# EDGAR Filing Document

**Accession Number:** 0001698484
**File Stem:** 0001140361-26-003200
**Filing Date:** 2026-2
**Character Count:** 34144
**Document Hash:** b481b49f8bd53ba54d2a14192e67ad4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-003200.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001140361-26-003200

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Varma Mutual Pension Insurance Co
- **CENTRAL INDEX KEY:** 0001698484

**ORGANIZATION NAME:**
- **EIN:** 980423959
- **STATE OF INCORPORATION:** H9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18702
- **FILM NUMBER:** 26587447

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SALMISAARENRANTA 11
- **CITY:** HELSINKI
- **PROVINCE COUNTRY:** H9
- **ZIP:** 00180
- **BUSINESS PHONE:** 358-50-910-1690

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SALMISAARENRANTA 11
- **STREET 2:** P.O. BOX 1, 00098
- **CITY:** VARMA
- **PROVINCE COUNTRY:** H9
- **ZIP:** 00180

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Varma Mutual Pension Insurance Co<br>**Address:** SALMISAARENRANTA 11<br>P.O. BOX 1 00098<br>VARMA, H9 00180

**Form 13F File Number:** 028-18702

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kaj Blomster<br>**Title:** Chief Risk Officer<br>**Phone:** 358102440

**Signature, Place, and Date of Signing:**

/s/ Kaj Blomster  Helsinki, H9  02-02-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 308

**Form 13F Information Table Value Total:** $16538994435

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 16492702 | 103015 | SH |  | SOLE |  | 103015 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 35288179 | 281652 | SH |  | SOLE |  | 281652 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 59788293 | 261667 | SH |  | SOLE |  | 261667 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 28275064 | 105386 | SH |  | SOLE |  | 105386 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 24263407 | 69326 | SH |  | SOLE |  | 69326 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 52023105 | 242917 | SH |  | SOLE |  | 242917 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 9409071 | 98700 | SH |  | SOLE |  | 98700 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 13694542 | 124191 | SH |  | SOLE |  | 124191 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 9167172 | 67371 | SH |  | SOLE |  | 67371 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 23985274 | 141252 | SH |  | SOLE |  | 141252 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 11781175 | 86805 | SH |  | SOLE |  | 86805 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 12738780 | 61200 | SH |  | SOLE |  | 61200 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 10378665 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 59908813 | 190914 | SH |  | SOLE |  | 190914 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 501488287 | 1602199 | SH |  | SOLE |  | 1602199 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 376723861 | 1632111 | SH |  | SOLE |  | 1632111 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 10702722 | 1283300 | SH |  | SOLE |  | 1283300 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 41040403 | 110935 | SH |  | SOLE |  | 110935 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 12090782 | 141330 | SH |  | SOLE |  | 141330 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 17891636 | 101906 | SH |  | SOLE |  | 101906 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 1225850 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 14551346 | 70875 | SH |  | SOLE |  | 70875 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 28855322 | 88159 | SH |  | SOLE |  | 88159 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 29540117 | 218589 | SH |  | SOLE |  | 218589 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 24722321 | 91159 | SH |  | SOLE |  | 91159 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 8485360 | 99500 | SH |  | SOLE |  | 99500 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 16267768 | 46100 | SH |  | SOLE |  | 46100 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 14809093 | 102301 | SH |  | SOLE |  | 102301 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 678530752 | 2495883 | SH |  | SOLE |  | 2495883 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 37927098 | 147582 | SH |  | SOLE |  | 147582 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 23987992 | 35600 | SH |  | SOLE |  | 35600 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 1163736 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 3363800 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 26016006 | 198550 | SH |  | SOLE |  | 198550 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 31011746 | 1248460 | SH |  | SOLE |  | 1248460 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 14177399 | 47895 | SH |  | SOLE |  | 47895 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 20687208 | 80423 | SH |  | SOLE |  | 80423 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 10862974 | 3203 | SH |  | SOLE |  | 3203 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 13990061 | 77161 | SH |  | SOLE |  | 77161 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 13988116 | 24630 | SH |  | SOLE |  | 24630 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 11327119 | 248729 | SH |  | SOLE |  | 248729 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 65803320 | 1196424 | SH |  | SOLE |  | 1196424 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 18638259 | 143329 | SH |  | SOLE |  | 143329 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 20604814 | 177490 | SH |  | SOLE |  | 177490 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 19928887 | 269856 | SH |  | SOLE |  | 269856 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 12211078 | 62921 | SH |  | SOLE |  | 62921 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US CARBO | 09290C509 |  | 356673593 | 4814000 | SH |  | SOLE |  | 4814000 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 29875330 | 27912 | SH |  | SOLE |  | 27912 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 22519854 | 146100 | SH |  | SOLE |  | 146100 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 9732582 | 149525 | SH |  | SOLE |  | 149525 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 29582843 | 5524 | SH |  | SOLE |  | 5524 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 26715258 | 280181 | SH |  | SOLE |  | 280181 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 19042222 | 353026 | SH |  | SOLE |  | 353026 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 222587293 | 643130 | SH |  | SOLE |  | 643130 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 14706903 | 65900 | SH |  | SOLE |  | 65900 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 20772302 | 451819 | SH |  | SOLE |  | 451819 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 14987898 | 47949 | SH |  | SOLE |  | 47949 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 10800732 | 117800 | SH |  | SOLE |  | 117800 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 17593217 | 193811 | SH |  | SOLE |  | 193811 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 9452339 | 95446 | SH |  | SOLE |  | 95446 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 10608794 | 143909 | SH |  | SOLE |  | 143909 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 31332786 | 129282 | SH |  | SOLE |  | 129282 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 11590200 | 56400 | SH |  | SOLE |  | 56400 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 10245412 | 193895 | SH |  | SOLE |  | 193895 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 43776434 | 76416 | SH |  | SOLE |  | 76416 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 11416090 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 7878801 | 26600 | SH |  | SOLE |  | 26600 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 13653544 | 40425 | SH |  | SOLE |  | 40425 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 11838657 | 128000 | SH |  | SOLE |  | 128000 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 9680622 | 49800 | SH |  | SOLE |  | 49800 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 47008731 | 308436 | SH |  | SOLE |  | 308436 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 11344274 | 306602 | SH |  | SOLE |  | 306602 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 22104651 | 70821 | SH |  | SOLE |  | 70821 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 13100204 | 69656 | SH |  | SOLE |  | 69656 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 50596924 | 656847 | SH |  | SOLE |  | 656847 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 39893510 | 341876 | SH |  | SOLE |  | 341876 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 11529332 | 58480 | SH |  | SOLE |  | 58480 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 21927232 | 80296 | SH |  | SOLE |  | 80296 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 49445665 | 707276 | SH |  | SOLE |  | 707276 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 6820640 | 75200 | SH |  | SOLE |  | 75200 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 12533913 | 151011 | SH |  | SOLE |  | 151011 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 8729004 | 38600 | SH |  | SOLE |  | 38600 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 16745681 | 211917 | SH |  | SOLE |  | 211917 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 22904528 | 766294 | SH |  | SOLE |  | 766294 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 25822506 | 275852 | SH |  | SOLE |  | 275852 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 13896358 | 139915 | SH |  | SOLE |  | 139915 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 18298326 | 51797 | SH |  | SOLE |  | 51797 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 16665470 | 190332 | SH |  | SOLE |  | 190332 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 12888260 | 192276 | SH |  | SOLE |  | 192276 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 56446189 | 65457 | SH |  | SOLE |  | 65457 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 10796227 | 410191 | SH |  | SOLE |  | 410191 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 13840320 | 110900 | SH |  | SOLE |  | 110900 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 18579303 | 39635 | SH |  | SOLE |  | 39635 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 14081820 | 388464 | SH |  | SOLE |  | 388464 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 18442558 | 36130 | SH |  | SOLE |  | 36130 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 15798433 | 199073 | SH |  | SOLE |  | 199073 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 23401576 | 102226 | SH |  | SOLE |  | 102226 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 8200197 | 60300 | SH |  | SOLE |  | 60300 | 0 | 0 |
| DBX ETF TR | XTRACKERS MSCI E | 233051226 |  | 629332231 | 17660261 | SH |  | SOLE |  | 17660261 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 21680198 | 46567 | SH |  | SOLE |  | 46567 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 8534664 | 67800 | SH |  | SOLE |  | 67800 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 9989824 | 256900 | SH |  | SOLE |  | 256900 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 12639914 | 345070 | SH |  | SOLE |  | 345070 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 1327400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 15318477 | 101899 | SH |  | SOLE |  | 101899 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 11894569 | 76883 | SH |  | SOLE |  | 76883 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 33060879 | 290594 | SH |  | SOLE |  | 290594 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 15264752 | 67400 | SH |  | SOLE |  | 67400 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 10384425 | 53188 | SH |  | SOLE |  | 53188 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 10477688 | 260639 | SH |  | SOLE |  | 260639 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 25313582 | 79475 | SH |  | SOLE |  | 79475 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 10573940 | 121400 | SH |  | SOLE |  | 121400 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 18098129 | 68940 | SH |  | SOLE |  | 68940 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 11581894 | 135858 | SH |  | SOLE |  | 135858 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 13980635 | 39882 | SH |  | SOLE |  | 39882 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 132043782 | 122868 | SH |  | SOLE |  | 122868 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 16868048 | 127095 | SH |  | SOLE |  | 127095 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 20965899 | 437561 | SH |  | SOLE |  | 437561 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 16002684 | 152392 | SH |  | SOLE |  | 152392 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 14597646 | 19053 | SH |  | SOLE |  | 19053 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 13578816 | 215400 | SH |  | SOLE |  | 215400 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 12959961 | 297315 | SH |  | SOLE |  | 297315 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 79761713 | 662803 | SH |  | SOLE |  | 662803 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3215172 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 810812 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 14517519 | 216131 | SH |  | SOLE |  | 216131 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 8601600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 12058225 | 919072 | SH |  | SOLE |  | 919072 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 11169016 | 140650 | SH |  | SOLE |  | 140650 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 14238472 | 68600 | SH |  | SOLE |  | 68600 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 18252250 | 359367 | SH |  | SOLE |  | 359367 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 14893364 | 57550 | SH |  | SOLE |  | 57550 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 53518672 | 173745 | SH |  | SOLE |  | 173745 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 9227250 | 112500 | SH |  | SOLE |  | 112500 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 28719827 | 43943 | SH |  | SOLE |  | 43943 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 14102148 | 303272 | SH |  | SOLE |  | 303272 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 16296772 | 200403 | SH |  | SOLE |  | 200403 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 24046607 | 195915 | SH |  | SOLE |  | 195915 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 |  | 5904995 | 64599 | SH |  | SOLE |  | 64599 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 52915800 | 60200 | SH |  | SOLE |  | 60200 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 12868062 | 27563 | SH |  | SOLE |  | 27563 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 9418056 | 585700 | SH |  | SOLE |  | 585700 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 2896634 | 11475 | SH |  | SOLE |  | 11475 | 0 | 0 |
| HEICO CORP NEW | COM | 422806109 |  | 9189956 | 28400 | SH |  | SOLE |  | 28400 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 18203032 | 63370 | SH |  | SOLE |  | 63370 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 53368190 | 155095 | SH |  | SOLE |  | 155095 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 17642791 | 86054 | SH |  | SOLE |  | 86054 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 7252073 | 325497 | SH |  | SOLE |  | 325497 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 12399277 | 156517 | SH |  | SOLE |  | 156517 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 25410189 | 688623 | SH |  | SOLE |  | 688623 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 19759282 | 122001 | SH |  | SOLE |  | 122001 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 41294044 | 139408 | SH |  | SOLE |  | 139408 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 29251142 | 44158 | SH |  | SOLE |  | 44158 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 32425809 | 57253 | SH |  | SOLE |  | 57253 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | MSCI CLIMATE 500 | 46138G433 |  | 1391640791 | 44931497 | SH |  | SOLE |  | 44931497 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | MSCI NORTH AMER | 46138G417 |  | 2675816805 | 95333362 | SH |  | SOLE |  | 95333362 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 327184480 | 1708000 | SH |  | SOLE |  | 1708000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 11958000 | 53050 | SH |  | SOLE |  | 53050 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 7211507 | 86938 | SH |  | SOLE |  | 86938 | 0 | 0 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 54600000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 33698000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 32857536 | 607910 | SH |  | SOLE |  | 607910 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 11497528 | 86800 | SH |  | SOLE |  | 86800 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 77886874 | 376356 | SH |  | SOLE |  | 376356 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 18382344 | 153506 | SH |  | SOLE |  | 153506 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 145163654 | 450511 | SH |  | SOLE |  | 450511 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 10325214 | 368626 | SH |  | SOLE |  | 368626 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 11764701 | 57900 | SH |  | SOLE |  | 57900 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 10040169 | 99516 | SH |  | SOLE |  | 99516 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 12928064 | 637793 | SH |  | SOLE |  | 637793 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 11741061 | 427103 | SH |  | SOLE |  | 427103 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 16359126 | 128327 | SH |  | SOLE |  | 128327 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 29847225 | 24564 | SH |  | SOLE |  | 24564 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 12025575 | 495900 | SH |  | SOLE |  | 495900 | 0 | 0 |
| KRANESHARES TRUST | MSCI ALL CHINA | 500767835 |  | 25902998 | 1520129 | SH |  | SOLE |  | 1520129 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 39667541 | 231730 | SH |  | SOLE |  | 231730 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 33934248 | 79585 | SH |  | SOLE |  | 79585 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 21261389 | 88163 | SH |  | SOLE |  | 88163 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 14556189 | 400339 | SH |  | SOLE |  | 400339 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 16546961 | 53336 | SH |  | SOLE |  | 53336 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 23580334 | 127104 | SH |  | SOLE |  | 127104 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 13476808 | 158588 | SH |  | SOLE |  | 158588 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 84608983 | 148208 | SH |  | SOLE |  | 148208 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 36176201 | 118366 | SH |  | SOLE |  | 118366 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 17433623 | 21253 | SH |  | SOLE |  | 21253 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 20955585 | 218151 | SH |  | SOLE |  | 218151 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 14947823 | 7421 | SH |  | SOLE |  | 7421 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 41774957 | 396874 | SH |  | SOLE |  | 396874 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 247694812 | 375244 | SH |  | SOLE |  | 375244 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 11758587 | 148956 | SH |  | SOLE |  | 148956 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 48539964 | 170071 | SH |  | SOLE |  | 170071 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 551170107 | 1139676 | SH |  | SOLE |  | 1139676 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 16534692 | 307165 | SH |  | SOLE |  | 307165 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 21387246 | 41866 | SH |  | SOLE |  | 41866 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 39307272 | 221412 | SH |  | SOLE |  | 221412 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 12573279 | 32801 | SH |  | SOLE |  | 32801 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 18199831 | 187376 | SH |  | SOLE |  | 187376 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 59279760 | 632250 | SH |  | SOLE |  | 632250 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 23021017 | 230556 | SH |  | SOLE |  | 230556 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 26564090 | 330893 | SH |  | SOLE |  | 330893 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 14207011 | 222995 | SH |  | SOLE |  | 222995 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 13751734 | 47630 | SH |  | SOLE |  | 47630 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 7107804 | 424600 | SH |  | SOLE |  | 424600 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 748959009 | 4015866 | SH |  | SOLE |  | 4015866 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 12852991 | 59214 | SH |  | SOLE |  | 59214 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 11710976 | 284800 | SH |  | SOLE |  | 284800 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 10117975 | 125300 | SH |  | SOLE |  | 125300 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 13352157 | 181662 | SH |  | SOLE |  | 181662 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 49608103 | 254518 | SH |  | SOLE |  | 254518 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 13929591 | 152720 | SH |  | SOLE |  | 152720 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 13158579 | 150642 | SH |  | SOLE |  | 150642 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 14985677 | 136843 | SH |  | SOLE |  | 136843 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 59220968 | 333170 | SH |  | SOLE |  | 333170 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 21215419 | 115176 | SH |  | SOLE |  | 115176 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 28544226 | 32475 | SH |  | SOLE |  | 32475 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 12214789 | 209229 | SH |  | SOLE |  | 209229 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 4252125 | 37500 | SH |  | SOLE |  | 37500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 35385861 | 246557 | SH |  | SOLE |  | 246557 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 23955369 | 962063 | SH |  | SOLE |  | 962063 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 17456925 | 83634 | SH |  | SOLE |  | 83634 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 13758944 | 134286 | SH |  | SOLE |  | 134286 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 54293710 | 378855 | SH |  | SOLE |  | 378855 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 25059220 | 110044 | SH |  | SOLE |  | 110044 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 22971906 | 179946 | SH |  | SOLE |  | 179946 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 1331984 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 10696494 | 61400 | SH |  | SOLE |  | 61400 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 30920880 | 180771 | SH |  | SOLE |  | 180771 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 13134507 | 31120 | SH |  | SOLE |  | 31120 | 0 | 0 |
| RBB FUND TRUST | MUFG JAPAN SMALL | 75526L779 |  | 17707187 | 355000 | SH |  | SOLE |  | 355000 | 0 | 0 |
| REGENCY CTRS CORP | COM | 758849103 |  | 13649785 | 197737 | SH |  | SOLE |  | 197737 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 13189715 | 17088 | SH |  | SOLE |  | 17088 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 14237034 | 67178 | SH |  | SOLE |  | 67178 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 15709590 | 138900 | SH |  | SOLE |  | 138900 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 8832270 | 109000 | SH |  | SOLE |  | 109000 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 8878474 | 234900 | SH |  | SOLE |  | 234900 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 41058822 | 240529 | SH |  | SOLE |  | 240529 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 12538570 | 44954 | SH |  | SOLE |  | 44954 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 33710713 | 64507 | SH |  | SOLE |  | 64507 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 41651269 | 157228 | SH |  | SOLE |  | 157228 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 30990184 | 310181 | SH |  | SOLE |  | 310181 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 5613080 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 12970869 | 47100 | SH |  | SOLE |  | 47100 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 13729095 | 155500 | SH |  | SOLE |  | 155500 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 26871824 | 175415 | SH |  | SOLE |  | 175415 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 14157843 | 43693 | SH |  | SOLE |  | 43693 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 30859870 | 191408 | SH |  | SOLE |  | 191408 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 15336178 | 82849 | SH |  | SOLE |  | 82849 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 15031604 | 391652 | SH |  | SOLE |  | 391652 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 12256959 | 55876 | SH |  | SOLE |  | 55876 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 9818800 | 68438 | SH |  | SOLE |  | 68438 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG EMERGI | 78464A391 |  | 14959000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 9639786 | 16600 | SH |  | SOLE |  | 16600 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 9288211 | 98300 | SH |  | SOLE |  | 98300 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 16070805 | 190842 | SH |  | SOLE |  | 190842 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 6515616 | 42880 | SH |  | SOLE |  | 42880 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 18842307 | 53610 | SH |  | SOLE |  | 53610 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 4312934 | 147350 | SH |  | SOLE |  | 147350 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 17292742 | 36815 | SH |  | SOLE |  | 36815 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 10810839 | 146707 | SH |  | SOLE |  | 146707 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 18804956 | 92617 | SH |  | SOLE |  | 92617 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 110798294 | 364600 | SH |  | SOLE |  | 364600 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 12903912 | 50400 | SH |  | SOLE |  | 50400 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 9821920 | 100480 | SH |  | SOLE |  | 100480 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 11860119 | 215100 | SH |  | SOLE |  | 215100 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 18914044 | 83135 | SH |  | SOLE |  | 83135 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 181697224 | 404023 | SH |  | SOLE |  | 404023 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 24972324 | 143941 | SH |  | SOLE |  | 143941 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 11708835 | 42542 | SH |  | SOLE |  | 42542 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 36631091 | 63217 | SH |  | SOLE |  | 63217 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 8418069 | 63706 | SH |  | SOLE |  | 63706 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 28412627 | 184966 | SH |  | SOLE |  | 184966 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 28471751 | 301698 | SH |  | SOLE |  | 301698 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 18062772 | 46410 | SH |  | SOLE |  | 46410 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 18963661 | 14260 | SH |  | SOLE |  | 14260 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 15502837 | 53447 | SH |  | SOLE |  | 53447 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 10005295 | 127700 | SH |  | SOLE |  | 127700 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 15972582 | 324580 | SH |  | SOLE |  | 324580 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 25764552 | 315317 | SH |  | SOLE |  | 315317 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 16620111 | 71849 | SH |  | SOLE |  | 71849 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 10808734 | 108970 | SH |  | SOLE |  | 108970 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 9902030 | 12235 | SH |  | SOLE |  | 12235 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 43925097 | 133062 | SH |  | SOLE |  | 133062 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 16969547 | 318020 | SH |  | SOLE |  | 318020 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 80042000 | 3100000 | SH |  | SOLE |  | 3100000 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 757384901 | 1207700 | SH |  | SOLE |  | 1207700 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 226125000 | 2700000 | SH |  | SOLE |  | 2700000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 121360000 | 1600000 | SH |  | SOLE |  | 1600000 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 84287500 | 1250000 | SH |  | SOLE |  | 1250000 | 0 | 0 |
| VANGUARD WORLD FD | ESG US CORP BD | 921910691 |  | 69993000 | 1100000 | SH |  | SOLE |  | 1100000 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 8527386 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 12455704 | 160968 | SH |  | SOLE |  | 160968 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 13488507 | 60300 | SH |  | SOLE |  | 60300 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 30226100 | 742109 | SH |  | SOLE |  | 742109 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 18418203 | 40626 | SH |  | SOLE |  | 40626 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 11810529 | 72900 | SH |  | SOLE |  | 72900 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 102176202 | 291341 | SH |  | SOLE |  | 291341 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 74406951 | 667866 | SH |  | SOLE |  | 667866 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 12372426 | 429300 | SH |  | SOLE |  | 429300 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 18857709 | 85830 | SH |  | SOLE |  | 85830 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 50212339 | 538759 | SH |  | SOLE |  | 538759 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 25554042 | 137676 | SH |  | SOLE |  | 137676 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 13109747 | 76100 | SH |  | SOLE |  | 76100 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 22514237 | 191258 | SH |  | SOLE |  | 191258 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 14678862 | 244200 | SH |  | SOLE |  | 244200 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 12453940 | 37900 | SH |  | SOLE |  | 37900 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 10631395 | 49499 | SH |  | SOLE |  | 49499 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 13100516 | 96200 | SH |  | SOLE |  | 96200 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 11611194 | 76753 | SH |  | SOLE |  | 76753 | 0 | 0 |

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