# EDGAR Filing Document

**Accession Number:** 0000887818
**File Stem:** 0001085146-25-005050
**Filing Date:** 2025-8
**Character Count:** 54056
**Document Hash:** 6e3bf709612d0bc656aa29f7e616cd97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005050.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001085146-25-005050

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FACTORY MUTUAL INSURANCE CO
- **CENTRAL INDEX KEY:** 0000887818

**ORGANIZATION NAME:**
- **EIN:** 050316605
- **STATE OF INCORPORATION:** RI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03189
- **FILM NUMBER:** 251213652

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

## N-PX: Filer Information

**Filer CIK:** 0000887818

**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:** FACTORY MUTUAL INSURANCE CO

**Address:** 404 WYMAN STREET, WALTHAM, MA 02451

**Telephone number:** 617-243-7126

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-03189

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| The Walt Disney Company                     | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          45970 |                0 | FOR         |                                    45970 | FOR                         |  |
| Schlumberger N.V.                           | 806857108 | 04/02/2025     | Advisory approval of our executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         539147 |                0 | FOR         |                                   539147 | FOR                         |  |
| Lennar Corporation                          | 526057104 | 04/09/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         139500 |                0 | FOR         |                                   139500 | FOR                         |  |
| Humana Inc.                                 | 444859102 | 04/17/2025     | Non-binding advisory vote for the approval of the compensation of the named executive officers as disclosed in the 2025 proxy statement.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          21600 |                0 | FOR         |                                    21600 | FOR                         |  |
| Texas Instruments Incorporated              | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          73000 |                0 | FOR         |                                    73000 | FOR                         |  |
| Broadcom Inc.                               | 11135F101 | 04/21/2025     | Advisory vote to approve the named executive officer compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         877445 |                0 | FOR         |                                   877445 | FOR                         |  |
| Adobe Inc.                                  | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          89150 |                0 | FOR         |                                    89150 | FOR                         |  |
| Bank of America Corporation                 | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         662080 |                0 | AGAINST     |                                   662080 | AGAINST                     |  |
| Eaton Corporation plc                       | G29183103 | 04/23/2025     | Approving, on an advisory basis, the Company's executive compensation.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         169119 |                0 | FOR         |                                   169119 | FOR                         |  |
| The Goldman Sachs Group, Inc.               | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          47200 |                0 | AGAINST     |                                    47200 | AGAINST                     |  |
| The PNC Financial Services Group, Inc.      | 693475105 | 04/23/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         104700 |                0 | FOR         |                                   104700 | FOR                         |  |
| Johnson  Johnson                            | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         494560 |                0 | FOR         |                                   494560 | FOR                         |  |
| Pfizer Inc.                                 | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         442400 |                0 | AGAINST     |                                   442400 | AGAINST                     |  |
| The Boeing Company                          | 097023105 | 04/24/2025     | Approve, on an Advisory Basis, Named Executive Officer Compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          71100 |                0 | FOR         |                                    71100 | FOR                         |  |
| Abbott Laboratories                         | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         198300 |                0 | FOR         |                                   198300 | FOR                         |  |
| American Express Company                    | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         108500 |                0 | FOR         |                                   108500 | FOR                         |  |
| International Business Machines Corporation | 459200101 | 04/29/2025     | Advisory Vote on Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          28800 |                0 | FOR         |                                    28800 | FOR                         |  |
| Wells Fargo  Company                        | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         706064 |                0 | FOR         |                                   706064 | FOR                         |  |
| Corteva, Inc.                               | 22052L104 | 04/30/2025     | Advisory resolution to approve executive compensation of the Company's named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         663058 |                0 | FOR         |                                   663058 | FOR                         |  |
| The Coca-Cola Company                       | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         877400 |                0 | FOR         |                                   877400 | FOR                         |  |
| Boston Scientific Corporation               | 101137107 | 05/01/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          71100 |                0 | FOR         |                                    71100 | FOR                         |  |
| Intuitive Surgical, Inc.                    | 46120E602 | 05/01/2025     | To approve, by advisory vote, the compensation of the Company's Named Executive Officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          15300 |                0 | FOR         |                                    15300 | FOR                         |  |
| RTX Corporation                             | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         221815 |                0 | FOR         |                                   221815 | FOR                         |  |
| Eli Lilly and Company                       | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to the company's named executive officers.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          90500 |                0 | FOR         |                                    90500 | FOR                         |  |
| Uber Technologies, Inc.                     | 90353T100 | 05/05/2025     | Advisory vote to approve 2024 named executive officer compensation.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         247200 |                0 | FOR         |                                   247200 | FOR                         |  |
| Danaher Corporation                         | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         216800 |                0 | FOR         |                                   216800 | FOR                         |  |
| GE Aerospace                                | 369604301 | 05/06/2025     | Advisory Approval of Our Named Executives' Compensation                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         181067 |                0 | AGAINST     |                                   181067 | AGAINST                     |  |
| Hubbell Incorporated                        | 443510607 | 05/06/2025     | To approve, by advisory vote, the compensation of our Named Executive Officers as presented in the 2025 Proxy Statement.                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | FOR         |                                    40000 | FOR                         |  |
| AMETEK, Inc.                                | 031100100 | 05/07/2025     | Approval, by advisory vote, of the compensation of AMETEK, Inc.'s named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         171300 |                0 | FOR         |                                   171300 | FOR                         |  |
| Gilead Sciences, Inc.                       | 375558103 | 05/07/2025     | To approve, on an advisory basis, the compensation of our Named Executive Officers as presented in the Proxy Statement.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           6000 |                0 | FOR         |                                     6000 | FOR                         |  |
| IDEXX Laboratories, Inc.                    | 45168D104 | 05/07/2025     | Advisory Vote on Executive Compensation. To approve a nonbinding advisory resolution on the Company's executive compensation (Proposal Three).                                                                                | SECTION 14A SAY-ON-PAY VOTES |          36400 |                0 | FOR         |                                    36400 | FOR                         |  |
| PepsiCo, Inc.                               | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          77000 |                0 | FOR         |                                    77000 | FOR                         |  |
| Philip Morris International Inc.            | 718172109 | 05/07/2025     | Advisory Vote Approving Executive Compensation                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         420806 |                0 | FOR         |                                   420806 | FOR                         |  |
| S Global Inc.                               | 78409V104 | 05/07/2025     | Approve, on an advisory basis, the executive compensation program for the Company's named executive officers, as described in the Proxy Statement;                                                                            | SECTION 14A SAY-ON-PAY VOTES |          44100 |                0 | AGAINST     |                                    44100 | AGAINST                     |  |
| Cadence Design Systems, Inc.                | 127387108 | 05/08/2025     | Advisory resolution to approve named executive officer compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         197671 |                0 | ABSTAIN     |                                   197671 | AGAINST                     |  |
| DexCom, Inc.                                | 252131107 | 05/08/2025     | To provide a non-binding advisory vote on the compensation of our named executive officers for the fiscal year ended December 31, 2024.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         521630 |                0 | FOR         |                                   521630 | FOR                         |  |
| Ecolab Inc.                                 | 278865100 | 05/08/2025     | Approve, on an advisory basis, the compensation of our named executive officers disclosed in the Proxy Statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         101400 |                0 | FOR         |                                   101400 | FOR                         |  |
| Edwards Lifesciences Corporation            | 28176E108 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          75100 |                0 | FOR         |                                    75100 | FOR                         |  |
| Union Pacific Corporation                   | 907818108 | 05/08/2025     | Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         235150 |                0 | FOR         |                                   235150 | FOR                         |  |
| AbbVie Inc.                                 | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         276300 |                0 | FOR         |                                   276300 | FOR                         |  |
| The Progressive Corporation                 | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program;                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          87100 |                0 | FOR         |                                    87100 | FOR                         |  |
| Lumen Technologies, Inc.                    | 550241103 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1264 |                0 | FOR         |                                     1264 | FOR                         |  |
| Advanced Micro Devices, Inc.                | 007903107 | 05/14/2025     | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission. | SECTION 14A SAY-ON-PAY VOTES |          73072 |                0 | FOR         |                                    73072 | FOR                         |  |
| American International Group, Inc.          | 026874784 | 05/14/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         126800 |                0 | AGAINST     |                                   126800 | AGAINST                     |  |
| American International Group, Inc.          | 026874784 | 05/14/2025     | Advisory Vote on the Frequency of Future Executive Compensation Votes.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         126800 |                0 | ONE YEAR    |                                   126800 | 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 |         227700 |                0 | FOR         |                                   227700 | FOR                         |  |
| Fiserv, Inc.                                | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         140500 |                0 | FOR         |                                   140500 | FOR                         |  |
| GE Vernova, Inc.                            | 36828A101 | 05/14/2025     | Approve the compensation of our named executives officers in an advisory vote                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          45265 |                0 | FOR         |                                    45265 | FOR                         |  |
| GE Vernova, Inc.                            | 36828A101 | 05/14/2025     | Approve the frequency of future advisory votes on named executive officers compensation in an advisory vote                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          45265 |                0 | ONE YEAR    |                                    45265 | FOR                         |  |
| Hess Corporation                            | 42809H107 | 05/14/2025     | Advisory approval of the compensation of our named executive officers.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         342700 |                0 | FOR         |                                   342700 | FOR                         |  |
| Simon Property Group, Inc.                  | 828806109 | 05/14/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         160592 |                0 | AGAINST     |                                   160592 | AGAINST                     |  |
| Veralto Corp.                               | 92338C103 | 05/14/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         252166 |                0 | FOR         |                                   252166 | FOR                         |  |
| Vertex Pharmaceuticals Incorporated         | 92532F100 | 05/14/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          29900 |                0 | FOR         |                                    29900 | FOR                         |  |
| Amphenol Corporation                        | 032095101 | 05/15/2025     | Advisory vote to approve compensation of named executive officers                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         393634 |                0 | FOR         |                                   393634 | FOR                         |  |
| BlackRock, Inc.                             | 09290D101 | 05/15/2025     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          20700 |                0 | AGAINST     |                                    20700 | AGAINST                     |  |
| Chubb Limited                               | H1467J104 | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         120200 |                0 | FOR         |                                   120200 | FOR                         |  |
| CVS Health Corporation                      | 126650100 | 05/15/2025     | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         449243 |                0 | AGAINST     |                                   449243 | AGAINST                     |  |
| Las Vegas Sands Corp.                       | 517834107 | 05/15/2025     | An advisory (non-binding) vote to approve the compensation of the named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         554600 |                0 | AGAINST     |                                   554600 | AGAINST                     |  |
| Marsh  McLennan Companies, Inc.             | 571748102 | 05/15/2025     | Advisory (Nonbinding) Vote to Approve Named Executive Officer Compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          79400 |                0 | FOR         |                                    79400 | 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 |         406350 |                0 | FOR         |                                   406350 | FOR                         |  |
| O'Reilly Automotive, Inc.                   | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           7500 |                0 | FOR         |                                     7500 | FOR                         |  |
| Otis Worldwide Corporation                  | 68902V107 | 05/15/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         130800 |                0 | AGAINST     |                                   130800 | AGAINST                     |  |
| Wyndham Hotels  Resorts, Inc.               | 98311A105 | 05/15/2025     | To vote on an advisory resolution to approve our executive compensation program.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         124200 |                0 | FOR         |                                   124200 | FOR                         |  |
| Wyndham Hotels  Resorts, Inc.               | 98311A105 | 05/15/2025     | To vote on an advisory resolution on the frequency of the advisory vote on named executive officer compensation.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         124200 |                0 | ONE YEAR    |                                   124200 | FOR                         |  |
| Honeywell International Inc.                | 438516106 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         159400 |                0 | FOR         |                                   159400 | FOR                         |  |
| JPMorgan Chase  Co.                         | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         566725 |                0 | FOR         |                                   566725 | FOR                         |  |
| McDonald's Corporation                      | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         136200 |                0 | FOR         |                                   136200 | FOR                         |  |
| Align Technology, Inc.                      | 016255101 | 05/21/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         202793 |                0 | FOR         |                                   202793 | FOR                         |  |
| Amazon.com, Inc.                            | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1342024 |                0 | AGAINST     |                                  1342024 | AGAINST                     |  |
| Hyatt Hotels Corporation                    | 448579102 | 05/21/2025     | Approval, on an advisory basis, of the compensation paid to our named executive officers as disclosed pursuant to the Securities and Exchange Commission's compensation disclosure rules.                                     | SECTION 14A SAY-ON-PAY VOTES |         120548 |                0 | FOR         |                                   120548 | FOR                         |  |
| Mondelez International, Inc.                | 609207105 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         589500 |                0 | FOR         |                                   589500 | FOR                         |  |
| Northrop Grumman Corporation                | 666807102 | 05/21/2025     | Proposal to approve, on an advisory basis, the compensation of the Company's Named Executive Officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          65200 |                0 | FOR         |                                    65200 | FOR                         |  |
| Thermo Fisher Scientific Inc.               | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          90735 |                0 | AGAINST     |                                    90735 | AGAINST                     |  |
| DuPont de Nemours, Inc.                     | 26614N102 | 05/22/2025     | Advisory Resolution to Approve Executive Compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| ServiceNow, Inc.                            | 81762P102 | 05/22/2025     | Advisory vote to approve ServiceNow's named executive officer compensation.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          64400 |                0 | FOR         |                                    64400 | FOR                         |  |
| The Home Depot, Inc.                        | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          93400 |                0 | FOR         |                                    93400 | FOR                         |  |
| US Foods Holding Corp.                      | 912008109 | 05/22/2025     | Advisory approval of the compensation paid to our named executive officers, as disclosed in the Proxy Statement.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         249100 |                0 | FOR         |                                   249100 | FOR                         |  |
| Verizon Communications Inc.                 | 92343V104 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1305366 |                0 | FOR         |                                  1305366 | FOR                         |  |
| Welltower Inc.                              | 95040Q104 | 05/22/2025     | The approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         265300 |                0 | FOR         |                                   265300 | FOR                         |  |
| Amgen Inc.                                  | 031162100 | 05/23/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          64800 |                0 | FOR         |                                    64800 | FOR                         |  |
| Merck  Co., Inc.                            | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         487780 |                0 | FOR         |                                   487780 | FOR                         |  |
| Chevron Corporation                         | 166764100 | 05/28/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          15550 |                0 | FOR         |                                    15550 | FOR                         |  |
| Exxon Mobil Corporation                     | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         683654 |                0 | FOR         |                                   683654 | 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 |         325341 |                0 | AGAINST     |                                   325341 | 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 |         325341 |                0 | ONE YEAR    |                                   325341 | AGAINST                     |  |
| 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 |         129600 |                0 | FOR         |                                   129600 | FOR                         |  |
| Arista Networks, Inc.                       | 040413205 | 05/30/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         166520 |                0 | AGAINST     |                                   166520 | AGAINST                     |  |
| Lowe's Companies, Inc.                      | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          68600 |                0 | FOR         |                                    68600 | FOR                         |  |
| UnitedHealth Group Incorporated             | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         194600 |                0 | AGAINST     |                                   194600 | AGAINST                     |  |
| Warner Bros. Discovery, Inc.                | 934423104 | 06/02/2025     | To vote on an advisory resolution to approve the 2024 compensation of Warner Bros. Discovery, Inc.'s named executive officers, commonly referred to as a "Say-on-Pay" vote.                                                   | SECTION 14A SAY-ON-PAY VOTES |        1831406 |                0 | AGAINST     |                                  1831406 | AGAINST                     |  |
| Booking Holdings Inc.                       | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           6530 |                0 | FOR         |                                     6530 | FOR                         |  |
| Corebridge Financial, Inc.                  | 21871X109 | 06/03/2025     | Approve the 2024 compensation of Corebridge's named executive officers on an advisory basis.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         815400 |                0 | FOR         |                                   815400 | FOR                         |  |
| Datadog, Inc.                               | 23804L103 | 06/03/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         152495 |                0 | ABSTAIN     |                                   152495 | AGAINST                     |  |
| Netflix, Inc.                               | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          44348 |                0 | FOR         |                                    44348 | 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 |          51800 |                0 | FOR         |                                    51800 | FOR                         |  |
| Walmart Inc.                                | 931142103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         789576 |                0 | FOR         |                                   789576 | FOR                         |  |
| The TJX Companies, Inc.                     | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compensation (the say-on-pay vote)                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         257200 |                0 | FOR         |                                   257200 | FOR                         |  |
| Caterpillar, Inc.                           | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          64100 |                0 | FOR         |                                    64100 | FOR                         |  |
| NXP Semiconductors N.V.                     | N6596X109 | 06/11/2025     | Non-binding, advisory vote to approve Named Executive Officer compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         114400 |                0 | FOR         |                                   114400 | FOR                         |  |
| Exact Sciences Corporation                  | 30063P105 | 06/12/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         253500 |                0 | FOR         |                                   253500 | FOR                         |  |
| Monolithic Power Systems, Inc.              | 609839105 | 06/12/2025     | Approve, on an advisory basis, the 2024 executive compensation.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          39972 |                0 | FOR         |                                    39972 | FOR                         |  |
| Marvell Technology, Inc.                    | 573874104 | 06/13/2025     | An advisory (non-binding) vote to approve compensation of our named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         148809 |                0 | FOR         |                                   148809 | FOR                         |  |
| Regeneron Pharmaceuticals, Inc.             | 75886F107 | 06/13/2025     | Proposal to approve, on an advisory basis, executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          16300 |                0 | FOR         |                                    16300 | FOR                         |  |
| Biogen Inc.                                 | 09062X103 | 06/17/2025     | Say on Pay - To hold an advisory vote on executive compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          49200 |                0 | AGAINST     |                                    49200 | AGAINST                     |  |
| MetLife, Inc.                               | 59156R108 | 06/17/2025     | Advisory (non-binding) vote to approve the compensation paid to MetLife, Inc.'s Named Executive Officers                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          68800 |                0 | FOR         |                                    68800 | FOR                         |  |
| Comcast Corporation                         | 20030N101 | 06/18/2025     | Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |        1046200 |                0 | FOR         |                                  1046200 | FOR                         |  |
| BJ's Wholesale Club Holdings, Inc.          | 05550J101 | 06/19/2025     | Approve, on an advisory (non-binding) basis, the compensation of the named executive officers of BJ's Wholesale Club Holdings, Inc.                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         322237 |                0 | FOR         |                                   322237 | FOR                         |  |
| Delta Air Lines, Inc.                       | 247361702 | 06/19/2025     | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         118000 |                0 | FOR         |                                   118000 | FOR                         |  |
| Mastercard Incorporated                     | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          40100 |                0 | FOR         |                                    40100 | FOR                         |  |
| NVIDIA Corporation                          | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        2973848 |                0 | FOR         |                                  2973848 | FOR                         |  |
| Aon Plc                                     | G0403H108 | 06/27/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          41000 |                0 | FOR         |                                    41000 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** FACTORY MUTUAL INSURANCE CO

**By (Signature):** Sanjay Chawla

**By (Printed Signature):** Sanjay Chawla

**By (Title):** Chief Investment Officer

**Date:** 08/13/2025