Company: PAYX
Filing Date: 2025-06-06
Form Type: 11-K
Source: 0000950170-25-083153
Chunk: 10

Company: PAYCHEX INC
Filing Date: 2025-06-06
Form: 11-K
Chunk 10
---
 NAV is published on a public stock market, or the trust's unpublished NAV, which approximates fair value. There are no redemption restrictions or unfunded commitments in the CITs offered under the Plan. The Annuity Fund, ClearCourse, is valued by Genworth Life and Annuity Insurance Company using the quoted market price of the underlying investments less applicable ClearCourse asset charges. The underlying investments are in the Janus Henderson Balanced T Share Class Fund.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

<div align='center'>8</div>

The Plan’s financial assets measured at fair value on a recurring basis were as follows:

|                                 |     | December 31, 2024 |     |           |     |           |     |         |     |             |     |       |     |              |     |   |
|:--------------------------------|:----|:------------------|:----|----------:|:----|:----------|:----|--------:|:----|:------------|:----|------:|:----|:-------------|:----|:--|
|                                 |     |                   |     |           |     | Quoted    |     |         |     | Significant |     |       |     |              |     |   |
|                                 |     |                   |     |           |     | prices in |     |         |     | other       |     |       |     | Significant  |     |   |
|                                 |     | Carrying          |     |           |     | active    |     |         |     | observable  |     |       |     | unobservable |     |   |
|                                 |     | value             |     |           |     | markets   |     |         |     | inputs      |     |       |     | inputs       |     |   |
| In Thousands                    |     | -Fair value       |     |           |     | -Level 1  |     |         |     | -Level 2    |     |       |     | -Level 3     |     |   |
| Mutual funds                    |     | $                 |     |   799,667 |     |