Report of Independent Registered Public Accounting Firm
To the Plan Participants, the Plan Administrator, the Audit Committee of the Board of Directors, Fortive Corporation and the Benefits Committee of the Fortive Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Fortive Retirement Savings Plan (the Plan) as of December 31, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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 at December 31, 2021 and 2020, and the changes in its net assets available for benefits for the year ended December 31, 2021, 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 the Plan’s 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 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 audits 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 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.
Supplemental Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the 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 supplemental schedule. In forming our opinion on the information, we evaluated whether such 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 information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2016.
Seattle, Washington
June 13, 2022
-4-
FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2021 AND 2020
($ in millions)
2021
2020
ASSETS
Non-interest bearing cash
$
0.1
$
0.9
Investments at fair value
1,967.7
1,754.6
Receivables:
Employer contributions
4.6
5.0
Other receivables
1.1
1.7
Notes receivable from participants
15.8
15.0
Total receivables
21.5
21.7
Total assets
1,989.3
1,777.2
LIABILITIES
Other payables
1.4
1.4
Total liabilities
1.4
1.4
NET ASSETS AVAILABLE FOR BENEFITS
$
1,987.9
$
1,775.8
See the accompanying notes to the financial statements.
-5-
FORTIVE RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2021
($ in millions)
ADDITIONS
Contributions:
Participant
$
80.8
Rollovers
24.6
Employer
55.9
Total contributions
161.3
Investment income:
Interest income on notes receivable from participants
0.8
Net appreciation of investments, at fair value
224.2
Dividend and interest income from investments
18.0
Total investment income
243.0
Total additions
404.3
DEDUCTIONS
Benefit payments
191.0
Administrative expenses
1.2
Total deductions
192.2
NET INCREASE
212.1
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year
1,775.8
End of year
$
1,987.9
See the accompanying notes to the financial statements.
The following description of the Fortive Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document and summary plan description for a more complete description of the Plan’s provisions.
General
Fortive Corporation (“Fortive,” “the Company”, or “the Plan Sponsor”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive established the Plan effective May 31, 2016. The Plan is a defined contribution plan established for eligible full-time and part-time non-union employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Plan is administered through affiliates of the trustee, Fidelity (the “Plan Administrator”). Plan participants should refer to the formal legal documents of the Plan and the summary plan description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below.
Contributions
Eligible participants may contribute up to 75% of their compensation (subject to annual maximums). Employee contributions and the earnings or losses thereon are fully vested at all times.
The Company’s retirement contributions are determined at the discretion of the Plan Sponsor. Employees are eligible for Company retirement contributions upon completion of one year of service and become fully vested upon completion of three years of service. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2021, the discretionary retirement contribution was 2% of eligible compensation.
For eligible participants who have completed one year of service and are active employees on the last day of the plan year, an additional discretionary retirement contribution of up to 2% of eligible compensation above the Social Security wage base in effect at the beginning of the Plan year is calculated and deposited into participant accounts subsequent to the Plan year end. These contributions become fully vested after three years of service. For the year ended December 31, 2021, this additional retirement contribution was 2% of eligible compensation.
In addition, the Company makes matching contributions into the Plan. These matching contributions are considered “safe harbor” and the percentage for the safe harbor matching contributions has been established in the plan document. The Company matching contribution is 100% of the first 3% of eligible compensation contributed by the participant plus 50% of the next 2% of eligible compensation contributed. Employees are immediately 100% vested in all safe harbor matching contributions.
Benefit Payments
A participant who attains normal retirement age (age 65) shall be entitled to payment of the balance in their account. A participant who remains employed after attainment of normal retirement age shall continue to participate under the same terms and conditions as applied prior to reaching normal retirement age. A participant must begin receiving distributions no later than April 1 following the later of the year in which they retire from the Company or the calendar year in which they reach the age of 72.
The beneficiary or beneficiaries of a deceased participant shall be entitled to payment of the participant’s account balance within a reasonable period of time after the participant’s death.
Upon total and permanent disability, a participant shall be entitled to payment of the balance in their account within a reasonable period of time after termination of employment.
Upon a participant’s termination of employment for reasons other than as specified above, a participant is entitled to payment of their vested account balance. If the vested value of the participant’s account is $1,000 (applied separately to Roth and non-Roth balances) or less, payment will automatically be made in a single lump sum. If the vested value of the participant’s Roth or non-Roth balances is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically rollover the Roth or non-Roth balances to a separate Fidelity Individual Retirement Account. If the vested value of the participant’s account is greater than $5,000, the participant must contact the Plan Administrator to request a distribution.
Eligible participants may request a hardship or age 59 1/2 in-service withdrawal of all or a portion of their vested account while still working for the Company in accordance with procedures established by the Plan Administrator, subject to certain limitations and tax penalties.
Notes Receivable from Participants
A participant may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participant’s vested account balance or $50,000 reduced by the participant’s highest outstanding loan balance in the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator establishes the maximum maturity period that is permitted to prevent the loan from being treated as a distribution. Plan provisions require that all loans must be paid back within 60 months. The Plan Administrator may require loan payments to be made through payroll deductions.
Participant Accounts
Each participant account is credited with the participant’s contributions, employer safe harbor matching contributions, employer retirement contributions, and an allocation of Plan earnings or losses, and is charged quarterly with administrative expenses and recordkeeping fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Plan Sponsor, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees.
The Plan participates in a revenue credit program (Credits). Credits are earned in connection with the Plan’s revenue sharing arrangements with certain investment funds. The Credits are deposited in an unallocated account and can be used to pay ERISA-qualified expenses or can be allocated to eligible participant accounts. The calculated Credits are funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
During the year ended December 31, 2021, forfeitures used to reduce Company related contributions totaled $0.2 million.
As of December 31, 2021 and 2020, unallocated and non-vested accounts, including forfeited amounts, totaled $1.5 million and $0.7 million. These amounts will be used to reduce future employer contributions and to pay administrative expenses.
Termination of the Plan
Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become vested.
CARES Act
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act allows retirement plans to provide participants who are impacted by the coronavirus (as defined in the CARES Act) with greater access to their savings. As permitted by the CARES Act, the Plan opted in to implement the following provisions:
•Through December 31, 2020, qualified individuals were permitted to take a penalty-free distribution in an amount up to $100,000 from the Plan. Participants who take a qualified distribution have the option to have the distribution taxed over a three-year period, with the ability to recontribute up to the full amount of the distribution within three years and not be subject to federal income tax as a result.
•Required minimum distributions for calendar year 2020 were waived for retired and retirement-aged individuals.
•For loans outstanding on or after March 27, 2020, the due date on loan repayments due from March 27, 2020 to December 31, 2020 may be delayed under the Plan for up to one year. Any payments after the suspension period will be adjusted to reflect the delay and any interest accruing during the delay.
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Notes Receivable from Participants
Notes receivable from participants represent participant loans and are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2021 and 2020. If a participant ceases to make loan repayments and has reached a distributable event, the loan balance is reduced and a benefit payment is recorded.
Investments
Investments are reported at fair value. Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 3 for discussion of fair value measurements.
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. The income of each fund is reinvested in that fund.
Payment of Benefits
Benefits are recorded when paid.
NOTE 3. FAIR VALUE MEASUREMENTS
Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Plan’s assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on management’s assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Plan provides for some investments that are valued using the Net Asset Value (“NAV”) practical expedient. None of these investments have limits on their redemption. Investments valued using NAV consist of common collective trusts and separately managed private account funds and privately traded mutual funds which allow the Plan to allocate investments across a broad array of types of funds and diversify the portfolio.
The fair values of the Plan’s investments as of December 31, 2021, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
$
0.4
$
—
$
—
$
0.4
Fortive Corporation Stock Fund:
Fortive common stock
46.9
—
—
46.9
Money market fund
0.5
—
—
0.5
Mutual funds
508.9
—
—
508.9
Separately managed funds:
Cash and cash equivalents
3.8
—
—
3.8
Common stock
357.2
—
—
357.2
Mutual funds
48.5
—
—
48.5
Self-directed brokerage accounts
84.2
—
—
84.2
$
1,050.4
$
—
$
—
$
1,050.4
Investments measured at NAV
Common/collective trusts
917.3
Separately managed private account funds
—
Total investments, at fair value
$
1,967.7
The fair values of the Plan’s investments as of December 31, 2020, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
$
0.4
$
—
$
—
$
0.4
Fortive Corporation Stock Fund:
Fortive common stock
50.3
—
—
50.3
Money market fund
0.3
—
—
0.3
Mutual funds
427.5
—
—
427.5
Separately managed funds:
Money market funds
2.2
—
—
2.2
Common stock
327.3
—
—
327.3
Mutual funds
43.7
—
—
43.7
Self-directed brokerage accounts
73.7
—
—
73.7
$
925.4
$
—
$
—
$
925.4
Investments measured at NAV
Common/collective trusts
783.7
Separately managed private account funds
45.5
Total investments, at fair value
$
1,754.6
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value:
•Money market funds and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.
•The Fortive Corporation Stock Fund consists of shares of the Company’s stock and short-term money market investments and is valued based on the quoted market price of the investments.
•The separately managed funds consist of common stock, money market funds, and mutual funds, which are valued at the last reported sales price of the security on the last business day of the year, uninvested interest bearing cash and cash equivalents, which is recorded at carrying value as maturities are less than three months, and privately traded mutual funds, which cannot be priced on the open market and are valued using the net asset value of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
•The self-directed brokerage accounts consist of common stock, mutual funds, and exchange traded funds, which are valued at the last reported sales price on the last business day of the year, and uninvested interest bearing cash, which is recorded at carrying value as maturities are less than three months.
•Participation units in the common/collective trust funds are valued using the NAV of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes the valuation methods are appropriate and consistent with the methods used by 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.
NOTE 4. TAX STATUS OF THE PLAN
The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated March 14, 2018 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, its related trust is exempt from taxation. Subsequent to receiving the IRS determination letter, the Plan has been amended and restated. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE 5. RELATED PARTY AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds and units of common collective trust funds issued by affiliates of Fidelity. Fidelity is the trustee as defined by the Plan, therefore, these are party in interest transactions.
Additionally, as of December 31, 2021 and 2020, the Plan held 0.6 million and 0.7 million shares, respectively, of Fortive common stock within the Fortive Corporation Stock Fund. During the year ended December 31, 2021, the Fortive Corporation Stock Fund purchased $40.7 million and sold $47.9 million in Company stock and received $0.2 million of dividends related to shares of Fortive common stock.
-11-
SUPPLEMENTAL SCHEDULE
FORTIVE RETIREMENT SAVINGS PLAN
EIN: 47-5654583, PLAN NO. 001
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2021
(a)
(b) Identity of issue, borrower, lessor or similar party
(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value
Fidelity® Extended Market Index Fund - Premium Class
1,147,542
shares
**
100,077,120
-12-
*
Fidelity® 500 Index Fund - Institutional Class
1,513,964
shares
**
250,288,593
T. Rowe Price Treasury Reserve Fund
106
shares
**
106
Vanguard Total Bond Market Index Fund Institutional Shares
5,058,858
shares
**
56,608,620
Vanguard Total International Stock Index Fund Institutional Shares
346,989
shares
**
47,457,665
557,436,500
Common Stock
AAON INC
10,791
shares
**
857,129
ADVANCED MICRO DEVICES INC
21,318
shares
**
3,067,660
AFFIRM HOLDINGS INC
7,379
shares
**
742,032
AIR PRODUCTS & CHEMICALS INC
7,382
shares
**
2,246,047
ALARM.COM HOLDINGS INC
14,138
shares
**
1,199,044
ALIGN TECHNOLOGY INC
601
shares
**
394,965
ALLEGIANT TRAVEL CO
4,047
shares
**
756,951
ALPHABET INC CL A
1,087
shares
**
3,149,082
ALPHABET INC CL C
7,634
shares
**
22,089,666
ALTRIA GROUP INC
29,083
shares
**
1,378,243
AMAZON.COM INC
7,270
shares
**
24,240,652
ANT INTL CO LTD CLASS C PP
110,973
shares
**
209,739
APPLE INC
129,823
shares
**
23,052,670
ASML HLDG NV (NY REG SHS) NEW YORK REGIS
2,645
shares
**
2,105,790
ASTRAZENECA PLC SPONS ADR
8,732
shares
**
508,639
ATLASSIAN CORP PLC CLS A
2,741
shares
**
1,045,116
AXOS FINANCIAL INC
10,568
shares
**
590,857
AZENTA INC
8,337
shares
**
859,628
BALCHEM CORP
7,316
shares
**
1,233,478
BARNES GROUP INC
7,261
shares
**
338,290
BERKSHIRE HATHAWAY INC CL B
7,912
shares
**
2,365,688
BILL.COM HOLDINGS INC
3,300
shares
**
822,195
BIO TECHNE CORP
2,790
shares
**
1,443,379
BIOLIFE SOLUTIONS INC
17,127
shares
**
638,323
BLACKBAUD INC
7,899
shares
**
623,863
BLACKLINE INC
9,350
shares
**
968,099
BLACKROCK INC
3,148
shares
**
2,882,183
BLOCK INC CL A
8,674
shares
**
1,400,938
BOTTOMLINE TECHNOLOGIES INC
11,329
shares
**
639,749
BRIGHT HORIZONS FAMILY SOLUTIONS INC
6,484
shares
**
816,206
CARVANA CO CL A
10,087
shares
**
2,338,066
CERENCE INC
7,716
shares
**
591,354
CHEVRON CORP
13,653
shares
**
1,602,180
CHIPOTLE MEXICAN GRILL INC
986
shares
**
1,723,775
-13-
CHUBB LTD
3,356
shares
**
648,748
CINCINNATI FINANCIAL CORP
11,197
shares
**
1,275,674
CINTAS CORP
607
shares
**
269,004
CISCO SYSTEMS INC
32,805
shares
**
2,078,853
COMCAST CORP CL A
28,694
shares
**
1,444,169
CONSTRUCTION PARTNERS INC CL A
27,000
shares
**
794,070
COPART INC
4,481
shares
**
679,409
COSTAR GROUP INC
232
shares
**
18,335
COUPA SOFTWARE INC
2,345
shares
**
370,627
CROWDSTRIKE HOLDINGS INC
1,119
shares
**
229,115
CROWN CASTLE INTL CORP
12,943
shares
**
2,701,722
DANAHER CORP
8,576
shares
**
2,821,590
DATABRICKS INC SER G PC PP
409
shares
**
90,165
DATADOG INC CL A
3,338
shares
**
594,531
DELIVERY HERO SE
2,819
shares
**
314,524
DESCARTES SYS GROUP INC
14,535
shares
**
1,201,754
DIAGEO PLC SPON ADR
10,604
shares
**
2,334,365
DISNEY (WALT) CO
5,203
shares
**
805,893
DOCUSIGN INC
4,768
shares
**
726,214
DOLLAR GENERAL CORP
6,808
shares
**
1,605,531
DOMINION ENERGY INC
25,929
shares
**
2,036,982
DONALDSON CO INC
7,955
shares
**
471,413
DOORDASH INC
10,111
shares
**
1,505,528
DORMAN PRODUCTS INC
5,698
shares
**
643,931
ENVESTNET INC
11,901
shares
**
944,225
EPLUS INC
13,278
shares
**
715,419
EQUIFAX INC
943
shares
**
276,101
ESCO TECHNOLOGIES INC
9,581
shares
**
862,194
EVO PAYMENTS INC CL A
21,469
shares
**
549,606
EVOQUA WATER TECHNOLOGIES CO
10,190
shares
**
476,383
EXLSERVICE HOLDINGS INC
8,501
shares
**
1,230,690
EXPONENT INC
13,918
shares
**
1,624,648
FAIR ISAAC CORP
2,900
shares
**
1,257,643
FASTENAL CO
28,640
shares
**
1,834,678
FISERV INC
10,660
shares
**
1,106,401
FORTINET INC
4,502
shares
**
1,618,019
FOX FACTORY HOLDING CORP
12,434
shares
**
2,115,023
FRANKLIN RESOURCES INC
24,003
shares
**
803,860
GENERAL ELECTRIC CO
6,987
shares
**
660,062
GLOBUS MEDICAL INC
13,922
shares
**
1,005,168
-14-
GOLDMAN SACHS GROUP INC
6,222
shares
**
2,380,226
HASHICORP INC
1,913
shares
**
174,160
HCA HEALTHCARE INC
7,862
shares
**
2,019,905
HEALTHEQUITY INC
8,955
shares
**
396,169
HUMANA INC
1,819
shares
**
843,761
I3 VERTICALS INC CL A
20,330
shares
**
463,321
INTEL CORP
27,487
shares
**
1,415,581
INTUIT INC
7,750
shares
**
4,984,955
INTUITIVE SURGICAL INC
11,237
shares
**
4,037,454
J&J SNACKS FOOD CORP
4,723
shares
**
746,045
JOHNSON & JOHNSON
14,048
shares
**
2,403,191
KINSALE CAPITAL GROUP INC
7,459
shares
**
1,774,422
LEMAITRE VASCULAR INC
9,892
shares
**
496,875
LHC GROUP INC
6,618
shares
**
908,188
LILLY (ELI) & CO
9,786
shares
**
2,703,089
LINDE PLC
1,790
shares
**
620,110
LOWES COS INC
13,240
shares
**
3,422,275
LULULEMON ATHLETICA INC
4,718
shares
**
1,846,861
MARSH & MCLENNAN COS INC
2,269
shares
**
394,398
MARTEN TRANSPORT LTD
36,479
shares
**
625,980
MARVELL TECHNOLOGY INC
13,833
shares
**
1,210,249
MASIMO CORP
3,958
shares
**
1,158,823
MASTERCARD INC CL A
12,503
shares
**
4,492,578
MERCK & CO INC NEW
19,418
shares
**
1,488,196
META PLATFORMS INC CL A
48,885
shares
**
16,442,470
MICROSOFT CORP
88,663
shares
**
29,819,140
MONGODB INC CL A
3,016
shares
**
1,596,520
MONOLITHIC POWER SYS INC
1,670
shares
**
823,861
MSCI INC
531
shares
**
325,338
NEOGEN CORP
18,019
shares
**
818,243
NESTLE SA REG ADR
10,916
shares
**
1,532,279
NETFLIX INC
7,458
shares
**
4,492,998
NIKE INC CL B
12,101
shares
**
2,016,874
NINTENDO LTD ADR
20,589
shares
**
1,201,780
NORFOLK SOUTHERN CORP
8,475
shares
**
2,523,092
NOVANTA INC
6,043
shares
**
1,065,562
NVIDIA CORP
27,262
shares
**
8,018,027
OLLIES BARGAIN OUTLET HOLDINGS INC
10,211
shares
**
522,701
OMNICELL INC
9,589
shares
**
1,730,239
ONTO INNOVATION INC
13,628
shares
**
1,379,562
-15-
OPENDOOR TECHNOLOGIES INC
21,800
shares
**
318,498
PACIFIC PREMIER BANCORP INC
12,854
shares
**
514,546
PALOMAR HLDGS INC
3,824
shares
**
247,680
PAYCHEX INC
14,508
shares
**
1,980,342
PAYCOM SOFTWARE INC
504
shares
**
209,256
PAYPAL HLDGS INC
12,411
shares
**
2,340,466
PERFICIENT INC
6,244
shares
**
807,287
PETIQ INC CL A
14,409
shares
**
327,228
PFIZER INC
38,750
shares
**
2,288,188
PHILIP MORRIS INTL INC
13,052
shares
**
1,239,940
PINTEREST INC CL A
25,945
shares
**
943,101
PROGRESSIVE CORP OHIO
18,068
shares
**
1,854,680
Q2 HOLDINGS INC
8,556
shares
**
679,689
RBC BEARINGS INC
5,555
shares
**
1,121,943
RIVIAN AUTOMOTIVE INC
10,268
shares
**
1,064,689
RIVIAN AUTOMOTIVE INC(180 DAY LOCK UP)
14,346
shares
**
1,338,783
ROGERS CORP
3,206
shares
**
875,238
ROKU INC CLASS A
1,005
shares
**
229,341
ROPER TECHNOLOGIES INC
2,350
shares
**
1,155,871
ROSS STORES INC
15,363
shares
**
1,755,684
S&P GLOBAL INC
3,455
shares
**
1,630,518
SALESFORCE.COM INC
1,934
shares
**
491,487
SCHWAB CHARLES CORP
12,933
shares
**
1,087,665
SEA LTD ADR
17,209
shares
**
3,849,825
SEMTECH CORP
5,774
shares
**
513,482
SERVICENOW INC
8,757
shares
**
5,684,256
SHERWIN WILLIAMS CO
451
shares
**
158,824
SHOPIFY INC CL A
1,143
shares
**
1,574,330
SITEONE LANDSCAPE SUPPLY INC
5,602
shares
**
1,357,253
SNAP INC - A
65,079
shares
**
3,060,665
SNOWFLAKE INC CL A
1,312
shares
**
444,440
SPOTIFY TECHNOLOGY SA
2,975
shares
**
696,239
STAAR SURGICAL CO NEW
8,586
shares
**
783,902
STARBUCKS CORP
4,771
shares
**
558,064
STRYKER CORP
6,488
shares
**
1,735,021
SYNOPSYS INC
6,928
shares
**
2,552,968
TACTILE SYSTEMS TECHNOLOGY INC
15,905
shares
**
302,672
TAIWAN SEMIC MFG CO LTD SP ADR
6,791
shares
**
817,025
TARGET CORP
9,834
shares
**
2,275,981
TE CONNECTIVITY LTD
2,482
shares
**
400,446
-16-
TELEFLEX INC
1,662
shares
**
545,934
TENCENT HOLDINGS LTD
20,800
shares
**
1,218,516
TESLA INC
6,185
shares
**
6,536,184
TEXAS INSTRUMENTS INC
20,668
shares
**
3,895,298
TEXAS ROADHOUSE INC
8,934
shares
**
797,628
THE BOOKING HOLDINGS INC
498
shares
**
1,194,817
THERMO FISHER SCIENTIFIC INC
2,294
shares
**
1,530,649
TJX COMPANIES INC NEW
5,635
shares
**
427,809
T-MOBILE US INC
3,570
shares
**
414,049
TOAST INC
1,014
shares
**
35,196
TRANSUNION
3,222
shares
**
382,065
TREX CO INC
12,796
shares
**
1,727,844
TWILIO INC CLASS A
1,274
shares
**
335,495
TYLER TECHNOLOGIES INC
1,063
shares
**
571,841
UNITED PARCEL SERVICE INC CL B
11,342
shares
**
2,431,044
UNITEDHEALTH GROUP INC
9,443
shares
**
4,741,708
VEEVA SYS INC CL A
2,460
shares
**
628,481
VERIZON COMMUNICATIONS INC
25,519
shares
**
1,325,967
VISA INC CL A
26,508
shares
**
5,744,549
VOCERA COMMUNICATIONS INC
21,305
shares
**
1,381,416
WD 40 CO
1,983
shares
**
485,121
ZOETIS INC CL A
6,485
shares
**
1,582,535
ZOOM VIDEO COMMUNICATIONS INC CL A
5,752
shares
**
1,057,850
357,238,950
Brokeragelink
Brokeragelink
Combination of common stock, mutual funds, and ETF's
84,224,772
Total
$
1,967,698,507
Loans
*
Participant Loans
Interest rates range from 4.25% to 9.25% with maturity at various dates
**
$
15,752,221
* Party in interest.
** Historical cost not required to be presented as all investments are participant-directed.
-17-
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.
