UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
_________________________________
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023.
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ______.
Commission file number 1-2299
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Applied Industrial Technologies, Inc.
Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Applied Industrial Technologies, Inc.
One Applied Plaza
Cleveland, Ohio 44115-5056
Financial Statements and Exhibit(s) (enclosed)
(a) Financial Statements
Reports of Independent Registered Public Accounting Firms
Statements of Net Assets Available for Benefits
As of December 31, 2023 and 2022
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2023
Notes to Financial Statements
Supplemental Schedule
(b) Exhibit(s)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.
| | | | | |
| APPLIED INDUSTRIAL TECHNOLOGIES,
INC. RETIREMENT SAVINGS PLAN |
| |
| By: Applied Industrial Technologies, Inc., as Plan Administrator |
| |
| By: /s/ Kurt W. Loring |
| Kurt W. Loring |
| Vice President-Chief Human Resources Officer |
| |
| Date: June 25, 2024 | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
Reports of Independent Registered Public Accounting Firms
Financial Statements
For the Years Ended December 31, 2023 and 2022
Supplemental Schedule
As of December 31, 2023
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
| | | | | | | | |
| | Page |
| | |
| | |
| | |
| | |
| FINANCIAL STATEMENTS: | | |
| | |
| | |
| | |
| | |
| | |
| SUPPLEMENTAL SCHEDULE: | | |
| | |
| | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator and Plan Participants
Applied Industrial Technologies, Inc. Retirement Savings Plan
Cleveland, OH
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of Applied Industrial Technologies, Inc. Retirement Savings Plan (the “Plan”) as of December 31, 2023, 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, 2023, and the changes in its 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.
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.
Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to 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 information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as the Plan’s auditor since 2024.
/s/ BOBER, MARKEY, FEDOROVICH & COMPANY
Akron, Ohio
June 25, 2024
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator and Plan Participants
Applied Industrial Technologies, Inc. Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of The Applied Industrial Technologies, Inc. Retirement Savings Plan (the “Plan”) as of December 31, 2022 and the related notes (collectively referred to as the “financial statement”). In our opinion, the financial statement presents fairly, in all material respects, the net assets of the Plan as of December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis of Opinion
The Plan’s management is responsible for this financial statement. Our responsibility is to express an opinion on the Plan’s financial statement 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 statement is 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 that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion.
/s/ Plante & Moran, PLLC
We served as the Plan’s auditor from 2008 through 2023.
Cleveland, Ohio
June 16, 2023
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2023 AND 2022
| | | | | | | | | | | |
| 2023 | | 2022 |
| | | |
| Assets: | | | |
| Investments at fair value | $ | 766,270,520 | | | $ | 634,359,028 | |
| Participant notes receivable | $ | 7,944,158 | | | $ | 7,073,954 | |
| Net assets available for benefits | $ | 774,214,678 | | | $ | 641,432,982 | |
| | | |
| | | |
| See notes to financial statements. | | | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2023
| | | | | |
| 2023 |
| Additions to net assets attributed to: | |
| Contributions: | |
| Participants | $ | 32,482,391 | |
| Participants' rollovers | 8,259,140 | |
| Employer | 10,160,817 | |
| Total contributions | 50,902,348 | |
| |
| Investment Income: | |
| Interest, Dividends, and Other | 13,436,149 | |
| |
| Net realized and unrealized gains in fair value of investments | 126,300,066 | |
| |
| Total investment gain | 139,736,215 | |
| |
| Interest on participant notes receivable | 483,142 | |
| |
| Total additions | 191,121,705 | |
| |
| Deductions from net assets attributed to: | |
| Distributions to participants | (57,774,983) | |
| Administrative expenses | (565,026) | |
| Total deductions | (58,340,009) | |
| |
| Net increase in net assets | 132,781,696 | |
| |
| Net assets available for benefits: | |
Beginning of year | 641,432,982 | |
End of year | $ | 774,214,678 | |
| |
| |
| See notes to financial statements. | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022
1. DESCRIPTION OF THE PLAN
The following description of the Applied Industrial Technologies, Inc. Retirement Savings Plan (the “Plan”) is provided for general purposes only. Participants and users of the financial statements should refer to the Plan document for more complete information.
General - The Plan was established for the purpose of encouraging and assisting eligible domestic employees of Applied Industrial Technologies, Inc. and its subsidiaries (the “Company”) to provide long-term, tax-deferred savings for retirement. The Plan is subject to reporting and disclosure requirements, minimum participation and vesting standards, and fiduciary responsibility requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Administration - The Plan is administered by the Company. The Company's powers and duties relate to making participant and employer contributions to the Plan, establishing investment options, authorizing disbursements from the Plan, and resolving any questions of Plan interpretation. The record keeper and trustee for the assets of the Plan is Principal Trust Company ("Principal").
Participant Accounts - Each participant's account is credited with the participant's contributions and allocations of (a) the Company's contributions and (b) Plan earnings (losses), and (c) administrative expenses. Allocated expenses are based on participant contributions, account balances, or can be per capita, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested portion of their account.
Participation and Contributions - All eligible employees may participate in the Plan upon their hire with the Company. Eligible employees may elect to make pre-tax or after-tax contributions to the Plan ranging from 1% to 50% of compensation, subject to limitations under the Internal Revenue Code. Highly compensated employees are restricted to maximum contributions of 15% of compensation. All newly eligible employees are automatically enrolled into the Plan with an initial contribution rate of 4% after 30 days of employment if they have not already made an affirmative election to contribute to the Plan or have not made an election to opt out of contributing.
The Company may make additional discretionary matching contributions limited to 50% of the aggregate participant pre-tax and after-tax contributions up to 6% of the participant's eligible compensation for that period. Employer matching contributions are paid each pay period and the participant must be employed during the period to receive the match.
The Plan permits catch-up contributions for participants who are age 50 or older and defer the maximum amount allowed under the Plan.
The Plan provides for rollover contributions (amounts distributed to participants from certain other tax-qualified plans) and transfer contributions (amounts transferred from certain other tax-qualified plans) by or on behalf of an employee in accordance with procedures established by the Company.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022
Investment of Contributions - The Plan provides that, in accordance with the investment objectives established by the Company, the trustee of the Plan shall hold, invest, reinvest, manage and administer all assets of the Plan as a trust fund for the exclusive benefit of participants and their beneficiaries. Participants elect investment of matching and pre-tax contributions in 1% increments to any of several investment funds or options. The portion of the Plan that is invested in the Applied Industrial Technologies, Inc. Stock Fund is intended to be an Employee Stock Ownership Plan (“ESOP”) under Code Section 4975 (e)(7) and ERISA Section 407 (d)(6).
Participants may elect to change their investment elections as to future contributions and may also elect to reallocate a portion or all of their account balances among the investment choices in increments of 1% of the total amount to be reallocated. All such elections are filed with the trustee of the Plan and become effective daily.
Vesting and Distributions - Each participant is immediately and fully vested in their participant contributions and earnings thereon. Participants vest in employer contributions at a rate of 25% for each year of eligible service, becoming completely vested after four years, or at death, termination of employment due to physical or mental disability (determined by the Company upon the basis of a written certificate of a physician selected by it), or normal retirement as defined in the Plan.
Upon termination of employment, participants may receive lump-sum or installment distributions of their vested account balances as soon as administratively possible. Distributions are made in the form of cash. The Plan permits hardship withdrawals, if the hardship criteria are met, or in-service distributions at age 59 1/2. Hardship withdrawals and in-service distributions can be taken from participant rollovers, salary deferrals, and catch-up contributions.
Forfeitures - Forfeitures of nonvested amounts are used to first reduce future matching employer contributions and second, to pay eligible plan expenses. There was no balance in the forfeiture account as of December 31, 2023 and 2022, respectively. The Company used approximately $419,000 from the forfeitures to offset contributions for the year ended December 31, 2023.
Participant Notes Receivable - Participants may borrow (from their pre-tax contributions, rollover contributions and transferred contributions) a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of the aggregate sum of the participant's accounts. Participant notes receivable terms generally range from 1-5 years or up to 10 years if used for the purchase of a primary residence. Participant notes receivable that originated from merged plans are also reflected in participant notes receivable in the Plan's financial statements; these participant notes receivable are to be repaid to the Plan in accordance with their original terms. Participant notes receivable are collateralized by the balance in the participant's accounts and bear interest at market rates prevailing at the time the participant note receivable originated. Principal and interest are paid ratably through bi-weekly payroll deductions. Funds cannot be borrowed from Company contributions.
Plan Termination - The Plan was adopted with the expectation that it will continue indefinitely. The Company may, however, terminate the Plan at any time and may amend the Plan from time to time. In the event of termination of the Plan, all participants will immediately become fully vested in their accounts.
Tax Status of the Plan - The Plan obtained its latest determination letter dated July 12, 2017, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. Although the Plan has been amended since receiving this determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. The Plan is no longer subject to income tax examinations for the years prior to 2020.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022
Party-in-interest Transactions - The Plan invests in shares of the Company's common stock. The Company is the Plan sponsor; therefore, these transactions qualify as party-in-interest transactions as defined under ERISA guidelines. For the year ended December 31, 2023, transactions involving the Company's stock included sales of approximately $6,400,000 and purchases of approximately $15,400,000.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed in the preparation of the Plan's financial statements.
Basis of Accounting - The accompanying financial statements have been prepared on the accrual basis of accounting.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Valuation of Investments - Investments are recorded at fair value on the Statements of Net Assets Available for Benefits. Purchases and sales of securities are recorded on a trade-date basis. The Common/Collective trust funds are valued at net asset value per share (or its equivalent) of the funds, which is based on the fair value of the fund's underlying net assets. There were no unfunded commitments or significant redemption restrictions on the Common/Collective trust funds. The investment in Applied Industrial Technologies, Inc. common stock is valued using the year-end closing price listed by the New York Stock Exchange. Mutual funds are stated at values using quoted market prices for each of the funds. See Note 3, “Fair Value Measurements” for additional disclosures relative to the fair value of the investments held in the Plan.
Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.
Benefit Payments - Distributions to participants are recorded by the Plan when payments are made.
Administrative Expenses - Administrative expenses of the Plan are paid by the Plan.
Risks and Uncertainties - In general, investment securities are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of investment securities could occur in the near term, and such changes could materially affect the amounts reported in the financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022
3. FAIR VALUE MEASUREMENTS
Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.
The Plan estimates the fair value of financial instruments using available market information and generally accepted valuation methodologies. Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are classified into three tiers. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Plan's assessment of the significance of particular inputs to these fair value measurements require judgment and considers factors specific to each asset or liability.
Financial assets and liabilities measured at fair value on a recurring basis are as follows. There are currently no items categorized as Level 2 or 3 within the fair value hierarchy.
| | | | | | | | | | | | | | |
| | | | Fair Value Measurements at 12/31/23 |
| | Recorded Value | | Quoted Prices in Active Markets for Identical Instruments |
| | December 31, 2023 | | Level 1 |
| Assets: | | | | |
Applied Industrial Technologies, Inc. Stock Fund | | | | |
| Common Stock | | $ | 150,347,949 | | | $ | 150,347,949 | |
| Mutual Funds | | 544,820,889 | | | 544,820,889 | |
Total | | $ | 695,168,838 | | | $ | 695,168,838 | |
| | | | |
| Investments measured at NAV: | | | | |
| Common/collective trust funds: Stable value | | $ | 71,101,682 | | | |
| | | | |
Total investments at fair value | | $ | 766,270,520 | | | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022
| | | | | | | | | | | | | | |
| | | | Fair Value Measurements at 12/31/22 |
| | Recorded Value | | Quoted Prices in Active Markets for Identical Instruments |
| | December 31, 2022 | | Level 1 |
| Assets: | | | | |
Applied Industrial Technologies, Inc. Stock Fund | | | | |
| Common Stock | | $ | 117,662,552 | | | $ | 117,662,552 | |
| Mutual Funds | | 439,920,715 | | | 439,920,715 | |
Total | | $ | 557,583,267 | | | $ | 557,583,267 | |
| | | | |
| Investments measured at NAV: | | | | |
| Common/collective trust fund: Stable value | | $ | 76,775,761 | | | |
| | | | |
Total investments at fair value | | $ | 634,359,028 | | | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
Employer ID Number: 34-0117420
Plan Number: 003
SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2023
| | | | | | | | | | | | | | |
| (a) | (b) | (c) | (d) | (e) |
| Identity of Issuer, Borrower, | | | Current |
| Lessor or Similar Party | Description of Investment | Cost | Value |
| * | Applied Industrial Technologies, Inc. Stock: | | | |
| Applied Industrial Technologies, Inc. | Common Stock | ** | $ | 150,347,949 | |
| | | | |
| Common/Collective Trust Funds | | | |
| Stable Principal Fund | | | |
| Vanguard Retirement Savings Trust | | ** | 71,101,682 | |
| | | | |
| Fixed Income Funds | | | |
| Bond Fund | | | |
| Baird Aggregate Bond Institutional Fund | Mutual Fund | ** | 8,593,652 | |
| American Funds Bond Fund of America R6 Fund | Mutual Fund | ** | 8,581,746 | |
| John Hancock Investment Grade Bond R6 Fund | Mutual Fund | ** | 8,617,129 | |
| Total Fixed Income Funds | | | 25,792,527 | |
| | | | |
| Mutual Funds - Equity | | | |
| Large Value Stock Fund | | | |
| Vanguard Value Index Institutional Fund | Mutual Fund | ** | 7,703,527 | |
| Putnam Large Cap Value R6 Fund | Mutual Fund | ** | 5,750,290 | |
| JP Morgan US Value R6 Fund | Mutual Fund | ** | 5,730,013 | |
| Large Core Stock Fund | | | |
| Columbia Large Cap Enhanced Core I3 Fund | Mutual Fund | ** | 11,481,747 | |
| T. Rowe Price U.S. Equity Research Fund | Mutual Fund | ** | 11,615,222 | |
| Vanguard Growth & Income Admiral Fund | Mutual Fund | ** | 11,504,729 | |
| Vanguard Institutional Index Institutional Fund | Mutual Fund | ** | 17,905,293 | |
| Large Growth Stock Fund | | | |
| Harbor Capital Appreciation Retirement Fund | Mutual Fund | ** | 22,801,436 | |
| JP Morgan Growth Advantage R6 Fund | Mutual Fund | ** | 22,512,595 | |
| Vanguard Growth Index Institutional Fund | Mutual Fund | ** | 23,200,825 | |
| Mid Cap Value Stock Fund | | | |
| John Hancock Disciplined Value Mid Cap R6 Fund | Mutual Fund | ** | 2,476,471 | |
| Vanguard Mid-Cap Value Index Admiral Fund | Mutual Fund | ** | 4,103,568 | |
| MFS Mid Cap Value R6 Fund | Mutual Fund | ** | 1,641,480 | |
| Mid Cap Core Stock Fund | | | |
| Vanguard Mid Cap Index Institutional Fund | Mutual Fund | ** | 2,714,698 | |
| Vanguard Strategic Equity Inv Fund | Mutual Fund | ** | 1,689,788 | |
| Fidelity Mid Cap Stock K Fund | Mutual Fund | ** | 675,509 | |
| MFS Blended Research Mid Cap Equity R6 Fund | Mutual Fund | ** | 1,026,640 | |
| Madison Mid Cap R6 Fund | Mutual Fund | ** | 670,464 | |
| | | | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
Employer ID Number: 34-0117420
Plan Number: 003
SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2023
| | | | | | | | | | | | | | |
| (a) | (b) | (c) | (d) | (e) |
| Identity of Issuer, Borrower, | | | Current |
| Lessor or Similar Party | Description of Investment | Cost | Value |
| Mid Cap Growth Stock Fund | | | |
| T. Rowe Price Instl Mid-Cap Equity Growth Fund | Mutual Fund | ** | 9,852,056 | |
| Fidelity Mid Cap Growth Index Fund | Mutual Fund | ** | 11,054,421 | |
| Legg Mason ClearBridge Select IS Fund | Mutual Fund | ** | 3,614,508 | |
| Small Cap Value Stock Fund | | | |
| Vanguard S&P 600 Small Cap Value Index Institutional Fund | Mutual Fund | ** | 2,796,048 | |
| PIMCO RAE US Small Institutional Fund | Mutual Fund | ** | 2,104,578 | |
| CornerCap Small-Cap Value Institutional Fund | Mutual Fund | ** | 2,101,159 | |
| Small Cap Core Stock Fund | | | |
| Vanguard Small Cap Index Institutional Fund | Mutual Fund | ** | 1,004,827 | |
| Touchstone Small Company R6 Fund | Mutual Fund | ** | 741,441 | |
| Thrivent Small Cap Stock S Fund | Mutual Fund | ** | 750,970 | |
| Small Cap Growth Stock Fund | | | |
| Vanguard Russell 2000 Growth Index Instl Fund | Mutual Fund | ** | 8,770,310 | |
| Baron Discovery R6 Fund | Mutual Fund | ** | 4,634,442 | |
| Foreign Stock Fund | | | |
| American Funds EuroPacific Growth R6 Fund | Mutual Fund | ** | 6,639,719 | |
| Vanguard Total International Stock Index Institutional Fund | Mutual Fund | ** | 10,639,972 | |
| MFS International Equity R6 Fund | Mutual Fund | ** | 9,359,906 | |
| Vanguard Growth Index Institutional Fund | Mutual Fund | ** | 21,953,306 | |
| Vanguard Institutional Index Institutional Fund | Mutual Fund | ** | 20,391,781 | |
| Vanguard Mid Cap Index Institutional Fund | Mutual Fund | ** | 4,621,905 | |
| Vanguard Small Cap Index Admiral Fund | Mutual Fund | ** | 5,007,319 | |
| Vanguard Value Index Institutional Fund | Mutual Fund | ** | 6,631,053 | |
| Vanguard Total International Stock Index Institutional Fund | Mutual Fund | ** | 5,906,381 | |
| Total Mutual Funds - Equity | | | 293,780,397 | |
| | | | |
| Retirement-Year Based Funds | | | |
| Vanguard Target Retirement Income Fund | Mutual Fund | ** | 5,595,264 | |
| Vanguard Target Retirement 2020 Fund | Mutual Fund | ** | 11,223,385 | |
| Vanguard Target Retirement 2025 Fund | Mutual Fund | ** | 26,702,378 | |
| Vanguard Target Retirement 2030 Fund | Mutual Fund | ** | 50,523,177 | |
| Vanguard Target Retirement 2035 Fund | Mutual Fund | ** | 37,229,082 | |
| Vanguard Target Retirement 2040 Fund | Mutual Fund | ** | 22,609,287 | |
| Vanguard Target Retirement 2045 Fund | Mutual Fund | ** | 21,703,201 | |
| Vanguard Target Retirement 2050 Fund | Mutual Fund | ** | 19,575,958 | |
| Vanguard Target Retirement 2055 Fund | Mutual Fund | ** | 12,798,895 | |
| Vanguard Target Retirement 2060 Fund | Mutual Fund | ** | 6,398,640 | |
| Vanguard Target Retirement 2065 Fund | Mutual Fund | ** | 3,093,681 | |
| Vanguard Target Retirement 2070 Fund | Mutual Fund | ** | 140,630 | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
RETIREMENT SAVINGS PLAN
Employer ID Number: 34-0117420
Plan Number: 003
SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2023
| | | | | | | | | | | | | | |
| (a) | (b) | (c) | (d) | (e) |
| Identity of Issuer, Borrower, | | | Current |
| Lessor or Similar Party | Description of Investment | Cost | Value |
| Total Retirement-Year Based Funds | | | 217,593,578 | |
| | | | |
| Balanced Funds | | | |
| Vanguard Wellesley Income Admiral Fund | Mutual Fund | ** | 2,296,764 | |
| T. Rowe Price Spectrum Conservative Allocation Fund | Mutual Fund | ** | 1,514,098 | |
| Hartford Balanced Income R6 Fund | Mutual Fund | ** | 2,317,324 | |
| TIAA-CREF Lifestyle Conservative Institutional Fund | Mutual Fund | ** | 1,526,201 | |
| Total Balanced Funds | | | 7,654,387 | |
| | | | |
| Total Investments | | | 766,270,520 | |
| | | | |
| Notes Receivable From Participants | | | |
| * | Participant notes receivable (with interest rates ranging from 4.25% to 10.58% and maturity dates ranging from March 2024 to September 2035) | - | 7,944,158 | |
| | | | |
| Total | | | $ | 774,214,678 | |
| | | | |
| * | Represents a party-in-interest | | | |
| ** | Indicates a participant-directed fund. The cost disclosure is not required. | | |