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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR

PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


ý			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-08089


A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

Danaher Corporation & Subsidiaries Savings Plan


B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Danaher Corporation

2200 Pennsylvania Avenue, N.W., Suite 800W

Washington, D.C. 20037-1701

202-828-0850

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			1

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025			3
Notes to Financial Statements as of December 31, 2025 and 2024 and for the Year Ended December 31, 2025			4

SUPPLEMENTAL SCHEDULES

Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2025			10
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025			11

Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of Danaher Corporation & Subsidiaries Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan (the Plan) as of December 31, 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

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	$	7,019.2	$	6,362.9

Receivables:
Employer contributions	13.8		13.8
Plan transfer receivable	—		37.0
Notes receivable from participants	52.2		50.5

Total receivables	66.0		101.3
Total assets	7,085.2		6,464.2
LIABILITIES
Administrative expenses payable	0.1		—
Total liabilities	0.1		—


NET ASSETS AVAILABLE FOR BENEFITS	$	7,085.1	$	6,464.2

See the accompanying Notes to the Financial Statements.

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:
Participant	$	254.6
Rollovers	41.4
Employer	166.9
Total contributions	462.9

Net appreciation in the fair value of investments	917.9
Interest and dividend income	18.5
Total investment income	936.4
Interest income on notes receivable from participants	4.4
Total additions	1,403.7
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:
Beginning of year	6,464.2
End of year	$	7,085.1

See the accompanying Notes to the Financial Statements.

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.

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 (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Cash and equivalents	$	15.2	$	21.1	$	—	$	—	$	—	$	—	$	15.2	$	21.1
Common stock	1,470.9		1,546.1		—		—		—		—		1,470.9		1,546.1
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	—		—		4,890.5		4,222.8		—		—		4,890.5		4,222.8
Self-directed brokerage account	363.3		319.9		5.5		—		—		—		368.8		319.9
Total investments, at fair value	$	2,057.4	$	2,082.5	$	4,961.8	$	4,280.4	$	—	$	—	7,019.2		6,362.9

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.

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):


	2025		2024
Net assets available for benefits per the financial statements	$	7,085.1	$	6,464.2
Loans with no post-default payment activity that are deemed distributions	(1.9)		(2.0)

Net assets available for benefits per the Form 5500	$	7,083.2	$	6,462.2

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

Payments received post-default	0.1
Loan defaults previously deemed distributed that reached a distributable event	0.2

Interest payments on loans deemed distributed that have had no post-default payment activity	(0.2)
Deemed distributions	(0.1)
Net income per the Form 5500	$	603.1

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, 2025


		Total that Constitute Nonexempt Prohibited Transactions
Participant Contributions Transferred Late to Plan Check Here if Late Participant Loan Repayments are Included: a		Contributions Not Corrected	Contributions Corrected Outside VFCP		Contributions Pending Correction in VFCP	Total Fully Corrected Under VFCP and PTE 2002-51
$	6,965.53	—	$	6,965.53	—	—

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

(d) Cost

(e) Current value

Cash Equivalents

Fidelity® Investments Money Market Government Portfolio - Institutional Class

3,085,701

units

3,085,701

Brown Brothers Harriman U.S. Government Money Market Fund

9,109,634

units

9,109,634

PIMCO Private Account Portfolio Series Short-Term Floating NAV Portfolio II

351,736

units

3,023,120

15,218,455

Common/Collective Trusts

Fidelity Managed Income Portfolio II Class 2 (at FMV)

units

Fidelity Managed Income Portfolio II Class 3 (at FMV)

258,024,555

units

258,024,555

American Beacon Small Cap Value Institutional Class

3,528,052

units

79,706,098

Select Leaders Series 2 Portfolio

8,367,209

units

106,514,572

GQG International Equity

3,478,841

units

66,997,954

BlackRock Equity Index Non-Lendable Fund

7,079,648

units

889,507,842

BlackRock MSCI ACW Ex-US IM Non-Lendable Fund

7,416,050

units

201,088,675

BlackRock Russell 2500 Index Non-Lendable Fund

3,735,657

units

146,340,837

BlackRock US Debt Index Non-Lendable Fund

4,531,897

units

74,096,579

Invesco Stable Asset Fund - ADPZ Class

45,500

units

45,500

LifePath® Index 2030 Non-Lendable Fund F

9,117,328

units

405,234,052

LifePath® Index 2035 Non-Lendable Fund F

9,465,836

units

482,469,242

LifePath® Index 2040 Non-Lendable Fund F

7,658,010

units

440,893,438

LifePath® Index 2045 Non-Lendable Fund F

6,496,246

units

416,549,654

LifePath® Index 2050 Non-Lendable Fund F

5,392,080

units

374,407,740

LifePath® Index 2055 Non-Lendable Fund F

5,736,466

units

292,743,063

LifePath® Index 2060 Non-Lendable Fund F

5,724,878

units

166,498,173

LifePath® Index 2065 Non-Lendable Fund F

2,916,731

units

60,459,798

LifePath® Index 2070 Non-Lendable Fund F

213,568

units

2,577,672

LifePath® Index Retirement Non-Lendable Fund F

14,289,093

units

426,348,214

4,890,503,660

Registered Investment Companies (Mutual Funds)

Dodge & Cox International Stock Fund

4,148,392

68,282,537

PIMCO Inflation Response Multi-Asset Fund Institutional

2,543,264

23,550,624

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

BlackRock High Yield Portfolio Fund - Class K

829

units

511,232

Columbia Contrarian Core Fund - Class I3

1,098

units

253,833

DFA Inflation Protection Securities Portfolio - Institutional Class

1,102

units

60,476

DFA International Government Fixed Income Portfolio - Institutional Class

193

units

2,102

DoubleLine Floating Rate Fund Institutional

347,413

units

3,116,295

DoubleLine Global Fund Institutional

227,970

units

2,010,693

DoubleLine Infrastructure Income Fund Institutional

347,563

units

3,312,279

DoubleLine Selective Credit Fund Institutional

1,158,647

units

8,701,437

DoubleLine Emerging Markets Local Currency Bond Fund

171,637

units

1,649,436

Invesco Global Fund - Class R6

3,206

units

357,324

Invesco International Growth - Class R6

298

units

29,249

Janus Henderson Triton Fund - Class N

2,220

units

269,473

JP Morgan Equity Income Fund - Class R6

2,967

units

152,695

JP Morgan Mid Cap Growth - Class R6

5,032

units

75,680

MFS Global Total Return - Class R6

5,144

units

108,645

PGIM Global Total Return Fund - Class R6

1,442

units

57,488

PIMCO Income Fund - Institutional Class

15,050

units

375,652

Principal SmallCap S&P 600 Index - Institutional Class

1,383

units

61,261

Principal MidCap S&P 400 Index Fund - Institutional Class

5,951

units

169,241

PIMCO Private Account Portfolio Series U.S. Government and Short-Term Inv

1,783,330

units

11,377,643

PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments

1,379,680

units

11,285,782

PIMCO Private Account Portfolio Series Municipal Sector

162,169

units

966,527

PIMCO Private Account Portfolio Series Real Return Bond

368,898

units

4,400,949

PIMCO Private Account Portfolio Series Emerging Markets Bond and Short-Term

416,384

units

4,138,856

PIMCO Private Account Portfolio Series International

880,013

units

5,324,078

PIMCO Private Account Portfolio Series High Yield & Short-Term Investments

135,415

units

977,696

PIMCO Private Account Portfolio Series Investment Grade Credit Bond

2,273,237

units

20,731,917

PIMCO Private Account Portfolio Series Asset-Backed Securities and Short-Term

1,738,240

units

20,580,760

Vanguard 500 Index Fund - Admiral Shares

57,846

units

2,995,280

Vanguard Balanced Index Fund - Admiral Shares

5,100

units

291,889

Vanguard Small-Cap Value Index Fund - Admiral Shares

4,787

units

272,467

Vanguard Mid-Cap Value Index Fund - Admiral Shares

50,940

units

520,099

Vanguard Small-Cap Growth Index Fund - Admiral Shares

21,265

units

247,095

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Vanguard Intermediate-Term Bond Index Fund - Admiral Shares

25,961

units

260,906

Vanguard Developed Markets Index Fund - Admiral Shares

29,033

units

488,040

Vanguard Growth Index Fund - Admiral Shares

31,438

units

1,177,362

Vanguard Target Retirement Income Fund

20,041

units

663,772

Vanguard Target Retirement 2025 Fund

16,780

units

874,910

Vanguard Target Retirement 2030 Fund

19,207

units

844,155

Vanguard Target Retirement 2035 Fund

21,579

units

888,629

Vanguard Target Retirement 2040 Fund

42,206

units

1,629,150

Vanguard Target Retirement 2045 Fund

9,628

units

348,997

Vanguard Target Retirement 2050 Fund

43,646

units

1,501,411

Vanguard Target Retirement 2055 Fund

53,210

units

1,156,775

Vanguard Target Retirement 2060 Fund

92,650

units

980,242

208,033,039

Common Stock

Aaon Inc COM

32,006

2,440,457

ADYEN BV

1,006

1,624,563

Agilysys Inc

14,285

1,697,629

AIR PRODUCTS AND CHEMICAL

19,720

4,871,234

Alarm.com Holdings Inc.

22,493

1,147,593

ALPHABET INC CL A

43,318

13,558,534

ALPHABET INC CL C

160,995

50,520,231

ALTRIA GROUP INC

53,519

3,085,906

AMAZON.COM INC

250,669

57,859,419

APPLE INC

326,324

88,714,443

ASML HOLDING NV NY

6,911

7,393,802

Axos Financial Inc

12,727

1,096,558

Azenta Inc

8,917

296,579

Balchem Corp

15,521

2,380,301

BERKSHIRE HATHAWAY INC DE

10,497

5,276,317

Biolife Solutions Inc. COM NEW

15,381

371,913

Bio-Techne Corp

17,807

1,047,230

Blackbaud Inc

21,190

1,341,751

Blackline Inc

14,873

822,328

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

BLACKROCK INC

5,804

6,212,253

BOOKING HOLDINGS INC

1,553

8,316,827

Bright Horizons Family Solutions Inc Del

17,032

1,727,045

BROADCOM INC

129,522

44,827,564

CARVANA CO

85,637

36,140,527

Casella Waste Systems, Inc. CL A

24,425

2,392,185

CBIZ Inc.

7,807

393,863

Certara Inc

97,454

858,570

CHEVRON CORPORATION

31,028

4,728,977

CHIPOTLE MEXICAN GRILL INC

105,229

3,893,473

CHUBB LTD

25,664

8,010,248

CHUBB LTD SWITZ

8,836

2,757,892

CINCINNATI FINL CORP

20,607

3,365,535

CINTAS CORP

10,381

1,952,355

CISCO SYS INC

60,379

4,650,994

COLGATE-PALMOLIVE CO

30,606

2,418,486

CONSTELLATION ENERGY

13,177

4,655,039

Construction Partners Inc. COM CL A

33,329

3,617,863

CORNING INC

93,623

8,197,630

CROWDSTRIKE HOLDINGS INC - A

7,485

3,508,669

CROWN CASTLE INC

23,869

2,121,238

CUMMINS INC

10,121

5,166,264

Danaher Corporation

1,625,007

371,996,602

DATABRICKS SER G CVT PFD STCK PP 39991230

4,545

863,550

DATADOG INC - CLASS A

10,237

1,392,130

Descartes Systems Group Inc.

25,200

2,209,032

Digi International Inc.

29,806

1,290,302

DOMINION ENERGY INC

87,896

5,149,827

Donaldson Co Inc

12,654

1,121,904

DOORDASH INC - A

18,590

4,210,263

Dorman Products Inc.

7,841

965,933

ELI LILLY & CO

26,284

28,246,889

Eplus Inc

15,902

1,394,605

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

ESCO Technologies Inc.

15,240

2,977,744

ExlService Holdings Inc.

78,703

3,340,155

Exponent Inc

29,344

2,038,234

FASTENAL CO

90,847

3,645,690

FirstService Corp.

8,081

1,256,838

GE AEROSPACE

52,752

16,249,199

GE VERNOVA LLC

9,406

6,147,479

Globus Med Inc CL A

33,777

2,949,070

GOLDMAN SACHS GROUP INC

4,205

3,696,195

Hamilton Lane Inc CL A

6,016

808,009

Healthequity Inc

16,985

1,555,996

I3 Verticals INC COM CL A

32,507

818,851

INTUITIVE SURGICAL INC

22,979

13,014,386

J&J Snack Foods Corp

8,957

809,444

JOHNSON & JOHNSON

25,850

5,349,658

Kinsale Capital Group Inc

5,374

2,101,879

Lemaitre Vascular Inc.

15,735

1,276,109

LINDE PLC

6,024

2,568,573

Loar Holdings Inc COM SHS

6,932

471,376

LOWES COS INC

19,274

4,648,118

MACOM Technology Solutions Holdings Inc.

7,206

1,234,244

MARSH & MCLENNAN COS

14,227

2,639,393

Marten Transport Ltd.

36,083

410,625

MASTERCARD INC - A

35,471

20,249,684

MEDLINE INC-CL A

18,817

790,314

Mesa Laboratories Inc.

3,451

270,904

META PLATFORMS INC-CLASS A

67,612

44,630,005

MICROSOFT CORP

230,098

111,279,994

MONDELEZ INTERNATIONAL INC

24,334

1,309,899

MONOLITHIC POWER SYSTEMS INC

4,771

4,324,244

MOODY S CORP

5,539

2,829,598

MORGAN STANLEY

22,435

3,982,886

NETFLIX INC

191,574

17,961,978

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

NINTENDO LTD

280,947

4,736,766

NORFOLK SOUTHN CORP

24,511

7,076,816

NORTHROP GRUMMAN CORP

7,002

3,992,610

Novanta Inc

16,056

1,910,503

NVIDIA CORP

680,792

126,967,708

OLD DOMINION FREIGHT LINE

10,325

1,618,960

Ollies Bargain Outlet Holdings Inc.

17,727

1,943,056

Onto Innovation Inc.

15,047

2,375,319

Option Care Health Inc COM NEW

23,996

764,513

ORACLE CORP

49,028

9,556,047

PALANTIR TECHNOLOGIES INC-A

15,800

2,808,450

Palomar Holdings Inc

4,465

601,703

PAYCHEX INC

26,694

2,994,533

PHILIP MORRIS INTL INC

38,117

6,113,967

PROCTER & GAMBLE CO/THE

13,857

1,985,847

PROGRESSIVE CORP

21,854

4,976,593

RBC Bearings Inc

8,783

3,938,561

Repligen Corporation

7,293

1,195,031

ROPER TECHNOLOGIES INC

7,153

3,184,015

ROSS STORES INC

21,570

3,885,620

SCHWAB CHARLES CORP

85,499

8,542,205

SEA LTD ADR

32,538

4,150,873

SERVICENOW INC

85,347

13,074,307

SHERWIN-WILLIAMS CO/THE

9,154

2,966,171

SHOPIFY INC - CLASS A

52,816

8,501,792

Siteone Landscape Supply Inc

13,182

1,641,950

SPS Commerce Inc

5,688

506,971

SPX Technologies, Inc.

8,148

1,630,089

STARBUCKS CORP

38,438

3,236,864

STRYKER CORP

11,158

3,921,702

SYNOPSYS INC

9,668

4,541,253

TAIWAN SEMICONDUCTOR-SP ADR

17,744

5,392,224

TE CONNECTIVITY PLC

41,913

9,535,627

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

TESLA INC

58,757

26,424,198

TEXAS INSTRUMENTS INC

39,770

6,899,697

Texas Roadhouse Inc

16,704

2,772,864

THERMO FISHER SCIENTIFIC INC

8,897

5,155,367

TJX COMPANIES INC

28,390

4,360,988

T-MOBILE US INC

38,059

7,727,499

TRANSDIGM GROUP INC

1,622

2,157,017

Trex Company, Inc.

15,662

549,423

Tyler Technologies Inc.

2,453

1,113,539

UFP Technologies Inc.

2,747

609,916

UNITEDHEALTH GROUP INC

29,676

9,796,345

Valvoline Inc

33,829

983,071

Veralto Corporation

4,272

426,260

Vericel Corporation

35,254

1,269,497

Vertex Inc CL A

47,039

939,369

VISA INC-CLASS A SHARES

75,056

26,322,890

WD-40 Co.

4,552

896,289

WillScot Holdings Corporation COM CL A

13,048

245,694

1,470,856,662

Bonds

AAR ESCROW

6.75%

3/15/2029

36,933

AASET 2022-1A A

6.00%

5/16/2047

113,684

AbbVie Inc

4.70%

5/14/2045

101,123

ACRISURE LLC

6.75%

7/1/2032

48,166

ACUSHNET

5.63%

12/1/2033

30,586

AEP TEXAS

5.45%

5/15/2029

34,406

Agree LP

5.63%

6/15/2034

87,229

ALLIANT ENERGY

5.75%

4/1/2056

31,459

ALLIANT HOLDINGS

6.50%

10/1/2031

26,205

ALLIED UNIVERSAL

7.88%

2/15/2031

92,159

ALTICE FRANCE

6.88%

7/15/2032

14,652

AMENTUM HOLDINGS

7.25%

8/1/2032

27,122

AMER AXLE & MFG

6.38%

10/15/2032

20,690

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

AMER AXLE & MFG

7.75%

10/15/2033

15,571

AMERICAN AIRLINE

7.25%

2/15/2028

42,008

AMERICAN AIRLINE

8.50%

5/15/2029

26,434

AMERICAN EXPRESS

5.02%

4/25/2031

138,318

AMERICAN HOMES 4

5.50%

2/1/2034

91,024

AMERICAN TOWER

3.70%

10/15/2049

33,090

AMERICAN TOWER

5.55%

7/15/2033

118,064

Amgen Inc

5.75%

3/2/2063

107,514

AMPHENOL CORP

5.30%

11/15/2055

44,322

AMRIZE FINANCE

4.95%

4/7/2030

26,897

ANTERO MIDSTREAM

5.75%

7/1/2034

45,420

ANY GRP RE/REAL

5.25%

4/15/2030

18,984

ANYWHERE RE/CO-I

7.00%

4/15/2030

20,292

APH/APH2/APH3/AQ

7.88%

11/1/2029

20,477

AppLovin Corp

5.38%

12/1/2031

54,229

ArcelorMittal SA

6.00%

6/17/2034

63,676

ARCHROCK LP/FIN

6.63%

9/1/2032

36,894

AREIT 2025-CRE10 A

5.35%

12/17/2029

100,510

ARIZONA PUB SERV

5.90%

8/15/2055

130,041

ARROW ELECTRONIC

5.88%

4/10/2034

63,559

ARTHUR J GALLAGH

4.85%

12/15/2029

32,835

AT&T Inc

3.50%

9/15/2053

104,046

AT&T INC

6.05%

8/15/2056

18,803

ATHENE GLOBAL FU

4.72%

10/8/2029

53,666

ATHENE GLOBAL FU

5.03%

7/17/2030

35,054

Atlassian Corp

5.25%

5/15/2029

41,435

AutoZone Inc

5.13%

6/15/2030

61,011

AVIATION CAPITAL

5.38%

7/15/2029

88,192

AVOLON HDGS

5.75%

3/1/2029

187,678

AZORRA FINANCE

7.75%

4/15/2030

21,523

AZORRA FINANCE

7.25%

1/15/2031

43,513

BANK 2017-BNK6 XA

0.76%

7/1/2060

20,982

BANK 2019-BN20 XA

0.81%

9/1/2062

56,299

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

BANK 2020-BN27 A5

2.14%

4/1/2063

112,161

BANK 2022-BNK39 AS

3.18%

2/1/2055

91,184

BANK 2025-BNK50 XA

0.34%

5/1/2068

95,839

BANK OF AMER CRP

5.47%

1/23/2035

45,840

BANK OF AMER CRP

5.74%

2/12/2036

56,423

BANK OF AMER CRP

6.63%

8/1/2174

33,721

BANK OF NY MELLO

5.06%

7/22/2032

99,570

BANK5 2024-5YR10 AS

5.64%

10/1/2057

77,508

BANK5 2024-5YR9 A3

5.61%

8/1/2057

60,674

BANK5 2025-5YR16 AS

5.75%

8/1/2063

104,107

BANK5 2025-5YR18 A3

5.15%

12/1/2058

103,309

BAT Capital Corp

4.54%

8/15/2047

44,917

BAT Capital Corp

5.63%

8/15/2035

64,871

BAUSCH + LOMB CO

8.38%

10/1/2028

47,967

BAUSCH HEALTH

5.25%

1/30/2030

10,899

BBCMS 2021-C11 ASB

2.11%

9/1/2054

95,024

BBCMS 2021-C12 A5

2.69%

11/1/2054

89,969

BBCMS 2021-C9 A5

2.30%

2/1/2054

90,340

BBCMS 2022-C16 A5

4.60%

6/1/2055

99,883

BBCMS 2024-5C29 A3

5.21%

9/1/2057

60,933

BBCMS 2024-C24 A5

5.42%

2/1/2057

104,896

BBCMS 2025-5C34 A3

5.66%

5/1/2058

105,247

BBIRD 2021-1A A

2.44%

7/15/2046

90,104

BELL CANADA

6.88%

9/15/2055

35,908

BFLD 2025-FPM A

5.01%

10/1/2040

101,670

BIOGEN INC

5.05%

1/15/2031

126,665

Black Hills Corp

6.00%

1/15/2035

118,302

BLOCK FINANCIAL

5.38%

9/15/2032

67,679

BMARK 2019-B11 A4

3.28%

5/1/2052

97,130

BMARK 2020-B19 AS

2.15%

9/1/2053

84,703

BMARK 2021-B31 A5

2.67%

12/1/2054

89,927

BMARK 2022-B32 AS

3.41%

1/1/2055

88,427

BMARK 2024-V11 A3

5.91%

11/1/2057

65,513

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

BMARK 2024-V8 A3

6.19%

7/1/2057

65,833

BMARK 2024-V9 A3

5.60%

8/1/2057

104,444

BMARK 2025-V15 AS

6.17%

6/1/2058

105,584

BMARK 2025-V17 A3

5.07%

9/1/2058

65,899

BMARK 2025-V18 AS

5.59%

10/1/2058

103,564

BMO 2024-5C6 A3

5.32%

9/1/2057

59,945

BMO 2024-5C7 AS

5.89%

11/1/2057

44,454

BMO 2025-5C11 AS

5.94%

7/1/2058

78,485

BROADCOM INC

3.50%

2/15/2041

115,852

BROWN & BROWN

6.25%

6/23/2055

26,064

BUCKEYE PARTNERS

6.88%

7/1/2029

32,351

BUILDERS FIRSTSO

6.38%

3/1/2034

47,539

BUILDERS FIRSTSO

6.75%

5/15/2035

31,662

BUNGE LTD FIN CP

4.65%

9/17/2034

72,638

BURLINGTON NORTH

5.50%

3/15/2055

56,195

BX 2025-ARIA C

5.52%

12/1/2042

101,324

CAESARS ENT

6.00%

10/15/2032

44,364

CAMPBELLS CO/THE

5.40%

3/21/2034

60,997

CARDINAL HEALTH

4.60%

3/15/2043

50,964

CARDINAL HEALTH

4.50%

11/15/2044

6,939

CARLISLE COS INC

5.55%

9/15/2040

26,894

Carnival Corp

6.13%

2/15/2033

22,181

CARNIVAL CORP

5.75%

8/1/2032

26,347

CARNIVAL CORP

5.13%

5/1/2029

21,471

CARVANA CO 144A 20230901 9% 20300601

9.00%

6/1/2030

598,385

CARVANA CO 144A 20230901 9% 20310601

9.00%

6/1/2031

880,864

CCL INDS INC

3.05%

6/1/2030

61,535

CCO HOLDINGS LLC

4.25%

1/15/2034

17,416

CCO HOLDINGS LLC

4.75%

2/1/2032

23,362

CCO HOLDINGS LLC

5.13%

5/1/2027

25,194

CCO HOLDINGS LLC

4.75%

3/1/2030

38,860

CELANESE US HLDS

6.50%

4/15/2030

10,195

CELANESE US HLDS

6.75%

4/15/2033

10,099

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

CGCMT 2022-GC48 A5

4.58%

5/1/2054

100,250

CGMS 2024-2A D

7.71%

4/25/2037

515,245

CHENIERE ENERGY

4.63%

10/15/2028

109,918

CHENIERE ENERGY

5.65%

4/15/2034

66,136

CHENIERE ENERGYP

4.00%

3/1/2031

61,219

CHORD ENERGY

6.75%

3/15/2033

36,913

CHORD ENERGY

6.00%

10/1/2030

20,625

CHS/COMMUNITY

6.00%

1/15/2029

30,938

CIFC 2020-3A A1R2

5.07%

10/20/2038

505,094

CIPHER COMPUTE

7.13%

11/15/2030

20,549

CITIGROUP INC

4.95%

5/7/2031

54,547

CITIGROUP INC

4.50%

9/11/2031

37,634

Citigroup Inc

3.06%

1/25/2033

121,772

CITIGROUP INC

6.88%

11/15/2174

33,553

CLARIOS GLOBAL

6.75%

2/15/2030

58,963

CLARIOS GLOBAL

6.75%

9/15/2032

58,212

CLD SFTWR GRP IN

9.00%

9/30/2029

15,974

CLD SFTWR GRP IN

6.63%

8/15/2033

15,253

CLEAR CHANNEL OU

7.50%

6/1/2029

20,002

CLEAR CHANNEL OU

7.13%

2/15/2031

37,792

CLYDESDALE ACQUI

6.75%

4/15/2032

52,160

CMS ENERGY

6.50%

6/1/2055

31,028

CNX RESOURCES CO

6.00%

1/15/2029

20,714

COLONIAL ENT INC

5.63%

11/15/2035

38,677

COMMONWEALTH EDI

5.95%

6/1/2055

126,525

CommScope LLC

9.50%

12/15/2031

5,076

CONSUMERS ENERGY

4.50%

1/15/2031

37,516

COREWEAVE INC

9.25%

6/1/2030

18,770

CORNERSTONE BU

9.50%

8/15/2029

15,534

COUGAR JV SUBSID

8.00%

5/15/2032

16,246

CRH AMERICA FIN

4.40%

2/9/2031

62,739

CSAIL 2017-CX9 XA

0.58%

9/1/2050

10,563

CSMC 2021-B33 B

3.64%

10/1/2043

89,916

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

CSX Corp

3.80%

11/1/2046

103,690

CYRUS 2024-2A A2

4.50%

5/20/2049

122,327

DAFC 2017-AMO A

3.64%

6/1/2035

97,612

Dcli Bidco LLC

7.75%

11/15/2029

36,352

DEALER TIRE LLC

8.00%

2/1/2028

25,968

Dell Inc

6.50%

4/15/2038

31,619

DIRECTV FIN/DTV

5.88%

8/15/2027

17,487

DIRECTV FINANCIN

8.88%

2/1/2030

31,146

DISH DBS Corp

5.13%

6/1/2029

13,390

DISH DBS Corp

5.75%

12/1/2028

24,679

DNFRA 2021-1A B

2.36%

4/15/2049

487,576

DORNOCH DEBT MER

6.63%

10/15/2029

13,215

DPABS 2025-1A A2II

5.22%

7/25/2055

101,945

DT MIDSTREAM

4.13%

6/15/2029

32,641

DTE Energy Co

5.85%

6/1/2034

92,177

DUKE ENERGY COR

5.00%

8/15/2052

37,005

DUKE ENERGY COR

5.80%

6/15/2054

85,671

EASTERN ENERGY

5.65%

10/15/2054

60,767

EchoStar Corp

10.75%

11/30/2029

22,317

ELEMENT FLEET MA

5.04%

3/25/2030

63,193

ELEVANCE HEALTH

4.55%

5/15/2052

34,387

ELLUCIAN HOLDING

6.50%

12/1/2029

30,827

EMRLD BOR / EMRD

6.75%

7/15/2031

43,438

EMRLD BOR / EMRD

6.63%

12/15/2030

73,199

ENERGIZER HLDGS

6.00%

9/15/2033

24,424

ENTERGY LA LLC

5.80%

3/15/2055

124,151

Equinix Inc

2.95%

9/15/2051

62,602

ESSENTIAL PROPER

5.40%

12/1/2035

36,246

EXPAND ENRGY

6.75%

4/15/2029

37,747

EXPEDIA GRP INC

3.80%

2/15/2028

112,082

EXTRA SPACE STOR

5.40%

6/15/2035

61,681

FERTITTA ENT LLC

6.75%

1/15/2030

14,739

FG G61645

4.00%

10/1/2048

26,814

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

FIRST IND LP

5.25%

1/15/2031

82,233

Fiserv Inc

5.45%

3/15/2034

111,277

FLASH COMPUTE

7.25%

12/31/2030

29,772

FLEX LTD

5.38%

11/13/2035

33,171

FLORIDA GAS TRAN

5.75%

7/15/2035

27,882

FLOWERS FOODS

5.75%

3/15/2035

60,282

FN AR8604

3.00%

7/1/2043

225,411

FN BR2217

2.50%

8/1/2051

313,604

FN BS4941

2.46%

4/1/2032

261,118

FN BZ1438

4.97%

7/1/2031

975,908

FN BZ4013

4.48%

6/1/2030

385,578

FN BZ4558

5.60%

8/1/2055

387,270

FN CB2168

3.00%

11/1/2051

162,372

FN CB7272

6.00%

10/1/2053

220,261

FN CB7335

5.50%

10/1/2053

308,096

FN CB8138

5.50%

3/1/2054

111,324

FN CB8692

5.50%

6/1/2054

330,431

FN DC9234

5.50%

12/1/2054

311,752

FN FA0372

2.50%

1/1/2054

484,999

FN FA1142

6.00%

10/1/2054

565,453

FN FA1144

6.00%

6/1/2054

140,811

FN FA2724

5.50%

9/1/2055

565,323

FN FM9934

3.00%

12/1/2048

212,241

FN FS5420

2.50%

3/1/2052

265,473

FN FS5875

2.50%

4/1/2052

266,308

FN FS6309

6.00%

12/1/2053

219,160

FN FS8999

6.00%

8/1/2054

281,488

FN FS9728

3.00%

3/1/2052

163,447

FN MA4492

2.00%

12/1/2051

491,303

FN MA4709

5.00%

7/1/2052

163,736

FN MA4805

4.50%

11/1/2052

292,254

FNR 2018-21 PO

—%

4/1/2048

91,061

FR SD0905

3.00%

3/1/2052

326,950

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

FR SD1084

3.50%

5/1/2051

567,081

FR SD2347

5.50%

2/1/2053

267,836

FR SD2912

5.00%

5/1/2053

469,969

FR SD3803

2.00%

2/1/2052

287,977

FR SD3892

5.50%

9/1/2053

386,461

FR SD4301

6.00%

11/1/2053

288,390

FR SD5249

5.50%

4/1/2054

331,628

FR SD5573

3.00%

8/1/2052

675,527

FR SD5677

5.00%

3/1/2054

276,462

FR SD6815

6.00%

4/1/2054

441,212

FR SD7538

2.00%

4/1/2051

133,178

FR SD7553

3.00%

3/1/2052

176,572

FR SD7564

5.00%

6/1/2053

278,960

FR SD7568

5.50%

2/1/2054

429,027

FR SD8146

2.00%

5/1/2051

479,404

FR SD8161

2.50%

8/1/2051

922,017

FR SD8245

4.50%

9/1/2052

348,754

FR SD8276

5.00%

12/1/2052

379,032

FR SL1712

6.00%

12/1/2054

483,138

FREE MTGE HOLD

8.38%

4/1/2032

10,744

FSRIA 2025-FL10 A

5.12%

8/19/2042

100,424

FTAI AVIATION IN

5.88%

4/15/2033

15,443

FULL HOUSE RESOR

8.25%

2/15/2028

13,555

GARDA SECURITY

8.25%

8/1/2032

79,103

GARDA SECURITY

8.38%

11/15/2032

46,385

GARDA SECURITY

6.50%

1/15/2031

25,795

GATX Corp

5.20%

3/15/2044

25,969

GATX Corp

5.50%

6/15/2035

35,983

GE HEALTHCARE

4.80%

1/15/2031

63,790

GENESEE & WYOMIN

6.25%

4/15/2032

47,056

GGAM Finance Ltd

6.88%

4/15/2029

36,897

GLB AIR LEASE CO

8.75%

9/1/2027

133,433

GLOBAL PAY INC

5.55%

11/15/2035

31,049

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Goat Holdco LLC

6.75%

2/1/2032

26,400

GOLDMAN SACHS GP

6.85%

8/10/2174

31,052

GOLDMAN SACHS GP

4.37%

10/21/2031

64,405

GOLDMAN SACHS GP

4.94%

10/21/2036

63,171

GRAHAM HOLDINGS

5.63%

12/1/2033

35,626

GRAY MEDIA

9.63%

7/15/2032

27,053

GRAY MEDIA

7.25%

8/15/2033

26,346

Griffon Corp

5.75%

3/1/2028

76,624

GSKY 2025-3A D

5.15%

12/27/2060

150,174

GUARDIAN LIFE

4.80%

4/28/2030

54,630

GULFPORT ENERGY

6.75%

9/1/2029

42,257

GULFSTREAM NAT

5.60%

7/23/2035

38,923

HART 2024-C C

4.86%

2/17/2032

203,404

HARVEST MIDSTREA

7.50%

5/15/2032

36,846

HERC HOLDINGS

7.00%

6/15/2030

26,403

HERC HOLDINGS

5.75%

3/15/2031

10,178

HERC HOLDINGS

6.00%

3/15/2034

10,164

HILCORP ENERGY I

7.25%

2/15/2035

24,459

HP ENTERPRISE

5.00%

10/15/2034

124,263

HUB INTL LTD

7.25%

6/15/2030

15,806

HUBBELL INC

4.80%

11/15/2035

36,007

HYUNDAI CAP AMER

5.30%

1/8/2029

114,664

ILLUMINA INC

4.75%

12/12/2030

52,759

IQVIA Inc

6.25%

2/1/2029

72,411

JBS HLD/FD/LUX

3.75%

12/1/2031

86,886

JETBLUE AIRW/LOY

9.88%

9/20/2031

10,114

JPMORGAN CHASE

5.14%

1/24/2031

53,866

JPMORGAN CHASE

5.10%

4/22/2031

120,951

JPMORGAN CHASE

5.58%

7/23/2036

42,372

JPMORGAN CHASE

4.81%

10/22/2036

66,169

KENTUCKY UTIL

5.85%

8/15/2055

26,819

KINDER MORGAN EN

6.95%

1/15/2038

32,389

KODIAK GAS SERVI

7.25%

2/15/2029

74,784

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

KODIAK GAS SERVI

6.50%

10/1/2033

15,640

KODIAK GAS SERVI

6.75%

10/1/2035

15,756

KROGER CO

5.65%

9/15/2064

62,166

KYNDRYL HOLDINGS

4.10%

10/15/2041

119,103

LABORATORY CORP

4.55%

4/1/2032

113,195

LAMAR MEDIA CORP

5.38%

11/1/2033

30,271

LCCM 2017-LC26 C

4.71%

7/3/2050

94,238

LEVEL 3 FIN INC

6.88%

6/30/2033

51,214

Life Time Inc

6.00%

11/15/2031

61,968

LIFEPOINT HEALTH

10.00%

6/1/2032

32,150

LIGHT & WONDER

6.25%

10/1/2033

36,040

LINDBLAD EXPEDIT

7.00%

9/15/2030

26,728

LINEAGE OP LP

5.25%

7/15/2030

62,289

LMRK 2025-1A A

5.52%

9/15/2055

151,940

LNCR 2025-CRE8 A

5.12%

8/17/2042

100,352

LOCKHEED MARTIN

5.00%

8/15/2035

65,530

Lowe's Cos Inc

5.63%

4/15/2053

34,389

MACQUARIE AIR

5.15%

3/17/2030

62,791

MACQUARIE AIR

5.20%

3/27/2028

63,795

Madison IAQ LLC

5.88%

6/30/2029

79,591

MARRIOTT INTL

5.30%

5/15/2034

64,386

MARRIOTT INTL

4.50%

10/15/2031

63,177

Mars Inc

5.70%

5/1/2055

61,387

MARVELL TECH INC

5.95%

9/15/2033

121,771

MasTec Inc

5.90%

6/15/2029

63,809

MATADOR RESOURC

6.50%

4/15/2032

30,856

MATTEL INC

5.00%

11/17/2030

25,334

McDonald's Corp

5.45%

8/14/2053

52,598

MCGRAW-HILL ED

5.75%

8/1/2028

20,596

MCGRAW-HILL ED

7.38%

9/1/2031

10,804

MEDLINE BOR/CO-I

6.25%

4/1/2029

84,051

MEDLINE BORROWER

5.25%

10/1/2029

35,669

MERCK & CO INC

5.70%

9/15/2055

81,291

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

META PLATFORMS

5.40%

8/15/2054

110,380

METIS MERGER SUB

6.50%

5/15/2029

19,984

MetLife Inc

6.35%

3/15/2055

53,691

MF1 2025-FL17 A

5.05%

2/18/2040

100,465

MICHAELS COS INC

5.25%

5/1/2028

9,713

MIDWEST GMNG BOR

4.88%

5/1/2029

34,736

MINERVA MERGER

6.50%

2/15/2030

40,896

MITR BRDN / MIWD

6.75%

4/1/2032

36,494

MOLEX ELECT TECH

5.25%

4/30/2032

70,433

Morgan Stanley

5.95%

1/19/2038

31,302

Morgan Stanley

5.94%

2/7/2039

62,365

MORGAN STANLEY

4.36%

10/22/2031

32,169

MOTOROLA SOLUTIO

5.20%

8/15/2032

54,047

MSAIC 2020-2A B

2.21%

8/20/2046

30,288

MSBAM 2012-CKSV CK

4.16%

10/1/2030

131,068

MVWOT 2021-1WA C

1.94%

1/22/2041

40,349

NABORS INDS INC

9.13%

1/31/2030

21,750

NABORS INDS INC

7.63%

11/15/2032

14,915

NATIONAL FUEL GA

5.95%

3/15/2035

25,574

NAVTR 2021-1 A

2.77%

11/15/2046

96,085

NCL CORP

5.88%

1/15/2031

10,138

NCL CORP

6.25%

9/15/2033

10,181

NEPTUNE BIDCO US

10.38%

5/15/2031

15,622

NETAPP INC

5.50%

3/17/2032

30,642

Netflix Inc

5.40%

8/15/2054

81,192

NEW YORK LIFE

6.75%

11/15/2039

31,122

NEWELL BRANDS I

6.38%

5/15/2030

14,790

NEXTERA ENERGY

5.90%

3/15/2055

30,874

NGL EN OP/FIN

8.13%

2/15/2029

15,735

NiSource Inc

5.35%

4/1/2034

113,045

NiSource Inc

6.95%

11/30/2054

30,510

NiSource Inc

5.85%

4/1/2055

51,625

NISSAN MOTOR ACC

6.13%

9/30/2030

30,496

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

NORTHROP GRUMMAN

5.20%

6/1/2054

101,657

NOVELIS CORP

6.88%

1/30/2030

16,015

NRG Energy Inc

6.00%

2/1/2033

26,170

NXP BV/NXP FDG

4.85%

8/19/2032

52,266

OCT34 2017-1A D

6.65%

1/20/2030

509,383

Olin Corp

6.63%

4/1/2033

20,206

OMEGA HEALTHCARE

3.38%

2/1/2031

64,485

ONEMAIN FINANCE

7.50%

5/15/2031

31,874

ONEMAIN FINANCE

6.50%

3/15/2033

36,082

Oracle Corp

5.20%

9/26/2035

31,109

ORACLE CORP

5.88%

9/26/2045

46,876

O'REILLY AUTOMOT

5.00%

8/19/2034

59,505

OSCAR 2021-2A A4

1.27%

9/11/2028

139,989

Owens Corning

5.70%

6/15/2034

54,842

PANTHER ESCROW

7.13%

6/1/2031

31,201

PARK INTERMED HL

7.00%

2/1/2030

47,665

Paychex Inc

5.35%

4/15/2032

124,664

PENNYMAC FIN SVC

7.88%

12/15/2029

16,023

PENNYMAC FIN SVC

6.88%

5/15/2032

21,125

PENSKE TRUCK LE

5.25%

2/1/2030

122,028

PERMIAN RESR OPR

6.25%

2/1/2033

61,034

PHILIP MORRIS IN

5.38%

2/15/2033

62,930

PHILIP MORRIS IN

5.25%

2/13/2034

59,029

PHILLIPS EDIS

5.25%

8/15/2032

70,535

PNC FINANCIAL

5.37%

7/21/2036

43,165

POST HOLDINGS IN

6.38%

3/1/2033

98,062

PRUDENTIAL FIN

5.20%

3/14/2035

77,082

PSEG POWER LLC

5.20%

5/15/2030

42,231

QNITY ELECTRONIC

6.25%

8/15/2033

26,535

Qorvo Inc

3.38%

4/1/2031

49,654

QUANTA SERVICES

5.25%

8/9/2034

57,556

QUEST DIAGNOSTIC

5.00%

12/15/2034

119,785

QUIKRETE HOLDING

6.75%

3/1/2033

37,362

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

QXO BLDG PRODUCT

6.75%

4/30/2032

21,133

RADIOLOGY PARTNE

8.50%

7/15/2032

43,545

REPUBLIC SVCS

5.15%

3/15/2035

62,936

RHP HOTEL PPTY

6.50%

6/15/2033

47,091

RIO TINTO FIN PL

5.75%

3/14/2055

35,293

RIVERS BOR/FIN

6.63%

2/1/2033

68,290

RIVERS LLC/CORP

6.25%

10/15/2030

15,534

ROCKET COS INC

6.38%

8/1/2033

26,942

Rollins Inc

5.25%

2/24/2035

27,022

ROPER TECHNOLOGI

4.25%

9/15/2028

19,383

ROYAL BK CANADA

4.31%

11/3/2031

127,324

ROYAL CARIBBEAN

5.38%

7/15/2027

33,045

ROYAL CARIBBEAN

5.38%

1/15/2036

54,972

ROYALTY PHARM

5.15%

9/2/2029

56,444

ROYALTY PHARM

5.95%

9/25/2055

39,468

Sabre GLBL Inc

8.63%

6/1/2027

5,247

Sabre GLBL Inc

10.75%

11/15/2029

11,242

SABRE GLBL INC

10.75%

3/15/2030

13,279

SCLGX 2025-1A A2

5.67%

7/25/2055

100,574

SCLP 2025-3 A

4.47%

8/15/2034

76,229

Seaspan Corp

5.50%

8/1/2029

38,938

SGCMS 2016-C5 XA

1.81%

10/1/2048

2,189

SIRIUS XM RADIO

5.50%

7/1/2029

51,813

SLAM 2024-1A A

5.34%

9/15/2049

232,104

SM Energy Co

7.00%

8/1/2032

30,386

SOLSTICE ADVANCE

5.63%

9/30/2033

5,118

SONOCO PRODUCTS

4.60%

9/1/2029

59,384

SOUTHERN CO

6.38%

3/15/2055

20,198

SOUTHERN GAS

4.05%

9/15/2028

21,279

SOUTHERN NAT GAS

5.45%

8/1/2035

16,762

SOUTHERN POWER

4.90%

10/1/2035

36,134

STANDARD BUILDIN

6.50%

8/15/2032

21,096

STANDARD BUILDIN

5.88%

3/15/2034

15,110

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Staples Inc

10.75%

9/1/2029

25,782

STAR LEASING CO

7.63%

2/15/2030

19,199

STARWOOD PROP TR

5.25%

10/15/2028

46,055

STATION CAS

6.63%

3/15/2032

36,671

STKPK 2022-1A AR

5.26%

10/15/2037

507,750

STWD 2021-FL2 A

5.05%

4/18/2038

42,034

SUN COMMUNITIES

2.70%

7/15/2031

65,444

SUZANO NETHERLAN

5.50%

1/15/2036

37,332

SWTCH 2024-2A B

6.20%

6/25/2054

252,327

TALEN ENERGY SUP

6.25%

2/1/2034

20,630

TALLGRASS NRG

7.38%

2/15/2029

15,977

TALLGRASS NRG

6.75%

3/15/2034

15,327

TAYLOR MORRISON

5.75%

11/15/2032

31,130

TELUS CORP

7.00%

10/15/2055

64,435

TENET HEALTHCARE

6.00%

11/15/2033

5,187

TENET HEALTHCARE

5.50%

11/15/2032

5,105

TEXTRON INC

5.50%

5/15/2035

62,725

T-Mobile USA Inc

5.50%

1/15/2055

59,390

T-Mobile USA Inc

5.25%

6/15/2055

35,651

T-Mobile USA Inc

5.88%

11/15/2055

31,333

TORONTO DOM BANK

4.93%

10/15/2035

32,328

TRANS-ALLEGHENY

5.00%

1/15/2031

125,064

TRANSDIGM INC

6.38%

5/31/2033

51,615

TRANSDIGM INC

6.25%

1/31/2034

5,306

TRANSDIGM INC

6.75%

1/31/2034

5,335

TRAVELERS COS

5.70%

7/24/2055

26,174

TRIDENT TPI HOLD

12.75%

12/31/2028

25,656

TRITON CONTAINER

3.25%

3/15/2032

56,075

TRUIST FINANCIAL

5.15%

8/5/2032

118,112

UBER TECHNOLOGIE

4.80%

9/15/2034

119,713

UBSCM 2017-C4 A3

3.30%

10/1/2050

90,558

UKG Inc

6.88%

2/1/2031

74,021

UNITED NATURAL

6.75%

10/15/2028

101,999

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

UNITED RENTAL NA

5.38%

11/15/2033

20,088

UNITI / CSL

8.63%

6/15/2032

19,793

UNIVISION COMM

7.38%

6/30/2030

25,505

US Foods Inc

5.75%

4/15/2033

61,899

VAIL RESORTS

6.50%

5/15/2032

15,700

VALE OVERSEAS

6.40%

6/28/2054

52,124

VENTURE GLOBAL

7.50%

5/1/2033

10,936

VENTURE GLOBAL

6.50%

1/15/2034

31,707

VENTURE GLOBAL

6.13%

12/15/2030

10,227

VENTURE GLOBAL L

8.13%

6/1/2028

15,303

VENTURE GLOBAL L

8.38%

6/1/2031

20,040

VENTURE GLOBAL L

9.88%

2/1/2032

10,748

VERALTO CORP

5.45%

9/18/2033

32,850

VeriSign Inc

5.25%

6/1/2032

76,418

VERISK ANALYTICS

5.25%

6/5/2034

62,865

VERITIV OPERATIN

10.50%

11/30/2030

27,138

VERIZON COMM INC

5.75%

11/30/2045

77,949

VERTIV GROUP COR

4.13%

11/15/2028

30,801

VIC HLDG/VIC FIN

8.75%

9/15/2029

76,002

VICI PROPERTIES

4.63%

12/1/2029

121,278

Videotron Ltd

5.70%

1/15/2035

63,996

VIK CRUISES LTD

5.88%

10/15/2033

51,483

VIPER ENERGY PAR

4.90%

8/1/2030

21,706

VIRGINIA EL&PWR

5.55%

8/15/2054

42,620

VIRGINIA EL&PWR

5.60%

9/15/2055

24,736

VISTRA OPERATION

4.38%

5/1/2029

63,695

VISTRA OPERATION

7.75%

10/15/2031

21,520

Vital Energy Inc

7.88%

4/15/2032

10,026

VOYAGER PARENT L

9.25%

7/1/2032

33,594

VSP OPTICAL GROU

5.45%

12/1/2035

46,581

VT Topco Inc

8.50%

8/15/2030

27,031

WAND NEWCO 3

7.63%

1/30/2032

16,362

WARNERMEDIA HLDG

4.28%

3/15/2032

8,917

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

WARNERMEDIA HLDG

5.05%

3/15/2042

10,817

WARNERMEDIA HLDG

4.05%

3/15/2029

19,697

WASTE CONNECT

5.25%

9/1/2035

53,289

WATCO COS LLC/FI

7.13%

8/1/2032

32,327

Wayfair LLC

7.25%

10/31/2029

21,200

WAYFAIR LLC

6.75%

11/15/2032

20,788

WBI OPERATING

6.50%

10/15/2033

50,605

WEATHERFORD INTE

6.75%

10/15/2033

52,029

WEC ENERGY GROUP

5.63%

5/15/2056

43,672

WELLS FARGO CO

5.15%

4/23/2031

187,592

WELLS FARGO CO

4.89%

9/15/2036

66,770

WESCO DISTRIBUT

6.38%

3/15/2033

21,270

WESTINGHOUSE AIR

4.90%

5/29/2030

120,423

WFCM 2017-C38 XA

0.90%

7/1/2050

24,321

WFCM 2019-C50 A4

3.47%

5/1/2052

96,435

WFCM 2020-C57 A4

2.12%

8/1/2053

91,236

WFCM 2020-C58 A3

1.81%

7/1/2053

87,802

WFCM 2021-C59 XA

1.48%

4/1/2054

46,541

WFCM 2021-C60 A3

2.06%

8/1/2054

111,229

WFCM 2025-5C4 A3

5.67%

5/1/2058

105,075

WFCM 2025-5C6 AS

5.58%

10/1/2058

82,899

WHIRLPOOL CORP

6.50%

6/15/2033

24,333

WILLIS NORTH AME

4.55%

3/15/2031

35,097

WINDR 2021-3A D1AR

6.88%

4/20/2038

507,871

WINDST SERVI/ESC

8.25%

10/1/2031

10,713

WINDSTREAM SERV

7.50%

10/15/2033

10,437

WR GRACE HOLDING

5.63%

8/15/2029

34,196

XPO Inc

7.13%

6/1/2031

36,844

ZIMMER BIOMET

5.20%

9/15/2034

120,093

Zoetis Inc

4.70%

2/1/2043

23,449

44,852,835

U.S. Government Issued Securities

Ginnie Mae II Pool

2.50%

12/1/2050

282,617

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Ginnie Mae II Pool

3.00%

11/1/2051

321,962

Ginnie Mae II Pool

2.50%

11/1/2051

239,929

Ginnie Mae II Pool

3.00%

2/1/2052

439,787

Ginnie Mae II Pool

3.00%

4/1/2052

209,941

Ginnie Mae II Pool

3.50%

7/1/2051

432,617

Ginnie Mae II Pool

2.50%

10/1/2050

478,501

Ginnie Mae II Pool

3.00%

5/1/2051

580,818

Government National Mortgage Association

2.00%

12/1/2050

31,392

United States Treasury Note/Bond

1.25%

5/15/2050

1,369,842

United States Treasury Note/Bond

1.38%

8/15/2050

1,193,105

United States Treasury Note/Bond

1.13%

5/15/2040

2,227,202

United States Treasury Note/Bond

1.88%

2/15/2041

1,165,010

United States Treasury Note/Bond

1.75%

8/15/2041

1,840,611

United States Treasury Note/Bond

0.88%

11/15/2030

5,410,417

United States Treasury Note/Bond

3.88%

8/15/2034

3,897,897

United States Treasury Inflation-Indexed Note/Bond

0.38%

7/15/2027

249,828

United States Treasury Inflation-Indexed Note/Bond

1.63%

10/15/2027

332,625

United States Treasury Inflation-Indexed Note/Bond

0.50%

1/15/2028

259,380

20,963,481

Self-Directed Brokerage Account

Brokeragelink

Combination of common stock, bonds, mutual funds, and ETFs

368,805,365

Participant Loans

Participant loans

Interest rates range from 3.25% to 9.50% with maturity at various dates

50,254,104

Total Investments (Held at End of Year)

7,069,487,601

Party-in-Interest

Historical cost not required to be presented as all investments are participant-directed.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

June 16, 2026

By:

/s/ Susan Wilson

Susan Wilson

Vice President, Total Rewards

EXHIBIT INDEX


Exhibit Number						Description

23.1						Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm