# EDGAR Filing Document

**Accession Number:** 0001026720
**File Stem:** 0001012975-25-000464
**Filing Date:** 2025-8
**Character Count:** 52749
**Document Hash:** 8cd7bc2cd3239a39406c349ba536be7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001012975-25-000464.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001012975-25-000464

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST
- **CENTRAL INDEX KEY:** 0001026720

**ORGANIZATION NAME:**
- **EIN:** 986038021

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13413
- **FILM NUMBER:** 251234006

**BUSINESS ADDRESS:**
- **STREET 1:** 215 EUSTON ROAD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW1 2BE
- **BUSINESS PHONE:** 011 44 20 7611 8888

**MAIL ADDRESS:**
- **STREET 1:** 215 EUSTON ROAD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW1 2BE

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLCOME TRUST LTD
- **DATE OF NAME CHANGE:** 19961108

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001026720

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST

**Address:** 215 EUSTON ROAD, LONDON, X0 NW1 2BE

**Telephone number:** 07956318671

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-13413

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                        | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                     | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ABBOTT LABORATORIES                   | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        3125000 |                0 | FOR         |                                  3125000 | FOR                         |  |
| ACCENTURE PLC                         | G1151C101 | 02/06/2025     | To approve, in a non-binding vote, the compensation of our named executive officers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        1100000 |                0 | FOR         |                                  1100000 | FOR                         |  |
| ADOBE INC.                            | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         875602 |                0 | FOR         |                                   875602 | FOR                         |  |
| AGILENT TECHNOLOGIES, INC.            | 00846U101 | 03/13/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         101549 |              800 | FOR         |                                   101549 | FOR                         |  |
| AIRBNB INC                            | 009066101 | 06/04/2025     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          66652 |             1900 | FOR         |                                    66652 | FOR                         |  |
| ALIGN TECHNOLOGY, INC.                | 016255101 | 05/21/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          55285 |                0 | FOR         |                                    55285 | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.    | 026874784 | 05/14/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         244450 |                0 | FOR         |                                   244450 | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.    | 026874784 | 05/14/2025     | Advisory Vote on the Frequency of Future Executive Compensation Votes.                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         244450 |                0 | 3 YEARS     |                                   244450 | AGAINST                     |  |
| AMPHENOL CORPORATION                  | 032095101 | 05/15/2025     | Advisory vote to approve compensation of named executive officers                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         471000 |                0 | FOR         |                                   471000 | FOR                         |  |
| AMPLITUDE, INC.                       | 03213A104 | 06/12/2025     | The approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          34749 |                0 | FOR         |                                    34749 | FOR                         |  |
| ANALOG DEVICES, INC.                  | 032654105 | 03/12/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          70826 |                0 | FOR         |                                    70826 | FOR                         |  |
| AON PLC                               | G0403H108 | 06/27/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          75432 |                0 | FOR         |                                    75432 | FOR                         |  |
| APPLE INC.                            | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |        2957592 |                0 | FOR         |                                  2957592 | FOR                         |  |
| ASML HOLDINGS N.V.                    | N07059210 | 04/23/2025     | Advisory vote on the remuneration report for the Board of Management and the Supervisory Board for the financial year 2024                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          24409 |                0 | FOR         |                                    24409 | FOR                         |  |
| ATLASSIAN CORPORATION                 | 049468101 | 12/11/2024     | An advisory vote to approve the compensation of our named executive officers for the fiscal year ended June 30, 2024.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         156818 |                0 | FOR         |                                   156818 | FOR                         |  |
| AUTODESK, INC.                        | 052769106 | 07/16/2024     | Approve, on an advisory (non-binding) basis, the compensation of Autodesk, Inc.'s named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          58689 |                0 | FOR         |                                    58689 | FOR                         |  |
| AUTODESK, INC.                        | 052769106 | 06/18/2025     | Approve, on an advisory (non-binding) basis, the compensation of Autodesk, Inc.'s named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          67753 |                0 | FOR         |                                    67753 | FOR                         |  |
| AUTOMATIC DATA PROCESSING, INC.       | 053015103 | 11/06/2024     | Advisory Vote on Executive Compensation.                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          76700 |                0 | FOR         |                                    76700 | FOR                         |  |
| AXON ENTERPRISE, INC.                 | 05464C101 | 05/29/2025     | Proposal No. 2 requests that shareholders vote to approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          91075 |                0 | FOR         |                                    91075 | FOR                         |  |
| BAKER HUGHES COMPANY                  | 05722G100 | 05/20/2025     | An advisory vote related to the Company's executive compensation program                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         198823 |                0 | FOR         |                                   198823 | FOR                         |  |
| BANK OF AMERICA CORPORATION           | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         293581 |                0 | FOR         |                                   293581 | FOR                         |  |
| BLOCK, INC.                           | 852234103 | 06/17/2025     | TO APPROVE, ON AN ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         359349 |              700 | FOR         |                                   359349 | FOR                         |  |
| BOOKING HOLDINGS INC.                 | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation.                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           9879 |                0 | FOR         |                                     9879 | FOR                         |  |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. | 109194100 | 06/03/2025     | To approve, on an advisory basis, the 2024 compensation paid by the Company to its Named Executive Officers.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          88497 |                0 | FOR         |                                    88497 | FOR                         |  |
| BROADCOM INC                          | 11135F101 | 04/21/2025     | Advisory vote to approve the named executive officer compensation.                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         180667 |                0 | FOR         |                                   180667 | FOR                         |  |
| BUILDERS FIRSTSOURCE, INC.            | 12008R107 | 05/27/2025     | An advisory vote on the compensation of the named executive officers                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          75382 |                0 | FOR         |                                    75382 | FOR                         |  |
| CARRIER GLOBAL CORPORATION            | 14448C104 | 04/09/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         601876 |            15100 | FOR         |                                   601876 | FOR                         |  |
| CISCO SYSTEMS, INC.                   | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |        6289300 |                0 | FOR         |                                  6289300 | FOR                         |  |
| CLOUDFLARE, INC.                      | 18915M107 | 06/05/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         179043 |                0 | FOR         |                                   179043 | FOR                         |  |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP.  | 192446102 | 06/03/2025     | Approval, on an advisory (non-binding) basis, of the compensation of the company's named executive officers (say-on-pay).                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         107985 |                0 | FOR         |                                   107985 | FOR                         |  |
| CONFLUENT, INC.                       | 20717M103 | 06/11/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         159768 |                0 | FOR         |                                   159768 | FOR                         |  |
| COPART, INC.                          | 217204106 | 12/06/2024     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers for the fiscal year ended July 31, 2024.                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         203587 |                0 | FOR         |                                   203587 | FOR                         |  |
| COSTCO WHOLESALE CORPORATION          | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          60255 |                0 | FOR         |                                    60255 | FOR                         |  |
| DANAHER CORPORATION                   | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          49649 |                0 | FOR         |                                    49649 | FOR                         |  |
| DELL TECHNOLOGIES INC.                | 24703L202 | 06/26/2025     | Approval, on a non-binding, advisory basis, of the compensation of Dell Technologies Inc.'s named executive officers as disclosed in the proxy statement                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         131447 |                0 | FOR         |                                   131447 | FOR                         |  |
| DEXCOM, INC.                          | 252131107 | 05/08/2025     | To provide a non-binding advisory vote on the compensation of our named executive officers for the fiscal year ended December 31, 2024.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         361953 |                0 | FOR         |                                   361953 | FOR                         |  |
| DOORDASH, INC.                        | 25809K105 | 06/24/2025     | The approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        3216722 |                0 | FOR         |                                  3216722 | FOR                         |  |
| EDWARDS LIFESCIENCES CORPORATION      | 28176E108 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |        5317586 |                0 | FOR         |                                  5317586 | FOR                         |  |
| ELEVANCE HEALTH, INC.                 | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          47477 |                0 | FOR         |                                    47477 | FOR                         |  |
| FASTENAL COMPANY                      | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation.                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         160200 |            86800 | FOR         |                                   160200 | FOR                         |  |
| FERGUSON ENTERPRISES INC.             | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         165127 |                0 | FOR         |                                   165127 | FOR                         |  |
| FERGUSON ENTERPRISES INC.             | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         165127 |                0 | 3 YEARS     |                                   165127 | AGAINST                     |  |
| FIRST CITIZENS BANCSHARES, INC.       | 31946M103 | 04/29/2025     | Non-binding advisory resolution ("say-on-pay" resolution) to approve compensation paid or provided to BancShares' named executive officers as disclosed in the proxy statement for the Annual Meeting.                                               | SECTION 14A SAY-ON-PAY VOTES |           5092 |             7400 | FOR         |                                     5092 | FOR                         |  |
| FISERV, INC.                          | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         316934 |                0 | FOR         |                                   316934 | FOR                         |  |
| FLUTTER ENTERTAINMENT PLC             | G3643J108 | 06/05/2025     | Approval, on an advisory basis, of the compensation of our Named Executive Officers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         152540 |                0 | FOR         |                                   152540 | FOR                         |  |
| FLUTTER ENTERTAINMENT PLC             | G3643J108 | 06/05/2025     | Approval, on an advisory basis, of the frequency (every one, two or three years) of advisory votes to approve the compensation of our Named Executive Officers.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         152540 |                0 | 3 YEARS     |                                   152540 | AGAINST                     |  |
| FORTINET, INC.                        | 34959E109 | 06/13/2025     | Advisory vote to approve named executive officer compensation, as disclosed in the Proxy Statement.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         189500 |                0 | FOR         |                                   189500 | FOR                         |  |
| GE AEROSPACE                          | 369604301 | 05/06/2025     | Advisory Approval of Our Named Executives' Compensation                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          78530 |                0 | FOR         |                                    78530 | FOR                         |  |
| ILLUMINA, INC.                        | 452327109 | 05/21/2025     | To approve, on an advisory basis, the compensation of the named executive officers as disclosed in the Proxy Statement.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           9501 |            85100 | FOR         |                                     9501 | FOR                         |  |
| INTUIT INC.                           | 461202103 | 01/23/2025     | Advisory vote to approve Intuit's executive compensation (say-on-pay).                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          36625 |                0 | FOR         |                                    36625 | FOR                         |  |
| INTUITIVE SURGICAL, INC.              | 46120E602 | 05/01/2025     | To approve, by advisory vote, the compensation of the Company's Named Executive Officers.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          38900 |                0 | FOR         |                                    38900 | FOR                         |  |
| IRHYTHM TECHNOLOGIES, INC.            | 450056106 | 05/28/2025     | To approve, on a non-binding advisory basis, the named executive officer compensation.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         216327 |                0 | FOR         |                                   216327 | FOR                         |  |
| JOHNSON  JOHNSON                      | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |        1600000 |                0 | FOR         |                                  1600000 | FOR                         |  |
| KEURIG DR PEPPER INC.                 | 49271V100 | 06/18/2025     | To approve, on an advisory basis, Keurig Dr Pepper Inc.'s executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         900826 |                0 | FOR         |                                   900826 | FOR                         |  |
| L'OREAL S.A.                          | F58149133 | 04/29/2025     | APPROVAL OF THE FIXED AND VARIABLE COMPONENTS OF THE TOTAL REMUNERATION AND BENEFITS PAID DURING FINANCIAL YEAR 2024 OR ALLOCATED FOR THAT YEAR TO NICOLAS HIERONIMUS, IN HIS CAPACITY AS CHIEF EXECUTIVE OFFICER                                    | SECTION 14A SAY-ON-PAY VOTES |          33600 |                0 | FOR         |                                    33600 | FOR                         |  |
| LAM RESEARCH CORPORATION              | 512807108 | 11/05/2024     | Advisory vote to approve the compensation of the named executive officers of Lam Research, or "Say on Pay."                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          24046 |                0 | FOR         |                                    24046 | FOR                         |  |
| LINDE PLC                             | G54950103 | 07/30/2024     | To approve, on an advisory and non-binding basis, the compensation of Linde plc's Named Executive Officers, as disclosed in the 2024 Proxy statement.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |        1273943 |                0 | FOR         |                                  1273943 | FOR                         |  |
| LOWE'S COMPANIES, INC.                | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          48822 |                0 | FOR         |                                    48822 | FOR                         |  |
| MAPLEBEAR INC.                        | 565394103 | 05/22/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | FOR         |                                   200000 | FOR                         |  |
| MARVELL TECHNOLOGY, INC.              | 573874104 | 06/13/2025     | An advisory (non-binding) vote to approve compensation of our named executive officers.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         204772 |                0 | FOR         |                                   204772 | FOR                         |  |
| MASTERCARD INCORPORATED               | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         739548 |                0 | FOR         |                                   739548 | FOR                         |  |
| MERCADOLIBRE, INC.                    | 58733R102 | 06/17/2025     | To approve, on an advisory basis, the compensation of our named executive officers for fiscal year 2024.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          26723 |                0 | FOR         |                                    26723 | FOR                         |  |
| META PLATFORMS, INC.                  | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                    | SECTION 14A SAY-ON-PAY VOTES |          96645 |                0 | FOR         |                                    96645 | FOR                         |  |
| META PLATFORMS, INC.                  | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                          | SECTION 14A SAY-ON-PAY VOTES |          96645 |                0 | 3 YEARS     |                                    96645 | FOR                         |  |
| METTLER-TOLEDO INTERNATIONAL INC.     | 592688105 | 05/01/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           6140 |                0 | FOR         |                                     6140 | FOR                         |  |
| MICROSOFT CORPORATION                 | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |        1898826 |                0 | FOR         |                                  1898826 | FOR                         |  |
| MONDELEZ INTERNATIONAL, INC.          | 609207105 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         212767 |                0 | FOR         |                                   212767 | FOR                         |  |
| MOODY'S CORPORATION                   | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation.                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          40290 |                0 | FOR         |                                    40290 | FOR                         |  |
| NETFLIX, INC.                         | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          62838 |                0 | FOR         |                                    62838 | FOR                         |  |
| NEXTERA ENERGY, INC.                  | 65339F101 | 05/22/2025     | Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         488109 |                0 | FOR         |                                   488109 | FOR                         |  |
| NIKE, INC.                            | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        3128770 |                0 | FOR         |                                  3128770 | FOR                         |  |
| NURIX THERAPEUTICS, INC.              | 67080M103 | 05/19/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         124100 |            55900 | FOR         |                                   124100 | FOR                         |  |
| NVIDIA CORPORATION                    | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         675770 |                0 | FOR         |                                   675770 | FOR                         |  |
| O'REILLY AUTOMOTIVE, INC.             | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          15400 |                0 | FOR         |                                    15400 | FOR                         |  |
| OLD DOMINION FREIGHT LINE, INC.       | 679580100 | 05/21/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          66920 |                0 | FOR         |                                    66920 | FOR                         |  |
| PARKER-HANNIFIN CORPORATION           | 701094104 | 10/23/2024     | Approval of, on a non-binding, advisory basis, the compensation of our Named Executive Officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          74209 |                0 | FOR         |                                    74209 | FOR                         |  |
| PAYCHEX, INC.                         | 704326107 | 10/10/2024     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          85600 |                0 | FOR         |                                    85600 | FOR                         |  |
| PEPSICO, INC.                         | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         |                                  2000000 | FOR                         |  |
| REPLIGEN CORPORATION                  | 759916109 | 05/15/2025     | Advisory vote to approve the compensation paid to Repligen Corporation's named executive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          87465 |             5500 | FOR         |                                    87465 | FOR                         |  |
| REPUBLIC SERVICES, INC.               | 760759100 | 05/19/2025     | Advisory vote to approve our named executive officer compensation.                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          94953 |                0 | FOR         |                                    94953 | FOR                         |  |
| RESMED INC.                           | 761152107 | 11/20/2024     | Approve, on an advisory basis, the compensation paid to our named executive officers, as disclosed in the proxy statement ("say-on-pay").                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          47300 |            26600 | FOR         |                                    47300 | FOR                         |  |
| REVOLUTION MEDICINES, INC.            | 76155X100 | 06/26/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission ("Say-on-Pay"). | SECTION 14A SAY-ON-PAY VOTES |          23129 |            51900 | FOR         |                                    23129 | FOR                         |  |
| ROBINHOOD MARKETS, INC.               | 770700102 | 06/25/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         486000 |                0 | FOR         |                                   486000 | FOR                         |  |
| ROBLOX CORPORATION                    | 771049103 | 05/29/2025     | Advisory Vote on the Compensation of our Named Executive Officers.                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         117160 |           132840 | FOR         |                                   117160 | FOR                         |  |
| S GLOBAL INC.                         | 78409V104 | 05/07/2025     | Approve, on an advisory basis, the executive compensation program for the Company's named executive officers, as described in the Proxy Statement.                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          70470 |                0 | FOR         |                                    70470 | FOR                         |  |
| SAMSARA INC.                          | 79589L106 | 07/10/2024     | The approval, on a non-binding advisory basis, of the compensation of Samsara Inc.'s named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         526333 |           208100 | FOR         |                                   526333 | FOR                         |  |
| SERVICENOW, INC.                      | 81762P102 | 05/22/2025     | Advisory vote to approve ServiceNow's named executive officer compensation.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         465807 |                0 | FOR         |                                   465807 | FOR                         |  |
| SIEMENS AG                            | D69671218 | 02/13/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        2219630 |                0 | FOR         |                                  2219630 | FOR                         |  |
| SNOWFLAKE INC.                        | 833445109 | 07/02/2024     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         278203 |                0 | FOR         |                                   278203 | FOR                         |  |
| SPECTRIS PLC                          | G8338K104 | 05/22/2025     | TO APPROVE THE DIRECTORS REMUNERATION REPORT EXCLUDING THE DIRECTORS REMUNERATION POLICY                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         565570 |                0 | FOR         |                                   565570 | FOR                         |  |
| STRYKER CORPORATION                   | 863667101 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          51500 |              100 | FOR         |                                    51500 | FOR                         |  |
| TETRA TECH, INC.                      | 88162G103 | 02/27/2025     | To approve, on an advisory basis, the Company's named executive officers' compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         294947 |                0 | FOR         |                                   294947 | FOR                         |  |
| TEXAS INSTRUMENTS INCORPORATED        | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          94600 |                0 | FOR         |                                    94600 | FOR                         |  |
| THE PROCTER  GAMBLE COMPANY           | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote).                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         226326 |                0 | FOR         |                                   226326 | FOR                         |  |
| THE PROGRESSIVE CORPORATION           | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         137976 |                0 | FOR         |                                   137976 | FOR                         |  |
| THE TJX COMPANIES, INC.               | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compensation (the say-on-pay vote)                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         317355 |            30698 | FOR         |                                   317355 | FOR                         |  |
| THERMO FISHER SCIENTIFIC INC.         | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         103391 |                0 | FOR         |                                   103391 | FOR                         |  |
| UBER TECHNOLOGIES, INC.               | 90353T100 | 05/05/2025     | Advisory vote to approve 2024 named executive officer compensation.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         202699 |                0 | FOR         |                                   202699 | FOR                         |  |
| UNITED RENTALS, INC.                  | 911363109 | 05/08/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          22319 |            12600 | FOR         |                                    22319 | FOR                         |  |
| UNITEDHEALTH GROUP INCORPORATED       | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          81092 |                0 | FOR         |                                    81092 | FOR                         |  |
| VISA INC.                             | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        3026160 |                0 | FOR         |                                  3026160 | FOR                         |  |
| WATERS CORPORATION                    | 941848103 | 05/22/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's executive officers.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2443 |            21700 | FOR         |                                     2443 | FOR                         |  |
| WEST PHARMACEUTICAL SERVICES, INC.    | 955306105 | 05/06/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          49950 |                0 | FOR         |                                    49950 | FOR                         |  |
| WORKDAY, INC.                         | 98138H101 | 06/04/2025     | To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the Proxy Statement.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          42506 |                0 | FOR         |                                    42506 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST

**By (Signature):** Fabian Thehos

**By (Printed Signature):** Fabian Thehos

**By (Title):** Managing Partner and Co-Chief Investment Officer

**Date:** 08/20/2025