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, 2019

☐ 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 (Successor Auditor)	1
Report of Independent Registered Public Accounting Firm (Predecessor Auditor)	2
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018	3
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2019	4
Notes to Financial Statements	5
Supplementary Information:
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions as of December 31, 2019	12
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019	13
Signatures	30
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm (Successor Auditor)
23.2 - Consent of Independent Registered Public Accounting Firm (Predecessor Auditor)

Report of Independent Registered Public Accounting Firm

To the Audit Committee, Plan Administrator and Participants of

Costco 401(k) Retirement Plan:

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of the Costco 401(k) Retirement Plan (the “Plan”) as of December 31, 2019, the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit 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 audit provides a reasonable basis for our opinion.

Opinion on the Supplementary Information

The supplementary information included in Schedule H, line 4(a) – Schedule of Delinquent Participant Contributions for the year ending December 31, 2019 and Schedule H, line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2019, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplementary information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplementary information. In forming our opinion on the supplementary information in the accompanying schedules, we evaluated whether the supplementary information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplementary information in the accompanying schedules is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Moss Adams LLP

Seattle, Washington

June 26, 2020

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

1

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 statement of net assets available for benefits of the Costco 401(k) Retirement Plan (the Plan) as of December 31, 2018, the related statement of changes in net assets available for benefits for the year then ended, 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 the changes in net assets available for benefits for the year then ended, 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 audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit 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 audit 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 audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We served as the Plan’s auditor from 2002 to 2020.

Seattle, Washington

June 21, 2019

2

COSTCO 401(k) RETIREMENT PLAN

Statements of Net Assets Available for Benefits

December 31, 2019 and 2018

(in thousands)

				2019		2018
Assets:
	Investments at fair value:
		Costco Wholesale Corporation common stock		$	8,450,171	$	5,964,993
		Common commingled trust funds		5,368,077		3,950,639
		Separately managed accounts		2,815,472		2,117,458
		Registered investment company funds		1,602,636		1,248,845
	Investments at contract value:
		Fully benefit-responsive investment contracts		1,381,266		1,291,658
			Total investments	19,617,622		14,573,593
	Receivables:
		Notes receivable from participants		532,927		514,935
		Employee contributions		—		28,787
		Employer contributions		376,072		345,719
			Total receivables	908,999		889,441
	Non-interest bearing cash			1,437		1,282
Net assets available for benefits				$	20,528,058	$	15,464,316

See accompanying notes to financial statements.

3

COSTCO 401(k) RETIREMENT PLAN

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2019

(in thousands)

			2019
Net investment income:
	Net appreciation of investments		$	4,551,262
	Interest		32,611
	Dividends		133,948
		Total net investment income	4,717,821
Interest on notes receivable from participants			31,407
Contributions to the Plan:
	Employee		665,730
	Employer		442,080
		Total contributions	1,107,810
Distributions to participants and other			(793,296		)
		Net increase in net assets available for benefits	5,063,742
Net assets available for benefits, beginning of year			15,464,316
Net assets available for benefits, end of year			$	20,528,058

See accompanying notes to financial statements.

4

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements

December 31, 2019 and 2018

(1) Plan Description

The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. To participate in the Plan, an individual must be an employee of Costco Wholesale Corporation (the Company or Costco) or certain subsidiaries.

The Plan is a defined contribution plan for the benefit of eligible employees, established by the Company under Section 401(a) of the Internal Revenue Code (IRC). It includes a qualified cash or deferred arrangement as described in Section 401(k). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

(a) Employee Contributions

The Plan allows certain employees at least 18 years of age to make salary deferral contributions after completing 90 days of service within 12-consecutive months. Eligible employees may contribute from 1% to 50% of their compensation, subject to certain limitations set by the IRC and the Plan. Eligible employees may also contribute amounts representing certain distributions from other retirement plans (rollover contributions).

All newly-eligible employees are automatically enrolled in the Plan at a salary deferral contribution rate of 3% 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

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: covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or 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 are January 1 and July 1. The annual employer contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from $0.05 to $0.47 per straight-time hour worked during the Plan year, up to a maximum of 2,080 hours. This annual contribution was $6.3 million for the year ended December 31, 2019, and was paid in March 2020.

5

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

(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 are January 1 and July 1. The discretionary contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from 3% to 9% of the participant's compensation. This discretionary contribution was $369.8 million for the year ended December 31, 2019, and was paid in March 2020.

(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 2019. There were no unallocated forfeitures as of December 31, 2019 and 2018, after consideration of forfeitures used to reduce the employer contributions funded subsequent to each year. Forfeitures are restored to a participant’s account if within five years the participant is re-hired and repays the vested account balance distributed upon termination.

(f) Investment Options

Participants may direct their account to the Plan's available options. Participants may transfer amounts between investment options daily, subject to certain trading restrictions. Before 2016, participants could invest 100% of their account in Costco stock; starting January 2016, the Plan has a 50% limit on investment in Costco stock, applied prospectively.

Amounts may be temporarily invested in a cash account prior to investment in the Plan’s investment accounts. See Notes 2, 3 and 4 for additional information regarding the Plan's investments.

6

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

(g) Distributions

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

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

(h) Notes Receivable from Participants

A participant may borrow between $1,000 up to the lesser of $50,000 or 45% of their vested account balance, reduced by the highest outstanding balance in the previous 12 months, provided this amount is available in the participant's pre-tax and rollover accounts. Loans are repaid through payroll deductions over a period ranging up to four years or, if for the purchase of a principal residence, up to 15 years. The bi-weekly re-payment amount cannot exceed 25% of the participant's net pay. The interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates charged by commercial lenders. At December 31, 2019, interest rates on loans outstanding ranged from 4.25% to 11.50%, with various maturities through December 2034. 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 (FBRIC) are reported at contract value (see Note 3), while all other investments in the Plan are reported at fair value (see Note 4). A benefit-responsive investment contract is a contract with a financial institution or an insurance company that provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

7

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

(b) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

(c) Investment Valuation and Income Recognition

The Plan invests in the Company’s common stock, common commingled trust funds and other exchange-traded equity securities held in the separately managed accounts, as well as registered investment companies and a FBRIC.

Investments, other than the FBRIC, are reported at fair value. If available, quoted market prices are used to value investments. The FBRIC consists of the Capital Preservation Portfolio (CPP), which is invested in synthetic guaranteed investment contracts and is recorded at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than zero. Such interest rates are reviewed on a quarterly basis for resetting. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Events may include, but are not limited to, Plan termination, bankruptcy of the Company, or defunction of the trustee. In addition, certain events allow the issuer to terminate the contract with the Plan and settle at an amount different from contract value. Examples of such events include the following: (1) an uncured violation of the Plan’s investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, or (4) a material amendment to the agreements without the consent of the issuer. The Plan Administrator believes at this time that any events that would limit the Plan’s ability to transact at contract value with participants or that allow the issuer to terminate the contract with the Plan are not probable.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value or contract value of assets from one period to the next, plus realized gains and losses.

Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. Changes in the values of investment securities could occur and those changes could materially affect the amounts reported in the statements of net assets available for benefits.

(d) Notes Receivable from Participants

Participant loans are classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.

(e) Distribution of Benefits

Distributions of benefits are recorded when paid.

8

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

(f) Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-13 - Fair Value Measurement - Disclosure Framework (ASC 820). The guidance modifies the disclosure requirements for fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 with early adoption permitted. The Plan is currently assessing the impact of adoption.

(g)     Subsequent Events

The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued. See below and Note 6.

The COVID-19 outbreak has resulted in widespread and continuing impacts on the global economy. Financial and credit markets have experienced and may continue to experience significant volatility and turmoil. This volatility and turmoil may impact the fair values of Plan assets. The extent to which COVID-19 impacts the Plan's financial position and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the actions to contain and treat its impacts, among others.

In March 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The CARES Act contains certain provisions that were adopted which will temporarily impact the Plan, including allowing certain eligible participants to receive hardship distributions, suspension of loan repayments, and delay of minimum required distributions. The future effects from the CARES Act on the Plan's financial statements are uncertain.

(3) Fully Benefit-Responsive Investment Contract

The CPP is invested in synthetic guaranteed investment contracts, which consist of a portfolio of underlying assets owned by the Plan and wrap contracts issued by an insurance company and a financial institution. The issuers of the wrap contracts provide for unscheduled withdrawals from the contracts at contract value, regardless of the value of the underlying assets, in order to fund routine withdrawals. The total contract value of the Plan's FBRIC as of December 31, 2019 and 2018 was $1,381,266 and $1,291,658, respectively.

(4) Fair Value Measurement

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs. The three levels of inputs are:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Significant unobservable inputs that are not corroborated by market data.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Valuation techniques utilized during the reporting period were not changed from previous practice. The following is a description of the valuation methodologies used for assets measured at fair value.

9

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

Common stock, separately managed accounts, and registered investment company funds: These funds are deemed to be actively traded and are valued at the closing price reported in the active market in which the individual securities are traded. These assets are valued using Level 1 inputs. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. Separately managed accounts largely consist of common and foreign stock.

Common commingled trust funds: The valuation techniques used to measure the fair value of common commingled trust funds are based on quoted market prices, such as quoted net asset values (NAV) published by the fund as supported in an active market. Plan participant transactions of investment or withdrawals may occur on a daily basis in these trusts. These assets are valued using Level 1 inputs.

The tables below present information regarding investments that are measured at fair value on a recurring basis and indicate the level within the hierarchy reflecting the valuation techniques utilized to determine fair value as of December 31, 2019 and 2018.

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

December 31, 2018:	Level 1 (in 000's)
Investments, 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

(5) Plan Termination

Although it has no present intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to ERISA and the requirements of the collective bargaining agreements with the International Brotherhood of Teamsters. In the event of termination, participants will become 100% vested in their accounts.

(6) Commitments and Contingencies

On June 23, 2020, a purported class-action was commenced against the Company, its Board of Directors and Benefits Committee, and other unnamed individuals, under 29 U.S.C section 1132(a)(2). Soulek v. Costco Wholesale Corp., et al., Case No. 20-cv-937 (E.D. Wisc.). The Plan itself is not named as a defendant. The complaint alleges that the defendants breached their fiduciary duties by authorizing the Plan to pay unreasonably high fees for recordkeeping, failing properly to review the Plan's investment portfolio, and maintaining investment options in the Plan with higher costs and poorer performance than alternatives. The complaint seeks a declaration that the defendants have breached their fiduciary duties and orders compelling the defendants to reimburse the

10

COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2019 and 2018

Plan and disgorge profits to the Plan, and other equitable relief, as well as interest and attorneys' fees. The defendants have yet to respond to the complaint.

(7) Tax Status

In a determination letter dated June 9, 2017, the IRS informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the IRC.

U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; there are currently no audits in progress.

(8) Party-in-Interest and Related Party Transactions

Certain Plan investments are shares of registered investment companies, benefit-responsive investment contracts, and common commingled trust funds managed by T. Rowe Price Trust Company. T. Rowe Price is also the trustee and recordkeeper as defined by the Plan, therefore these transactions qualify as exempt party-in-interest transactions.

As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. As of December 31, 2019 and 2018, the Plan held 28,750,000 and 29,282,000 shares of Costco common stock, respectively.

11

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4a - Schedule of Delinquent Participant Contributions

EIN: 91-1223280 Plan #: 002

Year Ending December 31, 2019

			Total that Constitutes Nonexempt Prohibited Transactions
	Participant Contributions Transferred Late to Plan		Check Here if Participant Loan Repayments are Included	Contributions Not Corrected		Contributions Corrected Outside VFCP		Contributions Pending Correction in VFCP		Total Fully Corrected Under VFCP and PTE 2002-51
2014	$	637	ý	$	—	$	637	$	—	$	—
2015	$	1,977	ý	$	—	$	1,977	$	—	$	—
2016	$	3,301	ý	$	—	$	3,301	$	—	$	—
2017	$	54,655	ý	$	—	$	54,655	$	—	$	—
2018	$	25		$	—	$	25	$	—	$	—

See accompanying report of independent registered public accounting firm.

12

COSTCO 401(k) RETIREMENT PLAN

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

EIN: 91-1223280 Plan #: 002

December 31, 2019

(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	**	$	350,722
	PIMCO		Income Institutional	**	461,980
	* T. Rowe Price		Retirement Balanced Trust G	**	26,112
	* T. Rowe Price		TRP Ret 2005 Active Trust G	**	18,590
	* T. Rowe Price		TRP Ret 2010 Active Trust G	**	41,766
	* T. Rowe Price		TRP Ret 2015 Active Trust G	**	129,118
	* T. Rowe Price		TRP Ret 2020 Active Trust G	**	400,076
	* T. Rowe Price		TRP Ret 2025 Active Trust G	**	658,052
	* T. Rowe Price		TRP Ret 2030 Active Trust G	**	707,316
	* T. Rowe Price		TRP Ret 2035 Active Trust G	**	617,952
	* T. Rowe Price		TRP Ret 2040 Active Trust G	**	742,187
	* T. Rowe Price		TRP Ret 2045 Active Trust G	**	837,598
	* T. Rowe Price		TRP Ret 2050 Active Trust G	**	505,363
	* T. Rowe Price		TRP Ret 2055 Active Trust G	**	561,613
	* T. Rowe Price		TRP Ret 2060 Active Trust G	**	121,152
	* T. Rowe Price		TRP Ret 2020 Trust -Inc G	**	1,182
	Vanguard		Total International Stock Index DX Institutional	**	30,794
	Vanguard		Total Bond Market Index Fund Institutional	**	95,686
	Vanguard		Institutional Index, Plus	**	663,454
	Total registered investment company and common commingled trust funds				6,970,713
Separately managed accounts:
	Mid-Cap Growth Portfolio:
		Acadia Healthcare Co. Inc.	Common Stock	**	6,376
		Acadia Pharmaceuticals Inc.	Common Stock	**	1,197
		Agilent Technologies Inc.	Common Stock	**	20,466
		Air Products & Chemicals Inc.	Common Stock	**	7,752
		Alaska Air Group Inc.	Common Stock	**	3,725
		Alnylam Pharmaceutical Inc.	Common Stock	**	5,065
		Assurant Inc.	Common Stock	**	9,696
		Atmos Energy Corp.	Common Stock	**	4,584
		Avantor Inc.	Common Stock	**	7,729
		Avery Dennison Corp.	Common Stock	**	9,677
		Ball Corp.	Common Stock	**	22,173
		Black Knight Inc.	Common Stock	**	6,510
		Bruker Corp.	Common Stock	**	17,782
		Burlington Stores Inc.	Common Stock	**	14,816
		BWX Technologies Inc.	Common Stock	**	7,385
		Carmax Inc.	Common Stock	**	4,557
		Casey's General Stores Inc.	Common Stock	**	11,284
		Catalent Inc.	Common Stock	**	16,715
		Cboe Global Markets Inc.	Common Stock	**	11,156
		Ceridian HCM Holding Inc.	Common Stock	**	10,110
		Chewy Inc.-Class A	Common Stock	**	580

13

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Cognex Corp.	Common Stock	**	2,857
	Colfax Corp.	Common Stock	**	11,092
	Conagra Brands Inc.	Common Stock	**	4,757
	Concho Resources Inc.	Common Stock	**	16,282
	Continental Resources Inc./Ok	Common Stock	**	4,423
	Cooper Cos Inc./The	Common Stock	**	26,335
	Corelogic Inc.	Common Stock	**	9,918
	Corning Inc.	Common Stock	**	12,425
	Costar Group Inc.	Common Stock	**	10,765
	Darden Restaurants Inc.	Common Stock	**	3,487
	Docusign Inc.	Common Stock	**	10,297
	Dollar General Corp.	Common Stock	**	18,398
	Dollar Tree Inc.	Common Stock	**	11,282
	Dunkin' Brands Group Inc.	Common Stock	**	7,022
	E*Trade Financial Corp.	Common Stock	**	7,528
	Elanco Animal Health Inc.	Common Stock	**	9,774
	Entegris Inc.	Common Stock	**	5,758
	Equifax Inc.	Common Stock	**	5,885
	Eversource Energy	Common Stock	**	7,823
	Exact Sciences Corp.	Common Stock	**	6,471
	Fidelity National Financial	Common Stock	**	13,464
	Fidelity National Info Services	Common Stock	**	10,289
	Fifth Third Bancorp	Common Stock	**	5,715
	Fiserv Inc.	Common Stock	**	16,066
	Fleetcor Technologies Inc.	Common Stock	**	13,805
	Flir Systems Inc.	Common Stock	**	4,424
	Fortive Corp.	Common Stock	**	12,676
	Gardner Denver Holdings Inc.	Common Stock	**	16,646
	Gartner Inc.	Common Stock	**	5,699
	Global Payments Inc.	Common Stock	**	18,614
	Hilton Worldwide Holdings Inc.	Common Stock	**	10,200
	Hologic Inc.	Common Stock	**	26,043
	Hunt (JB) Transprt Svcs Inc.	Common Stock	**	11,907
	IAC/InterActive Corp.	Common Stock	**	21,166
	ICU Medical Inc.	Common Stock	**	5,611
	Idex Corp.	Common Stock	**	15,990
	Idexx Laboratories Inc.	Common Stock	**	3,654
	Incyte Corp.	Common Stock	**	5,935
	KKR & Co. Inc.-A	Common Stock	**	7,523
	Keysight Technologies Inc.	Common Stock	**	16,107
	L3 Technologies Inc.	Common Stock	**	15,823
	Levi Strauss & Co.-Class A	Common Stock	**	1,774
	MGM Resorts International	Common Stock	**	17,925
	MarketAxess Holdings Inc.	Common Stock	**	5,305
	Marriott International - Class A	Common Stock	**	8,477
	Martin Marietta Materials	Common Stock	**	4,193

14

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Maxim Integrated Products	Common Stock	**	9,100
	Microchip Technology Inc.	Common Stock	**	22,506
	National Instruments Corp.	Common Stock	**	8,295
	Neurocrine Biosciences Inc.	Common Stock	**	5,910
	O'Reilly Automotive Inc.	Common Stock	**	7,886
	PRA Health Sciences Inc.	Common Stock	**	11,333
	Pioneer Natural Resources Co.	Common Stock	**	7,868
	Progressive Corp.	Common Stock	**	3,329
	RPM International Inc.	Common Stock	**	10,665
	Rivian Automotive Ser D CV	Common Stock	**	2,169
	Roper Technologies Inc.	Common Stock	**	13,101
	SLM Corp.	Common Stock	**	2,467
	SS&C Technologies Holdings	Common Stock	**	3,989
	Sage Therapeutics Inc.	Common Stock	**	1,299
	Sarepta Therapeutics Inc.	Common Stock	**	2,322
	Sealed Air Corp.	Common Stock	**	8,082
	Seattle Genetics Inc.	Common Stock	**	8,909
	Sempra Energy	Common Stock	**	14,082
	ServiceMaster Global Holdings	Common Stock	**	5,681
	Skyworks Solutions Inc.	Common Stock	**	11,237
	Slack Technologies, Inc.	Common Stock	**	2,719
	Splunk Inc.	Common Stock	**	11,079
	Sprouts Farmers Market Inc.	Common Stock	**	4,255
	TD Ameritrade Holding Corp.	Common Stock	**	6,806
	Tapestry Inc.	Common Stock	**	5,985
	Teleflex Inc.	Common Stock	**	32,738
	Textron Inc.	Common Stock	**	18,234
	Tiffany & Co.	Common Stock	**	4,943
	Tradeweb Markets Inc.-Class A	Common Stock	**	5,004
	TransUnion	Common Stock	**	13,521
	TreeHouse Foods Inc.	Common Stock	**	6,351
	Ulta Beauty Inc.	Common Stock	**	4,302
	Under Armour Inc.-Class C	Common Stock	**	2,109
	United Airlines Holdings Inc.	Common Stock	**	6,516
	VF Corp.	Common Stock	**	4,682
	Vail Resorts Inc.	Common Stock	**	11,028
	Valvoline Inc.	Common Stock	**	2,953
	Veeva Systems Inc. -Class A	Common Stock	**	4,218
	Venture Global LNG, Inc., Series B Common Stock, P	Common Stock	**	229
	Venture Global LNG, Inc., Series C Common Stock, P	Common Stock	**	1,518
	Verisk Analytics Inc.	Common Stock	**	12,390
	Visteon Corp.	Common Stock	**	4,501
	We Work Companies Class A Common Stock	Common Stock	**	156
	Webster Financial Corp.	Common Stock	**	6,561
	West Pharmaceutical Services	Common Stock	**	6,612

15

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Wex Inc.	Common Stock	**	4,815
		Workday Inc.-Class A	Common Stock	**	9,699
		Xilinx Inc.	Common Stock	**	11,728
		Xylem Inc.	Common Stock	**	10,947
		Zoom Video Communication - A	Common Stock	**	612
		Alcon Inc.	Foreign Stock	**	6,786
		Alkermes PLC	Foreign Stock	**	5,649
		Allegion PLC	Foreign Stock	**	3,237
		Aptiv PLC	Foreign Stock	**	12,246
		Argenx SE - ADR	Foreign Stock	**	3,530
		Ascendis Pharma A/S - ADR	Foreign Stock	**	2,225
		Atlassian Corp. PLC-Class A	Foreign Stock	**	8,060
		Axis Capital Holdings LTD	Foreign Stock	**	7,665
		Clarivate Analytics PLC	Foreign Stock	**	5,475
		IHS Markit LTD	Foreign Stock	**	10,470
		Kirkland Lake Gold LTD	Foreign Stock	**	6,476
		Marvell Technology Group LTD	Foreign Stock	**	13,487
		Norwegian Cruise Line Holdings	Foreign Stock	**	18,392
		Perrigo Co. PLC	Foreign Stock	**	9,553
		Sensata Technologies Holding	Foreign Stock	**	16,962
		Shopify Inc.-Class A	Foreign Stock	**	397
		Spotify Technology SA	Foreign Stock	**	6,428
		Waste Connections Inc.	Foreign Stock	**	4,991
		Willis Towers Watson PLC	Foreign Stock	**	18,773
		Roofoods (Deliveroo) Series G Convertible Preferred	Preferred Stock	**	49
		Roofoods Limited (Deliveroo)	Preferred Stock	**	1,484
		Collective US Govt. STIF 5 BPS	Bond	**	1,163
		T. Rowe Price Treasury Reserve Fund	Money Market Securities	**	21,299
	Large Cap Value Portfolio:
		AT&T Inc.	Common Stock	**	17
		AXA Equitable Holdings Inc.	Common Stock	**	3,019
		Abbvie Inc.	Common Stock	**	4,734
		Air Products & Chemicals Inc.	Common Stock	**	50
		Ally Financial Inc.	Common Stock	**	724
		Alphabet Inc.-Class C	Common Stock	**	2,062
		Ameren Corporation	Common Stock	**	283
		American Electric Power	Common Stock	**	1,085
		American Express Co.	Common Stock	**	1,942
		American International Group	Common Stock	**	10,720
		Anthem Inc.	Common Stock	**	1,810
		Applied Materials Inc.	Common Stock	**	4,152
		Becton Dickinson and Co.	Common Stock	**	2,101
		Biogen Inc.	Common Stock	**	1,423
		Boeing Co./The	Common Stock	**	1,087
		Boston Scientific Corp.	Common Stock	**	2,821

16

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Broadcom Inc.	Common Stock	**	4,664
	CF Industries Holdings Inc.	Common Stock	**	2,313
	CME Group Inc.	Common Stock	**	209
	Capital One Financial Corp.	Common Stock	**	1,552
	Caterpillar Inc.	Common Stock	**	1,756
	Centerpoint Energy Inc.	Common Stock	**	1,686
	Cisco Systems Inc.	Common Stock	**	460
	Citigroup Inc.	Common Stock	**	1,640
	Conagra Brands Inc.	Common Stock	**	803
	Conocophillips	Common Stock	**	1,821
	Continental Resources Inc./Ok	Common Stock	**	472
	Cummins Inc./Inc	Common Stock	**	626
	Danaher Corp.	Common Stock	**	10,022
	Deere & Co./Co	Common Stock	**	2,977
	Devon Energy Corp./Corp	Common Stock	**	777
	Walt Disney Co./The	Common Stock	**	4,272
	Dollar Tree Inc./Inc	Common Stock	**	3,650
	Dover Corp./Corp	Common Stock	**	461
	EOG Resources Inc.	Common Stock	**	3,862
	Eastman Chemical Co.	Common Stock	**	989
	Edison International	Common Stock	**	6,166
	Elanco Animal Health Inc.	Common Stock	**	1,226
	Entergy Corp.	Common Stock	**	4,133
	Envista Holdings Corp.	Common Stock	**	1,034
	Fidelity National Info Services	Common Stock	**	435
	Fifth Third Bancorp	Common Stock	**	1,890
	Freeport-Mcmoran Inc.	Common Stock	**	2,868
	General Electric Co.	Common Stock	**	10,137
	Halliburton Co.	Common Stock	**	1,855
	Honeywell International Inc.	Common Stock	**	758
	Intercontinental Exchange Inc.	Common Stock	**	1,281
	International Paper Co.	Common Stock	**	910
	JPMorgan Chase & Co.	Common Stock	**	13,508
	Jacobs Engineering Group Inc.	Common Stock	**	1,871
	Johnson & Johnson	Common Stock	**	848
	Keysight Technologies Inc.	Common Stock	**	3,048
	Las Vegas Sands Corp.	Common Stock	**	1,079
	Marathon Petroleum Corp.	Common Stock	**	746
	Marsh & Mclennan Cos	Common Stock	**	2,904
	Merck & Co. Inc.	Common Stock	**	1,744
	Metlife Inc.	Common Stock	**	1,334
	Microsoft Corp.	Common Stock	**	11,676
	Micron Technology Inc.	Common Stock	**	3,111
	Morgan Stanley	Common Stock	**	6,343
	Motorola Solutions Inc.	Common Stock	**	3,195
	Nextera Energy Inc.	Common Stock	**	11,251

17

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Nisource Inc.	Common Stock	**	987
	Noble Energy Inc.	Common Stock	**	807
	Norfolk Southern Corp.	Common Stock	**	1,338
	Nvidia Corp.	Common Stock	**	118
	Occidental Petroleum Corp.	Common Stock	**	2,139
	PPG Industries Inc.	Common Stock	**	2,280
	Packaging Corp. Of America	Common Stock	**	3,442
	Pfizer Inc.	Common Stock	**	1,581
	Pioneer Natural Resources Co.	Common Stock	**	1,301
	Prologis Inc.	Common Stock	**	6,474
	Qualcomm Inc.	Common Stock	**	6,043
	Roper Technologies Inc.	Common Stock	**	1,840
	Ross Stores Inc.	Common Stock	**	31
	Schwab (Charles) Corp.	Common Stock	**	2,265
	Sempra Energy	Common Stock	**	6,542
	Skyworks Solutions Inc.	Common Stock	**	640
	Southern Co./The	Common Stock	**	3,724
	Stanley Black & Decker Inc.	Common Stock	**	281
	State Street Corp.	Common Stock	**	1,912
	Stryker Corp.	Common Stock	**	1,174
	Synopsys Inc.	Common Stock	**	1,738
	Texas Instruments Inc.	Common Stock	**	2,628
	Thermo Fisher Scientific Inc.	Common Stock	**	5,823
	3M Co.	Common Stock	**	599
	Tyson Foods Inc.-Class A	Common Stock	**	7,012
	Union Pacific Corp.	Common Stock	**	1,860
	United Parcel Service-Class B./B	Common Stock	**	2,971
	United Rentals Inc.	Common Stock	**	1,699
	UnitedHealth Group Inc.	Common Stock	**	1,351
	VF Corp.	Common Stock	**	239
	Vmware Inc.-Class A./A	Common Stock	**	1,274
	Wells Fargo & Co.	Common Stock	**	7,020
	Wynn Resorts LTD	Common Stock	**	957
	Xilinx Inc.	Common Stock	**	1,201
	Zimmer Biomet Holdings Inc.	Common Stock	**	1,438
	ASML Holding NV-NY Reg. SHS	Foreign Stock	**	708
	BP PLC-Spons. ADR	Foreign Stock	**	813
	Chubb LTD	Foreign Stock	**	5,270
	Linde PLC	Foreign Stock	**	6,358
	Medtronic PLC	Foreign Stock	**	2,855
	NXP Semiconductors NV	Foreign Stock	**	5,664
	Royal Caribbean Cruises LTD	Foreign Stock	**	1,921
	Schlumberger LTD	Foreign Stock	**	2,380
	TC Energy Corp.	Foreign Stock	**	3,548
	TE Connectivity LTD	Foreign Stock	**	240
	Total SA-Spon. ADR	Foreign Stock	**	89

18

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Willis Towers Watson PLC	Foreign Stock	**	3,128
		Becton Dickinson And Co.	Preferred Stock	**	612
		Broadcom Inc.	Preferred Stock	**	778
		Fortive Corporation	Preferred Stock	**	368
		Sempra Energy	Preferred Stock	**	893
		Southern Co.	Preferred Stock	**	1,204
		Collective US Govt. STIF 5 BPS	Bond	**	1,013
		T. Rowe Price Government Reserve Fund	Money Market Securities	**	1,683
	Small-Cap Core Portfolio:
		1stdibs.com, Inc., Series D Convertible Preferred	Common Stock	**	231
		A Place for Rover Inc PP	Common Stock	**	12
		ADT Inc.	Common Stock	**	564
		AZZ Inc.	Common Stock	**	2,153
		Aaron's Inc.	Common Stock	**	3,738
		Acadia Healthcare Co. Inc.	Common Stock	**	1,761
		Acadia Pharmaceuticals Inc.	Common Stock	**	412
		Acadia Realty Trust	Common Stock	**	1,076
		Acceleron Pharma Inc.	Common Stock	**	793
		Actuant Corp.-A	Common Stock	**	987
		Adaptive Biotechnologies	Common Stock	**	312
		Aerojet Rocketdyne Holdings	Common Stock	**	2,112
		Agios Pharmaceuticals Inc.	Common Stock	**	618
		Aimmune Therapeutics Inc.	Common Stock	**	1,245
		Alexander & Baldwin Inc.	Common Stock	**	823
		Allbirds Common Stock PP	Common Stock	**	299
		Allogene Therapeutics Inc.	Common Stock	**	178
		Amedisys Inc.	Common Stock	**	2,934
		American Campus Communities	Common Stock	**	2,930
		Assurant Inc.	Common Stock	**	3,507
		Atlantic Capital Bancshares	Common Stock	**	733
		Atricure Inc.	Common Stock	**	831
		Avanos Medical Inc.	Common Stock	**	1,856
		Bankunited Inc.	Common Stock	**	2,669
		Barnes Group Inc.	Common Stock	**	1,141
		Belden Inc.	Common Stock	**	381
		Bellring Brands Inc. -Class A	Common Stock	**	588
		Bill.com Holdings Inc.	Common Stock	**	91
		Bloom Energy Corp.-A	Common Stock	**	339
		Blueprint Medicines Corp.	Common Stock	**	1,644
		Booz Allen Hamilton Holding	Common Stock	**	3,544
		Boston Beer Company Inc.-A	Common Stock	**	4,143
		Bridge Bancorp Inc.	Common Stock	**	1,488
		Bright Horizons Family Solutions	Common Stock	**	2,355
		Brink's Co./The	Common Stock	**	4,963
		Bruker Corp.	Common Stock	**	3,027

19

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Burlington Stores Inc.	Common Stock	**	5,330
	BWX Technologies Inc.	Common Stock	**	3,646
	Cable One Inc.	Common Stock	**	5,374
	Cal-Maine Foods Inc.	Common Stock	**	2,406
	California Water Service Grp.	Common Stock	**	1,522
	Capitol Federal Financial Inc.	Common Stock	**	1,226
	Cara Therapeutics Inc.	Common Stock	**	322
	Catalent Inc.	Common Stock	**	3,825
	Cavco Industries Inc.	Common Stock	**	1,297
	Cboe Global Markets Inc.	Common Stock	**	5,124
	Centerstate Bank Corp.	Common Stock	**	2,018
	Ceridian HCM Holding Inc.	Common Stock	**	3,479
	Chart Industries Inc.	Common Stock	**	2,380
	Checkr Inc. Common Stock Private Placement	Common Stock	**	240
	Chegg Inc.	Common Stock	**	1,019
	Chesapeake Utilities Corp.	Common Stock	**	2,307
	Chuy's Holdings Inc.	Common Stock	**	1,024
	Columbia Banking System Inc.	Common Stock	**	1,174
	Community Healthcare Trust Inc.	Common Stock	**	484
	Conyers Park II Acquisition	Common Stock	**	679
	Corvus Pharmaceuticals Inc.	Common Stock	**	76
	Coupa Software Inc.	Common Stock	**	2,644
	Cross Country Healthcare Inc.	Common Stock	**	697
	Crossfirst Bankshares Inc.	Common Stock	**	766
	CTS Corp.	Common Stock	**	1,908
	Cubesmart	Common Stock	**	1,696
	Cubic Corp.	Common Stock	**	2,855
	Denny's Corp.	Common Stock	**	1,658
	Diamondback Energy Inc.	Common Stock	**	2,023
	Dril-Quip Inc.	Common Stock	**	897
	Drive Shack Inc.	Common Stock	**	324
	Dunkin' Brands Group Inc.	Common Stock	**	2,349
	East West Bancorp Inc.	Common Stock	**	1,322
	Eastgroup Properties Inc.	Common Stock	**	4,547
	Element Solutions Inc.	Common Stock	**	1,120
	Enanta Pharmaceuticals Inc.	Common Stock	**	129
	Encore Capital Group Inc.	Common Stock	**	1,999
	Entegris Inc.	Common Stock	**	4,579
	Equity Bancshares Inc.-Class A	Common Stock	**	1,003
	ESCO Technologies Inc.	Common Stock	**	3,605
	Euronet Worldwide Inc.	Common Stock	**	3,387
	EVO Payments Inc.-Class A	Common Stock	**	456
	FB Financial Corp.	Common Stock	**	1,999
	Federal Signal Corp.	Common Stock	**	351
	Fiesta Restaurant Group	Common Stock	**	523
	First Bancshares Inc./MS	Common Stock	**	1,185

20

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	First Industrial Realty Tr.	Common Stock	**	1,262
	Five Below	Common Stock	**	545
	Five9 Inc.	Common Stock	**	2,355
	Forty Seven Inc.	Common Stock	**	164
	G1 Therapeutics Inc.	Common Stock	**	333
	Gardner Denver Holdings Inc.	Common Stock	**	2,078
	GCP Applied Technologies	Common Stock	**	1,096
	Gentherm Inc.	Common Stock	**	1,735
	Gibraltar Industries Inc.	Common Stock	**	2,620
	Global Blood Therapeutics Inc.	Common Stock	**	3,348
	Graco Inc.	Common Stock	**	2,019
	Grasshopper Bancorp Voting SHS PP	Common Stock	**	215
	Grocery Outlet Holding Corp.	Common Stock	**	151
	Hanger Inc.	Common Stock	**	2,601
	Hanover Insurance Group Inc.	Common Stock	**	2,829
	Hawaiian Holdings Inc.	Common Stock	**	1,340
	Haynes International Inc.	Common Stock	**	1,265
	Helios Technologies Inc.	Common Stock	**	1,068
	Heritage Commerce Corp.	Common Stock	**	1,167
	Heritage Financial Corp.	Common Stock	**	1,219
	Heritage-Crystal Clean Inc.	Common Stock	**	1,286
	HMS Holdings Corp.	Common Stock	**	1,750
	Home Bancshares Inc.	Common Stock	**	3,396
	Homology Medicines Inc.	Common Stock	**	430
	Hope Bancorp Inc.	Common Stock	**	913
	Huron Consulting Group Inc.	Common Stock	**	980
	ICU Medical Inc.	Common Stock	**	1,440
	IGM Biosciences Inc.	Common Stock	**	340
	Immunomedics Inc.	Common Stock	**	736
	Independent Bank Corp./MA	Common Stock	**	1,003
	Independent Bank Group Inc.	Common Stock	**	2,388
	Inphi Corp.	Common Stock	**	1,669
	Insmed Inc.	Common Stock	**	1,660
	Investors Bancorp Inc.	Common Stock	**	1,403
	Iovance Biotherapeutics Inc.	Common Stock	**	186
	Irhythm Technologies Inc.	Common Stock	**	1,791
	Jagged Peak Energy Inc.	Common Stock	**	851
	Jand Inc. DBA Warby Parker Class A Common	Common Stock	**	303
	JBG Smith Properties	Common Stock	**	3,437
	John Bean Technologies Corp.	Common Stock	**	4,373
	Knight-Swift Transportation	Common Stock	**	1,938
	Kodiak Sciences Inc.	Common Stock	**	818
	Kosmos Energy LTD	Common Stock	**	289
	Kratos Defense & Security	Common Stock	**	214
	Krystal Biotech Inc.	Common Stock	**	253
	Landstar System Inc.	Common Stock	**	1,342

21

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Lattice Semiconductor Corp.	Common Stock	**	4,290
	Liberty Oilfield Services - A	Common Stock	**	1,383
	Littelfuse Inc.	Common Stock	**	1,914
	Live Oak Bancshares Inc.	Common Stock	**	940
	Magnolia Oil & Gas Corp - A	Common Stock	**	1,909
	Matson Inc.	Common Stock	**	3,035
	Meridian Bancorp Inc.	Common Stock	**	1,967
	Meritor Inc.	Common Stock	**	1,979
	Michaels Cos Inc./The	Common Stock	**	1,217
	Middlesex Water Co.	Common Stock	**	1,370
	Minerals Technologies Inc.	Common Stock	**	1,792
	MKS Instruments Inc.	Common Stock	**	948
	Molina Healthcare Inc.	Common Stock	**	4,656
	Momenta Pharmaceuticals Inc.	Common Stock	**	855
	Monolithic Power Systems Inc.	Common Stock	**	1,203
	Monro Inc.	Common Stock	**	4,454
	Mueller Water Products Inc.-A	Common Stock	**	1,819
	Myokardia Inc.	Common Stock	**	1,727
	National Cinemedia Inc.	Common Stock	**	169
	National Instruments Corp.	Common Stock	**	3,163
	National Vision Holdings Inc.	Common Stock	**	454
	Ncino, Inc.	Common Stock	**	409
	Nevro Corp.	Common Stock	**	1,487
	New Fortress Energy LLC	Common Stock	**	431
	Nextier Oilfield Solutions Inc.	Common Stock	**	966
	Nextera Energy Partners LP	Common Stock	**	1,418
	Nuvasive Inc.	Common Stock	**	1,586
	Odonate Therapeutics Inc.	Common Stock	**	166
	Ollie's Bargain Outlet Holdings	Common Stock	**	3,819
	One Gas Inc.	Common Stock	**	4,245
	Origin Bancorp Inc.	Common Stock	**	1,685
	Pacific Premier Bancorp Inc.	Common Stock	**	1,301
	Pagerduty Inc.	Common Stock	**	430
	Papa John's Intl. Inc.	Common Stock	**	2,877
	Paramount Group Inc.	Common Stock	**	868
	Parsons Corp.	Common Stock	**	900
	Pax Labs Class A Common	Common Stock	**	422
	Paycom Software Inc.	Common Stock	**	3,139
	Paylocity Holding Corp.	Common Stock	**	311
	PDF Solutions Inc.	Common Stock	**	1,020
	Pennant Group Inc./The	Common Stock	**	910
	Pennymac Financial Services	Common Stock	**	2,537
	Penumbra Inc.	Common Stock	**	309
	Performance Food Group Co.	Common Stock	**	2,740
	PGT Innovations Inc.	Common Stock	**	1,059
	Pinnacle Financial Partners	Common Stock	**	3,343

22

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	PNM Resources Inc.	Common Stock	**	4,817
	Polyone Corporation	Common Stock	**	1,203
	Post Holdings Inc.	Common Stock	**	3,598
	PRA Group Inc.	Common Stock	**	2,175
	Principia Biopharma Inc.	Common Stock	**	793
	Proofpoint Inc.	Common Stock	**	2,603
	Prosight Global Inc.	Common Stock	**	272
	Prosperity Bancshares Inc.	Common Stock	**	2,172
	PS Business Parks Inc./CA	Common Stock	**	4,227
	PTC Therapeutics Inc.	Common Stock	**	718
	Quaker Chemical Corp.	Common Stock	**	1,727
	Quanex Building Products	Common Stock	**	300
	Quidel Corp.	Common Stock	**	3,454
	Radian Group Inc.	Common Stock	**	1,722
	Radius Health Inc.	Common Stock	**	1,760
	Reata Pharmaceuticals Inc.-A	Common Stock	**	1,937
	Red Robin Gourmet Burgers	Common Stock	**	1,165
	Regency Centers Corp.	Common Stock	**	1,048
	REV Group Inc.	Common Stock	**	446
	Rexford Industrial Realty Inc.	Common Stock	**	2,692
	RH	Common Stock	**	842
	Rivian Automotive Ser D Cv	Common Stock	**	587
	Safety Insurance Group Inc.	Common Stock	**	1,312
	Sage Therapeutics Inc.	Common Stock	**	1,002
	Sanderson Farms Inc.	Common Stock	**	2,880
	Schneider National Inc.-Class B	Common Stock	**	1,144
	Scholar Rock Holding Corp.	Common Stock	**	116
	Seacoast Banking Corp./FL	Common Stock	**	2,708
	Seattle Genetics Inc.	Common Stock	**	1,301
	Selective Insurance Group	Common Stock	**	3,616
	Semtech Corp.	Common Stock	**	671
	Service Titan Inc. PP	Common Stock	**	21
	Shenandoah Telecommunication	Common Stock	**	344
	Signature Bank	Common Stock	**	528
	Simply Good Foods Co./The	Common Stock	**	1,512
	Simpson Manufacturing Co. Inc.	Common Stock	**	1,947
	Siteone Landscape Supply Inc.	Common Stock	**	5,070
	SJW Group	Common Stock	**	2,224
	Skyline Champion Corp.	Common Stock	**	1,793
	SLM Corp.	Common Stock	**	817
	Sound Bank Non-Voting Common	Common Stock	**	131
	Sound Bank Voting Common	Common Stock	**	65
	South State Corp.	Common Stock	**	1,574
	Southwest Gas Holdings Inc.	Common Stock	**	3,898
	SPX Corp.	Common Stock	**	998
	SS&C Technologies Holdings	Common Stock	**	3,963

23

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	State Auto Financial Corp.	Common Stock	**	889
	Stericycle Inc.	Common Stock	**	487
	Sterling Bancorp Inc./MI	Common Stock	**	582
	Stoneridge Inc.	Common Stock	**	1,075
	Strategic Education Inc.	Common Stock	**	331
	Tabula Rasa Healthcare Inc.	Common Stock	**	338
	Team Inc.	Common Stock	**	993
	Teledyne Technologies Inc.	Common Stock	**	5,355
	Tempur Sealy International Inc.	Common Stock	**	2,544
	Tetra Tech Inc.	Common Stock	**	469
	Texas Capital Bancshares Inc.	Common Stock	**	1,023
	Therapeuticsmd Inc.	Common Stock	**	1,069
	Thermon Group Holdings Inc.	Common Stock	**	494
	Toast Inc. PP	Common Stock	**	1
	Toro Co.	Common Stock	**	3,409
	Towne Bank	Common Stock	**	1,400
	Treehouse Foods Inc.	Common Stock	**	2,815
	Tri Pointe Group Inc.	Common Stock	**	1,902
	Tricida Inc.	Common Stock	**	695
	Tucows Inc.-Class A	Common Stock	**	657
	Tuesday Morning Corp.	Common Stock	**	324
	Turning Point Therapeutics Inc.	Common Stock	**	596
	U.S. Physical Therapy Inc.	Common Stock	**	1,619
	Ultragenyx Pharmaceutical Inc.	Common Stock	**	1,058
	Valmont Industries	Common Stock	**	1,938
	Venture Global LNG, Inc., Series B Common Stock, P	Common Stock	**	82
	Venture Global LNG, Inc., Series C Common Stock, P	Common Stock	**	1,082
	Visteon Corp.	Common Stock	**	1,595
	Webster Financial Corp.	Common Stock	**	1,895
	Western Alliance Bancorp	Common Stock	**	4,082
	Xencor Inc.	Common Stock	**	1,299
	Zendesk Inc.	Common Stock	**	2,626
	Zynga Inc.-Class A	Common Stock	**	2,173
	Alacer Gold Corp.	Foreign Stock	**	998
	Argenx SE - ADR	Foreign Stock	**	2,227
	Ascendis Pharma A/S - ADR	Foreign Stock	**	4,391
	Axis Capital Holdings LTD	Foreign Stock	**	2,370
	Bombardier Inc.-B	Foreign Stock	**	1,118
	Clarivate Analytics PLC	Foreign Stock	**	2,733
	Collier Creek Holdings	Foreign Stock	**	612
	Colliers International Group	Foreign Stock	**	537
	Computer Modelling Group LTD	Foreign Stock	**	576
	Constellium SE	Foreign Stock	**	1,557
	Crispr Therapeutics AG	Foreign Stock	**	178
	Descartes Systems Grp./The	Foreign Stock	**	4,134

24

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Ero Copper Corp.	Foreign Stock	**	2,561
		Essent Group LTD	Foreign Stock	**	1,421
		Firstservice Corp.	Foreign Stock	**	4,277
		Franco-Nevada Corp.	Foreign Stock	**	2,510
		Interfor Corp.	Foreign Stock	**	1,237
		Lundin Mining Corp.	Foreign Stock	**	1,292
		Nomad Foods LTD	Foreign Stock	**	1,704
		Northern Star Resources LTD	Foreign Stock	**	3,115
		Novanta Inc.	Foreign Stock	**	3,469
		Onespaworld Holdings LTD	Foreign Stock	**	1,103
		Orchard Therapeutics PLC	Foreign Stock	**	816
		Osisko Gold Royalties LTD	Foreign Stock	**	783
		Rentokil Initial PLC	Foreign Stock	**	1,991
		Seven Generations Energy - A	Foreign Stock	**	1,020
		Stella-Jones Inc.	Foreign Stock	**	2,007
		Stoneco LTD-A	Foreign Stock	**	1,752
		Waste Connections Inc.	Foreign Stock	**	1,978
		Wave Life Sciences LTD	Foreign Stock	**	56
		West Fraser Timber Co. LTD	Foreign Stock	**	3,200
		A Place For Rover, Inc.	Preferred Stock	**	176
		Allbirds, Inc. Series A Convertible Preferred	Preferred Stock	**	97
		Allbirds Inc. Series B Convertible Preferred	Preferred Stock	**	17
		Allbirds Series C CVT PFD ST	Preferred Stock	**	163
		Allbirds, Inc., Series Seed Convertible Preferred	Preferred Stock	**	52
		Checker Inc. CVT PFD SR D PP	Preferred Stock	**	541
		Checkr, Inc. Series C Convertible Preferred Stock	Preferred Stock	**	346
		Convoy Series C CVT PFD Stock	Preferred Stock	**	664
		Convoy Series D CVT PFD Stock	Preferred Stock	**	459
		Farmers Business Network	Preferred Stock	**	696
		Jand Inc. DBA Warby Parker Series E Convertible	Preferred Stock	**	374
		Roofoods Limited (Deliveroo)	Preferred Stock	**	846
		Roofoods (Deliveroo) Series G Convertible Preferred	Preferred Stock	**	29
		Seismic Software Series E Convertible	Preferred Stock	**	340
		Servicetitan, Inc., Series D Convertible Preferred	Preferred Stock	**	211
		Toast Inc. CVT PFD SR D PP	Preferred Stock	**	776
		Toast Series B CVT PFD Stock	Preferred Stock	**	11
		Vroom Inc. CVT SER PFD	Preferred Stock	**	556
		Vroom Inc. Series H	Preferred Stock	**	233
		Collective US Govt. STIF 5 BPS	Bond	**	986
		T. Rowe Price Treasury Reserve Fund	Money Market Securities	**	6,781
		Grasshopper Bancorp WTS Inc.	Warrants	**	15
	International Equity Portfolio:
		Aflac Inc.	Common Stock	**	2,875

25

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party		(c) Description of investment	(d) Cost	(e) Current value
	Mettler-Toledo International	Common Stock	**	2,822
	AAC Technologies H-Unsponsored ADR	Foreign Stock	**	4,383
	ABB LTD-Sponsored ADR	Foreign Stock	**	1,976
	Adecco Group AG-Reg.-Unsponsored ADR	Foreign Stock	**	3,292
	Air Liquide-Unsponsored ADR	Foreign Stock	**	2,294
	Allianz SE-Sponsored ADR	Foreign Stock	**	2,870
	Astellas Pharma Inc.-Unsponsored ADR	Foreign Stock	**	3,453
	AXA -Sponsored ADR	Foreign Stock	**	3,024
	BASF SE-Sponsored ADR	Foreign Stock	**	1,869
	BNP Paribas-ADR	Foreign Stock	**	3,280
	Banco Bilbao Vizcaya-Sponsored ADR	Foreign Stock	**	2,960
	Bancolombia S.A.-Sponsored ADR	Foreign Stock	**	2,983
	BHP Group LTD-Sponsored ADR	Foreign Stock	**	3,011
	British American TOB-Sponsored ADR	Foreign Stock	**	3,204
	CSL LTD-Sponsored ADR	Foreign Stock	**	2,906
	Coca-Cola HBC AG-Unsponsored ADR	Foreign Stock	**	2,338
	Compass Group PLC-Sponsored ADR	Foreign Stock	**	2,535
	Continental AG-Sponsored ADR	Foreign Stock	**	2,502
	DNB ASA-Sponsored ADR	Foreign Stock	**	3,203
	Dassault Systemes S-Sponsored ADR	Foreign Stock	**	1,798
	Diageo PLC-Sponsored ADR	Foreign Stock	**	2,500
	Enbridge Inc.	Foreign Stock	**	2,057
	Essity AB-Sponsored ADR	Foreign Stock	**	2,950
	Fanuc Corp.-Unsponsored ADR	Foreign Stock	**	1,476
	Fresenius SE & Co.-Sponsored ADR	Foreign Stock	**	2,826
	Givaudan-Unsponsored ADR	Foreign Stock	**	2,439
	Grupo Fin Banorte-Sponsored ADR	Foreign Stock	**	3,389
	Henkel KGaA-Sponsored ADR PFD	Foreign Stock	**	2,341
	Imperial Oil LTD	Foreign Stock	**	3,106
	JGC Corp.-Unsponsored ADR	Foreign Stock	**	2,919
	Kering-Unsponsored ADR	Foreign Stock	**	3,019
	Komatsu LTD -Sponsored ADR	Foreign Stock	**	2,948
	Kubota Corp.-Sponsored ADR	Foreign Stock	**	2,404
	L'oreal-Unsponsored ADR	Foreign Stock	**	2,143
	MTN Group LTD-Sponsored ADR	Foreign Stock	**	1,129
	Muenchener Rueck-Unsponsored ADR	Foreign Stock	**	2,712
	Nestle SA-Sponsored ADR	Foreign Stock	**	2,207
	Nitto Denko Corp.-Unsponsored ADR	Foreign Stock	**	2,698
	Novartis AG-Sponsored ADR	Foreign Stock	**	2,134
	Novo-Nordisk A/S-Sponsored ADR	Foreign Stock	**	2,897
	Orix-Sponsored ADR	Foreign Stock	**	3,178
	Prudential PLC-ADR	Foreign Stock	**	3,229
	Reckitt Benckiser-Sponsored ADR	Foreign Stock	**	2,536
	Roche Holdings LTD-Sponsored ADR	Foreign Stock	**	3,076
	Royal Dutch Shell-Sponsored ADR-B	Foreign Stock	**	2,586
	Ryanair Holdings PLC-Sponsored ADR	Foreign Stock	**	4,006

26

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Sandvik AB-Sponsored ADR	Foreign Stock	**	3,354
		SAP SE-Sponsored ADR	Foreign Stock	**	2,304
		Siemens AG-Sponsored ADR	Foreign Stock	**	2,499
		Singapore Telecommunication-ADR	Foreign Stock	**	1,887
		Sysmex Corp.-Unsponsored ADR	Foreign Stock	**	2,054
		Taiwan Semiconductor-Sponsored ADR	Foreign Stock	**	3,493
		Tokyo Electron LTD-Unsponsored ADR	Foreign Stock	**	3,361
		Total SA-Sponsored ADR	Foreign Stock	**	2,801
		United Overseas Bank-Sponsored ADR	Foreign Stock	**	2,986
		Volkswagen AG-Unsponsored ADR	Foreign Stock	**	4,072
		WPP PLC-Sponsored ADR	Foreign Stock	**	2,747
		Walmart De Mexico-Sponsored ADR	Foreign Stock	**	2,449
		Woodside Petroleum-Sponsored ADR	Foreign Stock	**	2,160
		Credicorp LTD	Securities	**	2,854
		Federated Government Obligations Fund	Common Stock	**	4,968
	Large Cap Growth Portfolio:
		Activision Blizzard Inc.	Common Stock	**	21,535
		Adobe Inc.	Common Stock	**	21,696
		Alexion Pharmaceuticals Inc.	Common Stock	**	14,275
		Align Technology Inc.	Common Stock	**	14,648
		Amazon.com Inc.	Common Stock	**	25,525
		Applied Materials Inc.	Common Stock	**	19,519
		Booking Holdings Inc.	Common Stock	**	21,168
		Bristol-Myers Squibb Co.	Common Stock	**	23,386
		Walt Disney Co./The	Common Stock	**	13,441
		Edwards Lifesciences Corp.	Common Stock	**	14,273
		Exact Sciences Corp.	Common Stock	**	9,970
		Facebook Inc.-Class A	Common Stock	**	26,791
		Idexx Laboratories Inc.	Common Stock	**	17,862
		Illumina Inc.	Common Stock	**	18,892
		Intuit Inc.	Common Stock	**	12,231
		MSCI Inc.	Common Stock	**	15,982
		Nike Inc.-Class B	Common Stock	**	21,459
		Nvidia Corp.	Common Stock	**	24,478
		Paypal Holdings Inc.	Common Stock	**	18,541
		Pioneer Natural Resources Co.	Common Stock	**	11,111
		Planet Fitness Inc.-Class A	Common Stock	**	10,184
		Roku Inc.	Common Stock	**	6,556
		Salesforce.com Inc.	Common Stock	**	21,919
		Sarepta Therapeutics Inc.	Common Stock	**	11,432
		Servicenow Inc.	Common Stock	**	21,658
		Splunk Inc.	Common Stock	**	18,267
		Square Inc.-A	Common Stock	**	15,014
		TJX Companies Inc.	Common Stock	**	12,360
		UnitedHealth Group Inc.	Common Stock	**	20,498
		Visa Inc.-Class A Shares	Common Stock	**	18,895

27

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party			(c) Description of investment	(d) Cost	(e) Current value
		Alibaba Group Holding	Foreign Stock	**	28,792
		Canada Goose Holdings Inc.	Foreign Stock	**	11,763
		New Oriental Education-Sponsored	Foreign Stock	**	19,558
		Trip.com Group LTD-ADR	Foreign Stock	**	10,115
		Dreyfus Treasury & Agency Cash Mgnt. # 521	Money Market Security	**	10,821
	Total separately managed accounts				2,815,472
Fully Benefit-Responsive Contracts:
	Capital Preservation Portfolio:
		* T. Rowe Price Reserve Inv Fund	Mutual and Trust Fund	**	61,535
		* T. Rowe Price Short Term Common:
		American General Life	Mutual and Trust Fund	**	62,347
		Mass Mutual SIC	Mutual and Trust Fund	**	68,378
		Prudential Building Block Trust	Mutual and Trust Fund	**	60,423
		State Street Building Block Trust	Mutual and Trust Fund	**	40,705
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	57,361
		RBC Building Block Trust	Mutual and Trust Fund	**	72,044
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	60,716
		Transamerica Building Block Trust	Mutual and Trust Fund	**	71,843
		Metropolitan Life	Mutual and Trust Fund	**	53,595
		* T. Rowe Price Int Term Common:
		Mass Mutual SIC	Mutual and Trust Fund	**	55,168
		Prudential Building Block Trust	Mutual and Trust Fund	**	74,892
		State Street Building Block Trust	Mutual and Trust Fund	**	94,482
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	71,095
		American General Life	Mutual and Trust Fund	**	43,836
		RBC Building Block Trust	Mutual and Trust Fund	**	50,664
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	75,254
		Transamerica Building Block Trust	Mutual and Trust Fund	**	50,514
		Metropolitan Life	Mutual and Trust Fund	**	124,401
		* T. Rowe Price Managed Bond:
		Mass Mutual SIC	Mutual and Trust Fund	**	14,340
		Prudential Building Block Trust	Mutual and Trust Fund	**	15,707
		State Street Building Block Trust	Mutual and Trust Fund	**	12,834
		Pacific Life Building Block Trust	Mutual and Trust Fund	**	14,910
		American General Life	Mutual and Trust Fund	**	12,562
		RBC Building Block Trust	Mutual and Trust Fund	**	14,519
		NY Life Bldg Block Trust	Mutual and Trust Fund	**	15,782
		Transamerica Building Block Trust	Mutual and Trust Fund	**	14,462
		Metropolitan Life	Mutual and Trust Fund	**	16,897
	Total Fully Benefit-Responsive Contracts				1,381,266
	* Costco Wholesale Corporation		Common stock	**	8,450,171
Total investments					19,617,622
* Participant loans			Interest rates of 4.25% to 11.50% maturing through 2034	__	532,927
Total					$	20,150,549

28

COSTCO 401(k) RETIREMENT PLAN

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

December 31, 2019

(in thousands)

(a) (b) Identity of issuer, borrower, lessor, or similar party	(c) Description of investment	(d) Cost	(e) Current value
_________________________
* Indicates a party-in-interest
** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

29

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 26, 2020	By:	/s/ PATRICK J. CALLANS
Date		Patrick J. Callans Executive Vice President Costco Wholesale Corporation

30