Danaher Corporation

06/17/2025 | Press release | Distributed by Public on 06/17/2025 06:20

Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-08089

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Danaher Corporation & Subsidiaries Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Danaher Corporation
2200 Pennsylvania Avenue, N.W., Suite 800W
Washington, D.C. 20037-1701
202-828-0850






















DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023
AND FOR THE YEAR ENDED DECEMBER 31, 2024,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2024 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM






















DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
INDEX
FORM 11-K
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023
2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024
3
Notes to Financial Statements as of December 31, 2024 and 2023 and for the Year Ended December 31, 2024
4
SUPPLEMENTAL SCHEDULES
Form 5500, Schedule H, Line 4a - Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2024
10
Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024
11



Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of Danaher Corporation & Subsidiaries Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, 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, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, 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 schedules of assets (held at end of year) as of December 31, 2024, and delinquent participant contributions for the year then ended (referred to as the "supplemental schedules"), have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedules 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 schedules. 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 2003.
Tysons, Virginia
June 17, 2025

1

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2024 AND 2023
($ in millions)
2024 2023
ASSETS
Investments, at fair value $ 6,362.9 $ 5,750.4
Receivables:
Employer contributions 13.8 15.3
Plan transfer receivable 37.0 -
Notes receivable from participants 50.5 45.0
Total receivables 101.3 60.3
Total assets 6,464.2 5,810.7
LIABILITIES
Administrative expenses payable - 0.1
Total liabilities - 0.1
NET ASSETS AVAILABLE FOR BENEFITS $ 6,464.2 $ 5,810.6
See the accompanying Notes to the Financial Statements.

2

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2024
($ in millions)

ADDITIONS
Contributions:
Participant $ 253.5
Rollovers 37.9
Employer 166.7
Total contributions 458.1
Net appreciation in the fair value of investments 813.0
Interest and dividend income 17.2
Total investment income 830.2
Interest income on notes receivable from participants 3.8
Total additions 1,292.1
DEDUCTIONS
Benefit payments 669.3
Administrative expenses 2.9
Total deductions 672.2
NET INCREASE PRIOR TO PLAN TRANSFERS 619.9
NET TRANSFERS INTO PLAN 33.7
NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS 653.6
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 5,810.6
End of year $ 6,464.2
See the accompanying Notes to the Financial Statements.
3

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023 AND FOR THE YEAR ENDED DECEMBER 31, 2024
NOTE 1. DESCRIPTION OF THE PLAN
General
The Danaher Corporation & Subsidiaries Savings Plan (the "Plan") is a defined contribution plan established for eligible full-time and part-time U.S.-based employees, or employees outside of the U.S. as expatriates paid through U.S. payroll, of Danaher Corporation and its subsidiaries (the "Company"), effective November 30, 2002. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Danaher Corporation is the plan sponsor (the "Plan Sponsor"). Prior to November 30, 2002, these employees participated in the Danaher Corporation & Subsidiaries Retirement and Savings Plan. 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. The Plan is administered through the trustee, Fidelity Management Trust Company ("Fidelity" or the "Plan Administrator").
Effective January 1, 2015, the Plan was amended to include a Roth 401(k) feature, automatic enrollment of new hires, rehires and those otherwise newly eligible (e.g. through acquisitions), automatic annual re-enrollment and annual auto-increase of deferral rates. The first annual cycle of automatic re-enrollment and auto-increase occurred in 2016. In addition, the Plan has been amended such that employees are eligible for employer safe harbor contributions immediately upon participation in the Plan.
Effective January 1, 2022, the Plan was amended to allow for employees not covered by collective bargaining agreements to elect to convert certain portions of their pre-tax, vested account balances to a Roth account in the Plan. This election results in the converted amounts being immediately taxed, but those amounts, and future earnings, are not taxed when made to participants as a qualifying distribution in retirement. Also effective in 2022, the Company amended the Plan to make an employer safe harbor match contribution true-up following the end of the year that considers the total eligible pay and salary deferrals for the entire plan year to determine if an additional match is due to employees not covered by collective bargaining agreements. This change removes the requirement that employees not covered by collective bargaining agreements defer at least 5% of eligible pay each pay period during the plan year to maximize the Company's matching contributions.
Plan Merger
On December 31, 2024, the Abcam Boston 401(k) Plan merged into the Plan and the related assets were recorded as a receivable in the Statements of Net Assets Available for Benefits as of December 31, 2024. The merger of this plan resulted in assets transferred in on January 29, 2025 of $37.0 million. The asset transfer occurred subsequent to and as a result of Danaher Corporation's acquisition of Abcam plc.
On January 26, 2023, the Aldevron Retirement Savings Plan related to the employees of Aldevron, L.L.C. transferred assets of $20.3 million into the Plan. This asset transfer occurred subsequent to and as a result of Danaher Corporation's acquisition of Aldevron, L.L.C.
Environmental & Applied Solutions Separation
On September 30, 2023, the Company completed the separation of Veralto Corporation, its former Environmental & Applied Solutions business (the "Veralto Separation"). Prior to the Veralto Separation, the Company created a new savings plan, the Veralto Corporation and Subsidiaries Savings Plan (the "Veralto Plan"), and transferred approximately $933.1 million, which was the total amount of the balances and the related assets of the Plan participants who are now employees of Veralto Corporation after the Veralto Separation, to the Veralto Plan. This $933.1 million of net assets transferred includes $9.4 million of outstanding loan balances.
Contributions
Eligible participants may contribute up to 75% of their compensation (traditional pre-tax and Roth after-tax combined), up to IRS and Plan limits. Employee contributions and the earnings or losses thereon are fully vested at all times. Employees whose employment is governed by the terms of a collective bargaining agreement may participate in the Plan to the extent authorized by the terms of the collective bargaining agreement.
4

The Company immediately matches 100% of each dollar contributed by participants (traditional pre-tax, Roth after-tax or a combination) on the first 3% of eligible pay plus 50% of each dollar contributed on the next 2% of eligible pay for employees not covered by collective bargaining agreements. These matching contributions are considered "safe harbor" matching contributions. Participants are fully vested in the value of the "safe harbor" matching contributions.
In addition to the Company's matching contributions, after certain participants complete one year of continuous service, the Company may make additional retirement contributions on behalf of the participants. This discretionary Company retirement contribution may equal up to 2% of eligible participants' eligible pay and is contributed each payroll period to the Plan. In addition, for participants that are active on the last day of the Plan year and have annual earnings that exceed the Social Security wage base for the Plan year, an additional retirement contribution of up to 2% of annual eligible earnings above the Social Security wage base and below the maximum eligible wages as determined by the IRS each year may be contributed by the Company to participants' accounts subsequent to the Plan year end. The Company's discretionary retirement contributions are determined at the discretion of the Plan Sponsor. With respect to all discretionary retirement contributions, participants generally become fully vested on the earlier of the date of completion of three years of service, retirement at or after age 65, or complete disability or death.
Approximately 1% of plan participants are covered by collective bargaining agreements. Employees covered by collective bargaining agreements are eligible for Company contributions, per the terms of the applicable collective bargaining agreement. For more details on specific union groups, refer to the formal legal documents of the Plan.
The Company's unilateral and matching contributions for plan participants covered by collective bargaining agreements are determined at the discretion of the Plan Sponsor unless otherwise required by the terms of the collective bargaining agreement applicable to each participant. Generally, participants become fully vested with respect to the employer contributions upon completion of three years of service, attainment of age 65, death, complete disability or as required pursuant to the terms of the applicable collective bargaining agreement.
Benefit Payments
Participants who attain normal retirement age shall be entitled to payment of the balance in their account. Participants who remain 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. Participants are required to begin receiving distributions no later than the April 1 following the later of the year in which they retire from the Company or the year in which the participant turns age 73.
The beneficiary or beneficiaries of deceased participants shall be entitled to payment of the participants' account balance within a reasonable period of time after the participants' death.
Upon total and permanent disability, participants shall be entitled to payment of the balance in their account within a reasonable period of time after termination of employment.
Upon participants' termination of employment for reasons other than as specified above, participants are entitled to payment of their vested account balance. If the vested value of the participants' 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 participants' Roth balances or non-Roth balances is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically roll over the Roth balances or non-Roth balances to a separate Fidelity IRA. If the vested value of the participants' account is more than $5,000, the participant must contact the Plan Administrator to request a distribution.
Eligible participants may request a 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. Different withdrawal rules apply to different Plan accounts.
Notes Receivable from Participants
Participants 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 participants' vested account balance or $50,000 reduced by the participants' highest outstanding loan balance from the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator shall establish the maximum maturity period that will be 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.
5

Participant Accounts
Each participant account is credited with the participant's contributions, employer safe harbor contributions, employer retirement contributions and an allocation of Plan earnings or losses, and is charged quarterly with administrative expense and recordkeeping fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant's 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. Expenses relating to purchases, sales or transfers of the Plan's investments are charged to the particular investment fund to which the expenses relate. All other administrative expenses of the Plan are paid by the Plan Sponsor.
A revenue credit program became effective July 1, 2013. When recordkeeping revenue earned in connection with plan services exceeds agreed-upon compensation, the Plan Sponsor can deposit excess revenue, regardless of source, in an unallocated account. The excess revenue credit is reimbursed to participants invested in the single fund providing the revenue credit. The calculated revenue credit is funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
As of December 31, 2024 and 2023, unallocated non-vested accounts, including forfeited amounts, totaled $0.6 million and $1.4 million, respectively, and forfeitures used to reduce Company contributions for 2024 were $3.4 million.
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 nonforfeitable.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("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 that 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, 2024 or 2023. If participants cease to make loan repayments and have 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 to sell 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.
6


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 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 as established within the accounting standards. 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 the Plan'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 fair values of the Plan's investments as of December 31, 2024 and 2023, 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
2024 2023 2024 2023 2024 2023 2024 2023
Cash and equivalents $ 21.1 $ 19.0 $ - $ - $ - $ - $ 21.1 $ 19.0
Common stock 1,546.1 1,390.2 - - - - 1,546.1 1,390.2
Mutual funds 195.4 156.0 - - - - 195.4 156.0
Bonds - - 37.0 25.8 - - 37.0 25.8
U.S. government issued securities - - 20.6 10.0 - - 20.6 10.0
Common/collective trusts - - 4,222.8 3,904.4 - - 4,222.8 3,904.4
Self-directed brokerage account 319.9 245.0 - - - - 319.9 245.0
Total investments, at fair value $ 2,082.5 $ 1,810.2 $ 4,280.4 $ 3,940.2 $ - $ - 6,362.9 5,750.4
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2024 and 2023.
Common stock and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.
Bonds and U.S. government issued securities that are not traded on an active market are valued at quoted prices reported by investment brokers and dealers based on the underlying terms of the security and comparison to similar securities traded on an active market.
The common/collective trusts are valued based on the Plan's interest, represented by investment units, in the underlying investments held within the trust that are traded in an active market by the trustee. The unit value is not quoted in active public markets.
The self-directed brokerage consists of common stock, mutual funds, bonds and other investments, which are valued at the last reported sales price on the last business day of the year, and uninvested cash, which is recorded at carrying value as maturities are less than three months.
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.

7

NOTE 4. TAX STATUS OF THE PLAN
The Plan received a determination letter from the IRS dated April 6, 2023, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code"). The Plan has been further amended and restated subsequent to the document and amendments covered in this determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. 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 tax-exempt. If an operational issue is discovered, the Plan Sponsor has indicated that it will take any necessary steps to bring the Plan's operations into compliance with the Code.
Accounting standards require 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 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 of the Plan for any tax periods in progress.

NOTE 5. RELATED PARTY TRANSACTIONS AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these qualify as party in interest transactions.
Additionally, as of December 31, 2024 and 2023, the Plan invested in 2.0 million and 2.1 million shares, respectively, of Danaher Corporation common stock as part of the Danaher Corporation Stock Fund ("Danaher Common Stock"). During the year ended December 31, 2024, the Plan received $2.2 million of cash dividends on shares of Danaher Common Stock. Additionally, during the year ended December 31, 2024, the Company repurchased $173.1 million of shares of Danaher common stock from the Plan at fair market value at the time of purchase.
NOTE 6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
Notes receivable from participants in the accompanying financial statements include all loans in the plan as of the end of the year. The participant loans in the Form 5500 only include loans that are active or deemed loans with post-default payments remitted during the year. The difference between these two amounts represents a reconciling item.
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31 to the Form 5500 ($ in millions):
2024 2023
Net assets available for benefits per the financial statements $ 6,464.2 $ 5,810.6
Loans with no post-default payment activity that are deemed distributions (2.0) (1.8)
Net assets available for benefits per the Form 5500 $ 6,462.2 $ 5,808.8
The following is a reconciliation of the net increase prior to plan transfers per the financial statements to net income per the Form 5500 for the year ended December 31, 2024 ($ in millions):
Net increase in assets available for benefits prior to plan transfers per the financial statements $ 619.9
Loan defaults previously deemed distributed that reached a distributable event 0.1
Interest payments on loans deemed distributed that have had no post-default payment activity (0.2)
Deemed distributions (0.1)
Net income per the Form 5500 $ 619.7
8


SUPPLEMENTAL SCHEDULES


9

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4a -
SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
FOR THE YEAR ENDED DECEMBER 31, 2024

Total that Constitute Nonexempt Prohibited Transactions
Participant Contributions Transferred Late to Plan

Check Here if Late Participant Loan Repayments are Included: a
Contributions Not Corrected Contributions Corrected Outside VFCP Contributions Pending Correction in VFCP Total Fully Corrected Under VFCP and PTE 2002-51
$ 784.56 - $ 784.56 - -

10

DANAHER CORPORATION & SUBSIDIARIES PENSION PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2024
(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 		(d) Cost (e) Current value
Cash Equivalents
* Fidelity® Investments Money Market Government Portfolio - Institutional Class 5,291,548 units ** $ 5,291,549
Brown Brothers Harriman U.S. Government Money Market Fund 11,110,669 units ** 11,293,861
* PIMCO Private Account Portfolio Series Short-Term Floating NAV Portfolio II 351,736 units ** 4,494,210
$ 21,079,620
Common/Collective Trusts
* Fidelity Managed Income Portfolio II Class 2 (at FMV) 3 units ** $ 3
* Fidelity Managed Income Portfolio II Class 3 (at FMV) 259,301,102 units ** 259,301,102
American Beacon Small Cap Value Institutional Class 5,201,098 units ** 111,823,096
* Select Leaders Series 2 Portfolio 11,627,662 units ** 148,252,689
GQG International Equity 5,481,371 units ** 87,976,004
BlackRock Equity Index Non-Lendable Fund 7,335,804 units ** 782,651,628
BlackRock MSCI ACW Ex-US IM Non-Lendable Fund 3,680,267 units ** 75,278,227
BlackRock Russell 2500 Index Non-Lendable Fund 2,936,371 units ** 102,700,332
BlackRock US Debt Index Non-Lendable Fund 4,483,894 units ** 68,410,291
LifePath® Index 2030 Non-Lendable Fund F 9,269,522 units ** 360,627,595
LifePath® Index 2035 Non-Lendable Fund F 9,244,816 units ** 405,990,888
LifePath® Index 2040 Non-Lendable Fund F 7,330,506 units ** 358,690,461
LifePath® Index 2045 Non-Lendable Fund F 6,295,347 units ** 338,422,237
LifePath® Index 2050 Non-Lendable Fund F 5,083,867 units ** 291,832,770
LifePath® Index 2055 Non-Lendable Fund F 5,234,815 units ** 219,241,380
LifePath® Index 2060 Non-Lendable Fund F 5,104,780 units ** 121,741,153
LifePath® Index 2065 Non-Lendable Fund F 2,371,539 units ** 40,310,393
LifePath® Index Retirement Non-Lendable Fund F 16,943,479 units ** 449,509,204
$ 4,222,759,453
Registered Investment Companies (Mutual Funds)
Dodge & Cox International Stock Fund 1,763,046 shares ** $ 87,976,004
* PIMCO All Asset Fund Institutional Class 863,851 shares ** 9,346,864
* PIMCO Inflation Response Multi-Asset Fund Institutional 1,147,100 shares ** 9,348,867
* DoubleLine Floating Rate Fund Institutional 339,480 units ** 3,233,317
11

(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 		(d) Cost (e) Current value
* DoubleLine Global Fund Institutional 146,787 units ** 936,380
* DoubleLine Infrastructure Income Fund Institutional 450,324 units ** 3,422,200
* DoubleLine Selective Credit Fund Institutional 1,504,175 units ** 8,757,429
* PIMCO Private Account Portfolio Series U.S. Government and Short-Term Inv 1,680,880 units ** 9,967,618
* PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments 1,296,961 units ** 9,675,332
* PIMCO Private Account Portfolio Series Municipal Sector 149,697 units ** 908,659
* PIMCO Private Account Portfolio Series Real Return Bond 344,528 units ** 3,982,745
* PIMCO Private Account Portfolio Series Emerging Markets Bond and Short-Term 375,457 units ** 3,484,236
* PIMCO Private Account Portfolio Series International 777,304 units ** 4,897,014
* PIMCO Private Account Portfolio Series High Yield & Short-Term Investments 122,925 units ** 876,455
* PIMCO Private Account Portfolio Series Investment Grade Credit Bond 2,226,409 units ** 19,815,038
* PIMCO Private Account Portfolio Series Asset-Backed Securities and Short-Term 1,616,204 units ** 18,747,962
$ 195,376,120
Common Stock
Aaon Inc Com 37,107 shares ** $ 4,366,752
Advanced Micro Devices 2,409 shares ** 290,983
Adyen Bv 1,006 shares ** 1,496,937
Agilysys Inc 15,798 shares ** 2,080,755
Air Prods & Chems Inc 16,103 shares ** 4,670,514
Alarm.Com Holdings Inc. 29,018 shares ** 1,764,294
Alphabet Inc Cl A 60,461 shares ** 11,445,267
Alphabet Inc Cl C 283,456 shares ** 53,981,361
Altria Group Inc 43,690 shares ** 2,284,707
Amazon.Com Inc 343,418 shares ** 75,342,475
Apple Inc 350,798 shares ** 87,846,335
Asml Holding Nv Ny 9,700 shares ** 6,722,876
Astrazeneca Plc-Spons Adr 6,932 shares ** 454,185
Atlassian Corp-Cl A 2,049 shares ** 498,686
Axos Financial Inc 16,419 shares ** 1,146,867
Azenta Inc 11,504 shares ** 575,200
Balchem Corp 18,127 shares ** 2,954,610
Barnes Group Inc. 6,174 shares ** 291,783
Berkshire Hathaway Inc De 10,616 shares ** 4,812,020
12

(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 		(d) Cost (e) Current value
Bill Holdings Inc 15,579 shares ** 1,319,697
Biolife Solutions Inc. Com New 19,843 shares ** 515,124
Bio-Techne Corp 22,904 shares ** 1,649,775
Blackbaud Inc 27,337 shares ** 2,020,751
Blackline Inc 19,187 shares ** 1,165,802
Blackrock Inc 4,736 shares ** 4,854,921
Booking Holdings Inc 1,669 shares ** 8,292,293
Bright Horizons Family Solutions Inc Del 13,306 shares ** 1,474,970
Broadcom Inc 71,687 shares ** 16,619,914
Carvana Co 74,209 shares ** 15,091,142
Carvana Co 144A 20230901 12% 20281201 313,204 shares ** 348,544
Carvana Co 144A 20230901 13% 20300601 555,862 shares ** 637,358
Carvana Co 144A 20230901 14% 20310601 663,832 shares ** 829,218
Casella Waste Systems, Inc. Cl A 24,146 shares ** 2,554,888
Cbiz Inc. 10,072 shares ** 824,192
Certara Inc 125,723 shares ** 1,338,950
Chevron Corp New 17,773 shares ** 2,574,241
Chipotle Mexican Grill Inc 129,963 shares ** 7,836,769
Chubb Ltd 29,923 shares ** 8,267,725
Cincinnati Finl Corp 16,828 shares ** 2,418,184
Cintas Corp 9,848 shares ** 1,799,230
Cisco Sys Inc 49,298 shares ** 2,918,264
Colgate-Palmolive Co 32,461 shares ** 2,951,030
Comcast Corp New 43,112 shares ** 1,617,918
Confluent Inc-Class A 24,641 shares ** 688,962
Constellation Energy 27,270 shares ** 6,100,572
Construction Partners Inc. Com Cl A 58,149 shares ** 5,143,861
Crowdstrike Holdings Inc - A 6,570 shares ** 2,247,991
Crown Castle Inc 19,487 shares ** 1,768,640
* Danaher Corporation 1,952,392 shares ** 448,171,583
Databricks Ser G Cvt Pfd Stck Pp 19700101 0% 39991230 4,545 shares ** 420,413
Datadog Inc - Class A 10,246 shares ** 1,464,051
Descartes Systems Group Inc. 32,511 shares ** 3,693,250
13

(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 		(d) Cost (e) Current value
Diageo Plc 15,975 shares ** 2,030,902
Digi International Inc. 38,452 shares ** 1,162,404
Dollar General Corp 4,401 shares ** 333,684
Dominion Energy Inc 53,426 shares ** 2,877,740
Donaldson Co Inc 16,324 shares ** 1,099,421
Doordash Inc - A 19,265 shares ** 3,231,704
Dorman Products Inc. 10,115 shares ** 1,310,398
Doubleverify Holdings Inc 61,607 shares ** 1,183,470
Elevance Health Inc 5,575 shares ** 2,056,618
Eli Lilly & Co 33,500 shares ** 25,862,000
Eplus Inc 20,515 shares ** 1,515,648
Esco Technologies Inc. 19,662 shares ** 2,619,175
Exlservice Holdings Inc. 101,534 shares ** 4,506,079
Exponent Inc 34,313 shares ** 3,057,288
Fastenal Co 37,082 shares ** 2,666,710
Fidelity Natl Information 42,682 shares ** 3,447,344
Firstservice Corp. 5,588 shares ** 1,011,540
Fiserv Inc 9,994 shares ** 2,052,967
Fortinet Inc 2,604 shares ** 246,026
Fox Factory Holding Corporation 12,840 shares ** 388,667
Ge Aerospace 32,798 shares ** 5,470,378
Ge Vernova Llc 6,675 shares ** 2,195,608
Globus Med Inc Cl A 40,945 shares ** 3,386,561
Goldman Sachs Group Inc 6,651 shares ** 3,808,496
Grocery Outlet Holding Corp. 38,504 shares ** 601,047
Hamilton Lane Inc Cl A 6,062 shares ** 897,479
Healthequity Inc 21,912 shares ** 2,102,456
Humana Inc 8,368 shares ** 2,123,045
I3 Verticals Inc Com Cl A 41,936 shares ** 966,205
Intuit Inc 8,637 shares ** 5,428,355
Intuitive Surgical Inc 26,649 shares ** 13,909,712
J&J Snack Foods Corp 11,556 shares ** 1,792,682
Johnson & Johnson 21,104 shares ** 3,052,060
14

(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 		(d) Cost (e) Current value
Kinsale Capital Group Inc 9,037 shares ** 4,203,380
Lam Research Corp 3,400 shares ** 245,582
Lemaitre Vascular Inc. 20,300 shares ** 1,870,442
Linde Plc 7,155 shares ** 2,995,584
Lowes Cos Inc 15,732 shares ** 3,882,658
Lululemon Athletica Inc 4,141 shares ** 1,583,560
Marsh & Mclennan Cos 16,421 shares ** 3,487,985
Marten Transport Ltd. 74,853 shares ** 1,168,455
Mastercard Inc - A 38,445 shares ** 20,243,984
Merck & Co Inc 29,171 shares ** 2,901,931
Mesa Laboratories Inc. 4,424 shares ** 583,393
Meta Platforms Inc-Class A 92,141 shares ** 53,949,477
Microsoft Corp 248,303 shares ** 104,659,715
Mondelez International Inc 24,638 shares ** 1,471,628
Mongodb Inc 3,286 shares ** 765,014
Monolithic Power Systems Inc 5,828 shares ** 3,448,428
Morgan Stanley 31,989 shares ** 4,021,657
Msci Inc 324 shares ** 194,403
Neogen Corp 48,551 shares ** 589,409
Nestle S A 20,800 shares ** 1,699,278
Netflix Inc 20,188 shares ** 17,993,968
Nike Inc -Cl B 3,515 shares ** 265,980
Nintendo Ltd 229,327 shares ** 3,355,786
Norfolk Southn Corp 15,706 shares ** 3,686,198
Northrop Grumman Corp 5,717 shares ** 2,682,931
Novanta Inc 19,325 shares ** 2,952,280
Nv5 Global Inc. 40,600 shares ** 764,904
Nvidia Corp 785,325 shares ** 105,461,294
Old Dominion Freight Line 12,385 shares ** 2,184,714
Ollies Bargain Outlet Holdings Inc. 22,870 shares ** 2,509,525
Onto Innovation Inc. 23,215 shares ** 3,869,244
Option Care Health Inc Com New 18,385 shares ** 426,532
Palomar Holdings Inc 7,847 shares ** 828,565
15

(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 		(d) Cost (e) Current value
Paychex Inc 21,793 shares ** 3,055,814
Philip Morris Intl Inc 36,907 shares ** 4,441,757
Procter & Gamble Co/The 14,284 shares ** 2,394,713
Progressive Corp 17,844 shares ** 4,275,601
Rbc Bearings Inc 12,944 shares ** 3,872,068
Roper Technologies Inc 8,545 shares ** 4,442,118
Ross Stores Inc 26,120 shares ** 3,951,172
S&P Global Inc 6,878 shares ** 3,425,450
Schlumberger Ltd 43,523 shares ** 1,668,672
Schwab Charles Corp 82,866 shares ** 6,132,912
Sea Ltd Adr 27,804 shares ** 2,950,004
Servicenow Inc 18,856 shares ** 19,989,623
Sherwin-Williams Co/The 9,149 shares ** 3,110,020
Shopify Inc - Class A 60,451 shares ** 6,427,755
Siteone Landscape Supply Inc 17,006 shares ** 2,240,881
Snowflake Inc 892 shares ** 137,734
Sps Commerce Inc 13,815 shares ** 2,541,822
Spx Technologies, Inc. 10,512 shares ** 1,529,706
Staar Surgical Co Com 16,083 shares ** 390,656
Starbucks Corp 31,386 shares ** 2,863,881
Stryker Corp 12,250 shares ** 4,410,613
Synopsys Inc 14,227 shares ** 6,905,217
Taiwan Semiconductor-Sp Adr 19,805 shares ** 3,911,289
Te Connectivity Plc 41,254 shares ** 5,898,084
Tesla Inc 68,853 shares ** 27,805,596
Texas Instrs Inc 22,236 shares ** 4,169,285
Texas Instruments Inc 6,574 shares ** 1,232,691
Texas Roadhouse Inc 21,550 shares ** 3,888,267
Thermo Fisher Scientific Inc 10,337 shares ** 5,377,618
Tjx Companies Inc 29,924 shares ** 3,615,118
T-Mobile Us Inc 38,948 shares ** 8,596,992
Transdigm Group Inc 1,837 shares ** 2,327,993
Trex Company, Inc. 34,925 shares ** 2,410,873
16

(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 		(d) Cost (e) Current value
Tyler Technologies Inc. 3,165 shares ** 1,825,066
Ufp Technologies Inc. 1,845 shares ** 451,121
United Parcel Service Inc 17,044 shares ** 2,149,248
Unitedhealth Group Inc 23,151 shares ** 11,711,165
Valvoline Inc 29,734 shares ** 1,075,776
Veralto Corporation 459,864 shares ** 46,837,148
Vericel Corporation 26,009 shares ** 1,428,154
Vertex Inc Cl A 30,950 shares ** 1,651,183
Visa Inc-Class A Shares 78,046 shares ** 24,665,658
Wd-40 Co. 4,915 shares ** 1,192,772
Willscot Holdings Corporation Com Cl A 16,833 shares ** 563,064
Zoetis Inc 868 shares ** 141,423
$ 1,546,072,356
Bonds
AAR Escrow Issuer LLC 6.75% 3/15/2029 ** $ 36,221
AASET 2022‐1 LLC 6.00% 5/16/2047 ** 141,183
AbbVie Inc 4.70% 5/14/2045 ** 98,740
ACHV ABS TRUST 2023‐3PL 7.17% 8/19/2030 ** 4,433
AdaptHealth LLC 5.13% 3/1/2030 ** 18,570
Advanced Drainage Systems Inc 6.38% 6/15/2030 ** 46,533
AEP Texas Inc 5.45% 5/15/2029 33,672
Aethon United BR LP / Aethon United Finance Corp 7.50% 10/1/2029 ** 41,696
AGCO Corp 0.06% 3/21/2034 ** 114,449
Agree LP 5.63% 6/15/2034 ** 76,453
Alexandria Real Estate Equities Inc 3.00% 5/18/2051 ** 107,219
Alliant Holdings Intermediate LLC / Alliant Holdings Co‐ Issuer 6.75% 10/15/2027 ** 30,210
Alliant Holdings Intermediate LLC / Alliant Holdings Co‐ Issuer 6.50% 10/1/2031 ** 25,245
Allied Universal Holdco LLC 7.88% 2/15/2031 ** 89,512
Allied Universal Holdco LLC / Allied Universal Finance Corp 9.75% 7/15/2027 ** 21,058
Amentum Holdings Inc 7.25% 8/1/2032 ** 25,913
American Airlines Inc 7.25% 2/15/2028 ** 42,132
American Airlines Inc 8.50% 5/15/2029 ** 26,535
American Homes 4 Rent LP 5.50% 2/1/2034 ** 91,749
17

(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 		(d) Cost (e) Current value
American National Group Inc 5.75% 10/1/2029 ** 46,742
American Tower Corp 5.55% 7/15/2033 ** 111,747
Amgen Inc 5.75% 3/2/2063 ** 103,764
Amphenol Corp 5.38% 11/15/2054 ** 48,991
AmWINS Group Inc 4.88% 6/30/2029 ** 18,875
Anywhere Real Estate Group LLC / Anywhere Co‐Issuer Corp 7.00% 4/15/2030 ** 18,060
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.88% 11/1/2029 ** 15,420
Apollo Debt Solutions BDC 6.70% 7/29/2031 ** 28,505
Apollo Global Management Inc 6.00% 12/15/2054 ** 41,017
AppLovin Corp 5.38% 12/1/2031 ** 56,258
ArcelorMittal SA 6.00% 6/17/2034 ** 60,219
Archrock Partners LP / Archrock Partners Finance Corp 6.63% 9/1/2032 ** 35,795
Ares Capital Corp 5.95% 7/15/2029 ** 31,171
Ares Strategic Income Fund 5.70% 3/15/2028 ** 19,124
Arivo Acceptance Auto Loan Receivables Trust 2021‐1 2.02% 2/16/2027 ** 173,903
Arizona Public Service Co 5.70% 8/15/2034 ** 50,633
Arrow Electronics Inc 5.88% 4/10/2034 ** 61,187
Arthur J Gallagher & Co 4.85% 12/15/2029 ** 31,919
Arthur J Gallagher & Co 5.15% 2/15/2035 ** 68,403
AT&T Inc 3.50% 9/15/2053 ** 109,486
AthenaHealth Group Inc 6.50% 2/15/2030 ** 19,518
Athene Global Funding 4.72% 10/8/2029 ** 133,237
Athene Holding Ltd 6.63% 10/15/2054 ** 118,382
Atlassian Corp 5.25% 5/15/2029 ** 44,643
Aviation Capital Group LLC 5.38% 7/15/2029 ** 86,447
Avient Corp 6.25% 11/1/2031 ** 10,052
Avolon Holdings Funding Ltd 5.75% 3/1/2029 ** 188,551
Azorra Finance Ltd 7.75% 4/15/2030 ** 20,218
Bain Capital Credit CLO 2024‐4 Ltd 7.97% 10/23/2037 ** 524,152
BANK 2017‐BNK6 0.78% 7/1/2060 ** 41,325
BANK 2019‐BNK20 0.81% 9/1/2062 ** 69,059
BANK 2020‐BNK27 2.14% 4/1/2063 ** 106,016
BANK 2022‐BNK39 3.18% 2/1/2055 ** 85,620
18

(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 		(d) Cost (e) Current value
Bank of America Corp 2.48% 9/21/2036 ** 174,279
Bank of America Corp 5.47% 1/23/2035 ** 44,098
Bank of America Corp 5.52% 10/25/2035 ** 58,315
Bank of Montreal 3.80% 12/15/2032 ** 110,227
Bank of New York Mellon Corp/The 5.06% 7/22/2032 ** 102,011
BANK5 2024‐5YR10 5.64% 10/1/2057 ** 76,179
BANK5 2024‐5YR9 5.61% 8/1/2057 ** 59,334
BAT Capital Corp 4.54% 8/15/2047 ** 40,340
Bausch + Lomb Corp 8.38% 10/1/2028 ** 47,573
Bausch Health Cos Inc 5.25% 1/30/2030 ** 8,519
Bausch Health Cos Inc 6.13% 2/1/2027 ** 14,012
BBCMS Mortgage Trust 2021‐C11 2.11% 9/1/2054 ** 90,708
BBCMS Mortgage Trust 2021‐C12 2.69% 11/1/2054 ** 85,909
BBCMS Mortgage Trust 2021‐C9 2.30% 2/1/2054 ** 85,403
BBCMS Mortgage Trust 2022‐C16 4.60% 6/1/2055 ** 96,607
BBCMS Mortgage Trust 2024‐5C29 5.21% 9/1/2057 ** 59,503
BBCMS Mortgage Trust 2024‐C24 5.42% 2/1/2057 ** 101,995
BC Ltd 0.09% 1/30/2028 ** 3,121
BCPE Empire Holdings Inc 7.63% 5/1/2027 ** 70,722
Benchmark 2019‐B11 Mortgage Trust 3.28% 5/1/2052 ** 93,612
Benchmark 2020‐B19 Mortgage Trust 2.15% 9/1/2053 ** 81,199
Benchmark 2021‐B31 Mortgage Trust 2.67% 12/1/2054 ** 85,267
Benchmark 2022‐B32 Mortgage Trust 3.41% 1/1/2055 ** 84,232
Benchmark 2024‐V10 Mortgage Trust 5.28% 9/1/2057 ** 100,864
Benchmark 2024‐V8 Mortgage Trust 5.51% 7/1/2057 ** 93,396
Benchmark 2024‐V9 Mortgage Trust 5.60% 8/1/2057 ** 102,205
BFLD 2024‐VICT Mortgage Trust 6.29% 7/15/2041 ** 100,727
Black Hills Corp 6.00% 1/15/2035 ** 112,283
Blackstone Private Credit Fund 6.00% 11/22/2034 ** 65,856
Blue Racer Midstream LLC / Blue Racer Finance Corp 7.25% 7/15/2032 ** 15,926
BMO 2024‐5C6 Mortgage Trust 5.32% 9/1/2057 ** 58,482
BMO 2024‐5C7 Mortgage Trust 5.89% 11/1/2057 ** 43,926
Bombardier Inc 7.88% 4/15/2027 ** 22,413
19

(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 		(d) Cost (e) Current value
Bombardier Inc 8.75% 11/15/2030 ** 27,184
Bombardier Inc 7.00% 6/1/2032 ** 5,122
BPR Trust 2021‐TY 5.56% 9/15/2038 ** 50,975
Brand Industrial Services Inc 10.38% 8/1/2030 ** 15,934
Broadcom Inc 3.50% 2/15/2041 ** 111,255
Brown & Brown Inc 2.38% 3/15/2031 ** 109,395
Buckeye Partners LP 6.88% 7/1/2029 ** 47,189
Builders FirstSource Inc 6.38% 3/1/2034 ** 45,425
Bunge Ltd Finance Corp 4.65% 9/17/2034 ** 66,093
Burlington Northern Santa Fe LLC 5.50% 3/15/2055 ** 53,765
Caesars Entertainment Inc 6.00% 10/15/2032 ** 92,857
Cardinal Health Inc 4.60% 3/15/2043 ** 49,556
Cardinal Health Inc 4.50% 11/15/2044 ** 6,668
Carlyle US CLO 2024‐2 Ltd 8.48% 4/25/2037 ** 520,202
Carnival Corp 5.75% 3/1/2027 ** 35,619
Carvana Co 9.00% 12/1/2028 ** 14,119
Carvana Co 9.00% 6/1/2030 ** 5,740
CCO Holdings LLC / CCO Holdings Capital Corp 5.13% 5/1/2027 ** 14,880
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 ** 23,254
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 ** 16,641
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 ** 8,986
Centene Corp 2.50% 3/1/2031 ** 112,039
Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc 8.00% 6/15/2029 ** 25,574
CF Industries Inc 5.38% 3/15/2044 ** 55,873
Cheniere Energy Inc 4.63% 10/15/2028 ** 111,731
Cheniere Energy Partners LP 4.00% 3/1/2031 ** 115,462
CHS/Community Health Systems Inc 6.00% 1/15/2029 ** 32,346
Citigroup Commercial Mortgage Trust 2020‐555 3.50% 12/1/2041 ** 80,097
Citigroup Commercial Mortgage Trust 2022‐GC48 4.58% 5/1/2054 ** 97,363
Citigroup Inc 3.06% 1/25/2033 ** 115,180
Citigroup Inc 5.41% 9/19/2039 ** 57,128
Civitas Resources Inc 8.38% 7/1/2028 ** 21,634
Clydesdale Acquisition Holdings Inc 6.88% 1/15/2030 ** 41,467
20

(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 		(d) Cost (e) Current value
CNX Resources Corp 6.00% 1/15/2029 ** 20,184
COMM 2015‐LC21 Mortgage Trust 0.60% 7/1/2048 ** 2,658
Consolidated Communications Inc 5.00% 10/1/2028 ** 28,327
Cornerstone Building Brands Inc 9.50% 8/15/2029 ** 35,438
Cougar JV Subsidiary LLC 8.00% 5/15/2032 ** 15,738
Crown Castle Inc 3.65% 9/1/2027 ** 105,094
CSAIL 2017‐CX9 Commercial Mortgage Trust 0.60% 9/1/2050 ** 20,309
CSMC 2021‐B33 3.64% 10/1/2043 ** 84,482
CSX Corp 3.80% 11/1/2046 ** 101,655
CVS Health Corp 5.30% 6/1/2033 ** 54,916
CVS Health Corp 5.88% 6/1/2053 ** 72,912
CyrusOne Data Centers Issuer I LLC 4.50% 5/20/2049 ** 238,939
Dcli Bidco LLC 7.75% 11/15/2029 ** 25,984
Dealer Tire LLC / DT Issuer LLC 8.00% 2/1/2028 ** 40,669
Del Amo Fashion Center Trust 2017‐AMO 3.64% 6/1/2035 ** 94,432
Dell Inc 6.50% 4/15/2038 ** 56,224
Devon Energy Corp 5.75% 9/15/2054 ** 56,588
Diamond Infrastructure Funding LLC 2.36% 4/15/2049 ** 467,519
Directv Financing LLC / Directv Financing Co‐Obligor Inc 5.88% 8/15/2027 ** 39,902
DISH DBS Corp 5.13% 6/1/2029 ** 6,489
DISH DBS Corp 5.75% 12/1/2028 ** 21,542
Dominion Energy Inc 6.63% 5/15/2055 ** 33,894
Dornoch Debt Merger Sub Inc 6.63% 10/15/2029 ** 16,501
DR Horton Inc 5.00% 10/15/2034 ** 114,279
DT Midstream Inc 4.13% 6/15/2029 ** 28,092
DTE Energy Co 5.85% 6/1/2034 ** 86,695
Duke Energy Corp 5.00% 8/15/2052 ** 33,028
EchoStar Corp 10.75% 11/30/2029 ** 21,820
Edison International 5.25% 3/15/2032 ** 57,886
Elevance Health Inc 4.55% 5/15/2052 ** 31,691
Ellucian Holdings Inc 6.50% 12/1/2029 ** 40,399
EMRLD Borrower LP / Emerald Co‐Issuer Inc 6.75% 7/15/2031 ** 41,639
EMRLD Borrower LP / Emerald Co‐Issuer Inc 6.63% 12/15/2030 ** 70,387
21

(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 		(d) Cost (e) Current value
Energy Transfer LP 5.95% 5/15/2054 ** 64,348
Energy Transfer LP 7.13% 10/1/2054 ** 63,224
EnLink Midstream LLC 5.38% 6/1/2029 ** 55,284
EnLink Midstream LLC 5.65% 9/1/2034 ** 114,091
Equinix Inc 2.95% 9/15/2051 ** 61,672
Equinix Inc 3.90% 4/15/2032 ** 55,783
Eversource Energy 5.50% 1/1/2034 ** 57,139
Expand Energy Corp 6.75% 4/15/2029 ** 33,858
Expedia Group Inc 3.80% 2/15/2028 ** 115,725
F&G Annuities & Life Inc 6.25% 10/4/2034 ** 29,579
Fannie Mae Pool 3.00% 7/1/2043 ** 241,245
Fannie Mae Pool 5.50% 12/1/2054 ** 322,629
Fannie Mae Pool 2.50% 8/1/2051 ** 324,223
Fannie Mae Pool 2.46% 4/1/2032 ** 247,576
Fannie Mae Pool 4.97% 7/1/2031 ** 963,842
Fannie Mae Pool 3.00% 11/1/2051 ** 167,714
Fannie Mae Pool 6.00% 5/1/2053 ** 156,822
Fannie Mae Pool 6.00% 10/1/2053 ** 240,659
Fannie Mae Pool 5.50% 10/1/2053 ** 320,348
Fannie Mae Pool 5.50% 3/1/2054 ** 119,412
Fannie Mae Pool 5.50% 6/1/2054 ** 344,246
Fannie Mae Pool 3.00% 12/1/2048 ** 225,472
Fannie Mae Pool 2.50% 3/1/2052 ** 276,654
Fannie Mae Pool 2.50% 4/1/2052 ** 276,434
Fannie Mae Pool 6.00% 12/1/2053 ** 236,773
Fannie Mae Pool 6.00% 8/1/2054 ** 299,371
Fannie Mae Pool 5.00% 7/1/2052 ** 177,487
Fannie Mae REMICS 5.18% 9/25/2042 ** 490,553
Fannie Mae REMICS 1.50% 10/1/2027 ** 3,588
Fannie Mae REMICS -% 4/1/2048 ** 104,637
Fannie Mae REMICS -% 8/25/2051 ** 4,593
Fannie Mae REMICS 6.05% 6/25/2054 ** 325,391
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 ** 19,090
22

(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 		(d) Cost (e) Current value
Fiserv Inc 5.45% 3/15/2034 ** 112,924
Ford Motor Co 3.25% 2/12/2032 ** 57,427
Fortress Transportation and Infrastructure Investors LLC 5.88% 4/15/2033 ** 58,770
Freddie Mac Gold Pool 4.00% 10/1/2048 ** 28,465
Freddie Mac Pool 3.00% 3/1/2052 ** 341,966
Freddie Mac Pool 5.50% 2/1/2053 ** 293,332
Freddie Mac Pool 5.00% 5/1/2053 ** 502,720
Freddie Mac Pool 6.00% 2/1/2054 ** 651,929
Freddie Mac Pool 5.50% 4/1/2054 ** 362,024
Freddie Mac Pool 3.00% 8/1/2052 ** 714,504
Freddie Mac Pool 5.00% 3/1/2054 ** 282,632
Freddie Mac Pool 2.00% 4/1/2051 ** 140,298
Freddie Mac Pool 3.00% 3/1/2052 ** 185,895
Freddie Mac Pool 5.00% 6/1/2053 ** 301,468
Freddie Mac Pool 5.50% 2/1/2054 ** 465,611
Freddie Mac Pool 2.00% 5/1/2051 ** 494,485
Freddie Mac Pool 4.50% 9/1/2052 ** 367,349
Freddie Mac Pool 2.00% 2/1/2052 ** 301,540
Freddie Mac Pool 5.50% 9/1/2053 ** 414,655
Freddie Mac Pool 6.00% 11/1/2053 ** 303,788
Frontier Communications Holdings LLC 6.75% 5/1/2029 ** 20,342
Full House Resorts Inc 8.25% 2/15/2028 ** 15,426
Garda World Security Corp 6.00% 6/1/2029 ** 38,165
Garda World Security Corp 8.38% 11/15/2032 ** 46,498
Genesee & Wyoming Inc 6.25% 4/15/2032 ** 45,921
Genuine Parts Co 4.95% 8/15/2029 ** 115,945
GGAM Finance Ltd 6.88% 4/15/2029 ** 36,036
Glencore Funding LLC 1.63% 4/27/2026 ** 69,294
Glencore Funding LLC 5.37% 4/4/2029 ** 114,395
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 ** 89,338
Goat Holdco LLC 6.75% 2/1/2032 ** 24,816
Goldman Sachs Group Inc/The 5.19% 9/10/2027 ** 181,201
Gray Television Inc 10.50% 7/15/2029 ** 15,925
23

(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 		(d) Cost (e) Current value
Griffon Corp 5.75% 3/1/2028 ** 35,015
Gulfport Energy Operating Corp 6.75% 9/1/2029 ** 41,139
Harvest Midstream I LP 7.50% 5/15/2032 ** 36,010
HCA Inc 5.25% 6/15/2049 ** 104,254
Hess Midstream Operations LP 5.50% 10/15/2030 ** 58,009
Hewlett Packard Enterprise Co 5.00% 10/15/2034 ** 132,586
Hilcorp Energy I LP / Hilcorp Finance Co 7.25% 2/15/2035 ** 23,948
Host Hotels & Resorts LP 3.50% 9/15/2030 ** 109,983
Host Hotels & Resorts LP 5.70% 7/1/2034 ** 115,980
HUB International Ltd 7.25% 6/15/2030 ** 15,436
Huntington Bancshares Inc/OH 5.27% 1/15/2031 ** 32,237
Husky Injection Molding Systems Ltd / Titan Co‐Borrower LLC 9.00% 2/15/2029 ** 75,548
Hyatt Hotels Corp 5.25% 6/30/2029 ** 108,146
Hyundai Auto Receivables Trust 2024‐C 4.86% 2/17/2032 ** 198,368
Hyundai Capital America 5.30% 1/8/2029 ** 112,040
Illuminate Buyer LLC / Illuminate Holdings IV Inc 9.00% 7/1/2028 ** 42,340
IQVIA Inc 6.25% 2/1/2029 ** 74,257
Iron Mountain Inc 7.00% 2/15/2029 ** 36,713
Iron Mountain Inc 6.25% 1/15/2033 ** 10,010
JELD‐WEN Inc 4.88% 12/15/2027 ** 33,369
JetBlue Airways Corp / JetBlue Loyalty LP 9.88% 9/20/2031 ** 26,664
JP Morgan Chase Commercial Mortgage Securities Trust 2013‐LC11 3.22% 4/1/2046 ** 49,953
JPMBB Commercial Mortgage Securities Trust 2015‐C27 3.90% 2/1/2048 ** 81,604
JPMBB Commercial Mortgage Securities Trust 2015‐C28 3.53% 10/1/2048 ** 99,590
JPMorgan Chase & Co 4.85% 7/25/2028 ** 52,064
Keurig Dr Pepper Inc 5.20% 3/15/2031 ** 113,768
Keysight Technologies Inc 4.95% 10/15/2034 ** 57,451
Kinder Morgan Energy Partners LP 6.95% 1/15/2038 ** 106,083
Kinetik Holdings LP 5.88% 6/15/2030 ** 55,309
Kodiak Gas Services LLC 7.25% 2/15/2029 ** 73,387
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 ** 19,101
Kyndryl Holdings Inc 4.10% 10/15/2041 ** 59,412
Laboratory Corp of America Holdings 4.55% 4/1/2032 ** 113,508
24

(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 		(d) Cost (e) Current value
LCCM 2017‐LC26 4.71% 7/3/2050 ** 91,656
Level 3 Financing Inc 10.50% 5/15/2030 ** 27,685
Life Time Inc 6.00% 11/15/2031 ** 60,000
LifePoint Health Inc 4.38% 2/15/2027 ** 34,151
LifePoint Health Inc 10.00% 6/1/2032 ** 46,185
Light & Wonder International Inc 7.25% 11/15/2029 ** 15,465
Lightning Power LLC 7.25% 8/15/2032 ** 26,458
Lowe's Cos Inc 5.63% 4/15/2053 ** 34,076
M&T Bank Corp 6.08% 3/13/2032 ** 56,358
Macquarie Airfinance Holdings Ltd 6.50% 3/26/2031 ** 10,534
Macquarie Airfinance Holdings Ltd 5.15% 3/17/2030 ** 58,694
Macy's Retail Holdings LLC 5.88% 4/1/2029 ** 10,949
Madison IAQ LLC 5.88% 6/30/2029 ** 18,910
Markel Group Inc 6.00% 5/16/2054 ** 20,983
Marriott International Inc/MD 5.30% 5/15/2034 ** 111,965
Marvell Technology Inc 5.95% 9/15/2033 ** 114,068
MasTec Inc 5.90% 6/15/2029 ** 40,854
Matador Resources Co 6.50% 4/15/2032 ** 30,123
Mattamy Group Corp 4.63% 3/1/2030 ** 18,930
Mavis Tire Express Services Topco Corp 6.50% 5/15/2029 ** 24,209
McDonald's Corp 5.45% 8/14/2053 ** 49,961
McGraw‐Hill Education Inc 5.75% 8/1/2028 ** 20,029
McGraw‐Hill Education Inc 7.38% 9/1/2031 ** 10,544
Medline Borrower LP 5.25% 10/1/2029 ** 34,270
Medline Borrower LP/Medline Co‐Issuer Inc 6.25% 4/1/2029 ** 82,194
Meta Platforms Inc 5.40% 8/15/2054 ** 110,944
Michaels Cos Inc/The 5.25% 5/1/2028 ** 7,649
Michaels Cos Inc/The 7.88% 5/1/2029 ** 6,247
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp 4.88% 5/1/2029 ** 33,305
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 ** 35,777
Morgan Stanley Bank of America Merrill Lynch Trust 2016‐C31 4.26% 11/1/2049 ** 84,898
Mosaic Solar Loan Trust 2020‐2 2.21% 8/20/2046 ** 34,350
MPLX LP 5.50% 6/1/2034 ** 55,485
25

(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 		(d) Cost (e) Current value
MSBAM Commercial Mortgage Securities Trust 2012‐ CKSV 4.16% 10/1/2030 ** 96,848
MVW 2021‐1W LLC 1.94% 1/22/2041 ** 59,323
Nabors Industries Inc 9.13% 1/31/2030 ** 15,842
Nationstar Mortgage Holdings Inc 5.75% 11/15/2031 ** 33,748
NCL Corp Ltd 5.88% 2/15/2027 ** 30,594
Netflix Inc 5.40% 8/15/2054 ** 80,689
NextEra Energy Capital Holdings Inc 6.75% 6/15/2054 ** 27,810
NGL Energy Operating LLC / NGL Energy Finance Corp 8.13% 2/15/2029 ** 20,490
NiSource Inc 5.35% 4/1/2034 ** 106,613
Northrop Grumman Corp 5.20% 6/1/2054 ** 104,787
NRG Energy Inc 6.00% 2/1/2033 ** 24,555
Occidental Petroleum Corp 5.38% 1/1/2032 ** 28,083
Octagon Investment Partners 34 Ltd 7.38% 1/20/2030 ** 509,826
Omega Healthcare Investors Inc 4.75% 1/15/2028 ** 58,522
OneMain Finance Corp 7.50% 5/15/2031 ** 41,481
ONEOK Inc 6.63% 9/1/2053 ** 55,872
Oracle Corp 3.80% 11/15/2037 ** 29,410
Oracle Corp 6.25% 11/9/2032 ** 41,699
O'Reilly Automotive Inc 5.00% 8/19/2034 ** 57,352
Owens & Minor Inc 6.63% 4/1/2030 ** 23,880
Owens Corning 5.70% 6/15/2034 ** 56,043
Pacific Gas and Electric Co 6.95% 3/15/2034 ** 112,749
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc 4.38% 10/15/2028 ** 20,187
Panther Escrow Issuer LLC 7.13% 6/1/2031 ** 30,428
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co‐Issuer 7.00% 2/1/2030 ** 52,970
PennyMac Financial Services Inc 7.88% 12/15/2029 ** 15,782
Penske Truck Leasing Co Lp / PTL Finance Corp 4.20% 4/1/2027 ** 110,407
Performance Food Group Inc 6.13% 9/15/2032 ** 45,889
Permian Resources Operating LLC 7.00% 1/15/2032 ** 15,726
Permian Resources Operating LLC 6.25% 2/1/2033 ** 56,742
Philip Morris International Inc 5.25% 2/13/2034 ** 56,504
Pike Corp 8.63% 1/31/2031 ** 16,386
Post Holdings Inc 6.38% 3/1/2033 ** 95,400
26

(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 		(d) Cost (e) Current value
Qorvo Inc 3.38% 4/1/2031 ** 44,091
Quanta Services Inc 2.35% 1/15/2032 ** 109,890
Quest Diagnostics Inc 5.00% 12/15/2034 ** 110,991
Radiology Partners Inc 7.78% 1/31/2029 ** 30,287
Regal Rexnord Corp 6.05% 4/15/2028 ** 112,297
Royal Caribbean Cruises Ltd 5.38% 7/15/2027 ** 114,160
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 ** 20,623
Royal Caribbean Cruises Ltd 5.63% 9/30/2031 ** 14,987
Royalty Pharma PLC 5.15% 9/2/2029 ** 59,570
Sabre GLBL Inc 8.63% 6/1/2027 ** 11,176
Sabre GLBL Inc 10.75% 11/15/2029 ** 4,185
San Diego Gas & Electric Co 5.55% 4/15/2054 ** 109,028
Scientific Games Holdings LP/Scientific Games US FinCo Inc 6.63% 3/1/2030 ** 19,598
Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 ** 26,033
SG Commercial Mortgage Securities Trust 2016‐C5 1.82% 10/1/2048 ** 10,846
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.88% 11/1/2028 ** 10,464
Six Flags Entertainment Corp / Six Flags Theme Parks Inc 6.63% 5/1/2032 ** 46,142
Slam Ltd 5.34% 9/15/2049 ** 241,924
SM Energy Co 7.00% 8/1/2032 ** 40,689
SoFi Professional Loan Program 2017‐D LLC 3.61% 9/25/2040 ** 697,000
Sonic Automotive Inc 4.63% 11/15/2029 ** 32,552
Sonoco Products Co 4.60% 9/1/2029 ** 57,282
Sotera Health Holdings LLC 7.38% 6/1/2031 ** 35,717
South Bow Canadian Infrastructure Holdings Ltd 7.50% 3/1/2055 ** 33,939
South Bow USA Infrastructure Holdings LLC 4.91% 9/1/2027 ** 24,330
Standard Building Solutions Inc 6.50% 8/15/2032 ** 20,573
Staples Inc 10.75% 9/1/2029 ** 20,417
Station Casinos LLC 6.63% 3/15/2032 ** 35,497
Storm King Park CLO LTD 6.02% 10/15/2037 ** 509,866
STWD 2019‐FL1 Ltd 5.91% 7/15/2038 ** 2,094
STWD 2021‐FL2 Ltd 5.69% 4/18/2038 ** 64,921
Sun Communities Operating LP 2.70% 7/15/2031 ** 57,210
Switch ABS Issuer LLC 6.20% 6/25/2054 ** 250,818
27

(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 		(d) Cost (e) Current value
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 7.38% 2/15/2029 ** 15,480
Targa Resources Corp 5.50% 2/15/2035 ** 27,169
Tenet Healthcare Corp 6.13% 6/15/2030 ** 44,824
Tenet Healthcare Corp 6.25% 2/1/2027 ** 15,391
The Campbell's Company 5.40% 3/21/2034 ** 55,585
T‐Mobile USA Inc 5.50% 1/15/2055 ** 54,306
T‐Mobile USA Inc 5.25% 6/15/2055 ** 32,810
Townsquare Media Inc 6.88% 2/1/2026 ** 25,661
Transocean Inc 8.00% 2/1/2027 ** 13,472
Transocean Poseidon Ltd 6.88% 2/1/2027 ** 12,389
Trident TPI Holdings Inc 12.75% 12/31/2028 ** 71,805
Triton Container International Ltd / TAL International Container Corp 3.25% 3/15/2032 ** 106,598
TRTX 2021‐FL4 Issuer Ltd 5.70% 3/15/2038 ** 133,348
Truist Financial Corp 5.15% 8/5/2032 ** 112,061
Uber Technologies Inc 4.80% 9/15/2034 ** 111,874
UBS Commercial Mortgage Trust 2017‐C4 3.30% 10/1/2050 ** 86,940
UBS Commercial Mortgage Trust 2018‐C14 5.21% 12/1/2051 ** 131,586
UKG Inc 6.88% 2/1/2031 ** 73,098
United Natural Foods Inc 6.75% 10/15/2028 ** 100,083
UnitedHealth Group Inc 4.95% 5/15/2062 ** 36,495
UnitedHealth Group Inc 5.05% 4/15/2053 ** 76,592
Universal Health Services Inc 4.63% 10/15/2029 ** 110,486
Univision Communications Inc 7.38% 6/30/2030 ** 23,953
Upstart Pass‐Through Trust Series 2021‐ST4 2.00% 7/20/2027 ** 24,675
US Foods Inc 5.75% 4/15/2033 ** 59,301
Vail Resorts Inc 6.50% 5/15/2032 ** 15,305
Vale Overseas Ltd 6.40% 6/28/2054 ** 46,281
Venture Global LNG Inc 8.13% 6/1/2028 ** 15,717
Venture Global LNG Inc 8.38% 6/1/2031 ** 15,764
Venture Global LNG Inc 9.88% 2/1/2032 ** 11,391
Verisk Analytics Inc 5.25% 6/5/2034 ** 55,578
Veritiv Operating Co 10.50% 11/30/2030 ** 27,182
VICI Properties LP / VICI Note Co Inc 4.63% 12/1/2029 ** 112,648
28

(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 		(d) Cost (e) Current value
Victra Holdings LLC / Victra Finance Corp 8.75% 9/15/2029 ** 32,263
Videotron Ltd 5.70% 1/15/2035 ** 57,485
Viking Cruises Ltd 9.13% 7/15/2031 ** 33,553
Virginia Electric and Power Co 5.55% 8/15/2054 ** 42,542
Vistra Operations Co LLC 7.75% 10/15/2031 ** 21,327
Vistra Operations Co LLC 6.88% 4/15/2032 ** 20,788
Vital Energy Inc 7.88% 4/15/2032 ** 14,697
VT Topco Inc 8.50% 8/15/2030 ** 27,313
Wand NewCo 3 Inc 7.63% 1/30/2032 ** 15,902
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 ** 15,136
Watco Cos LLC / Watco Finance Corp 7.13% 8/1/2032 ** 42,529
Wayfair LLC 7.25% 10/31/2029 ** 20,374
Weatherford International Ltd 8.63% 4/30/2030 ** 10,405
Wells Fargo & Co 4.81% 7/25/2028 ** 42,733
Wells Fargo & Co 5.57% 7/25/2029 ** 129,964
Wells Fargo & Co 6.85% 9/15/2173 ** 57,073
Wells Fargo Commercial Mortgage Trust 2015‐SG1 4.05% 9/1/2048 ** 82,940
Wells Fargo Commercial Mortgage Trust 2016‐C33 3.43% 3/1/2059 ** 98,697
Wells Fargo Commercial Mortgage Trust 2017‐C38 0.91% 7/1/2050 ** 38,765
Wells Fargo Commercial Mortgage Trust 2019‐C50 3.47% 5/1/2052 ** 93,285
Wells Fargo Commercial Mortgage Trust 2020‐C57 2.12% 8/1/2053 ** 86,304
Wells Fargo Commercial Mortgage Trust 2020‐C58 1.81% 7/1/2053 ** 85,828
Wells Fargo Commercial Mortgage Trust 2021‐C59 1.50% 4/1/2054 ** 55,536
Wells Fargo Commercial Mortgage Trust 2021‐C60 2.06% 8/1/2054 ** 105,339
Westpac Banking Corp 5.62% 11/20/2035 ** 56,411
Williams Cos Inc/The 5.15% 3/15/2034 ** 70,146
Willis North America Inc 4.50% 9/15/2028 ** 40,839
Wind River 2021‐3 CLO Ltd 8.23% 7/20/2033 ** 512,647
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 ** 10,539
Workday Inc 3.80% 4/1/2032 ** 56,114
WR Grace Holdings LLC 5.63% 8/15/2029 ** 32,973
XPO Inc 7.13% 6/1/2031 ** 36,238
Zimmer Biomet Holdings Inc 5.20% 9/15/2034 ** 113,047
29

(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 		(d) Cost (e) Current value
$ 36,975,418
U.S. Government Issued Securities
Ginnie Mae II Pool 3.00% 11/1/2051 ** $ 344,327
Ginnie Mae II Pool 2.50% 11/1/2051 ** 253,037
Ginnie Mae II Pool 3.00% 2/1/2052 ** 478,906
Ginnie Mae II Pool 3.00% 4/1/2052 ** 226,050
Ginnie Mae II Pool 3.50% 7/1/2051 ** 472,770
Government National Mortgage Association 2.00% 12/1/2050 ** 33,005
Government National Mortgage Association 3.50% 6/1/2051 ** 32,518
United States Treasury Note/Bond 1.25% 5/15/2050 ** 1,356,658
United States Treasury Note/Bond 1.38% 8/15/2050 ** 1,282,230
United States Treasury Note/Bond 1.13% 8/15/2040 ** 351,644
United States Treasury Note/Bond 1.88% 2/15/2051 ** 2,112,765
United States Treasury Note/Bond 1.88% 2/15/2041 ** 1,117,715
United States Treasury Note/Bond 1.75% 8/15/2041 ** 687,281
United States Treasury Note/Bond 4.25% 8/15/2054 ** 1,951,925
United States Treasury Note/Bond 0.63% 5/15/2030 ** 862,661
United States Treasury Note/Bond 0.63% 8/15/2030 ** 3,218,023
United States Treasury Note/Bond 0.88% 11/15/2030 ** 4,958,308
United States Treasury Note/Bond 0.75% 1/31/2028 ** 901,831
$ 20,641,654
Self-Directed Brokerage Account
Brokeragelink Combination of common stock, bonds, mutual funds, and ETFs ** $ 319,904,990
Participant Loans
Participant loans
Interest rates range from 3.25% to 9.50% with maturity at various dates
** $ 48,504,211
Total Investments (Held at End of Year) $ 6,411,313,822
* Party-in-Interest
** Historical cost not required to be presented as all investments are participant-directed.

30

SIGNATURE

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.
DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
June 17, 2025 By: /s/ Susan Wilson
Susan Wilson
Vice President, Total Rewards


31

EXHIBIT INDEX
Exhibit
Number 		Description
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm


32
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