UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2023
OR
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| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 001-08089
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| 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
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| 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, 2023 AND 2022
AND FOR THE YEAR ENDED DECEMBER 31, 2023,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2023 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
INDEX
FORM 11-K
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| FINANCIAL STATEMENTS | |
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| SUPPLEMENTAL SCHEDULES | |
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Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of Danaher Corporation & Subsidiaries Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan (the Plan) as of December 31, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023 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, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023 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 delinquent participant contributions for the year ended December 31, 2023 and assets (held at end of year) as of December 31, 2023 (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 7, 2024
DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions)
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| | 2023 | | 2022 |
| ASSETS | | | |
| Investments, at fair value | $ | 5,750.4 | | | $ | 5,802.7 | |
| | | |
| Receivables: | | | |
| Employer contributions | 15.3 | | | 19.6 | |
| | | |
| Notes receivable from participants | 45.0 | | | 49.5 | |
| | | |
| Total receivables | 60.3 | | | 69.1 | |
| Total assets | 5,810.7 | | | 5,871.8 | |
| LIABILITIES | | | |
| Administrative expenses payable | 0.1 | | | — | |
| Total liabilities | 0.1 | | | — | |
| | | |
| | | |
| NET ASSETS AVAILABLE FOR BENEFITS | $ | 5,810.6 | | | $ | 5,871.8 | |
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, 2023
($ in millions)
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| ADDITIONS | |
| Contributions: | |
| Participant | $ | 299.9 | |
| Rollovers | 43.7 | |
| Employer | 199.9 | |
| Total contributions | 543.5 | |
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| Net appreciation in the fair value of investments | 883.1 | |
| Interest and dividend income | 16.9 | |
| Total investment income | 900.0 | |
| Interest income on notes receivable from participants | 3.1 | |
| Total additions | 1,446.6 | |
| DEDUCTIONS | |
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| Benefit payments | 592.5 | |
| Administrative expenses | 3.1 | |
| Total deductions | 595.6 | |
| NET INCREASE PRIOR TO PLAN TRANSFERS | 851.0 | |
| NET TRANSFERS OUT OF PLAN | (912.2) | |
| NET DECREASE IN ASSETS AVAILABLE FOR BENEFITS | (61.2) | |
| NET ASSETS AVAILABLE FOR BENEFITS: | |
| Beginning of year | 5,871.8 | |
| End of year | $ | 5,810.6 | |
See the accompanying Notes to the Financial Statements.
DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023 AND 2022 AND FOR THE YEAR ENDED DECEMBER 31, 2023
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.
Environmental & Applied Solutions Separation
On September 30, 2023, the Company completed the separation of Veralto Corporation, its former Environmental & Applied Solutions business (“Veralto” or "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 after the Veralto Separation, to the Veralto Plan. This $933.1 million of net assets transferred includes $9.4 million of outstanding loan balances.
Plan Merger
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..
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 revenue credit. The calculated revenue credit is funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
As of December 31, 2023 and 2022, unallocated non-vested accounts, including forfeited amounts, totaled $1.4 million and $0.2 million, respectively, and forfeitures used to reduce Company contributions for 2023 were $3.6 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, 2023 or 2022. 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, 2023 and 2022, 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 |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| Cash and equivalents | $ | 19.0 | | | $ | 28.4 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 19.0 | | | $ | 28.4 | |
| Common stock | 1,390.2 | | | 1,559.1 | | | — | | | — | | | — | | | — | | | 1,390.2 | | | 1,559.1 | |
| Mutual funds | 156.0 | | | 137.0 | | | — | | | — | | | — | | | — | | | 156.0 | | | 137.0 | |
| Bonds | — | | | — | | | 25.8 | | | 24.6 | | | — | | | — | | | 25.8 | | | 24.6 | |
| U.S. government issued securities | — | | | — | | | 10.0 | | | 9.8 | | | — | | | — | | | 10.0 | | | 9.8 | |
| Common/collective trusts | — | | | — | | | 3,904.4 | | | 3,826.1 | | | — | | | — | | | 3,904.4 | | | 3,826.1 | |
| Self-directed brokerage account | 245.0 | | | 217.7 | | | — | | | — | | | — | | | — | | | 245.0 | | | 217.7 | |
| Total investments, at fair value | $ | 1,810.2 | | | $ | 1,942.2 | | | $ | 3,940.2 | | | $ | 3,860.5 | | | $ | — | | | $ | — | | | 5,750.4 | | | 5,802.7 | |
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Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2023 and 2022.
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 subsequent to the 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 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, 2023 and 2022, the Plan invested in 2.1 million and 3.0 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, 2023, the Plan received $3.0 million of cash dividends on shares of Danaher Common Stock.
NOTE 6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
Notes receivable from participants in the accompanying financial statements include all loans in the plan as of the end of the year. The participant loans in the Form 5500 only include loans that are active or deemed loans with post-default payments remitted during the year. The difference between these two amounts represents a reconciling item.
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31 to the Form 5500 ($ in millions): | | | | | | | | | | | |
| | 2023 | | 2022 |
| Net assets available for benefits per the financial statements | $ | 5,810.6 | | | $ | 5,871.8 | |
| Loans with no post-default payment activity that are deemed distributions | (1.8) | | | (1.7) | |
| | | |
| Net assets available for benefits per the Form 5500 | $ | 5,808.8 | | | $ | 5,870.1 | |
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, 2023 ($ in millions):
| | | | | |
| Net increase in assets available for benefits prior to plan transfers per the financial statements | $ | 851.0 | |
| |
| |
| 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 | (0.1) | |
| Deemed distributions | (0.1) | |
| Net income per the Form 5500 | $ | 850.9 | |
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, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 |
| $ | 2,925.20 | | | — | | | $ | 2,925.20 | | | — | | | — | |
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, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| Cash Equivalents | | | | | | | | |
| * | | Fidelity® Investments Money Market Government Portfolio - Institutional Class | | 4,955,470 | | units | | ** | | $ | 4,955,470 | |
| | Brown Brothers Harriman U.S. Government Money Market Fund | | 12,409,802 | | units | | ** | | 12,409,802 | |
| * | | PIMCO Private Account Portfolio Series Short-Term Floating NAV Portfolio II | | 352,337 | | units | | ** | | 1,655,691 | |
| | | | | | | | | | $ | 19,020,963 | |
| Common/Collective Trusts | | | | | | | | |
| * | | Fidelity Managed Income Portfolio II Class 3 (at FMV) | | 311,192,418 | | units | | ** | | $ | 311,192,418 | |
| | American Beacon Small Cap Value Institutional Class | | 5,402,614 | | units | | ** | | 108,352,116 | |
| * | | Select Leaders Series 2 Portfolio | | 12,605,138 | | units | | ** | | 142,816,208 | |
| | GQG International Equity | | 5,381,956 | | units | | ** | | 81,159,898 | |
| | BlackRock Equity Index Non-Lendable Fund | | 7,592,638 | | units | | ** | | 648,960,385 | |
| | BlackRock MSCI ACW Ex-US IM Non-Lendable Fund | | 3,694,136 | | units | | ** | | 71,991,335 | |
| | BlackRock Russell 2500 Index Non-Lendable Fund | | 2,966,306 | | units | | ** | | 92,752,672 | |
| | BlackRock US Debt Index Non-Lendable Fund | | 8,255,898 | | units | | ** | | 124,408,687 | |
| | LifePath® Index 2025 Non-Lendable Fund F | | 9,059,879 | | units | | ** | | 289,009,250 | |
| | LifePath® Index 2030 Non-Lendable Fund F | | 9,590,201 | | units | | ** | | 342,047,023 | |
| | LifePath® Index 2035 Non-Lendable Fund F | | 8,900,675 | | units | | ** | | 353,280,671 | |
| | LifePath® Index 2040 Non-Lendable Fund F | | 7,185,524 | | units | | ** | | 313,089,475 | |
| | LifePath® Index 2045 Non-Lendable Fund F | | 6,069,196 | | units | | ** | | 286,398,581 | |
| | LifePath® Index 2050 Non-Lendable Fund F | | 4,745,486 | | units | | ** | | 236,652,219 | |
| | LifePath® Index 2055 Non-Lendable Fund F | | 4,725,769 | | units | | ** | | 171,322,887 | |
| | LifePath® Index 2060 Non-Lendable Fund F | | 4,124,636 | | units | | ** | | 85,282,831 | |
| | LifePath® Index 2065 Non-Lendable Fund F | | 1,785,501 | | units | | ** | | 26,405,607 | |
| | LifePath® Index Retirement Non-Lendable Fund F | | 8,842,293 | | units | | ** | | 219,254,563 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | $ | 3,904,376,826 | |
| Registered Investment Companies (Mutual Funds) | | | | | | | | |
| | Dodge & Cox International Stock Fund | | 1,644,658 | | shares | | ** | | $ | 80,851,375 | |
| * | | PIMCO All Asset Fund Institutional Class | | 914,284 | | shares | | ** | | 10,066,269 | |
| * | | PIMCO Inflation Response Multi-Asset Fund Institutional | | 1,265,887 | | shares | | ** | | 10,152,411 | |
| * | | DoubleLine Floating Rate Fund Institutional | | 226,176 | | units | | ** | | 2,042,371 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| * | | DoubleLine Global Fund Institutional | | 89,934 | | units | | ** | | 774,332 | |
| * | | DoubleLine Infrastructure Income Fund Institutional | | 240,112 | | units | | ** | | 2,223,433 | |
| * | | DoubleLine Selective Credit Fund Institutional | | 724,986 | | units | | ** | | 5,335,894 | |
| * | | PIMCO Private Account Portfolio Series U.S. Government and Short-Term Inv | | 1,439,513 | | units | | ** | | 9,342,441 | |
| * | | PIMCO Private Account Portfolio Series Mortgage and Short-Term Investments | | 851,958 | | units | | ** | | 6,934,936 | |
| * | | PIMCO Private Account Portfolio Series Municipal Sector | | 96,156 | | units | | ** | | 594,247 | |
| * | | PIMCO Private Account Portfolio Series Real Return Bond | | 154,982 | | units | | ** | | 1,855,129 | |
| * | | PIMCO Private Account Portfolio Series Emerging Markets Bond and Short-Term | | 240,880 | | units | | ** | | 2,134,196 | |
| * | | PIMCO Private Account Portfolio Series International | | 502,977 | | units | | ** | | 3,103,368 | |
| * | | PIMCO Private Account Portfolio Series High Yield & Short-Term Investments | | 75,844 | | units | | ** | | 536,215 | |
| * | | PIMCO Private Account Portfolio Series Investment Grade Credit Bond | | 1,390,611 | | units | | ** | | 12,306,909 | |
| * | | PIMCO Private Account Portfolio Series Asset-Backed Securities and Short-Term | | 670,716 | | units | | ** | | 7,713,230 | |
| | | | | | | | | | |
| | | | | | | | | | $ | 155,966,756 | |
| Common Stock | | | | | | | | |
| | Aaon Inc | | 42,689 | | shares | | ** | | $ | 3,153,806 | |
| | Advanced Micro Devices | | 30,716 | | shares | | ** | | 4,527,846 | |
| | Adyen Bv | | 1,149 | | shares | | ** | | 1,480,705 | |
| | Agilysys Inc | | 16,233 | | shares | | ** | | 1,376,798 | |
| | Air Prods & Chems Inc | | 12,326 | | shares | | ** | | 3,374,859 | |
| | Alarm Holdings Inc | | 33,390 | | shares | | ** | | 2,157,468 | |
| | Align Technology Inc | | 1,531 | | shares | | ** | | 419,494 | |
| | Allegiant Travel Co | | 6,499 | | shares | | ** | | 536,882 | |
| | Alphabet Inc Cl A | | 66,882 | | shares | | ** | | 9,342,747 | |
| | Alphabet Inc Cl C | | 299,617 | | shares | | ** | | 42,225,024 | |
| | Altria Group Inc | | 48,497 | | shares | | ** | | 1,956,167 | |
| | Amazon.Com Inc | | 345,484 | | shares | | ** | | 52,492,839 | |
| | Ant Group Buyback Balance Prom Note Pp | | 449,137 | | shares | | ** | | 439,795 | |
| | Apple Inc | | 30,494 | | shares | | ** | | 5,871,202 | |
| | Apple Inc | | 338,273 | | shares | | ** | | 65,127,701 | |
| | ASML Holding NV NY | | 9,917 | | shares | | ** | | 7,506,376 | |
| | Astrazeneca Plc-Spons Adr | | 23,084 | | shares | | ** | | 1,554,707 | |
| | Atlassian Corp-Cl A | | 10,394 | | shares | | ** | | 2,472,317 | |
| | Axos Financial Inc | | 18,889 | | shares | | ** | | 1,031,449 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Azenta Inc | | 13,236 | | shares | | ** | | 862,193 | |
| | Balchem Corp | | 19,396 | | shares | | ** | | 2,885,304 | |
| | Barnes Group Inc | | 17,143 | | shares | | ** | | 559,441 | |
| | Berkshire Hathaway Inc De | | 11,784 | | shares | | ** | | 4,202,881 | |
| | Bill Holdings Inc | | 17,166 | | shares | | ** | | 1,400,574 | |
| | Biolife Solutions Inc New | | 21,528 | | shares | | ** | | 349,846 | |
| | Bio-Techne Corp | | 26,355 | | shares | | ** | | 2,033,397 | |
| | Blackbaud Inc | | 27,573 | | shares | | ** | | 2,390,579 | |
| | Blackline Inc | | 22,074 | | shares | | ** | | 1,378,425 | |
| | Blackrock Inc | | 5,255 | | shares | | ** | | 4,266,009 | |
| | Booking Holdings Inc | | 1,715 | | shares | | ** | | 6,083,482 | |
| | Bright Horizons Fam Sol In Del | | 15,309 | | shares | | ** | | 1,442,814 | |
| | Carvana Co | | 32,990 | | shares | | ** | | 1,746,491 | |
| | Carvana Co 144A 20230901 12% 20281201 | | 328,216 | | shares | | ** | | 295,394 | |
| | Carvana Co 144A 20230901 13% 20300601 | | 492,755 | | shares | | ** | | 435,267 | |
| | Carvana Co 144A 20230901 14% 20310601 | | 583,209 | | shares | | ** | | 525,860 | |
| | Casella Waste Systems Inc Cl A | | 25,341 | | shares | | ** | | 2,165,642 | |
| | Certara Inc | | 97,734 | | shares | | ** | | 1,718,912 | |
| | Chevron Corp New | | 19,726 | | shares | | ** | | 2,942,330 | |
| | Chipotle Mexican Grill Inc | | 2,650 | | shares | | ** | | 6,060,444 | |
| | Chubb Ltd | | 29,149 | | shares | | ** | | 6,587,674 | |
| | Cincinnati Finl Corp | | 18,674 | | shares | | ** | | 1,932,012 | |
| | Cintas Corp | | 2,162 | | shares | | ** | | 1,302,951 | |
| | Cisco Sys Inc | | 54,709 | | shares | | ** | | 2,763,747 | |
| | Colgate-Palmolive Co | | 19,900 | | shares | | ** | | 1,586,229 | |
| | Comcast Corp New | | 47,841 | | shares | | ** | | 2,097,916 | |
| | Confluent Inc-Class A | | 31,441 | | shares | | ** | | 735,719 | |
| | Constellation Energy | | 28,261 | | shares | | ** | | 3,303,428 | |
| | Construction Partners Inc Cl A | | 81,682 | | shares | | ** | | 3,555,062 | |
| | Crowdstrike Holdings Inc - A | | 5,470 | | shares | | ** | | 1,396,600 | |
| | Crown Castle Inc | | 21,626 | | shares | | ** | | 2,491,099 | |
| * | | Danaher Corporation | | 2,130,211 | | shares | | ** | | 492,803,013 | |
| | Databricks Ser G Cvt Pfd Stck Pp 19700101 0% 20240102 | | 4,545 | | shares | | ** | | 334,058 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Datadog Inc - Class A | | 11,252 | | shares | | ** | | 1,365,768 | |
| | Descartes Systems Group Inc | | 37,403 | | shares | | ** | | 3,144,348 | |
| | Diageo Plc | | 17,682 | | shares | | ** | | 2,575,560 | |
| | Digi International Inc | | 36,641 | | shares | | ** | | 952,796 | |
| | Dollar General Corp | | 30,655 | | shares | | ** | | 4,167,547 | |
| | Dominion Energy Inc | | 43,247 | | shares | | ** | | 2,032,609 | |
| | Donaldson Inc | | 18,780 | | shares | | ** | | 1,227,404 | |
| | Doordash Inc - A | | 16,435 | | shares | | ** | | 1,625,257 | |
| | Dorman Prods Inc | | 15,299 | | shares | | ** | | 1,276,173 | |
| | Doubleverify Holdings Inc | | 49,324 | | shares | | ** | | 1,814,100 | |
| | Elevance Health Inc | | 5,888 | | shares | | ** | | 2,776,545 | |
| | Eli Lilly & Co | | 32,535 | | shares | | ** | | 18,965,302 | |
| | Envestnet Inc | | 28,099 | | shares | | ** | | 1,391,462 | |
| | Eplus Inc | | 40,172 | | shares | | ** | | 3,207,492 | |
| | Esco Technologies Inc | | 22,621 | | shares | | ** | | 2,647,453 | |
| | Exlservice Holdings Inc | | 107,139 | | shares | | ** | | 3,304,282 | |
| | Exponent Inc | | 39,476 | | shares | | ** | | 3,475,467 | |
| | Fair Isaac Corp | | 2,485 | | shares | | ** | | 2,892,565 | |
| | Fastenal Co | | 47,750 | | shares | | ** | | 3,093,091 | |
| | Fidelity Natl Information | | 47,369 | | shares | | ** | | 2,845,576 | |
| | Fiserv Inc | | 10,682 | | shares | | ** | | 1,418,997 | |
| | Fortinet Inc | | 8,454 | | shares | | ** | | 494,813 | |
| | Fox Factory Holding Corp | | 29,360 | | shares | | ** | | 1,981,145 | |
| | General Electric Co | | 26,679 | | shares | | ** | | 3,405,041 | |
| | Globus Med Inc Cl A | | 36,936 | | shares | | ** | | 1,968,479 | |
| | Goldman Sachs Group Inc | | 4,653 | | shares | | ** | | 1,794,988 | |
| | Grocery Outlet Holding Corp | | 36,300 | | shares | | ** | | 978,675 | |
| | Healthequity Inc | | 21,144 | | shares | | ** | | 1,401,847 | |
| | Humana Inc | | 8,368 | | shares | | ** | | 3,830,954 | |
| | I3 Verticals Inc Cl A | | 48,252 | | shares | | ** | | 1,021,474 | |
| | Intuit Inc | | 12,346 | | shares | | ** | | 7,716,620 | |
| | Intuitive Surgical Inc | | 28,555 | | shares | | ** | | 9,633,315 | |
| | J & J Snack Foods Corp | | 13,295 | | shares | | ** | | 2,222,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Johnson & Johnson | | 23,423 | | shares | | ** | | 3,671,321 | |
| | Kinsale Cap Group Inc | | 10,716 | | shares | | ** | | 3,588,896 | |
| | Lam Research Corp | | 1,350 | | shares | | ** | | 1,057,401 | |
| | Lemaitre Vascular Inc | | 23,359 | | shares | | ** | | 1,325,687 | |
| | Linde Plc | | 7,494 | | shares | | ** | | 3,077,861 | |
| | Lowes Cos Inc | | 17,460 | | shares | | ** | | 3,885,723 | |
| | Lululemon Athletica Inc | | 6,647 | | shares | | ** | | 3,398,545 | |
| | Marsh & Mclennan Cos | | 21,027 | | shares | | ** | | 3,983,986 | |
| | Marten Transport Ltd | | 86,098 | | shares | | ** | | 1,806,861 | |
| | Mastercard Inc - A | | 39,469 | | shares | | ** | | 16,833,923 | |
| | Merck & Co Inc | | 32,374 | | shares | | ** | | 3,529,632 | |
| | Mesa Laboratories Inc | | 5,090 | | shares | | ** | | 533,279 | |
| | Meta Platforms Inc-Class A | | 102,634 | | shares | | ** | | 36,328,331 | |
| | Microsoft Corp | | 11,529 | | shares | | ** | | 4,335,365 | |
| | Microsoft Corp | | 240,364 | | shares | | ** | | 90,386,479 | |
| | Mondelez International Inc | | 24,638 | | shares | | ** | | 1,784,530 | |
| | Mongodb Inc | | 8,986 | | shares | | ** | | 3,673,926 | |
| | Monolithic Power Systems Inc | | 6,070 | | shares | | ** | | 3,828,835 | |
| | Morgan Stanley | | 33,511 | | shares | | ** | | 3,124,901 | |
| | MSCI Inc | | 1,224 | | shares | | ** | | 692,356 | |
| | Neogen Corp | | 55,862 | | shares | | ** | | 1,123,365 | |
| | Nestle S A | | 18,197 | | shares | | ** | | 2,104,119 | |
| | Netflix Inc | | 19,652 | | shares | | ** | | 9,568,166 | |
| | Nike Inc -Cl B | | 17,215 | | shares | | ** | | 1,869,033 | |
| | Nintendo Ltd | | 171,678 | | shares | | ** | | 2,230,058 | |
| | Norfolk Southn Corp | | 17,432 | | shares | | ** | | 4,120,576 | |
| | Northrop Grumman Corp | | 6,344 | | shares | | ** | | 2,969,880 | |
| | Novanta Inc | | 19,985 | | shares | | ** | | 3,365,674 | |
| | NV5 Global Inc | | 11,678 | | shares | | ** | | 1,297,659 | |
| | Nvidia Corp | | 81,454 | | shares | | ** | | 40,337,650 | |
| | Old Dominion Freight Line | | 6,250 | | shares | | ** | | 2,533,313 | |
| | Ollies Bargain Outlet Holdings In | | 26,313 | | shares | | ** | | 1,996,894 | |
| | Omnicell | | 25,617 | | shares | | ** | | 964,043 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Onto Innovation Inc | | 29,796 | | shares | | ** | | 4,555,808 | |
| | Palomar Holdings Inc | | 9,029 | | shares | | ** | | 501,109 | |
| | Paychex Inc | | 24,187 | | shares | | ** | | 2,881,033 | |
| | Perficient Inc | | 24,926 | | shares | | ** | | 1,640,498 | |
| | Philip Morris Intl Inc | | 40,960 | | shares | | ** | | 3,853,705 | |
| | Procter & Gamble Co/The | | 10,300 | | shares | | ** | | 1,509,362 | |
| | Progressive Corp | | 19,805 | | shares | | ** | | 3,154,540 | |
| | RBC Bearings Inc | | 14,893 | | shares | | ** | | 4,242,867 | |
| | Roper Technologies Inc | | 8,790 | | shares | | ** | | 4,792,044 | |
| | Ross Stores Inc | | 29,692 | | shares | | ** | | 4,109,076 | |
| | S&P Global Inc | | 8,021 | | shares | | ** | | 3,533,411 | |
| | Schlumberger Ltd | | 40,874 | | shares | | ** | | 2,127,083 | |
| | Schwab (Charles) Corp | | 35,728 | | shares | | ** | | 2,458,086 | |
| | Schwab Charles Corp | | 52,307 | | shares | | ** | | 3,598,928 | |
| | Sea Ltd Adr | | 27,780 | | shares | | ** | | 1,125,090 | |
| | Servicenow Inc | | 22,111 | | shares | | ** | | 15,621,200 | |
| | Sherwin-Williams Co/The | | 9,608 | | shares | | ** | | 2,996,735 | |
| | Shopify Inc - Class A | | 54,386 | | shares | | ** | | 4,236,669 | |
| | Siteone Landscape Supply Inc | | 14,526 | | shares | | ** | | 2,360,475 | |
| | Snowflake Inc | | 7,292 | | shares | | ** | | 1,451,108 | |
| | SPS Commerce Inc | | 11,847 | | shares | | ** | | 2,296,422 | |
| | SPX Technologies Inc | | 12,094 | | shares | | ** | | 1,221,716 | |
| | Staar Surgical Co | | 24,527 | | shares | | ** | | 765,488 | |
| | Starbucks Corp | | 34,830 | | shares | | ** | | 3,344,220 | |
| | Stryker Corp | | 12,054 | | shares | | ** | | 3,609,691 | |
| | Synopsys Inc | | 15,222 | | shares | | ** | | 7,837,960 | |
| | Taiwan Semiconductor-Sp Adr | | 20,563 | | shares | | ** | | 2,138,552 | |
| | TE Connectivity Ltd | | 7,620 | | shares | | ** | | 1,070,610 | |
| | Teleflex Inc | | 3,390 | | shares | | ** | | 845,263 | |
| | Tesla Inc | | 64,542 | | shares | | ** | | 16,037,396 | |
| | Texas Instrs Inc | | 24,674 | | shares | | ** | | 4,206,101 | |
| | Texas Instruments Inc | | 8,274 | | shares | | ** | | 1,410,386 | |
| | Texas Roadhouse Inc | | 24,794 | | shares | | ** | | 3,030,693 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Thermo Fisher Scientific Inc | | 14,365 | | shares | | ** | | 7,624,798 | |
| | TJX Companies Inc | | 31,218 | | shares | | ** | | 2,928,561 | |
| | T-Mobile Us Inc | | 40,699 | | shares | | ** | | 6,525,271 | |
| | Transdigm Group Inc | | 1,637 | | shares | | ** | | 1,655,989 | |
| | Trex Co Inc | | 33,600 | | shares | | ** | | 2,782,075 | |
| | Tyler Technologies Inc | | 3,641 | | shares | | ** | | 1,522,375 | |
| | UFP Technologies Inc | | 2,123 | | shares | | ** | | 365,241 | |
| | United Parcel Service Inc | | 18,915 | | shares | | ** | | 2,974,005 | |
| | Unitedhealth Group Inc | | 39,610 | | shares | | ** | | 20,853,477 | |
| | Veeva Systems Inc Cl A | | 7,430 | | shares | | ** | | 1,430,424 | |
| | Veralto Corporation | | 670,034 | | shares | | ** | | 55,116,997 | |
| | Vericel Corp | | 13,048 | | shares | | ** | | 464,568 | |
| | Verizon Communications In | | 46,553 | | shares | | ** | | 1,755,124 | |
| | Visa Inc-Class A Shares | | 80,270 | | shares | | ** | | 20,898,295 | |
| | WD 40 Co | | 5,656 | | shares | | ** | | 1,352,180 | |
| | Zoetis Inc | | 19,068 | | shares | | ** | | 3,763,451 | |
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| | | | | | | | | | $ | 1,390,236,670 | |
| Bonds | | | | | | | | |
| | AbbVie Inc | | 4.70% | | 5/14/2045 | | ** | | $ | 148,608 | |
| | ACHV ABS TRUST 2023‐3PL | | 7.17% | | 8/19/2030 | | ** | | 250,842 | |
| | AdaptHealth LLC | | 5.13% | | 3/1/2030 | | ** | | 15,969 | |
| | Advanced Drainage Systems Inc | | 6.38% | | 6/15/2030 | | ** | | 57,064 | |
| | AEP Transmission Co LLC | | 5.40% | | 3/15/2053 | | ** | | 31,709 | |
| | Aethon United BR LP / Aethon United Finance Corp | | 8.25% | | 2/15/2026 | | ** | | 15,558 | |
| | Air Lease Corp | | 1.88% | | 8/15/2026 | | ** | | 64,921 | |
| | Alexandria Real Estate Equities Inc | | 3.00% | | 5/18/2051 | | ** | | 79,613 | |
| | Alliant Holdings Intermediate LLC / Alliant Holdings Co‐Issuer | | 6.75% | | 10/15/2027 | | ** | | 25,294 | |
| | Allied Universal Holdco LLC / Allied Universal Finance Corp | | 6.63% | | 7/15/2026 | | ** | | 30,787 | |
| | Allied Universal Holdco LLC / Allied Universal Finance Corp | | 9.75% | | 7/15/2027 | | ** | | 20,520 | |
| | American Airlines Inc | | 8.50% | | 5/15/2029 | | ** | | 26,575 | |
| | American Airlines Inc/AAdvantage Loyalty IP Ltd | | 5.75% | | 4/20/2029 | | ** | | 49,362 | |
| | American Express Co | | 5.85% | | 11/5/2027 | | ** | | 73,664 | |
| | American Tower Corp | | 5.55% | | 7/15/2033 | | ** | | 74,806 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Amgen Inc | | 5.25% | | 3/2/2030 | | ** | | 36,604 | |
| | AmWINS Group Inc | | 4.88% | | 6/30/2029 | | ** | | 18,781 | |
| | Antero Midstream Partners LP / Antero Midstream Finance Corp | | 5.75% | | 3/1/2027 | | ** | | 18,217 | |
| | Arivo Acceptance Auto Loan Receivables Trust 2021‐1 | | 2.02% | | 2/16/2027 | | ** | | 287,375 | |
| | AT&T Inc | | 3.50% | | 9/15/2053 | | ** | | 76,631 | |
| | AthenaHealth Group Inc | | 6.50% | | 2/15/2030 | | ** | | 18,661 | |
| | Athene Global Funding | | 5.92% | | 8/19/2024 | | ** | | 70,222 | |
| | Athene Holding Ltd | | 5.88% | | 1/15/2034 | | ** | | 76,003 | |
| | Avolon Holdings Funding Ltd | | 3.25% | | 2/15/2027 | | ** | | 126,620 | |
| | BANK 2017‐BNK6 | | 0.77% | | 7/1/2060 | | ** | | 59,914 | |
| | BANK 2019‐BNK20 | | 0.81% | | 9/1/2062 | | ** | | 81,694 | |
| | BANK 2022‐BNK39 | | 3.18% | | 2/1/2055 | | ** | | 82,868 | |
| | Bank of America Corp | | 2.48% | | 9/21/2036 | | ** | | 119,918 | |
| | Bank of Montreal | | 3.80% | | 12/15/2032 | | ** | | 73,809 | |
| | Bank of Nova Scotia/The | | 3.45% | | 4/11/2025 | | ** | | 143,090 | |
| | Barings CLO Ltd 2017‐I | | 9.26% | | 7/18/2029 | | ** | | 510,639 | |
| | Bausch & Lomb Escrow Corp | | 8.38% | | 10/1/2028 | | ** | | 48,492 | |
| | Bausch Health Cos Inc | | 6.13% | | 2/1/2027 | | ** | | 14,032 | |
| | BBCMS Mortgage Trust 2021‐C12 | | 2.69% | | 11/1/2054 | | ** | | 85,362 | |
| | BBCMS Mortgage Trust 2021‐C9 | | 2.30% | | 2/1/2054 | | ** | | 84,191 | |
| | BBCMS Mortgage Trust 2022‐C16 | | 4.60% | | 6/1/2055 | | ** | | 97,769 | |
| | BC Ltd | | 9.00% | | 1/30/2028 | | ** | | 3,041 | |
| | BCPE Empire Holdings Inc | | 7.63% | | 5/1/2027 | | ** | | 39,120 | |
| | Becton Dickinson & Co | | 4.69% | | 2/13/2028 | | ** | | 66,484 | |
| | Benchmark 2020‐B19 Mortgage Trust | | 1.69% | | 9/1/2053 | | ** | | 91,769 | |
| | Benchmark 2020‐B19 Mortgage Trust | | 2.15% | | 9/1/2053 | | ** | | 75,072 | |
| | Benchmark 2021‐B31 Mortgage Trust | | 2.67% | | 12/1/2054 | | ** | | 84,532 | |
| | Benchmark 2022‐B32 Mortgage Trust | | 3.41% | | 1/1/2055 | | ** | | 80,095 | |
| | BHP Billiton Finance USA Ltd | | 5.25% | | 9/8/2030 | | ** | | 73,715 | |
| | Boeing Co/The | | 2.95% | | 2/1/2030 | | ** | | 73,115 | |
| | Bombardier Inc | | 7.88% | | 4/15/2027 | | ** | | 40,710 | |
| | Bombardier Inc | | 8.75% | | 11/15/2030 | | ** | | 26,916 | |
| | BP Capital Markets America Inc | | 4.89% | | 9/11/2033 | | ** | | 77,467 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Broadcom Inc | | 3.50% | | 2/15/2041 | | ** | | 153,289 | |
| | Builders FirstSource Inc | | 6.38% | | 6/15/2032 | | ** | | 35,877 | |
| | Caesars Entertainment Inc | | 4.63% | | 10/15/2029 | | ** | | 18,260 | |
| | Callon Petroleum Co | | 7.50% | | 6/15/2030 | | ** | | 35,452 | |
| | Carnival Corp | | 5.75% | | 3/1/2027 | | ** | | 64,698 | |
| | Carrier Global Corp | | 6.20% | | 3/15/2054 | | ** | | 5,813 | |
| | CCO Holdings LLC / CCO Holdings Capital Corp | | 4.25% | | 1/15/2034 | | ** | | 16,671 | |
| | CCO Holdings LLC / CCO Holdings Capital Corp | | 4.75% | | 2/1/2032 | | ** | | 36,116 | |
| | Centene Corp | | 2.50% | | 3/1/2031 | | ** | | 75,857 | |
| | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc | | 8.00% | | 6/15/2029 | | ** | | 26,202 | |
| | Charter Communications Operating LLC / Charter Communications Operating Capital | | 4.91% | | 7/23/2025 | | ** | | 146,827 | |
| | Cheniere Energy Inc | | 4.63% | | 10/15/2028 | | ** | | 73,994 | |
| | Chesapeake Energy Corp | | 5.88% | | 2/1/2029 | | ** | | 30,166 | |
| | CHS/Community Health Systems Inc | | 6.00% | | 1/15/2029 | | ** | | 23,223 | |
| | Citigroup Commercial Mortgage Trust 2020‐555 | | 3.50% | | 12/1/2041 | | ** | | 76,162 | |
| | Citigroup Commercial Mortgage Trust 2022‐GC48 | | 4.58% | | 5/1/2054 | | ** | | 98,052 | |
| | Citigroup Inc | | 3.06% | | 1/25/2033 | | ** | | 112,680 | |
| | Civitas Resources Inc | | 8.38% | | 7/1/2028 | | ** | | 38,064 | |
| | Clarivate Science Holdings Corp | | 4.88% | | 7/1/2029 | | ** | | 24,097 | |
| | CNX Resources Corp | | 6.00% | | 1/15/2029 | | ** | | 34,562 | |
| | Comcast Corp | | 3.40% | | 4/1/2030 | | ** | | 75,590 | |
| | COMM 2014‐LC17 Mortgage Trust | | 4.19% | | 10/1/2047 | | ** | | 146,422 | |
| | COMM 2015‐LC21 Mortgage Trust | | 0.63% | | 7/1/2048 | | ** | | 23,795 | |
| | CommScope Inc | | 4.75% | | 9/1/2029 | | ** | | 13,764 | |
| | Constellation Brands Inc | | 3.15% | | 8/1/2029 | | ** | | 75,463 | |
| | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC | | 6.63% | | 7/15/2030 | | ** | | 58,105 | |
| | Crown Castle Inc | | 3.65% | | 9/1/2027 | | ** | | 72,282 | |
| | CSAIL 2017‐CX9 Commercial Mortgage Trust | | 0.61% | | 9/1/2050 | | ** | | 32,848 | |
| | CSMC 2021‐B33 | | 3.64% | | 10/1/2043 | | ** | | 80,289 | |
| | CSX Corp | | 3.80% | | 11/1/2046 | | ** | | 79,670 | |
| | CVS Health Corp | | 5.13% | | 2/21/2030 | | ** | | 20,692 | |
| | CVS Health Corp | | 5.30% | | 6/1/2033 | | ** | | 72,174 | |
| | Diamond Infrastructure Funding LLC | | 2.36% | | 4/15/2049 | | ** | | 438,742 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Directv Financing LLC / Directv Financing Co‐Obligor Inc | | 5.88% | | 8/15/2027 | | ** | | 19,252 | |
| | DISH DBS Corp | | 5.75% | | 12/1/2028 | | ** | | 20,107 | |
| | Dollar Tree Inc | | 4.00% | | 5/15/2025 | | ** | | 143,213 | |
| | Duke Energy Carolinas LLC | | 3.55% | | 3/15/2052 | | ** | | 23,353 | |
| | Duke Energy Corp | | 5.00% | | 8/15/2052 | | ** | | 23,866 | |
| | Elevance Health Inc | | 2.38% | | 1/15/2025 | | ** | | 63,865 | |
| | Elevance Health Inc | | 4.55% | | 5/15/2052 | | ** | | 22,985 | |
| | Energy Transfer LP | | 4.75% | | 1/15/2026 | | ** | | 71,110 | |
| | EQM Midstream Partners LP | | 4.75% | | 1/15/2031 | | ** | | 23,847 | |
| | Equinix Inc | | 2.95% | | 9/15/2051 | | ** | | 47,456 | |
| | Equinix Inc | | 3.90% | | 4/15/2032 | | ** | | 37,493 | |
| | Essential Utilities Inc | | 2.70% | | 4/15/2030 | | ** | | 74,845 | |
| | Exelon Corp | | 5.15% | | 3/15/2028 | | ** | | 46,457 | |
| | Expedia Group Inc | | 5.00% | | 2/15/2026 | | ** | | 71,283 | |
| | Expedia Group Inc | | 3.25% | | 2/15/2030 | | ** | | 74,369 | |
| | Fannie Mae Pool | | 3.00% | | 7/1/2043 | | ** | | 262,224 | |
| | Fannie Mae Pool | | 2.50% | | 8/1/2051 | | ** | | 365,349 | |
| | Fannie Mae Pool | | 2.46% | | 4/1/2032 | | ** | | 249,519 | |
| | Fannie Mae Pool | | 3.00% | | 11/1/2051 | | ** | | 190,534 | |
| | Fannie Mae Pool | | 3.50% | | 3/1/2052 | | ** | | 345,217 | |
| | Fannie Mae Pool | | 6.00% | | 5/1/2053 | | ** | | 169,666 | |
| | Fannie Mae Pool | | 6.00% | | 10/1/2053 | | ** | | 264,141 | |
| | Fannie Mae Pool | | 4.00% | | 6/1/2049 | | ** | | 192,109 | |
| | Fannie Mae Pool | | 4.00% | | 5/1/2049 | | ** | | 216,093 | |
| | Fannie Mae Pool | | 2.50% | | 12/1/2051 | | ** | | 262,996 | |
| | Fannie Mae Pool | | 3.00% | | 12/1/2048 | | ** | | 259,783 | |
| | Fannie Mae Pool | | 2.50% | | 3/1/2052 | | ** | | 314,669 | |
| | Fannie Mae Pool | | 2.50% | | 4/1/2052 | | ** | | 315,365 | |
| | Fannie Mae Pool | | 5.00% | | 7/1/2052 | | ** | | 198,857 | |
| | Fannie Mae REMICS | | 5.95% | | 9/25/2042 | | ** | | 539,716 | |
| | Fannie Mae REMICS | | 1.50% | | 10/1/2027 | | ** | | 31,282 | |
| | Fannie Mae REMICS | | —% | | 4/1/2048 | | ** | | 119,788 | |
| | Fannie Mae REMICS | | —% | | 8/25/2051 | | ** | | 7,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Fannie Mae REMICS | | 2.50% | | 12/1/2051 | | ** | | 828,526 | |
| | Fannie Mae REMICS | | 2.50% | | 12/1/2051 | | ** | | 619,526 | |
| | Fannie Mae REMICS | | 2.00% | | 8/1/2050 | | ** | | 522,765 | |
| | Ferrellgas LP / Ferrellgas Finance Corp | | 5.38% | | 4/1/2026 | | ** | | 19,861 | |
| | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | | 6.75% | | 1/15/2030 | | ** | | 18,205 | |
| | Ford Motor Co | | 3.25% | | 2/12/2032 | | ** | | 38,010 | |
| | Fortrea Holdings Inc | | 7.50% | | 7/1/2030 | | ** | | 15,998 | |
| | Fortress Transportation and Infrastructure Investors LLC | | 7.88% | | 12/1/2030 | | ** | | 31,544 | |
| | Freddie Mac Gold Pool | | 4.00% | | 10/1/2048 | | ** | | 32,659 | |
| | Freddie Mac Pool | | 3.00% | | 3/1/2052 | | ** | | 391,044 | |
| | Freddie Mac Pool | | 5.00% | | 5/1/2053 | | ** | | 559,453 | |
| | Freddie Mac Pool | | 2.00% | | 4/1/2051 | | ** | | 161,582 | |
| | Freddie Mac Pool | | 5.00% | | 6/1/2053 | | ** | | 339,385 | |
| | Freddie Mac Pool | | 4.50% | | 9/1/2052 | | ** | | 405,279 | |
| | Freddie Mac Pool | | 2.00% | | 2/1/2052 | | ** | | 345,093 | |
| | Freddie Mac Pool | | 5.50% | | 9/1/2053 | | ** | | 450,448 | |
| | Frontier Communications Holdings LLC | | 5.00% | | 5/1/2028 | | ** | | 23,336 | |
| | Garda World Security Corp | | 6.00% | | 6/1/2029 | | ** | | 36,098 | |
| | General Motors Financial Co Inc | | 2.40% | | 10/15/2028 | | ** | | 75,959 | |
| | GFL Environmental Inc | | 6.75% | | 1/15/2031 | | ** | | 10,362 | |
| | Gilbert Park CLO Ltd | | 8.61% | | 10/15/2030 | | ** | | 498,505 | |
| | Gilead Sciences Inc | | 5.55% | | 10/15/2053 | | ** | | 22,018 | |
| | Glencore Funding LLC | | 1.63% | | 4/27/2026 | | ** | | 41,864 | |
| | Global Aircraft Leasing Co Ltd | | 6.50% | | 9/15/2024 | | ** | | 56,604 | |
| | Goldman Sachs Group Inc/The | | 6.17% | | 9/10/2027 | | ** | | 142,746 | |
| | Goodyear Tire & Rubber Co/The | | 5.25% | | 7/15/2031 | | ** | | 23,319 | |
| | Griffon Corp | | 5.75% | | 3/1/2028 | | ** | | 35,103 | |
| | GTCR AP Finance Inc | | 8.00% | | 5/15/2027 | | ** | | 25,543 | |
| | HCA Inc | | 4.13% | | 6/15/2029 | | ** | | 71,896 | |
| | Hess Midstream Operations LP | | 4.25% | | 2/15/2030 | | ** | | 23,430 | |
| | Hilcorp Energy I LP / Hilcorp Finance Co | | 5.75% | | 2/1/2029 | | ** | | 24,769 | |
| | Hilcorp Energy I LP / Hilcorp Finance Co | | 8.38% | | 11/1/2033 | | ** | | 5,367 | |
| | Host Hotels & Resorts LP | | 3.50% | | 9/15/2030 | | ** | | 76,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | HUB International Ltd | | 7.25% | | 6/15/2030 | | ** | | 15,902 | |
| | Hyundai Capital America | | 5.68% | | 6/26/2028 | | ** | | 56,143 | |
| | Illuminate Buyer LLC / Illuminate Holdings IV Inc | | 9.00% | | 7/1/2028 | | ** | | 30,072 | |
| | Intuit Inc | | 5.50% | | 9/15/2053 | | ** | | 77,757 | |
| | Invitation Homes Operating Partnership LP | | 2.70% | | 1/15/2034 | | ** | | 77,628 | |
| | IQVIA Inc | | 6.25% | | 2/1/2029 | | ** | | 52,546 | |
| | Iron Mountain Inc | | 4.50% | | 2/15/2031 | | ** | | 18,491 | |
| | Iron Mountain Inc | | 7.00% | | 2/15/2029 | | ** | | 37,536 | |
| | John Deere Capital Corp | | 4.70% | | 6/10/2030 | | ** | | 71,367 | |
| | JP Morgan Chase Commercial Mortgage Securities Trust 2011‐C3 | | 5.53% | | 2/1/2046 | | ** | | 61,517 | |
| | JP Morgan Chase Commercial Mortgage Securities Trust 2013‐LC11 | | 3.22% | | 4/1/2046 | | ** | | 60,811 | |
| | JPMBB Commercial Mortgage Securities Trust 2015‐C27 | | 3.90% | | 2/1/2048 | | ** | | 92,519 | |
| | JPMBB Commercial Mortgage Securities Trust 2015‐C28 | | 3.53% | | 10/1/2048 | | ** | | 95,830 | |
| | JPMorgan Chase & Co | | 2.96% | | 1/25/2033 | | ** | | 147,921 | |
| | JPMorgan Chase & Co | | 4.85% | | 7/25/2028 | | ** | | 35,763 | |
| | Kinder Morgan Energy Partners LP | | 6.95% | | 1/15/2038 | | ** | | 73,539 | |
| | LCCM 2017‐LC26 | | 4.71% | | 7/3/2050 | | ** | | 162,145 | |
| | Legacy LifePoint Health LLC | | 4.38% | | 2/15/2027 | | ** | | 18,817 | |
| | Level 3 Financing Inc | | 10.50% | | 5/15/2030 | | ** | | 24,601 | |
| | Light & Wonder International Inc | | 7.25% | | 11/15/2029 | | ** | | 15,512 | |
| | Lowe's Cos Inc | | 5.63% | | 4/15/2053 | | ** | | 21,224 | |
| | Macquarie Group Ltd | | 5.11% | | 8/9/2026 | | ** | | 86,406 | |
| | Madison IAQ LLC | | 4.13% | | 6/30/2028 | | ** | | 18,618 | |
| | Marriott International Inc/MD | | 3.13% | | 6/15/2026 | | ** | | 72,208 | |
| | Marvell Technology Inc | | 5.95% | | 9/15/2033 | | ** | | 75,474 | |
| | Mattamy Group Corp | | 4.63% | | 3/1/2030 | | ** | | 37,729 | |
| | McDonald's Corp | | 3.60% | | 7/1/2030 | | ** | | 38,682 | |
| | McGraw‐Hill Education Inc | | 5.75% | | 8/1/2028 | | ** | | 24,731 | |
| | Medline Borrower LP | | 5.25% | | 10/1/2029 | | ** | | 38,282 | |
| | Meta Platforms Inc | | 3.85% | | 8/15/2032 | | ** | | 72,456 | |
| | Metis Merger Sub LLC | | 6.50% | | 5/15/2029 | | ** | | 22,843 | |
| | MetLife Inc | | 5.25% | | 1/15/2054 | | ** | | 78,978 | |
| | Michaels Cos Inc/The | | 5.25% | | 5/1/2028 | | ** | | 16,002 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp | | 4.88% | | 5/1/2029 | | ** | | 32,873 | |
| | ModivCare Escrow Issuer Inc | | 5.00% | | 10/1/2029 | | ** | | 54,026 | |
| | Monongahela Power Co | | 5.40% | | 12/15/2043 | | ** | | 103,316 | |
| | Morgan Stanley | | 2.48% | | 9/16/2036 | | ** | | 136,058 | |
| | Morgan Stanley Bank of America Merrill Lynch Trust 2016‐C31 | | 4.26% | | 11/1/2049 | | ** | | 168,683 | |
| | Mosaic Solar Loan Trust 2020‐2 | | 2.21% | | 8/20/2046 | | ** | | 40,781 | |
| | MSBAM Commercial Mortgage Securities Trust 2012‐ CKSV | | 4.16% | | 10/1/2030 | | ** | | 88,739 | |
| | MVW 2021‐1W LLC | | 1.94% | | 1/22/2041 | | ** | | 86,083 | |
| | Nationstar Mortgage Holdings Inc | | 5.75% | | 11/15/2031 | | ** | | 32,941 | |
| | Navient Corp | | 5.00% | | 3/15/2027 | | ** | | 14,717 | |
| | NCL Corp Ltd | | 5.88% | | 2/15/2027 | | ** | | 30,426 | |
| | NetApp Inc | | 1.88% | | 6/22/2025 | | ** | | 71,424 | |
| | News Corp | | 5.13% | | 2/15/2032 | | ** | | 19,395 | |
| | NGL Energy Operating LLC / NGL Energy Finance Corp | | 7.50% | | 2/1/2026 | | ** | | 46,892 | |
| | NRG Energy Inc | | 3.63% | | 2/15/2031 | | ** | | 34,963 | |
| | NXP BV / NXP Funding LLC / NXP USA Inc | | 3.88% | | 6/18/2026 | | ** | | 141,528 | |
| | Octagon Investment Partners 34 Ltd | | 8.18% | | 1/20/2030 | | ** | | 491,099 | |
| | OneMain Finance Corp | | 6.63% | | 1/15/2028 | | ** | | 36,430 | |
| | ONEOK Inc | | 6.63% | | 9/1/2053 | | ** | | 40,032 | |
| | Oracle Corp | | 3.80% | | 11/15/2037 | | ** | | 17,113 | |
| | Oracle Corp | | 6.25% | | 11/9/2032 | | ** | | 32,919 | |
| | Owens & Minor Inc | | 6.63% | | 4/1/2030 | | ** | | 24,316 | |
| | Owens Corning | | 4.40% | | 1/30/2048 | | ** | | 80,246 | |
| | Pacific Gas and Electric Co | | 2.50% | | 2/1/2031 | | ** | | 75,265 | |
| | Packaging Corp of America | | 3.00% | | 12/15/2029 | | ** | | 72,594 | |
| | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc | | 4.38% | | 10/15/2028 | | ** | | 18,903 | |
| | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co‐Issuer | | 4.88% | | 5/15/2029 | | ** | | 32,654 | |
| | Parker‐Hannifin Corp | | 4.25% | | 9/15/2027 | | ** | | 35,153 | |
| | Parkland Corp | | 4.50% | | 10/1/2029 | | ** | | 37,162 | |
| | PennyMac Financial Services Inc | | 4.25% | | 2/15/2029 | | ** | | 18,346 | |
| | PennyMac Financial Services Inc | | 7.88% | | 12/15/2029 | | ** | | 15,528 | |
| | Penske Truck Leasing Co Lp / PTL Finance Corp | | 4.20% | | 4/1/2027 | | ** | | 73,335 | |
| | Permian Resources Operating LLC | | 7.00% | | 1/15/2032 | | ** | | 15,804 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Pfizer Investment Enterprises Pte Ltd | | 4.75% | | 5/19/2033 | | ** | | 55,448 | |
| | Philip Morris International Inc | | 5.50% | | 9/7/2030 | | ** | | 84,369 | |
| | Pike Corp | | 8.63% | | 1/31/2031 | | ** | | 15,878 | |
| | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp | | 5.63% | | 9/1/2029 | | ** | | 12,296 | |
| | Quanta Services Inc | | 2.35% | | 1/15/2032 | | ** | | 75,506 | |
| | Realogy Group LLC / Realogy Co‐Issuer Corp | | 5.25% | | 4/15/2030 | | ** | | 15,174 | |
| | Sabine Pass Liquefaction LLC | | 5.00% | | 3/15/2027 | | ** | | 66,266 | |
| | Santander Holdings USA Inc | | 2.49% | | 1/6/2028 | | ** | | 74,271 | |
| | Scientific Games Holdings LP/Scientific Games US FinCo Inc | | 6.63% | | 3/1/2030 | | ** | | 53,278 | |
| | Scripps Escrow II Inc | | 3.88% | | 1/15/2029 | | ** | | 18,067 | |
| | SFO Commercial Mortgage Trust 2021‐555 | | 7.88% | | 5/15/2038 | | ** | | 83,033 | |
| | SG Commercial Mortgage Securities Trust 2016‐C5 | | 1.86% | | 10/1/2048 | | ** | | 19,963 | |
| | Sitio Royalties Operating Partnership LP / Sitio Finance Corp | | 7.88% | | 11/1/2028 | | ** | | 10,563 | |
| | Smithfield Foods Inc | | 4.25% | | 2/1/2027 | | ** | | 130,805 | |
| | SoFi Professional Loan Program 2017‐D LLC | | 3.61% | | 9/25/2040 | | ** | | 686,839 | |
| | Sonic Automotive Inc | | 4.63% | | 11/15/2029 | | ** | | 36,687 | |
| | Southern Co/The | | 3.75% | | 9/15/2051 | | ** | | 73,924 | |
| | Spirit AeroSystems Inc | | 9.75% | | 11/15/2030 | | ** | | 16,306 | |
| | SRS Distribution Inc | | 4.63% | | 7/1/2028 | | ** | | 29,188 | |
| | Standard Industries Inc/NJ | | 4.38% | | 7/15/2030 | | ** | | 37,590 | |
| | Staples Inc | | 7.50% | | 4/15/2026 | | ** | | 9,471 | |
| | State of California | | 7.55% | | 4/1/2039 | | ** | | 44,938 | |
| | STWD 2019‐FL1 Ltd | | 6.88% | | 7/15/2038 | | ** | | 96,356 | |
| | STWD 2021‐FL2 Ltd | | 6.67% | | 4/18/2038 | | ** | | 98,180 | |
| | Suburban Propane Partners LP/Suburban Energy Finance Corp | | 5.00% | | 6/1/2031 | | ** | | 22,806 | |
| | SunCoke Energy Inc | | 4.88% | | 6/30/2029 | | ** | | 27,766 | |
| | Sunoco LP / Sunoco Finance Corp | | 4.50% | | 5/15/2029 | | ** | | 14,037 | |
| | Superior Plus LP / Superior General Partner Inc | | 4.50% | | 3/15/2029 | | ** | | 23,536 | |
| | Synchrony Financial | | 2.88% | | 10/28/2031 | | ** | | 125,058 | |
| | Sysco Corp | | 5.95% | | 4/1/2030 | | ** | | 75,502 | |
| | Tenet Healthcare Corp | | 6.13% | | 6/15/2030 | | ** | | 45,678 | |
| | Tenet Healthcare Corp | | 6.25% | | 2/1/2027 | | ** | | 15,475 | |
| | T‐Mobile USA Inc | | 2.25% | | 2/15/2026 | | ** | | 71,757 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Toronto‐Dominion Bank/The | | 4.69% | | 9/15/2027 | | ** | | 147,081 | |
| | Townsquare Media Inc | | 6.88% | | 2/1/2026 | | ** | | 25,230 | |
| | Transocean Inc | | 8.00% | | 2/1/2027 | | ** | | 15,140 | |
| | Transocean Poseidon Ltd | | 6.88% | | 2/1/2027 | | ** | | 15,388 | |
| | Trident TPI Holdings Inc | | 12.75% | | 12/31/2028 | | ** | | 40,456 | |
| | Triton Container International Ltd / TAL International Container Corp | | 3.25% | | 3/15/2032 | | ** | | 69,020 | |
| | TRTX 2021‐FL4 Issuer Ltd | | 6.68% | | 3/15/2038 | | ** | | 72,827 | |
| | UBS Commercial Mortgage Trust 2017‐C4 | | 3.30% | | 10/1/2050 | | ** | | 85,674 | |
| | UBS Commercial Mortgage Trust 2018‐C14 | | 5.21% | | 12/1/2051 | | ** | | 117,708 | |
| | United Natural Foods Inc | | 6.75% | | 10/15/2028 | | ** | | 16,502 | |
| | UnitedHealth Group Inc | | 4.95% | | 5/15/2062 | | ** | | 29,824 | |
| | UnitedHealth Group Inc | | 5.05% | | 4/15/2053 | | ** | | 56,199 | |
| | Univision Communications Inc | | 7.38% | | 6/30/2030 | | ** | | 20,708 | |
| | Upstart Pass‐Through Trust Series 2021‐ST4 | | 2.00% | | 7/20/2027 | | ** | | 58,143 | |
| | US Foods Inc | | 7.25% | | 1/15/2032 | | ** | | 15,949 | |
| | Venture Global LNG Inc | | 8.13% | | 6/1/2028 | | ** | | 20,352 | |
| | Venture Global LNG Inc | | 8.38% | | 6/1/2031 | | ** | | 25,199 | |
| | Venture Global LNG Inc | | 9.88% | | 2/1/2032 | | ** | | 10,606 | |
| | Victoria's Secret & Co | | 4.63% | | 7/15/2029 | | ** | | 12,868 | |
| | Viking Cruises Ltd | | 9.13% | | 7/15/2031 | | ** | | 66,730 | |
| | Vistra Operations Co LLC | | 7.75% | | 10/15/2031 | | ** | | 21,196 | |
| | VT Topco Inc | | 8.50% | | 8/15/2030 | | ** | | 16,121 | |
| | WASH Multifamily Acquisition Inc | | 5.75% | | 4/15/2026 | | ** | | 14,633 | |
| | Weatherford International Ltd | | 8.63% | | 4/30/2030 | | ** | | 10,522 | |
| | Wells Fargo & Co | | 4.81% | | 7/25/2028 | | ** | | 30,420 | |
| | Wells Fargo & Co | | 5.57% | | 7/25/2029 | | ** | | 94,123 | |
| | Wells Fargo Commercial Mortgage Trust 2015‐SG1 | | 4.05% | | 9/1/2048 | | ** | | 80,390 | |
| | Wells Fargo Commercial Mortgage Trust 2017‐C38 | | 0.93% | | 7/1/2050 | | ** | | 56,199 | |
| | Wells Fargo Commercial Mortgage Trust 2021‐C59 | | 1.52% | | 4/1/2054 | | ** | | 63,278 | |
| | Wells Fargo Commercial Mortgage Trust 2021‐C60 | | 2.06% | | 8/1/2054 | | ** | | 102,891 | |
| | Welltower OP LLC | | 2.05% | | 1/15/2029 | | ** | | 75,616 | |
| | Westpac Banking Corp | | 3.02% | | 11/18/2036 | | ** | | 73,582 | |
| | Willis North America Inc | | 4.50% | | 9/15/2028 | | ** | | 74,134 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Wind River 2021‐3 CLO Ltd | | 9.03% | | 7/20/2033 | | ** | | 469,884 | |
| | Workday Inc | | 3.70% | | 4/1/2029 | | ** | | 72,723 | |
| | WR Grace Holdings LLC | | 5.63% | | 8/15/2029 | | ** | | 18,047 | |
| | WRKCo Inc | | 3.75% | | 3/15/2025 | | ** | | 69,506 | |
| | XPO Inc | | 7.13% | | 6/1/2031 | | ** | | 36,477 | |
| | | | | | | | | | |
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| | | | | | | | | | |
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| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | $ | 25,802,224 | |
| U.S. Government Issued Securities | | | | | | | | |
| | Ginnie Mae II Pool | | 3.00% | | 11/1/2051 | | ** | | $ | 394,892 | |
| | Ginnie Mae II Pool | | 2.50% | | 11/1/2051 | | ** | | 292,284 | |
| | Ginnie Mae II Pool | | 3.00% | | 4/1/2052 | | ** | | 258,052 | |
| | Ginnie Mae II Pool | | 3.50% | | 7/1/2051 | | ** | | 547,490 | |
| | Government National Mortgage Association | | 2.00% | | 12/1/2050 | | ** | | 33,916 | |
| | Government National Mortgage Association | | 3.50% | | 6/1/2051 | | ** | | 33,817 | |
| | United States Treasury Note/Bond | | 3.88% | | 5/15/2043 | | ** | | (5) | |
| | United States Treasury Note/Bond | | 4.75% | | 11/15/2053 | | ** | | 4,494,178 | |
| | United States Treasury Note/Bond | | 4.75% | | 11/15/2043 | | ** | | 2,260,725 | |
| | United States Treasury Note/Bond | | 4.63% | | 2/28/2025 | | ** | | (1) | |
| | United States Treasury Note/Bond | | 3.75% | | 6/30/2030 | | ** | | 40,404 | |
| | United States Treasury Note/Bond | | 4.63% | | 9/30/2030 | | ** | | 26,361 | |
| | United States Treasury Note/Bond | | 4.63% | | 9/30/2028 | | ** | | 41,763 | |
| | United States Treasury Note/Bond | | 5.00% | | 9/30/2025 | | ** | | (4) | |
| | United States Treasury Note/Bond | | 4.63% | | 10/15/2026 | | ** | | 40,993 | |
| | United States Treasury Note/Bond | | 4.50% | | 11/15/2033 | | ** | | 316,790 | |
| | United States Treasury Note/Bond | | 4.63% | | 11/15/2026 | | ** | | 71,537 | |
| | United States Treasury Note/Bond | | 4.88% | | 11/30/2025 | | ** | | 40,590 | |
| | United States Treasury Note/Bond | | 4.38% | | 11/30/2028 | | ** | | 51,366 | |
| | United States Treasury Note/Bond | | 3.75% | | 12/31/2028 | | ** | | 995,753 | |
| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | $ | 9,940,901 | |
| Self-Directed Brokerage Account | | | | | | | | |
| | Brokeragelink | | Combination of common stock, bonds, mutual funds, and ETFs | | ** | | $ | 245,037,684 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Participant Loans | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | | (b) Identity of issue, borrower, lessor or similar party | | (c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value | | (d) Cost | | (e) Current value |
| | Participant loans | | Interest rates range from 3.25% to 9.50% with maturity at various dates | | ** | | $ | 43,240,983 | |
| | | | | | | | | | |
| Total Investments (Held at End of Year) | | | | | | | | $ | 5,793,623,007 | |
| | | | | | | | | | |
| * | | 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 7, 2024 | | By: | | /s/ Amy Broghammer |
| | | | Amy Broghammer |
| | | | Senior Director, Benefits |
EXHIBIT INDEX
| | | | | | | | |
Exhibit
Number | | Description |
| |
| 23.1 | | |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 333-107500, 333-117678, 333-159057 and 333-213630) pertaining to the Danaher Corporation & Subsidiaries Savings Plan of our report dated June 7, 2024, with respect to the financial statements and schedules of the Danaher Corporation & Subsidiaries Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2023.
| | |
| /s/ Ernst & Young LLP |
| Tysons, Virginia |
June 7, 2024 |
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