# EDGAR Filing Document

**Accession Number:** 0001536105
**File Stem:** 0001536105-25-000004
**Filing Date:** 2025-8
**Character Count:** 38629
**Document Hash:** 17b5069c30d6193862b221f94ef165a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001536105-25-000004.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001536105-25-000004

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magellan Asset Management Ltd
- **CENTRAL INDEX KEY:** 0001536105

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14987
- **FILM NUMBER:** 251203539

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 36
- **STREET 2:** 25 MARTIN PLACE
- **CITY:** SYDNEY
- **STATE:** C3
- **ZIP:** 2000
- **BUSINESS PHONE:** 61292354888

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 36
- **STREET 2:** 25 MARTIN PLACE
- **CITY:** SYDNEY
- **STATE:** C3
- **ZIP:** 2000

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

## N-PX: Filer Information

**Filer CIK:** 0001536105

**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:** Magellan Asset Management Ltd

**Address:** LEVEL 36, SYDNEY, C3 2000

**Telephone number:** 61292354888

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-14987

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ALLETE, Inc.                                 | 018522300 | 08/21/2024     | To approve, on a nonbinding, advisory basis, the compensation that will or may become payable by the Company to our named executive officers in connection with the Merger.                                 | SECTION 14A SAY-ON-PAY VOTES |  45316           |                0 | FOR         |                          45316           | FOR                         |  |
| ALLETE, Inc.                                 | 018522300 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  42791           |                0 | FOR         |                          42791           | FOR                         |  |
| Alliant Energy Corporation                   | 018802108 | 05/16/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 155098           |            19507 | FOR         |                         155098           | FOR                         |  |
| Amazon.com, Inc.                             | 023135106 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      2.68231e+06 |                0 | AGAINST     |                              2.68231e+06 | AGAINST                     |  |
| Ameren Corporation                           | 023608102 | 05/08/2025     | Company Proposal - Advisory approval of compensation of the Named Executive Officers disclosed in the proxy statement.                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 147082           |            45937 | FOR         |                         147082           | FOR                         |  |
| American Electric Power Company, Inc.        | 025537101 | 04/29/2025     | Advisory approval of the AEP's namex executive officer compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 288740           |                0 | AGAINST     |                         288740           | AGAINST                     |  |
| American States Water Company                | 029899101 | 05/20/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |  24350           |             2800 | FOR         |                          24350           | FOR                         |  |
| American Tower Corporation                   | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 868369           |                0 | FOR         |                         868369           | FOR                         |  |
| American Water Works Company, Inc.           | 030420103 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 122438           |            36334 | FOR         |                         122438           | FOR                         |  |
| Apple Inc.                                   | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      1.07376e+06 |                0 | FOR         |                              1.07376e+06 | FOR                         |  |
| Atmos Energy Corporation                     | 049560105 | 02/05/2025     | Proposal for an advisory vote by shareholders to approve the compensation of the Company's named executive officers for fiscal 2024 ("Say-on-Pay").                                                         | SECTION 14A SAY-ON-PAY VOTES |  95855           |            25453 | FOR         |                          95855           | FOR                         |  |
| Avangrid, Inc.                               | 05351W103 | 09/26/2024     | Approve, On An Advisory Basis, Named Executive Officers Compensation.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 143276           |                0 | FOR         |                         143276           | FOR                         |  |
| Avista Corporation                           | 05379B107 | 05/08/2025     | Advisory (non-binding) vote on executive compensation.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  44133           |             8637 | FOR         |                          44133           | FOR                         |  |
| Black Hills Corporation                      | 092113109 | 04/23/2025     | Advisory Resolution To Approve Executive Compensation.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  46142           |                0 | FOR         |                          46142           | FOR                         |  |
| Booking Holdings Inc.                        | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |   9648           |                0 | FOR         |                           9648           | FOR                         |  |
| California Water Service Group               | 130788102 | 05/28/2025     | Advisory vote to approve executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  37832           |                0 | FOR         |                          37832           | FOR                         |  |
| CenterPoint Energy, Inc.                     | 15189T107 | 04/16/2025     | Approve the advisory resolution on executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 360000           |           101385 | FOR         |                         360000           | FOR                         |  |
| Chesapeake Utilities Corporation             | 165303108 | 05/07/2025     | Approve on an advisory non-binding basis the compensation of the Company's Named Executive Officers.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  11836           |                0 | FOR         |                          11836           | FOR                         |  |
| Chipotle Mexican Grill, Inc.                 | 169656105 | 06/11/2025     | An advisory vote to approve the compensation of our executive officers as disclosed in the proxy statement ("say on pay").                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      4.10042e+06 |                0 | FOR         |                              4.10042e+06 | FOR                         |  |
| CMS Energy Corporation                       | 125896100 | 05/02/2025     | Approve, on an advisory basis, the Company's executive compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 201050           |                0 | FOR         |                         201050           | FOR                         |  |
| Colgate-Palmolive Company                    | 194162103 | 05/09/2025     | Advisory vote on executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |      1.42883e+06 |                0 | AGAINST     |                              1.42883e+06 | AGAINST                     |  |
| Consolidated Edison, Inc.                    | 209115104 | 05/19/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 252157           |                0 | FOR         |                         252157           | FOR                         |  |
| Crown Castle Inc.                            | 22822V101 | 05/21/2025     | The non-binding, advisory vote to approve the compensation of the Company's named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      1.35379e+06 |            76403 | FOR         |                              1.35379e+06 | FOR                         |  |
| CSX Corporation                              | 126408103 | 05/07/2025     | Advisory (non-binding) resolution to approve compensation for the Company's named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      4.86264e+06 |                0 | FOR         |                              4.86264e+06 | FOR                         |  |
| Dollar General Corporation                   | 256677105 | 05/29/2025     | To approve, on an advisory (non-binding) basis, the resolution regarding the compensation of Dollar General Corporation's named executive officers as disclosed in the proxy statement.                     | SECTION 14A SAY-ON-PAY VOTES | 627342           |                0 | FOR         |                         627342           | FOR                         |  |
| Dominion Energy, Inc.                        | 25746U109 | 05/07/2025     | Advisory Vote on Approval of Executive Compensation (Say on Pay)                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      2.79673e+06 |           728562 | FOR         |                              2.79673e+06 | FOR                         |  |
| DTE Energy Company                           | 233331107 | 05/08/2025     | Provide a nonbinding vote to approve the Company's executive compensation                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 142781           |                0 | FOR         |                         142781           | FOR                         |  |
| Duke Energy Corporation                      | 26441C204 | 05/01/2025     | Advisory vote to approve Duke Energy's named executive officer compensation                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES | 251427           |                0 | FOR         |                         251427           | FOR                         |  |
| Entergy Corporation                          | 29364G103 | 05/02/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 285020           |             5103 | FOR         |                         285020           | FOR                         |  |
| Essential Utilities Inc.                     | 29670G102 | 05/07/2025     | To approve an advisory vote on the compensation paid to the Company's named executive officers for 2024.                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 154187           |            46885 | FOR         |                         154187           | FOR                         |  |
| Evergy, Inc.                                 | 30034W106 | 05/06/2025     | Approve the 2024 compensation of our named executive officers on an advisory non-binding basis.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 147036           |             8108 | FOR         |                         147036           | FOR                         |  |
| Evergy, Inc.                                 | 30034W106 | 05/06/2025     | To recommend, on a non-binding advisory basis, the frequency of the advisory vote on executive compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 147036           |             8108 | 1 YEAR      |                         147036           | FOR                         |  |
| Eversource Energy                            | 30040W108 | 05/01/2025     | Consider an advisory proposal approving the compensation of our Named Executive Officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      6.03571e+06 |              598 | AGAINST     |                              6.03571e+06 | AGAINST                     |  |
| Exelon Corporation                           | 30161N101 | 04/29/2025     | Advisory vote to approve the compensation paid to Exelon s named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 726058           |                0 | FOR         |                         726058           | FOR                         |  |
| FirstEnergy Corp.                            | 337932107 | 05/21/2025     | Approve, on an Advisory Basis, Named Executive Officer Compensation                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 347197           |                0 | FOR         |                         347197           | FOR                         |  |
| H2O America                                  | 784305104 | 05/14/2025     | 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 |  21268           |                0 | FOR         |                          21268           | FOR                         |  |
| HCA Healthcare, Inc.                         | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 455592           |                0 | FOR         |                         455592           | FOR                         |  |
| IDACORP, Inc.                                | 451107106 | 05/15/2025     | Advisory resolution to approve our executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |  21133           |             8526 | FOR         |                          21133           | FOR                         |  |
| Intercontinental Exchange, Inc.              | 45866F104 | 05/16/2025     | To approve, by non-binding vote, the advisory resolution on executive compensation for named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      1.34535e+06 |                0 | FOR         |                              1.34535e+06 | FOR                         |  |
| Intuit Inc.                                  | 461202103 | 01/23/2025     | Advisory vote to approve Intuit's executive compensation (say-on-pay).                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 303148           |                0 | FOR         |                         303148           | FOR                         |  |
| Mastercard Incorporated                      | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 657666           |                0 | FOR         |                         657666           | FOR                         |  |
| McDonald's Corporation                       | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   9825           |                0 | FOR         |                           9825           | 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 |  10981           |                0 | FOR         |                          10981           | 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 | 528077           |                0 | AGAINST     |                         528077           | AGAINST                     |  |
| 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 | 528077           |                0 | 1 YEAR      |                         528077           | AGAINST                     |  |
| MGE Energy, Inc.                             | 55277P104 | 05/20/2025     | Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the proxy statement under the heading "Executive Compensation".                                                 | SECTION 14A SAY-ON-PAY VOTES |  18535           |             4386 | FOR         |                          18535           | 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 |      1.22158e+06 |                0 | FOR         |                              1.22158e+06 | FOR                         |  |
| Middlesex Water Company                      | 596680108 | 05/20/2025     | To approve a non-binding advisory vote to approve named executive officer compensation.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |   9718           |              206 | FOR         |                           9718           | FOR                         |  |
| Mondelez International, Inc.                 | 609207105 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  78996           |                0 | FOR         |                          78996           | FOR                         |  |
| Morgan Stanley                               | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in the proxy statement (non-binding advisory vote)                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 159723           |                0 | FOR         |                         159723           | FOR                         |  |
| Netflix, Inc.                                | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 261120           |                0 | FOR         |                         261120           | 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 | 325933           |                0 | FOR         |                         325933           | FOR                         |  |
| NiSource Inc.                                | 65473P105 | 05/12/2025     | To approve named executive officer compensation on an advisory basis.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 348951           |                0 | FOR         |                         348951           | FOR                         |  |
| Norfolk Southern Corporation                 | 655844108 | 05/08/2025     | Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders.                                                             | SECTION 14A SAY-ON-PAY VOTES | 652623           |            15500 | FOR         |                         652623           | FOR                         |  |
| Northwest Natural Holding Company            | 66765N105 | 05/22/2025     | Advisory vote to approve Named Executive Officer Compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  14155           |             1719 | FOR         |                          14155           | FOR                         |  |
| NorthWestern Energy Group, Inc.              | 668074305 | 04/30/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  38000           |            11402 | FOR         |                          38000           | FOR                         |  |
| OGE Energy Corp.                             | 670837103 | 05/15/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 107118           |            28445 | FOR         |                         107118           | FOR                         |  |
| ONE Gas, Inc.                                | 68235P108 | 05/22/2025     | Advisory vote to approve the Company's executive compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  33146           |             8859 | FOR         |                          33146           | FOR                         |  |
| Pinnacle West Capital Corporation            | 723484101 | 05/21/2025     | To hold an advisory vote to approve executive compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  83807           |                0 | FOR         |                          83807           | FOR                         |  |
| Portland General Electric Company            | 736508847 | 04/18/2025     | To Approve, By A Non-Binding Vote, The Compensation Of The Company's Named Executive Officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  72751           |             2003 | FOR         |                          72751           | FOR                         |  |
| PPL Corporation                              | 69351T106 | 05/16/2025     | Advisory vote to approve compensation of named executive officers                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 388055           |            91529 | FOR         |                         388055           | FOR                         |  |
| Public Service Enterprise Group Incorporated | 744573106 | 04/22/2025     | Advisory Vote on the Approval of Executive Compensation.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 323020           |                0 | FOR         |                         323020           | FOR                         |  |
| Republic Services, Inc.                      | 760759100 | 05/19/2025     | Advisory vote to approve our named executive officer compensation.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 606287           |                0 | FOR         |                         606287           | FOR                         |  |
| Salesforce, Inc.                             | 79466L302 | 06/05/2025     | Approval, on an advisory basis, of the fiscal 2025 compensation of our named executive officers.                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  71804           |                0 | AGAINST     |                          71804           | AGAINST                     |  |
| SBA Communications Corporation               | 78410G104 | 05/23/2025     | Approval, on an advisory basis, of the compensation of SBA's named executive officers.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  62506           |            19848 | FOR         |                          62506           | FOR                         |  |
| Sempra                                       | 816851109 | 05/13/2025     | Advisory approval of our executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      2.41886e+06 |             1156 | FOR         |                              2.41886e+06 | FOR                         |  |
| Spire Inc.                                   | 84857L101 | 01/30/2025     | Advisory nonbinding approval of resolution to approve compensation of our named executive officers.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |  25336           |             9930 | FOR         |                          25336           | FOR                         |  |
| Stryker Corporation                          | 863667101 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 465339           |                0 | FOR         |                         465339           | FOR                         |  |
| The Coca-Cola Company                        | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  46730           |                0 | FOR         |                          46730           | 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 |  17050           |                0 | FOR         |                          17050           | FOR                         |  |
| The Southern Company                         | 842587107 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 207879           |            57386 | FOR         |                         207879           | FOR                         |  |
| Thermo Fisher Scientific Inc.                | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |   5645           |                0 | FOR         |                           5645           | FOR                         |  |
| TXNM Energy, Inc.                            | 69349H107 | 05/13/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  45883           |            12010 | FOR         |                          45883           | FOR                         |  |
| Ulta Beauty, Inc.                            | 90384S303 | 06/11/2025     | Advisory resolution to approve the Company's executive compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  78925           |                0 | FOR         |                          78925           | FOR                         |  |
| UnitedHealth Group Incorporated              | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 492202           |                0 | AGAINST     |                         492202           | AGAINST                     |  |
| 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 | 876913           |                0 | FOR         |                         876913           | FOR                         |  |
| WEC Energy Group, Inc.                       | 92939U106 | 05/08/2025     | Advisory vote to approve executive compensation of the named executive officers                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      1.19707e+06 |           212172 | FOR         |                              1.19707e+06 | FOR                         |  |
| Xcel Energy Inc.                             | 98389B100 | 05/21/2025     | Approval of Xcel Energy Inc.'s executive compensation in an advisory vote (say on pay vote)                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |      1.15719e+06 |           820780 | FOR         |                              1.15719e+06 | FOR                         |  |
| Yum! Brands, Inc.                            | 988498101 | 05/15/2025     | Advisory Vote on Executive Compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |      1.51812e+06 |                0 | FOR         |                              1.51812e+06 | FOR                         |  |
| Zimmer Biomet Holdings, Inc.                 | 98956P102 | 05/29/2025     | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 432110           |                0 | AGAINST     |                         432110           | AGAINST                     |  |

## N-PX: Signature Block

**Reporting Person:** Magellan Asset Management Ltd

**By (Signature):** Lisa Dyson

**By (Printed Signature):** Lisa Dyson

**By (Title):** Risk and Compliance Director

**Date:** 08/11/2025