# EDGAR Filing Document

**Accession Number:** 0000887818
**File Stem:** 0001085146-23-000590
**Filing Date:** 2023-2
**Character Count:** 19973
**Document Hash:** 77ee9a71b829bf0fe077d6ad55002315
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000590.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001085146-23-000590

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FACTORY MUTUAL INSURANCE CO
- **CENTRAL INDEX KEY:** 0000887818
- **IRS NUMBER:** 050316605
- **STATE OF INCORPORATION:** RI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03189
- **FILM NUMBER:** 23579178

**BUSINESS ADDRESS:**
- **STREET 1:** 404 WYMAN STREET
- **STREET 2:** SUITE 390
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 7818909300

**MAIL ADDRESS:**
- **STREET 1:** 404 WYMAN STREET
- **STREET 2:** SUITE 390
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** FACTORY MUTUAL INSURANCE CO<br>**Address:** 404 WYMAN STREET<br>SUITE 390<br>WALTHAM, MA 02451

**Form 13F File Number:** 028-03189

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:** Sanjay Chawla<br>**Title:** Chief Investment Officer<br>**Phone:** 617-243-7126

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

/s/ Sanjay Chawla  Waltham, MA  02-01-2023<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:** 146

**Form 13F Information Table Value Total:** $6612215342

      (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 | BBG001S5T7X2 | 10193200 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 24406317 | 222300 | SH |  | SOLE |  | 222300 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 35117853 | 217300 | SH |  | SOLE |  | 217300 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | BBG001S6C009 | 7563140 | 98800 | SH |  | SOLE |  | 98800 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG001S5NCQ5 | 23102785 | 68650 | SH |  | SOLE |  | 68650 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 | BBG001SCF1B9 | 15056784 | 71393 | SH |  | SOLE |  | 71393 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 705840 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 181472371 | 2045220 | SH |  | SOLE |  | 2045220 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 129771600 | 1544900 | SH |  | SOLE |  | 1544900 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 17730000 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG001S5NJG1 | 8018832 | 126800 | SH |  | SOLE |  | 126800 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG001S5NPQ6 | 32520510 | 153500 | SH |  | SOLE |  | 153500 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPR9 | 10204760 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 304052961 | 2340129 | SH |  | SOLE |  | 2340129 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 8523830 | 463000 | SH |  | SOLE |  | 463000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 41906074 | 1265280 | SH |  | SOLE |  | 1265280 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 82167400 | 266000 | SH |  | SOLE |  | 266000 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 | BBG001S67826 | 9359896 | 33800 | SH |  | SOLE |  | 33800 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 | BBG00FQ8T4M6 | 38712664 | 585137 | SH |  | SOLE |  | 585137 | 0 | 0 |
| BLACKROCK ETF TRUST | US CARBON TRANS | 09290C509 | BBG00ZS43SF2 | 90096177 | 2123908 | SH |  | SOLE |  | 2123908 | 0 | 0 |
| BLACKROCK ETF TRUST | WORLD EX US CARB | 09290C608 | BBG00ZS444Z2 | 79221623 | 2053970 | SH |  | SOLE |  | 2053970 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 20001450 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 13159778 | 6530 | SH |  | SOLE |  | 6530 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 33596647 | 726100 | SH |  | SOLE |  | 726100 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 49716011 | 690980 | SH |  | SOLE |  | 690980 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 80295541 | 143608 | SH |  | SOLE |  | 143608 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG001S65YK1 | 2489920 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 39144104 | 163400 | SH |  | SOLE |  | 163400 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 89762949 | 500100 | SH |  | SOLE |  | 500100 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 26282988 | 551700 | SH |  | SOLE |  | 551700 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 4353433 | 96251 | SH |  | SOLE |  | 96251 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 68177198 | 1071800 | SH |  | SOLE |  | 1071800 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG001S5STN6 | 5756116 | 100649 | SH |  | SOLE |  | 100649 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 35872226 | 1025800 | SH |  | SOLE |  | 1025800 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 | BBG001SD31G5 | 7137900 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 | BBG00BN969D0 | 28276589 | 481058 | SH |  | SOLE |  | 481058 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 18214350 | 39900 | SH |  | SOLE |  | 39900 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 | BBG001S7W5T3 | 35260974 | 259960 | SH |  | SOLE |  | 259960 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 44595422 | 478543 | SH |  | SOLE |  | 478543 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 19036944 | 44400 | SH |  | SOLE |  | 44400 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG001SPT759 | 3877480 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 | BBG001SKZG99 | 27520717 | 243030 | SH |  | SOLE |  | 243030 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 16273145 | 187306 | SH |  | SOLE |  | 187306 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00BN961H3 | 31116156 | 453390 | SH |  | SOLE |  | 453390 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 51529667 | 328319 | SH |  | SOLE |  | 328319 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG001S5QRB5 | 16098936 | 110600 | SH |  | SOLE |  | 110600 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG001SF2288 | 26494906 | 355112 | SH |  | SOLE |  | 355112 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 | BBG001SGCLB9 | 18165219 | 366900 | SH |  | SOLE |  | 366900 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 52846936 | 479120 | SH |  | SOLE |  | 479120 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 6235200 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG001S5R6Q4 | 31048704 | 307200 | SH |  | SOLE |  | 307200 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 | BBG00JHNJX06 | 28475519 | 937620 | SH |  | SOLE |  | 937620 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 | BBG001S5PVD5 | 18271834 | 218067 | SH |  | SOLE |  | 218067 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 16978108 | 504700 | SH |  | SOLE |  | 504700 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 515100 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 63124576 | 183833 | SH |  | SOLE |  | 183833 | 0 | 0 |
| HESS CORP | COM | 42809H107 | BBG001S5NHS2 | 52104668 | 367400 | SH |  | SOLE |  | 367400 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 37239894 | 117900 | SH |  | SOLE |  | 117900 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 60496890 | 282300 | SH |  | SOLE |  | 282300 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 | BBG001SFNHB8 | 17235067 | 190548 | SH |  | SOLE |  | 190548 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 24995970 | 94200 | SH |  | SOLE |  | 94200 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 94887280 | 356344 | SH |  | SOLE |  | 356344 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 24681760 | 437000 | SH |  | SOLE |  | 437000 | 0 | 0 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 | BBG001SFGL81 | 17154424 | 427152 | SH |  | SOLE |  | 427152 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 50525065 | 1785338 | SH |  | SOLE |  | 1785338 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 | BBG001SGYSW7 | 9321590 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG001S56QV7 | 38968408 | 459100 | SH |  | SOLE |  | 459100 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 | BBG001S56R18 | 66401927 | 1459383 | SH |  | SOLE |  | 1459383 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 148575580 | 3920200 | SH |  | SOLE |  | 3920200 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 14112294 | 338100 | SH |  | SOLE |  | 338100 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 161536747 | 2394911 | SH |  | SOLE |  | 2394911 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 252855128 | 1450190 | SH |  | SOLE |  | 1450190 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 98005420 | 554800 | SH |  | SOLE |  | 554800 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 74509313 | 555625 | SH |  | SOLE |  | 555625 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 38494763 | 102100 | SH |  | SOLE |  | 102100 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 | BBG001SJCGP9 | 17021587 | 354100 | SH |  | SOLE |  | 354100 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 | BBG001S5SRK3 | 12624750 | 139500 | SH |  | SOLE |  | 139500 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 | BBG001S5STL8 | 40937496 | 111900 | SH |  | SOLE |  | 111900 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 | BBG00GVR8YR8 | 27953626 | 85700 | SH |  | SOLE |  | 85700 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 30423948 | 152700 | SH |  | SOLE |  | 152700 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 13139112 | 79400 | SH |  | SOLE |  | 79400 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 14674206 | 42200 | SH |  | SOLE |  | 42200 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 38949734 | 147800 | SH |  | SOLE |  | 147800 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 15174053 | 195240 | SH |  | SOLE |  | 195240 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 89845091 | 809780 | SH |  | SOLE |  | 809780 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 80044873 | 665156 | SH |  | SOLE |  | 665156 | 0 | 0 |
| METLIFE INC | COM | 59156R108 | BBG001S5T3R8 | 8090966 | 111800 | SH |  | SOLE |  | 111800 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 316536499 | 1319892 | SH |  | SOLE |  | 1319892 | 0 | 0 |
| MODERNA INC | COM | 60770K107 | BBG003PHHZV8 | 7364420 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 49580935 | 743900 | SH |  | SOLE |  | 743900 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 63259131 | 744050 | SH |  | SOLE |  | 744050 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 39881930 | 135248 | SH |  | SOLE |  | 135248 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 54028314 | 461741 | SH |  | SOLE |  | 461741 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 38574627 | 70700 | SH |  | SOLE |  | 70700 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 54101028 | 370200 | SH |  | SOLE |  | 370200 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 11324260 | 138540 | SH |  | SOLE |  | 138540 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60LN7 | 24495368 | 312800 | SH |  | SOLE |  | 312800 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 20888826 | 293300 | SH |  | SOLE |  | 293300 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 28526214 | 157900 | SH |  | SOLE |  | 157900 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 29422008 | 574200 | SH |  | SOLE |  | 574200 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 52093394 | 514706 | SH |  | SOLE |  | 514706 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 | BBG001S7V1J4 | 44307660 | 194000 | SH |  | SOLE |  | 194000 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 23517266 | 148900 | SH |  | SOLE |  | 148900 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 67601368 | 446037 | SH |  | SOLE |  | 446037 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 | BBG001S5V509 | 11686871 | 90100 | SH |  | SOLE |  | 90100 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 12566142 | 114300 | SH |  | SOLE |  | 114300 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 | BBG001S5X5Q9 | 50582618 | 501215 | SH |  | SOLE |  | 501215 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 18681931 | 140900 | SH |  | SOLE |  | 140900 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG001S5W4C8 | 33340169 | 623647 | SH |  | SOLE |  | 623647 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 | BBG00L5F9FV7 | 21002680 | 437647 | SH |  | SOLE |  | 437647 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 87225084 | 997200 | SH |  | SOLE |  | 997200 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 60303937 | 1763273 | SH |  | SOLE |  | 1763273 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 35527137 | 275063 | SH |  | SOLE |  | 275063 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 | BBG001S7T107 | 25100985 | 336700 | SH |  | SOLE |  | 336700 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG001S7TD56 | 153485550 | 2177100 | SH |  | SOLE |  | 2177100 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 92687641 | 744838 | SH |  | SOLE |  | 744838 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 13472969 | 34700 | SH |  | SOLE |  | 34700 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 | BBG001S77WM9 | 23095628 | 196592 | SH |  | SOLE |  | 196592 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 153131091 | 400416 | SH |  | SOLE |  | 400416 | 0 | 0 |
| SPDR SER TR | S INS ETF | 78464A789 | BBG001SPTB50 | 51584715 | 1259700 | SH |  | SOLE |  | 1259700 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 31813440 | 320700 | SH |  | SOLE |  | 320700 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 42029016 | 341200 | SH |  | SOLE |  | 341200 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG001S5WYZ7 | 33572704 | 203200 | SH |  | SOLE |  | 203200 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 88349950 | 160435 | SH |  | SOLE |  | 160435 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 29364440 | 368900 | SH |  | SOLE |  | 368900 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 | BBG001SKR9Y6 | 64890980 | 463507 | SH |  | SOLE |  | 463507 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 | BBG00FWQ4W44 | 3893281 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 35450384 | 171200 | SH |  | SOLE |  | 171200 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG001SDGSH1 | 25606632 | 147300 | SH |  | SOLE |  | 147300 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 110595548 | 208600 | SH |  | SOLE |  | 208600 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG001S6T8C1 | 17936793 | 411300 | SH |  | SOLE |  | 411300 | 0 | 0 |
| US FOODS HLDG CORP | COM | 912008109 | BBG00C6H6D59 | 16064244 | 472200 | SH |  | SOLE |  | 472200 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 21989168 | 266600 | SH |  | SOLE |  | 266600 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 601680 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 1095338 | 28100 | SH |  | SOLE |  | 28100 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 139271101 | 2512105 | SH |  | SOLE |  | 2512105 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 | BBG001SHTV36 | 20913750 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 43311080 | 1099266 | SH |  | SOLE |  | 1099266 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 | BBG001S68LJ8 | 12475296 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 92484572 | 445151 | SH |  | SOLE |  | 445151 | 0 | 0 |
| VMWARE INC | CL A COM | 928563402 | BBG001S6TFZ0 | 16916328 | 137800 | SH |  | SOLE |  | 137800 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 52461166 | 369992 | SH |  | SOLE |  | 369992 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 17703578 | 1867466 | SH |  | SOLE |  | 1867466 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 53320420 | 1291364 | SH |  | SOLE |  | 1291364 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 3978885 | 60700 | SH |  | SOLE |  | 60700 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 | BBG00HCY3Q76 | 16558182 | 232200 | SH |  | SOLE |  | 232200 | 0 | 0 |

---