# EDGAR Filing Document

**Accession Number:** 0000313616
**File Stem:** 0000313616-25-000138
**Filing Date:** 2025-6
**Character Count:** 87845
**Document Hash:** 4020b86117c4182a6dd40de4be6c7861
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313616-25-000138.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0000313616-25-000138

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DANAHER CORP /DE/
- **CENTRAL INDEX KEY:** 0000313616
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 591995548
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08089
- **FILM NUMBER:** 251051920

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 PENNSYLVANIA AVE. N.W.
- **STREET 2:** SUITE 800W
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037-1701
- **BUSINESS PHONE:** 2028280850

**MAIL ADDRESS:**
- **STREET 1:** 2200 PENNSYLVANIA AVE. N.W.
- **STREET 2:** SUITE 800W
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037-1701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMG INC
- **DATE OF NAME CHANGE:** 19850221

**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**

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| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended December 31, 2024** 

**OR**

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| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

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**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**

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**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**

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**DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN** 

**INDEX**

**FORM 11-K** 

---

| | |
|:---|:---|
| | **Page** |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7d1dcdc3b350487ab6036021b71444bd_10)</u> | <u>[1](#i7d1dcdc3b350487ab6036021b71444bd_10)</u> |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits as of December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_13)[4](#i7d1dcdc3b350487ab6036021b71444bd_13)[and 202](#i7d1dcdc3b350487ab6036021b71444bd_13)[3](#i7d1dcdc3b350487ab6036021b71444bd_13)</u> | <u>[2](#i7d1dcdc3b350487ab6036021b71444bd_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_16)[4](#i7d1dcdc3b350487ab6036021b71444bd_16)</u> | <u>[3](#i7d1dcdc3b350487ab6036021b71444bd_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Financial Statements as of December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_19)[4](#i7d1dcdc3b350487ab6036021b71444bd_19)[and 202](#i7d1dcdc3b350487ab6036021b71444bd_19)[3](#i7d1dcdc3b350487ab6036021b71444bd_19)[and for the Year Ended December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_19)[4](#i7d1dcdc3b350487ab6036021b71444bd_19)</u> | <u>[4](#i7d1dcdc3b350487ab6036021b71444bd_19)</u> |
| SUPPLEMENTAL SCHEDULES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_43)[4](#i7d1dcdc3b350487ab6036021b71444bd_43)</u> | <u>[10](#i7d1dcdc3b350487ab6036021b71444bd_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 202](#i7d1dcdc3b350487ab6036021b71444bd_46)[4](#i7d1dcdc3b350487ab6036021b71444bd_46)</u> | <u>[11](#i7d1dcdc3b350487ab6036021b71444bd_46)</u> |

---

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**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

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**DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

**AS OF DECEMBER 31, 2024 AND 2023**

**($ in millions)**

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| **ASSETS** |  |  |
| Investments, at fair value | $6362.9 | $5750.4 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 13.8 | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan transfer receivable | 37.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 50.5 | 45.0 |
| Total receivables | 101.3 | 60.3 |
| Total assets | 6464.2 | 5810.7 |
| **LIABILITIES** |  |  |
| Administrative expenses payable |  | 0.1 |
| Total liabilities |  | 0.1 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $6464.2 | $5810.6 |

---

See the accompanying Notes to the Financial Statements.

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**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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant | $253.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 37.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 166.7 |
| Total contributions | 458.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in the fair value of investments | 813.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 17.2 |
| Total investment income | 830.2 |
| Interest income on notes receivable from participants | 3.8 |
| Total additions | 1292.1 |
| **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:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 5810.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $6464.2 |

---

See the accompanying Notes to the Financial Statements.

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**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.

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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.

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**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.

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**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):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quoted Prices in Active Market<br>(Level 1)** | **Quoted Prices in Active Market<br>(Level 1)** | **Significant Other Observable Inputs<br>(Level 2)** | **Significant Other Observable Inputs<br>(Level 2)** | **Significant Unobservable Inputs<br>(Level 3)** | **Significant Unobservable Inputs<br>(Level 3)** | **Total** | **Total** |
| | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| Cash and equivalents | $21.1 | $19.0 | $— | $— | $— | $— | $21.1 | $19.0 |
| Common stock | 1546.1 | 1390.2 |  |  |  |  | 1546.1 | 1390.2 |
| 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 |  |  | 4222.8 | 3904.4 |  |  | 4222.8 | 3904.4 |
| Self-directed brokerage account | 319.9 | 245.0 |  |  |  |  | 319.9 | 245.0 |
| Total investments, at fair value | $2082.5 | $1810.2 | $4280.4 | $3940.2 | $— | $— | 6362.9 | 5750.4 |

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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.

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**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):

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $6464.2 | $5810.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans with no post-default payment activity that are deemed distributions | (2.0) | (1.8) |
| Net assets available for benefits per the Form 5500 | $6462.2 | $5808.8 |

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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):

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| | |
|:---|:---|
| Net increase in assets available for benefits prior to plan transfers per the financial statements | $619.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan defaults previously deemed distributed that reached a distributable event | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments on loans deemed distributed that have had no post-default payment activity | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed distributions | (0.1) |
| Net income per the Form 5500 | $619.7 |

---

------

**SUPPLEMENTAL SCHEDULES**

------

**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** | **Total that Constitute Nonexempt Prohibited Transactions** | **Total that Constitute Nonexempt Prohibited Transactions** | |
|<br>**Participant Contributions Transferred Late to Plan**<br>**Check Here if Late Participant Loan Repayments are Included:** ✔ | **Contributions Not Corrected** | **Contributions Corrected Outside VFCP** | **Contributions Pending Correction in VFCP** |<br>**Total Fully Corrected Under VFCP and PTE 2002-51** |
| $784.56 |  | $784.56 |  |  |

---

------

**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<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
| **Cash Equivalents** | **Cash Equivalents** | | | | |
| \* | Fidelity® Investments Money Market Government Portfolio - Institutional Class | 5291548 | units | \*\* | $5291549 |
|  | Brown Brothers Harriman U.S. Government Money Market Fund | 11110669 | units | \*\* | 11293861 |
| \* | PIMCO Private Account Portfolio Series Short-Term Floating NAV Portfolio II | 351736 | units | \*\* | 4494210 |
|  |  |  |  |  | $21079620 |
| **Common/Collective Trusts** | **Common/Collective Trusts** |  |  |  |  |
| \* | Fidelity Managed Income Portfolio II Class 2 (at FMV) | 3 | units | \*\* | $3 |
| \* | Fidelity Managed Income Portfolio II Class 3 (at FMV) | 259301102 | units | \*\* | 259301102 |
|  | American Beacon Small Cap Value Institutional Class | 5201098 | units | \*\* | 111823096 |
| \* | Select Leaders Series 2 Portfolio | 11627662 | units | \*\* | 148252689 |
|  | GQG International Equity | 5481371 | units | \*\* | 87976004 |
|  | BlackRock Equity Index Non-Lendable Fund | 7335804 | units | \*\* | 782651628 |
|  | BlackRock MSCI ACW Ex-US IM Non-Lendable Fund | 3680267 | units | \*\* | 75278227 |
|  | BlackRock Russell 2500 Index Non-Lendable Fund | 2936371 | units | \*\* | 102700332 |
|  | BlackRock US Debt Index Non-Lendable Fund | 4483894 | units | \*\* | 68410291 |
|  | LifePath® Index 2030 Non-Lendable Fund F | 9269522 | units | \*\* | 360627595 |
|  | LifePath® Index 2035 Non-Lendable Fund F | 9244816 | units | \*\* | 405990888 |
|  | LifePath® Index 2040 Non-Lendable Fund F | 7330506 | units | \*\* | 358690461 |
|  | LifePath® Index 2045 Non-Lendable Fund F | 6295347 | units | \*\* | 338422237 |
|  | LifePath® Index 2050 Non-Lendable Fund F | 5083867 | units | \*\* | 291832770 |
|  | LifePath® Index 2055 Non-Lendable Fund F | 5234815 | units | \*\* | 219241380 |
|  | LifePath® Index 2060 Non-Lendable Fund F | 5104780 | units | \*\* | 121741153 |
|  | LifePath® Index 2065 Non-Lendable Fund F | 2371539 | units | \*\* | 40310393 |
|  | LifePath® Index Retirement Non-Lendable Fund F | 16943479 | units | \*\* | 449509204 |
|  |  |  |  |  | $4222759453 |
| **Registered Investment Companies (Mutual Funds)** | **Registered Investment Companies (Mutual Funds)** |  |  |  |  |
|  | Dodge & Cox International Stock Fund | 1763046 | shares | \*\* | $87976004 |
| \* | PIMCO All Asset Fund Institutional Class | 863851 | shares | \*\* | 9346864 |
| \* | PIMCO Inflation Response Multi-Asset Fund Institutional | 1147100 | shares | \*\* | 9348867 |
| \* | DoubleLine Floating Rate Fund Institutional | 339480 | units | \*\* | 3233317 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
| \* | DoubleLine Global Fund Institutional | 146787 | units | \*\* | 936380 |
| \* | DoubleLine Infrastructure Income Fund Institutional | 450324 | units | \*\* | 3422200 |
| \* | DoubleLine Selective Credit Fund Institutional | 1504175 | units | \*\* | 8757429 |
| \* | PIMCO Private Account Portfolio Series U.S. Government and Short-Term Inv | 1680880 | units | \*\* | 9967618 |
| \* | PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments | 1296961 | units | \*\* | 9675332 |
| \* | PIMCO Private Account Portfolio Series Municipal Sector | 149697 | units | \*\* | 908659 |
| \* | PIMCO Private Account Portfolio Series Real Return Bond | 344528 | units | \*\* | 3982745 |
| \* | PIMCO Private Account Portfolio Series Emerging Markets Bond and Short-Term | 375457 | units | \*\* | 3484236 |
| \* | PIMCO Private Account Portfolio Series International | 777304 | units | \*\* | 4897014 |
| \* | PIMCO Private Account Portfolio Series High Yield & Short-Term Investments | 122925 | units | \*\* | 876455 |
| \* | PIMCO Private Account Portfolio Series Investment Grade Credit Bond | 2226409 | units | \*\* | 19815038 |
| \* | PIMCO Private Account Portfolio Series Asset-Backed Securities and Short-Term | 1616204 | units | \*\* | 18747962 |
|  |  |  |  |  | $195376120 |
| **Common Stock** | **Common Stock** |  |  |  |  |
|  | Aaon Inc Com | 37107 | shares | \*\* | $4366752 |
|  | Advanced Micro Devices | 2409 | shares | \*\* | 290983 |
|  | Adyen Bv | 1006 | shares | \*\* | 1496937 |
|  | Agilysys Inc | 15798 | shares | \*\* | 2080755 |
|  | Air Prods & Chems Inc | 16103 | shares | \*\* | 4670514 |
|  | Alarm.Com Holdings Inc. | 29018 | shares | \*\* | 1764294 |
|  | Alphabet Inc Cl A | 60461 | shares | \*\* | 11445267 |
|  | Alphabet Inc Cl C | 283456 | shares | \*\* | 53981361 |
|  | Altria Group Inc | 43690 | shares | \*\* | 2284707 |
|  | Amazon.Com Inc | 343418 | shares | \*\* | 75342475 |
|  | Apple Inc | 350798 | shares | \*\* | 87846335 |
|  | Asml Holding Nv Ny | 9700 | shares | \*\* | 6722876 |
|  | Astrazeneca Plc-Spons Adr | 6932 | shares | \*\* | 454185 |
|  | Atlassian Corp-Cl A | 2049 | shares | \*\* | 498686 |
|  | Axos Financial Inc | 16419 | shares | \*\* | 1146867 |
|  | Azenta Inc | 11504 | shares | \*\* | 575200 |
|  | Balchem Corp | 18127 | shares | \*\* | 2954610 |
|  | Barnes Group Inc. | 6174 | shares | \*\* | 291783 |
|  | Berkshire Hathaway Inc De | 10616 | shares | \*\* | 4812020 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Bill Holdings Inc | 15579 | shares | \*\* | 1319697 |
|  | Biolife Solutions Inc. Com New | 19843 | shares | \*\* | 515124 |
|  | Bio-Techne Corp | 22904 | shares | \*\* | 1649775 |
|  | Blackbaud Inc | 27337 | shares | \*\* | 2020751 |
|  | Blackline Inc | 19187 | shares | \*\* | 1165802 |
|  | Blackrock Inc | 4736 | shares | \*\* | 4854921 |
|  | Booking Holdings Inc | 1669 | shares | \*\* | 8292293 |
|  | Bright Horizons Family Solutions Inc Del | 13306 | shares | \*\* | 1474970 |
|  | Broadcom Inc | 71687 | shares | \*\* | 16619914 |
|  | Carvana Co | 74209 | shares | \*\* | 15091142 |
|  | Carvana Co 144A 20230901 12% 20281201 | 313204 | shares | \*\* | 348544 |
|  | Carvana Co 144A 20230901 13% 20300601 | 555862 | shares | \*\* | 637358 |
|  | Carvana Co 144A 20230901 14% 20310601 | 663832 | shares | \*\* | 829218 |
|  | Casella Waste Systems, Inc. Cl A | 24146 | shares | \*\* | 2554888 |
|  | Cbiz Inc. | 10072 | shares | \*\* | 824192 |
|  | Certara Inc | 125723 | shares | \*\* | 1338950 |
|  | Chevron Corp New | 17773 | shares | \*\* | 2574241 |
|  | Chipotle Mexican Grill Inc | 129963 | shares | \*\* | 7836769 |
|  | Chubb Ltd | 29923 | shares | \*\* | 8267725 |
|  | Cincinnati Finl Corp | 16828 | shares | \*\* | 2418184 |
|  | Cintas Corp | 9848 | shares | \*\* | 1799230 |
|  | Cisco Sys Inc | 49298 | shares | \*\* | 2918264 |
|  | Colgate-Palmolive Co | 32461 | shares | \*\* | 2951030 |
|  | Comcast Corp New | 43112 | shares | \*\* | 1617918 |
|  | Confluent Inc-Class A | 24641 | shares | \*\* | 688962 |
|  | Constellation Energy | 27270 | shares | \*\* | 6100572 |
|  | Construction Partners Inc. Com Cl A | 58149 | shares | \*\* | 5143861 |
|  | Crowdstrike Holdings Inc - A | 6570 | shares | \*\* | 2247991 |
|  | Crown Castle Inc | 19487 | shares | \*\* | 1768640 |
| \* | Danaher Corporation | 1952392 | shares | \*\* | 448171583 |
|  | Databricks Ser G Cvt Pfd Stck Pp 19700101 0% 39991230 | 4545 | shares | \*\* | 420413 |
|  | Datadog Inc - Class A | 10246 | shares | \*\* | 1464051 |
|  | Descartes Systems Group Inc. | 32511 | shares | \*\* | 3693250 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Diageo Plc | 15975 | shares | \*\* | 2030902 |
|  | Digi International Inc. | 38452 | shares | \*\* | 1162404 |
|  | Dollar General Corp | 4401 | shares | \*\* | 333684 |
|  | Dominion Energy Inc | 53426 | shares | \*\* | 2877740 |
|  | Donaldson Co Inc | 16324 | shares | \*\* | 1099421 |
|  | Doordash Inc - A | 19265 | shares | \*\* | 3231704 |
|  | Dorman Products Inc. | 10115 | shares | \*\* | 1310398 |
|  | Doubleverify Holdings Inc | 61607 | shares | \*\* | 1183470 |
|  | Elevance Health Inc | 5575 | shares | \*\* | 2056618 |
|  | Eli Lilly & Co | 33500 | shares | \*\* | 25862000 |
|  | Eplus Inc | 20515 | shares | \*\* | 1515648 |
|  | Esco Technologies Inc. | 19662 | shares | \*\* | 2619175 |
|  | Exlservice Holdings Inc. | 101534 | shares | \*\* | 4506079 |
|  | Exponent Inc | 34313 | shares | \*\* | 3057288 |
|  | Fastenal Co | 37082 | shares | \*\* | 2666710 |
|  | Fidelity Natl Information | 42682 | shares | \*\* | 3447344 |
|  | Firstservice Corp. | 5588 | shares | \*\* | 1011540 |
|  | Fiserv Inc | 9994 | shares | \*\* | 2052967 |
|  | Fortinet Inc | 2604 | shares | \*\* | 246026 |
|  | Fox Factory Holding Corporation | 12840 | shares | \*\* | 388667 |
|  | Ge Aerospace | 32798 | shares | \*\* | 5470378 |
|  | Ge Vernova Llc | 6675 | shares | \*\* | 2195608 |
|  | Globus Med Inc Cl A | 40945 | shares | \*\* | 3386561 |
|  | Goldman Sachs Group Inc | 6651 | shares | \*\* | 3808496 |
|  | Grocery Outlet Holding Corp. | 38504 | shares | \*\* | 601047 |
|  | Hamilton Lane Inc Cl A | 6062 | shares | \*\* | 897479 |
|  | Healthequity Inc | 21912 | shares | \*\* | 2102456 |
|  | Humana Inc | 8368 | shares | \*\* | 2123045 |
|  | I3 Verticals Inc Com Cl A | 41936 | shares | \*\* | 966205 |
|  | Intuit Inc | 8637 | shares | \*\* | 5428355 |
|  | Intuitive Surgical Inc | 26649 | shares | \*\* | 13909712 |
|  | J&J Snack Foods Corp | 11556 | shares | \*\* | 1792682 |
|  | Johnson & Johnson | 21104 | shares | \*\* | 3052060 |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Kinsale Capital Group Inc | 9037 | shares | \*\* | 4203380 |
|  | Lam Research Corp | 3400 | shares | \*\* | 245582 |
|  | Lemaitre Vascular Inc. | 20300 | shares | \*\* | 1870442 |
|  | Linde Plc | 7155 | shares | \*\* | 2995584 |
|  | Lowes Cos Inc | 15732 | shares | \*\* | 3882658 |
|  | Lululemon Athletica Inc | 4141 | shares | \*\* | 1583560 |
|  | Marsh & Mclennan Cos | 16421 | shares | \*\* | 3487985 |
|  | Marten Transport Ltd. | 74853 | shares | \*\* | 1168455 |
|  | Mastercard Inc - A | 38445 | shares | \*\* | 20243984 |
|  | Merck & Co Inc | 29171 | shares | \*\* | 2901931 |
|  | Mesa Laboratories Inc. | 4424 | shares | \*\* | 583393 |
|  | Meta Platforms Inc-Class A | 92141 | shares | \*\* | 53949477 |
|  | Microsoft Corp | 248303 | shares | \*\* | 104659715 |
|  | Mondelez International Inc | 24638 | shares | \*\* | 1471628 |
|  | Mongodb Inc | 3286 | shares | \*\* | 765014 |
|  | Monolithic Power Systems Inc | 5828 | shares | \*\* | 3448428 |
|  | Morgan Stanley | 31989 | shares | \*\* | 4021657 |
|  | Msci Inc | 324 | shares | \*\* | 194403 |
|  | Neogen Corp | 48551 | shares | \*\* | 589409 |
|  | Nestle S A | 20800 | shares | \*\* | 1699278 |
|  | Netflix Inc | 20188 | shares | \*\* | 17993968 |
|  | Nike Inc - Cl B | 3515 | shares | \*\* | 265980 |
|  | Nintendo Ltd | 229327 | shares | \*\* | 3355786 |
|  | Norfolk Southn Corp | 15706 | shares | \*\* | 3686198 |
|  | Northrop Grumman Corp | 5717 | shares | \*\* | 2682931 |
|  | Novanta Inc | 19325 | shares | \*\* | 2952280 |
|  | Nv5 Global Inc. | 40600 | shares | \*\* | 764904 |
|  | Nvidia Corp | 785325 | shares | \*\* | 105461294 |
|  | Old Dominion Freight Line | 12385 | shares | \*\* | 2184714 |
|  | Ollies Bargain Outlet Holdings Inc. | 22870 | shares | \*\* | 2509525 |
|  | Onto Innovation Inc. | 23215 | shares | \*\* | 3869244 |
|  | Option Care Health Inc Com New | 18385 | shares | \*\* | 426532 |
|  | Palomar Holdings Inc | 7847 | shares | \*\* | 828565 |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Paychex Inc | 21793 | shares | \*\* | 3055814 |
|  | Philip Morris Intl Inc | 36907 | shares | \*\* | 4441757 |
|  | Procter & Gamble Co/The | 14284 | shares | \*\* | 2394713 |
|  | Progressive Corp | 17844 | shares | \*\* | 4275601 |
|  | Rbc Bearings Inc | 12944 | shares | \*\* | 3872068 |
|  | Roper Technologies Inc | 8545 | shares | \*\* | 4442118 |
|  | Ross Stores Inc | 26120 | shares | \*\* | 3951172 |
|  | S&P Global Inc | 6878 | shares | \*\* | 3425450 |
|  | Schlumberger Ltd | 43523 | shares | \*\* | 1668672 |
|  | Schwab Charles Corp | 82866 | shares | \*\* | 6132912 |
|  | Sea Ltd Adr | 27804 | shares | \*\* | 2950004 |
|  | Servicenow Inc | 18856 | shares | \*\* | 19989623 |
|  | Sherwin-Williams Co/The | 9149 | shares | \*\* | 3110020 |
|  | Shopify Inc - Class A | 60451 | shares | \*\* | 6427755 |
|  | Siteone Landscape Supply Inc | 17006 | shares | \*\* | 2240881 |
|  | Snowflake Inc | 892 | shares | \*\* | 137734 |
|  | Sps Commerce Inc | 13815 | shares | \*\* | 2541822 |
|  | Spx Technologies, Inc. | 10512 | shares | \*\* | 1529706 |
|  | Staar Surgical Co Com | 16083 | shares | \*\* | 390656 |
|  | Starbucks Corp | 31386 | shares | \*\* | 2863881 |
|  | Stryker Corp | 12250 | shares | \*\* | 4410613 |
|  | Synopsys Inc | 14227 | shares | \*\* | 6905217 |
|  | Taiwan Semiconductor-Sp Adr | 19805 | shares | \*\* | 3911289 |
|  | Te Connectivity Plc | 41254 | shares | \*\* | 5898084 |
|  | Tesla Inc | 68853 | shares | \*\* | 27805596 |
|  | Texas Instrs Inc | 22236 | shares | \*\* | 4169285 |
|  | Texas Instruments Inc | 6574 | shares | \*\* | 1232691 |
|  | Texas Roadhouse Inc | 21550 | shares | \*\* | 3888267 |
|  | Thermo Fisher Scientific Inc | 10337 | shares | \*\* | 5377618 |
|  | Tjx Companies Inc | 29924 | shares | \*\* | 3615118 |
|  | T-Mobile Us Inc | 38948 | shares | \*\* | 8596992 |
|  | Transdigm Group Inc | 1837 | shares | \*\* | 2327993 |
|  | Trex Company, Inc. | 34925 | shares | \*\* | 2410873 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Tyler Technologies Inc. | 3165 | shares | \*\* | 1825066 |
|  | Ufp Technologies Inc. | 1845 | shares | \*\* | 451121 |
|  | United Parcel Service Inc | 17044 | shares | \*\* | 2149248 |
|  | Unitedhealth Group Inc | 23151 | shares | \*\* | 11711165 |
|  | Valvoline Inc | 29734 | shares | \*\* | 1075776 |
|  | Veralto Corporation | 459864 | shares | \*\* | 46837148 |
|  | Vericel Corporation | 26009 | shares | \*\* | 1428154 |
|  | Vertex Inc Cl A | 30950 | shares | \*\* | 1651183 |
|  | Visa Inc-Class A Shares | 78046 | shares | \*\* | 24665658 |
|  | Wd-40 Co. | 4915 | shares | \*\* | 1192772 |
|  | Willscot Holdings Corporation Com Cl A | 16833 | shares | \*\* | 563064 |
|  | Zoetis Inc | 868 | shares | \*\* | 141423 |
|  |  |  |  |  | $1546072356 |
| **Bonds** | **Bonds** |  |  |  |  |
|  | AAR Escrow Issuer LLC | 6.75% | 3/15/2029 | \*\* | $36221 |
|  | AASET 2022-1 LLC | 6.00% | 5/16/2047 | \*\* | 141183 |
|  | AbbVie Inc | 4.70% | 5/14/2045 | \*\* | 98740 |
|  | ACHV ABS TRUST 2023-3PL | 7.17% | 8/19/2030 | \*\* | 4433 |
|  | AdaptHealth LLC | 5.13% | 3/1/2030 | \*\* | 18570 |
|  | Advanced Drainage Systems Inc | 6.38% | 6/15/2030 | \*\* | 46533 |
|  | AEP Texas Inc | 5.45% | 5/15/2029 |  | 33672 |
|  | Aethon United BR LP / Aethon United Finance Corp | 7.50% | 10/1/2029 | \*\* | 41696 |
|  | AGCO Corp | 0.06% | 3/21/2034 | \*\* | 114449 |
|  | Agree LP | 5.63% | 6/15/2034 | \*\* | 76453 |
|  | Alexandria Real Estate Equities Inc | 3.00% | 5/18/2051 | \*\* | 107219 |
|  | Alliant Holdings Intermediate LLC / Alliant Holdings Co- Issuer | 6.75% | 10/15/2027 | \*\* | 30210 |
|  | Alliant Holdings Intermediate LLC / Alliant Holdings Co- Issuer | 6.50% | 10/1/2031 | \*\* | 25245 |
|  | Allied Universal Holdco LLC | 7.88% | 2/15/2031 | \*\* | 89512 |
|  | Allied Universal Holdco LLC / Allied Universal Finance Corp | 9.75% | 7/15/2027 | \*\* | 21058 |
|  | Amentum Holdings Inc | 7.25% | 8/1/2032 | \*\* | 25913 |
|  | American Airlines Inc | 7.25% | 2/15/2028 | \*\* | 42132 |
|  | American Airlines Inc | 8.50% | 5/15/2029 | \*\* | 26535 |
|  | American Homes 4 Rent LP | 5.50% | 2/1/2034 | \*\* | 91749 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | American National Group Inc | 5.75% | 10/1/2029 | \*\* | 46742 |
|  | American Tower Corp | 5.55% | 7/15/2033 | \*\* | 111747 |
|  | Amgen Inc | 5.75% | 3/2/2063 | \*\* | 103764 |
|  | Amphenol Corp | 5.38% | 11/15/2054 | \*\* | 48991 |
|  | AmWINS Group Inc | 4.88% | 6/30/2029 | \*\* | 18875 |
|  | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp | 7.00% | 4/15/2030 | \*\* | 18060 |
|  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | 7.88% | 11/1/2029 | \*\* | 15420 |
|  | Apollo Debt Solutions BDC | 6.70% | 7/29/2031 | \*\* | 28505 |
|  | Apollo Global Management Inc | 6.00% | 12/15/2054 | \*\* | 41017 |
|  | AppLovin Corp | 5.38% | 12/1/2031 | \*\* | 56258 |
|  | ArcelorMittal SA | 6.00% | 6/17/2034 | \*\* | 60219 |
|  | Archrock Partners LP / Archrock Partners Finance Corp | 6.63% | 9/1/2032 | \*\* | 35795 |
|  | Ares Capital Corp | 5.95% | 7/15/2029 | \*\* | 31171 |
|  | Ares Strategic Income Fund | 5.70% | 3/15/2028 | \*\* | 19124 |
|  | Arivo Acceptance Auto Loan Receivables Trust 2021-1 | 2.02% | 2/16/2027 | \*\* | 173903 |
|  | Arizona Public Service Co | 5.70% | 8/15/2034 | \*\* | 50633 |
|  | Arrow Electronics Inc | 5.88% | 4/10/2034 | \*\* | 61187 |
|  | Arthur J Gallagher & Co | 4.85% | 12/15/2029 | \*\* | 31919 |
|  | Arthur J Gallagher & Co | 5.15% | 2/15/2035 | \*\* | 68403 |
|  | AT&T Inc | 3.50% | 9/15/2053 | \*\* | 109486 |
|  | AthenaHealth Group Inc | 6.50% | 2/15/2030 | \*\* | 19518 |
|  | Athene Global Funding | 4.72% | 10/8/2029 | \*\* | 133237 |
|  | Athene Holding Ltd | 6.63% | 10/15/2054 | \*\* | 118382 |
|  | Atlassian Corp | 5.25% | 5/15/2029 | \*\* | 44643 |
|  | Aviation Capital Group LLC | 5.38% | 7/15/2029 | \*\* | 86447 |
|  | Avient Corp | 6.25% | 11/1/2031 | \*\* | 10052 |
|  | Avolon Holdings Funding Ltd | 5.75% | 3/1/2029 | \*\* | 188551 |
|  | Azorra Finance Ltd | 7.75% | 4/15/2030 | \*\* | 20218 |
|  | Bain Capital Credit CLO 2024-4 Ltd | 7.97% | 10/23/2037 | \*\* | 524152 |
|  | BANK 2017-BNK6 | 0.78% | 7/1/2060 | \*\* | 41325 |
|  | BANK 2019-BNK20 | 0.81% | 9/1/2062 | \*\* | 69059 |
|  | BANK 2020-BNK27 | 2.14% | 4/1/2063 | \*\* | 106016 |
|  | BANK 2022-BNK39 | 3.18% | 2/1/2055 | \*\* | 85620 |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Bank of America Corp | 2.48% | 9/21/2036 | \*\* | 174279 |
|  | Bank of America Corp | 5.47% | 1/23/2035 | \*\* | 44098 |
|  | Bank of America Corp | 5.52% | 10/25/2035 | \*\* | 58315 |
|  | Bank of Montreal | 3.80% | 12/15/2032 | \*\* | 110227 |
|  | Bank of New York Mellon Corp/The | 5.06% | 7/22/2032 | \*\* | 102011 |
|  | BANK5 2024-5YR10 | 5.64% | 10/1/2057 | \*\* | 76179 |
|  | BANK5 2024-5YR9 | 5.61% | 8/1/2057 | \*\* | 59334 |
|  | BAT Capital Corp | 4.54% | 8/15/2047 | \*\* | 40340 |
|  | Bausch + Lomb Corp | 8.38% | 10/1/2028 | \*\* | 47573 |
|  | Bausch Health Cos Inc | 5.25% | 1/30/2030 | \*\* | 8519 |
|  | Bausch Health Cos Inc | 6.13% | 2/1/2027 | \*\* | 14012 |
|  | BBCMS Mortgage Trust 2021-C11 | 2.11% | 9/1/2054 | \*\* | 90708 |
|  | BBCMS Mortgage Trust 2021-C12 | 2.69% | 11/1/2054 | \*\* | 85909 |
|  | BBCMS Mortgage Trust 2021-C9 | 2.30% | 2/1/2054 | \*\* | 85403 |
|  | BBCMS Mortgage Trust 2022-C16 | 4.60% | 6/1/2055 | \*\* | 96607 |
|  | BBCMS Mortgage Trust 2024-5C29 | 5.21% | 9/1/2057 | \*\* | 59503 |
|  | BBCMS Mortgage Trust 2024-C24 | 5.42% | 2/1/2057 | \*\* | 101995 |
|  | BC Ltd | 0.09% | 1/30/2028 | \*\* | 3121 |
|  | BCPE Empire Holdings Inc | 7.63% | 5/1/2027 | \*\* | 70722 |
|  | Benchmark 2019-B11 Mortgage Trust | 3.28% | 5/1/2052 | \*\* | 93612 |
|  | Benchmark 2020-B19 Mortgage Trust | 2.15% | 9/1/2053 | \*\* | 81199 |
|  | Benchmark 2021-B31 Mortgage Trust | 2.67% | 12/1/2054 | \*\* | 85267 |
|  | Benchmark 2022-B32 Mortgage Trust | 3.41% | 1/1/2055 | \*\* | 84232 |
|  | Benchmark 2024-V10 Mortgage Trust | 5.28% | 9/1/2057 | \*\* | 100864 |
|  | Benchmark 2024-V8 Mortgage Trust | 5.51% | 7/1/2057 | \*\* | 93396 |
|  | Benchmark 2024-V9 Mortgage Trust | 5.60% | 8/1/2057 | \*\* | 102205 |
|  | BFLD 2024-VICT Mortgage Trust | 6.29% | 7/15/2041 | \*\* | 100727 |
|  | Black Hills Corp | 6.00% | 1/15/2035 | \*\* | 112283 |
|  | Blackstone Private Credit Fund | 6.00% | 11/22/2034 | \*\* | 65856 |
|  | Blue Racer Midstream LLC / Blue Racer Finance Corp | 7.25% | 7/15/2032 | \*\* | 15926 |
|  | BMO 2024-5C6 Mortgage Trust | 5.32% | 9/1/2057 | \*\* | 58482 |
|  | BMO 2024-5C7 Mortgage Trust | 5.89% | 11/1/2057 | \*\* | 43926 |
|  | Bombardier Inc | 7.88% | 4/15/2027 | \*\* | 22413 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Bombardier Inc | 8.75% | 11/15/2030 | \*\* | 27184 |
|  | Bombardier Inc | 7.00% | 6/1/2032 | \*\* | 5122 |
|  | BPR Trust 2021-TY | 5.56% | 9/15/2038 | \*\* | 50975 |
|  | Brand Industrial Services Inc | 10.38% | 8/1/2030 | \*\* | 15934 |
|  | Broadcom Inc | 3.50% | 2/15/2041 | \*\* | 111255 |
|  | Brown & Brown Inc | 2.38% | 3/15/2031 | \*\* | 109395 |
|  | Buckeye Partners LP | 6.88% | 7/1/2029 | \*\* | 47189 |
|  | Builders FirstSource Inc | 6.38% | 3/1/2034 | \*\* | 45425 |
|  | Bunge Ltd Finance Corp | 4.65% | 9/17/2034 | \*\* | 66093 |
|  | Burlington Northern Santa Fe LLC | 5.50% | 3/15/2055 | \*\* | 53765 |
|  | Caesars Entertainment Inc | 6.00% | 10/15/2032 | \*\* | 92857 |
|  | Cardinal Health Inc | 4.60% | 3/15/2043 | \*\* | 49556 |
|  | Cardinal Health Inc | 4.50% | 11/15/2044 | \*\* | 6668 |
|  | Carlyle US CLO 2024-2 Ltd | 8.48% | 4/25/2037 | \*\* | 520202 |
|  | Carnival Corp | 5.75% | 3/1/2027 | \*\* | 35619 |
|  | Carvana Co | 9.00% | 12/1/2028 | \*\* | 14119 |
|  | Carvana Co | 9.00% | 6/1/2030 | \*\* | 5740 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp | 5.13% | 5/1/2027 | \*\* | 14880 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp | 4.75% | 3/1/2030 | \*\* | 23254 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp | 4.25% | 1/15/2034 | \*\* | 16641 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp | 4.75% | 2/1/2032 | \*\* | 8986 |
|  | Centene Corp | 2.50% | 3/1/2031 | \*\* | 112039 |
|  | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc | 8.00% | 6/15/2029 | \*\* | 25574 |
|  | CF Industries Inc | 5.38% | 3/15/2044 | \*\* | 55873 |
|  | Cheniere Energy Inc | 4.63% | 10/15/2028 | \*\* | 111731 |
|  | Cheniere Energy Partners LP | 4.00% | 3/1/2031 | \*\* | 115462 |
|  | CHS/Community Health Systems Inc | 6.00% | 1/15/2029 | \*\* | 32346 |
|  | Citigroup Commercial Mortgage Trust 2020-555 | 3.50% | 12/1/2041 | \*\* | 80097 |
|  | Citigroup Commercial Mortgage Trust 2022-GC48 | 4.58% | 5/1/2054 | \*\* | 97363 |
|  | Citigroup Inc | 3.06% | 1/25/2033 | \*\* | 115180 |
|  | Citigroup Inc | 5.41% | 9/19/2039 | \*\* | 57128 |
|  | Civitas Resources Inc | 8.38% | 7/1/2028 | \*\* | 21634 |
|  | Clydesdale Acquisition Holdings Inc | 6.88% | 1/15/2030 | \*\* | 41467 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | CNX Resources Corp | 6.00% | 1/15/2029 | \*\* | 20184 |
|  | COMM 2015-LC21 Mortgage Trust | 0.60% | 7/1/2048 | \*\* | 2658 |
|  | Consolidated Communications Inc | 5.00% | 10/1/2028 | \*\* | 28327 |
|  | Cornerstone Building Brands Inc | 9.50% | 8/15/2029 | \*\* | 35438 |
|  | Cougar JV Subsidiary LLC | 8.00% | 5/15/2032 | \*\* | 15738 |
|  | Crown Castle Inc | 3.65% | 9/1/2027 | \*\* | 105094 |
|  | CSAIL 2017-CX9 Commercial Mortgage Trust | 0.60% | 9/1/2050 | \*\* | 20309 |
|  | CSMC 2021-B33 | 3.64% | 10/1/2043 | \*\* | 84482 |
|  | CSX Corp | 3.80% | 11/1/2046 | \*\* | 101655 |
|  | CVS Health Corp | 5.30% | 6/1/2033 | \*\* | 54916 |
|  | CVS Health Corp | 5.88% | 6/1/2053 | \*\* | 72912 |
|  | CyrusOne Data Centers Issuer I LLC | 4.50% | 5/20/2049 | \*\* | 238939 |
|  | Dcli Bidco LLC | 7.75% | 11/15/2029 | \*\* | 25984 |
|  | Dealer Tire LLC / DT Issuer LLC | 8.00% | 2/1/2028 | \*\* | 40669 |
|  | Del Amo Fashion Center Trust 2017-AMO | 3.64% | 6/1/2035 | \*\* | 94432 |
|  | Dell Inc | 6.50% | 4/15/2038 | \*\* | 56224 |
|  | Devon Energy Corp | 5.75% | 9/15/2054 | \*\* | 56588 |
|  | Diamond Infrastructure Funding LLC | 2.36% | 4/15/2049 | \*\* | 467519 |
|  | Directv Financing LLC / Directv Financing Co-Obligor Inc | 5.88% | 8/15/2027 | \*\* | 39902 |
|  | DISH DBS Corp | 5.13% | 6/1/2029 | \*\* | 6489 |
|  | DISH DBS Corp | 5.75% | 12/1/2028 | \*\* | 21542 |
|  | Dominion Energy Inc | 6.63% | 5/15/2055 | \*\* | 33894 |
|  | Dornoch Debt Merger Sub Inc | 6.63% | 10/15/2029 | \*\* | 16501 |
|  | DR Horton Inc | 5.00% | 10/15/2034 | \*\* | 114279 |
|  | DT Midstream Inc | 4.13% | 6/15/2029 | \*\* | 28092 |
|  | DTE Energy Co | 5.85% | 6/1/2034 | \*\* | 86695 |
|  | Duke Energy Corp | 5.00% | 8/15/2052 | \*\* | 33028 |
|  | EchoStar Corp | 10.75% | 11/30/2029 | \*\* | 21820 |
|  | Edison International | 5.25% | 3/15/2032 | \*\* | 57886 |
|  | Elevance Health Inc | 4.55% | 5/15/2052 | \*\* | 31691 |
|  | Ellucian Holdings Inc | 6.50% | 12/1/2029 | \*\* | 40399 |
|  | EMRLD Borrower LP / Emerald Co-Issuer Inc | 6.75% | 7/15/2031 | \*\* | 41639 |
|  | EMRLD Borrower LP / Emerald Co-Issuer Inc | 6.63% | 12/15/2030 | \*\* | 70387 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Energy Transfer LP | 5.95% | 5/15/2054 | \*\* | 64348 |
|  | Energy Transfer LP | 7.13% | 10/1/2054 | \*\* | 63224 |
|  | EnLink Midstream LLC | 5.38% | 6/1/2029 | \*\* | 55284 |
|  | EnLink Midstream LLC | 5.65% | 9/1/2034 | \*\* | 114091 |
|  | Equinix Inc | 2.95% | 9/15/2051 | \*\* | 61672 |
|  | Equinix Inc | 3.90% | 4/15/2032 | \*\* | 55783 |
|  | Eversource Energy | 5.50% | 1/1/2034 | \*\* | 57139 |
|  | Expand Energy Corp | 6.75% | 4/15/2029 | \*\* | 33858 |
|  | Expedia Group Inc | 3.80% | 2/15/2028 | \*\* | 115725 |
|  | F&G Annuities & Life Inc | 6.25% | 10/4/2034 | \*\* | 29579 |
|  | Fannie Mae Pool | 3.00% | 7/1/2043 | \*\* | 241245 |
|  | Fannie Mae Pool | 5.50% | 12/1/2054 | \*\* | 322629 |
|  | Fannie Mae Pool | 2.50% | 8/1/2051 | \*\* | 324223 |
|  | Fannie Mae Pool | 2.46% | 4/1/2032 | \*\* | 247576 |
|  | Fannie Mae Pool | 4.97% | 7/1/2031 | \*\* | 963842 |
|  | Fannie Mae Pool | 3.00% | 11/1/2051 | \*\* | 167714 |
|  | Fannie Mae Pool | 6.00% | 5/1/2053 | \*\* | 156822 |
|  | Fannie Mae Pool | 6.00% | 10/1/2053 | \*\* | 240659 |
|  | Fannie Mae Pool | 5.50% | 10/1/2053 | \*\* | 320348 |
|  | Fannie Mae Pool | 5.50% | 3/1/2054 | \*\* | 119412 |
|  | Fannie Mae Pool | 5.50% | 6/1/2054 | \*\* | 344246 |
|  | Fannie Mae Pool | 3.00% | 12/1/2048 | \*\* | 225472 |
|  | Fannie Mae Pool | 2.50% | 3/1/2052 | \*\* | 276654 |
|  | Fannie Mae Pool | 2.50% | 4/1/2052 | \*\* | 276434 |
|  | Fannie Mae Pool | 6.00% | 12/1/2053 | \*\* | 236773 |
|  | Fannie Mae Pool | 6.00% | 8/1/2054 | \*\* | 299371 |
|  | Fannie Mae Pool | 5.00% | 7/1/2052 | \*\* | 177487 |
|  | Fannie Mae REMICS | 5.18% | 9/25/2042 | \*\* | 490553 |
|  | Fannie Mae REMICS | 1.50% | 10/1/2027 | \*\* | 3588 |
|  | Fannie Mae REMICS | —% | 4/1/2048 | \*\* | 104637 |
|  | Fannie Mae REMICS | —% | 8/25/2051 | \*\* | 4593 |
|  | Fannie Mae REMICS | 6.05% | 6/25/2054 | \*\* | 325391 |
|  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | 6.75% | 1/15/2030 | \*\* | 19090 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Fiserv Inc | 5.45% | 3/15/2034 | \*\* | 112924 |
|  | Ford Motor Co | 3.25% | 2/12/2032 | \*\* | 57427 |
|  | Fortress Transportation and Infrastructure Investors LLC | 5.88% | 4/15/2033 | \*\* | 58770 |
|  | Freddie Mac Gold Pool | 4.00% | 10/1/2048 | \*\* | 28465 |
|  | Freddie Mac Pool | 3.00% | 3/1/2052 | \*\* | 341966 |
|  | Freddie Mac Pool | 5.50% | 2/1/2053 | \*\* | 293332 |
|  | Freddie Mac Pool | 5.00% | 5/1/2053 | \*\* | 502720 |
|  | Freddie Mac Pool | 6.00% | 2/1/2054 | \*\* | 651929 |
|  | Freddie Mac Pool | 5.50% | 4/1/2054 | \*\* | 362024 |
|  | Freddie Mac Pool | 3.00% | 8/1/2052 | \*\* | 714504 |
|  | Freddie Mac Pool | 5.00% | 3/1/2054 | \*\* | 282632 |
|  | Freddie Mac Pool | 2.00% | 4/1/2051 | \*\* | 140298 |
|  | Freddie Mac Pool | 3.00% | 3/1/2052 | \*\* | 185895 |
|  | Freddie Mac Pool | 5.00% | 6/1/2053 | \*\* | 301468 |
|  | Freddie Mac Pool | 5.50% | 2/1/2054 | \*\* | 465611 |
|  | Freddie Mac Pool | 2.00% | 5/1/2051 | \*\* | 494485 |
|  | Freddie Mac Pool | 4.50% | 9/1/2052 | \*\* | 367349 |
|  | Freddie Mac Pool | 2.00% | 2/1/2052 | \*\* | 301540 |
|  | Freddie Mac Pool | 5.50% | 9/1/2053 | \*\* | 414655 |
|  | Freddie Mac Pool | 6.00% | 11/1/2053 | \*\* | 303788 |
|  | Frontier Communications Holdings LLC | 6.75% | 5/1/2029 | \*\* | 20342 |
|  | Full House Resorts Inc | 8.25% | 2/15/2028 | \*\* | 15426 |
|  | Garda World Security Corp | 6.00% | 6/1/2029 | \*\* | 38165 |
|  | Garda World Security Corp | 8.38% | 11/15/2032 | \*\* | 46498 |
|  | Genesee & Wyoming Inc | 6.25% | 4/15/2032 | \*\* | 45921 |
|  | Genuine Parts Co | 4.95% | 8/15/2029 | \*\* | 115945 |
|  | GGAM Finance Ltd | 6.88% | 4/15/2029 | \*\* | 36036 |
|  | Glencore Funding LLC | 1.63% | 4/27/2026 | \*\* | 69294 |
|  | Glencore Funding LLC | 5.37% | 4/4/2029 | \*\* | 114395 |
|  | Global Aircraft Leasing Co Ltd | 8.75% | 9/1/2027 | \*\* | 89338 |
|  | Goat Holdco LLC | 6.75% | 2/1/2032 | \*\* | 24816 |
|  | Goldman Sachs Group Inc/The | 5.19% | 9/10/2027 | \*\* | 181201 |
|  | Gray Television Inc | 10.50% | 7/15/2029 | \*\* | 15925 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Griffon Corp | 5.75% | 3/1/2028 | \*\* | 35015 |
|  | Gulfport Energy Operating Corp | 6.75% | 9/1/2029 | \*\* | 41139 |
|  | Harvest Midstream I LP | 7.50% | 5/15/2032 | \*\* | 36010 |
|  | HCA Inc | 5.25% | 6/15/2049 | \*\* | 104254 |
|  | Hess Midstream Operations LP | 5.50% | 10/15/2030 | \*\* | 58009 |
|  | Hewlett Packard Enterprise Co | 5.00% | 10/15/2034 | \*\* | 132586 |
|  | Hilcorp Energy I LP / Hilcorp Finance Co | 7.25% | 2/15/2035 | \*\* | 23948 |
|  | Host Hotels & Resorts LP | 3.50% | 9/15/2030 | \*\* | 109983 |
|  | Host Hotels & Resorts LP | 5.70% | 7/1/2034 | \*\* | 115980 |
|  | HUB International Ltd | 7.25% | 6/15/2030 | \*\* | 15436 |
|  | Huntington Bancshares Inc/OH | 5.27% | 1/15/2031 | \*\* | 32237 |
|  | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC | 9.00% | 2/15/2029 | \*\* | 75548 |
|  | Hyatt Hotels Corp | 5.25% | 6/30/2029 | \*\* | 108146 |
|  | Hyundai Auto Receivables Trust 2024-C | 4.86% | 2/17/2032 | \*\* | 198368 |
|  | Hyundai Capital America | 5.30% | 1/8/2029 | \*\* | 112040 |
|  | Illuminate Buyer LLC / Illuminate Holdings IV Inc | 9.00% | 7/1/2028 | \*\* | 42340 |
|  | IQVIA Inc | 6.25% | 2/1/2029 | \*\* | 74257 |
|  | Iron Mountain Inc | 7.00% | 2/15/2029 | \*\* | 36713 |
|  | Iron Mountain Inc | 6.25% | 1/15/2033 | \*\* | 10010 |
|  | JELD-WEN Inc | 4.88% | 12/15/2027 | \*\* | 33369 |
|  | JetBlue Airways Corp / JetBlue Loyalty LP | 9.88% | 9/20/2031 | \*\* | 26664 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 | 3.22% | 4/1/2046 | \*\* | 49953 |
|  | JPMBB Commercial Mortgage Securities Trust 2015-C27 | 3.90% | 2/1/2048 | \*\* | 81604 |
|  | JPMBB Commercial Mortgage Securities Trust 2015-C28 | 3.53% | 10/1/2048 | \*\* | 99590 |
|  | JPMorgan Chase & Co | 4.85% | 7/25/2028 | \*\* | 52064 |
|  | Keurig Dr Pepper Inc | 5.20% | 3/15/2031 | \*\* | 113768 |
|  | Keysight Technologies Inc | 4.95% | 10/15/2034 | \*\* | 57451 |
|  | Kinder Morgan Energy Partners LP | 6.95% | 1/15/2038 | \*\* | 106083 |
|  | Kinetik Holdings LP | 5.88% | 6/15/2030 | \*\* | 55309 |
|  | Kodiak Gas Services LLC | 7.25% | 2/15/2029 | \*\* | 73387 |
|  | Kronos Acquisition Holdings Inc | 8.25% | 6/30/2031 | \*\* | 19101 |
|  | Kyndryl Holdings Inc | 4.10% | 10/15/2041 | \*\* | 59412 |
|  | Laboratory Corp of America Holdings | 4.55% | 4/1/2032 | \*\* | 113508 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | LCCM 2017-LC26 | 4.71% | 7/3/2050 | \*\* | 91656 |
|  | Level 3 Financing Inc | 10.50% | 5/15/2030 | \*\* | 27685 |
|  | Life Time Inc | 6.00% | 11/15/2031 | \*\* | 60000 |
|  | LifePoint Health Inc | 4.38% | 2/15/2027 | \*\* | 34151 |
|  | LifePoint Health Inc | 10.00% | 6/1/2032 | \*\* | 46185 |
|  | Light & Wonder International Inc | 7.25% | 11/15/2029 | \*\* | 15465 |
|  | Lightning Power LLC | 7.25% | 8/15/2032 | \*\* | 26458 |
|  | Lowe's Cos Inc | 5.63% | 4/15/2053 | \*\* | 34076 |
|  | M&T Bank Corp | 6.08% | 3/13/2032 | \*\* | 56358 |
|  | Macquarie Airfinance Holdings Ltd | 6.50% | 3/26/2031 | \*\* | 10534 |
|  | Macquarie Airfinance Holdings Ltd | 5.15% | 3/17/2030 | \*\* | 58694 |
|  | Macy's Retail Holdings LLC | 5.88% | 4/1/2029 | \*\* | 10949 |
|  | Madison IAQ LLC | 5.88% | 6/30/2029 | \*\* | 18910 |
|  | Markel Group Inc | 6.00% | 5/16/2054 | \*\* | 20983 |
|  | Marriott International Inc/MD | 5.30% | 5/15/2034 | \*\* | 111965 |
|  | Marvell Technology Inc | 5.95% | 9/15/2033 | \*\* | 114068 |
|  | MasTec Inc | 5.90% | 6/15/2029 | \*\* | 40854 |
|  | Matador Resources Co | 6.50% | 4/15/2032 | \*\* | 30123 |
|  | Mattamy Group Corp | 4.63% | 3/1/2030 | \*\* | 18930 |
|  | Mavis Tire Express Services Topco Corp | 6.50% | 5/15/2029 | \*\* | 24209 |
|  | McDonald's Corp | 5.45% | 8/14/2053 | \*\* | 49961 |
|  | McGraw-Hill Education Inc | 5.75% | 8/1/2028 | \*\* | 20029 |
|  | McGraw-Hill Education Inc | 7.38% | 9/1/2031 | \*\* | 10544 |
|  | Medline Borrower LP | 5.25% | 10/1/2029 | \*\* | 34270 |
|  | Medline Borrower LP/Medline Co-Issuer Inc | 6.25% | 4/1/2029 | \*\* | 82194 |
|  | Meta Platforms Inc | 5.40% | 8/15/2054 | \*\* | 110944 |
|  | Michaels Cos Inc/The | 5.25% | 5/1/2028 | \*\* | 7649 |
|  | Michaels Cos Inc/The | 7.88% | 5/1/2029 | \*\* | 6247 |
|  | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp | 4.88% | 5/1/2029 | \*\* | 33305 |
|  | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC | 6.75% | 4/1/2032 | \*\* | 35777 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 | 4.26% | 11/1/2049 | \*\* | 84898 |
|  | Mosaic Solar Loan Trust 2020-2 | 2.21% | 8/20/2046 | \*\* | 34350 |
|  | MPLX LP | 5.50% | 6/1/2034 | \*\* | 55485 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | MSBAM Commercial Mortgage Securities Trust 2012- CKSV | 4.16% | 10/1/2030 | \*\* | 96848 |
|  | MVW 2021-1W LLC | 1.94% | 1/22/2041 | \*\* | 59323 |
|  | Nabors Industries Inc | 9.13% | 1/31/2030 | \*\* | 15842 |
|  | Nationstar Mortgage Holdings Inc | 5.75% | 11/15/2031 | \*\* | 33748 |
|  | NCL Corp Ltd | 5.88% | 2/15/2027 | \*\* | 30594 |
|  | Netflix Inc | 5.40% | 8/15/2054 | \*\* | 80689 |
|  | NextEra Energy Capital Holdings Inc | 6.75% | 6/15/2054 | \*\* | 27810 |
|  | NGL Energy Operating LLC / NGL Energy Finance Corp | 8.13% | 2/15/2029 | \*\* | 20490 |
|  | NiSource Inc | 5.35% | 4/1/2034 | \*\* | 106613 |
|  | Northrop Grumman Corp | 5.20% | 6/1/2054 | \*\* | 104787 |
|  | NRG Energy Inc | 6.00% | 2/1/2033 | \*\* | 24555 |
|  | Occidental Petroleum Corp | 5.38% | 1/1/2032 | \*\* | 28083 |
|  | Octagon Investment Partners 34 Ltd | 7.38% | 1/20/2030 | \*\* | 509826 |
|  | Omega Healthcare Investors Inc | 4.75% | 1/15/2028 | \*\* | 58522 |
|  | OneMain Finance Corp | 7.50% | 5/15/2031 | \*\* | 41481 |
|  | ONEOK Inc | 6.63% | 9/1/2053 | \*\* | 55872 |
|  | Oracle Corp | 3.80% | 11/15/2037 | \*\* | 29410 |
|  | Oracle Corp | 6.25% | 11/9/2032 | \*\* | 41699 |
|  | O'Reilly Automotive Inc | 5.00% | 8/19/2034 | \*\* | 57352 |
|  | Owens & Minor Inc | 6.63% | 4/1/2030 | \*\* | 23880 |
|  | Owens Corning | 5.70% | 6/15/2034 | \*\* | 56043 |
|  | Pacific Gas and Electric Co | 6.95% | 3/15/2034 | \*\* | 112749 |
|  | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc | 4.38% | 10/15/2028 | \*\* | 20187 |
|  | Panther Escrow Issuer LLC | 7.13% | 6/1/2031 | \*\* | 30428 |
|  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | 7.00% | 2/1/2030 | \*\* | 52970 |
|  | PennyMac Financial Services Inc | 7.88% | 12/15/2029 | \*\* | 15782 |
|  | Penske Truck Leasing Co Lp / PTL Finance Corp | 4.20% | 4/1/2027 | \*\* | 110407 |
|  | Performance Food Group Inc | 6.13% | 9/15/2032 | \*\* | 45889 |
|  | Permian Resources Operating LLC | 7.00% | 1/15/2032 | \*\* | 15726 |
|  | Permian Resources Operating LLC | 6.25% | 2/1/2033 | \*\* | 56742 |
|  | Philip Morris International Inc | 5.25% | 2/13/2034 | \*\* | 56504 |
|  | Pike Corp | 8.63% | 1/31/2031 | \*\* | 16386 |
|  | Post Holdings Inc | 6.38% | 3/1/2033 | \*\* | 95400 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Qorvo Inc | 3.38% | 4/1/2031 | \*\* | 44091 |
|  | Quanta Services Inc | 2.35% | 1/15/2032 | \*\* | 109890 |
|  | Quest Diagnostics Inc | 5.00% | 12/15/2034 | \*\* | 110991 |
|  | Radiology Partners Inc | 7.78% | 1/31/2029 | \*\* | 30287 |
|  | Regal Rexnord Corp | 6.05% | 4/15/2028 | \*\* | 112297 |
|  | Royal Caribbean Cruises Ltd | 5.38% | 7/15/2027 | \*\* | 114160 |
|  | Royal Caribbean Cruises Ltd | 6.25% | 3/15/2032 | \*\* | 20623 |
|  | Royal Caribbean Cruises Ltd | 5.63% | 9/30/2031 | \*\* | 14987 |
|  | Royalty Pharma PLC | 5.15% | 9/2/2029 | \*\* | 59570 |
|  | Sabre GLBL Inc | 8.63% | 6/1/2027 | \*\* | 11176 |
|  | Sabre GLBL Inc | 10.75% | 11/15/2029 | \*\* | 4185 |
|  | San Diego Gas & Electric Co | 5.55% | 4/15/2054 | \*\* | 109028 |
|  | Scientific Games Holdings LP/Scientific Games US FinCo Inc | 6.63% | 3/1/2030 | \*\* | 19598 |
|  | Sealed Air Corp/Sealed Air Corp US | 7.25% | 2/15/2031 | \*\* | 26033 |
|  | SG Commercial Mortgage Securities Trust 2016-C5 | 1.82% | 10/1/2048 | \*\* | 10846 |
|  | Sitio Royalties Operating Partnership LP / Sitio Finance Corp | 7.88% | 11/1/2028 | \*\* | 10464 |
|  | Six Flags Entertainment Corp / Six Flags Theme Parks Inc | 6.63% | 5/1/2032 | \*\* | 46142 |
|  | Slam Ltd | 5.34% | 9/15/2049 | \*\* | 241924 |
|  | SM Energy Co | 7.00% | 8/1/2032 | \*\* | 40689 |
|  | SoFi Professional Loan Program 2017-D LLC | 3.61% | 9/25/2040 | \*\* | 697000 |
|  | Sonic Automotive Inc | 4.63% | 11/15/2029 | \*\* | 32552 |
|  | Sonoco Products Co | 4.60% | 9/1/2029 | \*\* | 57282 |
|  | Sotera Health Holdings LLC | 7.38% | 6/1/2031 | \*\* | 35717 |
|  | South Bow Canadian Infrastructure Holdings Ltd | 7.50% | 3/1/2055 | \*\* | 33939 |
|  | South Bow USA Infrastructure Holdings LLC | 4.91% | 9/1/2027 | \*\* | 24330 |
|  | Standard Building Solutions Inc | 6.50% | 8/15/2032 | \*\* | 20573 |
|  | Staples Inc | 10.75% | 9/1/2029 | \*\* | 20417 |
|  | Station Casinos LLC | 6.63% | 3/15/2032 | \*\* | 35497 |
|  | Storm King Park CLO LTD | 6.02% | 10/15/2037 | \*\* | 509866 |
|  | STWD 2019-FL1 Ltd | 5.91% | 7/15/2038 | \*\* | 2094 |
|  | STWD 2021-FL2 Ltd | 5.69% | 4/18/2038 | \*\* | 64921 |
|  | Sun Communities Operating LP | 2.70% | 7/15/2031 | \*\* | 57210 |
|  | Switch ABS Issuer LLC | 6.20% | 6/25/2054 | \*\* | 250818 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp | 7.38% | 2/15/2029 | \*\* | 15480 |
|  | Targa Resources Corp | 5.50% | 2/15/2035 | \*\* | 27169 |
|  | Tenet Healthcare Corp | 6.13% | 6/15/2030 | \*\* | 44824 |
|  | Tenet Healthcare Corp | 6.25% | 2/1/2027 | \*\* | 15391 |
|  | The Campbell's Company | 5.40% | 3/21/2034 | \*\* | 55585 |
|  | T-Mobile USA Inc | 5.50% | 1/15/2055 | \*\* | 54306 |
|  | T-Mobile USA Inc | 5.25% | 6/15/2055 | \*\* | 32810 |
|  | Townsquare Media Inc | 6.88% | 2/1/2026 | \*\* | 25661 |
|  | Transocean Inc | 8.00% | 2/1/2027 | \*\* | 13472 |
|  | Transocean Poseidon Ltd | 6.88% | 2/1/2027 | \*\* | 12389 |
|  | Trident TPI Holdings Inc | 12.75% | 12/31/2028 | \*\* | 71805 |
|  | Triton Container International Ltd / TAL International Container Corp | 3.25% | 3/15/2032 | \*\* | 106598 |
|  | TRTX 2021-FL4 Issuer Ltd | 5.70% | 3/15/2038 | \*\* | 133348 |
|  | Truist Financial Corp | 5.15% | 8/5/2032 | \*\* | 112061 |
|  | Uber Technologies Inc | 4.80% | 9/15/2034 | \*\* | 111874 |
|  | UBS Commercial Mortgage Trust 2017-C4 | 3.30% | 10/1/2050 | \*\* | 86940 |
|  | UBS Commercial Mortgage Trust 2018-C14 | 5.21% | 12/1/2051 | \*\* | 131586 |
|  | UKG Inc | 6.88% | 2/1/2031 | \*\* | 73098 |
|  | United Natural Foods Inc | 6.75% | 10/15/2028 | \*\* | 100083 |
|  | UnitedHealth Group Inc | 4.95% | 5/15/2062 | \*\* | 36495 |
|  | UnitedHealth Group Inc | 5.05% | 4/15/2053 | \*\* | 76592 |
|  | Universal Health Services Inc | 4.63% | 10/15/2029 | \*\* | 110486 |
|  | Univision Communications Inc | 7.38% | 6/30/2030 | \*\* | 23953 |
|  | Upstart Pass-Through Trust Series 2021-ST4 | 2.00% | 7/20/2027 | \*\* | 24675 |
|  | US Foods Inc | 5.75% | 4/15/2033 | \*\* | 59301 |
|  | Vail Resorts Inc | 6.50% | 5/15/2032 | \*\* | 15305 |
|  | Vale Overseas Ltd | 6.40% | 6/28/2054 | \*\* | 46281 |
|  | Venture Global LNG Inc | 8.13% | 6/1/2028 | \*\* | 15717 |
|  | Venture Global LNG Inc | 8.38% | 6/1/2031 | \*\* | 15764 |
|  | Venture Global LNG Inc | 9.88% | 2/1/2032 | \*\* | 11391 |
|  | Verisk Analytics Inc | 5.25% | 6/5/2034 | \*\* | 55578 |
|  | Veritiv Operating Co | 10.50% | 11/30/2030 | \*\* | 27182 |
|  | VICI Properties LP / VICI Note Co Inc | 4.63% | 12/1/2029 | \*\* | 112648 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  | Victra Holdings LLC / Victra Finance Corp | 8.75% | 9/15/2029 | \*\* | 32263 |
|  | Videotron Ltd | 5.70% | 1/15/2035 | \*\* | 57485 |
|  | Viking Cruises Ltd | 9.13% | 7/15/2031 | \*\* | 33553 |
|  | Virginia Electric and Power Co | 5.55% | 8/15/2054 | \*\* | 42542 |
|  | Vistra Operations Co LLC | 7.75% | 10/15/2031 | \*\* | 21327 |
|  | Vistra Operations Co LLC | 6.88% | 4/15/2032 | \*\* | 20788 |
|  | Vital Energy Inc | 7.88% | 4/15/2032 | \*\* | 14697 |
|  | VT Topco Inc | 8.50% | 8/15/2030 | \*\* | 27313 |
|  | Wand NewCo 3 Inc | 7.63% | 1/30/2032 | \*\* | 15902 |
|  | WASH Multifamily Acquisition Inc | 5.75% | 4/15/2026 | \*\* | 15136 |
|  | Watco Cos LLC / Watco Finance Corp | 7.13% | 8/1/2032 | \*\* | 42529 |
|  | Wayfair LLC | 7.25% | 10/31/2029 | \*\* | 20374 |
|  | Weatherford International Ltd | 8.63% | 4/30/2030 | \*\* | 10405 |
|  | Wells Fargo & Co | 4.81% | 7/25/2028 | \*\* | 42733 |
|  | Wells Fargo & Co | 5.57% | 7/25/2029 | \*\* | 129964 |
|  | Wells Fargo & Co | 6.85% | 9/15/2173 | \*\* | 57073 |
|  | Wells Fargo Commercial Mortgage Trust 2015-SG1 | 4.05% | 9/1/2048 | \*\* | 82940 |
|  | Wells Fargo Commercial Mortgage Trust 2016-C33 | 3.43% | 3/1/2059 | \*\* | 98697 |
|  | Wells Fargo Commercial Mortgage Trust 2017-C38 | 0.91% | 7/1/2050 | \*\* | 38765 |
|  | Wells Fargo Commercial Mortgage Trust 2019-C50 | 3.47% | 5/1/2052 | \*\* | 93285 |
|  | Wells Fargo Commercial Mortgage Trust 2020-C57 | 2.12% | 8/1/2053 | \*\* | 86304 |
|  | Wells Fargo Commercial Mortgage Trust 2020-C58 | 1.81% | 7/1/2053 | \*\* | 85828 |
|  | Wells Fargo Commercial Mortgage Trust 2021-C59 | 1.50% | 4/1/2054 | \*\* | 55536 |
|  | Wells Fargo Commercial Mortgage Trust 2021-C60 | 2.06% | 8/1/2054 | \*\* | 105339 |
|  | Westpac Banking Corp | 5.62% | 11/20/2035 | \*\* | 56411 |
|  | Williams Cos Inc/The | 5.15% | 3/15/2034 | \*\* | 70146 |
|  | Willis North America Inc | 4.50% | 9/15/2028 | \*\* | 40839 |
|  | Wind River 2021-3 CLO Ltd | 8.23% | 7/20/2033 | \*\* | 512647 |
|  | Windstream Services LLC / Windstream Escrow Finance Corp | 8.25% | 10/1/2031 | \*\* | 10539 |
|  | Workday Inc | 3.80% | 4/1/2032 | \*\* | 56114 |
|  | WR Grace Holdings LLC | 5.63% | 8/15/2029 | \*\* | 32973 |
|  | XPO Inc | 7.13% | 6/1/2031 | \*\* | 36238 |
|  | Zimmer Biomet Holdings Inc | 5.20% | 9/15/2034 | \*\* | 113047 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issue, borrower, lessor or similar party** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(c) Description of<br>investment including<br>maturity date, rate of<br>interest, collateral, par, or<br>maturity value** | **(d) Cost** | **(e) Current value** |
|  |  |  |  |  | $36975418 |
| **U.S. Government Issued Securities** | **U.S. Government Issued Securities** |  |  |  |  |
|  | Ginnie Mae II Pool | 3.00% | 11/1/2051 | \*\* | $344327 |
|  | Ginnie Mae II Pool | 2.50% | 11/1/2051 | \*\* | 253037 |
|  | Ginnie Mae II Pool | 3.00% | 2/1/2052 | \*\* | 478906 |
|  | Ginnie Mae II Pool | 3.00% | 4/1/2052 | \*\* | 226050 |
|  | Ginnie Mae II Pool | 3.50% | 7/1/2051 | \*\* | 472770 |
|  | Government National Mortgage Association | 2.00% | 12/1/2050 | \*\* | 33005 |
|  | Government National Mortgage Association | 3.50% | 6/1/2051 | \*\* | 32518 |
|  | United States Treasury Note/Bond | 1.25% | 5/15/2050 | \*\* | 1356658 |
|  | United States Treasury Note/Bond | 1.38% | 8/15/2050 | \*\* | 1282230 |
|  | United States Treasury Note/Bond | 1.13% | 8/15/2040 | \*\* | 351644 |
|  | United States Treasury Note/Bond | 1.88% | 2/15/2051 | \*\* | 2112765 |
|  | United States Treasury Note/Bond | 1.88% | 2/15/2041 | \*\* | 1117715 |
|  | United States Treasury Note/Bond | 1.75% | 8/15/2041 | \*\* | 687281 |
|  | United States Treasury Note/Bond | 4.25% | 8/15/2054 | \*\* | 1951925 |
|  | United States Treasury Note/Bond | 0.63% | 5/15/2030 | \*\* | 862661 |
|  | United States Treasury Note/Bond | 0.63% | 8/15/2030 | \*\* | 3218023 |
|  | United States Treasury Note/Bond | 0.88% | 11/15/2030 | \*\* | 4958308 |
|  | United States Treasury Note/Bond | 0.75% | 1/31/2028 | \*\* | 901831 |
|  |  |  |  |  | $20641654 |
| **Self-Directed Brokerage Account** | **Self-Directed Brokerage Account** |  |  |  |  |
|  | Brokeragelink | Combination of common stock, bonds, mutual funds, and ETFs | Combination of common stock, bonds, mutual funds, and ETFs | \*\* | $319904990 |
| **Participant Loans** | **Participant Loans** |  |  |  |  |
|  | Participant loans | Interest rates range from 3.25% to 9.50% with maturity at various dates | Interest rates range from 3.25% to 9.50% with maturity at various dates | \*\* | $48504211 |
| **Total Investments (Held at End of Year)** | **Total Investments (Held at End of Year)** |  |  |  | $**6411313822** |
| \* | Party-in-Interest |  |  |  |  |
| \*\* | Historical cost not required to be presented as all investments are participant-directed. |  |  |  |  |

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**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.

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| | | |
|:---|:---|:---|
| | **DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN** | **DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN** |
| June 17, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Susan Wilson |
|  |  | Susan Wilson |
|  |  | Vice President, Total Rewards |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 23.1 | <u>[Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm](dhr-20241231xdspxex231.htm)</u> |

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## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 333-107500, 333-117678, 333-159057 and 333-213630) pertaining to the Danaher Corporation & Subsidiaries Savings Plan of our report dated June 17, 2025, with respect to the financial statements and schedules of the Danaher Corporation & Subsidiaries Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2024.

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| |
|:---|
| /s/ Ernst & Young LLP |
| Tysons, Virginia |
| June 17, 2025 |

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<br>