	Common Stock	**	987
	Guaranty Bancorp	Common Stock	**	831
	Guardant Health Inc.	Common Stock	**	202
	Guidewire Software Inc.	Common Stock	**	192
	Hanger Inc.	Common Stock	**	864
	Hanover Insurance Group Inc.	Common Stock	**	2,663
	Hawaiian Holdings Inc.	Common Stock	**	1,173
	Haynes International Inc.	Common Stock	**	907
	Healthcare Services Group	Common Stock	**	1,080
	Heritage Commerce Corp	Common Stock	**	990
	Heritage Financial Corp	Common Stock	**	1,234

19

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Heritage-Crystal Clean Inc.	Common Stock	**	802
	HMS Holdings Corp	Common Stock	**	1,801
	Home Bancshares Inc.	Common Stock	**	2,219
	Hope Bancorp Inc.	Common Stock	**	711
	Huron Consulting Group Inc.	Common Stock	**	736
	Icu Medical Inc.	Common Stock	**	1,502
	Immunogen Inc.	Common Stock	**	52
	Immunomedics Inc.	Common Stock	**	600
	Independent Bank Group Inc.	Common Stock	**	848
	Inphi Corp	Common Stock	**	1,472
	Insmed Inc.	Common Stock	**	971
	Investors Bancorp Inc.	Common Stock	**	1,145
	Jagged Peak Energy Inc.	Common Stock	**	717
	Jand Inc Dba Warby Parker Class A Common	Common Stock	**	256
	Jand Inc Dba Warby Parker Series E Convertible	Preferred Stock	**	316
	JBG Smith Properties	Common Stock	**	607
	John Bean Technologies Corp	Common Stock	**	2,716
	Knight-Swift Transportation	Common Stock	**	240
	Kosmos Energy Ltd	Common Stock	**	129
	Landstar System Inc.	Common Stock	**	1,067
	Lattice Semiconductor Corp	Common Stock	**	2,216
	Lennox International Inc.	Common Stock	**	283
	Littelfuse Inc.	Common Stock	**	598
	Live Oak Bancshares Inc.	Common Stock	**	697
	Loxo Oncology Inc.	Common Stock	**	837
	Luxfer Holdings Plc	Common Stock	**	1,119
	Macom Technology Solutions	Common Stock	**	707
	Macrogenics Inc.	Common Stock	**	114
	Madrigal Pharmaceuticals Inc	Common Stock	**	198
	Magnolia Oil & Gas Corp	Common Stock	**	433
	Marriott Vacations World	Common Stock	**	326
	Martin Marietta Materials	Common Stock	**	243
	Matador Resources Co	Common Stock	**	719
	Matson Inc.	Common Stock	**	1,837
	Meridian Bancorp Inc.	Common Stock	**	1,377
	Michaels Cos Inc./The	Common Stock	**	1,382
	Middlesex Water Co	Common Stock	**	859
	Minerals Technologies Inc.	Common Stock	**	675
	Mks Instruments Inc.	Common Stock	**	688
	Molina Healthcare Inc.	Common Stock	**	4,542
	Momenta Pharmaceuticals Inc.	Common Stock	**	412
	Monolithic Power Systems Inc.	Common Stock	**	628
	Monro Inc.	Common Stock	**	4,142
	Moog Inc.-Class A	Common Stock	**	1,204
	Mueller Water Products Inc.-A	Common Stock	**	1,618
	Myokardia Inc.	Common Stock	**	649

20

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	National Commerce Corp	Common Stock	**	609
	National Instruments Corp	Common Stock	**	1,926
	National Vision Holdings Inc.	Common Stock	**	876
	Nevro Corp	Common Stock	**	413
	Nextera Energy Partners Lp	Common Stock	**	1,085
	Nomad Foods Ltd	Common Stock	**	73
	Northern Star Resources Ltd	Common Stock	**	1,142
	Novanta Inc.	Common Stock	**	2,792
	Nuvasive Inc.	Common Stock	**	1,224
	Okta Inc.	Common Stock	**	368
	Ollie's Bargain Outlet Holdings	Common Stock	**	2,539
	One Gas Inc.	Common Stock	**	4,574
	Orchard Therapeutics Plc	Common Stock	**	127
	Origin Bancorp Inc.	Common Stock	**	775
	Osisko Gold Royalties Ltd	Common Stock	**	889
	Pacific Premier Bancorp Inc.	Common Stock	**	945
	Pacira Pharmaceuticals Inc.	Common Stock	**	763
	Pager Duty Inc.	Preferred Stock	**	358
	Pagerduty Inc.	Common Stock	**	43
	Papa John's Intl Inc.	Common Stock	**	852
	Paramount Group Inc.	Common Stock	**	1,760
	Paycom Software Inc.	Common Stock	**	805
	PDF Solutions Inc.	Common Stock	**	512
	Pennymac Financial Services	Common Stock	**	764
	Performance Food Group Co	Common Stock	**	1,949
	Pgt Innovations Inc.	Common Stock	**	1,086
	Pinnacle Financial Partners	Common Stock	**	2,044
	PNM Resources Inc.	Common Stock	**	2,877
	Polyone Corporation	Common Stock	**	897
	Post Holdings Inc.	Common Stock	**	3,062
	PRA Group Inc.	Common Stock	**	1,808
	Prestige Consumer Healthcare	Common Stock	**	1,042
	Principia Biopharma Inc.	Common Stock	**	369
	Proofpoint Inc.	Common Stock	**	1,828
	Prosperity Bancshares Inc.	Common Stock	**	1,855
	PS Business Parks Inc./Ca	Common Stock	**	3,664
	PTC Therapeutics Inc.	Common Stock	**	215
	Pure Storage Inc. - Class A	Common Stock	**	502
	Q2 Holdings Inc.	Common Stock	**	373
	Quaker Chemical Corp	Common Stock	**	619
	Quanex Building Products	Common Stock	**	588
	Quidel Corp	Common Stock	**	2,153
	Quotient Technology Inc.	Common Stock	**	540
	Radian Group Inc.	Common Stock	**	1,178
	Radius Health Inc.	Common Stock	**	946
	Reata Pharmaceuticals Inc.-A	Common Stock	**	162

21

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Red Robin Gourmet Burgers	Common Stock	**	916
	Redfin Corp	Common Stock	**	641
	Regency Centers Corp	Common Stock	**	1,045
	Rentokil Initial Plc	Common Stock	**	1,494
	Rev Group Inc.	Common Stock	**	316
	Rh	Common Stock	**	1,000
	Safety Insurance Group Inc.	Common Stock	**	1,093
	Sage Therapeutics Inc.	Common Stock	**	2,979
	Sanderson Farms Inc.	Common Stock	**	1,790
	Sarepta Therapeutics Inc.	Common Stock	**	348
	Schneider National Inc.-Cl B	Common Stock	**	809
	Scholar Rock Holding Corp	Common Stock	**	134
	Seacoast Banking Corp/Fl	Common Stock	**	2,273
	Seattle Genetics Inc.	Common Stock	**	615
	Seismic Software Series E Convertible	Preferred Stock	**	304
	Selective Insurance Group	Common Stock	**	3,574
	Service Titan Inc	Preferred Stock	**	21
	Servicetitan, Inc., Series D Convertible	Preferred Stock	**	209
	Seven Generations Energy - A	Common Stock	**	1,349
	Simmons First Natl Corp-Cl A	Common Stock	**	807
	Simply Good Foods Co/The	Common Stock	**	1,792
	Simpson Manufacturing Co Inc.	Common Stock	**	1,202
	Siteone Landscape Supply Inc.	Common Stock	**	2,674
	SJW Group	Common Stock	**	1,711
	Skyline Champion Corp	Common Stock	**	728
	SLM Corp	Common Stock	**	1,104
	South Jersey Industries	Preferred Stock	**	744
	South State Corp	Common Stock	**	1,434
	Southwest Gas Holdings Inc.	Common Stock	**	3,535
	Spark Therapeutics Inc.	Common Stock	**	374
	SS&C Technologies Holdings	Common Stock	**	3,633
	State Auto Financial Corp	Common Stock	**	847
	Steris Plc	Common Stock	**	2,522
	Sterling Bancorp Inc./Mi	Common Stock	**	376
	Stoneco, Ltd., Class A	Common Stock	**	1,557
	Sun Hydraulics Corp	Common Stock	**	652
	SVMK Inc.	Common Stock	**	322
	Tableau Software Inc.-Cl A	Common Stock	**	4,094
	Team Inc.	Common Stock	**	880
	Teledyne Technologies Inc.	Common Stock	**	5,011
	Tempur Sealy International Inc.	Common Stock	**	1,459
	Texas Capital Bancshares Inc.	Common Stock	**	799
	Therapeuticsmd Inc.	Common Stock	**	1,214
	Thermon Group Holdings Inc.	Common Stock	**	1,101
	Toast Inc Cvt	Preferred Stock	**	779
	Toast Inc Pp	Common Stock	**	1

22

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Toast Series B Cvt	Preferred Stock	**	11
		Toro Co	Common Stock	**	2,131
		Towne Bank	Common Stock	**	1,212
		Treehouse Foods Inc.	Common Stock	**	2,757
		Tri Pointe Group Inc.	Common Stock	**	1,609
		Tucows Inc.-Class A	Common Stock	**	643
		Tuesday Morning Corp	Common Stock	**	294
		U.S. Physical Therapy Inc.	Common Stock	**	1,599
		Ultragenyx Pharmaceutical Inc.	Common Stock	**	277
		Univest Financial Corp	Common Stock	**	787
		Valmont Industries	Common Stock	**	1,731
		Venture Global Lng, Inc., Series B	Common Stock	**	83
		Venture Global Lng, Inc., Series C	Common Stock	**	1,087
		Visteon Corp	Common Stock	**	947
		Vroom Inc Cvt Ser	Preferred Stock	**	369
		Waste Connections Inc.	Common Stock	**	3,054
		Watsco Inc.	Common Stock	**	333
		Wave Life Sciences Ltd	Common Stock	**	837
		Webster Financial Corp	Common Stock	**	1,362
		Western Alliance Bancorp	Common Stock	**	2,214
		Wingstop Inc.	Common Stock	**	2,442
		Wix.Com Ltd	Common Stock	**	1,293
		Wright Medical Group Nv	Common Stock	**	1,630
		Xencor Inc.	Common Stock	**	1,330
		Zendesk Inc.	Common Stock	**	2,197
		Zynga Inc. - Cl A	Common Stock	**	1,861
		Collective US Govt Stif 5 Bps	Money Market Security	**	1,066
		Grasshopper Bancorp Unsponsored	Money Market Security	**	41
		*T. Rowe Price Treasury Reserve Fund	Money Market Security	**	3,885
		Roofoods Limited (Deliveroo)	Preferred Stock	**	1,116
	International Equity Portfolio:
		AAC Technologies H-Unsponsored Ad	Common Stock	**	2,023
		ABB Ltd-Sponsored Adr	Common Stock	**	2,192
		Adecco Group Ag-Reg-Unsponsored Adr	Common Stock	**	2,507
		Aflac Inc.	Common Stock	**	2,498
		Air Liquide-Unsponsored Adr	Common Stock	**	1,845
		Allianz Se-Sponsored Adr	Common Stock	**	2,481
		Astellas Pharma Inc-Unsponsored Adr	Common Stock	**	1,671
		AXA -Sponsored Adr	Common Stock	**	2,321
		Banco Bilbao Vizcaya-Sponsored Adr	Common Stock	**	2,608
		Bancolombia S.A.-Sponsored Adr	Common Stock	**	1,888
		Basf Se-Sponsored Adr	Common Stock	**	2,560
		BHP Group Ltd-Sponsored Adr	Common Stock	**	2,530
		BNP Paribas-Adr	Common Stock	**	2,303
		British American Tob-Sponsored Adr	Common Stock	**	1,926
		Coca-Cola Hbc Ag-Unsponsored Adr	Common Stock	**	1,609

23

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Compass Group Plc-Sponsored Adr	Common Stock	**	2,146
	Continental Ag-Sponsored Adr	Common Stock	**	2,716
	Credicorp Ltd	Common Stock	**	2,328
	CSL Ltd-Sponsored Adr	Common Stock	**	2,089
	Dassault Systemes S-Sponsored Adr	Common Stock	**	1,142
	Diageo Plc-Sponsored Adr	Common Stock	**	2,101
	DNB Asa-Sponsored Adr	Common Stock	**	2,243
	Enbridge Inc.	Common Stock	**	1,882
	Essity Ab - Sponsored Adr	Common Stock	**	2,087
	Fanuc Corp-Unsponsored Adr	Common Stock	**	1,707
	Fresenius Se & Co-Sponsored Adr	Common Stock	**	2,064
	Givaudan-Unsponsored Adr	Common Stock	**	1,903
	Grupo Fin Banorte-Sponsored Adr	Common Stock	**	2,944
	Henkel Kgaa-Sponsored Adr Pfd	Common Stock	**	2,224
	Imperial Oil Ltd	Common Stock	**	1,826
	JGC Corp-Unsponsored Adr	Common Stock	**	1,938
	Komatsu Ltd -Sponsored Adr	Common Stock	**	2,327
	Kubota Corp-Sponsored Adr	Common Stock	**	1,547
	L'oreal-Unsponsored Adr	Common Stock	**	1,531
	Macquarie Group Ltd-Adr	Common Stock	**	2,174
	Mettler-Toledo International	Common Stock	**	2,106
	MTN Group Ltd-Sponsored Adr	Common Stock	**	1,424
	Muenchener Rueck-Unsponsored Adr	Common Stock	**	2,177
	Nestle Sa-Sponsored Adr	Common Stock	**	1,957
	Nitto Denko Corp-Unsponsored Adr	Common Stock	**	1,966
	Novartis Ag-Sponsored Adr	Common Stock	**	1,523
	Novo-Nordisk A/S-Sponsored Adr	Common Stock	**	2,225
	Orix - Sponsored Adr	Common Stock	**	2,094
	Pandora A/S-Sponsored Adr	Common Stock	**	942
	Prudential Plc-Adr	Common Stock	**	2,555
	Reckitt Benckiser-Sponsored Adr	Common Stock	**	2,105
	Roche Holdings Ltd-Sponsored Adr	Common Stock	**	2,221
	Royal Dutch Shell-Sponsored Adr-B	Common Stock	**	2,228
	Ryanair Holdings Plc-Sponsored Adr	Common Stock	**	2,274
	Sandvik Ab-Sponsored Adr	Common Stock	**	2,350
	SAP Se-Sponsored Adr	Common Stock	**	1,957
	Siemens Ag-Sponsored Adr	Common Stock	**	1,499
	Singapore Telecommunication-Adr	Common Stock	**	1,645
	Sysmex Corp-Unsponsored Adr	Common Stock	**	1,516
	Taiwan Semiconductor-Sponsored Adr	Common Stock	**	2,258
	Tokyo Electron Ltd-Unsponsored Adr	Common Stock	**	2,534
	Total Sa-Sponsored Adr	Common Stock	**	2,282
	Turkiye Garanti Bankasi-Adr	Common Stock	**	2,848
	Volkswagen A G-Unsponsored Adr	Common Stock	**	2,951
	Walmart De Mexico-Sponsored Adr V	Common Stock	**	2,173
	Woodside Petroleum-Sponsored Adr	Common Stock	**	1,883

24

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		WPP Plc-Sponsored Adr	Common Stock	**	2,067
		Federated Government Obligations Fund	Money Market Security	**	4,569
	Large Cap Growth Portfolio:
		Activision Blizzard Inc.	Common Stock	**	10,988
		Adobe Inc.	Common Stock	**	14,854
		Alexion Pharmaceuticals Inc.	Common Stock	**	12,826
		Alibaba Group Holding	Common Stock	**	18,419
		Align Technology Inc.	Common Stock	**	8,829
		Amazon.com Inc.	Common Stock	**	18,675
		Applied Materials Inc.	Common Stock	**	12,618
		Booking Holdings Inc.	Common Stock	**	13,974
		Bristol-Myers Squibb Co	Common Stock	**	13,224
		Canada Goose Holdings Inc.	Common Stock	**	6,533
		Cognex Corp	Common Stock	**	10,561
		Ctrip.com International-Adr	Common Stock	**	10,904
		Edwards Lifesciences Corp	Common Stock	**	10,400
		Exact Sciences Corp	Common Stock	**	8,234
		Facebook Inc.-Class A	Common Stock	**	19,032
		Idexx Laboratories Inc.	Common Stock	**	12,314
		Illumina Inc.	Common Stock	**	17,046
		Mercadolibre Inc.	Common Stock	**	9,409
		MSCI Inc.	Common Stock	**	9,108
		New Oriental Education-Sponsored	Common Stock	**	13,358
		Nike Inc. -Cl B	Common Stock	**	15,673
		Nvidia Corp	Common Stock	**	13,341
		Paypal Holdings Inc.	Common Stock	**	14,386
		Pioneer Natural Resources Co	Common Stock	**	7,434
		Salesforce.com Inc.	Common Stock	**	17,785
		Schwab (Charles) Corp	Common Stock	**	15,433
		Servicenow Inc.	Common Stock	**	16,802
		Splunk Inc.	Common Stock	**	14,677
		Square Inc. - A	Common Stock	**	10,729
		Tjx Companies Inc.	Common Stock	**	9,039
		UnitedHealth Group Inc.	Common Stock	**	12,478
		Vertex Pharmaceuticals Inc.	Common Stock	**	15,443
		Visa Inc-Class A Shares	Common Stock	**	13,242
		Dreyfus Treasury & Agency Cash Mgnt # 521	Money Market Security	**	3,058
	Total separately managed accounts				2,117,458
Fully Benefit-Responsive Contracts:
	Capital Preservation Portfolio:
		* T. Rowe Price Reserve Inv Fund	Mutual and Trust Fund	**	97,083
		* T. Rowe Price Short Term Common:
		American General Life	Mutual and Trust Fund	**	57,950
		Mass Mutual SIC	Mutual and Trust Fund	**	42,055
		Prudential Building Block Trust	Mutual and Trust Fund	**	58,318
		State Street Building Block Trust	Mutual and Trust Fund	**	47,566

25

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2018

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	57,262
		RBC Building Block Trust	Mutual and Trust Fund	**	66,898
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	41,713
		Transamerica Building Block Trust	Mutual and Trust Fund	**	61,781
		Metropolitan Life	Mutual and Trust Fund	**	62,614
		* T. Rowe Price Int Term Common:
		Mass Mutual SIC	Mutual and Trust Fund	**	51,419
		Prudential Building Block Trust	Mutual and Trust Fund	**	71,211
		State Street Building Block Trust	Mutual and Trust Fund	**	80,830
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	69,920
		American General Life	Mutual and Trust Fund	**	49,881
		RBC Building Block Trust	Mutual and Trust Fund	**	57,582
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	50,913
		Transamerica Building Block Trust	Mutual and Trust Fund	**	53,180
		Metropolitan Life	Mutual and Trust Fund	**	106,530
		* T. Rowe Price Managed Bond:
		Mass Mutual SIC	Mutual and Trust Fund	**	9,280
		Prudential Building Block Trust	Mutual and Trust Fund	**	12,843
		State Street Building Block Trust	Mutual and Trust Fund	**	15,904
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	12,615
		American General Life	Mutual and Trust Fund	**	8,138
		RBC Building Block Trust	Mutual and Trust Fund	**	9,394
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	9,180
		Transamerica Building Block Trust	Mutual and Trust Fund	**	8,683
		Metropolitan Life	Mutual and Trust Fund	**	20,915
	Total Fully Benefit-Responsive Contracts				1,291,658
	* Costco Wholesale Corporation		Common stock	**	5,964,993
Total investments					14,573,593
* Participant loans			Interest rates of 4.25% to 11.50% maturing through 2033	__	514,935
Total					$	15,088,528
_________________________
* Indicates a party-in-interest
** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

26

SIGNATURES

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

		COSTCO 401(k) RETIREMENT PLAN
June 21, 2019	By:	/s/ PATRICK J. CALLANS
Date		Patrick J. Callans Executive Vice President Costco Wholesale Corporation

27