PAYCHEX INC

Ticker: PAYX CUSIP: 704326107 Class: COM

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
VANGUARD GROUP INC42,348,625$4,750,669
Capital International Investors30,265,174$3,395,583
BlackRock, Inc.27,878,398$3,127,399
STATE STREET CORP13,988,393$1,569,218
CHARLES SCHWAB INVESTMENT MANAGEMENT INC11,550,173$1,295,698
GEODE CAPITAL MANAGEMENT, LLC9,705,424$1,093,958
WELLS FARGO & COMPANY/MN6,489,937$728,041
Select Equity Group, L.P.5,716,237$641,247
BANK OF AMERICA CORP /DE/5,351,226$600,301
MORGAN STANLEY4,843,248$543,316
NORTHERN TRUST CORP4,335,875$486,398
Invesco Ltd.3,960,515$444,291
GOLDMAN SACHS GROUP INC3,649,579$409,410
UBS Group AG3,430,711$384,857
DIMENSIONAL FUND ADVISORS LP2,882,215$323,352
UBS ASSET MANAGEMENT AMERICAS INC2,690,094$301,775
Legal & General Group Plc2,455,435$275,451
FEDERATED HERMES, INC.2,409,229$270,267
NORGES BANK2,297,192$257,699
ENVESTNET ASSET MANAGEMENT INC2,217,866$248,800
FIRST TRUST ADVISORS LP2,065,549$231,713
Bank of New York Mellon Corp2,038,834$228,716
AMERIPRISE FINANCIAL INC1,932,825$216,526
Capital Research Global Investors1,917,806$215,139
Guinness Asset Management LTD1,727,194$196,350
BAHL & GAYNOR INC1,693,009$189,922
Amundi1,605,765$180,135
LONDON CO OF VIRGINIA1,445,883$162,201
JPMORGAN CHASE & CO1,434,712$160,946
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM1,360,594$152,631
Hamlin Capital Management, LLC1,359,025$152,455
VOLORIDGE INVESTMENT MANAGEMENT, LLC1,351,211$151,579
RAYMOND JAMES FINANCIAL INC1,315,448$147,567
ROYAL BANK OF CANADA1,267,874$142,230
BARCLAYS PLC1,222,547$137,145
NORDEA INVESTMENT MANAGEMENT AB1,157,485$130,703
DEUTSCHE BANK AG\1,130,611$126,832
RENAISSANCE TECHNOLOGIES LLC1,094,201$122,747
LPL Financial LLC1,023,081$114,769
CONFLUENCE INVESTMENT MANAGEMENT LLC987,259$110,751
PNC Financial Services Group, Inc.970,400$108,860
STIFEL FINANCIAL CORP967,140$108,498
NEUBERGER BERMAN GROUP LLC909,400$102,043
Sumitomo Mitsui Trust Holdings, Inc.906,403$101,680
Swiss National Bank887,600$99,571
BNP PARIBAS ARBITRAGE, SA881,146$98,847
Nuveen, LLC872,885$97,920
Swiss Life Asset Management Ltd859,079$96,371
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND856,235$96,052
MCDONALD CAPITAL INVESTORS INC/CA842,861$94,552
Corient Private Wealth LLC800,221$89,607
FRANKLIN RESOURCES INC794,451$89,122
HSBC HOLDINGS PLC768,358$86,291
Baird Financial Group, Inc.766,378$85,972
Mitsubishi UFJ Kokusai Asset Management Co., Ltd.706,971$76,777
BNP Paribas Investment Partners S.A.678,361$76
FMR LLC669,672$75,124
PFA Pension, Forsikringsaktieselskab669,560$75,921
RHUMBLINE ADVISERS664,268$74,517
PRICE T ROWE ASSOCIATES INC /MD/644,089$72
ProShare Advisors LLC628,830$70,542
Troy Asset Management Ltd575,765$64,589
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM574,443$64,441
WEDGE CAPITAL MANAGEMENT L L P/NC553,795$62,125
National Pension Service539,737$60,548
DekaBank Deutsche Girozentrale494,586$65
Mariner, LLC490,156$54,987
VICTORY CAPITAL MANAGEMENT INC471,046$52,842
NOMURA ASSET MANAGEMENT CO LTD470,872$52,822
Mirae Asset Global Investments Co., Ltd.469,790$52,701
ALLIANCEBERNSTEIN L.P.466,405$52,321
Capital World Investors440,000$49,359
FENIMORE ASSET MANAGEMENT INC425,591$47,743
NATIONAL BANK OF CANADA /FI/423,714$47,531
OLD REPUBLIC INTERNATIONAL CORP423,100$47
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC422,117$47,353
Capital International, Inc./CA/408,140$45,785
DONALDSON CAPITAL MANAGEMENT, LLC407,131$45,672
Welch Group, LLC406,802$45,635
BANK OF NOVA SCOTIA394,293$44,232
PRINCIPAL FINANCIAL GROUP INC390,002$43,750
CITIGROUP INC389,594$43,705
&PARTNERS388,940$43,488
Epoch Investment Partners, Inc.386,679$43,378
WORLDQUANT MILLENNIUM ADVISORS LLC383,853$43,061
MILLER HOWARD INVESTMENTS INC /NY379,071$42,524
MML INVESTORS SERVICES, LLC373,107$41,855
WELCH & FORBES LLC368,473$41,335
GRANDFIELD & DODD, LLC367,832$41,263
BANK OF MONTREAL /CAN/365,940$41,051
Cerity Partners LLC364,763$40,919
Gotham Asset Management, LLC357,110$40,061
Universal- Beteiligungs- und Servicegesellschaft mbH345,667$38,909
RWC Asset Management LLP334,959$37,576
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/329,585$36,973
Willis Investment Counsel326,672$36,646
SG Americas Securities, LLC322,182$36
GW&K Investment Management, LLC306,611$34
BAILLIE GIFFORD & CO304,062$34,110
TWO SIGMA INVESTMENTS, LP297,773$33,404
1468 other institutions36,407,427$3,747,387
Total (1,568 institutions)286,688,552$31,509,472