# EDGAR Filing Document

**Accession Number:** 0000313616
**File Stem:** 0000313616-26-000153
**Filing Date:** 2026-6
**Character Count:** 89504
**Document Hash:** 63ce5fe2c446d352a91c342006108146
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313616-26-000153.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0000313616-26-000153

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260616

**DATE AS OF CHANGE**: 20260616

**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:** 261095689

**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

?xml version='1.0' encoding='ASCII'? dhr-20260616

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**<br>

**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** |

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**For the fiscal year ended December 31, 2025** 

**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, 2025 AND 2024**

**AND FOR THE YEAR ENDED DECEMBER 31, 2025, SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 2025**

**AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

**DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN** 

**INDEX**

**FORM 11-K** 

---

| | |
|:---|:---|
| | **Page** |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i1133577e06314aafa3ca1cbdad0e606e_10)</u> | <u>[1](#i1133577e06314aafa3ca1cbdad0e606e_10)</u> |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits as of December 31,](#i1133577e06314aafa3ca1cbdad0e606e_16)2025[and](#i1133577e06314aafa3ca1cbdad0e606e_16)2024</u> | <u>[2](#i1133577e06314aafa3ca1cbdad0e606e_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31,](#i1133577e06314aafa3ca1cbdad0e606e_19)2025</u> | <u>[3](#i1133577e06314aafa3ca1cbdad0e606e_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Financial Statements as of December 31,](#i1133577e06314aafa3ca1cbdad0e606e_22)2025[and](#i1133577e06314aafa3ca1cbdad0e606e_22)2024[and for the Year Ended December 31,](#i1133577e06314aafa3ca1cbdad0e606e_22)2025</u> | <u>[4](#i1133577e06314aafa3ca1cbdad0e606e_22)</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,](#i1133577e06314aafa3ca1cbdad0e606e_46)2025</u> | <u>[10](#i1133577e06314aafa3ca1cbdad0e606e_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31,](#i1133577e06314aafa3ca1cbdad0e606e_552)2025</u> | <u>[11](#i1133577e06314aafa3ca1cbdad0e606e_552)</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, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, 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, 2025 and 2024, and the changes in its net assets available for benefits for the year ended December 31, 2025, 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, 2025, 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 16, 2026

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**DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

**AS OF DECEMBER 31, 2025 AND 2024**

**($ in millions)**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **ASSETS** |  |  |
| Investments, at fair value | $7019.2 | $6362.9 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 13.8 | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan transfer receivable |  | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 52.2 | 50.5 |
| Total receivables | 66.0 | 101.3 |
| Total assets | 7085.2 | 6464.2 |
| **LIABILITIES** |  |  |
| Administrative expenses payable | 0.1 |  |
| Total liabilities | 0.1 |  |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $7085.1 | $6464.2 |

---

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, 2025** 

**($ in millions)**

---

| | |
|:---|:---|
| **ADDITIONS** | |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant | $254.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 41.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 166.9 |
| Total contributions | 462.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in the fair value of investments | 917.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 18.5 |
| Total investment income | 936.4 |
| Interest income on notes receivable from participants | 4.4 |
| Total additions | 1403.7 |
| **DEDUCTIONS** |  |
| Benefit payments | 797.6 |
| Administrative expenses | 3.0 |
| Total deductions | 800.6 |
| **NET INCREASE PRIOR TO PLAN TRANSFERS** | 603.1 |
| **NET TRANSFERS INTO PLAN** | 17.8 |
| **NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS** | 620.9 |
| **NET ASSETS AVAILABLE FOR BENEFITS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 6464.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $7085.1 |

---

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, 2025 AND 2024 AND FOR THE YEAR ENDED DECEMBER 31, 2025**

**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, 2025, the Genedata USA Inc. 401(k) Profit Sharing Plan & Trust merged into the Plan which resulted in assets transferred in of $17.7 million. The asset transfer occurred subsequent to and as a result of Danaher Corporation's acquisition of Genedata AG.

**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.

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.

**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, 2025 and 2024, unallocated non-vested accounts, including forfeited amounts, totaled $1.6 million and $0.6 million, respectively, and forfeitures used to reduce Company contributions for 2025 were $2.1 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, 2025 or 2024. 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.

**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.

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The fair values of the Plan's investments as of December 31, 2025 and 2024, by asset category were as follows ($ in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quoted Prices in Active Markets<br>(Level 1)** | **Quoted Prices in Active Markets<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** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Cash and equivalents | $15.2 | $21.1 | $— | $— | $— | $— | $15.2 | $21.1 |
| Common stock | 1470.9 | 1546.1 |  |  |  |  | 1470.9 | 1546.1 |
| Mutual funds | 208.0 | 195.4 |  |  |  |  | 208.0 | 195.4 |
| Bonds |  |  | 44.8 | 37.0 |  |  | 44.8 | 37.0 |
| U.S. government issued securities |  |  | 21.0 | 20.6 |  |  | 21.0 | 20.6 |
| Common/collective trusts |  |  | 4890.5 | 4222.8 |  |  | 4890.5 | 4222.8 |
| Self-directed brokerage account | 363.3 | 319.9 | 5.5 |  |  |  | 368.8 | 319.9 |
| Total investments, at fair value | $2057.4 | $2082.5 | $4961.8 | $4280.4 | $— | $— | 7019.2 | 6362.9 |

---

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, 2025 and 2024.

*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.

**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.

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Additionally, as of December 31, 2025 and 2024, the Plan invested in 1.6 million and 2.0 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, 2025, the Plan received $2.3 million of cash dividends on shares of Danaher Common Stock.

**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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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Net assets available for benefits per the financial statements | $7085.1 | $6464.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans with no post-default payment activity that are deemed distributions | (1.9) | (2.0) |
| Net assets available for benefits per the Form 5500 | $7083.2 | $6462.2 |

---

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, 2025 ($ in millions):

---

| | |
|:---|:---|
| Net increase in assets available for benefits prior to plan transfers per the financial statements | $603.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments received post-default | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan defaults previously deemed distributed that reached a distributable event | 0.2 |
| &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 | $603.1 |

---

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**SUPPLEMENTAL SCHEDULES**

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**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, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
| $6965.53 |  | $6965.53 |  |  |

---

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**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, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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 | 3085701 | units | \*\* | $3085701 |
|  | Brown Brothers Harriman U.S. Government Money Market Fund | 9109634 | units | \*\* | 9109634 |
| \* | PIMCO Private Account Portfolio Series Short-Term Floating NAV Portfolio II | 351736 | units | \*\* | 3023120 |
|  |  |  |  |  | $15218455 |
| **Common/Collective Trusts** | **Common/Collective Trusts** |  |  |  |  |
| \* | Fidelity Managed Income Portfolio II Class 2 (at FMV) | 2 | units | \*\* | $2 |
| \* | Fidelity Managed Income Portfolio II Class 3 (at FMV) | 258024555 | units | \*\* | 258024555 |
|  | American Beacon Small Cap Value Institutional Class | 3528052 | units | \*\* | 79706098 |
| \* | Select Leaders Series 2 Portfolio | 8367209 | units | \*\* | 106514572 |
|  | GQG International Equity | 3478841 | units | \*\* | 66997954 |
|  | BlackRock Equity Index Non-Lendable Fund | 7079648 | units | \*\* | 889507842 |
|  | BlackRock MSCI ACW Ex-US IM Non-Lendable Fund | 7416050 | units | \*\* | 201088675 |
|  | BlackRock Russell 2500 Index Non-Lendable Fund | 3735657 | units | \*\* | 146340837 |
|  | BlackRock US Debt Index Non-Lendable Fund | 4531897 | units | \*\* | 74096579 |
|  | Invesco Stable Asset Fund - ADPZ Class | 45500 | units | \*\* | 45500 |
|  | LifePath® Index 2030 Non-Lendable Fund F | 9117328 | units | \*\* | 405234052 |
|  | LifePath® Index 2035 Non-Lendable Fund F | 9465836 | units | \*\* | 482469242 |
|  | LifePath® Index 2040 Non-Lendable Fund F | 7658010 | units | \*\* | 440893438 |
|  | LifePath® Index 2045 Non-Lendable Fund F | 6496246 | units | \*\* | 416549654 |
|  | LifePath® Index 2050 Non-Lendable Fund F | 5392080 | units | \*\* | 374407740 |
|  | LifePath® Index 2055 Non-Lendable Fund F | 5736466 | units | \*\* | 292743063 |
|  | LifePath® Index 2060 Non-Lendable Fund F | 5724878 | units | \*\* | 166498173 |
|  | LifePath® Index 2065 Non-Lendable Fund F | 2916731 | units | \*\* | 60459798 |
|  | LifePath® Index 2070 Non-Lendable Fund F | 213568 | units | \*\* | 2577672 |
|  | LifePath® Index Retirement Non-Lendable Fund F | 14289093 | units | \*\* | 426348214 |
|  |  |  |  |  | $4890503660 |
| **Registered Investment Companies (Mutual Funds)** | **Registered Investment Companies (Mutual Funds)** |  |  |  |  |
|  | Dodge & Cox International Stock Fund | 4148392 | shares | \*\* | $68282537 |
| \* | PIMCO Inflation Response Multi-Asset Fund Institutional | 2543264 | shares | \*\* | 23550624 |

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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** |
|  | BlackRock High Yield Portfolio Fund - Class K | 829 | units | \*\* | 511232 |
|  | Columbia Contrarian Core Fund - Class I3 | 1098 | units | \*\* | 253833 |
|  | DFA Inflation Protection Securities Portfolio - Institutional Class | 1102 | units | \*\* | 60476 |
|  | DFA International Government Fixed Income Portfolio - Institutional Class | 193 | units | \*\* | 2102 |
| \* | DoubleLine Floating Rate Fund Institutional | 347413 | units | \*\* | 3116295 |
| \* | DoubleLine Global Fund Institutional | 227970 | units | \*\* | 2010693 |
| \* | DoubleLine Infrastructure Income Fund Institutional | 347563 | units | \*\* | 3312279 |
| \* | DoubleLine Selective Credit Fund Institutional | 1158647 | units | \*\* | 8701437 |
| \* | DoubleLine Emerging Markets Local Currency Bond Fund | 171637 | units | \*\* | 1649436 |
|  | Invesco Global Fund - Class R6 | 3206 | units | \*\* | 357324 |
|  | Invesco International Growth - Class R6 | 298 | units | \*\* | 29249 |
|  | Janus Henderson Triton Fund - Class N | 2220 | units | \*\* | 269473 |
|  | JP Morgan Equity Income Fund - Class R6 | 2967 | units | \*\* | 152695 |
|  | JP Morgan Mid Cap Growth - Class R6 | 5032 | units | \*\* | 75680 |
|  | MFS Global Total Return - Class R6 | 5144 | units | \*\* | 108645 |
|  | PGIM Global Total Return Fund - Class R6 | 1442 | units | \*\* | 57488 |
| \* | PIMCO Income Fund - Institutional Class | 15050 | units | \*\* | 375652 |
|  | Principal SmallCap S&P 600 Index - Institutional Class | 1383 | units | \*\* | 61261 |
|  | Principal MidCap S&P 400 Index Fund - Institutional Class | 5951 | units | \*\* | 169241 |
| \* | PIMCO Private Account Portfolio Series U.S. Government and Short-Term Inv | 1783330 | units | \*\* | 11377643 |
| \* | PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments | 1379680 | units | \*\* | 11285782 |
| \* | PIMCO Private Account Portfolio Series Municipal Sector | 162169 | units | \*\* | 966527 |
| \* | PIMCO Private Account Portfolio Series Real Return Bond | 368898 | units | \*\* | 4400949 |
| \* | PIMCO Private Account Portfolio Series Emerging Markets Bond and Short-Term | 416384 | units | \*\* | 4138856 |
| \* | PIMCO Private Account Portfolio Series International | 880013 | units | \*\* | 5324078 |
| \* | PIMCO Private Account Portfolio Series High Yield & Short-Term Investments | 135415 | units | \*\* | 977696 |
| \* | PIMCO Private Account Portfolio Series Investment Grade Credit Bond | 2273237 | units | \*\* | 20731917 |
| \* | PIMCO Private Account Portfolio Series Asset-Backed Securities and Short-Term | 1738240 | units | \*\* | 20580760 |
|  | Vanguard 500 Index Fund - Admiral Shares | 57846 | units | \*\* | 2995280 |
|  | Vanguard Balanced Index Fund - Admiral Shares | 5100 | units | \*\* | 291889 |
|  | Vanguard Small-Cap Value Index Fund - Admiral Shares | 4787 | units | \*\* | 272467 |
|  | Vanguard Mid-Cap Value Index Fund - Admiral Shares | 50940 | units | \*\* | 520099 |
|  | Vanguard Small-Cap Growth Index Fund - Admiral Shares | 21265 | units | \*\* | 247095 |

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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** |
|  | Vanguard Intermediate-Term Bond Index Fund - Admiral Shares | 25961 | units | \*\* | 260906 |
|  | Vanguard Developed Markets Index Fund - Admiral Shares | 29033 | units | \*\* | 488040 |
|  | Vanguard Growth Index Fund - Admiral Shares | 31438 | units | \*\* | 1177362 |
|  | Vanguard Target Retirement Income Fund | 20041 | units | \*\* | 663772 |
|  | Vanguard Target Retirement 2025 Fund | 16780 | units | \*\* | 874910 |
|  | Vanguard Target Retirement 2030 Fund | 19207 | units | \*\* | 844155 |
|  | Vanguard Target Retirement 2035 Fund | 21579 | units | \*\* | 888629 |
|  | Vanguard Target Retirement 2040 Fund | 42206 | units | \*\* | 1629150 |
|  | Vanguard Target Retirement 2045 Fund | 9628 | units | \*\* | 348997 |
|  | Vanguard Target Retirement 2050 Fund | 43646 | units | \*\* | 1501411 |
|  | Vanguard Target Retirement 2055 Fund | 53210 | units | \*\* | 1156775 |
|  | Vanguard Target Retirement 2060 Fund | 92650 | units | \*\* | 980242 |
|  |  |  |  |  | $208033039 |
| **Common Stock** | **Common Stock** |  |  |  |  |
|  | Aaon Inc COM | 32006 | shares | \*\* | $2440457 |
|  | ADYEN BV | 1006 | shares | \*\* | 1624563 |
|  | Agilysys Inc | 14285 | shares | \*\* | 1697629 |
|  | AIR PRODUCTS AND CHEMICAL | 19720 | shares | \*\* | 4871234 |
|  | Alarm.com Holdings Inc. | 22493 | shares | \*\* | 1147593 |
|  | ALPHABET INC CL A | 43318 | shares | \*\* | 13558534 |
|  | ALPHABET INC CL C | 160995 | shares | \*\* | 50520231 |
|  | ALTRIA GROUP INC | 53519 | shares | \*\* | 3085906 |
|  | AMAZON.COM INC | 250669 | shares | \*\* | 57859419 |
|  | APPLE INC | 326324 | shares | \*\* | 88714443 |
|  | ASML HOLDING NV NY | 6911 | shares | \*\* | 7393802 |
|  | Axos Financial Inc | 12727 | shares | \*\* | 1096558 |
|  | Azenta Inc | 8917 | shares | \*\* | 296579 |
|  | Balchem Corp | 15521 | shares | \*\* | 2380301 |
|  | BERKSHIRE HATHAWAY INC DE | 10497 | shares | \*\* | 5276317 |
|  | Biolife Solutions Inc. COM NEW | 15381 | shares | \*\* | 371913 |
|  | Bio-Techne Corp | 17807 | shares | \*\* | 1047230 |
|  | Blackbaud Inc | 21190 | shares | \*\* | 1341751 |
|  | Blackline Inc | 14873 | shares | \*\* | 822328 |

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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** |
|  | BLACKROCK INC | 5804 | shares | \*\* | 6212253 |
|  | BOOKING HOLDINGS INC | 1553 | shares | \*\* | 8316827 |
|  | Bright Horizons Family Solutions Inc Del | 17032 | shares | \*\* | 1727045 |
|  | BROADCOM INC | 129522 | shares | \*\* | 44827564 |
|  | CARVANA CO | 85637 | shares | \*\* | 36140527 |
|  | Casella Waste Systems, Inc. CL A | 24425 | shares | \*\* | 2392185 |
|  | CBIZ Inc. | 7807 | shares | \*\* | 393863 |
|  | Certara Inc | 97454 | shares | \*\* | 858570 |
|  | CHEVRON CORPORATION | 31028 | shares | \*\* | 4728977 |
|  | CHIPOTLE MEXICAN GRILL INC | 105229 | shares | \*\* | 3893473 |
|  | CHUBB LTD | 25664 | shares | \*\* | 8010248 |
|  | CHUBB LTD SWITZ | 8836 | shares | \*\* | 2757892 |
|  | CINCINNATI FINL CORP | 20607 | shares | \*\* | 3365535 |
|  | CINTAS CORP | 10381 | shares | \*\* | 1952355 |
|  | CISCO SYS INC | 60379 | shares | \*\* | 4650994 |
|  | COLGATE-PALMOLIVE CO | 30606 | shares | \*\* | 2418486 |
|  | CONSTELLATION ENERGY | 13177 | shares | \*\* | 4655039 |
|  | Construction Partners Inc. COM CL A | 33329 | shares | \*\* | 3617863 |
|  | CORNING INC | 93623 | shares | \*\* | 8197630 |
|  | CROWDSTRIKE HOLDINGS INC - A | 7485 | shares | \*\* | 3508669 |
|  | CROWN CASTLE INC | 23869 | shares | \*\* | 2121238 |
|  | CUMMINS INC | 10121 | shares | \*\* | 5166264 |
| \* | Danaher Corporation | 1625007 | shares | \*\* | 371996602 |
|  | DATABRICKS SER G CVT PFD STCK PP 39991230 | 4545 | shares | \*\* | 863550 |
|  | DATADOG INC - CLASS A | 10237 | shares | \*\* | 1392130 |
|  | Descartes Systems Group Inc. | 25200 | shares | \*\* | 2209032 |
|  | Digi International Inc. | 29806 | shares | \*\* | 1290302 |
|  | DOMINION ENERGY INC | 87896 | shares | \*\* | 5149827 |
|  | Donaldson Co Inc | 12654 | shares | \*\* | 1121904 |
|  | DOORDASH INC - A | 18590 | shares | \*\* | 4210263 |
|  | Dorman Products Inc. | 7841 | shares | \*\* | 965933 |
|  | ELI LILLY & CO | 26284 | shares | \*\* | 28246889 |
|  | Eplus Inc | 15902 | shares | \*\* | 1394605 |

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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** |
|  | ESCO Technologies Inc. | 15240 | shares | \*\* | 2977744 |
|  | ExlService Holdings Inc. | 78703 | shares | \*\* | 3340155 |
|  | Exponent Inc | 29344 | shares | \*\* | 2038234 |
|  | FASTENAL CO | 90847 | shares | \*\* | 3645690 |
|  | FirstService Corp. | 8081 | shares | \*\* | 1256838 |
|  | GE AEROSPACE | 52752 | shares | \*\* | 16249199 |
|  | GE VERNOVA LLC | 9406 | shares | \*\* | 6147479 |
|  | Globus Med Inc CL A | 33777 | shares | \*\* | 2949070 |
|  | GOLDMAN SACHS GROUP INC | 4205 | shares | \*\* | 3696195 |
|  | Hamilton Lane Inc CL A | 6016 | shares | \*\* | 808009 |
|  | Healthequity Inc | 16985 | shares | \*\* | 1555996 |
|  | I3 Verticals INC COM CL A | 32507 | shares | \*\* | 818851 |
|  | INTUITIVE SURGICAL INC | 22979 | shares | \*\* | 13014386 |
|  | J&J Snack Foods Corp | 8957 | shares | \*\* | 809444 |
|  | JOHNSON & JOHNSON | 25850 | shares | \*\* | 5349658 |
|  | Kinsale Capital Group Inc | 5374 | shares | \*\* | 2101879 |
|  | Lemaitre Vascular Inc. | 15735 | shares | \*\* | 1276109 |
|  | LINDE PLC | 6024 | shares | \*\* | 2568573 |
|  | Loar Holdings Inc COM SHS | 6932 | shares | \*\* | 471376 |
|  | LOWES COS INC | 19274 | shares | \*\* | 4648118 |
|  | MACOM Technology Solutions Holdings Inc. | 7206 | shares | \*\* | 1234244 |
|  | MARSH & MCLENNAN COS | 14227 | shares | \*\* | 2639393 |
|  | Marten Transport Ltd. | 36083 | shares | \*\* | 410625 |
|  | MASTERCARD INC - A | 35471 | shares | \*\* | 20249684 |
|  | MEDLINE INC-CL A | 18817 | shares | \*\* | 790314 |
|  | Mesa Laboratories Inc. | 3451 | shares | \*\* | 270904 |
|  | META PLATFORMS INC-CLASS A | 67612 | shares | \*\* | 44630005 |
|  | MICROSOFT CORP | 230098 | shares | \*\* | 111279994 |
|  | MONDELEZ INTERNATIONAL INC | 24334 | shares | \*\* | 1309899 |
|  | MONOLITHIC POWER SYSTEMS INC | 4771 | shares | \*\* | 4324244 |
|  | MOODY S CORP | 5539 | shares | \*\* | 2829598 |
|  | MORGAN STANLEY | 22435 | shares | \*\* | 3982886 |
|  | NETFLIX INC | 191574 | shares | \*\* | 17961978 |

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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** |
|  | NINTENDO LTD | 280947 | shares | \*\* | 4736766 |
|  | NORFOLK SOUTHN CORP | 24511 | shares | \*\* | 7076816 |
|  | NORTHROP GRUMMAN CORP | 7002 | shares | \*\* | 3992610 |
|  | Novanta Inc | 16056 | shares | \*\* | 1910503 |
|  | NVIDIA CORP | 680792 | shares | \*\* | 126967708 |
|  | OLD DOMINION FREIGHT LINE | 10325 | shares | \*\* | 1618960 |
|  | Ollies Bargain Outlet Holdings Inc. | 17727 | shares | \*\* | 1943056 |
|  | Onto Innovation Inc. | 15047 | shares | \*\* | 2375319 |
|  | Option Care Health Inc COM NEW | 23996 | shares | \*\* | 764513 |
|  | ORACLE CORP | 49028 | shares | \*\* | 9556047 |
|  | PALANTIR TECHNOLOGIES INC-A | 15800 | shares | \*\* | 2808450 |
|  | Palomar Holdings Inc | 4465 | shares | \*\* | 601703 |
|  | PAYCHEX INC | 26694 | shares | \*\* | 2994533 |
|  | PHILIP MORRIS INTL INC | 38117 | shares | \*\* | 6113967 |
|  | PROCTER & GAMBLE CO/THE | 13857 | shares | \*\* | 1985847 |
|  | PROGRESSIVE CORP | 21854 | shares | \*\* | 4976593 |
|  | RBC Bearings Inc | 8783 | shares | \*\* | 3938561 |
|  | Repligen Corporation | 7293 | shares | \*\* | 1195031 |
|  | ROPER TECHNOLOGIES INC | 7153 | shares | \*\* | 3184015 |
|  | ROSS STORES INC | 21570 | shares | \*\* | 3885620 |
|  | SCHWAB CHARLES CORP | 85499 | shares | \*\* | 8542205 |
|  | SEA LTD ADR | 32538 | shares | \*\* | 4150873 |
|  | SERVICENOW INC | 85347 | shares | \*\* | 13074307 |
|  | SHERWIN-WILLIAMS CO/THE | 9154 | shares | \*\* | 2966171 |
|  | SHOPIFY INC - CLASS A | 52816 | shares | \*\* | 8501792 |
|  | Siteone Landscape Supply Inc | 13182 | shares | \*\* | 1641950 |
|  | SPS Commerce Inc | 5688 | shares | \*\* | 506971 |
|  | SPX Technologies, Inc. | 8148 | shares | \*\* | 1630089 |
|  | STARBUCKS CORP | 38438 | shares | \*\* | 3236864 |
|  | STRYKER CORP | 11158 | shares | \*\* | 3921702 |
|  | SYNOPSYS INC | 9668 | shares | \*\* | 4541253 |
|  | TAIWAN SEMICONDUCTOR-SP ADR | 17744 | shares | \*\* | 5392224 |
|  | TE CONNECTIVITY PLC | 41913 | shares | \*\* | 9535627 |

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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** |
|  | TESLA INC | 58757 | shares | \*\* | 26424198 |
|  | TEXAS INSTRUMENTS INC | 39770 | shares | \*\* | 6899697 |
|  | Texas Roadhouse Inc | 16704 | shares | \*\* | 2772864 |
|  | THERMO FISHER SCIENTIFIC INC | 8897 | shares | \*\* | 5155367 |
|  | TJX COMPANIES INC | 28390 | shares | \*\* | 4360988 |
|  | T-MOBILE US INC | 38059 | shares | \*\* | 7727499 |
|  | TRANSDIGM GROUP INC | 1622 | shares | \*\* | 2157017 |
|  | Trex Company, Inc. | 15662 | shares | \*\* | 549423 |
|  | Tyler Technologies Inc. | 2453 | shares | \*\* | 1113539 |
|  | UFP Technologies Inc. | 2747 | shares | \*\* | 609916 |
|  | UNITEDHEALTH GROUP INC | 29676 | shares | \*\* | 9796345 |
|  | Valvoline Inc | 33829 | shares | \*\* | 983071 |
|  | Veralto Corporation | 4272 | shares | \*\* | 426260 |
|  | Vericel Corporation | 35254 | shares | \*\* | 1269497 |
|  | Vertex Inc CL A | 47039 | shares | \*\* | 939369 |
|  | VISA INC-CLASS A SHARES | 75056 | shares | \*\* | 26322890 |
|  | WD-40 Co. | 4552 | shares | \*\* | 896289 |
|  | WillScot Holdings Corporation COM CL A | 13048 | shares | \*\* | 245694 |
|  |  |  |  |  | $1470856662 |
| **Bonds** | **Bonds** |  |  |  |  |
|  | AAR ESCROW | 6.75% | 3/15/2029 | \*\* | $36933 |
|  | AASET 2022-1A A | 6.00% | 5/16/2047 | \*\* | 113684 |
|  | AbbVie Inc | 4.70% | 5/14/2045 | \*\* | 101123 |
|  | ACRISURE LLC | 6.75% | 7/1/2032 | \*\* | 48166 |
|  | ACUSHNET | 5.63% | 12/1/2033 | \*\* | 30586 |
|  | AEP TEXAS | 5.45% | 5/15/2029 | \*\* | 34406 |
|  | Agree LP | 5.63% | 6/15/2034 |  | 87229 |
|  | ALLIANT ENERGY | 5.75% | 4/1/2056 | \*\* | 31459 |
|  | ALLIANT HOLDINGS | 6.50% | 10/1/2031 | \*\* | 26205 |
|  | ALLIED UNIVERSAL | 7.88% | 2/15/2031 | \*\* | 92159 |
|  | ALTICE FRANCE | 6.88% | 7/15/2032 | \*\* | 14652 |
|  | AMENTUM HOLDINGS | 7.25% | 8/1/2032 | \*\* | 27122 |
|  | AMER AXLE & MFG | 6.38% | 10/15/2032 | \*\* | 20690 |

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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** |
|  | AMER AXLE & MFG | 7.75% | 10/15/2033 | \*\* | 15571 |
|  | AMERICAN AIRLINE | 7.25% | 2/15/2028 | \*\* | 42008 |
|  | AMERICAN AIRLINE | 8.50% | 5/15/2029 | \*\* | 26434 |
|  | AMERICAN EXPRESS | 5.02% | 4/25/2031 | \*\* | 138318 |
|  | AMERICAN HOMES 4 | 5.50% | 2/1/2034 | \*\* | 91024 |
|  | AMERICAN TOWER | 3.70% | 10/15/2049 | \*\* | 33090 |
|  | AMERICAN TOWER | 5.55% | 7/15/2033 | \*\* | 118064 |
|  | Amgen Inc | 5.75% | 3/2/2063 | \*\* | 107514 |
|  | AMPHENOL CORP | 5.30% | 11/15/2055 | \*\* | 44322 |
|  | AMRIZE FINANCE | 4.95% | 4/7/2030 | \*\* | 26897 |
|  | ANTERO MIDSTREAM | 5.75% | 7/1/2034 | \*\* | 45420 |
|  | ANY GRP RE/REAL | 5.25% | 4/15/2030 | \*\* | 18984 |
|  | ANYWHERE RE/CO-I | 7.00% | 4/15/2030 | \*\* | 20292 |
|  | APH/APH2/APH3/AQ | 7.88% | 11/1/2029 | \*\* | 20477 |
|  | AppLovin Corp | 5.38% | 12/1/2031 | \*\* | 54229 |
|  | ArcelorMittal SA | 6.00% | 6/17/2034 | \*\* | 63676 |
|  | ARCHROCK LP/FIN | 6.63% | 9/1/2032 | \*\* | 36894 |
|  | AREIT 2025-CRE10 A | 5.35% | 12/17/2029 | \*\* | 100510 |
|  | ARIZONA PUB SERV | 5.90% | 8/15/2055 | \*\* | 130041 |
|  | ARROW ELECTRONIC | 5.88% | 4/10/2034 | \*\* | 63559 |
|  | ARTHUR J GALLAGH | 4.85% | 12/15/2029 | \*\* | 32835 |
|  | AT&T Inc | 3.50% | 9/15/2053 | \*\* | 104046 |
|  | AT&T INC | 6.05% | 8/15/2056 | \*\* | 18803 |
|  | ATHENE GLOBAL FU | 4.72% | 10/8/2029 | \*\* | 53666 |
|  | ATHENE GLOBAL FU | 5.03% | 7/17/2030 | \*\* | 35054 |
|  | Atlassian Corp | 5.25% | 5/15/2029 | \*\* | 41435 |
|  | AutoZone Inc | 5.13% | 6/15/2030 | \*\* | 61011 |
|  | AVIATION CAPITAL | 5.38% | 7/15/2029 | \*\* | 88192 |
|  | AVOLON HDGS | 5.75% | 3/1/2029 | \*\* | 187678 |
|  | AZORRA FINANCE | 7.75% | 4/15/2030 | \*\* | 21523 |
|  | AZORRA FINANCE | 7.25% | 1/15/2031 | \*\* | 43513 |
|  | BANK 2017-BNK6 XA | 0.76% | 7/1/2060 | \*\* | 20982 |
|  | BANK 2019-BN20 XA | 0.81% | 9/1/2062 | \*\* | 56299 |

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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 2020-BN27 A5 | 2.14% | 4/1/2063 | \*\* | 112161 |
|  | BANK 2022-BNK39 AS | 3.18% | 2/1/2055 | \*\* | 91184 |
|  | BANK 2025-BNK50 XA | 0.34% | 5/1/2068 | \*\* | 95839 |
|  | BANK OF AMER CRP | 5.47% | 1/23/2035 | \*\* | 45840 |
|  | BANK OF AMER CRP | 5.74% | 2/12/2036 | \*\* | 56423 |
|  | BANK OF AMER CRP | 6.63% | 8/1/2174 | \*\* | 33721 |
|  | BANK OF NY MELLO | 5.06% | 7/22/2032 | \*\* | 99570 |
|  | BANK5 2024-5YR10 AS | 5.64% | 10/1/2057 | \*\* | 77508 |
|  | BANK5 2024-5YR9 A3 | 5.61% | 8/1/2057 | \*\* | 60674 |
|  | BANK5 2025-5YR16 AS | 5.75% | 8/1/2063 | \*\* | 104107 |
|  | BANK5 2025-5YR18 A3 | 5.15% | 12/1/2058 | \*\* | 103309 |
|  | BAT Capital Corp | 4.54% | 8/15/2047 | \*\* | 44917 |
|  | BAT Capital Corp | 5.63% | 8/15/2035 | \*\* | 64871 |
|  | BAUSCH + LOMB CO | 8.38% | 10/1/2028 | \*\* | 47967 |
|  | BAUSCH HEALTH | 5.25% | 1/30/2030 | \*\* | 10899 |
|  | BBCMS 2021-C11 ASB | 2.11% | 9/1/2054 | \*\* | 95024 |
|  | BBCMS 2021-C12 A5 | 2.69% | 11/1/2054 | \*\* | 89969 |
|  | BBCMS 2021-C9 A5 | 2.30% | 2/1/2054 | \*\* | 90340 |
|  | BBCMS 2022-C16 A5 | 4.60% | 6/1/2055 | \*\* | 99883 |
|  | BBCMS 2024-5C29 A3 | 5.21% | 9/1/2057 | \*\* | 60933 |
|  | BBCMS 2024-C24 A5 | 5.42% | 2/1/2057 | \*\* | 104896 |
|  | BBCMS 2025-5C34 A3 | 5.66% | 5/1/2058 | \*\* | 105247 |
|  | BBIRD 2021-1A A | 2.44% | 7/15/2046 | \*\* | 90104 |
|  | BELL CANADA | 6.88% | 9/15/2055 | \*\* | 35908 |
|  | BFLD 2025-FPM A | 5.01% | 10/1/2040 | \*\* | 101670 |
|  | BIOGEN INC | 5.05% | 1/15/2031 | \*\* | 126665 |
|  | Black Hills Corp | 6.00% | 1/15/2035 | \*\* | 118302 |
|  | BLOCK FINANCIAL | 5.38% | 9/15/2032 | \*\* | 67679 |
|  | BMARK 2019-B11 A4 | 3.28% | 5/1/2052 | \*\* | 97130 |
|  | BMARK 2020-B19 AS | 2.15% | 9/1/2053 | \*\* | 84703 |
|  | BMARK 2021-B31 A5 | 2.67% | 12/1/2054 | \*\* | 89927 |
|  | BMARK 2022-B32 AS | 3.41% | 1/1/2055 | \*\* | 88427 |
|  | BMARK 2024-V11 A3 | 5.91% | 11/1/2057 | \*\* | 65513 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | BMARK 2024-V8 A3 | 6.19% | 7/1/2057 | \*\* | 65833 |
|  | BMARK 2024-V9 A3 | 5.60% | 8/1/2057 | \*\* | 104444 |
|  | BMARK 2025-V15 AS | 6.17% | 6/1/2058 | \*\* | 105584 |
|  | BMARK 2025-V17 A3 | 5.07% | 9/1/2058 | \*\* | 65899 |
|  | BMARK 2025-V18 AS | 5.59% | 10/1/2058 | \*\* | 103564 |
|  | BMO 2024-5C6 A3 | 5.32% | 9/1/2057 | \*\* | 59945 |
|  | BMO 2024-5C7 AS | 5.89% | 11/1/2057 | \*\* | 44454 |
|  | BMO 2025-5C11 AS | 5.94% | 7/1/2058 | \*\* | 78485 |
|  | BROADCOM INC | 3.50% | 2/15/2041 | \*\* | 115852 |
|  | BROWN & BROWN | 6.25% | 6/23/2055 | \*\* | 26064 |
|  | BUCKEYE PARTNERS | 6.88% | 7/1/2029 | \*\* | 32351 |
|  | BUILDERS FIRSTSO | 6.38% | 3/1/2034 | \*\* | 47539 |
|  | BUILDERS FIRSTSO | 6.75% | 5/15/2035 | \*\* | 31662 |
|  | BUNGE LTD FIN CP | 4.65% | 9/17/2034 | \*\* | 72638 |
|  | BURLINGTON NORTH | 5.50% | 3/15/2055 | \*\* | 56195 |
|  | BX 2025-ARIA C | 5.52% | 12/1/2042 | \*\* | 101324 |
|  | CAESARS ENT | 6.00% | 10/15/2032 | \*\* | 44364 |
|  | CAMPBELLS CO/THE | 5.40% | 3/21/2034 | \*\* | 60997 |
|  | CARDINAL HEALTH | 4.60% | 3/15/2043 | \*\* | 50964 |
|  | CARDINAL HEALTH | 4.50% | 11/15/2044 | \*\* | 6939 |
|  | CARLISLE COS INC | 5.55% | 9/15/2040 | \*\* | 26894 |
|  | Carnival Corp | 6.13% | 2/15/2033 | \*\* | 22181 |
|  | CARNIVAL CORP | 5.75% | 8/1/2032 | \*\* | 26347 |
|  | CARNIVAL CORP | 5.13% | 5/1/2029 | \*\* | 21471 |
|  | CARVANA CO 144A 20230901 9% 20300601 | 9.00% | 6/1/2030 | \*\* | 598385 |
|  | CARVANA CO 144A 20230901 9% 20310601 | 9.00% | 6/1/2031 | \*\* | 880864 |
|  | CCL INDS INC | 3.05% | 6/1/2030 | \*\* | 61535 |
|  | CCO HOLDINGS LLC | 4.25% | 1/15/2034 | \*\* | 17416 |
|  | CCO HOLDINGS LLC | 4.75% | 2/1/2032 | \*\* | 23362 |
|  | CCO HOLDINGS LLC | 5.13% | 5/1/2027 | \*\* | 25194 |
|  | CCO HOLDINGS LLC | 4.75% | 3/1/2030 | \*\* | 38860 |
|  | CELANESE US HLDS | 6.50% | 4/15/2030 | \*\* | 10195 |
|  | CELANESE US HLDS | 6.75% | 4/15/2033 | \*\* | 10099 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | CGCMT 2022-GC48 A5 | 4.58% | 5/1/2054 | \*\* | 100250 |
|  | CGMS 2024-2A D | 7.71% | 4/25/2037 | \*\* | 515245 |
|  | CHENIERE ENERGY | 4.63% | 10/15/2028 | \*\* | 109918 |
|  | CHENIERE ENERGY | 5.65% | 4/15/2034 | \*\* | 66136 |
|  | CHENIERE ENERGYP | 4.00% | 3/1/2031 | \*\* | 61219 |
|  | CHORD ENERGY | 6.75% | 3/15/2033 | \*\* | 36913 |
|  | CHORD ENERGY | 6.00% | 10/1/2030 | \*\* | 20625 |
|  | CHS/COMMUNITY | 6.00% | 1/15/2029 | \*\* | 30938 |
|  | CIFC 2020-3A A1R2 | 5.07% | 10/20/2038 | \*\* | 505094 |
|  | CIPHER COMPUTE | 7.13% | 11/15/2030 | \*\* | 20549 |
|  | CITIGROUP INC | 4.95% | 5/7/2031 | \*\* | 54547 |
|  | CITIGROUP INC | 4.50% | 9/11/2031 | \*\* | 37634 |
|  | Citigroup Inc | 3.06% | 1/25/2033 | \*\* | 121772 |
|  | CITIGROUP INC | 6.88% | 11/15/2174 | \*\* | 33553 |
|  | CLARIOS GLOBAL | 6.75% | 2/15/2030 | \*\* | 58963 |
|  | CLARIOS GLOBAL | 6.75% | 9/15/2032 | \*\* | 58212 |
|  | CLD SFTWR GRP IN | 9.00% | 9/30/2029 | \*\* | 15974 |
|  | CLD SFTWR GRP IN | 6.63% | 8/15/2033 | \*\* | 15253 |
|  | CLEAR CHANNEL OU | 7.50% | 6/1/2029 | \*\* | 20002 |
|  | CLEAR CHANNEL OU | 7.13% | 2/15/2031 | \*\* | 37792 |
|  | CLYDESDALE ACQUI | 6.75% | 4/15/2032 | \*\* | 52160 |
|  | CMS ENERGY | 6.50% | 6/1/2055 | \*\* | 31028 |
|  | CNX RESOURCES CO | 6.00% | 1/15/2029 | \*\* | 20714 |
|  | COLONIAL ENT INC | 5.63% | 11/15/2035 | \*\* | 38677 |
|  | COMMONWEALTH EDI | 5.95% | 6/1/2055 | \*\* | 126525 |
|  | CommScope LLC | 9.50% | 12/15/2031 | \*\* | 5076 |
|  | CONSUMERS ENERGY | 4.50% | 1/15/2031 | \*\* | 37516 |
|  | COREWEAVE INC | 9.25% | 6/1/2030 | \*\* | 18770 |
|  | CORNERSTONE BU | 9.50% | 8/15/2029 | \*\* | 15534 |
|  | COUGAR JV SUBSID | 8.00% | 5/15/2032 | \*\* | 16246 |
|  | CRH AMERICA FIN | 4.40% | 2/9/2031 | \*\* | 62739 |
|  | CSAIL 2017-CX9 XA | 0.58% | 9/1/2050 | \*\* | 10563 |
|  | CSMC 2021-B33 B | 3.64% | 10/1/2043 | \*\* | 89916 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | CSX Corp | 3.80% | 11/1/2046 | \*\* | 103690 |
|  | CYRUS 2024-2A A2 | 4.50% | 5/20/2049 | \*\* | 122327 |
|  | DAFC 2017-AMO A | 3.64% | 6/1/2035 | \*\* | 97612 |
|  | Dcli Bidco LLC | 7.75% | 11/15/2029 | \*\* | 36352 |
|  | DEALER TIRE LLC | 8.00% | 2/1/2028 | \*\* | 25968 |
|  | Dell Inc | 6.50% | 4/15/2038 | \*\* | 31619 |
|  | DIRECTV FIN/DTV | 5.88% | 8/15/2027 | \*\* | 17487 |
|  | DIRECTV FINANCIN | 8.88% | 2/1/2030 | \*\* | 31146 |
|  | DISH DBS Corp | 5.13% | 6/1/2029 | \*\* | 13390 |
|  | DISH DBS Corp | 5.75% | 12/1/2028 | \*\* | 24679 |
|  | DNFRA 2021-1A B | 2.36% | 4/15/2049 | \*\* | 487576 |
|  | DORNOCH DEBT MER | 6.63% | 10/15/2029 | \*\* | 13215 |
|  | DPABS 2025-1A A2II | 5.22% | 7/25/2055 | \*\* | 101945 |
|  | DT MIDSTREAM | 4.13% | 6/15/2029 | \*\* | 32641 |
|  | DTE Energy Co | 5.85% | 6/1/2034 | \*\* | 92177 |
|  | DUKE ENERGY COR | 5.00% | 8/15/2052 | \*\* | 37005 |
|  | DUKE ENERGY COR | 5.80% | 6/15/2054 | \*\* | 85671 |
|  | EASTERN ENERGY | 5.65% | 10/15/2054 | \*\* | 60767 |
|  | EchoStar Corp | 10.75% | 11/30/2029 | \*\* | 22317 |
|  | ELEMENT FLEET MA | 5.04% | 3/25/2030 | \*\* | 63193 |
|  | ELEVANCE HEALTH | 4.55% | 5/15/2052 | \*\* | 34387 |
|  | ELLUCIAN HOLDING | 6.50% | 12/1/2029 | \*\* | 30827 |
|  | EMRLD BOR / EMRD | 6.75% | 7/15/2031 | \*\* | 43438 |
|  | EMRLD BOR / EMRD | 6.63% | 12/15/2030 | \*\* | 73199 |
|  | ENERGIZER HLDGS | 6.00% | 9/15/2033 | \*\* | 24424 |
|  | ENTERGY LA LLC | 5.80% | 3/15/2055 | \*\* | 124151 |
|  | Equinix Inc | 2.95% | 9/15/2051 | \*\* | 62602 |
|  | ESSENTIAL PROPER | 5.40% | 12/1/2035 | \*\* | 36246 |
|  | EXPAND ENRGY | 6.75% | 4/15/2029 | \*\* | 37747 |
|  | EXPEDIA GRP INC | 3.80% | 2/15/2028 | \*\* | 112082 |
|  | EXTRA SPACE STOR | 5.40% | 6/15/2035 | \*\* | 61681 |
|  | FERTITTA ENT LLC | 6.75% | 1/15/2030 | \*\* | 14739 |
|  | FG G61645 | 4.00% | 10/1/2048 | \*\* | 26814 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | FIRST IND LP | 5.25% | 1/15/2031 | \*\* | 82233 |
|  | Fiserv Inc | 5.45% | 3/15/2034 | \*\* | 111277 |
|  | FLASH COMPUTE | 7.25% | 12/31/2030 | \*\* | 29772 |
|  | FLEX LTD | 5.38% | 11/13/2035 | \*\* | 33171 |
|  | FLORIDA GAS TRAN | 5.75% | 7/15/2035 | \*\* | 27882 |
|  | FLOWERS FOODS | 5.75% | 3/15/2035 | \*\* | 60282 |
|  | FN AR8604 | 3.00% | 7/1/2043 | \*\* | 225411 |
|  | FN BR2217 | 2.50% | 8/1/2051 | \*\* | 313604 |
|  | FN BS4941 | 2.46% | 4/1/2032 | \*\* | 261118 |
|  | FN BZ1438 | 4.97% | 7/1/2031 | \*\* | 975908 |
|  | FN BZ4013 | 4.48% | 6/1/2030 | \*\* | 385578 |
|  | FN BZ4558 | 5.60% | 8/1/2055 | \*\* | 387270 |
|  | FN CB2168 | 3.00% | 11/1/2051 | \*\* | 162372 |
|  | FN CB7272 | 6.00% | 10/1/2053 | \*\* | 220261 |
|  | FN CB7335 | 5.50% | 10/1/2053 | \*\* | 308096 |
|  | FN CB8138 | 5.50% | 3/1/2054 | \*\* | 111324 |
|  | FN CB8692 | 5.50% | 6/1/2054 | \*\* | 330431 |
|  | FN DC9234 | 5.50% | 12/1/2054 | \*\* | 311752 |
|  | FN FA0372 | 2.50% | 1/1/2054 | \*\* | 484999 |
|  | FN FA1142 | 6.00% | 10/1/2054 | \*\* | 565453 |
|  | FN FA1144 | 6.00% | 6/1/2054 | \*\* | 140811 |
|  | FN FA2724 | 5.50% | 9/1/2055 | \*\* | 565323 |
|  | FN FM9934 | 3.00% | 12/1/2048 | \*\* | 212241 |
|  | FN FS5420 | 2.50% | 3/1/2052 | \*\* | 265473 |
|  | FN FS5875 | 2.50% | 4/1/2052 | \*\* | 266308 |
|  | FN FS6309 | 6.00% | 12/1/2053 | \*\* | 219160 |
|  | FN FS8999 | 6.00% | 8/1/2054 | \*\* | 281488 |
|  | FN FS9728 | 3.00% | 3/1/2052 | \*\* | 163447 |
|  | FN MA4492 | 2.00% | 12/1/2051 | \*\* | 491303 |
|  | FN MA4709 | 5.00% | 7/1/2052 | \*\* | 163736 |
|  | FN MA4805 | 4.50% | 11/1/2052 | \*\* | 292254 |
|  | FNR 2018-21 PO | —% | 4/1/2048 | \*\* | 91061 |
|  | FR SD0905 | 3.00% | 3/1/2052 | \*\* | 326950 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | FR SD1084 | 3.50% | 5/1/2051 | \*\* | 567081 |
|  | FR SD2347 | 5.50% | 2/1/2053 | \*\* | 267836 |
|  | FR SD2912 | 5.00% | 5/1/2053 | \*\* | 469969 |
|  | FR SD3803 | 2.00% | 2/1/2052 | \*\* | 287977 |
|  | FR SD3892 | 5.50% | 9/1/2053 | \*\* | 386461 |
|  | FR SD4301 | 6.00% | 11/1/2053 | \*\* | 288390 |
|  | FR SD5249 | 5.50% | 4/1/2054 | \*\* | 331628 |
|  | FR SD5573 | 3.00% | 8/1/2052 | \*\* | 675527 |
|  | FR SD5677 | 5.00% | 3/1/2054 | \*\* | 276462 |
|  | FR SD6815 | 6.00% | 4/1/2054 | \*\* | 441212 |
|  | FR SD7538 | 2.00% | 4/1/2051 | \*\* | 133178 |
|  | FR SD7553 | 3.00% | 3/1/2052 | \*\* | 176572 |
|  | FR SD7564 | 5.00% | 6/1/2053 | \*\* | 278960 |
|  | FR SD7568 | 5.50% | 2/1/2054 | \*\* | 429027 |
|  | FR SD8146 | 2.00% | 5/1/2051 | \*\* | 479404 |
|  | FR SD8161 | 2.50% | 8/1/2051 | \*\* | 922017 |
|  | FR SD8245 | 4.50% | 9/1/2052 | \*\* | 348754 |
|  | FR SD8276 | 5.00% | 12/1/2052 | \*\* | 379032 |
|  | FR SL1712 | 6.00% | 12/1/2054 | \*\* | 483138 |
|  | FREE MTGE HOLD | 8.38% | 4/1/2032 | \*\* | 10744 |
|  | FSRIA 2025-FL10 A | 5.12% | 8/19/2042 | \*\* | 100424 |
|  | FTAI AVIATION IN | 5.88% | 4/15/2033 | \*\* | 15443 |
|  | FULL HOUSE RESOR | 8.25% | 2/15/2028 | \*\* | 13555 |
|  | GARDA SECURITY | 8.25% | 8/1/2032 | \*\* | 79103 |
|  | GARDA SECURITY | 8.38% | 11/15/2032 | \*\* | 46385 |
|  | GARDA SECURITY | 6.50% | 1/15/2031 | \*\* | 25795 |
|  | GATX Corp | 5.20% | 3/15/2044 | \*\* | 25969 |
|  | GATX Corp | 5.50% | 6/15/2035 | \*\* | 35983 |
|  | GE HEALTHCARE | 4.80% | 1/15/2031 | \*\* | 63790 |
|  | GENESEE & WYOMIN | 6.25% | 4/15/2032 | \*\* | 47056 |
|  | GGAM Finance Ltd | 6.88% | 4/15/2029 | \*\* | 36897 |
|  | GLB AIR LEASE CO | 8.75% | 9/1/2027 | \*\* | 133433 |
|  | GLOBAL PAY INC | 5.55% | 11/15/2035 | \*\* | 31049 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | Goat Holdco LLC | 6.75% | 2/1/2032 | \*\* | 26400 |
|  | GOLDMAN SACHS GP | 6.85% | 8/10/2174 | \*\* | 31052 |
|  | GOLDMAN SACHS GP | 4.37% | 10/21/2031 | \*\* | 64405 |
|  | GOLDMAN SACHS GP | 4.94% | 10/21/2036 | \*\* | 63171 |
|  | GRAHAM HOLDINGS | 5.63% | 12/1/2033 | \*\* | 35626 |
|  | GRAY MEDIA | 9.63% | 7/15/2032 | \*\* | 27053 |
|  | GRAY MEDIA | 7.25% | 8/15/2033 | \*\* | 26346 |
|  | Griffon Corp | 5.75% | 3/1/2028 | \*\* | 76624 |
|  | GSKY 2025-3A D | 5.15% | 12/27/2060 | \*\* | 150174 |
|  | GUARDIAN LIFE | 4.80% | 4/28/2030 | \*\* | 54630 |
|  | GULFPORT ENERGY | 6.75% | 9/1/2029 | \*\* | 42257 |
|  | GULFSTREAM NAT | 5.60% | 7/23/2035 | \*\* | 38923 |
|  | HART 2024-C C | 4.86% | 2/17/2032 | \*\* | 203404 |
|  | HARVEST MIDSTREA | 7.50% | 5/15/2032 | \*\* | 36846 |
|  | HERC HOLDINGS | 7.00% | 6/15/2030 | \*\* | 26403 |
|  | HERC HOLDINGS | 5.75% | 3/15/2031 | \*\* | 10178 |
|  | HERC HOLDINGS | 6.00% | 3/15/2034 | \*\* | 10164 |
|  | HILCORP ENERGY I | 7.25% | 2/15/2035 | \*\* | 24459 |
|  | HP ENTERPRISE | 5.00% | 10/15/2034 | \*\* | 124263 |
|  | HUB INTL LTD | 7.25% | 6/15/2030 | \*\* | 15806 |
|  | HUBBELL INC | 4.80% | 11/15/2035 | \*\* | 36007 |
|  | HYUNDAI CAP AMER | 5.30% | 1/8/2029 | \*\* | 114664 |
|  | ILLUMINA INC | 4.75% | 12/12/2030 | \*\* | 52759 |
|  | IQVIA Inc | 6.25% | 2/1/2029 | \*\* | 72411 |
|  | JBS HLD/FD/LUX | 3.75% | 12/1/2031 | \*\* | 86886 |
|  | JETBLUE AIRW/LOY | 9.88% | 9/20/2031 | \*\* | 10114 |
|  | JPMORGAN CHASE | 5.14% | 1/24/2031 | \*\* | 53866 |
|  | JPMORGAN CHASE | 5.10% | 4/22/2031 | \*\* | 120951 |
|  | JPMORGAN CHASE | 5.58% | 7/23/2036 | \*\* | 42372 |
|  | JPMORGAN CHASE | 4.81% | 10/22/2036 | \*\* | 66169 |
|  | KENTUCKY UTIL | 5.85% | 8/15/2055 | \*\* | 26819 |
|  | KINDER MORGAN EN | 6.95% | 1/15/2038 | \*\* | 32389 |
|  | KODIAK GAS SERVI | 7.25% | 2/15/2029 | \*\* | 74784 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | KODIAK GAS SERVI | 6.50% | 10/1/2033 | \*\* | 15640 |
|  | KODIAK GAS SERVI | 6.75% | 10/1/2035 | \*\* | 15756 |
|  | KROGER CO | 5.65% | 9/15/2064 | \*\* | 62166 |
|  | KYNDRYL HOLDINGS | 4.10% | 10/15/2041 | \*\* | 119103 |
|  | LABORATORY CORP | 4.55% | 4/1/2032 | \*\* | 113195 |
|  | LAMAR MEDIA CORP | 5.38% | 11/1/2033 | \*\* | 30271 |
|  | LCCM 2017-LC26 C | 4.71% | 7/3/2050 | \*\* | 94238 |
|  | LEVEL 3 FIN INC | 6.88% | 6/30/2033 | \*\* | 51214 |
|  | Life Time Inc | 6.00% | 11/15/2031 | \*\* | 61968 |
|  | LIFEPOINT HEALTH | 10.00% | 6/1/2032 | \*\* | 32150 |
|  | LIGHT & WONDER | 6.25% | 10/1/2033 | \*\* | 36040 |
|  | LINDBLAD EXPEDIT | 7.00% | 9/15/2030 | \*\* | 26728 |
|  | LINEAGE OP LP | 5.25% | 7/15/2030 | \*\* | 62289 |
|  | LMRK 2025-1A A | 5.52% | 9/15/2055 | \*\* | 151940 |
|  | LNCR 2025-CRE8 A | 5.12% | 8/17/2042 | \*\* | 100352 |
|  | LOCKHEED MARTIN | 5.00% | 8/15/2035 | \*\* | 65530 |
|  | Lowe's Cos Inc | 5.63% | 4/15/2053 | \*\* | 34389 |
|  | MACQUARIE AIR | 5.15% | 3/17/2030 | \*\* | 62791 |
|  | MACQUARIE AIR | 5.20% | 3/27/2028 | \*\* | 63795 |
|  | Madison IAQ LLC | 5.88% | 6/30/2029 | \*\* | 79591 |
|  | MARRIOTT INTL | 5.30% | 5/15/2034 | \*\* | 64386 |
|  | MARRIOTT INTL | 4.50% | 10/15/2031 | \*\* | 63177 |
|  | Mars Inc | 5.70% | 5/1/2055 | \*\* | 61387 |
|  | MARVELL TECH INC | 5.95% | 9/15/2033 | \*\* | 121771 |
|  | MasTec Inc | 5.90% | 6/15/2029 | \*\* | 63809 |
|  | MATADOR RESOURC | 6.50% | 4/15/2032 | \*\* | 30856 |
|  | MATTEL INC | 5.00% | 11/17/2030 | \*\* | 25334 |
|  | McDonald's Corp | 5.45% | 8/14/2053 | \*\* | 52598 |
|  | MCGRAW-HILL ED | 5.75% | 8/1/2028 | \*\* | 20596 |
|  | MCGRAW-HILL ED | 7.38% | 9/1/2031 | \*\* | 10804 |
|  | MEDLINE BOR/CO-I | 6.25% | 4/1/2029 | \*\* | 84051 |
|  | MEDLINE BORROWER | 5.25% | 10/1/2029 | \*\* | 35669 |
|  | MERCK & CO INC | 5.70% | 9/15/2055 | \*\* | 81291 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | META PLATFORMS | 5.40% | 8/15/2054 | \*\* | 110380 |
|  | METIS MERGER SUB | 6.50% | 5/15/2029 | \*\* | 19984 |
|  | MetLife Inc | 6.35% | 3/15/2055 | \*\* | 53691 |
|  | MF1 2025-FL17 A | 5.05% | 2/18/2040 | \*\* | 100465 |
|  | MICHAELS COS INC | 5.25% | 5/1/2028 | \*\* | 9713 |
|  | MIDWEST GMNG BOR | 4.88% | 5/1/2029 | \*\* | 34736 |
|  | MINERVA MERGER | 6.50% | 2/15/2030 | \*\* | 40896 |
|  | MITR BRDN / MIWD | 6.75% | 4/1/2032 | \*\* | 36494 |
|  | MOLEX ELECT TECH | 5.25% | 4/30/2032 | \*\* | 70433 |
|  | Morgan Stanley | 5.95% | 1/19/2038 | \*\* | 31302 |
|  | Morgan Stanley | 5.94% | 2/7/2039 | \*\* | 62365 |
|  | MORGAN STANLEY | 4.36% | 10/22/2031 | \*\* | 32169 |
|  | MOTOROLA SOLUTIO | 5.20% | 8/15/2032 | \*\* | 54047 |
|  | MSAIC 2020-2A B | 2.21% | 8/20/2046 | \*\* | 30288 |
|  | MSBAM 2012-CKSV CK | 4.16% | 10/1/2030 | \*\* | 131068 |
|  | MVWOT 2021-1WA C | 1.94% | 1/22/2041 | \*\* | 40349 |
|  | NABORS INDS INC | 9.13% | 1/31/2030 | \*\* | 21750 |
|  | NABORS INDS INC | 7.63% | 11/15/2032 | \*\* | 14915 |
|  | NATIONAL FUEL GA | 5.95% | 3/15/2035 | \*\* | 25574 |
|  | NAVTR 2021-1 A | 2.77% | 11/15/2046 | \*\* | 96085 |
|  | NCL CORP | 5.88% | 1/15/2031 | \*\* | 10138 |
|  | NCL CORP | 6.25% | 9/15/2033 | \*\* | 10181 |
|  | NEPTUNE BIDCO US | 10.38% | 5/15/2031 | \*\* | 15622 |
|  | NETAPP INC | 5.50% | 3/17/2032 | \*\* | 30642 |
|  | Netflix Inc | 5.40% | 8/15/2054 | \*\* | 81192 |
|  | NEW YORK LIFE | 6.75% | 11/15/2039 | \*\* | 31122 |
|  | NEWELL BRANDS I | 6.38% | 5/15/2030 | \*\* | 14790 |
|  | NEXTERA ENERGY | 5.90% | 3/15/2055 | \*\* | 30874 |
|  | NGL EN OP/FIN | 8.13% | 2/15/2029 | \*\* | 15735 |
|  | NiSource Inc | 5.35% | 4/1/2034 | \*\* | 113045 |
|  | NiSource Inc | 6.95% | 11/30/2054 | \*\* | 30510 |
|  | NiSource Inc | 5.85% | 4/1/2055 | \*\* | 51625 |
|  | NISSAN MOTOR ACC | 6.13% | 9/30/2030 | \*\* | 30496 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | NORTHROP GRUMMAN | 5.20% | 6/1/2054 | \*\* | 101657 |
|  | NOVELIS CORP | 6.88% | 1/30/2030 | \*\* | 16015 |
|  | NRG Energy Inc | 6.00% | 2/1/2033 | \*\* | 26170 |
|  | NXP BV/NXP FDG | 4.85% | 8/19/2032 | \*\* | 52266 |
|  | OCT 34 2017-1A D | 6.65% | 1/20/2030 | \*\* | 509383 |
|  | Olin Corp | 6.63% | 4/1/2033 | \*\* | 20206 |
|  | OMEGA HEALTHCARE | 3.38% | 2/1/2031 | \*\* | 64485 |
|  | ONEMAIN FINANCE | 7.50% | 5/15/2031 | \*\* | 31874 |
|  | ONEMAIN FINANCE | 6.50% | 3/15/2033 | \*\* | 36082 |
|  | Oracle Corp | 5.20% | 9/26/2035 | \*\* | 31109 |
|  | ORACLE CORP | 5.88% | 9/26/2045 | \*\* | 46876 |
|  | O'REILLY AUTOMOT | 5.00% | 8/19/2034 | \*\* | 59505 |
|  | OSCAR 2021-2A A4 | 1.27% | 9/11/2028 | \*\* | 139989 |
|  | Owens Corning | 5.70% | 6/15/2034 | \*\* | 54842 |
|  | PANTHER ESCROW | 7.13% | 6/1/2031 | \*\* | 31201 |
|  | PARK INTERMED HL | 7.00% | 2/1/2030 | \*\* | 47665 |
|  | Paychex Inc | 5.35% | 4/15/2032 | \*\* | 124664 |
|  | PENNYMAC FIN SVC | 7.88% | 12/15/2029 | \*\* | 16023 |
|  | PENNYMAC FIN SVC | 6.88% | 5/15/2032 | \*\* | 21125 |
|  | PENSKE TRUCK LE | 5.25% | 2/1/2030 | \*\* | 122028 |
|  | PERMIAN RESR OPR | 6.25% | 2/1/2033 | \*\* | 61034 |
|  | PHILIP MORRIS IN | 5.38% | 2/15/2033 | \*\* | 62930 |
|  | PHILIP MORRIS IN | 5.25% | 2/13/2034 | \*\* | 59029 |
|  | PHILLIPS EDIS | 5.25% | 8/15/2032 | \*\* | 70535 |
|  | PNC FINANCIAL | 5.37% | 7/21/2036 | \*\* | 43165 |
|  | POST HOLDINGS IN | 6.38% | 3/1/2033 | \*\* | 98062 |
|  | PRUDENTIAL FIN | 5.20% | 3/14/2035 | \*\* | 77082 |
|  | PSEG POWER LLC | 5.20% | 5/15/2030 | \*\* | 42231 |
|  | QNITY ELECTRONIC | 6.25% | 8/15/2033 | \*\* | 26535 |
|  | Qorvo Inc | 3.38% | 4/1/2031 | \*\* | 49654 |
|  | QUANTA SERVICES | 5.25% | 8/9/2034 | \*\* | 57556 |
|  | QUEST DIAGNOSTIC | 5.00% | 12/15/2034 | \*\* | 119785 |
|  | QUIKRETE HOLDING | 6.75% | 3/1/2033 | \*\* | 37362 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | QXO BLDG PRODUCT | 6.75% | 4/30/2032 | \*\* | 21133 |
|  | RADIOLOGY PARTNE | 8.50% | 7/15/2032 | \*\* | 43545 |
|  | REPUBLIC SVCS | 5.15% | 3/15/2035 | \*\* | 62936 |
|  | RHP HOTEL PPTY | 6.50% | 6/15/2033 | \*\* | 47091 |
|  | RIO TINTO FIN PL | 5.75% | 3/14/2055 | \*\* | 35293 |
|  | RIVERS BOR/FIN | 6.63% | 2/1/2033 | \*\* | 68290 |
|  | RIVERS LLC/CORP | 6.25% | 10/15/2030 | \*\* | 15534 |
|  | ROCKET COS INC | 6.38% | 8/1/2033 | \*\* | 26942 |
|  | Rollins Inc | 5.25% | 2/24/2035 | \*\* | 27022 |
|  | ROPER TECHNOLOGI | 4.25% | 9/15/2028 | \*\* | 19383 |
|  | ROYAL BK CANADA | 4.31% | 11/3/2031 | \*\* | 127324 |
|  | ROYAL CARIBBEAN | 5.38% | 7/15/2027 | \*\* | 33045 |
|  | ROYAL CARIBBEAN | 5.38% | 1/15/2036 | \*\* | 54972 |
|  | ROYALTY PHARM | 5.15% | 9/2/2029 | \*\* | 56444 |
|  | ROYALTY PHARM | 5.95% | 9/25/2055 | \*\* | 39468 |
|  | Sabre GLBL Inc | 8.63% | 6/1/2027 | \*\* | 5247 |
|  | Sabre GLBL Inc | 10.75% | 11/15/2029 | \*\* | 11242 |
|  | SABRE GLBL INC | 10.75% | 3/15/2030 | \*\* | 13279 |
|  | SCLGX 2025-1A A2 | 5.67% | 7/25/2055 | \*\* | 100574 |
|  | SCLP 2025-3 A | 4.47% | 8/15/2034 | \*\* | 76229 |
|  | Seaspan Corp | 5.50% | 8/1/2029 | \*\* | 38938 |
|  | SGCMS 2016-C5 XA | 1.81% | 10/1/2048 | \*\* | 2189 |
|  | SIRIUS XM RADIO | 5.50% | 7/1/2029 | \*\* | 51813 |
|  | SLAM 2024-1A A | 5.34% | 9/15/2049 | \*\* | 232104 |
|  | SM Energy Co | 7.00% | 8/1/2032 | \*\* | 30386 |
|  | SOLSTICE ADVANCE | 5.63% | 9/30/2033 | \*\* | 5118 |
|  | SONOCO PRODUCTS | 4.60% | 9/1/2029 | \*\* | 59384 |
|  | SOUTHERN CO | 6.38% | 3/15/2055 | \*\* | 20198 |
|  | SOUTHERN GAS | 4.05% | 9/15/2028 | \*\* | 21279 |
|  | SOUTHERN NAT GAS | 5.45% | 8/1/2035 | \*\* | 16762 |
|  | SOUTHERN POWER | 4.90% | 10/1/2035 | \*\* | 36134 |
|  | STANDARD BUILDIN | 6.50% | 8/15/2032 | \*\* | 21096 |
|  | STANDARD BUILDIN | 5.88% | 3/15/2034 | \*\* | 15110 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | Staples Inc | 10.75% | 9/1/2029 | \*\* | 25782 |
|  | STAR LEASING CO | 7.63% | 2/15/2030 | \*\* | 19199 |
|  | STARWOOD PROP TR | 5.25% | 10/15/2028 | \*\* | 46055 |
|  | STATION CAS | 6.63% | 3/15/2032 | \*\* | 36671 |
|  | STKPK 2022-1A AR | 5.26% | 10/15/2037 | \*\* | 507750 |
|  | STWD 2021-FL2 A | 5.05% | 4/18/2038 | \*\* | 42034 |
|  | SUN COMMUNITIES | 2.70% | 7/15/2031 | \*\* | 65444 |
|  | SUZANO NETHERLAN | 5.50% | 1/15/2036 | \*\* | 37332 |
|  | SWTCH 2024-2A B | 6.20% | 6/25/2054 | \*\* | 252327 |
|  | TALEN ENERGY SUP | 6.25% | 2/1/2034 | \*\* | 20630 |
|  | TALLGRASS NRG | 7.38% | 2/15/2029 | \*\* | 15977 |
|  | TALLGRASS NRG | 6.75% | 3/15/2034 | \*\* | 15327 |
|  | TAYLOR MORRISON | 5.75% | 11/15/2032 | \*\* | 31130 |
|  | TELUS CORP | 7.00% | 10/15/2055 | \*\* | 64435 |
|  | TENET HEALTHCARE | 6.00% | 11/15/2033 | \*\* | 5187 |
|  | TENET HEALTHCARE | 5.50% | 11/15/2032 | \*\* | 5105 |
|  | TEXTRON INC | 5.50% | 5/15/2035 | \*\* | 62725 |
|  | T-Mobile USA Inc | 5.50% | 1/15/2055 | \*\* | 59390 |
|  | T-Mobile USA Inc | 5.25% | 6/15/2055 | \*\* | 35651 |
|  | T-Mobile USA Inc | 5.88% | 11/15/2055 | \*\* | 31333 |
|  | TORONTO DOM BANK | 4.93% | 10/15/2035 | \*\* | 32328 |
|  | TRANS-ALLEGHENY | 5.00% | 1/15/2031 | \*\* | 125064 |
|  | TRANSDIGM INC | 6.38% | 5/31/2033 | \*\* | 51615 |
|  | TRANSDIGM INC | 6.25% | 1/31/2034 | \*\* | 5306 |
|  | TRANSDIGM INC | 6.75% | 1/31/2034 | \*\* | 5335 |
|  | TRAVELERS COS | 5.70% | 7/24/2055 | \*\* | 26174 |
|  | TRIDENT TPI HOLD | 12.75% | 12/31/2028 | \*\* | 25656 |
|  | TRITON CONTAINER | 3.25% | 3/15/2032 | \*\* | 56075 |
|  | TRUIST FINANCIAL | 5.15% | 8/5/2032 | \*\* | 118112 |
|  | UBER TECHNOLOGIE | 4.80% | 9/15/2034 | \*\* | 119713 |
|  | UBSCM 2017-C4 A3 | 3.30% | 10/1/2050 | \*\* | 90558 |
|  | UKG Inc | 6.88% | 2/1/2031 | \*\* | 74021 |
|  | UNITED NATURAL | 6.75% | 10/15/2028 | \*\* | 101999 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | UNITED RENTAL NA | 5.38% | 11/15/2033 | \*\* | 20088 |
|  | UNITI / CSL | 8.63% | 6/15/2032 | \*\* | 19793 |
|  | UNIVISION COMM | 7.38% | 6/30/2030 | \*\* | 25505 |
|  | US Foods Inc | 5.75% | 4/15/2033 | \*\* | 61899 |
|  | VAIL RESORTS | 6.50% | 5/15/2032 | \*\* | 15700 |
|  | VALE OVERSEAS | 6.40% | 6/28/2054 | \*\* | 52124 |
|  | VENTURE GLOBAL | 7.50% | 5/1/2033 | \*\* | 10936 |
|  | VENTURE GLOBAL | 6.50% | 1/15/2034 | \*\* | 31707 |
|  | VENTURE GLOBAL | 6.13% | 12/15/2030 | \*\* | 10227 |
|  | VENTURE GLOBAL L | 8.13% | 6/1/2028 | \*\* | 15303 |
|  | VENTURE GLOBAL L | 8.38% | 6/1/2031 | \*\* | 20040 |
|  | VENTURE GLOBAL L | 9.88% | 2/1/2032 | \*\* | 10748 |
|  | VERALTO CORP | 5.45% | 9/18/2033 | \*\* | 32850 |
|  | VeriSign Inc | 5.25% | 6/1/2032 | \*\* | 76418 |
|  | VERISK ANALYTICS | 5.25% | 6/5/2034 | \*\* | 62865 |
|  | VERITIV OPERATIN | 10.50% | 11/30/2030 | \*\* | 27138 |
|  | VERIZON COMM INC | 5.75% | 11/30/2045 | \*\* | 77949 |
|  | VERTIV GROUP COR | 4.13% | 11/15/2028 | \*\* | 30801 |
|  | VIC HLDG/VIC FIN | 8.75% | 9/15/2029 | \*\* | 76002 |
|  | VICI PROPERTIES | 4.63% | 12/1/2029 | \*\* | 121278 |
|  | Videotron Ltd | 5.70% | 1/15/2035 | \*\* | 63996 |
|  | VIK CRUISES LTD | 5.88% | 10/15/2033 | \*\* | 51483 |
|  | VIPER ENERGY PAR | 4.90% | 8/1/2030 | \*\* | 21706 |
|  | VIRGINIA EL&PWR | 5.55% | 8/15/2054 | \*\* | 42620 |
|  | VIRGINIA EL&PWR | 5.60% | 9/15/2055 | \*\* | 24736 |
|  | VISTRA OPERATION | 4.38% | 5/1/2029 | \*\* | 63695 |
|  | VISTRA OPERATION | 7.75% | 10/15/2031 | \*\* | 21520 |
|  | Vital Energy Inc | 7.88% | 4/15/2032 | \*\* | 10026 |
|  | VOYAGER PARENT L | 9.25% | 7/1/2032 | \*\* | 33594 |
|  | VSP OPTICAL GROU | 5.45% | 12/1/2035 | \*\* | 46581 |
|  | VT Topco Inc | 8.50% | 8/15/2030 | \*\* | 27031 |
|  | WAND NEWCO 3 | 7.63% | 1/30/2032 | \*\* | 16362 |
|  | WARNERMEDIA HLDG | 4.28% | 3/15/2032 | \*\* | 8917 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | WARNERMEDIA HLDG | 5.05% | 3/15/2042 | \*\* | 10817 |
|  | WARNERMEDIA HLDG | 4.05% | 3/15/2029 | \*\* | 19697 |
|  | WASTE CONNECT | 5.25% | 9/1/2035 | \*\* | 53289 |
|  | WATCO COS LLC/FI | 7.13% | 8/1/2032 | \*\* | 32327 |
|  | Wayfair LLC | 7.25% | 10/31/2029 | \*\* | 21200 |
|  | WAYFAIR LLC | 6.75% | 11/15/2032 | \*\* | 20788 |
|  | WBI OPERATING | 6.50% | 10/15/2033 | \*\* | 50605 |
|  | WEATHERFORD INTE | 6.75% | 10/15/2033 | \*\* | 52029 |
|  | WEC ENERGY GROUP | 5.63% | 5/15/2056 | \*\* | 43672 |
|  | WELLS FARGO CO | 5.15% | 4/23/2031 | \*\* | 187592 |
|  | WELLS FARGO CO | 4.89% | 9/15/2036 | \*\* | 66770 |
|  | WESCO DISTRIBUT | 6.38% | 3/15/2033 | \*\* | 21270 |
|  | WESTINGHOUSE AIR | 4.90% | 5/29/2030 | \*\* | 120423 |
|  | WFCM 2017-C38 XA | 0.90% | 7/1/2050 | \*\* | 24321 |
|  | WFCM 2019-C50 A4 | 3.47% | 5/1/2052 | \*\* | 96435 |
|  | WFCM 2020-C57 A4 | 2.12% | 8/1/2053 | \*\* | 91236 |
|  | WFCM 2020-C58 A3 | 1.81% | 7/1/2053 | \*\* | 87802 |
|  | WFCM 2021-C59 XA | 1.48% | 4/1/2054 | \*\* | 46541 |
|  | WFCM 2021-C60 A3 | 2.06% | 8/1/2054 | \*\* | 111229 |
|  | WFCM 2025-5C4 A3 | 5.67% | 5/1/2058 | \*\* | 105075 |
|  | WFCM 2025-5C6 AS | 5.58% | 10/1/2058 | \*\* | 82899 |
|  | WHIRLPOOL CORP | 6.50% | 6/15/2033 | \*\* | 24333 |
|  | WILLIS NORTH AME | 4.55% | 3/15/2031 | \*\* | 35097 |
|  | WINDR 2021-3A D1AR | 6.88% | 4/20/2038 | \*\* | 507871 |
|  | WINDST SERVI/ESC | 8.25% | 10/1/2031 | \*\* | 10713 |
|  | WINDSTREAM SERV | 7.50% | 10/15/2033 | \*\* | 10437 |
|  | WR GRACE HOLDING | 5.63% | 8/15/2029 | \*\* | 34196 |
|  | XPO Inc | 7.13% | 6/1/2031 | \*\* | 36844 |
|  | ZIMMER BIOMET | 5.20% | 9/15/2034 | \*\* | 120093 |
|  | Zoetis Inc | 4.70% | 2/1/2043 | \*\* | 23449 |
|  |  |  |  |  | $44852835 |
| **U.S. Government Issued Securities** | **U.S. Government Issued Securities** |  |  |  |  |
|  | Ginnie Mae II Pool | 2.50% | 12/1/2050 | \*\* | $282617 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(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** |
|  | Ginnie Mae II Pool | 3.00% | 11/1/2051 | \*\* | 321962 |
|  | Ginnie Mae II Pool | 2.50% | 11/1/2051 | \*\* | 239929 |
|  | Ginnie Mae II Pool | 3.00% | 2/1/2052 | \*\* | 439787 |
|  | Ginnie Mae II Pool | 3.00% | 4/1/2052 | \*\* | 209941 |
|  | Ginnie Mae II Pool | 3.50% | 7/1/2051 | \*\* | 432617 |
|  | Ginnie Mae II Pool | 2.50% | 10/1/2050 | \*\* | 478501 |
|  | Ginnie Mae II Pool | 3.00% | 5/1/2051 | \*\* | 580818 |
|  | Government National Mortgage Association | 2.00% | 12/1/2050 | \*\* | 31392 |
|  | United States Treasury Note/Bond | 1.25% | 5/15/2050 | \*\* | 1369842 |
|  | United States Treasury Note/Bond | 1.38% | 8/15/2050 | \*\* | 1193105 |
|  | United States Treasury Note/Bond | 1.13% | 5/15/2040 | \*\* | 2227202 |
|  | United States Treasury Note/Bond | 1.88% | 2/15/2041 |  | 1165010 |
|  | United States Treasury Note/Bond | 1.75% | 8/15/2041 | \*\* | 1840611 |
|  | United States Treasury Note/Bond | 0.88% | 11/15/2030 | \*\* | 5410417 |
|  | United States Treasury Note/Bond | 3.88% | 8/15/2034 | \*\* | 3897897 |
|  | United States Treasury Inflation-Indexed Note/Bond | 0.38% | 7/15/2027 | \*\* | 249828 |
|  | United States Treasury Inflation-Indexed Note/Bond | 1.63% | 10/15/2027 | \*\* | 332625 |
|  | United States Treasury Inflation-Indexed Note/Bond | 0.50% | 1/15/2028 | \*\* | 259380 |
|  |  |  |  |  | $20963481 |
| **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 | \*\* | $368805365 |
| **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 | \*\* | $50254104 |
| **Total Investments (Held at End of Year)** | **Total Investments (Held at End of Year)** |  |  |  | $**7069487601** |
| \* | 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 16, 2026 | &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-20251231xdspxex231.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 16, 2026, 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, 2025.

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| |
|:---|
| /s/ Ernst & Young LLP |
| Tysons, Virginia |
| June 16, 2026 |

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