SEC Form 11-K filed by Danaher Corporation

6/17/25 8:19:40 AM ET

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11-K 1 dhr-20241231xdsp11xk.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR

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


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

For the fiscal year ended December 31, 2024


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

Commission file number: 001-08089


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

Danaher Corporation & Subsidiaries Savings Plan


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

Danaher Corporation

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

Washington, D.C. 20037-1701

202-828-0850

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023

AND FOR THE YEAR ENDED DECEMBER 31, 2024,

SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2024 AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

INDEX

FORM 11-K


			Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			1

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits as of December 31, 202 4 and 202 3			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 202 4			3
Notes to Financial Statements as of December 31, 202 4 and 202 3 and for the Year Ended December 31, 202 4			4

SUPPLEMENTAL SCHEDULES

Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 202 4			10
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 202 4			11

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedules Required by ERISA

The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2024, and delinquent participant contributions for the year then ended (referred to as the "supplemental schedules"), have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 2003.

Tysons, Virginia

June 17, 2025

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2024 AND 2023

($ in millions)


	2024		2023
ASSETS
Investments, at fair value	$	6,362.9	$	5,750.4

Receivables:
Employer contributions	13.8		15.3
Plan transfer receivable	37.0		—
Notes receivable from participants	50.5		45.0

Total receivables	101.3		60.3
Total assets	6,464.2		5,810.7
LIABILITIES
Administrative expenses payable	—		0.1
Total liabilities	—		0.1


NET ASSETS AVAILABLE FOR BENEFITS	$	6,464.2	$	5,810.6

See the accompanying Notes to the Financial Statements.

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2024

($ in millions)


ADDITIONS
Contributions:
Participant	$	253.5
Rollovers	37.9
Employer	166.7
Total contributions	458.1

Net appreciation in the fair value of investments	813.0
Interest and dividend income	17.2
Total investment income	830.2
Interest income on notes receivable from participants	3.8
Total additions	1,292.1
DEDUCTIONS

Benefit payments	669.3
Administrative expenses	2.9
Total deductions	672.2
NET INCREASE PRIOR TO PLAN TRANSFERS	619.9
NET TRANSFERS INTO PLAN	33.7
NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS	653.6
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year	5,810.6
End of year	$	6,464.2

See the accompanying Notes to the Financial Statements.

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2024 AND 2023 AND FOR THE YEAR ENDED DECEMBER 31, 2024

NOTE 1. DESCRIPTION OF THE PLAN

General

The Danaher Corporation & Subsidiaries Savings Plan (the "Plan") is a defined contribution plan established for eligible full-time and part-time U.S.-based employees, or employees outside of the U.S. as expatriates paid through U.S. payroll, of Danaher Corporation and its subsidiaries (the "Company"), effective November 30, 2002. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Danaher Corporation is the plan sponsor (the "Plan Sponsor"). Prior to November 30, 2002, these employees participated in the Danaher Corporation & Subsidiaries Retirement and Savings Plan. Plan participants should refer to the formal legal documents of the Plan and the Summary Plan Description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below. The Plan is administered through the trustee, Fidelity Management Trust Company ("Fidelity" or the "Plan Administrator").

Effective January 1, 2015, the Plan was amended to include a Roth 401(k) feature, automatic enrollment of new hires, rehires and those otherwise newly eligible (e.g. through acquisitions), automatic annual re-enrollment and annual auto-increase of deferral rates. The first annual cycle of automatic re-enrollment and auto-increase occurred in 2016. In addition, the Plan has been amended such that employees are eligible for employer safe harbor contributions immediately upon participation in the Plan.

Effective January 1, 2022, the Plan was amended to allow for employees not covered by collective bargaining agreements to elect to convert certain portions of their pre-tax, vested account balances to a Roth account in the Plan. This election results in the converted amounts being immediately taxed, but those amounts, and future earnings, are not taxed when made to participants as a qualifying distribution in retirement. Also effective in 2022, the Company amended the Plan to make an employer safe harbor match contribution true-up following the end of the year that considers the total eligible pay and salary deferrals for the entire plan year to determine if an additional match is due to employees not covered by collective bargaining agreements. This change removes the requirement that employees not covered by collective bargaining agreements defer at least 5% of eligible pay each pay period during the plan year to maximize the Company's matching contributions.

Plan Merger

On December 31, 2024, the Abcam Boston 401(k) Plan merged into the Plan and the related assets were recorded as a receivable in the Statements of Net Assets Available for Benefits as of December 31, 2024. The merger of this plan resulted in assets transferred in on January 29, 2025 of $37.0 million. The asset transfer occurred subsequent to and as a result of Danaher Corporation's acquisition of Abcam plc.

On January 26, 2023, the Aldevron Retirement Savings Plan related to the employees of Aldevron, L.L.C. transferred assets of $20.3 million into the Plan. This asset transfer occurred subsequent to and as a result of Danaher Corporation’s acquisition of Aldevron, L.L.C.

Environmental & Applied Solutions Separation

On September 30, 2023, the Company completed the separation of Veralto Corporation, its former Environmental & Applied Solutions business (the "Veralto Separation"). Prior to the Veralto Separation, the Company created a new savings plan, the Veralto Corporation and Subsidiaries Savings Plan (the "Veralto Plan"), and transferred approximately $933.1 million, which was the total amount of the balances and the related assets of the Plan participants who are now employees of Veralto Corporation after the Veralto Separation, to the Veralto Plan. This $933.1 million of net assets transferred includes $9.4 million of outstanding loan balances.

Contributions

Eligible participants may contribute up to 75% of their compensation (traditional pre-tax and Roth after-tax combined), up to IRS and Plan limits. Employee contributions and the earnings or losses thereon are fully vested at all times. Employees whose employment is governed by the terms of a collective bargaining agreement may participate in the Plan to the extent authorized by the terms of the collective bargaining agreement.

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, 2024 and 2023, unallocated non-vested accounts, including forfeited amounts, totaled $0.6 million and $1.4 million, respectively, and forfeitures used to reduce Company contributions for 2024 were $3.4 million.

Termination of the Plan

Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become nonforfeitable.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties

Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

Notes Receivable from Participants

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2024 or 2023. If participants cease to make loan repayments and have reached a distributable event, the loan balance is reduced and a benefit payment is recorded.

Investments

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The income of each fund is reinvested in that fund.

Payment of Benefits

Benefits are recorded when paid.

NOTE 3. FAIR VALUE MEASUREMENTS

Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on the Plan's assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair values of the Plan's investments as of December 31, 2024 and 2023, by asset category were as follows ($ in millions):


	Quoted Prices in Active Market (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Cash and equivalents	$	21.1	$	19.0	$	—	$	—	$	—	$	—	$	21.1	$	19.0
Common stock	1,546.1		1,390.2		—		—		—		—		1,546.1		1,390.2
Mutual funds	195.4		156.0		—		—		—		—		195.4		156.0
Bonds	—		—		37.0		25.8		—		—		37.0		25.8
U.S. government issued securities	—		—		20.6		10.0		—		—		20.6		10.0
Common/collective trusts	—		—		4,222.8		3,904.4		—		—		4,222.8		3,904.4
Self-directed brokerage account	319.9		245.0		—		—		—		—		319.9		245.0
Total investments, at fair value	$	2,082.5	$	1,810.2	$	4,280.4	$	3,940.2	$	—	$	—	6,362.9		5,750.4

Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2024 and 2023.

Common stock and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.

Bonds and U.S. government issued securities that are not traded on an active market are valued at quoted prices reported by investment brokers and dealers based on the underlying terms of the security and comparison to similar securities traded on an active market.

The common/collective trusts are valued based on the Plan’s interest, represented by investment units, in the underlying investments held within the trust that are traded in an active market by the trustee. The unit value is not quoted in active public markets.

The self-directed brokerage consists of common stock, mutual funds, bonds and other investments, which are valued at the last reported sales price on the last business day of the year, and uninvested cash, which is recorded at carrying value as maturities are less than three months.

The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes the valuation methods are appropriate and consistent with the methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

NOTE 4. TAX STATUS OF THE PLAN

The Plan received a determination letter from the IRS dated April 6, 2023, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code"). The Plan has been further amended and restated subsequent to the document and amendments covered in this determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended and restated, is qualified and tax-exempt. If an operational issue is discovered, the Plan Sponsor has indicated that it will take any necessary steps to bring the Plan’s operations into compliance with the Code.

Accounting standards require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits of the Plan for any tax periods in progress.

NOTE 5. RELATED PARTY TRANSACTIONS AND PARTIES IN INTEREST TRANSACTIONS

Certain investments are held in shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these qualify as party in interest transactions.

Additionally, as of December 31, 2024 and 2023, the Plan invested in 2.0 million and 2.1 million shares, respectively, of Danaher Corporation common stock as part of the Danaher Corporation Stock Fund ("Danaher Common Stock"). During the year ended December 31, 2024, the Plan received $2.2 million of cash dividends on shares of Danaher Common Stock. Additionally, during the year ended December 31, 2024, the Company repurchased $173.1 million of shares of Danaher common stock from the Plan at fair market value at the time of purchase.

NOTE 6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

Notes receivable from participants in the accompanying financial statements include all loans in the plan as of the end of the year. The participant loans in the Form 5500 only include loans that are active or deemed loans with post-default payments remitted during the year. The difference between these two amounts represents a reconciling item.

The following is a reconciliation of net assets available for benefits per the financial statements as of December 31 to the Form 5500 ($ in millions):


	2024		2023
Net assets available for benefits per the financial statements	$	6,464.2	$	5,810.6
Loans with no post-default payment activity that are deemed distributions	(2.0)		(1.8)

Net assets available for benefits per the Form 5500	$	6,462.2	$	5,808.8

The following is a reconciliation of the net increase prior to plan transfers per the financial statements to net income per the Form 5500 for the year ended December 31, 2024 ($ in millions):


Net increase in assets available for benefits prior to plan transfers per the financial statements	$	619.9


Loan defaults previously deemed distributed that reached a distributable event	0.1

Interest payments on loans deemed distributed that have had no post-default payment activity	(0.2)
Deemed distributions	(0.1)
Net income per the Form 5500	$	619.7

SUPPLEMENTAL SCHEDULES

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

EIN: 59-1995548, PLAN NO. 004

FORM 5500, SCHEDULE H, LINE 4a —

SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

FOR THE YEAR ENDED DECEMBER 31, 2024


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

DANAHER CORPORATION & SUBSIDIARIES PENSION PLAN

EIN: 59-1995548, PLAN NO. 004

FORM 5500, SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2024

(a)

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

(d) Cost

(e) Current value

Cash Equivalents

Fidelity® Investments Money Market Government Portfolio - Institutional Class

5,291,548

units

5,291,549

Brown Brothers Harriman U.S. Government Money Market Fund

11,110,669

units

11,293,861

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

351,736

units

4,494,210

21,079,620

Common/Collective Trusts

Fidelity Managed Income Portfolio II Class 2 (at FMV)

units

Fidelity Managed Income Portfolio II Class 3 (at FMV)

259,301,102

units

259,301,102

American Beacon Small Cap Value Institutional Class

5,201,098

units

111,823,096

Select Leaders Series 2 Portfolio

11,627,662

units

148,252,689

GQG International Equity

5,481,371

units

87,976,004

BlackRock Equity Index Non-Lendable Fund

7,335,804

units

782,651,628

BlackRock MSCI ACW Ex-US IM Non-Lendable Fund

3,680,267

units

75,278,227

BlackRock Russell 2500 Index Non-Lendable Fund

2,936,371

units

102,700,332

BlackRock US Debt Index Non-Lendable Fund

4,483,894

units

68,410,291

LifePath® Index 2030 Non-Lendable Fund F

9,269,522

units

360,627,595

LifePath® Index 2035 Non-Lendable Fund F

9,244,816

units

405,990,888

LifePath® Index 2040 Non-Lendable Fund F

7,330,506

units

358,690,461

LifePath® Index 2045 Non-Lendable Fund F

6,295,347

units

338,422,237

LifePath® Index 2050 Non-Lendable Fund F

5,083,867

units

291,832,770

LifePath® Index 2055 Non-Lendable Fund F

5,234,815

units

219,241,380

LifePath® Index 2060 Non-Lendable Fund F

5,104,780

units

121,741,153

LifePath® Index 2065 Non-Lendable Fund F

2,371,539

units

40,310,393

LifePath® Index Retirement Non-Lendable Fund F

16,943,479

units

449,509,204

4,222,759,453

Registered Investment Companies (Mutual Funds)

Dodge & Cox International Stock Fund

1,763,046

87,976,004

PIMCO All Asset Fund Institutional Class

863,851

9,346,864

PIMCO Inflation Response Multi-Asset Fund Institutional

1,147,100

9,348,867

DoubleLine Floating Rate Fund Institutional

339,480

units

3,233,317

(a)

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

(d) Cost

(e) Current value

DoubleLine Global Fund Institutional

146,787

units

936,380

DoubleLine Infrastructure Income Fund Institutional

450,324

units

3,422,200

DoubleLine Selective Credit Fund Institutional

1,504,175

units

8,757,429

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

1,680,880

units

9,967,618

PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments

1,296,961

units

9,675,332

PIMCO Private Account Portfolio Series Municipal Sector

149,697

units

908,659

PIMCO Private Account Portfolio Series Real Return Bond

344,528

units

3,982,745

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

375,457

units

3,484,236

PIMCO Private Account Portfolio Series International

777,304

units

4,897,014

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

122,925

units

876,455

PIMCO Private Account Portfolio Series Investment Grade Credit Bond

2,226,409

units

19,815,038

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

1,616,204

units

18,747,962

195,376,120

Common Stock

Aaon Inc Com

37,107

4,366,752

Advanced Micro Devices

2,409

290,983

Adyen Bv

1,006

1,496,937

Agilysys Inc

15,798

2,080,755

Air Prods & Chems Inc

16,103

4,670,514

Alarm.Com Holdings Inc.

29,018

1,764,294

Alphabet Inc Cl A

60,461

11,445,267

Alphabet Inc Cl C

283,456

53,981,361

Altria Group Inc

43,690

2,284,707

Amazon.Com Inc

343,418

75,342,475

Apple Inc

350,798

87,846,335

Asml Holding Nv Ny

9,700

6,722,876

Astrazeneca Plc-Spons Adr

6,932

454,185

Atlassian Corp-Cl A

2,049

498,686

Axos Financial Inc

16,419

1,146,867

Azenta Inc

11,504

575,200

Balchem Corp

18,127

2,954,610

Barnes Group Inc.

6,174

291,783

Berkshire Hathaway Inc De

10,616

4,812,020

(a)

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

(d) Cost

(e) Current value

Bill Holdings Inc

15,579

1,319,697

Biolife Solutions Inc. Com New

19,843

515,124

Bio-Techne Corp

22,904

1,649,775

Blackbaud Inc

27,337

2,020,751

Blackline Inc

19,187

1,165,802

Blackrock Inc

4,736

4,854,921

Booking Holdings Inc

1,669

8,292,293

Bright Horizons Family Solutions Inc Del

13,306

1,474,970

Broadcom Inc

71,687

16,619,914

Carvana Co

74,209

15,091,142

Carvana Co 144A 20230901 12% 20281201

313,204

348,544

Carvana Co 144A 20230901 13% 20300601

555,862

637,358

Carvana Co 144A 20230901 14% 20310601

663,832

829,218

Casella Waste Systems, Inc. Cl A

24,146

2,554,888

Cbiz Inc.

10,072

824,192

Certara Inc

125,723

1,338,950

Chevron Corp New

17,773

2,574,241

Chipotle Mexican Grill Inc

129,963

7,836,769

Chubb Ltd

29,923

8,267,725

Cincinnati Finl Corp

16,828

2,418,184

Cintas Corp

9,848

1,799,230

Cisco Sys Inc

49,298

2,918,264

Colgate-Palmolive Co

32,461

2,951,030

Comcast Corp New

43,112

1,617,918

Confluent Inc-Class A

24,641

688,962

Constellation Energy

27,270

6,100,572

Construction Partners Inc. Com Cl A

58,149

5,143,861

Crowdstrike Holdings Inc - A

6,570

2,247,991

Crown Castle Inc

19,487

1,768,640

Danaher Corporation

1,952,392

448,171,583

Databricks Ser G Cvt Pfd Stck Pp 19700101 0% 39991230

4,545

420,413

Datadog Inc - Class A

10,246

1,464,051

Descartes Systems Group Inc.

32,511

3,693,250

(a)

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

(d) Cost

(e) Current value

Diageo Plc

15,975

2,030,902

Digi International Inc.

38,452

1,162,404

Dollar General Corp

4,401

333,684

Dominion Energy Inc

53,426

2,877,740

Donaldson Co Inc

16,324

1,099,421

Doordash Inc - A

19,265

3,231,704

Dorman Products Inc.

10,115

1,310,398

Doubleverify Holdings Inc

61,607

1,183,470

Elevance Health Inc

5,575

2,056,618

Eli Lilly & Co

33,500

25,862,000

Eplus Inc

20,515

1,515,648

Esco Technologies Inc.

19,662

2,619,175

Exlservice Holdings Inc.

101,534

4,506,079

Exponent Inc

34,313

3,057,288

Fastenal Co

37,082

2,666,710

Fidelity Natl Information

42,682

3,447,344

Firstservice Corp.

5,588

1,011,540

Fiserv Inc

9,994

2,052,967

Fortinet Inc

2,604

246,026

Fox Factory Holding Corporation

12,840

388,667

Ge Aerospace

32,798

5,470,378

Ge Vernova Llc

6,675

2,195,608

Globus Med Inc Cl A

40,945

3,386,561

Goldman Sachs Group Inc

6,651

3,808,496

Grocery Outlet Holding Corp.

38,504

601,047

Hamilton Lane Inc Cl A

6,062

897,479

Healthequity Inc

21,912

2,102,456

Humana Inc

8,368

2,123,045

I3 Verticals Inc Com Cl A

41,936

966,205

Intuit Inc

8,637

5,428,355

Intuitive Surgical Inc

26,649

13,909,712

J&J Snack Foods Corp

11,556

1,792,682

Johnson & Johnson

21,104

3,052,060

(a)

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

(d) Cost

(e) Current value

Kinsale Capital Group Inc

9,037

4,203,380

Lam Research Corp

3,400

245,582

Lemaitre Vascular Inc.

20,300

1,870,442

Linde Plc

7,155

2,995,584

Lowes Cos Inc

15,732

3,882,658

Lululemon Athletica Inc

4,141

1,583,560

Marsh & Mclennan Cos

16,421

3,487,985

Marten Transport Ltd.

74,853

1,168,455

Mastercard Inc - A

38,445

20,243,984

Merck & Co Inc

29,171

2,901,931

Mesa Laboratories Inc.

4,424

583,393

Meta Platforms Inc-Class A

92,141

53,949,477

Microsoft Corp

248,303

104,659,715

Mondelez International Inc

24,638

1,471,628

Mongodb Inc

3,286

765,014

Monolithic Power Systems Inc

5,828

3,448,428

Morgan Stanley

31,989

4,021,657

Msci Inc

324

194,403

Neogen Corp

48,551

589,409

Nestle S A

20,800

1,699,278

Netflix Inc

20,188

17,993,968

Nike Inc -Cl B

3,515

265,980

Nintendo Ltd

229,327

3,355,786

Norfolk Southn Corp

15,706

3,686,198

Northrop Grumman Corp

5,717

2,682,931

Novanta Inc

19,325

2,952,280

Nv5 Global Inc.

40,600

764,904

Nvidia Corp

785,325

105,461,294

Old Dominion Freight Line

12,385

2,184,714

Ollies Bargain Outlet Holdings Inc.

22,870

2,509,525

Onto Innovation Inc.

23,215

3,869,244

Option Care Health Inc Com New

18,385

426,532

Palomar Holdings Inc

7,847

828,565

(a)

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

(d) Cost

(e) Current value

Paychex Inc

21,793

3,055,814

Philip Morris Intl Inc

36,907

4,441,757

Procter & Gamble Co/The

14,284

2,394,713

Progressive Corp

17,844

4,275,601

Rbc Bearings Inc

12,944

3,872,068

Roper Technologies Inc

8,545

4,442,118

Ross Stores Inc

26,120

3,951,172

S&P Global Inc

6,878

3,425,450

Schlumberger Ltd

43,523

1,668,672

Schwab Charles Corp

82,866

6,132,912

Sea Ltd Adr

27,804

2,950,004

Servicenow Inc

18,856

19,989,623

Sherwin-Williams Co/The

9,149

3,110,020

Shopify Inc - Class A

60,451

6,427,755

Siteone Landscape Supply Inc

17,006

2,240,881

Snowflake Inc

892

137,734

Sps Commerce Inc

13,815

2,541,822

Spx Technologies, Inc.

10,512

1,529,706

Staar Surgical Co Com

16,083

390,656

Starbucks Corp

31,386

2,863,881

Stryker Corp

12,250

4,410,613

Synopsys Inc

14,227

6,905,217

Taiwan Semiconductor-Sp Adr

19,805

3,911,289

Te Connectivity Plc

41,254

5,898,084

Tesla Inc

68,853

27,805,596

Texas Instrs Inc

22,236

4,169,285

Texas Instruments Inc

6,574

1,232,691

Texas Roadhouse Inc

21,550

3,888,267

Thermo Fisher Scientific Inc

10,337

5,377,618

Tjx Companies Inc

29,924

3,615,118

T-Mobile Us Inc

38,948

8,596,992

Transdigm Group Inc

1,837

2,327,993

Trex Company, Inc.

34,925

2,410,873

(a)

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

(d) Cost

(e) Current value

Tyler Technologies Inc.

3,165

1,825,066

Ufp Technologies Inc.

1,845

451,121

United Parcel Service Inc

17,044

2,149,248

Unitedhealth Group Inc

23,151

11,711,165

Valvoline Inc

29,734

1,075,776

Veralto Corporation

459,864

46,837,148

Vericel Corporation

26,009

1,428,154

Vertex Inc Cl A

30,950

1,651,183

Visa Inc-Class A Shares

78,046

24,665,658

Wd-40 Co.

4,915

1,192,772

Willscot Holdings Corporation Com Cl A

16,833

563,064

Zoetis Inc

868

141,423

1,546,072,356

Bonds

AAR Escrow Issuer LLC

6.75%

3/15/2029

36,221

AASET 2022‐1 LLC

6.00%

5/16/2047

141,183

AbbVie Inc

4.70%

5/14/2045

98,740

ACHV ABS TRUST 2023‐3PL

7.17%

8/19/2030

4,433

AdaptHealth LLC

5.13%

3/1/2030

18,570

Advanced Drainage Systems Inc

6.38%

6/15/2030

46,533

AEP Texas Inc

5.45%

5/15/2029

33,672

Aethon United BR LP / Aethon United Finance Corp

7.50%

10/1/2029

41,696

AGCO Corp

0.06%

3/21/2034

114,449

Agree LP

5.63%

6/15/2034

76,453

Alexandria Real Estate Equities Inc

3.00%

5/18/2051

107,219

Alliant Holdings Intermediate LLC / Alliant Holdings Co‐ Issuer

6.75%

10/15/2027

30,210

Alliant Holdings Intermediate LLC / Alliant Holdings Co‐ Issuer

6.50%

10/1/2031

25,245

Allied Universal Holdco LLC

7.88%

2/15/2031

89,512

Allied Universal Holdco LLC / Allied Universal Finance Corp

9.75%

7/15/2027

21,058

Amentum Holdings Inc

7.25%

8/1/2032

25,913

American Airlines Inc

7.25%

2/15/2028

42,132

American Airlines Inc

8.50%

5/15/2029

26,535

American Homes 4 Rent LP

5.50%

2/1/2034

91,749

(a)

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

(d) Cost

(e) Current value

American National Group Inc

5.75%

10/1/2029

46,742

American Tower Corp

5.55%

7/15/2033

111,747

Amgen Inc

5.75%

3/2/2063

103,764

Amphenol Corp

5.38%

11/15/2054

48,991

AmWINS Group Inc

4.88%

6/30/2029

18,875

Anywhere Real Estate Group LLC / Anywhere Co‐Issuer Corp

7.00%

4/15/2030

18,060

APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves

7.88%

11/1/2029

15,420

Apollo Debt Solutions BDC

6.70%

7/29/2031

28,505

Apollo Global Management Inc

6.00%

12/15/2054

41,017

AppLovin Corp

5.38%

12/1/2031

56,258

ArcelorMittal SA

6.00%

6/17/2034

60,219

Archrock Partners LP / Archrock Partners Finance Corp

6.63%

9/1/2032

35,795

Ares Capital Corp

5.95%

7/15/2029

31,171

Ares Strategic Income Fund

5.70%

3/15/2028

19,124

Arivo Acceptance Auto Loan Receivables Trust 2021‐1

2.02%

2/16/2027

173,903

Arizona Public Service Co

5.70%

8/15/2034

50,633

Arrow Electronics Inc

5.88%

4/10/2034

61,187

Arthur J Gallagher & Co

4.85%

12/15/2029

31,919

Arthur J Gallagher & Co

5.15%

2/15/2035

68,403

AT&T Inc

3.50%

9/15/2053

109,486

AthenaHealth Group Inc

6.50%

2/15/2030

19,518

Athene Global Funding

4.72%

10/8/2029

133,237

Athene Holding Ltd

6.63%

10/15/2054

118,382

Atlassian Corp

5.25%

5/15/2029

44,643

Aviation Capital Group LLC

5.38%

7/15/2029

86,447

Avient Corp

6.25%

11/1/2031

10,052

Avolon Holdings Funding Ltd

5.75%

3/1/2029

188,551

Azorra Finance Ltd

7.75%

4/15/2030

20,218

Bain Capital Credit CLO 2024‐4 Ltd

7.97%

10/23/2037

524,152

BANK 2017‐BNK6

0.78%

7/1/2060

41,325

BANK 2019‐BNK20

0.81%

9/1/2062

69,059

BANK 2020‐BNK27

2.14%

4/1/2063

106,016

BANK 2022‐BNK39

3.18%

2/1/2055

85,620

(a)

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

(d) Cost

(e) Current value

Bank of America Corp

2.48%

9/21/2036

174,279

Bank of America Corp

5.47%

1/23/2035

44,098

Bank of America Corp

5.52%

10/25/2035

58,315

Bank of Montreal

3.80%

12/15/2032

110,227

Bank of New York Mellon Corp/The

5.06%

7/22/2032

102,011

BANK5 2024‐5YR10

5.64%

10/1/2057

76,179

BANK5 2024‐5YR9

5.61%

8/1/2057

59,334

BAT Capital Corp

4.54%

8/15/2047

40,340

Bausch + Lomb Corp

8.38%

10/1/2028

47,573

Bausch Health Cos Inc

5.25%

1/30/2030

8,519

Bausch Health Cos Inc

6.13%

2/1/2027

14,012

BBCMS Mortgage Trust 2021‐C11

2.11%

9/1/2054

90,708

BBCMS Mortgage Trust 2021‐C12

2.69%

11/1/2054

85,909

BBCMS Mortgage Trust 2021‐C9

2.30%

2/1/2054

85,403

BBCMS Mortgage Trust 2022‐C16

4.60%

6/1/2055

96,607

BBCMS Mortgage Trust 2024‐5C29

5.21%

9/1/2057

59,503

BBCMS Mortgage Trust 2024‐C24

5.42%

2/1/2057

101,995

BC Ltd

0.09%

1/30/2028

3,121

BCPE Empire Holdings Inc

7.63%

5/1/2027

70,722

Benchmark 2019‐B11 Mortgage Trust

3.28%

5/1/2052

93,612

Benchmark 2020‐B19 Mortgage Trust

2.15%

9/1/2053

81,199

Benchmark 2021‐B31 Mortgage Trust

2.67%

12/1/2054

85,267

Benchmark 2022‐B32 Mortgage Trust

3.41%

1/1/2055

84,232

Benchmark 2024‐V10 Mortgage Trust

5.28%

9/1/2057

100,864

Benchmark 2024‐V8 Mortgage Trust

5.51%

7/1/2057

93,396

Benchmark 2024‐V9 Mortgage Trust

5.60%

8/1/2057

102,205

BFLD 2024‐VICT Mortgage Trust

6.29%

7/15/2041

100,727

Black Hills Corp

6.00%

1/15/2035

112,283

Blackstone Private Credit Fund

6.00%

11/22/2034

65,856

Blue Racer Midstream LLC / Blue Racer Finance Corp

7.25%

7/15/2032

15,926

BMO 2024‐5C6 Mortgage Trust

5.32%

9/1/2057

58,482

BMO 2024‐5C7 Mortgage Trust

5.89%

11/1/2057

43,926

Bombardier Inc

7.88%

4/15/2027

22,413

(a)

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

(d) Cost

(e) Current value

Bombardier Inc

8.75%

11/15/2030

27,184

Bombardier Inc

7.00%

6/1/2032

5,122

BPR Trust 2021‐TY

5.56%

9/15/2038

50,975

Brand Industrial Services Inc

10.38%

8/1/2030

15,934

Broadcom Inc

3.50%

2/15/2041

111,255

Brown & Brown Inc

2.38%

3/15/2031

109,395

Buckeye Partners LP

6.88%

7/1/2029

47,189

Builders FirstSource Inc

6.38%

3/1/2034

45,425

Bunge Ltd Finance Corp

4.65%

9/17/2034

66,093

Burlington Northern Santa Fe LLC

5.50%

3/15/2055

53,765

Caesars Entertainment Inc

6.00%

10/15/2032

92,857

Cardinal Health Inc

4.60%

3/15/2043

49,556

Cardinal Health Inc

4.50%

11/15/2044

6,668

Carlyle US CLO 2024‐2 Ltd

8.48%

4/25/2037

520,202

Carnival Corp

5.75%

3/1/2027

35,619

Carvana Co

9.00%

12/1/2028

14,119

Carvana Co

9.00%

6/1/2030

5,740

CCO Holdings LLC / CCO Holdings Capital Corp

5.13%

5/1/2027

14,880

CCO Holdings LLC / CCO Holdings Capital Corp

4.75%

3/1/2030

23,254

CCO Holdings LLC / CCO Holdings Capital Corp

4.25%

1/15/2034

16,641

CCO Holdings LLC / CCO Holdings Capital Corp

4.75%

2/1/2032

8,986

Centene Corp

2.50%

3/1/2031

112,039

Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc

8.00%

6/15/2029

25,574

CF Industries Inc

5.38%

3/15/2044

55,873

Cheniere Energy Inc

4.63%

10/15/2028

111,731

Cheniere Energy Partners LP

4.00%

3/1/2031

115,462

CHS/Community Health Systems Inc

6.00%

1/15/2029

32,346

Citigroup Commercial Mortgage Trust 2020‐555

3.50%

12/1/2041

80,097

Citigroup Commercial Mortgage Trust 2022‐GC48

4.58%

5/1/2054

97,363

Citigroup Inc

3.06%

1/25/2033

115,180

Citigroup Inc

5.41%

9/19/2039

57,128

Civitas Resources Inc

8.38%

7/1/2028

21,634

Clydesdale Acquisition Holdings Inc

6.88%

1/15/2030

41,467

(a)

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

(d) Cost

(e) Current value

CNX Resources Corp

6.00%

1/15/2029

20,184

COMM 2015‐LC21 Mortgage Trust

0.60%

7/1/2048

2,658

Consolidated Communications Inc

5.00%

10/1/2028

28,327

Cornerstone Building Brands Inc

9.50%

8/15/2029

35,438

Cougar JV Subsidiary LLC

8.00%

5/15/2032

15,738

Crown Castle Inc

3.65%

9/1/2027

105,094

CSAIL 2017‐CX9 Commercial Mortgage Trust

0.60%

9/1/2050

20,309

CSMC 2021‐B33

3.64%

10/1/2043

84,482

CSX Corp

3.80%

11/1/2046

101,655

CVS Health Corp

5.30%

6/1/2033

54,916

CVS Health Corp

5.88%

6/1/2053

72,912

CyrusOne Data Centers Issuer I LLC

4.50%

5/20/2049

238,939

Dcli Bidco LLC

7.75%

11/15/2029

25,984

Dealer Tire LLC / DT Issuer LLC

8.00%

2/1/2028

40,669

Del Amo Fashion Center Trust 2017‐AMO

3.64%

6/1/2035

94,432

Dell Inc

6.50%

4/15/2038

56,224

Devon Energy Corp

5.75%

9/15/2054

56,588

Diamond Infrastructure Funding LLC

2.36%

4/15/2049

467,519

Directv Financing LLC / Directv Financing Co‐Obligor Inc

5.88%

8/15/2027

39,902

DISH DBS Corp

5.13%

6/1/2029

6,489

DISH DBS Corp

5.75%

12/1/2028

21,542

Dominion Energy Inc

6.63%

5/15/2055

33,894

Dornoch Debt Merger Sub Inc

6.63%

10/15/2029

16,501

DR Horton Inc

5.00%

10/15/2034

114,279

DT Midstream Inc

4.13%

6/15/2029

28,092

DTE Energy Co

5.85%

6/1/2034

86,695

Duke Energy Corp

5.00%

8/15/2052

33,028

EchoStar Corp

10.75%

11/30/2029

21,820

Edison International

5.25%

3/15/2032

57,886

Elevance Health Inc

4.55%

5/15/2052

31,691

Ellucian Holdings Inc

6.50%

12/1/2029

40,399

EMRLD Borrower LP / Emerald Co‐Issuer Inc

6.75%

7/15/2031

41,639

EMRLD Borrower LP / Emerald Co‐Issuer Inc

6.63%

12/15/2030

70,387

(a)

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

(d) Cost

(e) Current value

Energy Transfer LP

5.95%

5/15/2054

64,348

Energy Transfer LP

7.13%

10/1/2054

63,224

EnLink Midstream LLC

5.38%

6/1/2029

55,284

EnLink Midstream LLC

5.65%

9/1/2034

114,091

Equinix Inc

2.95%

9/15/2051

61,672

Equinix Inc

3.90%

4/15/2032

55,783

Eversource Energy

5.50%

1/1/2034

57,139

Expand Energy Corp

6.75%

4/15/2029

33,858

Expedia Group Inc

3.80%

2/15/2028

115,725

F&G Annuities & Life Inc

6.25%

10/4/2034

29,579

Fannie Mae Pool

3.00%

7/1/2043

241,245

Fannie Mae Pool

5.50%

12/1/2054

322,629

Fannie Mae Pool

2.50%

8/1/2051

324,223

Fannie Mae Pool

2.46%

4/1/2032

247,576

Fannie Mae Pool

4.97%

7/1/2031

963,842

Fannie Mae Pool

3.00%

11/1/2051

167,714

Fannie Mae Pool

6.00%

5/1/2053

156,822

Fannie Mae Pool

6.00%

10/1/2053

240,659

Fannie Mae Pool

5.50%

10/1/2053

320,348

Fannie Mae Pool

5.50%

3/1/2054

119,412

Fannie Mae Pool

5.50%

6/1/2054

344,246

Fannie Mae Pool

3.00%

12/1/2048

225,472

Fannie Mae Pool

2.50%

3/1/2052

276,654

Fannie Mae Pool

2.50%

4/1/2052

276,434

Fannie Mae Pool

6.00%

12/1/2053

236,773

Fannie Mae Pool

6.00%

8/1/2054

299,371

Fannie Mae Pool

5.00%

7/1/2052

177,487

Fannie Mae REMICS

5.18%

9/25/2042

490,553

Fannie Mae REMICS

1.50%

10/1/2027

3,588

Fannie Mae REMICS

—%

4/1/2048

104,637

Fannie Mae REMICS

—%

8/25/2051

4,593

Fannie Mae REMICS

6.05%

6/25/2054

325,391

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc

6.75%

1/15/2030

19,090

(a)

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

(d) Cost

(e) Current value

Fiserv Inc

5.45%

3/15/2034

112,924

Ford Motor Co

3.25%

2/12/2032

57,427

Fortress Transportation and Infrastructure Investors LLC

5.88%

4/15/2033

58,770

Freddie Mac Gold Pool

4.00%

10/1/2048

28,465

Freddie Mac Pool

3.00%

3/1/2052

341,966

Freddie Mac Pool

5.50%

2/1/2053

293,332

Freddie Mac Pool

5.00%

5/1/2053

502,720

Freddie Mac Pool

6.00%

2/1/2054

651,929

Freddie Mac Pool

5.50%

4/1/2054

362,024

Freddie Mac Pool

3.00%

8/1/2052

714,504

Freddie Mac Pool

5.00%

3/1/2054

282,632

Freddie Mac Pool

2.00%

4/1/2051

140,298

Freddie Mac Pool

3.00%

3/1/2052

185,895

Freddie Mac Pool

5.00%

6/1/2053

301,468

Freddie Mac Pool

5.50%

2/1/2054

465,611

Freddie Mac Pool

2.00%

5/1/2051

494,485

Freddie Mac Pool

4.50%

9/1/2052

367,349

Freddie Mac Pool

2.00%

2/1/2052

301,540

Freddie Mac Pool

5.50%

9/1/2053

414,655

Freddie Mac Pool

6.00%

11/1/2053

303,788

Frontier Communications Holdings LLC

6.75%

5/1/2029

20,342

Full House Resorts Inc

8.25%

2/15/2028

15,426

Garda World Security Corp

6.00%

6/1/2029

38,165

Garda World Security Corp

8.38%

11/15/2032

46,498

Genesee & Wyoming Inc

6.25%

4/15/2032

45,921

Genuine Parts Co

4.95%

8/15/2029

115,945

GGAM Finance Ltd

6.88%

4/15/2029

36,036

Glencore Funding LLC

1.63%

4/27/2026

69,294

Glencore Funding LLC

5.37%

4/4/2029

114,395

Global Aircraft Leasing Co Ltd

8.75%

9/1/2027

89,338

Goat Holdco LLC

6.75%

2/1/2032

24,816

Goldman Sachs Group Inc/The

5.19%

9/10/2027

181,201

Gray Television Inc

10.50%

7/15/2029

15,925

(a)

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

(d) Cost

(e) Current value

Griffon Corp

5.75%

3/1/2028

35,015

Gulfport Energy Operating Corp

6.75%

9/1/2029

41,139

Harvest Midstream I LP

7.50%

5/15/2032

36,010

HCA Inc

5.25%

6/15/2049

104,254

Hess Midstream Operations LP

5.50%

10/15/2030

58,009

Hewlett Packard Enterprise Co

5.00%

10/15/2034

132,586

Hilcorp Energy I LP / Hilcorp Finance Co

7.25%

2/15/2035

23,948

Host Hotels & Resorts LP

3.50%

9/15/2030

109,983

Host Hotels & Resorts LP

5.70%

7/1/2034

115,980

HUB International Ltd

7.25%

6/15/2030

15,436

Huntington Bancshares Inc/OH

5.27%

1/15/2031

32,237

Husky Injection Molding Systems Ltd / Titan Co‐Borrower LLC

9.00%

2/15/2029

75,548

Hyatt Hotels Corp

5.25%

6/30/2029

108,146

Hyundai Auto Receivables Trust 2024‐C

4.86%

2/17/2032

198,368

Hyundai Capital America

5.30%

1/8/2029

112,040

Illuminate Buyer LLC / Illuminate Holdings IV Inc

9.00%

7/1/2028

42,340

IQVIA Inc

6.25%

2/1/2029

74,257

Iron Mountain Inc

7.00%

2/15/2029

36,713

Iron Mountain Inc

6.25%

1/15/2033

10,010

JELD‐WEN Inc

4.88%

12/15/2027

33,369

JetBlue Airways Corp / JetBlue Loyalty LP

9.88%

9/20/2031

26,664

JP Morgan Chase Commercial Mortgage Securities Trust 2013‐LC11

3.22%

4/1/2046

49,953

JPMBB Commercial Mortgage Securities Trust 2015‐C27

3.90%

2/1/2048

81,604

JPMBB Commercial Mortgage Securities Trust 2015‐C28

3.53%

10/1/2048

99,590

JPMorgan Chase & Co

4.85%

7/25/2028

52,064

Keurig Dr Pepper Inc

5.20%

3/15/2031

113,768

Keysight Technologies Inc

4.95%

10/15/2034

57,451

Kinder Morgan Energy Partners LP

6.95%

1/15/2038

106,083

Kinetik Holdings LP

5.88%

6/15/2030

55,309

Kodiak Gas Services LLC

7.25%

2/15/2029

73,387

Kronos Acquisition Holdings Inc

8.25%

6/30/2031

19,101

Kyndryl Holdings Inc

4.10%

10/15/2041

59,412

Laboratory Corp of America Holdings

4.55%

4/1/2032

113,508

(a)

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

(d) Cost

(e) Current value

LCCM 2017‐LC26

4.71%

7/3/2050

91,656

Level 3 Financing Inc

10.50%

5/15/2030

27,685

Life Time Inc

6.00%

11/15/2031

60,000

LifePoint Health Inc

4.38%

2/15/2027

34,151

LifePoint Health Inc

10.00%

6/1/2032

46,185

Light & Wonder International Inc

7.25%

11/15/2029

15,465

Lightning Power LLC

7.25%

8/15/2032

26,458

Lowe's Cos Inc

5.63%

4/15/2053

34,076

M&T Bank Corp

6.08%

3/13/2032

56,358

Macquarie Airfinance Holdings Ltd

6.50%

3/26/2031

10,534

Macquarie Airfinance Holdings Ltd

5.15%

3/17/2030

58,694

Macy's Retail Holdings LLC

5.88%

4/1/2029

10,949

Madison IAQ LLC

5.88%

6/30/2029

18,910

Markel Group Inc

6.00%

5/16/2054

20,983

Marriott International Inc/MD

5.30%

5/15/2034

111,965

Marvell Technology Inc

5.95%

9/15/2033

114,068

MasTec Inc

5.90%

6/15/2029

40,854

Matador Resources Co

6.50%

4/15/2032

30,123

Mattamy Group Corp

4.63%

3/1/2030

18,930

Mavis Tire Express Services Topco Corp

6.50%

5/15/2029

24,209

McDonald's Corp

5.45%

8/14/2053

49,961

McGraw‐Hill Education Inc

5.75%

8/1/2028

20,029

McGraw‐Hill Education Inc

7.38%

9/1/2031

10,544

Medline Borrower LP

5.25%

10/1/2029

34,270

Medline Borrower LP/Medline Co‐Issuer Inc

6.25%

4/1/2029

82,194

Meta Platforms Inc

5.40%

8/15/2054

110,944

Michaels Cos Inc/The

5.25%

5/1/2028

7,649

Michaels Cos Inc/The

7.88%

5/1/2029

6,247

Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp

4.88%

5/1/2029

33,305

Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC

6.75%

4/1/2032

35,777

Morgan Stanley Bank of America Merrill Lynch Trust 2016‐C31

4.26%

11/1/2049

84,898

Mosaic Solar Loan Trust 2020‐2

2.21%

8/20/2046

34,350

MPLX LP

5.50%

6/1/2034

55,485

(a)

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

(d) Cost

(e) Current value

MSBAM Commercial Mortgage Securities Trust 2012‐ CKSV

4.16%

10/1/2030

96,848

MVW 2021‐1W LLC

1.94%

1/22/2041

59,323

Nabors Industries Inc

9.13%

1/31/2030

15,842

Nationstar Mortgage Holdings Inc

5.75%

11/15/2031

33,748

NCL Corp Ltd

5.88%

2/15/2027

30,594

Netflix Inc

5.40%

8/15/2054

80,689

NextEra Energy Capital Holdings Inc

6.75%

6/15/2054

27,810

NGL Energy Operating LLC / NGL Energy Finance Corp

8.13%

2/15/2029

20,490

NiSource Inc

5.35%

4/1/2034

106,613

Northrop Grumman Corp

5.20%

6/1/2054

104,787

NRG Energy Inc

6.00%

2/1/2033

24,555

Occidental Petroleum Corp

5.38%

1/1/2032

28,083

Octagon Investment Partners 34 Ltd

7.38%

1/20/2030

509,826

Omega Healthcare Investors Inc

4.75%

1/15/2028

58,522

OneMain Finance Corp

7.50%

5/15/2031

41,481

ONEOK Inc

6.63%

9/1/2053

55,872

Oracle Corp

3.80%

11/15/2037

29,410

Oracle Corp

6.25%

11/9/2032

41,699

O'Reilly Automotive Inc

5.00%

8/19/2034

57,352

Owens & Minor Inc

6.63%

4/1/2030

23,880

Owens Corning

5.70%

6/15/2034

56,043

Pacific Gas and Electric Co

6.95%

3/15/2034

112,749

Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc

4.38%

10/15/2028

20,187

Panther Escrow Issuer LLC

7.13%

6/1/2031

30,428

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co‐Issuer

7.00%

2/1/2030

52,970

PennyMac Financial Services Inc

7.88%

12/15/2029

15,782

Penske Truck Leasing Co Lp / PTL Finance Corp

4.20%

4/1/2027

110,407

Performance Food Group Inc

6.13%

9/15/2032

45,889

Permian Resources Operating LLC

7.00%

1/15/2032

15,726

Permian Resources Operating LLC

6.25%

2/1/2033

56,742

Philip Morris International Inc

5.25%

2/13/2034

56,504

Pike Corp

8.63%

1/31/2031

16,386

Post Holdings Inc

6.38%

3/1/2033

95,400

(a)

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

(d) Cost

(e) Current value

Qorvo Inc

3.38%

4/1/2031

44,091

Quanta Services Inc

2.35%

1/15/2032

109,890

Quest Diagnostics Inc

5.00%

12/15/2034

110,991

Radiology Partners Inc

7.78%

1/31/2029

30,287

Regal Rexnord Corp

6.05%

4/15/2028

112,297

Royal Caribbean Cruises Ltd

5.38%

7/15/2027

114,160

Royal Caribbean Cruises Ltd

6.25%

3/15/2032

20,623

Royal Caribbean Cruises Ltd

5.63%

9/30/2031

14,987

Royalty Pharma PLC

5.15%

9/2/2029

59,570

Sabre GLBL Inc

8.63%

6/1/2027

11,176

Sabre GLBL Inc

10.75%

11/15/2029

4,185

San Diego Gas & Electric Co

5.55%

4/15/2054

109,028

Scientific Games Holdings LP/Scientific Games US FinCo Inc

6.63%

3/1/2030

19,598

Sealed Air Corp/Sealed Air Corp US

7.25%

2/15/2031

26,033

SG Commercial Mortgage Securities Trust 2016‐C5

1.82%

10/1/2048

10,846

Sitio Royalties Operating Partnership LP / Sitio Finance Corp

7.88%

11/1/2028

10,464

Six Flags Entertainment Corp / Six Flags Theme Parks Inc

6.63%

5/1/2032

46,142

Slam Ltd

5.34%

9/15/2049

241,924

SM Energy Co

7.00%

8/1/2032

40,689

SoFi Professional Loan Program 2017‐D LLC

3.61%

9/25/2040

697,000

Sonic Automotive Inc

4.63%

11/15/2029

32,552

Sonoco Products Co

4.60%

9/1/2029

57,282

Sotera Health Holdings LLC

7.38%

6/1/2031

35,717

South Bow Canadian Infrastructure Holdings Ltd

7.50%

3/1/2055

33,939

South Bow USA Infrastructure Holdings LLC

4.91%

9/1/2027

24,330

Standard Building Solutions Inc

6.50%

8/15/2032

20,573

Staples Inc

10.75%

9/1/2029

20,417

Station Casinos LLC

6.63%

3/15/2032

35,497

Storm King Park CLO LTD

6.02%

10/15/2037

509,866

STWD 2019‐FL1 Ltd

5.91%

7/15/2038

2,094

STWD 2021‐FL2 Ltd

5.69%

4/18/2038

64,921

Sun Communities Operating LP

2.70%

7/15/2031

57,210

Switch ABS Issuer LLC

6.20%

6/25/2054

250,818

(a)

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

(d) Cost

(e) Current value

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

7.38%

2/15/2029

15,480

Targa Resources Corp

5.50%

2/15/2035

27,169

Tenet Healthcare Corp

6.13%

6/15/2030

44,824

Tenet Healthcare Corp

6.25%

2/1/2027

15,391

The Campbell's Company

5.40%

3/21/2034

55,585

T‐Mobile USA Inc

5.50%

1/15/2055

54,306

T‐Mobile USA Inc

5.25%

6/15/2055

32,810

Townsquare Media Inc

6.88%

2/1/2026

25,661

Transocean Inc

8.00%

2/1/2027

13,472

Transocean Poseidon Ltd

6.88%

2/1/2027

12,389

Trident TPI Holdings Inc

12.75%

12/31/2028

71,805

Triton Container International Ltd / TAL International Container Corp

3.25%

3/15/2032

106,598

TRTX 2021‐FL4 Issuer Ltd

5.70%

3/15/2038

133,348

Truist Financial Corp

5.15%

8/5/2032

112,061

Uber Technologies Inc

4.80%

9/15/2034

111,874

UBS Commercial Mortgage Trust 2017‐C4

3.30%

10/1/2050

86,940

UBS Commercial Mortgage Trust 2018‐C14

5.21%

12/1/2051

131,586

UKG Inc

6.88%

2/1/2031

73,098

United Natural Foods Inc

6.75%

10/15/2028

100,083

UnitedHealth Group Inc

4.95%

5/15/2062

36,495

UnitedHealth Group Inc

5.05%

4/15/2053

76,592

Universal Health Services Inc

4.63%

10/15/2029

110,486

Univision Communications Inc

7.38%

6/30/2030

23,953

Upstart Pass‐Through Trust Series 2021‐ST4

2.00%

7/20/2027

24,675

US Foods Inc

5.75%

4/15/2033

59,301

Vail Resorts Inc

6.50%

5/15/2032

15,305

Vale Overseas Ltd

6.40%

6/28/2054

46,281

Venture Global LNG Inc

8.13%

6/1/2028

15,717

Venture Global LNG Inc

8.38%

6/1/2031

15,764

Venture Global LNG Inc

9.88%

2/1/2032

11,391

Verisk Analytics Inc

5.25%

6/5/2034

55,578

Veritiv Operating Co

10.50%

11/30/2030

27,182

VICI Properties LP / VICI Note Co Inc

4.63%

12/1/2029

112,648

(a)

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

(d) Cost

(e) Current value

Victra Holdings LLC / Victra Finance Corp

8.75%

9/15/2029

32,263

Videotron Ltd

5.70%

1/15/2035

57,485

Viking Cruises Ltd

9.13%

7/15/2031

33,553

Virginia Electric and Power Co

5.55%

8/15/2054

42,542

Vistra Operations Co LLC

7.75%

10/15/2031

21,327

Vistra Operations Co LLC

6.88%

4/15/2032

20,788

Vital Energy Inc

7.88%

4/15/2032

14,697

VT Topco Inc

8.50%

8/15/2030

27,313

Wand NewCo 3 Inc

7.63%

1/30/2032

15,902

WASH Multifamily Acquisition Inc

5.75%

4/15/2026

15,136

Watco Cos LLC / Watco Finance Corp

7.13%

8/1/2032

42,529

Wayfair LLC

7.25%

10/31/2029

20,374

Weatherford International Ltd

8.63%

4/30/2030

10,405

Wells Fargo & Co

4.81%

7/25/2028

42,733

Wells Fargo & Co

5.57%

7/25/2029

129,964

Wells Fargo & Co

6.85%

9/15/2173

57,073

Wells Fargo Commercial Mortgage Trust 2015‐SG1

4.05%

9/1/2048

82,940

Wells Fargo Commercial Mortgage Trust 2016‐C33

3.43%

3/1/2059

98,697

Wells Fargo Commercial Mortgage Trust 2017‐C38

0.91%

7/1/2050

38,765

Wells Fargo Commercial Mortgage Trust 2019‐C50

3.47%

5/1/2052

93,285

Wells Fargo Commercial Mortgage Trust 2020‐C57

2.12%

8/1/2053

86,304

Wells Fargo Commercial Mortgage Trust 2020‐C58

1.81%

7/1/2053

85,828

Wells Fargo Commercial Mortgage Trust 2021‐C59

1.50%

4/1/2054

55,536

Wells Fargo Commercial Mortgage Trust 2021‐C60

2.06%

8/1/2054

105,339

Westpac Banking Corp

5.62%

11/20/2035

56,411

Williams Cos Inc/The

5.15%

3/15/2034

70,146

Willis North America Inc

4.50%

9/15/2028

40,839

Wind River 2021‐3 CLO Ltd

8.23%

7/20/2033

512,647

Windstream Services LLC / Windstream Escrow Finance Corp

8.25%

10/1/2031

10,539

Workday Inc

3.80%

4/1/2032

56,114

WR Grace Holdings LLC

5.63%

8/15/2029

32,973

XPO Inc

7.13%

6/1/2031

36,238

Zimmer Biomet Holdings Inc

5.20%

9/15/2034

113,047

(a)

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

(d) Cost

(e) Current value

36,975,418

U.S. Government Issued Securities

Ginnie Mae II Pool

3.00%

11/1/2051

344,327

Ginnie Mae II Pool

2.50%

11/1/2051

253,037

Ginnie Mae II Pool

3.00%

2/1/2052

478,906

Ginnie Mae II Pool

3.00%

4/1/2052

226,050

Ginnie Mae II Pool

3.50%

7/1/2051

472,770

Government National Mortgage Association

2.00%

12/1/2050

33,005

Government National Mortgage Association

3.50%

6/1/2051

32,518

United States Treasury Note/Bond

1.25%

5/15/2050

1,356,658

United States Treasury Note/Bond

1.38%

8/15/2050

1,282,230

United States Treasury Note/Bond

1.13%

8/15/2040

351,644

United States Treasury Note/Bond

1.88%

2/15/2051

2,112,765

United States Treasury Note/Bond

1.88%

2/15/2041

1,117,715

United States Treasury Note/Bond

1.75%

8/15/2041

687,281

United States Treasury Note/Bond

4.25%

8/15/2054

1,951,925

United States Treasury Note/Bond

0.63%

5/15/2030

862,661

United States Treasury Note/Bond

0.63%

8/15/2030

3,218,023

United States Treasury Note/Bond

0.88%

11/15/2030

4,958,308

United States Treasury Note/Bond

0.75%

1/31/2028

901,831

20,641,654

Self-Directed Brokerage Account

Brokeragelink

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

319,904,990

Participant Loans

Participant loans

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

48,504,211

Total Investments (Held at End of Year)

6,411,313,822

Party-in-Interest

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

SIGNATURE

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

DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

June 17, 2025

By:

/s/ Susan Wilson

Susan Wilson

Vice President, Total Rewards

EXHIBIT INDEX


Exhibit Number						Description

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

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Date	Price Target	Rating	Analyst
4/10/2025	$205.00	Equal Weight → Overweight	Barclays
3/21/2025	$260.00	Neutral → Buy	Goldman
3/14/2025	$260.00	Hold → Buy	Stifel
2/3/2025		Outperform → Mkt Perform	Raymond James
12/23/2024		Sector Perform	Scotiabank
12/19/2024	$275.00	Buy	Guggenheim
12/13/2024	$290.00	Neutral → Buy	BofA Securities
10/31/2024	$285.00	Peer Perform → Outperform	Wolfe Research

SEC Form 11-K filed by Danaher Corporation

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Director Stevens Raymond C was granted 577 shares, increasing direct ownership by 5% to 12,361 units (SEC Form 4)

Director Spoon Alan G was granted 577 shares, increasing direct ownership by 0.48% to 121,308 units (SEC Form 4)

Director Schwieters John T was granted 577 shares, increasing direct ownership by 3% to 17,096 units (SEC Form 4)

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Danaher Schedules Second Quarter 2025 Earnings Conference Call

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